On a comparative basis, the fourth quarter 2011 presented a very challenging refining environment. Crude differentials narrowed between West Texas Intermediate (“WTI”) and Light Louisiana Sweet (“LLS”) from $25 per barrel in October to $10 per barrel in December. Asphalt margins were also negatively affected by a decline in prices in the Company's core markets. However, fourth quarter 2012 saw more stability in crude price differentials. In addition, results continued to benefit from increased access to cost-advantaged domestic crude sources, such as WTI Midland crude, which traded at a quarterly average of $3.55 per barrel below the WTI Cushing benchmark during the fourth quarter of 2012. Also, a lighter crude slate at El Dorado reduced asphalt production and allowed better inventory management during a seasonally slow demand period for asphalt. This allowed for fourth quarter 2012 to show a significant improvement over the prior year period.Tyler, Texas Refinery
Delek US Holdings Reports Record Net Income For Fourth Quarter And Full-Year 2012
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