(Reuters) -Refiner HF Sinclair beat Wall Street estimates for first-quarter profit on Wednesday, helped by tight fuel supplies due to refinery shutdowns in Russia and heavy maintenance in the U.S.
Fuel supplies have tightened this year following outages at Russian refineries after Ukrainian drone attacks shut a significant section of Russia’s refining capacity during the quarter.
HF Sinclair’s refinery gross margin was $12.70 per produced barrel, a 45% decline compared to the first quarter of 2023, the company said, as fuel prices scaled back.
The company also announced a new share buyback program of $1 billion.
The Dallas, Texas-based refiner posted adjusted net income of 71 cents per share for the three months ended March 31, compared with average analysts’ estimate of 65 cents per share, according to LSEG data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Ravi Prakash Kumar)
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