|12 Months Ended|
Dec. 31, 2016
|Subsequent Events [Abstract]|
On February 23, 2017, our board of directors declared the regular quarterly cash dividend of $0.15 per share on our common stock, payable on March 17, 2017, to holders of record at the close of business on March 9, 2017.
Partnership Distribution Declared
On February 9, 2017, the board of directors of the General Partner declared a cash distribution to the Partnership’s common unitholders of $6,877, or $0.11 per common unit. The cash distribution will be paid on February 28, 2017 to unitholders of record at the close of business on February 21, 2017. The total cash distribution payable to non-affiliated common unitholders will be $1,267.
Merger Agreement between Alon and Delek
On January 2, 2017, Alon and Delek entered into a definitive agreement under which Delek will acquire all of the outstanding shares of Alon common stock which Delek does not already own in an all-stock transaction. Delek currently owns approximately 33.7 million shares of our common stock. Under terms of the agreement, the owners of our remaining outstanding shares that Delek does not currently own will receive a fixed exchange ratio of 0.5040 of Delek shares for each share of Alon. The transaction is expected to close in the first half of 2017, subject to customary closing conditions, including regulatory approval and approval by Delek shareholders and Alon shareholders.
Krotz Springs Refinery RINs Exemption
In February 2017, the Krotz Springs refinery received approval from the EPA for a small refinery exemption from the requirements of the renewable fuel standard for the 2016 calendar year. As a result, we expect to record a reduction in RINs expense of $29,000 in the first quarter of 2017, based on a weighted average RINs price per gallon of $0.58.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.