Alon USA Partners, LP

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Financials

v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 268,572  
Accounts receivable 83,781  
Accounts receivable from related parties, net of related party payables 0  
Inventories, net of lower of cost or net realizable value 99,802  
Prepaid expenses and other current assets 4,877  
Total current assets 457,032  
Property, plant and equipment, net 418,106  
Goodwill 568,541  
Other non-current assets 54,031  
Total assets 1,497,710  
Current liabilities:    
Accounts payable 101,588  
Accounts payable to related parties, net of related party receivables 84,631  
Accrued expenses and other current liabilities 181,820  
Current portion of long-term debt 2,500  
Obligation under Supply and Offtake Agreement 99,108  
Total current liabilities 469,647  
Non-current liabilities:    
Long-term debt, net of current portion 335,625  
Deferred income tax liability 2,374  
Other non-current liabilities 27,381  
Total non-current liabilities 365,380  
Commitments and contingencies (see Note 15)  
Partners’ equity:    
General partner interest 0  
Common unit interest - 62,529,328 and 62,520,220 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively 662,683  
Total partners’ equity 662,683  
Total liabilities and partners’ equity $ 1,497,710  
Predecessor    
Current assets:    
Cash and cash equivalents   $ 73,524
Accounts receivable   82,292
Accounts receivable from related parties, net of related party payables   11,425
Inventories, net of lower of cost or net realizable value   49,682
Prepaid expenses and other current assets   4,949
Total current assets   221,872
Property, plant and equipment, net   420,554
Goodwill   0
Other non-current assets   53,211
Total assets   695,637
Current liabilities:    
Accounts payable   249,835
Accounts payable to related parties, net of related party receivables   0
Accrued expenses and other current liabilities   43,100
Current portion of long-term debt   2,500
Obligation under Supply and Offtake Agreement   0
Total current liabilities   295,435
Non-current liabilities:    
Long-term debt, net of current portion   233,819
Deferred income tax liability   0
Other non-current liabilities   62,880
Total non-current liabilities   296,699
Commitments and contingencies (see Note 15)  
Partners’ equity:    
General partner interest   0
Common unit interest - 62,529,328 and 62,520,220 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively   103,503
Total partners’ equity   103,503
Total liabilities and partners’ equity   $ 695,637
v3.8.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Jun. 30, 2017
Sep. 30, 2016
Net sales:        
Affiliate $ 94,536      
Third party 400,942      
Net sales 495,478      
Operating costs and expenses:        
Cost of goods sold 415,386      
Operating expenses 26,548      
Selling, general and administrative expenses 7,741      
Depreciation and amortization 7,620      
Loss on disposition of assets 0      
Total operating costs and expenses 457,295      
Operating income 38,183      
Interest expense, net 8,817      
Other expense (income), net 5      
Total non-operating expense 8,822      
Income (loss) before income tax expense 29,361      
Income tax expense 125      
Net income (loss) attributable to partners 29,236      
Comprehensive income (loss) attributable to partners $ 29,236      
Net income (loss) per unit - (basic and diluted) (in dollars per share) $ 0.47      
Weighted average common units outstanding - (basic and diluted) (in shares) 62,529      
Cash distribution per unit (in dollars per share) $ 0.35      
Predecessor        
Net sales:        
Affiliate   $ 82,717 $ 185,760 $ 222,711
Third party   379,540 880,523 1,076,012
Net sales   462,257 1,066,283 1,298,723
Operating costs and expenses:        
Cost of goods sold   404,207 911,366 1,134,275
Operating expenses   25,125 52,638 73,424
Selling, general and administrative expenses   8,153 14,156 24,264
Depreciation and amortization   14,581 28,691 43,454
Loss on disposition of assets   0 23 0
Total operating costs and expenses   452,066 1,006,874 1,275,417
Operating income   10,191 59,409 23,306
Interest expense, net   8,144 16,497 28,651
Other expense (income), net   (353) 554 (550)
Total non-operating expense   7,791 17,051 28,101
Income (loss) before income tax expense   2,400 42,358 (4,795)
Income tax expense   317 566 493
