Western Refining Reports Third Quarter 2009 Financial Results
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Announces Actions to Optimize Assets and Reduce Costs by Approximately $50 Million Annually
EL PASO, Texas--(BUSINESS WIRE)-- Western Refining, Inc. (NYSE: WNR) today reported a net loss of $4.8 million, or $0.05 per diluted share, for the third quarter of 2009. The Company's net income was $109.2 million, or $1.60 per diluted share, for the same period in 2008.
The year-over-year decline in net income was primarily due to lower refined product margins driven by weakness in finished product prices relative to crude and feedstock costs. In addition, heavy and sour crude differentials remained tight which negatively impacted margins at the Yorktown refinery and, to a lesser extent, at the El Paso refinery. Yorktown also experienced lower coking margins.
In the quarter, Western generated cash flow from operations of approximately $28.0 million, and year-to-date has generated cash flow from operations of $148.6 million. The Company had no cash borrowings outstanding under its revolving credit facility as of September 30, 2009.
Paul Foster, Western's Chief Executive Officer, said, "Refining margins were depressed during the third quarter, historically a strong quarter for refiners, primarily due to the prolonged economic slowdown. Overall, margins declined substantially in the latter part of the quarter. However, we are pleased that fuel volumes and margins remained stable in our wholesale operations and that our retail unit had a strong quarter despite the challenging marketplace."
After a thorough evaluation of its Four Corners assets, Western has decided to consolidate the operations of its two Four Corners refineries into one at the Gallup refinery. This consolidation will eliminate certain operating costs of approximately $25 million per year beginning in the first quarter of 2010 while maintaining the capability to process the same volumes of crude that have been recently processed at both Bloomfield and Gallup combined.
Western will continue to operate the Bloomfield products terminal and will supply the Four Corners with refined products by utilizing new pipeline connection and exchange supply agreements. The Company will also maintain its marketing assets, and through the long-term exchange agreement, will supply barrels to Bloomfield in exchange for barrels produced at the El Paso refinery. The Company is evaluating alternative uses for the Bloomfield refinery including the possibility of biofuels production.
As a result of the refinery consolidation, Western expects to take pre-tax charges against earnings in the fourth quarter of approximately $55-$65 million, the majority of which will be non-cash. These charges are primarily related to asset impairment and idling costs.
"The decision to idle the Bloomfield refinery was a difficult, but necessary decision to ensure that Western remains well positioned for the future, despite the weak industry dynamics. Western appreciates the dedication of our employees and is committed to treating them fairly and with respect as we work through this transition," Foster continued.
In addition to the refinery consolidation, the Company has also identified a number of additional cost savings initiatives that will generate approximately $25 million in annualized savings. The majority of these actions are in the early stages of implementation and will be fully realized beginning in the first quarter of 2010.
In conclusion, Foster stated, "The market is certainly challenging, but we are continuing to take decisive actions to ensure we are running our operations in a reliable and cost effective manner which we believe will allow us to be profitable over the long run in a variety of market conditions."
Conference Call Information
A conference call is scheduled for November 9, 2009, at 4:00 p.m. ET to discuss Western's financial results. The call can be accessed at Western's website, www.wnr.com. The call can also be heard by dialing (888) 679-8037, passcode: 80237517. The audio replay will be available through November 16, 2009, by dialing (888) 286-8010, passcode: 77731622.
A copy of this press release, together with the reconciliations of certain non-GAAP financial measures contained herein, can be accessed on the investor relations menu on Western's website, www.wnr.com.
Non-GAAP Financial Measures
In a number of places in the press release, we have excluded the impact of the goodwill impairment loss on our results from operations for the second quarter of 2009. We have excluded this loss in order to analyze changes in our business from period to period, since the impairment loss is a non-recurring and non-cash loss.
About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western has a refinery in El Paso, two refineries in the Four Corners region of northern New Mexico and a refinery in Yorktown, Virginia. Western's asset portfolio also includes refined products terminals in Albuquerque, New Mexico and Flagstaff, Arizona, asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque and El Paso, retail service stations and convenience stores in Arizona, Colorado and New Mexico, a fleet of crude oil and finished product truck transports, and wholesale petroleum products operations in Arizona, California, Colorado, Nevada, New Mexico, Texas and Utah. More information about the Company is available at www.wnr.com.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements. The forward-looking statements contained herein include statements about, expected cost savings and pre-tax charges from operational initiatives the Company is pursuing in its Bloomfield refinery, other cost savings initiatives the Company is pursuing, and our expectations regarding its future profitability. These statements are subject to the general risks inherent in our business and reflect our current expectations regarding these matters. 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, Western's business and operations involve numerous risks and uncertainties, many of which are beyond Western's control, which could result in Western's expectations not being realized or otherwise materially affect Western's financial condition, results of operations and cash flows. For additional information relating to the uncertainties affecting Western's business you are referred to our filings with the Securities and Exchange Commission. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.
