Western Refining posts wider 4th-quarter loss
Western Refining Inc. said Thursday that its fourth-quarter loss widened, hurt by softer demand for transportation fuels, weak economic conditions and a smaller gap between light and heavy crude oil prices.
The independent refiner reported a loss of $97.5 million, or $1.11 per share, compared with a loss of $12.8 million, or 19 cents per share, a year earlier.
Removing one-time items, Western Refining's loss was 58 cents per share.
Analysts polled by Thomson Reuters, whose estimates usually exclude one-time items, predicted a bigger loss of 68 cents per share.
Revenue for the three months ended Dec. 31 climbed 18 percent to $1.96 billion from $1.66 billion.
For the year, Western Refining posted a loss of $350.6 million, or $4.43 per share. It had a profit of $64.2 million, or 94 cents per share, in the previous year.
The company's adjusted loss was 56 cents per share.
Annual revenue dropped 37 percent to $6.81 billion from $10.73 billion.