This debt reduction will lower our cash interest expense by approximately $54 million annually, compared to a year ago. We are pleased with the debt reduction we’ve achieved and we believe the improvements we have made in the balance sheet have made Western a much stronger company.Another key component of our plan is our crack spread hedging activity. Given the strong forward margin environment during the quarter we added to our 2013 and 2014 crack spread hedges, and also put on crack spread hedges for 2015. A summary of our hedge positions as of June 30th can be found on slide five.
Western Refining's CEO Discusses Q2 2012 Results - Earnings Call Transcript
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