We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alon Usa Partners, LP Common Units Representing Limited Partner Interests (delisted) | NYSE:ALDW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.55 | 0 | 01:00:00 |
|
|
þ
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2016
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
FOR THE TRANSITION PERIOD FROM __________TO __________
|
Delaware
|
|
46-0810241
|
(State of organization)
|
|
(I.R.S. Employer
|
|
|
Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
þ
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
|
|
|
|
Page
|
|
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
203,763
|
|
|
$
|
132,953
|
|
Accounts and other receivables, net
|
70,884
|
|
|
59,581
|
|
||
Accounts and other receivables, net - related parties
|
10,191
|
|
|
8,005
|
|
||
Inventories
|
51,890
|
|
|
35,444
|
|
||
Prepaid expenses and other current assets
|
5,733
|
|
|
6,745
|
|
||
Total current assets
|
342,461
|
|
|
242,728
|
|
||
Property, plant and equipment, net
|
423,187
|
|
|
434,619
|
|
||
Other assets, net
|
59,402
|
|
|
71,237
|
|
||
Total assets
|
$
|
825,050
|
|
|
$
|
748,584
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
292,542
|
|
|
$
|
253,325
|
|
Accrued liabilities
|
36,959
|
|
|
40,707
|
|
||
Current portion of long-term debt
|
2,500
|
|
|
2,500
|
|
||
Total current liabilities
|
332,001
|
|
|
296,532
|
|
||
Other non-current liabilities
|
92,095
|
|
|
31,513
|
|
||
Long-term debt
|
288,986
|
|
|
289,582
|
|
||
Total liabilities
|
713,082
|
|
|
617,627
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
Partners’ equity:
|
|
|
|
||||
General Partner
|
—
|
|
|
—
|
|
||
Common unitholders - 62,520,220 and 62,510,039 units issued and outstanding at September 30, 2016 and December 31, 2015, respectively
|
111,968
|
|
|
130,957
|
|
||
Total partners’ equity
|
111,968
|
|
|
130,957
|
|
||
Total liabilities and partners’ equity
|
$
|
825,050
|
|
|
$
|
748,584
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales (1)
|
$
|
462,257
|
|
|
$
|
551,813
|
|
|
$
|
1,298,723
|
|
|
$
|
1,719,319
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
404,207
|
|
|
439,678
|
|
|
1,134,275
|
|
|
1,397,395
|
|
||||
Direct operating expenses
|
25,125
|
|
|
24,136
|
|
|
73,424
|
|
|
71,837
|
|
||||
Selling, general and administrative expenses
|
8,153
|
|
|
8,536
|
|
|
24,264
|
|
|
24,654
|
|
||||
Depreciation and amortization
|
14,581
|
|
|
13,697
|
|
|
43,454
|
|
|
41,281
|
|
||||
Total operating costs and expenses
|
452,066
|
|
|
486,047
|
|
|
1,275,417
|
|
|
1,535,167
|
|
||||
Operating income
|
10,191
|
|
|
65,766
|
|
|
23,306
|
|
|
184,152
|
|
||||
Interest expense
|
(8,144
|
)
|
|
(11,505
|
)
|
|
(28,651
|
)
|
|
(34,045
|
)
|
||||
Other income, net
|
353
|
|
|
40
|
|
|
550
|
|
|
26
|
|
||||
Income (loss) before state income tax expense
|
2,400
|
|
|
54,301
|
|
|
(4,795
|
)
|
|
150,133
|
|
||||
State income tax expense
|
317
|
|
|
525
|
|
|
493
|
|
|
480
|
|
||||
Net income (loss)
|
$
|
2,083
|
|
|
$
|
53,776
|
|
|
$
|
(5,288
|
)
|
|
$
|
149,653
|
|
Earnings (loss) per unit
|
$
|
0.03
|
|
|
$
|
0.86
|
|
|
$
|
(0.08
|
)
|
|
$
|
2.39
|
|
Weighted average common units outstanding (in thousands)
|
62,520
|
|
|
62,510
|
|
|
62,515
|
|
|
62,508
|
|
||||
Cash distribution per unit
|
$
|
0.14
|
|
|
$
|
1.04
|
|
|
$
|
0.22
|
|
|
$
|
2.45
|
|
(1)
|
Includes sales to related parties of
$82,717
and
$97,014
for the three months and
$222,711
and
$281,136
for the
nine
months ended
September 30, 2016
and
2015
, respectively.
