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2015 Annual Report

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2015 Annual Report 2015 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 • Processes predominantly sweet crude oil with up to 10,000 BPD of heavy Canadian crudes • Distributes to the Mid-Continent states NAVAJO REFINERY • Located in Artesia, New Mexico, and operated in conjunction with a refining facility 65 miles east in Lovington, New Mexico • 100,000 BPSD capacity and Nelson Complexity rating of 11.8 • Processes sour and heavy crude oils into high-value light products • 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 sour crude oils • Distributes to high-margin markets in Utah, Idaho, Nevada, Wyoming and eastern Washington HOLLY ENERGY PARTNERS • 75% joint-venture interest in the UNEV Pipeline – a 427-mile refined product pipeline running from Salt Lake City, Utah, to Las Vegas, Nevada • 50% joint-venture interest in the Frontier Pipeline – a 289-mile crude oil pipeline running from Casper, Wyoming, to Frontier Station, Utah, through a connection to the SLC Pipeline Mid-Continent Crude and Product Mix Sales of Refinery Feedstocks Gasoline 50% Produced Products • Sweet crude oil 59% 258,420 BPD • • Diesel fuels 33% Sour crude oil 21% • Jet fuels 7% The Mid-Continent • Heavy sour Region comprises our • Other 4% crude oil 15% • El Dorado and Tulsa • Lubricants 4% refineries and has a • Other feedstocks • Asphalt 2% combined crude oil and blends 5% processing capacity of 260,000 BPSD. MID-CONTINENT Southwest Sales of Refinery Produced Products Crude and Product Mix Feedstocks 111,580 BPD • Gasoline 55% Sweet crude oil 36% The Southwest Region • • Diesel fuels 39% consists of our Navajo • Sour crude oil 54% • Other 5% refinery and has a crude • Other feedstocks • Asphalt 1% oil processing capacity and blends 10% of 100,000 BPSD. In addition, we manu- facture and market commodity and mod- ified asphalt products throughout the Southwest Region. SOUTHWEST Rocky Mountain Sales of Refinery Produced Products Crude and Product Mix Feedstocks 68,000 BPD • Gasoline 57% Sweet crude oil 42% The Rocky Mountain • • Diesel fuels 36% Heavy sour Region comprises our • Other 5% crude oil 37% • Cheyenne and Woods • Asphalt 2% Cross refineries and has • Black wax a combined crude oil crude oil 13% processing capacity of • Other feedstocks 83,000 BPSD. and blends 8% ROCKY MOUNTAIN • 25% joint-venture interest in the SLC Pipeline – a 95-mile Holly Energy Partners owns and operates crude oil pipeline system that serves refineries in the substantially all of the refined product pipeline Salt Lake City area and terminalling assets that support our refining and marketing operations in the Mid-Continent, • 3,400 miles of crude oil and petroleum product pipelines Southwest and Rocky Mountain Regions of the • 14 million barrels of refined product and crude oil storage United States. • 9 terminals and 7 rack facilities PURE-PLAY COMPETITIVE REFINER Edmonton Hardisty • Five refineries with 443,000 barrels per stream day refining capacity ATTRACTIVE NICHE PRODUCT Spokane MARKETS WITH ADVANTAGED CRUDE SUPPLY Porta PADD IV Texaco/Butte • Rocky Mountains, Southwest Grand Forks and Mid-Continent/Plains states Billings STRONG INVESTMENT Boise Minneapolis TRACK RECORD Mountain Home PADD II • Future growth focused Burley on underwritten projects Casper Guernsey • Woods Cross, El Dorado and Des Moines PADD I WOODS CROSS Sidney Omaha Tulsa Refineries purchased Chicago at industry lows on a per Salt Lake City Express PADD V CHEYENNE Platte barrel basis Denver Jayhawk Kansas City STRONG FINANCIAL Cedar City PERFORMANCE Las Vegas Wichita • Industry-leading returns Bloomfield EL DORADO on capital • Best-in-class net income Cushing TULSA Albuquerque per barrel crude capacity Moriarty Phoenix Duncan • Track record of cash return NAVAJO to shareholders Tucson Wichita Falls PADD III • Strong balance sheet Abilene HEP OWNERSHIP El Paso Orla • Stable cash flows from HEP through quarterly regular Houston and incentive distributions • HFC owns 39% of HEP including the 2% GP interest • HFC received $90 million in cash distributions in 2015* * Q4 2014 through Q3 2015 HollyFrontier Corporation Pipelines quarterly LP and GP distributions, announced and paid in 2015 443,000 capacity HEP pipelines 12.1 complexity UNEV HEP product pipeline HollyFrontier refineries Third-party product HEP terminals Third-party crude Third-party terminals HollyFrontier pipeline Other HollyFrontier assets 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 A NICHE Houston PURE-PLAY REFINER Proximity to Growing North American Crude Production All five HFC refineries sit close to production growth. TO OUR STOCKHOLDERS 2015 was a year of transition and continuous improvement Prudent Investments to Support Continued Growth for HollyFrontier. We established and began executing a In 2015, we invested more than $600 million to enhance strategy to both improve our refining operations through and expand our manufacturing operations, improve safety reliability improvement initiatives, and enhance our gross and reliability and minimize our environmental impact. margin and free cash generation through commercial We are nearing completion on several components of optimization and opportunity capital investments. Our our large capital investment program. Going forward, our reported full-year operational results illustrate the initial focus is on our opportunity capital program, where we benefits and execution of our business improvement plan. will deploy small amounts of capital targeted at extract- ing more out of our existing refinery units. Combined, We reported strong earnings driven by record refinery we expect these large capital and opportunity capital utilization rates and lower operating costs. We also made investments will help us capture an annual average significant progress on key capital investment projects EBITDA opportunity of $365 million by 2018. Some of that are making our refining systems even stronger. We the highlights of the capital projects from 2015 include: are confident that the actions we are taking will enable us to increase our competitive advantages and extend • El Dorado Naphtha Fractionation: This project to our lengthy track record of success to create further value increase yields by reducing byproducts such as fuel gas, for all HollyFrontier stockholders. propane and butane and reduce the benzene content of our gasoline pool was completed. Through it, we gained Solid Financial Results in a Volatile Market Environment an additional 2,000 barrels per day of gasoline production. HollyFrontier’s financial results in 2015 reflect the inherent In September 2015, HollyFrontier dropped down the advantages of our refineries, our focus on operational newly constructed naphtha fractionation and hydrogen execution and impact of the investments we are making generation units to our MLP affiliate Holly Energy Partners to improve our refining capabilities, safety and reliability. for consideration of approximately $62 million. In 2015, we achieved: • Cheyenne Hydrogen Upgrade: At the Cheyenne Refinery, • Net income attributable to HFC stockholders we completed installation of a new hydrogen plant in of $879 million (excluding the non-cash lower the fourth quarter resulting in improved liquid yield and of cost or market “LOCM” adjustment); the ability to process higher volumes of advantaged heavy crude. • Gross refining margins of $16.07 per produced barrel; • Woods Cross Refinery Expansion: The initial phase of • Operating cash flow of $980 million; and the Woods Cross expansion from 31,000 barrels per • A sterling balance sheet with $211 million in cash and day to 45,000 barrels per day is expected to be put into short-term investments as of December 31, 2015, and operation during the first quarter of 2016. Given the just $31 million in total debt (exclusive of HEP debt); commodity price volatility which persisted through 2015, • Approximately $990 million in capital returned we elected to invest an incremental $20 million in this to shareholders. project to allow for greater crude slate flexibility. • Opportunity Capital Program: Going forward, our We benefited from the growing demand for gasoline and focus is on our opportunity capital investment program strong margins through most of the year. The commodity targeting liquid yield improvement and debottlenecking price environment remains volatile and we are confident opportunities. In 2016,
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