Income or losses under the equity method are reported below operating income as income or loss in equity of Dynamic Fuels, per Generally Accepted Accounting Principles, we do not report gross revenues associated from Dynamic Fuels, because the entity is not consolidated. We will only report our share of the total net income or loss.
As reported in our 10-K, Dynamic Fuels had revenues of $127.1 million, operating expenses and general administrative expenses of $153.9 million and other expense of $2.5 million, resulting in a net loss of $29.3 million for the year ended September 30, of which we report 50% in our Syntroleum financials.
During this time 25.5 million gallons of renewable fuels were sold and 26 million gallons were produced. For the 12 months ended December 31, 2011, Dynamic Fuels produced 33.5 million gallon. As of December 31, 2011, Syntroleum cash balance was $22.6 million. We have not provided any additional working capital fund to Dynamic Fuels, since November of 2011.
Now, I'll turn the call over to Gary Roth.Gary RothThank you, Karen. Effective January 1, 2012, Dynamic Fuels restructured its renewable diesel sales contract efforts with its agreements with Mansfield Oil Company. As a result, Dynamic Fuels achieved 100% of full RIN value diesel pricing in January of 2012 as compared to 88% of full RIN value pricing for the 12 months ended December 2011.We define full RIN value as ULSD Gulf Coast plus subsidy if any, plus 1.7 times RIN price. And Dynamic Fuels sold its fuel on a full RIN value basis for calendar year 2011 and would have recognized an operating loss of $2.7 million versus an operating loss of $24 million.During calendar year 2011, Dynamic Fuels ran at an average uptime of 47% with operating cost of $1.65 per gallon. Assuming average uptime of 75%, total RIN value diesel pricing and operating cost of $1 per gallon, operating income would have been $33 million in 2011.
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