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Western Refining reports 4Q15 and 2015 results

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Hydrocarbon Engineering,

Western Refining, Inc. has reported results for the fourth quarter ended 31 December 2015. Net income attributable to Western, excluding special items, was US$52.2 million, or US$0.56 per diluted share. This compares to fourth quarter 2014 net income, excluding special items, of US$116.8 million, or US$1.19 per diluted share. Including special items, the company recorded fourth quarter 2015 net income attributable to Western Refining, Inc. of US$13.5 million, or US$0.14 per diluted share, as compared to net income of US$130.9 million, or US$1.33 per diluted share for the fourth quarter of 2014. Special items primarily consisted of a non-cash, pre-tax, lower of cost or market inventory adjustment. A reconciliation of reported earnings and description of special items can be found in the accompanying financial tables.

Western recorded full year 2015 net income attributable to Western Refining, Inc. of US$406.8 million, or US$4.28 per diluted share compared to full year 2014 net income of US$559.9 million, or US$5.61 per diluted share.

Jeff Stevens, Western's President and Chief Executive Officer, said, "Western had a successful 2015 despite a volatile crude oil pricing environment and challenging fourth quarter. We had good, reliable operations at both the El Paso and Gallup refineries as we increased refinery throughput to record levels. Additionally, our retail operations achieved record levels in fuel volumes, merchandise sales, and profitability. On a standalone basis, Western investedUS$127 million in discretionary capital during the year primarily to expand our logistics capabilities in the Permian and San Juan Basins. We now have a fully integrated crude oil pipeline logistics system able to move crude oil south to either our El Paso refinery or eastward to Midland and the Gulf Coast. Additionally, we continued to balance capital investment with returning cash to shareholders, and in 2015, we returned approximately US$234 million in cash to shareholders through dividends and share repurchases."

Stevens concluded, "In 2016, we will remain focused on safe and reliable operations and maximising operational efficiencies while managing our costs. We will continue to take a disciplined approach in evaluating growth opportunities balanced with returning cash to shareholders. We continue to maximise the benefits of our investments in NTI and WNRL. Overall, we have expanded and enhanced our asset base, which provides us maximum flexibility in these volatile market conditions. We believe that Western is well positioned for 2016."

Adapted from press release by Rosalie Starling

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