UPDATE 1-HollyFrontier profit surges on lower tax bill

(Adds details on refining margins, background)

Feb 21 (Reuters) - U.S. oil refiner HollyFrontier Corp reported a jump in fourth-quarter profit on Wednesday, as the recent changes in the U.S. tax laws reduced income taxes by about $307 million.

Analysts say refiners are likely to outshine other energy businesses in 2018 as they benefit from a surge in U.S. oil production and rack up among the biggest gains from the recent corporate tax cuts.

Dallas-based HollyFrontier said refining margins rose 85 percent to $12.54 per barrel in the reported quarter.

Sales and other revenue jumped 35 percent to $3.99 billion helped by higher sales volumes.

Net profit attributable to shareholders rose to $521.1 million, or $2.92 per share, in the quarter ended Dec. 31, from $53.2 million, or 30 cents per share, a year earlier. (Reporting by Karan Nagarkatti in Bengaluru; Editing by Shounak Dasgupta)