EMES completed the sale of our Fuel business

On August 31, 2016, we completed the sale of our Fuel business pursuant to the terms of the Restated Purchase Agreement.

The purchase price was $167.7 million, subject to adjustment based on actual working capital conveyed at closing. The following escrow accounts were established at closing:

• $7 million of the sales price was withheld as a general escrow associated with certain indemnification obligations.

Any unutilized escrow balance, plus any accrued interest thereon, will be paid 54 months from the closing date;

• $4 million of the sales price was withheld as a hydrotreater escrow to satisfy any cost overruns of the Birmingham hydrotreater completion. Any unutilized escrow balance, along with any accrued interest thereon, will be paid 60 days after the substantial completion of the Birmingham hydrotreater;

• $2.25 million of the sales price was withheld as the Renewable Fuel Standard (“RFS") escrow account. The unutilized RFS escrow will be released, along with any accrued interest thereon, no later than four months from the closing date; and

• $1 million of the sales price was withheld as a pipeline escrow account. Any unutilized escrow balance, along with any accrued interest thereon, will be released with the general escrow. The following table represents the estimated gain on sale from the Fuel business recognized in the third quarter of 2016 (in thousands). These amounts will be adjusted as more information becomes available during the the third quarter of 2016.

We classified $59.4 million and $54.1 million of our property, plant and equipment related to our Fuel business to assets held for sale as of June 30, 2016 and December 31, 2015, respectively.

See Note 2 - Discontinued operations for further information.

We recognized $9.1 million and $10.3 million of depreciation and depletion expense for the six months ended June 30, 2016 and 2015, respectively.

Of these amounts, depreciation and depletion expense for continuing operations totaled $8.3 million and $8.5 million at June 30, 2016 and 2015, respectively.

Property, plant and equipment that have been included as part of the assets held for sale are no longer depreciated from the time that they are classified as such. We will periodically evaluate the carrying value of its property, plant and equipment based upon the estimated cash flows to be generated by the related assets. If impairment is indicated, a loss will be recognized.