HollyFrontier Corporation Reports 2020 Fourth Quarter and Full Year Results

HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported fourth quarter net loss attributable to HollyFrontier stockholders of $(117.7) million or $(0.73) per diluted share for the quarter ended December 31, 2020, compared to net income of $60.6 million or $0.37 per diluted share for the quarter ended December 31, 2019.

The fourth quarter results reflect special items that collectively increased net loss by a total of $0.9 million. On a pre-tax basis, these items include goodwill and long-lived asset impairment charges totaling $108.4 million and charges related to the Cheyenne Refinery conversion to renewable diesel production, including decommissioning charges of $12.4 million, last-in, first-out (“LIFO”) inventory liquidation costs of $3.1 million and severance charges totaling $0.3 million; partially offset by a lower of cost or market inventory valuation adjustment of $149.2 million. Excluding these items, adjusted net loss for the fourth quarter was $(118.6) million ($(0.74) per diluted share) compared to adjusted net income of $78.0 million ($0.48 per diluted share) for the fourth quarter of 2019, which excludes certain items that collectively decreased net income by $17.4 million for the three months ended December 31, 2019.

HollyFrontier’s President & CEO, Michael Jennings, commented, “Despite the challenging environment, HollyFrontier preserved our industry-leading balance sheet thanks to a resilient set of results led by HEP and our Lubricants businesses. Looking forward, we expect demand for transportation fuels will strengthen as COVID-19 vaccines are distributed and the global economy recovers from the pandemic. Our focus for 2021 is on operating safely and reliably while executing our ambitious capital and turnaround plans.”

The COVID-19 pandemic caused a decline in U.S. and global economic activity starting in the first quarter of 2020. This decrease reduced both volumes and unit margins across the Company's businesses, resulting in lower gross margins and earnings. During the fourth quarter of 2020, demand for transportation fuels remained challenged while lubricants and specialties continued to show strength in the second half of the year due to improvement in industrial and transportation-related markets and increased global demand for base oils.

The Refining segment reported adjusted EBITDA of $(111.5) million compared to $171.6 million for the fourth quarter of 2019. This decrease was primarily due to continued weak demand for gasoline and diesel coupled with compressed crude differentials. Refinery gross margin for the fourth quarter of 2020 was $4.02 per produced barrel, a 71% decrease compared to $13.66 for the fourth quarter of 2019. Crude oil charge averaged 379,910 barrels per day (“BPD”) for the fourth quarter of 2020 compared to 359,500 BPD for the fourth quarter of 2019.

Our Lubricants and Specialty Products segment reported EBITDA of $(32.7) million, compared to $34.6 million in the fourth quarter of 2019. This decrease was driven by a goodwill impairment charge of $81.9 million related to Sonneborn. Excluding the impairment, our Lubricants and Specialties segment reported adjusted EBITDA of $49.2 million due to strengthening base oil margins in the fourth quarter of 2020.

Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $86.8 million for the fourth quarter of 2020 compared to $87.8 million in the fourth quarter of 2019. Despite lower volumes year over year, HEP delivered strong fourth quarter 2020 earnings which were supported by long-term minimum volume commitment contracts.

For the fourth quarter of 2020, net cash provided by operations totaled $66.9 million. During the period, HollyFrontier declared and paid a dividend of $0.35 per share to shareholders totaling $57.9 million. At December 31, 2020, the Company's cash and cash equivalents totaled $1,368.3 million, a $156.6 million decrease over cash and cash equivalents of $1,524.9 million at September 30, 2020. Additionally, the Company's consolidated debt was $3,142.7 million. The Company's debt, exclusive of HEP debt, which is nonrecourse to HollyFrontier, was $1,737.1 million at December 31, 2020.

The Company has scheduled a webcast conference call for today, February 24, 2021, at 8:30 AM Eastern Time to discuss fourth quarter financial results. This webcast may be accessed at: https://event.on24.com/wcc/r/2950760/AF27087C3232DF9D1112AE68A106191D. An audio archive of this webcast will be available using the above noted link through March 10, 2021.

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries located in Kansas, Oklahoma, New Mexico and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. In addition, HollyFrontier produces base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and exports products to more than 80 countries. HollyFrontier also owns a 57% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P., a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries.

The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are “forward-looking statements” based on management’s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, the extraordinary market environment and effects of the COVID-19 pandemic, including a significant decline in demand for refined petroleum products in markets the Company serves; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in the Company’s markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to infection in the workforce or in response to reductions in demand; the effects of current and future governmental and environmental regulations and policies, including the effects of current and future restrictions on various commercial and economic activities in response to the COVID-19 pandemic; the availability and cost of financing to the Company; the effectiveness of the Company’s capital investments and marketing strategies; the Company’s efficiency in carrying out and consummating construction projects, including the Company's ability to complete announced capital projects, such as the conversion of the Cheyenne Refinery to a renewable diesel facility and the construction of the Artesia renewable diesel unit and pretreatment unit, on time and within budget; the Company's ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of the Company to acquire refined or lubricant product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations; the possibility of terrorist or cyberattacks and the consequences of any such attacks; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States; continued deterioration in gross margins or a prolonged economic slowdown due to COVID-19 could result in an impairment of goodwill and / or additional long-lived asset impairments; and other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s Securities and Exchange Commission filings. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

RESULTS OF OPERATIONS

 
Financial Data (all information in this release is unaudited)

Three Months Ended
December 31,

Change from 2019

2020

2019

Change

Percent

(In thousands, except per share data)

Sales and other revenues

$

2,900,768

$

4,381,888

$

(1,481,120

)

(34

)%

Operating costs and expenses:

Cost of products sold:

Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)

2,510,845

3,610,528

(1,099,683

)

(30

)

Lower of cost or market inventory valuation adjustment

(149,212

)

30,708

(179,920

)

(586

)