|
ALON USA PARTNERS, LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, dollars in thousands)
|
|||||||
|
For the Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
(5,288
|
)
|
|
$
|
149,653
|
|
Adjustments to reconcile net income (loss) to cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
43,454
|
|
|
41,281
|
|
||
Unit-based compensation
|
53
|
|
|
40
|
|
||
Deferred income taxes
|
—
|
|
|
(736
|
)
|
||
Amortization of debt issuance costs
|
1,335
|
|
|
1,750
|
|
||
Amortization of original issuance discount
|
480
|
|
|
445
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts and other receivables, net
|
(7,064
|
)
|
|
(3,770
|
)
|
||
Accounts and other receivables, net - related parties
|
(2,186
|
)
|
|
(184
|
)
|
||
Inventories
|
(16,446
|
)
|
|
3,998
|
|
||
Prepaid expenses and other current assets
|
1,012
|
|
|
202
|
|
||
Other assets, net
|
4,573
|
|
|
(5,067
|
)
|
||
Accounts payable
|
22,268
|
|
|
45,194
|
|
||
Accrued liabilities
|
(2,134
|
)
|
|
(16,835
|
)
|
||
Other non-current liabilities
|
18,400
|
|
|
3,261
|
|
||
Net cash provided by operating activities
|
58,457
|
|
|
219,232
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(17,199
|
)
|
|
(12,108
|
)
|
||
Capital expenditures for turnarounds and catalysts
|
(9,679
|
)
|
|
(3,214
|
)
|
||
Net cash used in investing activities
|
(26,878
|
)
|
|
(15,322
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Distributions paid to unitholders
|
(2,534
|
)
|
|
(28,195
|
)
|
||
Distributions paid to unitholders - Alon Energy
|
(11,220
|
)
|
|
(124,950
|
)
|
||
RINs financing transactions
|
54,860
|
|
|
(8,137
|
)
|
||
Deferred debt issuance costs
|
—
|
|
|
(1,800
|
)
|
||
Revolving credit facility, net
|
—
|
|
|
(10,000
|
)
|
||
Payments on long-term debt
|
(1,875
|
)
|
|
(1,875
|
)
|
||
Net cash provided by (used in) financing activities
|
39,231
|
|
|
(174,957
|
)
|
||
Net increase in cash and cash equivalents
|
70,810
|
|
|
28,953
|
|
||
Cash and cash equivalents, beginning of period
|
132,953
|
|
|
106,325
|
|
||
Cash and cash equivalents, end of period
|
$
|
203,763
|
|
|
$
|
135,278
|
|
Supplemental cash flow information:
|
|
|
|
||||
Cash paid for interest, net of capitalized interest
|
$
|
27,219
|
|
|
$
|
31,785
|
|
Cash paid for income tax
|
$
|
493
|
|
|
$
|
1,216
|
|
Supplemental disclosure of non-cash activity:
|
|
|
|
||||
Capital expenditures included in accounts payable and accrued liabilities
|
$
|
—
|
|
|
$
|
3,016
|
|
(1)
|
Basis of Presentation
|
(2)
|
Fair Value
|
•
|
Level 1 - valued based on quoted prices in active markets for identical assets and liabilities;
|
•
|
Level 2 - valued based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability; and
|
•
|
Level 3 - valued based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
As of September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Fair value hedge of consigned inventory
|
$
|
—
|
|
|
$
|
5,569
|
|
|
$
|
—
|
|
|
$
|
5,569
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts (futures and forwards)
|
1,033
|
|
|
—
|
|
|
—
|
|
|
1,033
|
|
||||
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Fair value hedge of consigned inventory
|
$
|
—
|
|
|
$
|
11,564
|
|
|
$
|
—
|
|
|
$
|
11,564
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts (futures and forwards)
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
(3)
|
Derivative Financial Instruments
|
|
As of September 30, 2016
|
||||||||||
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Commodity contracts (futures and forwards)
|
Accounts receivable
|
|
$
|
427
|
|
|
Accrued liabilities
|
|
$
|
1,460
|
|
Total derivatives not designated as hedging instruments
