HF Sinclair posts surprise quarterly profit on higher refining margins
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FILE PHOTO: HF Sinclair Corp logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
May 1 (Reuters) - HF Sinclair posted a surprise first-quarter adjusted profit on Friday, as the U.S. refiner was helped by higher margins.
Refiners in the U.S. are reaping their strongest margins in years, as disruptions to Middle Eastern oil flows due to the Iran war have driven up demand for U.S. fuel exports.
Quarterly U.S. refinery margins, measured by the 3-2-1 crack spread, were up about 73% on average in the first quarter from a year earlier.
The company's adjusted refinery gross margin per barrel was up at $9.95 in the quarter, compared with $9.12 from a year earlier.
The refiner's refining segment reported a quarterly adjusted core profit of $55 million, compared with a loss of $8 million from a year earlier.
The Dallas, Texas-based company reported an adjusted profit of 69 cents per share for the three months ended March 31, compared with analysts' average estimate of a loss of 6 cents per share, according to data compiled by LSEG.
(Reporting by Pooja Menon in Bengaluru; Editing by Maju Samuel)
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