Consolidated
The following tables set forth our summary of historical financial and operating data for the periods indicated:
Three Months Ended September Nine Months Ended September
30, 30,
2009 2008 2009 2008
(In thousands, except per share data)
Statement of
Operations
Data:
Net sales $ 1,896,273 $ 3,165,308 $ 4,848,016 $ 9,068,842
Operating
costs and
expenses:
Cost of
products sold
(exclusive of
1,698,673 2,790,475 4,102,359 8,297,385
depreciation
and
amortization)
Direct
operating
expenses
(exclusive
116,717 133,206 374,195 399,503
of
depreciation
and
amortization)
Selling,
general and
administrative 23,725 32,449 85,903 90,000
expenses
Goodwill
impairment -- -- 299,552 --
loss
Maintenance
turnaround 1,031 528 4,353 1,738
expense
Depreciation
and 34,725 29,218 109,382 82,567
amortization
Total
operating
costs and 1,874,871 2,985,876 4,975,744 8,871,193
expenses
Operating 21,402 179,432 (127,728 ) 197,649
income (loss)
Other income
(expense):
Interest 17 478 197 1,430
income
Interest (33,024 ) (31,153 ) (88,047 ) (69,838 )
expense
Amortization (1,795 ) (1,553 ) (4,832 ) (3,234 )
of loan fees
Write-off of
unamortized -- -- (9,047 ) (10,890 )
loan fees
Gain (loss)
from (726 ) 6,022 (13,251 ) (7,826 )
derivative
activities
Other income (39 ) 422 4,594 1,356
(expense)
Income (loss)
before income (14,165 ) 153,648 (238,114 ) 108,647
taxes
Provision for 9,383 (44,411 ) (15,057 ) (31,621 )
income taxes
Net income $ (4,782 ) $ 109,237 $ (253,171 ) $ 77,026
(loss)
Basic earnings
(loss) per $ (0.05 ) $ 1.60 $ (3.29 ) $ 1.13
share
Dilutive
earnings $ (0.05 ) $ 1.60 $ (3.29 ) $ 1.13
(loss) per
share
Weighted
average basic 87,973 67,760 76,191 67,696
shares
outstanding
Weighted
average
dilutive 87,973 67,760 76,191 67,752
shares
outstanding
Cash dividends
declared per $ -- $ -- $ -- $ 0.06
share
Cash Flow
Data:
Net cash
provided by
(used in):
Operating $ 28,018 $ 133,859 $ 148,553 $ 170,110
activities
Investing (24,026 ) (39,135 ) (93,367 ) (155,702 )
activities
Financing (5,408 ) (41,118 ) (69,964 ) (131,478 )
activities
Other Data:
Adjusted $ 44,714 $ 216,100 $ 216,094 $ 276,914
EBITDA (1)
Capital 24,034 39,368 93,762 156,160
expenditures
Balance Sheet
Data (end of
period):
Cash and cash $ 65,039 $ 172,495
equivalents
Working 316,166 511,159
capital
Total assets 2,918,468 3,474,801
Total debt 1,067,025 1,483,750
Stockholders' 783,462 834,539
equity
__________
(1) Adjusted EBITDA represents earnings before interest expense, income tax expense, amortization of loan fees, depreciation, amortization, maintenance turnaround expense, LCM inventory reserve adjustment and goodwill impairment loss. However, Adjusted EBITDA is not a recognized measurement under GAAP. 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 financings, income taxes, the accounting effects of significant turnaround activities (which many of our competitors capitalize and thereby exclude from their measures of EBITDA), acquisitions, and certain non-cash charges, 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 significant turnaround activities, 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 the Adjusted EBITDA
calculations of other companies in our industry, thereby 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 periods presented:
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
(In thousands) (In thousands)
Net income (loss) $ (4,782 ) $ 109,237 $ (253,171 ) $ 77,026
Interest expense 33,024 31,153 88,047 69,838
Provision for income taxes (9,383 ) 44,411 15,057 31,621
Depreciation and amortization 34,725 29,218 109,382 82,567
Amortization of loan fees 1,795 1,553 4,832 3,234
Write-off of unamortized loan -- -- 9,047 10,890
fees
Maintenance turnaround expense 1,031 528 4,353 1,738
Net change in LCM reserve (11,696 ) -- (61,005 ) --
Non-cash goodwill impairment -- -- 299,552 --
loss
Adjusted EBITDA $ 44,714 $ 216,100 $ 216,094 $ 276,914
Refining Segment