|
|
|
427
|
|
|
|
|
1,460
|
|
||
|
|
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Fair value hedge of consigned inventory
|
Other assets
|
|
$
|
5,569
|
|
|
|
|
$
|
—
|
|
Total derivatives designated as hedging instruments
|
|
|
5,569
|
|
|
|
|
—
|
|
||
Total derivatives
|
|
|
$
|
5,996
|
|
|
|
|
$
|
1,460
|
|
|
As of December 31, 2015
|
||||||||||
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Commodity contracts (futures and forwards)
|
Accounts receivable
|
|
$
|
59
|
|
|
Accrued liabilities
|
|
$
|
99
|
|
Total derivatives not designated as hedging instruments
|
|
|
59
|
|
|
|
|
99
|
|
||
|
|
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Fair value hedge of consigned inventory
|
Other assets
|
|
$
|
11,564
|
|
|
|
|
$
|
—
|
|
Total derivatives designated as hedging instruments
|
|
|
11,564
|
|
|
|
|
—
|
|
||
Total derivatives
|
|
|
$
|
11,623
|
|
|
|
|
$
|
99
|
|
|
|
|
Gain (Loss) Recognized in Income
|
||||||||||||||
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
Location
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Fair value hedge of consigned inventory (1)
|
Interest expense
|
|
$
|
(1,772
|
)
|
|
$
|
5,990
|
|
|
$
|
(5,995
|
)
|
|
$
|
4,495
|
|
Total derivatives
|
|
|
$
|
(1,772
|
)
|
|
$
|
5,990
|
|
|
$
|
(5,995
|
)
|
|
$
|
4,495
|
|
(1)
|
Changes in the fair value hedge are substantially offset in earnings by changes in the hedged item.
|
|
|
|
Gain (Loss) Recognized in Income
|
||||||||||||||
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
Location
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Commodity contracts (futures and forwards)
|
Cost of sales
|
|
$
|
(1,199
|
)
|
|
$
|
1,251
|
|
|
$
|
4,998
|
|
|
$
|
622
|
|
Total derivatives
|
|
|
$
|
(1,199
|
)
|
|
$
|
1,251
|
|
|
$
|
4,998
|
|
|
$
|
622
|
|
|
Gross Amounts of Recognized Assets/Liabilities
|
|
Gross Amounts offset in the Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not offset in the Statement of Financial Position
|
|
Net Amount
|
||||||||||||||
|
|
|
Financial Instruments
|
|
Cash Collateral Pledged
|
|
|||||||||||||||||
As of September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commodity contracts (futures and forwards)
|
$
|
1,174
|
|
|
$
|
(747
|
)
|
|
$
|
427
|
|
|
$
|
(427
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Fair value hedge of consigned inventory
|
5,569
|
|
|
—
|
|
|
5,569
|
|
|
—
|
|
|
—
|
|
|
5,569
|
|
||||||
Derivative Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commodity contracts (futures and forwards)
|
$
|
2,207
|
|
|
$
|
(747
|
)
|
|
$
|
1,460
|
|
|
$
|
(427
|
)
|
|
$
|
—
|
|
|
$
|
1,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commodity contracts (futures and forwards)
|
$
|
192
|
|
|
$
|
(133
|
)
|
|
$
|
59
|
|
|
$
|
(59
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Fair value hedge of consigned inventory
|
11,564
|
|
|
—
|
|
|
11,564
|
|
|
—
|
|
|
—
|
|
|
11,564
|
|
||||||
Derivative Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commodity contracts (futures and forwards)
|
$
|
232
|
|
|
$
|
(133
|
)
|
|
$
|
99
|
|
|
$
|
(59
|
)
|
|
$
|
—
|
|
|
$
|
40
|
|
(4)
|
Inventories
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Crude oil, refined products and blendstocks
|
$
|
39,909
|
|
|
$
|
24,548
|
|
Crude oil consignment inventory (Note 5) (1)
|
838
|
|
|
(95
|
)
|
||
Materials and supplies
|
11,143
|
|
|
10,991
|
|
||
Total inventories
|
$
|
51,890
|
|
|
$
|
35,444
|
|
(1)
|
The fair value of the hedged item designated in our fair value hedge reduced the carrying value of our consigned inventory valued at LIFO below zero at
December 31, 2015
.
