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May 26, 2015 1:00 PM ET

Oil, Gas and Consumable Fuels

Company Overview of United Refining Company

Company Overview

United Refining Company, together with its subsidiaries, operates as an integrated refiner and marketer of petroleum products primarily in western New York and northwestern Pennsylvania. The company owns and operates a medium complexity 70,000 barrel per day petroleum refinery that refines crude oil into various finished products, including various grades of gasoline, ultra low sulfur diesel fuel, kerosene, No. 2 heating oil, and asphalt. It operates through two segments, Wholesale and Retail. The Wholesale segment is involved in the acquisition of crude oil; petroleum refining; supply of petroleum products to the retail segment; and marketing of petroleum products to wholesale and industria...

15 Bradley Street

Warren, PA 16365

United States

Founded in 1902

1,894 Employees

Phone:

814-723-1500

Key Executives for United Refining Company

Chairman, Chief Executive Officer, Chairman of United Refining Company of Pennsylvania, Chairman of Kiantone Pipeline Corporation and Chairman of United Jet Center, Inc.
Age: 66
President, Chief Operating Officer, Director, President of United Refining Company of Pennsylvania, President of Kiantone Pipeline Corporation and President of United Jet Center, Inc.
Age: 62
Chief Financial Officer, Principal Accounting Officer, Vice President and Treasurer
Age: 69
Vice President, General Counsel and Secretary
Age: 55
Vice President of Supply & Transportation
Age: 60
Compensation as of Fiscal Year 2014.

United Refining Company Key Developments

United Refining Company Announces Unaudited Earnings Results for the Second Fiscal Quarter and Six Months Period Ended February 28, 2015

United Refining Company announced unaudited earnings results for the second fiscal quarter and six months period ended February 28, 2015. For the quarter, the company reported net sales decreased $192.8 million, or 24.9%, to $580.9 million from $773.7 million for the fiscal quarter ended February 28, 2014. Net income was $1.6 million, a decrease of $56.1 million from $57.7 million for the fiscal quarter ended February 28, 2014. Earnings before interest, taxes, depreciation and amortization (EBITDA)1 on a LIFO basis was $20.1 million, a decrease of $88.5 million from $108.6 million for the fiscal quarter ended February 28, 2014. LBITDA on FIFO Basis was $59,075,000 against EBITDA - FIFO Basis of $71,554,000, last year. Operating income was $10,792,000 against $101,837,000, last year. For the six months, net sales decreased $259.8 million, or 15.6%, to $1,405.6 million from $1,665.4 million for the six months ended February 28, 2014. Net income was $19.2 million, a decrease of $37.4 million from $56.6 million for the six months ended February 28, 2014. EBITDA on a LIFO basis was $66.3 million, a decrease of $54.5 million from $120.8 million for the six months ended February 28, 2014. Operating income was $46,931,000 against $107,251,000, last year. LBITDA on FIFO Basis was $44,648,000 against EBITDA - FIFO Basis of $69,498,000, last year.

United Refining Company, Q2 2015 Earnings Call, Apr 20, 2015

United Refining Company, Q2 2015 Earnings Call, Apr 20, 2015

United Refining Company and Kiantone Pipeline Corporation, Enbridge Energy Partners, L.P. and Enbridge Inc. Enters into Letter Agreement

On March 27, 2015, United Refining Company and Kiantone Pipeline Corporation, on the one hand, and Enbridge Energy Partners, L.P. and Enbridge Inc. on the other hand, entered into an amendment to that certain letter agreement with respect to approximately 88.85 miles of pipeline owned by the Carriers, which transports crude oil from Canada to the company's Kiantone Pipeline in West Seneca, New York and serves the company's refinery in Warren, Pennsylvania. Pursuant to the Amendment, the date by which the company and the Carriers will negotiate the terms and conditions of a put and call option agreement for Line 10 has been changed from on or before March 27, 2015 to on or before April 1, 2015. Pursuant to the Put and Call Agreement, the company would have the right to purchase the Line 10 Pipeline from the Carriers at any time during the next approximately eleven years and the Carriers would have the right to require the company to purchase the Line 10 Pipeline over a two year period starting at the later of approximately nine years or when all of the replacements are completed.

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