Alto Ingredients (ALTO) 10-K 18 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Mar. 14, 2019	Jun. 29, 2018
Document And Entity Information
Entity Registrant Name	Pacific Ethanol, Inc.
Entity Central Index Key	0000778164
Document Type	10-K
Trading Symbol	PEIX
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Public Float			$ 112,200
Entity Common Stock, Shares Outstanding		48,890,428
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 26,627	$ 49,489
Accounts receivable, net of allowance for doubtful accounts of $12 and $19, respectively	67,636	80,344
Inventories	57,820	61,550
Prepaid inventory	3,090	3,281
Income tax receivables	612	743
Derivative assets	1,765	998
Other current assets	11,254	6,841
Total current assets	168,804	203,246
Property and equipment, net	482,657	508,352
Other Assets:
Intangible asset	2,678	2,678
Other assets	5,842	6,020
Total other assets	8,520	8,698
Total Assets	659,981	720,296
Current Liabilities:
Accounts payable - trade	48,176	39,738
Accrued liabilities	23,421	21,673
Current portion - capital leases	45	592
Current portion - long-term debt, net	146,671	20,000
Derivative liabilities	6,309	2,307
Other current liabilities	7,237	6,396
Total current liabilities	231,859	90,706
Long-term debt, net of current portion	84,767	221,091
Assessment financing	9,342	7,714
Capital leases, net of current portion	78	123
Other liabilities	14,570	16,962
Total Liabilities	340,616	336,596
Commitments and contingencies (Notes 1, 8, 9 and 14)
Stockholders' Equity:
Common stock, $0.001 par value; 300,000,000 shares authorized; 45,771,422 and 43,984,975 shares issued and outstanding as of December 31, 2018 and 2017, respectively	46	44
Non-voting common stock, $0.001 par value; 3,553,000 shares authorized; 896 shares issued and outstanding as of December 31, 2018 and 2017
Additional paid-in capital	932,179	927,090
Accumulated other comprehensive loss	(2,459)	(2,234)
Accumulated deficit	(630,000)	(568,462)
Total Pacific Ethanol, Inc. stockholders' equity	299,767	356,439
Noncontrolling interests	19,598	27,261
Total stockholders' equity	319,365	383,700
Total Liabilities and Stockholders' Equity	659,981	720,296
Series A Preferred Stock [Member]
Stockholders' Equity:
Preferred stock, value
Series B Preferred Stock [Member]
Stockholders' Equity:
Preferred stock, value	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounts receivable, net of allowance	$ 12	$ 19
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Common stock, par value (in dollars per shares)	$ 0.001	$ 0.001
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	45,771,422	43,984,975
Common stock, outstanding	45,771,422	43,984,975
Series A Preferred Stock [Member]
Preferred stock, authorized	1,684,375	1,684,375
Preferred stock, issued
Preferred stock, outstanding
Series B Preferred Stock [Member]
Preferred stock, authorized	1,580,790	1,580,790
Preferred stock, issued	926,942	926,942
Preferred stock, outstanding	926,942	926,942
Liquidation preference	$ 18,075
Nonvoting Common Stock [Member]
Common stock, par value (in dollars per shares)	$ 0.001	$ 0.001
Common stock, authorized	3,553,000	3,553,000
Common stock, issued	896	896
Common stock, outstanding	896	896

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Net sales	$ 1,515,371	$ 1,632,255	$ 1,624,758
Cost of goods sold	1,530,535	1,626,324	1,570,400
Gross profit (loss)	(15,164)	5,931	54,358
Selling, general and administrative expenses	36,373	31,516	30,849
Income (loss) from operations	(51,537)	(25,585)	23,509
Fair value adjustments		473	(557)
Interest expense, net	(17,132)	(12,938)	(22,406)
Other income (expense), net	171	(345)	(1)
Income (loss) before provision (benefit) for income taxes	(68,498)	(38,395)	545
Provision (benefit) for income taxes	(562)	(321)	(981)
Consolidated net income (loss)	(67,936)	(38,074)	1,526
Net (income) loss attributed to noncontrolling interests	7,663	3,110	(107)
Net income (loss) attributed to Pacific Ethanol, Inc.	(60,273)	(34,964)	1,419
Preferred stock dividends	(1,265)	(1,265)	(1,269)
Income allocated to participating securities			(2)
Income (loss) available to common stockholders	$ (61,538)	$ (36,229)	$ 148
Income (loss) per share, basic and diluted	$ (1.42)	$ (0.85)	$ 0
Weighted-average shares outstanding, basic	43,376	42,745	42,182
Weighted-average shares outstanding, diluted	43,376	42,745	42,251

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Consolidated net income (loss)	$ (67,936)	$ (38,074)	$ 1,526
Other comprehensive income (expense) - net gain (loss) arising during the period on defined benefit pension plans	(225)	386	(3,660)
Total comprehensive loss	(68,161)	(37,688)	(2,134)
Comprehensive (income) loss attributed to noncontrolling interests	7,663	3,110	(107)
Comprehensive loss attributed to Pacific Ethanol, Inc.	$ (60,498)	$ (34,578)	$ (2,241)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accum. Other Comprehensive Income (Loss) [Member]	Non-Controlling Interests [Member]	Total
Balance at Beginning at Dec. 31, 2015	$ 1	$ 43	$ 902,843	$ (532,383)	$ 1,040		$ 371,544
Balance at Beginning (in shares) at Dec. 31, 2015	927	42,515
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations and tax		$ 1	2,281				2,282
Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations and tax (in shares)		659
Pension plan adjustment					(3,660)		(3,660)
Warrant and option exercises			1,338				1,338
Warrant and option exercises (in shares)		138
Sale of Pacific Aurora interests to ACEC			10,475			$ 19,525	30,000
ACEC contribution to form Pacific Aurora			5,761			10,739	16,500
Preferred stock dividends				(1,269)			(1,269)
Net income (loss)				1,419		107	1,526
Balance at End at Dec. 31, 2016	$ 1	$ 44	922,698	(532,233)	(2,620)	30,371	418,261
Balance at End (in shares) at Dec. 31, 2016	927	43,312
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations and tax			3,014				3,014
Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations and tax (in shares)		473
Pension plan adjustment					386		386
Warrant and option exercises			1,378				1,378
Warrant and option exercises (in shares)		201
Preferred stock dividends				(1,265)			(1,265)
Net income (loss)				(34,964)		(3,110)	(38,074)
Balance at End at Dec. 31, 2017	$ 1	$ 44	927,090	(568,462)	(2,234)	27,261	383,700
Balance at End (in shares) at Dec. 31, 2017	927	43,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations and tax		$ 1	3,033				3,034
Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations and tax (in shares)		947
Common stock issuances		$ 1	2,056				2,057
Common stock issuances (in shares)		838
Pension plan adjustment					(225)		(225)
Preferred stock dividends				(1,265)			(1,265)
Net income (loss)				(60,273)		(7,663)	(67,936)
Balance at End at Dec. 31, 2018	$ 1	$ 46	$ 932,179	$ (630,000)	$ (2,459)	$ 19,598	$ 319,365
Balance at End (in shares) at Dec. 31, 2018	927	45,771

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Consolidated net income (loss)	$ (67,936)	$ (38,074)	$ 1,526
Adjustments to reconcile consolidated net income (loss) to cash provided by operating activities:
Depreciation	40,849	38,651	35,441
Fair value adjustments		(473)	557
Deferred income taxes	27	169	(1,122)
Inventory valuation	(350)	2,678
Change in fair value on commodity derivative instruments	6,714	2,077	1,984
Amortization of deferred financing costs	900	503	137
Amortization of debt discounts	720	636	2,322
Noncash compensation	3,438	3,828	2,616
Bad debt expense	45	5	306
Interest expense added to plant term debt			9,451
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	12,663	17,562	(25,235)
Inventories	4,080	5,070	750
Prepaid expenses and other assets	(3,880)	2,677	3,189
Prepaid inventory	191	6,738	(3,973)
Accounts payable and accrued expenses	4,105	(5,538)	9,279
Net cash provided by operating activities	1,566	36,509	37,228
Investing Activities:
Additions to property and equipment	(15,154)	(20,866)	(19,171)
Purchase of ICP, net of cash acquired		(29,574)
Proceeds from cash collateralized letters of credit			4,574
Net cash used in investing activities	(15,154)	(50,440)	(14,597)
Financing Activities:
Proceeds from issuances of common stock	2,057
Proceeds from warrant and option exercises		1,202	1,164
Proceeds from assessment financing	2,043	5,618	2,096
Payments on assessment financing	(415)
Net proceeds (payments) on Kinergy's line of credit	7,578	(385)	(11,141)
Proceeds from plant term and revolving credit agreements		42,000	97,000
Proceeds from parent notes		13,530	53,350
Payments on plant borrowings	(16,500)	(59,927)	(172,073)
Payments on senior notes	(2,000)
Preferred stock dividend payments	(1,265)	(1,265)	(1,269)
Payments on capital leases	(772)	(626)	(7,089)
Sale of noncontrolling interests			30,000
Debt issuance costs		(986)	(1,960)
Net cash used in financing activities	(9,274)	(839)	(9,922)
Net increase (decrease) in cash and cash equivalents	(22,862)	(14,770)	12,709
Cash and cash equivalents at beginning of period	49,489	64,259	51,550
Cash and cash equivalents at end of period	26,627	49,489	64,259
Supplemental Information:
Interest paid	15,147	11,133	11,168
Income tax refunds	743	5,614	4,784
Noncash financing and investing activities:
Capital leases added to plant and equipment		180
Reclass of warrant liability to equity upon exercises		178	179
Contribution of property and equipment for noncontrolling interest (see Note 2)			16,500
Debt issued in ICP acquisition (see Note 2)		$ 46,927

ORGANIZATION AND SIGNIFICANT AC

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES.	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES.	1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES . Organization and Business The Company’s acquisition of Illinois Corn Processing, LLC (“ICP”) was consummated on July 3, 2017, and as a result, the Company’s consolidated financial statements include the results of ICP only since that date. On December 15, 2016, the Company and Aurora Cooperative Elevator Company, a Nebraska cooperative corporation (“ACEC”), closed a transaction under a contribution agreement under which the Company contributed its Aurora, Nebraska ethanol facilities and ACEC contributed its Aurora grain elevator and related grain handling assets to Pacific Aurora, LLC (“Pacific Aurora”) in exchange for equity interests in Pacific Aurora. On December 15, 2016, concurrently with the closing under the contribution agreement, the Company sold a portion of its equity interest in Pacific Aurora to ACEC. As a result, the Company owns 73.93% of Pacific Aurora and ACEC owns 26.07% of Pacific Aurora. Further, the Company has consolidated 100% of the results of Pacific Aurora and recorded ACEC’s 26.07% equity interest as noncontrolling interests in the accompanying financial statements for the years ended December 31, 2018 and 2017 and for the period December 15, 2016 through December 31, 2016. The Company is a leading producer and marketer of low-carbon renewable fuels in the United States. The Company’s four ethanol plants in the Western United States (together with their respective holding companies, the “Pacific Ethanol West Plants”) are located in close proximity to both feed and ethanol customers and thus enjoy unique advantages in efficiency, logistics and product pricing. The Company’s five ethanol plants in the Midwest (together with their respective holding companies, the “Pacific Ethanol Central Plants”) are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock production and allow for access to many additional domestic markets. In addition, the Company’s ability to load unit trains from these facilities in the Midwest allows for greater access to international markets. The Company has a combined production capacity of 605 million gallons per year, markets, on an annualized basis, nearly 1.0 billion gallons of ethanol and specialty alcohols, and produces, on an annualized basis, over 3.0 million tons of co-products on a dry matter basis, such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, dried yeast and CO 2 As of December 31, 2018, all but one of the Company’s production facilities, specifically, the Company’s Aurora East facility, were operating. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any idled facility. Basis of Presentation Liquidity In implementing its strategic realignment plan, the Company, as of December 31, 2018, had the following available liquidity and capital resources to achieve its objectives: ● Cash of $26.6 million and excess availability under Kinergy’s line of credit of $10.2 million; ● Nine ethanol production facilities with an aggregate 605 million gallons of annual production capacity, of which plant assets representing 355 million gallons of capacity are either unencumbered, or their entire sales proceeds would be used to repay the senior secured notes. The Company has engaged an independent third party to help facilitate the marketing of certain of these assets; and ● In excess of $20 million of equity available under the Company’s shelf registration statement, including under its at-the-market equity program. These funds would first be required to repay the Company’s senior secured notes. The Company also will continue working with its lenders and stakeholders to pursue other options to increase liquidity, obtain waivers or forbearance of debt covenant violations, and extend the maturity date of its debt. The Company believes that its strategic realignment will provide sufficient liquidity to meet its anticipated working capital, debt service and other liquidity needs through the next twelve months, or March 18, 2020. Segments Segment Reporting Cash and Cash Equivalents Accounts Receivable and Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required. Of the accounts receivable balance, approximately $54,820,000 and $64,501,000 at December 31, 2018 and 2017, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $12,000 and $19,000 as of December 31, 2018 and 2017, respectively. The Company recorded a bad debt expense of $45,000, $5,000 and $306,000 for the years ended December 31, 2018, 2017 and 2016, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. Concentration Risks The Company sells fuel-grade ethanol to gasoline refining and distribution companies. The Company sold ethanol to customers representing 10% or more of the Company’s total net sales, as follows. Years Ended December 31, 2018 2017 2016 Customer A 14 % 16 % 17 % Customer B 11 % 11 % 12 % The Company had accounts receivable due from these customers totaling $13,405,000 and $17,792,000, representing 20% and 24% of total accounts receivable, as of December 31, 2018 and 2017, respectively. The Company purchases corn, its largest cost component in producing ethanol, from its suppliers. The Company purchased corn from suppliers representing 10% or more of the Company’s total corn purchases, as follows: Years Ended December 31, 2018 2017 2016 Supplier A 17 % 14 % 13 % Supplier B 14 % 13 % 4 % Supplier C 11 % 9 % 13 % Supplier D 10 % 10 % 8 % Approximately 35% of the Company’s employees are covered by a collective bargaining agreement. Inventories December 31, 2018 2017 Finished goods $ 35,778 $ 35,652 Work in progress 6,855 8,807 Raw materials 7,233 7,601 Low-carbon and RIN credits 6,130 7,952 Other 1,824 1,538 Total $ 57,820 $ 61,550 Property and Equipment Buildings 40 years Facilities and plant equipment 10 – 25 years Other equipment, vehicles and furniture 5 – 10 years The cost of normal maintenance and repairs is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. The cost of property and equipment sold, or otherwise disposed of, and the related accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current operations. Intangible Asset Derivative Instruments and Hedging Activities Revenue Recognition The provisions of ASC 606 include a five-step process by which an entity will determine revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which an entity expects to be entitled in exchange for those goods or services. ASC 606 requires the Company to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies the performance obligation. Effective January 1, 2018, the Company adopted ASC 606 using the modified retrospective method for all of its contracts. Following the adoption of ASC 606, the Company continues to recognize revenue at a point-in-time when control of goods transfers to the customer. The timing of recognition is consistent with the Company’s previous revenue recognition accounting policy under which the Company recognized revenue when title and risk of loss pass to the customer and collectability was reasonably assured. In addition, ASC 606 did not impact the Company’s presentation of revenue on a gross or net basis. The Company recognizes revenue primarily from sales of ethanol and its related co-products. The Company has nine ethanol production facilities from which it produces and sells ethanol to its customers through Kinergy. Kinergy enters into sales contracts with ethanol customers under exclusive intercompany ethanol sales agreements with each of the Company’s nine ethanol plants. Kinergy also acts as a principal when it purchases third party ethanol which it resells to its customers. Finally, Kinergy has exclusive sales agreements with other third-party owned ethanol plants under which it sells their ethanol production for a fee plus the costs to deliver the ethanol to Kinergy’s customers. These sales are referred to as third-party agent sales. Revenue from these third-party agent sales is recorded on a net basis, with Kinergy recognizing its predetermined fees and any associated delivery costs. The Company has nine ethanol production facilities from which it produces and sells co-products to its customers through PAP. PAP enters into sales contracts with co-product customers under exclusive intercompany co-product sales agreements with each of the Company’s nine ethanol plants. The Company recognizes revenue from sales of ethanol and co-products at the point in time when the customer obtains control of such products, which typically occurs upon delivery depending on the terms of the underlying contracts. In some instances, the Company enters into contracts with customers that contain multiple performance obligations to deliver volumes of ethanol or co-products over a contractual period of less than 12 months. The Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices and recognizes the related revenue as control of each individual product is transferred to the customer in satisfaction of the corresponding performance obligations. When the Company is the agent, the supplier controls the products before they are transferred to the customer because the supplier is primarily responsible for fulfilling the promise to provide the product, has inventory risk before the product has been transferred to a customer and has discretion in establishing the price for the product. When the Company is the principal, the Company controls the products before they are transferred to the customer because the Company is primarily responsible for fulfilling the promise to provide the products, has inventory risk before the product has been transferred to a customer and has discretion in establishing the price for the product. See Note 4 for the Company’s revenue by type of contracts. Shipping and Handling Costs Selling Costs Stock-Based Compensation Impairment of Long-Lived Assets Deferred Financing Costs Provision for Income Taxes The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense and other income (expense), net, respectively. Deferred tax assets and liabilities are classified as noncurrent in the Company’s consolidated balance sheets. The Company files a consolidated federal income tax return. This return includes all wholly-owned subsidiaries as well as the Company’s pro-rata share of taxable income from pass-through entities in which the Company owns less than 100%. State tax returns are filed on a consolidated, combined or separate basis depending on the applicable laws relating to the Company and its subsidiaries. Income (Loss) Per Share The following tables compute basic and diluted earnings per share (in thousands, except per share data): Year Ended December 31, 2018 Loss Shares Denominator Per-Share Amount Net loss attributed to Pacific Ethanol $ (60,273 ) Less: Preferred stock dividends (1,265 ) Basic and diluted loss per share: Loss available to common stockholders $ (61,538 ) 43,376 $ (1.42 ) Year Ended December 31, 2017 Loss Numerator Shares Denominator Per-Share Net loss attributed to Pacific Ethanol $ (34,964 ) Less: Preferred stock dividends (1,265 ) Basic and diluted loss per share: Loss available to common stockholders $ (36,229 ) 42,745 $ (0.85 ) Year Ended December 31, 2016 Income Shares Denominator Per-Share Amount Net income attributed to Pacific Ethanol $ 1,419 Less: Preferred stock dividends (1,269 ) Less: Income allocated to participating securities (2 ) Basic income per share: Income available to common stockholders $ 148 42,182 $ 0.00 Add: Options — 69 Diluted income per share: Income available to common stockholders $ 148 42,251 $ 0.00 There were an aggregate of 635,000, 719,000 and 704,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2018, 2017 and 2016, respectively. These convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December 31, 2018, 2017 and 2016 as their effect would be anti-dilutive. Financial Instruments Employment-related Benefits Estimates and Assumptions Subsequent Events Reclassifications Recent Accounting Pronouncements Leases (Topic 842): Targeted Improvements In May 2014, the FASB issued new guidance on the recognition of revenue under ASC 606. See Note 1 “ – Revenue Recognition” above.

PACIFIC ETHANOL PLANTS.

