Net income was $334.1 million or $5.98 per diluted share for the year ended December 31, 2007, compared to net income of $266.6 million or $4.58 per diluted share for the year ended December 31, 2006.
Net income increased by 5% or $2.2 million for the three months ended December 31, 2007, as compared to the same period in 2006. Overall sales and other revenues for the three months ended December 31, 2007, increased 54% or $502.1 million, as compared to the corresponding period in 2006. The increase is principally due to higher sales prices in the fourth quarter of 2007, the company said.
For the three months ended December 31, 2007, volumes of produced refined products sold increased by 6,910 barrels per day or 6% as compared to 2006. Overall refinery gross margins were $9.83 per produced barrel for the three months ended December 31, 2007, as compared to $12.08 for the corresponding period in 2006.
Matthew Clifton, chairman and CEO, said: We are extremely pleased with our 2007 results. The year 2007 was our fourth consecutive record year, with net income from continuing operations increasing 35% over our previous 2006 record results. Higher gross margins at our Woods Cross refinery, record overall refinery production levels and lower per barrel operating expenses resulted in significantly improved financial results.
