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UPDATE 1-HollyFrontier beats profit estimate as refining margins surge

(Adds details on quarterly performance, results from other refiners, analysts' estimate)

Nov 1 (Reuters) - U.S. oil refiner HollyFrontier Corp reported a better-than-expected third-quarter profit, helped by higher refining margins in the aftermath of Hurricane Harvey that swept through Texas.

Industry wide margins for diesel and gasoline surged to more than two-year highs in early September as Harvey battered Texas, destroying gasoline lines in various parts of the state.

Dallas-based HollyFrontier said on Wednesday its refinery gross margins surged 48 percent to $14.55 per barrel in the quarter ended Sept. 30.

Net profit attributable to shareholders rose to $272 million, or $1.53 per share, from $74.5 million, or 42 cents per share, a year earlier.

HollyFrontier said it recorded a $111.1 million pretax gain due to an adjustment of market inventory valuation in the quarter.

Excluding items, the company earned $1.07 per share. Analysts on average had estimated a profit of 89 cents, according to Thomson Reuters I/B/E/S. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sai Sachin Ravikumar and Anil D'Silva)