Western Refining announces first quarter results

Western Refining, Inc. has reported results for its first quarter ending 31 March 2015. Net income attributable to Western, excluding special items, was US$113.3 million, or US$1.18 per diluted share. This compares to 1Q14 net income, excluding special items, of US$40.3 million, or US$0.44 per diluted share. Including special items, the company recorded 1Q15 net income attributable to Western of US$106.0 million, or US$1.11 per diluted share, as compared to net income attributable to Western of US$85.5 million, or US$0.88 per diluted share for 1Q14.

Western Refining, Inc. has reported results for its first quarter ending 31 March 2015. Net income attributable to Western, excluding special items, was Special items in 1Q15 consisted primarily of a non-cash, unrealised pre tax hedging loss of US$20.1 million and a non-cash lower of cost or market inventory adjustment of US$15.7 million. Western's consolidated financial results also include the results of both Western Refining Logistics, LP and Northern Tier Energy LP.

Western Refining, Inc. has reported results for its first quarter ending 31 March 2015. Net income attributable to Western, excluding special items, was Jeff Stevens, Western's President and Chief Executive Officer, said, "The first quarter was an outstanding start to 2015 for Western, both operationally and financially. Our refineries operated very well, margins were good, and expenses were in line with expectations. In our Retail business, we saw an increase in fuel volumes and merchandise sales. In April, we completed the line fill on the TexNew Mex pipeline and began flowing crude oil from the Four Corners region to our Delaware Basin System."

During the first quarter, Western paid a dividend of US$0.30 per share of common stock and repurchased approximately US$25 million shares of common stock totalling approximately US$54 million in cash to shareholders in the first quarter ending 31 March 2015.

In April, Western's Board of Directors approved a US$0.34 per share dividend for the second quarter, a 13% increase over the first quarter dividend.

Looking forward, Stevens said, "Building on momentum from the first quarter, the second quarter is off to an exceptionally strong start. In the southwest US, gasoline demand is up and we are seeing strong gasoline margins in the second quarter. We began construction of the Bobcat pipeline, which should be completed later in 2015 and will allow us to enhance the Delaware Basin assets by moving crude oil barrels eastward. Overall, Western is well positioned to have another very successful year."

Adapted from press release by Rosalie Starling

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