Western Refining, Inc. (WNR)

[Cadillac Man]

Tesoro buyout; what is the price per WNR share?

[Timothy Smith]

Spreads are likely to tighten but should still show strong 2014 upside.

[pete807]

Thanks... I expected it to come back a bit and it was headed that way this morning, down to about 37.30. I first considered a position at a little under 37 when the news of the acquisition was fresh, but lack of DD kept me in the wings. I have been reading everything I can find. Now the Brent/WTI spread I am hearing will narrow?, with Iran's oil back in the market. Will margins for the US refiners be under pressure? Retail gas is up about a dime this week no doubt partially due to travel demand.
Last Friday's published futures for Brent, January are over $111 and very close to that after hours today. Appreciate any analysis...
I parked substantial money last December in NTI and have been following since. Been good so far, yielding about 20%, (payout plus appreciation). I added when it dipped after the fire. I am now curious to see what WNR will do effecting unit holders. A minimum return to 10% yield seems likely over there, and here, improvement in WNR should be collateral as they were wise to acquire NTI.

[Timothy Smith]

I don't have enough DD to address that one at the moment but do like pricing here.

[Timothy Smith]

Keeping a close eye but should be good for margins in 2014.

[pete807]

The upgrade due to recent purchase of the GP for NTI has this one on my short watch list. Since it was the most shorted stock in the energy sector I am waiting to see how that changes now. Once the dust settles and the blush is off the rose it may be a good buy. They will have discretion over a growing amount of cash but hat is not new to them in the refining busiess. Their recent logistics MLP, WNRL plus now their new NTI MLP affirm their confidence in the new refining MLP business model. Variable distribution is certainly a more volatile model. Not for the faint of heart, imo. Lately the refiners are coming back with a better 3:2:2:1 crack spread. Time will tell how the broader market feels about WNR. I would like to see the short percentage of float get below 10%.

[pete807]

Uptrend since acquiring NTI has been steady... most gaps are filled, but it may not return to 36 range. Heavily shorted before the deal. Not chasing it here... Waiting for new short interest figures and other analysis.

[catdaddyrt]

this has been a monster over the last 2years

[pete807]

It might be time to cover here as some obviously are. At 34% of the float it was the most hated in the energy sector until yesterdays news... followed by today's upgrade. Anyone know anything about the management and reasons it was so hated?.... I may initiate a position here -pete

[pete807]

UBS upgraded Western Refining from Neutral to Buy with a price target of $41.00. The change follows Western Refining deal to increase its stake in Norther Tier.
Wonder how many shares of NTI they owned before the deal....

[Timothy Smith]

2013 EPS outlook is very solid. Investor temptations may be biased towards discounting WNR’s prospects now that WTI/Brent and Midland/Cushing spreads have narrowed significantly.

That would be a mistake, in my view. I see WNR’s earnings holding up well despite the tightening crude spreads due in large part to:

(1) the unique product margin strength in the company’s core Southwest region and

(2) advantaged pricing by approximately US$2.00/bbl based on increased crude sourcing directly from the Delaware Basin from the company’s new gathering system.

I am lowering my 2013 EPS estimates slightly to US$4.91 from US$5.09, but see potentially flat earnings into 2014.

As we previously suspected, WNR’s exposure to ethanol RIN pricing appears minimal given the company’s high level of direct ethanol blending of gasoline production. In addition to its Southwest terminal system, management indicated that WNR is generating RINs at its Yorktown, VA terminal facility that can be applied to meet the company’s renewable fuels obligation. I have previously estimated WNR’s RIN purchase costs at US$12m and US$34m in 2013 and 2014, respectively, based on a US$1.00/gal RIN price.

WNR appears increasingly focused on establishing a midstream master limited partnership (MLP) to monetize its rapidly growing logistics asset base. I see significant valuation upside for an MLP and estimated that WNR’s assets could generate US$77-102m of annual EBITDA and possible valuation upside of US$4.80-6.70/sh.

All in my opinion. Interested in any thoughts you may have to share.

[Timothy Smith]

Western Refining Declares Dividend of $0.08 Per Share

Oct 17, 2012 5:00:00 AM
2012 GlobeNewswire, Inc.

EL PASO, Texas, Oct. 17, 2012 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today announced that on October 16, 2012, its Board of Directors approved a cash dividend of $0.08 per share of common stock for the fourth quarter of 2012. The dividend will be paid on November 9, 2012, to shareholders of record at the close of market on October 26, 2012.

Jeff Stevens, Western's President and Chief Executive Officer, commented, "We are pleased to announce a fourth quarter cash dividend payable to Western shareholders which demonstrates our continued confidence in our operations, favorable industry trends, our strengthened balance sheet, and the investments we are making in our business. The Board's action underscores our on-going commitment to maximizing shareholder value."

About Western Refining

Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes stand alone refined products terminals in Albuquerque and Bloomfield, New Mexico; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas, and Virginia. More information about the Company is available at www.wnr.com.

