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| 8-K - 8-K - Delek Logistics Partners, LP | a8-kdklearningsreleaseq220.htm |
Delek Logistics Partners, LP Reports Second Quarter 2013 Results
BRENTWOOD, Tenn., August 6, 2013 (BUSINESS WIRE) -- Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics"), a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure, today announced financial results for the quarter ended June 30, 2013.
For the second quarter 2013, Delek Logistics reported net income of $11.8 million, or $0.47 per diluted limited partner unit. Distributable cash flow of $12.8 million was approximately 18 percent better than the forecast provided in the prospectus filed with the Securities and Exchange Commission on November 1, 2012 (the “Prospectus”).
Distribution Update
On July 26, 2013, Delek Logistics declared a regular cash distribution of approximately $9.7 million, or $0.395 per unit payable on August 13, 2013, which equates to $1.58 per unit on an annualized basis. This represents a 2.6 percent increase from the first quarter 2013 distribution of $0.385 per unit, or $1.54 per unit on an annualized basis, and is 5.3 percent higher than Delek Logistics' minimum quarterly distribution of $0.375 per unit, or $1.50 per unit on an annualized basis.
Uzi Yemin, Chairman and Chief Executive Officer of Delek Logistics' general partner, remarked: “We experienced higher volumes in our Texas marketing operations and from the SALA Gathering System. In addition, our wholesale gross profit also benefited from a higher price of RINs associated with ongoing ethanol blending activity in the west Texas operations. These factors resulted in both EBITDA and distributable cash flow exceeding our expectations during the second quarter 2013. The value of RINs has continued to increase into the third quarter and this should benefit our west Texas operations. In July, we completed our first acquisition of assets from Delek US since the Offering, which is expected to increase annual EBITDA by approximately 21 percent compared to the forecast provided in our Prospectus. In addition, we improved financial flexibility by increasing our credit facility lender commitments to $400 million from $175 million, which will support our ability to deliver both growth and value as we explore opportunities to expand.”
Financial Results
Delek Logistics commenced operations on November 7, 2012 upon the completion of its initial public offering (the “Offering”) and the concurrent contribution of certain assets from its sponsor, Delek US Holdings, Inc. (NYSE: DK) ("Delek US"). For accounting purposes, the results from operations prior to the Offering from the assets and entities that were contributed to Delek Logistics concurrent with the Offering, were attributed to Delek Logistics Partners, LP Predecessor (our “Predecessor”). Therefore, results from operations for the three and six months ended June 30, 2012 show the results of the Predecessor. Because management believes results presented from this prior year period are not directly comparable, this earnings release focuses on results from operations during the second quarter 2013.
Revenues for the second quarter 2013 were $230.1 million and contribution margin was $16.1 million. Total operating expenses of $6.1 million were higher than expected primarily due to outside services and tank maintenance related expenses. General and administrative expenses of $1.1 million were below expectations. For the second quarter 2013, earnings before interest, taxes depreciation and amortization (“EBITDA”) was $15.0 million.
Results from the Wholesale Marketing and Terminalling segment were better than previously forecast in the Prospectus primarily due to higher volumes and the ongoing benefit of ethanol blending activities. During the second quarter, volume under the East Texas Marketing Agreement of 64,973 barrels per day and volume of 19,082 barrels per day in west Texas were both higher than previously forecast in the Prospectus. Demand for refined products remained strong as economic growth in the west Texas area benefited from oil drilling activity. The margin per barrel was $2.20 and included approximately $2.1 million, or $1.23 per barrel, from renewable identification numbers (RINs) related to ongoing ethanol blending activities. A decline in wholesale fuel prices early in the second quarter 2013 reduced the average gross margin per barrel sequentially from the first quarter 2013. However, as fuel prices stabilized, the gross margin per barrel in west Texas improved through the remainder of the second quarter. During the first quarter 2013, wholesale fuel prices increased through that period, benefiting the gross margin per barrel in west Texas.
