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Executives

Jeffrey S. Beyersdorfer – Senior Vice President-Treasurer, Director of Investor Relations

Jeff A. Stevens – President and Chief Executive Officer

Gary R. Dalke – Chief Financial Officer

Analysts

Manav Gupta – Morgan Stanley & Co. LLC

Jeff A. Dietert – Simmons & Co.

Roger D. Read – Wells Fargo Securities LLC

Chi Chow – Macquarie Capital, Inc.

Clay Rynd – Tudor Pickering Holt & Co. Securities, Inc.

Rakesh V. Advani – Credit Suisse Securities LLC

Western Refining, Inc. (WNR) Q2 2013 Earnings Conference Call August 1, 2013 11:00 AM ET

Operator

Good morning, and welcome to the Second Quarter 2013 Western Refining Earnings Conference Call. After the speakers’ opening remarks, there will be a question-and-answer period. (Operator Instructions) As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you.

I would now like to turn the call over to Mr. Jeff Beyersdorfer, Treasurer and Director of Investor Relations of Western Refining. Mr. Beyersdorfer, please go ahead, sir.

Jeffrey S. Beyersdorfer

Thanks, Laurie, and good morning. I like to thank you for taking the time to listen in today and for your interest in Western Refining. Again, my name is Jeff Beyersdorfer. I am the company’s Treasurer and Director of IR. Joining me for today’s call are Jeff Stevens, our President and CEO; Gary Dalke, our CFO; Mark Smith, our President, Refining and Marketing; and other members of our senior management team.

We will be referencing our earnings call slides throughout the call this morning. The slide presentation in addition to our earnings release can be found on the Investor Relations section of our website at wnr.com.

Before we proceed, I’d like to make the following Safe Harbor statement. Today’s presentation will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

Also in July, we announced the filing of the Form S1 registration statement with the SEC relating to the formation of a Western sponsored traditional master limited partnership. We will not be taking questions regarding the MLP today. For more information, we refer you to the S1 registration statement.

In addition to reporting financial results in accordance with Generally Accepted Accounting Principles or GAAP, we report certain non-GAAP financial results. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which can be found in the press release, which is posted on the IR section of our website.

I’ll now turn the call over to Jeff.

Jeff A. Stevens

Thanks, Jeff. Welcome to Western’s second quarter earnings call. After my opening remarks, Gary will review our earnings in more detail and provide operating guidance for Q3 2013. Then we will open up the call for your questions.

Western had another strong quarter and through the first half of the year, we are pleased with our progress on our 2013 goals. As you may remember, our goals for the year were to continue to focus on safety and reliability, to further enhance our cost advantage crude position, to grow our logistic assets and to increase our financial flexibility and return cash to shareholders. We have completed plant maintenance and turnaround work at both of our refineries and we believe we are positioned to continue to operate at full rates and in a safe and reliable manner.

We have completed the first two phases of our Delaware Basin Logistics system, which includes truck offloading, storage and pipeline assets. The addition of this system, substantially expands our logistics capabilities, and will help us to secure additional barrels of high quality, cost advantage crude oil for our El Paso refinery. We have also established our crude truck gathering operation in the Delaware Basin and plan to have approximately 40 crude oil transports operating in this area by the end of the year. We are investing in the four corners based on the growing crude oil production that we see in the area.

Earlier this year, we completed the expansion of the Gallup refinery. We’ve invested in rail loading capacity at Gallup, which allows us to expand shipments of crude oil by rail to coastal refineries. We began work to restart the ideal portion of our 16-inch Tex-New Mex crude oil pipeline, and as we previously announced, we are in the early stages of development of a new 70 mile crude oil pipeline that we’ll tie in the Tex-New Mex line with our Delaware Basin pipeline system.

Earlier this year, we refinanced a significant portion of our debt by amending our revolver and replacing the 11.25 secured notes with 6.25 unsecured notes. Since the beginning of 2011, we’ve reduced our total debt by approximately 50%. We’ve increased covenant flexibility, lowered interest rates, and as a result, we’ve reduced our cash interest expense by approximately 70%, a reduction of more than $90 million annually. Now that we fixed our balance sheet, we believe we have the financial flexibility to be successful in any margin environment.

