DALLAS, Oct. 26, 2016 /PRNewswire/ -- Alon
USA Partners, LP (NYSE: ALDW)
("Alon Partners") today announced results for the third quarter of
2016. Net income for the third quarter of 2016 was $2.1 million, or $0.03 per unit, compared to $53.8 million, or $0.86 per unit, for the same period last year.
Net loss for the first nine months of 2016 was $(5.3) million, or $(0.08) per unit, compared to net income of
$149.7 million, or $2.39 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 third quarter
of 2016 of $0.15 per unit payable on
November 22, 2016 to common unitholders of record at the close
of business on November 11, 2016, based on cash available for
distribution of $9.4 million.
Paul Eisman, President and CEO
commented, "Our third quarter results reflect a continuation of the
difficult refining environment experienced in the first two
quarters of 2016. While crack spreads were relatively flat with the
second quarter of 2016, the average benchmark crack spread in the
third quarter was down approximately $6.50 per barrel relative to the same quarter
last year. As discussed in our previous earnings release, our third
quarter results were also negatively impacted by a reformer
regeneration in August. We estimate that the lost opportunity cost
and maintenance expense associated with the reformer regeneration
negatively impacted Alon Partners' adjusted EBITDA by approximately
$8 million which reduced cash
available for distribution by $0.13
per unit for the third quarter. Additionally, high RINs costs
continue to weigh on our profitability.
"The Big Spring refinery
achieved total throughput of 70,000 barrels per day and generated
refinery operating margin of $9.22
per barrel. Our direct operating expense of $3.90 per barrel was negatively impacted by the
reformer regeneration, which lowered throughput volumes and
increased maintenance expense. We expect total throughput to
average approximately 77,000 barrels per day for the fourth quarter
of 2016. 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
fourth quarter of 2016."
THIRD QUARTER 2016
Refinery operating margin was $9.22 per barrel for the third quarter of 2016
compared to $16.71 per barrel for the
same period in 2015. This decrease in operating margin was
primarily due to a lower Gulf Coast 3/2/1 crack spread and
increased RINs costs, partially offset by a widening of both the
WTI Cushing to WTI Midland and WTI Cushing to WTS spreads and an
increased benefit from the contango market environment which
reduced the cost of crude. Refinery average throughput for the
third quarter of 2016 was 70,063 barrels per day ("bpd") compared
to 75,797 bpd for the same period in 2015. The reduced throughput
was the result of a reformer regeneration during the third quarter
of 2016.
The average Gulf Coast 3/2/1 crack spread was $13.31 per barrel for the third quarter of 2016
compared to $19.77 per barrel for the
third quarter of 2015. The average WTI Cushing to WTI Midland
spread for the third quarter of 2016 was $0.31 per barrel compared to $(0.72) per barrel for the third quarter of 2015.
The average WTI Cushing to WTS spread for the third quarter of 2016
was $0.92 per barrel compared to
$(1.46) per barrel for the third
quarter of 2015. The average Brent to WTI Cushing spread for the
third quarter of 2016 was $0.74 per
barrel compared to $3.78 per barrel
for the same period in 2015. The contango environment in the third
quarter of 2016 created an average cost of crude benefit of
$0.84 per barrel compared to an
average cost of crude benefit of $0.57 per barrel for the same period in 2015. The
average RINs cost effect on refinery operating margin was
$0.58 per barrel in the third quarter
of 2016, compared to $0.27 per barrel
for the same period in 2015.
YEAR-TO-DATE 2016
Refinery operating margin was $8.52 per barrel for the first nine months of
2016 compared to $15.95 per barrel
for the same period in 2015. This decrease in operating margin was
primarily due to a lower Gulf Coast 3/2/1 crack spread and a
narrowing of the WTI Cushing to WTI Midland spread, partially
offset by a widening of the WTI Cushing to WTS spread and an
increased benefit from the contango market environment which
reduced the cost of crude. Refinery average throughput for the
first nine months of 2016 was 69,586 bpd compared to 74,562 bpd for
the same period in 2015. The reduced throughput during the first
nine months of 2016 was the result of a reformer regeneration
during the first quarter of 2016, which was repeated during the
third quarter of 2016. Additionally, throughput was reduced as a
result of a catalyst replacement for our diesel hydrotreater unit
in the first quarter of 2016 and unplanned downtime during the
second quarter of 2016 due to a power outage caused by inclement
weather, which affected multiple units.