The Pipeline and Transportation segment's performance during this period primarily benefited from throughput of 22,661 barrels per day in the SALA Gathering System, which exceeded the forecast provided in the Prospectus. As expected the East Texas Crude Logistics System, which supports Delek US's Tyler, TX refinery, was below the minimum volume commitment level due to the reconfiguration of a third party pipeline that commenced service on April 1, 2013 to supply crude to this refinery.
As of June 30, 2013, Delek Logistics had a cash balance of $27.3 million and total debt was $90.0 million. On July 9, 2013 our revolving credit facility was amended to increase lender commitment levels to $400 million from $175 million previously.
Recent Acquisitions
On July 26, 2013, Delek Logistics acquired a tank farm and product terminal from a subsidiary of Delek US for $94.8 million in cash. These assets are expected to contribute approximately $10.5 million of EBITDA (earnings before interest, taxes, depreciation and amortization) annually. The tank farm has an aggregate shell capacity of approximately two million barrels and consists of 96 tanks and ancillary assets. The product terminal had an estimated total throughput of approximately 55,000 barrels per day in 2012 and has an estimated capacity of 72,000 barrels per day. These assets are located adjacent to Delek US's Tyler refinery and will continue to support that operation in the future. In connection with this transaction, among other agreements, an eight year throughput and tankage agreement for the terminal assets, storage tanks and related assets was entered into with the seller.
On July 19, 2013, an affiliate of Delek Logistics purchased an 8-inch diameter pipeline in Smith County, Texas from an affiliate of Enterprise Products Partners L.P. This pipeline connects to Delek Logistics' Big Sandy pipeline. Once the Tyler-Hopewell pipeline is refurbished over a three to four month period at an estimated cost of $1.3 million, Delek US's Tyler refinery will be able to supply refined products to our Big Sandy terminal allowing the terminal to be operational. Expected annual EBITDA from this asset is approximately $700,000. In connection with this transaction, a throughput agreement expiring in November 2017 with Delek US was amended to include this pipeline.
Second Quarter 2013 Results | Conference Call Information
Delek Logistics will hold a conference call to discuss its second quarter 2013 results on August 7, 2013 at 9:00 a.m. Central Time. Investors may listen to the conference call live via webcast at www.DelekLogistics.com by clicking on the Investor Relations tab. Please register at least 15 minutes prior to the call, and install any necessary software. For those who cannot listen to the live webcast, a telephonic replay will be available through November 7, 2013 by dialing (855) 859-2056, passcode 21216298. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.
About Delek Logistic Partners, LP
Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, was formed by Delek US Holdings, Inc. (NYSE: DK) to own, operate, acquire and construct crude oil and refined products logistics and marketing assets.
Safe Harbor Provisions Regarding Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,” “expect” or similar expressions, as well as statements in the future tense, and can be impacted by numerous factors, including the fact that a substantial majority of Delek Logistics' contribution margin is derived from Delek US Holdings, thereby subjecting us to Delek US Holdings' business risks, risks relating to the securities markets generally, the impact of adverse market conditions affecting the business of Delek Logistics, adverse changes in laws including with respect to tax and regulatory matters and other risks as disclosed in our annual report on Form 10-K, quarterly reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. There can be no assurance that actual results will not differ from those expected by management or described in forward-looking statements of Delek Logistics. Delek Logistics undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof.
Factors Affecting Comparability
The following tables present financial and operational information for the three months and six months ended June 30, 2013 and 2012. Delek Logistics commenced operations on November 7, 2012 upon successful completion of its initial public offering (the "Offering") and the concurrent contribution of certain assets from its sponsor, Delek US. For accounting purposes, the results from operations prior to November 7, 2012 from the assets and entities that were contributed to us concurrent with the Offering, were attributed to Delek Logistics Partners, LP Predecessor (our “Predecessor”). Because many of these assets were historically a part of the integrated operations of Delek US, the Predecessor generally recognized the costs and most revenue associated with the gathering, pipeline, transportation, terminalling and storage services provided to Delek US on an intercompany basis or charged low or no throughput or storage fees for transportation.