In the first six months of 2013, we returned approximately $220 million in cash to shareholders through share repurchases and quarterly dividends. We closed Q2 with more than $370 million in cash. In the second quarter, Western generated adjusted EBITDA of $240 million. While we had strong refining gross margins in Q2, crack spreads were lower than recent quarters. As you are aware, Brent/WTI spreads contracted significantly during the quarter.

At El Paso, unplanned downtime at DuPont sulfur plant and an outage of the Kinder Morgan crude oil pipeline led to reduced rates in the quarter impacting our gross margin by approximately $15 million. The cost of RINs have moved higher in the quarter. However, as we’ve mentioned previously, our wholesale and retail businesses, which we have grown significantly over the past two years, generate RINs, which satisfy approximately 85% of our renewable obligations. In addition, we share in the economics of the RINs generated at our East Coast wholesale business. Our crack spread hedges delivered a realized gain of $18 million in the quarter. We will continue to be opportunistic with our crack spread hedging program.

Turning to the third quarter, the Brent/WTI spread continued to narrow in July. However, the Gulf Coast 321 remained strong averaging more than $19 per barrel. In addition, the current forward curve reflects similar margins with very strong distillate values throughout the end of the year and into the future.

Lastly, in July, we announced that our Board approved a third quarter dividend of $0.18 per share, which is a 50% increase compared to our previous quarterly dividend. Our dividend growth and progress on our share repurchase program, demonstrates our commitment to return cash to shareholders. We will continue to take a balanced approach to returning cash to shareholders and investing in high return capital projects.

Wrapping up, I’m proud of our team’s accomplishments and I feel we’re well positioned to achieve our 2013 goals.

Now, I will turn the call over to Gary, who will go through our second quarter financials in more detail.

Gary R. Dalke

Thank you, Jeff. On a GAAP basis, the company reported net income in the quarter of $149.3 million or $1.46 per diluted share. This compares to Q2 2012 net income of $238.5 million or $2.19 per diluted share. Excluding special items, the company had net income of $126.8 million or $1.25 per diluted share in Q2 2013, which compares to net income of $205 million or $1.89 per diluted share in Q2 2012. A reconciliation of our net earnings to earnings excluding special items is included in our press release.

Gross margin at El Paso was $19.46 per barrel for the quarter, which compares to $31.91 per barrel in Q2 2012. Gallup’s gross margin for the second quarter was $24.26 per barrel, which compares to $31.95 per barrel in Q2 2012. Direct operating expenses at El Paso were $3.30 per barrel for the quarter, compared to $3.91 per barrel for Q2 2012. These expenses were reduced by $0.86 per barrel due to a refund of our 2012 property tax overpayment. We made this payment in January of 2013, to allow us to appeal and resolve the improper 2012 valuation.

Gallup’s operating costs were $10.41 per barrel for the quarter, which compares to $7.98 per barrel for Q2 2012. Costs at Gallup continued to be impacted by a high maintenance and environmental cost. We have several initiatives underway at Gallup to reduce cost and enhance profitability, and we will update you on these as they develop. Total company SG&A was $29.5 million for the quarter, compared to $27.3 million in Q2 2012. SG&A cost were increased primarily due to higher incentive compensation accruals, which are tied to company performance.

Adjusted EBITDA for the quarter was $240.4 million, which compares to adjusted EBITDA of $365.9 million for Q2 2012. Depreciation and amortization expense for the quarter was $27.1 million. Interest expense was $14.7 million, which is a 33% reduction compared to Q2 2012, primarily result of our significant debt reduction over the last year.

Total capital expenditures for the quarter were $36.2 million and were $101.9 million year-to-date through June. As of June 30, our total debt was $550.8 million, and cash and cash equivalents were $372.3 million.

On page 5 of our slides, you’ll find our capitalization table as of June 30. Share repurchases and dividends totaled $136 million in Q2, while cash and equivalents increased by $123.9 million during the quarter. Our cash position was positively impacted by earnings and changes in working capital driven by a return to normal levels of inventory following the El Paso turnaround in Q1.

Our bridge from Q1 2013 to Q2 2013 ending cash position can be found on page 6 of our slides. On June 30, liquidity was approximately $810 million and averaged approximately $900 million during July. Wrapping up, you can find our third quarter operating guidance on page 7 of our slides.

I'll now turn the call back over to Jeff Stevens.

