DALLAS, Aug. 3, 2015 /PRNewswire/ -- Alon
USA Energy, Inc. (NYSE: ALJ)
("Alon") today announced results for the second quarter of 2015.
Net income available to stockholders for the second quarter of 2015
was $36.4 million, or $0.52 per share, compared to net loss available
to stockholders of $(7.5) million, or
$(0.11) per share, for the same
period last year. Excluding special items, Alon recorded net income
available to stockholders of $46.4
million, or $0.67 per share,
for the second quarter of 2015, compared to net loss available to
stockholders of $(3.4) million, or
$(0.05) per share, for the same
period last year.
Net income available to stockholders for the first half of 2015
was $63.3 million, or $0.91 per share, compared to net loss available
to stockholders of $(6.7) million, or
$(0.10) per share, for the same
period last year. Excluding special items, Alon recorded net income
available to stockholders of $68.0
million, or $0.98 per share,
for the first half of 2015, compared to net income available to
stockholders of $0.5 million, or
$0.01 per share, for the same period
last year.
Paul Eisman, President and CEO,
commented, "We are pleased with our strong results for the second
quarter of 2015. The excellent performance from our refining and
wholesale marketing segment was complemented by solid results from
our retail segment. We were also pleased to see an improvement in
our asphalt business for the quarter compared to the prior quarter
and relative to the second quarter of 2014.
"The Big Spring refinery
benefited from its excellent operational performance and a
favorable crack spread environment in the second quarter of 2015.
Big Spring achieved a refinery
operating margin of $17.22 per barrel
and low direct operating expense of only $3.54 per barrel. The crude flexibility of the
Big Spring refinery continues to
be an advantage. The refinery processed approximately 44,000
barrels per day of WTI Midland during the second quarter of 2015 to
set a new record for WTI Midland rate. On the product side, our
wholesale marketing business successfully sold approximately 6,000
barrels per day in June 2015 into the
premium Arizona market.
"The performance at Krotz
Springs in the second quarter continued to reflect improved
operations and reliability. Krotz
Springs generated a refinery operating margin of
$7.95 per barrel and achieved low
operating costs of $3.49 per barrel
in the second quarter of 2015. The improvements in operations and
reliability, coupled with strong crack spreads, have led to record
profitability at Krotz Springs
since we acquired the refinery, for both the six and twelve month
periods ending June 30, 2015.
"Our retail business continues to perform well, and we remain
focused on growing this business. During the quarter, we entered
into an agreement to purchase 14 retail gas stations in the
Albuquerque area. These stores fit well with our existing footprint
in that market. The acquired stores are expected to immediately
improve the profitability of our retail business and to be
accretive to its value. This transaction is expected to close later
this month.
"We expect total throughput at the Big
Spring refinery to average approximately 74,000 barrels per
day for the third quarter of 2015 and 74,000 barrels per day for
the full year of 2015. We expect total throughput at the
Krotz Springs refinery to average
approximately 71,000 barrels per day for the third quarter of 2015
and 67,000 barrels per day for the full year of 2015 due to the
turnaround scheduled in the fourth quarter of 2015."
SECOND QUARTER 2015
Special items reduced earnings by $9.9
million for the second quarter of 2015 primarily as a result
of after-tax unrealized losses of $6.9
million associated with commodity swaps, after-tax expenses
of $0.9 million associated with our
employee retention plan and after-tax losses of $2.2 million related to an asphalt inventory
adjustment. Special items reduced earnings by $4.1 million for the second quarter of 2014
primarily as a result of after-tax unrealized losses of
$3.6 million associated with
commodity swaps and $0.5 million of
costs associated with the redemption of the Krotz Springs senior secured notes.
The combined total refinery average throughput for the second
quarter of 2015 was 152,092 barrels per day ("bpd"), consisting of
75,491 bpd at the Big Spring
refinery and 76,601 bpd at the Krotz
Springs refinery, compared to a combined total refinery
average throughput of 114,869 bpd for the second quarter of 2014,
consisting of 38,994 bpd at the Big
Spring refinery and 75,875 bpd at the Krotz Springs refinery. During the second
quarter of 2014, refinery throughput at the Big Spring refinery was reduced as we
completed both the planned turnaround and the vacuum tower
project.
Refinery operating margin at the Big
Spring refinery was $17.22 per
barrel for the second quarter of 2015 compared to $17.04 per barrel for the same period in 2014.
This increase in operating margin was primarily due to improved
light product yields, partially offset by the industry margin
environment. The contango environment in the second quarter of 2015
created a cost of crude benefit of $1.90 per barrel compared to the backwardated
environment creating a cost of crude detriment of $0.93 per barrel for the same period in 2014
("second quarter 2015 Contango Benefit").
Refinery operating margin at the Krotz
Springs refinery was $7.95 per
barrel for the second quarter of 2015 compared to $8.89 per barrel for the same period in 2014.
This decrease in operating margin was primarily due to a lower Gulf
Coast 2/1/1 high sulfur diesel crack spread and a narrowing WTI
Cushing to WTI Midland spread, partially offset by a widening LLS
to WTI Cushing spread and the second quarter 2015 Contango
Benefit.
The average Gulf Coast 3/2/1 crack spread was $19.71 per barrel for the second quarter of 2015
compared to $16.42 per barrel for the
same period in 2014. The average Gulf Coast 2/1/1 high sulfur
diesel crack spread was $10.21 per
barrel for the second quarter of 2015 compared to $12.47 per barrel for the same period in
2014.
