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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 MARCH 31, 2017
|
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
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
|
Page
|
|
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
109,034
|
|
|
$
|
73,524
|
|
Accounts and other receivables, net
|
75,518
|
|
|
82,292
|
|
||
Accounts and other receivables, net - related parties
|
12,085
|
|
|
11,425
|
|
||
Inventories
|
50,518
|
|
|
49,682
|
|
||
Prepaid expenses and other current assets
|
4,883
|
|
|
4,949
|
|
||
Total current assets
|
252,038
|
|
|
221,872
|
|
||
Property, plant and equipment, net
|
416,838
|
|
|
420,554
|
|
||
Other assets, net
|
50,611
|
|
|
53,211
|
|
||
Total assets
|
$
|
719,487
|
|
|
$
|
695,637
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
301,183
|
|
|
$
|
249,835
|
|
Accrued liabilities
|
40,626
|
|
|
43,100
|
|
||
Current portion of long-term debt
|
2,500
|
|
|
2,500
|
|
||
Total current liabilities
|
344,309
|
|
|
295,435
|
|
||
Other non-current liabilities
|
24,765
|
|
|
62,880
|
|
||
Long-term debt
|
233,652
|
|
|
233,819
|
|
||
Total liabilities
|
602,726
|
|
|
592,134
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
Partners’ equity:
|
|
|
|
||||
General Partner
|
—
|
|
|
—
|
|
||
Common unitholders - 62,520,220 units issued and outstanding at March 31, 2017 and December 31, 2016
|
116,761
|
|
|
103,503
|
|
||
Total partners’ equity
|
116,761
|
|
|
103,503
|
|
||
Total liabilities and partners’ equity
|
$
|
719,487
|
|
|
$
|
695,637
|
|
|
For the Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net sales (1)
|
$
|
544,532
|
|
|
$
|
368,009
|
|
Operating costs and expenses:
|
|
|
|
||||
Cost of sales
|
470,471
|
|
|
319,333
|
|
||
Direct operating expenses
|
24,760
|
|
|
25,044
|
|
||
Selling, general and administrative expenses
|
6,764
|
|
|
7,309
|
|
||
Depreciation and amortization
|
14,229
|
|
|
14,206
|
|
||
Total operating costs and expenses
|
516,224
|
|
|
365,892
|
|
||
Operating income
|
28,308
|
|
|
2,117
|
|
||
Interest expense
|
(7,845
|
)
|
|
(10,587
|
)
|
||
Other income (loss), net
|
(95
|
)
|
|
84
|
|
||
Income (loss) before state income tax expense
|
20,368
|
|
|
(8,386
|
)
|
||
State income tax expense
|
256
|
|
|
176
|
|
||
Net income (loss)
|
$
|
20,112
|
|
|
$
|
(8,562
|
)
|
Earnings (loss) per unit
|
$
|
0.32
|
|
|
$
|
(0.14
|
)
|
Weighted average common units outstanding (in thousands)
|
62,520
|
|
|
62,510
|
|
||
Cash distribution per unit
|
$
|
0.11
|
|
|
$
|
0.08
|
|
(1)
|
Includes sales to related parties of
$91,000
and
$63,110
for the
three
months ended
March 31, 2017
and
2016
, respectively.