The average Gulf Coast 3/2/1 crack spread was $12.57 per barrel for the first nine months of
2016 compared to $19.08 per barrel
for the same period in 2015. The average WTI Cushing to WTI Midland
spread for the first nine months of 2016 was $0.12 per barrel compared to $0.60 per barrel for the same period in 2015. The
average WTI Cushing to WTS spread for the first nine months of 2016
was $0.53 per barrel compared to
$0.02 per barrel for the same period
in 2015. The average Brent to WTI Cushing spread for the first nine
months of 2016 was $0.35 per barrel
compared to $4.28 per barrel for the
same period in 2015. The contango environment for the first nine
months of 2016 created an average cost of crude benefit of
$1.39 per barrel compared to an
average cost of crude benefit of $1.04 per barrel for the same period in 2015.
CONFERENCE CALL
Alon Partners has scheduled a conference call, which will be
broadcast live over the Internet on Friday, October 28, 2016
at 9:30 a.m. Eastern Time
(8:30 a.m. Central Time), to discuss
the third quarter 2016 financial results. To access the call,
please dial 877-404-9648, or 412-902-0030 for international
callers, and ask for the Alon Partners call at least 10 minutes
prior to the start time. Investors may also listen to the
conference live by logging on to the Alon Partners website at
www.alonpartners.com. A telephonic replay of the conference call
will be available through November 4,
2016 and may be accessed by calling 877-660-6853, or
201-612-7415 for international callers, and using the passcode
13646174#. A webcast archive will also be available at
www.alonpartners.com shortly after the call and will be accessible
for approximately 90 days. For more information, please contact
Donna Washburn at Dennard § Lascar
Associates at 713-529-6600 or email
dwashburn@dennardlascar.com.
This release serves as qualified notice to nominees under
Treasury Regulation Section 1.1446-4(b). Please note that 100% of
Alon Partners' distributions to foreign investors are attributable
to income that is effectively connected with a United States trade or business. Accordingly,
all of Alon Partners' distributions to foreign investors are
subject to federal income tax withholding at the highest effective
tax rate for individuals or corporations, as applicable. Nominees,
and not Alon Partners, are treated as the withholding agents
responsible for withholding on the distributions received by them
on behalf of foreign investors.
Any statements in this release that are not statements of
historical fact are forward-looking statements. Forward-looking
statements reflect our current expectations regarding future
events, results or outcomes. These expectations may or may not be
realized. Some of these expectations may be based upon assumptions
or judgments that prove to be incorrect. In addition, our business
and operations involve numerous risks and uncertainties, many of
which are beyond our control, which could result in our
expectations not being realized or otherwise materially affect our
financial condition, results of operations and cash flows.
Additional information regarding these and other risks is contained
in our filings with the Securities and Exchange Commission.
Alon USA Partners, LP is a
Delaware limited partnership
formed in August 2012 by Alon
USA Energy, Inc. (NYSE: ALJ)
("Alon Energy"). Alon Partners owns and operates a crude oil
refinery in Big Spring, Texas,
with a crude oil throughput capacity of 73,000 barrels per day.
Alon Partners refines crude oil into finished products, which are
marketed primarily in Central and West
Texas, Oklahoma,
New Mexico and Arizona through its integrated wholesale
distribution network to both Alon Energy's retail convenience
stores and other third-party distributors.
