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Released August 09, 2022 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Global desperation for fuel and refined products continues to be a windfall for oil and gas companies, with HF Sinclair Corporation (NYSE:DINO) (Dallas, Texas) exceeding all expectations in its second-quarter results. Low product inventories and soaring demand bolstered results for the recently formed refining giant. Industrial Info is tracking $730 million worth of active projects from HF Sinclair, more than half of which is attributed to unit additions and upgrades.
Click on the image at right for a graph detailing HF Sinclair's active projects, by project type.
HF Sinclair, which added 20 retail sites in the second quarter, reported $1.2 billion in net income in the second quarter, compared with just $168.9 million in the same period last year. HF Sinclair was established as the new parent holding company of HollyFrontier Corporation and Holly Energy Partners LP earlier this year, following those two companies' respective acquisitions of Sinclair Oil Corporation and Sinclair Transportation Company from The Sinclair Companies.
"To date, we have achieved annualized run-rate synergies of over $90 million related to the Sinclair acquisition and over $100 million of working capital synergies," said Michael Jennings, the chief executive officer of HF Sinclair, in a quarterly earnings-related conference call. "We're on pace to exceed our target of approximately $100 million in annual run-rate synergies within two years of the acquisition close date."
Jennings and other executives said the acquisition resulted in logistical advantages--or "synergies"--that allowed for higher throughput rates at several of the company's refineries. HF Sinclair's refinery in Casper, Wyoming, reported record monthly throughput during the second quarter, and the company is considering a proposed kerosene hydrotreater unit addition at the 25,000-barrel-per-day (BBL/d) facility. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project Database can read more in a detailed project report.
The Casper Refinery already is undergoing $20 million worth of tank replacements, which will replace five out-of-service units with four more efficient models. The project kicked off in March and is expected to wrap up later this quarter. Subscribers can learn more from Industrial Info's project report.
HollyFrontier's acquisition of Sinclair Oil Corporation brought the latter's 85,000-BBL/d refinery in Sinclair, Wyoming, into the fold. The facility is nearing completion on a series of upgrades and improvements to several major units, including the:
HF Sinclair is exploring a proposed upgrade to its fluid catalytic cracking unit (FCCU) at its refinery in Tulsa, Oklahoma, which would replace aging equipment on the 29,000-BBL/d unit. The refinery's full capacity is 125,000 BBL/d. Subscribers can learn more from Industrial Info's detailed project report.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from HF Sinclair.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
Click on the image at right for a graph detailing HF Sinclair's active projects, by project type.HF Sinclair, which added 20 retail sites in the second quarter, reported $1.2 billion in net income in the second quarter, compared with just $168.9 million in the same period last year. HF Sinclair was established as the new parent holding company of HollyFrontier Corporation and Holly Energy Partners LP earlier this year, following those two companies' respective acquisitions of Sinclair Oil Corporation and Sinclair Transportation Company from The Sinclair Companies.
"To date, we have achieved annualized run-rate synergies of over $90 million related to the Sinclair acquisition and over $100 million of working capital synergies," said Michael Jennings, the chief executive officer of HF Sinclair, in a quarterly earnings-related conference call. "We're on pace to exceed our target of approximately $100 million in annual run-rate synergies within two years of the acquisition close date."
Jennings and other executives said the acquisition resulted in logistical advantages--or "synergies"--that allowed for higher throughput rates at several of the company's refineries. HF Sinclair's refinery in Casper, Wyoming, reported record monthly throughput during the second quarter, and the company is considering a proposed kerosene hydrotreater unit addition at the 25,000-barrel-per-day (BBL/d) facility. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project Database can read more in a detailed project report.
The Casper Refinery already is undergoing $20 million worth of tank replacements, which will replace five out-of-service units with four more efficient models. The project kicked off in March and is expected to wrap up later this quarter. Subscribers can learn more from Industrial Info's project report.
HollyFrontier's acquisition of Sinclair Oil Corporation brought the latter's 85,000-BBL/d refinery in Sinclair, Wyoming, into the fold. The facility is nearing completion on a series of upgrades and improvements to several major units, including the:
- $30 million addition of a renewable diesel pretreatment unit, to prepare raw distillers corn oil for hydrocracking; see project report
- $30 million addition of a renewable diesel wastewater treatment unit, also in service to the hydrocracker; see project report
- $15 million upgrade to crude and vacuum units; see project report
HF Sinclair is exploring a proposed upgrade to its fluid catalytic cracking unit (FCCU) at its refinery in Tulsa, Oklahoma, which would replace aging equipment on the 29,000-BBL/d unit. The refinery's full capacity is 125,000 BBL/d. Subscribers can learn more from Industrial Info's detailed project report.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from HF Sinclair.
Industrial Info Resources (IIR) is the world's leading provider of market intelligence across the upstream, midstream and downstream energy markets and all other major industrial markets. IIR's Global Market Intelligence Platform (GMI) supports our end-users across their core businesses, and helps them connect trends across multiple markets with access to real, qualified and validated project opportunities. Follow IIR on: LinkedIn.
