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Hollyfrontier Corp (HFC) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Hollyfrontier Corp

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CIK: 48039 Ticker: HFC

Press Release
November 5, 2020
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HollyFrontier Corporation Reports Quarterly Results

•Reported net loss attributable to HollyFrontier stockholders of $(2.4) million, or $(0.01) per diluted share, and adjusted net loss of $(66.9) million, or $(0.41) per diluted share, for the third quarter

•Reported EBITDA of $157.0 million and adjusted EBITDA of $65.6 million for the third quarter

•Raised $750.0 million in a public bond offering in the third quarter to enhance liquidity and fund expansion into renewable diesel production

Dallas, Texas, November 5, 2020 ‑ HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported third quarter net loss attributable to HollyFrontier stockholders of $(2.4) million, or $(0.01) per diluted share, for the quarter ended September 30, 2020, compared to net income of $261.8 million, or $1.58 per diluted share, for the quarter ended September 30, 2019.

The third quarter results reflect special items that collectively increased net income by a total of $64.5 million. On a pre-tax basis, these items include HollyFrontier's pro-rata share of a gain recognized upon the settlement of the Company's business interruption claim with its insurance carrier related to a loss at the Woods Cross Refinery totaling $77.1 million and a lower of cost or market inventory valuation adjustment of $62.8 million, partially offset by charges related to the Cheyenne Refinery conversion to renewable diesel production, including last-in, first-out (“LIFO”) inventory liquidation costs of $33.8 million, decommissioning charges of $12.3 million and severance charges totaling $2.4 million. Excluding these items, net loss for the current quarter was $(66.9) million ($(0.41) per diluted share) compared to net income of $278.0 million ($1.68 per diluted share) for the third quarter of 2019, which excludes certain items that collectively decreased net income by $16.2 million.

HollyFrontier’s President & CEO, Michael Jennings, commented, “Despite the difficult operating environment, HollyFrontier delivered solid results in the third quarter, led by resilient financial performances from our lubricants and midstream businesses. In August, we ran the last barrel of crude oil at Cheyenne and began the conversion to renewable diesel production. I would like to thank all of the employees at Cheyenne for safely achieving this milestone. In September, we reinforced our strong liquidity position through the successful $750.0 million bond offering, providing us the necessary capital to fully fund the previously announced renewable diesel projects at our Artesia, New Mexico and Cheyenne, Wyoming facilities.”

The COVID-19 pandemic caused a decline in U.S. and global economic activity starting in the first quarter of 2020. This decrease reduced both volumes and unit margins across the Company's businesses, resulting in lower gross margins and earnings. During the third quarter of 2020, demand for transportation fuels remained challenged while lubricants and specialties saw meaningful improvement in industrial and transportation-related markets and increased global demand for base oils.

The Refining segment reported adjusted EBITDA of $(53.6) million for the third quarter of 2020 compared to $424.6 million for the third quarter of 2019. This decrease was primarily due to continued weak demand for gasoline and diesel coupled with compressed crude differentials. Refinery gross margin for the third quarter of 2020 was $4.93 per produced barrel, a 71% decrease compared to $17.23 for the third quarter of 2019. Crude oil charge averaged 390,580 barrels per day (“BPD”) for the current quarter compared to 476,030 BPD for the third quarter of 2019.

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The following information was filed by Hollyfrontier Corp (HFC) on Thursday, November 5, 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) (Parenthetical)
Consolidated Statements Of Equity (Unaudited) Consolidated Statements Of Equity (Unaudited)
Consolidated Statements Of Income (Unaudited)
Contingencies
Contingencies - Narrative (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 (Accumulated Other Comprehensive Loss In Equity) (Details)
Other Comprehensive Income (Components And Allocated Tax Effects Of Other Comprehensive Income (Loss)) (Details)
Other Comprehensive Income (Tables)
Other Comprehensive Income Other Comprehensive Income (Balance Sheet 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 - Performance Obligations Total (Details)
Revenues From Contracts With Customers - Performance Obligations Volume (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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: HFC
CIK: 48039
Form Type: 10-Q Quarterly Report
Accession Number: 0000048039-20-000106
Submitted to the SEC: Thu Nov 05 2020 1:40:41 PM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: Petroleum Refining

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