US Oil Refiner HollyFrontier's Profit Tops Estimates



Reuters

Aug 2 (Reuters) - U.S. oil refiner HollyFrontier Corp on Wednesday reported a quarterly profit that handily beat analysts' estimates, helped by higher production and refinery margins.

HollyFrontier said its refinery gross margin jumped 29.2 percent to $11.47 per produced barrel in the second quarter ended June 30.

The company produced 483,210 barrels per day (bpd) of refined products, compared with 442,660 bpd, a year earlier.

Robust demand for refined products and declining inventories have benefited refiners, whose margins dipped sharply last year due to a gasoline and diesel glut.

Net profit attributable to HollyFrontier's shareholders was $57.8 million, or 33 cents per share in the quarter, compared with a loss of $409.4 million, or $2.33 per share, a year earlier.

HollyFrontier took an asset impairment charge of more than $600 million in the year-ago quarter.

Excluding one-time items, the company earned 66 cents per share, beating analysts' average expectation of 47 cents according to Thomson Reuters I/B/E/S.

Sales and other revenue climbed 27.4 percent to $3.46 billion.

(Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta and Sai Sachin Ravikumar)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.