Exhibit 99.1
HollyFrontier Corporation Offers to Purchase Senior Notes
DALLAS, TX July 27, 2011—HollyFrontier Corporation (NYSE:HFC) announced today that it is offering
to purchase for cash (i) all of its $200 million aggregate principal amount outstanding of 8.5%
Senior Notes due 2016 and (ii) all of its $150 million aggregate principal amount outstanding of
6⅞% Senior Notes due 2018 at a price in cash equal to 101% of the principal amount of the notes
plus accrued and unpaid interest, if any, to the date of purchase. HollyFrontier is making the
offer in order to satisfy its contractual obligation under the indentures governing the notes to
commence a change of control offer within 30 days after the occurrence of a change of control,
which occurred on July 1, 2011 when a wholly owned subsidiary of HollyFrontier merged with and into
Frontier Oil Corporation.
HollyFrontier will accept for payment all notes validly tendered (and not validly withdrawn)
pursuant to the offer. Payment for such notes is expected to be made promptly, but no later than
August 31, 2011. The offer will expire at 5:00 p.m., New York City time, on August 29, 2011. Any
notes remaining outstanding after consummation of the offer will continue to be obligations of
HollyFrontier under the indentures governing the notes. Holders of the notes are referred to
HollyFrontier’s Change of Control Notice and Offer to Purchase dated July 27, 2011 and the related
letter of transmittal for the detailed terms and conditions of the offer.
HollyFrontier has retained Wells Fargo Bank, National Association as the depository and paying
agent for the offer. Questions and requests for assistance should be directed to Wells Fargo Bank,
National Association, 214-740-1573. Requests for documents may be directed to Wells Fargo Bank,
National Association. Beneficial owners may also contact their broker, deal, commercial bank or
other nominee for assistance concerning the offer.
This announcement is not an offer to purchase or sell, or a solicitation of an offer to purchase or
sell, any securities. The offer is being made solely pursuant to the above-described Change of
Control Notice and Offer to Purchase dated July 27, 2011 and the related letter of transmittal.
About HollyFrontier Corporation
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 operates through its subsidiaries a 135,000 barrels per stream
day (“bpsd”) refinery located in El Dorado, Kansas, a 125,000 bpsd refinery in Tulsa, Oklahoma, a
100,000 bpsd refinery located in Artesia, New Mexico, a 52,000 bpd refinery located in Cheyenne,
Wyoming and a 31,000 bpsd refinery in Woods Cross, Utah. HollyFrontier markets its refined
products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific
Northwest and in other neighboring Plains states. A subsidiary of HollyFrontier also owns a 34%
interest (including the general partner interest) in Holly Energy Partners, L.P.
Information
about HollyFrontier may be found on its website at
http://www.hollyfrontier.com.
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 forecasted in such statements. Any differences could be
caused by a number of factors, including, but not limited to, risks and uncertainties with respect
to the actions of actual or potential competitive suppliers of refined petroleum products in the
Company’s markets, the demand for and supply of crude oil and refined products, the spread between
market prices for refined products and market prices for crude oil, the possibility of constraints
on the transportation of refined products, the possibility of inefficiencies, curtailments or
shutdowns in refinery operations or pipelines, effects of governmental and environmental
regulations and policies, 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 construction projects, the ability of the Company to acquire refined product operations or
pipeline and terminal operations on acceptable terms and to integrate any future acquired
operations, the possibility of terrorist attacks and the consequences of any such attacks, general
economic conditions 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.
FOR FURTHER INFORMATION, Contact:
Doug Aron, Executive Vice President & CFO
Neale Hickerson, Vice President, Investor Relations
HollyFrontier Corporation
214/871-3555