Timothy Smith
12年前
Western Refining Declares Dividend of $0.08 Per Share
Oct 17, 2012 5:00:00 AM
2012 GlobeNewswire, Inc.
EL PASO, Texas, Oct. 17, 2012 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today announced that on October 16, 2012, its Board of Directors approved a cash dividend of $0.08 per share of common stock for the fourth quarter of 2012. The dividend will be paid on November 9, 2012, to shareholders of record at the close of market on October 26, 2012.
Jeff Stevens, Western's President and Chief Executive Officer, commented, "We are pleased to announce a fourth quarter cash dividend payable to Western shareholders which demonstrates our continued confidence in our operations, favorable industry trends, our strengthened balance sheet, and the investments we are making in our business. The Board's action underscores our on-going commitment to maximizing shareholder value."
About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes stand alone refined products terminals in Albuquerque and Bloomfield, New Mexico; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas, and Virginia. More information about the Company is available at www.wnr.com.
The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward looking statements under the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein include statements about our continued confidence in our operations, favorable industry trends, future investments in our business, and our ability to maximize shareholder value. These statements are subject to the general risks inherent in our business and may or may not be realized. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.
CONTACT: Investor and Analyst Contact:
Jeffrey S. Beyersdorfer
(602) 286-1530
Media Contact:
Gary Hanson
(602) 286-1777
Source: Western Refining, Inc.
Timothy Smith
12年前
Western Refining Announces $200 Million Stock Repurchase Program
Declares Third Quarter Dividend of $0.08 Per Share
Jul 18, 2012 5:00:00 AM
2012 GlobeNewswire, Inc.
EL PASO, Texas, July 18, 2012 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today announced that its Board of Directors has authorized a share repurchase program of up to $200 million. The share repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. This share repurchase program may be discontinued at any time by the Board of Directors.
Additionally, the Company's Board of Directors approved a cash dividend of $0.08 per share of common stock for the third quarter of 2012. The dividend will be paid on August 13, 2012, to shareholders of record at the close of market on July 27, 2012.
Jeff Stevens, Western's President and Chief Executive Officer, commented, "We have made tremendous progress in strengthening the Company's balance sheet and these actions demonstrate our commitment to delivering value to our shareholders. This share repurchase, in part, is to address potential shareholder dilution related to our convertible notes which mature in 2014. In addition to the share repurchase program, we are pleased to be able to double the cash dividend for the third quarter."
Stevens continued, "Given that we have significantly reduced our debt and have confidence in the sustainability of the current margin environment, we are pleased to increase the level of cash being returned to shareholders through this dividend."
About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes stand alone refined products terminals in Albuquerque and Bloomfield, New Mexico; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas, and Virginia. More information about the Company is available at www.wnr.com.
The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements which are protected as forward looking statements under the Private Litigation Securities Reform Act of 1995. The forward-looking statements contained herein include statements about possible repurchases of shares under the share repurchase program, shareholder dilution relating to our convertible notes, future cash dividends, and the sustainability of the current margin environment. These statements are subject to the general risks inherent in our business. Our expectations may or may not be realized. Some of our expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Western's business and operations involve numerous risks and uncertainties, many of which are beyond Western's control, which could materially affect Western's financial condition, results of operations and cash flows. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission to which you are referred. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.
CONTACT: Investor and Analyst Contact:
Jeffrey S. Beyersdorfer
(602) 286-1530
Media Contact:
Gary Hanson
(602) 286-1777
Source: Western Refining, Inc.
scstocks
13年前
In a first, gas and other fuels are top US export
Big shift for gas-guzzling nation: fuels are top US export; oil imports still world's highest
By Chris Kahn, AP Energy Writer | AP – 2 hours 23 minutes ago.. .
http://finance.yahoo.com/news/first-gas-other-fuels-top-200739135.html
NEW YORK (AP) -- For the first time, the top export of the United States, the world's biggest gas guzzler, is — wait for it — fuel.
Measured in dollars, the nation is on pace this year to ship more gasoline, diesel, and jet fuel than any other single export, according to U.S. Census data going back to 1990. It will also be the first year in more than 60 that America has been a net exporter of these fuels.
Just how big of a shift is this? A decade ago, fuel wasn't even among the top 25 exports. And for the last five years, America's top export was aircraft.
The trend is significant because for decades the U.S. has relied on huge imports of fuel from Europe in order to meet demand. It only reinforced the image of America as an energy hog. And up until a few years ago, whenever gasoline prices climbed, there were complaints in Congress that U.S. refiners were not growing quickly enough to satisfy domestic demand; that controversy would appear to be over.
Still, the U.S. is nowhere close to energy independence. America is still the world's largest importer of crude oil. From January to October, the country imported 2.7 billion barrels of oil worth roughly $280 billion.
Fuel exports, worth an estimated $88 billion in 2011, have surged for two reasons:
— Crude oil, the raw material from which gasoline and other refined products are made, is a lot more expensive. Oil prices averaged $95 a barrel in 2011, while gasoline averaged $3.52 a gallon — a record. A decade ago oil averaged $26 a barrel, while gasoline averaged $1.44 a gallon.
— The volume of fuel exports is rising. The U.S. is using less fuel because of a weak economy and more efficient cars and trucks. That allows refiners to sell more fuel to rapidly growing economies in Latin America, for example. In 2011, U.S. refiners exported 117 million gallons per day of gasoline, diesel, jet fuel and other petroleum products, up from 40 million gallons per day a decade earlier.
There's at least one domestic downside to America's growing role as a fuel exporter. Experts say the trend helps explain why U.S. motorists are paying more for gasoline. The more fuel that's sent overseas, the less of a supply cushion there is at home.
Gasoline supplies are being exported to the highest bidder, says Tom Kloza, chief oil analyst at Oil Price Information Service. "It's a world market," he says.
Refining companies won't say how much they make by selling fuel overseas. But analysts say those sales are likely generating higher profits per gallon than they would have generated in the U.S. Otherwise, they wouldn't occur.
The value of U.S. fuel exports has grown steadily over the past decade, coinciding with rising oil prices and increased demand around the globe.
Developing countries in Latin America and Asia have been burning more gasoline and diesel as their people buy more cars and build more roads and factories. Europe also has been buying more U.S. fuel to make up for its lack of refineries.
And there's a simple reason why America's refiners have been eager to export to these markets: gasoline demand in the U.S. has been falling every year since 2007. It dropped by another 2.5 percent in 2011. With the economy struggling, motorists cut back. Also, cars and trucks have become more fuel-efficient and the government mandates the use of more corn-based ethanol fuel.
The last time the U.S. was a net exporter of fuels was 1949, when Harry Truman was president. That year, the U.S. exported 86 million barrels and imported 82 million barrels. In the first ten months of 2011, the nation exported 848 million barrels (worth $73.4 billion) and imported 750 million barrels.
..
scstocks
13年前
Western Refining Closes on Sale of Assets and Completes Redemption of All Outstanding Senior Secured Floating Rate Notes
Press Release: Western Refining, Inc. – Thu, Dec 29, 2011 4:30 PM EST.. .
http://finance.yahoo.com/news/Western-Refining-Closes-Sale-pz-2894626736.html?x=0
EL PASO, Texas, Dec. 29, 2011 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR - News) today announced that it has closed on the sale of its Yorktown, Virginia facilities and a segment of its crude oil pipeline in southeast New Mexico to Plains Marketing, L.P. and Plains Pipeline, L.P., both subsidiaries of Plains All American Pipeline, L.P., for approximately $220 million. The transaction includes substantially all of Western's Yorktown assets, including both the terminal and idled refinery, and an 82 mile segment of a 424 mile crude oil pipeline in New Mexico. Western will retain its East Coast wholesale business and continue to market products in the Mid-Atlantic region. Western expects to record a non-cash loss on disposition of these assets of $440 to $460 million for the fourth quarter.
Western Refining also announced that it successfully completed the redemption of its outstanding $275 million Senior Secured Floating Rate Notes due 2014 on December 21, 2011. The Notes were redeemed at an aggregate redemption price of $288.75 million (including a 5% premium), plus accrued and unpaid interest from December 15, 2011 to December 21, 2011.
Jeff Stevens, Western's President and Chief Executive Officer, commented, "Both of these actions contribute to our stated goal of reducing our debt and strengthening our balance sheet. We are very pleased with our progress in this area and the added financial flexibility these transactions provide the Company."
About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes refined products terminals in Albuquerque and Bloomfield, New Mexico; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Nevada, New Mexico, Texas, Utah, and Virginia. More information about the Company is available at www.wnr.com.
The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the recordation of a non-cash loss and added financial flexibility relating to these transactions. These statements are subject to the general risks inherent in our business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Western's business and operations involve numerous risks and uncertainties, many of which are beyond Western's control, which could result in Western's expectations not being realized or otherwise materially affect Western's financial condition, results of operations, and cash flows. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.
gfp927z
13年前
>>> Western Refining Announces Sale of Assets for $220 Million
Sale Includes Yorktown Idled Refinery and Terminal and Segment of New Mexico Crude Pipeline
Press Release: Western Refining, Inc.
Thu, Dec 1, 2011 7:00 AM
http://finance.yahoo.com/news/Western-Refining-Announces-pz-2880939338.html?x=0
EL PASO, Texas, Dec. 1, 2011 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR - News) today announced that it has entered into agreements with Plains Marketing, L.P. and Plains Pipeline, L.P., both subsidiaries of Plains All American Pipeline, L.P., for the divestiture of its Yorktown, Virginia facilities and an underutilized segment of its crude oil pipeline in southeast New Mexico for $220 million.
The companies executed asset purchase agreements under which Western will sell substantially all of its Yorktown assets, including both the terminal and idled refinery, in addition to an 82 mile segment of a 424 mile crude oil pipeline in New Mexico to Plains. Western will retain its East Coast wholesale business and continue to market products in the Mid-Atlantic region. The sale of the Yorktown assets and the New Mexico pipeline segment are contingent upon concurrent closings, both of which are subject to regulatory approvals and other customary conditions. The transactions are expected to close in the fourth quarter of 2011. Western expects to record a non-cash loss on disposition of these assets of $440 to $460 million in the fourth quarter.
Jeff Stevens, Western's President and Chief Executive Officer, commented, "We are very pleased with these transactions as they allow Western to monetize the Yorktown assets and exit the volatile East Coast refining market. Continued extreme volatility of refining economics on the East Coast has significantly reduced the probability of restarting refining operations at Yorktown. This transaction precludes such a restart but allows us to maximize the value of the terminal assets. Additionally, these actions enable us to continue to focus on strengthening our balance sheet by further reducing our debt."
About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes refined products terminals in Albuquerque and Bloomfield, New Mexico and Yorktown, Virginia, asphalt terminals in Albuquerque, El Paso, and Phoenix and Tucson, Arizona, retail service stations and convenience stores in Arizona, Colorado, New Mexico, and Texas, a fleet of crude oil and finished product truck transports, and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas, Utah, and Virginia. More information about the Company is available at www.wnr.com.
The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615
<<<
scstocks
13年前
Location, Location, Location: The Rules Of Oil Refining And Who's Benefiting
http://seekingalpha.com/article/309923-location-location-location-the-rules-of-oil-refining-and-who-s-benefiting
7 comments | by: James Shell November 23, 2011 | includes: COP, CVX, HFC, MPC, TLLP, TSO, VLO, WNR
At the request of one of my followers, I've done a little work to try to put some numbers on the supply and logistic situations that have been going on in Oil Refining for the past few months. This is useful to try to understand why differences in feedstock costs and access to certain markets allows some of these independent refiners to prosper in niche situations.
Here is a table of spot prices for various crude oil grades:
$/Barrel
West Texas Intermediate 97
Light Louisiana Sweet 109
Gulf Coast Sour 105
Brent 108
Alaska North Slope 112
Syncrude 102
Arabian Extra Light 107
This link to Chevron (CVX) is also quite useful in understanding the price differentials for various crude oil prices which are driven by their suitability for refining.
Next, here are some of the wholesale gasoline prices around the country. I have derived most of this data from Gasbuddy.com.
Retail Price Local Tax Fed Tax Distribution Est. Whol Price $/bbl
Los Angeles 3.75 0.405 0.184 0.05 3.11 131
Denver 3.35 0.205 0.184 0.05 2.91 122
Chicago 3.50 0.506 0.184 0.05 2.76 116
Phoenix 3.35 0.200 0.184 0.05 2.92 122
Houston 3.00 0.200 0.184 0.05 2.57 108
Seattle 3.70 0.375 0.184 0.05 3.09 130
Atlanta 3.20 0.292 0.184 0.05 2.67 112
New York 3.70 0.319 0.184 0.05 3.15 132
The wholesale unleaded gas crack spread is just the selling price of gasoline, dollars per barrel, minus the crude oil price. That is the spread between feedstock costs and wholesale selling price for the product. Note that this does not include conversion cost, the cost to turn the oil into gasoline, nor does it include any transportation costs or other expenses associated with the activity.
Based on this, we can derive a little table of feedstock cost versus crack spread:
Estimated Fuel Price/$/bbl (wholesale)
Los Angeles Denver Chicago Phoenix Houston Seattle Atlanta New York
Crude Oil/Price 130.66 122.3 115.9 122.5 108 130 112 132
West Texas Intermediate 97 33 25 18 25 10 32 15 35
Light Louisiana Sweet 109 21 13 6 13 -2 20 3 23
Gulf Coast Sour 105 26 17 11 17 3 25 7 27
Brent 108 23 14 8 15 0 22 4 24
Alaska North Slope 112 19 10 4 10 -4 18 0 20
Syncrude 102 28 20 13 20 5 27 10 30
Arabian Extra Light 107 24 15 9 15 1 23 5 25
Example: A refiner in Los Angeles, selling to the local market can have a crack spread of $19 per barrel (minus transportation costs) using North Slope oil, but can improve to $33 per barrel if he can magically get West Texas Intermediate to appear at the back door without additional cost.
Interestingly, Houston appears to be the least profitable place in the country to make gasoline, which is probably correct if one considers that there are so many refineries in the area, and all of the major integrated oil companies, that do not necessarily pay the spot price for feedstock are participants in the market, and so the preferred strategy in that case would be to pay the transportation cost and put the product into the pipeline system and sell it in places like New York, rather than locally or alternately, use lower cost heavier feedstock than those listed here.
We can look at a sampling of specific cases, as laid out for us in the recent quarterly reports:
Company Refinery Market Crude Oil Source Conv Cost Gross Marg/bbl Comments
Holly Frontier (HFC) Cheyenne Denver Canada/Bakken 6.25 $ 26.5 49% Sweet
Holly Frontier El Dorado Denver/KC Texas/Canada 4.23 $ 22.1 75% Sweet
Western Refining (WNR) El Paso Phoenix West Texas 5.41 $ 20.0 82% Sweet
Tesoro Los Angeles Los Angeles California/Foreign 6.51 $ 14.9 20% Light
Tesoro (TSO) Anacortes West Coast Alaska 3.32 $ 15.0 80% Light
Marathon (MPC) Robinson IL Chicago Various NA $ 13.2 Varies
The favorite example of a logistical advantage is Western Refining (WNR), which has refineries in El Paso, and near Gallup, N.M., and is using "landlocked" local feedstocks from West Texas, and selling the finished products into the Phoenix area.
The gross crack spread using WTI and the Phoenix marketing area is around $25, and if the processing costs are subtracted, which for them is about $5.41, minus a little more for transportation, that company's reported gross margin of $20 is in the ballpark. Keep in mind also that these gross margins also include the 40% or so of the output of the refinery that is diesel, heating oil or other distillates, and for a thorough analysis one should include that in the calculation.
Also, per the above chart, the heavier and more sour the feedstock is, the more expensive it is to process.
Transportation is a significant problem, and most of these companies are engaging in some kind of pipeline or logistics business, and a little industry has developed to take advantage of the WTI pricing differential situation. One interesting one of these is Tesoro Logistics, which is involved in a system to deliver crude oil from the Bakken in North Dakota, to Anacortes, WA. This presentation (pdf) from Marathon Petroleum (MPC) talks a little about transportation economics: To transport Syncrude from Alberta, to the middle of the US, costs somewhere on the order of $5 to $7 per barrel depending on the route, so they are working on the logistics and converting the refinery to Detroit, to more economically process this feedstock.
