Western Refining Inc. (NYSE:WNR) reported a quarterly EPS loss of -$0.19, just half as much as its -$0.38 EPS loss in the fourth quarter of 2007. Excluding a one-time inventory write-down, the company’s EPS for the fourth quarter of 2008 was $0.49, above analysts’ estimates of $0.41. Revenue fell from $2.42 billion in the year-ago quarter to $1.66 billion, well below expectations of $2.16 billion.
Some good news shone through though. Refinery gross margins were up, year-over-year, from $5.73/barrel to $6.90/barrel. Total barrels for the quarter fell from about 229,000/day to 205,000/day. Diesel and jet fuel production fell by nearly 10,000 barrels/day compared with the 2007 fourth quarter.
Western’s CEO noted that refining margins were strong in the first two months of 2009 and the company expects “to have continued strong margins in our markets in the month of March as we move into the driving season.” Western also completed work at its Yorktown refinery that will allow it to process 100% heavy crude, typically a cheaper feedstock than light, sweet crude.
Shares closed about 2% lower yesterday.
Paul Ausick
March 6, 2009
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