2,361,633

3,641,236

(1,279,603

)

(35

)

Operating expenses

336,077

383,630

(47,553

)

(12

)

Selling, general and administrative expenses

76,041

93,259

(17,218

)

(18

)

Depreciation and amortization

124,879

134,580

(9,701

)

(7

)

Goodwill and long-lived asset impairments

108,385

108,385

Total operating costs and expenses

3,007,015

4,252,705

(1,245,690

)

(29

)

Income (loss) from operations

(106,247

)

129,183

(235,430

)

(182

)

Other income (expense):

Earnings of equity method investments

1,461

(37

)

1,498

(4,049

)

Interest income

1,043

5,012

(3,969

)

(79

)

Interest expense

(40,604

)

(36,383

)

(4,221

)

12

Gain on foreign currency transactions

3,119

576

2,543

441

Other, net

3,034

2,008

1,026

51

(31,947

)

(28,824

)

(3,123

)

11

Income (loss) before income taxes

(138,194

)

100,359

(238,553

)

(238

)

Income tax expense (benefit)

(43,643

)

19,290

(62,933

)

(326

)

Net income (loss)

(94,551

)

81,069

(175,620

)

(217

)

Less net income attributable to noncontrolling interest

23,196

20,464

2,732

13

Net income (loss) attributable to HollyFrontier stockholders

$

(117,747

)

$

60,605

$

(178,352

)

(294

)%

Earnings (loss) per share:

Basic

$

(0.73

)

$

0.38

$

(1.11

)

(292

)%

Diluted

$

(0.73

)

$

0.37

$

(1.10

)

(297

)%

Cash dividends declared per common share

$

0.35

$

0.35

$

%

Average number of common shares outstanding:

Basic

162,151

161,398

753

%

Diluted

162,151

162,898

(747

)

%

EBITDA

$

3,050

$

245,846

$

(242,796

)

(99

)%

Adjusted EBITDA

$

(21,898

)

$

262,660

$

(284,558

)

(108

)%

Years Ended
December 31,

Change from 2019

2020

2019

Change

Percent

(In thousands, except per share data)

Sales and other revenues

$

11,183,643

$

17,486,578

$

(6,302,935

)

(36

)%

Operating costs and expenses:

Cost of products sold:

Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)

9,158,805

13,918,384

(4,759,579

)

(34

)

Lower of cost or market inventory valuation adjustment

78,499

(119,775

)

198,274

(166

)

9,237,304

13,798,609

(4,561,305

)

(33

)

Operating expenses

1,300,277

1,394,052

(93,775

)

(7

)

Selling, general and administrative expenses

313,600

354,236

(40,636

)

(11

)

Depreciation and amortization

520,912

509,925

10,987

2

Goodwill and long-lived asset impairments

545,293

152,712

392,581

257

Total operating costs and expenses

11,917,386

16,209,534

(4,292,148

)

(26

)

Income (loss) from operations

(733,743

)

1,277,044

(2,010,787

)

(157

)

Other income (expense):

Earnings of equity method investments

6,647

5,180

1,467

28

Interest income

7,633

22,139

(14,506

)

(66

)

Interest expense

(126,527

)

(143,321

)

16,794

(12

)

Gain on business interruption insurance settlement

81,000

81,000

%

Gain on sales-type lease

33,834

33,834

%

Loss on early extinguishment of debt

(25,915

)

(25,915

)

%

Gain on foreign currency transactions

2,201

5,449

(3,248

)

(60

)

Other, net

7,824

5,013

2,811

56

(13,303

)

(105,540

)

92,237

(87

)

Income (loss) before income taxes

(747,046

)

1,171,504

(1,918,550

)

(164

)

Income tax expense (benefit)

(232,147

)

299,152

(531,299

)

(178

)

Net income (loss)

(514,899

)

872,352

(1,387,251

)

(159

)

Less net income attributable to noncontrolling interest

86,549

99,964

(13,415

)

(13

)

Net income (loss) attributable to HollyFrontier stockholders

$

(601,448

)

$

772,388

$

(1,373,836

)

(178

)%

Earnings (loss) per share:

Basic

$

(3.72

)

$

4.64

$

(8.36

)

(180

)%

Diluted

$

(3.72

)

$

4.61

$

(8.33

)

(181

)%

Cash dividends declared per common share

$

1.40

$

1.34

$

0.06

4

%

Average number of common shares outstanding:

Basic

161,983

166,287

(4,304

)

(3

)%

Diluted

161,983

167,385

(5,402

)

(3

)%

EBITDA

$

(193,789

)

$

1,702,647

$

(1,896,436

)

(111

)%

Adjusted EBITDA

$

412,220

$

1,714,524

$

(1,302,304

)

(76

)%

Balance Sheet Data

Years Ended December 31,

2020

2019

(In thousands)

Cash and cash equivalents

$

1,368,318

$

885,162

Working capital

$

1,935,605

$

1,620,261

Total assets

$

11,506,864

$

12,164,841

Long-term debt

$

3,142,718

$

2,455,640

Total equity

$

5,722,203

$

6,509,426

Segment Information

Our operations are organized into three reportable segments: Refining, Lubricants and Specialty Products and HEP. Our operations that are not included in the Refining, Lubricants and Specialty Products and HEP segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column.

The Refining segment represents the operations of our El Dorado, Tulsa, Navajo, Woods Cross Refineries and HollyFrontier Asphalt Company LLC (“HFC Asphalt”) (aggregated as a reportable segment). Refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest and Rocky Mountain geographic regions of the United States. HFC Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma. The Refining segment also included the operations of the Cheyenne Refinery until it permanently ceased petroleum refining operations during the third quarter of 2020.

