Western Refining Reports First Quarter 2010 Financial Results

Consolidated Financial Data

The following tables set forth our summary of historical financial and operating data for the periods indicated below:

		Three Months Ended March 31,
		2010				2009
		(In thousands, except per share data)
Statement of Operations Data:
Net sales (1)		$	1,915,395			$	1,368,198
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization) (1)
			1,765,461				1,047,831
Direct operating expenses (exclusive of depreciation and amortization) (1)
			106,980				133,538
Selling, general and administrative expenses			16,501				35,018
Maintenance turnaround expense			23,286				104
Depreciation and amortization			34,282				34,240
Total operating costs and expenses			1,946,510				1,250,731
Operating income (loss)			( 31,115	)			117,467
Other income (expense):
Interest income			30				143
Interest expense			( 36,774	)			( 27,055	)
Amortization of loan fees			( 2,414	)			( 1,554	)
Other income (expense), net			( 294	)			922
Income (loss) before income taxes			( 70,567	)			89,923
Provision for income taxes			39,878				( 30,995	)
Net income (loss)		$	( 30,689	)		$	58,928
Basic earnings per share		$	( 0.35	)		$	0.86
Diluted earnings per share		$	( 0.35	)		$	0.86
Dividends declared per common share		$	—			$	—
Weighted average basic shares outstanding			88,006				67,817
Weighted average dilutive shares outstanding			88,006				67,817
Cash Flow Data:
Net cash provided by (used in):
Operating activities		$	( 147,572	)		$	96,840
Investing activities			( 18,738	)			( 38,665	)
Financing activities			116,750				( 63,773	)
Other Data:
Adjusted EBITDA (2)		$	26,189			$	141,921
Capital expenditures			18,843				38,665
Balance Sheet Data (at end of period):
Cash and cash equivalents		$	25,330			$	74,229
Working capital			249,361				335,666
Total assets			2,857,325				3,099,651
Total debt			1,237,308				1,277,250
Stockholders’ equity			658,385				870,713

(1) Excludes $675.0 million and $388.2 million of intercompany sales; $673.7 million and $386.5 million of intercompany cost of products sold; and $1.3 million and $1.7 million of intercompany direct operating expenses for the three months ended March 31, 2010 and 2009, respectively.

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