##### 



EXHIBIT 99.1
 For Immediate Release
 Contact:  Mark Cox  (915) 775-3300
 WESTERN REFINING REPORTS THIRD QUARTER RESULTS




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##### 



Conference Call Information
   About Western Refining
  Use of Non-GAAP Financial Measures
  Cautionary Statement on Forward-Looking Statements




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##### 



Consolidated Financial Data
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007 (1)
    
    
    2006(In thousands, except per share data)
    
    
    (In thousands, except per share data)Statement of Operations Data:Net sales
    
    $
    2,232,890
    
    
    $
    1,174,071
    
    
    $
    4,886,063
    
    
    $
    3,212,014Operating costs and expenses:Cost of products sold (exclusive of
depreciation and amortization)
    
    
    1,977,070
    
    
    
    1,015,931
    
    
    
    4,133,327
    
    
    
    2,802,272Direct operating expenses (exclusive
of depreciation and amortization)
    
    
    126,590
    
    
    
    44,513
    
    
    
    248,560
    
    
    
    125,426Selling, general and administrative
expenses
    
    
    27,783
    
    
    
    9,640
    
    
    
    55,589
    
    
    
    25,825Maintenance turnaround expense
    
    
    13,665
    
    
    
    
    
    
    
    13,665
    
    
    
    22,196Depreciation and amortization
    
    
    20,687
    
    
    
    3,858
    
    
    
    37,374
    
    
    
    9,311Total operating costs and
expenses
    
    
    2,165,795
    
    
    
    1,073,942
    
    
    
    4,488,515
    
    
    
    2,985,030Operating income
    
    
    67,095
    
    
    
    100,129
    
    
    
    397,548
    
    
    
    226,984Interest income
    
    
    6,599
    
    
    
    3,020
    
    
    
    16,774
    
    
    
    6,916Interest expense
    
    
    (22,476
    )
    
    
    (397
    )
    
    
    (31,974
    )
    
    
    (1,847
    )Amortization of loan fees
    
    
    (750
    )
    
    
    (125
    )
    
    
    (1,164
    )
    
    
    (375
    )Write-off of unamortized loan fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,961
    )Loss on early extinguishment of debt
    
    
    (774
    )
    
    
    
    
    
    
    (774
    )
    
    
    Gain (loss) from derivative activities
    
    
    9,106
    
    
    
    5,452
    
    
    
    (1,453
    )
    
    
    7,437Other income (expense)
    
    
    193
    
    
    
    574
    
    
    
    (778
    )
    
    
    539Income before income taxes
    
    
    58,993
    
    
    
    108,653
    
    
    
    378,179
    
    
    
    237,693Provision for income taxes(2)
    
    
    (12,371
    )
    
    
    (21,554
    )
    
    
    (114,040
    )
    
    
    (83,835
    )Net income(2)
    
    $
    46,622
    
    
    $
    87,099
    
    
    $
    264,139
    
    
    $
    153,858Basic earnings per share
    
    $
    0.69
    
    
    $
    1.31
    
    
    $
    3.94
    
    
    $
    2.37Diluted earnings per share
    
    $
    0.69
    
    
    $
    1.30
    
    
    $
    3.91
    
    
    $
    2.36Weighted average basic shares
outstanding
    
    
    67,246
    
    
    
    66,617
    
    
    
    67,095
    
    
    
    64,923Weighted average diluted shares
outstanding
    
    
    67,683
    
    
    
    67,182
    
    
    
    67,566
    
    
    
    65,274Cash Flow Data:Net cash provided by (used in):Operating activities (2)
    
    $
    28,724
    
    
    $
    40,390
    
    
    $
    256,715
    
    
    $
    127,812Investing activities
    
    
    (96,031
    )
    
    
    (31,492
    )
    
    
    (1,222,711
    )
    
    
    (111,695
    )Financing activities (2)
    
    
    (130,555
    )
    
    
    (4,482
    )
    
    
    969,003
    
    
    
    (8,998
    )Other Data:Adjusted EBITDA(3)
    
    $
    117,345
    
    
    $
    113,033
    
    
    $
    463,130
    
    
    $
    273,383Capital expenditures
    
    
    95,665
    
    
    
    15,982
    
    
    
    165,776
    
    
    
    96,185Balance Sheet Data (end of
period):Cash and cash equivalents
    
    
    