Non-GAAP Disclosures
EBITDA and Distributable Cash Flow. Delek Logistics defines EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense. Distributable cash flow is defined as EBITDA less net cash paid for interest, maintenance capital expenditures and income taxes. Distributable cash flow will not reflect changes in working capital balances.
EBITDA and distributable cash flow are non-U.S. GAAP supplemental financial measures that management and external users of our combined financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
• | our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA, financing methods; |
• | the ability of our assets to generate sufficient cash flow to make distributions to our unitholders; |
• | our ability to incur and service debt and fund capital expenditures; and |
• | the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. |
Delek Logistics believes that the presentation of EBITDA and distributable cash flow provide useful information to investors in assessing our financial condition, our results of operations and cash flow our business is generating. EBITDA and distributable cash flow should not be considered as alternatives to net income, operating income, cash from operations or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some, but not all items that affect net income and net cash provided by operating activities. Additionally, because EBITDA and distributable cash flow may be defined differently by other companies in our industry, Delek Logistics' definitions of EBITDA and distributable cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Please see the tables below for a reconciliation of EBITDA and distributable cash flow to their most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
Delek Logistics Partners, LP | |||||||||||||||||
Reconciliation of Amounts Reported Under U.S. GAAP | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
($ in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Predecessor | Predecessor | ||||||||||||||||
Reconciliation of EBITDA to net income: | |||||||||||||||||
Net income | $ | 11,755 | $ | 2,487 | $ | 23,960 | $ | 4,997 | |||||||||
Add: | |||||||||||||||||
Income taxes | 118 | 826 | 240 | 2,746 | |||||||||||||
Depreciation and amortization | 2,372 | 2,260 | 4,724 | 4,394 | |||||||||||||
Interest expense, net | 752 | 622 | 1,569 | 1,110 | |||||||||||||
EBITDA | $ | 14,997 | $ | 6,195 | $ | 30,493 | $ | 13,247 | |||||||||
Reconciliation of EBITDA to net cash provided by (used in) operating activities: | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 18,652 | $ | (3,087 | ) | $ | 20,633 | $ | 3,449 | ||||||||
Amortization of unfavorable contract liability to revenue | 667 | — | 1,334 | — | |||||||||||||
Amortization of deferred financing costs | (186 | ) | (47 | ) | (374 | ) | (94 | ) | |||||||||
Accretion of asset retirement obligations | (63 | ) | (28 | ) | (98 | ) | (53 | ) | |||||||||
Deferred taxes | 16 | 1,742 | 17 | 8 | |||||||||||||
Loss on asset disposals | — | 5 | — | — | |||||||||||||
Stock-based compensation expense | (112 | ) | (37 | ) | (112 | ) | (53 | ) | |||||||||
Changes in assets and liabilities | (4,847 | ) | 6,199 | 7,284 | 6,134 | ||||||||||||
Income taxes | 118 | 826 | 240 | 2,746 | |||||||||||||
Interest expense, net | 752 | 622 | 1,569 | 1,110 | |||||||||||||
EBITDA | $ | 14,997 | $ | 6,195 | $ | 30,493 | $ | 13,247 | |||||||||
Reconciliation of distributable cash flow to EBITDA: | |||||||||||||||||
