Lubes Income Drops for HollyFrontier

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HollyFrontier Corp.‘s lubricants and specialty products segment posted weaker income from operations for the fourth quarter and year but had stronger revenues from external customers.

The company posted $11.7 million in income from operations for the quarter ending Dec. 31, improving from a $17.1 million loss from operations in the year-earlier period. HollyFrontier posted a $129.1 million loss from operations for the year, down from $76.3 million in income from operations in 2018.

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The segment’s revenues from external customers hit $513 million for the quarter, up 21 percent from $423 million last year. For the full year, revenues from external customers reached $2.1 billion, up almost 16 percent compared to 2018.

The Dallas, Texas-based company acquired Parsippany, New Jersey-based Sonneborn for $665 million in late 2018.

The lubricants and specialty products segment includes Petro-Canada Lubricants and its Mississauga, Ontario, refinery, which makes products such as base oils, white oils, specialty products and finished lubricants, along with specialty lubricants from HollyFrontier’s Tulsa refineries. Acquisitions Red Giant Oil Co. and Sonneborn are now also part of the company’s lubricants and specialty products segment.

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Base Stocks    Business    Earnings    Finished Lubricants