Contacts:
|
Stacey Morris,
Investor Relations Manager
Alon USA Partners GP,
LLC
972-367-3808
|
|
|
|
Investors: Jack
Lascar
Dennard § Lascar Associates, LLC
713-529-6600
Media: Blake
Lewis
Lewis Public Relations
214-635-3020
|
- Tables to follow -
ALON USA PARTNERS,
LP AND SUBSIDIARIES CONSOLIDATED
EARNINGS
RELEASE
|
|
|
|
|
|
RESULTS OF
OPERATIONS - FINANCIAL DATA
(ALL INFORMATION
IN THIS PRESS RELEASE EXCEPT FOR BALANCE SHEET DATA AS OF DECEMBER
31, 2015, IS UNAUDITED)
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
September 30,
|
|
September 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(dollars in
thousands, except per unit data, per barrel data and pricing
statistics)
|
STATEMENTS OF
OPERATIONS DATA:
|
|
|
|
|
|
|
|
Net sales
(1)
|
$
|
462,257
|
|
|
$
|
551,813
|
|
|
$
|
1,298,723
|
|
|
$
|
1,719,319
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
sales
|
404,207
|
|
|
439,678
|
|
|
1,134,275
|
|
|
1,397,395
|
|
Direct operating
expenses
|
25,125
|
|
|
24,136
|
|
|
73,424
|
|
|
71,837
|
|
Selling, general and
administrative expenses
|
8,153
|
|
|
8,536
|
|
|
24,264
|
|
|
24,654
|
|
Depreciation and
amortization
|
14,581
|
|
|
13,697
|
|
|
43,454
|
|
|
41,281
|
|
Total operating costs
and expenses
|
452,066
|
|
|
486,047
|
|
|
1,275,417
|
|
|
1,535,167
|
|
Operating
income
|
10,191
|
|
|
65,766
|
|
|
23,306
|
|
|
184,152
|
|
Interest
expense
|
(8,144)
|
|
|
(11,505)
|
|
|
(28,651)
|
|
|
(34,045)
|
|
Other income,
net
|
353
|
|
|
40
|
|
|
550
|
|
|
26
|
|
Income (loss) before
state income tax expense
|
2,400
|
|
|
54,301
|
|
|
(4,795)
|
|
|
150,133
|
|
State income tax
expense
|
317
|
|
|
525
|
|
|
493
|
|
|
480
|
|
Net income
(loss)
|
$
|
2,083
|
|
|
$
|
53,776
|
|
|
$
|
(5,288)
|
|
|
$
|
149,653
|
|
Earnings (loss) per
unit
|
$
|
0.03
|
|
|
$
|
0.86
|
|
|
$
|
(0.08)
|
|
|
$
|
2.39
|
|
Weighted average
common units outstanding (in thousands)
|
62,520
|
|
|
62,510
|
|
|
62,515
|
|
|
62,508
|
|
Cash distribution per
unit
|
$
|
0.14
|
|
|
$
|
1.04
|
|
|
$
|
0.22
|
|
|
$
|
2.45
|
|
CASH FLOW
DATA:
|
|
|
|
|
|
|
|
Net cash provided by
(used in):
|
|
|
|
|
|
|
|
Operating
activities
|
$
|
11,870
|
|
|
$
|
84,834
|
|
|
$
|
58,457
|
|
|
$
|
219,232
|
|
Investing
activities
|
(5,954)
|
|
|
(5,532)
|
|
|
(26,878)
|
|
|
(15,322)
|
|
Financing
activities
|
36,027
|
|
|
(93,908)
|
|
|
39,231
|
|
|
(174,957)
|
|
OTHER
DATA:
|
|
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
|
25,125
|
|
|
$
|
79,503
|
|
|
$
|
67,310
|
|
|
$
|
225,459
|
|
Capital
expenditures
|
4,499
|
|
|
4,322
|
|
|
17,199
|
|
|
12,108
|
|
Capital expenditures
for turnarounds and catalysts
|
1,455
|
|
|
1,210
|
|
|
9,679
|
|
|
3,214
|
|
KEY OPERATING
