Segment Information

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment Information

Segment Information

We report the results for the following four business segments: (i) Refining, (ii) Retail, (iii) Logistics, and (iv) Corporate and Other. Beginning in the third quarter of 2016, the results of operations of Wyoming Refining are included in our refining and logistics segments.

We have recast the segment information for the three and six months ended June 30, 2016 to reflect the elimination of the Texadian segment as a reportable segment beginning in the first quarter of 2017. As of December 31, 2016, Texadian ceased its business operations other than maintaining its fleet of railcars. Our Corporate and Other reportable segment now includes administrative costs, our Texadian operations, and several small non-operated oil and gas interests that were owned by our predecessor.

Summarized financial information concerning reportable segments consists of the following (in thousands):

Three Months Ended June 30, 2017	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	532,751	$	29,623	$	82,347	$	(80,476	)	$	564,245
Cost of revenues (excluding depreciation)	476,764		15,827		61,942		(80,180		)	474,353
Operating expense (excluding depreciation)	34,895		4,849		11,951		(20		)	51,675
Depreciation, depletion and amortization	7,450		1,524		1,458		852			11,284
General and administrative expense (excluding depreciation)	—		—		—		10,482			10,482
Operating income (loss)	$	13,642	$	7,423	$	6,996	$	(11,610	)	$	16,451
Interest expense and financing costs, net										(9,139		)
Loss on termination of financing agreement										(1,804		)
Other income, net										107
Change in value of common stock warrants										(547		)
Equity earnings from Laramie Energy, LLC										2,352
Income before income taxes										7,420
Income tax expense										(414		)
Net income										$	7,006
Capital expenditures	$	1,315	$	1,542	$	126	$	1,215		$	4,198

Three Months Ended June 30, 2016	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	372,785	$	24,792	$	71,873	$	(55,657	)	$	413,793
Cost of revenues (excluding depreciation)	346,547		16,547		56,516		(54,948		)	364,662
Operating expense (excluding depreciation)	23,093		2,321		10,454		10			35,878
Depreciation, depletion and amortization	1,954		923		1,494		729			5,100
General and administrative expense (excluding depreciation)	—		—		—		10,621			10,621
Acquisition and integration expense	—		—		—		845			845
Operating income (loss)	$	1,191	$	5,001	$	3,409	$	(12,914	)	$	(3,313	)
Interest expense and financing costs, net										(6,106		)
Other income, net										67
Change in value of common stock warrants										1,176
Change in value of contingent consideration										3,552
Equity losses from Laramie Energy, LLC										(16,948		)
Loss before income taxes										(21,572		)
Income tax benefit										8,484
Net loss										$	(13,088	)
Capital expenditures	$	4,496	$	606	$	1,219	$	894		$	7,215

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(1) Includes eliminations of intersegment revenues and cost of revenues of $80.9 million and $67.5 million for the three months ended June 30, 2017 and 2016, respectively.

Six Months Ended June 30, 2017	Refining		Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	1,106,830	$	59,618	$	160,029	$	(156,979	)	$	1,169,498
Cost of revenues (excluding depreciation)	979,808		31,125		121,741		(157,032		)	975,642
Operating expense (excluding depreciation)	71,111		8,646		22,266		—			102,023
Depreciation, depletion and amortization	14,853		3,011		2,906		1,774			22,544
General and administrative expense (excluding depreciation)	—		—		—		23,396			23,396
Acquisition and integration expense	—		—		—		253			253
Operating income (loss)	$	41,058	$	16,836	$	13,116	$	(25,370	)	$	45,640
Interest expense and financing costs, net										(18,081		)
Loss on termination of financing agreement										(1,804		)
Other income (expense), net										237
Change in value of common stock warrants										(1,236		)
Equity earnings from Laramie Energy, LLC										11,098
Income before income taxes										35,854
Income tax expense										(1,062		)
Net income										$	34,792
Capital expenditures	$	2,324	$	2,739	$	3,623	$	3,091		$	11,777

Six Months Ended June 30, 2016	Refining			Logistics		Retail		Corporate, Eliminations and Other (1)			Total
Revenues	$	709,189		$	45,579	$	140,375	$	(103,539	)	$	791,604
Cost of revenues (excluding depreciation)	673,253			29,373		106,466		(102,041		)	707,051
Operating expense (excluding depreciation)	49,143			4,220		20,598		124			74,085
Depreciation, depletion and amortization	3,894			1,841		3,032		1,429			10,196
General and administrative expense (excluding depreciation)	—			—		—		21,791			21,791
Acquisition and integration expense	—			—		—		1,516			1,516
Operating income (loss)	$	(17,101	)	$	10,145	$	10,279	$	(26,358	)	$	(23,035	)
Interest expense and financing costs, net											(10,719		)
Other income (expense), net											116
Change in value of common stock warrants											2,820
Change in value of contingent consideration											9,728
Equity losses from Laramie Energy, LLC											(18,818		)
Loss before income taxes											(39,908		)
Income tax benefit											8,147
Net loss											$	(31,761	)
Capital expenditures	$	7,127		$	885	$	2,063	$	1,616		$	11,691

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(1) Includes eliminations of intersegment revenues and cost of revenues of $158.1 million and $125.9 million for the six months ended June 30,2017 and 2016, respectively.