DALLAS, March 4, 2015 /PRNewswire/ -- Alon
USA Partners, LP (NYSE: ALDW)
("Alon Partners") today announced results for the quarter and year
ended December 31, 2014. Net income
for the fourth quarter of 2014 was $42.1
million, or $0.67 per unit,
compared to $13.5 million, or
$0.22 per unit, for the same period
last year. Net income for the year ended December 31, 2014 was $169.1 million, or $2.71 per unit, compared to $136.2 million, or $2.18 per unit, for the same period last
year.
Paul Eisman, CEO and President,
commented, "The Big Spring
refinery ran well during the quarter, achieving record quarterly
total throughput of 77,000 barrels per day and liquid recovery of
approximately 101%. The fourth quarter throughput surpassed the
previous record throughput set in the third quarter as we continue
to benefit from investments made during the turnaround completed
earlier in the year. However, our fourth quarter refining results
were negatively impacted by a decline in crude spreads and seasonal
weakness in crack spreads. Despite the volatility in petroleum
markets during the fourth quarter, the Big Spring refinery was able to generate
strong results, once again highlighting the refinery's operating
capabilities and competitive advantages. The solid operational
performance drove strong margin capture, as the refinery operating
margin of $15.12 per barrel exceeded
the Gulf Coast 3/2/1 crack spread adjusted for Midland crude
discounts. The efficiency of our operations was also demonstrated
by Big Spring's low direct
operating expense of only $3.67 per
barrel.
"With the cash generated during the fourth quarter, the
Partnership paid a cash distribution of $0.70 per unit on March 2,
2015. Based on our performance in 2014, the Partnership
generated cash available for distribution of $2.54 per unit. This is particularly noteworthy
given the significant downtime associated with the major five-year
turnaround and vacuum tower project completed in the second quarter
of 2014. With the turnaround and project completed, the refinery is
poised to run well in 2015.
"We expect total throughput at the Big
Spring refinery to average approximately 71,000 barrels per
day for the first quarter of 2015 and 72,000 barrels per day for
the full year of 2015."
FOURTH QUARTER 2014
Refinery operating margin was $15.12 per barrel for the fourth quarter of 2014
compared to $9.96 per barrel for the
same period in 2013. This increase in operating margin was
primarily due to a widening of both the WTI Cushing to WTS spread
and the WTI Cushing to WTI Midland spread, partially offset by a
lower Gulf Coast 3/2/1 crack spread.
The Big Spring refinery average
throughput for the fourth quarter of 2014 was 76,867 barrels per
day ("bpd") compared to 73,613 bpd for the same period in 2013. The
increased throughput was due to the completion of both the major
turnaround and the vacuum tower project during the second quarter
of 2014, which increased crude oil throughput to 73,000 bpd from
70,000 bpd and increased diesel production by 3,000 bpd.
The average Gulf Coast 3/2/1 crack spread was $9.04 per barrel for the fourth quarter of 2014
compared to $13.05 per barrel for the
same period in 2013, which was primarily influenced by a reduction
in the Brent to WTI Cushing spread. The average Brent to WTI
Cushing spread for the fourth quarter of 2014 was $3.70 per barrel compared to $9.89 per barrel for the same period in 2013. The
average WTI Cushing to WTS spread for the fourth quarter of 2014
was $4.43 per barrel compared to
$3.14 per barrel for the same period
in 2013. The average WTI Cushing to WTI Midland spread for the
fourth quarter of 2014 was $5.79 per
barrel compared to $2.32 per barrel
for the same period in 2013.
YEAR ENDED DECEMBER 31,
2014
Refinery operating margin was $16.69 per barrel for 2014 compared to
$14.59 per barrel for 2013. This
increase in operating margin was primarily due to a widening of
both the WTI Cushing to WTS spread and the WTI Cushing to WTI
Midland spread, partially offset by a lower Gulf Coast 3/2/1 crack
spread.