The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements which are protected as forward looking statements under the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein include statements about our continued confidence in our operations, favorable industry trends, future investments in our business, and our ability to maximize shareholder value. These statements are subject to the general risks inherent in our business and may or may not be realized. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.

CONTACT: Investor and Analyst Contact:
Jeffrey S. Beyersdorfer
[phone]

Media Contact:
Gary Hanson
[phone]


Source: Western Refining, Inc.

[Timothy Smith]

Western Refining Announces $200 Million Stock Repurchase Program

Declares Third Quarter Dividend of $0.08 Per Share

Jul 18, 2012 5:00:00 AM
2012 GlobeNewswire, Inc.
EL PASO, Texas, July 18, 2012 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR) today announced that its Board of Directors has authorized a share repurchase program of up to $200 million. The share repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. This share repurchase program may be discontinued at any time by the Board of Directors.

Additionally, the Company's Board of Directors approved a cash dividend of $0.08 per share of common stock for the third quarter of 2012. The dividend will be paid on August 13, 2012, to shareholders of record at the close of market on July 27, 2012.

Jeff Stevens, Western's President and Chief Executive Officer, commented, "We have made tremendous progress in strengthening the Company's balance sheet and these actions demonstrate our commitment to delivering value to our shareholders. This share repurchase, in part, is to address potential shareholder dilution related to our convertible notes which mature in 2014. In addition to the share repurchase program, we are pleased to be able to double the cash dividend for the third quarter."

Stevens continued, "Given that we have significantly reduced our debt and have confidence in the sustainability of the current margin environment, we are pleased to increase the level of cash being returned to shareholders through this dividend."

About Western Refining

Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes stand alone refined products terminals in Albuquerque and Bloomfield, New Mexico; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas, and Virginia. More information about the Company is available at www.wnr.com.

The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements which are protected as forward looking statements under the Private Litigation Securities Reform Act of 1995. The forward-looking statements contained herein include statements about possible repurchases of shares under the share repurchase program, shareholder dilution relating to our convertible notes, future cash dividends, and the sustainability of the current margin environment. These statements are subject to the general risks inherent in our business. Our expectations may or may not be realized. Some of our expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Western's business and operations involve numerous risks and uncertainties, many of which are beyond Western's control, which could materially affect Western's financial condition, results of operations and cash flows. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission to which you are referred. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.



CONTACT: Investor and Analyst Contact:
Jeffrey S. Beyersdorfer
[phone]

Media Contact:
Gary Hanson
[phone]


Source: Western Refining, Inc.

[scstocks]

Thanks for the heads up gfp as I had missed that entirely.

I don't have any shares currently as I sold early as usual in this one. I think it was GS of JPM that put around a 20 dollar price tag on this one when it was in the low teens....funny how that has worked out just about perfectly.....what a shocker. Kinda like the 2000 at the ask options that were purchased on it a few years back when it was near 4 and those options appeared from nowhere, and the stock price marched upward, almost like there was a plan

Sometimes it feels like they wake up and say, "which way should our machines price stocks today?"

I'm sure it was just good good luck on their part, like 89 positive trading days out of 90, you know, normal stuff like that, that we all can do every day. ahhhh.

[gfp927z]

>>> Analyzing Wednesday's Noteworthy Insider Trades
March 29, 2012



http://seekingalpha.com/article/466141-analyzing-wednesday-s-noteworthy-insider-trades?source=yahoo


>>> Western Refining Inc. (WNR): WNR refines and markets crude oil and refined products in West TX, AZ, NM, UT, CO and the mid-Atlantic region. On Wednesday, Chairman of the Board and 10% owner Paul Foster filed SEC Forms 4 indicating that he sold 200,000 shares in direct holdings and another 100,000 shares that he holds indirectly via Franklin Mountain Investments Ltd. Partnership, pursuant to a 10b5-1 trading plan, ending with 6.5 million shares in direct and another 17.8 million shares in indirect holdings in the company. In comparison, insiders sold 5 million shares in the past year. WNR shares trade at 7 forward P/E and 2.0 P/B compared to averages of 11.2 and 2.4 for its peers in the oil refining and marketing group. <<<

[scstocks]

looks like some big bets placed on wnr late today on near 3x trailing 3 months volume for the day....

[scstocks]

UPDATE 1-Western Refining 4th-qtr profit trails market estimates

http://www.reuters.com/article/2012/02/28/westernrefining-idUSL4E8DS52I20120228?type=companyNews&feedType=RSS&feedName=companyNews&rpc=43

Tue Feb 28, 2012 6:33am EST

* Q4 adj EPS $0.48 vs est. $0.52

* Says refining margins stronger through first 2 months FY12

Feb 28 (Reuters) - U.S. oil refiner Western Refining Inc's fourth-quarter profit lagged analysts' estimates on lower throughput at its El Paso refinery in Texas.