Jeff A. Stevens

Thanks, Gary. It was another good quarter for Western, and I’d like to thank our employees for their hard work, and I’m confident by executing our plan, Western will continue to deliver strong performance going forward.

Laurie, with that, we’ll open the call for questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from the line of Evan Calio of Morgan Stanley.

Manav Gupta – Morgan Stanley & Co. LLC

Hi, guys. This is Manav Gupta for Evan today. Just a quick question. In the past, you have clearly highlighted opportunities to move Permian crude towards the West Coast through pipe as well as through your own rail projects. Yesterday also, Questar have said that they are looking at Southern Trails and looking at partners. Just wanted your opinion, what do you think is the best way of getting the Permian crude for which there is a demand on the West Coast, is it through pipe for long-term contracts or more through rail? And what is in it for Western, what kind of EBITDA impact or benefits would you gain from it? Thank you.

Jeff A. Stevens

Thanks. And obviously, what we’ve done is position ourselves to work the rail at Gallup, because we believe right now, that’s the best way to supply the West Coast. If you look at the location of where our Gallup assets are and the proximity to the West Coast, it’s clearly one of the most cost effective ways to move crude to that market. And I think that what we’ve said in the past is, we believe that the four corners will be long crude oil and we wanted to be in the position of helping direct that crude to different areas in which it’s needed, and I think right now, we believe that the best investment has been the rail to that.

With that being said, we’re currently in the process of hydrotesting our 16-inch pipeline that runs from Gallup into the Permian Basin. And as we get through this process of hydrotesting this line, we’ll have a better understanding of the timeline and the capital expense to putting that back in service, but I think in the short run, the rail is our best option and the best option for the market.

Manav Gupta – Morgan Stanley & Co. LLC

Thank you so much, guys.

Operator

Your next question comes from the line of Jeff Dietert of Simmons.

Jeff A. Dietert – Simmons & Co.

Good morning.

Jeff A. Stevens

Good morning, Jeff.

Jeff A. Dietert – Simmons & Co.

As the Permian pipelines have come on West Texas [sales] prices have moved up in your parity with WTI, Midland and Cushing prices, are you seeing additional competition there and as you look at El Paso, historically it’s run 80% WTI and 20% WTS, do you see that shifting towards a higher percentage of WTI at current prices and as you bring more Delaware barrels in, which I believe are lighter crudes?

Jeff A. Stevens

Yeah. Clearly, we’ve seen the spread between WTS and WTI come in over the last several months and Jeff, I think that’s partly due to the amount of very light crude that’s being produced. So there is demand for the WTS to help blend and move some of the lighter crude. when we look at our refinery operation, we need to run a certain amount of WTS somewhere around 15,000 to 20,000 barrels a day to be able to achieve max rates in the 129, 130. so we have a secure amount of WTS that meets that obligation. but clearly those spreads, I think will stay narrow for the time being as long as there is the demand to, with all the light sweet crude in the area.

Jeff A. Dietert – Simmons & Co.

Great. Secondly, on the barrels on the Delaware system, you’ve talked about moving to 50,000 to 60,000 barrels a day by year-end, and there’s projections for Permian crude production growth in a 150,000 barrel a day range. So you guys are gathering a substantial portion of the new crude. What levels of commitment or what allows you to have confidence in the level of volumes on your system by year-end?

Jeff A. Stevens

Well, Jeff as we talked about a little bit earlier, we have to be careful answering this relative to our S1 and the basin system. but I think the way that we look at the market is, when we built that system, we looked at production numbers and those numbers have done nothing to grow. And clearly, there has been probably a lot more light sweet crude than anybody anticipated, but we still are confident that we can meet our objectives and we believe there’s enough barrels there to do it on a similar timeline than we’ve projected in the past.

So we’re being choosy about the barrels going into the system and going into the refinery, because there is a big value difference to us in which barrels we collect. But just with the sheer amount of new production coming on, we’re still fairly highly confident that that we’ll be able to achieve our goal. And frankly, our goal is over the next 12 to 24 months is to get a 100% of our light sweet crude from that shale area, and I certainly think that’s an achievable goal with all the things we’ve got going on right now.

Jeff A. Dietert – Simmons & Co.

