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     107  0 Kommentare HollyFrontier Corporation Reports Quarterly Results

    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.

    The Lubricants and Specialty Products segment reported EBITDA of $60.6 million for the third quarter of 2020 compared to $38.0 million in the third quarter of 2019. This increase was driven by the strong recovery in global demand for finished lubricants and base oils, resulting in higher sales volumes and margins during the quarter.

    Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $55.3 million for the third quarter of 2020 compared to $123.1 million in the third quarter of 2019. Reported EBITDA for the third quarter of 2020 included a $35.7 million goodwill impairment charge, and reported EBITDA for the third quarter of 2019 included a $35.2 million gain on sales-type leases, both of which eliminated on the Company's consolidation.

    Lesen Sie auch

    For the third quarter of 2020, net cash provided by operations totaled $81.7 million. During the period, HollyFrontier declared and paid a dividend of $0.35 per share to shareholders totaling $57.2 million. At September 30, 2020, the Company's cash and cash equivalents totaled $1,524.9 million, a $622.4 million increase over cash and cash equivalents of $902.5 million at June 30, 2020. Additionally, the Company's consolidated debt was $3,176.3 million. The Company’s debt, exclusive of HEP debt, which is nonrecourse to HollyFrontier, was $1,736.5 million at September 30, 2020.

    The Company has scheduled a webcast conference call for today, November 5, 2020, at 8:30 AM Eastern Time to discuss third quarter financial results. This webcast may be accessed at: https://event.on24.com/wcc/r/2628168/9BE4DA1E13C98135F6352CD76762D475. An audio archive of this webcast will be available using the above noted link through November 19, 2020.

    HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries located in Kansas, Oklahoma, New Mexico and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. In addition, HollyFrontier produces base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and exports products to more than 80 countries. HollyFrontier also owns a 57% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P., a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries.

    The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are “forward-looking statements” based on management’s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, the extraordinary market environment and effects of the COVID-19 pandemic, including the continuation of a material decline in demand for refined petroleum products in markets the Company serves; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in the Company’s markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to infection in the workforce or in response to reductions in demand; effects of governmental and environmental regulations and policies, including the effects of current restrictions on various commercial and economic activities in response to the COVID-19 pandemic; the availability and cost of financing to the Company; the effectiveness of the Company’s capital investments and marketing strategies; the Company’s efficiency in carrying out and consummating construction projects, including the Company's ability to complete announced capital projects, such as the conversion of the Cheyenne Refinery to a renewable diesel facility and the construction of the Artesia renewable diesel unit and pretreatment unit, on time and within budget; the Company's ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of the Company to acquire refined or lubricant product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations; the possibility of terrorist or cyberattacks and the consequences of any such attacks; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States; further deterioration in gross margins or a prolonged economic slowdown due to COVID-19 could result in an impairment of goodwill and / or additional long-lived asset impairments; and other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s Securities and Exchange Commission filings. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

     

    RESULTS OF OPERATIONS

     

    Financial Data (all information in this release is unaudited)

     

     

    Three Months Ended
    September 30,

     

    Change from 2019

     

    2020

     

    2019

     

    Change

     

    Percent

     

    (In thousands, except per share data)

    Sales and other revenues

    $

    2,819,400

     

     

     

    $

    4,424,828

     

     

     

    $

    (1,605,428

    )

     

     

    (36

    )%

    Operating costs and expenses:

     

     

     

     

     

     

     

    Cost of products sold:

     

     

     

     

     

     

     

    Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)

    2,377,238

     

     

     

    3,403,767

     

     

     

    (1,026,529

    )

     

     

    (30

    )

    Lower of cost or market inventory valuation adjustment

    (62,849

    )

     

     

    34,062

     

     

     

    (96,911

    )

     

     

    (285

    )

     

    2,314,389

     

     

     

    3,437,829

     

     

     

    (1,123,440

    )

     

     

    (33

    )

    Operating expenses

    332,496

     

     

     

    345,578

     

     

     

    (13,082

    )

     

     

    (4

    )

    Selling, general and administrative expenses

    74,453

     

     

     

    87,626

     

     

     

    (13,173

    )

     

     

    (15

    )

    Depreciation and amortization

    125,280

     

     

     

    127,016

     

     

     

    (1,736

    )

     

     

    (1

    )

    Total operating costs and expenses

    2,846,618

     

     

     

    3,998,049

     

     

     

    (1,151,431

    )

     

     

    (29

    )

    Income (loss) from operations

    (27,218

    )

     

     

    426,779

     

     

     

    (453,997

    )

     

     

    (106

    )

     

     

     

     

     

     

     

     

    Other income (expense):

     

     

     

     

     

     

     

    Earnings of equity method investments

    1,316

     

     

     

    1,334

     

     

     

    (18

    )

     

     

    (1

    )

    Interest income

    1,011

     

     

     

    6,164

     

     

     

    (5,153

    )

     

     

    (84

    )

    Interest expense

    (30,589

    )

     

     

    (36,027

    )

     

     

    5,438

     

     

     

    (15

    )

    Gain on business interruption insurance settlement

    81,000

     

     

     

    —

     

     

     

    81,000

     

     

     

    —

     

    Gain on foreign currency transactions

    1,030

     

     

     

    395

     

     

     

    635

     

     

     

    161

     

    Other, net

    1,368

     

     

     

    2,356

     

     

     

    (988

    )

     

     

    (42

    )

     

    55,136

     

     

     

    (25,778

    )

     

     

    80,914

     

     

     

    (314

    )

    Income before income taxes

    27,918

     

     

     

    401,001

     

     

     

    (373,083

    )

     

     

    (93

    )

    Income tax expense

    4,573

     

     

     

    103,021

     

     

     

    (98,448

    )

     

     

    (96

    )

    Net income

    23,345

     

     

     

    297,980

     

     

     

    (274,635

    )

     

     

    (92

    )

    Less net income attributable to noncontrolling interest

    25,746

     

     

     

    36,167

     

     

     

    (10,421

    )

     

     

    (29

    )

    Net income (loss) attributable to HollyFrontier stockholders

    $

    (2,401

    )

     

     

    $

    261,813

     

     

     

    $

    (264,214

    )

     

     

    (101

    )%

     

     

     

     

     

     

     

     

    Earnings (loss) per share attributable to HollyFrontier stockholders:

     

     

     

     

     

     

     

    Basic

    $

    (0.01

    )

     

     

    $

    1.60

     

     

     

    $

    (1.61

    )

     

     

    (101

    )%

    Diluted

    $

    (0.01

    )

     

     

    $

    1.58

     

     

     

    $

    (1.59

    )

     

     

    (101

    )%

    Cash dividends declared per common share

    $

    0.35

     

     

     

    $

    0.33

     

     

     

    $

    0.02

     

     

     

    6

    %

    Average number of common shares outstanding:

     

     

     

     

     

     

     

    Basic

    162,015

     

     

     

    163,676

     

     

     

    (1,661

    )

     

     

    (1

    )%

    Diluted

    162,015

     

     

     

    165,011

     

     

     

    (2,996

    )

     

     

    (2

    )%

     

     

     

     

     

     

     

     

    EBITDA

    $

    157,030

     

     

     

    $

    521,713

     

     

     

    $

    (364,683

    )

     

     

    (70

    )%

    Adjusted EBITDA

    $

    65,638

     

     

     

    $

    523,082

     

     

     

    $

    (457,444

    )

     

     

    (87

    )%

     

    Nine Months Ended
    September 30,

     

    Change from 2019

     

    2020

     

    2019

     

    Change

     

    Percent

     

    (In thousands, except per share data)

    Sales and other revenues

    $

    8,282,875

     

     

     

    $

    13,104,690

     

     

     

    $

    (4,821,815

    )

     

     

    (37

    )%

    Operating costs and expenses:

     

     

     

     

     

     

     

    Cost of products sold:

     

     

     

     

     

     

     

    Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)

    6,647,960

     

     

     

    10,307,856

     

     

     

    (3,659,896

    )

     

     

    (36

    )

    Lower of cost or market inventory valuation adjustment

    227,711

     

     

     

    (150,483

    )

     

     

    378,194

     

     

     

    (251

    )

     

    6,875,671

     

     

     

    10,157,373

     

     

     

    (3,281,702

    )

     

     

    (32

    )

