HollyFrontier (HFC) Posts Q1 Loss of $0.26/Share

HollyFrontier (NYSE: HFC) reported Q1 EPS of ($0.26), which includes items and does not compare to the analyst estimate of ($0.12). Revenue for the quarter came in at $3.08 billion versus the consensus estimate of $2.28 billion.

Excluding items, net loss for the current quarter was $(33.5) million versus a loss of $(10.0) million for the same period of 2016.

HollyFrontier’s President & CEO, George Damiris, commented, “First quarter crude rate was negatively impacted by our planned turnaround at Navajo, planned maintenance at the El Dorado vacuum tower, unplanned maintenance at the Tulsa CCR reformer, and the crude supply pipeline outage to our Woods Cross refinery. We are pleased with the results from the Navajo turnaround and the efficiency and debottleneck projects that were implemented during the turnaround. During the Tulsa outage, we were able to accelerate other maintenance and a catalyst upgrade originally planned for later this year, all of which will allow us to benefit from higher liquid yields and octane during the summer driving season. We are also encouraged by the results we have begun to see from our focused efforts to improve operations and reliability at Cheyenne; crude rate was over 48,000 barrels per day in March. With no major planned downtime until November, our refineries are well positioned for strong operational and financial performance for the remainder of the year.

For earnings history and earnings-related data on HollyFrontier (HFC) click here.

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