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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alon Usa Energy Common Stick | NYSE:ALJ | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.32 | 0.00 | 01:00:00 |
Delaware (State or Other Jurisdiction of Incorporation) | 001-32567 (Commission File Number) | 74-2966572 (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description | |
99.1 | Press Release dated February 24, 2016. |
Date: | February 24, 2016 | By: | /s/ Shai Even |
Shai Even | |||
Senior Vice President and Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Press Release dated February 24, 2016. |
NEWS RELEASE | ||
Contacts: | Stacey Hudson, Investor Relations Manager Alon USA Energy, Inc. 972-367-3808 | |
FOR IMMEDIATE RELEASE | ||
Investors: Jack Lascar/Stephanie Zhadkevich Dennard § Lascar Associates, LLC 713-529-6600 Media: Blake Lewis Lewis Public Relations 214-635-3020 |
RESULTS OF OPERATIONS - FINANCIAL DATA (ALL INFORMATION IN THIS PRESS RELEASE EXCEPT FOR BALANCE SHEET DATA AS OF DECEMBER 31, 2014, AND INCOME STATEMENT DATA FOR THE YEAR ENDED DECEMBER 31, 2014, IS UNAUDITED) | For the Three Months Ended | For the Year Ended | |||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
STATEMENTS OF OPERATIONS DATA: | |||||||||||||||
Net sales (1) | $ | 782,367 | $ | 1,503,231 | $ | 4,338,152 | $ | 6,779,456 | |||||||
Operating costs and expenses: | |||||||||||||||
Cost of sales | 636,794 | 1,307,198 | 3,515,406 | 6,002,270 | |||||||||||
Direct operating expenses | 63,426 | 73,022 | 255,534 | 281,686 | |||||||||||
Selling, general and administrative expenses (2) | 51,306 | 40,303 | 200,195 | 170,139 | |||||||||||
Depreciation and amortization (3) | 32,232 | 32,562 | 126,494 | 124,063 | |||||||||||
Total operating costs and expenses | 783,758 | 1,453,085 | 4,097,629 | 6,578,158 | |||||||||||
Gain (loss) on disposition of assets | 1,319 | (471 | ) | 1,914 | 274 | ||||||||||
Loss on impairment of goodwill (4) | (39,028 | ) | — | (39,028 | ) | — | |||||||||
Operating income (loss) | (39,100 | ) | 49,675 | 203,409 | 201,572 | ||||||||||
Interest expense | (19,876 | ) | (25,670 | ) | (79,826 | ) | (111,143 | ) | |||||||
Equity earnings (losses) of investees | 1,944 | (1,123 | ) | 6,669 | 1,678 | ||||||||||
Other income, net | 266 | 33 | 417 | 674 | |||||||||||
Income (loss) before income tax expense (benefit) | (56,766 | ) | 22,915 | 130,669 | 92,781 | ||||||||||
Income tax expense (benefit) | (4,860 | ) | 8,459 | 48,282 | 22,913 | ||||||||||
Net income (loss) | (51,906 | ) | 14,456 | 82,387 | 69,868 | ||||||||||
Net income attributable to non-controlling interest | 628 | 7,749 | 29,636 | 31,411 | |||||||||||
Net income (loss) available to stockholders | $ | (52,534 | ) | $ | 6,707 | $ | 52,751 | $ | 38,457 | ||||||
Earnings (loss) per share, basic | $ | (0.75 | ) | $ | 0.10 | $ | 0.76 | $ | 0.56 | ||||||
Weighted average shares outstanding, basic (in thousands) | 70,027 | 69,319 | 69,772 | 68,985 | |||||||||||
Earnings (loss) per share, diluted | $ | (0.75 | ) | $ | 0.10 | $ | 0.75 | $ | 0.55 | ||||||
Weighted average shares outstanding, diluted (in thousands) | 70,027 | 69,842 | 70,714 | 69,373 | |||||||||||
Cash dividends per share | $ | 0.15 | $ | 0.31 | $ | 0.55 | $ | 0.53 | |||||||
CASH FLOW DATA: | |||||||||||||||
Net cash provided by (used in): | |||||||||||||||
Operating activities | $ | 49,755 | $ | 49,074 | $ | 226,065 | $ | 193,658 | |||||||
