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Refiners last year posted bumper profits, benefiting from strong pricing after Russia’s invasion of Ukraine strained fuel supplies that were already running low due to reopening economies across the world after a long pandemic-led shutdown.
HF said consolidated refinery gross margin stood at $22.22 per produced barrel, a 39% fall from a year earlier.
The Dallas, Texas-based company said net income attributable to stockholders fell to $507.7 million, or $2.62 per share, for the three months ended June 30, from $1.22 billion, or $5.43 per share, a year earlier.
