June 2007 -- As a petroleum refiner, Holly Corp.'s services are much in demand these days. The company, which produces gasoline, diesel fuel and jet fuel, posted net income of $266.6 million for 2006, a 59% increase from the previous year. Rather than coasting on those profits, though, the company has earmarked $325 million in expansion projects aimed at increasing crude capacity.
Holly Corp. plans to revamp its Navajo refinery in Artesia, N.M., to increase crude capacity to 100,000 barrels per day (bpd). Holly also will install its second crude unit and a new solvent de-asphalter at Navajo. Other previously approved Navajo expansion projects include a new 15,000-bpd hydrocracker and a 28-million-standard-cubic-feet hydrogen plant. The Navajo projects are part of the company's plan to develop pipeline access at the facility for heavy Canadian crude oil and other foreign heavy crude oils transported from the Cushing, Okla., area.
"Looking forward, we remain convinced that the strong industry fundamentals will remain in our favor, as demand for refined products should continue to press refining supply capabilities for at least the next several years. This, combined with our high sour crude oil processing capabilities, our continued execution of value-added refining initiatives and the high growth markets we serve, should keep our earnings at healthy levels," says Matthew Clifton, Holly Corp.'s chairman and CEO.
For further financial information visit http://www.hollycorp.com/investors_financials_archive.cfm.
|
