US refiner HollyFrontier shrinks loss as costs fall
2/24/2016 12:00:00 AM
Feb 24 (Reuters) -- US refiner HollyFrontier Corp. reported a smaller quarterly loss as costs fell due to a slump in crude prices.
Refining has remained a bright spot during the prolonged slump in oil prices due to healthy gasoline demand, bolstering the companies that turn cheap crude into gasoline and diesel.
HollyFrontier's refinery utilization rate rose to 91.9% from 81.4% a year earlier.
However, the average sales price per produced barrel sold fell to $60.97 from $92.20 a year earlier, pressuring gross margin, which fell to $9.91/bbl from $10.76.
The net loss attributable to the company's shareholders fell to $43.9 million, or 24 cents/share, in the fourth quarter ended Dec. 31 from $222 million, or $1.13/share, a year earlier.
The year-earlier quarter included a charge of $244 million related to the value of the refiner's inventory.
Sales and other revenue fell 31% to $2.94 billion.
(Reporting by Anet Josline Pinto and Amrutha Gayathri in Bengaluru; Editing by Anil D'Silva)
Comments