Western Refining Logistics, LP (NYSE:WNRL) today reported second
quarter 2017 net income attributable to limited partners of
$18.7 million, or $0.24 per common limited partner unit, which
compares to $17.9 million and $0.33, respectively, in the
second quarter 2016. Second quarter 2017 EBITDA was
$34.8 million and distributable cash flow was
$26.4 million; this compares to $31.8 million and
$25.1 million, respectively, for the second quarter 2016.
"WNRL had another successful quarter as we saw
increases in net income, EBITDA, and distributable cash flow
resulting in our 14th consecutive quarter of distribution
growth. These results were driven primarily by increases in
crude oil movements in the Delaware Basin and the recent
acquisition of the St. Paul Park logistics assets," said Doug
Johnson, President of WNRL. "Our Wholesale fuel business also
had a good quarter due to strong margins and we saw strong growth
in our crude oil and asphalt trucking volumes in the Delaware."
On July 25, 2017, the board of directors
declared a quarterly cash distribution for the second quarter 2017
of $0.4675 per unit, or $1.87 per unit on an annualized basis. This
distribution represents a 15% compound annual growth rate since
WNRL's October 2013 initial public offering.
Johnson concluded, “We continue to see rig
activity and crude oil production growth in the Delaware Basin and
believe WNRL is well-positioned to fully leverage its logistics
assets.”
About Western Refining Logistics,
LP
Western Refining Logistics, LP is a growth-oriented master
limited partnership formed to own, operate, develop and acquire
terminals, storage tanks, pipelines and other logistics assets
related to the terminalling, transportation and storage of crude
oil and refined products. Headquartered in El Paso, Texas, Western
Refining Logistics, LP's assets include approximately 705 miles of
pipelines, approximately 12.4 million barrels of active
storage capacity, distribution of wholesale petroleum products and
crude oil and asphalt trucking.
More information about Western Refining Logistics, LP is
available at www.wnrl.com.
Non-GAAP Financial Measures
In addition to our financial information presented in accordance
with U.S. generally accepted accounting principles (GAAP),
management utilizes non-GAAP measures to facilitate comparisons of
past performance. This press release and supporting schedules
include the non-GAAP measures Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA) and Distributable Cash Flow.
We believe certain investors and financial analysts use EBITDA and
Distributable Cash Flow to evaluate WNRL’s financial performance
and liquidity between periods and to compare WNRL's performance to
certain competitors. We believe certain investors and financial
analysts use Distributable Cash Flow to determine the amount of
cash available for distribution to our unitholders. These
additional financial measures are reconciled from the most directly
comparable measures as reported in accordance with GAAP and should
be viewed in addition to, and not in lieu of, financial information
that we report in accordance with GAAP.
Cautionary Statement on Forward-Looking
Statements
This press release contains forward-looking statements. The
forward-looking statements reflect WNRL’s current expectation
regarding future events, results or outcomes. The forward-looking
statements contained herein include statements related to, among
other things: the continued growth of Delaware Basin rig activity
and crude oil production; WNRL’s ability to increase net income,
EBITDA and distributions; increases in crude oil production; WNRL’s
ability to fully leverage its logistics assets; and the
consideration and discussion of a merger, consolidation or
combination of assets held by and securities issued by WNRL with
Andeavor Logistics LP, formerly known as Tesoro Logistics LP.
These statements are subject to the general risks inherent in
WNRL’s business. These expectations may or may not be realized and
some of these expectations may be based upon assumptions or
judgments that prove to be incorrect. In addition, WNRL’s business
and operations involve numerous risks and uncertainties, many of
which are beyond its control, which could result in WNRL’s
expectations not being realized, or otherwise materially affect
WNRL’s financial condition, results of operations, and cash flows.
Additional information relating to the uncertainties affecting
WNRL’s business is contained in its filings with the Securities and
Exchange Commission to which you are referred. The forward-looking
statements are only as of the date made. Except as required by law,
WNRL 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.
