Quarterly report pursuant to Section 13 or 15(d)

PLANT, PIPELINE AND EQUIPMENT

PLANT, PIPELINE AND EQUIPMENT

3 Months Ended

Mar. 31, 2015

PLANT, PIPELINE AND EQUIPMENT [Abstract]

5. PLANT, PIPELINE AND EQUIPMENT

Plant, pipeline and equipment consisted of the following:

	March 31, 2015			December 31, 2014
	(thousands of dollars)
Platinum catalyst	$	1,612		$	1,612
Land		4,577			4,577
Plant, pipeline and equipment		96,271			95,351
Construction in progress		18,186			11,590
Total plant, pipeline and equipment		120,646			113,130
Less accumulated depreciation		(41,277	)		(39,319	)
Net plant, pipeline and equipment	$	79,369		$	73,811

Plant, pipeline, and equipment serve as collateral for our amended and restated loan agreement (see Note 8).

Interest capitalized for construction for the three months ended March 31, 2015, and 2014, was approximately $27,000 and $0, respectively.

Construction in progress during the first three months of 2015 included petrochemical construction on the D Train expansion, purchase of additional manufacturing equipment such as towers and tanks, additions to the tank farm, upgrades to the electrical and flaring systems, and initial construction on the specialty wax hydrogenation project.

Amortization relating to the platinum catalyst which is included in cost of sales was $21,067 for the three months ended March 31, 2015, and 2014.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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