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23.02.2017 23:25
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Alon USA Energy Reports Fourth Quarter and Full Year 2016 Results
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PR Newswire
DALLAS, Feb. 23, 2017
DALLAS, Feb. 23, 2017 /PRNewswire/ -- Alon USA Energy, Inc. (NYSE: ALJ) ("Alon") today announced results for the fourth quarter and year ended December 31, 2016. Net loss available to stockholders for the fourth quarter of 2016 was $(18.1) million, or $(0.25) per share, compared to net loss available to stockholders of $(52.5) million, or $(0.75) per share, for the same period last year. Excluding special items, Alon recorded net loss available to stockholders of $(14.3) million, or $(0.20) per share, for the fourth quarter of 2016, compared to net loss available to stockholders of $(14.6) million, or $(0.21) per share, for the same period last year.
Net loss available to stockholders for the full year 2016 was $(82.8) million, or $(1.17) per share, compared to net income available to stockholders of $52.8 million, or $0.76 per share, for 2015. Excluding special items, Alon recorded net loss available to stockholders of $(65.1) million, or $(0.92) per share, for the full year 2016, compared to net income available to stockholders of $95.5 million, or $1.37 per share, for 2015.
As previously announced, in January 2017, Delek US and Alon entered into a definitive agreement under which Delek will acquire the outstanding shares of Alon common stock that Delek does not already own in an all-stock transaction. The transaction is expected to close in the first half of 2017, subject to customary closing conditions, including regulatory approval and approval by Delek US shareholders and Alon shareholders. We believe the economies of scale, financial strength and synergies generated through this merger create the opportunity to drive long-term value for shareholders.
In February 2017, the Krotz Springs refinery received approval from the EPA for a small refinery exemption from the requirements of the renewable fuel standard for the 2016 calendar year. As a result, we expect to book a reduction in RINs expense of $29.0 million in the first quarter of 2017, based on a weighted average RINs price per gallon of $0.58.
Alan Moret, CEO, commented, "Our diversification proved to be an asset for us in 2016, as positive contributions from our asphalt segment, retail segment and our renewable fuels facility in California helped offset the impact of weak crack spreads, high RIN prices and narrower crude differentials on our refining results. Our asphalt business operating income more than doubled in 2016 relative to 2015, as sales volumes increased by 19 percent and direct operating expenses were reduced by 8 percent. Our renewable fuels facility, which began operations in February 2016, produced approximately 30 million gallons of renewable fuel in 2016. We have been encouraged by the improvement in refining fundamentals that we saw at the end of 2016 and into 2017, including the widening of domestic crude discounts relative to Brent. We also are pleased to see RIN prices decline.
"The Big Spring refinery ran well in the fourth quarter, achieving total throughput of almost 77,000 barrels per day. The refinery also set a new quarterly record by processing over 44,000 barrels per day of WTI Midland in the quarter, further demonstrating the flexibility of the asset. The fourth quarter refinery operating margin of $7.65 per barrel is net of a negative impact of approximately $1.10 per barrel related to RINs costs. Operating expense in the quarter was low at $3.39 per barrel. As we've said before, we do not expect any major maintenance at Big Spring in 2017. We expect total throughput at the Big Spring refinery to average 77,000 barrels per day for the first quarter of 2017 and 75,000 barrels per day for the full year of 2017.
"The Krotz Springs refinery also ran well in the fourth quarter with total throughput of 70,000 barrels per day. The refinery operating margin of $3.40 per barrel was negatively impacted by approximately $1.60 per barrel due to the high cost of RINs. Operating expense in the fourth quarter was low at $3.44 per barrel. We expect total throughput at the Krotz Springs refinery to average 77,000 barrels per day for the first quarter of 2017 and 74,000 barrels per day for the full year of 2017.
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"Our asphalt business performed exceptionally well in what is typically a seasonally weak quarter. Asphalt operating income of $3.2 million in the fourth quarter was driven by sales volumes of 133 thousand tons and an attractive margin of $108 per ton.
"Our renewable fuels facility in California had its most profitable quarter since operations began, generating $9 million of operating income in the fourth quarter. This was achieved in spite of reduced throughput of 2,400 barrels per day due to maintenance being done by a third-party supplier in the quarter. We expect total throughput at our renewable fuels facility to average 2,500 barrels per day for the first quarter of 2017 and 2,600 barrels per day for the full year of 2017.
"Our retail results were negatively impacted by seasonal weakness and continued economic headwinds in the Permian Basin. That said, we are encouraged by the increase in rig activity in the Permian, and we believe our retail segment is well positioned to benefit as the West Texas economy improves."
FOURTH QUARTER 2016
Special items increased net loss by $3.8 million for the fourth quarter of 2016 primarily as a result of employee retention expenses of $2.0 million, unrealized losses of $3.8 million associated with commodity swaps, losses of $0.7 million related to an asphalt inventory adjustment and $0.1 million associated with losses recognized on disposition of assets, before income tax and non-controlling interest impacts of $2.8 million. Special items reduced net income by $37.9 million for the fourth quarter of 2015 primarily as a result of a loss on impairment of goodwill of $39.0 million, losses of $1.7 million related to an asphalt inventory adjustment, employee retention expenses of $1.3 million and unrealized losses of $1.1 million associated with commodity swaps, partially offset by insurance recoveries net of professional fees of $3.6 million and $1.3 million associated with gains recognized on disposition of assets, before income tax and non-controlling interest impacts of $0.2 million.
The combined total refinery average throughput for the fourth quarter of 2016 was 146,725 barrels per day ("bpd"), compared to a combined total refinery average throughput of 116,995 bpd for the fourth quarter of 2015. The Big Spring refinery average throughput for the fourth quarter of 2016 was 76,654 bpd, compared to 75,925 bpd for the fourth quarter of 2015. The Krotz Springs refinery average throughput for the fourth quarter of 2016 was 70,071 bpd, compared to 41,070 bpd for the fourth quarter of 2015. During the fourth quarter of 2016, the Krotz Springs refinery throughput was impacted by our election to reduce the crude rate in order to optimize the refinery yield. During the fourth quarter of 2015, throughput at our Krotz Springs refinery was lower as a result of downtime necessary to complete the planned major turnaround.
Refinery operating margin at the Big Spring refinery was $7.65 per barrel for the fourth quarter of 2016 compared to $10.02 per barrel for the same period in 2015. This decrease in operating margin was primarily due to increased RINs costs, a reduced benefit from the contango market environment which increased the cost of crude and unfavorable differences in Group III to Gulf Coast gasoline and diesel prices in the fourth quarter of 2016 compared to the same period in 2015.
Refinery operating margin at the Krotz Springs refinery was $3.40 per barrel for the fourth quarter of 2016 compared to $1.55 per barrel for the same period in 2015. During the fourth quarter of 2016, the Krotz Springs operating margin was favorably impacted by a higher Gulf Coast 2/1/1 high sulfur diesel crack spread and a widening of the WTI Cushing to WTI Midland spread, partially offset by a narrowing of the LLS to WTI Cushing spread, increased RINs costs and a reduced benefit from the contango market environment which increased the cost of crude. During the fourth quarter of 2015, the Krotz Springs operating margin reflects the negative impact of the planned major turnaround on refinery production.
The average Gulf Coast 3/2/1 crack spread was $12.83 per barrel for the fourth quarter of 2016 compared to $10.90 per barrel for the fourth quarter of 2015. The average Gulf Coast 2/1/1 high sulfur diesel crack spread was $8.63 per barrel for the fourth quarter of 2016 compared to $7.13 per barrel for the fourth quarter of 2015.
The average WTI Cushing to WTI Midland spread for the fourth quarter of 2016 was $0.25 per barrel compared to $(0.20) per barrel for the same period in 2015. The average WTI Cushing to WTS spread for the fourth quarter of 2016 was $1.33 per barrel compared to $(0.26) per barrel for the same period in 2015. The average LLS to WTI Cushing spread for the fourth quarter of 2016 was $1.42 per barrel compared to $2.08 per barrel for the same period in 2015. The average Brent to WTI Cushing spread for the fourth quarter of 2016 was $(0.20) per barrel compared to $1.35 per barrel for the same period in 2015. The average Brent to LLS spread for the fourth quarter of 2016 was $(1.36) per barrel compared to $(0.30) per barrel for the same period in 2015.
The average RINs cost effect on the Big Spring refinery operating margin was $1.08 per barrel for the fourth quarter of 2016, compared to $0.45 per barrel for the fourth quarter of 2015. The average RINs cost effect on the Krotz Springs refinery operating margin was $1.58 per barrel for the fourth quarter of 2016, compared to $0.60 per barrel for the fourth quarter of 2015.
The contango environment in the fourth quarter of 2016 created an average cost of crude benefit of $0.79 per barrel compared to an average cost of crude benefit of $0.94 per barrel for the same period in 2015.
For the fourth quarter of 2016, our California renewable fuels facility generated an operating margin of $70.57 per barrel from an average of 2,409 barrels per day of throughput. Our statements of operations include operating income of $8.7 million for the fourth quarter of 2016 related to the facility's operations.
Asphalt margins for the fourth quarter of 2016 were $107.89 per ton compared to $102.85 per ton for the fourth quarter of 2015. On a cash basis (i.e. excluding inventory effects), asphalt margins in the fourth quarter of 2016 were $116.06 per ton compared to $106.92 per ton in the fourth quarter of 2015.
