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Hollyfrontier 2017 Annual Report

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Hollyfrontier 2017 Annual Report 2018 ANNUAL REPORT REFINING MID-CONTINENT SOUTHWEST ROCKY MOUNTAINS EL DORADO REFINERY NAVAJO REFINERY CHEYENNE REFINERY • Located in El Dorado, Kansas • Located in Artesia, New • Located in Cheyenne, • 135,000 BPD capacity Mexico, and operated in Wyoming conjunction with a refining • Processes sour and heavy • 52,000 BPD capacity facility 65 miles east in Canadian crude oils into • Processes sweet and heavy Lovington, New Mexico high-value light products Canadian crude oils into • 100,000 BPD capacity • Distributes to high-margin high-value light products markets in Colorado and • Processes sour crude oil into • Distributes to high-margin Mid-Continent/Plains states high-value light products Eastern Rockies and Plains • Distributes to high-margin states markets in Arizona, New TULSA REFINERY Mexico and West Texas • Located in Tulsa, Oklahoma WOODS CROSS REFINERY • 125,000 BPD capacity • Located in Woods Cross, SOUTHWEST SALES OF Utah (near Salt Lake City) • Processes predominantly sweet REFINERY PRODUCED crude oil with up to 10,000 BPD PRODUCTS 120,520 BPD • 45,000 BPD capacity of heavy Canadian crudes The Southwest Region consists • Processes regional sweet • Distributes to the of our Navajo refinery and has a and advantaged waxy Mid-Continent states crude oil processing capacity of crude as well as Canadian 100,000 BPD. sour crude oils MID-CONTINENT SALES In addition, we manufacture and • Distributes to high-margin OF REFINERY PRODUCED market commodity and modified markets in Utah, Idaho, PRODUCTS 255,800 BPD asphalt products throughout the Nevada, Wyoming and Southwest Region. eastern Washington The Mid-Continent Region comprises our El Dorado and Tulsa refineries and has a Crude and Feedstocks ROCKY MOUNTAIN SALES combined crude oil processing OF REFINERY PRODUCED capacity of 260,000 BPD. Sweet crude oil PRODUCTS 76,300 BPD 27% Sour crude oil 65% The Rocky Mountain Region Crude and Feedstocks Other feedstocks comprises our Cheyenne and and blends 8% Woods Cross refineries and has Sweet crude oil 54% a combined crude oil processing Sour crude oil 24% 27+658 capacity of 97,000 BPD. Heavy sour crude oil Product Mix 16% Other feedstocks Crude and Feedstocks Gasoline 50% and blends 6% 61+17166 Diesel fuels 40% Sweet crude oil Other 6% 28% Asphalt 4% Heavy sour crude Product Mix oil 42% Black wax crude Gasoline 51% 50+4064 oil 21% Diesel fuels 33% 28+42219 Other feedstocks Jet fuels 6% and blends 9% Base oils 4% Other 3% Product Mix 50+33+734 Asphalt 3% Gasoline 55% Diesel fuels 33% Other 7% 55+33+75 Asphalt 5% MIDSTREAM LUBRICANTS HOLLY ENERGY PARTNERS, L.P. HOLLYFRONTIER LUBRICANTS Holly Energy Partners owns and operates HollyFrontier Lubricants and Specialty substantially all of the refined product Products (HFLSP) produces base oils and pipeline and terminalling assets that support other specialized lubricants in the U.S. and our refining and marketing operations in Canada. HFLSP includes the operations of the Mid-Continent, Southwest and Rocky our Petro-Canada Lubricants Inc. (PCLI) Mountain Regions of the United States. business in Mississauga, Ontario, in addition to specialty lubricant products produced at our Tulsa Refinery. APPROXIMATELY The Mississauga facility produces base oils, 3,400 MILES finished lubricants, specialty fluids, greases, OF CRUDE OIL AND PETROLEUM process oils and white oils. These products PRODUCT PIPELINES are marketed worldwide to a diverse customer base through a global sales force and distributor network. 14 MILLION BARRELS OF REFINED PRODUCT AND The Tulsa Refinery produces base oils, CRUDE OIL STORAGE specialty process oils, horticultural oils, asphalt modifiers and waxes. Products are shipped through strategically located 8 TERMINALS terminals in the United States, as well as our AND 7 LOADING RACK FACILITIES comprehensive distributor network in North America. In August 2018, we acquired Red Giant Oil REFINERY Company (RGO), which is located in Council PROCESSING UNITS Bluffs, Iowa and is one of the largest suppliers IN WOODS CROSS, UTAH AND of locomotive engine oils in North America. EL DORADO, KANSAS RGO produces both single and multi-grade oils and offers a range of value-added services and solutions for customers in the 75% JOINT-VENTURE railroad industry. INTEREST IN THE UNEV PIPELINE – A 427-mile refined products pipeline system 4TH LARGEST connecting Salt Lake area refiners to the Las BASE OILS PRODUCER IN NORTH AMERICA Vegas product market 50% INTEREST 28,000 BPD LUBRICANTS PRODUCTION CAPACITY IN THE CHEYENNE PIPELINE – An 87-mile crude oil pipeline from Fort Laramie, Wyoming to Cheyenne, Wyoming 10% OF NORTH AMERICAN PRODUCTION 50% INTEREST IN THE OSAGE PIPELINE – A 135-mile crude oil pipeline from Cushing, Oklahoma