The El Paso, Texas-based company said throughput -- the capacity to refine crude oil over a given period of time -- at the El Paso refinery fell 8 percent to 120,862 barrels per day (bpd) in the fourth quarter.

The El Paso refinery is the company's largest refinery and has a total crude capacity of 128,000 bpd.

Western Refining had said it expects lower throughput at the refinery due to an unplanned maintenance downtime.

The company's other southwest U.S. refinery, the Gallup refinery saw a 5 percent dip in throughput.

However, the company said its refining margins have been strong through the first two months of the year compared with a year ago and that it is "well positioned for 2012 and beyond".

Refiners in the United States, particularly in the Midwest, have benefited from the record spread between London-based Brent and U.S. benchmark West Texas Intermediate (WTI) created by a glut at the Cushing, Oklahoma delivery hub.

Fourth-quarter net loss was $64.6 million, or 72 cents per share, compared with a loss of $7.6 million, or 9 cents per share, a year ago.

Excluding items, Western Refining earned 48 cents per share, while analysts were expecting 52 cents a share, according to Thomson Reuters I/B/E/S.

Western Refining shares, which have gained 13 percent in the last year, closed at $18.31 on Monday on the New York Stock Exchange.

[scstocks]

sold my remaining wnr shares from this last go around today at 18....nice ride.

[Penny Roger$]

~ Tuesday! $WNR ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $WNR ~ Earnings expected on Tuesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=WNR&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=WNR&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=WNR
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=WNR#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=WNR+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=WNR
Finviz: http://finviz.com/quote.ashx?t=WNR
~ BusyStock: http://busystock.com/i.php?s=WNR&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=WNR >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

[scstocks]

AH was asking 18.50 and I think the bid was 18.45, so slightly up from the close, after a long, down day on friday.....

[scstocks]

Continuing to liqidate my position here in wnr. Still have a way to go, but got 16.36 for some shares today.

Once again, this is not personal to wnr per say, but rather an overall reposition/profit taking as January winds up.

GLTA

[OptionsBoy]

Nice scstocks.. I've been out of WNR for a while.. into some other stocks but have been watching it climb up nicely.

[scstocks]

Wnr at 16.00 once again. I trimmed back my position in this one by 40% yesterday, once again selling too early, before today's +3.5% rise. Still had nice gains this time around....from near twelve as previously posted. Wnr is still my largest long holding with about 55-60% of invested assests....

I was just doing an account reposition and this one was part of a lowering of overall investment and risk profile as the s&p heads over 1315, the nasdaq over 2786, and the dow over 12623.

I have a history of selling this one too early but did want to post that I lowered my holdings here....

[scstocks]

Wnr is still coming out of its recent dip rather nicely at 14.45 as I write this. 5+% daily swings seem normal in this software driven trading "norm" we find ourselves in every day these days.

[scstocks]

In a first, gas and other fuels are top US export

Big shift for gas-guzzling nation: fuels are top US export; oil imports still world's highest

By Chris Kahn, AP Energy Writer | AP – 2 hours 23 minutes ago.. .

http://finance.yahoo.com/news/first-gas-other-fuels-top-200739135.html

NEW YORK (AP) -- For the first time, the top export of the United States, the world's biggest gas guzzler, is — wait for it — fuel.

Measured in dollars, the nation is on pace this year to ship more gasoline, diesel, and jet fuel than any other single export, according to U.S. Census data going back to 1990. It will also be the first year in more than 60 that America has been a net exporter of these fuels.

Just how big of a shift is this? A decade ago, fuel wasn't even among the top 25 exports. And for the last five years, America's top export was aircraft.

The trend is significant because for decades the U.S. has relied on huge imports of fuel from Europe in order to meet demand. It only reinforced the image of America as an energy hog. And up until a few years ago, whenever gasoline prices climbed, there were complaints in Congress that U.S. refiners were not growing quickly enough to satisfy domestic demand; that controversy would appear to be over.

Still, the U.S. is nowhere close to energy independence. America is still the world's largest importer of crude oil. From January to October, the country imported 2.7 billion barrels of oil worth roughly $280 billion.

Fuel exports, worth an estimated $88 billion in 2011, have surged for two reasons:

— Crude oil, the raw material from which gasoline and other refined products are made, is a lot more expensive. Oil prices averaged $95 a barrel in 2011, while gasoline averaged $3.52 a gallon — a record. A decade ago oil averaged $26 a barrel, while gasoline averaged $1.44 a gallon.

— The volume of fuel exports is rising. The U.S. is using less fuel because of a weak economy and more efficient cars and trucks. That allows refiners to sell more fuel to rapidly growing economies in Latin America, for example. In 2011, U.S. refiners exported 117 million gallons per day of gasoline, diesel, jet fuel and other petroleum products, up from 40 million gallons per day a decade earlier.

There's at least one domestic downside to America's growing role as a fuel exporter. Experts say the trend helps explain why U.S. motorists are paying more for gasoline. The more fuel that's sent overseas, the less of a supply cushion there is at home.

