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Subsequent Events | 6 Months Ended
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Jun. 30, 2013
Subsequent Events |
Subsequent Events | 10. Subsequent Events We, on behalf of DPTS Marketing LLC (“DPM”), a crude oil marketing joint venture in which we own a 50% membership interest, purchased crude oil from various producers in the Bakken region of North Dakota. Dakota Petroleum Transport Solutions, LLC (“DPTS”), a crude oil transloading joint venture in which we also own a 50% membership interest, arranged for the transloading of the crude oil for DPM into tanker-cars at the joint venture’s facility in New Town, North Dakota. We leased the tanker-cars used in the transloading from a number of third party lessors and subleased the tanker-cars to DPM. We, on behalf of DPM, contracted with Canadian Pacific Railway for the transportation of the tanker-cars and the crude oil from New Town, North Dakota to a customer in New Brunswick, Canada. Canadian Pacific Railway subcontracted a portion of that route to the Montreal, Maine and Atlantic Railway (“MMA”). On July 6, 2013, the freight train operated by MMA with 72 of the tanker-cars carrying approximately 50,000 barrels of the crude oil derailed in Lac-Mégantic, Quebec. The derailment resulted in significant loss of life, damage to the environment from crude oil spilled from the train and extensive property damage from fires and explosions that followed the derailment. We, certain of our subsidiaries, as well as MMA, DPM and DPTS, have been named as defendants in lawsuits and proceedings related to the incident. In addition, an order was issued by the government of Quebec that requires MMA and us to recover the spilled crude oil caused by the incident and to otherwise fully remediate the impact of the incident on the environment. We have submitted an initial response to this order raising numerous objections to the order. Additional lawsuits, proceedings and orders may be filed or issued. While we and our joint ventures, DPM and DPTS, maintain insurance to mitigate the costs of environmental releases as well as other results of unexpected events, including loss of life, property damage and defense costs, there can be no assurance that our insurance will be adequate to cover any liabilities that may be incurred as a result of this incident. We anticipate that the losses relating to the crude oil and the tanker-cars will be fully covered by insurance. We are also evaluating potential claims that we, DPM or DPTS may assert against third parties to recover costs and other liabilities that may be incurred as a result of this incident, including costs of defending against third party claims and regulatory proceedings. We can provide no assurance that any such claims will be successful or that the responsible parties will have the financial resources to address any such claims.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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