    Operating expenses

    964,200

     

     

     

    1,010,422

     

     

     

    (46,222

    )

     

     

    (5

    )

    Selling, general and administrative expenses

    237,559

     

     

     

    260,977

     

     

     

    (23,418

    )

     

     

    (9

    )

    Depreciation and amortization

    396,033

     

     

     

    375,345

     

     

     

    20,688

     

     

     

    6

     

    Long-lived asset and goodwill impairments

    436,908

     

     

     

    152,712

     

     

     

    284,196

     

     

     

    186

     

    Total operating costs and expenses

    8,910,371

     

     

     

    11,956,829

     

     

     

    (3,046,458

    )

     

     

    (25

    )

    Income (loss) from operations

    (627,496

    )

     

     

    1,147,861

     

     

     

    (1,775,357

    )

     

     

    (155

    )

     

     

     

     

     

     

     

     

    Other income (expense):

     

     

     

     

     

     

     

    Earnings of equity method investments

    5,186

     

     

     

    5,217

     

     

     

    (31

    )

     

     

    (1

    )

    Interest income

    6,590

     

     

     

    17,127

     

     

     

    (10,537

    )

     

     

    (62

    )

    Interest expense

    (85,923

    )

     

     

    (106,938

    )

     

     

    21,015

     

     

     

    (20

    )

    Gain on business interruption insurance settlement

    81,000

     

     

     

    —

     

     

     

    81,000

     

     

     

    —

     

    Gain on sales-type leases

    33,834

     

     

     

    —

     

     

     

    33,834

     

     

     

    —

     

    Loss on early extinguishment of debt

    (25,915

    )

     

     

    —

     

     

     

    (25,915

    )

     

     

    —

     

    Gain (loss) on foreign currency transactions

    (918

    )

     

     

    4,873

     

     

     

    (5,791

    )

     

     

    (119

    )

    Other, net

    4,790

     

     

     

    3,005

     

     

     

    1,785

     

     

     

    59

     

     

    18,644

     

     

     

    (76,716

    )

     

     

    95,360

     

     

     

    (124

    )

    Income (loss) before income taxes

    (608,852

    )

     

     

    1,071,145

     

     

     

    (1,679,997

    )

     

     

    (157

    )

    Income tax expense (benefit)

    (188,504

    )

     

     

    279,862

     

     

     

    (468,366

    )

     

     

    (167

    )

    Net income (loss)

    (420,348

    )

     

     

    791,283

     

     

     

    (1,211,631

    )

     

     

    (153

    )

    Less net income attributable to noncontrolling interest

    63,353

     

     

     

    79,500

     

     

     

    (16,147

    )

     

     

    (20

    )

    Net income (loss) attributable to HollyFrontier stockholders

    $

    (483,701

    )

     

     

    $

    711,783

     

     

     

    $

    (1,195,484

    )

     

     

    (168

    )%

     

     

     

     

     

     

     

     

    Earnings (loss) per share attributable to HollyFrontier stockholders:

     

     

     

     

     

     

     

    Basic

    $

    (2.99

    )

     

     

    $

    4.23

     

     

     

    $

    (7.22

    )

     

     

    (171

    )%

    Diluted

    $

    (2.99

    )

     

     

    $

    4.20

     

     

     

    $

    (7.19

    )

     

     

    (171

    )%

    Cash dividends declared per common share

    $

    1.05

     

     

     

    $

    0.99

     

     

     

    $

    0.06

     

     

     

    6

    %

    Average number of common shares outstanding:

     

     

     

     

     

     

     

    Basic

    161,927

     

     

     

    167,935

     

     

     

    (6,008

    )

     

     

    (4

    )%

    Diluted

    161,927

     

     

     

    169,125

     

     

     

    (7,198

    )

     

     

    (4

    )%

     

     

     

     

     

     

     

     

    EBITDA

    $

    (196,839

    )

     

     

    $

    1,456,801

     

     

     

    $

    (1,653,640

    )

     

     

    (114

    )%

    Adjusted EBITDA

    $

    434,118

     

     

     

    $

    1,451,864

     

     

     

    $

    (1,017,746

    )

     

     

    (70

    )%

    Balance Sheet Data

     

     

    September 30,

     

    December 31,

     

    2020

     

    2019

     

    (In thousands)

    Cash and cash equivalents

    $

    1,524,888

     

     

    $

    885,162

     

    Working capital

    $

    2,081,978

     

     

    $

    1,620,261

     

    Total assets

    $

    11,579,741

     

     

    $

    12,164,841

     

    Long-term debt

    $

    3,176,349

     

     

    $

    2,455,640

     

    Total equity

    $

    5,876,569

     

     

    $

    6,509,426

     

    Segment Information

    Our operations are organized into three reportable segments, Refining, Lubricants and Specialty Products and HEP. Our operations that are not included in the Refining, Lubricants and Specialty Products and HEP segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column.

    The Refining segment includes the operations of our El Dorado, Tulsa, Navajo, Cheyenne and Woods Cross refineries and HollyFrontier Asphalt Company LLC (“HFC Asphalt”) (aggregated as a reportable segment). Refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. HFC Asphalt operates various terminals in Arizona, New Mexico and Oklahoma.

    The Lubricants and Specialty Products segment involves Petro-Canada Lubricants Inc.’s (“PCLI”) production operations, located in Mississauga, Ontario, that include lubricant products such as base oils, white oils, specialty products and finished lubricants and the operations of our Petro-Canada Lubricants business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States, Europe and China. Additionally, the Lubricants and Specialty Products segment includes specialty lubricant products produced at our Tulsa refineries that are marketed throughout North America and are distributed in Central and South America, the operations of Red Giant Oil, one of the largest suppliers of locomotive engine oil in North America and the operations of Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe.

    The HEP segment involves all of the operations of HEP, a consolidated variable interest entity, which owns and operates logistics assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. The HEP segment also includes a 75% interest in UNEV Pipeline, LLC (an HEP consolidated subsidiary), and a 50% ownership interest in each of Osage Pipeline Company, LLC, Cheyenne Pipeline LLC and Cushing Connect Pipeline & Terminal LLC. Revenues from the HEP segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation services provided for our refining operations. Due to certain basis differences, our reported amounts for the HEP segment may not agree to amounts reported in HEP's periodic public filings.

     

     

    Refining

     

    Lubricants
    and Specialty
    Products

     

    HEP

     

    Corporate,
    Other and
    Eliminations

     

    Consolidated
    Total

     

     

    (In thousands)

    Three Months Ended September 30, 2020

     

     

     

     

     

     

     

     

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    2,339,782

     

     

    $

    452,878

     

    $

    26,740

     

    $

    —

     

     

    $

    2,819,400

     

    Intersegment revenues

     

    56,331

     

     

    2,164

     

    100,991

     

    (159,486

    )

     

    —

     

     

     

    $

    2,396,113

     

     

    $

    455,042

     

    $

    127,731

     

    $

    (159,486

    )

     

    $

    2,819,400

     

    Cost of products sold (exclusive of lower of cost or market inventory)

     

    $

    2,211,342

     

     

    $

    302,703

     

    $

    —

     

    $

    (136,807

    )

     

    $

    2,377,238

     

    Lower of cost or market inventory valuation adjustment

     

    $

    (62,849

    )

     

    $

    —

     

    $

    —

     

    $

    —

     

     

    $

    (62,849

    )

    Operating expenses

     

    $

    256,079

     

     

    $

    54,488

     

    $

    40,003

     

    $

    (18,074

    )

     

    $

    332,496

     

    Selling, general and administrative expenses

     

    $

    30,866

     

     

    $

    36,773

     

    $

    2,332

     

    $

    4,482

     

     

    $

    74,453

     

    Depreciation and amortization

     

    $

    79,146

     

     

    $

    17,432

     

    $

    24,109

     

    $

    4,593

     

     

    $

    125,280

     

    Income (loss) from operations

     

    $

    (118,471

    )

     

    $

    43,646

     

    $

    61,287

     

    $

    (13,680

    )

     

    $

    (27,218

    )

    Income (loss) before interest and income taxes

     

    $

    (118,471

    )

     

    $

    43,120

     

    $

    70,067

     

    $

    62,780

     

     

    $

    57,496

     

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

    $

    2,293

     

    $

    23,453

     

