HF Sinclair’s profits have dropped due to reduced refining margins.

(Reuters) -HF Sinclair on Thursday joined bigger rivals in reporting a fall in second-quarter ⁣profit as margins slipped ​from last year’s peaks that​ were driven by supply shortages due to the ​Russia-Ukraine conflict.

Refiners last year posted bumper profits,‍ benefiting from strong pricing after⁣ Russia’s invasion of Ukraine strained fuel ​supplies that were⁣ already running low due to⁤ reopening economies across the world after a long pandemic-led shutdown.

HF said consolidated refinery gross margin stood at​ $22.22 per produced barrel, ‌a ​39%‌ fall from a year earlier.

The ⁤Dallas, Texas-based company said net income ‌attributable to stockholders fell to $507.7 million,⁢ or‌ $2.62 ‌per share, for the three months ended June​ 30, ‌from $1.22 billion, ‌or $5.43 per share, a year earlier.

(Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)

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