PHILADELPHIA ENERGY SOLUTIONS LLC
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS’ EQUITY
(in thousands, except unit data)
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Preferred A |
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Common |
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Advances
to
members |
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Officer
loans to
purchase
common
units |
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Retained
earnings
(deficit) |
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Accumulated
other
comprehensive
income (loss) |
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Total
members’
equity |
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|
Units |
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Amount |
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Units |
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Amount |
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| Balance at December 31, 2012 |
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25,000,000 |
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|
$ |
25,000 |
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|
235,625 |
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|
$ |
233,531 |
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|
$ |
— |
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|
$ |
(4,000 |
) |
|
$ |
136,010 |
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|
$ |
— |
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$ |
390,541 |
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| Redemption of Preferred A units |
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(25,000,000 |
) |
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|
(25,000 |
) |
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— |
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— |
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— |
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— |
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— |
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— |
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(25,000 |
) |
| Distributions to members |
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— |
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— |
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— |
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— |
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— |
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— |
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(125,000 |
) |
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— |
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|
(125,000 |
) |
| Advances to members |
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— |
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— |
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— |
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|
— |
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|
(75,900 |
) |
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— |
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— |
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— |
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(75,900 |
) |
| Share-based compensation |
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— |
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— |
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— |
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|
|
1,074 |
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— |
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— |
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— |
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— |
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|
1,074 |
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| Repayment of officer loans |
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— |
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— |
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— |
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— |
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— |
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|
3,147 |
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|
— |
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— |
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|
3,147 |
|
| Unrealized gain on derivative instruments, net of $(2,798) reclassified to net income |
|
|
— |
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— |
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— |
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— |
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— |
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— |
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— |
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|
719 |
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|
719 |
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| Net loss |
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— |
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— |
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— |
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— |
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— |
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— |
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(102,939 |
) |
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— |
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(102,939 |
) |
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| Balance at December 31, 2013 |
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— |
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— |
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235,625 |
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|
234,605 |
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|
(75,900 |
) |
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|
(853 |
) |
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|
(91,929 |
) |
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|
719 |
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|
66,642 |
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| Share-based compensation |
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— |
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— |
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— |
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1,997 |
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— |
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— |
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— |
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— |
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1,997 |
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| Unrealized loss on derivative instruments, net of $(3,745) reclassified to net income |
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|
— |
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— |
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— |
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— |
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— |
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— |
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— |
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|
(3,215 |
) |
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|
(3,215 |
) |
| Net income |
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— |
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— |
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— |
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— |
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— |
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— |
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143,628 |
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— |
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143,628 |
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| Balance at December 31, 2014 |
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— |
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— |
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235,625 |
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|
236,602 |
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(75,900 |
) |
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|
(853 |
) |
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|
51,699 |
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|
(2,496 |
) |
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|
209,052 |
|
| Distributions to members |
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— |
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— |
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|
— |
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|
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— |
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— |
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— |
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(259,886 |
) |
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— |
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|
(259,886 |
) |
| Advances to members |
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— |
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|
|
— |
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|
— |
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|
— |
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(10,396 |
) |
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— |
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— |
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— |
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(10,396 |
) |
| Distributions declared on previous advances to members |
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— |
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— |
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— |
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— |
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|
86,296 |
|
|
|
— |
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|
(75,900 |
) |
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|
|
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|
10,396 |
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| Share-based compensation |
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|
— |
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|
|
— |
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|
— |
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|
|
1,564 |
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|
— |
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|
— |
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|
— |
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|
— |
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|
1,564 |
|
| Repayment of officer loans |
|
|
— |
|
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|
— |
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— |
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— |
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— |
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|
853 |
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|
|
— |
|
|
|
— |
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|
853 |
|
| Unrealized loss on derivative instruments, net of $(3,707) reclassified to net income |
|
|
— |
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|
— |
|
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|
— |
|
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|
— |
|
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|
— |
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|
— |
|
|
|
— |
|
|
|
(2,426 |
) |
|
|
(2,426 |
) |
| Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
113,531 |
|
|
|
— |
|
|
|
113,531 |
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| Balance at December 31, 2015 |
|
|
— |
|
|
$ |
— |
|
|
|
235,625 |
|
|
$ |
238,166 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(170,556 |
) |
|
$ |
(4,922 |
) |
|
$ |
62,688 |
|
|
|
|
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See accompanying notes to consolidated financial statements.
F-23
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