STATISTICS:
|
|
|
|
|
|
|
|
Per barrel of
throughput:
|
|
|
|
|
|
|
|
Refinery operating
margin (3)
|
$
|
9.22
|
|
|
$
|
16.71
|
|
|
$
|
8.52
|
|
|
$
|
15.95
|
|
Refinery direct
operating expense (4)
|
3.90
|
|
|
3.46
|
|
|
3.85
|
|
|
3.53
|
|
PRICING
STATISTICS:
|
|
|
|
|
|
|
|
Crack spreads (per
barrel):
|
|
|
|
|
|
|
|
Gulf Coast 3/2/1
(5)
|
$
|
13.31
|
|
|
$
|
19.77
|
|
|
$
|
12.57
|
|
|
$
|
19.08
|
|
WTI Cushing crude oil
(per barrel)
|
$
|
44.88
|
|
|
$
|
46.41
|
|
|
$
|
41.23
|
|
|
$
|
50.91
|
|
Crude oil
differentials (per barrel):
|
|
|
|
|
|
|
|
WTI Cushing less WTI
Midland (6)
|
$
|
0.31
|
|
|
$
|
(0.72)
|
|
|
$
|
0.12
|
|
|
$
|
0.60
|
|
WTI Cushing less WTS
(6)
|
0.92
|
|
|
(1.46)
|
|
|
0.53
|
|
|
0.02
|
|
Brent less WTI
Cushing (6)
|
0.74
|
|
|
3.78
|
|
|
0.35
|
|
|
4.28
|
|
Product price
(dollars per gallon):
|
|
|
|
|
|
|
|
Gulf Coast unleaded
gasoline
|
$
|
1.39
|
|
|
$
|
1.61
|
|
|
$
|
1.30
|
|
|
$
|
1.66
|
|
Gulf Coast ultra-low
sulfur diesel
|
1.37
|
|
|
1.52
|
|
|
1.25
|
|
|
1.68
|
|
Natural gas (per
MMBtu)
|
2.79
|
|
|
2.73
|
|
|
2.34
|
|
|
2.76
|
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
|
December 31,
2015
|
BALANCE SHEET DATA
(end of period):
|
(dollars in
thousands)
|
Cash and cash
equivalents
|
$
|
203,763
|
|
|
$
|
132,953
|
|
Working
capital
|
10,460
|
|
|
(53,804)
|
|
Total
assets
|
825,050
|
|
|
748,584
|
|
Total debt
|
291,486
|
|
|
292,082
|
|
Total debt less cash
and cash equivalents
|
87,723
|
|
|
159,129
|
|
Total partners'
equity
|
111,968
|
|
|
130,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THROUGHPUT AND
PRODUCTION DATA:
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
September 30,
|
|
September 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
|
bpd
|
|
%
|
Refinery
throughput:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WTS crude
|
34,292
|
|
|
48.9
|
|
|
30,810
|
|
|
40.6
|
|
|
32,189
|
|
|
46.3
|
|
|
35,041
|
|
|
47.0
|
|
WTI crude
|
32,503
|
|
|
46.4
|
|
|
42,503
|
|
|
56.1
|
|
|
34,428
|
|
|
49.4
|
|
|
36,834
|
|
|
49.4
|
|
Blendstocks
|
3,268
|
|
|
4.7
|
|
|
2,484
|
|
|
3.3
|
|
|
2,969
|
|
|
4.3
|
|
|
2,687
|
|
|
3.6
|
|
Total refinery
throughput (7)
|
70,063
|
|
|
100.0
|
|
|
75,797
|
|
|
100.0
|
|
|
69,586
|
|
|
100.0
|
|
|
74,562
|
|
|
100.0
|
|
Refinery
production:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
33,637
|
|
|
48.1
|
|
|
37,503
|
|
|
49.5
|
|
|
33,826
|
|
|
48.7
|
|
|
37,155
|
|
|
49.6
|
|
Diesel/jet
|
26,004
|
|
|
37.2
|
|
|
28,623
|
|
|
37.8
|
|
|
25,108
|
|
|
36.1
|
|
|
27,596
|
|
|
36.9
|
|
Asphalt
|
2,818
|
|
|
4.0
|
|
|
2,452
|
|
|
3.2
|
|
|
2,846
|
|
|
4.1
|
|
|
2,733
|
|
|
3.7
|
|
Petrochemicals
|
3,861
|
|
|
5.5
|
|
|
