WNR - Western Refining, Inc. (NYSE Stock) - Page 23 - Stock Market Forum, Penny Stocks, FOREX, NASDAQ, AMEX, NYSE, Live Chat

**BadThad** · #**221** 02-05-2010, 11:23 AM

I feel the pain, stuck holding now. Time to light a cigar and wait it out.

**BadThad** · #**222** 02-11-2010, 02:04 PM

I heard on the radio yesterday....according to the dept. of energy, oil prices are expected to rise through the end of the year. Good news for oil/refining investors!

fyut · #**223** 02-12-2010, 03:06 AM

^ about time we had some good news!!!!

**BadThad** · #**224** 02-12-2010, 08:55 AM

...and....back to bad news today. LOL Oil down on China growth concern. It never ends!

**BadThad** · #**225** 02-16-2010, 04:13 PM

Oil soaring today, WNR at $4.57....finally we see some movement north.

**BadThad** · #**226** 03-04-2010, 09:45 AM

WNR moving north still. Looks like investors are looking toward summer! This stock is a great buy under $5 IMO.

Current stock price: $4.80

**BadThad** · #**227** 03-04-2010, 02:04 PM

Earnings:

Quote:

Western Refining Reports Fourth Quarter and Full Year 2009 Financial Results
6:00a ET March 4, 2010 (Business Wire)
Western Refining, Inc. (NYSE: WNR) today reported for the fourth quarter of 2009 a net loss, excluding special items, of $51.1 million, or $0.58 per diluted share. This compares to fourth quarter 2008 net earnings, excluding special items, of $33.6 million, or $0.49 per diluted share. On a GAAP basis, the company reported a fourth quarter 2009 net loss of $97.5 million, or $1.11 per diluted share, compared to the fourth quarter of 2008 net loss of $12.8 million, or $0.19 per diluted share. The quarter-over-quarter decline was driven by the impact of a continued weak economy, reduced demand for transportation fuels, and narrowing differentials between light and heavy crude oil prices, all of which resulted in lower refining margins. A reconciliation of income (loss) before income taxes to net income (loss) excluding special items, for all periods shown, is included in the accompanying financial tables.

For the year ended December 31, 2009, the company reported a net loss, excluding special items, of $44.5 million, or $0.56 per diluted share. This compares to full-year 2008 net income, excluding special items, of $110.6 million, or $1.62 per diluted share. The company reported on a GAAP basis a net loss of $350.6 million, or $4.43 per diluted share, for the full-year 2009, compared to net earnings of $64.2 million, or $0.94 per diluted share, for the full-year 2008.

Cash flow from operations was $140.8 million for the twelve months ended December 31, 2009. As of December 31, 2009, total debt was $1,116.7 million, which included $50 million outstanding under the company's revolving credit facility.

Jeff Stevens, Western's President and Chief Executive Officer, said, "To help manage through what was a very challenging year for all refiners, Western made some difficult, but necessary, decisions that improved our operational efficiency and enhanced our financial flexibility. We are confident that the actions we took and our continued focus on ensuring safe and efficient operations will help position us for stronger and sustainable results as the market recovers."

During 2009, the company pursued several initiatives to enhance and streamline operations, strengthen its balance sheet, and improve liquidity:

-- The El Paso refinery began operations of a newly-constructed gasoline hydrotreater unit giving the plant the ability to increase lower-cost sour crude oil throughput. Additionally, the new unit gives Western the ability to increase production of Phoenix grade gasoline from approximately 12,000 barrels per day to 20,000 barrels per day. Historically, Phoenix has been one of the more attractive markets in terms of both product demand and gross margin.

-- The company consolidated its two Four Corners refineries into its Gallup, New Mexico refinery. This consolidation will eliminate certain operating costs totaling approximately $25 million per year beginning in the first quarter of 2010, while maintaining the capability to process similar volumes of crude oil that have been historically processed at both Bloomfield and Gallup refineries combined. Western is continuing to operate the Bloomfield refinery products terminal and will supply the Four Corners with refined products by utilizing a new pipeline connection and exchange supply agreements. The company will also maintain its marketing assets, and, through an exchange agreement, will supply barrels to the Bloomfield facility in exchange for barrels produced at the El Paso refinery.

-- The company identified and implemented approximately $25 million in additional cost savings initiatives. These include the reduction of contractor services at the company's refineries, changes in its Wholesale operations to respond to market conditions, closure of underperforming retail outlets, and reductions in executive compensation and other employee related costs. These initiatives began in late 2009 and will be fully realized beginning in 2010.

-- Western successfully completed several transactions to enhance its balance sheet, extend maturities, and increase its financial flexibility. In June, Western issued $600 million in Senior Secured Notes, comprised of $325 million of 11.25% notes which mature in 2017 and $275 million of Floating Rate Notes which mature in 2014. Additionally, the company issued $215.5 million of 5.75% Senior Convertible Notes which mature in 2014 and 20,000,000 shares of common stock at $9 per share. In November, Western secured an amendment from its lender group revising certain covenants to further increase its financial flexibility.

Commenting on current market conditions, Stevens said, "We are pleased to have seen a gradual improvement in refining margins during the fourth quarter and this improvement has continued into the first quarter of 2010. Our southwest refining margins remained stronger than overall US benchmarks during the quarter. We expect to see continued modest improvements in margins as we move into the driving season."