Last10K.com

Hollyfrontier Corp (HFC) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Hollyfrontier Corp

HISTORY TOOLS
CIK: 48039 Ticker: HFC

Press Release
August 3, 2021
hfclogo10.jpg

HollyFrontier Corporation Reports Quarterly Results

•Reported net income attributable to HollyFrontier stockholders of $168.9 million, or $1.03 per diluted share, and adjusted net income of $143.0 million, or $0.87 per diluted share, for the second quarter

•Reported EBITDA of $444.3 million and Adjusted EBITDA of $334.5 million for the second quarter

Dallas, Texas, August 3, 2021 ‑ HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported second quarter net income attributable to HollyFrontier stockholders of $168.9 million, or $1.03 per diluted share, for the quarter ended June 30, 2021, compared to a net loss of $(176.7) million, or $(1.09) per diluted share, for the quarter ended June 30, 2020.

The second quarter results reflect special items that collectively increased net income by a total of $25.8 million. On a pre-tax basis, these items include a lower of cost or market inventory valuation adjustment of $118.8 million, partially offset by pre-close acquisition integration costs of $0.7 million and charges related to the Cheyenne Refinery conversion to renewable diesel production, including decommissioning charges of $8.1 million and severance charges totaling $0.2 million. Excluding these items, net income for the current quarter was $143.0 million ($0.87 per diluted share) compared to net loss of $(40.8) million ($(0.25) per diluted share) for the second quarter of 2020, which excludes certain items that collectively increased net loss by $135.9 million.

HollyFrontier’s President & CEO, Michael Jennings, commented, “HollyFrontier delivered strong financial results in the second quarter, driven by improvement in refining margins in both the West and Mid-Continent regions and strengthening base oil margins in the quarter. Our focus remains on executing our renewable diesel projects on-time and within capital guidance and closing the Puget Sound Refinery acquisition in the fourth quarter of this year.”

Refining segment income before interest and income taxes was $250.1 million for the second quarter of 2021 compared to a loss before interest and income taxes of $(5.1) million in the second quarter of 2020. The segment reported Adjusted EBITDA of $211.2 million for the second quarter of 2021 compared to $25.0 million for the second quarter of 2020. This increase was driven by stronger product demand, which resulted in a consolidated refinery gross margin of $11.71 per produced barrel, a 45% increase compared to $8.08 for the second quarter of 2020. Crude oil charge averaged 416,350 barrels per day (“BPD”) for the current quarter compared to 312,070 BPD for the second quarter of 2020.

Lubricants and Specialty Products segment income before interest and income taxes was $60.1 million for the second quarter of 2021 compared to a loss before interest and income taxes of $(209.3) million in the second quarter of 2020. The segment reported EBITDA of $79.2 million for the second quarter of 2021 compared to $(189.5) million in the second quarter of 2020. Excluding the long-lived asset impairment charge of $204.7 million, Adjusted EBITDA in the second quarter of 2020 was $15.2 million. This increase was driven by strong base oil margins in the second quarter of 2021.

Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $88.1 million for the second quarter of 2021 compared to $112.5 million in the second quarter of 2020. The second quarter of 2020 included a gain on sales-type leases of $33.8 million.

1
The following information was filed by Hollyfrontier Corp (HFC) on Tuesday, August 3, 2021 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.

View differences made from one quarter to another to evaluate Hollyfrontier Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Hollyfrontier Corp.

Continue

Assess how Hollyfrontier Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Hollyfrontier Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
M & A
Other
Filter Subcategory:
All
Product
Expense
Earnings
Geography
Cash Flow
Dividend
Other
Inside Hollyfrontier Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Contingencies
Contingencies (Details)
Debt
Debt (Tables)
Debt - Carrying Amounts Of Long-Term Debt (Details)
Debt - Narrative (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Narrative (Details)
Derivative Instruments And Hedging Activities - Notional Contracts By Derivative Type (Details)
Derivative Instruments And Hedging Activities - Pre-Tax Effect On Income Due To Maturities And Fair Value Adjustments Of Economic Hedges (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- Location Of Gain Loss In Income Statement (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 (Details)
Earnings Per Share (Tables)
Environmental
Environmental (Details)
Equity
Equity (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Holly Energy Partners
Holly Energy Partners (Tables)
Holly Energy Partners - Narrative (Details)
Holly Energy Partners - Schedule Of Lease Income (Details)
Inventories
Inventories (Tables)
Inventories - Narrative (Details)
Inventories - Schedule Of Inventories (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) - Other Comprehensive Income (Loss) Amounts Reclassified To Income Statement (Details)
Other Comprehensive Income (Tables)
Revenues
Revenues (Tables)
Revenues - Schedule Contract Liabilities (Details)
Revenues - Schedule Of Disaggregated Revenues (Details)
Revenues - Schedule Of Performance Obligations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Schedule Of Segment Reporting Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Restricted Stock And Performance Share Activity (Details)
Subsequent Event
Subsequent Event (Details)
Ticker: HFC
CIK: 48039
Form Type: 10-Q Quarterly Report
Accession Number: 0000048039-21-000060
Submitted to the SEC: Fri Aug 06 2021 1:43:46 PM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Wednesday, June 30, 2021
Industry: Petroleum Refining

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/hfc/0000048039-21-000060.htm