During the second quarter of 2014, we completed a major
turnaround at the Big Spring
refinery, including the vacuum tower project, which increased crude
oil throughput to 73,000 bpd from 70,000 bpd and increased diesel
production by 3,000 bpd. As a result of downtime necessary to
complete these projects, the refinery and operating results were
lower during the second quarter, which reduced profitability and
the related distribution amount for the period. However, despite
the reduced throughput experienced during the second quarter of
39,000 bpd, our Big Spring
refinery average throughput was 66,033 bpd for 2014 compared to
67,103 bpd for 2013.
The average Gulf Coast 3/2/1 crack spread for 2014 was
$14.52 per barrel compared to
$19.16 per barrel for 2013, which was
primarily influenced by a reduction in the Brent to WTI Cushing
spread. The average Brent to WTI Cushing spread for 2014 was
$7.30 per barrel compared to
$12.41 per barrel for 2013. The
average WTI Cushing to WTS spread for 2014 was $6.04 per barrel compared to $3.72 per barrel for 2013. The average WTI
Cushing to WTI Midland spread for 2014 was $6.93 per barrel compared to $2.59 per barrel for 2013.
CONFERENCE CALL
Alon Partners has scheduled a conference call which will also be
webcast live on Friday, March 6,
2015, at 10:00 a.m. Eastern
Time (9:00 a.m. Central Time),
to discuss the fourth quarter 2014 results. To access the call,
please dial 877-404-9648, or 412-902-0030 for international
callers, at least 10 minutes prior to the start time and ask for
the Alon Partners call. Investors may also listen to the conference
live from the Alon Partners' website, http://www.alonpartners.com.
A telephonic replay of the conference call will be available
through March 20, 2015, and may be
accessed by calling 877-660-6853, or 201-612-7415 for international
callers, and using the passcode 13599645#. The archived webcast
will also be available at http://www.alonpartners.com shortly after
the call and will be accessible for approximately 90 days. For more
information, please contact Donna
Washburn at Dennard - Lascar Associates at 713-529-6600
or email dwashburn@dennardlascar.com.
This release serves as qualified notice to nominees under
Treasury Regulation Section 1.1446-4(b). Please note that 100% of
Alon Partners' distributions to foreign investors are attributable
to income that is effectively connected with a United States trade or business. Accordingly,
all of Alon Partners' distributions to foreign investors are
subject to federal income tax withholding at the highest effective
tax rate for individuals or corporations, as applicable. Nominees,
and not Alon Partners, are treated as the withholding agents
responsible for withholdings on the distributions received by them
on behalf of foreign investors.
Any statements in this release that are not statements of
historical fact are forward-looking statements. Forward-looking
statements reflect our current expectations regarding future
events, results or outcomes. These expectations may or may not be
realized. Some of these expectations may be based upon assumptions
or judgments that prove to be incorrect. In addition, our business
and operations involve numerous risks and uncertainties, many of
which are beyond our control, which could result in our
expectations not being realized or otherwise materially affect our
financial condition, results of operations and cash flows.
Additional information regarding these and other risks is contained
in our filings with the Securities and Exchange Commission.
Alon USA Partners, LP is a
Delaware limited partnership
formed in August 2012 by Alon
USA Energy, Inc. ("Alon Energy")
(NYSE: ALJ). Alon Partners owns and operates a crude oil refinery
in Big Spring, Texas with a crude
oil throughput capacity of 73,000 barrels per day. Alon Partners
refines crude oil into finished products, which are marketed
primarily in West Texas,
Central Texas, Oklahoma, New
Mexico and Arizona through
its wholesale distribution network to both Alon Energy's retail
convenience stores and other third-party distributors.
