Just how badly has the energy downturn hit some companies? Ask executives at HollyFrontiier Corporation based in Dallas where first quarter net income totaled $21.3 million compared to the $226.9 million compared to a year ago. The income was $0.12 per diluted share for the quarter ended March 31, 2016 compared to the $1.16 paid after the first quarter last year.
Total operating expenses were about $253 million compared to $263.6 million in expenses in last year’s first quarter.
“First quarter earnings reflect seasonably weak industry refining margins which were 40% below the levels for the comparable period last year,” said George Damiris, President and CEO. “Gasoline margins continue to strengthen, up between 40% and 70% versus first quarter levels. I expect gasoline margins to strengthen further and remain encouraged by the strong vehicle miles traveled data.”
The earnings report indicted HollyFrontier’s debt was $246.2 million exclusive of the debt amassed by Holly Energy Partners.