The Lubricants and Specialty Products segment involves Petro-Canada Lubricants Inc.’s (“PCLI”) production operations, located in Mississauga, Ontario, that include lubricant products such as base oils, white oils, specialty products and finished lubricants and the operations of our Petro-Canada Lubricants business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States, Europe and China. Additionally, the Lubricants and Specialty Products segment includes specialty lubricant products produced at our Tulsa refineries that are marketed throughout North America and are distributed in Central and South America, the operations of Red Giant Oil, one of the largest suppliers of locomotive engine oil in North America and the operations of Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe.

The HEP segment involves all of the operations of HEP, a consolidated variable interest entity, which owns and operates logistics assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units in the Mid-Continent, Southwest and Rocky Mountain geographic regions of the United States. The HEP segment also includes a 75% interest in UNEV Pipeline, LLC (an HEP consolidated subsidiary), and a 50% ownership interest in each of Osage Pipeline Company, LLC, Cheyenne Pipeline LLC and Cushing Connect Pipeline & Terminal LLC. Revenues from the HEP segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation services provided for our refining operations. Due to certain basis differences, our reported amounts for the HEP segment may not agree to amounts reported in HEP's periodic public filings.

 

Refining

Lubricants
and Specialty
Products

HEP

Corporate,
Other and
Eliminations

Consolidated
Total

(In thousands)

Three Months Ended December 31, 2020

Sales and other revenues:

Revenues from external customers

$

2,406,214

$

462,724

$

25,629

$

6,201

$

2,900,768

Intersegment revenues

74,492

1,554

101,827

(177,873

)

$

2,480,706

$

464,278

$

127,456

$

(171,672

)

$

2,900,768

Cost of products sold (exclusive of lower of cost or market inventory adjustment)

$

2,326,150

$

318,857

$

$

(134,162

)

$

2,510,845

Lower of cost or market inventory valuation adjustment

$

(145,497

)

$

$

$

(3,715

)

$

(149,212

)

Operating expenses

$

233,433

$

59,609

$

37,971

$

5,064

$

336,077

Selling, general and administrative expenses

$

32,621

$

36,162

$

2,420

$

4,838

$

76,041

Depreciation and amortization

$

73,598

$

21,396

$

23,350

$

6,535

$

124,879

Goodwill and long-lived asset impairments

$

26,518

$

81,867

$

$

$

108,385

Income (loss) from operations

$

(66,117

)

$

(53,613

)

$

63,715

$

(50,232

)

$

(106,247

)

Income (loss) before interest and income taxes

$

(66,117

)

$

(54,056

)

$

65,428

$

(43,888

)

$

(98,633

)

Net income attributable to noncontrolling interest

$

$

$

1,124

$

22,072

$

23,196

Earnings of equity method investments

$

$

$

1,461

$

$

1,461

Capital expenditures

$

45,870

$

12,086

$

20,641

$

38,555

$

117,152

Three Months Ended December 31, 2019

Sales and other revenues:

Revenues from external customers

$

3,837,269

$

512,980

$

31,639

$

$

4,381,888

Intersegment revenues

67,879

3,150

99,995

(171,024

)

$

3,905,148

$

516,130

$

131,634

$

(171,024

)

$

4,381,888

Cost of products sold (exclusive of lower of cost or market inventory adjustment)

$

3,381,967

$

377,740

$

$

(149,179

)

$

3,610,528

Lower of cost or market inventory valuation adjustment

$

30,708

$

$

$

$

30,708

Operating expenses

$

301,407

$

60,868

$

38,951

$

(17,596

)

$

383,630

Selling, general and administrative expenses

$

32,196

$

42,914

$

2,929

$

15,220

$

93,259

Depreciation and amortization

$

82,527

$

22,890

$

24,514

$

4,649

$

134,580

Income (loss) from operations

$

76,343

$

11,718

$

65,240

$

(24,118

)

$

129,183

Income (loss) before interest and income taxes

$

76,343

$

11,681

$

65,532

$

(21,826

)

$

131,730

Net income attributable to noncontrolling interest

$

$

$

1,457

$

19,007

$

20,464

Earnings of equity method investments

$

$

$

(37

)

$

$

(37

)

Capital expenditures

$

69,835

$

15,110

$

6,284

$

7,477

$

98,706

 

Refining

Lubricants
and Specialty
Products

HEP

Corporate,
Other and
Eliminations

Consolidated
Total

(In thousands)

Year Ended December 31, 2020

Sales and other revenues:

Revenues from external customers

$

9,286,658

$

1,792,745

$

98,039

$

6,201

$

11,183,643

Intersegment revenues

252,531

10,465

399,809

(662,805

)

$

9,539,189

$

1,803,210

$

497,848

$

(656,604

)

$

11,183,643

Cost of products sold (exclusive of lower of cost or market inventory adjustment)

$

8,439,680

$

1,271,287

$

$

(552,162

)

$

9,158,805

Lower of cost or market inventory valuation adjustment

$

82,214

$

$

$

(3,715

)

$

78,499

Operating expenses

$

988,045

$

216,068

$

147,692

$

(51,528

)

$

1,300,277

Selling, general and administrative expenses

$

127,298

$

157,816

$

9,989

$

18,497

$

313,600

Depreciation and amortization

$

324,617

$

80,656

$

95,445

$

20,194

$

520,912

Goodwill and long-lived asset impairments

$

241,760

$

286,575

$

16,958

$

$

545,293

Income (loss) from operations

$

(664,425

)

$

(209,192

)

$

227,764

$

(87,890

)

$

(733,743

)

Income (loss) before interest and income taxes

$

(664,425

)

$

(209,903

)

$

251,021

$

(4,845

)

$

(628,152

)

Net income attributable to noncontrolling interest

$

$

$

5,282

$

81,267

$

86,549

Earnings of equity method investments

$

$

$

6,647

$

$

6,647

Capital expenditures

$

152,726

$

32,473

$

59,283

$

85,678

$

330,160

Year Ended December 31, 2019

Sales and other revenues:

Revenues from external customers

$

15,284,110

$

2,081,221

$

121,027

$

220

$

17,486,578

Intersegment revenues

312,678

11,307

411,750

(735,735

)

$

15,596,788

$

2,092,528

$

532,777

$

(735,515

)

$

17,486,578

Cost of products sold (exclusive of lower of cost or market inventory adjustment)

$

12,980,506

$

1,580,036

$

$

(642,158

)

$

13,918,384

Lower of cost or market inventory valuation adjustment

$

(119,775

)

$

$

$

$

(119,775

)

Operating expenses

$

1,095,488

$

231,523

$

161,996

$

(94,955

)

$

1,394,052

Selling, general and administrative expenses

$

120,518

$

168,595

$

10,251

$

54,872

$

354,236

Depreciation and amortization

$

309,932

$

88,781

$

96,706

$

14,506

$

509,925

Goodwill impairment

$

$

152,712

$

$

$

152,712

Income (loss) from operations

$

1,210,119

$

(129,119

)

$

263,824

$

(67,780

)

$

1,277,044

Income (loss) before interest and income taxes

$

1,210,119

$

(128,837

)

$

304,442

$

(93,038

)

$

1,292,686

Net income attributable to noncontrolling interest

$

$

$

4,981

$

94,983

$

99,964

Earnings of equity method investments

$

$

$

5,180

$

$

5,180

Capital expenditures

$

199,002

$

40,997

$

30,112

$

23,652

$

293,763

 

Refining

Lubricants
and Specialty
Products

HEP

Corporate,
Other and
Eliminations

Consolidated
Total

(In thousands)

December 31, 2020

Cash and cash equivalents

$

3,106

$

163,729

$

21,990

$

1,179,493

$

1,368,318

Total assets

$

6,203,847

$

1,864,313

$

2,198,478

$

1,240,226

$

11,506,864

Long-term debt

$

$

$

1,405,603

$

1,737,115

$

3,142,718

December 31, 2019

Cash and cash equivalents

$

9,755

$

169,277

$

13,287

$

692,843

$

885,162

Total assets

$

7,189,094

$

2,223,418

$

2,205,437

$

546,892

$

12,164,841

Long-term debt

$

$

$

1,462,031

$

993,609

$

2,455,640

Refining Segment Operating Data

The following tables set forth information, including non-GAAP (Generally Accepted Accounting Principles) performance measures about our refinery operations. Refinery gross and net operating margins do not include the non-cash effects of long-lived asset impairment charges, lower of cost or market inventory valuation adjustments and depreciation and amortization. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.

As of December 31, 2020, our refinery operations included the El Dorado, Tulsa, Navajo and Woods Cross Refineries. In the third quarter of 2020, we permanently ceased petroleum refining operations at our Cheyenne Refinery and subsequently began converting certain assets at our Cheyenne Refinery to renewable diesel production. The disaggregation of the Company's refining geographic operating data is presented in two regions, Mid-Continent and West, to best reflect the economic drivers of our refining operations. The Mid-Continent region will continue to be comprised of the El Dorado and Tulsa Refineries, and the new West region will be comprised of the Navajo and Woods Cross Refineries. All prior period geographic operating data included below has been retrospectively adjusted to reflect the revised regional groupings.

 

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

Mid-Continent Region (El Dorado and Tulsa Refineries)

Crude charge (BPD) (1)

260,780

243,400

241,140

254,010

Refinery throughput (BPD) (2)

279,670

256,790

257,030

268,500

Sales of produced refined products (BPD) (3)

273,710

254,950

248,320

259,310

Refinery utilization (4)

100.3

%

93.6

%

92.7

%

97.7

%

Average per produced barrel (5)

Refinery gross margin

$

1.93

$

11.15

$

5.17

$

13.71

Refinery operating expenses (6)

5.42

6.66

5.46

5.77

Net operating margin

$

(3.49

)

$

4.49

$

(0.29

)

$

7.94

Refinery operating expenses per throughput barrel (7)

$

5.30

$

6.61

$

5.27

$

5.58

Feedstocks:

Sweet crude oil

59

%

54

%

58

%

55

%

Sour crude oil

19

%

26

%

19

%

24

%

Heavy sour crude oil

15

%

15

%

17

%

16

%

Other feedstocks and blends

7

%

5

%

6

%

5

%

Total

100

%

100

%

100

%

100

%

Sales of produced refined products:

Gasolines

54

%

53

%

52

%

51

%

Diesel fuels

33

%

30

%

34

%

32

%

Jet fuels

4

%

6

%

4

%

7

%

Fuel oil

1

%

1

%

1

%

1

%

Asphalt

3

%

4

%

3

%

3

%

Base oils

4

%

3

%

4

%

4

%

LPG and other

1

%

3

%

2

%

2

%

Total

100

%

100

%

100

%

100

%

 
 

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

West Region (Navajo and Wood Cross Refineries)

Crude charge (BPD) (1)

119,130

116,100

124,050

134,850

Refinery throughput (BPD) (2)

133,110

128,983

138,050

149,070

Sales of produced refined products (BPD) (3)

144,280

143,410

143,350

155,060

Refinery utilization (4)

82.2

%

80.1

%

85.6

%

93.0

%

Average per produced barrel (5)

Refinery gross margin

$

7.98

$

18.12

$

10.97

$

19.62

Refinery operating expenses (6)

7.31

7.39

7.07

6.69

Net operating margin

$

0.67

$

10.73

$

3.90

$

12.93

Refinery operating expenses per throughput barrel (7)

$

7.93

$

8.22

$

7.34

$

6.96

Feedstocks:

Sweet crude oil

29

%

28

%

30

%

26

%

Sour crude oil

48

%

49

%

49

%

52

%

Black wax crude oil

12

%

13

%

11

%

12

%

Other feedstocks and blends

11

%

10

%

10

%

10

%

Total

100

%

100

%

100

%

100

%

Sales of produced refined products:

Gasolines

57

%

55

%

56

%

53

%

Diesel fuels

34

%

33

%

35

%

37

%

Fuel oil

3

%

3

%

3

%

3

%

Asphalt

3

%

4

%

4

%

4

%

LPG and other

3

%

5

%

2

%

3

%

Total

100

%

100

%

100

%

100

%

Consolidated

Crude charge (BPD) (1)

379,910

359,500

365,190

388,860

Refinery throughput (BPD) (2)

412,780

385,773

395,080

417,570

Sales of produced refined products (BPD) (3)

417,990

398,360

391,670

414,370

Refinery utilization (4)

93.8

%

88.8

%

90.2

%

96.0

%

Average per produced barrel (5)

Refinery gross margin

$

4.02

$

13.66

$

7.29

$

15.92

Refinery operating expenses (6)

6.07

6.92

6.05

6.12

Net operating margin

$

(2.05

)

$

6.74

$

1.24

$

9.80

Refinery operating expenses per throughput barrel (7)

$

6.15

$

7.15

$

6.00

$

6.07

Feedstocks:

Sweet crude oil

49

%

45

%

48

%

45

%

Sour crude oil

29

%

34

%

29

%

34

%

Heavy sour crude oil

10

%

10

%

11

%

10

%

Black wax crude oil

4

%

4

%

4

%

4

%

Other feedstocks and blends

8

%

7

%

8

%

7

%

Total

100

%

100

%

100

%

100

%

Consolidated

Sales of produced refined products:

Gasolines

55

%

53

%

54

%

52

%

Diesel fuels

33

%

31

%

34

%

34

%

Jet fuels

3

%

4

%

3

%

4

%

Fuel oil

2

%

2

%

1

%

2

%

Asphalt

3

%

4

%

4

%

3

%

Base oils

2

%

2

%

2

%

2

%

LPG and other

2

%

4

%

2

%

3

%

Total

100

%

100

%

100

%

100

%

(1)

Crude charge represents the barrels per day of crude oil processed at our refineries.

(2)

Refinery throughput represents the barrels per day of crude and other refinery feedstocks input to the crude units and other conversion units at our refineries.

(3)

Represents barrels sold of refined products produced at our refineries (including HFC Asphalt) and does not include volumes of refined products purchased for resale or volumes of excess crude oil sold.

(4)

Represents crude charge divided by total crude capacity ("BPSD"). Our consolidated crude capacity is 405,000 BPSD.

(5)

Represents average amount per produced barrel sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.

(6)

Represents total Mid-Continent and West regions operating expenses, exclusive of long-lived asset impairment charges and depreciation and amortization, divided by sales volumes of refined products produced at our refineries.

(7)

Represents total Mid-Continent and West regions operating expenses, exclusive of long-lived asset impairment charges and depreciation and amortization, divided by refinery throughput.

Lubricants and Specialty Products Segment Operating Data

We acquired our Sonneborn business on February 1, 2019. For the year ended December 31, 2019, our lubricants and specialty product operating results reflect the operations of our Sonneborn business for the period February 1, 2019 through December 31, 2019.

The following table sets forth information about our lubricants and specialty products operations.

 

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

Lubricants and Specialty Products

Throughput (BPD)

21,425

21,229

19,645

20,251

Sales of produced products (BPD)

33,559

34,392

32,902

34,827

Sales of produced products:

Finished products

49

%

47

%

49

%

49

%

Base oils

28

%

25

%

26

%

27

%

Other

23

%

28

%

25

%

24

%

Total

100

%

100

%

100

%

100

%

 

Our Lubricants and Specialty Products segment includes base oil production activities, by-product sales to third parties and intra-segment base oil sales to rack forward, referred to as “Rack Back.” “Rack Forward” includes the purchase of base oils and the blending, packaging, marketing and distribution and sales of finished lubricants and specialty products to third parties. Supplemental financial data attributable to our Lubricants and Specialty Products segment is presented below:

 

Rack Back (1)

Rack
Forward (2)

Eliminations (3)

Total
Lubricants and
Specialty
Products

(In thousands)

Three Months Ended December 31, 2020

Sales and other revenues

$

143,786

$

426,407

$

(105,915

)

$

464,278

Cost of products sold

$

110,351

$

314,421

$

(105,915

)

$

318,857

Operating expenses

$

26,760

$

32,849

$

$

59,609

Selling, general and administrative expenses

$

5,680

$

30,482

$

$

36,162

Depreciation and amortization

$

6,908

$

14,488

$

$

21,396

Goodwill impairment

$

$

81,867

$

$

81,867

Income (loss) from operations

$

(5,913

)

$

(47,700

)

$

$

(53,613

)

Income (loss) before interest and income taxes

$

(5,913

)

$

(48,143

)

$

$

(54,056

)

EBITDA

$

995

$

(33,655

)

$

$

(32,660

)

Three Months Ended December 31, 2019

Sales and other revenues

$

175,488

$

455,134

$

(114,492

)

$

516,130

Cost of products sold

$

167,141

$

325,091

$

(114,492

)

$

377,740

Operating expenses

$

29,014

$

31,854

$

$

60,868

Selling, general and administrative expenses

$

6,147

$

36,767

$

$

42,914

Depreciation and amortization

$

4,010

$

18,880

$

$

22,890

Income (loss) from operations

$

(30,824

)

$

42,542

$

$

11,718

Income (loss) before interest and income taxes

$

(30,824

)

$

42,505

$

$

11,681

EBITDA

$

(26,814

)

$

61,385

$

$

34,571

 

Rack Back (1)

Rack
Forward (2)

Eliminations (3)

Total
Lubricants and
Specialty
Products

(In thousands)