Gasoline supplies are being exported to the highest bidder, says Tom Kloza, chief oil analyst at Oil Price Information Service. "It's a world market," he says.

Refining companies won't say how much they make by selling fuel overseas. But analysts say those sales are likely generating higher profits per gallon than they would have generated in the U.S. Otherwise, they wouldn't occur.

The value of U.S. fuel exports has grown steadily over the past decade, coinciding with rising oil prices and increased demand around the globe.

Developing countries in Latin America and Asia have been burning more gasoline and diesel as their people buy more cars and build more roads and factories. Europe also has been buying more U.S. fuel to make up for its lack of refineries.

And there's a simple reason why America's refiners have been eager to export to these markets: gasoline demand in the U.S. has been falling every year since 2007. It dropped by another 2.5 percent in 2011. With the economy struggling, motorists cut back. Also, cars and trucks have become more fuel-efficient and the government mandates the use of more corn-based ethanol fuel.

The last time the U.S. was a net exporter of fuels was 1949, when Harry Truman was president. That year, the U.S. exported 86 million barrels and imported 82 million barrels. In the first ten months of 2011, the nation exported 848 million barrels (worth $73.4 billion) and imported 750 million barrels.
..

[scstocks]

Western Refining Closes on Sale of Assets and Completes Redemption of All Outstanding Senior Secured Floating Rate Notes
Press Release: Western Refining, Inc. – Thu, Dec 29, 2011 4:30 PM EST.. .

http://finance.yahoo.com/news/Western-Refining-Closes-Sale-pz-2894626736.html?x=0

EL PASO, Texas, Dec. 29, 2011 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR - News) today announced that it has closed on the sale of its Yorktown, Virginia facilities and a segment of its crude oil pipeline in southeast New Mexico to Plains Marketing, L.P. and Plains Pipeline, L.P., both subsidiaries of Plains All American Pipeline, L.P., for approximately $220 million. The transaction includes substantially all of Western's Yorktown assets, including both the terminal and idled refinery, and an 82 mile segment of a 424 mile crude oil pipeline in New Mexico. Western will retain its East Coast wholesale business and continue to market products in the Mid-Atlantic region. Western expects to record a non-cash loss on disposition of these assets of $440 to $460 million for the fourth quarter.

Western Refining also announced that it successfully completed the redemption of its outstanding $275 million Senior Secured Floating Rate Notes due 2014 on December 21, 2011. The Notes were redeemed at an aggregate redemption price of $288.75 million (including a 5% premium), plus accrued and unpaid interest from December 15, 2011 to December 21, 2011.

Jeff Stevens, Western's President and Chief Executive Officer, commented, "Both of these actions contribute to our stated goal of reducing our debt and strengthening our balance sheet. We are very pleased with our progress in this area and the added financial flexibility these transactions provide the Company."

About Western Refining

Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes refined products terminals in Albuquerque and Bloomfield, New Mexico; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Nevada, New Mexico, Texas, Utah, and Virginia. More information about the Company is available at www.wnr.com.

The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the recordation of a non-cash loss and added financial flexibility relating to these transactions. These statements are subject to the general risks inherent in our business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Western's business and operations involve numerous risks and uncertainties, many of which are beyond Western's control, which could result in Western's expectations not being realized or otherwise materially affect Western's financial condition, results of operations, and cash flows. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.

[scstocks]

Just sold a little wnr at 12.19, a slight increase to my latest buy, but I will be able to use it as a loss against some I got a couple/few weeks ago in the 13.40's or so. Pretty big increase in this one this year, so I just lightened overall risk load a hair. If it drops in a signifigant way, I likely will be right back in adding to balance of shares.....

[scstocks]

Got a little more wnr this afternoon at 12.08. Volume is very light in this sell off today, relatively, at 1.5 million share traded near 3pm.....

Now have gs with a 23 target and credit s with a 20.50 target...

Time will tell....

[scstocks]

Thanks gfp, I had missed that they bought/invested in that pipeline. They had been wanting to get out of that refinary for some time so it was good to see that go.

When the stars line up for these refiners it is like they print barrels of cash. Lots of ups and downs between those times.

GLTU

[gfp927z]

SC, >>> Jumps in oil prices hurt refiners like Western Refining, because they put pressure on their profit margins, especially when demand for gasoline is weak. <<<



The refining sector seems to have so many unpredictable factors and variables.

Nice to see those two upgrades. It would have been better if the stock had closed nearer to the high on Friday, but the overall market also fizzled out yesterday afternoon. Chart-wise, 14.70-15 area still looks like a reasonable intermediate target. That's where there is resistance from the last support break, from the 50 MA (blue line), and from the gap -







The 14.70-15 area would also make the current rebound a 50% Fibonacci retracement -

[scstocks]

Western Refining shares rise on upgrade

Credit Suisse analyst boosts Western Refining rating in wake of stock selloff
AP – Fri, Dec 2, 2011 12:32 PM EST.. .

http://finance.yahoo.com/news/Western-Refining-shares-rise-apf-4271586412.html?x=0

NEW YORK (AP) -- Shares of Western Refining Inc. rose Friday after a Credit Suisse upgraded the oil refiner to "Outperform," saying that the recent selloff of its shares wasn't justified.

