HF Sinclair’s growth for the second quarter sped way ahead of Wall Street projections due to strong demand for fuel and refined products, Reuters reported.
Western sanctions against Russia came at a time when fuel demand was surging past pre-pandemic levels, resulting in refiners like Valero Energy and Marathon Petroleum beating market expectations last week.
According to HF Sinclair, which used to be known as HollyFrontier, its refinery gross margin tripled to $36.36 per barrel, while there was a marginal decline in its throughput to 292,570 barrels per day.
In a statement, Chief Executive Officer Michael Jennings credited the company’s performance to its refining, marketing, lubricants, and midstream businesses.
From $143.8 million, or 87 cents per share, a year earlier, adjusted net income rose to $1.26 billion, or $5.59 per share.