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Western Refining DEAR STOCKHOLDERS 2007 2007 was a year of tremendous change for our company With these new or revised agreements in place, we and our industry. I believe that in the future, when estimate that we will experience savings of at least we look back, 2007 will be viewed as a pivotal and $75 million per year in the cost of raw materials. ANNUAL critical time of strategic growth for Western Refining. Overall, the growth of Western and the integration of With that growth came significant expectations and the Giant assets are proceeding as planned. As a demands and I am confident that we have met, or result of the acquisition of Giant Industries, we have will soon meet, the vast majority of those challenges. REPORT become national in scope. We have become a whole- Our company had net earnings of $238.6 million in sale and a retail company, and we have grown from a 2007, compared to net earnings of $204.8 million company with approximately 350 employees to one in 2006. I am proud to report that this is a new of almost 4,000. Integrating business cultures is record high in annual earnings, and the second never easy, but we believe the people and operations consecutive year that Western has set earnings of these two companies have made significant strides records. The 2007 increase in earnings was primarily in becoming one great company. We see the progress the result of higher refinery gross margins and of this every day. While we realize there are still goals increased refinery throughput in El Paso. we need to reach, we believe we have made the right Along with all the changes at Western Refining in investments, not only in physical assets, but in 2007 came a number of significant challenges. Some people and the communities in which they live. of these challenges affected the entire industry. As Western Refining will continue its focus on opera- 2007 ended and we began 2008, the oil market tional enhancements and financial improvements in experienced the largest increase in crude oil prices 2008. The DuPont SAR project in El Paso is in history. And although gasoline prices increased, completed and in start up mode now. The low-sulfur those increases were not proportionate to crude oil gasoline project at the Yorktown refinery is also costs. The net effect of these dramatic changes, completed and in start up mode, and low-sulfur industry-wide, was that margins were compressed gasoline projects in El Paso are underway and and earnings decreased. We will continue to focus on scheduled for completion in 2009. We will continue refining costs and efficiency at all of our plants and to work on a number of initiatives targeted at we are committed to efficiently managing our reducing processing costs and improving energy feedstock costs and marketing activities to achieve efficiency at all four refineries. During 2008, we the best possible results in these turbulent times. plan to implement reductions in corporate overhead, Outside of unprecedented oil prices, which are out of resulting in savings of approximately $15 million our control, there were challenges that we could from the 2007 Western/Giant combined level. address, as a company. One of the major issues for As always, I want to extend my heartfelt thanks to Western Refining was to improve performance at our each and every employee of Western Refining. As a newly acquired facilities, and make the operations company, we have an unwavering dedication to more consistent with the performance at our El Paso safety and to protecting the environment. It is refinery. We have taken a number of measures to because of each individual’s performance that we are accomplish this, as well as to make all of our successful. The dedication and commitment of these operations as safe and reliable as possible. employees allow the Western Refining name to stand Our first step was to transfer certain maintenance for quality, safety, and stewardship. and engineering personnel from our El Paso facility In closing, I would like to share with you how proud I to our Yorktown and Gallup refineries. We also hired am of where we are today as a company. I believe we new refinery managers for both locations. These have made great progress through a large and moves have served us well to implement specific complex merger of people, assets, and cultures. It is improvement initiatives. As an example, in Yorktown my belief that how we achieved this was as important we improved coker operations to 21,000 barrels per as what we achieved. And I am confident that day, which is 17% above historical performance. throughout the merger, our manner spoke positively This will also allow for additional processing of to our investors, our employees, our communities, heavier crude oils at Yorktown. The Yorktown refinery and the industry. By setting high standards in safety, is now operating at approximately 70,000 barrels of plant technology, environmental stewardship, crude oil per day, which is a capacity increase of efficiency, and civic and charitable involvement, we approximately 8,000 barrels per day, about 13% believe Western Refining will not only enjoy contin- higher than historical operations. In addition, ued growth, but will be on the right course as we improved operations at the Four Corners refineries in meet tomorrow’s challenges. the fourth quarter of 2007 allowed us to demon- Sincerely, strate combined crude oil throughput capacity in excess of 40,000 barrels per day. Our El Paso refinery continued to have strong operating perfor- Western mance with total refinery throughput increasing for the fifth consecutive year to its current level of TM Refining Western approximately 125,000 barrels of crude oil per day. TM Refining In another improvement initiative, we renegotiated, Paul L. Foster www.wnr.com 7-ILLS!VENUE %L0ASO 48s s terminated, or secured lower-cost feedstock agree- President and Chief Executive Officer ments for all three of the former Giant refineries. Western Refining, Inc. DEAR STOCKHOLDERS 2007 2007 was a year of tremendous change for our company With these new or revised agreements in place, we and our industry. I believe that in the future, when estimate that we will experience savings of at least we look back, 2007 will be viewed as a pivotal and $75 million per year in the cost of raw materials. ANNUAL critical time of strategic growth for Western Refining. Overall, the growth of Western and the integration of With that growth came significant expectations and the Giant assets are proceeding as planned. As a demands and I am confident that we have met, or result of the acquisition of Giant Industries, we have will soon meet, the vast majority of those challenges. REPORT become national in scope. We have become a whole- Our company had net earnings of $238.6 million in sale and a retail company, and we have grown from a 2007, compared to net earnings of $204.8 million company with approximately 350 employees to one in 2006. I am proud to report that this is a new of almost 4,000. Integrating business cultures is record high in annual earnings, and the second never easy, but we believe the people and operations consecutive year that Western has set earnings of these two companies have made significant strides records. The 2007 increase in earnings was primarily in becoming one great company. We see the progress the result of higher refinery gross margins and of this every day. While we realize there are still goals increased refinery throughput in El Paso. we need to reach, we believe we have made the right Along with all the changes at Western Refining in investments, not only in physical assets, but in 2007 came a number of significant challenges. Some people and the communities in which they live. of these challenges affected the entire industry. As Western Refining will continue its focus on opera- 2007 ended and we began 2008, the oil market tional enhancements and financial improvements in experienced the largest increase in crude oil prices 2008. The DuPont SAR project in El Paso is in history. And although gasoline prices increased, completed and in start up mode now. The low-sulfur those increases were not proportionate to crude oil gasoline project at the Yorktown refinery is also costs. The net effect of these dramatic changes, completed and in start up mode, and low-sulfur industry-wide, was that margins were compressed gasoline projects in El Paso are underway and and earnings decreased. We will continue to focus on scheduled for completion in 2009. We will continue refining costs and efficiency at all of our plants and to work on a number of initiatives targeted at we are committed to efficiently managing our reducing processing costs and improving energy feedstock costs and marketing activities to achieve efficiency at all four refineries. During 2008, we the best possible results in these turbulent times. plan to implement reductions in corporate overhead, Outside of unprecedented oil prices, which are out of resulting in savings of approximately $15 million our control, there were challenges that we could from the 2007 Western/Giant combined level. address, as a company. One of the major issues for As always, I want to extend my heartfelt thanks to Western Refining was to improve performance at our each and every employee of Western Refining. As a newly acquired facilities, and make the operations company, we have an unwavering dedication to more consistent with the performance at our El Paso safety and to protecting the environment. It is refinery.
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