This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures, are included in our 2012 second quarter earnings release that we filed with the SEC yesterday, after the close of the market.With that said, I’ll turn the call over to Jack Lipinski, our Chief Executive Officer. Jack? Jack Lipinski Thank you, Jay. Good afternoon, everyone, and thanks for joining our second quarter call. First, I’ll provide a brief recap of our financial results and then I’ll talk a little bit about our operational results. Frank will then provide more detailed color around the numbers we reported yesterday, and I’ll finish with some closing remarks. In the second quarter, consolidated net income was $154.7 million or $1.75 per fully dilutive share. On an adjusted basis, adjusted net income was $223.1 million or $2.52 per fully diluted shares. Like prior quarters, we adjust net income for the impact of FIFO First In First Out accounting major turnaround expenses, the impact of unrealized derivative gains or losses and other onetime expenses. Frank will discuss more broadly the adjustments to net income in his prepared remarks. Some of the primary drivers of our earnings were strong crack spreads or access to price advantage crudes, high operating throughputs that are refineries and strong business fundamentals that driver our fertilizer segment. In the second quarter, than NYMEX 2-1-1 crack spread averaged $29.27 per barrel with the Brent-WTI spread averaging just over $15 a barrel for the quarter. As a result, our overall realized refining margin adjusted for FIFO came in at $27.07 per barrel as compared to $25.90 per barrel in the same quarter last year. Let me talk a little bit about our petroleum business. Within this segment, we processed more than 190,000 barrels a day of crude in the second quarter. That was just little over 121,000 barrels a day at Carl Icahn and just little over 69,000 barrels a day at Wynnewood.
On our last call, I had provided some estimates for throughput to the quarter and I’m really happy to report that we came in above the high end of those estimates at Coffeyville and just below the top markets those numbers at Wynnewood.Actually during the month of June, Coffeyville set a new record by processing 125,900 barrels a day of crude to the month. We attribute these high processing rates at Coffeyville to the completion of the successful turnaround in March and the continued efforts on the part of our operating and technical staff. Looking ahead to the third quarter, we are currently running about 124,000 barrels a day at Coffeyville and just over 70,000 barrels a day at Wynnewood. Aside from a plant turnaround, which is going kind of begin in late September at Wynnewood, we have no other major maintenance expected for the quarter. And by the way on that point, we would expect to start bringing Wynnewood down for its turnaround during the last week of September. We estimate the total crude throughputs for the plants to be in the same range as I had estimated last quarter, range of 179,000 barrels a day to 188,000 barrels a day in total. And that would be about 113,000 to 118,000 at Coffeyville and 66% to 70% at Wynnewood. I’d like to take time to remind you that during the turnaround at Wynnewood, we will be down for approximately 45 days. Our new estimates for the time for this turnaround is approximately 45 days and we expect to incur approximately $100 million in expense. This is a higher number than we had estimated in the past, but because we’ve been within inside the tent now for about six months, we see opportunity to do additional maintenance work at the refinery while it’s down, which will help us with reliability and throughput as we go forward over the next four years. Read the rest of this transcript for free on seekingalpha.com