to El Dorado, Kansas Spokane PADD 4 Fargo PADD 5 Boise Casper Guernsey Mountain Home Sioux Falls SLC/FRONTIER CHEYENNE Sidney SALT LAKE CITY Omaha UNEV PIPELINE Denver Cedar City Topeka Las Vegas Bloomfield EL DORADO Osage Moriarty TULSA Cushing Oklahoma City Albuquerque Phoenix Duncan CENTURION Wichita ROADRUNNER Falls HQ Tucson ARTESIA Abilene El Paso Big Spring Joshua Midland Orla PADD 3 KEY HFC HFC REFINERY + HFLSP HEP TERMINAL/HFC HFC PRODUCT REFINERIES LUBE PRODUCTION LUBRICANTS FACILITY PRODUCT MARKETS MARKETS Minneapolis Sioux Falls Mississauga PADD 2 PADD 1 Chicago Des Moines Council Bluffs Kansas City St Louis EL DORADO Springfield Catoosa TULSA Rogers Oklahoma City Little Rock Wichita Falls HQ Joshua HFC PRODUCT HEP PRODUCT HEP CRUDE CRUDE CRUDE MARKETS PIPELINES PIPELINES HUB GATHERING SHAREHOLDERS DEAR FELLOW SHAREHOLDERS HollyFrontier operates in a dynamic industry. We maintained our investment grade rating from Market fundamentals and participants are S&P, Moody’s, and Fitch, underpinned by the continuously changing and evolving. We remain Company’s excellent liquidity position and strong focused on leveraging our assets and businesses balance sheet. We continue to be well positioned to both capitalize on near-term opportunities to capitalize on growth opportunities while and better position our company for the long- investing in our businesses and returning capital term. As we reflect on a strong year, we were well to our shareholders. prepared to benefit from continued growth in North American crude production and to capture WELL POSITIONED FOR VALUE CREATION strategic opportunities that bring synergies, new capabilities and a broader platform to We made important progress over the last year, capitalizing on opportunities in a favorable market HollyFrontier. environment and positioning our three business In 2018, HollyFrontier delivered strong financial segments for continued value creation. Our core results and solid growth across our three business values of health & safety, corporate citizenship, segments. We made significant progress by environmental stewardship, honesty & respect and setting strategic initiatives into motion and continuous improvement consistently guide us as executing them across our operations: we operate our facilities safely and reliably, build out our lubricants business and benefit from the expansion of our midstream segment. Lubricants and Specialty Products: Our performance as a company extends beyond Through the acquisition of Red Giant Oil and our financial results. We are committed to the announcement to acquire Sonneborn, we delivering sustainable economic, environmental extended our presence in high-margin finished and social benefits to our neighbors, employees lubricants and specialty products markets. and shareholders. We invite you to learn about our environmental, social and governance efforts in Refining and Marketing: our annual Corporate Citizenship Report. Our ability to capture favorable feedstock As we move forward, our employees remain discounts in Canadian and Permian crudes the driving force that enables us to achieve resulted in strong financial results. and surpass our goals. Thanks to their effort, teamwork, and dedication to working safely and Midstream: reliably, we expect to continue operating reliably and delivering exceptional performance. We are Holly Energy Partner’s (HEP) strong and steady grateful for everything they do for our company. cash flow generation helped extend its track- record of increasing its quarterly distribution We look forward to updating you throughout every quarter since its IPO in 2004. 2019. On behalf of our Board of Directors and our employees, thank you for your investment in Returning capital to shareholders remains a HollyFrontier. top priority. To that end, in 2018, HollyFrontier returned more than $597 million to shareholders Sincerely, through regular quarterly distributions of $204 million and share repurchases totaling $393 million. Since the merger of Holly Corporation and Frontier Oil Corporation in 2011, we have returned George Damiris more than $5 billion of capital to shareholders. Chief Executive Officer and President 2 HOLLYFRONTIER CORPORATION 2018 ANNUAL REPORT George Damiris Chief Executive Officer and President “In 2018, HollyFrontier delivered strong financial results and solid growth across our three business segments. We made significant progress by setting strategic initiatives into motion and executing them across our operations.” 2018 HFC YEAR IN REVIEW Strong Financial Performance Specialty Products: $17.71 $1.6 BILLION $1.1 BILLION REFINERY GROSS MARGIN OPERATING CASH FLOW NET INCOME PER PRODUCED BARREL SOLD Strong Financial Position S&P | FITCH $1.15 BILLION 29% CASH AND SHORT-TERM MOODY’S CONSOLIDATED INVESTMENTS INVESTMENT GRADE DEBT
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