Exhibit 99.1

		NEWS RELEASE
		Contacts:		Claire A. Hart, Senior Vice President
				Alon USA Energy, Inc.
				972-367-3649
FOR IMMEDIATE RELEASE
				Investors: Jack Lascar/Sheila Stuewe
				DRG&E / 713-529-6600
				Media: Blake Lewis
				Lewis Public Relations
				214-635-3020
				Ruth Sheetrit
				SMG Public Relations
				011-972-547-555551

Alon USA Reports Fourth Quarter and Full Year 2009 Results

Declares Quarterly Cash Dividend

Company schedules conference call for March 3, 2010 at 10:00 A.M. Eastern

     DALLAS, TEXAS, March 2, 2010 — Alon USA Energy, Inc. (NYSE: ALJ) (“Alon”) today announced results for the quarter and year ended December 31, 2009. Alon had a net loss, excluding special items, of ($65.4) million, or ($1.39) per share, for the fourth quarter of 2009, compared to net income, excluding special items, of $65.1 million, or $1.39 per share, for the same period last year. On a GAAP basis, net loss for the fourth quarter of 2009 was ($90.6) million, or ($1.93) per share, compared to net income of $60.9 million, or $1.30 per share, for the same period last year.

     Alon reported a net loss, excluding special items, of ($82.7) million, or ($1.77) per share, for the year ended December 31, 2009, compared to net income, excluding special items, of $6.6 million, or $0.14 per share, for the same period last year. On a GAAP basis, net loss for the year ended December 31, 2009, was ($115.2) million, or ($2.46) per share, compared to net income of $82.9 million, or $1.77 per share, for the year ended December 31, 2008.

     Jeff Morris, Alon’s CEO, commented, “At the end of 2009, we converted preferred stock of our Krotz Springs subsidiary into Alon common stock at a conversion price of over $14.00 per common share. The conversion increased total stockholders’ equity by approximately $106 million and in effect created a gain of approximately $55 million that is not reflected in our financial statements with a non-cash expense of approximately $21 million that is included in our financial statements. Our availability under our credit facilities was approximately $150 million at year end. In addition, we were able to obtain, with the support of our majority shareholder, a $60 million credit facility for three years to be used in our operations. Also, we improved our liquidity by selling two thirds of our investment in Holly Energy Partners (“HEP”) for approximately $23 million in January 2010. At year end our tax receivable was approximately $65 million and, to date, we have received refunds of approximately $31 million. Even in this challenging environment we were able to maintain our net debt to total capitalization by reducing net debt during 2009 by approximately $189 million.

     “Alon Refining Krotz Springs successfully issued $216.5 million of senior secured notes in October 2009 and completed the exchange of substantially all these notes with publicly registered notes in February 2010. In connection with the issuance of the senior secured notes, we prepaid in full the outstanding obligations under the Krotz Springs term loan. As a result, we incurred a non-cash pre-tax charge of approximately $20 million for the write-off of unamortized costs on the Krotz Springs term loan in the fourth quarter of 2009.

     “In January 2010, we started up the alkylation unit at our Big Spring refinery that had been inactive for almost two years, negatively impacting our 2009 margins on average, by approximately $1.80 per barrel or pre-tax income of approximately $40 million. For our California refineries, we are pursuing the purchase of the Bakersfield refinery from Big West of California, LLC, a subsidiary of Flying J, Inc. as an alternative solution to convert our vacuum gas oil production into gasoline and distillate products. Our Krotz Springs refinery was

shutdown in November 2009 for turnaround and capital projects work and is expected to be back in operations in April 2010. Our asphalt business in 2009 remained strong as adjusted EBITDA, excluding inventory effects and including earnings in asphalt partnerships, was $57.3 million and equivalent to 2008 on the same basis. As a result, we look forward to this upcoming asphalt season. Also, our retail and branded marketing segment continues to show increased sales volumes over prior periods.

     “The silver lining is that our management has been through down cycles before and we are beginning to see reasons to be optimistic about the end of this down cycle. In 2009 the strategy of Alon has become even more clear to us and we have become keenly focused on the heavy duty fleet. We believed before we made the investments in Paramount and Krotz Springs that demand of fuels for the heavy duty fleet, primarily distillates, would exceed demand for the light duty fleet, primarily gasoline.”