- Tables to follow -
|
Contacts:
|
Stacey Hudson,
Investor Relations Manager
Alon USA Partners GP,
LLC
972-367-3808
|
|
|
|
|
|
Investors: Jack
Lascar/Stephanie Smith
Dennard - Lascar Associates, LLC 713-529-6600
Media: Blake Lewis
Lewis Public Relations
214-635-3020
Ruth Sheetrit
SMG Public Relations
011-972-547-555551
|
ALON USA PARTNERS,
LP AND SUBSIDIARIES CONSOLIDATED
|
EARNINGS
RELEASE
|
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|
|
|
|
|
|
|
|
|
|
|
|
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|
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RESULTS OF
OPERATIONS - FINANCIAL DATA
(ALL INFORMATION IN THIS PRESS RELEASE EXCEPT FOR BALANCE SHEET
DATA AS OF DECEMBER 31, 2013, AND INCOME STATEMENT DATA FOR THE
YEAR ENDED DECEMBER 31, 2013, IS UNAUDITED)
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
(dollars in
thousands, except per unit data, per barrel data and pricing
statistics)
|
STATEMENT OF
OPERATIONS DATA:
|
|
|
|
|
|
Net sales
(1)
|
$
|
800,179
|
|
|
$
|
878,524
|
|
|
$
|
3,221,373
|
|
|
$
|
3,430,287
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
sales
|
697,919
|
|
|
811,096
|
|
|
2,823,694
|
|
|
3,073,044
|
|
Direct operating
expenses
|
25,944
|
|
|
26,923
|
|
|
105,760
|
|
|
110,940
|
|
Selling, general and
administrative expenses
|
6,941
|
|
|
5,412
|
|
|
26,446
|
|
|
22,276
|
|
Depreciation and
amortization
|
14,067
|
|
|
11,047
|
|
|
47,494
|
|
|
45,329
|
|
Total operating costs
and expenses
|
744,871
|
|
|
854,478
|
|
|
3,003,394
|
|
|
3,251,589
|
|
Loss on disposition
of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
(21)
|
|
Operating
income
|
55,308
|
|
|
24,046
|
|
|
217,979
|
|
|
178,677
|
|
Interest
expense
|
(12,229)
|
|
|
(9,985)
|
|
|
(46,706)
|
|
|
(40,474)
|
|
Other income,
net
|
19
|
|
|
5
|
|
|
646
|
|
|
23
|
|
Income before state
income tax expense
|
43,098
|
|
|
14,066
|
|
|
171,919
|
|
|
138,226
|
|
State income tax
expense
|
999
|
|
|
570
|
|
|
2,784
|
|
|
2,004
|
|
Net income
|
$
|
42,099
|
|
|
$
|
13,496
|
|
|
$
|
169,135
|
|
|
$
|
136,222
|
|
Earnings per
unit
|
$
|
0.67
|
|
|
$
|
0.22
|
|
|
$
|
2.71
|
|
|
$
|
2.18
|
|
Weighted average
common units outstanding (in thousands)
|
62,507
|
|
|
62,502
|
|
|
62,505
|
|
|
62,502
|
|
Cash distribution per
unit
|
$
|
1.02
|
|
|
$
|
—
|
|
|
$
|
2.02
|
|
|
$
|
2.76
|
|
CASH FLOW
DATA:
|
|
|
|
|
|
|
|
Net cash provided by
(used in):
|
|
|
|
|
|
|
|
Operating
activities
|
$
|
57,130
|
|
|
$
|
56,618
|
|
|
$
|
196,504
|
|
|
$
|
216,337
|
|
Investing
activities
|
(11,719)
|
|
|
(7,968)
|
|
|
(74,800)
|
|
|
(29,626)
|
|
Financing
activities
|
(54,381)
|
|
|
44,457
|
|
|
(168,962)
|
|
|
(99,129)
|
|
OTHER
DATA:
|
|
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
|
69,394
|
|
|
$
|
35,098
|
|
|
$
|
266,119
|
|
|
$
|
224,050
|
|
Cash available for
distribution (2)
|
44,005
|
|
|
11,412
|
|
|
|
|
|
Capital
expenditures
|
2,133
|
|
|
6,756
|
|
|
16,064
|
|
|
23,390
|
|
Capital expenditures
for turnarounds and catalysts
|
9,586
|
|
|
1,212
|
|
|
58,736
|
|
|
6,236
|
|
KEY OPERATING
STATISTICS:
|
|
|
|
|
|
|
|
Per barrel of
throughput:
|
|
|
|
|
|
|
|
Refinery operating
margin (3)
|
$
|
15.12
|
|
|
$
|
9.96
|
|
|
$
|
16.69
|
|
|
$
|
14.59
|
|