The following table presents the segment financial data for our refining group, including other revenues and expenses not specific to a particular refinery:
Three Months Ended September Nine Months Ended September 30,
30,
2009 2008 2009 2008
(In thousands, except per barrel data)
Net sales
(including
intersegment $ 1,834,130 $ 3,089,723 $ 4,645,709 $ 8,904,717
sales)
Operating costs
and expenses:
Cost of
products sold
(exclusive of
1,684,725 2,770,540 4,033,681 8,270,707
depreciation
and
amortization)
(1)
Direct
operating
expenses
(exclusive 88,042 102,278 288,677 314,162
of depreciation
and
amortization)
Selling,
general and
administrative 8,470 11,266 28,247 29,019
expenses
Goodwill -- -- 230,712 --
impairment loss
Maintenance
turnaround 1,031 528 4,353 1,738
expense
Depreciation
and 29,686 24,330 94,162 69,913
amortization
Total operating
costs and 1,811,954 2,908,942 4,679,832 8,685,539
expenses
Operating $ 22,176 $ 180,781 $ (34,123 ) $ 219,178
income (loss)
Key Operating
Statistics:
Total sales
volume (bpd) 265,544 256,488 256,830 263,521
(2)
Total refinery
production 220,453 229,412 219,435 232,608
(bpd)
Total refinery
throughput 223,129 230,814 221,232 234,207
(bpd) (3)
Per barrel of
throughput:
Refinery gross $ 7.28 $ 15.03 $ 10.13 $ 9.88
margin (1)(4)
Gross profit 5.83 13.89 8.57 8.79
(4)
Direct
operating 4.29 4.82 4.78 4.90
expenses (5)
___________
(1) Includes a net change in the LCM reserve to value our Yorktown inventories to net realizable market values, which decreased cost of products sold and increased refinery gross margin by $11.7 million and $61.0 million, for the three and nine months ended September 30, 2009, respectively.
(2) Includes sales of refined products sourced from our refinery production as well as refined products purchased from third parties.
(3) Total refinery throughput includes crude oil, other feedstocks, and blendstocks.
(4) Refinery gross margin is a per barrel measurement calculated by dividing the difference between net sales and cost of products sold by our refineries' total throughput volumes for the respective periods presented. We have experienced gains or losses from derivative activities that are not taken into account in calculating refinery gross margin. Cost of products sold does not include any depreciation or amortization. Refinery gross margin is a non-GAAP performance measure that we believe is important to investors in evaluating our refinery performance as a general indication of the amount above our cost of products that we are able to sell refined products. Each of the components used in this calculation (net sales and cost of products sold) can be reconciled directly to our statement of operations. Our calculation of refinery gross margin may differ from similar calculations of other companies in our industry, thereby limiting its usefulness as a comparative measure.
The following tables reconcile gross profit to refinery gross margin for the periods presented:
Three Months Ended September Nine Months Ended September 30,
30,
2009 2008 2009 2008
(In thousands, except per barrel data)
Net sales $ 1,834,130 $ 3,089,723 $ 4,645,709 $ 8,904,717
Cost of
products sold
(exclusive of
1,684,725 2,770,540 4,033,681 8,270,707
depreciation
and
amortization)
Depreciation
and 29,686 24,330 94,162 69,913
amortization
Gross profit 119,719 294,853 517,866 564,097
Plus
depreciation 29,686 24,330 94,162 69,913
and
amortization
Refinery gross $ 149,405 $ 319,183 $ 612,028 $ 634,010
margin
Refinery gross
margin per
refinery $ 7.28 $ 15.03 $ 10.13 $ 9.88
throughput
barrel
Gross profit
per refinery
$ 5.83 $ 13.89 $ 8.57 $ 8.79
throughput
barrel
(5) Refinery direct operating expenses per throughput barrel is calculated by dividing direct operating expenses by total throughput volumes for the respective periods presented. Direct operating expenses do not include any depreciation or amortization.
