Andeavor Reports Second Quarter 2. Results. SAN ANTONIO, TEXAS August 8, 2. Andeavor ANDV today reported second quarter earnings of 4. Consolidated net earnings were 8. EBITDA for the second quarter 2. Second quarter 2. LCM inventory adjustment, pre tax acquisition and integration costs of 1. Western Refining Western acquisition, additional tax expense of 1. Andeavor Logistics LP ANDX. Second quarter 2. LCM inventory adjustment. Our results for the quarter were strong, driven by our highly integrated business model, continued execution of improvements to operating income and the contribution from the Western acquisition, said Greg Goff, Chairman and CEO. We are excited about the continued transformation of Andeavor and we achieved several significant milestones during and shortly after the quarter, including an accelerated start to integrating Western, receiving the permits and beginning construction on our Los Angeles Refinery Integration and Compliance and Anacortes Isomerization projects, acquiring stores in Northern California for our Marketing system and commencing business in Mexico. SEGMENT RESULTSMARKETING. THE 3638323 TO 1605548 A 1450464 OF 14434154 Dimanche 13 dc 2015. Beginning this quarter, the Company has provided additional analytical information about the Marketing segment in the attached tables including separate volumes and fuel margins for our Retail and Branded channel and our Unbranded channel, merchandise margin and station count. Marketing segment operating income was 2. EBITDA was 2. 50 million and fuel margins were 1. This compares to operating income of 1. EBITDA of 1. 73 million and fuel margins of 1. Retail and Branded fuel margins improved to 2. Sam Clovis, the climatechangedenying Iowa business professor with no formal scientific qualifications President Donald Trump has nominated to serve as chief. The Hollywood Reporter is your source for breaking news about Hollywood and entertainment, including movies, TV, reviews and industry blogs. This article may be too long to read and navigate comfortably. Please consider splitting content into subarticles, condensing it, or adding or removing subheadings. There are certain things in life you shouldnt cut corners on. Surgery comes to mind. Tattoos another good answer. Absolutely for toilet paper and sushi. But you. 110480 de 51484 Paulo 49074 So 46318 do 40723 Brasil 38043 da 37922 Da 35214 US 33367 Folha 2900 Local 19724 Reportagem 1790 Jos 15364. PADD 5 gasoline demand. Through May 2. 01. PADD 5 gasoline demand is up 2. Unbranded fuel margins were 3. Merchandise gross margin increased to 2. Western acquisition. Andeavor continued to grow its network of branded stores, increasing by 6. This was primarily driven by the additional stores from the Western acquisition and the continued execution of the Companys organic growth plan. LOGISTICS. Logistics segment operating income increased to 1. Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Easily share your publications and get. EBITDA increased to 2. Results include a 2. Alaska Terminal, which was due to the Consent Decree associated with the Alaska Storage and Terminalling Assets acquisition completed in 2. The increase in segment operating income and segment EBITDA was primarily driven by contributions from the North Dakota Gathering and Processing Assets acquisition completed in the first quarter 2. Companys California marine terminals, contributions from the Northern California Terminalling and Storage Assets and Alaska Storage and Terminalling Assets acquisitions completed in 2. Companys Permian and Northern Great Plains logistics and wholesale operations added as part of the Western acquisition. REFINING. Refining segment operating income was 4. Segment EBITDA was 2. Second quarter 2. EBITDA included a pre tax expense of 2. LCM inventory adjustment. Second quarter 2. EBITDA included a pre tax benefit of 3. LCM inventory adjustment. The Tesoro Indexb was 1. This compares to the Tesoro Index of 1. Other than the LCM impact, the year over year increase in gross refining margin reflects the continued delivery of improvements to operating income, contributions from the Western acquisition and stronger refining crack spreads. Total refinery throughput for the quarter was 8. One month of Western throughput accounted for 8. Andeavors total throughput. Manufacturing costs in the second quarter 2. The Company will release an updated index, the Andeavor Indexc, in the third quarter 2. Western acquisition. CORPORATE AND OTHERCorporate and unallocated costs for the second quarter 2. Western. Net interest was 8. Western prior to closing on June 1, 2. The effective tax rate for the second quarter 2. The effective tax rate was higher than the Companys historical rate primarily driven by the additional tax expense of 1. BALANCE SHEET AND CASH FLOWAndeavor ended the second quarter with 1. This was down from 3. Western acquisition and Andeavor Logistics acquisition of the North Dakota Gathering and Processing Assets. Andeavor has 2. 4 billion of availability under its revolving credit facility. Total debt, net of unamortized issuance costs, was 7. Excluding Andeavor Logistics and Western Refining Logistics, LP WNRL debt and equity, total debt was 3. Capital spending for the second quarter 2. Andeavor, 4. 5 million for Andeavor Logistics and 4 million related to WNRL for June 2. Turnaround expenditures for the second quarter were 1. The Company continues to expect 2. Andeavor, 3. 25 million at Andeavor Logistics and 2. WNRL. Turnaround expenditures for the full year 2. The Company repurchased 1. As of August 8, 2. Company has executed approximately 4. The Company paid cash dividends of 6. Additionally, Andeavor today announced that the board of directors has increased the quarterly cash dividend by 7. September 1. 5, 2. August 3. 1, 2. 01. Andeavor is committed to maintaining a strong, investment grade balance sheet and has flexibility and discipline to continue to invest in high return capital projects, pursue strategic acquisitions and return cash to shareholders through share repurchases and dividends. STRATEGIC UPDATEWESTERN ACQUISITION AND SYNERGIES. On June 1, 2. 01. Andeavor completed its 5. Western. The Company remains confident in delivering an expected 3. June 2. 01. 9, the second year following the close of the transaction. This includes approximately 1. Andeavor estimates it has achieved approximately 8. August 8, 2. 01. 7, consisting primarily of approximately 7. Corporate Efficiencies and the remainder in Value Chain Optimization and Operational Improvements. The Company has also realized approximately 1. Western Refining suppliers due to the stronger credit profile of Andeavor. Westerns business recorded a net loss of 3. EBITDA for the one month of operations during the quarter. These results include a pre tax expense of 4. LCM inventory adjustment, pre tax acquisition and integration costs, including severance, of 7. Western. POTENTIAL MERGER AND IDR BUY IN. During the quarter, Andeavor indicated it had authorized management to work with the board of directors and management of Andeavor Logistics to consider and begin to negotiate a merger of Andeavor Logistics and WNRL and change the capital structure of Andeavor Logistics with respect to the incentive distribution rights IDRs. After evaluating many options related to the IDRs, both Andeavor and Andeavor Logistics preferred approach is to pursue a buy in in exchange for common units. The transactions require approval of the board of directors of all three companies as well as the conflicts committees of both MLPs. Management believes it will be able to complete negotiations and announce the transactions during the third quarter 2. LOS ANGELES INTEGRATION AND COMPLIANCE PROJECT. During the quarter, Andeavor received permits for the Los Angeles Refinery Integration and Compliance Project LARIC project and has commenced construction. The Company expects to spend 5. The LARIC project will be completed in multiple stages Andeavor expects to complete the Los Angeles Refinery Interconnect Pipeline System further connecting both portions of the Los Angeles refining complex in July 2. FCCU by year end 2. This investment is expected to deliver 6. EBITDA, consistent with the projects initial targets. ANACORTES ISOMERIZATION PROJECT.
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