PACIFIC ETHANOL PLANTS.	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
PACIFIC ETHANOL PLANTS.	2. PACIFIC ETHANOL PLANTS. Illinois Corn Processing On July 3, 2017, the Company purchased 100% of the equity interests of ICP from ICP’s owners, Illinois Corn Processing Holdings Inc. (“ICPH”) and MGPI Processing, Inc. (together with ICPH, the “Sellers”). At the closing, ICP became an indirect wholly-owned subsidiary of the Company. Upon closing, the Company (i) paid to the Sellers $30.0 million in cash, and (ii) issued to the Sellers secured promissory notes in the aggregate principal amount of approximately $46.9 million (the “Seller Notes”). The Seller Notes were secured by a first priority lien on ICP’s assets and a pledge of the membership interests of ICP. ICP is a 90 million gallon per year fuel and industrial alcohol manufacturing, storage and distribution facility adjacent to the Company’s facility in Pekin, Illinois and is located on the Illinois River. ICP produces fuel-grade ethanol, beverage and industrial-grade alcohol, dry distillers grain and corn oil. The facility has direct access to end-markets via barge, rail and truck, and expands the Company’s domestic and international distribution channels. ICP is reflected in the results of the Company’s production segment. Upon closing, the Company recognized the following allocation of the purchase price at fair values. No intangible assets or liabilities were recognized. The Company’s purchase price consideration allocation is as follows (in thousands): Cash and equivalents $ 426 Accounts receivable 11,636 Inventories 9,227 Other current assets 1,560 Total current assets 22,849 Property and equipment 61,128 Other assets 328 Total assets acquired $ 84,305 Accounts payable, trade $ 5,683 Other current liabilities 1,486 Total current liabilities 7,169 Other non-current liabilities 209 Total liabilities assumed $ 7,378 Net assets acquired $ 76,927 Estimated goodwill $ — Total purchase price $ 76,927 The contractual amount due on the accounts receivable acquired was $11.6 million, all of which was expected to be collectible. The following table presents unaudited pro forma combined financial information assuming the acquisition of ICP occurred on January 1, 2016 (in thousands, except per share data): Years Ended December 31, 2017 2016 Net sales – pro forma $ 1,710,317 $ 1,802,159 Consolidated net income (loss) – pro forma $ (42,589 ) $ 8,329 Diluted net income (loss) per share – pro forma $ (0.95 ) $ 0.16 Diluted weighted-average shares – pro forma 42,745 42,251 For the years ended December 31, 2018 and 2017, ICP contributed $163.1 million and $75.9 million in net sales and $6.5 million and $3.7 million in pre-tax income, respectively. Pacific Aurora On December 15, 2016, PE Central closed on an agreement with ACEC under which (i) PE Central contributed to Pacific Aurora 100% of the equity interests of its wholly-owned subsidiaries, Pacific Ethanol Aurora East, LLC (“AE”) and Pacific Ethanol Aurora West, LLC (“AW”), which owned the Company’s Aurora East and Aurora West ethanol plants, respectively, in exchange for an 88.15% ownership interest in Pacific Aurora, and (ii) ACEC contributed to Pacific Aurora its grain elevator adjacent to the Aurora East and Aurora West properties and related grain handling assets, including the outer rail loop and the real property on which they are located, in exchange for an 11.85% ownership interest in Pacific Aurora. On December 15, 2016, concurrent with the closing of the contribution transaction, PE Central sold a 14.22% ownership interest in Pacific Aurora to ACEC for $30.0 million in cash. Following the closing of these transactions, PE Central owned 73.93% of Pacific Aurora and ACEC owned 26.07% of Pacific Aurora. The Company has consolidated 100% of the results of Pacific Aurora and recorded the amount attributed to ACEC as noncontrolling interests under the voting rights model. Since the Company had control of AE and AW prior to forming Pacific Aurora, there was no gain or loss recorded on the contribution and ultimate sale of a portion of the Company’s interests in Pacific Aurora. ACEC contributed $16.5 million in assets at fair market value and paid $30.0 million in cash for its additional ownership interests. A noncontrolling interest was recognized to reflect ACEC’s proportional ownership interest multiplied by the book value of Pacific Aurora’s net assets. As a result, the Company recorded $16.2 million as additional paid-in capital attributed to the difference between Pacific Aurora’s book value and the contribution and sale. The carrying values and classification of assets and liabilities of Pacific Aurora as of December 31, 2016 were as follows (in thousands): Cash and equivalents $ 1,453 Accounts receivable 16,804 Inventories 3,837 Other current assets 77 Total current assets 22,171 Property and equipment 115,759 Other assets 1,387 Total assets $ 139,317 Accounts payable and accrued liabilities $ 20,152 Other current liabilities 2,045 Long-term debt outstanding, net 621 Total liabilities $ 22,818

INTERCOMPANY AGREEMENTS.

INTERCOMPANY AGREEMENTS.	12 Months Ended
	Dec. 31, 2018
Intercompany Agreements
INTERCOMPANY AGREEMENTS.	3. INTERCOMPANY AGREEMENTS. The Company, directly or through one of its subsidiaries, has entered into the following management and marketing agreements: Affiliate Management Agreement The AMAs have an initial term of one year and automatic successive one year renewal periods. Pacific Ethanol may terminate the AMA, and any subsidiary may terminate the AMA, at any time by providing at least 90 days prior notice of such termination. Pacific Ethanol recorded revenues of approximately $12,048,000, $11,904,000 and $12,968,000 related to the AMAs in place for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts have been eliminated upon consolidation. Ethanol Marketing Agreements Kinergy recorded revenues of approximately $8,773,000, $8,464,000 and $8,029,000 related to the ethanol marketing agreements for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts have been eliminated upon consolidation. Corn Procurement and Handling Agreements Under these agreements, PAP receives a fee of $0.045 per bushel of corn delivered to each facility as consideration for its procurement and handling services, payable monthly. Effective December 15, 2016, this fee is $0.03 per bushel of corn. Each corn procurement and handling agreement had an initial term of one year and successive one year renewal periods at the option of the individual plant. PAP recorded revenues of approximately $4,531,000, $4,245,000 and $4,386,000 related to the corn procurement and handling agreements for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts have been eliminated upon consolidation. Effective December 15, 2016, each Pacific Aurora facility entered into a new grain procurement agreement with ACEC. Under this agreement, ACEC receives a fee of $0.03 per bushel of corn delivered to each facility as consideration for its procurement and handling services, payable monthly. The grain procurement agreement has an initial term of one year and successive one year renewal periods at the option of the individual plant. Pacific Aurora recorded expenses of approximately $1,381,000, $1,488,000 and $107,000 for the years ended December 31, 2018, 2017 and the period from December 15, 2016 to December 31, 2016, respectively. These amounts have not been eliminated upon consolidation as they are with a related but unconsolidated third-party. Distillers Grains Marketing Agreements PAP recorded revenues of approximately $6,572,000, $6,020,000 and $6,047,000 related to the distillers grains marketing agreements for the years ended December 31, 2018, 2017 and 2016, respectively. These amounts have been eliminated upon consolidation.

SEGMENTS.

SEGMENTS.	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
SEGMENTS.	4. SEGMENTS. The Company reports its financial and operating performance in two segments: (1) ethanol production, which includes the production and sale of ethanol, specialty alcohols and co-products, with all of the Company’s production facilities aggregated, and (2) marketing and distribution, which includes marketing and merchant trading for Company-produced ethanol, specialty alcohols and co-products, and third-party ethanol. Income before provision for income taxes includes management fees charged by Pacific Ethanol to the segment. The production segment incurred $10,248,000, $9,744,000 and $9,968,000 in management fees for the years ended December 31, 2018, 2017 and 2016, respectively. The marketing and distribution segment incurred $2,160,000, $2,160,000 and $3,000,000 in management fees for the years ended December 31, 2018, 2017 and 2016, respectively. Corporate activities include selling, general and administrative expenses, consisting primarily of corporate employee compensation, professional fees and overhead costs not directly related to a specific operating segment. During the normal course of business, the segments do business with each other. The preponderance of this activity occurs when the Company’s marketing segment markets ethanol produced by the production segment for a marketing fee, as discussed in Note 3. These intersegment activities are considered arms’-length transactions. Consequently, although these transactions impact segment performance, they do not impact the Company’s consolidated results since all revenues and corresponding costs are eliminated in consolidation. Capital expenditures are substantially all incurred at the Company’s production segment. The following tables set forth certain financial data for the Company’s operating segments (in thousands): Years Ended December 31, 2018 2017 2016 Net Sales Production, recorded as gross: Ethanol/alcohol sales $ 859,815 $ 845,692 $ 797,363 Co-product sales 296,686 257,031 248,444 Intersegment sales 1,995 1,898 1,169 Total production sales 1,158,496 1,104,621 1,046,976 Marketing and distribution: Ethanol/alcohol sales, gross $ 357,011 $ 527,869 $ 577,347 Ethanol/alcohol sales, net 1,859 1,663 1,604 Intersegment sales 8,773 8,464 8,029 Total marketing and distribution sales 367,643 537,996 586,980 Intersegment eliminations (10,768 ) (10,362 ) (9,198 ) Net sales as reported $ 1,515,371 $ 1,632,255 $ 1,624,758 Cost of goods sold: Production $ 1,197,507 $ 1,101,651 $ 1,003,679 Marketing and distribution 343,991 535,033 575,920 Intersegment eliminations (10,963 ) (10,360 ) (9,199 ) Cost of goods sold as reported $ 1,530,535 $ 1,626,324 $ 1,570,400 Income (loss) before benefit for income taxes Production $ (77,833 ) $ (27,457 ) $ (6,879 ) Marketing and distribution 18,191 (2,463 ) 4,517 Corporate activities (8,856 ) (8,475 ) 2,907 $ (68,498 ) $ (38,395 ) $ 545 Depreciation Production $ 40,099 $ 37,637 $ 34,528 Corporate activities 750 1,014 913 $ 40,849 $ 38,651 $ 35,441 Interest expense: Production $ 7,116 $ 5,887 $ 20,794 Marketing and distribution 1,388 1,271 1,404 Corporate activities 8,628 5,780 208 $ 17,132 $ 12,938 $ 22,406 The following table sets forth the Company’s total assets by operating segment (in thousands): December 31, 2018 December 31, 2017 Total assets: Production $ 532,790 $ 583,696 Marketing and distribution 112,984 127,242 Corporate assets 14,117 9,358 $ 659,891 $ 720,296

PROPERTY AND EQUIPMENT.

PROPERTY AND EQUIPMENT.	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT.	5. PROPERTY AND EQUIPMENT. Property and equipment consisted of the following (in thousands): December 31, 2018 2017 Facilities and plant equipment $ 621,909 $ 601,156 Land 8,970 8,970 Other equipment, vehicles and furniture 11,812 10,189 Construction in progress 30,312 38,041 673,003 658,356 Accumulated depreciation (190,346 ) (150,004 ) $ 482,657 $ 508,352 Depreciation expense was $40,849,000, $38,651,000 and $35,441,000 for the years ended December 31, 2018, 2017 and 2016, respectively. For the year ended December 31, 2018, 2017 and 2016, the Company capitalized interest of $1,170,000, $822,000 and $1,307,000, respectively, related to its capital investment activities.

INTANGIBLE ASSETS.

INTANGIBLE ASSETS.	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS.	6. INTANGIBLE ASSET. The Company recorded a tradename valued at $2,678,000 in 2006 as part of its acquisition of Kinergy. The Company determined that the Kinergy tradename has an indefinite life and, therefore, rather than being amortized, will be tested annually for impairment. The Company did not record any impairment of the Kinergy tradename for the years ended December 31, 2018, 2017 and 2016.

DERIVATIVES.

DERIVATIVES.	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES.	7. DERIVATIVES. The business and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices. The Company monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have on operating results. Commodity Risk – Cash Flow Hedges Commodity Risk – Non-Designated Hedges Non Designated Derivative Instruments As of December 31, 2018 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Other current assets $ 8,479 Commodity contracts Derivative assets $ 1,765 Derivative liabilities $ 6,309 As of December 31, 2017 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Other current assets $ 3,813 Commodity contracts Derivative assets $ 998 Derivative liabilities $ 2,307 The above amounts represent the gross balances of the contracts, however, the Company does have a right of offset with each of its derivative brokers. The classification and amounts of the Company’s recognized gains (losses) for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains (Losses) For the Years Ended December 31, Type of Instrument Statements of Operations Location 2018 2017 2016 Commodity contracts Cost of goods sold $ (3,479 ) $ (4,165 ) $ 1,386 $ (3,479 ) $ (4,165 ) $ 1,386 Unrealized Gains (Losses) For the Years Ended December 31, Type of Instrument Statements of Operations Location 2018 2017 2016 Commodity contracts Cost of goods sold $ (3,235 ) $ 2,088 $ (3,370 ) $ (3,235 ) $ 2,088 $ (3,370 )

DEBT.

DEBT.	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
DEBT.	8. DEBT. Long-term borrowings are summarized as follows (in thousands): December 31, 2018 December 31, 2017 Kinergy line of credit $ 57,057 $ 49,477 Pekin term loan 43,000 53,500 Pekin revolving loan 32,000 32,000 ICP term loan 16,500 22,500 ICP revolving loan 18,000 18,000 Pacific Aurora line of credit — — Parent notes payable 66,948 68,948 233,505 244,425 Less unamortized debt discount (690 ) (1,409 ) Less unamortized debt financing costs (1,377 ) (1,925 ) Less short-term portion (146,671 ) (20,000 ) Long-term debt $ 84,767 $ 221,091 Kinergy Line of Credit The credit facility also includes the accounts receivable of PAP as additional collateral. Payments that may be made by PAP to the Company as reimbursement for management and other services provided by the Company to PAP are limited under the terms of the credit facility to $500,000 per fiscal quarter. If Kinergy and PAP’s monthly excess borrowing availability falls below certain thresholds, they are collectively required to maintain a fixed-charge coverage ratio (calculated as a twelve-month rolling EBITDA divided by the sum of interest expense, capital expenditures, principal payments of indebtedness, indebtedness from capital leases and taxes paid during such twelve-month rolling period) of at least 2.0 and are prohibited from incurring certain additional indebtedness (other than specific intercompany indebtedness). Kinergy and PAP’s obligations under the credit facility are secured by a first-priority security interest in all of their assets in favor of the lender. Pacific Ethanol has guaranteed all of Kinergy’s obligations under the line of credit. As of December 31, 2018, Kinergy had unused availability under the credit facility of $10,200,000. Pekin Credit Facilities st st On August 7, 2017, Pekin amended its term and revolving credit facilities by agreeing to increase the interest rate under the facilities by 25 basis points to an annual rate equal to the 30-day LIBOR plus 4.00%. Pekin and its lender also agreed that Pekin is required to maintain working capital of not less than $17.5 million from August 31, 2017 through December 31, 2017 and working capital of not less than $20.0 million from January 1, 2018 and continuing at all times thereafter. In addition, the required Debt Service Coverage Ratio was reduced to 0.15 to 1.00 for the fiscal year ending December 31, 2017. For the month ended January 31, 2018, Pekin was not in compliance with its working capital requirement due to larger than anticipated repair and maintenance related expenses to replace faulty equipment. Pekin has received a waiver from its lender for this noncompliance. Further, the lender decreased Pekin’s working capital covenant requirement to $13.0 million for the month ended February 28, 2018, excluding the $3.5 million principal payment due in May 2018 from the calculation. On March 30, 2018, Pekin amended its term loan facility by reducing the amount of working capital it is required to maintain to not less than $13.0 million from March 31, 2018 through November 30, 2018 and not less than $16.0 million from December 1, 2018 and continuing at all times thereafter. In addition, a principal payment in the amount of $3.5 million due for May 2018 was deferred until the maturity date of the term loan. The Company experienced certain covenant violations under its Pekin term and revolving credit facilities at December 31, 2018. In February 2019, the Company reached an agreement with its lender to forbear until March 11, 2019 and to defer a $3.5 million principal payment until that date. As of the filing of this report, the forbearance and deferral have not been extended, the covenant violations have not been waived and the $3.5 million principal payment is due and has not been paid; however, the Company continues to work with its lender in this regard. ICP Credit Facilities Under the terms of the credit facilities, ICP is required to maintain working capital of not less than $8.0 million. In addition, ICP is required to maintain an annual debt service coverage ratio of not less than 1.50 to 1.00 beginning for the year ending December 31, 2018. As of December 31, 2018 and the filing of this report, the Company believes ICP is in compliance with its working capital requirement. Pacific Aurora Line of Credit Pacific Ethanol, Inc. Notes Payable The Notes mature on December 15, 2019 (the “Maturity Date”). Interest on the Notes accrues at a rate equal to (i) the greater of 1% and the three-month LIBOR, plus 7.0% from the closing through December 14, 2017, (ii) the greater of 1% and LIBOR, plus 9% between December 15, 2017 and December 14, 2018, and (iii) the greater of 1% and LIBOR plus 11% between December 15, 2018 and the Maturity Date. The interest rate increases by an additional 2% per annum above the interest rate otherwise applicable upon the occurrence and during the continuance of an event of default until such event of default has been cured. Interest is payable in cash on the 15th calendar day of each March, June, September and December. Pacific Ethanol is required to pay all outstanding principal and any accrued and unpaid interest on the Notes on the Maturity Date. Pacific Ethanol may, at its option, prepay the outstanding principal amount of the Notes at any time without premium or penalty. The Notes contain a variety of events of default. The payments due under the Notes rank senior to all other indebtedness of Pacific Ethanol, other than permitted senior indebtedness. The Notes contain a variety of obligations on the part of Pacific Ethanol not to engage in certain activities, including that (i) Pacific Ethanol and certain of its subsidiaries will not incur other indebtedness, except for certain permitted indebtedness, (ii) Pacific Ethanol and certain of its subsidiaries will not redeem, repurchase or pay any dividend or distribution on their respective capital stock without the prior consent of the holders of the Notes holding 66-2/3% of the aggregate principal amount of the Notes, other than certain permitted distributions, (iii) Pacific Ethanol and certain of its subsidiaries will not sell, lease, assign, transfer or otherwise dispose of any assets of Pacific Ethanol or any such subsidiary, except for certain permitted dispositions (including the sales of inventory or receivables in the ordinary course of business), and (iv) Pacific Ethanol and certain of its subsidiaries will not issue any capital stock or membership interests for any purpose other than to pay down a portion of all of the amounts owed under the Notes and in connection with Pacific Ethanol’s stock incentive plans. The Notes are secured by a first-priority security interest in the equity interest held by Pacific Ethanol in its wholly-owned subsidiary, PE Op. Co., which indirectly owns the Company’s plants located on the West Coast. During the year ended December 31, 2018, the Company made voluntary principal prepayments of $2,000,000 from the proceeds of certain equity issuances. Pacific Ethanol West Plants’ Term Debt Maturities of Long-term Debt December 31: 2019 $ 86,260 2020 20,000 2021 19,500 2022 107,745 2023 — $ 233,505

PENSION PLANS.

