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HF Sinclair sinks after forecasting higher capital spend for 2023

12/02/2022 | 01:39pm EST

Dec 2 (Reuters) - Shares of HF Sinclair Corp fell over 6% on Friday after the U.S. refiner forecast capital expenditure of $940 million to $1.15 billion for fiscal 2023, including its transportation business Holly Energy Partners .

The Dallas, Texas-based firm had forecast $740 million to $885 million for 2022.

"We think the 2023 budget will have a negative impact on the shares' near-term performance," Scotiabank analyst Paul Cheng wrote in a note.

Shares fell to $57.38 in afternoon trading, their lowest level in six weeks and worst day in ten.

Turnarounds made up a bulk of HF Sinclair's expected costs for next year, at $530 million to $630 million.

"The higher turnaround expenses likely also imply lower-than-expected 2023 throughput volumes," Cheng wrote.

HF Sinclair was formed as a parent company after HollyFrontier Corp bought almost all of Sinclair Oil Corp's assets for $2.6 billion. The deal closed earlier this year.

Other refiners Phillips 66, Marathon Petroleum Corp , Valero Energy Corp and PBF Energy Inc were down 2%-6%. (Reporting by Ruhi Soni in Bengaluru; Editing by Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -0.37% 84.1 Delayed Quote.0.12%
MARATHON PETROLEUM CORPORATION -2.79% 129.14 Delayed Quote.10.95%
PBF ENERGY INC. -4.22% 41.35 Delayed Quote.1.40%
PHILLIPS 66 -2.12% 106.42 Delayed Quote.4.47%
VALERO ENERGY CORPORATION -2.11% 140.19 Delayed Quote.10.51%
WTI -0.55% 77.485 Delayed Quote.-1.29%
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