Potential Merger and IDR
Buy-In
During the second quarter, Andeavor (NYSE:
ANDV), formerly known as Tesoro Corporation, indicated it had
authorized management to work with the board of directors and
management of Andeavor Logistics (NYSE: ANDX) to consider and begin
to negotiate a merger of Andeavor Logistics and WNRL. In addition,
Andeavor has indicated it has authorized their management to work
with the board of directors and management of Andeavor Logistics to
consider changes to the capital structure of Andeavor Logistics
with respect to the incentive distribution rights ("IDRs").
Management believes it will be able to complete
negotiations and announce the transactions during the third quarter
of 2017.
Forward Looking Statements
This communication contains certain statements that are
“forward-looking” statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act
of 1934. Words such as “may,” “will,” “could,” “anticipate,”
“estimate,” “expect,” “predict,” “project,” “future,” “potential,”
“intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,”
“focus,” “create,” “work” “continue” or the negative of such terms
or other variations thereof and words and terms of similar
substance used in connection with any discussion of future plans,
actions, or events identify forward-looking statements. These
forward-looking statements include, but are not limited to,
statements regarding the proposed acquisition by Andeavor Logistics
LP (“ANDX”) of WNRL, synergies and the shareholder value to result
from the combined company, and the proposed buy-in of ANDX’s
incentive distribution rights by Andeavor (“ANDV”) in exchange for
common units of ANDX. There are a number of risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements included in this communication. For
example, the negotiation and execution, and the terms and
conditions, of definitive agreements relating to the proposed
transactions and the ability of ANDX, WNRL and/or ANDV, as
applicable, to enter into or consummate such agreements, the risk
that the proposed transactions do not occur, expected timing and
likelihood of completion of the proposed transactions, including
the timing, receipt and terms and conditions of any required
governmental and regulatory approvals of the proposed acquisition
that could reduce anticipated benefits or cause the parties to
abandon the transactions, the ability to successfully integrate the
businesses, the occurrence of any event, change or other
circumstances that could cause the parties to abandon the
transactions, risks related to disruption of management time from
ongoing business operations due to the proposed transactions, the
risk that any announcements relating to the proposed transactions
could have adverse effects on the market price of ANDX’s common
units, WNRL’s common units or ANDV’s common stock, the risk that
the proposed transaction and its announcement could have an adverse
effect on the ability of ANDX, WNRL and ANDV to retain customers
and retain and hire key personnel and maintain relationships with
their suppliers and customers and on their operating results and
businesses generally, the risk that problems may arise in
successfully integrating the businesses of the companies, which may
result in the combined company not operating as effectively and
efficiently as expected, the risk that the combined company may be
unable to achieve cost-cutting synergies or it may take longer than
expected to achieve those synergies, the risk that the combined
company may not buy back shares, the risk of the amount of any
future dividend ANDX may pay, and other factors. All such factors
are difficult to predict and are beyond ANDX’s, WNRL’s or ANDV’s
control, including those detailed in ANDX’s annual reports on Form
10-K, quarterly reports on Form 10-Q and current reports on Form
8-K that are available on ANDX’s website at
http://andeavorlogistics.com/ and on the SEC’s website at
http://www.sec.gov, those detailed in WNRL’s annual reports on Form
10-K, quarterly reports on Form 10-Q and current reports on Form
8-K that are available on WNRL’s website at http://www.wnrl.com and
on the SEC website at http://www.sec.gov, and those detailed in
ANDV’s website at http://www.andeavor.com and on the SEC website at
http://www.sec.gov. ANDX’s, WNRL’s and ANDV’s forward-looking
statements are based on assumptions that ANDX, WNRL and ANDV
believe to be reasonable but that may not prove to be accurate.
