Feb 18 (Reuters) – HF Sinclair topped Wall Street estimates for fourth-quarter profit on Wednesday, helped by higher refining margins for its products, and said CEO Tim Go would take a voluntary leave of absence from his duties.
U.S. fuel maker margins have begun to rebound from multi-year lows touched in 2024, a pullback that followed the earlier spike triggered by sanctions on Russia in the wake of its invasion of Ukraine, which had constricted global supply.
Quarterly U.S. refinery margins, measured by the 3-2-1 crack spread, were up about 45% on an average in the fourth quarter from a year earlier.
HF Sinclair’s adjusted refinery gross margin was up at $16.28 per barrel during the period, compared with $6.68 per barrel a year ago.
The company’s refining segment reported an adjusted core profit of $403 million, compared with a loss of $169 million a year earlier.
It posted an adjusted profit of $1.20 per share for the three months ended December 31, compared with analysts’ average estimate of 45 cents per share, according to data compiled by LSEG.
Separately, HF Sinclair said Go would be replaced by the chairperson of the board, Franklin Myers, on a temporary basis.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar)
Comments