- Reported net income attributable to HollyFrontier stockholders
of $168.9 million, or $1.03 per diluted share, and adjusted net
income of $143.0 million, or $0.87 per diluted share, for the
second quarter
- Reported EBITDA of $444.3 million and Adjusted EBITDA of $334.5
million for the second quarter
HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier” or the
“Company”) today reported second quarter net income attributable to
HollyFrontier stockholders of $168.9 million, or $1.03 per diluted
share, for the quarter ended June 30, 2021, compared to a net loss
of $(176.7) million, or $(1.09) per diluted share, for the quarter
ended June 30, 2020.
The second quarter results reflect special items that
collectively increased net income by a total of $25.8 million. On a
pre-tax basis, these items include a lower of cost or market
inventory valuation adjustment of $118.8 million, partially offset
by pre-close acquisition integration costs of $0.7 million and
charges related to the Cheyenne Refinery conversion to renewable
diesel production, including decommissioning charges of $8.1
million and severance charges totaling $0.2 million. Excluding
these items, net income for the current quarter was $143.0 million
($0.87 per diluted share) compared to net loss of $(40.8) million
($(0.25) per diluted share) for the second quarter of 2020, which
excludes certain items that collectively increased net loss by
$135.9 million.
HollyFrontier’s President & CEO, Michael Jennings,
commented, “HollyFrontier delivered strong financial results in the
second quarter, driven by improvement in refining margins in both
the West and Mid-Continent regions and strengthening base oil
margins in the quarter. Our focus remains on executing our
renewable diesel projects on-time and within capital guidance and
closing the Puget Sound Refinery acquisition in the fourth quarter
of this year.”
Refining segment income before interest and income taxes was
$250.1 million for the second quarter of 2021 compared to a loss
before interest and income taxes of $(5.1) million in the second
quarter of 2020. The segment reported Adjusted EBITDA of $211.2
million for the second quarter of 2021 compared to $25.0 million
for the second quarter of 2020. This increase was driven by
stronger product demand, which resulted in a consolidated refinery
gross margin of $11.71 per produced barrel, a 45% increase compared
to $8.08 for the second quarter of 2020. Crude oil charge averaged
416,350 barrels per day (“BPD”) for the current quarter compared to
312,070 BPD for the second quarter of 2020.
Lubricants and Specialty Products segment income before interest
and income taxes was $60.1 million for the second quarter of 2021
compared to a loss before interest and income taxes of $(209.3)
million in the second quarter of 2020. The segment reported EBITDA
of $79.2 million for the second quarter of 2021 compared to
$(189.5) million in the second quarter of 2020. Excluding the
long-lived asset impairment charge of $204.7 million, Adjusted
EBITDA in the second quarter of 2020 was $15.2 million. This
increase was driven by strong base oil margins in the second
quarter of 2021.
Holly Energy Partners, L.P. (“HEP”) reported EBITDA of $88.1
million for the second quarter of 2021 compared to $112.5 million
in the second quarter of 2020. The second quarter of 2020 included
a gain on sales-type leases of $33.8 million.
For the second quarter of 2021, net cash provided by operations
totaled $427.8 million. At June 30, 2021, the Company's cash and
cash equivalents totaled $1,398.3 million, a $204.9 million
increase over cash and cash equivalents of $1,193.4 million at
March 31, 2021. Additionally, the Company's consolidated debt was
$3,101.0 million. The Company’s debt, exclusive of HEP debt, which
is nonrecourse to HollyFrontier, was $1,738.4 million at June 30,
2021.
The Company has scheduled a webcast conference call for today,
August 3, 2021, at 8:30 AM Eastern Time to discuss financial
results and this morning's announced acquisition (replacing the
previously scheduled earnings call at 8:30 AM Eastern Time on
August 4, 2021). This webcast may be accessed at:
https://event.on24.com/wcc/r/3347467/55757835D3CCD93D54C9366AD04CA5C5.
An audio archive of this webcast will be available using the above
noted link through August 17, 2021.
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.
Forward-looking statements use words such as “anticipate,”
“project,” “expect,” “plan,” “goal,” “forecast,” “strategy,”
“intend,” “should,” “would,” “could,” “believe,” “may,” and similar
expressions and statements regarding our plans and objectives for
future operations. 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 Company’s ability to successfully close the
pending acquisition by the Company and HEP of Sinclair Oil
Corporation and Sinclair Transportation Company (collectively,
“Sinclair”, and such transactions, the “Sinclair Transactions”), or
once closed, integrate the operations of Sinclair with its existing
operations and fully realize the expected synergies of the Sinclair
Transactions or on the expected timeline; the satisfaction or
waivers of the conditions precedent to the proposed Sinclair
Transactions, including without limitation, the receipt of the
Company stockholder approval for the issuance of HF Sinclair common
stock at closing and regulatory approvals (including clearance by
antitrust authorities necessary to complete the Sinclair
Transactions on the terms and timeline desired), risks relating to
the value of HF Sinclair common stock and the value of HEP’s
limited partner common units to be issued at the closing of the
Sinclair Transactions from sales in anticipation of closing and
from sales by the Sinclair holders following the closing of the
Sinclair Transactions; legal proceedings that may be instituted
against the Company or HEP following the announcement of the
proposed Sinclair Transactions; the Company's ability to
successfully close the pending Puget Sound refinery transaction,
or, once closed, integrate the operation of the Puget Sound
refinery with our existing operations; the extraordinary market
environment and effects of the COVID-19 pandemic, including a
significant decline in demand for refined petroleum products in
markets that 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; the effects of current and/or future
governmental and environmental regulations and policies, including
the effects of current and/or future 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 capital guidance; 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; continued deterioration in gross margins or a prolonged
economic slowdown due to the COVID-19 pandemic 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 June
30,
Change from 2020
2021
2020
Change
Percent
(In thousands, except per share
data)
Sales and other revenues
$
4,577,123
$
2,062,930
$
2,514,193
122
%
Operating costs and expenses:
Cost of products sold:
Cost of products sold (exclusive of lower
of cost or market inventory valuation adjustment)
3,825,729
1,576,996
2,248,733
143
Lower of cost or market inventory
valuation adjustment
(118,825
)
(269,904
)
151,079
(56
)
3,706,904
1,307,092
2,399,812
184
Operating expenses
334,191
303,359
30,832
10
Selling, general and administrative
expenses
77,754
75,369
2,385
3
Depreciation and amortization
124,042
130,178
(6,136
)
(5
)
Long-lived asset impairment
—
436,908
(436,908
)
(100
)
Total operating costs and
expenses
4,242,891
2,252,906
1,989,985
88
Income (loss) from operations
334,232
(189,976
)
524,208
(276
)
Other income (expense):
Earnings of equity method investments
3,423
2,156
1,267
59
Interest income
1,029
1,506
(477
)
(32
)
Interest expense
(28,942
)
(32,695
)
3,753
(11
)
Gain on sales-type leases
—
33,834
(33,834
)
(100
)
Gain on foreign currency transactions
583
2,285
(1,702
)
(74
)
Other, net
7,927
1,572
6,355
404
(15,980
)
8,658
(24,638
)
(285
)
Income (loss) before income
taxes
318,252
(181,318
)
499,570
(276
)
Income tax expense (benefit)
123,485
(30,911
)
154,396
(499
)
Net income (loss)
194,767
(150,407
)
345,174
(229
)
Less net income attributable to
noncontrolling interest
25,917
26,270
(353
)
(1
)
Net income (loss) attributable to
HollyFrontier stockholders
$
168,850
$
(176,677
)
$
345,527
(196
)%
Earnings (loss) per share attributable
to HollyFrontier stockholders:
Basic
$
1.03
$
(1.09
)
$
2.12
(194
)%
Diluted
$
1.03
$
(1.09
)
$
2.12
(194
)%
Cash dividends declared per common
share
$
—
$
0.35
$
(0.35
)
(100
)%
Average number of common shares
outstanding:
Basic
162,523
161,889
634
—
%
Diluted
162,523
161,889
634
—
%
EBITDA
$
444,290
$
(46,221
)
$
490,511
(1,061
)%
Adjusted EBITDA
$
334,501
$
99,711
$
234,790
235
%
Six Months Ended June
30,
Change from 2020
2021
2020
Change
Percent
(In thousands, except per share
data)
Sales and other revenues
$
8,081,416
$
5,463,475
$
2,617,941
48
%
Operating costs and expenses:
Cost of products sold:
Cost of products sold (exclusive of lower
of cost or market inventory valuation adjustment)
6,786,034
4,270,722
2,515,312
59
Lower of cost or market inventory
valuation adjustment
(318,862
)
290,560
(609,422
)
(210
)
6,467,172
4,561,282
1,905,890
42
Operating expenses
734,100
631,704
102,396
16
Selling, general and administrative
expenses
159,729
163,106
(3,377
)
(2
)
Depreciation and amortization
248,121
270,753
(22,632
)
(8
)
Long-lived asset impairment
—
436,908
(436,908
)
(100
)
Total operating costs and
expenses
7,609,122
6,063,753
1,545,369
25
Income (loss) from operations
472,294
(600,278
)
1,072,572
(179
)
Other income (expense):
Earnings of equity method investments
5,186
3,870
1,316
34
Interest income
2,060
5,579
(3,519
)
(63
)
Interest expense
(67,328
)
(55,334
)
(11,994
)
22
Gain on tariff settlement
51,500
—
51,500
—
Gain on sales-type leases
—
33,834
(33,834
)
(100
)
Loss on early extinguishment of debt
—
(25,915
)
25,915
(100
)
Loss on foreign currency transactions
(734
)
(1,948
)
1,214
(62
)
Other, net
9,817
3,422
6,395
187
501
(36,492
)
36,993
(101
)
Income (loss) before income
taxes
472,795
(636,770
)
1,109,565
(174
)
Income tax expense (benefit)
95,178
(193,077
)
288,255
(149
)
Net income (loss)
377,617
(443,693
)
821,310
(185
)
Less net income attributable to
noncontrolling interest
60,550
37,607
22,943
61
Net income (loss) attributable to
HollyFrontier stockholders
$
317,067
$
(481,300
)
$
798,367
(166
)%
Earnings (loss) per share attributable
to HollyFrontier stockholders:
Basic
$
1.92
$
(2.97
)
$
4.89
(165
)%
Diluted
$
1.92
$
(2.97
)
$
4.89
(165
)%
Cash dividends declared per common
share
$
0.35
$
0.70
$
(0.35
)
(50
)%
Average number of common shares
outstanding:
Basic
162,501
161,882
619
—
%
Diluted
162,501
161,882
619
—
%
EBITDA
$
725,634
$
(353,869
)
$
1,079,503
(305
)%
Adjusted EBITDA
$
381,809
$
368,480
$
13,329
4
%
Balance Sheet Data
June 30,
December 31,
2021
2020
(In thousands)
Cash and cash equivalents
$
1,398,280
$
1,368,318
Working capital
$
2,131,679
$
1,935,605
Total assets
$
12,560,033
$
11,506,864
Long-term debt
$
3,100,969
$
3,142,718
Total equity
$
6,040,244
$
5,722,203
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, 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 geographic regions of the United States. HFC Asphalt
operates various asphalt terminals in Arizona, New Mexico and
Oklahoma. The Refining segment also included the operations of the
Cheyenne Refinery through the third quarter of 2020, at which time
it permanently ceased petroleum refining operations.
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
geographic 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 June 30,
2021
Sales and other revenues:
Revenues from external customers
$
3,887,273
$
662,755
$
27,092
$
3
$
4,577,123
Intersegment revenues
205,186
6,434
99,142
(310,762
)
—
$
4,092,459
$
669,189
$
126,234
$
(310,759
)
$
4,577,123
Cost of products sold (exclusive of lower
of cost or market inventory)
$
3,619,319
$
491,218
$
—
$
(284,808
)
$
3,825,729
Lower of cost or market inventory
valuation adjustment
$
(118,825
)
$
—
$
—
$
—
$
(118,825
)
Operating expenses
$
231,422
$
61,310
$
42,068
$
(609
)
$
334,191
Selling, general and administrative
expenses
$
30,136
$
37,583
$
2,846
$
7,189
$
77,754
Depreciation and amortization
$
79,938
$
19,152
$
22,275
$
2,677
$
124,042
Income (loss) from operations
$
250,469
$
59,926
$
59,045
$
(35,208
)
$
334,232
Income (loss) before interest and income
taxes
$
250,111
$
60,093
$
67,911
$
(31,950
)
$
346,165
Net income attributable to noncontrolling
interest
$
—
$
—
$
1,193
$
24,724
$
25,917
Earnings of equity method investments
$
—
$
—
$
3,423
$
—
$
3,423
Capital expenditures
$
33,150
$
5,614
$
24,498
$
119,618
$
182,880
Three Months Ended June 30,
2020
Sales and other revenues:
Revenues from external customers
$
1,690,042
$
353,644
$
19,244
$
—
$
2,062,930
Intersegment revenues
37,462
3,643
95,563
(136,668
)
—
$
1,727,504
$
357,287
$
114,807
$
(136,668
)
$
2,062,930
Cost of products sold (exclusive of lower
of cost or market inventory)
$
1,433,437
$
258,347
$
—
$
(114,788
)
$
1,576,996
Lower of cost or market inventory
valuation adjustment
$
(269,904
)
$
—
$
—
$
—
$
(269,904
)
Operating expenses
$
239,359
$
47,840
$
34,737
$
(18,577
)
$
303,359
Selling, general and administrative
expenses
$
32,811
$
35,919
$
2,535
$
4,104
$
75,369
Depreciation and amortization
$
81,694
$
19,779
$
24,008
$
4,697
$
130,178
Long-lived asset impairment
$
215,242
$
204,708
$
16,958
$
—
$
436,908
Income (loss) from operations
$
(5,135
)
$
(209,306
)
$
36,569
$
(12,104
)
$
(189,976
)
Income (loss) before interest and income
taxes
$
(5,135
)
$
(209,257
)
$
73,028
$
(8,765
)
$
(150,129
)
Net income attributable to noncontrolling
interest
$
—
$
—
$
650
$
25,620
$
26,270
Earnings of equity method investments
$
—
$
—
$
2,156
$
—
$
2,156
Capital expenditures
$
12,102
$
4,311
$
11,798
$
17,776
$
45,987
Refining
Lubricants and Specialty
Products
HEP
Corporate, Other and
Eliminations (1)
Consolidated
Total
(In thousands)
Six Months Ended June 30, 2021
Sales and other revenues:
Revenues from external customers
$
6,844,306
$
1,184,753
$
52,350
$
7
$
8,081,416
Intersegment revenues
265,648
8,999
201,068
(475,715
)
—
$
7,109,954
$
1,193,752
$
253,418
$
(475,708
)
$
8,081,416
Cost of products sold (exclusive of lower
of cost or market inventory)
$
6,381,262
$
822,741
$
—
$
(417,969
)
$
6,786,034
Lower of cost or market inventory
valuation adjustment
$
(318,353
)
$
—
$
—
$
(509
)
$
(318,862
)
Operating expenses
$
524,277
$
122,063
$
83,433
$
4,327
$
734,100
Selling, general and administrative
expenses
$
58,632
$
83,136
$
5,815
$
12,146
$
159,729
Depreciation and amortization
$
168,020
$
39,273
$
45,281
$
(4,453
)
$
248,121
Income (loss) from operations
$
296,116
$
126,539
$
118,889
$
(69,250
)
$
472,294
Income (loss) before interest and income
taxes
$
295,788
$
127,078
$
154,669
$
(39,472
)
$
538,063
Net income attributable to noncontrolling
interest
$
—
$
—
$
2,839
$
57,711
$
60,550
Earnings of equity method investments
$
—
$
—
$
5,186
$
—
$
5,186
Capital expenditures
$
73,511
$
9,701
$
57,716
$
191,913
$
332,841
Six Months Ended June 30, 2020
Sales and other revenues:
Revenues from external customers
$
4,540,662
$
877,143
$
45,670
$
—
$
5,463,475
Intersegment revenues
$
121,708
$
6,747
$
196,991
$
(325,446
)
$
—
$
4,662,370
$
883,890
$
242,661
$
(325,446
)
$
5,463,475
Cost of products sold (exclusive of lower
of cost or market inventory)
$
3,902,188
$
649,727
$
—
$
(281,193
)
$
4,270,722
Lower of cost or market inventory
valuation adjustment
$
290,560
$
—
$
—
$
—
$
290,560
Operating expenses
$
498,533
$
101,971
$
69,718
$
(38,518
)
$
631,704
Selling, general and administrative
expenses
$
63,811
$
84,881
$
5,237
$
9,177
$
163,106
Depreciation and amortization
$
171,873
$
41,828
$
47,986
$
9,066
$
270,753
Long-lived asset impairment
$
215,242
$
204,708
$
16,958
$
—
$
436,908
Income (loss) from operations
$
(479,837
)
$
(199,225
)
$
102,762
$
(23,978
)
$
(600,278
)
Income (loss) before interest and income
taxes
$
(479,837
)
$
(198,967
)
$
115,526
$
(23,737
)
$
(587,015
)
Net income attributable to noncontrolling
interest
$
—
$
—
$
1,865
$
35,742
$
37,607
Earnings of equity method investments
$
—
$
—
$
3,870
$
—
$
3,870
Capital expenditures
$
65,116
$
13,392
$
30,740
$
20,488
$
129,736
Refining
Lubricants and Specialty
Products
HEP
Corporate, Other and
Eliminations
Consolidated Total
(In thousands)
June 30, 2021
Cash and cash equivalents
$
6,383
.
$
126,944
$
19,561
$
1,245,392
$
1,398,280
Total assets
$
7,018,933
$
2,015,176
$
2,255,752
$
1,270,172
$
12,560,033
Long-term debt
$
—
$
—
$
1,362,570
$
1,738,399
$
3,100,969
December 31, 2020
Cash and cash equivalents
$
3,106
$
163,729
$
21,990
$
1,179,493
$
1,368,318
Total assets
$
6,203,847
$
1,864,313
$
2,198,478
$
1,240,226
$
11,506,864
Long-term debt
$
—
$
—
$
1,405,603
$
1,737,115
$
3,142,718
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.
As of June 30, 2021, our refinery operations included the El
Dorado, Tulsa, Navajo and Woods Cross Refineries. In the third
quarter of 2020, we permanently ceased petroleum refining
operations at our Cheyenne Refinery and subsequently began
converting certain assets at our Cheyenne Refinery to renewable
diesel production. The disaggregation of our refining geographic
operating data is presented in two regions, Mid-Continent and West,
to best reflect the economic drivers of our refining operations.
The Mid-Continent region continues to be comprised of the El Dorado
and Tulsa Refineries, and the new West region is comprised of the
Navajo and Woods Cross Refineries. Refining segment operating data
for the three and the six months ended June 30, 2020 has been
retrospectively adjusted to reflect the revised regional
groupings.
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
Mid-Continent Region (El Dorado and
Tulsa Refineries)
Crude charge (BPD) (1)
278,380
206,950
247,500
229,670
Refinery throughput (BPD) (2)
293,050
220,010
257,030
245,470
Sales of produced refined products (BPD)
(3)
287,680
216,280
249,400
237,760
Refinery utilization (4)
107.1
%
79.6
%
95.2
%
88.3
%
Average per produced barrel (5)
Refinery gross margin
$
10.82
$
6.31
$
8.99
$
8.07
Refinery operating expenses (6)
5.27
5.68
7.22
5.47
Net operating margin
$
5.55
$
0.63
$
1.77
$
2.60
Refinery operating expenses per throughput
barrel (7)
$
5.18
$
5.58
$
6.89
$
5.30
Feedstocks:
Sweet crude oil
64
%
61
%
62
%
56
%
Sour crude oil
14
%
16
%
14
%
19
%
Heavy sour crude oil
17
%
17
%
19
%
19
%
Other feedstocks and blends
5
%
6
%
5
%
6
%
Total
100
%
100
%
100
%
100
%
Sales of produced refined products:
Gasolines
51
%
54
%
51
%
53
%
Diesel fuels
34
%
36
%
34
%
33
%
Jet fuels
4
%
1
%
5
%
4
%
Fuel oil
1
%
1
%
1
%
1
%
Asphalt
2
%
3
%
2
%
3
%
Base oils
4
%
3
%
4
%
4
%
LPG and other
4
%
2
%
3
%
2
%
Total
100
%
100
%
100
%
100
%
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
West Region (Navajo and Woods Cross
Refineries)
Crude charge (BPD) (1)
137,970
105,120
134,940
122,690
Refinery throughput (BPD) (2)
151,680
117,840
148,160
136,090
Sales of produced refined products (BPD)
(3)
156,260
132,610
150,290
141,610
Refinery utilization (4)
95.2
%
72.5
%
93.1
%
84.6
%
Average per produced barrel (5)
Refinery gross margin
$
13.35
$
10.96
$
11.88
$
12.41
Refinery operating expenses (6)
6.57
7.26
7.29
7.07
Net operating margin
$
6.78
$
3.70
$
4.59
$
5.34
Refinery operating expenses per throughput
barrel (7)
$
6.77
$
7.62
$
7.40
$
7.36
Feedstocks:
Sweet crude oil
22
%
32
%
23
%
29
%
Sour crude oil
59
%
48
%
59
%
50
%
Black wax crude oil
10
%
9
%
9
%
11
%
Other feedstocks and blends
9
%
11
%
9
%
10
%
Total
100
%
100
%
100
%
100
%
Sales of produced refined products:
Gasolines
52
%
55
%
53
%
56
%
Diesel fuels
37
%
34
%
37
%
35
%
Fuel oil
3
%
2
%
3
%
2
%
Asphalt
5
%
6
%
4
%
4
%
LPG and other
3
%
3
%
3
%
3
%
Total
100
%
100
%
100
%
100
%
Consolidated
Crude charge (BPD) (1)
416,350
312,070
382,440
352,360
Refinery throughput (BPD) (2)
444,730
337,850
405,190
381,560
Sales of produced refined products (BPD)
(3)
443,940
348,890
399,690
379,370
Refinery utilization (4)
102.8
%
77.1
%
94.4
%
87.0
%
Average per produced barrel (5)
Refinery gross margin
$
11.71
$
8.08
$
10.07
$
9.69
Refinery operating expenses (6)
5.73
6.28
7.25
6.07
Net operating margin
$
5.98
$
1.80
$
2.82
$
3.62
Refinery operating expenses per throughput
barrel (7)
$
5.72
$
6.48
$
7.07
$
6.03
Feedstocks:
Sweet crude oil
50
%
51
%
48
%
46
%
Sour crude oil
30
%
27
%
30
%
30
%
Heavy sour crude oil
11
%
11
%
12
%
12
%
Black wax crude oil
3
%
3
%
3
%
4
%
Other feedstocks and blends
6
%
8
%
7
%
8
%
Total
100
%
100
%
100
%
100
%
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
Consolidated
Sales of produced refined products:
Gasolines
51
%
54
%
52
%
54
%
Diesel fuels
35
%
35
%
35
%
34
%
Jet fuels
3
%
1
%
3
%
3
%
Fuel oil
1
%
1
%
1
%
1
%
Asphalt
3
%
4
%
3
%
3
%
Base oils
3
%
2
%
3
%
2
%
LPG and other
4
%
3
%
3
%
3
%
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 405,000
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 and
Cheyenne Refinery operating expenses, divided by sales volumes of
refined products produced at our refineries.
(7)
Represents total refining segment
operating expenses, exclusive of depreciation and amortization and
Cheyenne Refinery operating expenses, divided by refinery
throughput.
Lubricants and Specialty Products Segment Operating
Data
The following table sets forth information about our lubricants
and specialty products operations.
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
Lubricants and Specialty
Products
Throughput (BPD)
19,310
16,370
19,860
19,060
Sales of produced products (BPD)
36,670
26,990
34,630
31,900
Sales of produced products:
Finished products
51
%
56
%
52
%
51
%
Base oils
29
%
19
%
27
%
23
%
Other
20
%
25
%
21
%
26
%
Total
100
%
100
%
100
%
100
%
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 June 30,
2021
Sales and other revenues
$
254,485
$
629,211
$
(214,507
)
$
669,189
Cost of products sold
$
163,280
$
542,445
$
(214,507
)
$
491,218
Operating expenses
$
29,106
$
32,204
$
—
$
61,310
Selling, general and administrative
expenses
$
5,914
$
31,669
$
—
$
37,583
Depreciation and amortization
$
6,230
$
12,922
$
—
$
19,152
Income from operations
$
49,955
$
9,971
$
—
$
59,926
Income before interest and income
taxes
$
49,955
$
10,138
$
—
$
60,093
EBITDA
$
56,185
$
23,060
$
—
$
79,245
Three months ended June 30,
2020
Sales and other revenues
$
85,857
$
343,927
$
(72,497
)
$
357,287
Cost of products sold
$
67,210
$
263,634
$
(72,497
)
$
258,347
Operating expenses
$
21,034
$
26,806
$
—
$
47,840
Selling, general and administrative
expenses
$
5,617
$
30,302
$
—
$
35,919
Depreciation and amortization
$
5,877
$
13,902
$
—
$
19,779
Long-lived asset impairment
$
167,017
$
37,691
$
—
$
204,708
Loss from operations
$
(180,898
)
$
(28,408
)
$
—
$
(209,306
)
Loss before interest and income taxes
$
(180,898
)
$
(28,359
)
$
—
$
(209,257
)
EBITDA
$
(175,021
)
$
(14,457
)
$
—
$
(189,478
)
Six months ended June 30, 2021
Sales and other revenues
$
427,927
$
1,112,457
$
(346,632
)
$
1,193,752
Cost of products sold
$
295,812
$
873,561
$
(346,632
)
$
822,741
Operating expenses
$
57,727
$
64,336
$
—
$
122,063
Selling, general and administrative
expenses
$
12,653
$
70,483
$
—
$
83,136
Depreciation and amortization
$
13,535
$
25,738
$
—
$
39,273
Income from operations
$
48,200
$
78,339
$
—
$
126,539
Income before interest and income
taxes
$
48,200
$
78,878
$
—
$
127,078
EBITDA
$
61,735
$
104,616
$
—
$
166,351
Six months ended June 30, 2020
Sales and other revenues
$
250,686
$
817,984
$
(184,780
)
$
883,890
Cost of products sold
$
247,810
$
586,697
$
(184,780
)
$
649,727
Operating expenses
$
44,303
$
57,668
$
—
$
101,971
Selling, general and administrative
expenses
$
10,980
$
73,901
$
—
$
84,881
Depreciation and amortization
$
16,744
$
25,084
$
—
$
41,828
Long-lived asset impairment
$
167,017
$
37,691
$
—
$
204,708
Income (loss) from operations
$
(236,168
)
$
36,943
$
—
$
(199,225
)
Income (loss) before interest and income
taxes
$
(236,168
)
$
37,201
$
—
$
(198,967
)
EBITDA
$
(219,424
)
$
62,285
$
—
$
(157,139
)
(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 provision and
(iii) depreciation and amortization. Adjusted EBITDA is calculated
as EBITDA plus or minus (i) lower of cost or market inventory
valuation adjustments, (ii) long-lived asset impairment, inclusive
of HollyFrontier's pro-rata share of impairment in HEP segment,
(iii) HollyFrontier's pro-rata share of HEP's gain on sales-type
leases, (iv) HollyFrontier's pro-rata share of HEP's loss on early
extinguishment of debt, (v) severance costs, (vi) restructuring
charges, (vii) Cheyenne Refinery LIFO inventory liquidation costs,
(viii) decommissioning costs, (ix) pre-close acquisition
integration costs, (x) acquisition integration and regulatory costs
and (xi) gain on tariff settlement.
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 June
30,
Six Months Ended June
30,
2021
2020
2021
2020
(In thousands)
Net income (loss) attributable to
HollyFrontier stockholders
$
168,850
$
(176,677
)
$
317,067
$
(481,300
)
Add interest expense
28,942
32,695
67,328
55,334
Subtract interest income
(1,029
)
(1,506
)
(2,060
)
(5,579
)
Add (subtract) income tax expense
(benefit)
123,485
(30,911
)
95,178
(193,077
)
Add depreciation and amortization
124,042
130,178
248,121
270,753
EBITDA
$
444,290
$
(46,221
)
$
725,634
$
(353,869
)
Add (subtract) lower of cost or market
inventory valuation adjustment
(118,825
)
(269,904
)
(318,862
)
290,560
Add long-lived asset impairment, inclusive
of pro-rata share of impairment in HEP segment
—
429,540
—
429,540
Subtract HollyFrontier's pro-rata share of
HEP's gain on sales-type leases
—
(19,134
)
—
(19,134
)
Add HollyFrontier's pro-rata share of
HEP's loss on early extinguishment of debt
—
—
—
14,656
Add severance costs
194
1,117
708
1,117
Add restructuring charges
—
3,679
7,813
3,679
Add Cheyenne Refinery LIFO inventory
liquidation costs
—
—
923
—
Add decommissioning costs
8,096
—
16,347
—
Add pre-close acquisition integration
costs
746
—
746
—
Add acquisition integration and regulatory
costs
—
634
—
1,931
Subtract gain on tariff settlement
—
—
(51,500
)
—
Adjusted EBITDA
$
334,501
$
99,711
$
381,809
$
368,480
EBITDA and Adjusted EBITDA attributable to our Refining segment
is presented below:
Three Months Ended June
30,
Six Months Ended June
30,
Refining Segment
2021
2020
2021
2020
(In thousands)
Income (loss) from before interest and
income taxes (1)
$
250,111
$
(5,135
)
$
295,788
$
(479,837
)
Add depreciation and amortization
79,938
81,694
168,020
171,873
EBITDA
330,049
76,559
463,808
(307,964
)
Add (subtract) lower of cost or market
inventory valuation adjustment
(118,825
)
(269,904
)
(318,353
)
290,560
Add long-lived asset impairment
—
215,242
—
215,242
Add severance costs
—
1,117
—
1,117
Add restructuring charges
—
2,009
—
2,009
Adjusted EBITDA
$
211,224
$
25,023
$
145,455
$
200,964
(1)
Income (loss) before interest and income
taxes of our Refining segment represents income (loss) 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 June 30,
2021
Income before interest and income taxes
(1)
$
49,955
$
10,138
$
60,093
Add depreciation and amortization
6,230
12,922
19,152
EBITDA
$
56,185
$
23,060
$
79,245
Three months ended June 30,
2020
Loss before interest and income taxes
(1)
$
(180,898
)
$
(28,359
)
$
(209,257
)
Add depreciation and amortization
5,877
13,902
19,779
EBITDA
(175,021
)
(14,457
)
(189,478
)
Add long-lived asset impairment
167,017
37,691
204,708
Adjusted EBITDA
$
(8,004
)
$
23,234
$
15,230
Lubricants and Specialty Products
Segment
Rack Back
Rack Forward
Total Lubricants and Specialty
Products
(In thousands)
Six months ended June 30, 2021
Income before interest and income taxes
(1)
$
48,200
$
78,878
$
127,078
Add depreciation and amortization
13,535
25,738
39,273
EBITDA
61,735
104,616
166,351
Add restructuring charges
1,079
6,734
7,813
Adjusted EBITDA
$
62,814
$
111,350
$
174,164
Six months ended June 30, 2020
Income (loss) before interest and income
taxes (1)
$
(236,168
)
$
37,201
$
(198,967
)
Add depreciation and amortization
16,744
25,084
41,828
EBITDA
(219,424
)
62,285
(157,139
)
Add long-lived asset impairment
167,017
37,691
204,708
Adjusted EBITDA
$
(52,407
)
$
99,976
$
47,569
(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 lower of cost or market inventory valuation
adjustments, depreciation and amortization or long-lived asset
impairments. 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 June
30,
Six Months Ended June
30,
2021
2020
2021
2020
(Dollars in thousands, except per
barrel amounts)
Consolidated
Net operating margin per produced barrel
sold
$
5.98
$
1.80
$
2.82
$
3.62
Add average refinery operating expenses
per produced barrel sold
5.73
6.28
7.25
6.07
Refinery gross margin per produced barrel
sold
$
11.71
$
8.08
$
10.07
$
9.69
Times produced barrels sold (BPD)
443,940
348,890
399,690
379,370
Times number of days in period
91
91
181
182
Refining gross margin
$
473,067
$
256,532
$
728,503
$
669,049
Add (subtract) rounding
73
(115
)
189
12
West and Mid-Continent regions gross
margin
473,140
256,417
728,692
669,061
Add West and Mid-Continent regions cost of
products sold
3,619,319
1,335,427
6,381,262
3,622,535
Add Cheyenne refinery sales and other
revenues
—
135,660
—
370,774
Refining segment sales and other
revenues
4,092,459
1,727,504
7,109,954
4,662,370
Add lubricants and specialty products
segment sales and other revenues
669,189
357,287
1,193,752
883,890
Add HEP segment sales and other
revenues
126,234
114,807
253,418
242,661
Subtract corporate, other and
eliminations
(310,759
)
(136,668
)
(475,708
)
(325,446
)
Sales and other revenues
$
4,577,123
$
2,062,930
$
8,081,416
$
5,463,475
Reconciliation of average refining segment
operating expenses per produced barrel sold to total operating
expenses
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
(Dollars in thousands, except per
barrel amounts)
Consolidated
Average operating expenses per produced
barrel sold
$
5.73
$
6.28
$
7.25
$
6.07
Times produced barrels sold (BPD)
443,940
348,890
399,690
379,370
Times number of days in period
91
91
181
182
Refining operating expenses
$
231,484
$
199,384
$
524,493
$
419,105
Add (subtract) rounding
(62
)
(98
)
(216
)
(165
)
West and Mid-Continent regions operating
expenses
231,422
199,286
524,277
418,940
Add Cheyenne Refinery operating
expenses
—
40,073
—
79,593
Refining segment operating expenses
231,422
239,359
524,277
498,533
Add lubricants and specialty products
segment operating expenses
61,310
47,840
122,063
101,971
Add HEP segment operating expenses
42,068
34,737
83,433
69,718
Subtract corporate, other and
eliminations
(609
)
(18,577
)
4,327
(38,518
)
Operating expenses (exclusive of
depreciation and amortization)
$
334,191
$
303,359
$
734,100
$
631,704
Reconciliation of net income (loss)
attributable to HollyFrontier stockholders to adjusted net income
(loss) 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, long-lived
asset 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, pre-close acquisition integration costs,
acquisition integration and regulatory costs and gain on tariff
settlement. 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 June
30,
Six Months Ended June
30,
2021
2020
2021
2020
(In thousands, except per share
amounts)
Consolidated
GAAP:
Income (loss) before income taxes
$
318,252
$
(181,318
)
$
472,795
$
(636,770
)
Income tax expense (benefit)
123,485
(30,911
)
95,178
(193,077
)
Net income (loss)
194,767
(150,407
)
377,617
(443,693
)
Less net income attributable to
noncontrolling interest
25,917
26,270
60,550
37,607
Net income (loss) attributable to
HollyFrontier stockholders
168,850
(176,677
)
317,067
(481,300
)
Non-GAAP adjustments to arrive at
adjusted results:
Lower of cost or market inventory
valuation adjustment
(118,825
)
(269,904
)
(318,862
)
290,560
Long-lived asset impairment
—
436,908
—
436,908
HEP's gain on sales-type leases
—
(33,834
)
—
(33,834
)
HEP's loss on early extinguishment of
debt
—
—
—
25,915
Severance costs
194
1,117
708
1,117
Restructuring charges
—
3,679
7,813
3,679
Cheyenne Refinery LIFO inventory
liquidation costs
—
—
923
—
Decommissioning costs
8,096
—
16,347
—
Pre-close acquisition integration
costs
746
—
746
—
Acquisition integration and regulatory
costs
—
634
—
1,931
Gain on tariff settlement
—
—
(51,500
)
—
Total adjustments to income (loss) before
income taxes
(109,789
)
138,600
(343,825
)
726,276
Adjustment to income tax expense (benefit)
(1)
(83,987
)
10,065
(84,512
)
195,404
Adjustment to net income attributable to
noncontrolling interest
—
(7,332
)
—
3,927
Total adjustments, net of tax
(25,802
)
135,867
(259,313
)
526,945
Adjusted results - Non-GAAP:
Adjusted income (loss) before income
taxes
208,463
(42,718
)
128,970
89,506
Adjusted income tax expense (benefit)
(2)
39,498
(20,846
)
10,666
2,327
Adjusted net income (loss)
168,965
(21,872
)
118,304
87,179
Less net income attributable to
noncontrolling interest
25,917
18,938
60,550
41,534
Adjusted net income (loss) attributable to
HollyFrontier stockholders
$
143,048
$
(40,810
)
$
57,754
$
45,645
Adjusted earnings (loss) per share -
diluted (3)
$
0.87
$
(0.25
)
$
0.35
$
0.28
(1)
Represents adjustment to GAAP income tax
benefit to arrive at adjusted income tax expense (benefit), which
is computed as follows:
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
(In thousands)
Non-GAAP income tax expense (benefit)
(2)
$
39,498
$
(20,846
)
$
10,666
$
2,327
Add (subtract) GAAP income tax expense
(benefit)
123,485
(30,911
)
95,178
(193,077
)
Non-GAAP adjustment to income tax expense
(benefit)
$
(83,987
)
$
10,065
$
(84,512
)
$
195,404
(2)
Non-GAAP income tax expense (benefit) 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 - diluted is
calculated as adjusted net income (loss) attributable to
HollyFrontier stockholders divided by the average number of shares
of common stock outstanding assuming dilution, which is based on
weighted-average diluted shares outstanding as that used in the
GAAP diluted earnings per share calculation. Income allocated to
participating securities, if applicable, in the adjusted earnings
per share calculation is the same as that used in GAAP diluted
earnings per share calculation.
Reconciliation of effective tax rate to
adjusted effective tax rate
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
(Dollars in thousands)
GAAP:
Income (loss) before income taxes
$
318,252
$
(181,318
)
$
472,795
$
(636,770
)
Income tax expense (benefit)
$
123,485
$
(30,911
)
$
95,178
$
(193,077
)
Effective tax rate for GAAP financial
statements
38.8
%
17.0
%
20.1
%
30.3
%
Adjusted - Non-GAAP:
Effect of Non-GAAP adjustments
(19.9
)%
31.8
%
(11.8
)%
(27.7
)%
Effective tax rate for adjusted
results
18.9
%
48.8
%
8.3
%
2.6
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210803005328/en/
Richard L. Voliva III, Executive Vice President and Chief
Financial Officer Craig Biery, Vice President, Investor Relations
HollyFrontier Corporation 214-954-6510
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