In the third quarter of 2020, US refiner HollyFrontier Corp. posted a smaller-than-expected loss due to cost cuts and fuel price recovery.
In the July-September quarter, the company posted a loss of 41 cents/share, smaller than the expected 53 cents/share loss, according to Refinitiv IBES. In the period, HollyFrontier processed 11.5% more crude than the second quarter to 421,100 bpd, albeit still a 17% fall year-on-year.
Reacting to the news, its shares jumped by up to 4.2% to USD19.51.
Going forward, the company is now estimating the full-year capital expenditure (CAPEX) to range between USD475-550 million, a decrease from its previous forecast of between UD525-625 million. In the fourth quarter, HollyFrontier predicted to run 360,000-380,000 bpd of crude at its refineries.
The company also said that it expects to invest in its renewable business after converting its Cheyenne refinery in Wyoming in August into producing renewable diesel.
