Revenue during the quarter went up marginally by 0.39 percent to $2,955.07 million from $2,943.56 million in the previous year period. Gross margin for the quarter expanded 498 basis points over the previous year period to 16.99 percent. Operating margin for the quarter period stood at positive 3.80 percent as compared to a negative 1.93 percent for the previous year period.

Operating income for the quarter was $112.29 million, compared with an operating loss of $56.71 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $100.65 million compared with $160.15 million in the prior year period. At the same time, adjusted EBITDA margin contracted 203 basis points in the quarter to 3.41 percent from 5.44 percent in the last year period.

HollyFrontier Corporation president and chief executive officer, George Damiris, commented, "2016 presented a challenging refining environment for the industry as a whole and for HFC due to weak benchmark refining margins, rising RFS compliance costs and narrow crude differentials In the face of these macro challenges we continue to focus on what we can control. We have achieved approximately $300 million of the $700 million in annual EBITDA improvements targeted by 2018. We also completed the largest acquisition in our company history with the addition of the Petro-Canada Lubricants business. We look forward to realizing the benefits from combining this differentiated, high margin business with HollyFrontier."