Adams Resources & Energy (AE) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	ADAMS RESOURCES & ENERGY, INC.
Entity Central Index Key	2,178
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Entity Common Stock, Shares Outstanding		4,217,596

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 126,999	$ 109,393
Accounts receivable, net of allowance for doubtful accounts of $271 and $303, respectively	118,533	121,353
Inventory	21,513	12,192
Derivative assets	538	166
Income tax receivable	0	1,317
Prepayments and other current assets	1,197	1,264
Total current assets	268,780	245,685
Property and equipment, net	27,304	29,362
Investments in unconsolidated affiliates	425	425
Cash deposits and other assets	6,618	7,232
Total assets	303,127	282,704
Current liabilities:
Accounts payable	140,296	124,706
Accounts payable – related party	5	5
Derivative liabilities	514	145
Current portion of capital lease obligations	345	338
Other current liabilities	6,845	4,404
Total current liabilities	148,005	129,598
Other long-term liabilities:
Asset retirement obligations	1,405	1,273
Capital lease obligations	1,177	1,351
Deferred taxes and other liabilities	2,516	3,363
Total liabilities	153,103	135,585
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock - $1.00 par value, 960,000 shares authorized, none outstanding	0	0
Common stock - $0.10 par value, 7,500,000 shares authorized, 4,217,596 shares outstanding	422	422
Contributed capital	11,696	11,693
Retained earnings	137,906	135,004
Total shareholders’ equity	150,024	147,119
Total liabilities and shareholders’ equity	$ 303,127	$ 282,704

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Allowance for doubtful accounts	$ 271	$ 303
Shareholders’ equity:
Preferred stock - par value (in dollars per share)	$ 1	$ 1
Preferred stock - shares authorized (in shares)	960,000	960,000
Preferred stock - shares outstanding (in shares)	0	0
Common stock - par value (in dollars per share)	$ 0.10	$ 0.10
Common stock - shares authorized (in shares)	7,500,000	7,500,000
Common stock - shares outstanding (in shares)	4,217,596	4,217,596

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Marketing	$ 438,791	$ 301,176	$ 812,429	$ 589,791
Transportation	13,626	13,616	27,244	27,071
Oil and natural gas	0	410	0	1,427
Total revenues	452,417	315,202	839,673	618,289
Costs and expenses:
Marketing	431,683	297,508	800,866	582,661
Transportation	11,890	11,851	24,191	24,013
Oil and natural gas	0	201	0	951
General and administrative	2,284	1,460	4,567	4,097
Depreciation, depletion and amortization	2,262	3,563	4,674	7,532
Total costs and expenses	448,119	314,583	834,298	619,254
Operating earnings (losses)	4,298	619	5,375	(965)
Other income (expense):
Loss on deconsolidation of subsidiary	0	(1,635)	0	(1,635)
Interest income	498	260	885	419
Interest expense	(15)	(1)	(34)	(2)
Total other income (expense), net	483	(1,376)	851	(1,218)
(Losses) earnings before income taxes	4,781	(757)	6,226	(2,183)
Income tax benefit (provision)	(1,161)	475	(1,468)	1,041
Net (losses) earnings	$ 3,620	$ (282)	$ 4,758	$ (1,142)
Earnings (losses) per share:
Basic net (losses) earnings per common share (in dollars per share)	$ 0.86	$ (0.07)	$ 1.13	$ (0.27)
Diluted net (losses) earnings per common share (in dollars per share)	0.86	(0.07)	1.13	(0.27)
Dividends per common share (in dollars per share)	$ 0.22	$ 0.22	$ 0.44	$ 0.44

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net (losses) earnings	$ 4,758	$ (1,142)
Adjustments to reconcile net (losses) earnings to net cash provided by operating activities:
Depreciation, depletion and amortization	4,674	7,532
Gains on sales of property	(446)	(129)
Impairment of oil and natural gas properties	0	3
Provision for doubtful accounts	(32)	(8)
Stock-based compensation expense	3	0
Deferred income taxes	(832)	(926)
Net change in fair value contracts	(3)	(700)
Loss on deconsolidation of subsidiary	0	(1,635)
Changes in assets and liabilities:
Accounts receivable	2,852	13,581
Accounts receivable/payable, affiliates	0	(151)
Inventories	(9,321)	(2,887)
Income tax receivable	1,317	(336)
Prepayments and other current assets	67	887
Accounts payable	15,634	3,357
Accrued liabilities	2,441	(483)
Other	125	(461)
Net cash provided by operating activities	21,237	19,772
Investing activities:
Property and equipment additions	(2,728)	(2,108)
Proceeds from property sales	655	190
Insurance and state collateral (deposits) refunds	465	347
Net cash used in investing activities	(1,608)	(1,571)
Financing activities:
Principal repayments of capital lease obligations	(167)	0
Dividends paid on common stock	(1,856)	(1,856)
Net cash used in financing activities	(2,023)	(1,856)
Increase in cash and cash equivalents	17,606	16,345
Cash and cash equivalents at beginning of period	109,393	87,342
Cash and cash equivalents at end of period	$ 126,999	$ 103,687

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Contributed Capital	Retained Earnings
Beginning balance at Dec. 31, 2016	$ 151,312	$ 422	$ 11,693	$ 139,197
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (losses)	(1,142)			(1,142)
Dividends paid on common stock	(1,856)			(1,856)
Ending balance at Jun. 30, 2017	148,314	422	11,693	136,199
Beginning balance at Dec. 31, 2017	147,119	422	11,693	135,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (losses)	4,758			4,758
Stock-based compensation expense	3		3
Dividends paid on common stock	(1,856)			(1,856)
Ending balance at Jun. 30, 2018	$ 150,024	$ 422	$ 11,696	$ 137,906