     

    $

    25,746

     

    Earnings of equity method investments

     

    $

    —

     

     

    $

    —

     

    $

    1,316

     

    $

    —

     

     

    $

    1,316

     

    Capital expenditures

     

    $

    41,740

     

     

    $

    6,995

     

    $

    7,902

     

    $

    26,635

     

     

    $

    83,272

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended September 30, 2019

     

     

     

     

     

     

     

     

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    3,865,399

     

     

    $

    529,561

     

    $

    29,868

     

    $

    —

     

     

    $

    4,424,828

     

    Intersegment revenues

     

    81,571

     

     

    8,157

     

    106,027

     

    (195,755

    )

     

    —

     

     

     

    $

    3,946,970

     

     

    $

    537,718

     

    $

    135,895

     

    $

    (195,755

    )

     

    $

    4,424,828

     

    Cost of products sold (exclusive of lower of cost or market inventory)

     

    $

    3,177,167

     

     

    $

    397,926

     

    $

    —

     

    $

    (171,326

    )

     

    $

    3,403,767

     

    Lower of cost or market inventory valuation adjustment

     

    $

    34,062

     

     

    $

    —

     

    $

    —

     

    $

    —

     

     

    $

    34,062

     

    Operating expenses

     

    $

    276,869

     

     

    $

    57,974

     

    $

    44,924

     

    $

    (34,189

    )

     

    $

    345,578

     

    Selling, general and administrative expenses

     

    $

    31,707

     

     

    $

    43,875

     

    $

    2,714

     

    $

    9,330

     

     

    $

    87,626

     

    Depreciation and amortization

     

    $

    76,765

     

     

    $

    22,700

     

    $

    24,121

     

    $

    3,430

     

     

    $

    127,016

     

    Income (loss) from operations

     

    $

    350,400

     

     

    $

    15,243

     

    $

    64,136

     

    $

    (3,000

    )

     

    $

    426,779

     

    Income (loss) before interest and income taxes

     

    $

    350,400

     

     

    $

    15,325

     

    $

    100,778

     

    $

    (35,639

    )

     

    $

    430,864

     

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

    $

    1,004

     

    $

    35,163

     

     

    $

    36,167

     

    Earnings of equity method investments

     

    $

    —

     

     

    $

    —

     

    $

    1,334

     

    $

    —

     

     

    $

    1,334

     

    Capital expenditures

     

    $

    53,506

     

     

    $

    8,697

     

    $

    6,076

     

    $

    6,310

     

     

    $

    74,589

     

     

     

    Refining

     

    Lubricants
    and Specialty
    Products

     

    HEP

     

    Corporate,
    Other and
    Eliminations

     

    Consolidated
    Total

     

     

    (In thousands)

    Nine Months Ended September 30, 2020

     

     

     

     

     

     

     

     

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    6,880,444

     

     

    $

    1,330,021

     

     

    $

    72,410

     

    $

    —

     

     

    $

    8,282,875

     

    Intersegment revenues

     

    178,039

     

     

    8,911

     

     

    297,982

     

    (484,932

    )

     

    —

     

     

     

    $

    7,058,483

     

     

    $

    1,338,932

     

     

    $

    370,392

     

    $

    (484,932

    )

     

    $

    8,282,875

     

    Cost of products sold (exclusive of lower of cost or market inventory)

     

    $

    6,113,530

     

     

    $

    952,430

     

     

    $

    —

     

    $

    (418,000

    )

     

    $

    6,647,960

     

    Lower of cost or market inventory valuation adjustment

     

    $

    227,711

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

     

    $

    227,711

     

    Operating expenses

     

    $

    754,612

     

     

    $

    156,459

     

     

    $

    109,721

     

    $

    (56,592

    )

     

    $

    964,200

     

    Selling, general and administrative expenses

     

    $

    94,677

     

     

    $

    121,654

     

     

    $

    7,569

     

    $

    13,659

     

     

    $

    237,559

     

    Depreciation and amortization

     

    $

    251,019

     

     

    $

    59,260

     

     

    $

    72,095

     

    $

    13,659

     

     

    $

    396,033

     

    Long-lived asset impairment

     

    $

    215,242

     

     

    $

    204,708

     

     

    $

    16,958

     

    $

    —

     

     

    $

    436,908

     

    Income (loss) from operations

     

    $

    (598,308

    )

     

    $

    (155,579

    )

     

    $

    164,049

     

    $

    (37,658

    )

     

    $

    (627,496

    )

    Income (loss) before interest and income taxes

     

    $

    (598,308

    )

     

    $

    (155,847

    )

     

    $

    185,593

     

    $

    39,043

     

     

    $

    (529,519

    )

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

     

    $

    4,158

     

    $

    59,195

     

     

    $

    63,353

     

    Earnings of equity method investments

     

    $

    —

     

     

    $

    —

     

     

    $

    5,186

     

    $

    —

     

     

    $

    5,186

     

    Capital expenditures

     

    $

    106,856

     

     

    $

    20,387

     

     

    $

    38,642

     

    $

    47,123

     

     

    $

    213,008

     

     

     

     

     

     

     

     

     

     

     

     

    Nine Months Ended September 30, 2019

     

     

     

     

     

     

     

     

    Sales and other revenues:

     

     

     

     

     

     

     

     

     

     

    Revenues from external customers

     

    $

    11,446,841

     

     

    $

    1,568,241

     

     

    $

    89,388

     

    $

    220

     

     

    $

    13,104,690

     

    Intersegment revenues

     

    244,799

     

     

    8,157

     

     

    311,755

     

    (564,711

    )

     

    —

     

     

     

    $

    11,691,640

     

     

    $

    1,576,398

     

     

    $

    401,143

     

    $

    (564,491

    )

     

    $

    13,104,690

     

    Cost of products sold (exclusive of lower of cost or market inventory)

     

    $

    9,598,539

     

     

    $

    1,202,296

     

     

    $

    —

     

    $

    (492,979

    )

     

    $

    10,307,856

     

    Lower of cost or market inventory valuation adjustment

     

    $

    (150,483

    )

     

    $

    —

     

     

    $

    —

     

    $

    —

     

     

    $

    (150,483

    )

    Operating expenses

     

    $

    794,081

     

     

    $

    170,655

     

     

    $

    123,045

     

    $

    (77,359

    )

     

    $

    1,010,422

     

    Selling, general and administrative expenses

     

    $

    88,322

     

     

    $

    125,681

     

     

    $

    7,322

     

    $

    39,652

     

     

    $

    260,977

     

    Depreciation and amortization

     

    $

    227,405

     

     

    $

    65,891

     

     

    $

    72,192

     

    $

    9,857

     

     

    $

    375,345

     

    Goodwill impairment

     

    $

    —

     

     

    $

    152,712

     

     

    $

    —

     

    $

    —

     

     

    $

    152,712

     

    Income (loss) from operations

     

    $

    1,133,776

     

     

    $

    (140,837

    )

     

    $

    198,584

     

    $

    (43,662

    )

     

    $

    1,147,861

     

    Income (loss) before interest and income taxes

     

    $

    1,133,776

     

     

    $

    (140,518

    )

     

    $

    238,910

     

    $

    (71,212

    )

     

    $

    1,160,956

     

    Net income attributable to noncontrolling interest

     

    $

    —

     

     

    $

    —

     

     

    $

    3,524

     

    $

    75,976

     

     

    $

    79,500

     

    Earnings of equity method investments

     

    $

    —

     

     

    $

    —

     

     

    $

    5,217

     

    $

    —

     

     

    $

    5,217

     

    Capital expenditures

     

    $

    129,167

     

     

    $

    25,887

     

     

    $

    23,828

     

    $

    16,175

     

     

    $

    195,057

     

     

     

    Refining

     

    Lubricants
    and Specialty
    Products

     

    HEP

     

    Corporate,
    Other and
    Eliminations

     

    Consolidated
    Total

     

     

    (In thousands)

    September 30, 2020

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    6,085

     

     

    $

    211,646

     

     

    $

    18,091

     

     

    $

    1,289,066

     

     

    $

    1,524,888

     

    Total assets

     

    $

    6,197,301

     

     

    $

    1,933,482

     

     

    $

    2,193,770

     

     

    $

    1,255,188

     

     

    $

    11,579,741

     

    Long-term debt

     

