Holly CEO: Refining Market Conditions To Remain 'Challenging'

Holly Corp. (HOC) Chief Executive Matt Clifton said Thursday that he expects the refining market to remain challenging for his company.

Holly posted a wider-than-expected loss of $40.6 million, or 79 cents a share, compared with a year-earlier profit of $50.6 million, or $1.01 a share.

"Needless to say we were extremely disappointed with the results in the fourth quarter," Clifton said. "Looking forward we would expect conditions to remain challenging. We do however, (believe) Holly is in the position to weather this challenging environment better than most."

Dallas-based Holly is a niche oil refiner and owns three plants in the mid-Continent region of the U.S., which in the past year has had comparatively strong refining margins compared to the rest of the country. However, during the fourth quarter, those margins were lower than usual.

Shares of Holly traded down $2.06, or 7.3%, to $26.09.

-By Susan Daker, Dow Jones Newswires; 713-547-9208; susan.daker@dowjones.com

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