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Hollyfrontier Corp (HFC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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Hollyfrontier Corp

CIK: 48039 Ticker: HFC


Press Release
May 7, 2020
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HollyFrontier Corporation Reports Quarterly Results

Reported net loss attributable to HollyFrontier stockholders of $(304.6) million, or $(1.88) per diluted share, and adjusted net income of $86.5 million, or $0.53 per diluted share, for the first quarter

Reported EBITDA of $(307.6) million and adjusted EBITDA of $268.8 million for the first quarter

Returned $57.2 million to shareholders through dividends in the first quarter

Dallas, Texas, May 7, 2020 ‑‑ HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported first quarter net loss attributable to HollyFrontier stockholders of $(304.6) million, or $(1.88) per diluted share, for the quarter ended March 31, 2020, compared to net income of $253.1 million, or $1.47 per diluted share, for the quarter ended March 31, 2019.

The first quarter results reflect special items that collectively decreased net income by a total of $391.1 million. On a pre-tax basis, these items include a lower of cost or market inventory valuation adjustment of $560.5 million, Sonneborn integration and regulatory costs of $1.3 million and HollyFrontier's pro-rata share of Holly Energy Partners, L.P.'s (“HEP”) loss on early extinguishment of debt of $14.7 million. Excluding these items, net income for the current quarter was $86.5 million ($0.53 per diluted share) compared to $93.2 million ($0.54 per diluted share) for the first quarter of 2019, which excludes certain items that collectively increased net income by $159.9 million for the three months ended March 31, 2019.

HollyFrontier’s President & CEO, Michael Jennings, commented, “HollyFrontier delivered strong financial results in the first quarter driven by healthy margins in our refining and finished lubricants businesses. As we continue to navigate the COVID-19 pandemic, our top priority remains the health and safety of our employees, communities and contractors. We are committed to delivering safe and reliable operations during this challenging environment. We believe our disciplined approach to capital allocation, led by our strong balance sheet and liquidity position, will help position HollyFrontier for long term success.”

The Refining segment reported adjusted EBITDA of $175.9 million compared to $193.4 million for the first quarter of 2019. This decrease was primarily driven by lower product margins and higher laid-in crude costs which resulted in a consolidated refinery gross margin of $11.32 per produced barrel, a 11% decrease compared to $12.74 for the first quarter of 2019. Crude oil charge averaged 436,360 barrels per day (“BPD”) for the current quarter compared to 400,430 BPD for the first quarter 2019.

Our Lubricants and Specialty Products segment reported EBITDA of $32.3 million, compared to $11.2 million in the first quarter 2019. Rack Forward EBITDA was $76.7 million, compared to $43.6 million in the prior year.

HEP reported EBITDA of $64.4 million for the first quarter 2020 compared to $93.5 million in the first quarter of 2019. The first quarter of 2020 includes a non-recurring loss on early extinguishment of debt of $25.9 million related to its previously outstanding 6% senior notes due 2024.


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The following information was filed by Hollyfrontier Corp (HFC) on Thursday, May 7, 2020 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)
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)
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 - Performance Obligations (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: 0000048039-20-000033
Submitted to the SEC: Thu May 07 2020 3:50:57 PM EST
Accepted by the SEC: Thu May 07 2020
Period: Tuesday, March 31, 2020
Industry: Petroleum Refining

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