FOURTH QUARTER 2009

     Special items for the fourth quarter of 2009 include an after-tax loss of ($11.6) million for the write-off of unamortized debt issuance costs related to the full prepayment of the Alon Refining Krotz Springs, Inc. term loan, and an after-tax gain of $0.4 million recognized on disposition of assets. Also, special items include dividends of ($12.0) million associated with the conversion by Alon Israel of its preferred shares in Alon Refining Louisiana to Alon common stock and accrued dividends of ($2.0) million on the preferred shares in Alon Refining Louisiana prior to conversion. Special items for the fourth quarter of 2008 include after-tax losses of ($35.0) million associated with inventories acquired in the July 2008 Krotz Springs refinery acquisition due to the impact of lower commodity prices; ($6.1) million incurred for costs associated with the Big Spring refinery fire and after-tax gains of $37.8 million recognized from the involuntary conversion of assets due to the Big Spring refinery fire; and $1.0 million recognized on disposition of assets. Also, special items include accrued dividends of ($2.0) million on the preferred shares in Alon Refining Louisiana.

     Refinery operating margin at the Big Spring refinery was ($2.87) per barrel for the fourth quarter of 2009 compared to ($12.91) per barrel for the same period in 2008. This increase resulted primarily from higher industry Gulf Coast 3/2/1 crack spreads and the improved commodity price environment compared to the 2008 fourth quarter when the rapid decline in crude oil prices affected inventory values. Refinery operating margin at the California refineries was ($1.23) per barrel for the fourth quarter of 2009 compared to $11.74 per barrel for the same period in 2008. Refinery operating margin at the Krotz Springs refinery was ($2.03) per barrel for the fourth quarter of 2009 compared to $7.30 per barrel for the same period in 2008.

     The combined refineries throughput for the fourth quarter of 2009 averaged 93,113 barrels per day (“bpd”), consisting of 50,781 bpd at the Big Spring refinery, 20,618 bpd at the California refineries, and 21,714 bpd at the Krotz Springs refinery compared to a combined average of 132,751 bpd in the fourth quarter of 2008, consisting of 54,156 bpd at the Big Spring refinery, 20,613 bpd at the California refineries and 57,982 bpd at the Krotz Springs refinery. Throughput at the Krotz Springs refinery was lower in the fourth quarter of 2009 as we moved-up a scheduled turnaround from the first quarter of 2010 to November 2009.

     Gulf Coast 3/2/1 average crack spreads were $4.55 per barrel for the fourth quarter of 2009 compared to $3.49 per barrel for the fourth quarter of 2008. Gulf Coast 2/1/1 high sulfur diesel average crack spreads were $4.61 per barrel for the fourth quarter of 2009 compared to $5.70 per barrel for the fourth quarter of 2008. West Coast 3/2/1 average crack spreads were $8.51 per barrel for the fourth quarter of 2009 compared to $8.79 per barrel for the fourth quarter of 2008.

     The average sweet/sour spread for the fourth quarter of 2009 was $2.07 per barrel compared to $3.69 per barrel for the same period in 2008. The average light/heavy spread for the fourth quarter of 2009 was $6.67 per barrel compared to $13.58 per barrel for the same period in 2008.

     Asphalt margins for the fourth quarter of 2009 decreased to an average of $48.16 per ton compared to $422.29 per ton for the fourth quarter of 2008. On a cash basis, asphalt margins in the fourth quarter of 2009 were $22.31 per ton compared to $227.81 per ton in the fourth quarter of 2008. Adjusted EBITDA, including earnings in asphalt partnerships of $2.5 million, in the fourth quarter of 2009 was ($4.5) million after excluding positive inventory effects of $6.1 million compared to adjusted EBITDA, including earnings in asphalt partnerships of $0.5 million, in the fourth quarter of 2008 of $37.4 million after excluding positive inventory effects of $40.3 million. The average blended asphalt sales price decreased 18.6% from $533.73 per ton in the fourth quarter of 2008 to $434.53 per ton in the fourth quarter of 2009 and the average non-blended asphalt sales price decreased 31.4% from $292.40 per ton in the fourth quarter of 2008 to $200.67 per ton in the fourth quarter of 2009. The blended asphalt sales accounted for 88% of total asphalt sales in the fourth quarter of 2009.