Investing activities | (81,713 | ) | (24,242 | ) | (160,011 | ) | (108,995 | ) | |||||||
Financing activities | 27,221 | (3,439 | ) | (46,888 | ) | (94,201 | ) | ||||||||
OTHER DATA: | |||||||||||||||
Adjusted net income (loss) available to stockholders (5) | $ | (14,635 | ) | $ | (219 | ) | $ | 95,459 | $ | 38,100 | |||||
Adjusted earnings (loss) per share (5) | $ | (0.21 | ) | $ | — | $ | 1.37 | $ | 0.55 | ||||||
Adjusted EBITDA (6) | $ | 34,128 | $ | 67,066 | $ | 366,166 | $ | 323,935 | |||||||
Capital expenditures (7) | 43,933 | 14,633 | 101,195 | 88,429 | |||||||||||
Capital expenditures for turnarounds and catalysts | 23,938 | 11,081 | 35,348 | 62,473 |
As of December 31, | |||||||
2015 | 2014 | ||||||
BALANCE SHEET DATA (end of period): | (dollars in thousands) | ||||||
Cash and cash equivalents | $ | 234,127 | $ | 214,961 | |||
Working capital | 78,694 | 126,665 | |||||
Total assets (8) | 2,176,138 | 2,191,644 | |||||
Total debt (8) | 555,962 | 554,457 | |||||
Total debt less cash and cash equivalents (8) | 321,835 | 339,496 | |||||
Total equity | 664,160 | 673,778 |
REFINING AND MARKETING SEGMENT | |||||||||||||||
For the Three Months Ended | For the Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands, except per barrel data and pricing statistics) | |||||||||||||||
STATEMENTS OF OPERATIONS DATA: | |||||||||||||||
Net sales (9) | $ | 627,498 | $ | 1,294,459 | $ | 3,663,956 | $ | 5,937,982 | |||||||
Operating costs and expenses: | |||||||||||||||
Cost of sales | 528,548 | 1,142,721 | 3,034,531 | 5,329,605 | |||||||||||
Direct operating expenses | 57,063 | 63,471 | 227,517 | 241,833 | |||||||||||
Selling, general and administrative expenses | 19,553 | 11,367 | 79,022 | 56,004 | |||||||||||
Depreciation and amortization | 27,253 | 27,089 | 107,619 | 104,676 | |||||||||||
Total operating costs and expenses | 632,417 | 1,244,648 | 3,448,689 | 5,732,118 | |||||||||||
Gain (loss) on disposition of assets | 1,319 | 1 | 1,842 | (1,255 | ) | ||||||||||
Loss on impairment of goodwill (4) | (39,028 | ) | — | (39,028 | ) | — | |||||||||
Operating income (loss) | $ | (42,628 | ) | $ | 49,812 | $ | 178,081 | $ | 204,609 | ||||||
KEY OPERATING STATISTICS: | |||||||||||||||
Per barrel of throughput: | |||||||||||||||
Refinery operating margin – Big Spring (10) | $ | 10.02 | $ | 15.12 | $ | 14.43 | $ | 16.69 | |||||||
Refinery operating margin – Krotz Springs (10) | 1.55 | 4.04 | 7.02 | 7.57 | |||||||||||
Refinery direct operating expense – Big Spring (11) | 3.88 | 3.67 | 3.62 | 4.39 | |||||||||||
Refinery direct operating expense – Krotz Springs (11) | 5.82 | 4.46 | 4.03 | 4.12 | |||||||||||
Capital expenditures | $ | 37,926 | $ | 7,825 | $ | 73,429 | $ | 63,148 | |||||||
Capital expenditures for turnarounds and catalysts | 23,938 | 11,081 | 35,348 | 62,473 | |||||||||||
PRICING STATISTICS: | |||||||||||||||
Crack spreads (3/2/1) (per barrel): | |||||||||||||||
Gulf Coast (12) | $ | 10.90 | $ | 9.04 | $ | 17.02 | $ | 14.52 | |||||||
Crack spreads (2/1/1) (per barrel): | |||||||||||||||
Gulf Coast high sulfur diesel (12) | $ | 7.13 | $ | 4.80 | $ | 10.81 | $ | 9.76 | |||||||
WTI Cushing crude oil (per barrel) | $ | 42.05 | $ | 73.37 | $ | 48.68 | $ | 93.10 | |||||||
Crude oil differentials (per barrel): | |||||||||||||||
WTI Cushing less WTI Midland (13) | $ | (0.20 | ) | $ | 5.79 | $ | 0.39 | $ | 6.93 | ||||||
