Alon USA Energy, Inc.

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Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 136,302 $ 234,127
Accounts and other receivables, net 134,744 119,171
Income tax receivable 32,984 3,741
Inventories 130,502 105,515
Deferred income tax asset 14,858 13,786
Prepaid expenses and other current assets 36,761 28,275
Total current assets 486,151 504,615
Equity method investments 33,431 42,811
Property, plant and equipment, net 1,366,895 1,380,202
Goodwill 62,885 62,885
Other assets, net 160,797 185,625
Total assets 2,110,159 2,176,138
Current liabilities:    
Accounts payable 328,561 315,721
Accrued liabilities 100,529 93,780
Current portion of long-term debt 16,414 16,420
Total current liabilities 445,504 425,921
Other non-current liabilities 188,833 165,935
Long-term debt 511,552 539,542
Deferred income tax liability 381,857 380,580
Total liabilities 1,527,746 1,511,978
Commitments and contingencies (Note 22)
Stockholders’ equity:    
Preferred stock, par value $0.01, 15,000,000 shares authorized; and no shares issued and outstanding at December 31, 2016 and 2015 0 0
Common stock, par value $0.01, 150,000,000 shares authorized; 71,578,093 and 70,960,461 shares issued and outstanding at December 31, 2016 and 2015, respectively 716 710
Additional paid-in capital 530,625 526,035
Accumulated other comprehensive loss, net of tax (26,111) (28,808)
Retained earnings 15,878 141,201
Total stockholders’ equity 521,108 639,138
Non-controlling interest in subsidiaries 61,305 25,022
Total equity 582,413 664,160
Total liabilities and equity $ 2,110,159 $ 2,176,138
v3.6.0.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Net sales [1] $ 3,913,404 $ 4,338,152 $ 6,779,456
Operating costs and expenses:      
Cost of sales 3,376,803 3,515,406 6,002,270
Direct operating expenses 262,706 255,534 281,686
Selling, general and administrative expenses 194,078 200,195 170,139
Depreciation and amortization 145,577 126,494 124,063
Total operating costs and expenses 3,979,164 4,097,629 6,578,158
Gain (loss) on disposition of assets (1,650) 1,914 274
Loss on impairment of goodwill 0 (39,028) 0
Operating income (loss) (67,410) 203,409 201,572
Interest expense (69,717) (79,826) (111,143)
Equity earnings of investees 9,813 6,669 1,678
Other income, net 692 417 674
Income (loss) before income tax expense (benefit) (126,622) 130,669 92,781
Income tax expense (benefit) (46,789) 48,282 22,913
Net income (loss) (79,833) 82,387 69,868
Net income attributable to non-controlling interest 2,972 29,636 31,411
Net income (loss) available to stockholders $ (82,805) $ 52,751 $ 38,457
Earnings (loss) per share, basic $ (1.17) $ 0.76 $ 0.56
Weighted average shares outstanding, basic 70,739 69,772 68,985
Earnings (loss) per share, diluted $ (1.17) $ 0.75 $ 0.55
Weighted average shares outstanding, diluted (in thousands) 70,739 70,714 69,373
Cash dividends per share $ 0.60 $ 0.55 $ 0.53
[1] Includes excise taxes on sales by the retail segment of $81,602, $77,860 and $75,409 for the years ended December 31, 2016, 2015 and 2014, respectively.
v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ (79,833) $ 82,387 $ 69,868
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Depreciation and amortization 145,577 126,494 124,063
Stock compensation 7,352 9,953 7,496
Deferred income taxes (2,650) 5,906 5,961
Equity earnings of investees, net of dividends (4,021) (2,274) 0
Amortization of debt issuance costs 3,052 3,595 3,759
Amortization of original issuance discount 6,831 6,273 6,306
Write-off of unamortized debt issuance costs 0 0 558
Write-off of unamortized original issuance discount 0 0 391
(Gain) loss on disposition of assets 1,650 (1,914) (274)
Loss on impairment of goodwill 0 39,028 0
Unrealized (gain) loss on commodity swaps 14,799 (7,937) (3,778)
Changes in operating assets and liabilities:      
Accounts and other receivables, net (13,553) 18,369 77,658
Income tax receivable (29,243) 5,455 6,857
Inventories (24,925) 17,288 4,983
Prepaid expenses and other current assets (8,176) (1,960) (7,686)
Other assets, net 18,261 (11,782) (27,506)
Accounts payable 35,130 (37,179) (68,482)
Accrued liabilities 1,548 (14,170) 3,733
Other non-current liabilities (12,283) (11,467) (10,249)
Net cash provided by operating activities 59,516 226,065 193,658
Cash flows from investing activities:      
Capital expenditures (58,644) (101,195) (88,429)
Capital expenditures for turnarounds and catalysts (29,806) (35,348) (62,473)
Dividends from investees, net of equity earnings 0 0 1,472
Contribution to equity method investment 0 (15,161) (597)
Proceeds from disposition of assets 1,917 2,889 41,032
Acquisition of California renewable fuels facility (7,596) 0 0
Acquisition of retail stores 0 (11,196) 0
Net cash used in investing activities (94,129) (160,011) (108,995)
Cash flows from financing activities:      
Dividends paid to stockholders (42,518) (38,387) (36,483)
Dividends paid to non-controlling interest (401) (415) (1,134)
Distributions paid to non-controlling interest in the Partnership (4,262) (39,475) (23,242)
RINs financing transactions 21,199 40,138 24,200
Deferred debt issuance costs (810) (2,139) (2,284)
Revolving credit facilities, net (55,000) (5,000) (40,000)
Additions to long-term debt 35,000 14,049 145,000
Payments on long-term debt (16,420) (15,659) (160,258)
Net cash used in financing activities (63,212) (46,888) (94,201)
Net increase (decrease) in cash and cash equivalents (97,825) 19,166 (9,538)
Cash and cash equivalents, beginning of period 234,127 214,961 224,499
Cash and cash equivalents, end of period 136,302 234,127 214,961
Supplemental cash flow information:      
Cash paid for interest, net of capitalized interest 61,584 70,556 106,065
Cash paid (refunds received) for income tax (14,298) 35,976 10,957
Supplemental disclosure of non-cash activity:      
Capital expenditures included in accounts payable and accrued liabilities $ 0 $ 21,011 $ 0