Holly Reports 2Q Results

Dallas-based Holly Corp. reports net income rose 26.9 percent for the quarter that ended June 30.
Net income was $14.6 million for the period, up from $11.5 million a year ago.
Holly said earnings per share rose 26 percent. Holly said EPS was 29 cents per basic and diluted shares in the second quarter this year, compared to 23 cents per basic and diluted shares in the same period of 2008.
Net income rose 82 percent For the six months ended June 30, net income was $36.6 million, compared to $20.1 million for the first half of 2008.
Earnings per share were 73 cents per basic and diluted shares, compared to 40 cents per basic and 39 cents per diluted shares for the first six months of 2008.
Overall refinery gross margins were $7.82 per produced barrel, a 14 percent decrease compared to $9.09 for the second quarter of 2008.
For the three months ended June 30, refinery production levels increased 41 percent over the same period of 2008 due to incremental production attributable to the operations of the Tulsa refinery and production gains resulting from the Navajo and Woods Cross refinery capacity expansions.

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