Year Ended December 31, 2020

Sales and other revenues

$

505,424

$

1,667,809

$

(370,023

)

$

1,803,210

Cost of products sold

$

456,194

$

1,185,116

$

(370,023

)

$

1,271,287

Operating expenses

$

96,463

$

119,605

$

$

216,068

Selling, general and administrative expenses

$

22,276

$

135,540

$

$

157,816

Depreciation and amortization

$

29,071

$

51,585

$

$

80,656

Goodwill and long-lived asset impairments

$

167,017

$

119,558

$

$

286,575

Income (loss) from operations

$

(265,597

)

$

56,405

$

$

(209,192

)

Income (loss) before interest and income taxes

$

(265,597

)

$

55,694

$

$

(209,903

)

EBITDA

$

(236,526

)

$

107,279

$

$

(129,247

)

Year Ended December 31, 2019

Sales and other revenues

$

661,523

$

1,883,920

$

(452,915

)

$

2,092,528

Cost of products sold

$

620,660

$

1,412,291

$

(452,915

)

$

1,580,036

Operating expenses

$

116,984

$

114,539

$

$

231,523

Selling, general and administrative expenses

$

31,854

$

136,741

$

$

168,595

Depreciation and amortization

$

37,001

$

51,780

$

$

88,781

Goodwill impairment

$

152,712

$

$

$

152,712

Income (loss) from operations

$

(297,688

)

$

168,569

$

$

(129,119

)

Income (loss) before interest and income taxes

$

(297,688

)

$

168,851

$

$

(128,837

)

EBITDA

$

(260,687

)

$

220,631

$

$

(40,056

)

(1)

Rack Back consists of the PCLI base oil production activities, by-product sales to third parties and intra-segment base oil sales to rack forward.

(2)

Rack Forward activities include the purchase of base oils from Rack Back and the blending, packaging, marketing and distribution and sales of finished lubricants and specialty products to third parties.

(3)

Intra-segment sales of Rack Back produced base oils to rack forward are eliminated under the “Eliminations” column.

Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles

Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA excluding special items ("Adjusted EBITDA") to amounts reported under generally accepted accounting principles ("GAAP") in financial statements.

Earnings before interest, taxes, depreciation and amortization, referred to as EBITDA, is calculated as net income (loss) attributable to HollyFrontier stockholders plus (i) interest expense, net of interest income, (ii) income tax provision and (iii) depreciation and amortization. Adjusted EBITDA is calculated as EBITDA plus or minus (i) lower of cost or market inventory valuation adjustments, (ii) HollyFrontier's pro-rata share of gain on business interruption insurance settlement, (iii) long-lived asset impairment, inclusive of pro-rata share of impairment in HEP segment, (iv) goodwill impairment, (v) HollyFrontier's pro-rata share of HEP's gain on sales-type leases, (vi) HollyFrontier's pro-rata share of HEP's loss on early extinguishment of debt, (vii) severance costs, (viii) restructuring charges, (ix) Cheyenne Refinery LIFO inventory liquidation costs, (x) decommissioning costs, (xi) acquisition integration and regulatory costs, (xii) incremental cost of products sold attributable to our Sonneborn inventory value step-up (xiii) RINs cost reductions and (xiv) biodiesel blender's tax credit.

EBITDA and Adjusted EBITDA are not calculations provided for under accounting principles generally accepted in the United States; however, the amounts included in these calculations are derived from amounts included in our consolidated financial statements. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income or operating income as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures of other companies. These are presented here because they are widely used financial indicators used by investors and analysts to measure performance. EBITDA and Adjusted EBITDA are also used by our management for internal analysis and as a basis for financial covenants.

Set forth below is our calculation of EBITDA and Adjusted EBITDA.

 

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

(In thousands)

Net income (loss) attributable to HollyFrontier stockholders

$

(117,747

)

$

60,605

$

(601,448

)

$

772,388

Add (subtract) income tax expense (benefit)

(43,643

)

19,290

(232,147

)

299,152

Add interest expense

40,604

36,383

126,527

143,321

Subtract interest income

(1,043

)

(5,012

)

(7,633

)

(22,139

)

Add depreciation and amortization

124,879

134,580

520,912

509,925

EBITDA

$

3,050

$

245,846

$

(193,789

)

$

1,702,647

Add (subtract) lower of cost or market inventory valuation adjustment

(149,212

)

30,708

78,499

(119,775

)

Add goodwill impairment

81,867

81,867

152,712

Subtract HollyFrontier's pro-rata share of gain on business interruption insurance settlement

(77,143

)

Add long-lived asset impairment, inclusive of pro-rata share of impairment in HEP segment

26,518

456,058

Subtract HollyFrontier's pro-rata share of HEP's gain on sales-type leases

(19,134

)

Add HollyFrontier's pro-rata share of HEP's loss on early extinguishment of debt

14,656

Add severance costs

296

3,842

Add restructuring charges

3,679

Add Cheyenne Refinery LIFO inventory liquidation costs

3,129

36,943

Add decommissioning costs

12,439

24,748

Add acquisition integration and regulatory costs

15

4,118

1,994

24,194

Add incremental cost of products sold attributable to Sonneborn inventory value step-up

9,338

Subtract RINs cost reduction

(36,580

)

Subtract biodiesel blender's tax credit

(18,012

)

(18,012

)

Adjusted EBITDA

$

(21,898

)

$

262,660

$

412,220

$

1,714,524

EBITDA and Adjusted EBITDA attributable to our Refining segment is presented below:

 

Three Months Ended
December 31,

Years Ended
December 31,

Refining Segment

2020

2019

2020

2019

(In thousands)

Income (loss) from operations (1)

$

(66,117

)

$

76,343

$

(664,425

)

$

1,210,119

Add depreciation and amortization

73,598

82,527

324,617

309,932

EBITDA

$

7,481

$

158,870

$

(339,808

)

$

1,520,051

Add (subtract) lower of cost or market inventory valuation adjustment

(145,497

)

30,708

82,214

(119,775

)

Add long-lived asset impairment

26,518

241,760

Add severance costs

3,546

Add restructuring charges

2,009

Subtract RINs cost reduction

(36,580

)

Subtract biodiesel blender's tax credit

(18,012

)

(18,012

)

Add Cheyenne Refinery LIFO inventory liquidation costs

33,814

Add decommissioning costs

12,309

Adjusted EBITDA

$

(111,498

)

$

171,566

$

35,844

$

1,345,684

(1)

Income (loss) from operations of our Refining segment represents income plus (i) interest expense, net of interest income and (ii) income tax provision.

