TIORCO, LLC Joint Venture

12 Months Ended

Dec. 31, 2015

Equity Method Investments And Joint Ventures [Abstract]

TIORCO, LLC Joint Venture

25. TIORCO, LLC Joint Venture

In October 2015, the Company and its partner, Nalco Company (a subsidiary of Ecolab Inc.), made the decision to dissolve their equally owned and operated TIORCO, LLC (TIORCO) enhanced oil recovery joint venture. As a result of the dissolution, TIORCO incurred fourth quarter 2015 exit costs, which included termination pay, lease termination costs and asset impairments. The Company’s share of the exit costs was $2,356,000, which was reported in the ‘Loss from equity in joint venture’ line of the consolidated statement of income for the year ended December 31, 2015. Exit activities for the joint venture are expected to be completed in the first quarter of 2016. No further significant costs are expected to be incurred.