Alon USA Partners, LP

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Financials

v3.7.0.1
Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 167,239 $ 73,524
Accounts and other receivables, net 109,827 82,292
Accounts and other receivables, net - related parties 10,307 11,425
Inventories 37,067 49,682
Prepaid expenses and other current assets 4,248 4,949
Total current assets 328,688 221,872
Property, plant and equipment, net 413,033 420,554
Other assets, net 45,721 53,211
Total assets 787,442 695,637
Current liabilities:    
Accounts payable 326,693 249,835
Accrued liabilities 37,477 43,100
Current portion of long-term debt 2,500 2,500
Total current liabilities 366,670 295,435
Other non-current liabilities 22,572 62,880
Long-term debt 283,496 233,819
Total liabilities 672,738 592,134
Commitments and contingencies (Note 11)
Partners’ equity:    
General Partner 0 0
Common unitholders - 62,529,328 and 62,520,220 units issued and outstanding at June 30, 2017 and December 31, 2016, respectively 114,704 103,503
Total partners’ equity 114,704 103,503
Total liabilities and partners’ equity $ 787,442 $ 695,637
v3.7.0.1
Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net sales [1] $ 521,751 $ 468,457 $ 1,066,283 $ 836,466
Operating costs and expenses:        
Cost of sales 440,895 410,735 911,366 730,068
Direct operating expenses 27,878 23,255 52,638 48,299
Selling, general and administrative expenses 7,392 8,802 14,156 16,111
Depreciation and amortization 14,462 14,667 28,691 28,873
Total operating costs and expenses 490,627 457,459 1,006,851 823,351
Loss on disposition of assets (23) 0 (23) 0
Operating income 31,101 10,998 59,409 13,115
Interest expense (8,652) (9,920) (16,497) (20,507)
Other income (loss), net (459) 113 (554) 197
Income (loss) before state income tax expense 21,990 1,191 42,358 (7,195)
State income tax expense 310 0 566 176
Net income (loss) $ 21,680 $ 1,191 $ 41,792 $ (7,371)
Earnings (loss) per unit $ 0.35 $ 0.02 $ 0.67 $ (0.12)
Weighted average common units outstanding (in thousands) 62,525 62,515 62,523 62,512
Cash distribution per unit $ 0.38 $ 0.00 $ 0.49 $ 0.08
[1] Includes sales to related parties of $94,323 and $76,884 for the three months ended and $185,760 and $139,994 for the six months ended June 30, 2017 and 2016, respectively.
v3.7.0.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ 41,792 $ (7,371)
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Depreciation and amortization 28,691 28,873
Unit-based compensation 47 28
Loss on disposition of assets 23 0
Amortization of debt issuance costs 811 951
Amortization of original issuance discount 345 318
Changes in operating assets and liabilities:    
Accounts and other receivables, net (27,535) (18,965)
Accounts and other receivables, net - related parties 1,118 (2,354)
Inventories 12,592 (8,939)
Prepaid expenses and other current assets 701 2,023
Other assets, net (900) 3,719
Accounts payable 25,731 36,926
Accrued liabilities (5,441) (1,453)
Other non-current liabilities (830) 12,831
Net cash provided by operating activities 77,145 46,587
Cash flows from investing activities:    
Capital expenditures (12,175) (12,700)
Capital expenditures for turnarounds and catalysts (1,016) (8,224)
Net cash used in investing activities (13,191) (20,924)
Cash flows from financing activities:    
Distributions paid to unitholders (5,648) (921)
Distributions paid to unitholders - Alon Energy (24,990) (4,080)
RINs financing transactions 11,649 9,455
Revolving credit facility, net 50,000 0
Payments on long-term debt (1,250) (1,250)
Net cash provided by financing activities 29,761 3,204
Net increase in cash and cash equivalents 93,715 28,867
Cash and cash equivalents, beginning of period 73,524 132,953
Cash and cash equivalents, end of period 167,239 161,820
Supplemental cash flow information:    
Cash paid for interest, net of capitalized interest 16,155 19,882
Cash paid for income tax $ 566 $ 176