Revenue during the quarter surged 47.97 percent to $544.53 million from $368.01 million in the previous year period. Gross margin for the quarter expanded 37 basis points over the previous year period to 13.60 percent. Total expenses were 94.80 percent of quarterly revenues, down from 99.42 percent for the same period last year. This has led to an improvement of 462 basis points in operating margin to 5.20 percent.

Operating income for the quarter was $28.31 million, compared with $2.12 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $42.44 million compared with $16.41 million in the prior year period. At the same time, adjusted EBITDA margin improved 334 basis points in the quarter to 7.79 percent from 4.46 percent in the last year period.

Alan Moret, chief executive officer, commented, "We are pleased with our performance in the first quarter of 2017, which resulted in cash available for distribution of $0.38 per unit. Our first quarter results benefited from an improvement in our benchmark Gulf Coast crack spread relative to the fourth quarter of 2016 and the same quarter last year. The improvement in the crack spread was complemented by strong operations, with the Big Spring refinery setting a new record for quarterly total throughput. We have been encouraged by the positive trends we have seen in refining into the second quarter of 2017, including attractive discounts for Midland-priced crudes and improved crack spreads."

The company has spent $5.88 million cash to meet investing activities during the quarter as against cash outgo of $10.79 million in the last year period.

The company has spent $0.39 million cash to carry out financing activities during the quarter as against cash outgo of $5.63 million in the last year period.