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Refiner HF Sinclair beats quarterly earnings estimates on higher processing volumes

HF Sinclair reported a. quarterly revenue on Thursday that beat analysts' quotes as it. processed greater volumes of crude oil and on strength at its. lubricants and midstream units, all of which offset a depression in. its refining margins.

The company joins rivals Phillips 66 and Valero. in reporting lower quarterly benefit from a year. previously, however beating profits quotes on greater volumes of. unrefined processed.

HF Sinclair's refinery throughput, or the overall quantity of. unrefined processed, was 676,610 barrels each day (bpd) in the 2nd. quarter ending June, compared to 598,970 bpd a year earlier.

U.S. refiners ramped up processing capacity to 93.5% in the. quarter, compared with 91% in the exact same duration in 2015,. according to the U.S. Energy Details Administration, on. expectations of an uptick in need that did not emerge.

Fuel need came under pressure during the quarter due to. slow production activity and a boost in renewable. fuel supply.

While HF Sinclair's refinery gross margins fell to $11.33. per barrel from $21.99 a year earlier, its refinery utilization. balanced 93.6%, compared with 81.7%.

Changed core benefit from HF Sinclair's refining sector. dropped 74.5%. Sales of fine-tuned products rose to 666,250 bpd. from 598,180 bpd.

The company's midstream segment saw a nearly 44.5% increase in. earnings on higher volumes, while income from its lubricants system. also increased.

On an adjusted basis, Dallas-based HF Sinclair made 78. cents per share in the second quarter, compared to experts'. estimates of 71 cents, according to LSEG information.

(source: Reuters)