WTI Cushing less WTS (13) | (0.26 | ) | 4.43 | (0.06 | ) | 6.04 | |||||||||
LLS less WTI Cushing (13) | 2.08 | 3.16 | 3.73 | 3.85 | |||||||||||
Brent less LLS (13) | (0.30 | ) | 0.54 | 0.14 | 3.45 | ||||||||||
Brent less WTI Cushing (13) | 1.35 | 3.07 | 3.54 | 6.19 | |||||||||||
Product prices (dollars per gallon): | |||||||||||||||
Gulf Coast unleaded gasoline | $ | 1.25 | $ | 1.85 | $ | 1.56 | $ | 2.49 | |||||||
Gulf Coast ultra-low sulfur diesel | 1.29 | 2.20 | 1.58 | 2.71 | |||||||||||
Gulf Coast high sulfur diesel | 1.19 | 2.03 | 1.45 | 2.59 | |||||||||||
Natural gas (per MMBtu) | 2.23 | 3.83 | 2.63 | 4.26 |
THROUGHPUT AND PRODUCTION DATA: BIG SPRING REFINERY | For the Three Months Ended | For the Year Ended | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
bpd | % | bpd | % | bpd | % | bpd | % | ||||||||||||||||
Refinery throughput: | |||||||||||||||||||||||
WTS crude | 29,510 | 38.9 | 35,663 | 46.4 | 33,647 | 44.9 | 30,323 | 45.9 | |||||||||||||||
WTI crude | 43,968 | 57.9 | 35,691 | 46.4 | 38,632 | 51.6 | 32,429 | 49.1 | |||||||||||||||
Blendstocks | 2,447 | 3.2 | 5,513 | 7.2 | 2,627 | 3.5 | 3,281 | 5.0 | |||||||||||||||
Total refinery throughput (14) | 75,925 | 100.0 | 76,867 | 100.0 | 74,906 | 100.0 | 66,033 | 100.0 | |||||||||||||||
Refinery production: | |||||||||||||||||||||||
Gasoline | 38,600 | 50.8 | 41,015 | 53.0 | 37,519 | 50.0 | 32,932 | 49.7 | |||||||||||||||
Diesel/jet | 27,812 | 36.6 | 27,074 | 34.9 | 27,651 | 36.8 | 23,252 | 35.1 | |||||||||||||||
Asphalt | 2,362 | 3.1 | 2,749 | 3.5 | 2,639 | 3.5 | 2,716 | 4.1 | |||||||||||||||
Petrochemicals | 4,012 | 5.3 | 4,476 | 5.8 | 4,579 | 6.1 | 3,756 | 5.7 | |||||||||||||||
Other | 3,176 | 4.2 | 2,185 | 2.8 | 2,678 | 3.6 | 3,565 | 5.4 | |||||||||||||||
Total refinery production (15) | 75,962 | 100.0 | 77,499 | 100.0 | 75,066 | 100.0 | 66,221 | 100.0 | |||||||||||||||
Refinery utilization (16) | 100.7 | % | 97.7 | % | 99.0 | % | 97.2 | % |
THROUGHPUT AND PRODUCTION DATA: KROTZ SPRINGS REFINERY | For the Three Months Ended | For the Year Ended | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
bpd | % | bpd | % | bpd | % | bpd | % | ||||||||||||||||
Refinery throughput: | |||||||||||||||||||||||
WTI crude | 8,750 | 21.3 | 28,454 | 42.9 | 22,408 | 34.4 | 28,373 | 40.3 | |||||||||||||||
Gulf Coast sweet crude | 29,384 | 71.6 | 32,208 | 48.5 | 38,699 | 59.4 | 39,636 | 56.4 | |||||||||||||||
Blendstocks | 2,936 | 7.1 | 5,723 | 8.6 | 4,023 | 6.2 | 2,336 | 3.3 | |||||||||||||||
Total refinery throughput (14) | 41,070 | 100.0 | 66,385 | 100.0 | 65,130 | 100.0 | 70,345 | 100.0 | |||||||||||||||
Refinery production: | |||||||||||||||||||||||
Gasoline | 18,083 | 43.7 | 31,336 | 46.5 | 30,193 | 45.5 | 32,925 | 45.9 | |||||||||||||||
Diesel/jet | 16,037 | 38.7 | 26,402 | 39.2 | 27,259 | 41.0 | 30,060 | 41.9 | |||||||||||||||
Heavy Oils | 654 | 1.6 | 1,199 | 1.8 | 1,165 | 1.8 | 1,146 | 1.6 | |||||||||||||||
Other | 6,632 | 16.0 | 8,441 | 12.5 | 7,781 | 11.7 | 7,579 | 10.6 | |||||||||||||||
Total refinery production (15) | 41,406 | 100.0 | 67,378 | 100.0 | 66,398 | 100.0 | 71,710 | 100.0 | |||||||||||||||
Refinery utilization (16) | 83.1 | % | 82.0 | % | 91.3 | % | 91.9 | % |
ASPHALT SEGMENT | |||||||||||||||
For the Three Months Ended | For the Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands, except per ton data) | |||||||||||||||
STATEMENTS OF OPERATIONS DATA: | |||||||||||||||
