June 2007 -- Giant Industries Inc., a refiner and marketer of petroleum products, reported net earnings for the first quarter ended March 31, 2007, of $7.2 million or 49 cents per diluted share. That compares with a net loss for the first quarter ended March 31, 2006.
That performance occurred despite ongoing recovery efforts following refinery fires in the fourth quarter of 2006. Adds Giant's CEO, Fred Hollinger: "Our first quarter 2007 earnings were negatively impacted by reduced operations at our Yorktown and Ciniza refineries in the months of January and February as we made repairs necessitated by the fires that occurred at these facilities in the fourth quarter of 2006. The month of March was, however, exceptional for our refining operations as our refineries were operating at high utilization rates and refining margins were strong throughout our market.
"Our wholesale operations performed well in the first quarter of 2007 as the operating income contribution from our wholesale operations increased by approximately 10%, primarily as a result of the additional contribution from an acquisition completed in January 2007."
