HF Sinclair's Refineries Hit Record Throughput Amid High Demand

August 9, 2022--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. 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.