Net income (loss) attributable to partners   2,083 41,792 (5,288)
Comprehensive income (loss) attributable to partners   $ 2,083 $ 41,792 $ (5,288)
Net income (loss) per unit - (basic and diluted) (in dollars per share)   $ 0.03 $ 0.67 $ (0.08)
Weighted average common units outstanding - (basic and diluted) (in shares)   62,520 62,523 62,515
Cash distribution per unit (in dollars per share)   $ 0.14 $ 0.49 $ 0.22
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2017
Jun. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:      
Net income (loss) $ 29,236    
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization 7,620    
Unit-based compensation 25    
Deferred income taxes 9    
Loss on disposition of assets 0    
Amortization of debt issuance costs 0    
Amortization of original issuance discount 0    
Accretion of environmental liabilities and asset retirement obligations 187    
Changes in operating assets and liabilities:      
Accounts receivables, net 34,795    
Accounts receivables/payables from related parties 73,721    
Inventories (8,220)    
Prepaid expenses and other current assets 1,018    
Other non-current assets, net 203    
Accounts payable (70,411)    
Accrued liabilities 528    
Obligations under supply and offtake agreement 25,863    
Other non-current liabilities 0    
Net cash provided by operating activities 94,574    
Cash flows from investing activities:      
Capital expenditures (17,738)    
Capital expenditures for turnarounds and catalysts 0    
Net cash used in investing activities (17,738)    
Cash flows from financing activities:      
Distributions paid to unitholders (4,035)    
Distributions paid to unitholders - Alon Energy (17,850)    
Proceeds from product financing agreements 0    
Repayments of product financing agreements (2,993)    
Proceeds from revolving credit facility 100,000    
Payments of revolving credit facility (50,000)    
Payments on long-term debt (625)    
Net cash provided by financing activities 24,497    
Net increase in cash and cash equivalents 101,333    
Cash and cash equivalents, beginning of period 167,239    
Cash and cash equivalents, end of period 268,572 $ 167,239  
Supplemental cash flow information:      
Cash paid for interest, net of capitalized interest 8,314    
Cash paid for income tax 0    
Capital expenditures in accounts payable 4,143    
Predecessor      
Cash flows from operating activities:      
Net income (loss)   41,792 $ (5,288)
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization   28,691 43,454
Unit-based compensation   47 53
Deferred income taxes   0 0
Loss on disposition of assets   23 0
Amortization of debt issuance costs   811 1,335
Amortization of original issuance discount   345 480
Accretion of environmental liabilities and asset retirement obligations   0 0
Changes in operating assets and liabilities:      
Accounts receivables, net   (27,535) (7,064)
Accounts receivables/payables from related parties   1,118 (2,186)
Inventories   12,592 (16,446)
Prepaid expenses and other current assets   701 1,012
Other non-current assets, net   (900) 4,573
Accounts payable   25,731 22,268
Accrued liabilities   (5,441) (2,134)
Obligations under supply and offtake agreement   0 0
Other non-current liabilities   (830) 18,400
Net cash provided by operating activities   77,145 58,457
Cash flows from investing activities:      
Capital expenditures   (12,175) (17,199)
Capital expenditures for turnarounds and catalysts   (1,016) (9,679)
Net cash used in investing activities   (13,191) (26,878)
Cash flows from financing activities:      
Distributions paid to unitholders   (5,648) (2,534)
Distributions paid to unitholders - Alon Energy   (24,990) (11,220)
Proceeds from product financing agreements   11,649 54,860
Repayments of product financing agreements   0 0
Proceeds from revolving credit facility   50,000 0
Payments of revolving credit facility   0 0
Payments on long-term debt   (1,250) (1,875)
Net cash provided by financing activities   29,761 39,231
Net increase in cash and cash equivalents   93,715 70,810
Cash and cash equivalents, beginning of period $ 167,239 73,524 132,953
Cash and cash equivalents, end of period   167,239 203,763
Supplemental cash flow information:      
Cash paid for interest, net of capitalized interest   16,155 27,219
Cash paid for income tax   566 493
Capital expenditures in accounts payable   $ 0 $ 0