Oil refiner HollyFrontier reports higher earnings

HollyFrontier, the company that operates the oil refinery at El Dorado, reported a 157 percent increase in net income in the second quarter, compared to income from the same period in 2011.

Company officials said in a news release that much of the increase reflected a larger operating scale, due to a July 2011 merger. But the company also saw a 28 percent increase in refinery gross margins, and lower expenses when compared on a per-barrel produced analysis.

“We are extremely pleased with our outstanding second quarter results, reaching near all-time highs,” HollyFrontier’s president and CEO Mike Jennings said in the release. “For the quarter, sustained heavy crude oil differentials as well as inland to coastal crude oil differentials helped drive product margins to near record levels. Our crude advantage combined with our increased scale and the efforts of our dedicated employees have put us on track for another milestone year.”

In addition to its refinery in El Dorado, HollyFrontier subsidiaries include two refinery facilities in Tulsa, Oklahoma, and refineries in New Mexico, Wyoming and Utah.