Western Refining Announces Fourth Quarter And Full Year 2010 Results

EL PASO, Texas, March 3, 2011 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today reported for the fourth quarter of 2010 a net loss, excluding special items, of $3.5 million, or $0.04 per diluted share. This compares to a fourth quarter 2009 net loss, excluding special items, of $51.1 million, or $0.58 per diluted share. On a GAAP basis, the Company reported a fourth quarter 2010 net loss of $7.6 million, or $0.09 per diluted share, compared to the fourth quarter 2009 net loss of $97.5 million, or $1.11 per diluted share. The quarter-over-quarter improvement was due in large part to higher refining margins and continued benefits generated from the Company's cost savings initiatives. A reconciliation of reported earnings excluding special items, for all periods shown, is included in the accompanying financial tables.

For the year ended December 31, 2010, the Company reported a net loss, excluding special items, of $10.1 million, or $0.11 per diluted share. This compares to full-year 2009 net loss, excluding special items, of $44.5 million, or $0.56 per diluted share. The Company reported on a GAAP basis a net loss of $17.0 million, or $0.19 per diluted share, for the full-year 2010, compared to a net loss of $350.6 million, or $4.43 per diluted share, for the full-year 2009.

The Company reported a fourth quarter Adjusted EBITDA, as defined and calculated in the accompanying financial tables, of $63.5 million compared to ($24.7) million for the same quarter in 2009. Adjusted EBITDA for the full-year 2010 was $288.1 million compared to $191.4 million for 2009.

Jeff Stevens, Western's President and Chief Executive Officer, said, "Throughout 2010, we took a number of steps to improve our financial and operating performance. We believe the actions we took, coupled with the strength of refining margins in our markets, position Western well for 2011."