EBITDA | $ | 14,997 | $ | 30,493 | |||||||||||||
Less: Cash interest, net | 566 | 1,195 | |||||||||||||||
Less: Maintenance and Regulatory capital expenditures | 859 | 1,792 | |||||||||||||||
Less: Capital improvement expenditures | 194 | 537 | |||||||||||||||
Add: Reimbursement from Delek for capital expenditures | 153 | 463 | |||||||||||||||
Less: Income tax expense | 118 | 240 | |||||||||||||||
Add: Non-cash unit based compensation expense | 107 | 107 | |||||||||||||||
Less: Amortization of deferred revenue | 77 | 77 | |||||||||||||||
Less: Amortization of unfavorable contract liability | 667 | 1,334 | |||||||||||||||
Distributable cash flow | $ | 12,776 | $ | 25,888 | |||||||||||||
Delek Logistics Partners, LP | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
June 30, | December 31, | |||||||
2013 | 2012 | |||||||
(Unaudited) | ||||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 27,303 | $ | 23,452 | ||||
Accounts receivable | 38,009 | 27,725 | ||||||
Inventory | 15,574 | 14,351 | ||||||
Deferred tax assets | 14 | 14 | ||||||
Other current assets | 283 | 169 | ||||||
Total current assets | 81,183 | 65,711 | ||||||
Property, plant and equipment: | ||||||||
Property, plant and equipment | 174,629 | 172,300 | ||||||
Less: accumulated depreciation | (22,947 | ) | (18,790 | ) | ||||
Property, plant and equipment, net | 151,682 | 153,510 | ||||||
Goodwill | 10,454 | 10,454 | ||||||
Intangible assets, net | 11,913 | 12,430 | ||||||
Other non-current assets | 3,590 | 3,664 | ||||||
Total assets | $ | 258,822 | $ | 245,769 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 31,691 | $ | 21,849 | ||||
Accounts payable to related parties | 2,159 | 10,148 | ||||||
Fuel and other taxes payable | 5,989 | 4,650 | ||||||
Accrued expenses and other current liabilities | 5,323 | 3,615 | ||||||
Total current liabilities | 45,162 | 40,262 | ||||||
Non-current liabilities: | ||||||||
Revolving credit facility | 90,000 | 90,000 | ||||||
Asset retirement obligations | 1,504 | 1,440 | ||||||
Deferred tax liability | — | 17 | ||||||
Other non-current liabilities | 8,574 | 9,625 | ||||||
Total non-current liabilities | 100,078 | 101,082 | ||||||
Equity: | ||||||||
Common unitholders - public; 9,237,563 units issued and outstanding at June 30, 2013 (9,200,000 in 2012) | 183,051 | 178,728 | ||||||
Common unitholders - Delek; 2,799,258 units issued and outstanding at June 30, 2013 (2,799,258 in 2012) | (126,095 | ) | (127,129 | ) | ||||
Subordinated unitholders - Delek; 11,999,258 units issued and outstanding at June 30, 2013 (11,999,258 in 2012) | 57,306 | 52,875 | ||||||
General Partner unitholders - Delek; 489,766 units issued and outstanding at June 30, 2013 (489,766 in 2012) | (680 | ) | (49 | ) | ||||
Total equity | 113,582 | 104,425 | ||||||
Total liabilities and equity | $ | 258,822 | $ | 245,769 | ||||
Delek Logistics Partners, LP | ||||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Predecessor | Predecessor | |||||||||||||||
(In thousands, except unit and per unit data) | ||||||||||||||||
Net sales | $ | 230,141 | $ | 262,480 | $ | 441,036 | $ | 501,563 | ||||||||
Operating costs and expenses: | ||||||||||||||||
Cost of goods sold | 207,966 | 249,060 | 395,826 | 474,469 | ||||||||||||
Operating expenses | 6,067 | 4,884 | 11,929 | 9,094 | ||||||||||||
General and administrative expenses | 1,111 | 2,346 | 2,788 | 4,753 | ||||||||||||
Depreciation and amortization | 2,372 | 2,260 | 4,724 | 4,394 | ||||||||||||
Gain on sale of assets | — | (5 | ) | — | — | |||||||||||
Total operating costs and expenses | 217,516 | 258,545 | 415,267 | 492,710 | ||||||||||||
Operating income | 12,625 | 3,935 | 25,769 | 8,853 | ||||||||||||
Interest expense, net | 752 | 622 | 1,569 | 1,110 | ||||||||||||
Income before income tax expense | 11,873 | 3,313 | 24,200 | 7,743 | ||||||||||||
Income tax expense | 118 | 826 | 240 | 2,746 | ||||||||||||
Net income | $ | 11,755 | $ | 2,487 | $ | 23,960 | $ | 4,997 | ||||||||
Less: General partner's interest in net income (2%) | 235 | 479 | ||||||||||||||
Limited partners' interest in net income | $ | 11,520 | $ | 23,481 | ||||||||||||
Net income per limited partner unit: | ||||||||||||||||
Common units - (basic) | $ | 0.48 | $ | 0.98 | ||||||||||||
Common units - (diluted) | $ | 0.47 | $ | 0.97 | ||||||||||||
Subordinated units - Delek (basic and diluted) | $ | 0.48 | $ | 0.98 | ||||||||||||
Weighted average limited partner units outstanding: | ||||||||||||||||
Common units - basic | 12,006,843 | 12,003,071 | ||||||||||||||
Common units - diluted | 12,159,084 | 12,128,764 | ||||||||||||||
Subordinated units - Delek (basic and diluted) | 11,999,258 | 11,999,258 | ||||||||||||||
Cash distribution per unit | $ | 0.395 | $ | 0.780 | ||||||||||||
Delek Logistics Partners, LP | ||||||||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||
(In thousands) | ||||||||||||
Six Months Ended June 30, | ||||||||||||
2013 | 2012 | |||||||||||
Predecessor | ||||||||||||
Cash Flow Data | ||||||||||||
Cash flows provided by operating activities: | $ | 20,633 | $ | 3,449 | ||||||||
Cash flows used in investing activities: | (2,329 | ) | (25,473 | ) | ||||||||
Cash flows (used in) provided by financing activities: | (14,453 | ) | 22,674 | |||||||||
Net increase in cash and cash equivalents | $ | 3,851 | $ | 650 | ||||||||
Delek Logistics Partners, LP | ||||||||||||
Segment Data (Unaudited) | ||||||||||||
(In thousands) | ||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||
Pipelines & Transportation | Wholesale Marketing & Terminalling | Consolidated | ||||||||||
Net sales | $ | 13,666 | $ | 216,475 | $ | 230,141 | ||||||
Operating costs and expenses: | ||||||||||||
Cost of goods sold | — | 207,966 | 207,966 | |||||||||
Operating expenses | 4,727 | 1,340 | 6,067 | |||||||||
Segment contribution margin | $ | 8,939 | $ | 7,169 | 16,108 | |||||||
General and administrative expenses | 1,111 | |||||||||||
Depreciation and amortization | 2,372 | |||||||||||
Gain on disposal of assets | — | |||||||||||
Operating income | $ | 12,625 | ||||||||||
Total assets | $ | 156,842 | $ | 101,980 | $ | 258,822 | ||||||
Capital spending | ||||||||||||
Maintenance capital spending | $ | 184 | $ | 675 | $ | 859 | ||||||
Expansion capital spending | 181 | 13 | 194 | |||||||||
Total capital spending | $ | 365 | $ | 688 | $ | 1,053 | ||||||
Three Months Ended June 30, 2012 Predecessor | ||||||||||||
Pipelines & Transportation | Wholesale Marketing & Terminalling | Consolidated | ||||||||||
Net sales | $ | 6,801 | $ | 255,679 | $ | 262,480 | ||||||
Operating costs and expenses: | ||||||||||||
Cost of goods sold | — | 249,060 | 249,060 | |||||||||
Operating expenses | 3,815 | 1,069 | 4,884 | |||||||||
Segment contribution margin | $ | 2,986 | $ | 5,550 | 8,536 | |||||||
General and administrative expenses | 2,346 | |||||||||||
Depreciation and amortization | 2,260 | |||||||||||
Gain on disposal of assets | (5 | ) | ||||||||||
Operating income | $ | 3,935 | ||||||||||
Total assets | $ | 111,214 | $ | 125,592 | $ | 236,806 | ||||||