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Adams Resources & Energy, Inc. (“AE”) is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. We and our subsidiaries are primarily engaged in the business of crude oil marketing, transportation and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). We also conduct tank truck transportation of liquid chemicals and dry bulk and ISO tank container storage and transportation primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico and with terminals in the Gulf Coast region of the U.S. Unless the context requires otherwise, references to “we,” “us,” “our,” the “Company” or “AE” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries. Historically, we have operated and reported in three business segments: (i) crude oil marketing, transportation and storage, (ii) tank truck transportation of liquid chemicals and dry bulk and ISO tank container storage and transportation, and (iii) upstream crude oil and natural gas exploration and production. We exited the upstream crude oil and natural gas exploration and production business during 2017 with the sale of our upstream crude oil and natural gas exploration and production assets as a result of a voluntary bankruptcy filing for this subsidiary. We expect the bankruptcy case involving the wholly owned subsidiary through which this business was conducted to be dismissed during the second half of 2018. Basis of Presentation Our results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of results expected for the full year of 2018. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation. The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”) filed with the SEC on March 12, 2018. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Earnings Per Share Basic earnings (losses) per share is computed by dividing our net earnings (losses) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (losses) per share is computed by giving effect to all potential shares of common stock outstanding, including our stock related to unvested restricted stock awards. Unvested restricted stock awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan (“2018 LTIP”) are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 10 for further discussion). A reconciliation of the denominator used in the calculation of basic and diluted earnings (losses) per share is as follows (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Basic earnings (losses) per share: Net earnings (losses) $ 3,620 $ (282) $ 4,758 $ (1,142) Weighted average number of shares outstanding – Basic 4,218 4,218 4,218 4,218 Basic earnings (losses) per share $ 0.86 $ (0.07) $ 1.13 $ (0.27) Diluted earnings (losses) per share: Net earnings (losses) $ 3,620 $ (282) $ 4,758 $ (1,142) Diluted weighted average number of shares outstanding: Common shares 4,218 4,218 4,218 4,218 Restricted stock unit awards (1) — — — — Performance share unit awards (2) — — — — Total 4,218 4,218 4,218 4,218 Diluted earnings (losses) per share $ 0.86 $ (0.07) $ 1.13 $ (0.27) _______________ (1) The dilutive effect of restricted stock unit awards for the three and six months ended June 30, 2018 is de minimis. (2) Performance share awards will be included in the calculation of diluted earnings per share when the performance conditions have been achieved. Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. Fair value contracts consist of derivative financial instruments and are recorded as either an asset or liability measured at its fair value. Changes in fair value are recognized immediately in earnings unless the derivatives qualify for, and we elect, cash flow hedge accounting. We had no contracts designated for hedge accounting during any current reporting periods (see Note 9 for further information). Income Taxes Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis. On December 22, 2017, the Tax Cut and Jobs Act was enacted into law resulting in a reduction in the federal corporate income tax rate from 35 percent to 21 percent for years beginning in 2018, which impacts our income tax provision or benefit. Investments in Unconsolidated Affiliates In April 2017, one of our wholly owned subsidiaries, Adams Resources Exploration Corporation (“AREC”), filed a voluntary petition in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 of Title 11 of the United States Code. As a result of the voluntary bankruptcy filing, we no longer controlled the operations of AREC; therefore, we deconsolidated AREC in April 2017, and we recorded our investment in this subsidiary under the cost method of accounting. During the second quarter of 2017, we recorded a non-cash charge of approximately $1.6 million associated with the deconsolidation of AREC. At June 30, 2018, our remaining investment in AREC was $0.4 million. We expect the bankruptcy case to be dismissed during the second half of 2018. Letter of Credit Facility We maintain a Credit and Security Agreement with Wells Fargo Bank, National Association to provide up to a $60 million stand-by letter of credit facility used to support crude oil purchases within our crude oil marketing segment and for other purposes. We are currently using the letter of credit facility for a letter of credit related to our insurance program. This facility is collateralized by the eligible accounts receivable within our crude oil marketing segment and expires on August 27, 2019. The issued stand-by letters of credit are canceled as the underlying purchase obligations are satisfied by cash payment when due. The letter of credit facility places certain restrictions on Gulfmark Energy, Inc., one of our wholly owned subsidiaries. These restrictions include the maintenance of positive net earnings excluding inventory valuation changes, as defined, among other restrictions. We are currently in compliance with all such financial covenants. At June 30, 2018 and December 31, 2017, we had $0.4 million and $2.2 million, respectively, outstanding under this facility. Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from two to thirty-nine years. We review our long-lived assets for impairment whenever there is evidence that the carrying value of these assets may not be recoverable. Any impairment recognized is permanent and may not be restored. Property and equipment is reviewed at the lowest level of identifiable cash flows. For properties requiring impairment, the fair value is estimated based on an internal discounted cash flow model of future cash flows. See Note 5 for additional information regarding our property and equipment. Recent Accounting Developments In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), which requires substantially all leases (with the exception of leases with a term of one year or less) to be recorded on the balance sheet using a method referred to as the right-of-use (“ROU”) asset approach. We plan to adopt the new standard on January 1, 2019 using the modified retrospective approach. The new standard introduces two lease accounting models, which result in a lease being classified as either a “finance” or “operating” lease on the basis of whether the lessee effectively obtains control of the underlying asset during the lease term. A lease would be classified as a finance lease if it meets one of five classification criteria, four of which are generally consistent with current lease accounting guidance. By default, a lease that does not meet the criteria to be classified as a finance lease will be deemed an operating lease. Regardless of classification, the initial measurement of both lease types will result in the balance sheet recognition of a ROU asset representing a company’s right to use the underlying asset for a specified period of time and a corresponding lease liability. The lease liability will be recognized at the present value of the future lease payments, and the ROU asset will equal the lease liability adjusted for any prepaid rent, lease incentives provided by the lessor, and any indirect costs. The subsequent measurement of each type of lease varies. Leases classified as a finance lease will be accounted for using the effective interest method. Under this approach, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and the discount on the lease liability (as a component of interest expense). Leases classified as an operating lease will result in the recognition of a single lease expense amount that is recorded on a straight-line basis (or another systematic basis, if more appropriate). We have started the process of reviewing our lease agreements in light of the new guidance. Although we are in the early stages of our ASC 842 implementation project, we anticipate that this new lease guidance will cause significant changes to the way leases are recorded, presented and disclosed in our consolidated financial statements. Stock-Based Compensation We measure all share-based payments, including the issuance of restricted stock units and performance share units to employees and board members, using a fair-value based method. The cost of services received from employees and non-employee board members in exchange for awards of equity instruments is recognized in the consolidated statement of operations based on the estimated fair value of those awards on the grant date and amortized on a straight-line basis over the requisite service period. The fair value of restricted stock unit awards and performance share unit awards is based on the closing price of our common stock on the grant date. We account for forfeitures as they occur. See Note 10 for additional information regarding our 2018 LTIP.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Adoption of ASC 606 On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers (“ASC 606”) and all related Accounting Standards Updates by applying the modified retrospective method to all contracts that were not completed on January 1, 2018. The modified retrospective approach required us to recognize the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new revenue standard did not result in a cumulative effect adjustment to our retained earnings since there was no significant impact upon adoption. We expect the impact of the adoption of the new standard to remain immaterial to our net earnings on an ongoing basis. Revenue Recognition The new revenue standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new revenue standard requires entities to recognize revenue through the application of a five-step model, which includes: identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue as the entity satisfies the performance obligations. Our revenues are primarily generated from the marketing, transportation and storage of crude oil and other related products and the tank truck transportation of liquid chemicals and dry bulk. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. To identify the performance obligations, we considered all of the products or services promised in the contracts with customers, whether explicitly stated or implied based on customary business practices. Revenue is recognized when, or as, each performance obligation is satisfied under terms of the contract. For our crude oil marketing segment, most of our crude oil purchase and sale contracts qualify and are designated as non-trading activities, and we consider these contracts as normal purchases and sales activity. For normal purchases and sales, our customers are invoiced monthly based upon contractually agreed upon terms with revenue recognized in the month in which the physical product is delivered to the customer, generally upon delivery of the product to the customer. Revenue is recognized based on the transaction price and the quantity delivered. The majority of our crude oil sales contracts have multiple distinct performance obligations as the promise to transfer the individual goods (e.g., barrels of crude oil) is separately identifiable from the other goods promised within the contracts. Our performance obligations are satisfied at a point in time. For normal sales arrangements, revenue is recognized in the month in which control of the physical product is transferred to the customer, generally upon delivery of the product to the customer. For our transportation segment, each sales order associated with our master transportation agreements is considered a distinct performance obligation. The performance obligations associated with this segment are satisfied over time as the goods and services are delivered. Practical Expedients In connection with our adoption of ASC 606, we used significant judgment when assessing our contracts for impact upon adoption. For example, our contracts often include promises to transfer various goods and services to a customer. Determining whether goods and services are considered distinct performance obligations that should be accounted for separately versus together will continue to require significant judgment. We also used practical expedients permitted by ASC 606 when applicable. These practical expedients included: • Applying the new guidance only to contracts that were not completed as of January 1, 2018; and • Not accounting for the effects of significant financing components if the company expects that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable and customer advances and deposits (contract liabilities) on our consolidated balance sheet. Currently, we do not record any contract assets in our financial statements due to the timing of revenue recognized and when our customers are billed. Our crude oil marketing customers are generally billed monthly based on contractually agreed upon terms. However, we sometimes receive advances or deposits from customers before revenue is recognized, resulting in contract liabilities. These contract assets and liabilities, if any, are reported on our consolidated balance sheets at the end of each reporting period. Revenue Disaggregation The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands): Reporting Segments Marketing Transportation Total Three Months Ended June 30, 2018 Revenues from contracts with customers $ 419,365 $ 13,626 $ 432,991 Other (1) 19,426 — 19,426 Total revenues $ 438,791 $ 13,626 $ 452,417 Timing of revenue recognition: Goods transferred at a point in time $ 419,365 $ — $ 419,365 Services transferred over time — 13,626 13,626 Total revenues from contracts with customers $ 419,365 $ 13,626 $ 432,991 Six Months Ended June 30, 2018 Revenues from contracts with customers $ 779,450 $ 27,244 $ 806,694 Other (1) 32,979 — 32,979 Total revenues $ 812,429 $ 27,244 $ 839,673 Timing of revenue recognition: Goods transferred at a point in time $ 779,450 $ — $ 779,450 Services transferred over time — 27,244 27,244 Total revenues from contracts with customers $ 779,450 $ 27,244 $ 806,694 _______________ (1) Other marketing revenues are recognized under ASC 815, Derivatives and Hedging , and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty . Other Marketing Revenue Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying consolidated financial statements. Certain of our crude oil contracts may be with a single counterparty to provide for similar quantities of crude oil to be bought and sold at different locations. These contracts are entered into for a variety of reasons, including effecting the transportation of the commodity, to minimize credit exposure, and/or to meet the competitive demands of the customer. These buy/sell arrangements are reflected on a net revenue basis in the accompanying consolidated financial statements. Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenue gross-up $ 56,335 $ 44,908 $ 102,026 $ 102,473

Prepayments and Other Current A

Prepayments and Other Current Assets	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments and Other Current Assets	Prepayments and Other Current Assets The components of prepayments and other current assets were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Insurance premiums $ 582 $ 425 Rents, licenses and other 615 839 Total $ 1,197 $ 1,264

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The historical costs of our property and equipment and related accumulated depreciation balances were as follows at the dates indicated (in thousands): Estimated Useful Life June 30, December 31, in Years 2018 2017 Tractors and trailers (1) 5 – 6 $ 83,686 $ 88,065 Field equipment 2 – 5 19,811 18,490 Buildings 5 – 39 15,727 15,727 Office equipment 2 – 5 1,808 1,929 Land 1,790 1,790 Construction in progress 960 275 Total 123,782 126,276 Less accumulated depreciation (96,478) (96,914) Property and equipment, net $ 27,304 $ 29,362 ______________ (1) Amounts include assets held under capital leases for certain tractors in our marketing segment. Gross property and equipment associated with assets held under capital leases were $1.8 million and $1.8 million at June 30, 2018 and December 31, 2017, respectively. Accumulated amortization associated with assets held under capital leases were $0.3 million and $0.1 million at June 30, 2018 and December 31, 2017, respectively (see Note 12 for further information). Components of depreciation, depletion and amortization expense were as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Depreciation, depletion and amortization, excluding amounts under capital leases $ 2,171 $ 3,563 $ 4,493 $ 7,532 Amortization of property and equipment under capital leases 91 — 181 — Total depreciation, depletion and amortization $ 2,262 $ 3,563 $ 4,674 $ 7,532

