Sales Skyrocket at United Refining
WARREN, Pa. -- United Refining Co., a regional refiner and marketer of petroleum products, showed a 28.1 percent increase in net sales for the third quarter ended May 31, 2005, with sales of $479.5 million, compared to $374.3 million for the prior year quarter.
Net sales for the nine months ended May 31, 2005 were $1,290.4 million, compared to $1,032.1 million for the same period in the prior year, an increase of 25.0 percent.
Increases in net sales for both the quarter and nine months ended May 31, 2005 were due primarily to increases in refined product selling prices attributed to increased worldwide crude oil prices, the company said.
Operating income for the three months ended May 31, 2005 was $19.0 million or an increase of $5.5 million from operating income of $13.5 million for the quarter ended May 31, 2004. Operating income for the nine months ended May 31, 2005 was $15.6 million, a decrease of $14.7 million from the $30.3 million in operating income for the nine months ended May 31, 2004.
In addition to a 65,000 barrel-per-day refinery in Warren, Pa., the company operates 373 Kwik Fill/Red Apple and Country Fair retail gasoline and convenience stores located primarily in western New York and western Pennsylvania.
Net sales for the nine months ended May 31, 2005 were $1,290.4 million, compared to $1,032.1 million for the same period in the prior year, an increase of 25.0 percent.
Increases in net sales for both the quarter and nine months ended May 31, 2005 were due primarily to increases in refined product selling prices attributed to increased worldwide crude oil prices, the company said.
Operating income for the three months ended May 31, 2005 was $19.0 million or an increase of $5.5 million from operating income of $13.5 million for the quarter ended May 31, 2004. Operating income for the nine months ended May 31, 2005 was $15.6 million, a decrease of $14.7 million from the $30.3 million in operating income for the nine months ended May 31, 2004.
In addition to a 65,000 barrel-per-day refinery in Warren, Pa., the company operates 373 Kwik Fill/Red Apple and Country Fair retail gasoline and convenience stores located primarily in western New York and western Pennsylvania.