November 5, 2018
In it’s third quarter report, HollyFrontier Corporation included a lower of market inventory valuation adjustment that decreased pre-tax earnings of nearly $18 million.
Excluding the adjustment, net income for the quarter was $350.7 million or $1.98 per diluted share, up considerably from 2017’s $202 million or $1.14 per diluted share.
That 2017 figure also included exclusions which lowered earnings by nearly $70 million.
Total operating expenses during the 2018 quarter were $317.2 million, compared with $322 million for 3Q last year.
The refining and marketing segment of the Dallas-bsed company reported adjusted EBITDA of $507.2 million compared to $326.4 million for the third quarter of last year.