|
(5)
|
Inventory Financing Agreement
|
(6)
|
Property, Plant and Equipment, Net
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Refining facilities
|
$
|
725,905
|
|
|
$
|
709,779
|
|
Accumulated depreciation
|
(302,718
|
)
|
|
(275,160
|
)
|
||
Property, plant and equipment, net
|
$
|
423,187
|
|
|
$
|
434,619
|
|
(7)
|
Additional Financial Information
|
(a)
|
Other Assets, Net
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Deferred turnaround and catalyst cost
|
$
|
38,199
|
|
|
$
|
43,021
|
|
Receivable from supply and offtake agreement (Note 5)
|
6,290
|
|
|
6,290
|
|
||
Fair value hedge of consigned inventory (Note 3)
|
5,569
|
|
|
11,564
|
|
||
Other
|
9,344
|
|
|
10,362
|
|
||
Total other assets
|
$
|
59,402
|
|
|
$
|
71,237
|
|
(b)
|
Accounts Payable
|
(c)
|
Accrued Liabilities and Other Non-Current Liabilities
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Accrued Liabilities:
|
|
|
|
||||
Taxes other than income taxes, primarily excise taxes
|
$
|
25,186
|
|
|
$
|
25,018
|
|
Accrued finance charges
|
293
|
|
|
394
|
|
||
Environmental accrual (Note 11)
|
1,716
|
|
|
1,716
|
|
||
Commodity contracts
|
1,460
|
|
|
99
|
|
||
Other
|
8,304
|
|
|
13,480
|
|
||
Total accrued liabilities
|
$
|
36,959
|
|
|
$
|
40,707
|
|
|
|
|
|
||||
Other Non-Current Liabilities:
|
|
|
|
||||
Consignment inventory obligation (Note 5)
|
$
|
12,772
|
|
|
$
|
21,325
|
|
Environmental accrual (Note 11)
|
4,722
|
|
|
4,725
|
|
||
Asset retirement obligations
|
3,086
|
|
|
2,927
|
|
||
RINs financing transactions
|
68,978
|
|
|
—
|
|
||
Other
|
2,537
|
|
|
2,536
|
|
||
Total other non-current liabilities
|
$
|
92,095
|
|
|
$
|
31,513
|
|
(8)
|
Indebtedness
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Term loan credit facility
|
$
|
236,486
|
|
|
$
|
237,082
|
|
Revolving credit facility
|
55,000
|
|
|
55,000
|
|
||
Total debt
|
291,486
|
|
|
292,082
|
|
||
Less: Current portion
|
2,500
|
|
|
2,500
|
|
||
Total long-term debt
|
$
|
288,986
|
|
|
$
|
289,582
|
|
(9)
|
Partners' Equity (unit values in dollars)
|
|
|
Cash Available for Distribution per Unit (1)
|
|
Distribution Amount Per Unit
|
|
Total Distribution Amount
|
||||||
First Quarter 2016
|
|
$
|
—
|
|
|
$
|
0.08
|
|
|
$
|
5,001
|
|
Second Quarter 2016
|
|
0.14
|
|
|
—
|
|
|
—
|
|
|||
Third Quarter 2016
|
|
0.15
|
|
|
0.14
|
|
8,753
|
|
(1)
|
Represents the aggregate cash available for distribution per unit attributable to the period indicated. This represents the difference between cash available for distribution and distributions paid in the table above.
