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HF Sinclair Expect Constrained  2024 with Demand 5-6% Above 2019

REFINING

Oil refiner HF Sinclair expects a constrained environment for the rest of 2024 after Q4 profits beat estimates on better-than-expected refining margins and throughput.

  • Fuel demand also held up as supplies remained tight on production cuts by OPEC+ countries despite an increase in global refining capacity. Overall demand is projected at 5-6% above 2019 levels.
  • HF Sinclair's consolidated gross refining margin fell to $13.88/bbl in Q4 from $23.47/bbl a year earlier, while refinery throughput fell marginally to 664kb/d. The company expects good midcontinent margins into the summer.
  • The company's utilization rate was 90.6% in the fourth quarter, compared with 92.7% a year earlier.
  • The 149kb/d Puget Sound refinery is expected to undergo a turnaround in Q1.
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