HF Sinclair beats second-quarter profit estimates on higher refining margins
Top U.S. refiners were expected to post higher second-quarter profits, rebounding from first-quarter losses as stronger-than-expected diesel margins lifted earnings. The improved margins helped peers such as Valero Energy (VLO.N), opens new tab surpass Wall Street estimates.
Fuel makers have seen an unexpected boost in profits from key products in recent months, offering relief after earnings retreated from 2022 highs driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine.
The company's adjusted refinery gross margin per barrel was up at $16.50 in the quarter, compared with $11.33 from a year earlier.
The company reported adjusted profit of $1.70 per share for the three months ended June 30, compared with analysts' average estimate of $1.02 per share, according to data compiled by LSEG.
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