PENSION PLANS.	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
PENSION PLANS.	9. PENSION PLANS. Retirement Plan Information related to the Retirement Plan as of and for the years ended December 31, 2018, 2017 and 2016 is presented below (dollars in thousands): 2018 2017 2016 Changes in plan assets: Fair value of plan assets, beginning $ 13,958 $ 12,423 $ 12,567 Actual gains (losses) (946 ) 1,722 523 Benefits paid (667 ) (665 ) (667 ) Company contributions 912 478 — Participant contributions — — — Fair value of plan assets, ending $ 13,257 $ 13,958 $ 12,423 Less: projected accumulated benefit obligation $ 18,690 $ 19,658 $ 18,455 Funded status, (underfunded)/overfunded $ (5,433 ) $ (5,700 ) $ (6,032 ) Amounts recognized in the consolidated balance sheets: Other liabilities $ (5,433 ) $ (5,700 ) $ (6,032 ) Accumulated other comprehensive loss (income) $ 1,069 $ 726 $ 1,047 Components of net periodic benefit costs are as follows: Service cost $ 424 $ 391 $ 223 Interest cost 694 750 686 Expected return on plan assets (816 ) (674 ) (794 ) Net periodic benefit cost $ 302 $ 467 $ 115 Loss (gain) recognized in other comprehensive income (expense) $ 343 $ (321 ) $ 1,932 Assumptions used in computation benefit obligations: Discount rate 4.15 % 3.60 % 4.15 % Expected long-term return on plan assets 6.25 % 6.00 % 6.75 % Rate of compensation increase — — — The Company expects to make contributions in the year ending December 31, 2019 of approximately $0.6 million. Net periodic benefit cost for 2019 is estimated at approximately $0.4 million. The following table summarizes the expected benefit payments for the Company’s Retirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter (in thousands): December 31: 2019 $ 760 2020 790 2021 800 2022 840 2023 890 2024-28 5,100 $ 9,180 See Note 15 for discussion of the Retirement Plan’s fair value disclosures. Historical and future expected returns of multiple asset classes were analyzed to develop a risk-free real rate of return and risk premiums for each asset class. The overall rate for each asset class was developed by combining a long-term inflation component, the risk-free real rate of return, and the associated risk premium. A weighted average rate was developed based on those overall rates and the target asset allocation of the plan. The Company’s pension committee is responsible for overseeing the investment of pension plan assets. The pension committee is responsible for determining and monitoring the appropriate asset allocations and for selecting or replacing investment managers, trustees, and custodians. The pension plan’s current investment target allocations are 50% equities and 50% debt. The pension committee reviews the actual asset allocation in light of these targets periodically and rebalances investments as necessary. The pension committee also evaluates the performance of investment managers as compared to the performance of specified benchmarks and peers and monitors the investment managers to ensure adherence to their stated investment style and to the plan’s investment guidelines. Postretirement Plan Information related to the Postretirement Plan as of December 31, 2018 and 2017 is presented below (dollars in thousands): 2018 2017 Amounts at the end of the year: Accumulated/projected benefit obligation $ 5,711 $ 5,565 Fair value of plan assets — Funded status, (underfunded)/overfunded $ (5,711 ) $ (5,565 ) Amounts recognized in the consolidated balance sheets: Accrued liabilities $ (320 ) $ (240 ) Other liabilities $ (5,392 ) $ (5,325 ) Accumulated other comprehensive loss $ 1,390 $ 1,508 Information related to the Postretirement Plan for the years ended December 31, 2018, 2017 and 2016 is presented below (dollars in thousands): Years Ended December 31, 2018 2017 2016 Amounts recognized in the plan for the year: Company contributions $ 137 $ 157 $ 163 Participant contributions $ 14 $ 22 $ 22 Benefits paid $ (152 ) $ (179 ) $ (184 ) Components of net periodic benefit costs are as follows: Service cost $ 84 $ 84 $ 48 Interest cost 182 198 139 Amortization of prior service costs 131 134 — Net periodic benefit cost $ 397 $ 416 $ 187 Loss (gain) recognized in other comprehensive income $ (118 ) $ (65 ) $ 1,728 Discount rate used in computation of benefit obligations 3.35 % 3.80 % 3.95 % The Company does not expect to recognize any amortization of net actuarial loss during the year ended December 31, 2019. The following table summarizes the expected benefit payments for the Company’s Post-Retirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter (in thousands): December 31: 2019 $ 320 2020 320 2021 370 2022 360 2023 390 2024-28 2,350 $ 4,110 For purposes of determining the cost and obligation for pre-Medicare postretirement medical benefits, 6.75% and 7.00% annual rates of increases in the per capita cost of covered benefits (i.e., health care trend rate) was assumed for the plan in 2018 and 2017, respectively, adjusting to a rate of 4.50% in 2026. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans.

INCOME TAXES.

INCOME TAXES.	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES.	10. INCOME TAXES. The Company recorded a provision (benefit) for income taxes as follows (in thousands): Years Ended December 31, 2018 2017 2016 Current provision (benefit) $ (589 ) $ (490 ) $ 141 Deferred provision (benefit) 27 169 (1,122 ) Total $ (562 ) $ (321 ) $ (981 ) A reconciliation of the differences between the United States statutory federal income tax rate and the effective tax rate as provided in the consolidated statements of operations is as follows: Years Ended December 31, 2018 2017 2016 Statutory rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 5.4 4.0 6.4 Change in valuation allowance (20.3 ) (34.5 ) (298.8 ) Impact of Federal tax rate change on deferred taxes — (28.4 ) — Impact of Federal tax rate change on valuation allowance — 29.4 — Fair value adjustments and warrant inducements — 0.4 37.2 Noncontrolling interest (3.0 ) (3.2 ) — Stock compensation — (0.1 ) 58.8 Non-deductible items (0.7 ) (0.2 ) 8.9 Other (1.6 ) (1.6 ) (27.5 ) Effective rate 0.8 % 0.8 % (180.0 )% Deferred income taxes are provided using the asset and liability method to reflect temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using presently enacted tax rates and laws. The components of deferred income taxes included in the consolidated balance sheets were as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 48,082 $ 40,989 R&D, energy and AMT credits 4,247 1,797 Disallowed interest 3,769 — Railcar contracts 650 1,415 Stock-based compensation 782 738 Allowance for doubtful accounts and other assets 643 637 Derivatives 1,214 267 Pension liability 2,941 2,939 Other 2,134 2,097 Total deferred tax assets 64,462 50,879 Deferred tax liabilities: Property and equipment (23,013 ) (25,194 ) Intangibles (749 ) (749 ) Other (363 ) (521 ) Total deferred tax liabilities (24,125 ) (26,464 ) Valuation allowance (40,588 ) (24,639 ) Net deferred tax liabilities, included in other liabilities $ (251 ) $ (224 ) A portion of the Company’s net operating loss carryforwards will be subject to provisions of the tax law that limit the use of losses incurred by a company prior to the date certain ownership changes occur. Due to the limitation, a significant portion of these net operating loss carryforwards will expire regardless of whether the Company generates future taxable income. After reducing these net operating loss carryforwards for the amount which will expire due to this limitation, the Company had remaining federal net operating loss carryforwards of approximately $183,212,000 and state net operating loss carryforwards of approximately $166,032,000 at December 31, 2018. These net operating loss carryforwards expire as follows (in thousands): Tax Years Federal State 2019–2023 $ — $ — 2024–2028 12,256 20,217 2029–2033 98,360 49,947 2034 and after 40,955 95,868 Non-expiring NOLs 31,641 — Total NOLs $ 183,212 $ 166,032 Certain of these net operating losses are not immediately available, but become available to be utilized in each of the years ended December 31, as follows (in thousands): Year Federal State 2019 $ 94,739 $ 108,956 2020 6,374 5,345 2021 6,308 5,318 2022 6,308 5,318 2023 6,308 5,318 To the extent amounts are not utilized in any year, they may be carried forward to the next year until expiration. These amounts may change if there are future additional limitations on their utilization. In assessing whether the deferred tax assets are realizable, a more likely than not standard is applied. If it is determined that it is more likely than not that deferred tax assets will not be realized, a valuation allowance must be established against the deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance was established in the amount of $40,588,000, $24,639,000 and $12,683,000 at December 31, 2018, 2017 and 2016, respectively, based on the Company’s assessment of the future realizability of certain deferred tax assets. The valuation allowance on deferred tax assets is related to future deductible temporary differences and net operating loss carryforwards for which the Company has concluded it is more likely than not that these items will not be realized in the ordinary course of operations. For the year ended December 31, 2018, the Company recorded an increase in the valuation allowance of $15,949,000. This increase was primarily the offsetting impact of an increase in deferred tax assets associated with additional net operating losses in 2018. For the year ended December 31, 2017, the Company recorded an increase in the valuation allowance of $11,956,000. This increase was primarily the offsetting impact of a decrease in deferred tax liabilities associated with property and equipment, as a result of the finalization of the deferred tax attributes of Pacific Aurora, which was subject to the sale of a noncontrolling interest in 2016. For the year ended December 31, 2016, the Company recorded a decrease in the valuation allowance of $27,155,000, including approximately $13,500,000 related to finalizing certain aspects of the deferred tax attributes of the Company’s acquisition of PE Central in 2015, and approximately $11,500,000 related to the sale of the noncontrolling interest in Pacific Aurora. At December 31, 2018 and 2017, the Company accrued $235,000 in tax uncertainties related to a refund claim. There was no accrued interest or penalties relating to tax uncertainties at December 31, 2016. The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017. The Company recognized the income tax effects of the TCJA in its 2017 financial statements in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes Amounts recorded where accounting was complete principally related to the reduction in the U.S. corporate income tax rate to 21%. This resulted in the Company reporting an income tax benefit of $321,000 as the deferred tax liabilities associated with indefinite lived intangible assets were remeasured at the new 21% rate. This rate reduction decreased gross deferred assets by approximately $10,170,000 and valuation allowance by $10,545,000. Absent this deferred tax liability, the Company is in a net deferred tax asset position that is offset by a full valuation allowance, resulting in a net tax effect of zero. For the year ended December 31, 2018, provisions of Internal Revenue Code Section 163(j), as amended by the TCJA, became effective which now limit the deductibility of interest expense to 30% of adjusted taxable income. The Company recorded a related deferred asset of $3,749.000 at December 31, 2018 which has been fully offset by a valuation allowance. Another significant provision of the TCJA is a limitation of net operating losses generated after fiscal year 2017 with no ability to carryback. The Company is subject to income tax in the United States federal jurisdiction and various state jurisdictions and has identified its federal tax return and tax returns in state jurisdictions below as “major” tax filings. These jurisdictions, along with the years still open to audit under the applicable statutes of limitation, are as follows: Jurisdiction Tax Years Federal 2015 – 2017 Arizona 2015 – 2017 California 2014 – 2017 Colorado 2014 – 2017 Idaho 2015 – 2017 Illinois 2014 – 2017 Indiana 2015 – 2017 Iowa 2015 – 2017 Kansas 2015 – 2017 Minnesota 2015 – 2017 Missouri 2015 – 2017 Nebraska 2015 – 2017 Oklahoma 2015 – 2017 Oregon 2015 – 2017 Texas 2014 – 2017 However, because the Company had net operating losses and credits carried forward in several of the jurisdictions, including the United States federal and California jurisdictions, certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment to tax attributes carried forward to open years.

PREFERRED STOCK.

PREFERRED STOCK.	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
PREFERRED STOCK.	11. PREFERRED STOCK. The Company has 6,734,835 undesignated shares of authorized and unissued preferred stock, which may be designated and issued in the future on the authority of the Company’s Board of Directors. As of December 31, 2018, the Company had the following designated preferred stock: Series A Preferred Stock Upon any issuance, the Series A Preferred Stock would rank senior in liquidation and dividend preferences to the Company’s common stock. Holders of Series A Preferred Stock would be entitled to quarterly cumulative dividends payable in arrears in cash in an amount equal to 5% per annum of the purchase price per share of the Series A Preferred Stock. The holders of the Series A Preferred Stock would have conversion rights initially equivalent to two shares of common stock for each share of Series A Preferred Stock, subject to customary antidilution adjustments. Certain specified issuances will not result in antidilution adjustments. The shares of Series A Preferred Stock would also be subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return to the holders of the Series A Preferred Stock of 25% or more. Accrued but unpaid dividends on the Series A Preferred Stock are to be paid in cash upon any conversion of the Series A Preferred Stock. The holders of Series A Preferred Stock would have a liquidation preference over the holders of the Company’s common stock equivalent to the purchase price per share of the Series A Preferred Stock plus any accrued and unpaid dividends on the Series A Preferred Stock. A liquidation would be deemed to occur upon the happening of customary events, including transfer of all or substantially all of the Company’s capital stock or assets or a merger, consolidation, share exchange, reorganization or other transaction or series of related transactions, unless holders of 66 2/3% of the Series A Preferred Stock vote affirmatively in favor of or otherwise consent to such transaction. Series B Preferred Stock The Series B Preferred Stock ranks senior in liquidation and dividend preferences to the Company’s common stock. Holders of Series B Preferred Stock are entitled to quarterly cumulative dividends payable in arrears in cash in an amount equal to 7.00% per annum of the purchase price per share of the Series B Preferred Stock; however, subject to the provisions of the Letter Agreement described below, such dividends may, at the option of the Company, be paid in additional shares of Series B Preferred Stock based initially on the liquidation value of the Series B Preferred Stock. In addition to the quarterly cumulative dividends, holders of the Series B Preferred Stock are entitled to participate in any common stock dividends declared by the Company to its common stockholders. The holders of Series B Preferred Stock have a liquidation preference over the holders of the Company’s common stock initially equivalent to $19.50 per share of the Series B Preferred Stock plus any accrued and unpaid dividends on the Series B Preferred Stock. A liquidation will be deemed to occur upon the happening of customary events, including the transfer of all or substantially all of the capital stock or assets of the Company or a merger, consolidation, share exchange, reorganization or other transaction or series of related transaction, unless holders of 66 2/3% of the Series B Preferred Stock vote affirmatively in favor of or otherwise consent that such transaction shall not be treated as a liquidation. The Company believes that such liquidation events are within its control and therefore has classified the Series B Preferred Stock in stockholders’ equity . As of December 31, 2018, the Series B Preferred Stock was convertible into 634,641 shares of the Company’s common stock. The conversion ratio is subject to customary antidilution adjustments. In addition, antidilution adjustments are to occur in the event that the Company issues equity securities, including derivative securities convertible into equity securities (on an as-converted or as-exercised basis), at a price less than the conversion price then in effect. The shares of Series B Preferred Stock are also subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return to the holders of the Series B Preferred Stock of 25% or more. The forced conversion is to be based upon the conversion ratio as last adjusted. Accrued but unpaid dividends on the Series B Preferred Stock are to be paid in cash upon any conversion of the Series B Preferred Stock. The holders of Series B Preferred Stock vote together as a single class with the holders of the Company’s common stock on all actions to be taken by the Company’s stockholders. Each share of Series B Preferred Stock entitles the holder to approximately 0.03 votes per share on all matters to be voted on by the stockholders of the Company. Notwithstanding the foregoing, the holders of Series B Preferred Stock are afforded numerous customary protective provisions with respect to certain actions that may only be approved by holders of a majority of the shares of Series B Preferred Stock. In 2008, the Company entered into Letter Agreements with Lyles United LLC (“Lyles United”) and other purchasers under which the Company expressly waived its rights under the Certificate of Designations relating to the Series B Preferred Stock to make dividend payments in additional shares of Series B Preferred Stock in lieu of cash dividend payments without the prior written consent of Lyles United and the other purchasers. Registration Rights Agreement The Company accrued and paid in cash preferred stock dividends of $1,265,000, $1,265,000 and $1,269,000 for the years ended December 31, 2018, 2017 and 2016, respectively.

COMMON STOCK AND WARRANTS.

COMMON STOCK AND WARRANTS.	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
COMMON STOCK AND WARRANTS.	12. COMMON STOCK AND WARRANTS. The following table summarizes warrant activity for the years ended December 31, 2018, 2017 and 2016 (number of shares in thousands): Number of Price per Weighted Balance at December 31, 2015 382 $6.09 – $735.00 $ 70.87 Warrants exercised (138 ) $8.43 $ 8.43 Balance at December 31, 2016 244 $6.09 – $735.00 $ 106.72 Warrants exercised (191 ) $6.09 $ 6.09 Warrants expired (49 ) $6.09 – $735.00 $ 444.00 Balance at December 31, 2017 4 $735.00 $ 735.00 Warrants expired (4 ) $735.00 $ 735.00 Balance at December 31, 2018 — $— $ — July 2012 Public Offering Accounting for Warrants Nonvoting Common Stock At-the-Market Program

STOCK-BASED COMPENSATION.

STOCK-BASED COMPENSATION.	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION.	13. STOCK-BASED COMPENSATION. The Company has two equity incentive compensation plans: a 2006 Stock Incentive Plan and a 2016 Stock Incentive Plan. 2006 Stock Incentive Plan 2016 Stock Incentive Plan Stock Options Years Ended December 31, 2018 2017 Number Weighted Average Exercise Price Number Weighted Average Outstanding at beginning of year 230 $ 4.18 240 $ 4.18 Exercised/cancelled (1 ) 12.90 (10 ) 3.74 Outstanding at end of year 229 $ 4.15 230 $ 4.18 Options exercisable at end of year 229 $ 4.15 230 $ 4.18 Stock options outstanding as of December 31, 2018 were as follows (number of shares in thousands): Options Outstanding Options Exercisable Range of Number Outstanding Weighted Average Remaining Contractual Life (yrs.) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 3.74 219 4.47 $ 3.74 219 $ 3.74 $ 12.90 10 2.59 $ 12.90 10 $ 12.90 The intrinsic value of options outstanding were none and $84,000 at December 31, 2018 and 2017, respectively. The intrinsic value of options exercised in 2017 was approximately $30,000. Restricted Stock Number of Weighted Average Grant Date Fair Value Per Share Unvested at December 31, 2015 463 $ 10.00 Issued 742 $ 5.24 Vested (250 ) $ 9.01 Canceled (25 ) $ 6.24 Unvested at December 31, 2016 930 $ 6.57 Issued 664 $ 6.65 Vested (480 ) $ 7.30 Canceled (37 ) $ 6.08 Unvested at December 31, 2017 1,077 $ 6.31 Issued 1,175 $ 3.07 Vested (540 ) $ 7.69 Canceled (77 ) $ 7.14 Unvested at December 31, 2018 1,635 $ 3.49 The fair value of the common stock at vesting aggregated $1,629,000, $3,210,000 and $1,142,000 for the years ended December 31, 2018, 2017 and 2016, respectively. Stock-based compensation expense related to employee and non-employee restricted stock and option grants recognized in selling, general and administrative expenses, were as follows (in thousands): Years Ended December 31, 2018 2017 2016 Employees $ 2,905 $ 3,303 $ 2,173 Non-employees 533 525 443 Total stock-based compensation expense $ 3,438 $ 3,828 $ 2,616 Employee grants typically have a three year vesting schedule, while the non-employee grants have a one year vesting schedule. At December 31, 2018, the total compensation expense related to unvested awards which had not been recognized was $3,648,000 and the associated weighted-average period over which the compensation expense attributable to those unvested awards will be recognized was approximately 1.63 years.