Net sales (17) | $ | 48,967 | $ | 106,572 | $ | 257,955 | $ | 457,412 | |||||||
Operating costs and expenses: | |||||||||||||||
Cost of sales (17) (18) | 38,081 | 102,280 | 212,166 | 431,931 | |||||||||||
Direct operating expenses | 6,363 | 9,551 | 28,017 | 39,853 | |||||||||||
Selling, general and administrative expenses | 3,280 | 1,499 | 10,517 | 7,874 | |||||||||||
Depreciation and amortization | 1,227 | 1,166 | 4,892 | 4,747 | |||||||||||
Total operating costs and expenses | 48,951 | 114,496 | 255,592 | 484,405 | |||||||||||
Gain (loss) on disposition of assets | — | (482 | ) | — | 1,396 | ||||||||||
Operating income (loss) (21) | $ | 16 | $ | (8,406 | ) | $ | 2,363 | $ | (25,597 | ) | |||||
KEY OPERATING STATISTICS: | |||||||||||||||
Blended asphalt sales volume (tons in thousands) (19) | 104 | 104 | 451 | 516 | |||||||||||
Non-blended asphalt sales volume (tons in thousands) (20) | 18 | 24 | 59 | 65 | |||||||||||
Blended asphalt sales price per ton (19) | $ | 451.98 | $ | 571.30 | $ | 486.34 | $ | 571.18 | |||||||
Non-blended asphalt sales price per ton (20) | 116.61 | 406.17 | 231.00 | 397.91 | |||||||||||
Asphalt margin per ton (21) | 102.85 | 33.53 | 105.70 | 43.86 | |||||||||||
Capital expenditures | $ | 901 | $ | 1,505 | $ | 3,385 | $ | 5,777 |
RETAIL SEGMENT | |||||||||||||||
For the Three Months Ended | For the Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands, except per gallon data) | |||||||||||||||
STATEMENTS OF OPERATIONS DATA: | |||||||||||||||
Net sales (1) | $ | 182,960 | $ | 216,657 | $ | 774,435 | $ | 939,684 | |||||||
Operating costs and expenses: | |||||||||||||||
Cost of sales (18) | 147,223 | 176,654 | 626,903 | 796,356 | |||||||||||
Selling, general and administrative expenses | 28,292 | 27,260 | 109,943 | 105,556 | |||||||||||
Depreciation and amortization | 3,427 | 3,697 | 12,431 | 12,241 | |||||||||||
Total operating costs and expenses | 178,942 | 207,611 | 749,277 | 914,153 | |||||||||||
Gain on disposition of assets | — | 10 | 72 | 134 | |||||||||||
Operating income | $ | 4,018 | $ | 9,056 | $ | 25,230 | $ | 25,665 | |||||||
KEY OPERATING STATISTICS: | |||||||||||||||
Number of stores (end of period) (22) | 309 | 295 | 309 | 295 | |||||||||||
Retail fuel sales (thousands of gallons) | 52,155 | 49,732 | 199,147 | 192,582 | |||||||||||
Retail fuel sales (thousands of gallons per site per month) (22) | 58 | 59 | 58 | 57 | |||||||||||
Retail fuel margin (cents per gallon) (23) | 20.0 | 27.6 | 21.3 | 21.6 | |||||||||||
Retail fuel sales price (dollars per gallon) (24) | $ | 1.95 | $ | 2.73 | $ | 2.24 | $ | 3.20 | |||||||
Merchandise sales | $ | 80,958 | $ | 80,951 | $ | 328,505 | $ | 322,262 | |||||||
Merchandise sales (per site per month) (22) | $ | 87 | $ | 91 | $ | 91 | $ | 91 | |||||||
Merchandise margin (25) | 31.1 | % | 32.3 | % | 31.9 | % | 31.4 | % | |||||||
Capital expenditures | $ | 4,110 | $ | 4,654 | $ | 18,993 | $ | 16,748 |
(1) | Includes excise taxes on sales by the retail segment of $20,367 and $19,486 for the three months ended December 31, 2015 and 2014, respectively, and $77,860 and $75,409 for the years ended December 31, 2015 and 2014, respectively. |
(2) | Includes corporate headquarters selling, general and administrative expenses of $181 and $177 for the three months ended December 31, 2015 and 2014, respectively, and $713 and $705 for the years ended December 31, 2015 and 2014, respectively, which are not allocated to our three operating segments. |
