HF Sinclair beats Q1 profit estimates, submits buyout bid for Holly (updated)

Holly Energy Partners LP

04/05/2023 11:24

(Adds results details in paragraphs 2 and 3, and Holly Energy
deal in paragraph 5)
       May 4 (Reuters) - HF Sinclair Corp  DINO.N  beat
first-quarter profit estimates on Thursday, as the U.S. oil
refiner benefited from higher margins amid tight supplies and
robust demand.
    Refiners have benefited from favorable pricing and demand as
global supplies remain tight after Western sanctions on Russia,
while pandemic-era closures have resulted in low refined product
inventories and boosted margins.
    HF Sinclair, formerly known as HollyFrontier, said its gross
margin stood at $23.70 per produced barrel in the first quarter,
compared with $12.69 per barrel a year earlier.
    Separately, the company submitted a non-binding proposal to
Holly Energy Partners LP  HEP.N , under which HF Sinclair will
acquire all outstanding shares not owned by the company.
    On an adjusted basis, the Dallas-based energy firm posted a
profit of $2 per share for the quarter ended March 31, compared
with analysts' average estimate of $1.52 per share, according to
Refinitiv data. 
   

 (Reporting by Sourasis Bose in Bengaluru; Editing by Subhranshu
Sahu)
 ((Sourasis.Bose@thomsonreuters.com;))