HF Sinclair posts highest profit since 2022, plans lubricants separation

July 28 (Reuters) - HF Sinclair DINO.N on Tuesday posted its highest quarterly profit since Russia's invasion of Ukraine upended global oil markets and said it would separate its lubricants and specialties unit into an independent publicly traded company.

The U.S. refiner, which also beat second-quarter profit estimates, is seeking to unlock value from its higher-margin specialty products business while returning more cash to shareholders. It raised its quarterly dividend by 5%.

Shares of the Dallas, Texas-based company rose 6.8% in premarket trading.

Quarterly adjusted refinery gross margin per barrel rose 57.3% to $25.95 from a year earlier. Adjusted core profit at its refining segment more than doubled to $1.02 billion, compared with a year ago.

The company posted net income of $892 million, or $4.93 per share, marking its strongest quarterly profit since 2022 when Russia's invasion of Ukraine disrupted supply chains and drove a surge in commodity prices that boosted refinery earnings.

HF Sinclair reported quarterly adjusted profit of $5.31 per share, compared with analysts' average estimate of $4.51 per share, according to data compiled by LSEG.

U.S. refiners have been the biggest beneficiaries of the Iran war as international buyers clamored for their supplies, pushing the country's fuel exports to record highs.

"Looking forward, we believe the fundamentals that drove strong second-quarter results across each of our business segments will persist in the third quarter, providing a positive backdrop as we move through the remainder of the year," CEO Franklin Myers said.

HF Sinclair's lubricants and specialties segment posted stronger quarterly results, with its adjusted core profit surging to $207 million from $55 million a year earlier, driven by higher sales volumes and product prices.