The average WTI Cushing to WTS spread for the second quarter of
2015 was $(0.21) per barrel compared
to $7.88 per barrel for the same
period in 2014. The average WTI Cushing to WTI Midland spread for
the second quarter of 2015 was $0.60
per barrel compared to $8.37 per
barrel for the same period in 2014. The average LLS to WTI Cushing
spread for the second quarter of 2015 was $6.28 per barrel compared to $2.89 per barrel for the same period in 2014.
Asphalt margins for the second quarter of 2015 were $100.92 per ton compared to $67.64 per ton for the same period in 2014. On a
cash basis (i.e., excluding inventory effects), asphalt margins in
the second quarter of 2015 were $99.51 per ton compared to $55.45 per ton in the second quarter of 2014.
This increase was primarily due to lower costs of asphalt purchased
during the second quarter of 2015 compared to the second quarter of
2014.
Retail fuel margins increased to 20.3
cents per gallon in the second quarter of 2015 from
19.4 cents per gallon in the second
quarter of 2014. Retail fuel sales volume increased to 49.5 million
gallons in the second quarter of 2015 from 48.8 million gallons in
the second quarter of 2014. Merchandise margins increased to 31.8%
in the second quarter of 2015 from 30.7% in the second quarter of
2014. Merchandise sales increased to $84.9
million in the second quarter of 2015 from $83.2 million in the second quarter of 2014.
YEAR-TO-DATE 2015
Special items reduced earnings by $4.6
million for the first half of 2015 primarily as a result of
after-tax losses of $9.5 million
related to an asphalt inventory adjustment and after-tax expenses
of $0.9 million associated with our
employee retention plan, partially offset by after-tax unrealized
gains of $5.4 million associated with
commodity swaps and $0.4 million
associated with gains recognized on disposition of assets. Special
items reduced earnings by $7.2
million for the first half of 2014 primarily as a result of
after-tax unrealized losses of $8.7
million associated with commodity swaps and $0.5 million of costs associated with the
redemption of the Krotz Springs
senior secured notes, partially offset by $1.9 million associated with gains recognized on
disposition of assets.
The combined total refinery average throughput for the first
half of 2015 was 148,679 bpd, consisting of 73,934 bpd at the
Big Spring refinery and 74,745 bpd
at the Krotz Springs refinery,
compared to a combined total refinery average throughput of 125,059
bpd for the first half of 2014, consisting of 56,050 bpd at the
Big Spring refinery and 69,009 bpd
at the Krotz Springs refinery.
During the second quarter of 2014, refinery throughput at the
Big Spring refinery was reduced as
we completed both the planned turnaround and the vacuum tower
project.
Refinery operating margin at the Big
Spring refinery was $15.56 per
barrel for the first half of 2015 compared to $15.56 per barrel for the same period in 2014.
The operating margin at the Big
Spring refinery was flat relative to the same period last
year primarily due to improved light product yields being offset by
the industry margin environment. The contango environment for the
first half of 2015 created a cost of crude benefit of $1.28 per barrel compared to the backwardated
environment creating a cost of crude detriment of $0.53 per barrel for the same period in 2014
("first half 2015 Contango Benefit").
Refinery operating margin at the Krotz
Springs refinery was $8.71 per
barrel for the first half of 2015 compared to $8.22 per barrel for the same period in 2014.
This increase was primarily due to a higher Gulf Coast 2/1/1 high
sulfur diesel crack spread, a widening LLS to WTI Cushing spread
and the first half 2015 Contango Benefit, partially offset by a
narrowing WTI Cushing to WTI Midland spread.
The average Gulf Coast 3/2/1 crack spread for the first half of
2015 was $18.73 per barrel compared
to $16.61 per barrel for the same
period in 2014. The average Gulf Coast 2/1/1 high sulfur diesel
crack spread for the first half of 2015 was $11.79 per barrel compared to $11.62 per barrel for the same period in
2014.
The average WTI Cushing to WTS spread for the first half of 2015
was $0.76 per barrel compared to
$5.79 per barrel for the same period
in 2014. The average WTI Cushing to WTI Midland spread for the
first half of 2015 was $1.27 per
barrel compared to $5.96 per barrel
for the same period in 2014. The average LLS to WTI Cushing spread
for the first half of 2015 was $4.48
per barrel compared to $4.42 per
barrel for the same period in 2014.
Asphalt margins for the first half of 2015 were $94.41 per ton compared to $72.67 per ton for same period in 2014. On a cash
basis (i.e., excluding inventory effects), asphalt margins in the
first half of 2015 were $105.77 per
ton compared to $69.48 per ton in the
first half of 2014. This increase is primarily due to lower costs
of asphalt purchased during the first half of 2015.
Retail fuel margins increased to 21.9
cents per gallon in the first half of 2015 from 18.9 cents per gallon in the first half of 2014.
Retail fuel sales volume increased to 95.6 million gallons in the
first half of 2015 from 94.3 million gallons in the first half of
2014. Merchandise margins increased to 32.5% in the first half of
2015 from 31.1% in the first half of 2014. Merchandise sales
increased to $161.0 million in the
first half of 2015 from $156.5
million in the first half of 2014.
Alon also announced today that its Board of Directors has
declared the regular quarterly cash dividend of $0.15 per share. The dividend is payable on
September 24, 2015 to stockholders of
record at the close of business on September
8, 2015.
