HollyFrontier sees profits double in third quarter

HollyFrontier, owner of the El Dorado refinery, today reported $175.0 million in profits on $5.3 billion in revenues in the third quarter.

Profits more than doubled from the same quarter of 2013 because of higher refining margins, even though the volume of oil refined was down in part because of a plant turnaround in El Dorado.

Refinery gross margins were $15.59 per produced barrel, up 47 percent from $10.64 for the third quarter of 2013. Operating expenses for the quarter were $6.39 per barrel compared to $5.53 per barrel for the third quarter of last year.

President and CEO Mike Jennings said margins improved across all regions because of higher gasoline and diesel crack spreads, and regional crude discounts particularly in the Permian Basin.