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Western Refining Announces Fourth Quarter And Full Year 2012 Results

(b) Adjusted EBITDA has been adjusted for the impact of net non-cash unrealized gains and losses related to our commodity hedging transactions. We believe the inclusion of this component of net income provides a better representation of Adjusted EBITDA given the non-cash and potentially volatile nature of commodity hedging.

Refining Segment        
     
All Refineries and Related Operations    
     
  Three Months Ended Year Ended
  December 31, December 31,
  2012 (6) 2011 (6) 2012 (6) 2011 (6)
    (In thousands, except per barrel data)
Statement of Operations Data:   
Net sales (including intersegment sales) $1,923,146 $2,151,333 $8,340,178 $8,399,698
Operating costs and expenses:        
Cost of products sold (exclusive of depreciation and amortization) (5) 1,446,878 1,594,655 7,133,308 7,059,210
Direct operating expenses (exclusive of depreciation and amortization) 83,123 87,670 320,659 329,237
Selling, general, and administrative expenses 7,858 7,218 27,136 27,451
(Gain) loss and impairments on disposal of assets, net 450,796 (1,382) 447,166
Maintenance turnaround expense 13,763 1,107 47,140 2,443
Depreciation and amortization 20,747 26,424 77,575 119,057
Total operating costs and expenses 1,572,369 2,167,870 7,604,436 7,984,564
Operating income (loss) $350,777 $(16,537) $735,742 $415,134
Key Operating Statistics        
Total sales volume (bpd) (1) 173,726 198,826 184,086 189,339
Total refinery production (bpd) 149,842 142,437 147,461 140,124
Total refinery throughput (bpd) (2) 152,280 144,643 149,809 142,257
Per barrel of throughput:        
Refinery gross margin (3) (5) $34.00 $41.83 $22.01 $25.82
Refinery gross margin excluding hedging activities (3) (5) 30.74 20.58 28.40 23.83
Gross profit (3) (5) 32.51 39.85 20.60 23.52
Direct operating expenses (4) 5.93 6.59 5.85 6.34
 
Southwest Refineries (El Paso and Gallup with Related Operations)  
         
  Three Months Ended Year Ended
  December 31, December 31,
  2012 (6) 2011 (6) 2012 (6) 2011 (6)
  (In thousands, except per barrel data)
Net sales (including intersegment sales) $1,923,146 $2,146,257 $8,339,492 $8,383,594
Operating costs and expenses:      
Cost of products sold (exclusive of depreciation and amortization) (5) 1,446,723 1,590,158 7,137,486 7,048,140
Direct operating expenses (exclusive of depreciation and amortization) 83,123 76,909 320,659 285,800
Selling, general, and administrative expenses 7,858 7,218 27,136 27,451
(Gain) loss and impairments on disposal of assets, net (14,829) (1,382) (14,829)
Maintenance turnaround expense 13,763 1,107 47,140 2,443
Depreciation and amortization 20,747 18,966 77,575 76,254
Total operating costs and expenses 1,572,214 1,679,529 7,608,614 7,425,259
Operating income $350,932 $466,728 $730,878 $958,335
Key Operating Statistics        
Total sales volume (bpd) (1) 173,726 198,446 184,070 189,007
Total refinery production (bpd) 149,842 142,437 147,461 140,124
Total refinery throughput (bpd) (2) 152,280 144,643 149,809 142,257
Per barrel of throughput:        
Refinery gross margin (3) (5) $34.01 $41.79 $21.92 $25.72
Refinery gross margin excluding hedging activities (3) (5) 30.75 20.54 28.31 23.73
Gross profit (3) (5) 32.53 40.36 20.51 24.25
Direct operating expenses (4) 5.93 5.78 5.85 5.50
       
All Refineries (El Paso and Gallup)      
         
  Three Months Ended Year Ended
  December 31, December 31,
  2012 2011 2012 2011
Key Operating Statistics        
Refinery product yields (bpd):      
Gasoline 78,516 75,300 76,536 74,224
Diesel and jet fuel 61,497 57,548 61,224 57,037
Residuum 5,873 5,373 5,655 5,219
Other 3,956 4,216 4,046 3,644
Total refinery production (bpd) 149,842 142,437 147,461 140,124
Refinery throughput (bpd):        
Sweet crude oil 119,187 114,246 115,345 113,347
Sour or heavy crude oil 26,665 20,776 24,792 19,876
Other feedstocks and blendstocks 6,428 9,621 9,672 9,034
Total refinery throughput (bpd) (2) 152,280 144,643 149,809 142,257
         
El Paso Refinery        
         
  Three Months Ended Year Ended
  December 31, December 31,
  2012 2011 2012 2011
Key Operating Statistics        
Refinery product yields (bpd):      
Gasoline 64,637 59,638 61,669 58,236
Diesel and jet fuel 55,056 50,729 54,600 50,211
Residuum 5,873 5,373 5,655 5,219
Other 3,417 3,483 3,280 2,882
Total refinery production (bpd) 128,983 119,223 125,204 116,548
Refinery throughput (bpd):        
Sweet crude oil 98,184 92,683 94,404 91,589
Sour crude oil 26,665 20,776 24,792 19,876
Other feedstocks and blendstocks 5,936 7,403 7,734 6,680
Total refinery throughput (bpd) (2) 130,785 120,862 126,930 118,145
Total sales volume (bpd) (1) 142,671 165,285 151,352 155,196
Per barrel of throughput:        
Refinery gross margin (3) (5) $30.77 $20.71 $28.25 $23.18
Direct operating expenses (4) 4.36 4.84 4.50 4.50
         
Gallup Refinery        
         
  Three Months Ended Year Ended
  December 31, December 31,
  2012 2011 2012 2011
Key Operating Statistics        
Refinery product yields (bpd):      
Gasoline 13,879 15,662 14,867 15,988
Diesel and jet fuel 6,441 6,819 6,624 6,826
Other 539 733 766 762
Total refinery production (bpd) 20,859 23,214 22,257 23,576
Refinery throughput (bpd):        
Sweet crude oil 21,003 21,563 20,941 21,758
Other feedstocks and blendstocks 492 2,218 1,938 2,354
Total refinery throughput (bpd) (2) 21,495 23,781 22,879 24,112
Total sales volume (bpd) (1) 31,055 33,161 32,718 33,811
Per barrel of throughput:        
Refinery gross margin (3) (5) $30.26 $19.47 $28.25 $26.05
Direct operating expenses (4) 11.43 8.27 9.60 8.27

(1) Sales volume includes sales of refined products sourced primarily from our refinery production as well as refined products purchased from third parties. We purchase additional refined products from third parties to supplement supply to our customers. These products are similar to the products that we currently manufacture and represented 13.83% and 14.78% of our total consolidated sales volumes for the years ended December 31, 2012 and 2011, respectively. The majority of the purchased refined products are distributed through our wholesale refined product sales activities in the Mid-Atlantic region where we satisfy our refined product customer sales requirements through a third-party supply agreement.

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