    
    
    
    
    
    
    $
    266,172
    
    
    $
    187,950Working capital
    
    
    
    
    
    
    
    
    
    
    439,760
    
    
    
    250,879Total assets
    
    
    
    
    
    
    
    
    
    
    3,316,910
    
    
    
    834,868Total debt
    
    
    
    
    
    
    
    
    
    
    1,300,000
    
    
    
    Stockholders equity
    
    
    
    
    
    
    
    
    
    
    783,149
    
    
    
    479,692




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##### 



(1)
    
    Includes results of operations for Giant beginning June 1, 2007.(2)
    
    Prior to our initial public offering in January 2006, we were not subject to federal or state
income taxes due to our partnership structure. We recorded additional income tax expense for
the cumulative effect of recording our estimated net deferred tax liability in the amount of
$21.3 million upon changing from a partnership to a corporate holding company structure. This
estimated initial net deferred tax liability, which was recorded during the first quarter of
2006, was based upon the assumption that a certain voluntary election would be made by Western
Refining LP when it filed its 2005 income tax returns. Western Refining LP filed its 2005
income tax returns in September 2006 and the voluntary election was changed from the original
assumption. Primarily due to this change, our initial net deferred tax liability was reduced
to $8.3 million, which was reflected as an adjustment to the provision for income taxes during
the third quarter of 2006.(3)
    
    Adjusted EBITDA represents earnings before interest expense, income tax expense, amortization
of loan fees, gains or losses on early extinguishment of debt, write-off of unamortized loan
fees, depreciation, amortization, and maintenance turnaround expense. Adjusted EBITDA is not,
however, a recognized measurement under GAAP. Our management believes that the presentation
of Adjusted EBITDA is useful to investors because it is frequently used by securities
analysts, investors, and other interested parties in the evaluation of companies in our
industry. In addition, our management believes that Adjusted EBITDA is useful in evaluating
our operating performance compared to that of other companies in our industry because the
calculation of Adjusted EBITDA generally eliminates the effects of financings, income taxes,
and the accounting effects of significant turnaround activities (which many of our competitors
capitalize and thereby exclude from their measures of EBITDA) and acquisitions, and items that
may vary for different companies for reasons unrelated to overall operating performance.Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in
isolation, or as a substitute for analysis of our results as reported under GAAP. Some of
these limitations are: 
    
    Adjusted EBITDA does not reflect our cash expenditures or future requirements for
significant turnaround activities, capital expenditures, or contractual commitments;
    
    Adjusted EBITDA does not reflect interest expense or the cash requirements necessary to
service interest or principal payments on our debt;
    
    Adjusted EBITDA does not reflect changes in, or cash requirements for, our working
capital needs; and
    
    our calculation of Adjusted EBITDA may differ from the Adjusted EBITDA calculations of
other companies in our industry, thereby limiting its usefulness as a comparative measure.
 Because of these limitations, Adjusted EBITDA should not be considered a measure of
discretionary cash available to us to invest in the growth of our business. We compensate for
these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only
supplementally.




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##### 



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007 (1)
    
    
    2006(In thousands)Net income
    
    $
    46,622
    
    
    $
    87,099
    
    
    $
    264,139
    
    
    $
    153,858Interest expense
    
    
    22,476
    
    
    
    397
    
    
    
    31,974
    
    
    
    1,847Income tax expense
    
    
    12,371
    
    
    
    21,554
    
    
    
    114,040
    
    
    
    83,835Amortization of loan fees
    
    
    750
    
    
    
    125
    
    
    
    1,164
    
    
    
    375Write-off of unamortized
loan fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,961Loss on early extinguishment of
debt
    
    
    774
    
    
    
    
    
    
    
    774
    
    
    
    Depreciation and
amortization
    
    
    20,687
    
    
    
    3,858
    
    
    
    37,374
    
    
    
    9,311Maintenance turnaround
expense
    
    
    13,665
    
    
    
    
    
    
    
    13,665
    
    
    
    22,196Adjusted EBITDA
    
    $
    117,345
    
    
    $
    113,033
    
    
    $
    463,130
    
    
    $
    273,383
 Refining Segment
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007 (1)
    
    
    2006(In thousands, except per barrel data)
    
