DALLAS, Feb. 22, 2017 /PRNewswire/ -- Alon USA Partners, LP (NYSE: ALDW) ("Alon
Partners") today announced results for the quarter and year ended
December 31, 2016. Net income for the fourth quarter of 2016
was $0.9 million, or $0.01 per unit, compared to net income of
$7.2 million, or $0.12 per unit, for the same period last year.
Net loss for the full year 2016 was $(4.4)
million, or $(0.07) per unit,
compared to net income of $156.9
million, or $2.51 per unit,
for the same period last year.
Alan Moret, CEO, commented, "Our
fourth quarter results reflected the weak refining margin
environment that existed throughout 2016, which was exacerbated by
high RINs prices negatively impacting our refinery operating
margin. The Partnership declared a cash distribution of
$0.11 per unit on February 9, 2017 related to our performance in
the fourth quarter of 2016. We have been encouraged by the
improvement in refining fundamentals that we saw at the end of 2016
and into 2017, including widened discounts for domestic crude
relative to Brent and widened discounts in WTS relative to WTI
Cushing. We have also been pleased to see RIN prices decline."
During 2016, we generated cash available for distribution of
$0.40 per unit compared to
$2.81 per unit during 2015.
Shai Even, President and CFO,
commented, "The Big Spring
refinery ran well in the fourth quarter, achieving total throughput
of almost 77,000 barrels per day. The refinery also set a new
quarterly record by processing over 44,000 barrels per day of WTI
Midland in the quarter, further demonstrating the flexibility of
the asset. The refinery operating margin of $7.65 per barrel for the fourth quarter is net of
a negative impact of approximately $1.10 per barrel related to RINs costs. Operating
expense in the fourth quarter was low at $3.39 per barrel.
"As we've said before, we do not expect any major maintenance at
Big Spring in 2017. We expect
total throughput at the Big Spring
refinery to average 77,000 barrels per day for the first quarter of
2017 and 75,000 barrels per day for the full year of 2017. Based on
current forward curve crack spreads, it is our expectation that
with operations consistent with our plan we should generate
sufficient cash available for distribution during the first quarter
of 2017."
FOURTH QUARTER 2016
Refinery operating margin was $7.65 per barrel for the fourth quarter of 2016
compared to $10.02 per barrel for the
same period in 2015. This decrease in operating margin was
primarily due to increased RINs costs, a reduced benefit from the
contango market environment which increased the cost of crude and
unfavorable differences in Group III to Gulf Coast gasoline and
diesel prices in the fourth quarter of 2016 compared to the same
period in 2015. Refinery average throughput for the fourth quarter
of 2016 was 76,654 barrels per day ("bpd") compared to 75,925 bpd
for the same period in 2015.
The average Gulf Coast 3/2/1 crack spread was $12.83 per barrel for the fourth quarter of 2016
compared to $10.90 per barrel for the
same period in 2015. The average WTI Cushing to WTI Midland spread
for the fourth quarter of 2016 was $0.25 per barrel compared to $(0.20) per barrel for the same period in 2015.
The average WTI Cushing to WTS spread for the fourth quarter of
2016 was $1.33 per barrel compared to
$(0.26) per barrel for the same
period in 2015. The average Brent to WTI Cushing spread for the
fourth quarter of 2016 was $(0.20)
per barrel compared to $1.35 per
barrel for the same period in 2015.
The contango environment in the fourth quarter of 2016 created
an average cost of crude benefit of $0.79 per barrel compared to an average cost of
crude benefit of $0.94 per barrel for
the same period in 2015. The average RINs cost effect on refinery
operating margin was $1.08 per barrel
in the fourth quarter of 2016, compared to $0.45 per barrel for the same period in 2015.
FULL-YEAR 2016
Refinery operating margin was $8.28 per barrel for 2016 compared to
$14.43 per barrel for 2015. This
decrease in operating margin was primarily due to a lower Gulf
Coast 3/2/1 crack spread, a narrowing of the WTI Cushing to WTI
Midland spread and increased RINs costs, partially offset by a
widening of the WTI Cushing to WTS spread and an increased benefit
from the contango market environment which reduced the cost of
crude. Refinery average throughput for 2016 was 71,363 bpd compared
to 74,906 bpd for 2015. The reduced throughput during 2016 was the
result of a reformer regeneration during the first quarter of 2016
and third quarter of 2016. Additionally, throughput was reduced as
a result of a catalyst replacement for our diesel hydrotreater unit
in the first quarter of 2016 and unplanned downtime during the
second quarter of 2016 due to a power outage caused by inclement
weather, which affected multiple units.