ANDX, WNRL and ANDV undertake no obligation to publicly release the
result of any revisions to any such forward-looking statements that
may be made to reflect events or circumstances that occur, or which
we become aware of, except as required by applicable law or
regulation. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof.
No Offer or Solicitation
This communication relates to a proposed
business combination between WNRL and ANDX and the proposed
transaction between ANDX and ANDV. This communication is for
informational purposes only and is neither an offer to purchase,
nor a solicitation of an offer to sell, any securities in any
jurisdiction pursuant to the proposed transactions or otherwise,
nor shall there be any sale, issuance or transfer or securities in
any jurisdiction in contravention of applicable law. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
Additional Information and Where to Find It
In the event that the parties enter into definitive agreements
with respect to the proposed transactions, ANDX and WNRL intend to
file a registration statement on Form S-4, containing a consent
statement/prospectus (the “S-4”) with the SEC. This communication
is not a substitute for the registration statement, definitive
consent statement/prospectus or any other documents that ANDX, WNRL
or ANDV may file with the SEC or send to unitholders in connection
with the proposed transaction. UNITHOLDERS OF ANDX AND WNRL AND
SHAREHOLDERS OF ANDV ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED
WITH THE SEC, INCLUDING THE FORM S-4 AND THE DEFINITIVE CONSENT
STATEMENT/PROSPECTUS INCLUDED THEREIN IF AND WHEN FILED, AND ANY
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. When
available, investors and security holders will be able to obtain
copies of these documents, including the consent
statement/prospectus, and any other documents that may be filed
with the SEC in the event that the parties enter into definitive
agreements with respect to the proposed transactions free of charge
at the SEC’s website, http://www.sec.gov. Copies of documents filed
with the SEC by ANDX will be made available free of charge on
ANDX’s website at http://andeavorlogistics.com/ or by contacting
ANDX’s Investor Relations Department by phone at 1-800-837-6768.
Copies of documents filed with the SEC by WNRL will be made
available free of charge on WNRL’s website at http://www.wnrl.com
or by contacting WNRL’s Investor Relations Department by phone at
1-800-837-6768. Copies of documents filed with the SEC by ANDV will
be made available free of charge on ANDV’s website at
http://www.andeavor.com or by contacting ANDV’s Investor Relations
Department by phone at 1-800-837-6768.
Results of Operations
The following tables set forth WNRL's summary historical
financial and operating data for the periods indicated below:
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(In thousands, except per unit
data) |
Revenues: |
|
|
|
|
|
|
|
Fee
based: |
|
|
|
|
|
|
|
Affiliate |
$ |
67,783 |
|
|
$ |
53,965 |
|
|
$ |
133,260 |
|
|
$ |
105,893 |
|
Third-party |
703 |
|
|
677 |
|
|
1,322 |
|
|
1,367 |
|
Sales
based: |
|
|
|
|
|
|
|
Affiliate |
139,770 |
|
|
126,525 |
|
|
264,837 |
|
|
224,054 |
|
Third-party |
419,253 |
|
|
397,435 |
|
|
832,782 |
|
|
715,327 |
|
Total
revenues |
627,509 |
|
|
578,602 |
|
|
1,232,201 |
|
|
1,046,641 |
|
Operating costs
and expenses: |
|
|
|
|
|
|
|
Cost of
products sold: |
|
|
|
|
|
|
|
Affiliate |
137,150 |
|
|
123,870 |
|
|
259,849 |
|
|
219,019 |
|
Third-party |
403,180 |
|
|
380,386 |
|
|
797,780 |
|
|
