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Discontinued Operations
 9 Months Ended
Sep. 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 nine months ended September 30, 2015 are presented as income from discontinued operations, net of income taxes on our condensed consolidated statements 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 September 30,
 
Nine Months Ended September 30,
(Thousands of dollars)
2015
 
2015
Revenues
 
 
 
Ethanol sales
$
45,187

 
$
136,173

Total revenues
45,187

 
136,173

Costs and operating expenses
 
 
 
Ethanol cost of goods sold
36,186

 
109,206

Station and other operating expenses
7,651

 
23,385

Depreciation and amortization
116

 
293

Selling, general and administrative expenses
373

 
1,100

Total costs and operating expenses
44,326

 
133,984

Income (loss) from operations
861

 
2,189

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

 
—

Other nonoperating income (expense)
—

 
—

Total other income (expense)
—

 
—

Income (loss) before income taxes
861

 
2,189

Income tax expense (benefit)
351

 
893

Net income (loss)
$
510

 
$
1,296



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

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Thousands of dollars)
2015
 
2015
Net cash provided by (used in) discontinued operating activities
(1,804
)
 
10,948

Net cash used in discontinued investing activities
(1,183
)
 
(4,945
)