Amir Barash, Vice President-IR
Alon USA Energy, Inc.
FOR IMMEDIATE RELEASE
Investors: Jack Lascar/ Sheila Stuewe
DRG&L / 713-529-6600
Media: Blake Lewis
Lewis Public Relations
SMG Public Relations
Alon USA Reports Fourth Quarter and Full Year 2011 Results
Company schedules conference call for March 9, 2012 at 10:00 a.m. Eastern
DALLAS, TEXAS, March 8, 2012 - Alon USA Energy, Inc. (NYSE: ALJ) (“Alon”) today announced results for the quarter and year ended December 31, 2011. All in all, we had a record year on an adjusted EBITDA basis, although net loss available to common stockholders for the fourth quarter of 2011 was $(12.9) million, or $(0.23) per share, compared to net loss available to common stockholders of $(25.1) million, or $(0.46) per share, for the same period last year. Excluding special items, primarily non-cash gains on unrealized commodity swaps, Alon recorded net loss available to common stockholders of $(43.7) million, or $(0.78) per share, for the fourth quarter of 2011, compared to net loss available to common stockholders of $(20.2) million, or $(0.37) per share, for the same period last year.
Net income available to common stockholders for the year ended December 31, 2011 was $42.5 million, or $0.77 per share, compared to net loss available to common stockholders of $(122.9) million, or $(2.27) per share, for the same period last year. Excluding special items, Alon recorded net income available to common stockholders of $30.9 million, or $0.56 per share, for the year ended December 31, 2011, compared to net loss available to common stockholders of $(130.6) million, or $(2.41) per share, for the same period last year.
Paul Eisman, CEO and President, commented, “2011 was an excellent year for our company with adjusted EBITDA over $300 million. In addition to our financial results, we made great strides in 2011 with improvements to our facilities that will benefit us both in 2012 and the years to come.
"At our Big Spring refinery, subsequent to our planned downtime in July to complete maintenance and capital projects, we increased the total throughput rate to over 70,000 barrels per day during the fourth quarter. At the same time, we generated yields of over 100% for the second consecutive quarter.
"At our Krotz Springs refinery, we completed several capital projects during the fourth quarter intended to improve crude slate flexibility, FCC capacity and yields, and jet fuel yield. The Krotz Springs refinery took an opportunistic shutdown in November to begin integrating these upgrades. We have begun to see the benefit of these capital projects in 2012. Additionally, we began receiving WTI priced crudes at Krotz Springs in December 2011, and expect to meet our goal of processing on average 20,000 to 25,000 barrels per day of these crudes in 2012.
"In June 2011 we completed a project to integrate the Bakersfield hydrocracker unit into the California refineries system to increase overall light product yields. Since the completion of the project, we have increased light product yields by approximately 25%. In light of the weak margin environment, we shutdown the California refineries in December to make minor revisions to the hydrocracker in preparation for receiving new crude blends that will further improve the liquid recovery and light product yields of these facilities. We expect to restart the California refineries at the beginning of the second quarter of 2012.
"The high price of crude oils indexed to the WTI price on the Gulf Coast and West Coast together with the reduction in
The following information was filed by Alon Usa Energy, Inc. (ALJ) on Friday, March 9, 2012 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.