680,827 |
|
Operating
and maintenance expenses |
47,269 |
|
|
42,991 |
|
|
92,116 |
|
|
87,649 |
|
Selling,
general and administrative expenses |
8,023 |
|
|
6,007 |
|
|
14,766 |
|
|
11,371 |
|
Gain on
disposal of assets, net |
(2,936 |
) |
|
(802 |
) |
|
(3,227 |
) |
|
(901 |
) |
Depreciation and amortization |
9,784 |
|
|
9,553 |
|
|
19,516 |
|
|
18,891 |
|
Total
operating costs and expenses |
602,470 |
|
|
562,005 |
|
|
1,180,800 |
|
|
1,016,856 |
|
Operating
income |
25,039 |
|
|
16,597 |
|
|
51,401 |
|
|
29,785 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest
and debt expense |
(6,576 |
) |
|
(6,414 |
) |
|
(13,184 |
) |
|
(13,466 |
) |
Other
income (expense), net |
15 |
|
|
14 |
|
|
37 |
|
|
(104 |
) |
Net
income before income taxes |
18,478 |
|
|
10,197 |
|
|
38,254 |
|
|
16,215 |
|
Benefit
(provision) for income taxes |
250 |
|
|
(217 |
) |
|
360 |
|
|
(478 |
) |
Net
income |
18,728 |
|
|
9,980 |
|
|
38,614 |
|
|
15,737 |
|
Less net
loss attributable to General Partner |
— |
|
|
(7,894 |
) |
|
— |
|
|
(16,144 |
) |
Net
income attributable to limited partners |
$ |
18,728 |
|
|
$ |
17,874 |
|
|
$ |
38,614 |
|
|
$ |
31,881 |
|
|
|
|
|
|
|
|
|
Net income per limited
partner unit: |
|
|
|
|
|
|
|
Common -
basic |
$ |
0.24 |
|
|
$ |
0.33 |
|
|
$ |
0.52 |
|
|
$ |
0.61 |
|
Common -
diluted |
0.24 |
|
|
0.33 |
|
|
0.52 |
|
|
0.61 |
|
Subordinated - basic and diluted |
— |
|
|
0.36 |
|
|
0.51 |
|
|
0.64 |
|
|
|
|
|
|
|
|
|
Weighted average
limited partner units outstanding: |
|
|
|
|
|
|
|
Common -
basic |
60,962 |
|
|
26,409 |
|
|
53,364 |
|
|
25,429 |
|
Common -
diluted |
60,971 |
|
|
26,427 |
|
|
53,372 |
|
|
25,441 |
|
Subordinated - basic and diluted |
— |
|
|
22,811 |
|
|
7,562 |
|
|
22,811 |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(In thousands) |
Cash Flow
Data |
|
|
|
|
|
|
|
Net cash
provided by (used in): |
|
|
|
|
|
|
|
Operating
activities |
$ |
28,311 |
|
|
$ |
28,951 |
|
|
$ |
71,657 |
|
|
$ |
47,964 |
|
Investing
activities |
(8,788 |
) |
|
(6,874 |
) |
|
(13,895 |
) |
|
(15,111 |
) |
Financing
activities |
(32,290 |
) |
|
(33,168 |
) |
|
(61,883 |
) |
|
(59,896 |
) |
Capital
expenditures |
8,847 |
|
|
7,732 |
|
|
14,317 |
|
|
16,088 |
|
Other
Data |
|
|
|
|
|
|
|
EBITDA
(1) |
$ |
34,838 |
|
|
$ |
31,830 |
|
|
$ |
70,954 |
|
|
$ |
60,294 |
|
Distributable cash flow (1) |
26,353 |
|
|
25,090 |
|
|
54,428 |
|
|
47,618 |
|
Balance Sheet
Data (at end of period) |
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
|
|
$ |
10,531 |
|
|
$ |
17,562 |
|
Property,
plant and equipment, net |
|
|
|
|
409,370 |
|
|
425,947 |
|
Total
assets |
|
|
|
|
564,871 |
|
|
588,956 |
|
Total
liabilities |
|
|
|
|
484,619 |
|
|
466,903 |
|
Division
equity |
|
|
|
|
— |
|
|
104,971 |
|
Partners'
capital |
|
|
|
|
80,252 |
|
|
17,082 |
|
Total
liabilities, division equity and partners' capital |
|
|
|
|
564,871 |
|
|
588,956 |
|
(1) We define EBITDA as earnings before interest and debt
expense, provision for income taxes and depreciation and
amortization. We define Distributable Cash Flow as EBITDA plus the
change in deferred revenues, less interest accruals, income taxes
paid, maintenance capital expenditures and distributions declared
on our TexNew Mex units. The GAAP performance measure most directly
comparable to EBITDA is net income. The GAAP liquidity measure most
directly comparable to EBITDA and distributable cash flow is net
cash provided by operating activities. These non-GAAP financial
measures should not be considered alternatives to GAAP net income
or net cash provided by operating activities.