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES.	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES.	14. COMMITMENTS AND CONTINGENCIES. Commitments Leases – Years Ended December 31, Capital Leases Operating Leases 2019 $ 45 $ 10,207 2020 45 8,423 2021 33 5,441 2022 — 5,233 2023 — 4,511 Thereafter — 8,413 Total minimum payments 123 $ 42,228 Obligations due within one year (45 ) Long-term obligations under capital leases $ 78 Total rent expense during the years ended December 31, 2018, 2017 and 2016 was $12,436,000, $16,572,000 and $16,253,000, respectively. Sales Commitments Purchase Commitments Assessment Financing . Contingencies Litigation The Company assumed certain legal matters which were ongoing at July 1, 2015, the date of the Company’s acquisition of PE Central. Among them were lawsuits between Aventine Renewable Energy, Inc. (now known as Pacific Ethanol Pekin, LLC, or “PE Pekin”) and Glacial Lakes Energy, Aberdeen Energy and Redfield Energy, together, the “Defendants,” in which PE Pekin sought damages for breach of termination agreements that wound down ethanol marketing arrangements between PE Pekin and each of the Defendants. In February and March 2017, the Company and the Defendants entered into settlement agreements and the Defendants paid in cash to the Company $3.9 million in final resolution of these matters. The Company did not assign any value to the claims against the Defendants in its accounting for the PE Central acquisition as of July 1, 2015. The Company recorded a gain, net of legal fees, of $3.6 million upon receipt of the cash settlement and recognized the gain as a reduction to selling, general and administrative expenses in the consolidated statements of operations for the year ended December 31, 2017. Pacific Ethanol, Inc., through a subsidiary acquired in its acquisition of PE Central, became involved in a pending lawsuit with Western Sugar Cooperative (“Western Sugar”) that pre-dated the acquisition. On February 27, 2015, Western Sugar filed a complaint in the United States District Court for the District of Colorado (Case No. 1:15-CV-00415) naming PE Central’s subsidiary as defendant. The PE Central subsidiary purchased surplus sugar through a United States Department of Agriculture program. Western Sugar was one of the entities that warehoused this sugar for the PE Central subsidiary. The suit alleged that the PE Central subsidiary breached its contract with Western Sugar by failing to pay certain penalty rates for the storage of its sugar or alternatively failing to pay a premium rate for storage. Western Sugar alleged that the penalty rates applied because the PE Central subsidiary failed to take timely delivery or otherwise cause timely shipment of the sugar. Western Sugar claimed “expectation damages” in the amount of approximately $8.6 million. On December 29, 2016, Western Sugar and the PE Central subsidiary entered into a settlement pursuant to which the PE Central subsidiary paid $1.7 million and Western Sugar filed a Stipulation of Dismissal with prejudice. As a result, the Company reduced its litigation reserve of $2.8 million and recognized the recovery of $1.1 million as a reduction to selling, general and administrative expenses for the year ended December 31, 2016. On May 24, 2013, GS CleanTech Corporation (“GS CleanTech”), filed a suit in the United States District Court for the Eastern District of California, Sacramento Division (Case No.: 2:13-CV-01042-JAM-AC), naming Pacific Ethanol, Inc. as a defendant. On August 29, 2013, the case was transferred to the United States District Court for the Southern District of Indiana and made part of the pre-existing multi-district litigation involving GS CleanTech and multiple defendants. The suit alleged infringement of a patent assigned to GS CleanTech by virtue of certain corn oil separation technology in use at one or more of the ethanol production facilities in which the Company has an interest, including Pacific Ethanol Stockton LLC (“PE Stockton”), located in Stockton, California. The complaint sought preliminary and permanent injunctions against the Company, prohibiting future infringement on the patent owned by GS CleanTech and damages in an unspecified amount adequate to compensate GS CleanTech for the alleged patent infringement, but in any event no less than a reasonable royalty for the use made of the inventions of the patent, plus attorneys’ fees. The Company answered the complaint, counterclaimed that the patent claims at issue, as well as the claims in several related patents, are invalid and unenforceable and that the Company is not infringing. Pacific Ethanol, Inc. does not itself use any corn oil separation technology and may seek a dismissal on those grounds. On March 17 and March 18, 2014, GS CleanTech filed suit naming as defendants two Company subsidiaries: PE Stockton and Pacific Ethanol Magic Valley, LLC (“PE Magic Valley”). The claims were similar to those filed against Pacific Ethanol, Inc. in May 2013. These two cases were transferred to the multi-district litigation division in United States District Court for the Southern District of Indiana, where the case against Pacific Ethanol, Inc. was pending. Although PE Stockton and PE Magic Valley do separate and market corn oil, Pacific Ethanol, Inc., PE Stockton and PE Magic Valley strongly disagree that either of the subsidiaries use corn oil separation technology that infringes the patent owned by GS CleanTech. In a January 16, 2015 decision, the District Court for the Southern District of Indiana ruled in favor of a stipulated motion for partial summary judgment for Pacific Ethanol, Inc., PE Stockton and PE Magic Valley finding that all of the GS CleanTech patents in the suit were invalid and, therefore, not infringed. A trial in the District Court for the Southern District of Indiana was conducted in October 2015 on the inequitable conduct issue as well as whether GS CleanTech’s behavior during prosecution of the patents rendered this an “exceptional case” which would allow the District Court to award the Defendants reimbursement of their attorneys’ fees expended for defense of the case. On September 15, 2016, the District Court issued an Order finding that GS CleanTech, the inventors and GS CleanTech’s counsel committed inequitable conduct in the prosecution of the GS CleanTech patents before the United States Patent and Trademark Office. As a result, the District Court issued a Final Judgment on September 15, 2016 dismissing with prejudice all of GS CleanTech’s cases against the Defendants, including Pacific Ethanol, Inc., PE Stockton and PE Magic Valley. The District Court’s ruling of inequitable conduct results in the unenforceability of the GS CleanTech patents against third parties, and also enables the Defendants to pursue reimbursement of their costs and attorneys’ fees from GS CleanTech and its counsel. GS CleanTech subsequently appealed the District Court’s finding that all of the GS CleanTech patents were invalid and its finding that the inventors and GS CleanTech’s counsel committed inequitable conduct. The appeal is still pending before the Court of Appeals for the Federal Circuit. The Company has evaluated the above cases as well as other pending cases. The Company currently has not recorded a litigation contingency liability with respect to these cases.

FAIR VALUE MEASUREMENTS.

FAIR VALUE MEASUREMENTS.	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS.	15. FAIR VALUE MEASUREMENTS. The fair value hierarchy prioritizes the inputs used in valuation techniques into three levels, as follows: ● Level 1 – Observable inputs – unadjusted quoted prices in active markets for identical assets and liabilities; ● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and ● Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period. Pooled separate accounts Other Derivative Instruments The following table summarizes recurring fair value measurements by level at December 31, 2018 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 1,765 $ 1,765 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 3,621 — 3,621 — 27 % Small/Mid U.S. Equity(3) 1,844 — 1,844 — 14 % International Equity(4) 2,106 — 2,106 — 16 % Fixed Income(5) 5,686 — 5,686 — 43 % $ 15,022 $ 1,765 $ 13,257 $ — Liabilities: Derivative financial instruments $ (6,309 ) $ (6,309 ) $ — $ — The following table summarizes recurring fair value measurements by level at December 31, 2017 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 998 $ 998 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 3,748 — 3,748 — 27 % Small/Mid U.S. Equity(3) 2,018 — 2,018 — 14 % International Equity(4) 2,528 — 2,528 — 18 % Fixed Income(5) 5,664 — 5,664 — 41 % $ 14,956 $ 998 $ 13,958 $ — Liabilities: Derivative financial instruments $ (2,307 ) $ (2,307 ) $ — $ — (1) See Note 9 for accounting discussion. (2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (4) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

PARENT COMPANY FINANCIALS.

PARENT COMPANY FINANCIALS.	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
PARENT COMPANY FINANCIALS.	16. PARENT COMPANY FINANCIALS. Restricted Net Assets Parent company financial statements for the periods covered in this report are set forth below. December 31, 2018 2017 ASSETS Current Assets: Cash and cash equivalents $ 6,759 $ 5,314 Receivables from subsidiaries 17,156 3,138 Other current assets 1,659 1,631 Total current assets 25,574 10,083 Property and equipment, net 522 1,071 Other Assets: Investments in subsidiaries 286,666 359,680 Pacific Ethanol West plant receivable 58,766 58,766 Other assets 1,437 1,565 Total other assets 346,869 420,011 Total Assets $ 372,965 $ 431,165 Current Liabilities: Accounts payable and accrued liabilities $ 2,469 $ 2,218 Payable to subsidiaries — 625 Accrued PE Op Co. purchase 3,829 3,828 Current portion of long-term debt 66,255 — Other current liabilities 385 245 Total current liabilities 72,938 6,916 Long-term debt, net — 67,530 Deferred tax liabilities 251 224 Other liabilities 9 56 Total Liabilities 73,198 74,726 Stockholders’ Equity: Preferred stock 1 1 Common and non-voting common stock 46 44 Additional paid-in capital 932,179 927,090 Accumulated other comprehensive loss (2,459 ) (2,234 ) Accumulated deficit (630,000 ) (568,462 ) Total Pacific Ethanol, Inc. stockholders’ equity 299,767 356,439 Total Liabilities and Stockholders’ Equity $ 372,965 $ 431,165 Years Ended December 31, 2018 2017 2016 Management fees from subsidiaries $ 12,408 $ 11,904 $ 12,968 Selling, general and administrative expenses 16,795 18,185 14,491 Loss from operations (4,387 ) (6,281 ) (1,523 ) Fair value adjustments — 473 (557 ) Interest income 4,703 4,793 5,964 Interest expense (8,678 ) (5,829 ) (240 ) Other income (expense), net (74 ) (95 ) 1,931 Income (loss) before provision (benefit) for income taxes (8,436 ) (6,939 ) 5,575 Provision (benefit) for income taxes (562 ) (321 ) (981 ) Income (loss) before equity in earnings of subsidiaries (7,874 ) (6,618 ) 6,556 Equity in losses of subsidiaries (52,399 ) (28,346 ) (5,137 ) Consolidated net income (loss) $ (60,273 ) $ (34,964 ) $ 1,419 For the Years Ended December 31, 2018 2017 2016 Operating Activities: Net income (loss) $ (60,273 ) $ (34,964 ) $ 1,419 Adjustments to reconcile net income (loss) to cash provided by operating activities: Equity in losses of subsidiaries 52,399 28,346 5,137 Dividends from subsidiaries 25,000 3,500 — Depreciation 567 830 727 Fair value adjustments — (473 ) 557 Deferred income taxes 27 169 (1,122 ) Amortization of debt discounts 720 636 10 Changes in operating assets and liabilities: Accounts receivables (9,018 ) 4,065 7,302 Other assets 100 4,356 4,647 Accounts payable and accrued expenses 740 3,859 (3,741 ) Accounts payable with subsidiaries 2,409 (943 ) (9,385 ) Net cash provided by operating activities $ 12,671 $ 9,381 $ 5,551 Investing Activities: Additions to property and equipment $ (18 ) $ (468 ) $ (465 ) Investments in subsidiaries (10,000 ) (28,126 ) (50,886 ) Purchase of PE OP Co. debt — — (17,003 ) Net cash used in investing activities $ (10,018 ) $ (28,594 ) $ (68,354 ) Financing Activities: Proceeds from issuances of senior notes $ — $ 13,530 $ 53,350 Proceeds from issuance of common stock 2,057 — — Proceeds from warrant stock option exercises — 1,202 1,164 Payments on senior notes (2,000 ) — — Preferred stock dividend payments (1,265 ) (1,265 ) (1,269 ) Net cash provided by (used in) financing activities $ (1,208 ) $ 13,467 $ 53,245 Net increase (decrease) in cash and cash equivalents 1,445 (5,746 ) (9,558 ) Cash and cash equivalents at beginning of period 5,314 11,060 20,618 Cash and cash equivalents at end of period $ 6,759 $ 5,314 $ 11,060

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED).	17. QUARTERLY FINANCIAL DATA (UNAUDITED). The Company’s quarterly results of operations for the years ended December 31, 2018 and 2017 are as follows (in thousands). First Second Third Fourth December 31, 2018: Net sales $ 400,027 $ 410,522 $ 370,407 $ 334,415 Gross profit (loss) $ 3,362 $ (1,273 ) $ 3,768 $ (21,021 ) Loss from operations $ (5,953 ) $ (10,171 ) $ (5,202 ) $ (30,211 ) Net loss attributed to Pacific Ethanol, Inc. $ (7,841 ) $ (12,908 ) $ (7,514 ) $ (32,010 ) Preferred stock dividends $ (312 ) $ (315 ) $ (319 ) $ (319 ) Net loss available to common stockholders $ (8,153 ) $ (13,223 ) $ (7,833 ) $ (32,329 ) Basic and diluted loss per common share $ (0.19 ) $ (0.31 ) $ (0.18 ) $ (0.74 ) December 31, 2017: Net sales $ 386,340 $ 405,202 $ 445,442 $ 395,271 Gross profit (loss) $ (5,773 ) $ 1,653 $ 12,065 $ (2,014 ) Income (loss) from operations $ (11,223 ) $ (7,109 ) $ 3,345 $ (10,598 ) Net loss attributed to Pacific Ethanol, Inc. $ (12,636 ) $ (8,841 ) $ (202 ) $ (13,285 ) Preferred stock dividends $ (312 ) $ (315 ) $ (319 ) $ (319 ) Net loss available to common stockholders $ (12,948 ) $ (9,156 ) $ (521 ) $ (13,604 ) Basic and diluted loss per common share $ (0.31 ) $ (0.22 ) $ (0.01 ) $ (0.32 )

ORGANIZATION AND SIGNIFICANT _2

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. (Policies)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business The Company’s acquisition of Illinois Corn Processing, LLC (“ICP”) was consummated on July 3, 2017, and as a result, the Company’s consolidated financial statements include the results of ICP only since that date. On December 15, 2016, the Company and Aurora Cooperative Elevator Company, a Nebraska cooperative corporation (“ACEC”), closed a transaction under a contribution agreement under which the Company contributed its Aurora, Nebraska ethanol facilities and ACEC contributed its Aurora grain elevator and related grain handling assets to Pacific Aurora, LLC (“Pacific Aurora”) in exchange for equity interests in Pacific Aurora. On December 15, 2016, concurrently with the closing under the contribution agreement, the Company sold a portion of its equity interest in Pacific Aurora to ACEC. As a result, the Company owns 73.93% of Pacific Aurora and ACEC owns 26.07% of Pacific Aurora. Further, the Company has consolidated 100% of the results of Pacific Aurora and recorded ACEC’s 26.07% equity interest as noncontrolling interests in the accompanying financial statements for the years ended December 31, 2018 and 2017 and for the period December 15, 2016 through December 31, 2016. The Company is a leading producer and marketer of low-carbon renewable fuels in the United States. The Company’s four ethanol plants in the Western United States (together with their respective holding companies, the “Pacific Ethanol West Plants”) are located in close proximity to both feed and ethanol customers and thus enjoy unique advantages in efficiency, logistics and product pricing. The Company’s five ethanol plants in the Midwest (together with their respective holding companies, the “Pacific Ethanol Central Plants”) are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock production and allow for access to many additional domestic markets. In addition, the Company’s ability to load unit trains from these facilities in the Midwest allows for greater access to international markets. The Company has a combined production capacity of 605 million gallons per year, markets, on an annualized basis, nearly 1.0 billion gallons of ethanol and specialty alcohols, and produces, on an annualized basis, over 3.0 million tons of co-products on a dry matter basis, such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, dried yeast and CO 2 As of December 31, 2018, all but one of the Company’s production facilities, specifically, the Company’s Aurora East facility, were operating. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any idled facility.
Basis of Presentation	Basis of Presentation
Liquidity	Liquidity In implementing its strategic realignment plan, the Company, as of December 31, 2018, had the following available liquidity and capital resources to achieve its objectives: ● Cash of $26.6 million and excess availability under Kinergy’s line of credit of $10.2 million; ● Nine ethanol production facilities with an aggregate 605 million gallons of annual production capacity, of which plant assets representing 355 million gallons of capacity are either unencumbered, or their entire sales proceeds would be used to repay the senior secured notes. The Company has engaged an independent third party to help facilitate the marketing of certain of these assets; and ● In excess of $20 million of equity available under the Company’s shelf registration statement, including under its at-the-market equity program. These funds would first be required to repay the Company’s senior secured notes. The Company also will continue working with its lenders and stakeholders to pursue other options to increase liquidity, obtain waivers or forbearance of debt covenant violations, and extend the maturity date of its debt. The Company believes that its strategic realignment will provide sufficient liquidity to meet its anticipated working capital, debt service and other liquidity needs through the next twelve months, or March 18, 2020.
Segments	Segments Segment Reporting
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required. Of the accounts receivable balance, approximately $54,820,000 and $64,501,000 at December 31, 2018 and 2017, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $12,000 and $19,000 as of December 31, 2018 and 2017, respectively. The Company recorded a bad debt expense of $45,000, $5,000 and $306,000 for the years ended December 31, 2018, 2017 and 2016, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.
Concentration Risks	Concentration Risks The Company sells fuel-grade ethanol to gasoline refining and distribution companies. The Company sold ethanol to customers representing 10% or more of the Company’s total net sales, as follows. Years Ended December 31, 2018 2017 2016 Customer A 14 % 16 % 17 % Customer B 11 % 11 % 12 % The Company had accounts receivable due from these customers totaling $13,405,000 and $17,792,000, representing 20% and 24% of total accounts receivable, as of December 31, 2018 and 2017, respectively. The Company purchases corn, its largest cost component in producing ethanol, from its suppliers. The Company purchased corn from suppliers representing 10% or more of the Company’s total corn purchases, as follows: Years Ended December 31, 2018 2017 2016 Supplier A 17 % 14 % 13 % Supplier B 14 % 13 % 4 % Supplier C 11 % 9 % 13 % Supplier D 10 % 10 % 8 % Approximately 35% of the Company’s employees are covered by a collective bargaining agreement.
Inventories	Inventories December 31, 2018 2017 Finished goods $ 35,778 $ 35,652 Work in progress 6,855 8,807 Raw materials 7,233 7,601 Low-carbon and RIN credits 6,130 7,952 Other 1,824 1,538 Total $ 57,820 $ 61,550
Property and Equipment	Property and Equipment Buildings 40 years Facilities and plant equipment 10 – 25 years Other equipment, vehicles and furniture 5 – 10 years The cost of normal maintenance and repairs is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. The cost of property and equipment sold, or otherwise disposed of, and the related accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current operations.
Intangible Assets	Intangible Asset
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities
Revenue Recognition	Revenue Recognition The provisions of ASC 606 include a five-step process by which an entity will determine revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which an entity expects to be entitled in exchange for those goods or services. ASC 606 requires the Company to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies the performance obligation. Effective January 1, 2018, the Company adopted ASC 606 using the modified retrospective method for all of its contracts. Following the adoption of ASC 606, the Company continues to recognize revenue at a point-in-time when control of goods transfers to the customer. The timing of recognition is consistent with the Company’s previous revenue recognition accounting policy under which the Company recognized revenue when title and risk of loss pass to the customer and collectability was reasonably assured. In addition, ASC 606 did not impact the Company’s presentation of revenue on a gross or net basis. The Company recognizes revenue primarily from sales of ethanol and its related co-products. The Company has nine ethanol production facilities from which it produces and sells ethanol to its customers through Kinergy. Kinergy enters into sales contracts with ethanol customers under exclusive intercompany ethanol sales agreements with each of the Company’s nine ethanol plants. Kinergy also acts as a principal when it purchases third party ethanol which it resells to its customers. Finally, Kinergy has exclusive sales agreements with other third-party owned ethanol plants under which it sells their ethanol production for a fee plus the costs to deliver the ethanol to Kinergy’s customers. These sales are referred to as third-party agent sales. Revenue from these third-party agent sales is recorded on a net basis, with Kinergy recognizing its predetermined fees and any associated delivery costs. The Company has nine ethanol production facilities from which it produces and sells co-products to its customers through PAP. PAP enters into sales contracts with co-product customers under exclusive intercompany co-product sales agreements with each of the Company’s nine ethanol plants. The Company recognizes revenue from sales of ethanol and co-products at the point in time when the customer obtains control of such products, which typically occurs upon delivery depending on the terms of the underlying contracts. In some instances, the Company enters into contracts with customers that contain multiple performance obligations to deliver volumes of ethanol or co-products over a contractual period of less than 12 months. The Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices and recognizes the related revenue as control of each individual product is transferred to the customer in satisfaction of the corresponding performance obligations. When the Company is the agent, the supplier controls the products before they are transferred to the customer because the supplier is primarily responsible for fulfilling the promise to provide the product, has inventory risk before the product has been transferred to a customer and has discretion in establishing the price for the product. When the Company is the principal, the Company controls the products before they are transferred to the customer because the Company is primarily responsible for fulfilling the promise to provide the products, has inventory risk before the product has been transferred to a customer and has discretion in establishing the price for the product. See Note 4 for the Company’s revenue by type of contracts.
Shipping and Handling Costs	Shipping and Handling Costs
Selling Costs	Selling Costs
Stock-Based Compensation	Stock-Based Compensation
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Deferred Financing Costs	Deferred Financing Costs
Provision for Income Taxes	Provision for Income Taxes The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense and other income (expense), net, respectively. Deferred tax assets and liabilities are classified as noncurrent in the Company’s consolidated balance sheets. The Company files a consolidated federal income tax return. This return includes all wholly-owned subsidiaries as well as the Company’s pro-rata share of taxable income from pass-through entities in which the Company owns less than 100%. State tax returns are filed on a consolidated, combined or separate basis depending on the applicable laws relating to the Company and its subsidiaries.
Income (Loss) Per Share	Income (Loss) Per Share The following tables compute basic and diluted earnings per share (in thousands, except per share data): Year Ended December 31, 2018 Loss Shares Denominator Per-Share Amount Net loss attributed to Pacific Ethanol $ (60,273 ) Less: Preferred stock dividends (1,265 ) Basic and diluted loss per share: Loss available to common stockholders $ (61,538 ) 43,376 $ (1.42 ) Year Ended December 31, 2017 Loss Numerator Shares Denominator Per-Share Net loss attributed to Pacific Ethanol $ (34,964 ) Less: Preferred stock dividends (1,265 ) Basic and diluted loss per share: Loss available to common stockholders $ (36,229 ) 42,745 $ (0.85 ) Year Ended December 31, 2016 Income Shares Denominator Per-Share Amount Net income attributed to Pacific Ethanol $ 1,419 Less: Preferred stock dividends (1,269 ) Less: Income allocated to participating securities (2 ) Basic income per share: Income available to common stockholders $ 148 42,182 $ 0.00 Add: Options — 69 Diluted income per share: Income available to common stockholders $ 148 42,251 $ 0.00 There were an aggregate of 635,000, 719,000 and 704,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2018, 2017 and 2016, respectively. These convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December 31, 2018, 2017 and 2016 as their effect would be anti-dilutive.
Financial Instruments	Financial Instruments
Employment-related Benefits	Employment-related Benefits
Estimates and Assumptions	Estimates and Assumptions
Subsequent Events	Subsequent Events
Reclassifications	Reclassifications
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases (Topic 842): Targeted Improvements In May 2014, the FASB issued new guidance on the recognition of revenue under ASC 606. See Note 1 “ – Revenue Recognition” above.

