HollyFrontier Earnings Slide on Downtime; Wide Discount to FVE Creates Compelling Value
HollyFrontier reported an adjusted loss of $33.5 million for the first quarter versus a loss of $10 million last year, as planned and unplanned downtime offset a slight increase in gross margins and the inclusion of the recently acquired petrochemicals business. Positively, the unplanned downtime allowed the firm to pull in other work planned for later this year, leaving it free of any planned downtime until November, when market conditions typically soften anyway.Despite a dip in prices, renew...
HollyFrontier is a petroleum refiner that produces products such as gasoline, diesel fuel, jet fuel, other lubricant products, and specialty and modified asphalt. The company's segments are: Refining, which involves the purchase and refining of crude oil and wholesale and marketing of refined products; Lubricants and Specialty Products, which includes the production of lubricant products such as base oils, white oils, other products and finished lubricants; and the company's subsidiary, Holly Energy Partners, L.P., which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and processing units.
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