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

Hollyfrontier Corp

CIK: 48039 Ticker: HFC

Press Release
November 3, 2021
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HollyFrontier Corporation Reports Quarterly Results

Reported net income attributable to HollyFrontier stockholders of $280.8 million, or $1.71 per diluted share, and adjusted net income of $209.9 million, or $1.28 per diluted share, for the third quarter

Reported EBITDA of $482.6 million and Adjusted EBITDA of $407.8 million for the third quarter

Dallas, Texas, November 3, 2021 ‑ HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported third quarter net income attributable to HollyFrontier stockholders of $280.8 million, or $1.71 per diluted share, for the quarter ended September 30, 2021, compared to a net loss of $(2.4) million, or $(0.01) per diluted share, for the quarter ended September 30, 2020.

The third quarter results reflect special items that collectively increased net income by a total of $70.8 million. On a pre-tax basis, these items include a gain on sale of real property of $86.0 million, partially offset by pre-close acquisition integration costs of $4.3 million and charges related to the Cheyenne Refinery conversion to renewable diesel production, including decommissioning charges of $6.7 million and severance charges totaling $0.2 million. Excluding these items, net income for the current quarter was $209.9 million ($1.28 per diluted share) compared to net loss of $(66.9) million ($(0.41) per diluted share) for the third quarter of 2020, which excludes certain items that collectively decreased net loss by $64.5 million.

HollyFrontier’s President & CEO, Michael Jennings, commented, “HollyFrontier’s standout third quarter results were driven by continued refined product margin strength in our regions, healthy base oil prices and robust operational performance in the quarter. On November 1, 2021, we closed on our previously announced acquisition of the Puget Sound Refinery. We are excited to add this high-quality refinery to our existing asset base along with the geographical diversification and earnings potential it provides.”

Refining segment income before interest and income taxes was $217.4 million for the third quarter of 2021 compared to a loss before interest and income taxes of $(118.5) million in the third quarter of 2020. The segment reported EBITDA of $295.3 million for the third quarter of 2021 compared to $(39.3) million for the third quarter of 2020. This increase was driven by stronger product demand, which resulted in a consolidated refinery gross margin of $14.87 per produced barrel, a 140% increase compared to $6.20 for the third quarter of 2020. Crude oil charge averaged 416,430 barrels per day (“BPD”) for the current quarter compared to 375,880 BPD for the third quarter of 2020.

Lubricants and Specialty Products segment income before interest and income taxes was $148.5 million for the third quarter of 2021 compared to $43.1 million in the third quarter of 2020. The segment reported EBITDA of $167.7 million for the third quarter of 2021 compared to $60.6 million in the third quarter of 2020. Excluding a gain on sale of real property of $86.0 million, Adjusted EBITDA in the third quarter of 2021 was $81.7 million. This increase was driven by strong base oil margins in the third quarter of 2021.

Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $77.6 million for the third quarter of 2021 compared to $55.3 million in the third quarter of 2020. Reported EBITDA for the third quarter of 2020 included a $35.7 million goodwill impairment charge, which was eliminated on the Company's consolidation. HEP reported Adjusted EBITDA of $83.3 million for the third quarter of 2021 compared to $86.4 million for the third quarter of 2020.

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The following information was filed by Hollyfrontier Corp (HFC) on Wednesday, November 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.

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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
Acquisitions
Acquisitions (Details)
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)
Ticker: HFC
CIK: 48039
Form Type: 10-Q Quarterly Report
Accession Number: 0000048039-21-000085
Submitted to the SEC: Wed Nov 03 2021 3:51:43 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: Petroleum Refining

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