    $

    —

     

     

    $

    —

     

     

    $

    1,439,874

     

     

    $

    1,736,475

     

     

    $

    3,176,349

     

     

     

     

     

     

     

     

     

     

     

     

    December 31, 2019

     

     

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    9,755

     

     

    $

    169,277

     

     

    $

    13,287

     

     

    $

    692,843

     

     

    $

    885,162

     

    Total assets

     

    $

    7,189,094

     

     

    $

    2,223,418

     

     

    $

    2,205,437

     

     

    $

    546,892

     

     

    $

    12,164,841

     

    Long-term debt

     

    $

    —

     

     

    $

    —

     

     

    $

    1,462,031

     

     

    $

    993,609

     

     

    $

    2,455,640

     

    Refining Segment Operating Data

    The following tables set forth information, including non-GAAP (Generally Accepted Accounting Principles) performance measures about our refinery operations. Refinery gross and net operating margins do not include the non-cash effects of long-lived asset impairment charges, lower of cost or market inventory valuation adjustments and depreciation and amortization. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Mid-Continent Region (El Dorado and Tulsa Refineries)

     

     

     

     

     

     

    Crude charge (BPD) (1)

     

    244,200

     

     

    294,380

     

     

    234,550

     

     

    257,590

     

    Refinery throughput (BPD) (2)

     

    257,280

     

     

    307,720

     

     

    249,430

     

     

    272,440

     

    Sales of produced refined products (BPD) (3)

     

    243,830

     

     

    290,930

     

     

    239,800

     

     

    260,780

     

    Refinery utilization (4)

     

    93.9

    %

     

    113.2

    %

     

    90.2

    %

     

    99.1

    %

     

     

     

     

     

     

     

     

     

    Average per produced barrel (5)

     

     

     

     

     

     

     

     

    Refinery gross margin

     

    $

    3.21

     

     

    $

    14.61

     

     

    $

    6.41

     

     

    $

    14.55

     

    Refinery operating expenses (6)

     

    5.47

     

     

    5.05

     

     

    5.47

     

     

    5.48

     

    Net operating margin

     

    $

    (2.26)

     

     

    $

    9.56

     

     

    $

    0.94

     

     

    $

    9.07

     

     

     

     

     

     

     

     

     

     

    Refinery operating expenses per throughput barrel (7)

     

    $

    5.19

     

     

    $

    4.77

     

     

    $

    5.26

     

     

    $

    5.25

     

     

     

     

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

     

     

     

     

    Sweet crude oil

     

    62

    %

     

    59

    %

     

    58

    %

     

    56

    %

    Sour crude oil

     

    18

    %

     

    21

    %

     

    19

    %

     

    23

    %

    Heavy sour crude oil

     

    15

    %

     

    16

    %

     

    17

    %

     

    16

    %

    Other feedstocks and blends

     

    5

    %

     

    4

    %

     

    6

    %

     

    5

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

     

     

     

     

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

     

     

     

     

    Gasolines

     

    53

    %

     

    49

    %

     

    52

    %

     

    51

    %

    Diesel fuels

     

    35

    %

     

    34

    %

     

    34

    %

     

    32

    %

    Jet fuels

     

    3

    %

     

    6

    %

     

    4

    %

     

    7

    %

    Fuel oil

     

    1

    %

     

    1

    %

     

    1

    %

     

    1

    %

    Asphalt

     

    2

    %

     

    4

    %

     

    3

    %

     

    3

    %

    Base oils

     

    4

    %

     

    4

    %

     

    4

    %

     

    4

    %

    LPG and other

     

    2

    %

     

    2

    %

     

    2

    %

     

    2

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Southwest Region (Navajo Refinery) (8)

     

     

     

     

     

     

     

     

    Crude charge (BPD) (1)

     

    96,660

     

     

    106,860

     

     

    94,320

     

     

    107,330

     

    Refinery throughput (BPD) (2)

     

    106,780

     

     

    117,250

     

     

    104,570

     

     

    117,660

     

    Sales of produced refined products (BPD) (3)

     

    106,350

     

     

    116,890

     

     

    107,270

     

     

    120,760

     

    Refinery utilization (4)

     

    96.7

    %

     

    106.9

    %

     

    94.3

    %

     

    107.3

    %

     

     

     

     

     

     

     

     

     

    Average per produced barrel (5)

     

     

     

     

     

     

     

     

    Refinery gross margin

     

    $

    9.70

     

     

    $

    18.61

     

     

    $

    11.16

     

     

    $

    19.35

     

    Refinery operating expenses (6)

     

    5.07

     

     

    5.25

     

     

    5.17

     

     

    4.90

     

    Net operating margin

     

    $

    4.63

     

     

    $

    13.36

     

     

    $

    5.99

     

     

    $

    14.45

     

     

     

     

     

     

     

     

     

     

    Refinery operating expenses per throughput barrel (7)

     

    $

    5.05

     

     

    $

    5.23

     

     

    $

    5.31

     

     

    $

    5.03

     

     

     

     

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

     

     

     

     

    Sweet crude oil

     

    25

    %

     

    22

    %

     

    24

    %

     

    21

    %

    Sour crude oil

     

    66

    %

     

    69

    %

     

    66

    %

     

    70

    %

    Other feedstocks and blends

     

    9

    %

     

    9

    %

     

    10

    %

     

    9

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

     

     

     

     

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

     

     

     

     

    Gasolines

     

    55

    %

     

    50

    %

     

    54

    %

     

    51

    %

    Diesel fuels

     

    34

    %

     

    40

    %

     

    36

    %

     

    39

    %

    Fuel oil

     

    2

    %

     

    3

    %

     

    2

    %

     

    3

    %

    Asphalt

     

    8

    %

     

    5

    %

     

    6

    %

     

    5

    %

    LPG and other

     

    1

    %

     

    2

    %

     

    2

    %

     

    2

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    Rocky Mountain Region (Cheyenne and Woods Cross Refineries) (8)

     

     

     

     

     

     

    Crude charge (BPD) (1)

     

    49,720

     

     

    74,790

     

     

    63,300

     

     

    78,530

     

    Refinery throughput (BPD) (2)

     

    57,040

     

     

    81,830

     

     

    69,370

     

     

    85,300

     

    Sales of produced refined products (BPD) (3)

     

    57,110

     

     

    77,680

     

     

    67,070

     

     

    77,890

     

    Refinery utilization (4)

     

    51.3

    %

     

    77.1

    %

     

    65.3

    %

     

    81.0

    %

     

     

     

     

     

     

     

     

     

    Average per produced barrel (5)

     

     

     

     

     

     

     

     

    Refinery gross margin

     

    $

    3.39

     

     

    $

    24.97

     

     

    $

    10.63

     

     

    $

    19.73

     

    Refinery operating expenses (6)

     

    15.94

     

     

    11.95

     

     

    13.25

     

     

    11.39

     

    Net operating margin

     

    $

    (12.55

    )

     

    $

    13.02

     

     

    $

    (2.62

    )

     

    $

    8.34

     

     

     

     

     

     

     

     

     

     

    Refinery operating expenses per throughput barrel (7)

     

    $

    15.96

     

     

    $

    11.34

     

     

    $

    12.81

     

     

    $

    10.40

     

     

     

     

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

     

     

     

     

    Sweet crude oil

     

    38

    %

     

    38

    %

     

    36

    %

     

    36

    %

    Heavy sour crude oil

     

    19

    %

     

    30

    %

     

    33

    %

     

    33

    %

    Black wax crude oil

     

    30

    %

     

    23

    %

     

    22

    %

     

    23

    %

    Other feedstocks and blends

     

    13

    %

     

    9

    %

     

    9

    %

     

    8

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Rocky Mountain Region (Cheyenne and Woods Cross Refineries) (8)

     

     

     

     

     

     

    Sales of produced refined products:

     

     

     

     

     

     

     

     

    Gasolines

     

    57

    %

     

    54

    %

     

    56

    %

     

    53

    %

    Diesel fuels

     

    31

    %

     

    32

    %

     

    33

    %

     

    34

    %

    Fuel oil

     

    3

    %

     

    4

    %

     

    3

    %

     

    4

    %

    Asphalt

     

    5

    %

     

    5

    %

     

    5

    %

     

    5

    %

    LPG and other

     

