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HollyFrontier Corporation posts quarterly net income

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Hydrocarbon Engineering,

HollyFrontier Corporation has reported first quarter net income attributable to HollyFrontier stockholders of US$226.9 million or US$1.16 per diluted share for the quarter ended 31 March 2015, compared to US$152.1 million or US$0.76 per diluted share for the quarter ended 31 March 2014.

For the first quarter, net income attributable to stockholders increased by US$74.8 million compared to the same period of 2014, principally reflecting higher first quarter refining margins. Refinery gross margins were US$16.69 per produced barrel, a 13% increase compared to US$14.75 for the first quarter of 2014. Production levels averaged approximately 431 000 bpd and crude oil charges averaged 417 000 bpd for the current quarter. Operating expenses for the quarter were US$263.6 million or US$5.87/bbl compared to US$274.0 million or US$6.29/bbl for the first quarter of last year.

HollyFrontier's President & CEO, Mike Jennings, commented, "The strength of our first quarter earnings reflect outstanding operational reliability across our refining system. Crude throughput was 94% of nameplate capacity and 104% of capacity adjusted for planned turnaround activity in the quarter. Realised margin per barrel increased 13% compared to the same period last year driving a 53% improvement in earnings per share. March refinery performance was particularly strong averaging 444 000 bpd of crude charge and 465 000 bpd of production. The second quarter is off to a very good start with new record crude rates being reached at several of our plants. Given low planned maintenance for the rest of 2015, I expect continued high refinery utilisation rates for the balance of the year."

For the first quarter of 2015, net cash provided by operations totalled US$246.9 million. During the period, the company declared US$0.32 regular dividends to shareholders totalling approximately US$62.0 million and repurchased US$55.0 million in common stock under its Board approved share repurchase programme. At 31 March 2015, the company’s combined balance of cash and short term investments totalled US$1.0 billion and consolidated debt was US$1.1 billion. Debt, exclusive of Holly Energy Partners' debt, which is non-recourse to HollyFrontier, was US$186.6 million at 31 March 2015. The company had no cash borrowings or outstanding principal under our credit facility during the quarter.

Adapted from press release by Rosalie Starling

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