Cash Deposits and Other Assets

Cash Deposits and Other Assets	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Cash Deposits and Other Assets	Cash Deposits and Other Assets Components of cash deposits and other assets were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Amounts associated with liability insurance program: Insurance collateral deposits $ 3,517 $ 3,767 Excess loss fund 2,093 2,284 Accumulated interest income 642 814 Other amounts: State collateral deposits 57 57 Materials and supplies 273 273 Other 36 37 Total $ 6,618 $ 7,232

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Historically, our three reporting segments have been: (i) crude oil marketing, transportation and storage, (ii) tank truck transportation of liquid chemicals and dry bulk and ISO tank container storage and transportation, and (iii) upstream crude oil and natural gas exploration and production. Our upstream crude oil and natural gas exploration and production wholly owned subsidiary filed for bankruptcy in April 2017, and as a result of our loss of control of the wholly owned subsidiary, AREC was deconsolidated and is accounted for under the cost method of accounting. AREC remained a reportable segment until its deconsolidation, effective April 30, 2017. Information concerning our various business activities was as follows for the periods indicated (in thousands): Reporting Segments Marketing Transportation Oil and Gas Total Three Months Ended June 30, 2018 Revenues $ 438,791 $ 13,626 $ — $ 452,417 Segment operating (losses) earnings (1) 5,772 810 — 6,582 Depreciation, depletion and amortization 1,336 926 — 2,262 Property and equipment additions (2) 277 1,572 — 1,849 Three Months Ended June 30, 2017 Revenues $ 301,176 $ 13,616 $ 410 $ 315,202 Segment operating (losses) earnings (1) 1,691 293 95 2,079 Depreciation, depletion and amortization 1,977 1,472 114 3,563 Property and equipment additions 191 (92) 1,003 1,102 Six Months Ended June 30, 2018 Revenues $ 812,429 $ 27,244 $ — $ 839,673 Segment operating (losses) earnings (1) 8,730 1,212 — 9,942 Depreciation, depletion and amortization 2,833 1,841 — 4,674 Property and equipment additions (2) 1,070 1,645 — 2,715 Six Months Ended June 30, 2017 Revenues $ 589,791 $ 27,071 $ 1,427 $ 618,289 Segment operating (losses) earnings (1) 3,084 (5) 53 3,132 Depreciation, depletion and amortization 4,046 3,063 423 7,532 Property and equipment additions 273 10 1,825 2,108 _______________ (1) Our marketing segment’s operating earnings included inventory liquidation gains of $1.9 million and $2.5 million for the three and six months ended June 30, 2018, respectively, and inventory valuation losses of $1.4 million and $2.1 million for the three and six months ended June 30, 2017, respectively. (2) During the six months ended June 30, 2018, we had $13 thousand of property and equipment additions for leasehold improvements at our corporate headquarters level, which is not attributed or allocated to any of our reporting segments. Segment operating earnings reflect revenues net of operating costs and depreciation, depletion and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Segment operating earnings $ 6,582 $ 2,079 $ 9,942 $ 3,132 General and administrative (2,284) (1,460) (4,567) (4,097) Operating earnings (losses) 4,298 619 5,375 (965) Loss on deconsolidation of subsidiary — (1,635) — (1,635) Interest income 498 260 885 419 Interest expense (15) (1) (34) (2) (Losses) earnings before income taxes $ 4,781 $ (757) $ 6,226 $ (2,183) Identifiable assets by industry segment were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Reporting segment: Marketing $ 139,687 $ 134,745 Transportation 28,803 29,069 Oil and Gas (1) 425 425 Cash and other assets 134,212 118,465 Total assets $ 303,127 $ 282,704 ____________________ (1) Amounts represent our cost method investment in this segment.

Transactions with Affiliates

Transactions with Affiliates	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Transactions with Affiliates	Transactions with Affiliates We enter into certain transactions in the normal course of business with affiliated entities including direct cost reimbursement for shared phone and administrative services. In addition, we lease our corporate office space from an affiliated entity. We utilize our former affiliate, Bencap LLC (“Bencap”), to administer certain of our employee medical benefit programs including a detail audit of individual medical claims. Bencap earns a fee from us for providing these services at a discounted amount from its standard charge to non-affiliates. We had an equity method investment in Bencap, which was forfeited during the first quarter of 2017. As a result, we have no further ownership interest in Bencap. Activities with affiliates were as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Affiliate billings to us $ 25 $ 24 $ 40 $ 36 Billings to affiliates 1 1 3 2 Rentals paid to affiliate 122 158 244 325 Fees paid to Bencap (1) — — — 108 ___________________ (1) Amount represents fees paid to Bencap through the date of the forfeiture of our investment during the first quarter of 2017. As a result of the investment forfeiture, Bencap is no longer an affiliate.

Derivative Instruments and Fair

Derivative Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Fair Value Measurements	Derivative Instruments and Fair Value Measurements Derivative Instruments In the normal course of our operations, our crude oil marketing segment purchases and sells crude oil. We seek to profit by procuring the commodity as it is produced and then delivering the material to the end users or the intermediate use marketplace. As typical for the industry, these transactions are made pursuant to the terms of forward month commodity purchase and/or sale contracts. Some of these contracts meet the definition of a derivative instrument, and therefore, we account for these contracts at fair value, unless the normal purchase and sale exception is applicable. These types of underlying contracts are standard for the industry and are the governing document for our crude oil marketing segment. None of our derivative instruments have been designated as hedging instruments. At June 30, 2018, we had in place 16 commodity purchase and sale contracts, of which four of these contracts had no fair value associated with them as the contractual prices of crude oil were within the range of prices specified in the agreements. These commodity purchase and sale contracts encompassed approximately: • 646 barrels per day of crude oil during July 2018; • 322 barrels per day of crude oil during August through September 2018; • 258 barrels per day of crude oil during October through December 2018; • 322 barrels per day of crude oil during January 2019 through April 2019; and • 258 barrels per day of crude oil during May 2019. The estimated fair value of forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated balance sheet were as follows at the date indicated (in thousands): June 30, 2018 Balance Sheet Location and Amount Current Other Current Other Assets Assets Liabilities Liabilities Asset derivatives: Fair value forward hydrocarbon commodity contracts at gross valuation $ 538 $ — $ — $ — Liability derivatives: Fair value forward hydrocarbon commodity contracts at gross valuation — — 514 — Less counterparty offsets — — — — As reported fair value contracts $ 538 $ — $ 514 $ — At December 31, 2017, we had in place 20 commodity purchase and sale contracts, of which four of these contracts had no fair value associated with them as the contractual prices of crude oil were within the range of prices specified in the agreements. These commodity purchase and sale contracts encompassed approximately: • 452 barrels per day of crude oil during January 2018; • 322 barrels per day of crude oil during February through May 2018; • 258 barrels per day of crude oil during June 2018; • 646 barrels per day of crude oil during July 2018; • 322 barrels per day of crude oil during August through September 2018; and • 258 barrels per day of crude oil during October through December 2018. The estimated fair value of forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated balance sheet were as follows at the date indicated (in thousands): December 31, 2017 Balance Sheet Location and Amount Current Other Current Other Assets Assets Liabilities Liabilities Asset derivatives: Fair value forward hydrocarbon commodity contracts at gross valuation $ 166 $ — $ — $ — Liability derivatives: Fair value forward hydrocarbon commodity contracts at gross valuation — — 145 — Less counterparty offsets — — — — As reported fair value contracts $ 166 $ — $ 145 $ — We only enter into commodity contracts with creditworthy counterparties and evaluate our exposure to significant counterparties on an ongoing basis. At June 30, 2018 and December 31, 2017, we were not holding nor have we posted any collateral to support our forward month fair value derivative activity. We are not subject to any credit-risk related trigger events. We have no other financial investment arrangements that would serve to offset our derivative contracts. Forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated statements of operations were as follows for the periods indicated (in thousands): Gains (losses) Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues – marketing $ 1 $ 280 $ 2 $ 700 Fair Value Measurements The following tables set forth, by level with the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated (in thousands): June 30, 2018 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs Counterparty (Level 1) (Level 2) (Level 3) Offsets Total Derivatives: Current assets $ — $ 538 $ — $ — $ 538 Current liabilities — (514) — — (514) Net value $ — $ 24 $ — $ — $ 24 December 31, 2017 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs Counterparty (Level 1) (Level 2) (Level 3) Offsets Total Derivatives: Current assets $ — $ 166 $ — $ — $ 166 Current liabilities — (145) — — (145) Net value $ — $ 21 $ — $ — $ 21 These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of these inputs requires judgments. When determining fair value measurements, we make credit valuation adjustments to reflect both our own nonperformance risk and our counterparty’s nonperformance risk. When adjusting the fair value of derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements. Credit valuation adjustments utilize Level 3 inputs, such as credit scores to evaluate the likelihood of default by us or our counterparties. At June 30, 2018 and December 31, 2017, credit valuation adjustments were not significant to the overall valuation of our fair value contracts. As a result, applicable fair value assets and liabilities are included in their entirety in the fair value hierarchy.