     In our retail and branded marketing segment, retail fuel sales gallons increased by 31.4% from 23.9 million gallons in the fourth quarter of 2008 to 31.4 million gallons in the fourth quarter of 2009. Our integrated branded fuel sales increased by 6.3% from 61.7 million gallons in the fourth quarter of 2008 to 65.6 million gallons in the fourth quarter of 2009.

YEAR-TO-DATE 2009

     Special items for the year ended December 31, 2009 include after-tax losses of ($11.6) million for the write-off of unamortized debt issuance costs related to the full prepayment of the Alon Refining Krotz Springs, Inc. term loan, and ($0.9) million recognized on disposition of assets. Also, special items include dividends of ($12.0) million associated with the conversion by Alon Israel of its preferred shares in Alon Refining Louisiana to Alon common stock and accrued dividends of ($8.0) million on the preferred shares in Alon Refining Louisiana prior to conversion. Special items for the year ended December 31, 2008 include after-tax losses of ($70.7) million associated with inventories acquired in the July 2008 Krotz Springs refinery acquisition; ($31.6) million associated with the Big Spring refinery fire and after-tax gains of $155.3 million associated with the involuntary conversion of assets due to the Big Spring refinery fire; and $27.4 million recognized primarily from the disposition of assets in connection with the contribution of certain product pipelines and terminals to Holly Energy Partners, LP, in March 2005. Also, special items include accrued dividends of ($4.0) million on the preferred shares in Alon Refining Louisiana.

     Refinery operating margin at the Big Spring refinery was $4.35 per barrel for the year ended December 31, 2009, compared to ($3.18) per barrel for the same period in 2008. This increase was primarily due to the depressed margins experienced in conjunction with the fire at the Big Spring refinery in 2008. The Big Spring refinery light product yields were approximately 82% for the year ended December 31, 2009, compared to 70% for the same period in 2008. Refinery operating margin at the California refineries was $1.80 per barrel for the year ended December 31, 2009, compared to $1.65 per barrel for the same period in 2008. The Krotz Springs refinery operating margin for the year ended December 31, 2009, was $5.66 per barrel compared to $7.25 per barrel for the period from its acquisition effective July 1, 2008 through December 31, 2008. The lower Krotz Springs refinery operating margin is due primarily to lower Gulf Coast 2/1/1 high sulfur diesel margins in 2009.

     The Big Spring refinery and California refineries combined throughput for the year ended December 31, 2009 averaged 91,028 bpd, consisting of 59,870 bpd at the Big Spring refinery and 31,158 bpd at the California refineries compared to a combined average of 68,892 bpd for the same period last year, consisting of 37,793 bpd at the Big Spring refinery and 31,099 bpd at the California refineries. The Big Spring refinery had higher throughput for the year ended December 31, 2009, compared to the same period last year primarily due to the 2008 fire at the Big Spring refinery. The Krotz Springs refinery throughput for the year ended December 31, 2009, averaged 48,337 bpd and for the period from its acquisition effective July 1, 2008 through December 31, 2008, averaged 58,184 bpd. The lower throughput in 2009 is due to a turnaround that began in November 2009.

     Gulf Coast 3/2/1 average crack spreads were $7.24 per barrel for the year ended December 31, 2009, compared to $10.47 per barrel for the same period in 2008. Gulf Coast 2/1/1 high sulfur diesel average crack spreads for the year ended December 31, 2009, was $6.50 per barrel compared to $11.28 per barrel for the same period in 2008. West Coast 3/2/1 average crack spreads for the year ended December 31, 2009, was $13.92 per barrel compared to $15.80 per barrel for the same period in 2008.

     The average sweet/sour spread for the year ended December 31, 2009, was $1.52 per barrel compared to $3.78 per barrel for the same period in 2008. The average light/heavy spread for the year ended December 31, 2009, was $5.46 per barrel compared to $15.63 per barrel for the same period in 2008.

