Press Release
November 1, 2017
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HollyFrontier Corporation Reports Quarterly Results

Dallas, Texas, November 1, 2017 ‑‑ HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported third quarter net income attributable to HollyFrontier stockholders of $272.0 million or $1.53 per diluted share for the quarter ended September 30, 2017, compared to $74.5 million or $0.42 per diluted share for the quarter ended September 30, 2016.

The third quarter results reflect special items that collectively increased net income by a total of $69.6 million. These items include a lower of cost or market inventory valuation adjustment that increased pre-tax earnings by $111.1 million, slightly offset by $4.2 million of pre-tax integration costs related to our Petro-Canada Lubricants Inc. (“PCLI”) acquisition.

Excluding these items, net income for the current quarter was $202.4 million ($1.14 per diluted share) compared to $74.7 million ($0.42 per diluted share) for the third quarter 2016, which excludes an after-tax inventory valuation charge of $0.2 million. Adjusted for these items, net income for the third quarter increased $127.7 million from the same period of 2016 driven by both higher sales volumes and refining margins combined with earnings attributable to our recently acquired PCLI operations totaling $22.6 million. For the current quarter, crude oil charges averaged 454,790 barrels per day (“BPD”) compared to 443,560 BPD for the third quarter of 2016. On a per barrel basis, consolidated refinery gross margin was $14.55 per produced barrel, a 48% increase compared to $9.83 for the third quarter of 2016. Total operating expenses for the quarter were $321.7 million compared to $256.2 million for the third quarter of last year and include $56.1 million in costs attributable to our PCLI operations.

HollyFrontier’s President & CEO, George Damiris, commented, “HollyFrontier's strong financial results reflect our ability to capitalize on the margins available during the third quarter. Additionally, PCLI operations performed well and we are reaching the conclusion of our integration project. To date, fourth quarter refining margins have held steady and we are looking forward to a strong finish to 2017.”

For the third quarter of 2017, net cash provided by operations totaled $312.0 million compared to $133.9 million in the third quarter of 2016. During the period, we declared and paid a dividend of $0.33 per share to shareholders totaling $58.8 million. At September 30, 2017, our cash and cash equivalents totaled $630.7 million, a $170.4 million increase over cash and cash equivalents of $460.3 million at June 30, 2017. Additionally, our consolidated debt was $2,236.5 million. Our debt, exclusive of Holly Energy Partners' debt, which is nonrecourse to HollyFrontier, was $991.4 million at September 30, 2017.

The Company has scheduled a webcast conference call for today, November 1, 2017, at 8:30 AM Eastern Time to discuss third quarter financial results. This webcast may be accessed at: https://event.webcasts.com/starthere.jsp?ei=1163136&tp_key=1acd2d5b91. An audio archive of this webcast will be available using the above noted link through November 15, 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 refinery located in Artesia, New Mexico, a 52,000 BPSD refinery located in Cheyenne, Wyoming and a 45,000 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. In addition,

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The following information was filed by Hollyfrontier Corp (HFC) on Wednesday, November 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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