ORGANIZATION AND SIGNIFICANT _3

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. (Tables)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of concentrations of credit risk major customers	The Company sold ethanol to customers representing 10% or more of the Company’s total net sales, as follows. Years Ended December 31, 2018 2017 2016 Customer A 14 % 16 % 17 % Customer B 11 % 11 % 12 %
Schedule of purchases from external customers	The Company purchased corn from suppliers representing 10% or more of the Company’s total corn purchases, as follows: Years Ended December 31, 2018 2017 2016 Supplier A 17 % 14 % 13 % Supplier B 14 % 13 % 4 % Supplier C 11 % 9 % 13 % Supplier D 10 % 10 % 8 %
Schedule of inventory	Inventory balances consisted of the following (in thousands): December 31, 2018 2017 Finished goods $ 35,778 $ 35,652 Work in progress 6,855 8,807 Raw materials 7,233 7,601 Low-carbon and RIN credits 6,130 7,952 Other 1,824 1,538 Total $ 57,820 $ 61,550
Schedule of property and equipment useful lives	Depreciation is computed using the straight-line method over the following estimated useful lives: Buildings 40 years Facilities and plant equipment 10 – 25 years Other equipment, vehicles and furniture 5 – 10 years
Schedule of earnings per share	The following tables compute basic and diluted earnings per share (in thousands, except per share data): Year Ended December 31, 2018 Loss Shares Denominator Per-Share Amount Net loss attributed to Pacific Ethanol $ (60,273 ) Less: Preferred stock dividends (1,265 ) Basic and diluted loss per share: Loss available to common stockholders $ (61,538 ) 43,376 $ (1.42 ) Year Ended December 31, 2017 Loss Numerator Shares Denominator Per-Share Net loss attributed to Pacific Ethanol $ (34,964 ) Less: Preferred stock dividends (1,265 ) Basic and diluted loss per share: Loss available to common stockholders $ (36,229 ) 42,745 $ (0.85 ) Year Ended December 31, 2016 Income Shares Denominator Per-Share Amount Net income attributed to Pacific Ethanol $ 1,419 Less: Preferred stock dividends (1,269 ) Less: Income allocated to participating securities (2 ) Basic income per share: Income available to common stockholders $ 148 42,182 $ 0.00 Add: Options — 69 Diluted income per share: Income available to common stockholders $ 148 42,251 $ 0.00

PACIFIC ETHANOL PLANTS. (Tables

PACIFIC ETHANOL PLANTS. (Tables)	12 Months Ended
	Dec. 31, 2018
ICP [Member]
Schedule of purchase price allocation	The carrying values and classification of assets and liabilities of Pacific Aurora as of December 31, 2016 were as follows (in thousands): Cash and equivalents $ 1,453 Accounts receivable 16,804 Inventories 3,837 Other current assets 77 Total current assets 22,171 Property and equipment 115,759 Other assets 1,387 Total assets $ 139,317 Accounts payable and accrued liabilities $ 20,152 Other current liabilities 2,045 Long-term debt outstanding, net 621 Total liabilities $ 22,818
Pacific Aurora [Member]
Schedule of purchase price allocation	The Company’s purchase price consideration allocation is as follows (in thousands): Cash and equivalents $ 426 Accounts receivable 11,636 Inventories 9,227 Other current assets 1,560 Total current assets 22,849 Property and equipment 61,128 Other assets 328 Total assets acquired $ 84,305 Accounts payable, trade $ 5,683 Other current liabilities 1,486 Total current liabilities 7,169 Other non-current liabilities 209 Total liabilities assumed $ 7,378 Net assets acquired $ 76,927 Estimated goodwill $ — Total purchase price $ 76,927
Schedule of pro forma allocation	The following table presents unaudited pro forma combined financial information assuming the acquisition of ICP occurred on January 1, 2016 (in thousands, except per share data): Years Ended December 31, 2017 2016 Net sales – pro forma $ 1,710,317 $ 1,802,159 Consolidated net income (loss) – pro forma $ (42,589 ) $ 8,329 Diluted net income (loss) per share – pro forma $ (0.95 ) $ 0.16 Diluted weighted-average shares – pro forma 42,745 42,251

SEGMENTS. (Tables)

SEGMENTS. (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Schedule of financial date for operating segments	The following tables set forth certain financial data for the Company’s operating segments (in thousands): Years Ended December 31, 2018 2017 2016 Net Sales Production, recorded as gross: Ethanol/alcohol sales $ 859,815 $ 845,692 $ 797,363 Co-product sales 296,686 257,031 248,444 Intersegment sales 1,995 1,898 1,169 Total production sales 1,158,496 1,104,621 1,046,976 Marketing and distribution: Ethanol/alcohol sales, gross $ 357,011 $ 527,869 $ 577,347 Ethanol/alcohol sales, net 1,859 1,663 1,604 Intersegment sales 8,773 8,464 8,029 Total marketing and distribution sales 367,643 537,996 586,980 Intersegment eliminations (10,768 ) (10,362 ) (9,198 ) Net sales as reported $ 1,515,371 $ 1,632,255 $ 1,624,758 Cost of goods sold: Production $ 1,197,507 $ 1,101,651 $ 1,003,679 Marketing and distribution 343,991 535,033 575,920 Intersegment eliminations (10,963 ) (10,360 ) (9,199 ) Cost of goods sold as reported $ 1,530,535 $ 1,626,324 $ 1,570,400 Income (loss) before benefit for income taxes Production $ (77,833 ) $ (27,457 ) $ (6,879 ) Marketing and distribution 18,191 (2,463 ) 4,517 Corporate activities (8,856 ) (8,475 ) 2,907 $ (68,498 ) $ (38,395 ) $ 545 Depreciation: Production $ 40,099 $ 37,637 $ 34,528 Corporate activities 750 1,014 913 $ 40,849 $ 38,651 $ 35,441 Interest expense: Production $ 7,116 $ 5,887 $ 20,794 Marketing and distribution 1,388 1,271 1,404 Corporate activities 8,628 5,780 208 $ 17,132 $ 12,938 $ 22,406
Schedule of assets by operating segments	The following table sets forth the Company’s total assets by operating segment (in thousands): December 31, 2018 December 31, 2017 Total assets: Production $ 532,790 $ 583,696 Marketing and distribution 112,984 127,242 Corporate assets 14,117 9,358 $ 659,891 $ 720,296.

PROPERTY AND EQUIPMENT. (Tables

PROPERTY AND EQUIPMENT. (Tables)	12 Months Ended
	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment consisted of the following (in thousands): December 31, 2018 2017 Facilities and plant equipment $ 621,909 $ 601,156 Land 8,970 8,970 Other equipment, vehicles and furniture 11,812 10,189 Construction in progress 30,312 38,041 673,003 658,356 Accumulated depreciation (190,346 ) (150,004 ) $ 482,657 $ 508,352

DERIVATIVES. (Tables)

DERIVATIVES. (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivatives not designated as hedging instruments	The classification and amounts of the Company’s derivatives not designated as hedging instruments, and related cash collateral balances, are as follows (in thousands): As of December 31, 2018 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Other current assets $ 8,479 Commodity contracts Derivative assets $ 1,765 Derivative liabilities $ 6,309 As of December 31, 2017 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Other current assets $ 3,813 Commodity contracts Derivative assets $ 998 Derivative liabilities $ 2,307
Schedule of recognized gains (losses) on derivatives	The classification and amounts of the Company’s recognized gains (losses) for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains (Losses) For the Years Ended December 31, Type of Instrument Statements of Operations Location 2018 2017 2016 Commodity contracts Cost of goods sold $ (3,479 ) $ (4,165 ) $ 1,386 $ (3,479 ) $ (4,165 ) $ 1,386 Unrealized Gains (Losses) For the Years Ended December 31, Type of Instrument Statements of Operations Location 2018 2017 2016 Commodity contracts Cost of goods sold $ (3,235 ) $ 2,088 $ (3,370 ) $ (3,235 ) $ 2,088 $ (3,370 )

DEBT. (Tables)

DEBT. (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of long term debt	Long-term borrowings are summarized as follows (in thousands): December 31, 2018 December 31, 2017 Kinergy line of credit $ 57,057 $ 49,477 Pekin term loan 43,000 53,500 Pekin revolving loan 32,000 32,000 ICP term loan 16,500 22,500 ICP revolving loan 18,000 18,000 Pacific Aurora line of credit — — Parent notes payable 66,948 68,948 233,505 244,425 Less unamortized debt discount (690 ) (1,409 ) Less unamortized debt financing costs (1,377 ) (1,925 ) Less short-term portion (146,671 ) (20,000 ) Long-term debt $ 84,767 $ 221,091
Schedule of maturities of long-term debt	The Company’s long-term debt matures as follows (in thousands): December 31: 2019 $ 86,260 2020 20,000 2021 19,500 2022 107,745 2023 — $ 233,505

PENSION PLANS. (Tables)

PENSION PLANS. (Tables)	12 Months Ended
	Dec. 31, 2018
Postretirement Plan [Member]
Schedule of defined contribution plan schedule	Information related to the Retirement Plan as of and for the years ended December 31, 2018, 2017 and 2016 is presented below (dollars in thousands): 2018 2017 2016 Changes in plan assets: Fair value of plan assets, beginning $ 13,958 $ 12,423 $ 12,567 Actual gains (losses) (946 ) 1,722 523 Benefits paid (667 ) (665 ) (667 ) Company contributions 912 478 — Participant contributions — — — Fair value of plan assets, ending $ 13,257 $ 13,958 $ 12,423 Less: projected accumulated benefit obligation $ 18,690 $ 19,658 $ 18,455 Funded status, (underfunded)/overfunded $ (5,433 ) $ (5,700 ) $ (6,032 ) Amounts recognized in the consolidated balance sheets: Other liabilities $ (5,433 ) $ (5,700 ) $ (6,032 ) Accumulated other comprehensive loss (income) $ 1,069 $ 726 $ 1,047 Components of net periodic benefit costs are as follows: Service cost $ 424 $ 391 $ 223 Interest cost 694 750 686 Expected return on plan assets (816 ) (674 ) (794 ) Net periodic benefit cost $ 302 $ 467 $ 115 Loss (gain) recognized in other comprehensive income (expense) $ 343 $ (321 ) $ 1,932 Assumptions used in computation benefit obligations: Discount rate 4.15 % 3.60 % 4.15 % Expected long-term return on plan assets 6.25 % 6.00 % 6.75 % Rate of compensation increase — — —
Schedule of expected benefit payments	The following table summarizes the expected benefit payments for the Company’s Retirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter (in thousands): December 31: 2019 $ 760 2020 790 2021 800 2022 840 2023 890 2024-28 5,100 $ 9,180
Retirement Plan [Member]
Schedule of defined contribution plan schedule	Information related to the Postretirement Plan as of December 31, 2018 and 2017 is presented below (dollars in thousands): 2018 2017 Amounts at the end of the year: Accumulated/projected benefit obligation $ 5,711 $ 5,565 Fair value of plan assets — Funded status, (underfunded)/overfunded $ (5,711 ) $ (5,565 ) Amounts recognized in the consolidated balance sheets: Accrued liabilities $ (320 ) $ (240 ) Other liabilities $ (5,392 ) $ (5,325 ) Accumulated other comprehensive loss $ 1,390 $ 1,508 Years Ended December 31, 2018 2017 2016 Amounts recognized in the plan for the year: Company contributions $ 137 $ 157 $ 163 Participant contributions $ 14 $ 22 $ 22 Benefits paid $ (152 ) $ (179 ) $ (184 ) Components of net periodic benefit costs are as follows: Service cost $ 84 $ 84 $ 48 Interest cost 182 198 139 Amortization of prior service costs 131 134 — Net periodic benefit cost $ 397 $ 416 $ 187 Loss (gain) recognized in other comprehensive income $ (118 ) $ (65 ) $ 1,728 Discount rate used in computation of benefit obligations 3.35 % 3.80 % 3.95 %
Schedule of expected benefit payments	The following table summarizes the expected benefit payments for the Company’s Post-Retirement Plan for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter (in thousands): December 31: 2019 $ 320 2020 320 2021 370 2022 360 2023 390 2024-28 2,350 $ 4,110

INCOME TAXES. (Tables)

INCOME TAXES. (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The Company recorded a provision (benefit) for income taxes as follows (in thousands): Years Ended December 31, 2018 2017 2016 Current provision (benefit) $ (589 ) $ (490 ) $ 141 Deferred provision (benefit) 27 169 (1,122 ) Total $ (562 ) $ (321 ) $ (981 )
Schedule of reconciliation of effective tax rate	A reconciliation of the differences between the United States statutory federal income tax rate and the effective tax rate as provided in the consolidated statements of operations is as follows: Years Ended December 31, 2018 2017 2016 Statutory rate 21.0 % 35.0 % 35.0 % State income taxes, net of federal benefit 5.4 4.0 6.4 Change in valuation allowance (20.3 ) (34.5 ) (298.8 ) Impact of Federal tax rate change on deferred taxes — (28.4 ) — Impact of Federal tax rate change on valuation allowance — 29.4 — Fair value adjustments and warrant inducements — 0.4 37.2 Noncontrolling interest (3.0 ) (3.2 ) — Stock compensation — (0.1 ) 58.8 Non-deductible items (0.7 ) (0.2 ) 8.9 Other (1.6 ) (1.6 ) (27.5 ) Effective rate 0.8 % 0.8 % (180.0 )%
Schedule of components of deferred income taxes	The components of deferred income taxes included in the consolidated balance sheets were as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Net operating loss carryforwards $ 48,082 $ 40,989 R&D, energy and AMT credits 4,247 1,797 Disallowed interest 3,769 — Railcar contracts 650 1,415 Stock-based compensation 782 738 Allowance for doubtful accounts and other assets 643 637 Derivatives 1,214 267 Pension liability 2,941 2,939 Other 2,134 2,097 Total deferred tax assets 64,462 50,879 Deferred tax liabilities: Property and equipment (23,013 ) (25,194 ) Intangibles (749 ) (749 ) Other (363 ) (521 ) Total deferred tax liabilities (24,125 ) (26,464 ) Valuation allowance (40,588 ) (24,639 ) Net deferred tax liabilities, included in other liabilities $ (251 ) $ (224 )
Schedule of net operating loss carryforwards	These net operating loss carryforwards expire as follows (in thousands): Tax Years Federal State 2019–2023 $ — $ — 2024–2028 12,256 20,217 2029–2033 98,360 49,947 2034 and after 40,955 95,868 Non-expiring NOLs 31,641 — Total NOLs $ 183,212 $ 166,032 Certain of these net operating losses are not immediately available, but become available to be utilized in each of the years ended December 31, as follows (in thousands): Year Federal State 2019 $ 94,739 $ 108,956 2020 6,374 5,345 2021 6,308 5,318 2022 6,308 5,318 2023 6,308 5,318
Schedule of income tax in the United States jurisdiction and various state jurisdictions	These jurisdictions, along with the years still open to audit under the applicable statutes of limitation, are as follows: Jurisdiction Tax Years Federal 2015 – 2017 Arizona 2015 – 2017 California 2014 – 2017 Colorado 2014 – 2017 Idaho 2015 – 2017 Illinois 2014 – 2017 Indiana 2015 – 2017 Iowa 2015 – 2017 Kansas 2015 – 2017 Minnesota 2015 – 2017 Missouri 2015 – 2017 Nebraska 2015 – 2017 Oklahoma 2015 – 2017 Oregon 2015 – 2017 Texas 2014 – 2017

COMMON STOCK AND WARRANTS. (Tab

COMMON STOCK AND WARRANTS. (Tables)	12 Months Ended
	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Schedule of warrant activity	The following table summarizes warrant activity for the years ended December 31, 2018, 2017 and 2016 (number of shares in thousands): Number of Price per Weighted Balance at December 31, 2015 382 $6.09 – $735.00 $ 70.87 Warrants exercised (138 ) $8.43 $ 8.43 Balance at December 31, 2016 244 $6.09 – $735.00 $ 106.72 Warrants exercised (191 ) $6.09 $ 6.09 Warrants expired (49 ) $6.09 – $735.00 $ 444.00 Balance at December 31, 2017 4 $735.00 $ 735.00 Warrants expired (4 ) $735.00 $ 735.00 Balance at December 31, 2018 — $— $ —

STOCK BASED COMPENSATION. (Tabl

STOCK BASED COMPENSATION. (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of option activity	Summaries of the status of Company’s stock option plans as of December 31, 2018 and 2017 and of changes in options outstanding under the Company’s plans during those years are as follows (number of shares in thousands): Years Ended December 31, 2018 2017 Number Weighted Average Exercise Price Number Weighted Average Outstanding at beginning of year 230 $ 4.18 240 $ 4.18 Exercised/cancelled (1 ) 12.90 (10 ) 3.74 Outstanding at end of year 229 $ 4.15 230 $ 4.18 Options exercisable at end of year 229 $ 4.15 230 $ 4.18
Schedule of stock options by exercise price range	Stock options outstanding as of December 31, 2018 were as follows (number of shares in thousands): Options Outstanding Options Exercisable Range of Number Outstanding Weighted Average Remaining Contractual Life (yrs.) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 3.74 219 4.47 $ 3.74 219 $ 3.74 $ 12.90 10 2.59 $ 12.90 10 $ 12.90
Schedule of unvested restricted stock activity	The Company granted to certain employees and directors shares of restricted stock under its 2006 and 2016 Stock Incentive Plans. A summary of unvested restricted stock activity is as follows (shares in thousands): Number of Weighted Average Grant Date Fair Value Per Share Unvested at December 31, 2015 463 $ 10.00 Issued 742 $ 5.24 Vested (250 ) $ 9.01 Canceled (25 ) $ 6.24 Unvested at December 31, 2016 930 $ 6.57 Issued 664 $ 6.65 Vested (480 ) $ 7.30 Canceled (37 ) $ 6.08 Unvested at December 31, 2017 1,077 $ 6.31 Issued 1,175 $ 3.07 Vested (540 ) $ 7.69 Canceled (77 ) $ 7.14 Unvested at December 31, 2018 1,635 $ 3.49
Schedule of stock-based compensation expense	Stock-based compensation expense related to employee and non-employee restricted stock and option grants recognized in selling, general and administrative expenses, were as follows (in thousands): Years Ended December 31, 2018 2017 2016 Employees $ 2,905 $ 3,303 $ 2,173 Non-employees 533 525 443 Total stock-based compensation expense $ 3,438 $ 3,828 $ 2,616