|
ALON USA PARTNERS, LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, dollars in thousands)
|
|||||||
|
For the Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
20,112
|
|
|
$
|
(8,562
|
)
|
Adjustments to reconcile net income (loss) to cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
14,229
|
|
|
14,206
|
|
||
Unit-based compensation
|
23
|
|
|
10
|
|
||
Amortization of debt issuance costs
|
402
|
|
|
563
|
|
||
Amortization of original issuance discount
|
171
|
|
|
154
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts and other receivables, net
|
6,774
|
|
|
(9,335
|
)
|
||
Accounts and other receivables, net - related parties
|
(660
|
)
|
|
(1,527
|
)
|
||
Inventories
|
(836
|
)
|
|
4,114
|
|
||
Prepaid expenses and other current assets
|
66
|
|
|
2,136
|
|
||
Other assets, net
|
(1,246
|
)
|
|
(6,661
|
)
|
||
Accounts payable
|
4,755
|
|
|
5,586
|
|
||
Accrued liabilities
|
(3,381
|
)
|
|
3,385
|
|
||
Other non-current liabilities
|
1,363
|
|
|
2,593
|
|
||
Net cash provided by operating activities
|
41,772
|
|
|
6,662
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(5,026
|
)
|
|
(8,112
|
)
|
||
Capital expenditures for turnarounds and catalysts
|
(849
|
)
|
|
(2,681
|
)
|
||
Net cash used in investing activities
|
(5,875
|
)
|
|
(10,793
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Distributions paid to unitholders
|
(1,267
|
)
|
|
(921
|
)
|
||
Distributions paid to unitholders - Alon Energy
|
(5,610
|
)
|
|
(4,080
|
)
|
||
RINs financing transactions
|
7,115
|
|
|
—
|
|
||
Payments on long-term debt
|
(625
|
)
|
|
(625
|
)
|
||
Net cash used in financing activities
|
(387
|
)
|
|
(5,626
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
35,510
|
|
|
(9,757
|
)
|
||
Cash and cash equivalents, beginning of period
|
73,524
|
|
|
132,953
|
|
||
Cash and cash equivalents, end of period
|
$
|
109,034
|
|
|
$
|
123,196
|
|
Supplemental cash flow information:
|
|
|
|
||||
Cash paid for interest, net of capitalized interest
|
$
|
8,971
|
|
|
$
|
10,144
|
|
Cash paid for income tax
|
$
|
256
|
|
|
$
|
176
|
|
Supplemental disclosure of non-cash activity:
|
|
|
|
||||
Capital expenditures included in accounts payable and accrued liabilities
|
$
|
907
|
|
|
$
|
—
|
|
(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 March 31, 2017
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Fair value hedge of consigned inventory
|
$
|
—
|
|
|
$
|
5,455
|
|
|
$
|
—
|
|
|
$
|
5,455
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts (futures and forwards)
|
267
|
|
|
—
|
|
|
—
|
|
|
267
|
|
||||
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Fair value hedge of consigned inventory
|
$
|
—
|
|
|
$
|
4,389
|
|
|
$
|
—
|
|
|
$
|
4,389
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts (futures and forwards)
|
689
|
|
|
—
|
|
|
—
|
|
|
689
|
|
(3)
|
Derivative Financial Instruments
|
|
As of March 31, 2017
|
||||||||||
|
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
|
|
$
|
186
|
|
|
Accrued liabilities
|
|
$
|
453
|
|
Total derivatives not designated as hedging instruments
|
|
|
186
|
|
|
|
|
453
|
|
||
|
|
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Fair value hedge of consigned inventory
|
Other assets
|
|
$
|
5,455
|
|
|
|
|
$
|
—
|
|
Total derivatives designated as hedging instruments
|
|
|
5,455
|
|
|
|
|
—
|
|
||
Total derivatives
|
|
|
$
|
5,641
|
|
|
|
|
$
|
453
|
|
|
As of December 31, 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
|
|
$
|
30
|
|
|
Accrued liabilities
|
|
$
|
719
|
|
Total derivatives not designated as hedging instruments
|
|
|
30
|
|
|
|
|
719
|
|
||
|
|
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
||||
Fair value hedge of consigned inventory
|
Other assets
|
|
$
|
4,389
|
|
|
|
|
$
|
—
|
|
Total derivatives designated as hedging instruments
|
|
|
4,389
|
|
|
|
|
—
|
|
||
Total derivatives
|
|
|
$
|
4,419
|
|
|
|
|
$
|
719
|
|
|
|
|
Gain Recognized in Income
|
||||||
|
|
|
For the Three Months Ended
|
||||||
|
|
|
March 31,
|
||||||
|
Location
|
|
2017
|
|
2016
|
||||
Fair value hedge of consigned inventory (1)
|
Interest expense
|
|
$
|
1,066
|
|
|
$
|
1,026
|
|
Total derivatives
|
|
|
$
|
1,066
|
|
|
$
|
1,026
|
|
(1)
|
Changes in the fair value hedge are substantially offset in earnings by changes in the hedged item.