Okay. And finally, it looks like you stepped up your buybacks during the second quarter. Do you anticipate sustaining a high level for our buybacks assuming that the margin environment supports it with positive free cash flow?

Jeff A. Stevens

Well, as we announced, we still have approximately $80 million left in our program, and we’re going to continue to be opportunistic. Once we move through that $80 million, we’ll go back to our board and look at all of our cash uses whether it’s capital projects, whether it’s dividends, whether it’s stock buybacks, and what I believe will happen is that we’ll continue to take a balanced approach. so I think you’ll see us continue to buy back stock, look at the dividend and continue to really focus on high return capital projects.

Jeff A. Dietert – Simmons & Co.

Thank you.

Jeff A. Stevens

Thanks, Jeff.

Operator

Your next question comes from the line of Roger Read of Wells Fargo.

Roger D. Read – Wells Fargo Securities LLC

Yeah, good morning.

Jeff A. Stevens

Good morning, Roger.

Roger D. Read – Wells Fargo Securities LLC

I guess that it’s been asked on pretty much every other call; I’ll go and hitch you up on the RINs front. I mean, obviously, you indicated the wholesale business gives you pretty good coverage, of that 75% is – does that include what occurs on the East Coast at Yorktown or is Yorktown in addition to the 75% coverage from the wholesale unit?

Jeff A. Stevens

Well, what we said in the script was Roger that we cover about 85% and that’s done through a combination of our wholesale and our retail businesses. And the wholesale on the East Coast, we exclude that from our RIN. So we don’t actually receive the RIN, we receive value for the RIN. We have a partner there on the East Coast and we share in the RIN value there. So we do get an indirect bump from the East Coast business, but it is not included in that 85%.

Roger D. Read – Wells Fargo Securities LLC

Okay. So when you include that cost, is it fair to say you’re relatively balanced or imbalanced still on RINs’ exposure?

Jeff A. Stevens

We’re not at full coverage yet. Ultimately our goal is like everybody else is to mitigate that cost. But I do think we’re in a somewhat of a unique position, because of our asset base. So I feel that we’re in a position with these assets, these businesses with the retail and the wholesale that our ultimate goal is to get to a 100% and beyond. I mean, these businesses generate a lot of RINs and have the capability to grow and generate more RINs. And as long as RINs are going to stay elevated and there’s value in generating them, we’re going to continue to try to grow that business and mitigate what liabilities we have at the refinery and go beyond that.

Roger D. Read – Wells Fargo Securities LLC

Okay, thanks. And my last question is just sort of a mundane modeling question. The El Paso’s unit guidance is for $4 of cash operating costs. Second quarter, we had $3.30. I mean, I know these numbers bounce around from quarter-to-quarter. I was just wondering what’s the increase there? Is that a catalyst cost or something else flowing through?

Jeff A. Stevens

Yeah. that’s a one-time effect that I think we said it was about $0.80 that had to deal with the refund of the property tax that we overpaid in 2012. So that affected El Paso, because that was their property tax and it’s a one-time effect. So the $4 is the better guidance going forward.

Roger D. Read – Wells Fargo Securities LLC

Okay. so the 330 is the operation, great. Okay, thank you.

Operator

(Operator Instructions) Your next question comes from the line of Chi Chow of Macquarie Capital.

Chi Chow – Macquarie Capital, Inc.

Great, thanks. I got a couple of questions back on the Tex-New Mex pipeline. Jeff, you mentioned that you’re hydrotesting our line, are you testing it to run north or south? And then secondly, you got opportunities to kind of go both ways, right moving the Taiwan crudes down to Midland or the Delaware crudes up to your rail spur there. How are you handicapping the opportunities on either direction?

Jeff A. Stevens

Well, Chi, that the hydrotesting is really the integrity of the line. and so this test would be done, there we were going to go north or south. So I guess the answer is yes, we are controversy in both.

Chi Chow – Macquarie Capital, Inc.

Okay.

Jeff A. Stevens

What that was doing right now. I would say right now, and this is obviously a moving target, but based on the projections we’re seeing in the four quarters, and just out talking to producers that there is going to be a need here in the next 12 months or so that crude will need to move south on that line. So I think right now, if I was to handicap that it’s probably going to move south, but as we made clear, if either those dynamics change or there’s a demand to move crude up to Gallup to for any reasons. You’re really just talking about less than six months to make the change in the direction of the lines. So we are trying to be as flexible as possible, but I would say right now it looks like we are going to run north to south.

