HFC-Form8-KLOCMInvetoryandElDoradoPressRelease
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
January 2, 2015 (January 2, 2015)
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HOLLYFRONTIER CORPORATION (Exact name of registrant as specified in its charter) |
Delaware | 001-03876 | 75-1056913 |
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer
Identification Number) |
2828 N. Harwood, Suite 1300, Dallas, Texas 75201
(Address of Principal Executive Offices)
(214) 871-3555
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 7.01 Regulation FD Disclosure.
On January 2, 2015, HollyFrontier Corporation (the “Corporation”) issued a press release announcing (a) its expectation of a lower of cost or market (LOCM) inventory adjustment resulting in a pre-tax income statement charge between $350 and $400 million for the year due to more than a 45% decline in crude price experienced in the fourth quarter 2014, and (b) an update on the status of the its subsidiary’s El Dorado Refinery turnaround. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and incorporated in this Item 7.01 in its entirety.
The information contained in, or incorporated into, this Item 7.01 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference to such filing.
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein and in the press release relating to matters that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. These statements are based on the Corporation’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. Although the Corporation believes that such expectations reflected in such forward-looking statements are reasonable, the Corporation cannot give assurance that such expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:
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• | risks and uncertainties with respect to the actions of actual or potential competitive suppliers of refined petroleum products in HollyFrontier's markets; |
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• | the demand for and supply of crude oil and refined products; |
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• | the spread between market prices for refined products and market prices for crude oil; |
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• | the possibility of constraints on the transportation of refined products; |
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• | the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines; |
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• | effects of governmental and environmental regulations and policies; |
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• | the availability and cost of financing to HollyFrontier; |
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• | the effectiveness of HollyFrontier's capital investments and marketing strategies; |
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• | HollyFrontier's efficiency in carrying out construction projects; |
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• | the ability of HollyFrontier to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any future acquired operations; |
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• | the possibility of terrorist attacks and the consequences of any such attacks; |
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• | general economic conditions; and |
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• | other financial, operational and legal risks and uncertainties detailed from time to time in HollyFrontier's Securities and Exchange Commission filings. |
The forward-looking statements speak only as of the date made and, other than as required by law, HollyFrontier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. | Description |
99.1 | Press Release of the Company issued January 2, 2015.*
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* Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | | HOLLYFRONTIER CORPORATION |
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| | | | By: | /s/ Douglas S. Aron |
| | | | Name: | Douglas S. Aron |
| | | | Title: | Executive Vice President and Chief Financial Officer |
Date: January 2, 2015
EXHIBIT INDEX
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Exhibit No. | Description
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99.1 | Press Release of the Company issued January 2, 2015.*
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* Furnished herewith.