CONFERENCE CALL
Alon has scheduled a conference call, which will be broadcast
live over the Internet on Tuesday, August 4,
2015, at 11:00 a.m. Eastern
Time (10:00 a.m. Central
Time), to discuss the second quarter 2015 results. To access
the call, please dial 877-407-0672, or 412-902-0003 for
international callers, and ask for the Alon USA Energy call at least 10 minutes prior to
the start time. Investors may also listen to the conference live by
logging on to the Alon investor relations website,
http://ir.alonusa.com. A telephonic replay of the conference call
will be available through August 18,
2015, and may be accessed by calling 877-660-6853, or
201-612-7415 for international callers, and using the passcode
13612041#. A webcast archive will also be available at
http://ir.alonusa.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.
Alon USA Energy, Inc.,
headquartered in Dallas, Texas, is
an independent refiner and marketer of petroleum products,
operating primarily in the South Central, Southwestern and Western
regions of the United States. Alon
owns 100% of the general partner and approximately 82% of the
limited partner interests in Alon USA Partners, LP (NYSE: ALDW), which owns a
crude oil refinery in Big Spring,
Texas with a crude oil throughput capacity of 73,000 barrels
per day. In addition, Alon directly owns crude oil refineries in
Krotz Springs, Louisiana with a
crude oil throughput capacity of 74,000 barrels per day and in
California with a crude oil
throughput capacity of 70,000 barrels per day. Alon is a leading
marketer of asphalt, which it distributes primarily through asphalt
terminals located predominately in the Southwestern and
Western United States. Alon is the
largest 7-Eleven licensee in the United
States and operates approximately 300 convenience stores in
Central and West Texas and
New Mexico.
Any statements in this press 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.
This press release does not constitute an offer to sell or the
solicitation of offers to buy any security and shall not constitute
an offer, solicitation or sale of any security in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
|
ALON USA ENERGY,
INC. AND SUBSIDIARIES CONSOLIDATED
EARNINGS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULTS OF
OPERATIONS - FINANCIAL DATA
(ALL INFORMATION
IN THIS PRESS RELEASE EXCEPT FOR BALANCE SHEET DATA AS OF DECEMBER
31, 2014, IS UNAUDITED)
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(dollars in
thousands, except per share data)
|
|
STATEMENT OF
OPERATIONS DATA:
|
|
|
|
|
|
|
|
|
Net sales
(1)
|
$
|
1,301,341
|
|
|
$
|
1,742,883
|
|
|
$
|
2,404,581
|
|
|
$
|
3,426,128
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
sales
|
1,069,931
|
|
|
1,580,447
|
|
|
1,964,419
|
|
|
3,086,992
|
|
|
Direct operating
expenses
|
62,856
|
|
|
67,630
|
|
|
127,061
|
|
|
138,308
|
|
|
Selling, general and
administrative expenses (2)
|
49,193
|
|
|
46,333
|
|
|
94,789
|
|
|
85,722
|
|
|
Depreciation and
amortization (3)
|
31,267
|
|
|
29,453
|
|
|
63,229
|
|
|
59,331
|
|
|
Total operating costs
and expenses
|
1,213,247
|
|
|
1,723,863
|
|
|
2,249,498
|
|
|
3,370,353
|
|
|
Gain (loss) on
disposition of assets
|
—
|
|
|
(88)
|
|
|
572
|
|
|
2,117
|
|
|
Operating
income
|
88,094
|
|
|
18,932
|
|
|
155,655
|
|
|
57,892
|
|
|
Interest
expense
|
(18,217)
|
|
|
(29,256)
|
|
|
(39,254)
|
|
|
(57,271)
|
|
|
Equity earnings of
investees
|
1,828
|
|
|
1,278
|
|
|
1,274
|
|
|
819
|
|
|
Other income,
net
|
13
|
|
|
638
|
|
|
59
|
|
|
621
|
|
|
Income (loss) before
income tax expense (benefit)
|
71,718
|
|
|
(8,408)
|
|
|
117,734
|
|
|
2,061
|
|
|
Income tax expense
(benefit)
|
23,856
|
|
|
(1,971)
|
|
|
35,817
|
|
|
123
|
|
|
Net income
(loss)
|
47,862
|
|
|
(6,437)
|
|
|
81,917
|
|
|
1,938
|
|
|
Net income
attributable to non-controlling interest
