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Hollyfrontier Corp (HFC) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Hollyfrontier Corp

CIK: 48039 Ticker: HFC


Press Release
May 2, 2019
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HollyFrontier Corporation Reports Quarterly Results

Reported net income attributable to HollyFrontier stockholders of $253.1 million, or $1.47 per diluted share, and adjusted net income of $93.2 million, or $0.54 per diluted share, for the first quarter

Reported EBITDA of $492.3 million and adjusted EBITDA of $281.8 million for the first quarter

Returned $134.7 million to shareholders through dividends and share repurchases in the first quarter

Acquisition of Sonneborn, further strengthening our finished lubricants and specialty products business

Dallas, Texas, May 2, 2019 ‑‑ HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported first quarter net income attributable to HollyFrontier stockholders of $253.1 million, or $1.47 per diluted share, for the quarter ended March 31, 2019, compared to $268.1 million, or $1.50 per diluted share, for the quarter ended March 31, 2018.

The first quarter results reflect special items that collectively increased net income by a total of $159.9 million. These items include a lower of cost or market inventory valuation adjustment that increased pre-tax earnings by $232.3 million, offset by Sonneborn acquisition and integration costs totaling $12.6 million and incremental cost of products sold attributable to our Sonneborn inventory value step-up of $9.3 million. Excluding these items, net income for the current quarter was $93.2 million ($0.54 per diluted share) compared to $137.3 million ($0.77 per diluted share) for the first quarter of 2018, which excludes certain items that collectively increased earnings by $130.8 million for the three months ended March 31, 2018. Total operating expenses for the quarter were $331.6 million compared to $320.3 million for the first quarter of last year.

HollyFrontier’s President & CEO, George Damiris, commented, “HollyFrontier posted a solid first quarter despite seasonally weak product cracks and maintenance at our Tulsa and El Dorado refineries. We continue our long term efforts to improve reliability across our refining system. With a rebound in the gasoline market and no major planned downtime until September, we are well positioned for strong financial performance heading into the summer driving season.”

The Refining and Marketing segment reported adjusted EBITDA of $193.4 million compared to $200.9 million for the first quarter of 2018. This decrease was primarily driven by lower crude differentials which resulted in a consolidated refinery gross margin of $12.74 per produced barrel, a 1% decrease compared to $12.83 for the first quarter of 2018. Crude oil charge averaged 400,430 barrels per day (“BPD”) for the current quarter compared to 415,260 BPD for the first quarter 2018. The lower crude charge was primarily due to the planned turnaround at our Tulsa East refinery and unplanned maintenance at our El Dorado refinery.

Our Lubricants and Specialty Products segment reported adjusted EBITDA of $20.4 million, despite the challenging base oil market. Rack Forward adjusted EBITDA was $52.8 million for the quarter, including two months of EBITDA contribution from Sonneborn.

Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $93.5 million for the first quarter 2019 compared to $88.5 million in the first quarter of 2018.


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The following information was filed by Hollyfrontier Corp (HFC) on Thursday, May 2, 2019 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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Inside Hollyfrontier Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Equity (Unaudited) Statement
Consolidated Statements Of Income (Unaudited)
Acquisitions (Details)
Acquisitions (Notes)
Acquisitions (Tables)
Contingencies
Contingencies Contingencies (Details)
Debt
Debt (Carrying Amounts Of Long-Term Debt) (Details)
Debt (Narrative) (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 Notional Contracts By Derivative Type (Details)
Derivative Instruments And Hedging Activities Schedule Of Realized Gain (Loss) (Details)
Derivative Instruments And Hedging Activities Volumes Related To Price Risk Purchase Derivatives (Details)
Description Of Business And Presentation Of Financial Statements
Description Of Business And Presentation Of Financial Statements (Details)
Description Of Business And Presentation Of Financial Statements (Policy)
Earnings Per Share
Earnings Per Share (Schedule Of Earnings Per Share) (Details)
Earnings Per Share (Tables)
Environmental
Environmental (Details)
Equity
Equity (Changes To Equity) (Details)
Fair Value Measurements
Fair Value Measurements (Estimated Fair Values Of Debt Instruments) (Details)
Fair Value Measurements (Tables)
Holly Energy Partners
Holly Energy Partners (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Inventories Inventories - Narrative (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Narrative (Details)
Leases - Operating And Finance Lease Maturities (Details)
Leases - Schedule Of Lease Income (Details)
Leases - Schedule Of Minimum Undiscounted Lease Payments (Details)
Leases - Supplemental Balance Sheet (Details)
Leases - Supplemental Cash Flow Information (Details)
Other Comprehensive Income
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 Balance Components (Details)
Post-Retirement Plan
Post-Retirement Plan (Narrative) (Details)
Post-Retirement Plan (Net Periodic Pension Expense) (Details)
Post-Retirement Plan (Tables)
Revenues From Contracts With Customers
Revenues From Contracts With Customers (Tables)
Revenues From Contracts With Customers - Contract Liabilities Rollforward (Details)
Revenues From Contracts With Customers - Hep Future Performance Obligations (Details)
Revenues From Contracts With Customers - Hep Third-Party Customer Minimum Revenues (Details)
Revenues From Contracts With Customers - Schedule Of Disaggregated Revenues (Details)
Segment Information
Segment Information (Narrative) (Details)
Segment Information (Schedule Of Segment Reporting Information) (Details)
Segment Information (Tables)
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)
Ticker: HFC
CIK: 48039
Form Type: 10-Q Quarterly Report
Accession Number: 0000048039-19-000026
Submitted to the SEC: Thu May 02 2019 5:05:16 PM EST
Accepted by the SEC: Thu May 02 2019
Period: Sunday, March 31, 2019
Industry: Petroleum Refining

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