Western Refining (Western Refining) Total Inventories : $829 Mil (As of Mar. 2017)

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What is Western Refining Total Inventories?

Western Refining's total inventories for the quarter that ended in Mar. 2017 was $829 Mil. Western Refining's average total inventories from the quarter that ended in Dec. 2016 to the quarter that ended in Mar. 2017 was $825 Mil.

In Ben Graham's calculation of Net-Net Working Capital, inventory is only considered worth half of its book value. Western Refining's Net-Net Working Capital per share for the quarter that ended in Mar. 2017 was $-27.06.

Days Inventory indicates the number of days of goods in sales that a company has in the inventory. Western Refining's Days Inventory for the three months ended in Mar. 2017 was 35.10.

Inventory Turnover measures how fast the company turns over its inventory within a year. Western Refining's Inventory Turnover for the quarter that ended in Mar. 2017 was 2.60.

Inventory-to-Revenue determines the ability of a company to manage their inventory levels. It measures the percentage of Inventories the company currently has on hand to support the current amount of Revenue. Western Refining's Inventory-to-Revenue for the quarter that ended in Mar. 2017 was 0.35.

Western Refining Total Inventories Historical Data

The historical data trend for Western Refining's Total Inventories can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Western Refining Total Inventories Chart

Western Refining Annual Data

Trend

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Total Inventories

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409.97

602.82

678.67

601.59

821.90

Western Refining Quarterly Data
	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17
Total Inventories	Get a 7-Day Free Trial															683.59	659.36	660.74	821.90	828.97

Western Refining Total Inventories Calculation

Total Inventories includes the raw materials, work-in-process goods and completely finished goods of a company. It is a portion of a company's current assets.

Western Refining (NYSE:WNR) Total Inventories Explanation

Inventory control is an important part of business operation. If a company does not have enough inventory, it may not be able to meet customers' required delivery time. If it has too much inventory, the cost of holding the inventory can be high.

1. In Ben Graham's calculation of Net-Net Working Capital (NNWC), inventory is only considered worth half of its book value.

Western Refining's Net-Net Working Capital Per Share for the quarter that ended in Mar. 2017 is

	Net-Net Working Capital Per Share (Q: Mar. 2017 )
=	(Cash And Cash Equivalents	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(160.027	+	0.75 * 405.699	+	0.5 * 828.974	-	3226.718
-	0	-	596.803)	/	108.818
=	-27.06

2. Days Inventory indicates the number of days of goods in sales that a company has in the inventory.

Western Refining's Days Inventory for the three months ended in Mar. 2017 is calculated as:

Days Inventory	=	Average Total Inventories (Q: Mar. 2017 )	/	Cost of Goods Sold (Q: Mar. 2017 )	*	Days in Period
	=	825.439	/	2145.809	*	365 / 4
	=	35.10

3. Inventory Turnover measures how fast the company turns over its inventory within a year.

Western Refining's Inventory Turnover for the quarter that ended in Mar. 2017 is calculated as

Inventory Turnover	=	Cost of Goods Sold (Q: Mar. 2017 )	/	Average Total Inventories (Q: Mar. 2017 )
	=	2145.809	/	825.439
	=	2.60

4. Inventory-to-Revenue determines the ability of a company to manage their inventory levels. It measures the percentage of Inventories the company currently has on hand to support the current amount of Revenue.

Western Refining's Inventory to Revenue for the quarter that ended in Mar. 2017 is calculated as

Inventory-to-Revenue	=	Average Total Inventories (Q: Mar. 2017 )	/	Revenue (Q: Mar. 2017 )
	=	825.439	/	2328.532
	=	0.35

Be Aware

Manufacturers with durable competitive advantages have the advantage that the products they sell do not change, and therefore will never become obsolete. Buffett likes this advantage.

When identifying manufacturers with durable competitive advantage, look for inventory and net earnings that rise correspondingly. This indicates that the company is finding profitable ways to increase sales which called for an increase in inventory.

Manufacturers with inventories that spike up and down are indicative of competitive industries subject to boom and bust.

Western Refining Total Inventories Related Terms

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Western Refining (Western Refining) Business Description

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http://www.wnr.com

Western Refining is an independent oil refiner with total crude oil throughput capacity of 240,500 barrels per day. It owns and operates three refineries in Texas, New Mexico, and Minnesota. The company also operates more than 300 retail service stations throughout the Southwest and Midwest as well as a wholesale petroleum product distributor. It holds a 65% limited partner interest in Western Refining Logistics. It is slated to be acquired by Tesoro in the first half of 2017.

Executives

Sigmund L Cornelius	director	C/O COLUMBIA PIPELINE GROUP, INC., 5151 SAN FELIPE, STE. 2500, HOUSTON TX 77056
David L Lamp	officer: President and COO	C/O CVR ENERGY, INC., 2277 PLAZA DRIVE, SUITE 500, SUGAR LAND TX 77479
Scott D Weaver	director	C/O WESTERN REFINING, INC., 6500 TROWBRIDGE DRIVE, EL PASO TX 79905
Karen Berriman Davis	officer: EVP and CFO	123 WEST MILLS AVENUE, SUITE 200, EL PASO TX 79901
Carin Marcy Barth	director
Mark B Cox	officer: SVP-Treasurer, Director of IR	680 LEGENDS CREST DRIVE, FRANKLIN TN 37069