Boston, MA 05/07/2014 (wallstreetpr) – Alon USA Partners LP (NYSE:ALDW) recently announced its financial results for 1Q14. Net income was $42.2 million in 1Q14 as compared to $93.5 million in 1Q13. Net sales stood at $8.56 billion in 1Q14 as compared to 8.04 billion in 1Q13. Operating income was $54 million in 1Q14 as compared to 1.03 billion in 1Q13. The company declared a cash distribution of $0.69 per unit on May 21, 2014 to shareholders of record at the closing of business on May 14, 2014 on the basis of $43.1 million cash available for distribution.
Segment Wise results
For 1Q14, operating margin for refinery was $14.77 per barrel as compared to $28.76 per barrel in 1Q13. The decline was primarily due to lower decrease in Gulf Coast crack spreads and narrowing of Cushing of WTI to spread of WTI and the Using of WTI to WTI Midland spread. The throughput for 1Q14 declined to 73,296 barrels per day as compared to 59,476 bpd for 1Q13. The operating margin of refinery was affected by $2.9 million of costs of RINs obligations for 1Q14, which were fully offset by using RINs of 2012 which were carried over for 1Q13.
The crack spread of the Gulf Coast 3/2/1 averaged to $16.81 per barrel for 1Q14 as compared to $28.4 per barrel for 1Q13, which gained influence from decline in the Brent to Cushing spread of WPI. The mean Brent to WTI Cushing spread for 1Q14 was $10.46 per barrel in comparison to $19.25 per barrel for 1Q13. The mean WTI Cushing to WTS spread for 1Q14 was $3.67 per barrel in comparison to $11.41 per barrel for 1Q13. The mean WTI Cushing to WTI Midland for 1Q14 was $3.54 per barrel for 1Q14, in comparison to $7.72 per barrel for 1Q13.
