Western Refining reports net loss of $30.7M for 1Q on smaller margins for refined products

Western Refining reports net loss of $30.7M for 1Q

EL PASO, Texas — Western Refining Inc. reported a net loss of $30.7 million on Thursday on smaller margins for refined products.

The loss worked out to 35 cents per share for the quarter that ended March 31. During the same period a year earlier it reported net income of $58.9 million, or 86 cents per share.

Revenue rose 40 percent to $1.92 billion from $1.37 billion a year earlier.

President and CEO Jeff Stevens said refining margins improved throughout the quarter.

The oil refiner said it is ahead of schedule in reducing $50 million worth of annual costs, and it is continuing to look for additional savings.

The company’s shares fell 32 cents, or 6 percent, to $4.82 on Thursday.

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