Please refer to the Partnership’s press release that was issued this morning as well as our latest filings with the Securities and Exchange Commission for a list of factors that may affect our actual results that could cause them to differ from our forward-looking statements made on this call.
I will now turn the call over to Jennifer Straumins.
Thank you, Bill. We are very pleased with our results for the first quarter of 2012. On net income of $51.9 million, we have reported quarterly adjusted EBITDA of $69.7 million and quarterly distributable cash flow of $39.2 million. We continue to focus on our operations to meet demand for our specialty products and to better benefit from the widening crack spreads driven by heavy Canadian and Bakken crude differentials to NYMEX WTI.While this has been beneficial to our profitability, the increased volatility in these differentials has cost us to leave hedge accounting under U.S. GAAP. For the crude oil portion of our cracks spread hedges for our superior refinery. Pat Murray will discuss the impact on our income statements later in this call. Economically, we expect to continue to benefit from these wider differentials in the second quarter of 2012. On April 18, 2012, we declared a quarterly cash distribution of $0.56 per unit for the quarter ended March 31, 2012 on all outstanding units. The distribution we paid on May 15 to unit holders of record as of the close of business on May 4 and represent a 5.7% increase over the fourth quarter 2011 and a 17.9% increase over the first quarter 2011. I’ll now turn the call over to Pat Murray for a review of our financial results. Pat Murray Thank you, Jennifer. Net income for the first quarter of 2012 was $51.9 million compared to $4.2 million for the same period last year. These results include $26 million of non-cash unrealized derivative gains as compared to $0.4 million of non-cash unrealized derivative losses in the first quarter of 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV