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Actionable news in WNR: WESTERN REFINING Inc,

Western Refining Announces Second Quarter 2016 Results

  • EPS of $0.70 per diluted share; EPS, excluding special items, of $0.72 per diluted share
  • Strong demand drove same store Southwest retail fuel volumes up 7% compared to Q2 2015
  • Completed the acquisition of Northern Tier

EL PASO, Texas, Aug. 02, 2016 (GLOBE NEWSWIRE) -- Western Refining, Inc. (WNR) today reported second quarter 2016 net income attributable to Western of $65.4 million, or $0.70 per diluted share, as compared to net income attributable to Western of $133.9 million, or $1.40 per diluted share for the second quarter of 2015. Net income attributable to Western, excluding special items, was $66.5 million, or $0.72 per diluted share. This compares to second quarter 2015 net income, excluding special items, of $138.0 million, or $1.44 per diluted share. A reconciliation of reported earnings and description of special items can be found in the accompanying financial tables.

Jeff Stevens, Western's Chief Executive Officer, said, "This was a milestone quarter as we completed the Northern Tier transaction and began operating our combined assets as one team. All three refineries ran well during the quarter, retail fuel volumes were strong compared to Q2 2015 and we did a good job managing our expenses. Also, through our integrated retail and wholesale marketing supply system, we were able to mitigate our RIN expenses during a time that RINs increased in cost."

Western paid a dividend of $0.38 per share of common stock to shareholders in the second quarter. In July, Western's Board of Directors also approved a $0.38 per share dividend for the third quarter. Including the third quarter dividend, Western will have returned approximately $186 million to shareholders through dividends and share repurchases in 2016.

Looking forward, Stevens said, "The third quarter has started off well as gasoline demand remains good. Canadian and Bakken...