|
(10)
|
Related Party Transactions
|
(a)
|
Corporate Overhead Allocations
|
(b)
|
Labor Costs
|
(c)
|
Insurance Costs
|
(11)
|
Commitments and Contingencies
|
(a)
|
Commitments
|
(b)
|
Contingencies
|
(c)
|
Environmental
|
(12)
|
Subsequent Event
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
changes in general economic conditions and capital markets;
|
•
|
changes in the underlying demand for our products;
|
•
|
the availability, costs and price volatility of crude oil, other refinery feedstocks and refined products;
|
•
|
changes in the spread between West Texas Intermediate (“WTI”) Cushing crude oil and West Texas Sour (“WTS”) crude oil or WTI Midland crude oil;
|
•
|
changes in the spread between Brent crude oil and WTI Cushing crude oil;
|
•
|
the effects of transactions involving forward contracts and derivative instruments;
|
•
|
actions of customers and competitors;
|
•
|
termination of our Supply and Offtake Agreement with J. Aron & Company (“J. Aron”), under which J. Aron is one of our largest suppliers of crude oil and one of our largest customers of refined products. Additionally, upon termination of the Supply and Offtake Agreement, we are obligated to purchase the crude oil and refined product inventories then owned by J. Aron at then current market prices;
|
•
|
changes in fuel and utility costs incurred by our refinery;
|
•
|
disruptions due to equipment interruption, pipeline disruptions or failures at our or third-party facilities;
|
•
|
the execution of planned capital projects;
|
•
|
adverse changes in the credit ratings assigned to our trade credit and debt instruments;
|
•
|
the effects and cost of compliance with the renewable fuel standards program, including the availability, cost and price volatility of renewable identification numbers;
|
•
|
the effects and cost of compliance with current and future state and federal environmental, economic, safety and other laws, policies and regulations;
|
•
|
the effects of seasonality on demand for our products;
|
•
|
operating hazards, accidents, fires, severe weather, floods and other natural disasters, casualty losses and other matters beyond our control, which could result in unscheduled downtime;
|
•
|
the effect of any national or international financial crisis on our business and financial condition; and
|
•
|
the other factors discussed in our Annual Report on Form 10-K for the year ended
December 31, 2015
under the caption “Risk Factors.”
|
•
|
Big Spring refinery average throughput for the
third
quarter of
2016
was
70,063
bpd compared to
75,797
bpd for the
third
quarter of
2015
. The reduced throughput at our Big Spring refinery was the result of a reformer regeneration during the third quarter of 2016.
|
•
|
Operating margin at the Big Spring refinery was
$9.22
per barrel for the
third
quarter of
2016
compared to
$16.71
per barrel for the same period in
2015
. This decrease in operating margin was primarily due to a lower Gulf Coast 3/2/1 crack spread and increased RINs costs, partially offset by a widening of both the WTI Cushing to WTI Midland and WTI Cushing to WTS spreads and an increased benefit from the contango market environment which reduced the cost of crude.
|
•
|
The average Gulf Coast 3/2/1 crack spread was
$13.31
per barrel for the
third
quarter of
2016
compared to
$19.77
per barrel for the
third
quarter of
2015
.
|
•
|
The average WTI Cushing to WTI Midland spread for the
third
quarter of
2016
was
$0.31
per barrel compared to
$(0.72)
per barrel for the same period in
2015
. The average WTI Cushing to WTS spread for the
third
quarter of
2016
was
$0.92
per barrel compared to
$(1.46)
per barrel for the same period in
2015
. The average Brent to WTI Cushing spread for the
third
quarter of
2016
was
$0.74
per barrel compared to
$3.78
per barrel for the same period in
2015
.
|
•
|
The average RINs cost effect on the Big Spring refinery operating margin was $0.58 per barrel for the
third
quarter of
2016
, compared to $0.27 per barrel for the same period in
2015
.
|
•
|
The contango environment in the
third
quarter of
2016
created an average cost of crude benefit of
$0.84
per barrel compared to an average cost of crude benefit of
$0.57
per barrel for the same period in
2015
.
|
•
|
During the
third
quarter of
2016
, the cash available for distribution was $0.15 per unit, compared to $0.98 per unit during the
third
quarter of
2015
.
