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Hollyfrontier Corp (HFC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Hollyfrontier Corp

CIK: 48039 Ticker: HFC


Press Release
February 26, 2013

HollyFrontier Corporation Reports Quarterly Net Income

Dallas, Texas, February 26, 2013 ‑‑ HollyFrontier Corporation (NYSE-HFC) (“HollyFrontier” or the “Company”) today reported fourth quarter net income attributable to HollyFrontier stockholders of $391.6 million or $1.92 per diluted share for the quarter ended December 31, 2012, compared to $223.4 million or $1.06 per diluted share for the quarter ended December 31, 2011. For the year ended December 31, 2012, net income attributable to HollyFrontier stockholders totaled $1,727.2 million or $8.38 per diluted share compared to $1,023.4 million or $6.42 per diluted share for the year ended December 31, 2011.

For the fourth quarter, net income attributable to our stockholders increased by $168.2 million, or 75% compared to the same period of 2011, principally reflecting higher fourth quarter refining margins. Refinery gross margins were $24.00 per produced barrel, a 57% increase compared to $15.32 for the fourth quarter of 2011. Production levels averaged approximately 447,000 barrels per day (“BPD”) and crude oil charges averaged approximately 408,000 BPD for the current quarter, compared to expected crude throughput of 424,000 BPD. Lower crude oil charges in the quarter resulted from a combination of unplanned downtime and turnaround activity extending longer than planned. Operating expenses for the quarter were $296.8 million or $6.29 per barrel compared to $246.1 million or $5.22 per barrel for the fourth quarter of last year.

HollyFrontier’s President & CEO, Mike Jennings, commented, “We are extremely pleased with our solid fourth quarter results and the record year for HollyFrontier. For the fourth quarter, strength in inland to coastal crude oil differentials continued to contribute to attractive refined product margins, particularly considering the effects of lower seasonal demand that have historically yielded tighter margins. Looking to 2013, we believe that the structural crude advantages currently driving our operating margins will positively impact our operating income, allowing us to continue to pay both regular and special dividends. We remain committed to increasing total shareholder return while maintaining a strong balance sheet.”

For the fourth quarter of 2012, net cash provided by operations totaled $490.9 million. During the period, we paid dividends to shareholders of $275.5 million, which includes our $0.20 regular and a $0.50 special dividend declared in the fourth quarter. At December 31, 2012, our combined balance of cash and short-term investments totaled $2.4 billion and our consolidated debt was $1.3 billion. Our debt, exclusive of Holly Energy Partners' debt which is nonrecourse to HollyFrontier, was $471.6 million at December 31, 2012. We had no cash borrowings or outstanding principal under our credit facility during the quarter.

Included in our fourth quarter 2012 results were charges totaling $21.6 million or $0.11 per share after-tax, related to increased environmental accruals and the partial write-off of a previously capitalized project.

The Company has scheduled a webcast conference call for today, February 26, 2013, at 11:00 AM Eastern Time to discuss fourth quarter financial results. This webcast may be accessed at: https://event.webcasts.com/starthere.jsp?ei=1012528. An audio archive of this webcast will be available using the above noted link through March 12, 2013.