    4

    %

     

    5

    %

     

    3

    %

     

    4

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    Consolidated

     

     

     

     

     

     

     

     

    Crude charge (BPD) (1)

     

    390,580

     

     

    476,030

     

     

    392,170

     

     

    443,450

     

    Refinery throughput (BPD) (2)

     

    421,100

     

     

    506,800

     

     

    423,370

     

     

    475,400

     

    Sales of produced refined products (BPD) (3)

     

    407,280

     

     

    485,500

     

     

    414,140

     

     

    459,440

     

    Refinery utilization (4)

     

    85.5

    %

     

    104.2

    %

     

    85.8

    %

     

    97.0

    %

     

     

     

     

     

     

     

     

     

    Average per produced barrel (5)

     

     

     

     

     

     

     

     

    Refinery gross margin

     

    $

    4.93

     

     

    $

    17.23

     

     

    $

    8.33

     

     

    $

    16.69

     

    Refinery operating expenses (6)

     

    6.83

     

     

    6.20

     

     

    6.65

     

     

    6.33

     

    Net operating margin

     

    $

    (1.90

    )

     

    $

    11.03

     

     

    $

    1.68

     

     

    $

    10.36

     

     

     

     

     

     

     

     

     

     

    Refinery operating expenses per throughput barrel (7)

     

    $

    6.61

     

     

    $

    5.94

     

     

    $

    6.50

     

     

    $

    6.12

     

     

     

     

     

     

     

     

     

     

    Feedstocks:

     

     

     

     

     

     

     

     

    Sweet crude oil

     

    50

    %

     

    47

    %

     

    46

    %

     

    44

    %

    Sour crude oil

     

    27

    %

     

    29

    %

     

    27

    %

     

    30

    %

    Heavy sour crude oil

     

    12

    %

     

    14

    %

     

    16

    %

     

    15

    %

    Black wax crude oil

     

    4

    %

     

    4

    %

     

    4

    %

     

    4

    %

    Other feedstocks and blends

     

    7

    %

     

    6

    %

     

    7

    %

     

    7

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    Sales of produced refined products:

     

     

     

     

     

     

     

     

    Gasolines

     

    54

    %

     

    50

    %

     

    54

    %

     

    51

    %

    Diesel fuels

     

    34

    %

     

    35

    %

     

    34

    %

     

    35

    %

    Jet fuels

     

    2

    %

     

    4

    %

     

    2

    %

     

    4

    %

    Fuel oil

     

    1

    %

     

    2

    %

     

    1

    %

     

    2

    %

    Asphalt

     

    4

    %

     

    4

    %

     

    4

    %

     

    4

    %

    Base oils

     

    3

    %

     

    2

    %

     

    2

    %

     

    2

    %

    LPG and other

     

    2

    %

     

    3

    %

     

    3

    %

     

    2

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    (1)

    Crude charge represents the barrels per day of crude oil processed at our refineries.

    (2)

    Refinery throughput represents the barrels per day of crude and other refinery feedstocks input to the crude units and other conversion units at our refineries.

    (3)

    Represents barrels sold of refined products produced at our refineries (including HFC Asphalt) and does not include volumes of refined products purchased for resale or volumes of excess crude oil sold.

    (4)

    Represents crude charge divided by total crude capacity (“BPSD”). Our consolidated crude capacity is 457,000 BPSD.

    (5)

    Represents average amount per produced barrel sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.

    (6)

    Represents total refining segment operating expenses, exclusive of depreciation and amortization, divided by sales volumes of
    refined products produced at our refineries.

    (7)

    Represents total refining segment operating expenses, exclusive of depreciation and amortization, divided by refinery throughput.

    (8)

    As previously disclosed, our Cheyenne Refinery ceased petroleum refining operations in the third quarter of 2020. Beginning with the fourth quarter of 2020, activities associated with the conversion of our Cheyenne Refinery to renewable diesel production will be reported in the Corporate and Other segment, and the disaggregation of our refining geographic operating data will be presented in two regions, Mid-Continent and West, to best reflect the economic drivers of our refining operations. The Mid-Continent region will continue to be comprised of our El Dorado and Tulsa Refineries, and the new West region will be comprised of our Navajo and Woods Cross Refineries.

    Lubricants and Specialty Products Segment Operating Data

    We acquired our Sonneborn business on February 1, 2019. For the nine months ended September 30, 2019 our lubricants and specialty product operating results reflect the operations of our Sonneborn business for the period February 1, 2019 through September 30, 2019.

    The following table sets forth information about our lubricants and specialty products operations.

     

     

    Three Months Ended September 30,

     

    Nine Months Ended September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

    Lubricants and Specialty Products

     

     

     

     

     

     

     

     

    Throughput (BPD)

     

    19,020

     

     

    23,190

     

     

    19,050

     

     

    19,920

     

    Sales of produced products (BPD)

     

    33,560

     

     

    36,160

     

     

    32,460

     

     

    34,740

     

     

     

     

     

     

     

     

     

     

    Sales of produced products:

     

     

     

     

     

     

     

     

    Finished products

     

    50

    %

     

    50

    %

     

    51

    %

     

    50

    %

    Base oils

     

    27

    %

     

    24

    %

     

    24

    %

     

    27

    %

    Other

     

    23

    %

     

    26

    %

     

    25

    %

     

    23

    %

    Total

     

    100

    %

     

    100

    %

     

    100

    %

     

    100

    %

    Our Lubricants and Specialty Products segment includes base oil production activities, by-product sales to third parties and intra-segment base oil sales to rack forward, referred to as “Rack Back.” “Rack Forward” includes the purchase of base oils and the blending, packaging, marketing and distribution and sales of finished lubricants and specialty products to third parties. Supplemental financial data attributable to our Lubricants and Specialty Products segment is presented below:

     

     

    Rack Back (1)

     

    Rack Forward (2)

     

    Eliminations (3)

     

    Total Lubricants
    and Specialty
    Products

     

     

    (In thousands)

    Three months ended September 30, 2020

     

     

     

     

     

     

     

     

    Sales and other revenues

     

    $

    110,952

     

     

    $

    423,418

     

     

    $

    (79,328

    )

     

    $

    455,042

     

    Cost of products sold

     

    $

    98,033

     

     

    $

    283,998

     

     

    $

    (79,328

    )

     

    $

    302,703

     

    Operating expenses

     

    $

    25,400

     

     

    $

    29,088

     

     

    $

    —

     

     

    $

    54,488

     

    Selling, general and administrative expenses

     

    $

    5,616

     

     

    $

    31,157

     

     

    $

    —

     

     

    $

    36,773

     

    Depreciation and amortization

     

    $

    5,419

     

     

    $

    12,013

     

     

    $

    —

     

     

    $

    17,432

     

    Income (loss) from operations

     

    $

    (23,516

    )

     

    $

    67,162

     

     

    $

    —

     

     

    $

    43,646

     

    Income (loss) before interest and income taxes

     

    $

    (23,516

    )

     

    $

    66,636

     

     

    $

    —

     

     

    $

    43,120

     

    EBITDA

     

    $

    (18,097

    )

     

    $

    78,649

     

     

    $

    —

     

     

    $

    60,552

     

     

     

     

     

     

     

     

     

     

    Three months ended September 30, 2019

     

     

     

     

     

     

     

     

    Sales and other revenues

     

    $

    196,355

     

     

    $

    477,261

     

     

    $

    (135,898

    )

     

    $

    537,718

     

    Cost of products sold

     

    $

    175,976

     

     

    $

    357,848

     

     

    $

    (135,898

    )

     

    $

    397,926

     

    Operating expenses

     

    $

    27,825

     

     

    $

    30,149

     

     

    $

    —

     

     

    $

    57,974

     

    Selling, general and administrative expenses

     

    $

    5,862

     

     

    $

    38,013

     

     

    $

    —

     

     

    $

    43,875

     

    Depreciation and amortization

     

    $

    11,390

     

     

    $

    11,310

     

     

    $

    —

     

     

    $

    22,700

     

    Income (loss) from operations

     

    $

    (24,698

    )

     

    $

    39,941

     

     

    $

    —

     

     

    $

    15,243

     

    Income (loss) before interest and income taxes

     

    $

    (24,698

    )

     

    $

    40,023

     

     

    $

    —

     

     

    $

    15,325

     

