DALLAS -- Alon USA Energy Inc. has announced results for the quarter and year ended Dec. 31, 2009. Alon had a net loss, excluding special items of $65.4 million, or loss of $1.39 per share, for the fourth quarter of 2009, compared to net income, excluding special items, of $65.1 million, or $1.39 per share, for the same period last year. It reported a net loss, excluding special items, of $82.7 million, or a loss of $1.77 per share, for the year ended Dec. 31, 2009, compared to net income, excluding special items, of $6.6 million, or 14 cents per share, for the same period last [image-nocss] year.
Jeff Morris, Alon USA's CEO, said that in the company's retail and branded marketing segment, retail fuel sales gallons increased by 31.4% from 23.9 million gallons in the fourth quarter of 2008 to 31.4 million gallons in the fourth quarter of 2009.
Integrated branded fuel sales increased by 6.3% from 61.7 million gallons in the fourth quarter of 2008 to 65.6 million gallons in the fourth quarter of 2009.
As reported in CSP Daily News yesterday, Alon USA announced that it has expanded its executive management team with the appointment of Paul Eisman, 54, as president. With more than 30 years of refining experience, Eisman has joined Alon USA from Frontier Oil Corp., where he held the position of executive vice president of refining and marketing operations. (Click here for previous coverage.)
Alon USA is awaiting the outcome of a bankruptcy auction later this month to find out if it can buy a central California oil refinery owned by Big West of California LLC, a subsidiary of Flying J Inc., Morris said Wednesday in an earnings conference call with analysts, reported Dow Jones. He said that he does not expect that it will take a substantial amount of money to get the 69,000-barrel-per-day Bakersfield, Calif. refinery running.
In February, Alon was selected as a "stalking-horse bidder," for the refinery. Flying J is a privately held truckstop operator that filed for bankruptcy protection in 2008. Alon put in a $40 million bid for the plant, not including the fair market value of its inventory. (Click here for previous coverage.)
The plant was idled after Flying J filed for Chapter 11 bankruptcy, blaming the plunge in crude prices and tightening credit conditions at the beginning of the recession.
If Alon USA's bid is successful, said the report, the company anticipates connecting the plant via pipeline to its Paramount, Calif., refinery.
Alon USA, headquartered in Dallas, is an independent refiner and marketer of petroleum products, operating primarily in the south central, southwestern and western regions of the United States. The company owns four crude oil refineries in Texas, California, Louisiana and Oregon, with an aggregate crude oil throughput capacity of approximately 250,000 barrels per day. It is the largest 7-Eleven licensee in the United States and operates more than 300 convenience stores in Texas and New Mexico. Alon markets motor fuel products under the FINA brand at these locations and at approximately 640 distributor-serviced locations.
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