BRIEF: Western Refining profits fall

Thu. August 07, 2008; Posted: 03:04 PM

Aug 07, 2008 (El Paso Times - McClatchy-Tribune News Service via COMTEX) -- WNR | Quote | Chart | News | PowerRating -- Aug. 7--EL PASO -- Western Refining had a profit of $8.2 million, or 12 cents per share, in the second quarter, well below the $155 million profit, or $2.29 per share, it reported for the same quarter a year ago, the El Paso company reported Thursday.

High oil prices combined with a soft gasoline market were the main reasons for the company's decline in profit, the company reported.

The company's profit also was reduced by a $10.9 million, or 12 cents per share, write off of loan fees in the second quarter, it reported.

"Gasoline margins continue to be lower than historical levels as a result of reduced consumer demand and product inventory buildups," Western CEO Paul Foster said in a written statement. However, diesel margins continue to be strong and asphalt margins have improved, Foster noted.

Western lost $32.2 million in the first half of the year, compared to a profit of $217.5 million for the first six months of 2007.

Western's stock was trading at $7.27 per share Thursday at 10 a.m., slightly off its Wednesday close of $7.28 per share on the New York Stock Exchange.

Vic Kolenc may be reached at vkolenc@elpasotimes.com, 546-6421

To see more of the El Paso Times, or to subscribe to the newspaper, go to http://www.elpasotimes.com. Copyright (c) 2008, El Paso Times, Texas Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

For full details on Western Refining Inc (WNR) click here. Western Refining Inc (WNR) has Short Term PowerRatings of 5. Details on Western Refining Inc (WNR) Short Term PowerRatings is available at This Link.

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