    EBITDA

     

    $

    (13,308

    )

     

    $

    51,333

     

     

    $

    —

     

     

    $

    38,025

     

     

     

    Rack Back (1)

     

    Rack Forward (2)

     

    Eliminations (3)

     

    Total Lubricants
    and Specialty
    Products

     

     

    (In thousands)

    Nine months ended September 30, 2020

     

     

     

     

     

     

     

     

    Sales and other revenues

     

    $

    361,638

     

     

    $

    1,241,402

     

     

    $

    (264,108

    )

     

    $

    1,338,932

     

    Cost of products sold

     

    $

    345,843

     

     

    $

    870,695

     

     

    $

    (264,108

    )

     

    $

    952,430

     

    Operating expenses

     

    $

    69,703

     

     

    $

    86,756

     

     

    $

    —

     

     

    $

    156,459

     

    Selling, general and administrative expenses

     

    $

    16,596

     

     

    $

    105,058

     

     

    $

    —

     

     

    $

    121,654

     

    Depreciation and amortization

     

    $

    22,163

     

     

    $

    37,097

     

     

    $

    —

     

     

    $

    59,260

     

    Long-lived asset impairment

     

    $

    167,017

     

     

    $

    37,691

     

     

    $

    —

     

     

    $

    204,708

     

    Income (loss) from operations

     

    $

    (259,684

    )

     

    $

    104,105

     

     

    $

    —

     

     

    $

    (155,579

    )

    Income (loss) before interest and income taxes

     

    $

    (259,684

    )

     

    $

    103,837

     

     

    $

    —

     

     

    $

    (155,847

    )

    EBITDA

     

    $

    (237,521

    )

     

    $

    140,934

     

     

    $

    —

     

     

    $

    (96,587

    )

     

     

     

     

     

     

     

     

     

    Nine months ended September 30, 2019

     

     

     

     

     

     

     

     

    Sales and other revenues

     

    $

    486,035

     

     

    $

    1,428,786

     

     

    $

    (338,423

    )

     

    $

    1,576,398

     

    Cost of products sold

     

    $

    453,519

     

     

    $

    1,087,200

     

     

    $

    (338,423

    )

     

    $

    1,202,296

     

    Operating expenses

     

    $

    87,970

     

     

    $

    82,685

     

     

    $

    —

     

     

    $

    170,655

     

    Selling, general and administrative expenses

     

    $

    25,707

     

     

    $

    99,974

     

     

    $

    —

     

     

    $

    125,681

     

    Depreciation and amortization

     

    $

    32,991

     

     

    $

    32,900

     

     

    $

    —

     

     

    $

    65,891

     

    Goodwill impairment

     

    $

    152,712

     

     

    $

    —

     

     

    $

    —

     

     

    $

    152,712

     

    Income (loss) from operations

     

    $

    (266,864

    )

     

    $

    126,027

     

     

    $

    —

     

     

    $

    (140,837

    )

    Income (loss) before interest and income taxes

     

    $

    (266,864

    )

     

    $

    126,346

     

     

    $

    —

     

     

    $

    (140,518

    )

    EBITDA

     

    $

    (233,873

    )

     

    $

    159,246

     

     

    $

    —

     

     

    $

    (74,627

    )

    (1)

    Rack Back consists of the PCLI base oil production activities, by-product sales to third parties and intra-segment base oil sales to rack forward.

    (2)

    Rack Forward activities include the purchase of base oils from Rack Back and the blending, packaging, marketing and distribution and sales of finished lubricants and specialty products to third parties.

    (3)

    Intra-segment sales of Rack Back produced base oils to rack forward are eliminated under the “Eliminations” column.

    Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles

    Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA excluding special items (“Adjusted EBITDA”) to amounts reported under generally accepted accounting principles (“GAAP”) in financial statements.

    Earnings before interest, taxes, depreciation and amortization, referred to as EBITDA, is calculated as net income (loss) attributable to HollyFrontier stockholders plus (i) interest expense, net of interest income, (ii) income tax expense, and (iii) depreciation and amortization. Adjusted EBITDA is calculated as EBITDA plus or minus (i) lower of cost or market inventory valuation adjustments, (ii) HollyFrontier's pro-rata share of gain on business interruption insurance settlement, (iii) long-lived asset impairment, inclusive of pro-rata share of impairment in HEP segment, (iv) goodwill impairment, (v) HollyFrontier's pro-rata share of HEP's gain on sales-type leases, (vi) HollyFrontier's pro-rata share of HEP's loss on early extinguishment of debt, (vii) severance costs, (viii) restructuring charges, (ix) Cheyenne Refinery LIFO inventory liquidation costs, (x) decommissioning costs, (xi) acquisition integration and regulatory costs, (xii) incremental cost of products sold attributable to our Sonneborn inventory value step-up and (xiii) RINs cost reductions.

    EBITDA and Adjusted EBITDA are not calculations provided for under accounting principles generally accepted in the United States; however, the amounts included in these calculations are derived from amounts included in our consolidated financial statements. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income or operating income as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures of other companies. These are presented here because they are widely used financial indicators used by investors and analysts to measure performance. EBITDA and Adjusted EBITDA are also used by our management for internal analysis and as a basis for financial covenants.

    Set forth below is our calculation of EBITDA and adjusted EBITDA.

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

     

     

    (In thousands)

    Net income (loss) attributable to HollyFrontier stockholders

     

    $

    (2,401

    )

     

    $

    261,813

     

     

    $

    (483,701

    )

     

    $

    711,783

     

    Add interest expense

     

    30,589

     

     

    36,027

     

     

    85,923

     

     

    106,938

     

    Subtract interest income

     

    (1,011

    )

     

    (6,164

    )

     

    (6,590

    )

     

    (17,127

    )

    Add (subtract) income tax expense (benefit)

     

    4,573

     

     

    103,021

     

     

    (188,504

    )

     

    279,862

     

    Add depreciation and amortization

     

    125,280

     

     

    127,016

     

     

    396,033

     

     

    375,345

     

    EBITDA

     

    $

    157,030

     

     

    $

    521,713

     

     

    $

    (196,839

    )

     

    $

    1,456,801

     

    Add (subtract) lower of cost or market inventory valuation adjustment

     

    (62,849

    )

     

    34,062

     

     

    227,711

     

     

    (150,483

    )

    Subtract HollyFrontier's pro-rata share of gain on business interruption insurance settlement

     

    (77,143

    )

     

    —

     

     

    (77,143

    )

     

    —

     

    Add long-lived asset impairment, inclusive of pro-rata share of impairment in HEP segment

     

    —

     

     

    —

     

     

    429,540

     

     

    —

     

    Add goodwill impairment

     

    —

     

     

    —

     

     

    —

     

     

    152,712

     

    Subtract HollyFrontier's pro-rata share of HEP's gain on sales-type leases

     

    —

     

     

    —

     

     

    (19,134

    )

     

    —

     

    Add HollyFrontier's pro-rata share of HEP's loss on early extinguishment of debt

     

    —

     

     

    —

     

     

    14,656

     

     

    —

     

    Add severance costs

     

    2,429

     

     

    —

     

     

    3,546

     

     

    —

     

    Add restructuring charges

     

    —

     

     

    —

     

     

    3,679

     

     

    —

     

    Add Cheyenne Refinery LIFO inventory liquidation costs

     

    33,814

     

     

    —

     

     

    33,814

     

     

    —

     

    Add decommissioning costs

     

    12,309

     

     

    —

     

     

    12,309

     

     

    —

     

    Add acquisition integration and regulatory costs

     

    48

     

     

    3,887

     

     

    1,979

     

     

    20,076

     

    Add incremental cost of products sold attributable to Sonneborn inventory value step-up

     

    —

     

     

    —

     

     

    —

     

     

    9,338

     

    Subtract RINs cost reduction

     

    —

     

     

    (36,580

    )

     

    —

     

     

    (36,580

    )

    Adjusted EBITDA

     

    $

    65,638

     

     

    $

    523,082

     

     

    $

    434,118

     

     

    $

    1,451,864

     

    EBITDA and Adjusted EBITDA attributable to our Refining segment is presented below:

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

    Refining Segment

     

    2020

     

    2019

     

    2020

     

    2019

     

     

    (In thousands)

    Income (loss) from operations (1)

     

