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Western Refining Announces Fourth Quarter And Full Year 2012 Results

(2) Lubricant margin is a measurement calculated by dividing the difference between lubricant sales and lubricant cost of products sold by lubricant sales. Lubricant margin is a measure frequently used in the petroleum products wholesale industry to measure operating results related to lubricant sales.

(3) Our wholesale segment began selling finished product through our Yorktown facility during January 2011. The finished products sold through our Yorktown facility were purchased from third parties. Net sales of $347.3 million and $1,338.7 million, cost of products sold of $353.2 million and $1,327.6 million, and direct operating costs of $1.6 million and $6.8 million for the three and nine months ended December 31, 2011, respectively, were from new wholesale activities through our Yorktown facility with no comparable activity in the prior periods.
     
Retail Segment    
  Three Months Ended Year Ended
  December 31, December 31,
  2012 2011 2012 2011
  (In thousands, except per gallon data)
Statement of Operations Data        
Net sales (including intersegment sales) $303,672 $270,232 $1,212,070 $940,395
Operating costs and expenses:        
Cost of products sold (exclusive of depreciation and amortization) 268,835 242,733 1,074,532 838,247
Direct operating expenses (exclusive of depreciation and amortization) 27,054 24,762 102,793 80,458
Selling, general, and administrative expenses 2,194 2,297 8,161 7,329
Depreciation and amortization 2,615 2,421 10,473 9,653
Total operating costs and expenses 300,698 272,213 1,195,959 935,687
Operating income (loss) $2,974 $(1,981) $16,111 $4,708
Operating Data        
Fuel gallons sold 75,024 70,296 291,244 230,429
Average fuel sales price per gallon $3.47 $3.27 $3.56 $3.44
Average fuel cost per gallon 3.27 3.12 3.36 3.27
Fuel margin per gallon (1) 0.20 0.15 0.20 0.17
         
Merchandise sales $61,481 $56,402 $248,023 $204,998
Merchandise margin (2) 28.5% 27.2% 29.0% 28.0%
Operating retail outlets at period end (3)     222 209
         
         
  Three Months Ended Year Ended
  December 31, December 31,
  2012 2011 2012 2011
  (In thousands, except per gallon data)
Net Sales    
Fuel sales (including intersegment sales) $260,294 $229,810 $1,036,404 $792,502
Excise taxes included in fuel sales (29,091) (23,498) (111,805) (83,255)
Merchandise sales 61,481 56,402 248,023 204,998
Other sales 10,988 7,518 39,448 26,150
Net sales $303,672 $270,232 $1,212,070 $940,395
Costs of Products Sold        
Fuel cost of products sold $245,105 $219,260 $978,979 $753,487
Excise taxes included in fuel cost of products sold (29,091) (23,498) (111,805) (83,255)
Merchandise cost of products sold 43,988 41,033 176,215 147,692
Other cost of products sold 8,833 5,938 31,143 20,323
Cost of products sold $268,835 $242,733 $1,074,532 $838,247
Fuel margin per gallon (1) $0.20 $0.15 $0.20 $0.17

(1) Fuel margin per gallon is a measurement calculated by dividing the difference between fuel sales and cost of fuel sales for our retail segment by the number of gallons sold. Fuel margin per gallon is a measure frequently used in the convenience store industry to measure operating results related to fuel sales.

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