|
|
|
|
Gain Recognized in Income
|
||||||
|
|
|
For the Three Months Ended
|
||||||
|
|
|
March 31,
|
||||||
|
Location
|
|
2017
|
|
2016
|
||||
Commodity contracts (futures and forwards)
|
Cost of sales
|
|
$
|
2,156
|
|
|
$
|
5,374
|
|
Total derivatives
|
|
|
$
|
2,156
|
|
|
$
|
5,374
|
|
|
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 March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commodity contracts (futures and forwards)
|
$
|
731
|
|
|
$
|
(545
|
)
|
|
$
|
186
|
|
|
$
|
(186
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Fair value hedge of consigned inventory
|
5,455
|
|
|
—
|
|
|
5,455
|
|
|
—
|
|
|
—
|
|
|
5,455
|
|
||||||
Derivative Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commodity contracts (futures and forwards)
|
$
|
998
|
|
|
$
|
(545
|
)
|
|
$
|
453
|
|
|
$
|
(186
|
)
|
|
$
|
—
|
|
|
$
|
267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Derivative Assets:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commodity contracts (futures and forwards)
|
$
|
980
|
|
|
$
|
(950
|
)
|
|
$
|
30
|
|
|
$
|
(30
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Fair value hedge of consigned inventory
|
4,389
|
|
|
—
|
|
|
4,389
|
|
|
—
|
|
|
—
|
|
|
4,389
|
|
||||||
Derivative Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commodity contracts (futures and forwards)
|
$
|
1,669
|
|
|
$
|
(950
|
)
|
|
$
|
719
|
|
|
$
|
(30
|
)
|
|
$
|
—
|
|
|
$
|
689
|
|
(4)
|
Inventories
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Crude oil, refined products and blendstocks
|
$
|
37,471
|
|
|
$
|
36,259
|
|
Crude oil consignment inventory (Note 5)
|
1,438
|
|
|
1,850
|
|
||
Materials and supplies
|
11,609
|
|
|
11,573
|
|
||
Total inventories
|
$
|
50,518
|
|
|
$
|
49,682
|
|
(5)
|
Inventory Financing Agreement
|
(6)
|
Property, Plant and Equipment, Net
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Refining facilities
|
$
|
738,630
|
|
|
$
|
732,697
|
|
Accumulated depreciation
|
(321,792
|
)
|
|
(312,143
|
)
|
||
Property, plant and equipment, net
|
$
|
416,838
|
|
|
$
|
420,554
|
|
(7)
|
Additional Financial Information
|
(a)
|
Other Assets, Net
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Deferred turnaround and catalyst cost
|
$
|
31,082
|
|
|
$
|
34,252
|
|
Receivable from supply and offtake agreement (Note 5)
|
6,290
|
|
|
6,290
|
|
||
Fair value hedge of consigned inventory (Note 3)
|
5,455
|
|
|
4,389
|
|
||
Other
|
7,784
|
|
|
8,280
|
|
||
Total other assets
|
$
|
50,611
|
|
|
$
|
53,211
|
|
(b)
|
Accounts Payable
|
(c)
|
Accrued Liabilities and Other Non-Current Liabilities
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Accrued Liabilities:
|
|
|
|
||||
Taxes other than income taxes, primarily excise taxes
|
$
|
30,294
|
|
|
$
|
31,882
|
|
Accrued finance charges
|
306
|
|
|
372
|
|
||
Environmental accrual (Note 11)
|
796
|
|
|
796
|
|
||
Commodity contracts
|
453
|
|
|
719
|
|
||
Other
|
8,777
|
|
|
9,331
|
|
||
Total accrued liabilities
|
$
|
40,626
|
|
|
$
|
43,100
|
|
|
|
|
|
||||
Other Non-Current Liabilities:
|
|
|
|
||||
Consignment inventory obligation (Note 5)
|
$
|
13,257
|
|
|
$
|
11,939
|
|
Environmental accrual (Note 11)
|
5,796
|
|
|
5,796
|
|
||
Asset retirement obligations
|
3,176
|
|
|
3,131
|
|
||
RINs financing transactions
|
—
|
|
|
39,478
|
|
||
Other
|
2,536
|
|
|
2,536
|
|
||
Total other non-current liabilities
|
$
|
24,765
|
|
|
$
|
62,880
|
|
(8)
|
Indebtedness
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
Term loan credit facility
|
$
|
236,152
|
|
|
$
|
236,319
|
|
Revolving credit facility
|
—
|
|
|
—
|
|
||
Total debt
|
236,152
|
|
|
236,319
|
|
||
Less: Current portion
|
2,500
|
|
|
2,500
|
|
||
Total long-term debt
|
$
|
233,652
|
|
|
$
|
233,819
|
|
(9)
|
Partners' Equity (unit values in dollars)
|
|
|
Cash Available for Distribution per Unit (1)
|
|
Distribution Paid Per Unit
|
|
Total Distribution Paid
|
||
First Quarter 2017
|
|
0.38
|
|
|
0.11
|
|
6,877
|
|
(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;
|
•
|
the level of competition from other petroleum refiners;
|
•
|
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, 2016
under the caption “Risk Factors.”