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:
- EBITDA does not reflect our cash expenditures or future
requirements for capital expenditures or contractual
commitments;
- EBITDA does not reflect the interest expense or the cash
requirements necessary to service interest or principal payments on
our debt;
- EBITDA does not reflect changes in, or cash requirements for,
our working capital needs; and
- EBITDA, as we calculate it, may differ from the EBITDA
calculations of our affiliates or other companies in our industry,
thereby limiting its usefulness as a comparative measure.
EBITDA and Distributable Cash Flow are used as supplemental
financial measures by management and by external users of our
financial statements, such as investors and commercial banks, to
assess:
- our operating performance and liquidity as compared to those of
other companies in the midstream energy industry, without regard to
financial methods, historical cost basis or capital structure;
- the ability of our assets to generate sufficient cash to make
distributions to our unitholders;
- our ability to incur and service debt and fund capital
expenditures; and
- the viability of acquisitions and other capital expenditure
projects and the returns on investment of various investment
opportunities.
Distributable Cash Flow is a standard used by the investment
community with respect to publicly traded partnerships because the
value of a partnership unit is, in part, measured by its yield.
Yield is based on the amount of cash distributions a partnership
can pay to a unitholder. Although distributable cash flow is a
liquidity measure, it is also presented in this reconciliation
compared to net income as supplemental information.
We believe that the presentation of these non-GAAP measures
provides useful information to investors in assessing our financial
condition and results of operations. These non-GAAP measures should
not be considered as alternatives to net income, net cash provided
by operating activities or any other measure of financial
performance presented in accordance with GAAP. EBITDA excludes
some, but not all, items that affect net income attributable to
limited partners. These non-GAAP measures may vary from those of
other companies. As a result, EBITDA and Distributable Cash Flow as
presented herein may not be comparable to similarly titled measures
of other companies.
The calculation of EBITDA and Distributable Cash Flow includes
the results of operations for the St. Paul Park Logistics Assets
subsequent to the St. Paul Park Logistics Transaction for the three
and six months ended June 30, 2017. The results of operations
and operating cash flows for the St. Paul Park Logistics Assets are
excluded from the EBITDA and Distributable Cash Flow calculations
for the comparable periods in the prior year because a
retrospective adjustment of these performance measures is not a
representative measure of performance results or liquidity. The
EBITDA and Distributable Cash Flow calculations for the comparable
periods in the prior year have not been retrospectively adjusted to
include the combined financial results of the St. Paul Park
Logistics Assets prior to September 15, 2016.
The following tables reconcile net income attributable to
limited partners and net cash provided by operating activities to
EBITDA and Distributable Cash Flow for the three and six months
ended June 30, 2017 and 2016, respectively.