The average Gulf Coast 3/2/1 crack spread for 2016 was
$12.64 per barrel compared to
$17.02 per barrel for 2015. The
average WTI Cushing to WTI Midland spread for 2016 was $0.15 per barrel compared to $0.39 per barrel for 2015. The average WTI
Cushing to WTS spread for 2016 was $0.73 per barrel compared to $(0.06) per barrel for 2015. The average Brent to
WTI Cushing spread for 2016 was $0.21
per barrel compared to $3.54 per
barrel for 2015. The contango environment in 2016 created an
average cost of crude benefit of $1.24 per barrel compared to an average cost of
crude benefit of $1.01 per barrel in
2015. The average RINs cost effect on refinery operating margin was
$0.55 per barrel in 2016, compared to
$0.42 per barrel in 2015.
CONFERENCE CALL
Alon Partners has scheduled a conference call, which will be
broadcast live over the Internet on Friday, February 24, 2017,
at 10:00 a.m. Eastern Time
(9:00 a.m. Central Time), to discuss
the fourth quarter and year-end 2016 financial results. To access
the call, please dial 877-404-9648, or 412-902-0030 for
international callers, and ask for the Alon Partners call at least
10 minutes prior to the start time. Investors may also listen to
the conference live by logging on to the Alon Partners' website at
www.alonpartners.com. A telephonic replay of the conference call
will be available through March 3,
2017, and may be accessed by calling 877-660-6853, or
201-612-7415 for international callers, and using the passcode
13653001#. A webcast archive will also be available at
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. (NYSE: ALJ)
("Alon Energy"). 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 Central and West
Texas, Oklahoma,
New Mexico and Arizona through its integrated wholesale
distribution network to both Alon Energy's retail convenience
stores and other third-party distributors.
Contacts:
|
Stacey Morris,
Investor Relations Manager
Alon USA Partners GP,
LLC
972-367-3808
|
|
|
|
Investors: Jack
Lascar
Dennard § Lascar Associates, LLC
713-529-6600
Media: Blake
Lewis
Lewis Public Relations
214-635-3020
|
- Tables to follow -
ALON USA PARTNERS,
LP 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, 2015, AND INCOME STATEMENT DATA FOR THE
YEAR ENDED DECEMBER 31, 2015, IS UNAUDITED)
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
December 31,
|
|
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(dollars in
thousands, except per unit data, per barrel data and pricing
statistics)
|
STATEMENTS OF
OPERATIONS DATA:
|
|
|
|
|
|
Net sales
(1)
|
$
|
509,009
|
|
|
$
|
437,872
|
|
|
$
|
1,807,732
|
|
|
$
|
2,157,191
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
sales
|
453,944
|
|
|
369,896
|
|
|
1,588,219
|
|
|
1,767,291
|
|
Direct operating
expenses
|
23,914
|
|
|
27,092
|
|
|
97,338
|
|
|
98,929
|
|
Selling, general and
administrative expenses
|
7,719
|
|
|
7,699
|
|
|
31,983
|
|
|
32,353
|
|
Depreciation and
amortization
|
14,070
|
|
|
13,831
|
|
|
57,524
|
|
|
55,112
|
|
Total operating costs
and expenses
|
499,647
|
|
|
418,518
|
|
|
1,775,064
|
|
|
1,953,685
|
|
Operating
income
|
9,362
|
|
|
19,354
|
|
|
32,668
|
|
|
203,506
|
|
Interest
expense
|
(8,477)
|
|
|
(11,942)
|
|
|
(37,128)
|
|
|
(45,987)
|
|
Other income,
net
|
43
|
|
|
26
|
|
|
593
|
|
|
52
|
|
Income (loss) before
state income tax expense
