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Western Refining reports on 2Q15 performance

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Hydrocarbon Engineering,

Western Refining, Inc. has reported results for its second quarter ending 30 June 2015. Net income attributable to Western, excluding special items, was US$138 million, or US$1.44 per diluted share. This compares to 2Q14 net income, excluding special items, of US$128.8 million, or US$1.29 per diluted share. Including special items, the company recorded 2Q15 net income attributable to Western of US$133.9 million, or US$1.40 per diluted share, as compared to net income attributable to Western of US$156.7 million, or US$1.56 per diluted share for 2Q14.

"This was another outstanding quarter for all of our business segments. Our refineries ran at historically high throughput rates in a strong margin environment and expenses were in line with expectations. In our Retail business, we saw an increase in same store fuel volumes, fuel margins, and merchandise sales. NTI and WNRL also performed well in the quarter which contributed to our solid financial results," said Jeff Stevens, Western's President and Chief Executive Officer.

Western paid a dividend of US$0.34 per share of common stock to shareholders in the second quarter. In July, Western's Board of Directors approved a US$0.34 per share dividend for the third quarter. Including the third quarter dividend, Western will have returned approximately US$118 million to shareholders through dividends and share repurchases to date in 2015.

"In the third quarter, gasoline margins have strengthened in the Southwest and gasoline demand continues to be good. In July, we moved approximately 17 000 bpd of Four Corners area crude oil to the El Paso refinery through the TexNew Mex pipeline. Construction of the Bobcat pipeline is on schedule and on budget and phase one should be completed later in 2015. These pipelines are part of our evolving southwest logistics system, which will provide even greater flexibility for delivering crude oil from the Four Corners region and Delaware and Permian basins to our refineries and eastward to other locations. Overall, Western is well positioned for the second half of 2015," Stevens concluded.

Adapted from press release by Rosalie Starling

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