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2014 Annual Report Annual 2014 2014 ANNUAL REPORT ANNUAL 2014 HOLLYFRONTIER 2014 ANNUAL REPORT EL DORADO REFINERY • Located in El Dorado, Kansas • 135,000 BPSD capacity and Nelson Complexity rating of 11.8 • Processes sour and heavy (Canadian) crude oils into high-value light products • Distributes to high-margin markets in Colorado and Mid-Continent/Plains states TULSA REFINERY • Located in Tulsa, Oklahoma • 125,000 BPSD capacity and Nelson Complexity rating of 14.0 MID-CONTINENT • Processes predominantly sweet crude oil with up to 10,000 BPD of heavy Canadian crudes • Distributes to the Mid-Continent states • Markets high-value specialty lubricants throughout North America and to Central and South America NAVAJO REFINERY • Located in Artesia, New Mexico and operated in conjunction SOUTHWEST with a refining facility 65 miles east in Lovington, New Mexico SALES OF REFINERY • 100,000 BPSD capacity and Nelson Complexity rating of 11.8 PRODUCED • Processes sour and heavy crude oils into high-value PRODUCTS light products 106,870 BPD SOUTHWEST • Distributes to high-margin markets in Arizona, New Mexico and West Texas CHEYENNE REFINERY • Located in Cheyenne, Wyoming • 52,000 BPSD capacity and Nelson Complexity rating of 8.9 • Processes sour and heavy Canadian crude oils into high-value light products • Distributes to high-margin Eastern Rockies and Plains states WOODS CROSS REFINERY • Located in Woods Cross, Utah (near Salt Lake City) • 31,000 BPSD capacity and Nelson Complexity rating of 12.5 • Processes regional sweet and advantaged waxy crude as well as Canadian ROCKY MOUNTAIN sour crude oils • Distributes to high-margin markets in Utah, Idaho, Nevada, Wyoming and eastern Washington HOLLY ENERGY PARTNERS • 2,900 miles of crude oil and petroleum product pipelines • 12 million barrels of refined product and crude oil storage • 10 terminals and 7 rack facilities in 10 Western and Mid-Continent states • 75% joint-venture interest in the UNEV Pipeline – a 400-mile refined product pipeline running from Salt Lake City, Utah to Las Vegas, Nevada • 25% joint-venture interest in SLC Pipeline, LLC – a 95-mile crude oil pipeline system that serves refineries in the Salt Lake City area Crude and Feedstocks n Sour crude oil 11% n Sweet crude oil 71% n Heavy sour MID-CONTINENT crude oil 14% SALES OF n Other feedstocks REFINERY and blends 4% The Mid-Continent Region PRODUCED comprises our Tulsa and PRODUCTS El Dorado Refineries and has a 245,600 BPD combined crude oil processing Product Mix capacity of 260,000 BPSD. n Gasolines 47% n Diesel fuels 33% n Jet fuels 7% n Asphalt 3% n Lubricants 4% n Other 6% Crude and Product Mix The Southwest Region consists Feedstocks n Gasolines 54% of our Navajo Refinery and has n Sour crude n Diesel fuels 38% a crude oil processing capacity n Asphalt 1% oil 74% of 100,000 BPSD. In addition, n Sweet crude n Other 7% oil 13% we manufacture and market n Heavy sour commodity and modified crude oil 2% asphalt products throughout n Other feed- stocks and the Southwest Region. blends 11% Crude and Feedstocks n Sour crude oil 2% n Sweet crude oil 44% n Heavy sour ROCKY crude oil 30% The Rocky Mountain Region MOUNTAIN n Black wax crude oil 15% comprises our Cheyenne SALES OF n Other feedstocks and Woods Cross Refineries REFINERY and blends 9% and has a combined crude PRODUCED oil processing capacity of PRODUCTS Product Mix 83,000 BPSD. 68,520 BPD n Gasolines 56% n Diesel fuels 33% n Asphalt 5% n Other 6% Holly Energy Partners owns and operates substantially all of the refined product pipeline and terminalling assets that support our refining and marketing operations in the Mid-Continent, Southwest and Rocky Mountain Regions of the United States. Edmonton Hardisty Spokane Porta PADD IV Texaco/Butte Grand Forks Billings Boise Minneapolis Mountain Home PADD II Burley Casper Guernsey Des Moines PADD I WOODS CROSS Sidney Omaha Chicago Salt Lake City Express PADD V CHEYENNE Platte Denver Jayhawk Kansas City Cedar City Las Vegas Wichita Bloomfield EL DORADO Cushing TULSA Albuquerque Moriarty Phoenix Duncan NAVAJO Tucson Wichita Falls PADD III Abilene El Paso Orla Houston Proximity to Growing North American Crude Production All five HFC refineries sit close to production growth. HollyFrontier Corporation 443,000 capacity Pipelines 12.1 complexity HEP pipelines HollyFrontier refineries UNEV HEP HEP terminals product pipeline Third-party terminals Third-party product Other HollyFrontier assets Third-party crude HollyFrontier pipeline Edmonton Hardisty PURE-PLAY COMPETITIVE REFINER • Five refineries with 443,000 barrels per stream Spokane day refining capacity Porta ATTRACTIVE NICHE PRODUCT PADD IV Texaco/Butte MARKETS WITH ADVANTAGED Grand Forks CRUDE SUPPLY Billings • Rocky Mountains, Southwest and Mid-Continent Plains states Boise Minneapolis Mountain Home PADD II STRONG INVESTMENT Burley TRACK RECORD Casper • Future growth focused Guernsey on underwritten projects Des Moines PADD I WOODS CROSS Sidney Omaha • Woods Cross, El Dorado and Tulsa Chicago Salt Lake City Express Refineries purchased at industry PADD V CHEYENNE Platte lows on a per barrel basis Denver Jayhawk STRONG FINANCIAL Kansas City BIL $2.8 PERFORMANCE Cedar City RETURN IN • Industry-leading returns on capital Las Vegas CAPITAL TO Wichita • Best-in-class net income per barrel Bloomfield EL DORADO SHAREHOLDERS crude capacity since July 2011 merger Cushing TULSA • Track record of cash return Albuquerque Moriarty to shareholders Phoenix Duncan % • Strong Balance Sheet NAVAJO Tucson $8.7 HEP OWNERSHIP Wichita Falls PADD III CASH DIVIDEND • Stable cash flows from HEP Abilene YIELD (LTM) through quarterly regular and El Paso Orla based on December 31, 2014 incentive distributions closing stock price of $37.48 • HFC owns 39% of HEP including the 2% GP interest Houston • HFC received $81 million in cash distributions in 2014* $1.0 BIL * Q4 2013 through Q3 2014 quarterly LP and CASH AND GP distributions, announced and paid in 2014 SHORT-TERM INVESTMENTS in marketable securities December 31, 2014 15% RETURN ON CAPITAL EMPLOYED Five-year average (excluding 2014 A NICHE inventory valuation adjustment) PURE-PLAY REFINER DEAR STOCKHOLDERS HollyFrontier Corporation reported FINANCIAL RESULTS In 2014 we achieved: Net Income attributable to HollyFrontier • Net Income attributable to HFC stockholders of $281 million, $525 million excluding the lower stockholders of $281 million, or of cost or market “LOCM” adjustment • Gross refining margins of $13.98 per produced barrel $525 million excluding a $397 million • Operating cash flow of $758.6 million non-cash, pre-tax charge for inventory • $1 billion in cash and short-term investments as of December 31, 2014, compared to approximately valuation adjustment. We were not $187 million in long-term debt (exclusive of HEP debt) immune to commodity price volatility • Over $780 million of capital returned to shareholders In 2014, HollyFrontier delivered improved operational perfor- in 2014, during which domestic mance across our refineries. We are seeing the benefit of past and ongoing investments being made across our refining crude prices plummeted 46% and system. Our consolidated refinery utilization rate in 2014 was 91.7%, above our five-year average utilization rate and nearly the WTI/Brent crude differential a 5% improvement relative to 2013 levels due to a combination compressed 40%. Our reported of less planned maintenance activity and lower unplanned downtime. In 2015 and beyond, we will continue to focus on gross margin per barrel declined only improving our operational efficiency, reliability, advantaged crude access and refinery yield improvement. 13% to $13.98 per barrel reflecting STRONG TRACK RECORD OF RETURNING our advantaged geographic location CAPITAL TO STOCKHOLDERS HollyFrontier remains committed to generating shareholder close to inland crude production value by returning cash to shareholders. In 2014, HollyFrontier returned over $780 million to stockholders through regular and niche product markets. quarterly dividends, special dividends and share repurchases. On an annualized basis, the Company’s cash dividend yield was 8.7% as of year-end 2014. In February 2015, the Board of Direc- tors authorized a new $500 million share repurchase program reflecting our renewed focus on share repurchases to augment our dividend program. Since completing the HollyFrontier merger in July 2011, the Company has returned approximately $2.8 billion in capital to stockholders. INVESTING IN OUR OPERATIONS In 2014, we invested $485 million in our facilities improving our refining capabilities, safety and refinery reliability and minimizing our environmental impact. Several of our investments are scheduled to complete in 2015 and once operational will augment HollyFrontier’s margins and drive sustainable long-term value. Our 2014 capital investment projects included: 2 HollyFrontier Corporation 2014 Annual Report “ In 2014, HollyFrontier delivered improved operational performance across our refineries. We are seeing the benefit of past and ongoing investments being made across our refining system.” MICHAEL C. JENNINGS • Woods Cross Refinery Expansion: Our Woods Cross 25 years of refining industry experience. We look forward expansion will increase capacity at our Woods Cross to benefiting from his leadership as we continue to improve facility located near Salt Lake City, Utah from 31,000 to operational reliability and safety while also completing our 45,000 barrels per day while at the same time reducing slate of strategic growth projects. emissions. As part of the expansion, we are increasing our capacity to process locally sourced black wax crude COMMITTED TO THE ENVIRONMENT, from 10,000 barrels to 24,000 barrels a day. Upon comple- HEALTH, SAFETY AND OUR COMMUNITIES tion, the refinery will have the capability of providing the HollyFrontier Corporation’s core values are health, safety, Las Vegas market with refined products through the corporate citizenship and environmental stewardship. We are UNEV Pipeline, as well as serving our traditional Salt Lake actively investing to reduce the environmental impact of our City and other markets across the Inter-Mountain West.
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