Western Refining’s Stock Rose 6.3% after Its Q2 Results
Western Refining’s stock performance
Western Refining (WNR) announced its earnings results before markets opened on August 2, 2016. WNR’s stock opened at $21.68 per share, higher than its previous day’s close of $21.06.
The stock saw a high of $22.75 and a low of $21.68 on the day. Eventually, it closed at $22.38, about 6.3% higher than its previous day’s close.
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On the same day, peers Northern Tier Energy (NTI), PBF Energy (PBF), and Alon USA Energy (ALJ) rose by 1.1%, 1.7%, and 3.9%, respectively. Crude oil and natural gas prices also rose by 0.5% and 0.1%, respectively.
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Western Refining’s capex position
In 2Q16, Western Refining (WNR) incurred capex (capital expenditure) of $77 million. Of that amount, $43 million was in its Western segment, $26.5 million was in its NTI (Northern Tier Energy Partners’ Refining, Transport, and Retail operations) segment, and $8.1 million was in its WNRL (Western Refining Logistics Operations) segment.
WNR completed its merger transaction with Northern Tier Energy (NTI) in 2Q16. The merger is expected to enhance WNR’s refining capacity and create more than $10 million worth of operational synergies for the merged entity.
On the completion of the merger, WNR’s management stated, “This was a milestone quarter as we completed the Northern Tier transaction and began operating our combined assets as one team. All three refineries ran well during the quarter, retail fuel volumes were strong compared to Q2 2015 and we did a good job managing our expenses.”