The El Paso, Texas-based company's shares have fallen about 18 percent since Nov. 16, when Enbridge Inc. said it would pay $1.15 billion to buy half ownership in the Seaway crude pipeline system between Texas and Oklahoma from ConocoPhillips. The stock closed Thursday at $12.73, still up 20 percent for the year

Enbridge said it will reverse the direction of crude oil flows on the Seaway pipeline to allow it to transport oil from Oklahoma to the Gulf Coast. That news helped oil prices hit $100 per barrel in North America for the first time in four months.

Jumps in oil prices hurt refiners like Western Refining, because they put pressure on their profit margins, especially when demand for gasoline is weak.

The selloff also was prompted by concerns about seasonably weak fourth-quarter West Coast and Gulf Coast margins, but despite those worries, Westlake said the selloff was overdone.

Westlake pointed to the company's efforts to pay off debt. Western Refining said earlier this week that it was selling its Yorktown terminal and refinery, along with part of a pipeline, for $220 million.

The analyst also noted that the company's 20012 and 2013 cash flows are largely protected, thanks to its hedging program.

In midday trading, shares of Western Refining rose 82 cents, or 6.4 percent, to $13.55.

[gfp927z]

>>> Western Refining Announces Sale of Assets for $220 Million


Sale Includes Yorktown Idled Refinery and Terminal and Segment of New Mexico Crude Pipeline


Press Release: Western Refining, Inc.
Thu, Dec 1, 2011 7:00 AM



http://finance.yahoo.com/news/Western-Refining-Announces-pz-2880939338.html?x=0



EL PASO, Texas, Dec. 1, 2011 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR - News) today announced that it has entered into agreements with Plains Marketing, L.P. and Plains Pipeline, L.P., both subsidiaries of Plains All American Pipeline, L.P., for the divestiture of its Yorktown, Virginia facilities and an underutilized segment of its crude oil pipeline in southeast New Mexico for $220 million.

The companies executed asset purchase agreements under which Western will sell substantially all of its Yorktown assets, including both the terminal and idled refinery, in addition to an 82 mile segment of a 424 mile crude oil pipeline in New Mexico to Plains. Western will retain its East Coast wholesale business and continue to market products in the Mid-Atlantic region. The sale of the Yorktown assets and the New Mexico pipeline segment are contingent upon concurrent closings, both of which are subject to regulatory approvals and other customary conditions. The transactions are expected to close in the fourth quarter of 2011. Western expects to record a non-cash loss on disposition of these assets of $440 to $460 million in the fourth quarter.

Jeff Stevens, Western's President and Chief Executive Officer, commented, "We are very pleased with these transactions as they allow Western to monetize the Yorktown assets and exit the volatile East Coast refining market. Continued extreme volatility of refining economics on the East Coast has significantly reduced the probability of restarting refining operations at Yorktown. This transaction precludes such a restart but allows us to maximize the value of the terminal assets. Additionally, these actions enable us to continue to focus on strengthening our balance sheet by further reducing our debt."

About Western Refining

Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes refined products terminals in Albuquerque and Bloomfield, New Mexico and Yorktown, Virginia, asphalt terminals in Albuquerque, El Paso, and Phoenix and Tucson, Arizona, retail service stations and convenience stores in Arizona, Colorado, New Mexico, and Texas, a fleet of crude oil and finished product truck transports, and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas, Utah, and Virginia. More information about the Company is available at www.wnr.com.

The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615


<<<

[scstocks]

===Credit Suisse raised the refineries operator to “outperform” from “neutral.” The 12-month target price is $20.50 a share. ===

http://www.bloomberg.com/news/2011-12-01/avago-technologies-h-r-block-ulta-salon-zumiez-u-s-equity-preview.html?cmpid=yhoo

[scstocks]

23,600 share buy at 4:03 est 8 cents above close at 13.5036. Often a good sign.....

GLTU

[OptionsBoy]

Looking awesome today and into tomorrow..

Sale of Yorktown,
Crack up 15%
http://www.bloomberg.com/quote/CRK321M1:IND

Shorts are in for a world of hurt here. May see a MAJOR move upward in the next few days.

http://www.schaeffersresearch.com/marketcenters/optionscenter/default.aspx?c=bytefeed&ID=109039&single=true
The shares of Western Refining (WNR - 12.78) have spent the session in the black, after the firm agreed to sell part of a crude pipeline and a Virginia refinery to Plains All American Pipeline (PAA) for $220 million. Against this backdrop, WNR has seen about 2,000 calls cross the tape so far today -- above and beyond its average intraday call volume, and more than three times the number of WNR puts traded.