     Asphalt margins decreased to an average of $46.07 per ton for the year ended December 31, 2009, compared to $113.43 per ton for the same period in 2008. On a cash basis asphalt margins for the year ended December 31, 2009, were $67.34 per ton compared to $80.22 per ton for the same period in 2008. Adjusted EBITDA, including earnings in asphalt partnerships of $22.2 million, for the year ended December 31, 2009, was $53.7 million after excluding negative inventory effects of $25.3 million compared to adjusted EBITDA, including earnings in asphalt partnerships of ($2.8) million, for the same period in 2008 of $53.7 million after excluding positive inventory effects of $43.1 million. The average blended asphalt sales price decreased 19.9% from $511.95 per ton for the year ended December 31, 2008, to $409.88 per ton for the year ended December 31, 2009, and the average non-blended asphalt sales price decreased 46.1% from $315.48 per ton for the year ended December 31, 2008 to $170.05 per ton for the year ended December 31, 2009. The blended asphalt sales accounted for 92% of total asphalt sales for the year ended December 31, 2009. The decrease in the blended asphalt sales price of 19.9% was less than the 37.9% decrease in WTI prices for the year ended December 31, 2009.

     In our retail and branded marketing segment, retail fuel sales gallons increased by 24.4% from 97.0 million gallons for the year ended December 31, 2008, to 120.7 million gallons for the year ended December 31, 2009. Our integrated branded fuel sales increased by 15.6% from 225.5 million gallons for the year ended December 31, 2008, to 260.6 million gallons for the year ended December 31, 2009.

     Alon also announced today that its Board of Directors has approved the regular quarterly cash dividend of $0.04 per share. The dividend is payable on March 31, 2010 to stockholders of record at the close of business on March 15, 2010.

CONFERENCE CALL

     The Company has scheduled a conference call for Wednesday, March 3, 2010, at 10:00 a.m. Eastern, to discuss the fourth quarter 2009 results. To access the call, please dial 1-877-941-2332, or 480-629-9722, for international callers, and ask for the Alon USA Energy call at least 10 minutes prior to the start time. Investors may also listen to the conference live on the Alon corporate website, http://www.alonusa.com, by logging onto that site and clicking “Investors”. A telephonic replay of the conference call will be available through March 17, 2010, and may be accessed by calling 1-800-406-7325, or 303-590-3030, for international callers, and using the passcode 4199446#. A web cast archive will also be available at http://www.alonusa.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Donna Washburn at DRG&E at 713-529-6600 or email dmw@drg-e.com.

     Alon USA Energy, Inc., headquartered in Dallas, Texas, is an independent refiner and marketer of petroleum products, operating primarily in the South Central, Southwestern and Western regions of the United States. The Company owns four crude oil refineries in Texas, California, Louisiana and Oregon, with an aggregate crude oil throughput capacity of approximately 250,000 barrels per day. Alon is a leading producer of asphalt, which it markets through its asphalt terminals predominately in the Western United States. Alon is the largest 7-Eleven licensee in the United States and operates more than 300 convenience stores in Texas and New Mexico. Alon markets motor fuel products under the FINA brand at these locations and at approximately 640 distributor-serviced locations.

     Any statements in this press release that are not statements of historical fact are forward-looking statements. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our financial condition, results of operations and cash flows. Additional information regarding these and other risks is contained in our filings with the Securities and Exchange Commission.

-Tables to follow-

ALON USA ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED
EARNINGS RELEASE

RESULTS OF OPERATIONS — FINANCIAL DATA
(ALL INFORMATION IN THIS PRESS RELEASE, EXCEPT FOR BALANCE
SHEET DATA AS OF DECEMBER 31, 2008 AND INCOME STATEMENT
DATA FOR THE YEAR ENDED DECEMBER 31, 2008 IS UNAUDITED)