|
11,452
|
|
|
1,080
|
|
|
18,568
|
|
|
8,670
|
|
|
Net income (loss)
available to stockholders
|
$
|
36,410
|
|
|
$
|
(7,517)
|
|
|
$
|
63,349
|
|
|
$
|
(6,732)
|
|
|
Earnings (loss) per
share, basic
|
$
|
0.52
|
|
|
$
|
(0.11)
|
|
|
$
|
0.91
|
|
|
$
|
(0.10)
|
|
|
Weighted average
shares outstanding, basic (in thousands)
|
69,684
|
|
|
68,851
|
|
|
69,584
|
|
|
68,734
|
|
|
Earnings (loss) per
share, diluted
|
$
|
0.50
|
|
|
$
|
(0.11)
|
|
|
$
|
0.87
|
|
|
$
|
(0.10)
|
|
|
Weighted average
shares outstanding, diluted (in thousands)
|
72,501
|
|
|
68,851
|
|
|
72,395
|
|
|
68,734
|
|
|
Cash dividends per
share
|
$
|
0.15
|
|
|
$
|
0.06
|
|
|
$
|
0.25
|
|
|
$
|
0.12
|
|
|
CASH FLOW
DATA:
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in):
|
|
|
|
|
|
|
|
|
Operating
activities
|
$
|
135,112
|
|
|
$
|
(31,072)
|
|
|
$
|
115,891
|
|
|
$
|
31,642
|
|
|
Investing
activities
|
(22,332)
|
|
|
(47,403)
|
|
|
(33,945)
|
|
|
(41,007)
|
|
|
Financing
activities
|
(39,415)
|
|
|
(79,666)
|
|
|
(33,077)
|
|
|
(17,983)
|
|
|
OTHER
DATA:
|
|
|
|
|
|
|
|
|
Adjusted net income
(loss) available to stockholders (4)
|
$
|
46,354
|
|
|
$
|
(3,420)
|
|
|
$
|
67,993
|
|
|
$
|
484
|
|
|
Adjusted earnings
(loss) per share (4)
|
$
|
0.67
|
|
|
$
|
(0.05)
|
|
|
$
|
0.98
|
|
|
$
|
0.01
|
|
|
Adjusted EBITDA
(5)
|
$
|
131,680
|
|
|
$
|
53,293
|
|
|
$
|
211,720
|
|
|
$
|
126,056
|
|
|
Capital expenditures
(6)
|
20,302
|
|
|
36,495
|
|
|
31,051
|
|
|
54,655
|
|
|
Capital expenditures
for turnarounds and catalysts
|
2,030
|
|
|
11,422
|
|
|
4,363
|
|
|
26,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
|
December
31,
2014
|
|
|
BALANCE SHEET DATA
(end of period):
|
(dollars in
thousands)
|
|
|
Cash and cash
equivalents
|
$
|
263,830
|
|
|
$
|
214,961
|
|
|
|
Working
capital
|
153,960
|
|
|
126,665
|
|
|
|
Total
assets
|
2,211,560
|
|
|
2,200,874
|
|
|
|
Total debt
|
539,213
|
|
|
563,687
|
|
|
|
Total debt less cash
and cash equivalents
|
275,383
|
|
|
348,726
|
|
|
|
Total
equity
|
714,310
|
|
|
673,778
|
|
|
|
REFINING AND
MARKETING SEGMENT
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(dollars in
thousands, except per barrel data and pricing
statistics)
|
|
STATEMENT OF
OPERATIONS DATA:
|
|
|
|
|
|
|
|
|
Net sales
(7)
|
$
|
1,126,040
|
|
|
$
|
1,521,324
|
|
|
$
|
2,085,532
|
|
|
$
|
3,026,242
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
sales
|
940,861
|
|
|
1,403,843
|
|
|
1,724,252
|
|
|
2,772,057
|
|
|
Direct operating
expenses
|
55,966
|
|
|
57,478
|
|
|
112,292
|
|
|
118,276
|
|
|
Selling, general and
administrative expenses
|
18,940
|
|
|
18,466
|
|
|
36,279
|
|
|
29,000
|
|
|
Depreciation and
amortization
|
26,692
|
|
|
24,713
|
|
|
54,003
|
|
|
50,081
|
|
|
Total operating costs
and expenses
|
1,042,459
|
|
|
1,504,500
|
|
|
1,926,826
|
|
|
2,969,414
|
|
|
Gain (loss) on
disposition of assets
|
—
|
|
|
(59)
|
|
|
522
|
|
|
(59)
|
|
|
Operating
income
|
$
|
83,581
|
|
|
$
|
16,765
|
|
|
$
|
159,228
|
|
|
$
|
56,769
|
|
|
KEY OPERATING
STATISTICS:
|
|
|
|
|
|
|
|
|
Per barrel of
throughput:
|
|
|
|
|
|
|
|
|
Refinery operating
margin – Big Spring (8)
|
$
|
17.22
|
|
|
$
|
17.04
|
|
|
$
|
15.56
|
|
|
$
|
15.56
|
|
|
Refinery operating
margin – Krotz Springs (8)
|
7.95
|
|
|
8.89
|
|
|
8.71
|
|
|
8.22
|
|
|
Refinery direct
operating expense – Big Spring (9)
|
3.54
|
|
|
7.09
|
|
|
3.56
|
|
|
5.33
|
|
|
Refinery direct
operating expense – Krotz Springs (9)
|
3.49
|
|
|
3.70
|
|
|
3.64
|
|
|
4.09
|
|
|
Capital
expenditures
|
$
|
12,470
|
|
|
$
|
31,659
|
|
|
$
|
16,876
|
|
|
$
|
43,855
|
|
|
Capital expenditures
for turnarounds and catalysts
|
2,030
|
|
|
11,422
|
|
|
4,363
|
|
|
26,269
|
|
|
PRICING
STATISTICS:
|
|
|
|
|
|
|
|
|
Crack spreads (3/2/1)
(per barrel):
|
|
|
|
|
|
|
|
|
Gulf Coast
(10)
|
$
|
19.71
|
|
|
$
|
16.42
|
|
|
$
|
18.73
|
|
|
$
|
16.61
|
|
|
