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Hollyfrontier Corp (HFC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Hollyfrontier Corp

CIK: 48039 Ticker: HFC


Press Release
February 22, 2017
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HollyFrontier Corporation Reports Quarterly Net Income

Dallas, Texas, February 22, 2017 ‑‑ HollyFrontier Corporation (NYSE-HFC) (“HollyFrontier” or the “Company”) today reported fourth quarter net income attributable to HollyFrontier stockholders of $53.2 million or $0.30 per diluted share for the quarter ended December 31, 2016, compared to a net loss of $(43.9) million or $(0.24) per diluted share for the quarter ended December 31, 2015. Included in the current quarter results were items consisting of a non-cash lower of cost or market inventory adjustment that increased pre-tax earnings by $97.7 million and pre-acquisition costs related to our recent PCLI purchase that decreased pre-tax earnings by $13.4 million. Excluding these items, net loss attributable to HollyFrontier stockholders was $(10.0) million or $(0.06) per diluted share. Actual to adjusted amounts are reconciled in the tables included in the accompanying reconciliations to amounts reported under Generally Accepted Accounting Principles.

For the fourth quarter, net income attributable to our stockholders, exclusive of lower of cost or market inventory adjustments, PCLI pre-acquisition costs and related tax effects, decreased by $54.1 million compared to the same period of 2015, principally reflecting lower refining margins. Production levels averaged approximately 453,000 barrels per day ("BPD") and crude oil charges averaged 432,000 BPD for the current quarter. On a per barrel basis, consolidated refinery gross margin was $7.23 per produced barrel, a 27% decrease compared to $9.91 for the fourth quarter of 2015. Total operating expenses for the quarter were $258.7 million compared to $285.2 million for the fourth quarter of last year, and refining operating expenses averaged $5.51 per produced barrel sold compared to $6.40 per barrel for the same period of 2015.

HollyFrontier’s President & CEO, George Damiris, commented, "2016 presented a challenging refining environment for the industry as a whole and for HFC due to weak benchmark refining margins, rising RFS compliance costs and narrow crude differentials In the face of these macro challenges we continue to focus on what we can control. We have achieved approximately $300 million of the $700 million in annual EBITDA improvements targeted by 2018. We also completed the largest acquisition in our company’s history with the addition of the Petro-Canada Lubricants business. We look forward to realizing the benefits from combining this differentiated, high margin business with HollyFrontier.”

For the fourth quarter of 2016, net cash provided by operations totaled $164.3 million. During the period, we declared a regular dividend of $0.33 per share to shareholders totaling approximately $58.8 million. At December 31, 2016, our combined balance of cash and short-term investments totaled $1.1 billion, and our consolidated debt was $2.2 billion. Our debt, exclusive of Holly Energy Partners' debt which is nonrecourse to HollyFrontier, was $991.2 million at December 31, 2016. In February 2017, we amended our credit agreement, increasing the credit facility size to $1.35 billion and extended the maturity to 2022. Additionally, we paid $862.1 million in cash upon closing of our PCLI acquisition on February 1, 2017.

The Company has scheduled a webcast conference call for today, February 22, 2017, 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=1131678. An audio archive of this webcast will be available using the above noted link through March 10, 2017.

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

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The following information was filed by Hollyfrontier Corp (HFC) on Wednesday, February 22, 2017 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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Inside Hollyfrontier Corp's 10-K Annual Report:

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
Acquisition (details)
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 Significant 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)
Holly Energy Partners
Holly Energy Partners (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)
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 (tables)
Supplemental Financial Information
Supplemental Financial Information (consolidating Balance Sheet) (details)
Supplemental Financial Information (consolidating Statement Of Cash Flows) (details)
Supplemental Financial Information (consolidating Statement Of Income) (details)
Supplemental Financial Information (tables)
Ticker: HFC
CIK: 48039
Form Type: 10-K Annual Report
Accession Number: 0000048039-17-000015
Submitted to the SEC: Wed Feb 22 2017 4:44:11 PM EST
Accepted by the SEC: Wed Feb 22 2017
Period: Saturday, December 31, 2016
Industry: Petroleum Refining

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