29.5 percent of the float are shorted.

[OptionsBoy]

Yeah was a rough day.. steady downward pressure all day except the first 20-30 minutes and the last 20 or so minutes..

However it was a strong bounce at the end of the day and still trending up over the past few days.

Major short position in this stock.. hoping we can still get enough upward pressure for some short covering to kick in.


http://www.thestockmasters.com/More-stocks-Short-Squeeze-WNR-AKS-JRCC-TSL-11302011
Western Refining Inc (WNR) - Short percent of float 27.06%

[scstocks]

I had to leave my trading platform today when wnr was up about 5%, only to get back on around 3:30 near the days low, and about even for day.....

There was some buying near the end of the day, and I show a single 148,780 share trade at a penny more than the 4pm close, come in 4:01pm....nice piece of cash.....

GLTU

[scstocks]

I have some hope that with the black friday sales numbers and foot traffic up, that the gasoline inventory in general will be down, and we may get a pop from that.....

[OptionsBoy]

Yeah, makes me feel a little better :)

[scstocks]

That's great news, thanks....

[OptionsBoy]

This is a 6-month $23 target btw from Goldman..

Goldman Sachs analysts are favoring four oil-patch stocks, giving them potential six-month price increases of as much as 95%

http://www.thestreet.com/_yahoo/story/11324615/1/4-top-energy-stocks-from-goldman-sachs.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA

[OptionsBoy]

Western Refining(WNR_) gets a $23 price target, a 95% premium, from Goldman.

The company is an independent oil refiner that owns and operates two refineries in Texas and New Mexico. It also operates 150 retail-service stations throughout the Southwest and is a wholesale petroleum-products distributor. The company just reported third-quarter earnings of $1.38 per share, outdoing analysts' views by 3 cents per share.

Western Refining's shares have a three-year annualized return of 18%.

http://www.thestreet.com/story/11324615/3/4-top-energy-stocks-from-goldman-sachs.html

[OptionsBoy]

After hours trading has us up even more:
Hope it's a good indication going into tomorrow

After Hours
Time (ET) After Hours
Price After Hours
Share Volume
17:52 $ 11.75 600
17:31 $ 11.72 100
17:19 $ 11.74 1,000
16:42 $ 11.69 100
16:42 $ 11.69 100
16:25 $ 11.67 16,604
16:16 $ 11.71 100
16:16 $ 11.71 300
16:09 $ 11.72 100
16:09 $ 11.72 100
16:09 $ 11.72 500
16:09 $ 11.72 200
16:09 $ 11.73 100
16:09 $ 11.73 600
16:02 $ 11.67 100


Read more: http://www.nasdaq.com/symbol/wnr/after-hours#ixzz1f3ipmduI

[scstocks]

yup, i showed a 58,000+ share buy, up a penny at 4:01 est.

i am not a chartist, but i am not sure i like the look of those black candles in 4 of the 5 charts in this threads header, as it often, not always, but often, looked like bad news in the past.....

first day i didn't buy any in a while, think i am set either way and think i would only add now if it tanked....ha, famous last words....

take care....

[OptionsBoy]

rough most of the day but turned very bullish in the last 10 minutes.

[scstocks]

Location, Location, Location: The Rules Of Oil Refining And Who's Benefiting

http://seekingalpha.com/article/309923-location-location-location-the-rules-of-oil-refining-and-who-s-benefiting

7 comments | by: James Shell November 23, 2011 | includes: COP, CVX, HFC, MPC, TLLP, TSO, VLO, WNR

At the request of one of my followers, I've done a little work to try to put some numbers on the supply and logistic situations that have been going on in Oil Refining for the past few months. This is useful to try to understand why differences in feedstock costs and access to certain markets allows some of these independent refiners to prosper in niche situations.

Here is a table of spot prices for various crude oil grades:

$/Barrel
West Texas Intermediate 97
Light Louisiana Sweet 109
Gulf Coast Sour 105
Brent 108
Alaska North Slope 112
Syncrude 102
Arabian Extra Light 107

This link to Chevron (CVX) is also quite useful in understanding the price differentials for various crude oil prices which are driven by their suitability for refining.

Next, here are some of the wholesale gasoline prices around the country. I have derived most of this data from Gasbuddy.com.

Retail Price Local Tax Fed Tax Distribution Est. Whol Price $/bbl
Los Angeles 3.75 0.405 0.184 0.05 3.11 131
Denver 3.35 0.205 0.184 0.05 2.91 122
Chicago 3.50 0.506 0.184 0.05 2.76 116
Phoenix 3.35 0.200 0.184 0.05 2.92 122
Houston 3.00 0.200 0.184 0.05 2.57 108
Seattle 3.70 0.375 0.184 0.05 3.09 130
Atlanta 3.20 0.292 0.184 0.05 2.67 112
New York 3.70 0.319 0.184 0.05 3.15 132

The wholesale unleaded gas crack spread is just the selling price of gasoline, dollars per barrel, minus the crude oil price. That is the spread between feedstock costs and wholesale selling price for the product. Note that this does not include conversion cost, the cost to turn the oil into gasoline, nor does it include any transportation costs or other expenses associated with the activity.