Refinery direct
operating expense (4)
|
3.67
|
|
|
3.98
|
|
|
4.39
|
|
|
4.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
(dollars in
thousands, except per unit data, per barrel data and pricing
statistics)
|
PRICING
STATISTICS:
|
|
|
|
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|
|
Crack spreads (per
barrel):
|
|
|
|
|
|
|
|
Gulf Coast 3/2/1
(5)
|
$
|
9.04
|
|
|
$
|
13.05
|
|
|
$
|
14.52
|
|
|
$
|
19.16
|
|
WTI Cushing crude oil
(per barrel)
|
$
|
73.37
|
|
|
$
|
97.47
|
|
|
$
|
93.10
|
|
|
$
|
97.97
|
|
Crude oil
differentials (per barrel):
|
|
|
|
|
|
|
|
WTI Cushing less WTI
Midland (6)
|
$
|
5.79
|
|
|
$
|
2.32
|
|
|
$
|
6.93
|
|
|
$
|
2.59
|
|
WTI Cushing less WTS
(6)
|
4.43
|
|
|
3.14
|
|
|
6.04
|
|
|
3.72
|
|
Brent less WTI
Cushing (6)
|
3.70
|
|
|
9.89
|
|
|
7.30
|
|
|
12.41
|
|
Product price
(dollars per gallon):
|
|
|
|
|
|
|
|
Gulf Coast unleaded
gasoline
|
$
|
1.85
|
|
|
$
|
2.49
|
|
|
$
|
2.49
|
|
|
$
|
2.70
|
|
Gulf Coast ultra-low
sulfur diesel
|
2.20
|
|
|
2.92
|
|
|
2.71
|
|
|
2.97
|
|
Natural gas (per
MMBtu)
|
3.83
|
|
|
3.85
|
|
|
4.26
|
|
|
3.73
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
2014
|
|
2013
|
BALANCE SHEET DATA
(end of period):
|
(dollars in
thousands)
|
Cash and cash
equivalents
|
$
|
106,325
|
|
|
$
|
153,583
|
|
Working
capital
|
(4,561)
|
|
|
18,007
|
|
Total
assets
|
770,246
|
|
|
849,924
|
|
Total debt
|
302,376
|
|
|
344,322
|
|
Total debt less cash
and cash equivalents
|
196,051
|
|
|
190,739
|
|
Total
equity
|
188,402
|
|
|
145,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
THROUGHPUT AND
PRODUCTION DATA:
|
For the Three
Months Ended
|
|
For the Year
Ended
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
Refinery
throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WTS crude
|
35,663
|
|
|
46.4
|
|
|
39,775
|
|
|
54.0
|
|
|
30,323
|
|
|
45.9
|
|
|
43,705
|
|
|
65.1
|
|
WTI crude
|
35,691
|
|
|
46.4
|
|
|
28,690
|
|
|
39.0
|
|
|
32,429
|
|
|
49.1
|
|
|
20,706
|
|
|
30.9
|
|
Blendstocks
|
5,513
|
|
|
7.2
|
|
|
5,148
|
|
|
7.0
|
|
|
3,281
|
|
|
5.0
|
|
|
2,692
|
|
|
4.0
|
|
Total refinery
throughput (7)
|
76,867
|
|
|
100.0
|
|
|
73,613
|
|
|
100.0
|
|
|
66,033
|
|
|
100.0
|
|
|
67,103
|
|
|
100.0
|
|
Refinery
production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
41,015
|
|
|
53.0
|
|
|
39,170
|
|
|
53.0
|
|
|
32,932
|
|
|
49.7
|
|
|
33,736
|
|
|
50.4
|
|
Diesel/jet
|
27,074
|
|
|
34.9
|
|
|
24,529
|
|
|
33.3
|
|
|
23,252
|
|
|
35.1
|
|
|
22,404
|
|
|
33.5
|
|
Asphalt
|
2,749
|
|
|
3.5
|
|
|
3,391
|
|
|
4.6
|
|
|
2,716
|
|
|
4.1
|
|
|
3,640
|
|
|
5.4
|
|
Petrochemicals
|
4,476
|
|
|
5.8
|
|
|
4,651
|
|
|
6.3
|
|
|
3,756
|
|
|
5.7
|
|
|
4,152
|
|
|
6.2
|
|
Other
|
2,185
|
|
|
2.8
|
|
|
2,029
|
|
|
2.8
|
|
|
3,565
|
|
|
5.4
|
|
|
3,033
|
|
|
4.5
|
|
Total refinery
production (8)
|
77,499
|
|
|
100.0
|
|
|
73,770
|
|
|
100.0
|
|
|
66,221
|
|
|
100.0
|
|
|
66,965
|
|
|
100.0
|
|
Refinery utilization
(9)
|
|
|
97.7
|
%
|
|
|
|
97.8
|
%
|
|
|
|
97.2
|
%
|
|
|
|
94.9
|
%
|
(1)
|
Includes sales to
related parties of $115,694 and $138,430 for the three months ended
December 31, 2014 and 2013, respectively, and $563,008 and $600,710
for the years ended December 31, 2014 and 2013,
respectively.