Share-Based Compensation Plan

Share-Based Compensation Plan	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Plan	Share-Based Compensation Plan In May 2018, our shareholders approved the 2018 LTIP, a long-term incentive plan under which any employee or non-employee director who provides services to us is eligible to participate in the plan. The 2018 LTIP, which is overseen by the Compensation Committee of our Board of Directors, provides for the grant of various types of equity awards, of which restricted stock unit awards and performance-based compensation awards were granted during the second quarter of 2018. The maximum number of shares authorized for issuance under the 2018 LTIP is 150,000 shares, and the 2018 LTIP is effective until May 8, 2028. We began awarding share-based compensation to eligible employees and directors in June 2018. After giving effect to awards granted under the 2018 LTIP and assuming the potential achievement of the maximum amounts of the performance factors through June 30, 2018, a total of 120,403 shares were available for issuance. During the six months ended June 30, 2018, we recognized a nominal amount of compensation expense in connection with equity-based awards as the grant date for all awards under the 2018 LTIP was June 29, 2018. If dividends are paid with respect to our common shares during the vesting period, an equivalent amount will accrue and be held by us without interest until the restricted stock and performance unit awards vest, at which time the amount will be paid to the recipient. If the award is forfeited prior to vesting, the accrued dividends will also be forfeited. At June 30, 2018, there were no accrued dividend amounts for awards granted under the 2018 LTIP. Restricted Stock Unit Awards A restricted stock unit award is a grant of a right to receive our common shares in the future at no cost to the recipient apart from fulfilling service and other conditions once a defined vesting period expires, subject to customary forfeiture provisions. A restricted stock unit award will either be settled by the delivery of common shares or by the payment of cash based upon the fair market value of a specified number of shares, at the discretion of the Compensation Committee, subject to the terms of the applicable award agreement. The Compensation Committee intends for these awards to vest with the settlement of common shares. Restricted stock unit awards generally vest at a rate of 33% per year beginning one year after the grant date and are non-vested until the required service periods expire. The fair value of a restricted stock unit award is based on the market price per share of our common shares on the date of grant. Compensation expense is recognized based on the grant date fair value over the requisite service or vesting period. The following table presents restricted stock unit award activity for the periods indicated: Weighted- Average Grant Number of Date Fair Value Shares per Share (1) Restricted stock unit awards at January 1, 2018 — $ — Granted (2) 13,733 $ 43.00 Vested — $ — Forfeited — $ — Restricted stock unit awards at June 30, 2018 13,733 $ — ____________________ (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2) The aggregate grant date fair value of restricted stock unit awards issued during 2018 was $0.6 million based on a grant date market price of our common shares of $43.00 per share. Unrecognized compensation cost associated with restricted stock unit awards was approximately $0.6 million. Due to the graded vesting provisions of these awards, we expect to recognize the remaining compensation cost for these awards over a weighted-average period of 1.7 years. Performance Share Unit Awards An award granted as performance-based compensation is awarded to a participant contingent upon attainment of our future performance goals during a performance cycle. The performance goals were pre-established by the Compensation Committee. Following the end of the performance period, the holder of a performance-based compensation award is entitled to receive payment of an amount not exceeding the number of shares of common stock subject to, or the maximum value of, the performance-based compensation award, based on the achievement of the performance measures for the performance period. The performance share unit awards generally vest in full approximately three years after grant date, and are non-vested until the required service period expires. The fair value of a performance share unit award is based on the market price per share of our common shares on the date of grant. Compensation expense is recognized based on the grant date fair value over the requisite service or vesting period. Compensation expense will be adjusted for the performance goals on a quarterly basis. The following table presents performance share unit award activity for the periods indicated: Weighted- Average Grant Number of Date Fair Value Shares per Share (1) Performance share unit awards at January 1, 2018 — $ — Granted (2) 7,932 $ 43.00 Vested — $ — Forfeited — $ — Performance share unit awards at June 30, 2018 7,932 $ — ____________________ (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2) The aggregate grant date fair value of performance share unit awards issued during 2018 was $0.4 million based on a grant date market price of our common share of $43.00 per share and assuming a performance factor of 100 percent.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands): Six Months Ended June 30, 2018 2017 Cash paid for interest $ 34 $ 2 Cash paid for federal and state income taxes 210 225 Non-cash transactions: Change in accounts payable related to property and equipment additions (44) 455

