The Company’s refining and marketing operations generated income from continuing operations of $80.5 million in the second quarter 2012 compared to $60.1 million in the same quarter of 2011. The R&M earnings improvement in the 2012 second quarter occurred primarily in the United Kingdom, where the quarterly profit was $7.2 million in 2012 compared to a quarterly loss of $15.8 million in 2011.U.S. income of $73.3 million in the 2012 quarter was slightly below the 2011 quarterly income of $75.9 million, primarily due to weaker results for ethanol production facilities in the current period. The ethanol production facilities incurred losses in the 2012 quarter resulting from lower margins as the average sales prices for ethanol fell more than the average decline in the price of corn compared to the second quarter of 2011. U.S. retail marketing margins averaged $0.197 per gallon in the 2012 quarter compared to $0.199 per gallon in 2011. Fuel sales volume per store in the 2012 quarter was 2.6% below 2011 levels, while merchandise sales per store were down 1.9% in the 2012 quarter compared to the prior year.
|Three Mos. Ended||Six Mos. Ended|
|June 30||June 30|
|U.S. Retail Fuel Margin – Per gallon||$||0.197||0.199||0.137||0.146|
|U.S. Retail Merchandise Sales – Per store month||$||158,626||161,722||155,783||155,072|
|U.K. Refinery Inputs – Bbls. per day||133,158||139,886||131,954||132,468|
|U.K. R&M Unit Margin – Per Bbl.||$||1.26||(1.76||)||1.03||(1.22||)|
|Total Petroleum Product Sales – Bbls. per day*||483,561||601,498||467,049||583,019|