Aug. 05--Western Refining had a profit of $190.6 million in the second quarter, an increase of 28 percent from a year ago, the El Paso oil refiner reported Tuesday.
The profit includes the company's controlling interest in Northern Tier Energy, which operates a Minnesota oil refinery. The substantial profit increase was mostly because Western did not have the Northern Tier investment in the second quarter of 2013. Western took control of Northern Tier in the fourth quarter of last year.
Without the Northern Tier operations, Western alone had a profit of $156.7 million, or $1.56 per share, in the April-June quarter, an increase of 5.6 percent from the same quarter in 2013. The profit included $45.4 million in non-cash, or accounting, gains on its price-hedging contracts on future fuel production.
Jeff Stevens, Western CEO, said in a statement that the quarter saw record production at its El Paso and Gallup, N.M., refineries, and continued favorable crude costs for the refineries.
Northern Tier and Western Refining Logistics, which was spun off of Western in 2013, "contributed to the strong financial results," Stevens added.
Western's sales, including the Northern Tier operations, increased more than 83 percent in the quarter from a year ago to $4.4 billion.
Western's stock (WNR) was trading at $41.10 per share, down 6 cents per share, in midday trading on the New York Stock Exchange.
Vic Kolenc may be reached at 915-546-6421
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