The Company successfully completed a number of strategic initiatives during 2012:
- reduced total debt by $304 million
- returned $323 million in cash to shareholders via dividends and share repurchases
- expanded the crude oil capacity of the Gallup Refinery
- invested in a gathering system for cost-advantaged crude oil in the Permian Basin
For the fourth quarter of 2012, Adjusted EBITDA was $298.5 million compared to Adjusted EBITDA of $144.7 million for the fourth quarter of 2011. For the year ended December 31, 2012, Adjusted EBITDA was a $1,083.7 million compared to the full year 2011 Adjusted EBITDA of $786.2 million.
Total debt as of December 31, 2012, was $499.9 million and cash was $454.0 million resulting in net debt of $45.9 million.
Stevens continued, "We have established ambitious goals for the Company in 2013. We will continue to focus on safety and reliability. We also plan to further enhance our cost-advantaged crude oil position, grow our logistics assets, increase our financial flexibility, and return cash to shareholders. The Gallup refinery is running at expanded rates, our crude oil gathering system in the Permian Basin is nearing completion, and we continue to maximize the use of cost-advantaged crude oil available in our region. All of these actions, coupled with the location of our assets, position Western well for 2013."
Conference Call Information
A conference call is scheduled for Thursday, February 28, 2013, at 10:00 a.m. ET to discuss Western's financial results. A slide presentation will also be available for reference during the conference call. The call, press release, and slide presentation can be accessed on the Investor Relations section on Western's website,
. The call can also be heard by dialing (866) 566-8590 or (702) 224-9819, passcode: 85926413. The audio replay will be available two hours after the end of the call through March 7, 2013, by dialing (800) 585-8367 or (404) 537-3406, passcode: 85926413.
Non-GAAP Financial Measures
In a number of places in the press release and related tables, we have excluded the impact of the non-cash loss and impairments on disposal of assets, the impact of the non-cash unrealized net gains and losses from our commodity hedging activities, and the non-cash loss on extinguishment of debt. We believe it is useful for investors to understand our financial performance excluding these special items so that investors can see the operating trends underlying our business. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, the financial information that we report in accordance with GAAP.