Chi Chow – Macquarie Capital, Inc.

Okay, great. And then on El Paso, what’s the status of the potential expansion there and then how much Delaware Basin crude, are you actually moving into the refinery, say here in the third quarter?

Jeff A. Stevens

We are in the final phases of design and engineering getting our permit ready to be filed here later in the year. Once we file that permit, we’ll go ahead and give more guidance relative to the scope of the project and the cost of the project. So we are still on similar type frame giving you guys that information. Everything looks even with the Brent/WTI narrowing in and crude differentials today, it still makes a lot of sense to go forward with this project everything I see. And then we’ll be obviously waiting for the permit and that’s something we’d obviously don’t control. And I’m really thinking this will be a late 2015, early 2016 type timeframe. But we’ll obviously have a lot more color on it as we file the permit and we’ll give you guidance as we get down towards the end of the year.

Chi Chow – Macquarie Capital, Inc.

Okay. Any thoughts on how much Delaware Basin crude, you are moving in to in the quarter?

Jeff A. Stevens

Well, in this quarter, we just activated two of the pipeline gathering systems. I think, we probably did around 15,000 barrels per day and that will ramp up because that was mostly truck gathering and just partial of the system up. We got the full system up and operating today. We got a one more gathering system to put in on one of the pipelines, but you’ll see it ramp up over the next two quarters.

Chi Chow – Macquarie Capital, Inc.

Okay, great. Okay, thanks, sir. I appreciate it.

Jeff A. Stevens

Thanks, Chi.

Operator

The next question comes from the line of Clay Rynd of Tudor Pickering.

Clay Rynd – Tudor Pickering Holt & Co. Securities, Inc.

Good morning, guys.

Jeff A. Stevens

Good morning, Clay.

Clay Rynd – Tudor Pickering Holt & Co. Securities, Inc.

Real quick back on the buybacks, now that is still your repurchasing to offset the potential dilution of the convertible notes, correct?

Jeff A. Stevens

Yes, we’ve bought back just under 11 million share, which satisfies about 50% of the convert and obviously that was a goal to get that ahead of that June 14 redemption. As you remember with that redemption, we have the ability to issue stock or do cash or some combination and we wanted to obviously get it in a position that’s much more manageable and gives us more flexibility and we’re there. And I think we’ll continue to repurchase with that intent of satisfying that convert.

Clay Rynd – Tudor Pickering Holt & Co. Securities, Inc.

Okay, perfect, nice. And then changing the direction a little, on Gallup, operating costs continued to kind of (inaudible) side there, what do you need to do to lower OpEx and kind of long-term, what do you as kind of a reasonable dollar barrel cost you can get to there if you can make some of those changes?

Jeff A. Stevens

I think that, and we’ve been frustrated with the cost and it’s been partially a reliability and it’s been that we’ve had to add a couple new units relative to be in compliant with some agreed orders. And that facility really for long time lacked a good maintenance program and upgrades whether it’s been electrical or other pieces of that refinery. With the stability of the crude in the four corners now and the growth of that.

Obviously, we have a lot of incentive to make sure that plant runs everyday and gets the cost down. And I think we are making progress. We still have a lot of progress to go. And we’ve got a team up there right now that’s looking at some opportunities and we continue to focus in on that cost. I think a good goal would be in that 750 range, it’s been our goal to get to. It may take us a little while to get there. But the folks in Gallup are working very hard and we are putting forth the resources and the capital it needs to ultimately to get to that cost.

Clay Rynd – Tudor Pickering Holt & Co. Securities, Inc.

I appreciate the color.

Jeff A. Stevens

Thanks Clay.

Operator

Your next question comes from the line of Evan Calio of Morgan Stanley.

Manav Gupta – Morgan Stanley & Co., LLC

Hi guys, this is Manav. Just a quick follow-up. You have in terms of tier 3 gasoline standards, clearly, Gallup will have a extended period of time to comply with maybe 2020. But just in terms of both the assets what kind of additional cost will you incur to make them tier 3 compliant as you go along?

Jeff A. Stevens

Well, as El Paso sits today with the hydro treating capabilities we have, we are pretty close to being there with the minor capital and what we are doing right now is part of our expansion that we are looking at, is upgrading that capability to meet the tier 3. So we’ll have a little bit more guidance, but we are real close right now in El Paso.

