El Dorado refinery’s parent company posts record profits

HollyFrontier Corporation, which owns an oil refinery in El Dorado as well as refineries elsewhere, reported record third quarter profits Wednesday.

According to a news release from the company, net income totaled $600.4 million for the quarter that ended Sept. 30, compared to $523.1 million in the same period of 2011.

The 15 percent increase in net income principally reflects higher refining margins in the period, according to the news release.

“We had a tremendous quarter with third quarter results reaching new record levels. Exceptionally high inland to coastal crude oil differentials as well as robust heavy crude oil differentials helped drive our refined product margins to all time highs,” HollyFrontier’s president and CEO Mike Jennings said in a statement. “Looking forward, we believe that the structural crude advantages currently driving our strong operating margins will continue to positively impact our operating income, allowing us to continue to pay both regular and special dividends.”

The Dallas-based company paid dividends to shareholders of $132.7 million during the third period, including a regular and a special dividend. Another third-quarter special divided is to be paid early in the fourth quarter, according to the release.