UPDATE 2-Holly Q1 profit rises, cuts 2009 capex view

jueves 7 de mayo de 2009 21:19 CEST
 

* Cuts 2009 capex view to $275 mln

* Says received EPA waiver for Tulsa refinery

* Gross refinery margins up 55 pct * Q1 EPS $0.44 vs $0.17 year-ago

* Shares up as much as 22 percent (Recasts; adds conf call details, analysts' comments, updates share movement)

By Shradhha Sharma

BANGALORE, May 7 (Reuters) - Holly Corp's HOC.N quarterly profit more than doubled, boosted by a 55 percent jump in refinery gross margins, but the oil refiner lowered its capital expenditure forecast for 2009.

"Excluding the impact of capital expenditures associated with the Tulsa refinery acquisition, we expect our capital expenditures to total approximately $275 million in 2009," the company said on a conference call with analysts. [ID:nWNAB5680]

In April, Holly and its subsidiary agreed to buy Sunoco Inc's (SUN.N: Cotización) 85,000 barrel-per-day (bpd) Tulsa refinery for $65 million. [ID:nBNG164187]

The Dallas-based company had earlier projected capital expenditure of about $350 million for 2009. It spent about $418 million in 2008.   Continuación...