The following tables set forth our summary refining throughput and production data for the periods presented below:
All Refineries
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Key Operating Statistics:
Refinery product yields (bpd)
Gasoline 115,536 112,733 114,771 117,522
Diesel and jet fuel 83,954 93,420 82,538 92,268
Residuum 5,458 6,255 5,672 5,887
Other 9,778 9,579 9,956 10,139
Liquid products 214,726 221,987 212,937 225,816
By-products (coke) 5,727 7,425 6,498 6,792
Total refinery production (bpd) 220,453 229,412 219,435 232,608
Refinery throughput (bpd)
Sweet crude oil 128,535 142,822 127,944 152,668
Sour or heavy crude oil 73,031 69,210 69,569 62,016
Other feedstocks/blendstocks 21,563 18,782 23,719 19,523
Total refinery throughput (bpd) 223,129 230,814 221,232 234,207
El Paso Refinery
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Key Operating Statistics:
Refinery product yields (bpd)
Gasoline 64,852 64,018 65,737 65,189
Diesel and jet fuel 54,236 56,226 50,853 54,894
Residuum 5,458 6,255 5,672 5,887
Other 3,290 3,615 3,382 3,828
Total refinery production (bpd) 127,836 130,114 125,644 129,798
Refinery throughput (bpd)
Sweet crude oil 103,122 104,845 102,373 103,768
Sour crude oil 19,969 18,487 15,985 17,497
Other feedstocks/blendstocks 7,051 9,235 9,431 10,530
Total refinery throughput (bpd) 130,142 132,567 127,789 131,795
Total sales volume (bpd) 150,823 137,632 143,905 141,988
Per barrel of throughput:
Refinery gross margin $ 8.05 $ 13.03 $ 10.29 $ 9.77
Direct operating expenses 3.01 3.82 3.51 3.93
Yorktown Refinery
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Key Operating Statistics:
Refinery product yields (bpd)
Gasoline 31,664 29,919 31,367 31,893
Diesel and jet fuel 22,101 28,525 23,982 28,266
Other 5,407 4,940 5,490 5,134
Liquid products 59,172 63,384 60,839 65,293
By-products (coke) 5,727 7,425 6,498 6,792
Total refinery production (bpd) 64,899 70,809 67,337 72,085
Refinery throughput (bpd)
Sweet crude oil -- 9,813 9 19,603
Sour or heavy crude oil 53,062 50,723 53,584 44,519
Other feedstocks/blendstocks 11,476 7,946 12,592 6,353
Total refinery throughput (bpd) 64,538 68,482 66,185 70,475
Total sales volume (bpd) 77,010 79,501 76,048 77,444
Per barrel of throughput:
Refinery gross margin $ 2.67 $ 14.91 $ 7.32 $ 7.95
Direct operating expenses 4.98 4.72 5.20 4.64
___________
(1) Includes a net change in the LCM reserve to value our Yorktown inventories to net realizable market values, which increased refinery gross margin by $1.97 and $3.38 per throughput barrel for the three and nine months ended September 30, 2009, respectively.
Four Corners Refineries
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Key Operating Statistics:
Refinery product yields (bpd)
Gasoline 19,020 18,796 17,667 20,440
Diesel and jet fuel 7,617 8,669 7,703 9,108
Other 1,081 1,024 1,084 1,177
Total refinery production (bpd) 27,718 28,489 26,454 30,725
Refinery throughput (bpd)
Sweet crude oil 25,413 28,164 25,562 29,297
Other feedstocks/blendstocks 3,036 1,601 1,696 2,640
Total refinery throughput (bpd) 28,449 29,765 27,258 31,937
Total sales volume (bpd) 37,711 39,355 36,877 44,089
Per barrel of throughput:
Refinery gross margin $ 14.04 $ 23.02 $ 16.11 $ 12.68
Direct operating expenses 7.64 7.84 8.56 8.15
Retail Segment
Three Months Ended September Nine Months Ended September
30, 30,
2009 2008 2009 2008
(In thousands, except per gallon data)
Statement of
Operations
Data:
Net sales
(including $ 176,708 $ 245,951 $ 466,445 $ 674,805
intersegment
sales)
Operating costs
and expenses:
Cost of
products sold
(exclusive of
148,723 219,047 392,330 606,163
depreciation
and
amortization)
Direct
operating
expenses
(exclusive 17,273 17,146 49,598 49,687
of depreciation
and
amortization)
Selling,
general and
administrative 1,545 1,271 4,762 3,962
expenses
Goodwill -- -- 27,610 --
impairment loss
Depreciation
and 2,415 2,172 7,298 6,182
amortization
Total operating
costs and 169,956 239,636 481,598 665,994
expenses
Operating $ 6,752 $ 6,315 $ (15,153 ) $ 8,811
