VLO - HollyFrontier plans to double capex hike renewables spending in 2021

HollyFrontier ([[HFC]] -4.9%) discloses plans to nearly double its capital spending in 2021 to $1.05B-$1.15B, up from $475M-$550M expected for 2020.Including its Holly Energy Partners ([[HEP]] -3%) unit, the company expects to spend $1.09B-$1.21B next year.The refiner's plans include a big investment jump in its renewables business to $500M-$530M next year, compared with $130M-$145M in 2020.HollyFrontier was one of a handful of refiners earlier this year to announce a move toward renewable diesel, as the pandemic has dented demand for traditional fuels such as gasoline and diesel.Earlier this year, HollyFrontier converted a 52K bbl/day refinery in Wyoming into a renewable diesel plant and said it planned to spend $650M-$750M over the next 18 months to expand its renewables portfolio.Refiners are trading mostly lower today, including [[PSX]] -3.6%, [[VLO]] -2.9%, [[MPC]] -2.8%.Robert Boslego discussed HollyFrontier's diversification moves into renewable diesel in a bearish analysis published recently on Seeking Alpha.

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HollyFrontier plans to double capex, hike renewables spending in 2021