(Reuters) – HF Sinclair Corp beat first-quarter profit estimates on Thursday, as the U.S. oil refiner benefited from higher margins amid tight supplies and robust demand.
Refiners have benefited from favorable pricing and demand as global supplies remain tight after Western sanctions on Russia, while pandemic-era closures have resulted in low refined product inventories and boosted margins.
HF Sinclair, formerly known as HollyFrontier, said its gross margin stood at $23.70 per produced barrel in the first quarter, compared with $12.69 per barrel a year earlier.
Separately, the company submitted a non-binding proposal to Holly Energy Partners LP, under which HF Sinclair will acquire all outstanding shares not owned by the company.
On an adjusted basis, the Dallas-based energy firm posted a profit of $2 per share for the quarter ended March 31, compared with analysts’ average estimate of $1.52 per share, according to Refinitiv data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Subhranshu Sahu)
