TOP was engaged by an integrated refining and midstream oil and gas company with an estimated enterprise value of $10.0 billion to estimate the fair market value of two Rocky Mountain Region-based oil refineries and a Rocky Mountain Region-based renewable diesel production unit (collectively, the "Subject Assets") for property tax assessment and dispute purposes.

The Subject Assets were valued using the direct and indirect methods of the cost approach, the sales comparison and guideline public company methods of the market approach, and the discounted cash-flow method of the income  approach. Benchmarking analyses were also prepared to corroborate certain  indicated asset group fair market values. The property, plant, and equipment assets included within the scope of our analysis and valued using the cost approach included land improvements, buildings, battery limits processing  units, atmospheric crude distillation units, vacuum distillation units, a delayed coking unit, fluid catalytic cracking units, a hydrocracking unit, a heavy gas oil hydrotreater unit, naphtha and gasoline hydrotreater units, distillate hydrotreaters, catalytic reformers, catalytic polymerization units, sulfur recovery units, a hydrogen plant, an alkylation unit, a renewable diesel production unit, and various other inside and off-battery limits personal property. At client's request, land fair market values were based on county assessor estimates.