4,588
|
|
|
6.1
|
|
|
3,611
|
|
|
5.2
|
|
|
4,770
|
|
|
6.4
|
|
Other
|
3,661
|
|
|
5.2
|
|
|
2,595
|
|
|
3.4
|
|
|
4,084
|
|
|
5.9
|
|
|
2,510
|
|
|
3.4
|
|
Total refinery
production (8)
|
69,981
|
|
|
100.0
|
|
|
75,761
|
|
|
100.0
|
|
|
69,475
|
|
|
100.0
|
|
|
74,764
|
|
|
100.0
|
|
Refinery utilization
(9)
|
|
|
99.1
|
%
|
|
|
|
100.4
|
%
|
|
|
|
95.5
|
%
|
|
|
|
98.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AVAILABLE FOR
DISTRIBUTION DATA:
|
|
For the Three
Months Ended
|
|
|
September 30,
2016
|
|
|
(dollars in
thousands, except
per unit data)
|
|
|
|
Net sales
(1)
|
|
$
|
462,257
|
|
Operating costs and
expenses:
|
|
|
Cost of
sales
|
|
404,207
|
|
Direct operating
expenses
|
|
25,125
|
|
Selling, general and
administrative expenses
|
|
8,153
|
|
Depreciation and
amortization
|
|
14,581
|
|
Total operating costs
and expenses
|
|
452,066
|
|
Operating
income
|
|
10,191
|
|
Interest
expense
|
|
(8,144)
|
|
Other income,
net
|
|
353
|
|
Income before state
income tax expense
|
|
2,400
|
|
State income tax
expense
|
|
317
|
|
Net income
|
|
2,083
|
|
Adjustments to
reconcile net loss to Adjusted EBITDA:
|
|
|
Interest
expense
|
|
8,144
|
|
State income tax
expense
|
|
317
|
|
Depreciation and
amortization
|
|
14,581
|
|
Adjusted EBITDA
(2)
|
|
25,125
|
|
Adjustments to
reconcile Adjusted EBITDA to cash available for
distribution:
|
|
|
less:
Maintenance/growth capital expenditures
|
|
4,499
|
|
less: Turnaround and
catalyst replacement capital expenditures
|
|
1,455
|
|
less: Major
turnaround reserve for future years
|
|
1,500
|
|
less: Principal
payments
|
|
625
|
|
less: State income
tax payments
|
|
317
|
|
less: Interest paid
in cash
|
|
7,337
|
|
Calculated cash
available for distribution
|
|
$
|
9,392
|
|
|
|
|
Common units
outstanding (in 000's)
|
|
62,520
|
|
|
|
|
Cash available for
distribution per unit
|
|
$
|
0.15
|
|
|
|
|
|
________________
|
|
|
|
(1)
|
Includes sales to
related parties of $82,717 and $97,014 for the three months ended
September 30, 2016 and 2015, respectively, and $222,711 and
$281,136 for the nine months ended September 30, 2016 and
2015, respectively.
|
|
|
(2)
|
Adjusted EBITDA
represents earnings before state income tax expense, interest
expense and depreciation and amortization. Adjusted EBITDA is not a
recognized measurement under GAAP; however, the amounts included in
Adjusted EBITDA are derived from amounts included in our
consolidated financial statements. Our management believes that the
presentation of Adjusted EBITDA is useful to investors because it
is frequently used by securities analysts, investors, and other
interested parties in the evaluation of companies in our industry.
