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Hollyfrontier Corp (HFC) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

SEC Filings

Hollyfrontier Corp

CIK: 48039 Ticker: HFC

Exhibit 99.1

 

Press Release

 

 

February 28, 2012

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HollyFrontier Corporation Reports Fourth Quarter 2011 Results

Dallas, Texas, February 28, 2012 -- HollyFrontier Corporation (NYSE-HFC) (“HollyFrontier” or the “Company”) today reported fourth quarter net income attributable to HollyFrontier stockholders of $223.4 million or $1.06 per diluted share for the quarter ended December 31, 2011, compared to $14.7 million or $0.13 per diluted share for the quarter ended December 31, 2010. For the year ended December 31, 2011, net income attributable to HollyFrontier stockholders totaled $1 billion or $6.42 per diluted share compared to $104 million or $0.97 per diluted share for the year ended December 31, 2010.

For the fourth quarter, net income increased by $208.7 million, or 1,418% compared to the same period of 2010, reflecting both the effects of increased operating scale due to our recent merger and historically strong fourth quarter refining margins, which continued to benefit from wide differentials between inland and coastal-sourced crude oils. Overall refinery gross margins were $15.32 per produced barrel, a 95% increase compared to $7.87 for the fourth quarter of 2010, with overall production levels averaging 438,000 barrels per day (“BPD”) and overall crude oil charges averaging 407,000 BPD for the current quarter. The Company’s Rocky Mountain refining margins were the strongest, with average gross margins of $18.33 per barrel for the quarter. The Mid-Continent and Southwest refining operations also yielded good results, where quarterly gross margins averaged $14.71 and $14.76 per barrel, respectively.

HollyFrontier’s President & CEO, Mike Jennings, commented, “We are delighted with our fourth quarter results as we conclude our first fiscal year as a combined company. Although overall product crack spreads narrowed during the quarter as the WTI crude differentials compressed, we generated solid profits for the quarter and remained near the top of our peer group in profitability per barrel. We are especially pleased with the Company’s full year results, as this was the most profitable year in our history, with net income over $1 billion. Including last week’s special dividend declaration, we have announced special distributions to shareholders of $1.50 per share or approximately $315 million since the completion of our merger in July of last year. Further, we currently have a $350 million share repurchase program in place and continue to pay our regular quarterly dividend of $0.10 per share. Looking forward, the differentials between inland and coastal crudes are fairly robust, which should contribute favorably to our first quarter results. Further, we believe that operational synergies and increased asset scale gained during the merger will help us to extend our record of providing consistent returns and increasing shareholder value while maintaining a strong balance sheet.”

Sales and other revenues for the fourth quarter of 2011 were $5 billion, a 125% increase compared to the three months ended December 31, 2010. This increase was due primarily to the inclusion of revenues from the El Dorado and Cheyenne refineries and the effects of a 19% year-over-year increase in fourth quarter refined product sales prices. Cost of products sold for the quarter was $4.3 billion, a 114% increase compared to the fourth quarter of 2010, reflecting both the fourth quarter impact of the legacy Frontier refineries and a 13% year-over-year increase in fourth quarter crude oil acquisition costs. During the quarter, we recognized merger integration costs of $8 million, which are included among general and administrative costs. Fourth quarter cash flows from operations totaled $249.2


The following information was filed by Hollyfrontier Corp (HFC) on Tuesday, February 28, 2012 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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Hollyfrontier Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Income
Cash And Cash Equivalents And Investments In Marketable Securities
Cash And Cash Equivalents And Investments In Marketable Securities (available-for-sale Securities) (details)
Cash And Cash Equivalents And Investments In Marketable Securities (narrative) (details)
Cash And Cash Equivalents And Investments In Marketable Securities (tables)
Contingencies And Contractual Obligations
Debt
Debt (carrying Amounts Of Long-term Debt) (details)
Debt (narrative) (details)
Debt (principal Maturities Of Long-term Debt)
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)
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 (schedule Of Earnings Per Share) (details)
Earnings Per Share (tables)
Environmental Costs
Environmental Costs (details)
Financial Instruments
Financial Instruments (estimated Fair Values Of Debt Instruments) (details)
Financial Instruments (narrative) (details)
Financial Instruments (tables)
Goodwill
Goodwill (schedule Of Changes By Segment To The Carrying Amount Of Goodwill) (details)
Goodwill (tables)
Holly Energy Partners
Holly Energy Partners (narrative) (details)
Holly Energy Partners (schedule Of Income Statement Information Related To Discontinued Operations) (details)
Holly Energy Partners (tables)
Income Taxes
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)
Income Taxes (tables)
Inventories
Inventories (inventory Components) (details)
Inventories (narrative) (details)
Inventories (tables)
Lease Commitments
Lease Commitments (narrative) (details)
Lease Commitments (schedule Of Minimum Future Rental Commitments Under Operating Leases) (details)
Lease Commitments (tables)
Merger And Acquisition
Merger And Acquisition (assets And Liabilities Recognized In Merger, Fair Value Estimates) (details)
Merger And Acquisition (narrative) (details)
Merger And Acquisition (schedule Of Pro Forma Revenues And Net Income) (details)
Merger And Acquisition (tables)
Other Comprehensive Income (loss)
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)
Properties, Plants And Equipment
Properties, Plants And Equipment (components Of Property, Plants And Equipment) (details)
Properties, Plants And Equipment (narrative) (details)
Properties, Plants And Equipment (tables)
Quarterly Information
Quarterly Information (schedule Of Quarterly Information) (details)
Quarterly Information (tables)
Retirement Plans
Retirement Plans (allocation Of Retirement Plan Assets) (details)
Retirement Plans (changes In Benefit Obligation And Plan Assets) (details)
Retirement Plans (effect Of One Percent Change In Health Care Cost Trend Rates) (details)
Retirement Plans (estimated Net Periodic Benefit Amortized Expense From Accumulated Other Comprehensive Income) (details)
Retirement Plans (narrative) (details)
Retirement Plans (net Periodic Pension Expense) (details)
Retirement Plans (tables)
Retirement Plans (weighted Average Assumptions Used To Determine End Of Period Benefit Obligations) (details)
Retirement Plans (weighted Average Assumptions Used To Determine Net Periodic Benefit Expense) (details)
Retirement Plans (weighted Average Assumptions Used To Health Care Trend Rates) (details)
Segment Information
Segment Information (narrative) (details)
Segment Information (schedule Of Segment Reporting Information) (details)
Segment Information (tables)
Significant Customers
Significant Customers (details)
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)
Stockholders' Equity
Stockholders' Equity (narrative) (details)
Stockholders' Equity (shares Of Common Stock Outstanding) (details)
Stockholders' Equity (tables)
Supplemental Guarantor/non-guarantor Financial Information
Supplemental Guarantor/non-guarantor Financial Information (condensed Consolidating Balance Sheet) (details)
Supplemental Guarantor/non-guarantor Financial Information (condensed Consolidating Statement Of Cash Flows) (details)
Supplemental Guarantor/non-guarantor Financial Information (condensed Consolidating Statement Of Income) (details)
Supplemental Guarantor/non-guarantor Financial Information (narrative) (details)
Supplemental Guarantor/non-guarantor Financial Information (tables)
Unev Pipeline Joint Venture
Unev Pipeline Joint Venture (details)
Ticker: HFC
CIK: 48039
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-086106
Submitted to the SEC: Tue Feb 28 2012 6:45:08 PM EST
Accepted by the SEC: Wed Feb 29 2012
Period: Saturday, December 31, 2011
Industry: Petroleum Refining

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