WNR reported third quarter 2008 net income of $109.2 million. The Company's net income was $46.6 million for the same period in 2007. The increase in net income can be attributed to increased margins of refined products. The margin between the price of refined products and the cost of refining crude widened due to lower prices of crude-oil.
WNR reported third quarter 2008 net income of $109.2 million. The Company's net income was $46.6 million for the same period in 2007. The Increase in net income was due higher refined products margins. The gap between the price of refined products and the cost of refining crude widenend due to the amount of lower-cost crude oil processed at the Company's refineries.
Western Refining amended its credit facilities in order to eliminate financial covenants for the fiscal quarter ended June 30, 2008. They were reinstituted the following quarter. The Company agreed not to pay dividends on Common Stock until 2009.
Western Refining acquired Giant Industries, Inc., the merger raised the firm's production capacity from around 124,000 bpd to 223,000 bpd.
Shares fell as Western, due to lower refining margins, posted a lower-than-expected Q3 net income.
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