|
THROUGHPUT AND PRODUCTION DATA:
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
||||||||
Refinery throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
WTS crude
|
34,292
|
|
|
48.9
|
|
|
30,810
|
|
|
40.6
|
|
|
32,189
|
|
|
46.3
|
|
|
35,041
|
|
|
47.0
|
|
WTI crude
|
32,503
|
|
|
46.4
|
|
|
42,503
|
|
|
56.1
|
|
|
34,428
|
|
|
49.4
|
|
|
36,834
|
|
|
49.4
|
|
Blendstocks
|
3,268
|
|
|
4.7
|
|
|
2,484
|
|
|
3.3
|
|
|
2,969
|
|
|
4.3
|
|
|
2,687
|
|
|
3.6
|
|
Total refinery throughput (5)
|
70,063
|
|
|
100.0
|
|
|
75,797
|
|
|
100.0
|
|
|
69,586
|
|
|
100.0
|
|
|
74,562
|
|
|
100.0
|
|
Refinery production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gasoline
|
33,637
|
|
|
48.1
|
|
|
37,503
|
|
|
49.5
|
|
|
33,826
|
|
|
48.7
|
|
|
37,155
|
|
|
49.6
|
|
Diesel/jet
|
26,004
|
|
|
37.2
|
|
|
28,623
|
|
|
37.8
|
|
|
25,108
|
|
|
36.1
|
|
|
27,596
|
|
|
36.9
|
|
Asphalt
|
2,818
|
|
|
4.0
|
|
|
2,452
|
|
|
3.2
|
|
|
2,846
|
|
|
4.1
|
|
|
2,733
|
|
|
3.7
|
|
Petrochemicals
|
3,861
|
|
|
5.5
|
|
|
4,588
|
|
|
6.1
|
|
|
3,611
|
|
|
5.2
|
|
|
4,770
|
|
|
6.4
|
|
Other
|
3,661
|
|
|
5.2
|
|
|
2,595
|
|
|
3.4
|
|
|
4,084
|
|
|
5.9
|
|
|
2,510
|
|
|
3.4
|
|
Total refinery production (6)
|
69,981
|
|
|
100.0
|
|
|
75,761
|
|
|
100.0
|
|
|
69,475
|
|
|
100.0
|
|
|
74,764
|
|
|
100.0
|
|
Refinery utilization (7)
|
|
|
99.1
|
%
|
|
|
|
100.4
|
%
|
|
|
|
95.5
|
%
|
|
|
|
98.5
|
%
|
(1)
|
Includes sales to related parties of
$82,717
and
$97,014
for the three months ended and
$222,711
and
$281,136
for the
nine
months ended
September 30, 2016
and
2015
, respectively.
|
(2)
|
Adjusted EBITDA represents earnings before state income tax expense, interest expense and depreciation and amortization. Adjusted EBITDA is not a recognized measurement under GAAP; however, the amounts included in Adjusted EBITDA are derived from amounts included in our consolidated financial statements. Our management believes that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. In addition, our management believes that Adjusted EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry because the calculation of Adjusted EBITDA generally eliminates the effects of state income tax expense, interest expense and the accounting effects of capital expenditures and acquisitions, items that may vary for different companies for reasons unrelated to overall operating performance.
|
•
|
Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
|
•
|
Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt;
|
•
|
Adjusted EBITDA does not reflect changes in or cash requirements for our working capital needs; and
|
•
|
Our calculation of Adjusted EBITDA may differ from EBITDA calculations of other companies in our industry, limiting its usefulness as a comparative measure.
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(dollars in thousands)
|
||||||||||||||
Net income (loss)
|
$
|
2,083
|
|
|
$
|
53,776
|
|
|
$
|
(5,288
|
)
|
|
$
|
149,653
|
|
State income tax expense
|
317
|
|
|
525
|
|
|
493
|
|
|
480
|
|
||||
Interest expense
|
8,144
|
|
|
11,505
|
|
|
28,651
|
|
|
34,045
|
|
||||
Depreciation and amortization
|
14,581
|
|
|
13,697
|
|
|
43,454
|
|
|
41,281
|
|
||||
Adjusted EBITDA
|
$
|
25,125
|
|
|
$
|
79,503
|
|
|
$
|
67,310
|
|
|
$
|
225,459
|
|
(3)
|
Refinery operating margin is a per barrel measurement calculated by dividing the margin between net sales and cost of sales (exclusive of certain inventory adjustments) by the refinery’s throughput volumes. Industry-wide refining results are driven and measured by the margins between refined product prices and the prices for crude oil, which are referred to as crack spreads. We compare our refinery operating margin to these crack spreads to assess our operating performance relative to other participants in our industry.
|
(4)
|
Refinery direct operating expense is a per barrel measurement calculated by dividing direct operating expenses by total throughput volumes.
|
(5)
|
Total refinery throughput represents the total barrels per day of crude and blendstock inputs in the refinery production process.
|
(6)
|
Total refinery production represents the barrels per day of various refined products produced from processing crude and other refinery blendstocks through the crude units and other conversion units.
|
(7)
|
Refinery utilization represents average daily crude throughput divided by crude oil capacity, excluding planned periods of downtime for maintenance and turnarounds.
