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) |
FY 2015 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | |||
Southwest Region (Navajo Refinery) | |||||||||
Crude charge (BPD) (1) | 100,450 | 98,090 | 74,470 | 102,120 | 112,060 | 110,980 | 100,040 | ||
Refinery throughput (BPD) (2) | 111,840 | 107,690 | 79,490 | 112,720 | 122,890 | 121,400 | 109,280 | ||
Sales of produced refined products (BPD) (3) | 114,790 | 111,390 | 78,870 | 113,490 | 130,740 | 122,710 | 111,630 | ||
Average per produced barrel sold (5) | |||||||||
Refinery gross margin (6) | 16.34 | 9.49 | 9.03 | 11.56 | 14.64 | 12.91 | 12.40 | ||
Refinery operating expenses (7) | 5.24 | 5.05 | 7.41 | 5.20 | 4.34 | 4.71 | 5.20 | ||
Net operating margin | 11.10 | 4.44 | 1.62 | 6.36 | 10.30 | 8.20 | 7.20 | ||
Rocky Mountain Region (Cheyenne and Woods Cross Refineries) | |||||||||
Crude charge (BPD) (1) | 68,770 | 63,650 | 74,710 | 74,510 | 80,260 | 79,950 | 77,380 | ||
Refinery throughput (BPD) (2) | 74,480 | 68,870 | 83,750 | 80,740 | 87,620 | 87,000 | 84,790 | ||
Sales of produced refined products (BPD) (3) | 68,570 | 66,950 | 81,030 | 76,420 | 79,310 | 82,590 | 79,840 | ||
Average per produced barrel sold (5) | |||||||||
Refinery gross margin (6) | 18.43 | 8.80 | 10.40 | 19.40 | 17.71 | 15.77 | 15.78 | ||
Refinery operating expenses (7) | 9.90 | 10.17 | 10.20 | 10.41 | 10.47 | 10.75 | 10.46 | ||
Net operating margin | 8.53 | (1.370) | 0.20 | 8.99 | 7.24 | 5.02 | 5.32 | ||
Mid-Continent Region (El Dorado and Tulsa Refineries) | |||||||||
Crude charge (BPD) (1) | 263,340 | 262,170 | 221,890 | 290,460 | 262,470 | 270,180 | 261,380 | ||
Refinery throughput (BPD) (2) | 277,260 | 280,920 | 242,120 | 304,840 | 275,270 | 289,050 | 277,940 | ||
Sales of produced refined products (BPD) (3) | 259,290 | 262,300 | 228,540 | 282,950 | 253,700 | 277,560 | 260,800 | ||
Average per produced barrel sold (5) | |||||||||
Refinery gross margin (6) | 15.02 | 7.44 | 6.00 | 9.11 | 12.60 | 11.42 | 9.91 | ||
Refinery operating expenses (7) | 5.00 | 4.73 | 6.17 | 4.51 | 5.02 | 5.09 | 5.15 | ||
Net operating margin | 10.02 | 2.71 | (0.170) | 4.60 | 7.58 | 6.33 | 4.76 | ||
Consolidated | |||||||||
Crude charge (BPD) (1) | 432,560 | 423,910 | 371,070 | 467,090 | 454,790 | 461,110 | 438,800 | ||
Refinery throughput (BPD) (2) | 463,580 | 457,480 | 405,360 | 498,300 | 485,780 | 497,450 | 472,010 | ||
Sales of produced refined products (BPD) (3) | 442,650 | 440,640 | 388,440 | 472,870 | 463,750 | 482,860 | 452,270 | ||
Average per produced barrel sold (5) | |||||||||
Refinery gross margin (6) | 15.88 | 8.16 | 7.54 | 11.36 | 14.05 | 12.54 | 11.56 | ||
Refinery operating expenses (7) | 5.82 | 5.64 | 7.26 | 5.63 | 5.76 | 5.96 | 6.10 | ||
Net operating margin | 10.06 | 2.52 | 0.28 | 5.73 | 8.29 | 6.58 | 5.46 |
(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. |
(5) | Represents average amount per produced barrel sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided below. |
(6) | Excludes lower of cost or market inventory valuation adjustments. |
(7) | Represents total refining segment operating expenses, exclusive of depreciation and amortization, divided by sales volumes of refined products produced at our refineries. |
Consolidated | FY 2015 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | |||||||||||||||||
(Dollars in thousands, except per barrel amounts) | ||||||||||||||||||||||||
Net operating margin per produced barrel sold | $ | 10.06 | $ | 2.52 | $ | 0.28 | $ | 5.73 | $ | 8.29 | $ | 6.58 | $ | 5.46 | ||||||||||
Add average refinery operating expenses per produced barrel sold | 5.82 | 5.64 | 7.26 | 5.63 | 5.76 | 5.96 | 6.10 | |||||||||||||||||
Refinery gross margin per produced barrel sold | 15.88 | 8.16 | 7.54 | 11.36 | 14.05 | 12.54 | 11.56 | |||||||||||||||||
Times produced barrels sold (BPD) | 442,650 | 440,640 | 388,440 | 472,870 | 463,750 | 482,860 | 452,270 | |||||||||||||||||
Times number of days in period | 365 | 366 | 90 | 91 | 92 | 92 | 365 | |||||||||||||||||
Refining segment gross margin | 2,565,688 | 1,315,998 | 263,595 | 488,834 | 599,443 | 557,066 | 1,908,308 | |||||||||||||||||
Add (subtract) rounding | 1,156 | 1,212 | (96) | (153) | (24) | 52 | 409 | |||||||||||||||||
Total refining segment gross margin | 2,566,844 | 1,317,210 | 263,499 | 488,681 | 599,419 | 557,118 | 1,908,717 | |||||||||||||||||
Add refining segment cost of products sold | 10,472,268 | 9,003,505 | 2,559,136 | 2,615,918 | 2,774,703 | 3,059,588 | 11,009,345 | |||||||||||||||||
Refining segment sales and other revenues | 13,039,112 | 10,320,715 | 2,822,635 | 3,104,599 | 3,374,122 | 3,616,706 | 12,918,062 | |||||||||||||||||
Add lubricants and specialty products segment sales and other revenues | 493,282 | 464,359 | 321,269 | 444,000 | 413,074 | 415,693 | 1,594,036 | |||||||||||||||||
Add HEP segment sales and other revenues | 358,875 | 402,043 | 105,634 | 109,143 | 110,364 | 129,221 | 454,362 | |||||||||||||||||
Subtract corporate, other and eliminations | (653,349) | (651,417) | (169,055) | (198,878) | (178,313) | (168,915) | (715,161) | |||||||||||||||||
Sales and other revenues | $13,237,920 | $10,535,700 | $3,080,483 | $3,458,864 | $3,719,247 | $3,992,705 | $14,251,299 |
Consolidated | FY 2015 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | |||
(Dollars in thousands, except per barrel amounts) | ||||||||||
Average refining operating expense per barrel sold | $ 5.82 | $ 5.64 | $ 7.26 | $ 5.63 | $ 5.76 | $ 5.96 | $ 6.10 | |||
Times produced barrels sold (BPD) | 442,650 | 440,640 | 388,440 | 472,870 | 463,750 | 482,860 | 452,270 | |||
Times number of days in period | 365 | 366 | 90 | 91 | 92 | 92 | 365 | |||
Refinery operating expenses | 940,321 | 909,587 | 253,807 | 242,265 | 245,750 | 264,762 | 1,006,979 | |||
Add (subtract) rounding | 308 | 137 | 18 | (98) | 113 | 58 | (304) | |||
Total refining segment operating expenses | 940,629 | 909,724 | 253,825 | 242,167 | 245,863 | 264,820 | 1,006,675 | |||
Add lubricants and specialty products segment operating expenses | 14,042 | 13,867 | 39,319 | 55,750 | 59,726 | 67,666 | 222,461 | |||
Add HEP segment operating expenses | 105,554 | 123,984 | 32,489 | 34,097 | 35,998 | 35,021 | 137,605 | |||
Subtract corporate, other and eliminations | 148 | (28,736) | (18,516) | (16,362) | (19,919) | (17,710) | (72,507) | |||
Operating expenses (exclusive of depreciation and amortization) | $1,060,373 | $1,018,839 | $307,117 | $315,652 | $321,668 | $349,797 | $1,294,234 |