While converting crude oil into gasoline is an important skill, what we as investors are really interested in is how good these companies are in turning crude oil into money. One of the factors on this is the method of financing:
Interest Exp MRQ Throughput BPD Interest Exp $/Barrel
Delek US (DK) $ 16,400,000 59,812 3.05
Western Refining (WNR) $ 33,195,000 149,556 2.47
Holly/Frontier (HFC) $ 25,074,000 435,110 0.64
Tesoro (TSO) $ 38,000,000 609,000 0.69
Marathon Petroleum (MPC) $ 15,000,000 1,368,000 0.12
Valero (VLO) $ 88,000,000 2,317,000 0.42
This table is the interest expense reported on last quarter's 10K for each of the companies, per unit of throughput. I have also thrown in a couple of the other companies in this group for comparison. The Western Refining and Delek US high rates of financing have significant effects on the bottom line that are not included in the above favorable gross margins.
The Delek US case is interesting. It is operating a refinery in El Dorado OK, which uses "sour" Oklahoma feedstock, which can be an additional $5-$10 less expensive than WTI, and selling the finished products into West Texas, where the prices are more like they are in Phoenix, per the above chart. The conversion cost is a little more than $5, and the El Dorado refiinery has a gross margin of $14.33, which is pretty comparable to the bigger participants in this group. The gross margin of the refinery in Tyler, Texas, is in the mid $20s per barrel range.
One final chart: Here is the ability of each of these companies to make money, based on Earnings Available to Shareholders per unit of throughput:
Company Throughput BPD Earnings MRQ Earnings per Barrel
Western Refining (WNR) 149,556 84,928,000 6.31
Holly Frontier (HFC) 435,110 523,088,000 13.36
Tesoro (TSO) 609,000 352,000,000 6.42
Marathon (MPC) 1,368,000 1,133,000,000 9.20
Valero (VLO) 2,317,000 1,203,000,000 5.77
Delek US (DK) 142,129 92,500,000 7.23
I have omitted two companies, Sunoco (SUN), which took a big writeoff for discontinued operations in the last quarter, like all of these companies do from time to time, and my favorite Calumet Specialty Products Partners (CLMT), which had an unrealized hedging loss on its last quarterly report that affected its bottom line, as that company frequently does.
So what are we to make of all of this?
First of all, it is quite true that location is an important factor in this industry, and right now, being favorably located to take advantage of lower feedstock prices has been helpful to a couple of these companies.
However, it is not the total picture. The conversion costs, which are driven by feedstock quality and the financing costs, can also affect how much money goes to the bottom line. HollyFrontier Corp. did a particularly good job of this in the last quarter. Marathon Petroleum, despite not having any particular advantage on logistics but running an efficient, flexible operation with little debt is second most on this list.
The world is chaotic, and there are no guarantees on anything. This is particularly true as it applies to the WTI price relative to the rest of the feedstocks. We will check back in a quarter and see who the winners were.
Disclosure: I am long CLMT.
scstocks
13年前
Western Refining Issues Notice of Redemption for All Outstanding Senior Secured Floating Rate Notes
Press Release: Western Refining, Inc. – Mon, Nov 21, 2011 4:01 PM EST.. .
EL PASO, Texas, Nov. 21, 2011 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR - News) today announced that it has provided notice to holders of its outstanding $275 million Senior Secured Floating Rate Notes due 2014 (the "Notes"), of its intent to redeem all the Notes on December 21, 2011. The Notes will be redeemed at an aggregate redemption price of $288.75 million (including a 5% premium), plus accrued and unpaid interest from September 15, 2011 to December 21, 2011.
Jeff Stevens, Western's President and Chief Executive Officer, commented, "The redemption of these notes is consistent with our stated goal of reducing our debt and strengthening our balance sheet. We are very pleased with our progress and continue to focus on maximizing shareholder value."
About Western Refining
Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes refined products terminals in Albuquerque and Bloomfield, New Mexico and Yorktown, Virginia; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Nevada, New Mexico, Texas, and Utah. More information about the Company is available at www.wnr.com.
The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company's intent to redeem the Notes on December 21, 2011. These statements are subject to the general risks inherent in our business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Western's business and operations involve numerous risks and uncertainties, many of which are beyond Western's control, which could result in Western's expectations not being realized or otherwise materially affect Western's financial condition, results of operations, and cash flows. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.
http://finance.yahoo.com/news/Western-Refining-Issues-pz-2386600306.html?x=0&l=1
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