8-K

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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):

May 13, 2015 (May 13, 2015)

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.

Furnished as Exhibit 99.1 and incorporated by reference into this Item 7.01 in its entirety is a copy of a presentation to be presented by HollyFrontier Corporation (the “Company”) management on May 13, 2015 at the Company’s 2015 Annual Meeting of Stockholders.

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.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.	Description
99.1	Presentation by HollyFrontier Corporation management to be presented on May 13, 2015 at the Company's 2015 Annual Meeting of Stockholders.*

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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.

HOLLYFRONTIER CORPORATION

By:        /s/ Douglas S. Aron    
    Name:    Douglas S. Aron

Title:     Executive Vice President and Chief Financial Officer

Date:    May 13, 2015

EXHIBIT INDEX

Exhibit No.	Description
99.1	Presentation by HollyFrontier Corporation management to be presented on May 13, 2015 at the Company's 2015 Annual Meeting of Stockholders.*

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* Furnished herewith.

EX-99.1

Annual Shareholder Meeting May 13, 2015

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Agenda 4 1. Financial Performance 2. Margin Environment 3. Cash Distribution Strategy 4. Strategic Accomplishments 5. 2015 Outlook

5 2014 Financial Performance  2014 EPS -27% vs 2013  2014 Net Income -29% vs 2013  2014 EBITDA -29% vs 2013 *HFC 2014 exclusive of $397 million inventory valuation charge

6 Margin Environment HFC 2014 Reported Consolidated Refinery Gross Margin per Barrel 13% Below 2013 Levels  HFC Consolidated Refinery Gross Margin per Barrel $13.98 vs 2013 $15.99 2014 2013 YoY MidCon $12.40 $16.28 -24% Southwest $15.96 $13.91 +15% Rockies $16.56 $17.86 -7%

Cash Distribution Strategy 7  Strategy is to return a significant portion of cash earnings to shareholders through:  Growing Regular Dividends paid quarterly  Share Repurchases  Among best in class dividend yield  3.4% regular dividend yield based on Dec. 31, 2014 closing stock price of $37.48  HollyFrontier returned over $780 million in capital to shareholders in 2014 through dividends and share repurchases  HollyFrontier returned approximately $2.9 billion in cash to shareholders since the July 2011 merger $646m *Regular Cash Yield calculated from closing stock price and declared dividend amounts as of 12/31/2014. Data from public filings and press releases. See pg. 11 for calculations. **Total Cash yield includes regular dividends, special dividends and stock buybacks. See pg. 11 for calculations.

8 2014 Strategic Accomplishments  Improved Environmental, Health and Safety Performance  13% reduction in refinery emissions events  24% reduction in process safety incidents  Returned over $780 million to stockholders through share repurchases and dividends  Investing in our Operations  Invested $485 million in our facilities improving our refining capabilities, safety and refinery reliability and minimizing our environmental impact  2014 Capital Projects in Progress  Woods Cross Expansion: Refinery expansion from 31,000 BPD to 45,000 BPD while reducing emissions. On track to complete the expansion in the fourth quarter of 2015  El Dorado Naphtha Fractionation: Improves liquid yields by reducing byproducts such as fuel gas, propane and butane. On track for completion mid-year 2015  Completed Holly Energy Partner’s Crude Gathering System Expansion  Expanded New Mexico crude gathering capacity from 30,000 BPD to 100,000 BPD  Improves the Navajo Refinery’s crude supply flexibility  Provides connections to major clearing points

9 2015 Outlook  Health, Safety and Environmental Performance Remain Top Priorities  Operational Reliability and Cost Management Expected to Improve  Capital Project Execution to Bring Major Projects to Completion  Manage Commercial Operations for Margin Improvements  Strategic Deployment of Small Capital towards Rapid Return Projects  Unlocking MLP Value through Dropdowns and External Growth  Optimize Capital Structure via Share Repurchase

Definitions & Financial Metrics 10 Non GAAP measurements: We report certain financial measures that are not prescribed or authorized by U. S. generally accepted accounting principles ("GAAP"). We discuss management's reasons for reporting these non-GAAP measures below. Although management evaluates and presents these non-GAAP measures for the reasons described below, please be aware that these non-GAAP measures are not alternatives to revenue, operating income, income from continuing operations, net income, or any other comparable operating measure prescribed by GAAP. In addition, these non- GAAP financial measures may be calculated and/or presented differently than measures with the same or similar names that are reported by other companies, and as a result, the non-GAAP measures we report may not be comparable to those reported by others. Refining gross margin or refinery gross margin: the difference between average net sales price and average product costs per produced barrel of refined products sold. Refining gross margin or refinery gross margin is a non-GAAP performance measure that is used by our management and others to compare our refining performance to that of other companies in our industry. This margin does not include the effect of depreciation, depletion and amortization. Other companies in our industry may not calculate this performance measure in the same manner. Our historical refining gross margin or refinery gross margin is reconciled to net income under the section entitled “Reconciliation to Amounts Reported Under Generally Accepted Accounting Principles” in HollyFrontier Corporation’s 2014 10-K filed February 25, 2015. EBITDA: Earnings before interest, taxes, depreciation and amortization, which we refer to as EBITDA, is calculated as net income plus (i) interest expense net of interest income, (ii) income tax provision, and (iii) depreciation, depletion and amortization. EBITDA is not a calculation provided for under GAAP; however, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative 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 is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for financial covenants. Our historical EBITDA is reconciled to net income under the section entitled “Reconciliation to Amounts Reported Under Generally Accepted Accounting Principles” in HollyFrontier Corporation’s 2014 10-K filed February 25, 2015. BPD: the number of barrels per calendar day of crude oil or petroleum products. BPSD: the number of barrels per stream day (barrels of capacity in a 24 hour period) of crude oil or petroleum products. HFC 2011 2012 2013 2014 Buyback $ 17.8 $ 205.6 $ 180.9 $ 136.5 Dividend $ 252.1 $ 658.0 $ 644.4 $ 647.2 Total $ 270 $ 864 $ 825 $ 784 Market Cap 4897.6 9477.6 9878.4 7334.8 Total Cash Yield 5.5% 9.1% 8.4% 10.7% Cash Yield Current dividend Dec 31, 2014 NYSE Close PBF 4.5% $1.20 $26.64 HFC 3.4% $1.28 $37.48 WNR 3.2% $1.20 $37.78 ALJ 3.2% $0.40 $12.67 PSX 2.8% $2.00 $71.70 VLO 2.2% $1.10 $49.50 MPC 2.2% $2.00 $90.26 DK 2.2% $0.60 $27.28 TSO 1.6% $1.20 $74.35