Western Refining had a good year. The oil company reported third-quarter net income of $6.9 million -- a pleasant reversal from its net loss of $4.8 million in the same period of 2009.
In an investor conference call in early December, Western Refining's CEO Jeff Stevens said that part of the company's recent success was due to the increased demand for gasoline in the middle of 2010. The company owns and operates roughly 155 convenience stores and gas stations in New Mexico, Arizona, and Colorado.
The company has also done a good job of reeling in its costs. Western closed two unprofitable refineries in late 2009 and mid-2010. It still has about $2 billion of debt on its balance sheet, but the company is slowly and steadily chipping away at that.
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