CVR Refining, HollyFrontier cut jobs at U.S. refineries -sources [Yahoo! Finance News]
HollyFrontier Corporation (HFC)
Last hollyfrontier corporation earnings: 2/20 06:30 am
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Source: Yahoo! Finance News
By Laura SanicolaJuly 1 Reuters) - CVR Refining and HollyFrontier Corp have cut their workforces in recent weeks, according to three sources, as demand falls due to the ongoing coronavirus pandemic.In recent weeks CVR Refining has laid off approximately 50 salaried employees and HollyFrontier has cut at least 12 jobs, the sources said. HollyFrontier previously said it would lay off about 130 workers at its Cheyenne, Wyoming, refinery as it converts to a renewable diesel facility.CVR and HollyFrontier both declined to comment.Refining margins have dropped due to the coronavirus pandemic, reducing profit. Independent U.S. refiners are operating at just 75% of capacity and in the first quarter, refiners announced millions of dollars in cuts to capital and operating expenses.HollyFrontier will allow Cheyenne refinery employees to apply for some 40 positions across its other refining operations, according to two of the sources. "The company needed to tighten up their belt ... 20 years of r
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