Alon USA Energy, Inc.

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 10,274	$ (36,060)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	36,547	34,862
Stock compensation	901	2,120
Deferred income taxes	(1,290)	(18,511)
Equity (earnings) losses of investees, net of dividends	409	(378)
Amortization of debt issuance costs	787	880
Amortization of original issuance discount	1,783	1,634
(Gain) loss on disposition of assets	(476)	2,088
Unrealized loss on commodity swaps	0	3,333
Changes in operating assets and liabilities:
Accounts and other receivables, net	5,375	(30,748)
Income tax receivable	32,984	3,500
Inventories	(10,926)	4,127
Prepaid expenses and other current assets	(13,639)	(2,980)
Other assets, net	(3,318)	(3,940)
Accounts payable	11,751	2,997
Accrued liabilities	(405)	7,652
Other non-current liabilities	11,726	73
Net cash provided by (used in) operating activities	82,483	(29,351)
Cash flows from investing activities:
Capital expenditures	(13,067)	(23,446)
Capital expenditures for turnarounds and catalysts	(1,349)	(16,610)
Proceeds from disposition of assets	1,177	975
Acquisition of California renewable fuels facility	0	(7,936)
Net cash used in investing activities	(13,239)	(47,017)
Cash flows from financing activities:
Dividends paid to stockholders	(10,727)	(10,527)
Dividends paid to non-controlling interest	(67)	(133)
Distributions paid to non-controlling interest in the Partnership	(1,267)	(921)
Taxes paid due to the net settlement of stock compensation	(368)	0
RINs financing transactions	7,115	51,313
Payments on long-term debt	(14,103)	(4,108)
Net cash provided by (used in) financing activities	(19,417)	35,624
Net increase (decrease) in cash and cash equivalents	49,827	(40,744)
Cash and cash equivalents, beginning of period	136,302	234,127
Cash and cash equivalents, end of period	186,129	193,383
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest	13,355	16,514
Refunds received for income tax	(35,469)	(3,478)
Supplemental disclosure of non-cash activity:
Capital expenditures included in accounts payable and accrued liabilities	$ 907	$ 0

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 186,129	$ 136,302
Accounts and other receivables, net	129,369	134,744
Income tax receivable	0	32,984
Inventories	141,428	130,502
Prepaid expenses and other current assets	50,400	36,761
Total current assets	507,326	471,293
Equity method investments	33,022	33,431
Property, plant and equipment, net	1,351,536	1,366,895
Goodwill	62,885	62,885
Other assets, net	157,435	160,797
Total assets	2,112,204	2,095,301
Current liabilities:
Accounts payable	386,905	328,561
Accrued liabilities	101,031	100,529
Current portion of long-term debt	16,414	16,414
Total current liabilities	504,350	445,504
Other non-current liabilities	160,788	188,833
Long-term debt	499,905	511,552
Deferred income tax liability	365,816	366,999
Total liabilities	1,530,859	1,512,888
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, par value $0.01, 15,000,000 shares authorized; and no shares issued and outstanding at March 31, 2017 and December 31, 2016	0	0
Common stock, par value $0.01, 150,000,000 shares authorized; 71,761,117 and 71,578,093 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	718	716
Additional paid-in capital	531,142	530,625
Accumulated other comprehensive loss, net of tax	(25,928)	(26,111)
Retained earnings	12,478	15,878
Total stockholders’ equity	518,410	521,108
Non-controlling interest in subsidiaries	62,935	61,305
Total equity	581,345	582,413
Total liabilities and equity	$ 2,112,204	$ 2,095,301