    
    (In thousands, except per barrel data)Statement of Operations Data:Net sales
    
    $
    2,102,130
    
    
    $
    1,174,071
    
    
    $
    4,708,201
    
    
    $
    3,212,014Operating costs and expenses:Cost of products sold (exclusive of
depreciation and amortization)
    
    
    1,883,792
    
    
    
    1,015,931
    
    
    
    4,005,621
    
    
    
    2,802,272Direct operating expenses
(exclusive of depreciation and
amortization)
    
    
    107,718
    
    
    
    44,513
    
    
    
    223,600
    
    
    
    125,426Selling, general and administrative
expenses
    
    
    5,390
    
    
    
    2,580
    
    
    
    12,972
    
    
    
    6,909Maintenance turnaround expense
    
    
    13,665
    
    
    
    
    
    
    
    13,665
    
    
    
    22,196Depreciation and amortization
    
    
    17,528
    
    
    
    3,858
    
    
    
    33,458
    
    
    
    9,311Total operating costs and
expenses
    
    
    2,028,093
    
    
    
    1,066,882
    
    
    
    4,289,316
    
    
    
    2,966,114Operating income
    
    $
    74,037
    
    
    $
    107,189
    
    
    $
    418,885
    
    
    $
    245,900Key Operating Statistics:Total sales volume (bpd) (4)
    
    
    256,984
    
    
    
    146,018
    
    
    
    199,039
    
    
    
    139,942Total refinery production (bpd)
    
    
    225,231
    
    
    
    128,787
    
    
    
    174,974
    
    
    
    121,395Total refinery throughput (bpd) (5)
    
    
    227,052
    
    
    
    131,140
    
    
    
    176,735
    
    
    
    123,625Per barrel of throughput:Refinery gross margin (6)
    
    $
    10.45
    
    
    $
    13.11
    
    
    $
    14.56
    
    
    $
    12.14Gross profit (6)
    
    
    9.61
    
    
    
    12.79
    
    
    
    13.87
    
    
    
    11.86Direct operating expenses (7)
    
    
    5.16
    
    
    
    3.69
    
    
    
    4.63
    
    
    
    3.72
 
 (4)
    
    Includes sales of refined products sourced from our refinery production as well as refined
products purchased from third parties.




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##### 



(5)
    
    Total refinery throughput includes crude oil, other feedstocks and blendstocks.(6)
    
    Refinery gross margin is a per barrel measurement calculated by dividing the difference
between net sales and cost of products sold by our refineries total throughput volumes for
the respective periods presented. We have experienced gains or losses from derivative
activities. These derivatives are used to minimize fluctuations in earnings but are not taken
into account in calculating refinery gross margin. Cost of products sold does not include any
depreciation or amortization. Refinery gross margin is a non-GAAP performance measure that we
believe is important to investors in evaluating our refinery performance as a general
indication of the amount above our cost of products that we are able to sell refined products.
Each of the components used in this calculation (net sales and cost of products sold) can be
reconciled directly to our statement of operations. Our calculation of refinery gross margin
may differ from similar calculations of other companies in our industry, thereby limiting its
usefulness as a comparative measure. The following table reconciles gross profit to refinery
gross margin for the periods presented:
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007 (1)
    
    
    2006(In thousands, except per
    
    
    (In thousands, except perbarrel amounts)
    
    
    barrel amounts)Net Sales
    
    $
    2,102,130
    
    
    $
    1,174,071
    
    
    $
    4,708,201
    
    
    $
    3,212,014Cost of products sold
(exclusive of depreciation and
amortization)
    
    
    1,883,792
    
    
    
    1,015,931
    
    
    
    4,005,621
    
    
    
    2,802,272Depreciation and amortization
    
    
    17,528
    
    
    
    3,858
    
    
    
    33,458
    
    
    
    9,311Gross profit
    
    
    200,810
    
    
    
    154,282
    
    
    
    669,122
    
    
    
    400,431Plus depreciation and amortization
    
    
    17,528
    
    
    
    3,858
    
    
    
    33,458
    
    
    
    9,311Refinery gross margin
    
    $
    218,338
    
    
    $
    158,140
    
    
    $
    702,580
    
    
    $
    409,742Refinery gross margin per
refinery throughput barrel
    
    $
    10.45
    
    
    $
    13.11
    
    
    $
    14.56
    
    
    $
    12.14Gross profit per refinery
throughput barrel
    
    $
    9.61
    
    
    $
    12.79
    
    
    $
    13.87
    
    
    $
    11.86
 (7)
    
