I'm turning the call back now to Phil and the management team.
Phil E. Mulacek
Thank you, Galen. On to the business at hand. The second quarter, we saw a dramatic slide in Brent Crude Oil prices from over $128 in late March to $88 in late June, almost a $30 swing. This swing had the biggest impact on our financial results. Our second quarter loss of $31.7 million included $28.3 million of inventory write-downs as a result. Excluding the write-downs, our operating business still generated a profit even though we had reduced Refining margins and the timing of crude purchases. In refine product sales, our downstream business was strong. Fortunately, the moves of energy works both ways, so we're off to a better start for the third quarter with Brent rising from the lower $88s to over $113 today, a healthy $20 to $25 swing. Collin will cover these in more detail shortly.
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