Direct operating expense was $30.1 million, or $3.89 per barrel sold, in the third quarter 2012, compared to $32.3 million, or $4.27 per barrel sold, during the third quarter of 2011. Adjusting third quarter 2012 sales volumes for the finished product buy/sell activity, direct operating expense was $4.71 per barrel.El Dorado refining margin was $19.41 per barrel sold, excluding finished product buy/sell activity, in the third quarter 2012, which is a significant improvement from $12.77 per barrel sold during the third quarter of 2011. Compared to third quarter 2011, our average crude oil price differential to WTI in El Dorado decreased because the lower operating rate reduced the amount of more expensive Gulf Coast crude purchases. This resulted in a crude supply that consisted of approximately 14% of Gulf Coast sourced crude. This change in crude supply, combined with a product slate that included a higher percentage of light products, were the primary drivers in margin improvement from third quarter 2011.
Delek US Holdings Reports Record Net Income For Third Quarter 2012
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