Based on this, we can derive a little table of feedstock cost versus crack spread:

Estimated Fuel Price/$/bbl (wholesale)
Los Angeles Denver Chicago Phoenix Houston Seattle Atlanta New York
Crude Oil/Price 130.66 122.3 115.9 122.5 108 130 112 132
West Texas Intermediate 97 33 25 18 25 10 32 15 35
Light Louisiana Sweet 109 21 13 6 13 -2 20 3 23
Gulf Coast Sour 105 26 17 11 17 3 25 7 27
Brent 108 23 14 8 15 0 22 4 24
Alaska North Slope 112 19 10 4 10 -4 18 0 20
Syncrude 102 28 20 13 20 5 27 10 30
Arabian Extra Light 107 24 15 9 15 1 23 5 25

Example: A refiner in Los Angeles, selling to the local market can have a crack spread of $19 per barrel (minus transportation costs) using North Slope oil, but can improve to $33 per barrel if he can magically get West Texas Intermediate to appear at the back door without additional cost.

Interestingly, Houston appears to be the least profitable place in the country to make gasoline, which is probably correct if one considers that there are so many refineries in the area, and all of the major integrated oil companies, that do not necessarily pay the spot price for feedstock are participants in the market, and so the preferred strategy in that case would be to pay the transportation cost and put the product into the pipeline system and sell it in places like New York, rather than locally or alternately, use lower cost heavier feedstock than those listed here.

We can look at a sampling of specific cases, as laid out for us in the recent quarterly reports:

Company Refinery Market Crude Oil Source Conv Cost Gross Marg/bbl Comments
Holly Frontier (HFC) Cheyenne Denver Canada/Bakken 6.25 $ 26.5 49% Sweet
Holly Frontier El Dorado Denver/KC Texas/Canada 4.23 $ 22.1 75% Sweet
Western Refining (WNR) El Paso Phoenix West Texas 5.41 $ 20.0 82% Sweet
Tesoro Los Angeles Los Angeles California/Foreign 6.51 $ 14.9 20% Light
Tesoro (TSO) Anacortes West Coast Alaska 3.32 $ 15.0 80% Light
Marathon (MPC) Robinson IL Chicago Various NA $ 13.2 Varies

The favorite example of a logistical advantage is Western Refining (WNR), which has refineries in El Paso, and near Gallup, N.M., and is using "landlocked" local feedstocks from West Texas, and selling the finished products into the Phoenix area.

The gross crack spread using WTI and the Phoenix marketing area is around $25, and if the processing costs are subtracted, which for them is about $5.41, minus a little more for transportation, that company's reported gross margin of $20 is in the ballpark. Keep in mind also that these gross margins also include the 40% or so of the output of the refinery that is diesel, heating oil or other distillates, and for a thorough analysis one should include that in the calculation.

Also, per the above chart, the heavier and more sour the feedstock is, the more expensive it is to process.

Transportation is a significant problem, and most of these companies are engaging in some kind of pipeline or logistics business, and a little industry has developed to take advantage of the WTI pricing differential situation. One interesting one of these is Tesoro Logistics, which is involved in a system to deliver crude oil from the Bakken in North Dakota, to Anacortes, WA. This presentation (pdf) from Marathon Petroleum (MPC) talks a little about transportation economics: To transport Syncrude from Alberta, to the middle of the US, costs somewhere on the order of $5 to $7 per barrel depending on the route, so they are working on the logistics and converting the refinery to Detroit, to more economically process this feedstock.

While converting crude oil into gasoline is an important skill, what we as investors are really interested in is how good these companies are in turning crude oil into money. One of the factors on this is the method of financing:

Interest Exp MRQ Throughput BPD Interest Exp $/Barrel
Delek US (DK) $ 16,400,000 59,812 3.05
Western Refining (WNR) $ 33,195,000 149,556 2.47
Holly/Frontier (HFC) $ 25,074,000 435,110 0.64
Tesoro (TSO) $ 38,000,000 609,000 0.69
Marathon Petroleum (MPC) $ 15,000,000 1,368,000 0.12
Valero (VLO) $ 88,000,000 2,317,000 0.42

This table is the interest expense reported on last quarter's 10K for each of the companies, per unit of throughput. I have also thrown in a couple of the other companies in this group for comparison. The Western Refining and Delek US high rates of financing have significant effects on the bottom line that are not included in the above favorable gross margins.

The Delek US case is interesting. It is operating a refinery in El Dorado OK, which uses "sour" Oklahoma feedstock, which can be an additional $5-$10 less expensive than WTI, and selling the finished products into West Texas, where the prices are more like they are in Phoenix, per the above chart. The conversion cost is a little more than $5, and the El Dorado refiinery has a gross margin of $14.33, which is pretty comparable to the bigger participants in this group. The gross margin of the refinery in Tyler, Texas, is in the mid $20s per barrel range.

