Aug. 8 at 8:58 PM
$DINO CFRA Analysis
Q2 results showed strong refining performance with gross margins of
$16.50/b, up 45% from
$11.33/b year-ago. Mid-Continent margins nearly doubled to
$15.52/b from
$8.39/b, while West margins widened 27% to
$17.15/b. DINO's high complexity refineries provide flexibility to process discounted heavy and sour crude oils into gasoline and diesel. The company demonstrated strong crude oil sourcing capabilities, managing the fluid tariff situation on Canadian imports (25% of crude supply) better than expected. Industry fundamentals are expected to improve in 2026 as capacity has been removed from North America.
Adjusted EBITDA of
$665M was up 64% year-over-year and 3x improvement over Q1's
$201M. The strong balance sheet with 16% net debt to capital (vs. peer average of 37%) supports operational flexibility and financial stability.
