Investing
Oil refiner HF Sinclair’s fourth-quarter profit beats estimates
© Reuters. HF Sinclair Corp logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -HF Sinclair beat Wall Street estimates for fourth-quarter profit on Wednesday, helped by healthy refining margins and resilient fuel demand.
U.S. refiners’ earnings normalized throughout last year, after hitting sky-high levels in 2022, when Russia’s invasion of Ukraine disrupted crude supplies.
HF Sinclair’s consolidated gross refining margin fell to $13.88 per barrel of throughput in the fourth quarter, from $23.47 a year earlier.
The Dallas-based company posted an adjusted profit of 87 cents per share for the quarter, compared to analysts’ estimates of 72 cents per share, according to LSEG data.
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