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES. (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments - Capital and Operating Leases	Future minimum lease payments required by non-cancelable leases in effect at December 31, 2018 were as follows (in thousands): Years Ended December 31, Capital Leases Operating Leases 2019 $ 45 $ 10,207 2020 45 8,423 2021 33 5,441 2022 — 5,233 2023 — 4,511 Thereafter — 8,413 Total minimum payments 123 $ 42,228 Obligations due within one year (45 ) Long-term obligations under capital leases $ 78

FAIR VALUE MEASUREMENTS. (Table

FAIR VALUE MEASUREMENTS. (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of fair value measurements	The following table summarizes recurring fair value measurements by level at December 31, 2018 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 1,765 $ 1,765 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 3,621 — 3,621 — 27 % Small/Mid U.S. Equity(3) 1,844 — 1,844 — 14 % International Equity(4) 2,106 — 2,106 — 16 % Fixed Income(5) 5,686 — 5,686 — 43 % $ 15,022 $ 1,765 $ 13,257 $ — Liabilities: Derivative financial instruments $ (6,309 ) $ (6,309 ) $ — $ — Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 998 $ 998 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 3,748 — 3,748 — 27 % Small/Mid U.S. Equity(3) 2,018 — 2,018 — 14 % International Equity(4) 2,528 — 2,528 — 18 % Fixed Income(5) 5,664 — 5,664 — 41 % $ 14,956 $ 998 $ 13,958 $ — Liabilities: Derivative financial instruments $ (2,307 ) $ (2,307 ) $ — $ — (1) See Note 9 for accounting discussion. (2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (4) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

PARENT COMPANY FINANCIALS. (Tab

PARENT COMPANY FINANCIALS. (Tables)	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
Schedule of balance sheets - parent company	Parent company financial statements for the periods covered in this report are set forth below. December 31, 2018 2017 ASSETS Current Assets: Cash and cash equivalents $ 6,759 $ 5,314 Receivables from subsidiaries 17,156 3,138 Other current assets 1,659 1,631 Total current assets 25,574 10,083 Property and equipment, net 522 1,071 Other Assets: Investments in subsidiaries 286,666 359,680 Pacific Ethanol West plant receivable 58,766 58,766 Other assets 1,437 1,565 Total other assets 346,869 420,011 Total Assets $ 372,965 $ 431,165 Current Liabilities: Accounts payable and accrued liabilities $ 2,469 $ 2,218 Payable to subsidiaries — 625 Accrued PE Op Co. purchase 3,829 3,828 Current portion of long-term debt 66,255 — Other current liabilities 385 245 Total current liabilities 72,938 6,916 Long-term debt, net — 67,530 Deferred tax liabilities 251 224 Other liabilities 9 56 Total Liabilities 73,198 74,726 Stockholders’ Equity: Preferred stock 1 1 Common and non-voting common stock 46 44 Additional paid-in capital 932,179 927,090 Accumulated other comprehensive loss (2,459 ) (2,234 ) Accumulated deficit (630,000 ) (568,462 ) Total Pacific Ethanol, Inc. stockholders’ equity 299,767 356,439 Total Liabilities and Stockholders’ Equity $ 372,965 $ 431,165
Schedule of statements of operations parent company	Years Ended December 31, 2018 2017 2016 Management fees from subsidiaries $ 12,408 $ 11,904 $ 12,968 Selling, general and administrative expenses 16,795 18,185 14,491 Loss from operations (4,387 ) (6,281 ) (1,523 ) Fair value adjustments — 473 (557 ) Interest income 4,703 4,793 5,964 Interest expense (8,678 ) (5,829 ) (240 ) Other income (expense), net (74 ) (95 ) 1,931 Income (loss) before provision (benefit) for income taxes (8,436 ) (6,939 ) 5,575 Provision (benefit) for income taxes (562 ) (321 ) (981 ) Income (loss) before equity in earnings of subsidiaries (7,874 ) (6,618 ) 6,556 Equity in losses of subsidiaries (52,399 ) (28,346 ) (5,137 ) Consolidated net income (loss) $ (60,273 ) $ (34,964 ) $ 1,419
Schedule of statements of cash flows parent company	For the Years Ended December 31, 2018 2017 2016 Operating Activities: Net income (loss) $ (60,273 ) $ (34,964 ) $ 1,419 Adjustments to reconcile net income (loss) to cash provided by operating activities: Equity in losses of subsidiaries 52,399 28,346 5,137 Dividends from subsidiaries 25,000 3,500 — Depreciation 567 830 727 Fair value adjustments — (473 ) 557 Deferred income taxes 27 169 (1,122 ) Amortization of debt discounts 720 636 10 Changes in operating assets and liabilities: Accounts receivables (9,018 ) 4,065 7,302 Other assets 100 4,356 4,647 Accounts payable and accrued expenses 740 3,859 (3,741 ) Accounts payable with subsidiaries 2,409 (943 ) (9,385 ) Net cash provided by operating activities $ 12,671 $ 9,381 $ 5,551 Investing Activities: Additions to property and equipment $ (18 ) $ (468 ) $ (465 ) Investments in subsidiaries (10,000 ) (28,126 ) (50,886 ) Purchase of PE OP Co. debt — — (17,003 ) Net cash used in investing activities $ (10,018 ) $ (28,594 ) $ (68,354 ) Financing Activities: Proceeds from issuances of senior notes $ — $ 13,530 $ 53,350 Proceeds from issuance of common stock 2,057 — — Proceeds from warrant stock option exercises — 1,202 1,164 Payments on senior notes (2,000 ) — — Preferred stock dividend payments (1,265 ) (1,265 ) (1,269 ) Net cash provided by (used in) financing activities $ (1,208 ) $ 13,467 $ 53,245 Net increase (decrease) in cash and cash equivalents 1,445 (5,746 ) (9,558 ) Cash and cash equivalents at beginning of period 5,314 11,060 20,618 Cash and cash equivalents at end of period $ 6,759 $ 5,314 $ 11,060

QUARTERLY FINANCIAL DATA. (Tabl

QUARTERLY FINANCIAL DATA. (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	The Company’s quarterly results of operations for the years ended December 31, 2018 and 2017 are as follows (in thousands). First Second Third Fourth December 31, 2018: Net sales $ 400,027 $ 410,522 $ 370,407 $ 334,415 Gross profit (loss) $ 3,362 $ (1,273 ) $ 3,768 $ (21,021 ) Loss from operations $ (5,953 ) $ (10,171 ) $ (5,202 ) $ (30,211 ) Net loss attributed to Pacific Ethanol, Inc. $ (7,841 ) $ (12,908 ) $ (7,514 ) $ (32,010 ) Preferred stock dividends $ (312 ) $ (315 ) $ (319 ) $ (319 ) Net loss available to common stockholders $ (8,153 ) $ (13,223 ) $ (7,833 ) $ (32,329 ) Basic and diluted loss per common share $ (0.19 ) $ (0.31 ) $ (0.18 ) $ (0.74 ) December 31, 2017: Net sales $ 386,340 $ 405,202 $ 445,442 $ 395,271 Gross profit (loss) $ (5,773 ) $ 1,653 $ 12,065 $ (2,014 ) Income (loss) from operations $ (11,223 ) $ (7,109 ) $ 3,345 $ (10,598 ) Net loss attributed to Pacific Ethanol, Inc. $ (12,636 ) $ (8,841 ) $ (202 ) $ (13,285 ) Preferred stock dividends $ (312 ) $ (315 ) $ (319 ) $ (319 ) Net loss available to common stockholders $ (12,948 ) $ (9,156 ) $ (521 ) $ (13,604 ) Basic and diluted loss per common share $ (0.31 ) $ (0.22 ) $ (0.01 ) $ (0.32 )

ORGANIZATION AND SIGNIFICANT _4

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. (Details) - Sales [Member]	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Customer A [Member]
Concentration risk percentage	14.00%	16.00%	17.00%
Customer B [Member]
Concentration risk percentage	11.00%	11.00%	12.00%

ORGANIZATION AND SIGNIFICANT _5

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. (Details 1) - Purchases [Member]	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplier A [Member]
Concentration percentage	17.00%	14.00%	13.00%
Supplier B [Member]
Concentration percentage	14.00%	13.00%	4.00%
Supplier C [Memebr]
Concentration percentage	11.00%	9.00%	13.00%
Supplier D [Memebr]
Concentration percentage	10.00%	10.00%	8.00%

ORGANIZATION AND SIGNIFICANT _6

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 35,778	$ 35,652
Work in progress	6,855	8,807
Raw materials	7,233	7,601
Low-carbon and RIN credits	6,130	7,952
Other	1,824	1,538
Total inventories	$ 57,820	$ 61,550

ORGANIZATION AND SIGNIFICANT _7

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. (Details 3)	12 Months Ended
	Dec. 31, 2018
Building [Member]
Estimated useful lives	P40Y
Facilities and plant equipment [Member] | Minimum [Member]
Estimated useful lives	P10Y
Facilities and plant equipment [Member] | Maximum [Member]
Estimated useful lives	P25Y
Other equipment, vehicles and furniture [Member] | Minimum [Member]
Estimated useful lives	P5Y
Other equipment, vehicles and furniture [Member] | Maximum [Member]
Estimated useful lives	P10Y

ORGANIZATION AND SIGNIFICANT _8

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. (Details 4) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss Numerator
Net loss attributed to Pacific Ethanol, Inc.	$ (32,010)	$ (7,514)	$ (12,908)	$ (7,841)	$ (13,285)	$ (202)	$ (8,841)	$ (12,636)	$ (60,273)	$ (34,964)	$ 1,419
Less: Preferred stock dividends									(1,265)	(1,265)	(1,269)
Less: Income allocated to participating securities											(2)
Basic income per share:
Income (loss) available to common stockholders, basic	$ (32,329)	$ (7,833)	$ (13,223)	$ (8,153)	$ (13,604)	$ (521)	$ (9,156)	$ (12,948)	(61,538)	(36,229)	148
Diluted income per share:
Income (loss) available to common stockholders, diluted									$ (61,538)	$ (36,229)	$ 148
Shares Denominator
Shares available to common stockholders - basic									43,376	42,745	42,182
Incremental shares - Options											69
Shares available to common stockholders - diluted									43,376	42,745	42,251
Per-Share Amount
Per-Share amount - basic									$ (1.42)	$ (0.85)	$ 0
Per-Shares amount - diluted									$ (1.42)	$ (0.85)	$ 0

ORGANIZATION AND SIGNIFICANT _9

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. (Details Narrative) $ in Thousands	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)Numbershares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 15, 2016	Dec. 31, 2015USD ($)
Number of ethanol plants | Number		9
Ethanol production capacity per year		605 million gallons of annual production capacity, of which plant assets representing 355 million gallons of capacity are either unencumbered, or their entire sales proceeds would be used to repay the senior secured notes. The Company has engaged an independent third party to help facilitate the marketing of certain of these assets; and in excess of $20 million of equity available under the Company’s shelf registration statement, including under its at-the-market equity program.
Ethanol market capacity per year		Markets nearly 1.0 billion gallons of ethanol
Other products produced per year		Produces over 3.0 million tons of co-products
Accounts receivable used as collateral		$ 54,820	$ 64,501
Allowance for doubtful accounts		12	19
Bad debt expense		45	5	$ 306
Benefit for income taxes		(562)	(321)	(981)
Accounts receivable		$ 67,636	80,344
Employees covered by collective bargaining agreement		35.00%
Net inventory valuation adjustment		$ 2,328	2,678
Amortization of deferred financing costs		900	503	$ 137
Unamortized deferred financing costs		$ 1,377	$ 1,925
Potentially dilutive shares from convertible securities outstanding | shares		635,000	719,000	704,000
Cash		$ 26,627	$ 49,489	$ 64,259		$ 51,550
Subsequent Event [Member]
Increase of assets and lease liabilities	$ 43,800
Customer A and B [Member]
Accounts receivable		$ 13,405	$ 17,792
Concentration risk percentage		20.00%	24.00%
ACEC [Member]
Noncontrolling interest owned		26.07%	26.07%
Pacific Aurora [Member]
Ownership interest		73.93%	73.93%		100.00%
Pacific Aurora [Member] | ACEC [Member]
Ownership interest		26.07%	26.07%
Kinergy Marketing LLC [Member]
Line of credit		$ 10,200

PACIFIC ETHANOL PLANTS. (Detail

PACIFIC ETHANOL PLANTS. (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2016
ICP [Member]
Cash and equivalents	$ 426
Accounts receivable	11,636
Inventories	9,227
Other current assets	1,560
Total current assets	22,849
Property and equipment	61,128
Other assets	328
Total assets acquired	84,305
Accounts payable, trade	5,683
Other current liabilities	1,486
Total current liabilities	7,169
Other non-current liabilities	209
Total liabilities assumed	7,378
Net assets acquired	76,927
Estimated goodwill
Total purchase price	$ 76,927
Pacific Aurora [Member]
Cash and equivalents		$ 1,453
Accounts receivable		16,804
Inventories		3,837
Other current assets		77
Total current assets		22,171
Property and equipment		115,759
Other assets		1,387
Total assets acquired		139,317
Accounts payable, trade		20,152
Other current liabilities		2,045
Long-term debt - term debt		621
Total liabilities assumed		$ 22,818

PACIFIC ETHANOL PLANTS. (Deta_2

PACIFIC ETHANOL PLANTS. (Details 1) - ICP [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Net sales - pro forma	$ 1,710,317	$ 1,802,159
Consolidated net income (loss) - pro forma	$ (42,589)	$ 8,329
Diluted net income (loss) per share - pro forma	$ (0.95)	$ 0.16
Diluted weighted-average shares - pro forma	$ 42,745	$ 42,251

PACIFIC ETHANOL PLANTS. (Deta_3

PACIFIC ETHANOL PLANTS. (Details Narrative) - USD ($) $ in Thousands	Jul. 03, 2017	Dec. 15, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Ethanol production capacity per year			605 million gallons of annual production capacity, of which plant assets representing 355 million gallons of capacity are either unencumbered, or their entire sales proceeds would be used to repay the senior secured notes. The Company has engaged an independent third party to help facilitate the marketing of certain of these assets; and in excess of $20 million of equity available under the Company’s shelf registration statement, including under its at-the-market equity program.
Net Revenue			$ 1,515,371	$ 1,632,255	$ 1,624,758
Pre-tax income			(68,498)	(38,395)	545
Gain on settlement			$ 36,373	$ 31,516	$ 30,849
Pacific Aurora [Member]
Ownership interest sold		14.22%
Pacific Aurora [Member]
Equity interest owned		100.00%	73.93%	73.93%
Cash received in sale of subsidiary		$ 30,000
Description of agreement closed term		(i) PE Central contributed to Pacific Aurora 100% of the equity interests of its wholly-owned subsidiaries, Pacific Ethanol Aurora East, LLC (“AE”) and Pacific Ethanol Aurora West, LLC (“AW”), which owned the Company’s Aurora East and Aurora West ethanol plants, respectively, in exchange for an 88.15% ownership interest in Pacific Aurora, and (ii) ACEC contributed to Pacific Aurora its grain elevator adjacent to the Aurora East and Aurora West properties and related grain handling assets, including the outer rail loop and the real property on which they are located, in exchange for an 11.85% ownership interest in Pacific Aurora.
ACEC contribution in assets			$ 16,500
ACEC additional cash contribution			30,000
Additional paid in capital for book value and contribution and sale			$ 16,200
Pacific Aurora [Member] | ACEC [Member]
Equity interest owned			26.07%	26.07%
ICP [Member]
Equity interest owned	100.00%
Cash received in sale of subsidiary	$ 30,000
Stock issued for acquisition, value	$ 46,900
Ethanol production capacity per year	90 million gallon per year
Accounts receivable			$ 11,636
Net Revenue			163,100	$ 75,900
Pre-tax income			$ 6,500	$ 3,700

INTERCOMPANY AGREEMENTS. (Detai

INTERCOMPANY AGREEMENTS. (Details Narrative) $ / shares in Units, $ in Thousands	Dec. 15, 2016$ / shares	Jul. 01, 2015Number$ / shares	Dec. 31, 2016USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Affiliate Management Agreement [Member]
Agreement term		1 year
Agreement renewal term		1 year
Description of agreement termination		Pacific Ethanol may terminate the AMA, and any subsidiary may terminate the AMA, at any time by providing at least 90 days prior notice of such termination.
Revenues from related party				$ 12,048	$ 11,904	$ 12,968
Ethanol Marketing Agreement [Member] | Kinergy Marketing LLC [Member]
Agreement term		1 year
Agreement renewal term		1 year
Number of plants | Number		9
Description of agreement terms		(i) the estimated purchase price payable by the third-party purchaser of the ethanol, minus (ii) the estimated amount of transportation costs to be incurred, minus (iii) the estimated incentive fee payable to Kinergy, which equals 1% of the aggregate third-party purchase price, provided that the marketing fee shall not be less than $0.015 per gallon and not more than $0.0225 per gallon.
Revenues from related party				8,773	8,464	8,029
Corn Procurement and Handling Agreement [Member] | Pacific Ag. Products, LLC [Member]
Agreement term	1 year
Agreement renewal term	1 year
Description of agreement terms		Each facility appointed PAP as its exclusive agent to solicit, negotiate, enter into and administer, on its behalf, corn supply arrangements to procure the corn necessary to operate its facility.
Services fees (per bushel) | $ / shares	$ 0.03	$ 0.045
Revenues from related party				4,531	4,245	4,386
New Grain Procurement Agreement [Member] | Pacific Aurora [Member] | ACEC [Member]
Agreement term	1 year
Agreement renewal term	1 year
Services fees (per bushel) | $ / shares	$ 0.03
Grain procurement expenses			$ 107	$ 1,381	1,488
Distillers Grains Marketing Agreements [Member] | Pacific Ag. Products, LLC [Member]
Description of agreement terms				Within ten days after a plant delivers co-products to PAP, the plant is paid an amount equal to (i) the estimated purchase price payable by the third-party purchaser of the co-products, minus (ii) the estimated amount of transportation costs to be incurred, minus (iii) the estimated amount of fees and taxes payable to governmental authorities in connection with the tonnage of the co-products produced or marketed, minus (iv) the estimated incentive fee payable to the Company, which equals (a) 5% of the aggregate third-party purchase price for wet corn gluten feed, wet distillers grains, corn condensed distillers solubles and distillers grains with solubles, or (b) 1% of the aggregate third-party purchase price for corn gluten meal, dry corn gluten feed, dry distillers grains, corn germ and corn oil. Each distillers grains marketing agreement had an initial term of one year and successive one year renewal periods at the option of the individual plant.
Revenues from related party				$ 6,572	$ 6,020	$ 6,047

SEGMENTS. (Details)

SEGMENTS. (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Sales									$ 1,515,371	$ 1,632,255	$ 1,624,758
Cost of goods sold	$ 334,415	$ 370,407	$ 410,522	$ 400,027	$ 395,271	$ 445,442	$ 405,202	$ 386,340	1,530,535	1,626,324	1,570,400
Income (loss) before benefit for income taxes:									(68,498)	(38,395)	545
Depreciation									40,849	38,651	35,441
Interest expense									17,132	12,938	22,406
Intersubsegment Eliminations [Member]
Net Sales									(10,768)	(10,362)	(9,198)
Ethanol Production [Member]
Net Sales									1,158,496	1,104,621	1,046,976
Cost of goods sold									1,197,507	1,101,651	1,003,679
Income (loss) before benefit for income taxes:									(77,833)	(27,457)	(6,879)
Depreciation									40,099	37,637	34,528
Interest expense									7,116	5,887	20,794
Ethanol Production [Member] | Ethanol alcohol [Member]
Net Sales									859,815	845,692	797,363
Ethanol Production [Member] | Co-product sales [Member]
Net Sales									296,686	257,031	248,444
Ethanol Production [Member] | Intersegment Sales [Member]
Net Sales									1,995	1,898	1,169
Marketing And Distribution [Member]
Cost of goods sold									343,991	535,033	575,920
Income (loss) before benefit for income taxes:									18,191	(2,463)	4,517
Interest expense									1,388	1,271	1,404
Marketing And Distribution [Member] | Ethanol alcohol Sales Member]
Net Sales									357,011	527,869	577,347
Marketing And Distribution [Member] | Ethanol alcohol Sales Net Member]
Net Sales									1,859	1,663	1,604
Marketing And Distribution [Member] | Intersubsegment Eliminations [Member]
Net Sales									8,773	8,464	8,029
Marketing [Member]
Net Sales									367,643	537,996	586,980
Corporate Activities [Member]
Income (loss) before benefit for income taxes:									(8,856)	(8,475)	2,907
Depreciation									750	1,014	913
Interest expense									$ 8,628	$ 5,780	$ 208