|
•
|
Operating income for the
first
quarter of
2017
was
$28.3 million
, compared to
$2.1 million
for the
first
quarter of
2016
.
|
•
|
Big Spring refinery average throughput for the
first
quarter of
2017
was
77,754
bpd compared to
67,536
bpd for the
first
quarter of
2016
. During the first quarter of 2017, the Big Spring refinery reported the highest total quarterly average throughput ever. The reduced throughput during the first quarter of 2016 was the result of planned downtime to complete a reformer regeneration and catalyst replacement for our diesel hydrotreater unit.
|
•
|
Refinery operating margin was
$10.32
per barrel for the
first
quarter of
2017
compared to
$7.77
per barrel for the same period in
2016
. This increase in operating margin was primarily due to a higher Gulf Coast 3/2/1 crack spread and a widening of the WTI Cushing to WTS spread, partially offset by the increased premium in WTI Midland compared to WTI Cushing, increased RINs costs and a reduced benefit from the contango market environment which increased the cost of crude.
|
•
|
The average Gulf Coast 3/2/1 crack spread was
$13.75
per barrel for the
first
quarter of
2017
compared to
$11.24
per barrel for the
first
quarter of
2016
.
|
•
|
The average WTI Cushing to WTI Midland spread for the
first
quarter of
2017
was
$(0.64)
per barrel compared to
$(0.13)
per barrel for the same period in
2016
. The average WTI Cushing to WTS spread for the
first
quarter of
2017
was
$1.27
per barrel compared to
$(0.10)
per barrel for the same period in
2016
. The average Brent to WTI Cushing spread for the
first
quarter of
2017
was
$1.66
per barrel compared to
$0.49
per barrel for the same period in
2016
.
|
•
|
The average RINs cost effect on refinery operating margin was
$0.59
per barrel for the
first
quarter of
2017
, compared to
$0.13
per barrel for the same period in
2016
.
|
•
|
The contango environment in the
first
quarter of
2017
created an average cost of crude benefit of
$1.00
per barrel compared to an average cost of crude benefit of
$1.83
per barrel for the same period in
2016
.
|
•
|
During the
first
quarter of
2017
, we generated cash available for distribution of $0.38 per unit, compared to no distribution being generated during the
first
quarter of
2016
.
|
|
March 31,
2017 |
|
December 31,
2016 |
||||
|
(dollars in thousands)
|
||||||
BALANCE SHEET DATA (end of period):
|
|
|
|
||||
Cash and cash equivalents
|
$
|
109,034
|
|
|
$
|
73,524
|
|
Working capital
|
(92,271
|
)
|
|
(73,563
|
)
|
||
Total assets
|
719,487
|
|
|
695,637
|
|
||
Total debt
|
236,152
|
|
|
236,319
|
|
||
Total debt less cash and cash equivalents
|
127,118
|
|
|
162,795
|
|
||
Total partners’ equity
|
116,761
|
|
|
103,503
|
|
THROUGHPUT AND PRODUCTION DATA:
|
For the Three Months Ended
|
||||||||||
March 31,
|
|||||||||||
|
2017
|
|
2016
|
||||||||
|
bpd
|
|
%
|
|
bpd
|
|
%
|
||||
Refinery throughput:
|
|
|
|
|
|
|
|
||||
WTS crude
|
30,301
|
|
|
39.0
|
|
|
36,554
|
|
|
54.1
|
|
WTI crude
|
42,877
|
|
|
55.1
|
|
|
27,760
|
|
|
41.1
|
|
Blendstocks
|
4,576
|
|
|
5.9
|
|
|
3,222
|
|
|
4.8
|
|
Total refinery throughput (5)
|
77,754
|
|
|
100.0
|
|
|
67,536
|
|
|
100.0
|
|
Refinery production:
|
|
|
|
|
|
|
|
||||
Gasoline
|
38,690
|
|
|
49.9
|
|
|
34,100
