HollyFrontier 2015 Annual Report Download - page 105

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Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
97
NOTE 21: Significant Customers
All revenues are domestic revenues, except for sales of fuel oil for export into Mexico. We have two significant customers (Shell
Oil and Sinclair), each of which has historically accounted for 10% or more of our annual revenues. Shell Oil accounted for
$1,252.6 million (9%), $2,097.4 million (11%) and $1,830.5 million (9%) for the years ended December 31, 2015, 2014 and 2013,
respectively, and Sinclair accounted for $1,104.9 million (8%), $2,018.8 million (10%) and $2,134.3 million (11%) of our revenues
for the years ended December 31, 2015, 2014 and 2013, respectively. Our export sales were less than 3% of our revenues for the
years ended December 31, 2015, 2014 and 2013.
NOTE 22: Quarterly Information (Unaudited)
First
Quarter Second
Quarter Third
Quarter Fourth
Quarter Year
(In thousands, except per share data)
Year Ended December 31, 2015
Sales and other revenues $ 3,006,626 $ 3,701,912 $ 3,585,823 $ 2,943,559 $ 13,237,920
Operating costs and expenses $ 2,618,004 $ 3,112,080 $ 3,263,218 $ 3,000,265 $ 11,993,567
Income (loss) from operations (1) $ 388,622 $ 589,832 $ 322,605 $ (56,706) $ 1,244,353
Income (loss) before income taxes $ 372,389 $ 580,177 $ 320,673 $ (64,671) $ 1,208,568
Net income (loss) attributable to
HollyFrontier stockholders $ 226,876 $ 360,824 $ 196,322 $ (43,921) $ 740,101
Net income (loss) per share attributable to
HollyFrontier stockholders - basic $ 1.16 $ 1.88 $ 1.05 $ (0.24) $ 3.91
Net income (loss) per share attributable to
HollyFrontier stockholders - diluted $ 1.16 $ 1.88 $ 1.04 $ (0.24) $ 3.90
Dividends per common share $ 0.32 $ 0.33 $ 0.33 $ 0.33 $ 1.31
Average number of shares of common
stock outstanding:
Basic 195,069 191,355 187,208 181,460 188,731
Diluted 195,121 191,454 187,344 181,460 188,940
Year Ended December 31, 2014
Sales and other revenues $ 4,791,053 $ 5,372,600 $ 5,317,555 $ 4,283,119 $ 19,764,327
Operating costs and expenses $ 4,520,057 $ 5,076,255 $ 5,014,944 $ 4,637,537 $ 19,248,793
Income from operations (2) $ 270,996 $ 296,345 $ 302,611 $ (354,418) $ 515,534
Income before income taxes $ 251,576 $ 286,485 $ 290,774 $ (361,335) $ 467,500
Net income attributable to HollyFrontier
stockholders $ 152,061 $ 176,429 $ 175,006 $ (222,204) $ 281,292
Net income per share attributable to
HollyFrontier stockholders - basic $ 0.76 $ 0.89 $ 0.88 $ (1.13) $ 1.42
Net income per share attributable to
HollyFrontier stockholders - diluted $ 0.76 $ 0.89 $ 0.88 $ (1.13) $ 1.42
Dividends per common share $ 0.80 $ 0.82 $ 0.82 $ 0.82 $ 3.26
Average number of shares of common
stock outstanding:
Basic 198,297 198,139 197,261 195,310 197,243
Diluted 198,924 198,380 197,535 195,310 197,428
(1) For 2015, income from operations reflects non-cash lower of cost or market inventory valuation reductions of $6.5 million and $135.5 million
for the first and second quarters, respectively, and charges of $225.5 million and $143.6 million for the third and fourth quarters, respectively.
(2) Loss from operations for the fourth quarter of 2014 reflects a non-cash lower of cost or market inventory valuation charge of $397.5 million.