EBITDA and Adjusted EBITDA attributable to our Lubricants and Specialty Products segment is set forth below.

 

Lubricants and Specialty Products Segment

Rack Back

Rack Forward

Total Lubricants
and Specialty
Products

(In thousands)

Three Months Ended December 31, 2020

Loss before interest and income taxes (1)

$

(5,913

)

$

(48,143

)

$

(54,056

)

Add depreciation and amortization

6,908

14,488

21,396

EBITDA

995

(33,655

)

(32,660

)

Add goodwill impairment

81,867

81,867

Adjusted EBITDA

$

995

$

48,212

$

49,207

Three Months Ended December 31, 2019

Income (loss) before interest and income taxes (1)

$

(30,824

)

$

42,505

$

11,681

Add depreciation and amortization

4,010

18,880

22,890

EBITDA

$

(26,814

)

$

61,385

$

34,571

Year Ended December 31, 2020

Income (loss) before interest and income taxes (1)

$

(265,597

)

$

55,694

$

(209,903

)

Add depreciation and amortization

29,071

51,585

80,656

EBITDA

(236,526

)

107,279

(129,247

)

Add goodwill and long-lived asset impairments

167,017

119,558

286,575

Adjusted EBITDA

$

(69,509

)

$

226,837

$

157,328

Year Ended December 31, 2019

Income (loss) before interest and income taxes (1)

$

(297,688

)

$

168,851

$

(128,837

)

Add depreciation and amortization

37,001

51,780

88,781

EBITDA

(260,687

)

220,631

(40,056

)

Add goodwill impairment

152,712

152,712

Add incremental cost of products sold attributable to Sonneborn inventory value step-up

9,338

9,338

Adjusted EBITDA

$

(107,975

)

$

229,969

$

121,994

(1)

Income (loss) before interest and income taxes of our Lubricants and Specialty Products segment represents income (loss) plus (i) interest expense, net of interest income, and (ii) income tax provision.

Reconciliations of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

Refinery gross margin and net operating margin are non-GAAP performance measures that are used by our management and others to compare our refining performance to that of other companies in our industry. We believe these margin measures are helpful to investors in evaluating our refining performance on a relative and absolute basis. Refinery gross margin per produced barrel sold is total refining segment revenues less total refining segment cost of products sold, exclusive of lower of cost or market inventory valuation adjustments, divided by sales volumes of produced refined products sold. Net operating margin per barrel sold is the difference between refinery gross margin and refinery operating expenses per produced barrel sold. These two margins do not include the non-cash effects of long-lived asset impairment charges, lower of cost or market inventory valuation adjustments or depreciation and amortization. Each of these component performance measures can be reconciled directly to our consolidated statements of income. Other companies in our industry may not calculate these performance measures in the same manner.

Below are reconciliations to our consolidated statements of income for refinery net operating and gross margin and operating expenses, in each case averaged per produced barrel sold. Due to rounding of reported numbers, some amounts may not calculate exactly.

Reconciliation of average refining segment net operating margin per produced barrel sold to refinery gross margin to total sales and other revenues

 

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

(Dollars in thousands, except per barrel amounts)

Consolidated

Net operating margin per produced barrel sold

$

(2.05

)

$

6.74

$

1.24

$

9.80

Add average refinery operating expenses per produced barrel sold

6.07

6.92

6.05

6.12

Refinery gross margin per produced barrel sold

$

4.02

$

13.66

$

7.29

$

15.92

Times produced barrels sold (BPD)

417,990

398,360

391,670

414,370

Times number of days in period

92

92

366

365

Refining gross margin

$

154,589

$

500,627

$

1,045,030

$

2,407,821

Add (subtract) rounding

(33

)

41

523

215

West and Mid-Continent regions gross margin

154,556

500,668

1,045,553

2,408,036

Add West and Mid-Continent regions cost of products sold

2,326,150

3,198,238

7,992,047

12,062,661

Add Cheyenne Refinery sales and other revenues

206,242

501,589

1,126,091

Refining segment sales and other revenues

2,480,706

3,905,148

9,539,189

15,596,788

Add lubricants and specialty products segment sales and other revenues

464,278

516,130

1,803,210

2,092,528

Add HEP segment sales and other revenues

127,456

131,634

497,848

532,777

Subtract corporate, other and eliminations

(171,672

)

(171,024

)

(656,604

)

(735,515

)

Sales and other revenues

$

2,900,768

$

4,381,888

$

11,183,643

$

17,486,578

Reconciliation of average refining segment operating expenses per produced barrel sold to total operating expenses

 

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

(Dollars in thousands, except per barrel amounts)

Consolidated

Average operating expenses per produced barrel sold

$

6.07

$

6.92

$

6.05

$

6.12

Times produced barrels sold (BPD)

417,990

398,360

391,670

414,370

Times number of days in period

92

92

366

365

Refining operating expenses

$

233,422

$

253,612

$

867,275

$

925,620

Add (subtract) rounding

11

88

(381

)

(338

)