Retail fuel margins decreased to 18.5 cents per gallon in the fourth quarter of 2016 from 20.0 cents per gallon in the fourth quarter of 2015. Retail fuel sales volume increased to 54.0 million gallons in the fourth quarter of 2016 from 52.2 million gallons in the fourth quarter of 2015. Merchandise margins decreased to 30.5% in the fourth quarter of 2016 from 31.1% in the fourth quarter of 2015. Merchandise sales decreased to $78.9 million in the fourth quarter of 2016 from $81.0 million in the fourth quarter of 2015.
FULL-YEAR 2016
Special items increased net loss by $17.7 million for 2016 primarily as a result of employee retention expenses of $10.7 million, losses of $1.0 million related to an asphalt inventory adjustment, unrealized losses of $14.8 million associated with commodity swaps and $1.7 million associated with losses recognized on disposition of assets, before income tax and non-controlling interest impacts of $10.5 million. Special items reduced net income by $42.7 million for 2015 primarily as a result of a loss on impairment of goodwill of $39.0 million, losses of $8.1 million related to an asphalt inventory adjustment and employee retention expenses of $11.3 million, partially offset by unrealized gains of $7.9 million associated with commodity swaps, insurance recoveries net of professional fees of $3.6 million and $1.9 million associated with gains recognized on disposition of assets, before income tax and non-controlling interest impacts of $2.3 million.
Combined refinery average throughput for 2016 was 139,243 bpd, compared to a combined refinery average throughput of 140,036 bpd in 2015. The Big Spring refinery average throughput for 2016 was 71,363 bpd compared to 74,906 bpd for 2015. The reduced throughput at our Big Spring refinery during 2016 was the result of a reformer regeneration during the first quarter of 2016 and third quarter of 2016. Additionally, throughput was reduced as a result of a catalyst replacement for our diesel hydrotreater unit in the first quarter of 2016 and unplanned downtime during the second quarter of 2016 due to a power outage caused by inclement weather, which affected multiple units. The Krotz Springs refinery average throughput for 2016 was 67,880 bpd compared to 65,130 bpd for 2015. During 2016, the Krotz Springs refinery throughput was impacted by our election to reduce the crude rate in order to optimize the refinery yield, as well as maintenance that was performed on the fluid catalytic cracking unit during the second quarter of 2016. During 2015, we completed the planned major turnaround at the Krotz Springs refinery, which reduced throughput during the period.
Refinery operating margin at the Big Spring refinery was $8.28 per barrel for 2016 compared to $14.43 per barrel for 2015. This decrease in operating margin was primarily due to a lower Gulf Coast 3/2/1 crack spread, a narrowing of the WTI Cushing to WTI Midland spread and increased RINs costs, partially offset by a widening of the WTI Cushing to WTS spread and an increased benefit from the contango market environment which reduced the cost of crude.
Refinery operating margin at the Krotz Springs refinery was $3.06 per barrel for 2016 compared to $7.02 per barrel for 2015. This decrease in operating margin was primarily due to a lower Gulf Coast 2/1/1 high sulfur diesel crack spread, a narrowing of both the WTI Cushing to WTI Midland and the LLS to WTI Cushing spreads and increased RINs costs, partially offset by an increased benefit from the contango market environment which reduced the cost of crude.
The average Gulf Coast 3/2/1 crack spread for 2016 was $12.64 per barrel compared to $17.02 per barrel for 2015. The average Gulf Coast 2/1/1 high sulfur diesel crack spread for 2016 was $7.95 per barrel compared to $10.81 per barrel for 2015.
The average WTI Cushing to WTI Midland spread for 2016 was $0.15 per barrel compared to $0.39 per barrel for 2015. The average WTI Cushing to WTS spread for 2016 was $0.73 per barrel compared to $(0.06) per barrel for 2015. The average LLS to WTI Cushing spread for 2016 was $1.70 per barrel compared to $3.73 per barrel for 2015. The average Brent to WTI Cushing spread for 2016 was $0.21 per barrel compared to $3.54 per barrel for 2015. The average Brent to LLS spread for 2016 was $(1.45) per barrel compared to $0.14 per barrel for 2015.
The average RINs cost effect on the Big Spring refinery operating margin was $0.55 per barrel for 2016, compared to $0.42 per barrel for 2015. The average RINs cost effect on the Krotz Springs refinery operating margin was $1.48 per barrel for 2016, compared to $0.99 per barrel for 2015.
The contango environment in 2016 created an average cost of crude benefit of $1.24 per barrel compared to an average cost of crude benefit of $1.01 per barrel in 2015.
During 2016, our California renewable fuels facility generated an operating margin of $68.67 per barrel from an average of 2,275 barrels per day of throughput. Our statements of operations include operating income of $24.1 million in 2016 related to the facility's operations.
