© Reuters. HollyFrontier -2.5% as refining margins disappoint analysts
- HollyFrontier (HFC -2.5%) falls as much as 5% after reporting weaker than expected Q4 earnings and refining margins, with some analysts citing technical problems at plants as one reason for the shortfall.
- CFO Richard Voliva said in today’s earnings conference call that gasoline margins “fell out” late during Q4 and that HFC had not captured the improvement in crude prices in the quarter.
- HFC’s refining margins rose 85% in the quarter to $12.54/bbl, but the result missed the $13.06/bbl predicted by Jefferies and $13.84/bbl forecast by Barclays (LON:BARC).
- Q4 operating costs and expenses at the company also rose 28% to $3.83B.
- Now read: BP (LON:BP) Prudhoe Bay Royalty Trust: Option Sentiment Says Avoid