|
|
|
(2)
|
Adjusted EBITDA
represents earnings before state income tax expense, interest
expense, depreciation and amortization and loss on disposition of
assets. Adjusted EBITDA is not a recognized measurement under GAAP;
however, the amounts included in Adjusted EBITDA are derived from
amounts included in our consolidated financial statements. Our
management believes that the presentation of Adjusted EBITDA is
useful to investors because it is frequently used by securities
analysts, investors, and other interested parties in the evaluation
of companies in our industry. In addition, our management believes
that Adjusted EBITDA is useful in evaluating our operating
performance compared to that of other companies in our industry
because the calculation of Adjusted EBITDA generally eliminates the
effects of state income tax expense, interest expense, loss on
disposition of assets and the accounting effects of capital
expenditures and acquisitions, items that may vary for different
companies for reasons unrelated to overall operating
performance.
|
|
|
|
Adjusted EBITDA has
limitations as an analytical tool, and you should not consider it
in isolation, or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are:
- Adjusted EBITDA does not reflect our
cash expenditures or future requirements for capital expenditures
or contractual commitments;
- Adjusted EBITDA does not reflect the
interest expense or the cash requirements necessary to service
interest or principal payments on our debt;
- Adjusted EBITDA does not reflect
changes in or cash requirements for our working capital needs;
and
- Our calculation of Adjusted EBITDA
may differ from EBITDA calculations of other companies in our
industry, limiting its usefulness as a comparative
measure.
Because of these
limitations, Adjusted EBITDA should not be considered a measure of
discretionary cash available to us to invest in the growth of our
business. We compensate for these limitations by relying primarily
on our GAAP results and using Adjusted EBITDA only
supplementally.
|
|
|
|
The following table
reconciles net income to Adjusted EBITDA for the three months and
years ended December 31, 2014 and 2013, respectively:
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
(dollars in
thousands)
|
|
|
Net income
|
$
|
42,099
|
|
|
$
|
13,496
|
|
|
$
|
169,135
|
|
|
$
|
136,222
|
|
|
|
State income tax
expense
|
999
|
|
|
570
|
|
|
2,784
|
|
|
2,004
|
|
|
|
Interest
expense
|
12,229
|
|
|
9,985
|
|
|
46,706
|
|
|
40,474
|
|
|
|
Depreciation and
amortization
|
14,067
|
|
|
11,047
|
|
|
47,494
|
|
|
45,329
|
|
|
|
Loss on disposition
of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
|
Adjusted
EBITDA
|
$
|
69,394
|
|
|
$
|
35,098
|
|
|
$
|
266,119
|
|
|
$
|
224,050
|
|
|
|
|
|
|
Cash available for
distribution is not a recognized term under GAAP. Our management
believes that the presentation of cash available for distribution
is useful to investors because it is frequently used by securities
analysts, investors, and other interested parties in the evaluation
of entities in our industry. Cash available for distribution should
not be considered in isolation or as an alternative to net income
or operating income as a measure of operating performance. In
addition, cash available for distribution is not presented as, and
should not be considered, an alternative to cash flows from
operations or as a measure of liquidity. Cash available for
distribution as reported may not be comparable to similarly titled
measures of other entities, thereby limiting its usefulness as a
comparative measure.