SEGMENTS. (Details 1)

SEGMENTS. (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Total Assets	$ 659,981	$ 720,296
Ethanol Production [Member]
Total Assets	532,790	583,696
Marketing and Distribution [Member]
Total Assets	112,984	127,242
Corporate Assets [Member]
Total Assets	$ 14,117	$ 9,358

SEGMENTS. (Details Narrative)

SEGMENTS. (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)Number	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Number of operating segments | Number	2
Ethanol Production [Member]
Management fees	$ 10,248,000	$ 9,744,000	$ 9,968,000
Marketing and Distribution [Member]
Management fees	$ 2,160,000	$ 2,160,000	$ 3,000,000

PROPERTY AND EQUIPMENT. (Detail

PROPERTY AND EQUIPMENT. (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment, Gross	$ 673,003	$ 658,356
Accumulated Depreciation	(190,346)	(150,004)
Property, Plant and Equipment, Net	482,657	508,352
Facilities And Plant Equipment [Member]
Property, Plant and Equipment, Gross	621,909	601,156
Land [Member]
Property, Plant and Equipment, Gross	8,970	8,970
Other Equipment, Vehicles and Furniture [Member]
Property, Plant and Equipment, Gross	11,812	10,189
Construction in Progress [Member]
Property, Plant and Equipment, Gross	$ 30,312	$ 38,041

PROPERTY AND EQUIPMENT. (Deta_2

PROPERTY AND EQUIPMENT. (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Depreciation expense	$ 40,849	$ 38,651	$ 35,441
Capital Investment Activities [Member]
Capitalized interest	$ 1,170	$ 822	$ 1,307

INTANGIBLE ASSET. (Details Narr

INTANGIBLE ASSET. (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Intangible assets amount	$ 2,678	$ 2,678
Trade Names [Member] | Kinergy Marketing LLC [Member]
Intangible assets amount			$ 2,678

DERIVATIVES. (Details)

DERIVATIVES. (Details) - Non Designated Derivative Instruments [Member] - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Cash Collateral Balance [Member]
Derivative assets	$ 8,479	$ 3,813
Commodity Contracts [Member]
Derivative assets	1,765	998
Derivative liabilities	$ 6,309	$ 2,307

DERIVATIVES. (Details 1)

DERIVATIVES. (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gains (Losses)	$ (3,479)	$ (4,165)	$ 1,386
Unrealized Gains (Losses)	(3,235)	2,088	(3,370)
Non Designated Derivative Instruments [Member] | Commodity Contracts [Member] | Cost of goods sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gains (Losses)	(3,479)	(4,165)	1,386
Unrealized Gains (Losses)	$ (3,235)	$ 2,088	$ (3,370)

DERIVATIVES. (Details Narrative

DERIVATIVES. (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Recognized losses due to change in fair value	$ (6,714)	$ (2,077)	$ (1,984)

DEBT. (Details)

DEBT. (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Long-term borrowings are summarized as follows
Total debt	$ 233,505	$ 244,425
Less unamortized debt discount	(690)	(1,409)
Less unamortized debt financing costs	(1,377)	(1,925)
Less short-term portion	(146,671)	(20,000)
Long-term debt	84,767	221,091
Term Loan [Member] | Illinois Corn Processing, LLC [Member]
Long-term borrowings are summarized as follows
Term debt	16,500	22,500
Parent Notes Payable [Member]
Long-term borrowings are summarized as follows
Notes payable	66,948	68,948
Revolving Credit Facility [Member] | Illinois Corn Processing, LLC [Member]
Long-term borrowings are summarized as follows
Term debt	18,000	18,000
Kinergy Marketing LLC [Member]
Long-term borrowings are summarized as follows
Line of credit	10,200
Kinergy Marketing LLC [Member] | Line of Credit [Member]
Long-term borrowings are summarized as follows
Line of credit	57,057	49,477
Pacific Ethanol Pekin, Inc [Member] | Term Loan [Member]
Long-term borrowings are summarized as follows
Term debt	43,000	53,500
Pacific Ethanol Pekin, Inc [Member] | Revolving Credit Facility [Member]
Long-term borrowings are summarized as follows
Term debt	$ 32,000	$ 32,000

DEBT. (Details 1)

DEBT. (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2019	$ 86,260
2020	20,000
2021	19,500
2022	107,745
2023
Total debt	$ 233,505	$ 244,425

DEBT. (Details Narrative)

DEBT. (Details Narrative) - USD ($) $ in Thousands

Sep. 15, 2017

Aug. 07, 2017

Jun. 30, 2017

May 20, 2017

Dec. 15, 2016

Dec. 12, 2016

Dec. 31, 2015

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Feb. 26, 2016

Debt maturity date

Dec. 15, 2019

Debt discount

$ 690

$ 1,409

Principal balance

233,505

244,425

A-1 Term Loan (Pacific Ethanol West Plants' Term Debt) [Member]

Line of credit

$ 17,003,000

$ 17,003,000

Description of maturity date

Mature in June 2016.

Debt retiremnt amount

$ 17,003,000

Increased in debt amount

58,766

$ 58,766

$ 41,763

Credit Agreement [Member] | Illinois Corn Processing, LLC [Member]

Description payment terms

Maintain working capital of not less than $8.0 million. In addition, ICP is required to maintain an annual debt service coverage ratio of not less than 1.50 to 1.00 beginning for the year ending December 31, 2018.

Credit Agreement [Member] | Term Loan [Member] | Illinois Corn Processing, LLC [Member]

Debt face amount

$ 24,000

Description of interest rate

Accrues at a rate equal to 3.75% plus the one-month LIBOR

Principal payments

$ 1,500

Frequency of periodic payments

Quarterly

Description payment terms

Principal payments in sixteen equal consecutive quarterly installments of $1,500,000 each until September 20, 2021.

Note Purchase Agreement [Member] | Notes Payable [Member] | Five Accredited Investors [Member]

Debt face amount

$ 55,000

Description of borrowing terms

Private offering for aggregate gross proceeds of 97% of the principal amount of the Notes sold.

Repayment of debt

2,000

Note Purchase Agreement [Member] | Total Notes Payable [Member] | Five Accredited Investors [Member]

Debt maturity date

Dec. 15, 2019

Description of interest rate

(i) the greater of 1% and the three-month LIBOR, plus 7.0% from the closing through December 14, 2017, (ii) the greater of 1% and LIBOR, plus 9% between December 15, 2017 and December 14, 2018, and (iii) the greater of 1% and LIBOR plus 11% between December 15, 2018 and the Maturity Date.

Debt default interest rate

2.00%

Description of debt collateral

Secured by a first-priority security interest in the equity interest held by Pacific Ethanol in its wholly-owned subsidiary, PE Op. Co., which indirectly owns the Company’s plants located on the West Coast.

Second Note Purchase Agreement [Member] | Notes Payable [Member] | Five Accredited Investors [Member]

Debt face amount

$ 13,900

Description of borrowing terms

Private offering for aggregate gross proceeds of 97% of the principal amount of the notes sold

Revolving Credit Facility [Member] | Credit Agreement [Member] | Illinois Corn Processing, LLC [Member]

Maximum borrowing capacity

$ 18,000

Unused facility fees

0.75%

Kinergy Marketing LLC [Member]

Line of credit

10,200

Kinergy Marketing LLC [Member] | Line of Credit [Member]

Maximum borrowing capacity

$ 100,000

Line of credit maturity date

Aug. 2, 2022

Description of interest rate

Interest accrues under the line of credit at a rate equal to (i) the three-month London Interbank Offered Rate (“LIBOR”), plus (ii) a specified applicable margin ranging between 1.50% and 2.00%.

Interest rate at end of period

4.31%

Interest margin rate

1.50%

Description of payment made to company

Payments that may be made by Kinergy to the Company as reimbursement for management and other services provided by the Company to Kinergy are limited under the terms of the credit facility to $1,500,000 per fiscal quarter.

Description of collateral

The credit facility is based on Kinergy’s eligible accounts receivable and inventory levels, subject to certain concentration reserves. The credit facility is subject to certain other sublimits, including inventory loan limits.

Unused borrowing capacity

$ 10,200

Line of credit

$ 57,057

$ 49,477

Kinergy Marketing LLC [Member] | Line of Credit [Member] | Minimum [Member]

Unused facility fees

0.25%

Kinergy Marketing LLC [Member] | Line of Credit [Member] | Maximum [Member]

Unused facility fees

0.38%

Pacific Ag. Products, LLC [Member] | Line of Credit [Member]

Description of payment made to company

Payments that may be made by PAP to the Company as reimbursement for management and other services provided by the Company to PAP are limited under the terms of the credit facility to $500,000 per fiscal quarter.

Description of collateral

The credit facility also includes the accounts receivable of PAP as additional collateral.

Pacific Ethanol Pekin, Inc [Member] | Term Loan [Member]

Debt face amount

$ 3,500

Debt maturity date

Mar. 31, 2018

Description of debt covenant

Pekin amended its term loan facility by reducing the amount of working capital it is required to maintain to not less than $13.0 million from March 31, 2018 through November 30, 2018 and not less than $16.0 million from December 1, 2018 and continuing at all times thereafter.

Pacific Ethanol Pekin, Inc [Member] | Credit Agreement [Member] | 1st Farm Credit Services [Member]

Description of interest rate

Annual rate equal to the 30-day LIBOR plus 3.75%, payable monthly.

Description of debt covenant

Under the terms of the Pekin Credit Agreement, Pekin is required to maintain not less than $20.0 million in working capital and an annual debt coverage ratio of not less than 1.25 to 1.0.

Pacific Ethanol Pekin, Inc [Member] | Credit Agreement [Member] | 1st Farm Credit Services [Member] | Term Loan [Member]

Debt face amount

$ 64,000

Debt maturity date

Aug. 20, 2021

Pacific Ethanol Pekin, Inc [Member] | Amendment Credit Agreement [Member] | 1st Farm Credit Services [Member]

Description of interest rate

Increase the interest rate under the facilities by 25 basis points to an annual rate equal to the 30-day LIBOR plus 4.00%.

Principal payments

$ 3,500

Description of debt covenant

Maintain working capital of not less than $17.5 million from August 31, 2017 through December 31, 2017 and working capital of not less than $20.0 million from January 1, 2018 and continuing at all times thereafter. In addition, the required debt service coverage ratio was reduced to 0.15 to 1.00 for the fiscal year ended December 31, 2017.

Description of debt covenant subsequent

Working capital covenant requirement to $13.0 million for the month ended February 28, 2018.

Pacific Ethanol Pekin, Inc [Member] | Revolving Credit Facility [Member] | Credit Agreement [Member] | 1st Farm Credit Services [Member]

Maximum borrowing capacity

$ 32,000

Line of credit maturity date

Feb. 1, 2022

Unused facility fees

0.75%

Description of collateral

Secured by a first-priority security interest in all of Pekin’s assets under the terms of a Security Agreement

Principal payments

$ 3,500

$ 3,500

Frequency of periodic payments

Quarterly

Description payment terms

Principal payment of $4.5 million at maturity on August 20, 2021

Pacific Aurora Line of Credit [Member] | Line of Credit [Member]

Deferred financing fees

$ 300

PENSION PLANS. (Details)

PENSION PLANS. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components of net periodic benefit costs are as follows:
Loss (gain) recognized in other comprehensive income (expense)	$ 225	$ (386)	$ 3,660
Retirement Plan [Member]
Changes in plan assets:
Fair value of plan assets, beginning	13,958	12,423	12,567
Actual gains (losses)	(946)	1,722	523
Benefits paid	(667)	(665)	(667)
Company contributions	912	478
Participant contributions
Fair value of plan assets, ending	13,257	13,958	12,423
Less: projected accumulated benefit obligation	18,690	19,658	18,455
Funded status, (underfunded)/overfunded	(5,433)	(5,700)	(6,032)
Amounts recognized in the consolidated balance sheets:
Other liabilities	(5,433)	(5,700)	(6,032)
Accumulated other comprehensive loss (income)	1,069	726	1,047
Components of net periodic benefit costs are as follows:
Service cost	424	391	223
Interest cost	694	750	686
Expected return on plan assets	(816)	(674)	(794)
Net periodic benefit cost	302	467	115
Loss (gain) recognized in other comprehensive income (expense)	$ 343	$ (321)	$ 1,932
Assumptions used in computation benefit obligations:
Discount rate	4.15%	3.60%	4.15%
Expected long-term return on plan assets	6.25%	6.00%	6.75%

PENSION PLANS. (Details 1)

PENSION PLANS. (Details 1) - Retirement Plan [Member] $ in Thousands	Dec. 31, 2018USD ($)
2019	$ 760
2020	790
2021	800
2022	840
2023	890
2024-28	5,100
Total expected benefit payments	$ 9,180

PENSION PLANS. (Details 2)

PENSION PLANS. (Details 2) - Postretirement Plan [Member] - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Amounts at the end of the year:
Accumulated/projected benefit obligation	$ 5,711	$ 5,565
Fair value of plan assets
Funded status, (underfunded)/overfunded	(5,711)	(5,565)
Amounts recognized in the consolidated balance sheets:
Accrued liabilties	(320)	(240)
Other liabilities	(5,392)	(5,325)
Accumulated other comprehensive loss (income)	$ 1,394	$ 1,508

PENSION PLANS. (Details 3)

PENSION PLANS. (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Components of net periodic benefit costs are as follows:
Loss (gain) recognized in other comprehensive income (expense)	$ 225	$ (386)	$ 3,660
Postretirement Plan [Member]
Amounts recognized in the plan for the year:
Company contributions	137	157	163
Participant contributions	14	22	22
Benefits paid	(152)	(179)	(184)
Components of net periodic benefit costs are as follows:
Service cost	84	84	48
Interest cost	182	198	139
Amortization of prior service costs	131	134
Net periodic benefit cost	397	416	187
Loss (gain) recognized in other comprehensive income (expense)	$ (118)	$ (65)	$ 1,728
Discount rate used in computation of benefit obligations	3.35%	3.80%	3.95%

PENSION PLANS. (Details 4)

PENSION PLANS. (Details 4) - Postretirement Plan [Member] $ in Thousands	Dec. 31, 2018USD ($)
2019	$ 320
2020	320
2021	370
2022	360
2023	390
2024-28	2,350
Total expected benefit payments	$ 4,110

PENSION PLANS. (Details Narrati

PENSION PLANS. (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Postretirement Plan [Member]
Expected net periodic benefit cost for 2017	$ 320
Percentage of pre-Medicare postretirement medical benefits	6.75%
Per capita cost of covered benefits	7.00%
Percentage of adjusting rate assumed health care	For purposes of determining the cost and obligation for pre-Medicare postretirement medical benefits, a 6.75% annual rate of increase in the per capita cost of covered benefits (i.e., health care trend rate) was assumed for the plan in 2018, adjusting to a rate of 4.50% in 2026.
Retirement Plan [Member]
Expected contributions by the company	$ 600
Expected net periodic benefit cost for 2017	$ 760

INCOME TAXES. (Details)

INCOME TAXES. (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Current provision (benefit)	$ (589)	$ (490)	$ 141
Deferred provision (benefit)	27	169	(1,122)
Total	$ (562)	$ (321)	$ (981)

INCOME TAXES. (Details 1)

INCOME TAXES. (Details 1)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective income tax rate reconciliation
Statutory rate	21.00%	35.00%	35.00%
State income taxes, net of federal benefit	5.40%	4.00%	6.40%
Change in valuation allowance	(20.30%)	(34.50%)	(298.80%)
Impact of Federal tax rate change on deferred taxes		(28.40%)
Impact of Federal tax rate change on valuation allowance		29.40%
Fair value adjustments and warrant inducements		0.40%	37.20%
Noncontrolling interest	(3.00%)	(3.20%)
Stock compensation		(0.10%)	58.80%
Non-deductible items	(0.70%)	(0.20%)	8.90%
Other	(1.60%)	(1.60%)	(27.50%)
Effective rate	0.80%	0.80%	(180.00%)

INCOME TAXES. (Details 2)

INCOME TAXES. (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Net operating loss carryforwards	$ 48,082	$ 40,989
R&D, energy and AMT credits	4,247	1,797
Disallowed interest	3,769
Railcar contracts	650	1,415
Stock-based compensation	782	738
Allowance for doubtful accounts and other assets	643	637
Derivatives	1,214	267
Pension liability	2,941	2,939
Other	2,134	2,097
Total deferred tax assets	64,462	50,879
Deferred tax liabilities:
Property and equipment	(23,013)	(25,194)
Intangibles	(749)	(749)
Other	(363)	(521)
Total deferred tax liabilities	(24,125)	(26,464)
Valuation allowance	(40,588)	(24,639)	$ (12,683)
Net deferred tax liabilities, included in other liabilities	$ (251)	$ (224)

INCOME TAXES. (Details 3)

INCOME TAXES. (Details 3) $ in Thousands	Dec. 31, 2018USD ($)
Federal [Member]
Non-expiring NOLs	$ 31,641
Net operating loss carryforward	183,212
Federal [Member] | 2019-2023 [Member]
Net operating loss carryforward
Federal [Member] | 2024-2028 [Member]
Net operating loss carryforward	12,256
Federal [Member] | 2029-2033 [Member]
Net operating loss carryforward	98,360
Federal [Member] | 2034 and After [Member]
Net operating loss carryforward	40,955
State [Member]
Non-expiring NOLs
Net operating loss carryforward	166,032
State [Member] | 2019-2023 [Member]
Net operating loss carryforward
State [Member] | 2024-2028 [Member]
Net operating loss carryforward	20,217
State [Member] | 2029-2033 [Member]
Net operating loss carryforward	49,947
State [Member] | 2034 and After [Member]
Net operating loss carryforward	$ 95,868

INCOME TAXES. (Details 4)

INCOME TAXES. (Details 4) $ in Thousands	Dec. 31, 2018USD ($)
Federal [Member]
Net operating loss carryforward	$ 183,212
Federal [Member] | 2019 [Member]
Net operating loss carryforward	94,739
Federal [Member] | 2020 [Member]
Net operating loss carryforward	6,374
Federal [Member] | 2021 [Member]
Net operating loss carryforward	6,308
Federal [Member] | 2022 [Member]
Net operating loss carryforward	6,308
Federal [Member] | 2023 [Member]
Net operating loss carryforward	6,308
State [Member]
Net operating loss carryforward	166,032
State [Member] | 2019 [Member]
Net operating loss carryforward	108,956
State [Member] | 2020 [Member]
Net operating loss carryforward	5,345
State [Member] | 2021 [Member]
Net operating loss carryforward	5,318
State [Member] | 2022 [Member]
Net operating loss carryforward	5,318
State [Member] | 2023 [Member]
Net operating loss carryforward	$ 5,318

INCOME TAXES. (Details 5)