Crack spreads (2/1/1)
(per barrel):
|
|
|
|
|
|
|
|
|
Gulf Coast high
sulfur diesel (10)
|
$
|
10.21
|
|
|
$
|
12.47
|
|
|
$
|
11.79
|
|
|
$
|
11.62
|
|
|
WTI Cushing crude oil
(per barrel)
|
$
|
57.86
|
|
|
$
|
103.04
|
|
|
$
|
53.20
|
|
|
$
|
100.86
|
|
|
Crude oil
differentials (per barrel):
|
|
|
|
|
|
|
|
|
WTI Cushing less WTI
Midland (11)
|
$
|
0.60
|
|
|
$
|
8.37
|
|
|
$
|
1.27
|
|
|
$
|
5.96
|
|
|
WTI Cushing less WTS
(11)
|
(0.21)
|
|
|
7.88
|
|
|
0.76
|
|
|
5.79
|
|
|
LLS less WTI Cushing
(11)
|
6.28
|
|
|
2.89
|
|
|
4.48
|
|
|
4.42
|
|
|
Brent less LLS
(11)
|
0.32
|
|
|
4.67
|
|
|
0.57
|
|
|
5.81
|
|
|
Brent less WTI
Cushing (11)
|
3.66
|
|
|
7.22
|
|
|
4.54
|
|
|
8.83
|
|
|
Product prices
(dollars per gallon):
|
|
|
|
|
|
|
|
|
Gulf Coast unleaded
gasoline
|
$
|
1.86
|
|
|
$
|
2.81
|
|
|
$
|
1.69
|
|
|
$
|
2.73
|
|
|
Gulf Coast ultra-low
sulfur diesel
|
1.83
|
|
|
2.92
|
|
|
1.76
|
|
|
2.93
|
|
|
Gulf Coast high
sulfur diesel
|
1.68
|
|
|
2.83
|
|
|
1.62
|
|
|
2.83
|
|
|
Natural gas (per
MMBtu)
|
2.74
|
|
|
4.58
|
|
|
2.77
|
|
|
4.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THROUGHPUT AND
PRODUCTION DATA:
BIG SPRING
REFINERY
|
For the Three
Months Ended
June
30,
|
|
For the Six Months
Ended
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
Refinery
throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WTS crude
|
29,605
|
|
|
39.2
|
|
|
12,634
|
|
|
32.4
|
|
|
37,193
|
|
|
50.3
|
|
|
23,927
|
|
|
42.7
|
|
|
WTI crude
|
43,659
|
|
|
57.8
|
|
|
23,391
|
|
|
60.0
|
|
|
33,952
|
|
|
45.9
|
|
|
29,652
|
|
|
52.9
|
|
|
Blendstocks
|
2,227
|
|
|
3.0
|
|
|
2,969
|
|
|
7.6
|
|
|
2,789
|
|
|
3.8
|
|
|
2,471
|
|
|
4.4
|
|
|
Total refinery
throughput (12)
|
75,491
|
|
|
100.0
|
|
|
38,994
|
|
|
100.0
|
|
|
73,934
|
|
|
100.0
|
|
|
56,050
|
|
|
100.0
|
|
|
Refinery
production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
37,755
|
|
|
49.8
|
|
|
17,484
|
|
|
45.1
|
|
|
36,978
|
|
|
49.8
|
|
|
26,835
|
|
|
48.0
|
|
|
Diesel/jet
|
28,052
|
|
|
37.0
|
|
|
12,315
|
|
|
31.8
|
|
|
27,074
|
|
|
36.5
|
|
|
18,461
|
|
|
33.0
|
|
|
Asphalt
|
2,479
|
|
|
3.3
|
|
|
1,660
|
|
|
4.3
|
|
|
2,876
|
|
|
3.9
|
|
|
2,529
|
|
|
4.5
|
|
|
Petrochemicals
|
4,915
|
|
|
6.5
|
|
|
1,825
|
|
|
4.7
|
|
|
4,863
|
|
|
6.5
|
|
|
3,111
|
|
|
5.5
|
|
|
Other
|
2,537
|
|
|
3.4
|
|
|
5,483
|
|
|
14.1
|
|
|
2,466
|
|
|
3.3
|
|
|
5,022
|
|
|
9.0
|
|
|
Total refinery
production (13)
|
75,738
|
|
|
100.0
|
|
|
38,767
|
|
|
100.0
|
|
|
74,257
|
|
|
100.0
|
|
|
55,958
|
|
|
100.0
|
|
|
Refinery utilization
(14)
|
|
|
100.4
|
%
|
|
|
|
85.4
|
%
|
|
|
|
97.5
|
%
|
|
|
|
95.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THROUGHPUT AND
PRODUCTION DATA:
KROTZ SPRINGS
REFINERY
|
For the Three
Months Ended
June
30,
|
|
For the Six Months
Ended
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
Refinery
throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WTI crude
|
29,429
|
|
|
38.4
|
|
|
29,737
|
|
|
39.2
|
|
|
29,888
|
|
|
40.0
|
|
|
26,904
|
|
|
39.0
|
|
|
Gulf Coast sweet
crude
|
45,069
|
|
|
58.8
|
|
|
46,138
|
|
|
60.8
|
|
|
41,076
|
|
|
55.0
|
|
|
40,953
|
|
|
59.3
|
|
|
Blendstocks
|
2,103
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
3,781
|
|
|
5.0
|
|
|
1,152
|
|
|
1.7
|
|
|
Total refinery
throughput (12)
|
76,601
|
|
|
100.0
|
|
|
75,875
|
|
|
100.0
|
|
|
74,745
|
|
|
100.0
|
|
|
69,009
|
|
|
100.0
|
|
|
Refinery
production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
35,511
|
|
|
45.4
|
|
|
33,909
|
|
|
43.7
|
|
|
35,021
|
|
|
45.8
|
|
|
32,407
|
|
|
46.0
|
|
|
Diesel/jet
|
32,496
|
|
|
41.5
|
|
|
33,665
|
|
|
43.4
|
|
|
31,599
|
|
|
41.4
|
|
|
29,791
|
|
|
42.3
|
|
|
Heavy Oils
|
1,378
|
|
|
1.8
|
|
|
1,362
|
|
|
1.8
|
|
|
1,356
|
|
|
1.8
|
|
|
980
|
|
|
1.4
|
|
|
Other
|
8,838
|
|
|
11.3
|
|
|
8,616
|
|
|
11.1
|
|
|
8,419
|
|
|
11.0
|
|
|
7,225
|
|
|
10.3
|
|
|
