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EL PASO, Texas — Western Refining Inc. (WNR) is looking forward to the rest of 2015 following a "great first half," President and CEO Jeff Stevens said during the company's fiscal second-quarter earnings call Tuesday.
Increased demand for gasoline in the Southwest, strong gas margins throughout the quarter, and a retail merchandise sales increase of approximately 4 percent were major factors in WNR's strong second quarter.
"This was another outstanding quarter for all of our business segments," reported Stevens. "Our refineries ran at historically high throughput rates in a strong margin environment, and expenses were in line with expectations. In our retail business, we saw an increase in same-store fuel volumes, fuel margins and merchandise sales."
WNR's net income for the second quarter was $138 million, up from $128.8 million in Q2 2014.
Retail gallons sold during the quarter were 77.4 million, an increase from the 76.7 million gallons sold one year ago. Fuel margins rose to 22 cents per gallon.
Merchandise sales were especially strong, rising to $95.8 million from $89.9 million during the fourth quarter of 2014.
"Retail margins are very strong right now," said Stevens, noting that WNR expects to have a solid third quarter as well.
WNR's retail division includes more than 260 convenience stores in Arizona, Colorado, New Mexico and Texas operating under the GIANT, Mustang, Sundial and Howdy's banners.