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Capital Lease Obligations We have entered into capital leases for certain of our tractors in our crude oil marketing segment. The following table summarizes our principal contractual commitments outstanding under our capital leases at June 30, 2018 for the next five years, and in total thereafter (in thousands): Remainder of 2018 $ 199 2019 398 2020 398 2021 398 2022 255 Thereafter — Total minimum lease payments 1,648 Less: Amount representing interest (126) Present value of capital lease obligations 1,522 Less current portion of capital lease obligations (345) Total long-term capital lease obligations $ 1,177 Operating Lease Obligations We lease certain property and equipment under noncancelable and cancelable operating leases. Our significant lease agreements consist of (i) arrangements with independent truck owner-operators for use of their equipment and driver services; (ii) leased office space; and (iii) certain lease and terminal access contracts in order to provide tank storage and dock access for our crude oil marketing business. Currently, our significant lease agreements have terms that range from one to eight years. Lease expense is charged to operating costs and expenses on a straight-line basis over the period of expected economic benefit. Contingent rental payments are expensed as incurred. We are generally required to perform routine maintenance on the underlying leased assets. Maintenance and repairs of leased assets resulting from our operations are charged to expense as incurred. Rental expense was as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Rental expense $ 2,835 $ 3,230 $ 5,422 $ 6,458 At June 30, 2018, rental obligations under non-cancelable operating leases and terminal arrangements with terms in excess of one year for the next five years and thereafter are payable as follows (in thousands): Remainder of 2018 $ 2,986 2019 3,336 2020 1,641 2021 1,531 2022 1,499 Thereafter 2,966 Total operating lease payments $ 13,959 Insurance Policies Under our automobile and workers’ compensation insurance policies that were in place through September 30, 2017, we pre-funded our estimated losses, and therefore, we could either receive a return of premium paid or be assessed for additional premiums up to pre-established limits. Additionally, in certain instances, the risk of insured losses was shared with a group of similarly situated entities through an insurance captive. We have appropriately recognized estimated expenses and liabilities related to these policies for losses incurred but not reported to us or our insurance carrier. The amount of pre-funded insurance premiums left to cover potential future losses are presented in the table below. If the potential insurance claims do not further develop, the pre-funded premiums will be returned to us as a premium refund. Effective October 1, 2017, we changed the structure of our automobile and workers’ compensation insurance policies. We exited the group captive and now establish a liability for expected claims incurred but not reported on a monthly basis as we move forward. As claims are paid, the liability is relieved. The amount of pre-funded insurance premiums left to cover potential future losses and our accruals for automobile and workers’ compensation claims were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Pre-funded premiums for losses incurred but not reported $ 516 $ 988 Accrued automobile and workers’ compensation claims 1,262 450 We maintain a self-insurance program for managing employee medical claims. A liability for expected claims incurred but not reported is established on a monthly basis. As claims are paid, the liability is relieved. We also maintain third party insurance stop-loss coverage for annual aggregate medical claims exceeding $6.0 million. Medical accrual amounts were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Accrued medical claims $ 1,439 $ 1,329 Litigation From time to time as incidental to our operations, we may become involved in various lawsuits and/or disputes. Primarily as an operator of an extensive trucking fleet, we are a party to motor vehicle accidents, worker compensation claims and other items of general liability as would be typical for the industry. We are presently unaware of any claims against us that are either outside the scope of insurance coverage or that may exceed the level of insurance coverage and could potentially represent a material adverse effect on our financial position or results of operations.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Organization	Organization Adams Resources & Energy, Inc. (“AE”) is a publicly traded Delaware corporation organized in 1973, the common shares of which are listed on the NYSE American LLC under the ticker symbol “AE”. We and our subsidiaries are primarily engaged in the business of crude oil marketing, transportation and storage in various crude oil and natural gas basins in the lower 48 states of the United States (“U.S.”). We also conduct tank truck transportation of liquid chemicals and dry bulk and ISO tank container storage and transportation primarily in the lower 48 states of the U.S. with deliveries into Canada and Mexico and with terminals in the Gulf Coast region of the U.S. Unless the context requires otherwise, references to “we,” “us,” “our,” the “Company” or “AE” are intended to mean the business and operations of Adams Resources & Energy, Inc. and its consolidated subsidiaries.
Basis of Presentation	Basis of Presentation Our results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of results expected for the full year of 2018. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring accruals necessary for fair presentation. The condensed consolidated financial statements and the accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and the rules of the U.S. Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”) filed with the SEC on March 12, 2018. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of EstimatesThe preparation of our financial statements in conformity with GAAP requires management to use estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. While we believe the estimates and assumptions used in the preparation of these condensed consolidated financial statements are appropriate, actual results could differ from those estimates.
Earnings Per Share	Earnings Per ShareBasic earnings (losses) per share is computed by dividing our net earnings (losses) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (losses) per share is computed by giving effect to all potential shares of common stock outstanding, including our stock related to unvested restricted stock awards. Unvested restricted stock awards granted under the Adams Resources & Energy, Inc. 2018 Long-Term Incentive Plan (“2018 LTIP”) are not considered to be participating securities as the holders of these shares do not have non-forfeitable dividend rights in the event of our declaration of a dividend for common shares (see Note 10 for further discussion).
Fair Value Measurements	Fair Value Measurements The carrying amounts reported in the unaudited condensed consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. Marketable securities are recorded at fair value based on market quotations from actively traded liquid markets. A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of these items and their respective tax basis. On December 22, 2017, the Tax Cut and Jobs Act was enacted into law resulting in a reduction in the federal corporate income tax rate from 35 percent to 21 percent for years beginning in 2018, which impacts our income tax provision or benefit.
Investments in Unconsolidated Affiliates	Investments in Unconsolidated AffiliatesIn April 2017, one of our wholly owned subsidiaries, Adams Resources Exploration Corporation (“AREC”), filed a voluntary petition in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 of Title 11 of the United States Code. As a result of the voluntary bankruptcy filing, we no longer controlled the operations of AREC; therefore, we deconsolidated AREC in April 2017, and we recorded our investment in this subsidiary under the cost method of accounting. During the second quarter of 2017, we recorded a non-cash charge of approximately $1.6 million associated with the deconsolidation of AREC. At June 30, 2018, our remaining investment in AREC was $0.4 million. We expect the bankruptcy case to be dismissed during the second half of 2018.
Letter of Credit Facility	Letter of Credit Facility We maintain a Credit and Security Agreement with Wells Fargo Bank, National Association to provide up to a $60 million stand-by letter of credit facility used to support crude oil purchases within our crude oil marketing segment and for other purposes. We are currently using the letter of credit facility for a letter of credit related to our insurance program. This facility is collateralized by the eligible accounts receivable within our crude oil marketing segment and expires on August 27, 2019.
Property and Equipment	Property and Equipment Property and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property and equipment are capitalized, and minor replacements, maintenance and repairs that do not extend asset life or add value are charged to expense as incurred. When property and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations in operating costs and expenses for the respective period. Property and equipment, except for land, is depreciated using the straight-line method over the estimated average useful lives ranging from two to thirty-nine years.
Recent Accounting Developments	Recent Accounting Developments In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), which requires substantially all leases (with the exception of leases with a term of one year or less) to be recorded on the balance sheet using a method referred to as the right-of-use (“ROU”) asset approach. We plan to adopt the new standard on January 1, 2019 using the modified retrospective approach. The new standard introduces two lease accounting models, which result in a lease being classified as either a “finance” or “operating” lease on the basis of whether the lessee effectively obtains control of the underlying asset during the lease term. A lease would be classified as a finance lease if it meets one of five classification criteria, four of which are generally consistent with current lease accounting guidance. By default, a lease that does not meet the criteria to be classified as a finance lease will be deemed an operating lease. Regardless of classification, the initial measurement of both lease types will result in the balance sheet recognition of a ROU asset representing a company’s right to use the underlying asset for a specified period of time and a corresponding lease liability. The lease liability will be recognized at the present value of the future lease payments, and the ROU asset will equal the lease liability adjusted for any prepaid rent, lease incentives provided by the lessor, and any indirect costs. The subsequent measurement of each type of lease varies. Leases classified as a finance lease will be accounted for using the effective interest method. Under this approach, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and the discount on the lease liability (as a component of interest expense). Leases classified as an operating lease will result in the recognition of a single lease expense amount that is recorded on a straight-line basis (or another systematic basis, if more appropriate). We have started the process of reviewing our lease agreements in light of the new guidance. Although we are in the early stages of our ASC 842 implementation project, we anticipate that this new lease guidance will cause significant changes to the way leases are recorded, presented and disclosed in our consolidated financial statements. Stock-Based Compensation
Revenue Recognition, Practical Expedients, Contract Balances and Other Marketing Revenue	Revenue Recognition The new revenue standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new revenue standard requires entities to recognize revenue through the application of a five-step model, which includes: identification of the contract, identification of the performance obligations, determination of the transaction price, allocation of the transaction price to the performance obligations, and recognition of revenue as the entity satisfies the performance obligations. Our revenues are primarily generated from the marketing, transportation and storage of crude oil and other related products and the tank truck transportation of liquid chemicals and dry bulk. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. To identify the performance obligations, we considered all of the products or services promised in the contracts with customers, whether explicitly stated or implied based on customary business practices. Revenue is recognized when, or as, each performance obligation is satisfied under terms of the contract. For our crude oil marketing segment, most of our crude oil purchase and sale contracts qualify and are designated as non-trading activities, and we consider these contracts as normal purchases and sales activity. For normal purchases and sales, our customers are invoiced monthly based upon contractually agreed upon terms with revenue recognized in the month in which the physical product is delivered to the customer, generally upon delivery of the product to the customer. Revenue is recognized based on the transaction price and the quantity delivered. The majority of our crude oil sales contracts have multiple distinct performance obligations as the promise to transfer the individual goods (e.g., barrels of crude oil) is separately identifiable from the other goods promised within the contracts. Our performance obligations are satisfied at a point in time. For normal sales arrangements, revenue is recognized in the month in which control of the physical product is transferred to the customer, generally upon delivery of the product to the customer. For our transportation segment, each sales order associated with our master transportation agreements is considered a distinct performance obligation. The performance obligations associated with this segment are satisfied over time as the goods and services are delivered. Practical Expedients In connection with our adoption of ASC 606, we used significant judgment when assessing our contracts for impact upon adoption. For example, our contracts often include promises to transfer various goods and services to a customer. Determining whether goods and services are considered distinct performance obligations that should be accounted for separately versus together will continue to require significant judgment. We also used practical expedients permitted by ASC 606 when applicable. These practical expedients included: • Applying the new guidance only to contracts that were not completed as of January 1, 2018; and • Not accounting for the effects of significant financing components if the company expects that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable and customer advances and deposits (contract liabilities) on our consolidated balance sheet. Currently, we do not record any contract assets in our financial statements due to the timing of revenue recognized and when our customers are billed. Our crude oil marketing customers are generally billed monthly based on contractually agreed upon terms. However, we sometimes receive advances or deposits from customers before revenue is recognized, resulting in contract liabilities. These contract assets and liabilities, if any, are reported on our consolidated balance sheets at the end of each reporting period. Revenue Disaggregation The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands): Reporting Segments Marketing Transportation Total Three Months Ended June 30, 2018 Revenues from contracts with customers $ 419,365 $ 13,626 $ 432,991 Other (1) 19,426 — 19,426 Total revenues $ 438,791 $ 13,626 $ 452,417 Timing of revenue recognition: Goods transferred at a point in time $ 419,365 $ — $ 419,365 Services transferred over time — 13,626 13,626 Total revenues from contracts with customers $ 419,365 $ 13,626 $ 432,991 Six Months Ended June 30, 2018 Revenues from contracts with customers $ 779,450 $ 27,244 $ 806,694 Other (1) 32,979 — 32,979 Total revenues $ 812,429 $ 27,244 $ 839,673 Timing of revenue recognition: Goods transferred at a point in time $ 779,450 $ — $ 779,450 Services transferred over time — 27,244 27,244 Total revenues from contracts with customers $ 779,450 $ 27,244 $ 806,694 _______________ (1) Other marketing revenues are recognized under ASC 815, Derivatives and Hedging , and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty . Other Marketing Revenue Certain of the commodity purchase and sale contracts utilized by our crude oil marketing business qualify as derivative instruments with certain specifically identified contracts also designated as trading activity. From the time of contract origination, these contracts are marked-to-market and recorded on a net revenue basis in the accompanying consolidated financial statements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the denominator used in the calculation of basic and diluted earnings (losses) per share is as follows (in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Basic earnings (losses) per share: Net earnings (losses) $ 3,620 $ (282) $ 4,758 $ (1,142) Weighted average number of shares outstanding – Basic 4,218 4,218 4,218 4,218 Basic earnings (losses) per share $ 0.86 $ (0.07) $ 1.13 $ (0.27) Diluted earnings (losses) per share: Net earnings (losses) $ 3,620 $ (282) $ 4,758 $ (1,142) Diluted weighted average number of shares outstanding: Common shares 4,218 4,218 4,218 4,218 Restricted stock unit awards (1) — — — — Performance share unit awards (2) — — — — Total 4,218 4,218 4,218 4,218 Diluted earnings (losses) per share $ 0.86 $ (0.07) $ 1.13 $ (0.27) _______________ (1) The dilutive effect of restricted stock unit awards for the three and six months ended June 30, 2018 is de minimis.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our revenue by segment and by major source for the periods indicated (in thousands): Reporting Segments Marketing Transportation Total Three Months Ended June 30, 2018 Revenues from contracts with customers $ 419,365 $ 13,626 $ 432,991 Other (1) 19,426 — 19,426 Total revenues $ 438,791 $ 13,626 $ 452,417 Timing of revenue recognition: Goods transferred at a point in time $ 419,365 $ — $ 419,365 Services transferred over time — 13,626 13,626 Total revenues from contracts with customers $ 419,365 $ 13,626 $ 432,991 Six Months Ended June 30, 2018 Revenues from contracts with customers $ 779,450 $ 27,244 $ 806,694 Other (1) 32,979 — 32,979 Total revenues $ 812,429 $ 27,244 $ 839,673 Timing of revenue recognition: Goods transferred at a point in time $ 779,450 $ — $ 779,450 Services transferred over time — 27,244 27,244 Total revenues from contracts with customers $ 779,450 $ 27,244 $ 806,694 _______________ (1) Other marketing revenues are recognized under ASC 815, Derivatives and Hedging , and ASC 845, Nonmonetary Transactions – Purchases and Sales of Inventory with the Same Counterparty
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Reporting these crude oil contracts on a gross revenue basis would increase our reported revenues as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenue gross-up $ 56,335 $ 44,908 $ 102,026 $ 102,473