|
|
For the Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(dollars in thousands)
|
||||||
Cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
58,457
|
|
|
$
|
219,232
|
|
Investing activities
|
(26,878
|
)
|
|
(15,322
|
)
|
||
Financing activities
|
39,231
|
|
|
(174,957
|
)
|
||
Net increase in cash and cash equivalents
|
$
|
70,810
|
|
|
$
|
28,953
|
|
Description
|
|
Contract Volume
|
|
Wtd Avg Purchase
|
|
Wtd Avg Sales
|
|
Contract
|
|
Market
|
|
Gain
|
|||||||||||
of Activity
|
|
(barrels)
|
|
Price/BBL
|
|
Price/BBL
|
|
Value
|
|
Value
|
|
(
Loss
)
|
|||||||||||
|
|
|
|
|
|
|
|
(in thousands)
|
|||||||||||||||
Forwards-short (Crude)
|
|
(168,203
|
)
|
|
$
|
—
|
|
|
$
|
45.23
|
|
|
$
|
(7,607
|
)
|
|
$
|
(8,092
|
)
|
|
$
|
(485
|
)
|
Forwards-long (Gasoline)
|
|
268,301
|
|
|
57.19
|
|
|
—
|
|
|
15,344
|
|
|
16,149
|
|
|
805
|
|
|||||
Forwards-short (Distillate)
|
|
(9,784
|
)
|
|
—
|
|
|
61.75
|
|
|
(604
|
)
|
|
(661
|
)
|
|
(57
|
)
|
|||||
Forwards-short (Jet)
|
|
(17,313
|
)
|
|
—
|
|
|
58.12
|
|
|
(1,006
|
)
|
|
(1,080
|
)
|
|
(74
|
)
|
|||||
Forwards-long (Slurry)
|
|
228
|
|
|
35.40
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|||||
Forwards-long (Catfeed)
|
|
23,066
|
|
|
53.56
|
|
|
—
|
|
|
1,235
|
|
|
1,324
|
|
|
89
|
|
|||||
Forwards-long (Slop)
|
|
34,641
|
|
|
35.23
|
|
|
—
|
|
|
1,220
|
|
|
1,345
|
|
|
125
|
|
|||||
Forwards-short (Propane)
|
|
(50,000
|
)
|
|
—
|
|
|
19.85
|
|
|
(993
|
)
|
|
(1,125
|
)
|
|
(132
|
)
|
|||||
Forwards-long (Butane)
|
|
75,373
|
|
|
27.70
|
|
|
—
|
|
|
2,088
|
|
|
2,244
|
|
|
156
|
|
|||||
Futures-long (Crude)
|
|
31,000
|
|
|
48.68
|
|
|
—
|
|
|
1,509
|
|
|
1,495
|
|
|
(14
|
)
|
|||||
Futures-short (Gasoline)
|
|
(341,000
|
)
|
|
—
|
|
|
57.55
|
|
|
(19,623
|
)
|
|
(20,954
|
)
|
|
(1,331
|
)
|
|||||
Futures-short (Distillate)
|
|
(35,000
|
)
|
|
—
|
|
|
61.33
|
|
|
(2,146
|
)
|
|
(2,261
|
)
|
|
(115
|
)
|
Exhibit
|
|
|
Number
|
|
Description of Exhibit
|
31.1
|
|
Certifications of Chief Executive Officer pursuant to §302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certifications of Chief Financial Officer pursuant to §302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002.
|
101
|
|
The following financial information from Alon USA Partners, LP’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Cash Flows and (iv) Notes to the Consolidated Financial Statements.
|
|
|
Alon USA Partners, LP
|
|
|
|
By:
|
Alon USA Partners GP, LLC
|
|
|
|
its general partner
|
|
|
|
|
Date:
|
October 31, 2016
|
By:
|
/s/ David Wiessman
|
|
|
|
David Wiessman
|
|
|
|
Executive Chairman of the Board
|
|
|
|
|
|
|
|
|
Date:
|
October 31, 2016
|
By:
|
/s/ Paul Eisman
|
|
|
|
Paul Eisman
|
|
|
|
President, Chief Executive Officer and Director
|
|
|
|
|
|
|
|
|
Date:
|
October 31, 2016
|
By:
|
/s/ Shai Even
|
|
|
|
Shai Even
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Principal Accounting Officer)
|
1 Year Alon Usa Partners, LP Common Units Representing Limited Partner Interests (delisted) Chart |
1 Month Alon Usa Partners, LP Common Units Representing Limited Partner Interests (delisted) Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions