WNR Q4
Kategori: Allmänt
For the year ended December 31, 2012, the Company reported net income, excluding special items, of $552.3 million, or $5.08 per diluted share as compared to net income, excluding special items, of $330.4 million, or $3.14 per diluted share for the year ended December 31, 2011. Including special items, Western recorded full year 2012 net income of $398.9 million, or $3.71 per diluted share compared to full year 2011 net income of $132.7 million, or $1.34 per diluted share.
A reconciliation of reported earnings and description of special items can be found in the accompanying financial tables.
Jeff Stevens, Western's President and Chief Executive Officer, said, "In 2012, Western Refining realized its highest fourth quarter and full year Adjusted EBITDA in Company history. We undertook a number of strategic actions to capitalize on the strong margin environment, strengthen our balance sheet, and invest in the business. Over the last two years, we believe we have demonstrated our ability to capture these positive market conditions and dramatically transform the earnings power of the Company."
The Company successfully completed a number of strategic initiatives during 2012:
-- reduced total debt by $304 million
-- returned $323 million in cash to shareholders via dividends and share repurchases
-- expanded the crude oil capacity of the Gallup Refinery
-- invested in a gathering system for cost-advantaged crude oil in the Permian Basin
