Western’s Q3 Earnings Drop; Improving Competitive Position Should Boost Future Earnings
Western's reported third-quarter adjusted income fell to $50.0 million from $160.2 million a year ago, as all three of its segments posted declines in operating income. The decline in refining operating income was the most severe, falling to $89.2 million from $312.6 million last year on a steep drop in realized refining margins to $12.02/barrel from $20.65/bbl. WNRL’s operating income, with historical results adjusted for St. Paul and the TexNew Mex Pipeline transaction, which increased expense...
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