|
|
|
|
|
|
Available cash for
each quarter generally equals our Adjusted EBITDA for the quarter,
less cash needed for maintenance capital expenditures, debt service
and other contractual obligations and reserves for future operating
or capital needs that the board of directors of our general partner
deems necessary or appropriate, including reserves for our expenses
in the quarters in which our planned major turnarounds and catalyst
replacements occur. Actual distributions are set by the board of
directors of our general partner. The board of directors of our
general partner may modify our cash distribution policy at any
time, and our partnership agreement does not require us to make
distributions at all.
|
|
|
|
|
|
The following table
reconciles Adjusted EBITDA to cash available for distribution for
the three months ended December 31, 2014 and 2013,
respectively:
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
(dollars in
thousands)
|
|
|
Adjusted
EBITDA
|
$
|
69,394
|
|
|
$
|
35,098
|
|
|
|
less:
Maintenance/growth capital expenditures
|
2,133
|
|
|
6,756
|
|
|
|
less: Major and
non-major turnaround and catalyst replacement capital
expenditures
|
9,586
|
|
|
1,212
|
|
|
|
less: Major
turnaround reserve for future years
|
1,500
|
|
|
1,150
|
|
|
|
less: Principal
payments
|
625
|
|
|
625
|
|
|
|
less: State income
tax payments
|
342
|
|
|
570
|
|
|
|
less: Interest paid
in cash
|
11,203
|
|
|
9,269
|
|
|
|
Cash available for
distribution before special expenses
|
44,005
|
|
|
15,516
|
|
|
|
less: Special
turnaround reserve
|
—
|
|
|
4,104
|
|
|
|
Cash available for
distribution
|
$
|
44,005
|
|
|
$
|
11,412
|
|
|
|
|
|
|
|
(3)
|
Refinery operating
margin is a per barrel measurement calculated by dividing the
margin between net sales and cost of sales (exclusive of certain
inventory adjustments) by the refinery's throughput volumes.
Industry-wide refining results are driven and measured by the
margins between refined product prices and the prices for crude
oil, which are referred to as crack spreads. We compare our
refinery operating margin to these crack spreads to assess our
operating performance relative to other participants in our
industry.
|
|
|
|
The refinery
operating margin for three months and year ended December 31, 2014
excludes losses related to inventory adjustments of
$4,650.
|
|
|
(4)
|
Refinery direct
operating expense is a per barrel measurement calculated by
dividing direct operating expenses by total throughput
volumes.
|
|
|
(5)
|
We compare our
refinery operating margin to the Gulf Coast 3/2/1 crack spread. A
Gulf Coast 3/2/1 crack spread is calculated assuming that three
barrels of WTI Cushing crude oil are converted, or cracked, into
two barrels of Gulf Coast conventional gasoline and one barrel of
Gulf Coast ultra-low sulfur diesel.
|
|
|
(6)
|
The WTI Cushing less
WTI Midland spread represents the differential between the average
price per barrel of WTI Cushing crude oil and the average price per
barrel of WTI Midland crude oil. The WTI Cushing less WTS, or
sweet/sour, spread represents the differential between the average
price per barrel of WTI Cushing crude oil and the average price per
barrel of WTS crude oil. The Brent less WTI Cushing spread
represents the differential between the average price per barrel of
Brent crude oil and the average price per barrel of WTI Cushing
crude oil.
|
|
|
(7)
|
Total refinery
throughput represents the total barrels per day of crude oil and
blendstock inputs in the refinery production process.
|
|
|
(8)
|
Total refinery
production represents the barrels per day of various refined
products produced from processing crude and other refinery
feedstocks through the crude units and other conversion
units.
|
|
|
(9)
|
Refinery utilization
represents average daily crude oil throughput divided by crude oil
capacity, excluding planned periods of downtime for maintenance and
turnarounds.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/alon-usa-partners-lp-reports-fourth-quarter-and-full-year-2014-results-300045623.html
SOURCE Alon USA Partners,
LP