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.
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.