Capital spending | ||||||||||||
Maintenance capital spending | $ | 160 | $ | 412 | $ | 572 | ||||||
Expansion capital spending | 555 | 63 | 618 | |||||||||
Total capital spending | $ | 715 | $ | 475 | $ | 1,190 | ||||||
Delek Logistics Partners, LP | ||||||||||||
Segment Data (Unaudited) | ||||||||||||
(In thousands) | ||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||
Pipelines & Transportation | Wholesale Marketing & Terminalling | Consolidated | ||||||||||
Net sales | $ | 27,265 | $ | 413,771 | $ | 441,036 | ||||||
Operating costs and expenses: | ||||||||||||
Cost of goods sold | — | 395,826 | 395,826 | |||||||||
Operating expenses | 9,348 | 2,581 | 11,929 | |||||||||
Segment contribution margin | $ | 17,917 | $ | 15,364 | 33,281 | |||||||
General and administrative expenses | 2,788 | |||||||||||
Depreciation and amortization | 4,724 | |||||||||||
Gain on disposal of assets | — | |||||||||||
Operating income | $ | 25,769 | ||||||||||
Total assets | $ | 156,842 | $ | 101,980 | $ | 258,822 | ||||||
Capital spending | ||||||||||||
Maintenance capital spending | $ | 974 | $ | 818 | $ | 1,792 | ||||||
Expansion capital spending | 519 | 18 | 537 | |||||||||
Total capital spending | $ | 1,493 | $ | 836 | $ | 2,329 | ||||||
Six Months Ended June 30, 2012 Predecessor | ||||||||||||
Pipelines & Transportation | Wholesale Marketing & Terminalling | Consolidated | ||||||||||
Net sales | $ | 13,480 | $ | 488,083 | $ | 501,563 | ||||||
Operating costs and expenses: | ||||||||||||
Cost of goods sold | — | 474,469 | 474,469 | |||||||||
Operating expenses | 7,093 | 2,001 | 9,094 | |||||||||
Segment contribution margin | $ | 6,387 | $ | 11,613 | 18,000 | |||||||
General and administrative expenses | 4,753 | |||||||||||
Depreciation and amortization | 4,394 | |||||||||||
Gain on disposal of assets | — | |||||||||||
Operating income | $ | 8,853 | ||||||||||
Total assets | $ | 111,214 | $ | 125,592 | $ | 236,806 | ||||||
Capital spending | ||||||||||||
Maintenance capital spending | $ | 160 | $ | 887 | $ | 1,047 | ||||||
Expansion capital spending | 931 | 225 | $ | 1,156 | ||||||||
Total capital spending | $ | 1,091 | $ | 1,112 | $ | 2,203 | ||||||
Delek Logistics Partners, LP | ||||||||||||||||
Segment Data (Unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Predecessor | Predecessor | |||||||||||||||
Throughputs (average bpd) | ||||||||||||||||
Pipelines and Transportation Segment: | ||||||||||||||||
Lion Pipeline System: | ||||||||||||||||
Crude pipelines (non-gathered) | 49,270 | 43,533 | 47,155 | 48,251 | ||||||||||||
Refined products pipelines to Enterprise Systems | 47,315 | 43,817 | 45,348 | 45,320 | ||||||||||||
SALA Gathering System | 22,661 | 20,764 | 22,396 | 20,237 | ||||||||||||
East Texas Crude Logistics System | 11,468 | 53,402 | 31,198 | 51,895 | ||||||||||||
Wholesale Marketing and Terminalling Segment: | ||||||||||||||||
East Texas - Tyler Refinery sales volumes (average bpd) | 64,973 | 55,358 | 59,062 | 54,443 | ||||||||||||
West Texas marketing throughputs (average bpd) | 19,082 | 16,670 | 17,820 | 16,026 | ||||||||||||
West Texas marketing margin per barrel | $ | 2.20 | $ | 1.52 | $ | 2.82 | $ | 1.85 | ||||||||
Bulk Biofuels | — | 6,039 | — | 5,124 | ||||||||||||
Terminalling throughputs (average bpd) | 13,961 | 15,552 | 13,898 | 16,806 | ||||||||||||
U.S. Investor / Media Relations Contact
Keith Johnson
Vice President of Investor Relations
615-435-1366
or
Chris Hodges
Founder & CEO
Alpha IR Group
312-445-2870