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(In thousands) |
Net income attributable
to limited partners
|
$ |
18,728 |
|
|
$ |
17,874 |
|
|
$ |
38,614 |
|
|
$ |
31,881 |
|
Interest
and debt expense |
6,576 |
|
|
6,414 |
|
|
13,184 |
|
|
13,466 |
|
Provision
(benefit) for income taxes |
(250 |
) |
|
217 |
|
|
(360 |
) |
|
478 |
|
Depreciation and amortization |
9,784 |
|
|
7,325 |
|
|
19,516 |
|
|
14,469 |
|
EBITDA |
34,838 |
|
|
31,830 |
|
|
70,954 |
|
|
60,294 |
|
|
|
|
|
|
|
|
|
Change in
deferred revenues |
102 |
|
|
1,446 |
|
|
466 |
|
|
3,678 |
|
Interest
accruals |
(6,149 |
) |
|
(6,072 |
) |
|
(12,281 |
) |
|
(12,781 |
) |
Income
taxes paid |
— |
|
|
(64 |
) |
|
(89 |
) |
|
(94 |
) |
Maintenance capital expenditures |
(2,438 |
) |
|
(2,050 |
) |
|
(4,622 |
) |
|
(3,479 |
) |
Distributable cash
flow |
$ |
26,353 |
|
|
$ |
25,090 |
|
|
$ |
54,428 |
|
|
$ |
47,618 |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
(Unaudited) |
|
|
(In thousands) |
Net cash provided by
operating activities |
|
$ |
28,311 |
|
|
$ |
28,951 |
|
|
$ |
71,657 |
|
|
$ |
47,964 |
|
Changes
in operating assets and liabilities |
|
(147 |
) |
|
(8,964 |
) |
|
(12,566 |
) |
|
(12,114 |
) |
Interest
and debt expense |
|
6,576 |
|
|
6,414 |
|
|
13,184 |
|
|
13,466 |
|
Unit-based compensation expense |
|
(3,097 |
) |
|
(788 |
) |
|
(3,732 |
) |
|
(1,312 |
) |
Amortization of loan fees |
|
(497 |
) |
|
(343 |
) |
|
(989 |
) |
|
(685 |
) |
Deferred
income taxes |
|
1,010 |
|
|
— |
|
|
522 |
|
|
— |
|
Gain on
disposal of assets, net |
|
2,936 |
|
|
802 |
|
|
3,227 |
|
|
901 |
|
Provision
(benefit) for income taxes |
|
(250 |
) |
|
217 |
|
|
(360 |
) |
|
478 |
|
Reserve
for doubtful accounts |
|
(4 |
) |
|
(125 |
) |
|
11 |
|
|
(126 |
) |
EBITDA
attributable to General Partner (1)
|
|
— |
|
|
5,666 |
|
|
— |
|
|
11,722 |
|
EBITDA |
|
34,838 |
|
|
31,830 |
|
|
70,954 |
|
|
60,294 |
|
|
|
|
|
|
|
|
|
|
Change in
deferred revenues |
|
102 |
|
|
1,446 |
|
|
466 |
|
|
3,678 |
|
Interest
accruals |
|
(6,149 |
) |
|
(6,072 |
) |
|
(12,281 |
) |
|
(12,781 |
) |
Income
taxes paid |
|
— |
|
|
(64 |
) |
|
(89 |
) |
|
(94 |
) |
Maintenance capital expenditures |
|
(2,438 |
) |
|
(2,050 |
) |
|
(4,622 |
) |
|
(3,479 |
) |
Distributable cash
flow |
|
$ |
26,353 |
|
|
$ |
25,090 |
|
|
$ |
54,428 |
|
|
$ |
47,618 |
|
(1) The calculation of EBITDA attributable to General
Partner is as follows:
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
|
2016 |
|
|
(Unaudited) |
|
|
(In thousands) |
Net loss attributable
to General Partner |
|
$ |
(7,894 |
) |
|
$ |
(16,144 |
) |
Depreciation and