		For the Three Months Ended								For the Year Ended
		December 31,								December 31,
		2009				2008				2009				2008
		(dollars in thousands, except per share data)
STATEMENT OF OPERATIONS DATA:
Net sales (1)		$	834,041			$	986,166			$	3,915,732			$	5,156,706
Operating costs and expenses:
Cost of sales			809,439				819,407				3,502,782				4,853,195
Direct operating expenses			61,202				66,915				265,502				216,498
Selling, general and administrative expenses (2)			33,674				33,499				129,446				119,852
Net costs associated with fire (3)			—				13,642				—				56,854
Business interruption recovery (4)			—				(25,000	)			—				(55,000	)
Depreciation and amortization (5)			26,349				22,270				97,247				66,754
Total operating costs and expenses			930,664				930,733				3,994,977				5,258,153
Gain on involuntary conversion of assets (6)			—				80,000				—				279,680
Gain (loss) on disposition of assets (7)			556				2,239				(1,591	)			45,244
Operating income (loss)			(96,067	)			137,672				(80,836	)			223,477
Interest expense (8)			(40,398	)			(24,665	)			(111,137	)			(67,550	)
Equity earnings (losses) of investees			3,374				785				24,558				(1,522	)
Other income, net			63				407				331				1,500
Income (loss) before income tax expense (benefit), non-controlling interest in income (loss) of subsidiaries and accumulated dividends on preferred stock of subsidiary			(133,028	)			114,199				(167,084	)			155,905
Income tax expense (benefit)			(51,871	)			46,931				(64,877	)			62,781
Income (loss) before non-controlling interest in income (loss) of subsidiaries and accumulated dividends on preferred stock of subsidiary			(81,157	)			67,268				(102,207	)			93,124
Non-controlling interest in income (loss) of subsidiaries			(5,598	)			4,181				(8,551	)			5,941
Accumulated dividends on preferred stock of subsidiary (9)			15,050				2,150				21,500				4,300
Net income (loss) available to common stockholders		$	(90,609	)		$	60,937			$	(115,156	)		$	82,883
Earnings (loss) per share, basic		$	(1.93	)		$	1.30			$	(2.46	)		$	1.77
Weighted average shares outstanding, basic (in thousands)			46,890				46,800				46,829				46,788
Earnings (loss) per share, diluted		$	(1.93	)		$	1.18			$	(2.46	)		$	1.72
Weighted average shares outstanding, diluted (in thousands)			46,890				52,360				46,829				49,583
Cash dividends per share		$	0.04			$	0.04			$	0.16			$	0.16
CASH FLOW DATA: (10)
Net cash provided by (used in):
Operating activities		$	(41,987	)		$	7,582			$	283,145			$	(812	)
Investing activities			(45,086	)			(26,572	)			(138,691	)			(610,322	)
Financing activities			109,432				18,768				(122,471	)			560,973
OTHER DATA:
Adjusted net income (loss) (11)		$	(65,402	)		$	65,147			$	(82,708	)		$	6,555
Earnings (loss) per share, excluding write-off of unamortized debt issuance costs, net of tax, inventories adjustments related to acquisition, net of tax, net costs associated with fire, net of tax, after-tax gain on involuntary conversion of assets, after-tax gain (loss) on disposition of assets and preferred shares dividends and conversion (11)		$	(1.39	)		$	1.39			$	(1.77	)		$	0.14
Adjusted EBITDA (12)			(66,837	)			158,895				42,891				244,965
Capital expenditures (13)			12,007				21,108				81,660				62,356
Capital expenditures to rebuild the Big Spring refinery			1,697				49,612				46,769				362,178
Capital expenditures for turnaround and chemical catalyst			11,694				7,886				24,699				9,958

		December 31,				December 31,
		2009				2008
BALANCE SHEET DATA (end of period):
Cash and cash equivalents		$	40,437			$	18,454
Working capital			84,257				250,384
Total assets			2,131,008				2,413,433
Total debt			937,024				1,103,569
Total equity			431,918				536,867

