Wholesale segment volume increased to 1.4 billion gallons in the fourth quarter of 2011 from 1.1 billion gallons in the fourth quarter of 2010. Commercial segment volume increased to 115.3 million gallons in the fourth quarter of 2011 from 96.5 million gallons in the comparable period of 2010.
Combined gross profit increased 15% to $59.5 million in the fourth quarter of 2011 from $51.9 million in the fourth quarter of 2010. Within the wholesale segment, gasoline net product margin improved 23% to $20.2 million in the fourth quarter of 2011 from $16.3 million in the fourth quarter of 2010. Distillates net product margin decreased 36% to $14.0 million in the fourth quarter of 2011 from $22.0 million in the fourth quarter of 2010. Residual oil and crude oil net product margin increased to $12.5 million in the fourth quarter of 2011 from $2.2 million in the fourth quarter of 2010. Commercial net product margin increased 31% to $11.0 million in the fourth quarter of 2011 from $8.4 million in the same period of 2010.
Financial Results for the Twelve Months Ended December 31, 2011 and 2010
Net income for the twelve months ended December 31, 2011 was $19.4 million, or $0.87 per diluted limited partner unit, compared with $27.0 million, or $1.59 per diluted limited partner unit, for the same period in 2010. The Partnership had approximately 21.5 million and 16.6 million diluted weighted average limited partner units outstanding for the twelve months ended December 31, 2011 and 2010, respectively.EBITDA for the twelve months ended December 31, 2011 increased 18% to $85.7 million from $72.4 million for the same period in 2010. Distributable cash flow for 2011 was $46.7 million, compared with $46.0 million for the comparable period in 2010. Sales for the twelve months ended December 31, 2011 increased 90% to $14.8 billion, compared with $7.8 billion for the same period in 2010, due primarily to the full-year contribution from the Partnership’s 2010 acquisitions of the Mobil assets and the Warex terminals, and increases in wholesale gasoline, bulk supply and exchange activity, and related blendstocks. Wholesale segment sales were $13.7 billion, or 92% of total sales, for 2011, compared with $7.3 billion, or 93% of total sales, for 2010. Commercial segment sales were $1.1 billion, or 8% of total sales, for 2011, compared with $511.3 million, or 7% of total sales, for 2010.
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