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Press Release February 22, 2017 | ![]() |
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Hollyfrontier Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
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Operating expenses, exclusive of depreciation and amortization, decreased 4% from $1,060.4 million for the year ended December 31, 2015 to $1,018.8 million for the year ended December 31, 2016 due principally to lower natural gas fuel and maintenance costs compared to 2015.
Operating expenses, exclusive of depreciation and amortization, decreased 7% from $1,144.9 million for the year ended December 31, 2014 to $1,060.4 million for the year ended December 31, 2015 due principally to a year-over-year decrease in repair and maintenance and natural gas fuel costs and lower environmental accruals compared to 2014.
Net income decreased due principally to non-cash goodwill and long-lived asset impairment charges of $309.3 million and $344.8 million, respectively, and a year-over-year decrease in refining margins and sales volumes, net of the effects of a year-over-year change in lower of cost or market inventory reserve adjustments.
Additionally, further decreases in overall inventory values could result in additional charges to cost of products sold should the lower of cost or market inventory valuation reserve be increased.
General and administrative expenses increased 4% from $120.8 million for the year ended December 31, 2015 to $125.6 million for the year ended December 31, 2016, due principally to PCLI acquisition costs.
A reasonable expectation exists that...Read more
Non-cash adjustments to net income...Read more
This amount, or a portion...Read more
Net loss attributable to HollyFrontier...Read more
The PCLI plant, located in...Read more
Changes in working capital items...Read more
In addition, components of our...Read more
Sales and other revenues decreased...Read more
This spending is required due...Read more
EBITDA and Adjusted EBITDA are...Read more
At December 31, 2016, HEP...Read more
At December 31, 2016, we...Read more
Net cash flows provided by...Read more
Changes in working capital items...Read more
Such a reduction to cost...Read more
Non-cash adjustments to net income...Read more
Overall gross refining margins per...Read more
This is attributable to overall...Read more
Cash and cash equivalents increased...Read more
Effective July 1, 2016, our...Read more
This was due to the...Read more
This was due to the...Read more
Gross refinery margin per produced...Read more
Refinery gross margins for the...Read more
General and administrative expenses increased...Read more
Refinery gross margins for the...Read more
Gross refinery margin per produced...Read more
The indicators included lower than...Read more
Cash expenditures for properties, plants...Read more
Additionally, this decrease reflects a...Read more
Total cost of products sold...Read more
For the years ended December...Read more
For the years ended December...Read more
EBITDA and Adjusted EBITDA should...Read more
For the year ended December...Read more
Depreciation and amortization decreased 5%...Read more
The following tables set forth...Read more
costs of crude oil and...Read more
By means of its cash...Read more
The market outlook for future...Read more
A significant portion of our...Read more
of outstanding borrowings under the...Read more
At December 31, 2016, outstanding...Read more
Excludes lower of cost or...Read more
Compliance with RFS2 regulations significantly...Read more
This increase was due principally...Read more
Excluding this non-cash adjustment, the...Read more
Excluding this non-cash adjustment, the...Read more
Total cost of products sold...Read more
Net income attributable to HollyFrontier...Read more
This decrease was due principally...Read more
Pursuant to the 2007 Energy...Read more
As of December 31, 2016,...Read more
December 31, 2016, which equaled...Read more
Sales and other revenues decreased...Read more
In addition, the use of...Read more
The following sensitivity analysis provides...Read more
Less net income attributable to...Read more
We periodically enter into derivative...Read more
We maintain various insurance coverages,...Read more
At December 31, 2016 and...Read more
The HollyFrontier Term Loan was...Read more
We believe our current cash...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Hollyfrontier Corp provided additional information to their SEC Filing as exhibits
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