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The following information was filed by Hollyfrontier Corp (HFC) on Tuesday, February 26, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Income
Cash And Cash Equivalents And Investments In Marketable Securities
Cash And Cash Equivalents And Investments In Marketable Securities (available-for-sale Securities) (details)
Cash And Cash Equivalents And Investments In Marketable Securities (narrative) (details)
Cash And Cash Equivalents And Investments In Marketable Securities (tables)
Change In Accounting Principle
Change In Accounting Principle (details)
Change In Accounting Principle (tables)
Contingencies And Contractual Obligations
Contingencies And Contractual Obligations (details)
Contingencies And Contractual Obligations (tables)
Debt
Debt (carrying Amounts Of Long-term Debt) (details)
Debt (narrative) (details)
Debt (principal Maturities Of Long-term Debt) (details)
Debt (tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (narrative) (details)
Derivative Instruments And Hedging Activities (summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments) (details)
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities Derivatives And Hedging Instruments Gains Losses Due To Settlements Hedge Ineffectiveness (details)
Derivative Instruments And Hedging Activities Interest Rate Swaps (details)
Derivative Instruments And Hedging Activities Location Of Gain Loss In Income Statement (details)
Derivative Instruments And Hedging Activities Notional Contracts By Derivative Type (details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (details)
Description Of Business And Summary Of Significatn Accounting Policies (policies)
Earnings Per Share
Earnings Per Share (schedule Of Earnings Per Share) (details)
Earnings Per Share (tables)
Environmental
Environmental (details)
Financial Instruments
Financial Instruments (changes In Level 3 Inputs) (details)
Financial Instruments (estimated Fair Values Of Debt Instruments) (details)
Financial Instruments (tables)
Goodwill
Goodwill (schedule Of Changes By Segment To The Carrying Amount Of Goodwill) (details)
Goodwill (tables)
Holly Energy Partners
Holly Energy Partners (narrative) (details)
Holly-frontier Merger
Holly-frontier Merger (narrative) (details)
Holly-frontier Merger (schedule Of Pro Forma Revenues And Net Income) (details)
Holly-frontier Merger (tables)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (narrative) (details)
Income Taxes (provision For Income Taxes) (details)
Income Taxes (reconciliation Of Effective Tax Rate) (details)
Income Taxes (reconciliation Of Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Inventories
Inventories (inventory Components) (details)
Inventories (narrative) (details)
Inventories (tables)
Lease Commitments
Lease Commitments (narrative) (details)
Lease Commitments (schedule Of Minimum Future Rental Commitments Under Operating Leases) (details)
Lease Commitments (tables)
Other Comprehensive Income (loss)
Other Comprehensive Income (loss) (accumulated Other Comprehensive Loss In Equity) (details)
Other Comprehensive Income (loss) (components And Allocated Tax Effects Of Other Comprehensive Income (loss)) (details)
Other Comprehensive Income (loss) (tables)
Properties, Plants And Equipment
Properties, Plants And Equipment (components Of Property, Plants And Equipment) (details)
Properties, Plants And Equipment (narrative) (details)
Properties, Plants And Equipment (tables)
Quarterly Information
Quarterly Information (schedule Of Quarterly Information) (details)
Quarterly Information (tables)
Retirement Plan
Retirement Plan (allocation Of Retirement Plan Assets) (details)
Retirement Plan (changes In Benefit Obligation And Plan Assets) (details)
Retirement Plan (effect Of One Percent Change In Health Care Cost Trend Rates) (details)
Retirement Plan (estimated Net Periodic Benefit Amortized Expense From Accumulated Other Comprehensive Income) (details)
Retirement Plan (narrative) (details)
Retirement Plan (net Periodic Pension Expense) (details)
Retirement Plan (tables)
Retirement Plan (weighted Average Assumptions Used For Health Care Trend Rates) (details)
Retirement Plan (weighted Average Assumptions Used To Determine End Of Period Benefit Obligations) (details)
Retirement Plan (weighted Average Assumptions Used To Determine Net Periodic Benefit Expense) (details)
Segment Information
Segment Information (narrative) (details)
Segment Information (schedule Of Segment Reporting Information) (details)
Segment Information (tables)
Significant Customers
Significant Customers (details)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (summary Of Performance Share Unit Activity) (details)
Stock-based Compensation (summary Of Restricted Stock Activity) (details)
Stock-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (changes To Equity) (details)
Stockholders' Equity (narrative) (details)
Stockholders' Equity (tables)
Supplemental Guarantor/non-guarantor Financial Information
Supplemental Guarantor/non-guarantor Financial Information (consolidating Balance Sheet) (details)
Supplemental Guarantor/non-guarantor Financial Information (consolidating Statement Of Cash Flows) (details)
Supplemental Guarantor/non-guarantor Financial Information (consolidating Statement Of Income) (details)
Supplemental Guarantor/non-guarantor Financial Information (narrative) (details)
Supplemental Guarantor/non-guarantor Financial Information (tables)
Ticker: HFC
CIK: 48039
Form Type: 10-K Annual Report
Accession Number: 0000048039-13-000010
Submitted to the SEC: Wed Feb 27 2013 9:48:14 PM EST
Accepted by the SEC: Thu Feb 28 2013
Period: Monday, December 31, 2012
Industry: Petroleum Refining

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