|
928
|
|
|
7,438
|
|
|
(3,867)
|
|
|
157,571
|
|
State income tax
expense
|
44
|
|
|
192
|
|
|
537
|
|
|
672
|
|
Net income
(loss)
|
$
|
884
|
|
|
$
|
7,246
|
|
|
$
|
(4,404)
|
|
|
$
|
156,899
|
|
Earnings (loss) per
unit
|
$
|
0.01
|
|
|
$
|
0.12
|
|
|
$
|
(0.07)
|
|
|
$
|
2.51
|
|
Weighted average
common units outstanding (in thousands)
|
62,520
|
|
|
62,510
|
|
|
62,516
|
|
|
62,509
|
|
Cash distribution per
unit
|
$
|
0.15
|
|
|
$
|
0.98
|
|
|
$
|
0.37
|
|
|
$
|
3.43
|
|
CASH FLOW
DATA:
|
|
|
|
|
|
|
|
Net cash provided by
(used in):
|
|
|
|
|
|
|
|
Operating
activities
|
$
|
19,658
|
|
|
$
|
20,513
|
|
|
$
|
78,115
|
|
|
$
|
239,745
|
|
Investing
activities
|
(6,473)
|
|
|
(14,228)
|
|
|
(33,351)
|
|
|
(29,550)
|
|
Financing
activities
|
(143,424)
|
|
|
(8,610)
|
|
|
(104,193)
|
|
|
(183,567)
|
|
OTHER
DATA:
|
|
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
|
23,475
|
|
|
$
|
33,211
|
|
|
$
|
90,785
|
|
|
$
|
258,670
|
|
Cash available for
distribution (2)
|
6,991
|
|
|
5,019
|
|
|
|
|
|
Capital
expenditures
|
6,388
|
|
|
11,458
|
|
|
23,587
|
|
|
23,566
|
|
Capital expenditures
for turnarounds and catalysts
|
85
|
|
|
2,770
|
|
|
9,764
|
|
|
5,984
|
|
KEY OPERATING
STATISTICS:
|
|
|
|
|
|
|
|
Per barrel of
throughput:
|
|
|
|
|
|
|
|
Refinery operating
margin (3)
|
$
|
7.65
|
|
|
$
|
10.02
|
|
|
$
|
8.28
|
|
|
$
|
14.43
|
|
Refinery direct
operating expense (4)
|
3.39
|
|
|
3.88
|
|
|
3.73
|
|
|
3.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
December 31,
|
|
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(dollars in
thousands, except per unit data, per barrel data and pricing
statistics)
|
PRICING
STATISTICS:
|
|
|
|
|
|
|
|
Crack spreads (per
barrel):
|
|
|
|
|
|
|
|
Gulf Coast 3/2/1
(5)
|
$
|
12.83
|
|
|
$
|
10.90
|
|
|
$
|
12.64
|
|
|
$
|
17.02
|
|
WTI Cushing crude oil
(per barrel)
|
$
|
49.21
|
|
|
$
|
42.05
|
|
|
$
|
43.24
|
|
|
$
|
48.68
|
|
Crude oil
differentials (per barrel):
|
|
|
|
|
|
|
|
WTI Cushing less WTI
Midland (6)
|
$
|
0.25
|
|
|
$
|
(0.20)
|
|
|
$
|
0.15
|
|
|
$
|
0.39
|
|
WTI Cushing less WTS
(6)
|
1.33
|
|
|
(0.26)
|
|
|
0.73
|
|
|
(0.06)
|
|
Brent less WTI
Cushing (6)
|
(0.20)
|
|
|
1.35
|
|
|
0.21
|
|
|
3.54
|
|
Product price
(dollars per gallon):
|
|
|
|
|
|
|
|
Gulf Coast unleaded
gasoline
|
$
|
1.45
|
|
|
$
|
1.25
|
|
|
$
|
1.34
|
|
|
$
|
1.56
|
|
Gulf Coast ultra-low
sulfur diesel
|
1.52
|
|
|
1.29
|
|
|
1.32
|
|
|
1.58
|
|
Natural gas (per
MMBtu)
|
3.18
|
|
|
2.23
|
|
|
2.55
|
|
|
2.63
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
2016
|
|
2015
|
|
(dollars in
thousands)
|
BALANCE SHEET DATA
(end of period):
|
|
|
|
Cash and cash
equivalents
|
$
|
73,524
|
|
|
$
|
132,953
|
|
Working
capital
|
(73,563)
|
|
|
(53,804)
|
|
Total
assets
|
695,637
|
|
|
748,584
|
|
Total debt
|
236,319
|
|
|
292,082
|
|
Total debt less cash
and cash equivalents
|
162,795
|
|
|
159,129
|
|
Total partners'
equity
|
103,503
|
|
|
130,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THROUGHPUT AND
PRODUCTION DATA:
|
For the Three
Months Ended
December 31,
|
|
For the Year
Ended
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
Refinery
throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WTS crude
|
27,458
|
|
|
35.8
|
|
|
29,510
|
|
|
38.9
|
|
|
31,000
|
|
|
43.4
|
|
|
33,647
|
|
|
44.9
|
|
WTI crude
|
44,112