One final chart: Here is the ability of each of these companies to make money, based on Earnings Available to Shareholders per unit of throughput:

Company Throughput BPD Earnings MRQ Earnings per Barrel
Western Refining (WNR) 149,556 84,928,000 6.31
Holly Frontier (HFC) 435,110 523,088,000 13.36
Tesoro (TSO) 609,000 352,000,000 6.42
Marathon (MPC) 1,368,000 1,133,000,000 9.20
Valero (VLO) 2,317,000 1,203,000,000 5.77
Delek US (DK) 142,129 92,500,000 7.23

I have omitted two companies, Sunoco (SUN), which took a big writeoff for discontinued operations in the last quarter, like all of these companies do from time to time, and my favorite Calumet Specialty Products Partners (CLMT), which had an unrealized hedging loss on its last quarterly report that affected its bottom line, as that company frequently does.

So what are we to make of all of this?

First of all, it is quite true that location is an important factor in this industry, and right now, being favorably located to take advantage of lower feedstock prices has been helpful to a couple of these companies.

However, it is not the total picture. The conversion costs, which are driven by feedstock quality and the financing costs, can also affect how much money goes to the bottom line. HollyFrontier Corp. did a particularly good job of this in the last quarter. Marathon Petroleum, despite not having any particular advantage on logistics but running an efficient, flexible operation with little debt is second most on this list.

The world is chaotic, and there are no guarantees on anything. This is particularly true as it applies to the WTI price relative to the rest of the feedstocks. We will check back in a quarter and see who the winners were.

Disclosure: I am long CLMT.

[scstocks]

Western Refining Issues Notice of Redemption for All Outstanding Senior Secured Floating Rate Notes

Press Release: Western Refining, Inc. – Mon, Nov 21, 2011 4:01 PM EST.. .

EL PASO, Texas, Nov. 21, 2011 (GLOBE NEWSWIRE) -- Western Refining, Inc. (NYSE:WNR - News) today announced that it has provided notice to holders of its outstanding $275 million Senior Secured Floating Rate Notes due 2014 (the "Notes"), of its intent to redeem all the Notes on December 21, 2011. The Notes will be redeemed at an aggregate redemption price of $288.75 million (including a 5% premium), plus accrued and unpaid interest from September 15, 2011 to December 21, 2011.

Jeff Stevens, Western's President and Chief Executive Officer, commented, "The redemption of these notes is consistent with our stated goal of reducing our debt and strengthening our balance sheet. We are very pleased with our progress and continue to focus on maximizing shareholder value."

About Western Refining

Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, and Gallup, New Mexico. Western's asset portfolio also includes refined products terminals in Albuquerque and Bloomfield, New Mexico and Yorktown, Virginia; asphalt terminals in Phoenix and Tucson, Arizona, Albuquerque, and El Paso; retail service stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Nevada, New Mexico, Texas, and Utah. More information about the Company is available at www.wnr.com.

The Western Refining, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7615

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company's intent to redeem the Notes on December 21, 2011. These statements are subject to the general risks inherent in our business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Western's business and operations involve numerous risks and uncertainties, many of which are beyond Western's control, which could result in Western's expectations not being realized or otherwise materially affect Western's financial condition, results of operations, and cash flows. Additional information relating to the uncertainties affecting Western's business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are only as of the date made, and Western does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.

http://finance.yahoo.com/news/Western-Refining-Issues-pz-2386600306.html?x=0&l=1

[scstocks]

Good to hear from you. I was able to keep dollar cost averageing a little more this afternoon.

Both buys were complete fills as always(except last Wed as noted,)

12:22:58 100 at 11.21,

and

12:58:58 100 at 11.21, This one I had in at 11.19 for about 30 minutes, but didn't think it would get that low before the close, so I upped it to 11:21 and it went immediately.

Turned on the TV at the close and one of the announcers was saying that this was the worst Thanksgiving Week in the "Markets" since 1932.....Ouch...

Take Care.

[OptionsBoy]

I loaded 600 shares early today at 11.59... looking for a bounce to at least 14, hopefully 15-16ish

[scstocks]

First time I remember getting partial fills on wnr this year, three times today.

$11.41

15:55:16 79 shares
15:55:26 21 shares

$11.37

15:57:07 36 shares
15:57:08 10 shares
15:57:08 54 shares

and finally

$11.34

15:59:51 79 shares
15:59:54 12 shares
15:59:54 9 shares

This is the first day I remember this year that I ever had a partial fill in WNR, let alone 3 of them. I am hoping this means that the selling is drying up. I have traded this stock a good bit this year.....

If it doesn't hold soon, then it may just be, "look out below!"

I still like it and they are, as reported, paying down their debt as they said they would....time will tell....