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UPDATE 1-Refiner HollyFrontier's quarterly profit plunges 91 pct

Published 2016-05-04, 06:50 a/m
© Reuters. UPDATE 1-Refiner HollyFrontier's quarterly profit plunges 91 pct
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May 4 (Reuters) - U.S. refiner HollyFrontier Corp HFC.N
reported a 91 percent fall in quarterly profit hurt by a steep
fall in refining margins and lower refinery utilization rate
amid a rise in diesel and gasoline inventories.
U.S. refiners voluntarily reduced output in the first
quarter after ramping up production last year to benefit from
weak prices of their main feedstock - crude oil.
Crack spreads, the difference between the prices of crude
oil and refined products, have narrowed sharply due to a spike
in distillate and gasoline inventories in the United States.
Average sales price per produced barrel fell to $46.44 from
$69.61 a year earlier, pressuring refinery gross margin, which
fell to $7.59 per produced barrel from $16.69.
However, Chief Executive George Damiris said he expects
gasoline margins to continue to strengthen in the current
quarter.
HollyFrontier's refinery utilization rate fell to 88.3
percent in the first quarter ended March 31 from 94 percent a
year earlier.
The net profit attributable to the company's shareholders
fell to $21.3 million, or 12 cents per share, in the quarter,
from $226.9 million, or $1.16 per share, a year earlier.
Sales and other revenue fell 33 percent to $2.02 billion.

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