|
|
|
57.5
|
|
|
43,968
|
|
|
57.9
|
|
|
36,862
|
|
|
51.7
|
|
|
38,632
|
|
|
51.6
|
|
Blendstocks
|
5,084
|
|
|
6.7
|
|
|
2,447
|
|
|
3.2
|
|
|
3,501
|
|
|
4.9
|
|
|
2,627
|
|
|
3.5
|
|
Total refinery
throughput (7)
|
76,654
|
|
|
100.0
|
|
|
75,925
|
|
|
100.0
|
|
|
71,363
|
|
|
100.0
|
|
|
74,906
|
|
|
100.0
|
|
Refinery
production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
39,371
|
|
|
51.2
|
|
|
38,600
|
|
|
50.8
|
|
|
35,220
|
|
|
49.4
|
|
|
37,519
|
|
|
50.0
|
|
Diesel/jet
|
27,619
|
|
|
35.9
|
|
|
27,812
|
|
|
36.6
|
|
|
25,739
|
|
|
36.1
|
|
|
27,651
|
|
|
36.8
|
|
Asphalt
|
2,533
|
|
|
3.3
|
|
|
2,362
|
|
|
3.1
|
|
|
2,767
|
|
|
3.9
|
|
|
2,639
|
|
|
3.5
|
|
Petrochemicals
|
4,647
|
|
|
6.1
|
|
|
4,012
|
|
|
5.3
|
|
|
3,872
|
|
|
5.4
|
|
|
4,579
|
|
|
6.1
|
|
Other
|
2,714
|
|
|
3.5
|
|
|
3,176
|
|
|
4.2
|
|
|
3,740
|
|
|
5.2
|
|
|
2,678
|
|
|
3.6
|
|
Total refinery
production (8)
|
76,884
|
|
|
100.0
|
|
|
75,962
|
|
|
100.0
|
|
|
71,338
|
|
|
100.0
|
|
|
75,066
|
|
|
100.0
|
|
Refinery utilization
(9)
|
|
|
98.0
|
%
|
|
|
|
100.7
|
%
|
|
|
|
96.1
|
%
|
|
|
|
99.0
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes sales to
related parties of $84,786 and $77,058 for the three months ended
December 31, 2016 and 2015, respectively, and $307,497 and
$358,194 for the years ended December 31, 2016 and 2015,
respectively.
|
|
|
|
(2)
|
Adjusted EBITDA
represents earnings before state income tax expense, interest
expense and depreciation and amortization. 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 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 (loss) to Adjusted EBITDA for the three
months and years ended December 31, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
(dollars in
thousands)
|
|
|
Net income
(loss)
|
$
|
884
|
|
|
$
|
7,246
|
|
|
$
|
(4,404)
|
|
|
$
|
156,899
|
|
|
|
State income tax
expense
|
44
|
|
|
192
|
|
|
537
|
|
|
672
|
|
|
|
Interest
expense
|
8,477
|
|
|
11,942
|
|
|
37,128
|
|
|
45,987
|
|
|
|
Depreciation and
amortization
|
14,070
|
|
|
13,831
|
|
|
57,524
|
|
|
55,112
|
|
|
|
Adjusted
EBITDA
|
$
|
23,475
|
|
|
$
|
33,211
|
|
|
$
|
90,785
|
|
|
$
|
258,670
|
|
|
|
|
|
|
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, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
(dollars in
thousands)
|
|
Adjusted
EBITDA
|
$
|
23,475
|
|
|
$
|
33,211
|
|
|
less: Maintenance/growth capital
expenditures
|
6,388
|
|
|
11,458
|
|
|
less: Turnaround and catalyst replacement
capital expenditures
|
85
|
|
|
2,770
|
|
|
less: Major turnaround reserve for future
years
|
1,500
|
|
|
1,500
|
|
|
less: Principal payments
|
625
|
|
|
625
|
|
|
less: State income tax payments
|
44
|
|
|
377
|
|
|
less: Interest paid in cash
|
7,842
|
|
|
11,462
|
|
|
Cash
available for distribution
|
$
|
6,991
|
|
|
$
|
5,019
|
|
|
|
(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.
|
|
|
|
Refinery operating
margin for the three months and year ended December 31, 2016
excludes gains related to inventory adjustments of $1,137 and
$3,183, respectively. Refinery operating margin for the three
months and year ended December 31, 2015 excludes losses
related to inventory adjustments of $(1,983) and $(4,746),
respectively.
|
|
|
(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-2016-results-300412097.html
SOURCE Alon USA Partners,
LP