Refiners have benefited from favorable pricing and demand as global supplies remain tight after Western sanctions on Russia, while pandemic-era closures have resulted in low refined product inventories and boosted margins.

HF Sinclair, formerly known as HollyFrontier, said its gross margin stood at $23.70 per produced barrel in the first quarter, compared with $12.69 per barrel a year earlier.

Separately, the company submitted a non-binding proposal to Holly Energy Partners LP, under which HF Sinclair will acquire all outstanding shares not owned by the company.

On an adjusted basis, the Dallas-based energy firm posted a profit of $2 per share for the quarter ended March 31, compared with analysts' average estimate of $1.52 per share, according to Refinitiv data.

(Reporting by Sourasis Bose in Bengaluru; Editing by Subhranshu Sahu)