Obviously, if you said Gallup needs some more, probably needs a separate unit to help it get where we need to be, but that’s really a 2020 timeframe and we’ll look at all of our options to get there. But I think that we believe it will be in the $50 million range, but that’s real preliminary. Like I said we’ll have time to look at all of our options, look at the best use of capital and actually see if we can turn into a positive project that helps the overall yield pattern of the facility.

Manav Gupta – Morgan Stanley & Co., LLC

That’s great. And recently, Chevron obviously signed an agreement with Cimarex and stuff and it looks like that there they are drilling is exactly where your assets are located. So I mean, are you on the ground seeing increased drilling activity as Permian is really heating up, and trying to go Eagle Ford or Bakken way?

Jeff A. Stevens

Well, we can’t comment on it any individual producer. But all you need to do is drive out where our Mason Station is and you’ll see all the activity. There is infrastructure activity, there’s drilling rigs, there is all kinds of activity and that’s why we can say with a high level of confidence that we think we’re going to have a lot of crude to choose from and won’t have a problem filling up our need for the 1,000 barrels of sweet crude. There’s a lot of activity out there, a lot of well capitalized producers with a lot of expertise and we just know feel that we’re right in a very good spot where these guys are drilling.

Manav Gupta – Morgan Stanley & Co., LLC

And is there any kind of crude, which is, let’s say, too light or for any reason, is little unsuitable for your refineries?

Jeff A. Stevens

Yes, there is crude in the area that we would not want to run, because it would affect our yield pattern. So one of the benefits we’ve had from building this Delaware Basin system is that we have gravity checks and quality checks throughout the system and it allows us to essentially block the crude that we don’t want and there is a lot of very high gravity light crude in the area in which we want to make sure that we don’t get and if we would not have built the system that we have today that crude would be ending up, it ends up in the common stream in the Permian Basin and would have ultimately found its way to our refinery. So by having this system, it gives us the ability to be very particular on the crudes that we’re going to be running at El Paso.

Manav Gupta – Morgan Stanley & Co., LLC

Great, guys and congrats on the great quarter. Thank you very much.

Jeff A. Stevens

Thank you.

Operator

Your next question comes from the line of Ed Westlake of Credit Suisse.

Rakesh V. Advani – Credit Suisse Securities LLC

Hi, actually this is Rakesh. Just a question on your Delaware Basin project. In terms of the crude quality that you’re seeing for the Bone Springs or Avalon, are both of those crudes settle at the El Paso refinery?

Jeff A. Stevens

Well, right now, what we’re seeing and this moves around, as we get more and more different wells on. and that’s why we’re constantly testing and modeling the crude, but it looks like the Bone Springs is our preference. There is a large amount of it out there; probably 60% of what’s being done in the Delaware Basin is Bone Springs. And that’s probably the crude that we’re most likely to pick, but there are some other non-Bone springs, Avalon and some other crudes that do meet our requirements that have properties that make sense for us to ride up there. so like I said, for the most part it’s Bone Springs, but there is other crude out there that our refinery wants, and we want to go ahead and buy, that makes sense to run at the refinery.

Rakesh V. Advani – Credit Suisse Securities LLC

And so that’s your question really, you’re getting up to 100,000 a day of moving crude on that pipeline eventually down the road, right?

Jeff A. Stevens

Yeah. I guess you just look at the growth in that area and some of the independent in 2010 in this area; they were doing about 200,000 barrels. Today, we think it’s by the end of the year; it’s close to 400,000 to 500,000 barrels a day, I think there’s more than enough for us to pick the crude that we want that makes sense for us and we just don’t see an issue with it.

Rakesh V. Advani – Credit Suisse Securities LLC

All right. Thank you.

Jeff A. Stevens

Thank you.

Operator

Thank you. I would now like to turn the call to Mr. Jeff Stevens.

Jeff A. Stevens

Thanks, Laurie. And thank you for your participation in today’s call, and your continued interest in Western Refining. We look forward to talking to you on our Q3 results.

Operator

Thank you. That concludes today’s second quarter 2013 Western Refining earnings conference call. You may now disconnect your lines at this time and have a wonderful day.

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