		For the Three Months Ended								For the Year Ended
		December 31,								December 31,
		2009				2008				2009				2008
		(dollars in thousands, except per barrel data and pricing statistics)
STATEMENT OF OPERATIONS DATA:
Net sales (14)		$	706,126			$	860,900			$	3,359,043			$	4,551,769
Operating costs and expenses:
Cost of sales			720,512				812,729				3,117,528				4,505,094
Direct operating expenses			50,083				57,892				221,378				173,142
Selling, general and administrative expenses			7,876				5,332				29,376				17,784
Net costs associated with fire (3)			—				13,642				—				56,854
Business interruption recovery (4)			—				(25,000	)			—				(55,000	)
Depreciation and amortization			21,132				18,126				76,252				50,047
Total operating costs and expenses			799,603				882,721				3,444,534				4,747,921
Gain on involuntary conversion of assets (6)			—				80,000				—				279,680
Gain (loss) on disposition of assets (7)			558				2,239				(1,042	)			45,244
Operating income (loss)		$	(92,919	)		$	60,418			$	(86,533	)		$	128,772
KEY OPERATING STATISTICS AND OTHER DATA:
Total sales volume (bpd)			72,241				127,469				127,400				119,195
Per barrel of throughput:
Refinery operating margin – Big Spring (15)		$	(2.87	)		$	(12.91	)		$	4.35			$	(3.18	)
Refinery operating margin – CA Refineries (15)			(1.23	)			11.74				1.80				1.65
Refinery operating margin – Krotz Springs (15)			(2.03	)			7.30				5.66				7.25
Refinery direct operating expense – Big Spring (16)			4.07				3.35				4.21				4.40
Refinery direct operating expense – CA Refineries (16)			8.17				8.59				4.82				5.81
Refinery direct operating expense – Krotz Springs (16)			7.80				4.67				4.22				4.30
Capital expenditures			9,864				19,131				73,567				57,576
Capital expenditures to rebuild the Big Spring refinery			1,697				49,612				46,769				362,178
Capital expenditures for turnaround and chemical catalyst			7,852				7,886				24,699				9,958
PRICING STATISTICS:
WTI crude oil (per barrel)		$	76.04			$	58.51			$	61.82			$	99.56
WTS crude oil (per barrel)			73.97				54.82				60.30				95.78
MAYA crude oil (per barrel)			69.37				44.93				56.36				83.93
Crack spreads (3/2/1) (per barrel):
Gulf Coast (17)		$	4.55			$	3.49			$	7.24			$	10.47
Group III (17)			5.37				5.78				8.10				11.15
West Coast (17)			8.51				8.79				13.92				15.80
Crack spreads (6/1/2/3) (per barrel):
West Coast (17)		$	2.43			$	1.25			$	4.15			$	0.48
Crack spreads (2/1/1) (per barrel):
Gulf Coast high-sulfur diesel (17)		$	4.61			$	5.70			$	6.50			$	11.28
Gulf Coast ultra low-sulfur diesel		$	4.95			$	7.18			$	7.44			$	13.61
Crude oil differentials (per barrel):
WTI less WTS (18)		$	2.07			$	3.69			$	1.52			$	3.78
WTI less MAYA (18)			6.67				13.58				5.46				15.63
Product price (dollars per gallon):
Gulf Coast unleaded gasoline		$	1.899			$	1.300			$	1.635			$	2.471
Gulf Coast ultra low-sulfur diesel			1.957				1.828				1.664				2.918
Gulf Coast high sulfur diesel			1.941				1.757				1.619				2.808
Group III unleaded gasoline			1.920				1.352				1.662				2.481
Group III ultra low-sulfur diesel			1.975				1.888				1.670				2.945
West Coast LA CARBOB (unleaded gasoline)			2.013				1.521				1.852				2.679
West Coast LA ultra low-sulfur diesel			2.014				1.766				1.706				2.883
Natural gas (per MMBTU)			4.93				6.40				4.16				8.90

THROUGHPUT AND PRODUCTION DATA:
BIG SPRING REFINERY

		For the Three Months Ended																For the Year Ended
		December 31,																December 31,
		2009								2008								2009								2008
		bpd				%				bpd				%				bpd				%				bpd				%
Refinery throughput:
Sour crude			42,392				83.5				44,922				83.0				48,340				80.8				31,654				83.8
Sweet crude			5,758				11.3				5,862				10.8				9,238				15.4				4,270				11.3
Blendstocks			2,631				5.2				3,372				6.2				2,292				3.8				1,869				4.9
Total refinery throughput (19)			50,781				100.0				54,156				100.0				59,870				100.0				37,793				100.0
Refinery production:
Gasoline			25,051				49.8				25,062				47.0				26,826				45.0				14,266				38.4
Diesel/jet			15,159				30.1				17,320				32.5				19,136				32.2				10,439				28.2
Asphalt			3,538				7.0				5,736				10.8				5,289				8.9				4,850				13.1
Petrochemicals			1,865				3.7				2,504				4.7				2,928				4.9				1,221				3.3
Other			4,744				9.4				2,685				5.0				5,327				9.0				6,298				17.0
Total refinery production (20)			50,357				100.0				53,307				100.0				59,506				100.0				37,074				100.0
Refinery utilization (21)							68.8	%							72.5	%							82.3	%							52.3	%

