HollyFrontier Earnings Weak, but Not Reflective of Long Term; Lubricants Deal Adds Growth Platform
Poor refining conditions and elevated renewable identification number prices continued to dog HollyFrontier during the third quarter, cutting earnings to $75 million from $196 million a year ago. As a small pure-play refiner, HollyFrontier lacks the integrated system of many of its peers, leaving it more exposed to these market forces. Also, it’s seen the advantage of its concentrated geographical footprint erode as falling U.S. crude production has tightened spreads and reduced availability of ...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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