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Hollyfrontier Corp (HFC) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Hollyfrontier Corp

CIK: 48039 Ticker: HFC


Press Release
October 31, 2019
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HollyFrontier Corporation Reports Quarterly Results

Reported net income attributable to HollyFrontier stockholders of $261.8 million, or $1.58 per diluted share, and adjusted net income of $278.0 million, or $1.68 per diluted share, for the third quarter

Reported EBITDA of $521.7 million and adjusted EBITDA of $523.1 million for the third quarter

Returned $259.5 million to shareholders through dividends and share repurchases in the third quarter

Dallas, Texas, October 31, 2019 ‑‑ HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported third quarter net income attributable to HollyFrontier stockholders of $261.8 million, or $1.58 per diluted share, for the quarter ended September 30, 2019, compared to $342.5 million, or $1.93 per diluted share, for the quarter ended September 30, 2018.

The third quarter results reflect special items that collectively decreased net income by a total of $16.2 million. These items include a lower of cost or market inventory valuation adjustment that decreased pre-tax earnings by $34.1 million, a RINs cost reduction as a result of the small refinery exemptions granted to our Cheyenne and Woods Cross refineries for the 2018 calendar year of $36.6 million and Sonneborn integration and regulatory costs of $3.9 million. Excluding these items, net income for the current quarter was $278.0 million ($1.68 per diluted share) compared to $350.7 million ($1.98 per diluted share) for the third quarter of 2018, which excludes certain items that collectively decreased net income by $8.3 million for the three months ended September 30, 2018. Total operating expenses for the quarter were $345.6 million compared to $317.2 million for the third quarter of last year.

HollyFrontier’s President & CEO, George Damiris, commented, “HollyFrontier's solid third quarter results were driven by record throughput volumes and healthy gasoline and diesel margins across our refining system. We returned over $259 million to shareholders through dividends and share repurchases, signaling our strong commitment to return free cash flow to our shareholders. We are currently undergoing turnarounds at our El Dorado and Cheyenne refineries and plan to return to normal operations later in the fourth quarter.”

The Refining and Marketing segment reported adjusted EBITDA of $424.6 million compared to $507.2 million for the third quarter of 2018. This decrease was primarily driven by lower product margins and weaker laid-in crude advantage across our refining system which resulted in a consolidated refinery gross margin of $17.23 per produced barrel, a 11% decrease compared to $19.41 for the third quarter of 2018. Crude oil charge averaged 476,030 barrels per day (“BPD”) for the current quarter compared to 441,990 BPD for the third quarter 2018.

Our Lubricants and Specialty Products segment reported EBITDA of $38.0 million, compared to $42.4 million in the prior year, despite improvements in base oil markets. Rack Forward EBITDA was $51.3 million, compared to $57.1 million in the prior year, driven by an unfavorable product sales mix and the impact of macroeconomic headwinds on end markets in the quarter.

Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $123.1 million for the third quarter 2019 compared to $86.9 million in the third quarter of 2018. Third quarter results reflected strong third-party volumes and higher spot revenues on its crude oil pipeline systems in Wyoming and Utah. Reported EBITDA in third quarter 2019 includes a $35.2 million gain on sales-type leases that eliminates on HFC consolidation.


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The following information was filed by Hollyfrontier Corp (HFC) on Thursday, October 31, 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 (Narrative) (Details)
Inventories (Tables)
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)

Material Contracts, Statements, Certifications & more

Hollyfrontier Corp provided additional information to their SEC Filing as exhibits

Ticker: HFC
CIK: 48039
Form Type: 10-Q Quarterly Report
Accession Number: 0000048039-19-000058
Submitted to the SEC: Thu Oct 31 2019 11:53:58 AM EST
Accepted by the SEC: Thu Oct 31 2019
Period: Monday, September 30, 2019
Industry: Petroleum Refining

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