Asphalt margins for 2016 were $98.80 per ton compared to $105.70 per ton in 2015. On a cash basis (i.e. excluding inventory effects), asphalt margins in 2016 were $100.94 per ton compared to $109.35 per ton in 2015.
Retail fuel margins decreased to 19.8 cents per gallon in 2016 from 21.3 cents per gallon in 2015. Retail fuel sales volume increased to 209.0 million gallons in 2016 from 199.1 million gallons in 2015. Merchandise margins decreased to 31.2% in 2016 from 31.9% in 2015. Merchandise sales decreased to $324.4 million in 2016 from $328.5 million in 2015.
Alon also announced today that its Board of Directors has declared the regular quarterly cash dividend of $0.15 per share. The dividend is payable on March 17, 2017 to stockholders of record at the close of business on March 9, 2017.
CONFERENCE CALL
Alon has scheduled a conference call, which will be broadcast live over the Internet on Friday, February 24, 2017, at 11:30 a.m. Eastern Time (10:30 a.m. Central Time), to discuss the fourth quarter and year-end 2016 financial results. To access the call, please dial 877-407-0672, or 412-902-0003 for international callers, and ask for the Alon USA Energy call at least 10 minutes prior to the start time. Investors may also listen to the conference live by logging on to the Alon investor relations website, http://ir.alonusa.com. A telephonic replay of the conference call will be available through March 3, 2017, and may be accessed by calling 877-660-6853, or 201-612-7415 for international callers, and using the passcode 13652999#. A webcast archive will also be available at http://ir.alonusa.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Donna Washburn at Dennard § Lascar Associates at 713-529-6600 or email dwashburn@dennardlascar.com.
Alon USA Energy, Inc., headquartered in Dallas, Texas, is an independent refiner and marketer of petroleum products, operating primarily in the South Central, Southwestern and Western regions of the United States. Alon owns 100% of the general partner and 81.6% of the limited partner interests in Alon USA Partners, LP (NYSE: ALDW), which owns a crude oil refinery in Big Spring, Texas, with a crude oil throughput capacity of 73,000 barrels per day and an integrated wholesale marketing business. In addition, Alon directly owns a crude oil refinery in Krotz Springs, Louisiana, with a crude oil throughput capacity of 74,000 barrels per day. Alon also owns crude oil refineries in California, which have not processed crude oil since 2012. Alon owns a majority interest in a renewable fuels facility in California, with a throughput capacity of 3,000 barrels per day. Alon is a leading marketer of asphalt, which it distributes primarily through asphalt terminals located predominately in the Southwestern and Western United States. Alon is the largest 7-Eleven licensee in the United States and operates approximately 300 convenience stores which also market motor fuels in Central and West Texas and New Mexico.
Any statements in this press release that are not statements of historical fact are forward-looking statements. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. 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, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our financial condition, results of operations and cash flows. Additional information regarding these and other risks is contained in our filings with the Securities and Exchange Commission.
This press release does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.
- Tables to follow -
ALON USA ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED
EARNINGS RELEASE
| RESULTS OF OPERATIONS - FINANCIAL DATA (ALL INFORMATION IN THIS PRESS RELEASE EXCEPT FOR BALANCE SHEET DATA AS OF DECEMBER 31, 2015 AND INCOME STATEMENT DATA FOR THE YEAR ENDED DECEMBER 31, 2015, IS UNAUDITED) | For the Three Months Ended | | For the Year Ended | ||||||||||||
| | December 31, | | December 31, | ||||||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | ||||||||
| | (dollars in thousands, except per share data) | ||||||||||||||
| STATEMENTS OF OPERATIONS DATA: | | | | | | | | ||||||||
| Net sales (1) | $ | 1,011,326 | | | $ | 782,367 | | | $ | 3,913,404 | | | $ | 4,338,152 | |
| Operating costs and expenses: | | | | | | | | ||||||||
| Cost of sales | 874,365 | | | 636,794 | | | 3,376,803 | | | 3,515,406 | | ||||
| Direct operating expenses | 62,812 | | | 63,426 | | | 262,706 | | | 255,534 | | ||||
| Selling, general and administrative expenses (2) | 46,953 | | | 51,306 | | | 194,078 | | | 200,195 | | ||||
| Depreciation and amortization (3) | 36,852 | | | 32,232 | | | 145,577 | | | 126,494 | | ||||
| Total operating costs and expenses | 1,020,982 | | | 783,758 | | | 3,979,164 | | | 4,097,629 | | ||||
| Gain (loss) on disposition of assets | (90) | | | 1,319 | | | (1,650) | | | 1,914 | | ||||
| Loss on impairment of goodwill (4) | — | | | (39,028) | | | — Werbung Mehr Nachrichten zur Alon USA Energy Aktie kostenlos abonnieren
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