Prepayments and Other Current22

Prepayments and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Prepayments and Other Current Assets	The components of prepayments and other current assets were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Insurance premiums $ 582 $ 425 Rents, licenses and other 615 839 Total $ 1,197 $ 1,264

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property and equipment	The historical costs of our property and equipment and related accumulated depreciation balances were as follows at the dates indicated (in thousands): Estimated Useful Life June 30, December 31, in Years 2018 2017 Tractors and trailers (1) 5 – 6 $ 83,686 $ 88,065 Field equipment 2 – 5 19,811 18,490 Buildings 5 – 39 15,727 15,727 Office equipment 2 – 5 1,808 1,929 Land 1,790 1,790 Construction in progress 960 275 Total 123,782 126,276 Less accumulated depreciation (96,478) (96,914) Property and equipment, net $ 27,304 $ 29,362 ______________ (1) Amounts include assets held under capital leases for certain tractors in our marketing segment. Gross property and equipment associated with assets held under capital leases were $1.8 million and $1.8 million at June 30, 2018 and December 31, 2017, respectively. Accumulated amortization associated with assets held under capital leases were $0.3 million and $0.1 million at June 30, 2018 and December 31, 2017, respectively (see Note 12 for further information). Components of depreciation, depletion and amortization expense were as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Depreciation, depletion and amortization, excluding amounts under capital leases $ 2,171 $ 3,563 $ 4,493 $ 7,532 Amortization of property and equipment under capital leases 91 — 181 — Total depreciation, depletion and amortization $ 2,262 $ 3,563 $ 4,674 $ 7,532

Cash Deposits and Other Assets

Cash Deposits and Other Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of cash deposits and other assets	Components of cash deposits and other assets were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Amounts associated with liability insurance program: Insurance collateral deposits $ 3,517 $ 3,767 Excess loss fund 2,093 2,284 Accumulated interest income 642 814 Other amounts: State collateral deposits 57 57 Materials and supplies 273 273 Other 36 37 Total $ 6,618 $ 7,232

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Information concerning business activities	Information concerning our various business activities was as follows for the periods indicated (in thousands): Reporting Segments Marketing Transportation Oil and Gas Total Three Months Ended June 30, 2018 Revenues $ 438,791 $ 13,626 $ — $ 452,417 Segment operating (losses) earnings (1) 5,772 810 — 6,582 Depreciation, depletion and amortization 1,336 926 — 2,262 Property and equipment additions (2) 277 1,572 — 1,849 Three Months Ended June 30, 2017 Revenues $ 301,176 $ 13,616 $ 410 $ 315,202 Segment operating (losses) earnings (1) 1,691 293 95 2,079 Depreciation, depletion and amortization 1,977 1,472 114 3,563 Property and equipment additions 191 (92) 1,003 1,102 Six Months Ended June 30, 2018 Revenues $ 812,429 $ 27,244 $ — $ 839,673 Segment operating (losses) earnings (1) 8,730 1,212 — 9,942 Depreciation, depletion and amortization 2,833 1,841 — 4,674 Property and equipment additions (2) 1,070 1,645 — 2,715 Six Months Ended June 30, 2017 Revenues $ 589,791 $ 27,071 $ 1,427 $ 618,289 Segment operating (losses) earnings (1) 3,084 (5) 53 3,132 Depreciation, depletion and amortization 4,046 3,063 423 7,532 Property and equipment additions 273 10 1,825 2,108 _______________ (1) Our marketing segment’s operating earnings included inventory liquidation gains of $1.9 million and $2.5 million for the three and six months ended June 30, 2018, respectively, and inventory valuation losses of $1.4 million and $2.1 million for the three and six months ended June 30, 2017, respectively.
Reconciliation of segment earnings to earnings before income taxes	Segment operating earnings reflect revenues net of operating costs and depreciation, depletion and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Segment operating earnings $ 6,582 $ 2,079 $ 9,942 $ 3,132 General and administrative (2,284) (1,460) (4,567) (4,097) Operating earnings (losses) 4,298 619 5,375 (965) Loss on deconsolidation of subsidiary — (1,635) — (1,635) Interest income 498 260 885 419 Interest expense (15) (1) (34) (2) (Losses) earnings before income taxes $ 4,781 $ (757) $ 6,226 $ (2,183)
Identifiable assets by industry segment	Identifiable assets by industry segment were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Reporting segment: Marketing $ 139,687 $ 134,745 Transportation 28,803 29,069 Oil and Gas (1) 425 425 Cash and other assets 134,212 118,465 Total assets $ 303,127 $ 282,704 ____________________ (1) Amounts represent our cost method investment in this segment.

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Activities with affiliates	Activities with affiliates were as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Affiliate billings to us $ 25 $ 24 $ 40 $ 36 Billings to affiliates 1 1 3 2 Rentals paid to affiliate 122 158 244 325 Fees paid to Bencap (1) — — — 108 ___________________ (1) Amount represents fees paid to Bencap through the date of the forfeiture of our investment during the first quarter of 2017. As a result of the investment forfeiture, Bencap is no longer an affiliate.

Derivative Instruments and Fa27

Derivative Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives reflected in the consolidated balance sheet	The estimated fair value of forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated balance sheet were as follows at the date indicated (in thousands): June 30, 2018 Balance Sheet Location and Amount Current Other Current Other Assets Assets Liabilities Liabilities Asset derivatives: Fair value forward hydrocarbon commodity contracts at gross valuation $ 538 $ — $ — $ — Liability derivatives: Fair value forward hydrocarbon commodity contracts at gross valuation — — 514 — Less counterparty offsets — — — — As reported fair value contracts $ 538 $ — $ 514 $ — At December 31, 2017, we had in place 20 commodity purchase and sale contracts, of which four of these contracts had no fair value associated with them as the contractual prices of crude oil were within the range of prices specified in the agreements. These commodity purchase and sale contracts encompassed approximately: • 452 barrels per day of crude oil during January 2018; • 322 barrels per day of crude oil during February through May 2018; • 258 barrels per day of crude oil during June 2018; • 646 barrels per day of crude oil during July 2018; • 322 barrels per day of crude oil during August through September 2018; and • 258 barrels per day of crude oil during October through December 2018. The estimated fair value of forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated balance sheet were as follows at the date indicated (in thousands): December 31, 2017 Balance Sheet Location and Amount Current Other Current Other Assets Assets Liabilities Liabilities Asset derivatives: Fair value forward hydrocarbon commodity contracts at gross valuation $ 166 $ — $ — $ — Liability derivatives: Fair value forward hydrocarbon commodity contracts at gross valuation — — 145 — Less counterparty offsets — — — — As reported fair value contracts $ 166 $ — $ 145 $ —
Derivatives reflected in the consolidated statement of operations	Forward month commodity contracts (derivatives) reflected in the accompanying unaudited condensed consolidated statements of operations were as follows for the periods indicated (in thousands): Gains (losses) Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Revenues – marketing $ 1 $ 280 $ 2 $ 700
Fair value assets and liabilities	The following tables set forth, by level with the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated (in thousands): June 30, 2018 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs Counterparty (Level 1) (Level 2) (Level 3) Offsets Total Derivatives: Current assets $ — $ 538 $ — $ — $ 538 Current liabilities — (514) — — (514) Net value $ — $ 24 $ — $ — $ 24 December 31, 2017 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Assets Observable Unobservable and Liabilities Inputs Inputs Counterparty (Level 1) (Level 2) (Level 3) Offsets Total Derivatives: Current assets $ — $ 166 $ — $ — $ 166 Current liabilities — (145) — — (145) Net value $ — $ 21 $ — $ — $ 21

Share-Based Compensation Plan (

Share-Based Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation, Activity	The following table presents restricted stock unit award activity for the periods indicated: Weighted- Average Grant Number of Date Fair Value Shares per Share (1) Restricted stock unit awards at January 1, 2018 — $ — Granted (2) 13,733 $ 43.00 Vested — $ — Forfeited — $ — Restricted stock unit awards at June 30, 2018 13,733 $ — ____________________ (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2) The aggregate grant date fair value of restricted stock unit awards issued during 2018 was $0.6 million based on a grant date market price of our common shares of $43.00 per share. Unrecognized compensation cost associated with restricted stock unit awards was approximately $0.6 million. Due to the graded vesting provisions of these awards, we expect to recognize the remaining compensation cost for these awards over a weighted-average period of 1.7 years. Performance Share Unit Awards An award granted as performance-based compensation is awarded to a participant contingent upon attainment of our future performance goals during a performance cycle. The performance goals were pre-established by the Compensation Committee. Following the end of the performance period, the holder of a performance-based compensation award is entitled to receive payment of an amount not exceeding the number of shares of common stock subject to, or the maximum value of, the performance-based compensation award, based on the achievement of the performance measures for the performance period. The performance share unit awards generally vest in full approximately three years after grant date, and are non-vested until the required service period expires. The fair value of a performance share unit award is based on the market price per share of our common shares on the date of grant. Compensation expense is recognized based on the grant date fair value over the requisite service or vesting period. Compensation expense will be adjusted for the performance goals on a quarterly basis. The following table presents performance share unit award activity for the periods indicated: Weighted- Average Grant Number of Date Fair Value Shares per Share (1) Performance share unit awards at January 1, 2018 — $ — Granted (2) 7,932 $ 43.00 Vested — $ — Forfeited — $ — Performance share unit awards at June 30, 2018 7,932 $ — ____________________ (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2) The aggregate grant date fair value of performance share unit awards issued during 2018 was $0.4 million based on a grant date market price of our common share of $43.00 per share and assuming a performance factor of 100 percent.

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental cash flows and non-cash transactions were as follows for the periods indicated (in thousands): Six Months Ended June 30, 2018 2017 Cash paid for interest $ 34 $ 2 Cash paid for federal and state income taxes 210 225 Non-cash transactions: Change in accounts payable related to property and equipment additions (44) 455

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of principal contractual commitments outstanding under capital leases	The following table summarizes our principal contractual commitments outstanding under our capital leases at June 30, 2018 for the next five years, and in total thereafter (in thousands): Remainder of 2018 $ 199 2019 398 2020 398 2021 398 2022 255 Thereafter — Total minimum lease payments 1,648 Less: Amount representing interest (126) Present value of capital lease obligations 1,522 Less current portion of capital lease obligations (345) Total long-term capital lease obligations $ 1,177
Rental expense	Rental expense was as follows for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Rental expense $ 2,835 $ 3,230 $ 5,422 $ 6,458
Long-term non-cancelable operating leases and terminal arrangements for the next five years	At June 30, 2018, rental obligations under non-cancelable operating leases and terminal arrangements with terms in excess of one year for the next five years and thereafter are payable as follows (in thousands): Remainder of 2018 $ 2,986 2019 3,336 2020 1,641 2021 1,531 2022 1,499 Thereafter 2,966 Total operating lease payments $ 13,959
Schedule of expenses and losses incurred but not reported and accrued workers' compensation	The amount of pre-funded insurance premiums left to cover potential future losses and our accruals for automobile and workers’ compensation claims were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Pre-funded premiums for losses incurred but not reported $ 516 $ 988 Accrued automobile and workers’ compensation claims 1,262 450
Schedule of accrued medical claims	Medical accrual amounts were as follows at the dates indicated (in thousands): June 30, December 31, 2018 2017 Accrued medical claims $ 1,439 $ 1,329

Organization and Basis of Pre31

Organization and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2018segmentstate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which entity operates | state	48
Number of operating segments	3
Number of reportable segments	3

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Reconciliation of Basic and Diluted Earnings (Losses) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Basic earnings (losses) per share:
Net earnings (losses)	$ 3,620	$ (282)	$ 4,758	$ (1,142)
Weighted average number of shares outstanding – Basic (in shares)	4,218,000	4,218,000	4,218,000	4,218,000
Basic earnings (losses) per share (in dollars per share)	$ 0.86	$ (0.07)	$ 1.13	$ (0.27)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net (losses) earnings	$ 3,620	$ (282)	$ 4,758	$ (1,142)
Diluted earnings (losses) per share:
Total (in shares)	4,218,000	4,218,000	4,218,000	4,218,000
Diluted earnings (losses) per share (in dollars per share)	$ 0.86	$ (0.07)	$ 1.13	$ (0.27)
Restricted stock units awards
Diluted earnings (losses) per share:
Unit awards	0	0	0	0
Performance share unit awards
Diluted earnings (losses) per share:
Unit awards	0	0	0	0

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accounting Policies [Abstract]
Deconsolidation, non-cash charge	$ 0	$ 1,635	$ 0	$ 1,635
AREC
Investments [Abstract]
Cost method investments	$ 400		$ 400

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Letters of Credit Facility (Details) - Wells Fargo Bank - Standby Letter of Credit - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Letter of Credit Facility [Abstract]
Line of credit facility, maximum borrowing capacity	$ 60,000,000
Stand-by letters of credit	$ 400,000	$ 2,200,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies - Property and Equipment (Details)	6 Months Ended
	Jun. 30, 2018
Minimum
Property, Plant and Equipment [Abstract]
Property and equipment, useful life	2 years
Maximum
Property, Plant and Equipment [Abstract]
Property and equipment, useful life	39 years

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 432,991		$ 806,694
Total revenues	452,417	$ 315,202	839,673	$ 618,289
Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	419,365		779,450
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	13,626		27,244
Revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	432,991		806,694
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	19,426		32,979
Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	419,365		779,450
Total revenues	438,791		812,429
Marketing | Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	419,365		779,450
Marketing | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0		0
Marketing | Revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	419,365		779,450
Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	19,426		32,979
Transportation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	13,626		27,244
Total revenues	13,626		27,244
Transportation | Goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0		0
Transportation | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	13,626		27,244
Transportation | Revenues from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	13,626		27,244
Transportation | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 0		$ 0

Revenue Recognition - Other Rev

Revenue Recognition - Other Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues from contracts with customers	$ 432,991		$ 806,694
Accounting Standards Update 2014-09 | Revenue gross-up
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenues from contracts with customers	$ 56,335	$ 44,908	$ 102,026	$ 102,473

Prepayments and Other Current38

Prepayments and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance premiums	$ 582	$ 425
Rents, licenses and other	615	839
Total	$ 1,197	$ 1,264

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 123,782		$ 123,782		$ 126,276
Less accumulated depreciation, depletion and amortization	(96,478)		(96,478)		(96,914)
Property and equipment, net	27,304		27,304		29,362
Total depreciation, depletion and amortization	2,262	$ 3,563	$ 4,674	$ 7,532
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			2 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			39 years
Tractors and trailers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	83,686		$ 83,686		88,065
Tractors and trailers | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			5 years
Tractors and trailers | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			6 years
Field equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,811		$ 19,811		18,490
Field equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			2 years
Field equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			5 years
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,727		$ 15,727		15,727
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			5 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			39 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,808		$ 1,808		1,929
Office equipment | Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			2 years
Office equipment | Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life			5 years
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,790		$ 1,790		1,790
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	960		960		275
Assets not held under capital leases
Property, Plant and Equipment [Line Items]
Total depreciation, depletion and amortization	2,171	3,563	4,493	7,532
Assets held under capital leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,800		1,800		1,800
Less accumulated depreciation, depletion and amortization	(300)		(300)		$ (100)
Total depreciation, depletion and amortization	$ 91	$ 0	$ 181	$ 0

Cash Deposits and Other Asset40

Cash Deposits and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance collateral deposits	$ 3,517	$ 3,767
Excess loss fund	2,093	2,284
Accumulated interest income	642	814
State collateral deposits	57	57
Materials and supplies	273	273
Other	36	37
Total	$ 6,618	$ 7,232

Segment Reporting - Information

Segment Reporting - Information Concerning Business Activities (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			3
Segment Reporting Information [Line Items]
Revenues	$ 452,417	$ 315,202	$ 839,673	$ 618,289
Segment operating (losses) earnings	4,298	619	5,375	(965)
Depreciation, depletion and amortization	2,262	3,563	4,674	7,532
Leasehold Improvements
Segment Reporting Information [Line Items]
Property and equipment additions			13
Marketing
Segment Reporting Information [Line Items]
Revenues	438,791		812,429
Inventory liquidation gains and valuation (losses)	1,900	(1,400)	2,500	(2,100)
Transportation
Segment Reporting Information [Line Items]
Revenues	13,626		27,244
Reporting Segments
Segment Reporting Information [Line Items]
Revenues	452,417	315,202	839,673	618,289
Segment operating (losses) earnings	6,582	2,079	9,942	3,132
Depreciation, depletion and amortization	2,262	3,563	4,674	7,532
Property and equipment additions	1,849	1,102	2,715	2,108
Reporting Segments | Marketing
Segment Reporting Information [Line Items]
Revenues	438,791	301,176	812,429	589,791
Segment operating (losses) earnings	5,772	1,691	8,730	3,084
Depreciation, depletion and amortization	1,336	1,977	2,833	4,046
Property and equipment additions	277	191	1,070	273
Reporting Segments | Transportation
Segment Reporting Information [Line Items]
Revenues	13,626	13,616	27,244	27,071
Segment operating (losses) earnings	810	293	1,212	(5)
Depreciation, depletion and amortization	926	1,472	1,841	3,063
Property and equipment additions	1,572	(92)	1,645	10
Reporting Segments | Oil and Gas
Segment Reporting Information [Line Items]
Revenues	0	410	0	1,427
Segment operating (losses) earnings	0	95	0	53
Depreciation, depletion and amortization	0	114	0	423
Property and equipment additions	$ 0	$ 1,003	$ 0	$ 1,825

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Earnings to Earnings Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Operating earnings (losses)	$ 4,298	$ 619	$ 5,375	$ (965)
Loss on deconsolidation of subsidiary	0	(1,635)	0	(1,635)
Interest income	498	260	885	419
Interest expense	(15)	(1)	(34)	(2)
(Losses) earnings before income taxes	4,781	(757)	6,226	(2,183)
Reporting Segments
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Operating earnings (losses)	6,582	2,079	9,942	3,132
General and administrative
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Operating earnings (losses)	(2,284)	(1,460)	(4,567)	(4,097)
Segment reconciling items
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Loss on deconsolidation of subsidiary	0	(1,635)	0	(1,635)
Interest income	498	260	885	419
Interest expense	$ (15)	$ (1)	$ (34)	$ (2)

Segment Reporting - Identifiabl

Segment Reporting - Identifiable Assets by Industry Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Segment Reconciliation [Abstract]
Total assets	$ 303,127	$ 282,704
Reporting Segments
Segment Reconciliation [Abstract]
Total assets	303,127	282,704
Reporting Segments | Marketing
Segment Reconciliation [Abstract]
Total assets	139,687	134,745
Reporting Segments | Transportation
Segment Reconciliation [Abstract]
Total assets	28,803	29,069
Reporting Segments | Oil and Gas
Segment Reconciliation [Abstract]
Total assets	425	425
Cash and other assets
Segment Reconciliation [Abstract]
Total assets	$ 134,212	$ 118,465

Transactions with Affiliates (D

Transactions with Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Affiliated entities
Transactions with Affiliates [Abstract]
Affiliate billings to us	$ 25	$ 24	$ 40	$ 36
Billings to affiliates	1	1	3	2
Rentals paid to affiliates	122	158	244	325
Fees paid to Bencap	$ 0	$ 0	$ 0	$ 108
Bencap LLC
Related Party Transaction [Line Items]
Percentage of equity method investment	0.00%		0.00%

Derivative Instruments and Fa45

Derivative Instruments and Fair Value Measurements - Narrative (Details) - Commodity Contract	6 Months Ended	12 Months Ended
	Jun. 30, 2018barrelOfOilPerDaycontract	Dec. 31, 2017barrelOfOilPerDaycontract
Derivative Instruments, Gain (Loss) [Line Items]
Number of contracts held | contract	16	20
Reported Value Measurement
Derivative Instruments, Gain (Loss) [Line Items]
Number of contracts held | contract	4	4
July 2,018
Derivative Instruments, Gain (Loss) [Line Items]
Production	646	646
August through September 2018
Derivative Instruments, Gain (Loss) [Line Items]
Production	322	322
October through December 2018
Derivative Instruments, Gain (Loss) [Line Items]
Production	258	258
January 2019 through April 2019
Derivative Instruments, Gain (Loss) [Line Items]
Production	322
May 2,019
Derivative Instruments, Gain (Loss) [Line Items]
Production	258
January 2,018
Derivative Instruments, Gain (Loss) [Line Items]
Production		452
February through May 2018
Derivative Instruments, Gain (Loss) [Line Items]
Production		322
June 2,018
Derivative Instruments, Gain (Loss) [Line Items]
Production		258

Derivative Instruments and Fa46

Derivative Instruments and Fair Value Measurements - Use of Derivative Instruments (Details) - Commodity Contract - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Revenues – marketing
Derivatives, Fair Value [Line Items]
Gain (loss) on derivative	$ 1	$ 280	$ 2	$ 700
Current Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	538		538		$ 166
Liability derivatives	0		0		0
Less counterparty offsets	0		0		0
As reported fair value contracts	538		538		166
Other Assets
Derivatives, Fair Value [Line Items]
Asset derivatives	0		0		0
Liability derivatives	0		0		0
Less counterparty offsets	0		0		0
As reported fair value contracts	0		0		0
Current Liabilities
Derivatives, Fair Value [Line Items]
Asset derivatives	0		0		0
Liability derivatives	514		514		145
Less counterparty offsets	0		0		0
As reported fair value contracts	514		514		145
Other Liabilities
Derivatives, Fair Value [Line Items]
Asset derivatives	0		0		0
Liability derivatives	0		0		0
Less counterparty offsets	0		0		0
As reported fair value contracts	$ 0		$ 0		$ 0

Derivative Instruments and Fa47

Derivative Instruments and Fair Value Measurements - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives:
Current assets	$ 538	$ 166
Current assets, counterparty offsets	0	0
Current liabilities	(514)	(145)
Current liabilities, counterparty offsets	0	0
Net value	24	21
Net value, counterparty offsets	0	0
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Derivatives:
Current assets	0	0
Current liabilities	0	0
Net value	0	0
Significant Unobservable Inputs (Level 2)
Derivatives:
Current assets	538	166
Current liabilities	(514)	(145)
Net value	24	21
Significant Unobservable Inputs (Level 3)
Derivatives:
Current assets	0	0
Current liabilities	0	0
Net value	$ 0	$ 0

Share-Based Compensation Plan48

Share-Based Compensation Plan (Details) - The 2018 LTIP - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			150,000
Number of shares available for grant (in shares)	120,403	120,403
Accrued dividends	$ 0	$ 0
Restricted stock units awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		33.00%
Number of Shares
Unit awards at January 1, 2018 (in shares)		0
Granted (in shares)		13,733
Vested (in shares)		0
Forfeited (in shares)		0
Unit awards at June 30, 2018 (in shares)	13,733	13,733
Weighted Average Grant Date Fair Value per Share
Unit awards at January 1, 2018 (in dollars per share)		$ 0
Granted (in dollars per share)		43
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Unit awards at June 30, 2018 (in dollars per share)	$ 0	$ 0
Aggregate grant date fair value awards issues		$ 600,000
Unrecognized compensation cost	$ 600,000	$ 600,000
Period for recognition for remaining compensation cost		1 year 8 months 12 days
Performance share unit awards
Number of Shares
Unit awards at January 1, 2018 (in shares)		0
Granted (in shares)		7,932
Vested (in shares)		0
Forfeited (in shares)		0
Unit awards at June 30, 2018 (in shares)	7,932	7,932
Weighted Average Grant Date Fair Value per Share
Unit awards at January 1, 2018 (in dollars per share)		$ 0
Granted (in dollars per share)	$ 43	43
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Unit awards at June 30, 2018 (in dollars per share)	$ 0	$ 0
Aggregate grant date fair value awards issues		$ 400,000
Performance factor		100.00%
Unrecognized compensation cost	$ 400,000	$ 400,000
Period for recognition for remaining compensation cost		2 years 10 months 24 days
Award vesting period		3 years

Supplemental Cash Flow Inform49

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 34	$ 2
Cash paid for federal and state income taxes	210	225
Non-cash transactions:
Change in accounts payable related to property and equipment additions	$ (44)	$ 455

Commitments and Contingencies -

Commitments and Contingencies - Capital Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2018	$ 199
2,019	398
2,020	398
2,021	398
2,022	255
Thereafter	0
Total minimum lease payments	1,648
Less: Amount representing interest	(126)
Present value of capital lease obligations	1,522
Less current portion of capital lease obligations	(345)	$ (338)
Total long-term capital lease obligations	$ 1,177	$ 1,351

Commitments and Contingencies51

Commitments and Contingencies - Operating Lease Obligations (Details)	6 Months Ended
	Jun. 30, 2018
Minimum
Loss Contingencies [Line Items]
Operating lease term	1 year
Maximum
Loss Contingencies [Line Items]
Operating lease term	8 years

Commitments and Contingencies52

Commitments and Contingencies - Rental Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 2,835	$ 3,230	$ 5,422	$ 6,458

Commitments and Contingencies53

Commitments and Contingencies - Rental Obligations (Details) $ in Thousands	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2018	$ 2,986
2,019	3,336
2,020	1,641
2,021	1,531
2,022	1,499
Thereafter	2,966
Total operating lease payments	$ 13,959

Commitments and Contingencies54

Commitments and Contingencies - Pre-funded Insurance (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Pre-funded premiums for losses incurred but not reported	$ 516	$ 988
Accrued automobile and workers’ compensation claims	$ 1,262	$ 450

Commitments and Contingencies55

Commitments and Contingencies - Schedule of Accrued Medical Claims (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Aggregate medical claims for umbrella insurance coverage per calendar year	$ 6,000
Accrued medical claims	$ 1,439	$ 1,329