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Hollyfrontier Corp (HFC) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Hollyfrontier Corp

CIK: 48039 Ticker: HFC


Press Release
February 25, 2014

HollyFrontier Corporation Reports Quarterly Net Income

Dallas, Texas, February 25, 2014 ‑‑ HollyFrontier Corporation (NYSE-HFC) (“HollyFrontier” or the “Company”) today reported fourth quarter net income attributable to HollyFrontier stockholders of $62.9 million or $0.31 per diluted share for the quarter ended December 31, 2013, compared to $391.6 million or $1.92 per diluted share for the quarter ended December 31, 2012. For the year ended December 31, 2013, net income attributable to HollyFrontier stockholders totaled $735.8 million or $3.64 per diluted share compared to $1,727.2 million or $8.38 per diluted share for the year ended December 31, 2012.

For the fourth quarter, net income attributable to our stockholders decreased by $328.7 million compared to the same period of 2012, principally reflecting lower fourth quarter refining margins. Refinery gross margins were $10.96 per produced barrel, a 54% decrease compared to $24.00 for the fourth quarter of 2012. Production levels averaged approximately 403,000 barrels per day (“BPD”) and crude oil charges averaged approximately 371,000 BPD for the current quarter. Operating expenses for the quarter were $291.9 million or $6.41 per barrel compared to $296.8 million or $6.29 per barrel for the fourth quarter of last year.

HollyFrontier’s President & CEO, Mike Jennings, commented, “Inland refined product margins remained tight during the quarter relative to prior year highs, driving a disappointing year-over-year decrease in fourth quarter earnings. However, crack spreads have rebounded from recent lows and margins in 2014 to date reflect a more balanced market than we experienced during the fourth quarter. Looking forward, we anticipate more stable refining operations in 2014 as we concluded a year of unusually high turnaround and maintenance activity in 2013. Additionally, we believe that the structural crude advantages experienced by our inland refineries will continue to provide us with a product margin advantage as we go forward.”

For the fourth quarter of 2013, net cash provided by operations totaled $67.0 million. During the period, we declared $0.30 regular and $0.50 special dividends to shareholders totaling approximately $160.0 million. At December 31, 2013, our combined balance of cash and short-term investments totaled $1.7 billion and our consolidated debt was $1.0 billion. Our debt, exclusive of Holly Energy Partners' debt which is nonrecourse to HollyFrontier, was $189.9 million at December 31, 2013. We had no cash borrowings or outstanding principal under our credit facility during the quarter.

The Company has scheduled a webcast conference call for today, February 25, 2014, at 8:30 AM Eastern Time to discuss fourth quarter financial results. This webcast may be accessed at: https://event.webcasts.com/starthere.jsp?ei=1028412. An audio archive of this webcast will be available using the above noted link through March 11, 2014.

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 operates through its subsidiaries a 135,000 barrels per stream day (“bpsd”) refinery located in El Dorado, Kansas, two refinery facilities with a combined capacity of 125,000 bpsd located in Tulsa, Oklahoma, a 100,000 bpsd refinery located in Artesia, New Mexico, a 52,000 bpsd refinery located in Cheyenne, Wyoming and a 31,000 bpsd refinery in Woods Cross, Utah. HollyFrontier markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. A subsidiary of HollyFrontier also owns a 39% interest (including the general partner interest) in Holly Energy Partners, L.P.


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The following information was filed by Hollyfrontier Corp (HFC) on Tuesday, February 25, 2014 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)
Contingencies And Contractual Commitments
Contingencies And Contractual Commitments (details)
Contingencies And Contractual Commitments (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-frontier Merger
Holly-frontier Merger (narrative) (details)
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)
Other Comprehensive Income (loss) Other Comprehensive Income (loss) Amounts Reclassified To Income Statement (details)
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 (unaudited)
Quarterly Information (unaudited) (schedule Of Quarterly Information) (details)
Quarterly Information (unaudited) (tables)
Retirement Plan
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 (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)
Variable Interest Entities
Variable Interrest Entities (narrative) (details)
Ticker: HFC
CIK: 48039
Form Type: 10-K Annual Report
Accession Number: 0000048039-14-000017
Submitted to the SEC: Tue Feb 25 2014 5:38:12 PM EST
Accepted by the SEC: Wed Feb 26 2014
Period: Tuesday, December 31, 2013
Industry: Petroleum Refining

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