income (loss)
Operating Data:
Fuel gallons
sold (in 53,708 53,606 155,216 158,079
thousands)
Fuel margin per $ 0.23 $ 0.22 $ 0.19 $ 0.16
gallon (1)
Merchandise
sales (in $ 51,129 $ 50,141 $ 144,339 $ 140,176
thousands)
Merchandise 28.4 % 27.4 % 28.4 % 27.6 %
margin (2)
Operating
retail outlets 152 154
at period end
Three Months Ended September Nine Months Ended September
30, 30,
2009 2008 2009 2008
(In thousands, except per gallon data)
Net Sales:
Fuel sales $ 139,028 $ 207,519 $ 357,542 $ 566,862
Excise taxes
included in (19,405 ) (17,567 ) (53,649 ) (50,901 )
fuel revenues
Merchandise 51,129 50,141 144,339 140,176
sales
Other sales 5,956 5,858 18,213 18,668
Net sales $ 176,708 $ 245,951 $ 466,445 $ 674,805
Cost of
Products Sold:
Fuel cost of $ 126,841 $ 195,635 $ 328,384 $ 540,941
products sold
Excise taxes
included in
fuel cost of (19,405 ) (17,567 ) (53,649 ) (50,901 )
products sold
Merchandise
cost of 36,622 36,421 103,400 101,468
products sold
Other cost of 4,665 4,558 14,195 14,655
products sold
Cost of $ 148,723 $ 219,047 $ 392,330 $ 606,163
products sold
Fuel margin per $ 0.23 $ 0.22 $ 0.19 $ 0.16
gallon (1)
___________
(1) Fuel margin per gallon is a measurement calculated by dividing the difference between fuel sales and cost of fuel sales for our retail segment by the number of gallons sold.
(2) Merchandise margin is a measurement calculated by dividing the difference between merchandise sales and merchandise cost of products sold by merchandise sales. Merchandise margin is a measure frequently used in the convenience store industry to measure operating results related to merchandise sales.
Wholesale
Segment
Three Months Ended September Nine Months Ended September
30, 30,
2009 2008 2009 2008
(In thousands, except per gallon data)
Statement of
Operations
Data:
Net sales
(including $ 469,142 $ 702,755 $ 1,186,466 $ 1,892,176
intersegment)
Operating
costs and
expenses:
Cost of
products sold
(exclusive of
447,543 670,971 1,122,719 1,808,869
depreciation
and
amortization)
Direct
operating
expenses
(exclusive
12,791 16,840 40,153 50,156
of
depreciation
and
amortization)
Selling,
general and
administrative 3,734 4,826 12,634 14,395
expenses
Goodwill
impairment -- -- 41,230 --
loss
Depreciation
and 1,394 1,310 4,205 4,074
amortization
Total
operating
costs and 465,462 693,947 1,220,941 1,877,494
expenses
Operating $ 3,680 $ 8,808 $ (34,475 ) $ 14,682
income (loss)
Operating
Data:
Fuel gallons
sold (in 213,590 187,047 611,514 534,334
thousands)
Fuel margin $ 0.07 $ 0.09 $ 0.07 $ 0.08
per gallon (1)
Lubricant
sales (in $ 26,665 $ 43,784 $ 86,801 $ 123,716
thousands)
Lubricant 10.0 % 15.0 % 8.9 % 12.8 %
margin (2)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
(In thousands, except per gallon data)
Net Sales:
Fuel sales $ 493,017 $ 698,226 $ 1,244,117 $ 1,883,601
Excise taxes included in (57,415 ) (48,433 ) (165,579 ) (147,299 )
fuel sales
Lubricant sales 26,665 43,784 86,801 123,716
Other sales 6,875 9,178 21,127 32,158
Net sales $ 469,142 $ 702,755 $ 1,186,466 $ 1,892,176
Cost of Products Sold:
Fuel cost of products $ 477,838 $ 680,470 $ 1,200,856 $ 1,841,257
sold
Excise taxes included in (57,415 ) (48,433 ) (165,579 ) (147,299 )
fuel sales
Lubricant cost of 23,997 37,197 79,071 107,860
products sold
Other cost of products 3,123 1,737 8,371 7,051
sold
Cost of products sold $ 447,543 $ 670,971 $ 1,122,719 $ 1,808,869
Fuel margin per gallon $ 0.07 $ 0.09 $ 0.07 $ 0.08
(1)
___________
(1) Fuel margin per gallon is a measurement calculated by dividing the difference between fuel sales and cost of fuel sales for our wholesale segment by the number of gallons sold.
(2) Lubricant margin is a measurement calculated by dividing the difference between lubricant sales and lubricant cost of products sold by lubricant sales. Lubricant margin is a measure frequently used in the petroleum products wholesale industry to measure operating results related to lubricant sales.
Source: Western Refining, Inc.
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