HollyFrontier (HFC) Q2 earnings fell 48% as refinery margins narrowed amid lower production, but says the proximity of its refineries to U.S. crude-producing regions would keep refining margins healthy.
Refinery gross margin dropped 28% to $20.28/bbl from $27.43 a year ago.
Planned and unplanned maintenance at its Tulsa, El Dorado and Cheyenne refineries contributed to lower production.
Declares a special dividend of $0.50/share in addition to the regular $0.30 quarterly dividend.
Shares -2.8% premarket.