amortization |
|
2,228 |
|
|
4,422 |
|
EBITDA
attributable to General Partner |
|
$ |
(5,666 |
) |
|
$ |
(11,722 |
) |
Logistics Segment
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(In thousands, except key operating
statistics) |
Statement of
Operations Data: |
|
|
|
|
|
|
|
Fee based
revenues: |
|
|
|
|
|
|
|
Affiliate |
$ |
53,567 |
|
|
$ |
43,053 |
|
|
$ |
103,204 |
|
|
$ |
83,969 |
|
Third-party |
703 |
|
|
677 |
|
|
1,322 |
|
|
1,367 |
|
Total
revenues |
54,270 |
|
|
43,730 |
|
|
104,526 |
|
|
85,336 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Operating
and maintenance expenses |
27,102 |
|
|
23,734 |
|
|
52,930 |
|
|
50,491 |
|
General
and administrative expenses |
829 |
|
|
590 |
|
|
1,636 |
|
|
1,371 |
|
Gain on
disposal of assets, net |
(53 |
) |
|
(5 |
) |
|
(43 |
) |
|
(5 |
) |
Depreciation and amortization |
8,781 |
|
|
8,347 |
|
|
17,362 |
|
|
16,502 |
|
Total
operating costs and expenses
|
36,659 |
|
|
32,666 |
|
|
71,885 |
|
|
68,359 |
|
Operating
income |
$ |
17,611 |
|
|
$ |
11,064 |
|
|
$ |
32,641 |
|
|
$ |
16,977 |
|
Key Operating
Statistics: |
|
|
|
|
|
|
|
Pipeline and gathering
(bpd): |
|
|
|
|
|
|
|
Mainline
movements (1): |
|
|
|
|
|
|
|
Permian/Delaware Basin system |
62,268 |
|
|
55,953 |
|
|
57,728 |
|
|
52,719 |
|
Four
Corners system |
50,780 |
|
|
58,047 |
|
|
49,139 |
|
|
55,257 |
|
TexNew
Mex system |
5,831 |
|
|
10,375 |
|
|
5,121 |
|
|
11,460 |
|
Gathering
(truck offloading): |
|
|
|
|
|
|
|
Permian/Delaware Basin system |
13,203 |
|
|
17,823 |
|
|
13,900 |
|
|
19,178 |
|
Four
Corners system |
7,094 |
|
|
11,133 |
|
|
6,857 |
|
|
11,947 |
|
Pipeline
gathering and injection system: |
|
|
|
|
|
|
|
Permian/Delaware Basin system |
13,607 |
|
|
11,302 |
|
|
12,794 |
|
|
9,594 |
|
Four
Corners system |
26,832 |
|
|
27,225 |
|
|
25,458 |
|
|
25,831 |
|
TexNew
Mex system |
5,988 |
|
|
343 |
|
|
5,664 |
|
|
171 |
|
Tank
storage capacity (bbls) (2) |
959,087 |
|
|
845,514 |
|
|
959,087 |
|
|
836,858 |
|
Terminalling,
transportation and storage: |
|
|
|
|
|
|
|
Shipments
into and out of storage (bpd) (includes asphalt) |
589,653 |
|
|
393,037 |
|
|
587,078 |
|
|
390,647 |
|
Terminal
storage capacity (bbls) (2) |
11,376,599 |
|
|
7,385,543 |
|
|
11,376,666 |
|
|
7,385,543 |
|
(1) Some barrels of crude oil in route to Western's
Gallup refinery and Permian/Delaware Basin are transported on more
than one of our mainlines. Mainline movements for the Four
Corners and Delaware Basin systems include each barrel transported
on each mainline.
(2) Storage shell capacities represent weighted-average
capacities for the periods indicated.