(3) | Includes corporate depreciation and amortization of $325 and $610 for the three months ended December 31, 2015 and 2014, respectively, and $1,552 and $2,399 for the years ended December 31, 2015 and 2014, respectively, which are not allocated to our three operating segments. |
(4) | During the three months and year ended December 31, 2015, we recognized a goodwill impairment loss of $39,028 related to our California refining reporting unit. |
(5) | The following table provides a reconciliation of net income (loss) available to stockholders under United States generally accepted accounting principles (“GAAP”) to adjusted net income (loss) available to stockholders utilized in determining adjusted earnings per share, excluding the after-tax write-off of unamortized debt issuance costs, after-tax write-off of unamortized original issuance discount, after-tax employee retention expense, after-tax environmental charges, loss on impairment of goodwill, after-tax loss on asphalt inventory adjustment, after-tax insurance recoveries net of professional fees, after-tax unrealized gains (losses) on commodity swaps and after-tax gain (loss) on disposition of assets. Our management believes that the presentation of adjusted net income (loss) available to stockholders and adjusted earnings (loss) per share, excluding these items, is useful to investors because it provides a more meaningful measurement for evaluation of our Company’s operating results. |
For the Three Months Ended | For the Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Net income (loss) available to stockholders | $ | (52,534 | ) | $ | 6,707 | $ | 52,751 | $ | 38,457 | ||||||
Plus: Write-off of debt issuance costs, net of tax | — | 123 | — | 411 | |||||||||||
Plus: Write-off of original issuance discount, net of tax | — | — | — | 265 | |||||||||||
Plus: Employee retention expense, net of tax | 956 | — | 8,007 | — | |||||||||||
Plus: Environmental charges, net of tax | — | 1,634 | — | 1,950 | |||||||||||
Plus: Loss on impairment of goodwill | 38,540 | — | 38,540 | — | |||||||||||
Plus: Loss on asphalt inventory adjustment, net of tax | 1,192 | — | 5,736 | — | |||||||||||
Less: Insurance recoveries net of professional fees, net of tax | (2,615 | ) | — | (2,615 | ) | — | |||||||||
Less: Unrealized (gains) losses on commodity swaps, net of tax | 772 | (8,973 | ) | (5,608 | ) | (2,781 | ) | ||||||||
Less: (Gain) loss on disposition of assets, net of tax | (946 | ) | 290 | (1,352 | ) | (202 | ) | ||||||||
Adjusted net income (loss) available to stockholders | $ | (14,635 | ) | $ | (219 | ) | $ | 95,459 | $ | 38,100 | |||||
Adjusted earnings (loss) per share * | $ | (0.21 | ) | $ | — | $ | 1.37 | $ | 0.55 |
* | Adjusted earnings (loss) per share includes the effects of dividends on preferred stock on adjusted net income (loss) available to stockholders necessary to calculate earnings (loss) per share. |
(6) | Adjusted EBITDA represents earnings before net income attributable to non-controlling interest, income tax expense (benefit), interest expense, depreciation and amortization, gain (loss) on disposition of assets, loss on impairment of goodwill and unrealized gains (losses) on commodity swaps. 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 net income attributable to non-controlling interest, income tax expense (benefit), interest expense, gain (loss) on disposition of assets, loss on impairment of goodwill, unrealized gains (losses) on |
