Before we proceed, I would like to make the following Safe Harbor statement. Today’s presentation will contain forward-looking statements and I refer you to the Forward-Looking Statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.
In addition to reporting financial results in accordance with Generally Accepted Accounting Principles or GAAP, we report certain non-GAAP financial results. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which can be found in the press release, which is posted on the IR section of our website.
I’ll now turn the call over to Jeff.
Jeff StevensThanks, Jeff. Welcome to everyone on the call. Today, we will discuss our second quarter performance. After my opening remarks, Gary will review our earnings in more detail and provide operating guidance for Q3 2012 and then we will open up the call for your questions.The second quarter was one of the most profitable in Western’s history and continues several quarters of strong performance. Over the past year, we have discussed our plans to continue to focus on safe and reliable operations, improve the balance sheet, implement crack spread hedging and reinvest in the business, and I’m pleased to report we are executing very well on this plan.In the second quarter, total refining throughput was approximately 158,000 barrels per day, which is near full capacity and both refineries are currently operating at planned rates.I’m very proud of our employees and their dedication in running our facilities in a safe and reliable manner, which allows the company to continue to capture the current strong margins.We reached a significant milestone in the second quarter in terms of balance sheet improvement. During the quarter, we prepaid and retired our term loan and over the last 12 months we have reduced total debt by $566 million, a reduction of more than 50%.
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