Western Refining has reported net income of $46.6 million, or $0.69 per diluted share, for the third quarter of 2007, compared to net income of $87.1 million, or $1.30 per diluted share, for the same period in 2006.

Western Refining said that the decrease in earnings for the quarter was primarily the result of lower refining margins, as well as the cost of a planned maintenance turnaround at its Yorktown refinery, maintenance activities at its Four Corners refineries and the resulting lower throughput at these facilities.

For the first three quarters of 2007, the company reported net earnings of $264.1 million, or $3.91 per diluted share, versus net earnings of $153.9 million, or $2.36 per diluted share, for the first three quarters of 2006.

Adjusted EBITDA for the quarter ended September 30, 2007, was $117.3 million versus $113 million for the same quarter in 2006.

Paul Foster, president and CEO of Western Refining, said: While our third quarter earnings were lower than the prior-year level, our adjusted EBITDA increased from $113 million to $117.3 million in the quarter. Additionally, our year-to-date earnings established a record for Western. We are making important operational improvements at the former Giant refineries that we believe will help support stronger returns going forward.