⁍ U.S. refiner HollyFrontier Corp posted a smaller-than-expected loss on Thursday.

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⁍ Demand for its products picked up due to easing of coronavirus-led travel restrictions.

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⁍ The company’s results mirror those of bigger rivals Valero Energy and Phillips 66.

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– HollyFrontier’s second-quarter loss was $176.7 million, or $1.09 per share, compared to a profit of $196.9 million, or $1.15 per share, a year earlier. The oil refiner took $429.5 million in impairment charges in the quarter, mostly related to its Cheyenne Refinery and Petro-Canada Lubricants business, reports Reuters. Analysts had expected a loss of 55 cents per share. The company’s results mirror those of bigger rivals Valero Energy, Phillips 66, and Marathon Petroleum, each of which posted smaller-than-feared losses, citing a recovery in fuel demand. On a post earnings call with analysts, HollyFrontier said it expects current-quarter throughput to be in the range of 340,000 barrels per day to 370,000 bpd of crude oil, the midpoint of which is slightly above the 350,000 bpd it reported in the second quarter ended June 30. The company, which converted a 52,000 barrels per day refinery in Cheyenne into a renewable diesel plant in June, said it plans to spend about $650 million to $750 million over the next 18 months to expand its renewables portfolio due to increasing demand for alternative fuel. HollyFrontier expects to tap the debt market to raise capital for the expansion.