Western Refining Board Authorizes Additional $200M Share Repurchase Program

Western Refining, Inc.

today announced that its Board of Directors has authorized an additional $200 million share repurchase program effective through December 31, 2016. This authorization is in addition to the previous program which has approximately $35.8 million remaining as of September 21, 2015 and which expires on November 3, 2015. Share repurchases under the new program may be made from time-to-time through open market transactions, block trades, privately negotiated transactions or otherwise, and are subject to market conditions, as well as corporate, regulatory, and other considerations. This share repurchase program may be discontinued at any time by the Board of Directors. Jeff Stevens, Western's President and Chief Executive Officer, commented, "The authorization of an additional share repurchase program demonstrates our on-going commitment to return cash to our shareholders balanced with making investments to grow the Company. Since the initiation of share repurchases began in 2012, the Company has repurchased approximately $700 million in WNR stock." About Western Refining Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. The refining segment operates refineries in El Paso, and Gallup, New Mexico. The retail segment includes retail service stations, convenience stores,