THROUGHPUT AND PRODUCTION DATA:
CALIFORNIA REFINERIES

		For the Three Months Ended																For the Year Ended
		December 31,																December 31,
		2009								2008								2009								2008
		bpd				%				bpd				%				bpd				%				bpd				%
Refinery throughput:
Medium sour crude			5,230				25.4				897				4.3				13,408				43.0				8,014				25.8
Heavy crude			14,934				72.4				19,620				95.2				17,420				55.9				22,590				72.6
Blendstocks			454				2.2				96				0.5				330				1.1				495				1.6
Total refinery throughput (19)			20,618				100.0				20,613				100.0				31,158				100.0				31,099				100.0
Refinery production:
Gasoline			3,754				18.8				2,560				12.6				4,920				16.2				4,141				13.7
Diesel/jet			3,857				19.3				5,156				25.2				7,123				23.5				7,481				24.8
Asphalt			5,301				26.5				7,914				38.7				8,976				29.5				9,214				30.5
Light unfinished			—				—				—				—				117				0.4				—				—
Heavy unfinished			7,042				35.3				4,783				23.4				8,813				29.0				9,182				30.4
Other			23				0.1				24				0.1				418				1.4				192				0.6
Total refinery production (20)			19,977				100.0				20,437				100.0				30,367				100.0				30,210				100.0
Refinery utilization (21)							27.8	%							43.8	%							46.2	%							46.3	%

THROUGHPUT AND PRODUCTION DATA:
KROTZ SPRINGS REFINERY (A)

		For the Three Months Ended																For the Year Ended
		December 31,																December 31,
		2009								2008								2009								2008
		bpd				%				bpd				%				bpd				%				bpd				%
Refinery throughput:
Light sweet crude			5,694				26.2				48,920				84.4				22,942				47.5				43,361				74.5
Heavy sweet crude			15,036				69.3				5,363				9.2				22,258				46.0				11,979				20.6
Blendstocks			984				4.5				3,699				6.4				3,137				6.5				2,844				4.9
Total refinery throughput (19)			21,714				100.0				57,982				100.0				48,337				100.0				58,184				100.0
Refinery production:
Gasoline			9,313				42.1				26,135				44.7				22,264				45.4				25,195				42.8
Diesel/jet			9,539				43.1				26,053				44.5				21,318				43.4				26,982				45.9
Heavy oils			1,494				6.7				1,543				2.6				1,238				2.5				1,402				2.4
Other			1,789				8.1				4,817				8.2				4,258				8.7				5,258				8.9
Total refinery production (20)			22,135				100.0				58,548				100.0				49,078				100.0				58,837				100.0
Refinery utilization (21)							74.0	%							65.3	%							65.3	%							66.6	%

		For the Three Months Ended								For the Year Ended
		December 31,								December 31,
		2009				2008				2009				2008
		(dollars in thousands, except per ton data)
STATEMENT OF OPERATIONS DATA:
Net sales		$	89,486			$	104,448			$	440,915			$	647,221
Operating costs and expenses:
Cost of sales (22)			78,169				17,035				386,050				499,992
Direct operating expenses			11,119				9,023				44,124				43,356
Selling, general and administrative expenses			1,117				1,249				4,588				4,292
Depreciation and amortization			1,708				536				6,807				2,139
Total operating costs and expenses			92,113				27,843				441,569				549,779
Operating income (loss)		$	(2,627	)		$	76,605			$	(654	)		$	97,442
KEY OPERATING STATISTICS AND OTHER DATA:
Blended asphalt sales volume (tons in thousands) (23)			181				182				994				1,210
Non-blended asphalt sales volume (tons in thousands) (24)			54				25				197				88
Blended asphalt sales price per ton (23)		$	434.53			$	533.73			$	409.88			$	511.95
Non-blended asphalt sales price per ton (24)		$	200.67			$	292.40			$	170.05			$	315.48
Asphalt margin per ton (25)		$	48.16			$	422.29			$	46.07			$	113.43
Capital expenditures		$	1,480			$	337			$	2,579			$	644
RETAIL AND BRANDED MARKETING SEGMENT
		For the Three Months Ended								For the Year Ended
		December 31,								December 31,
		2009				2008				2009				2008
		(dollars in thousands, except per gallon data)
STATEMENT OF OPERATIONS DATA:
Net sales		$	217,058			$	189,297			$	808,221			$	1,227,319
Operating costs and expenses:
Cost of sales (22)			189,387				158,122				691,651				1,117,712
Selling, general and administrative expenses			24,493				26,767				94,725				97,172
Depreciation and amortization			3,285				3,384				13,464				13,674
Total operating costs and expenses			217,165				188,273				799,840				1,228,558
Loss on disposition of assets			(2	)			—				(549	)			—
Operating income (loss)		$	(109	)		$	1,024			$	7,832			$	(1,239	)
KEY OPERATING STATISTICS AND OTHER DATA:
Integrated branded fuel sales (thousands of gallons) (26)			65,645				61,685				260,629				225,474
Integrated branded fuel margin (cents per gallon) (26)			5.0				10.4				5.9				4.4
Non-Integrated branded fuel sales (thousands of gallons) (26)			3,527				9,939				13,472				113,626
Non-Integrated branded fuel margin (cents per gallon) (26)			0.8				8.9				3.3				(0.3	)
Number of stores (end of period)			308				306				308				306
Retail fuel sales (thousands of gallons)			31,401				23,882				120,697				96,974
Retail fuel sales (thousands of gallons per site per month) (27)			34				27				33				27
Retail fuel margin (cents per gallon) (28)			10.8				18.8				13.9				19.7
Retail fuel sales price (dollar per gallon) (29)		$	2.49			$	2.31			$	2.29			$	3.26
Merchandise sales		$	66,110			$	63,213			$	268,785			$	261,144
Merchandise sales (per site per month) (27)			72				72				73				72
Merchandise margin (30)			30.1	%			30.9	%			30.7	%			30.9	%
Capital expenditures		$	1,598			$	917			$	3,822			$	2,928