    $

    (118,471

    )

     

    $

    350,400

     

     

    $

    (598,308

    )

     

    $

    1,133,776

     

    Add depreciation and amortization

     

    79,146

     

     

    76,765

     

     

    251,019

     

     

    227,405

     

    EBITDA

     

    (39,325

    )

     

    427,165

     

     

    (347,289

    )

     

    1,361,181

     

    Add (subtract) lower of cost or market inventory valuation adjustment

     

    (62,849

    )

     

    34,062

     

     

    227,711

     

     

    (150,483

    )

    Subtract RINs cost reduction

     

    —

     

     

    (36,580

    )

     

    —

     

     

    (36,580

    )

    Add long-lived asset impairment

     

    —

     

     

    —

     

     

    215,242

     

     

    —

     

    Add severance costs

     

    2,429

     

     

    —

     

     

    3,546

     

     

    —

     

    Add restructuring charges

     

    —

     

     

    —

     

     

    2,009

     

     

    —

     

    Add Cheyenne Refinery LIFO inventory liquidation costs

     

    33,814

     

     

    —

     

     

    33,814

     

     

    —

     

    Add decommissioning costs

     

    12,309

     

     

    —

     

     

    12,309

     

     

    —

     

    Adjusted EBITDA

     

    $

    (53,622

    )

     

    $

    424,647

     

     

    $

    147,342

     

     

    $

    1,174,118

     

    (1) Income from operations of our Refining segment represents income plus (i) interest expense, net of interest income and (ii) income tax provision.

     

    EBITDA and Adjusted EBITDA attributable to our Lubricants and Specialty Products segment is set forth below.

    Lubricants and Specialty Products Segment

     

    Rack Back

     

    Rack Forward

     

    Total Lubricants
    and Specialty
    Products

     

     

    (In thousands)

    Three months ended September 30, 2020

     

     

     

     

     

     

    Income (loss) before interest and income taxes (1)

     

    $

    (23,516

    )

     

    $

    66,636

     

    $

    43,120

     

    Add depreciation and amortization

     

    5,419

     

     

    12,013

     

    17,432

     

    EBITDA

     

    (18,097

    )

     

    78,649

     

    60,552

     

     

     

     

     

     

     

     

    Three months ended September 30, 2019

     

     

     

     

     

     

    Income (loss) before interest and income taxes (1)

     

    $

    (24,698

    )

     

    $

    40,023

     

    $

    15,325

     

    Add depreciation and amortization

     

    11,390

     

     

    11,310

     

    22,700

     

    EBITDA

     

    $

    (13,308

    )

     

    $

    51,333

     

    $

    38,025

     

     

     

     

     

     

     

     

    Nine months ended September 30, 2020

     

     

     

     

     

     

    Income (loss) before interest and income taxes (1)

     

    $

    (259,684

    )

     

    $

    103,837

     

    $

    (155,847

    )

    Add depreciation and amortization

     

    22,163

     

     

    37,097

     

    59,260

     

    EBITDA

     

    $

    (237,521

    )

     

    $

    140,934

     

    $

    (96,587

    )

    Add long-lived asset impairment

     

    167,017

     

     

    37,691

     

    204,708

     

    Adjusted EBITDA

     

    $

    (70,504

    )

     

    $

    178,625

     

    $

    108,121

     

     

     

     

     

     

     

     

    Nine months ended September 30, 2019

     

     

     

     

     

     

    Income (loss) before interest and income taxes (1)

     

    $

    (266,864

    )

     

    $

    126,346

     

    $

    (140,518

    )

    Add depreciation and amortization

     

    32,991

     

     

    32,900

     

    65,891

     

    EBITDA

     

    (233,873

    )

     

    159,246

     

    (74,627

    )

    Add goodwill impairment

     

    152,712

     

     

    —

     

    152,712

     

    Add incremental cost of products sold attributable to Sonneborn inventory value step-up

     

    —

     

     

    9,338

     

    9,338

     

    Adjusted EBITDA

     

    $

    (81,161

    )

     

    $

    168,584

     

    $

    87,423

     

     

    (1) Income (loss) before interest and income taxes of our Lubricants and Specialty Products segment represents income (loss) plus (i) interest expense, net of interest income and (ii) income tax provision.

    Reconciliations of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.

    Refinery gross margin and net operating margin are non-GAAP performance measures that are used by our management and others to compare our refining performance to that of other companies in our industry. We believe these margin measures are helpful to investors in evaluating our refining performance on a relative and absolute basis. Refinery gross margin per produced barrel sold is total refining segment revenues less total refining segment cost of products sold, exclusive of lower of cost or market inventory valuation adjustments, divided by sales volumes of produced refined products sold. Net operating margin per barrel sold is the difference between refinery gross margin and refinery operating expenses per produced barrel sold. These two margins do not include the non-cash effects of long-lived asset impairment charges, lower of cost or market inventory valuation adjustments or depreciation and amortization. Each of these component performance measures can be reconciled directly to our consolidated statements of income. Other companies in our industry may not calculate these performance measures in the same manner.

    Below are reconciliations to our consolidated statements of income for refinery net operating and gross margin and operating expenses, in each case averaged per produced barrel sold. Due to rounding of reported numbers, some amounts may not calculate exactly.

    Reconciliation of average refining segment net operating margin per produced barrel sold to refinery gross margin to total sales and other revenues

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

     

     

    (Dollars in thousands, except per barrel amounts)

    Consolidated

     

     

     

     

     

     

     

     

    Net operating margin per produced barrel sold

     

    $

    (1.90

    ) 

     

    $

    11.03

     

     

    $

    1.68

     

     

    $

    10.36

     

    Add average refinery operating expenses per produced barrel sold

     

    6.83

     

     

    6.20

     

     

    6.65

     

     

    6.33

     

    Refinery gross margin per produced barrel sold

     

    $

    4.93

     

     

    $

    17.23

     

     

    $

    8.33

     

     

    $

    16.69

     

    Times produced barrels sold (BPD)

     

    407,280

     

     

    485,500

     

     

    414,140

     

     

    459,440

     

    Times number of days in period

     

    92

     

     

    92

     

     

    274

     

     

    273

     

    Refining segment gross margin

     

    $

    184,726

     

     

    $

    769,595

     

     

    $

    945,241

     

     

    $

    2,093,379

     

    Add (subtract) rounding

     

    45

     

     

    208

     

     

    (288

    ) 

     

    (278

    ) 

    Total refining segment gross margin

     

    184,771

     

     

    769,803

     

     

    944,953

     

     

    2,093,101

     

    Add refining segment cost of products sold

     

    2,211,342

     

     

    3,177,167

     

     

    6,113,530

     

     

    9,598,539

     

    Refining segment sales and other revenues

     

    2,396,113

     

     

    3,946,970

     

     

    7,058,483

     

     

    11,691,640

     

    Add lubricants and specialty products segment sales and other revenues

     

    455,042

     

     

    537,718

     

     

    1,338,932

     

     

    1,576,398

     

    Add HEP segment sales and other revenues

     

    127,731

     

     

    135,895

     

     

    370,392

     

     

    401,143

     

    Subtract corporate, other and eliminations

     

    (159,486

    ) 

     

    (195,755

    ) 

     

    (484,932

    ) 

     

    (564,491

    ) 

    Sales and other revenues

     

    $

    2,819,400

     

     

    $

    4,424,828

     

     

    $

    8,282,875

     

     

    $

    13,104,690

     

    Reconciliation of average refining segment operating expenses per produced barrel sold to total operating expenses

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

     

     

    (Dollars in thousands, except per barrel amounts)

    Consolidated

     

     

     

     

     

     

     

     

    Average operating expenses per produced barrel sold

     

    $

    6.83

     

     

    $

    6.20

     

     

    $

    6.65

     

     

    $

    6.33

     

    Times produced barrels sold (BPD)

     

    407,280

     

     

    485,500

     

     

    414,140

     

     

    459,440

     

    Times number of days in period

     

    92

     

     

    92

     

     

    274

     

     

    273

     

    Refining segment operating expenses

     

    $

    255,918

     

     

    $

    276,929

     

     

    $

    754,604

     

     

    $

    793,954

     

    Add (subtract) rounding

     

    161

     

     

    (60

    )

     

    8

     

     

    127

     

    Total refining segment operating expenses

     

    256,079

     

     

    276,869

     

     

    754,612

     

     

    794,081

     

    Add lubricants and specialty products segment operating expenses

     

    54,488

     

     

    57,974

     

     

    156,459

     

     

    170,655

     

    Add HEP segment operating expenses

     

    40,003

     

     

    44,924

     

     

    109,721

     

     

    123,045

     

    Subtract corporate, other and eliminations

     

    (18,074

    )

     

    (34,189

    )

     

    (56,592

    )

     

    (77,359

    )

    Operating expenses (exclusive of depreciation and amortization)

     

    $

    332,496

     

     

    $

    345,578

     

     

    $

    964,200

     

     

    $

    1,010,422

     

    Reconciliation of net income (loss) attributable to HollyFrontier stockholders to adjusted net income attributable to HollyFrontier stockholders

    Adjusted net income (loss) attributable to HollyFrontier stockholders is a non-GAAP financial measure that excludes non-cash lower of cost or market inventory valuation adjustments, gain on business interruption insurance settlement, long-lived asset and goodwill impairments, HEP's gain on sales-type leases, HEP's loss on early extinguishment of debt, severance costs, restructuring charges, Cheyenne Refinery LIFO inventory liquidation costs, decommissioning costs, acquisition integration and regulatory costs, incremental cost of products sold due to Sonneborn inventory value step-up and RINs cost reductions. We believe this measure is helpful to investors and others in evaluating our financial performance and to compare our results to that of other companies in our industry. Similarly titled performance measures of other companies may not be calculated in the same manner.

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

     

     

    (In thousands, except per share amounts)

    Consolidated

     

     

     

     

     

     

     

     

    GAAP:

     

     

     

     

     

     

     

     

    Income (loss) before income taxes

     

    $

    27,918

     

     

    $

    401,001

     

     

    $

    (608,852

    )

     

    $

    1,071,145

     

    Income tax expense (benefit)

     

    4,573

     

     

    103,021

     

     

    (188,504

    )

     

    279,862

     

    Net income (loss)

     

    23,345

     

     

    297,980

     

     

    (420,348

    )

     

    791,283

     

    Less net income attributable to noncontrolling interest

     

    25,746

     

     

    36,167

     

     

    63,353

     

     

    79,500

     

    Net income (loss) attributable to HollyFrontier stockholders

     

    (2,401

    )

     

    261,813

     

     

    (483,701

    )

     

    711,783

     

     

     

     

     

     

     

     

     

     

    Non-GAAP adjustments to arrive at adjusted results:

     

     

     

     

     

     

     

     

    Lower of cost or market inventory valuation adjustment

     

    (62,849

    )

     

    34,062

     

     

    227,711

     

     

    (150,483

    )

    Gain on business interruption insurance settlement

     

    (81,000

    )

     

    —

     

     

    (81,000

    )

     

    —

     

    Long-lived asset and goodwill impairments

     

    —

     

     

    —

     

     

    436,908

     

     

    152,712

     

    HEP's gain on sales-type leases

     

    —

     

     

    —

     

     

    (33,834

    )

     

    —

     

    HEP's loss on early extinguishment of debt

     

    —

     

     

    —

     

     

    25,915

     

     

    —

     

    Severance costs

     

    2,429

     

     

    —

     

     

    3,546

     

     

    —

     

    Restructuring charges

     

    —

     

     

    —

     

     

    3,679

     

     

    —

     

    Cheyenne Refinery LIFO inventory liquidation costs

     

    33,814

     

     

    —

     

     

    33,814

     

     

    —

     

    Decommissioning costs

     

    12,309

     

     

    —

     

     

    12,309

     

     

    —

     

    Acquisition integration and regulatory costs

     

    48

     

     

    3,887

     

     

    1,979

     

     

    20,076

     

    Incremental cost of products sold attributable to Sonneborn inventory value step-up

     

    —

     

     

    —

     

     

    —

     

     

    9,338

     

    RINs cost reduction

     

    —

     

     

    (36,580

    )

     

    —

     

     

    (36,580

    )

    Total adjustments to income (loss) before income taxes

     

    (95,249

    )

     

    1,369

     

     

    631,027

     

     

    (4,937

    )

    Adjustment to income tax expense (1)

     

    (26,907

    )

     

    (14,818

    )

     

    168,497

     

     

    (36,553

    )

    Adjustment to net income attributable to noncontrolling interest

     

    (3,857

    )

     

    —

     

     

    70

     

     

    —

     

    Total adjustments, net of tax

     

    (64,485

    )

     

    16,187

     

     

    462,460

     

     

    31,616

     

     

     

     

     

     

     

     

     

     

    Adjusted results - Non-GAAP:

     

     

     

     

     

     

     

     

    Adjusted income before income taxes

     

    (67,331

    )

     

    402,370

     

     

    22,175

     

     

    1,066,208

     

    Adjusted income tax expense (2)

     

    (22,334

    )

     

    88,203

     

     

    (20,007

    )

     

    243,309

     

    Adjusted net income

     

    (44,997

    )

     

    314,167

     

     

    42,182

     

     

    822,899

     

    Adjusted net income attributable to noncontrolling interest

     

    21,889

     

     

    36,167

     

     

    63,423

     

     

    79,500

     

    Adjusted net income (loss) attributable to HollyFrontier stockholders

     

    $

    (66,886

    )

     

    $

    278,000

     

     

    $

    (21,241

    )

     

    $

    743,399

     

    Adjusted earnings per share attributable to HollyFrontier stockholders - diluted (3)

     

    $

    (0.41

    )

     

    $

    1.68

     

     

    $

    (0.13

    )

     

    $

    4.39

     

    Average number of common shares outstanding - diluted

     

    162,015

     

     

    165,011

     

     

    161,927

     

     

    169,125

     

     

    (1) Represents adjustment to GAAP income tax expense to arrive at adjusted income tax expense, which is computed as follows:

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

     

     

    (In thousands)

     

     

     

     

     

     

     

     

     

    Non-GAAP income tax expense (2)

     

    $

    (22,334

    ) 

     

    $

    88,203

     

     

    $

    (20,007

    ) 

     

    $

    243,309

     

    Subtract GAAP income tax expense (benefit)

     

    4,573

     

     

    103,021

     

     

    (188,504

    ) 

     

    279,862

     

    Non-GAAP adjustment to income tax expense

     

    $

    (26,907

    ) 

     

    $

    (14,818

    ) 

     

    $

    168,497

     

     

    $

    (36,553

    ) 

     

    (2) Non-GAAP income tax expense is computed by a) adjusting HFC's consolidated estimated Annual Effective Tax Rate (“AETR”) for GAAP purposes for the effects of the above Non-GAAP adjustments b) applying the resulting Adjusted Non-GAAP AETR to Non-GAAP adjusted income before income taxes and c) adjusting for discrete tax items applicable to the period.

    (3) Adjusted earnings per share attributable to HollyFrontier stockholders - diluted is calculated as adjusted net income attributable to HollyFrontier stockholders divided by the average number of shares of common stock outstanding assuming dilution.

    Reconciliation of effective tax rate to adjusted effective tax rate

     

     

    Three Months Ended
    September 30,

     

    Nine Months Ended
    September 30,

     

     

    2020

     

    2019

     

    2020

     

    2019

     

     

    (Dollars in thousands)

    GAAP:

     

     

     

     

     

     

     

     

    Income (loss) before income taxes

     

    $

    27,918

     

     

    $

    401,001

     

     

    $

    (608,852

    ) 

     

    $

    1,071,145

     

    Income tax expense (benefit)

     

    $

    4,573

     

     

    $

    103,021

     

     

    $

    (188,504

    ) 

     

    $

    279,862

     

    Effective tax rate for GAAP financial statements

     

    16.4

    %

     

    25.7

    %

     

    31.0

    %

     

    26.1

    %

    Adjusted - Non-GAAP:

     

     

     

     

     

     

     

     

    Effect of Non-GAAP adjustments

     

    16.8

    %

     

    (3.8

    )%

     

    (121.2

    )%

     

    (3.3

    )%

    Effective tax rate for adjusted results

     

    33.2

    %

     

    21.9

    %

     

    (90.2

    )%

     

    22.8

    %

     



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    HollyFrontier Corporation Reports Quarterly Results 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, …

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