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Discontinued Operations
 6 Months Ended
Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
 
In September 2015, the Company determined that it had met held for sale criteria for its Hereford, Texas ethanol production facility. On September 25, 2015, the Company signed a letter of intent to sell this subsidiary for a gain and the transaction closed on November 12, 2015.

The financial results of our Hereford plant for the three and six months ended June 30, 2015 are presented as income from discontinued operations, net of income taxes on our condensed consolidated statement of income. The results of the Hereford ethanol plant were previously included along with "Corporate" as a reconciling item within our segment footnote prior to third quarter 2015. The following table presents financial results of the Hereford business:

 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Thousands of dollars)
2015
 
2015
Revenues
 
 
 
Ethanol sales
$
49,235

 
$
90,986

Total revenues
49,235

 
90,986

Costs and operating expenses
 
 
 
Ethanol cost of goods sold
38,440

 
73,020

Station and other operating expenses
8,095

 
15,735

Depreciation and amortization
102

 
177

Selling, general and administrative expenses
364

 
726

Total costs and operating expenses
47,001

 
89,658

Income (loss) from operations
2,234

 
1,328

Other income (expense)
 
 
 
Gain (loss) on sale of assets
—

 
—

Other nonoperating income (expense)
—

 
—

Total other income (expense)
—

 
—

Income (loss) before income taxes
2,234

 
1,328

Income tax expense (benefit)
863

 
542

Net income (loss)
$
1,371

 
$
786



The following table presents cash flow of the Hereford ethanol plant:

 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Thousands of dollars)
2015
 
2015
Net cash provided by discontinued operating activities
8,462

 
12,753

Net cash used in discontinued investing activities
(2,807
)
 
(3,762
)