INCOME TAXES. (Details 5)	12 Months Ended
	Dec. 31, 2018
US Treasury and Government [Member]
Tax Years still open to audit	2015-2017
Arizona [Member]
Tax Years still open to audit	2015-2017
California [Member]
Tax Years still open to audit	2014-2017
Colorado [Member]
Tax Years still open to audit	2014-2017
Idaho [Member]
Tax Years still open to audit	2015-2017
Illinois [Member]
Tax Years still open to audit	2014-2017
Indiana [Member]
Tax Years still open to audit	2015-2017
Iowa [Member]
Tax Years still open to audit	2015-2017
Kansas [Member]
Tax Years still open to audit	2015-2017
Minnesota [Member]
Tax Years still open to audit	2015-2017
Missouri [Member]
Tax Years still open to audit	2015-2017
Nebraska [Member]
Tax Years still open to audit	2015-2017
Oklahoma [Member]
Tax Years still open to audit	2015-2017
Oregon [Member]
Tax Years still open to audit	2015-2017
Texas [Member]
Tax Years still open to audit	2014-2017

INCOME TAXES. (Details Narrativ

INCOME TAXES. (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Valuation allowance	$ 40,588	$ 24,639	$ 12,683
Increase (decrease) in valuation allowance	15,949	$ 11,956	(27,155)
Revised federal income tax rate		21.00%
Valuation allowance absent of deferred tax liability		$ (10,545)
Decreased gross deferred assets		(10,170)
Accrued tax uncertainties	$ 235	235
Description of income tax	provisions of Internal Revenue Code Section 163(j), as amended by the TCJA, became effective which now limit the deductibility of interest expense to 30% of adjusted taxable income.
Provision (benefit) for income taxes	$ (562)	$ (321)	(981)
Deferred tax assets	3,749
Federal [Member]
Remaining net operating loss carryforwards	183,212
State [Member]
Remaining net operating loss carryforwards	$ 166,032
PE Central [Member]
Increase (decrease) in valuation allowance			(13,500)
Pacific Aurora [Member]
Increase (decrease) in valuation allowance			$ (11,500)

PREFERRED STOCK. (Details Narra

PREFERRED STOCK. (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Preferred undesignated shares authorized	6,734,835
Preferred shares authorized	10,000,000	10,000,000
Preferred stock dividends accrued and paid	$ 1,265	$ 1,265	$ 1,269
Series A Preferred Stock [Member]
Preferred shares authorized	1,684,375	1,684,375
Preferred shares outstanding
Cumulative dividends payable in cash	5.00%
Series B Preferred Stock [Member]
Preferred shares authorized	1,580,790	1,580,790
Preferred shares outstanding	926,942	926,942
Preferred stock convertible into common shares, common shares	634,641
Cumulative dividends payable in cash	7.00%
Liquidation preference stock holder	$ 19.50

COMMON STOCK AND WARRANTS. (Det

COMMON STOCK AND WARRANTS. (Details) - Warrants [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares
Begining Balance	4,000	244,000	382,000
Warrants exercised		(191,000)	(138,000)
Warrants expired	(4,000)	(49,000)
Ending Balance		4,000	244,000
Price per Share
Begining Balance	$ 735
Warrants exercised		6.09	8.43
Warrants expired	735
Ending Balance		735
Weighted Average Exercise Price
Begining Balance	735	106.72	70.87
Warrants exercised		6.09	8.43
Warrants expired	735	444
Ending Balance		735	106.72
Minimum [Member]
Price per Share
Begining Balance	6.09	6.09	6.09
Warrants exercised
Ending Balance		6.09	6.09
Maximum [Member]
Price per Share
Begining Balance	$ 735	735	735
Warrants exercised
Ending Balance		$ 735	$ 735

COMMON STOCK AND WARRANTS. (D_2

COMMON STOCK AND WARRANTS. (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Warrant inducements		$ 0	$ 0
Fair value adjustments for warrants		$ (473)	$ 557
Number of stock issued (in shares)	838,213
Number of stock issued, value	$ 2,056,966
Fees paid	$ 36,951
Maturity term	Dec. 15, 2019

STOCK-BASED COMPENSATION. (Deta

STOCK-BASED COMPENSATION. (Details) - Stock Options [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of Shares
Begining Balance	230,000	240,000
Exercised/cancelled	(1,000)	(10,000)
Ending Balance	229,000	230,000
Options exercisable at end of year	229,000	230,000
Weighted Average Exercise Price
Begining Balance	$ 4.18	$ 4.18
Expired	12.90	3.74
Ending Balance	4.15	4.18
Options exercisable at end of year	$ 4.15	$ 4.18

STOCK-BASED COMPENSATION. (De_2

STOCK-BASED COMPENSATION. (Details 1)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
$12.90
Number Outstanding | shares	10,000
Weighted Average Remaining Contractual Life (yrs)	2 years 7 months 2 days
Weighted Average Exercise Price | $ / shares	$ 12.90
Number Exercisable | shares	10,000
Weighted Average Exercise Price | $ / shares	$ 12.90
$3.74
Number Outstanding | shares	219,000
Weighted Average Remaining Contractual Life (yrs)	4 years 5 months 19 days
Weighted Average Exercise Price | $ / shares	$ 3.74
Number Exercisable | shares	219,000
Weighted Average Exercise Price | $ / shares	$ 3.74

STOCK-BASED COMPENSATION. (De_3

STOCK-BASED COMPENSATION. (Details 2) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Shares
Begining Balance	1,077,000	930,000	463,000
Issued	1,175,000	664,000	742,000
Vested	(540,000)	(480,000)	(250,000)
Canceled	(77,000)	(37,000)	(25,000)
Ending Balance	163,500	1,077,000	930,000
Weighted Average Grant Date Fair Value
Begining Balance	$ 6.31	$ 6.57	$ 10
Issued	3.07	6.65	5.24
Vested	7.69	7.30	9.01
Canceled	7.14	6.08	6.24
Ending Balance	$ 3.49	$ 6.31	$ 6.57

STOCK-BASED COMPENSATION. (De_4

STOCK-BASED COMPENSATION. (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Total stock-based compensation expense	$ 3,438	$ 3,828	$ 2,616
Employees [Member]
Total stock-based compensation expense	2,905	3,303	2,173
Non-Employees [Member]
Total stock-based compensation expense	$ 533	$ 525	$ 443

STOCK-BASED COMPENSATION. (De_5

STOCK-BASED COMPENSATION. (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 14, 2018	Jun. 16, 2016
Total compensation cost related to unvested awards	$ 3,648
Compensation cost weighted average period	1 year 7 months 17 days
2006 Stock Incentive Plan [Member]
Shares authorized		1,715,000
2016 Stock Incentive Plan [Member]
Shares authorized				3,650,000	1,150,000
Stock Options [Member]
Intrinsic values of outstanding options	$ 84,000	$ 84,000
Fair value of stock vested	$ 1,629	$ 3,210	$ 1,142

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES. (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Capital Leases
2019	$ 45
2020	45
2021	33
2022
2023
Thereafter
Total minimum payments	123
Obligations due within one year	(45)	$ (592)
Long-term obligations under capital leases	78	$ 123
Operating Leases
2019	10,207
2020	8,423
2021	5,441
2022	5,233
2023	4,511
Thereafter	8,413
Total minimum payments	$ 42,228

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES. (Details Narrative) - USD ($) $ in Thousands	Dec. 29, 2016	Feb. 27, 2015	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Rent expense			$ 12,436	$ 16,572	$ 16,253
Gain on litigation settlement				3,600
Proceeds from legal settlement				3,900
Assessment Financing [Member]
Maximum amount of finance to be amortized under property tax assessments						$ 10,000
Project amortized period			20 years
Capital expenditures			$ 9,342	$ 7,714
Additional property tax payments			$ 900
Interest rate on outstanding balance of assessment			5.60%
Western Sugar Contract [Member]
Litigation reserve					2,800
Gain on litigation settlement					$ 1,100
Settlement cliam	$ 1,700
Amount of expectation damages		$ 8,600
Ethanol contracts [Member]
Sales commitments			$ 92,900
Indexed-price contracts to sell			258,200,000 gallons
Ethanol contracts [Member] | Suppliers [Member]
Purchase commitments			$ 6,605
Indexed-price purchase contracts			30,800,000 gallons
Co-product contracts [Member]
Sales commitments			$ 44,800
Indexed-price contracts to sell			801,000 tons
Corn contract [Member] | Suppliers [Member]
Purchase commitments			$ 28,294

FAIR VALUE MEASUREMENTS. (Detai

FAIR VALUE MEASUREMENTS. (Details) - USD ($) $ in Thousands		Dec. 31, 2018	Dec. 31, 2017
Assets:
Assets		$ 15,022	$ 14,956
Derivative Financial Instrument [Member]
Assets:
Assets		1,765	998
Liabilities:
Liabilities		(6,309)	(2,307)
Defined Benefit Plan Assets Large U.S. Equity [Member]
Assets:
Assets	[1],[2]	$ 3,621	$ 3,748
Liabilities:
Benefit plan allocation percentage	[1],[2]	27.00%	27.00%
Defined Benefit Plan Assets Small/Mid U.S. Equity [Member]
Assets:
Assets	[1],[3]	$ 1,844	$ 2,018
Liabilities:
Benefit plan allocation percentage	[1],[3]	14.00%	14.00%
Defined Benefit Plan Assets International Equity [Member]
Assets:
Assets	[1],[4]	$ 2,106	$ 2,528
Liabilities:
Benefit plan allocation percentage	[1],[4]	16.00%	18.00%
Defined Benefit Plan Assets Fixed Income [Member]
Assets:
Assets	[1],[5]	$ 5,686	$ 5,664
Liabilities:
Benefit plan allocation percentage	[1],[5]	43.00%	41.00%
Level 1 [Member]
Assets:
Assets		$ 1,765	$ 998
Level 1 [Member] | Derivative Financial Instrument [Member]
Assets:
Assets		1,765	998
Liabilities:
Liabilities		(6,309)	(2,307)
Level 1 [Member] | Defined Benefit Plan Assets Large U.S. Equity [Member]
Assets:
Assets	[1],[2]
Level 1 [Member] | Defined Benefit Plan Assets Small/Mid U.S. Equity [Member]
Assets:
Assets	[1],[3]
Level 1 [Member] | Defined Benefit Plan Assets International Equity [Member]
Assets:
Assets	[1],[4]
Level 1 [Member] | Defined Benefit Plan Assets Fixed Income [Member]
Assets:
Assets	[1],[5]
Level 2 [Member]
Assets:
Assets		13,257	13,958
Level 2 [Member] | Derivative Financial Instrument [Member]
Assets:
Assets
Liabilities:
Liabilities
Level 2 [Member] | Defined Benefit Plan Assets Large U.S. Equity [Member]
Assets:
Assets	[1],[2]	3,621	3,748
Level 2 [Member] | Defined Benefit Plan Assets Small/Mid U.S. Equity [Member]
Assets:
Assets	[1],[3]	1,844	2,018
Level 2 [Member] | Defined Benefit Plan Assets International Equity [Member]
Assets:
Assets	[1],[4]	2,106	2,528
Level 2 [Member] | Defined Benefit Plan Assets Fixed Income [Member]
Assets:
Assets	[1],[5]	5,686	5,664
Level 3 [Member]
Assets:
Assets
Level 3 [Member] | Derivative Financial Instrument [Member]
Assets:
Assets
Liabilities:
Liabilities
Level 3 [Member] | Defined Benefit Plan Assets Large U.S. Equity [Member]
Assets:
Assets	[1],[2]
Level 3 [Member] | Defined Benefit Plan Assets Small/Mid U.S. Equity [Member]
Assets:
Assets	[1],[3]
Level 3 [Member] | Defined Benefit Plan Assets International Equity [Member]
Assets:
Assets	[1],[4]
Level 3 [Member] | Defined Benefit Plan Assets Fixed Income [Member]
Assets:
Assets	[1],[5]
[1]	See Note 9 for accounting discussion.
[2]	This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
[3]	This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
[4]	This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
[5]	This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.

PARENT COMPANY FINANCIALS. (Det

PARENT COMPANY FINANCIALS. (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 26,627	$ 49,489	$ 64,259	$ 51,550
Other current assets	11,254	6,841
Total current assets	168,804	203,246
Property and equipment, net	482,657	508,352
Other Assets:
Other assets	5,842	6,020
Total Assets	659,981	720,296
Current Liabilities:
Current portion of long-term debt	146,671	20,000
Total current liabilities	231,859	90,706
Long-term debt, net	233,505	244,425
Other liabilities	7,237	6,396
Total Liabilities	340,616	336,596
Stockholders' Equity:
Common and non-voting common stock	46	44
Additional paid-in capital	932,179	927,090
Accumulated other comprehensive loss	(2,459)	(2,234)
Accumulated deficit	(630,000)	(568,462)
Total Pacific Ethanol, Inc. stockholders' equity	299,767	356,439
Total Liabilities and Stockholders' Equity	659,981	720,296
Parent Company [Member]
Current Assets:
Cash and cash equivalents	6,759	5,314	$ 11,060	$ 20,618
Receivables from subsidiaries	17,156	3,138
Other current assets	1,659	1,631
Total current assets	25,574	10,083
Property and equipment, net	522	1,071
Other Assets:
Investments in subsidiaries	286,666	359,680
Pacific Ethanol West plant receivable	58,766	58,766
Other assets	1,437	1,565
Total other assets	346,869	420,011
Total Assets	372,965	431,165
Current Liabilities:
Accounts payable and accrued liabilities	2,469	2,218
Payable to subsidiaries		625
Accrued PE Op Co. purchase	3,829	3,828
Current portion of long-term debt	66,255
Other current liabilities	385	245
Total current liabilities	72,938	6,916
Long-term debt, net		67,530
Deferred tax liabilities	251	224
Other liabilities	9	56
Total Liabilities	73,198	74,726
Stockholders' Equity:
Preferred stock	1	1
Common and non-voting common stock	46	44
Additional paid-in capital	932,179	927,090
Accumulated other comprehensive loss	(2,459)	(2,234)
Accumulated deficit	(630,000)	(568,462)
Total Pacific Ethanol, Inc. stockholders' equity	299,767	356,439
Total Liabilities and Stockholders' Equity	$ 372,965	$ 431,165

PARENT COMPANY FINANCIALS. (D_2

PARENT COMPANY FINANCIALS. (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Selling, general and administrative expenses									$ 36,373	$ 31,516	$ 30,849
Loss from operations	$ (30,211)	$ (5,202)	$ (10,171)	$ (5,953)	$ (10,598)	$ 3,345	$ (7,109)	$ (11,223)	(51,537)	(25,585)	23,509
Interest expense									(17,132)	(12,938)	(22,406)
Income (loss) before provision (benefit) for income taxes									(68,498)	(38,395)	545
Provision (benefit) for income taxes									(562)	(321)	(981)
Consolidated net income (loss)	$ (32,010)	$ (7,514)	$ (12,908)	$ (7,841)	$ (13,285)	$ (202)	$ (8,841)	$ (12,636)	(60,273)	(34,964)	1,419
Parent Company [Member]
Management fees from subsidiaries									12,408	11,904	12,968
Selling, general and administrative expenses									16,795	18,185	14,491
Loss from operations									(4,387)	(6,281)	(1,523)
Fair value adjustments										473	(557)
Interest income									4,703	4,793	5,964
Interest expense									(8,678)	(5,829)	(240)
Other income (expense), net									(74)	(95)	1,931
Income (loss) before provision (benefit) for income taxes									(8,436)	(6,939)	5,575
Provision (benefit) for income taxes									(562)	(321)	(981)
Income (loss) before equity in earnings of subsidiaries									(7,874)	(6,618)	6,556
Equity in losses of subsidiaries									(52,399)	(28,346)	(5,137)
Consolidated net income (loss)									$ (60,273)	$ (34,964)	$ 1,419

PARENT COMPANY FINANCIALS. (D_3

PARENT COMPANY FINANCIALS. (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities:
Net income (loss)	$ (32,010)	$ (7,514)	$ (12,908)	$ (7,841)	$ (13,285)	$ (202)	$ (8,841)	$ (12,636)	$ (60,273)	$ (34,964)	$ 1,419
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Fair value adjustments										(473)	557
Deferred income taxes									27	169	(1,122)
Amortization of debt discounts									720	636	2,322
Changes in operating assets and liabilities:
Accounts receivables									12,663	17,562	(25,235)
Other assets									191	6,738	(3,973)
Accounts payable and accrued expenses									4,105	(5,538)	9,279
Net cash provided by operating activities									1,566	36,509	37,228
Investing Activities:
Additions to property and equipment									(15,154)	(20,866)	(19,171)
Net cash used in investing activities									(15,154)	(50,440)	(14,597)
Financing Activities:
Proceeds from issuances of senior notes										13,530	53,350
Proceeds from issuance of common stock									2,057
Proceeds from warrant stock option exercises										1,202	1,164
Net cash used in financing activities									(9,274)	(839)	(9,922)
Net increase (decrease) in cash and cash equivalents									(22,862)	(14,770)	12,709
Cash and cash equivalents at beginning of period				49,489				64,259	49,489	64,259	51,550
Cash and cash equivalents at end of period	26,627				49,489				26,627	49,489	64,259
Parent Company [Member]
Operating Activities:
Net income (loss)									(60,273)	(34,964)	1,419
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Equity in losses of subsidiaries									52,399	28,346	5,137
Dividends from subsidiaries									25,000	3,500
Depreciation									567	830	727
Fair value adjustments										(473)	557
Deferred income taxes									27	169	(1,122)
Amortization of debt discounts									720	636	10
Changes in operating assets and liabilities:
Accounts receivables									(9,018)	4,065	7,302
Other assets									100	4,356	4,647
Accounts payable and accrued expenses									740	3,859	(3,741)
Accounts payable with subsidiaries									2,409	(943)	(9,385)
Net cash provided by operating activities									12,671	9,381	5,551
Investing Activities:
Additions to property and equipment									(18)	(468)	(465)
Investments in subsidiaries									(10,000)	(28,126)	(50,886)
Purchase of PE OP Co. debt											(17,003)
Net cash used in investing activities									(10,018)	(28,594)	(68,354)
Financing Activities:
Proceeds from issuances of senior notes										13,530	53,350
Proceeds from issuance of common stock									2,057
Proceeds from warrant stock option exercises										1,202	1,164
Payments on senior notes									(2,000)
Preferred stock dividend payments									(1,265)	(1,265)	(1,269)
Net cash used in financing activities									(1,208)	13,467	53,245
Net increase (decrease) in cash and cash equivalents									1,445	(5,746)	(9,558)
Cash and cash equivalents at beginning of period				$ 5,314				$ 11,060	5,314	11,060	20,618
Cash and cash equivalents at end of period	$ 6,759				$ 5,314				$ 6,759	$ 5,314	$ 11,060

PARENT COMPANY FINANCIALS. (D_4

PARENT COMPANY FINANCIALS. (Details Narrative) $ in Thousands	Dec. 31, 2018USD ($)
Condensed Financial Information Disclosure [Abstract]
Net asset	$ 190,200

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data Unaudited
Net sales	$ 334,415	$ 370,407	$ 410,522	$ 400,027	$ 395,271	$ 445,442	$ 405,202	$ 386,340	$ 1,530,535	$ 1,626,324	$ 1,570,400
Gross profit (loss)	(21,021)	3,768	(1,273)	3,362	(2,014)	12,065	1,653	(5,773)	(15,164)	5,931	54,358
Loss from operations	(30,211)	(5,202)	(10,171)	(5,953)	(10,598)	3,345	(7,109)	(11,223)	(51,537)	(25,585)	23,509
Net loss attributed to Pacific Ethanol, Inc.	(32,010)	(7,514)	(12,908)	(7,841)	(13,285)	(202)	(8,841)	(12,636)	(60,273)	(34,964)	1,419
Preferred stock dividends	(319)	(319)	(315)	(312)	(319)	(319)	(315)	(312)
Net loss available to common stockholders	$ (32,329)	$ (7,833)	$ (13,223)	$ (8,153)	$ (13,604)	$ (521)	$ (9,156)	$ (12,948)	$ (61,538)	$ (36,229)	$ 148
Basic and diluted loss per common share (in dollars per share)	$ (0.74)	$ (0.18)	$ (0.31)	$ (0.19)	$ (0.32)	$ (0.01)	$ (0.22)	$ (0.31)	$ (1.42)	$ (0.85)	$ 0