This excerpt taken from the MRO 8-K filed Jan 27, 2005.
Strengthened MAP Assets
Throughout 2004, MAP remained focused on its strategy of leveraging refining and marketing investments in core markets, as well as expanding and enhancing its asset base while controlling costs. In doing so, the company has continued its efforts to be a top quartile performer in the U.S. downstream business.
MAPs Catlettsburg refinery multi-year improvement project was completed during the first quarter. At a cost of approximately $440 million, the project improves product yields and lowers overall refinery costs while making gasoline with less than 30 parts per million of sulfur, which allowed MAP to meet the Tier II gasoline regulations that became effective on January 1, 2004.
The company also increased its overall crude oil refining capacity during the first quarter from 935,000 bpd to 948,000 bpd after completing a planned turnaround and expansion project at the Garyville, Louisiana, refinery where its total crude oil capacity increased from 232,000 bpd to 245,000 bpd. This expansion marked the first increase in crude distillation capacity since MAP was formed in 1998.
MAP achieved record refinery throughputs during the fourth quarter and full-year 2004. Crude throughput for the quarter averaged 975,000 bpd, and for the year 939,000 bpd. Total throughput averaged 1,175,000 bpd for the quarter and 1,110,000 bpd for the year. This full-year record performance was achieved even though
the company had undertaken a significant number of planned turnarounds during the first quarter of 2004 at the Garyville, Louisiana; Catlettsburg, Kentucky; and Canton, Ohio, refineries.
MAP continued progress on its Detroit refinery expansion project during 2004. The project, which remains on schedule for completion in late 2005, will increase the refinerys crude processing capacity from 74,000 bpd to 100,000 bpd.
Speedway SuperAmerica LLC continued to post strong same store merchandise sales results during the quarter. Fourth quarter same store sales were up approximately 10 percent, with full-year sales up approximately 11 percent when compared to full-year 2003 results.