Total refinery
production (13)
|
78,223
|
|
|
100.0
|
|
|
77,552
|
|
|
100.0
|
|
|
76,395
|
|
|
100.0
|
|
|
70,403
|
|
|
100.0
|
|
|
Refinery utilization
(14)
|
|
|
100.7
|
%
|
|
|
|
102.5
|
%
|
|
|
|
95.9
|
%
|
|
|
|
91.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASPHALT
SEGMENT
|
|
|
|
|
|
|
|
|
For the Three
Months Ended June 30,
|
|
For the Six Months
Ended June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(dollars in
thousands, except per ton data)
|
|
STATEMENT OF
OPERATIONS DATA:
|
|
|
|
|
|
|
|
|
Net sales
(15)
|
$
|
69,900
|
|
|
$
|
117,677
|
|
|
$
|
120,552
|
|
|
$
|
213,848
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of sales
(15)(16)
|
60,771
|
|
|
107,801
|
|
|
115,054
|
|
|
195,535
|
|
|
Direct operating
expenses
|
6,890
|
|
|
10,152
|
|
|
14,769
|
|
|
20,032
|
|
|
Selling, general and
administrative expenses
|
2,755
|
|
|
2,299
|
|
|
4,531
|
|
|
5,027
|
|
|
Depreciation and
amortization
|
1,207
|
|
|
1,162
|
|
|
2,352
|
|
|
2,362
|
|
|
Total operating costs
and expenses
|
71,623
|
|
|
121,414
|
|
|
136,706
|
|
|
222,956
|
|
|
Gain (loss) on
disposition of assets
|
—
|
|
|
(152)
|
|
|
—
|
|
|
2,014
|
|
|
Operating loss
(19)
|
$
|
(1,723)
|
|
|
$
|
(3,889)
|
|
|
$
|
(16,154)
|
|
|
$
|
(7,094)
|
|
|
KEY OPERATING
STATISTICS:
|
|
|
|
|
|
|
|
|
Blended asphalt sales
volume (tons in thousands) (17)
|
108
|
|
|
142
|
|
|
173
|
|
|
226
|
|
|
Non-blended asphalt
sales volume (tons in thousands) (18)
|
15
|
|
|
4
|
|
|
33
|
|
|
26
|
|
|
Blended asphalt sales
price per ton (17)
|
$
|
505.54
|
|
|
$
|
564.75
|
|
|
$
|
498.83
|
|
|
$
|
557.86
|
|
|
Non-blended asphalt
sales price per ton (18)
|
229.20
|
|
|
302.75
|
|
|
317.36
|
|
|
375.85
|
|
|
Asphalt margin per
ton (19)
|
100.92
|
|
|
67.64
|
|
|
94.41
|
|
|
72.67
|
|
|
Capital
expenditures
|
$
|
238
|
|
|
$
|
1,501
|
|
|
$
|
1,644
|
|
|
$
|
3,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RETAIL
SEGMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
(dollars in
thousands, except per gallon data)
|
|
STATEMENT OF
OPERATIONS DATA:
|
|
|
|
|
|
|
|
|
Net sales
(1)
|
$
|
206,634
|
|
|
$
|
252,659
|
|
|
$
|
382,619
|
|
|
$
|
473,907
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of sales
(16)
|
169,532
|
|
|
217,580
|
|
|
309,235
|
|
|
407,269
|
|
|
Selling, general and
administrative expenses
|
27,322
|
|
|
25,393
|
|
|
53,627
|
|
|
51,345
|
|
|
Depreciation and
amortization
|
2,943
|
|
|
2,983
|
|
|
5,980
|
|
|
5,697
|
|
|
Total operating costs
and expenses
|
199,797
|
|
|
245,956
|
|
|
368,842
|
|
|
464,311
|
|
|
Gain on disposition
of assets
|
—
|
|
|
123
|
|
|
50
|
|
|
163
|
|
|
Operating
income
|
$
|
6,837
|
|
|
$
|
6,826
|
|
|
$
|
13,827
|
|
|
$
|
9,759
|
|
|
KEY OPERATING
STATISTICS:
|
|
|
|
|
|
|
|
|
Number of stores (end
of period) (20)
|
294
|
|
|
296
|
|
|
294
|
|
|
296
|
|
|
Retail fuel sales
(thousands of gallons)
|
49,511
|
|
|
48,767
|
|
|
95,606
|
|
|
94,283
|
|
|
Retail fuel sales
(thousands of gallons per site per month) (20)
|
58
|
|
|
57
|
|
|
56
|
|
|
55
|
|
|
Retail fuel margin
(cents per gallon) (21)
|
20.3
|
|
|
19.4
|
|
|
21.9
|
|
|
18.9
|
|
|
Retail fuel sales
price (dollars per gallon) (22)
|
$
|
2.46
|
|
|
$
|
3.47
|
|
|
$
|
2.32
|
|
|
$
|
3.36
|
|
|
Merchandise
sales
|
$
|
84,878
|
|
|
$
|
83,182
|
|
|
$
|
160,980
|
|
|
$
|
156,517
|
|
|
Merchandise sales
(per site per month) (20)
|
$
|
96
|
|
|
$
|
94
|
|
|
$
|
91
|
|
|
$
|
88
|
|
|
Merchandise margin
(23)
|
31.8
|
%
|
|
30.7
|
%
|
|
32.5
|
%
|
|
31.1
|
%
|
|
Capital
expenditures
|
$
|
6,202
|
|
|
$
|
2,841
|
|
|
$
|
9,518
|
|
|
$
|
6,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes excise taxes
on sales by the retail segment of $19,369 and $19,101 for the three
months ended June 30, 2015 and 2014, respectively, and $37,425 and
$36,911 for the six months ended June 30, 2015 and 2014,
respectively.