West and Mid-Continent regions operating expenses

233,433

253,700

866,894

925,282

Add Cheyenne Refinery operating expenses

47,707

121,151

170,206

Total refining segment operating expenses

233,433

301,407

988,045

1,095,488

Add lubricants and specialty products segment operating expenses

59,609

60,868

216,068

231,523

Add HEP segment operating expenses

37,971

38,951

147,692

161,996

Add (subtract) corporate, other and eliminations

5,064

(17,596

)

(51,528

)

(94,955

)

Operating expenses (exclusive of depreciation and amortization)

$

336,077

$

383,630

$

1,300,277

$

1,394,052

Reconciliation of net income (loss) attributable to HollyFrontier stockholders to adjusted net income (loss) attributable to HollyFrontier stockholders

Adjusted net income (loss) attributable to HollyFrontier stockholders is a non-GAAP financial measure that excludes non-cash lower of cost or market inventory valuation adjustments, goodwill and long-lived asset impairments, gain on business interruption insurance settlement, HEP's gain on sales-type leases, HEP's loss on early extinguishment of debt, severance costs, restructuring charges, Cheyenne Refinery LIFO inventory liquidation costs, decommissioning costs, RINs cost reductions, biodiesel blender's tax credit, acquisition integration and regulatory costs and incremental cost of products sold due to Sonneborn inventory value step-up. We believe this measure is helpful to investors and others in evaluating our financial performance and to compare our results to that of other companies in our industry. Similarly titled performance measures of other companies may not be calculated in the same manner.

 

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

(Dollars in thousands, except per share amounts)

Consolidated

GAAP:

Income (loss) before income taxes

$

(138,194

)

$

100,359

$

(747,046

)

$

1,171,504

Income tax expense (benefit)

(43,643

)

19,290

(232,147

)

299,152

Net income (loss)

(94,551

)

81,069

(514,899

)

872,352

Less net income attributable to noncontrolling interest

23,196

20,464

86,549

99,964

Net income (loss) attributable to HollyFrontier stockholders

(117,747

)

60,605

(601,448

)

772,388

Non-GAAP adjustments to arrive at adjusted results:

Lower of cost or market inventory valuation adjustment

(149,212

)

30,708

78,499

(119,775

)

Goodwill and long-lived asset impairments

108,385

545,293

152,712

Gain on business interruption insurance settlement

(81,000

)

HEP's gain on sales-type lease

(33,834

)

HEP's loss on early extinguishment of debt

25,915

Severance costs

296

3,842

Restructuring charges

3,679

Cheyenne Refinery LIFO inventory liquidation costs

3,129

36,943

Decommissioning costs

12,439

24,748

RINs cost reduction

(36,580

)

Biodiesel blender's tax credit

(18,012

)

(18,012

)

Acquisition integration and regulatory costs

15

4,118

1,994

24,194

Incremental cost of products sold attributable to Sonneborn inventory value step up

9,338

Total adjustments to income (loss) before income taxes

(24,948

)

16,814

606,079

11,877

Adjustment to income tax expense (1)

(24,077

)

(566

)

144,424

(37,270

)

Adjustment to net income attributable to noncontrolling interest

70

Total adjustments, net of tax

(871

)

17,380

461,585

49,147

Adjusted results - Non-GAAP:

Adjusted income (loss) before income taxes

(163,142

)

117,173

(140,967

)

1,183,381

Adjusted income tax expense (benefit) (2)

(67,720

)

18,724

(87,723

)

261,882

Adjusted net income (loss)

(95,422

)

98,449

(53,244

)

921,499

Less net income attributable to noncontrolling interest

23,196

20,464

86,619

99,964

Adjusted net income (loss) attributable to HollyFrontier stockholders

$

(118,618

)

$

77,985

$

(139,863

)

$

821,535

Adjusted earnings (loss) per share - diluted (3)

$

(0.74

)

$

0.48

$

(0.87

)

$

4.90

(1)

Represents adjustment to GAAP income tax expense to arrive at adjusted income tax expense, which is computed as follows:

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

(Dollars in thousands)

Non-GAAP income tax expense (benefit) (2)

$

(67,720

)

$

18,724

$

(87,723

)

$

261,882

Subtract GAAP income tax expense (benefit)

(43,643

)

19,290

(232,147

)

299,152

Non-GAAP adjustment to income tax expense

$

(24,077

)

$

(566

)

$

144,424

$

(37,270

)

(2)

Non-GAAP income tax expense is computed by a) adjusting HFC's consolidated estimated Annual Effective Tax Rate (“AETR”) for GAAP purposes for the effects of the above Non-GAAP adjustments, b) applying the resulting Adjusted Non-GAAP AETR to Non-GAAP adjusted income before income taxes and c) adjusting for discrete tax items applicable to the period.

(3)

Adjusted earnings per share - diluted is calculated as adjusted net income attributable to HollyFrontier stockholders divided by the average number of shares of common stock outstanding assuming dilution, which is based on weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in GAAP diluted earnings per share calculation..

Reconciliation of effective tax rate to adjusted effective tax rate

Three Months Ended
December 31,

Years Ended
December 31,

2020

2019

2020

2019

(Dollars in thousands)

GAAP:

Income before income taxes

$

(138,194

)

$

100,359

$

(747,046

)

$

1,171,504

Income tax expense

$

(43,643

)

$

19,290

$

(232,147

)

$

299,152

Effective tax rate for GAAP financial statements

31.6

%

19.2

%

31.1

%

25.5

%

Adjusted - Non-GAAP:

Effect of Non-GAAP adjustments

9.9

%

(3.2)

%

31.1

%

(3.4)

%

Effective tax rate for adjusted results

41.5

%

16.0

%

62.2

%

22.1

%

Contacts:

Richard L. Voliva III, Executive Vice President and Chief Financial Officer
Craig Biery, Vice President, Investor Relations
HollyFrontier Corporation
214-954-6510

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