• | 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 the prior claim that non-controlling interest have on the income generated by non-wholly-owned subsidiaries; |
• | 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 Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Net income (loss) available to stockholders | $ | (52,534 | ) | $ | 6,707 | $ | 52,751 | $ | 38,457 | ||||||
Net income attributable to non-controlling interest | 628 | 7,749 | 29,636 | 31,411 | |||||||||||
Income tax expense (benefit) | (4,860 | ) | 8,459 | 48,282 | 22,913 | ||||||||||
Interest expense | 19,876 | 25,670 | 79,826 | 111,143 | |||||||||||
Depreciation and amortization | 32,232 | 32,562 | 126,494 | 124,063 | |||||||||||
(Gain) loss on disposition of assets | (1,319 | ) | 471 | (1,914 | ) | (274 | ) | ||||||||
Loss on impairment of goodwill | 39,028 | — | 39,028 | — | |||||||||||
Unrealized (gains) losses on commodity swaps | 1,077 | (14,552 | ) | (7,937 | ) | (3,778 | ) | ||||||||
Adjusted EBITDA | $ | 34,128 | $ | 67,066 | $ | 366,166 | $ | 323,935 |
(7) | Includes corporate capital expenditures of $996 and $649 for the three months ended December 31, 2015 and 2014, respectively, and $5,388 and $2,756 for the years ended December 31, 2015 and 2014, respectively, which are not allocated to our three operating segments. |
(8) | During the year ended December 31, 2015, we adopted the FASB’s recently issued accounting guidance simplifying the presentation of debt issuance costs. As a result of adopting this guidance, debt issuance costs that had previously been included as deferred charges in our consolidated balance sheets have been reclassified as a direct deduction from the carrying value of the associated debt. These changes have been applied retrospectively to all periods presented. |
(9) | Net sales include intersegment sales to our asphalt and retail segments at prices which approximate wholesale market prices. These intersegment sales are eliminated through consolidation of our financial statements. |
(10) | Refinery operating margin is a per barrel measurement calculated by dividing the margin between net sales and cost of sales (exclusive of certain adjustments) attributable to each refinery by its 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 margins to these crack spreads to assess our operating performance relative to other participants in our industry. |
(11) | Refinery direct operating expense is a per barrel measurement calculated by dividing direct operating expenses at our refineries by the applicable refinery’s total throughput volumes. |
(12) | We compare our Big Spring refinery’s operating margin to the Gulf Coast 3/2/1 crack spread. A Gulf Coast 3/2/1 crack spread is calculated assuming that three barrels of WTI Cushing crude oil are converted, or cracked, into two barrels of Gulf Coast conventional gasoline and one barrel of Gulf Coast ultra-low sulfur diesel. |