|
|
|
|
(2)
|
Includes corporate
headquarters selling, general and administrative expenses of $176
and $175 for the three months ended June 30, 2015 and 2014,
respectively, and $352 and $350 for the six months ended June 30,
2015 and 2014, respectively, which are not allocated to our three
operating segments.
|
|
|
|
(3)
|
Includes corporate
depreciation and amortization of $425 and $595 for the three months
ended June 30, 2015 and 2014, respectively, and $894 and $1,191 for
the six months ended June 30, 2015 and 2014, respectively, which
are not allocated to our three operating segments.
|
|
|
|
(4)
|
The following table
provides a reconciliation of net income (loss) available to
stockholders under United States generally accepted accounting
principles ("GAAP") to adjusted net income (loss) available to
stockholders utilized in determining adjusted earnings (loss) per
share, excluding after-tax write-off of original issuance discount,
after-tax write-off of debt issuance costs, after-tax loss on
asphalt inventory adjustment, after-tax employee retention plan
expense, after-tax unrealized (gains) losses on commodity swaps and
after-tax (gain) loss on disposition of assets. Adjusted net income
(loss) available to stockholders is not a recognized measurement
under GAAP; however, the amounts included in adjusted net income
(loss) available to stockholders are derived from amounts included
in our consolidated financial statements. Our management believes
that the presentation of adjusted net income (loss) available to
stockholders and adjusted earnings (loss) per share, excluding
these items, is useful to investors because it provides a more
meaningful measurement for evaluation of our Company's operating
results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(dollars in
thousands)
|
|
|
Net income (loss)
available to stockholders
|
$
|
36,410
|
|
|
$
|
(7,517)
|
|
|
$
|
63,349
|
|
|
$
|
(6,732)
|
|
|
|
Plus: Write-off of
original issuance discount, net of tax
|
—
|
|
|
232
|
|
|
—
|
|
|
232
|
|
|
|
Plus: Write-off of
debt issuance costs, net of tax
|
—
|
|
|
231
|
|
|
—
|
|
|
231
|
|
|
|
Plus: Loss on asphalt
inventory adjustment, net of tax
|
2,155
|
|
|
—
|
|
|
9,544
|
|
|
—
|
|
|
|
Plus: Employee
retention plan expense, net of tax
|
913
|
|
|
—
|
|
|
913
|
|
|
—
|
|
|
|
Less: Unrealized
(gains) losses on commodity swaps, net of tax
|
6,876
|
|
|
3,568
|
|
|
(5,422)
|
|
|
8,687
|
|
|
|
Less: (Gain) loss on
disposition of assets, net of tax
|
—
|
|
|
66
|
|
|
(391)
|
|
|
(1,934)
|
|
|
|
Adjusted net income
(loss) available to stockholders
|
$
|
46,354
|
|
|
$
|
(3,420)
|
|
|
$
|
67,993
|
|
|
$
|
484
|
|
|
|
Adjusted earnings
(loss) per share *
|
$
|
0.67
|
|
|
$
|
(0.05)
|
|
|
$
|
0.98
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
* Adjusted earnings (loss) per share
includes the effects of dividends on preferred stock on
adjusted net income (loss) available
to stockholders necessary to calculate earnings (loss) per
share.
|
|
|
|
|
(5)
|
Adjusted EBITDA
represents earnings (loss) before net income attributable to
non-controlling interest, income tax expense (benefit), interest
expense, depreciation and amortization, (gain) loss on disposition
of assets and unrealized (gains) losses on commodity swaps.
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 net income attributable to non-controlling interest,
income tax expense (benefit), interest expense, (gain) loss on
disposition of assets, unrealized (gains) losses on commodity swaps
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 the prior claim that non-controlling interest have
on the income generated by non-wholly-owned
subsidiaries;
|
|
|
|
•
|
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 (loss) available to stockholders to Adjusted
EBITDA for the three and six months ended June 30, 2015 and
2014:
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(dollars in
thousands)
|
|
|
Net income (loss)
available to stockholders
|
$
|
36,410
|
|
|
$
|
(7,517)
|
|
|
$
|
63,349
|
|
|
$
|
(6,732)
|
|
|
|
Net income
attributable to non-controlling interest
|
11,452
|
|
|
1,080
|
|
|
18,568
|
|
|
8,670
|
|
|
|
Income tax expense
(benefit)
|
23,856
|
|
|
(1,971)
|
|
|
35,817
|
|
|
123
|
|
|
|
Interest
expense
|
18,217
|
|
|
29,256
|
|
|
39,254
|
|
|
57,271
|
|
|
|
Depreciation and
amortization
|
31,267
|
|
|
29,453
|
|
|
63,229
|
|
|
59,331
|
|
|
|
(Gain) loss on
disposition of assets
|
—
|
|
|
88
|
|
|
(572)
|
|
|
(2,117)
|
|
|
|
Unrealized (gains)
losses on commodity swaps
|
10,478
|
|
|
2,904
|
|
|
(7,925)
|
|
|
9,510
|
|
|
|
Adjusted
EBITDA
|
$
|
131,680
|
|
|
$
|
53,293
|
|
|
$
|
211,720
|
|
|
$
|
126,056
|
|
|
|
Adjusted EBITDA does
not exclude a loss of $3,284 and $13,950 for the three and six
months ended June 30, 2015, respectively, resulting from a price
adjustment related to asphalt inventory.
