Western Refining posts loss due to high-cost crude

Western Refining Inc reported a fourth-quarter loss as the cost of the crude oil it processes rose from the year-earlier period when they posted a profit.

The U.S. refiner reported a net loss of $7.3 million, or 9 cents per share, in the quarter ended Dec. 31, compared with a net income of $207.6 million, or $1.92 per share, a year earlier.

Cost of products sold soared 60 percent to $2.73 billion in the quarter.

Net sales rose about 34 percent to $3.02 billion.