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Hollyfrontier Corp (HFC) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Hollyfrontier Corp

CIK: 48039 Ticker: HFC

Press Release
February 23, 2022
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HollyFrontier Corporation Reports 2021 Fourth Quarter and Full Year Results

Reported net income attributable to HollyFrontier stockholders of $558.3 million or $3.39 per diluted share and adjusted net income of $250.1 million or $1.52 per diluted share, for the year

Reported EBITDA of $1,306.9 million and adjusted EBITDA of $915.7 million, for the year

Dallas, Texas, February 23, 2022‑‑ HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the “Company”) today reported fourth quarter net loss attributable to HollyFrontier stockholders of $(39.5) million or $(0.24) per diluted share for the quarter ended December 31, 2021, compared to $(117.7) million or $(0.73) per diluted share for the quarter ended December 31, 2020.

The fourth quarter results reflect special items that collectively increased net loss by a total of $21.9 million. On a pre-tax basis, these items include acquisition integration costs of $15.8 million, a lower of cost or market inventory valuation adjustment of $8.7 million and charges related to the Cheyenne Refinery conversion to renewable diesel production, including decommissioning charges of $2.8 million. Excluding these items, adjusted net loss for the fourth quarter was $(17.6) million ($(0.11) per diluted share) compared to $(118.6) million ($(0.74) per diluted share) for the fourth quarter of 2020, which excludes certain items that collectively decreased net loss by $0.9 million for the three months ended December 31, 2020.

HollyFrontier’s CEO, Michael Jennings, commented, “Despite heavy planned and unplanned refining maintenance and weather-related downtime in the fourth quarter, HollyFrontier delivered solid financial results in 2021, highlighted by record earnings in our Lubricants and Specialties business and the closing of our acquisition of the Puget Sound Refinery. Looking forward to 2022, we remain constructive on the macro environment and are focused on the execution of our strategic initiatives: the successful completion and start-up of our renewables business, closing on our acquisition of Sinclair and accelerating returns of capital to our shareholders.”

Refining segment loss before interest and income taxes was $(63.5) million for the fourth quarter of 2021 compared to $(66.1) million in the fourth quarter of 2020. The segment reported EBITDA of $25.0 million for the fourth quarter of 2021 compared to $7.5 million for the fourth quarter of 2020. This increase was driven by stronger product demand, which resulted in a consolidated refinery gross margin of $8.70 per produced barrel, a 116% increase compared to $4.02 for the fourth quarter of 2020. Crude oil charge averaged 421,000 barrels per day (“BPD”) for the fourth quarter of 2021 compared to 379,910 BPD for the fourth quarter of 2020.

Lubricants and Specialty Products segment income before interest and income taxes was $53.7 million for the fourth quarter of 2021 compared to a loss before interest and income taxes of $(54.1) million in the fourth quarter of 2020. The segment reported EBITDA of $74.9 million for the fourth quarter of 2021 compared to $(32.7) million in the fourth quarter of 2020. Fourth quarter of 2020 included a goodwill impairment charge of $81.9 million related to Sonneborn.

Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $70.8 million for the fourth quarter of 2021 compared to $86.8 million in the fourth quarter of 2020.

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The following information was filed by Hollyfrontier Corp (HFC) on Wednesday, February 23, 2022 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
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 (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Assets And Liabilities Acquired (Details)
Acquisitions - Schedule Of Pro Forma Results (Details)
Contingencies And Contractual Commitments
Contingencies And Contractual Commitments (Tables)
Contingencies And Contractual Commitments - Narrative (Details)
Contingencies And Contractual Commitments - Schedule Of Minimum Future Fees Under Agreement (Details)
Debt
Debt (Tables)
Debt - Carrying Amounts Of Long-Term Debt (Details)
Debt - Narrative (Details)
Debt - Principal Maturities Of Long-Term Debt (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 Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Environmental
Environmental (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill, Long-Lived Asset And Intangibles
Goodwill, Long-Lived Asset And Intangibles (Tables)
Goodwill, Long-Lived Asset And Intangibles - Narrative (Details)
Goodwill, Long-Lived Asset And Intangibles - Schedule Goodwill By Segment (Details)
Goodwill, Long-Lived Asset And Intangibles - Schedule Of Intangible Assets (Details)
Holly Energy Partners
Holly Energy Partners (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Reconciliation Of Effective Tax Rate (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Inventories
Inventories (Tables)
Inventories - Narrative (Details)
Inventories - Schedule Of Inventories (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense Schedule (Details)
Leases - Narrative (Details)
Leases - Schedule Of Lease Income (Details)
Leases - Schedule Of Minimum Undiscounted Lease Payments (Details)
Leases - Schedule Of Net Investments (Details)
Leases - Schedule Of Operating And Finance Lease Maturities (Details)
Leases - Supplemental Balance Sheet Schedule (Details)
Leases - Supplemental Cash Flow Information (Details)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) (Tables)
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)
Pension And Post-Retirement Plans
Pension And Post-Retirement Plans (Tables)
Pension And Post-Retirement Plans - Changes In Benefit Obligation And Plan Assets (Details)
Pension And Post-Retirement Plans - Defined Benefit Plan, Allocation Of Investment Funds (Details)
Pension And Post-Retirement Plans - Narrative (Details)
Pension And Post-Retirement Plans - Net Periodic Credit (Details)
Pension And Post-Retirement Plans - Net Periodic Expense (Details)
Pension And Post-Retirement Plans - Projected And Accumulated Benefit Obligations (Details)
Pension And Post-Retirement Plans - Weighted Average Assumptions Used To Determine End Of Period Benefit Obligations (Details)
Properties, Plants And Equipment
Properties, Plants And Equipment (Tables)
Properties, Plants And Equipment - Components Of Property, Plants And Equipment (Details)
Properties, Plants And Equipment - Narrative (Details)
Revenues
Revenues (Tables)
Revenues - Schedule Of 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 Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Restricted Stock Unit And Performance Share Units Activity (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Changes To Equity (Details)
Stockholders' Equity - Narrative (Details)
Ticker: HFC
CIK: 48039
Form Type: 10-K Annual Report
Accession Number: 0000048039-22-000014
Submitted to the SEC: Wed Feb 23 2022 4:48:49 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: Petroleum Refining

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