|
|
|
50.5
|
|
Diesel/jet
|
28,871
|
|
|
37.2
|
|
|
22,682
|
|
|
33.6
|
|
Asphalt
|
2,893
|
|
|
3.7
|
|
|
3,148
|
|
|
4.6
|
|
Petrochemicals
|
4,530
|
|
|
5.8
|
|
|
3,617
|
|
|
5.3
|
|
Other
|
2,633
|
|
|
3.4
|
|
|
4,027
|
|
|
6.0
|
|
Total refinery production (6)
|
77,617
|
|
|
100.0
|
|
|
67,574
|
|
|
100.0
|
|
Refinery utilization (7)
|
|
|
100.2
|
%
|
|
|
|
93.2
|
%
|
(1)
|
Includes sales to related parties of
$91,000
and
$63,110
for the
three
months ended
March 31, 2017
and
2016
, 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
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(dollars in thousands)
|
||||||
Net income (loss)
|
$
|
20,112
|
|
|
$
|
(8,562
|
)
|
State income tax expense
|
256
|
|
|
176
|
|
||
Interest expense
|
7,845
|
|
|
10,587
|
|
||
Depreciation and amortization
|
14,229
|
|
|
14,206
|
|
||
Adjusted EBITDA
|
$
|
42,442
|
|
|
$
|
16,407
|
|
(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 Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(dollars in thousands)
|
||||||
Cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
41,772
|
|
|
$
|
6,662
|
|
Investing activities
|
(5,875
|
)
|
|
(10,793
|
)
|
||
Financing activities
|
(387
|
)
|
|
(5,626
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
35,510
|
|
|
$
|
(9,757
|
)
|
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)
|
|
(163,089
|
)
|
|
$
|
—
|
|
|
$
|
49.67
|
|
|
$
|
(8,101
|
)
|
|
$
|
(8,308
|
)
|
|
$
|
(207
|
)
|
Forwards-long (Gasoline)
|
|
6,286
|
|
|
67.16
|
|
|
—
|
|
|
422
|
|
|
442
|
|
|
20
|
|
|||||
Forwards-short (Distillate)
|
|
(172,427
|
)
|
|
—
|
|
|
65.97
|
|
|
(11,375
|
)
|
|
(11,910
|
)
|
|
(535
|
)
|
|||||
Forwards-short (Jet)
|
|
(12,088
|
)
|
|
—
|
|
|
63.30
|
|
|
(765
|
)
|
|
(782
|
)
|
|
(17
|
)
|
|||||
Forwards-long (Slurry)
|
|
1,494
|
|
|
40.89
|
|
|
—
|
|
|
61
|
|
|
64
|
|
|
3
|
|
|||||
Forwards-long (Catfeed)
|
|
85,393
|
|
|
61.80
|
|
|
—
|
|
|
5,277
|
|
|
5,543
|
|
|
266
|
|
|||||
Forwards-long (Slop)
|
|
16,630
|
|
|
39.67
|
|
|
—
|
|
|
660
|
|
|
683
|
|
|
23
|
|
|||||
Forwards-short (Propane)
|
|
(5,000
|
)
|
|
—
|
|
|
24.68
|
|
|
(123
|
)
|
|
(122
|
)
|
|
1
|
|
|||||
Forwards-long (Butane)
|
|
8,376
|
|
|
32.37
|
|
|
—
|
|
|
271
|
|
|
264
|
|
|
(7
|
)
|
|||||
Futures-long (Crude)
|
|
4,000
|
|
|
23.14
|
|
|
—
|
|
|
93
|
|
|
203
|
|
|
110
|
|
|||||
Futures-short (Gasoline)
|
|
(91,000
|
)
|
|
—
|
|
|
68.98
|
|
|
(6,277
|
)
|
|
(6,509
|
)
|
|
(232
|
)
|
|||||
Futures-long (Distillate)
|
|
123,000
|
|
|
63.63
|
|
|
—
|
|
|
7,826
|
|
|
8,134
|
|
|
308
|
|
Exhibit
|
|
|
Number
|
|
Description of Exhibit
|
31.1
|
|
Certification of Chief Executive Officer pursuant to §302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification 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 March 31, 2017, 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:
|
May 8, 2017
|
By:
|
/s/ David Wiessman
|
|
|
|
David Wiessman
|
|
|
|
Executive Chairman of the Board
|
|
|
|
|
|
|
|
|
Date:
|
May 8, 2017
|
By:
|
/s/ Alan Moret
|
|
|
|
Alan Moret
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
Date:
|
May 8, 2017
|
By:
|
/s/ Shai Even
|
|
|
|
Shai Even
|
|
|
|
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 |
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