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NEWS RELEASE
 
 
 
 
Contacts:
Keith Johnson
Vice President of Investor Relations
Delek US Holdings, Inc.
615-435-1366
FOR IMMEDIATE RELEASE
 
 
 
 
 
Alon USA Partners, LP Reports Second Quarter 2017 Results and Declares Quarterly Cash Distribution

Schedules conference call for July 28, 2017 at 10:00 a.m. Eastern
DALLAS, TEXAS, July 27, 2017 - Alon USA Partners, LP (NYSE: ALDW) (“Alon Partners”) today announced results for the second quarter of 2017. Net income for the second quarter of 2017 was $21.7 million, or $0.35 per unit, compared to net income of $1.2 million, or $0.02 per unit, for the same period last year. Net income for the first half of 2017 was $41.8 million, or $0.67 per unit, compared to net loss of $(7.4) million, or $(0.12) per unit, for the same period last year.
The Board of Directors of Alon USA Partners GP, LLC, the general partner of Alon Partners, declared a cash distribution for the second quarter of 2017 of $0.35 per unit payable on August 24, 2017 to common unitholders of record at the close of business on August 17, 2017, based on cash available for distribution of $21.7 million.
Alan Moret, CEO, commented, “Our second quarter 2017 results benefited from an improvement in our benchmark Gulf Coast crack spread and discounts in Midland-sourced crude relative to WTI Cushing. The wholesale marketing environment remained strong as increased economic activity supported product demand in our markets.”
Shai Even, President and CFO, commented, “The refinery achieved an operating margin of $12.68 per barrel in the second quarter of 2017. Our results were impacted by FCCU maintenance in the second quarter of 2017, which reduced adjusted EBITDA by $9.5 million and the distribution by $0.16 per unit. The FCCU maintenance negatively impacted the refinery’s direct operating expense of $4.21 per barrel for the second quarter of 2017.
“We are encouraged by the production activity we have seen in the Permian Basin and the continued discounts for Midland crudes into the third quarter. Based on current forward curve crack spreads, it is our expectation that with operations consistent with our plan we should generate sufficient cash available for distribution during the third quarter of 2017.”
SECOND QUARTER 2017
Refinery operating margin was $12.68 per barrel for the second quarter of 2017 compared to $8.53 per barrel for the same period in 2016. This increase in operating margin was primarily due to a higher Gulf Coast 3/2/1 crack spread, a widening of both the WTI Cushing to WTI Midland and WTI Cushing to WTS spreads and a stronger wholesale marketing environment, partially offset by a reduced benefit from the contango market environment which increased the cost of crude. Refinery average throughput for the second quarter of 2017 was 72,763 barrels per day (“bpd”) compared to 71,153 bpd for the same period in 2016. Refinery throughput for the second quarter of 2017 was affected by maintenance on the FCCU and refinery throughput for the second quarter of 2016 was affected by unplanned downtime due to a power outage caused by inclement weather, which affected multiple units.
The average Gulf Coast 3/2/1 crack spread was $15.07 per barrel for the second quarter of 2017 compared to $13.16 per barrel for the second quarter of 2016. The average WTI Cushing to WTI Midland spread for the second quarter of 2017 was $0.84 per barrel compared to $0.17 per barrel for the second quarter of 2016. The average WTI Cushing to WTS spread for the second quarter of 2017 was $1.24 per barrel compared to $0.75 per barrel for the second quarter of 2016. The average Brent to WTI Cushing spread for the second quarter of 2017 was $1.21 per barrel compared to $(0.18) per barrel for the same period in 2016. The contango environment in the second quarter of 2017 created an average cost of crude benefit of $0.55 per barrel compared to an average cost of crude benefit of $1.49 per barrel for the same period in 2016. The average RINs cost effect on refinery operating margin was $0.34 per barrel in the second quarter of 2017, compared to $0.32 per barrel for the same period in 2016.

- 1 -

The following information was filed by Alon Usa Partners, Lp (ALDW) on Friday, July 28, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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