Decreases in net sales for the quarter were due primarily to decreases in retail and wholesale selling prices of petroleum products, which generally reflect the decline in worldwide [image-nocss] petroleum prices during this period.
Operating loss for the three months ended Nov. 30, 2009, was $23.7 million, a decrease of $38.7 million from operating income of $15 million for the quarter ended Nov. 30, 2008. The operating loss for the current reporting period was primarily the result of declining prices for crude and petroleum products and resulting reduced crack spreads throughout the refining sector.
Net loss for the three months ended Nov. 30, 2009, was $19.3 million, a decrease of $22.4 million from net income of $3.1 million for the quarter ended Nov. 30, 2008.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months ended Nov. 30, 2009, decreased $39.4 million to a loss of $18.5 million from $20.9 million for the three months ended Nov. 30, 2008.
United Refining, based in Warren, Pa., operates a 70,000-barrel-per-day (bpd) refinery in Warren. In addition to its wholesale markets, the company also operates 367 Kwik Fill/Red Apple and Country Fair retail gasoline and convenience stores located primarily in western New York and western Pennsylvania.
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