(13) | The WTI Cushing less WTI Midland spread represents the differential between the average price per barrel of WTI Cushing crude oil and the average price per barrel of WTI Midland crude oil. The WTI Cushing less WTS, or sweet/sour, spread represents the differential between the average price per barrel of WTI Cushing crude oil and the average price per barrel of WTS crude oil. The LLS less WTI Cushing spread represents the differential between the average price per barrel of LLS crude oil and the average price per barrel of WTI Cushing crude oil. The Brent less LLS spread represents the differential between the average price per barrel of Brent crude oil and the average price per barrel of LLS crude oil. The Brent less WTI Cushing spread represents the differential between the average price per barrel of Brent crude oil and the average price per barrel of WTI Cushing crude oil. |
(14) | Total refinery throughput represents the total barrels per day of crude oil and blendstock inputs in the refinery production process. |
(15) | Total refinery production represents the barrels per day of various products produced from processing crude and other refinery feedstocks through the crude units and other conversion units at the refineries. |
(16) | Refinery utilization represents average daily crude oil throughput divided by crude oil capacity, excluding planned periods of downtime for maintenance and turnarounds. |
(17) | Net sales and cost of sales include asphalt purchases sold as part of the supply and offtake arrangement of $0 and $37,409 for the three months ended December 31, 2015 and 2014, respectively, and $24,988 and $136,818 for the years ended December 31, 2015 and 2014, respectively. The volumes associated with these sales are excluded from the Key Operating Statistics. |
(18) | Cost of sales includes intersegment purchases of asphalt blends and motor fuels from our refining and marketing segment at prices which approximate wholesale market prices. These intersegment purchases are eliminated through consolidation of our financial statements. |
(19) | Blended asphalt represents base material asphalt that has been blended with other materials necessary to sell the asphalt as a finished product. |
(20) | Non-blended asphalt represents base material asphalt and other components that require additional blending before being sold as a finished product. |
(21) | Asphalt margin is a per ton measurement calculated by dividing the margin between net sales and cost of sales by the total sales volume. Asphalt margins are used in the asphalt industry to measure operating results related to asphalt sales. |
(22) | At December 31, 2015, we had 309 retail convenience stores of which 298 sold fuel. At December 31, 2014, we had 295 retail convenience stores of which 283 sold fuel. |
(23) | Retail fuel margin represents the difference between retail fuel sales revenue and the net cost of purchased retail fuel, including transportation costs and associated excise taxes, expressed on a cents-per-gallon basis. Retail fuel margins are frequently used in the retail industry to measure operating results related to retail fuel sales. |
(24) | Retail fuel sales price per gallon represents the average sales price for retail fuels sold through our retail convenience stores. |
(25) | Merchandise margin represents the difference between merchandise sales revenues and the delivered cost of merchandise purchases, net of rebates and commissions, expressed as a percentage of merchandise sales revenues. Merchandise margins, also referred to as in-store margins, are commonly used in the retail industry to measure in-store, or non-fuel, operating results. |
1 Year Alon Chart |
1 Month Alon Chart |
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