Western Refinery released their reports for their fourth quarter earnings and it was revealed that the company had dropped a massive $9.6 million dollars.
The company reported an income of $13.5 million in the fourth quarter of 2015 meaning the difference totals to a $3.9 million-dollar difference.
For the full year, Western Refinery pulled in a net income of $124.9 million in comparison to $406.8 million for the full year.
Jeff Stevens, Chief Executive Officer said, “There was pressure on refining margins throughout 2016.” He also noted that the price of crude oil was challenging for the fourth quarter.
Prices for crude oil in 2016 ranged at about $48 per diluted share in December, but was at a low in November at about $46.5 per diluted share.
Fuel margins in the Rockies region in November of 2016 had an increase of $2.99 to $29.95 per barrel.
According to Western Refinery’s press release, “Fuel margin per gallon is a function of the difference between fuel sales and cost of fuel sales divided by the number of total gallons sold less gallons sold to our retail segment.”
Stevens said, “As we begin 2017, we are looking forward to the completion of the pending Tesoro transaction.”
In November 2016, Tesoro settled on a $4.1 million-dollar purchase of western refining according to Forbes.
The buy has shot up Western’s shares by 27% to $37.30 per share on the market. The buy also shot up Tesoro’s stock by 5.5% to $90.46 per share at the time.
Western Refining is an independent company located in El Paso, Texas. It operates across the Southwestern basin and is located in other cities such as Gallup, New Mexico, and St. Paul Park, Minnesota.
It also operates the Giant, Howdy’, and SuperAmerica brands across the U.S. More information on the company can be found at http://www.wnr.com.