    Refinery direct operating expenses per throughput barrel is calculated by dividing direct
operating expenses for our refining segment by total throughput volumes for the respective
periods presented. Direct operating expenses do not include any depreciation or amortization.The following table sets forth our summary refining throughput and production data for the
periods presented below:




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##### 



Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007 (8)
    
    
    2006
    
    
    2007 (8)
    
    
    2006Refinery product yields (bpd)Gasoline
    
    
    116,180
    
    
    
    69,233
    
    
    
    91,957
    
    
    
    66,422Diesel and jet fuel
    
    
    88,179
    
    
    
    50,466
    
    
    
    68,605
    
    
    
    46,570Residuum
    
    
    6,085
    
    
    
    5,715
    
    
    
    5,974
    
    
    
    5,209Other
    
    
    14,787
    
    
    
    3,373
    
    
    
    8,438
    
    
    
    3,194Total
    
    
    225,231
    
    
    
    128,787
    
    
    
    174,974
    
    
    
    121,395Refinery throughput (bpd)Sweet crude oil
    
    
    162,810
    
    
    
    103,911
    
    
    
    131,877
    
    
    
    98,840Sour or heavy crude oil
    
    
    49,403
    
    
    
    12,869
    
    
    
    28,261
    
    
    
    11,828Other feedstocks/blendstocks
    
    
    14,839
    
    
    
    14,360
    
    
    
    16,597
    
    
    
    12,957Total
    
    
    227,052
    
    
    
    131,140
    
    
    
    176,735
    
    
    
    123,625
 (8)
    
    Total refinery production and throughput related to the refineries acquired from Giant for
the three and nine months ended September 30, 2007, was calculated by dividing total volumes
by 92 days and 273 days, respectively.
 El PasoThree Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Key Operating Statistics:Refinery product yields (bpd)Gasoline
    
    
    66,235
    
    
    
    69,233
    
    
    
    69,441
    
    
    
    66,422Diesel and jet fuel
    
    
    54,596
    
    
    
    50,466
    
    
    
    53,797
    
    
    
    46,570Residuum
    
    
    6,085
    
    
    
    5,715
    
    
    
    5,974
    
    
    
    5,209Other
    
    
    3,683
    
    
    
    3,373
    
    
    
    3,618
    
    
    
    3,194Total refinery production (bpd)
    
    
    130,599
    
    
    
    128,787
    
    
    
    132,830
    
    
    
    121,395Refinery throughput (bpd)Sweet crude oil
    
    
    108,230
    
    
    
    103,911
    
    
    
    108,218
    
    
    
    98,840Sour crude oil
    
    
    13,235
    
    
    
    12,869
    
    
    
    12,344
    
    
    
    11,828Other feedstocks/blendstocks
    
    
    11,071
    
    
    
    14,360
    
    
    
    14,085
    
    
    
    12,957Total refinery throughput (bpd)
    
    
    132,536
    
    
    
    131,140
    
    
    
    134,647
    
    
    
    123,625Total sales volume (bpd)
    
    
    148,482
    
    
    
    146,018
    
    
    
    150,269
    
    
    
    139,942Per barrel of throughput:Refinery gross margin
    
    $
    11.62
    
    
    $
    13.11
    
    
    $
    16.04
    
    
    $
    12.14Direct operating expenses
    
    
    3.71
    
    
    
    3.69
    
    
    
    3.91
    
    
    
    3.72




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##### 



YorktownThree Months
    
    
    Four MonthsEnded
    
    
    EndedSeptember 30,
    
    
    September 30,2007
    
    
    2007 (1)Key Operating Statistics:Refinery product yields (bpd)Gasoline
    
    
    31,717
    
    
    
    31,997Diesel
    
    
    26,526
    
    
    
    25,925Other
    
    
    10,095
    
    
    
    9,773Total refinery production (bpd)
    
    
    68,338
    
    
    
    67,695Refinery throughput (bpd)Sweet crude oil
    
    
    27,504
    
    
    
    26,396Heavy crude oil
    
    
    36,168
    
    
    
    35,618Other feedstocks/blendstocks
    
    
    3,021
    
    
    
