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Western Refining reports 4Q14 and full year results

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Hydrocarbon Engineering,

Western Refining, Inc. reported 4Q14 net income of US$116.8 million, or US$1.19 per diluted share, excluding special items. This compares to 4Q13 net income of US$57.3 million, or US$0.60 per diluted share, excluding special items. Including special items, the company recorded 4Q14 net income attributable to Western Refining, Inc. of US$130.9 million, or US$1.33 per diluted share as compared to net loss of US$7.3 million, or US$(0.09) per diluted share for 4Q13. The special items for 4Q14 primarily included a non-cash lower of cost or market inventory adjustment of US$78.6 million and a non-cash unrealised pre tax hedging gain of US$58.1 million. Western's consolidated financial results include the results of both Western Refining Logistics, LP and Northern Tier Energy LP.

Western recorded full year 2014 net income attributable to Western Refining, Inc. of US$559.9 million, or US$5.61 per diluted share compared to full year 2013 net income of US$276.0 million, or US$2.79 per diluted share.

Jeff Stevens, Western's President and Chief Executive Officer, said: "Western had a very successful 2014. We improved the safety and reliability at both the El Paso and Gallup refineries, realised significant synergies from our Northern Tier investment, and continued to grow WNRL. In addition, in 2014 we returned US$553.0 million through dividends and share repurchases to our shareholders.

"We successfully executed our 2014 strategic plan and are well positioned for positive growth in a volatile crude oil pricing environment. Our 2015 goals are focused on continuing to improve the safety, environmental, and reliability performance of our business while increasing operating efficiencies and containing costs. We are committed to continuing to return cash to our shareholders," Stevens concluded.

Adapted from press release by Rosalie Starling

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