		Three Months Ended								Year Ended
		December 31,								December 31,
		2009				2008				2009				2008
		(dollars in thousands, except earnings per share)
Net income (loss)		$	(90,609	)		$	60,937			$	(115,156	)		$	82,883
Plus: Write-off of unamortized debt issuance costs, net of tax			11,583				—				11,583				—
Plus: Preferred shares dividends and conversion			13,975				1,999				19,965				3,999
Plus: Inventories adjustments related to acquisition, net of tax			—				34,959				—				70,738
Plus: Net costs associated with fire, net of tax			—				6,116				—				31,566
Plus: Loss on disposition of assets, net of tax			—				—				900				—
Less: Gain on involuntary conversion of assets, net of tax			—				(37,831	)			—				(155,281	)
Less: Gain on disposition of assets, net of tax			(351	)			(1,033	)			—				(27,350	)
Adjusted net income (loss)		$	(65,402	)		$	65,147			$	(82,708	)		$	6,555
Weighted average shares outstanding (in thousands)			46,890				46,800				46,829				46,788
Earnings (loss) per share, excluding write-off of unamortized debt issuance costs, net of tax, inventories adjustments related to acquisition, net of tax, net costs associated with fire, net of tax, after-tax gain on involuntary conversion of assets, after-tax gain (loss) on disposition of assets and preferred shares dividends and conversions		$	(1.39	)		$	1.39			$	(1.77	)		$	0.14

	•		Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
	•		Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt;
	•		Adjusted EBITDA does not reflect the prior claim that non-controlling interest have on the income generated by non-wholly-owned subsidiaries;
	•		Adjusted EBITDA does not reflect changes in or cash requirements for our working capital needs; and
	•		Our calculation of Adjusted EBITDA may differ from EBITDA calculations of other companies in our industry, 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.

The following table reconciles net income (loss) to Adjusted EBITDA for the three months and years ended December 31, 2009 and 2008, respectively:

		For the Three Months Ended								For the Year Ended
		December 31,								December 31,
		2009				2008				2009				2008
						(dollars in thousands)
Net income (loss)		$	(90,609	)		$	60,937			$	(115,156	)		$	82,883
Non-controlling interest in income (loss) of subsidiaries (including accumulated dividends on preferred stock of subsidiary)			9,452				6,331				12,949				10,241
Income tax expense (benefit)			(51,871	)			46,931				(64,877	)			62,781
Interest expense			40,398				24,665				111,137				67,550
Depreciation and amortization			26,349				22,270				97,247				66,754
(Gain) loss on disposition of assets			(556	)			(2,239	)			1,591				(45,244	)
Adjusted EBITDA		$	(66,837	)		$	158,895			$	42,891			$	244,965