    4,040Total refinery throughput (bpd)
    
    
    66,693
    
    
    
    66,054Total sales volume (bpd)
    
    
    69,281
    
    
    
    70,320Per barrel of throughput:Refinery gross margin
    
    $
    5.69
    
    
    $
    5.86Direct operating expenses
    
    
    4.65
    
    
    
    4.66
 Four CornersThree Months
    
    
    Four MonthsEnded
    
    
    EndedSeptember 30,
    
    
    September 30,2007
    
    
    2007 (1)Key Operating Statistics:Refinery product yields (bpd)Gasoline
    
    
    18,228
    
    
    
    18,386Diesel and jet fuel
    
    
    7,057
    
    
    
    7,212Other
    
    
    1,009
    
    
    
    1,012Total refinery production (bpd)
    
    
    26,294
    
    
    
    26,610Refinery throughput (bpd)Sweet crude oil
    
    
    27,076
    
    
    
    26,547Other feedstocks/blendstocks
    
    
    747
    
    
    
    1,578Total refinery throughput (bpd)
    
    
    27,823
    
    
    
    28,125Total sales volume (bpd)
    
    
    39,221
    
    
    
    38,812Per barrel of throughput:Refinery gross margin
    
    $
    13.81
    
    
    $
    16.36Direct operating expenses
    
    
    9.46
    
    
    
    8.85




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##### 



Retail Segment
 Three Months
    
    
    Four MonthsEnded
    
    
    EndedSeptember 30,
    
    
    September 30,2007
    
    
    2007 (1)(In thousands,
    
    
    (In thousands,except per gallon
    
    
    except per gallondata)
    
    
    data)Statement of Operations Data:Net sales
    
    $
    197,974
    
    
    $
    266,500Operating costs and expenses:Cost of products sold (exclusive of
depreciation and amortization)
    
    
    172,106
    
    
    
    232,158Direct operating expenses (exclusive
of depreciation and amortization)
    
    
    16,239
    
    
    
    21,412Selling, general and administrative
expenses
    
    
    1,318
    
    
    
    1,823Depreciation and amortization
    
    
    1,537
    
    
    
    2,023Total operating costs and
expenses
    
    
    191,200
    
    
    
    257,416Operating income
    
    $
    6,774
    
    
    $
    9,084Operating Data:Fuel gallons sold (in thousands)
    
    
    56,203
    
    
    
    74,453Fuel margin per gallon (9)
    
    $
    0.20
    
    
    $
    0.20Merchandise sales
    
    $
    48,463
    
    
    $
    64,417Merchandise margin
    
    
    28
    %
    
    
    28
    %Operating retail outlets at period end
    
    
    
    
    
    
    156
 (9)
    
    Fuel margin per gallon is a measurement calculated by dividing the difference between fuel
sales and cost of fuel sales for our retail segment by the number of gallons sold.




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##### 



Wholesale Segment
 Three Months
    
    
    Four MonthsEnded
    
    
    EndedSeptember 30,
    
    
    September 30,2007
    
    
    2007 (1)(In thousands,
    
    
    (In thousands,except per gallon
    
    
    except per gallondata)
    
    
    data)Statement of Operations Data:Net sales
    
    $
    418,189
    
    
    $
    563,940Operating costs and expenses:Cost of products sold (exclusive of
depreciation and amortization)
    
    
    400,509
    
    
    
    540,388Direct operating expenses (exclusive
of depreciation and amortization)
    
    
    8,711
    
    
    
    11,298Selling, general and administrative
expenses
    
    
    4,111
    
    
    
    5,362Depreciation and amortization
    
    
    1,145
    
    
    
    1,366Total operating costs and
expenses
    
    
    414,476
    
    
    
    558,414Operating income
    
    $
    3,713
    
    
    $
    5,526Operating Data:Fuel gallons sold (in thousands)
    
    
    166,665
    
    
    
    222,187Fuel margin per gallon (10)
    
    $
    0.05
    
    
    $
    0.05Lubricant sales
    
    $
    37,518
    
    
    $
    49,068Lubricant margins
    
    
    9.8
    %
    
    
    9.9
    %
 (10)
    
    Fuel margin per gallon is a measurement calculated by dividing the difference between fuel
sales and cost of fuel sales for our wholesale segment by the number of gallons sold.