Feb 28, 2012:

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.

By Reuters