Wide Crude Discounts Continue to Pay Off for HollyFrontier in 3Q
HollyFrontier continued to capitalize on wide crude discounts during the third quarter to deliver strong results. Adjusted income jumped to $350.7 million from $202.4 million the year before driven by an increase in refining operating income to $418.5 million from $362.0 million a year before. A slight decline in volumes from planned turnaround at El Dorado and reduced run rates at Woods Cross was more than offset by the continued benefit from ongoing wide domestic crude spreads that improved th...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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