Quarterly report pursuant to sections 13 or 15(d)

PLANT, PIPELINE AND EQUIPMENT

PLANT, PIPELINE AND EQUIPMENT

9 Months Ended

Sep. 30, 2013

PLANT, PIPELINE AND EQUIPMENT [Abstract]

6. PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment consisted of the following:

	September 30, 2013			December 31, 2012
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,612
Land		1,577			1,577
Plant, pipeline and equipment		66,117			64,356
Construction in progress		4,329			937
Total plant, pipeline and equipment		73,635			68,482
Less accumulated depreciation and amortization		(31,764	)		(28,062	)
Net plant, pipeline and equipment	$	41,871		$	40,420

Plant, pipeline, and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 8).

Construction in progress during the first nine months of 2013 included modifications to a tolling unit, expansion of our sales loading rack, construction of a new processing unit, and reworking existing treaters.

Amortization relating to the platinum catalyst which is included in cost of sales was $9,558, $3,184, $28,674 and $9,552 for the three and nine months ended September 30, 2013, and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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