Dakota Plains is an integrated midstream energy company operating the Pioneer Terminal transloading facility. The Pioneer Terminal is centrally located in Mountrail County, N.D., for Bakken and Three Forks related energy and production activity.

The company benefitted from its first full quarter of in-house operations at the Pioneer Terminal, materially reducing operating costs.

Adjusted EBITDA was $2.0 million compared to $1.5 million for the third quarter of 2014.

The difference was primarily driven by higher crude oil and frac sand transloading throughput and improved efficiencies in crude oil and frac sand transloading from bringing the transloading operations in-house.

The company had a net loss of $21.2 million compared to break-even results for the third quarter of 2014 after adjusting for noncontrolling interests.

The net loss was driven by the valuation allowance on its deferred tax assets of $26.2 million, partially offset by improved operating efficiencies in crude oil and frac sand transloading and the $10.0 million gain realized from the
revaluation of the operational override liability.

Revenue from transloading crude oil was $5.1 million compared to $6.3 million for the third quarter of 2014.

The decrease was driven by lower crude oil transloading fees, partially offset by increased throughput, as the company billed 4.8 million bbl of transloaded crude oil during the third quarter of 2015 compared to 3.4 million barrels during the same period of 2014.

Cost of revenue for crude oil transloading was $1.3 million for the third quarter of 2015 compared to $1.8 million for the third quarter of 2014. The reduction was primarily due to bringing the transloading of crude oil in-house
during the second quarter of 2015.