HollyFrontier authorizes $1 billion share buyback

HollyFrontier Corp., owner of the El Dorado Refinery, reported profits in the first quarter of 2015 of $226.9 million, up from $152.1 million in first quarter of 2014, reflecting higher first quarter refining margins.

The company’s refinery gross margins were $16.69 per produced barrel, compared to $14.75 for the first quarter of 2014.

The company also authorized a $1 billion share repurchase program. The purpose of share buybacks is to support higher share prices. The company has also returned $2.9 billion in cash to shareholders through dividends since the 2011 merger of Holly and Frontier, said Mike Jennings, the company’s president and chief executive officer.

HollyFrontier, based in Dallas, produces gasoline, diesel fuel, jet fuel and more at the 135,000 barrel-per-day refinery in El Dorado, as well as refineries in Tulsa; Artesia, N.M.; Cheyenne, Wyo.; and Woods Cross, Utah.

This story was originally published May 6, 2015 at 10:03 AM with the headline "HollyFrontier authorizes $1 billion share buyback."