In addition, our management believes that Adjusted EBITDA is useful
in evaluating our operating performance compared to that of other
companies in our industry because the calculation of Adjusted
EBITDA generally eliminates the effects of state income tax
expense, interest expense and the accounting effects of capital
expenditures and acquisitions, items that may vary for different
companies for reasons unrelated to overall operating
performance.
|
|
|
|
Adjusted EBITDA has
limitations as an analytical tool, and you should not consider it
in isolation, or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are:
|
|
|
|
•
|
Adjusted EBITDA does
not reflect our cash expenditures or future requirements for
capital expenditures or contractual commitments;
|
|
|
|
•
|
Adjusted EBITDA does
not reflect the interest expense or the cash requirements necessary
to service interest or principal payments on our debt;
|
|
|
|
•
|
Adjusted EBITDA does
not reflect changes in or cash requirements for our working capital
needs; and
|
|
|
|
•
|
Our calculation of
Adjusted EBITDA may differ from EBITDA calculations of other
companies in our industry, limiting its usefulness as a comparative
measure.
|
|
|
|
Because of these
limitations, Adjusted EBITDA should not be considered a measure of
discretionary cash available to us to invest in the growth of our
business. We compensate for these limitations by relying primarily
on our GAAP results and using Adjusted EBITDA only
supplementally.
|
|
|
|
The following table
reconciles net income (loss) to Adjusted EBITDA for the three and
nine months ended September 30, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
|
|
September 30,
|
|
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(dollars in
thousands)
|
|
Net income (loss)
|
$
|
2,083
|
|
$
|
53,776
|
|
$
|
(5,288)
|
|
$
|
149,653
|
|
State income tax expense
|
|
317
|
|
|
525
|
|
|
493
|
|
|
480
|
|
Interest expense
|
|
8,144
|
|
|
11,505
|
|
|
28,651
|
|
|
34,045
|
|
Depreciation and amortization
|
|
14,581
|
|
|
13,697
|
|
|
43,454
|
|
|
41,281
|
|
Adjusted EBITDA
|
$
|
25,125
|
|
$
|
79,503
|
|
$
|
67,310
|
|
$
|
225,459
|
|
|
|
(3)
|
Refinery operating
margin is a per barrel measurement calculated by dividing the
margin between net sales and cost of sales (exclusive of certain
inventory adjustments) by the refinery's throughput volumes.
Industry-wide refining results are driven and measured by the
margins between refined product prices and the prices for crude
oil, which are referred to as crack spreads. We compare our
refinery operating margin to these crack spreads to assess our
operating performance relative to other participants in our
industry.
|
|
|
|
Refinery operating
margin for the three and nine months ended September 30, 2016
excludes gains (losses) related to inventory adjustments of
$(1,419) and $2,046, respectively. Refinery operating margin for
the three and nine months ended September 30, 2015 excludes
losses related to inventory adjustments of $(4,385) and $(2,763),
respectively.
|
|
|
(4)
|
Refinery direct
operating expense is a per barrel measurement calculated by
dividing direct operating expenses by total throughput
volumes.
|
|
|
(5)
|
We compare our
refinery operating margin to the Gulf Coast 3/2/1 crack spread. A
Gulf Coast 3/2/1 crack spread is calculated assuming that three
barrels of WTI Cushing crude oil are converted, or cracked, into
two barrels of Gulf Coast conventional gasoline and one barrel of
Gulf Coast ultra-low sulfur diesel.
|
|
|
(6)
|
The WTI Cushing less
WTI Midland spread represents the differential between the average
price per barrel of WTI Cushing crude oil and the average price per
barrel of WTI Midland crude oil. The WTI Cushing less WTS, or
sweet/sour, spread represents the differential between the average
price per barrel of WTI Cushing crude oil and the average price per
barrel of WTS crude oil. The Brent less WTI Cushing spread
represents the differential between the average price per barrel of
Brent crude oil and the average price per barrel of WTI Cushing
crude oil.
|
|
|
(7)
|
Total refinery
throughput represents the total barrels per day of crude oil and
blendstock inputs in the refinery production process.
|
|
|
(8)
|
Total refinery
production represents the barrels per day of various refined
products produced from processing crude and other refinery
feedstocks through the crude units and other conversion
units.
|
|
|
(9)
|
Refinery utilization
represents average daily crude oil throughput divided by crude oil
capacity, excluding planned periods of downtime for maintenance and
turnarounds.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/alon-usa-partners-lp-reports-third-quarter-2016-results-and-declares-quarterly-cash-distribution-300352102.html
SOURCE Alon USA Partners,
LP