|
|
|
|
(6)
|
Includes corporate
capital expenditures of $1,392 and $494 for the three months ended
June 30, 2015 and 2014, respectively, and $3,013 and $1,359 for the
six months ended June 30, 2015 and 2014, respectively, which are
not allocated to our three operating segments.
|
|
|
|
(7)
|
Net sales include
intersegment sales to our asphalt and retail segments at prices
which approximate wholesale market prices. These intersegment sales
are eliminated through consolidation of our financial
statements.
|
|
|
|
(8)
|
Refinery operating
margin is a per barrel measurement calculated by dividing the
margin between net sales and cost of sales (exclusive of
substantial hedge positions and certain inventory adjustments)
attributable to each refinery 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 margins to these crack spreads to assess our
operating performance relative to other participants in our
industry.
|
|
|
|
The refinery
operating margin for the three and six months ended June 30, 2015
excludes realized and unrealized gains on commodity swaps of $7,512
and $37,355, respectively. For the six months ended June 30, 2015,
$8,926 related substantially to inventory adjustments was not
included in cost of sales of either the Big Spring refinery or
Krotz Springs refinery.
|
|
|
The refinery
operating margin for the three and six months ended June 30, 2014
excludes realized and unrealized losses on commodity swaps of
$2,389 and $8,627, respectively.
|
|
|
|
(9)
|
Refinery direct
operating expense is a per barrel measurement calculated by
dividing direct operating expenses at our refineries by the
applicable refinery's total throughput volumes.
|
|
|
|
(10)
|
We compare our Big
Spring refinery's 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.
|
|
|
|
We compare our Krotz
Springs refinery's operating margin to the Gulf Coast 2/1/1 high
sulfur diesel crack spread. A Gulf Coast 2/1/1 high sulfur diesel
crack spread is calculated assuming that two barrels of LLS crude
oil are converted into one barrel of Gulf Coast conventional
gasoline and one barrel of Gulf Coast high sulfur
diesel.
|
|
|
|
(11)
|
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 LLS less WTI Cushing spread represents
the differential between the average price per barrel of LLS crude
oil and the average price per barrel of WTI Cushing crude oil. The
Brent less LLS spread represents the differential between the
average price per barrel of Brent crude oil and the average price
per barrel of LLS 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.
|
|
|
|
(12)
|
Total refinery
throughput represents the total barrels per day of crude oil and
blendstock inputs in the refinery production process.
|
|
|
|
(13)
|
Total refinery
production represents the barrels per day of various products
produced from processing crude and other refinery feedstocks
through the crude units and other conversion units at the
refineries.
|
|
|
|
(14)
|
Refinery utilization
represents average daily crude oil throughput divided by crude oil
capacity, excluding planned periods of downtime for maintenance and
turnarounds.
|
|
|
|
(15)
|
Net sales and cost of
sales include asphalt purchases sold as part of a supply and
offtake arrangement of $11,864 and $36,272 for the three months
ended June 30, 2015 and 2014, respectively, and $23,782 and $78,000
for the six months ended June 30, 2015 and 2014, respectively. The
volumes associated with these sales are excluded from the Key
Operating Statistics.
|
|
|
|
(16)
|
Cost of sales
includes intersegment purchases of asphalt blends and motor fuels
from our refining and marketing segment at prices which approximate
wholesale market prices. These intersegment purchases are
eliminated through consolidation of our financial
statements.
|
|
|
|
(17)
|
Blended asphalt
represents base material asphalt that has been blended with other
materials necessary to sell the asphalt as a finished
product.
|
|
|
|
(18)
|
Non-blended asphalt
represents base material asphalt and other components that require
additional blending before being sold as a finished
product.
|
|
|
|
(19)
|
Asphalt margin is a
per ton measurement calculated by dividing the margin between net
sales and cost of sales by the total sales volume. Asphalt margins
are used in the asphalt industry to measure operating results
related to asphalt sales.
|
|
|
|
Asphalt margin for
the three and six months ended June 30, 2015 excludes a loss of
$3,284 and $13,950, respectively, resulting from a price adjustment
related to asphalt inventory. This loss is included in operating
loss in the asphalt segment.
|
|
|
|
(20)
|
At June 30, 2015, we
had 294 retail convenience stores of which 283 sold fuel. At June
30, 2014, we had 296 retail convenience stores of which 285 sold
fuel.
|
|
|
|
(21)
|
Retail fuel margin
represents the difference between retail fuel sales revenue and the
net cost of purchased retail fuel, including transportation costs
and associated excise taxes, expressed on a cents-per-gallon basis.
Retail fuel margins are frequently used in the retail industry to
measure operating results related to retail fuel sales.
|
|
|
|
(22)
|
Retail fuel sales
price per gallon represents the average sales price for retail
fuels sold through our retail convenience stores.
|
|
|
|
(23)
|
Merchandise margin
represents the difference between merchandise sales revenues and
the delivered cost of merchandise purchases, net of rebates and
commissions, expressed as a percentage of merchandise sales
revenues. Merchandise margins, also referred to as in-store
margins, are commonly used in the retail industry to measure
in-store, or non-fuel, operating results.
|
|
Contacts:
|
Stacey Hudson, Investor Relations
Manager
|
|
Alon USA Energy,
Inc.
|
|
972-367-3808
|
|
|
|
|
|
Investors: Jack Lascar/Stephanie
Smith
|
|
Dennard § Lascar
Associates, LLC 713-529-6600
|
|
Media: Blake
Lewis
|
|
Lewis Public
Relations
|
|
214-635-3020
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/alon-usa-energy-inc-reports-second-quarter-2015-results-300122737.html
SOURCE Alon USA Energy,
Inc.