Wholesale Segment
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
(Unaudited) |
|
(In thousands, except key operating
stats) |
Statement of
Operations Data: |
|
|
|
|
|
|
|
Fee based
revenues (1): |
|
|
|
|
|
|
|
Affiliate |
$ |
14,216 |
|
|
$ |
10,912 |
|
|
$ |
30,056 |
|
|
$ |
21,924 |
|
Sales
based revenues (1): |
|
|
|
|
|
|
|
Affiliate |
139,770 |
|
|
126,525 |
|
|
264,837 |
|
|
224,054 |
|
Third-party |
419,253 |
|
|
397,435 |
|
|
832,782 |
|
|
715,327 |
|
Total
revenues |
573,239 |
|
|
534,872 |
|
|
1,127,675 |
|
|
961,305 |
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of
products sold: |
|
|
|
|
|
|
|
Affiliate |
137,150 |
|
|
123,870 |
|
|
259,849 |
|
|
219,019 |
|
Third-party |
403,180 |
|
|
380,386 |
|
|
797,780 |
|
|
680,827 |
|
Operating
and maintenance expenses |
20,167 |
|
|
19,257 |
|
|
39,186 |
|
|
37,158 |
|
Selling,
general and administrative expenses |
1,442 |
|
|
2,153 |
|
|
3,736 |
|
|
4,058 |
|
Gain on
disposal of assets, net |
(2,883 |
) |
|
(797 |
) |
|
(3,184 |
) |
|
(896 |
) |
Depreciation and amortization |
1,003 |
|
|
1,206 |
|
|
2,154 |
|
|
2,389 |
|
Total
operating costs and expenses |
560,059 |
|
|
526,075 |
|
|
1,099,521 |
|
|
942,555 |
|
Operating
income |
$ |
13,180 |
|
|
$ |
8,797 |
|
|
$ |
28,154 |
|
|
$ |
18,750 |
|
Key Operating
Statistics: |
|
|
|
|
|
|
|
Fuel
gallons sold (in thousands) |
318,046 |
|
|
311,486 |
|
|
620,096 |
|
|
626,429 |
|
Fuel
gallons sold to retail (included in fuel gallons sold
above) (in thousands) |
85,046 |
|
|
83,721 |
|
|
164,159 |
|
|
163,562 |
|
Fuel
margin per gallon (2) |
$ |
0.037 |
|
|
$ |
0.025 |
|
|
$ |
0.040 |
|
|
$ |
0.027 |
|
Lubricant
gallons sold (in thousands) |
1,019 |
|
|
1,846 |
|
|
2,340 |
|
|
4,047 |
|
Lubricant
margin per gallon (3) |
$ |
0.93 |
|
|
$ |
0.89 |
|
|
$ |
1.02 |
|
|
$ |
0.78 |
|
Asphalt
trucking volume (bpd) |
6,953 |
|
|
4,876 |
|
|
6,084 |
|
|
3,875 |
|
Crude oil
trucking volume (bpd) |
51,352 |
|
|
42,092 |
|
|
50,130 |
|
|
38,801 |
|
Average
crude oil revenue per barrel |
$ |
2.20 |
|
|
$ |
2.17 |
|
|
$ |
2.23 |
|
|
$ |
2.20 |
|
(1) All wholesale fee based revenues are generated
through fees charged to Western's refining segment for truck
transportation and delivery of crude oil and asphalt. Affiliate and
third-party product sales based revenues result from sales of
refined products to Western and third-party customers at a
delivered price that includes charges for product
transportation.
(2) Fuel margin per gallon is a measurement calculated by
dividing the difference between fuel sales, net of transportation
charges, and cost of fuel sales for our wholesale business by the
number of gallons sold. Fuel margin per gallon is a measure
frequently used in the petroleum products wholesale industry to
measure operating results related to fuel sales.
(3) Lubricant margin per gallon is a measurement
calculated by dividing the difference between lubricant sales, net
of transportation charges, and lubricant cost of products sold by
the number of gallons sold. Lubricant margin is a measure
frequently used in the petroleum products wholesale industry to
measure operating results related to lubricant sales.
Investor and Analyst Contact:
Michelle Clemente
(602) 286-1533
Media Contact:
Gary W. Hanson
(602) 286-1777
WESTERN REFINING LOGISTICS, LP (NYSE:WNRL)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
WESTERN REFINING LOGISTICS, LP (NYSE:WNRL)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024