HollyFrontier 2015 Annual Report Download - page 14

Table of Content
6
Items 1 and 2. Business and Properties
COMPANY OVERVIEW
References herein to HollyFrontier Corporation (“HollyFrontier”) include HollyFrontier and its consolidated subsidiaries. In
accordance with the Securities and Exchange Commission's (“SEC”) “Plain English” guidelines, this Annual Report on Form 10-
K has been written in the first person. In this document, the words “we,” “our,” “ours” and “us” refer only to HollyFrontier and
its consolidated subsidiaries or to HollyFrontier or an individual subsidiary and not to any other person, with certain exceptions.
Generally, the words “we,” “our,” “ours” and “us” include Holly Energy Partners, L.P. (“HEP”) and its subsidiaries as consolidated
subsidiaries of HollyFrontier, unless when used in disclosures of transactions or obligations between HEP and HollyFrontier or
its other subsidiaries. This document contains certain disclosures of agreements that are specific to HEP and its consolidated
subsidiaries and do not necessarily represent obligations of HollyFrontier. When used in descriptions of agreements and
transactions, “HEP” refers to HEP and its consolidated subsidiaries.
We merged with Frontier Oil Corporation (“Frontier”) on July 1, 2011. Concurrent with the merger, we changed our name from
Holly Corporation (“Holly”) to HollyFrontier and changed the ticker symbol for our common stock traded on the New York Stock
Exchange to “HFC.” Accordingly, this document includes Frontier, its consolidated subsidiaries and the operations of the merged
Frontier businesses effective July 1, 2011, but not prior to this date.
We are principally an independent petroleum refiner that produces high-value refined products such as gasoline, diesel fuel, jet
fuel, specialty lubricant products, and specialty and modified asphalt. We were incorporated in Delaware in 1947 and maintain
our principal corporate offices at 2828 N. Harwood, Suite 1300, Dallas, Texas 75201-1507. Our telephone number is 214-871-3555
and our internet website address is www.hollyfrontier.com. The information contained on our website does not constitute part of
this Annual Report on Form 10-K. A print copy of this Annual Report on Form 10-K will be provided without charge upon written
request to the Vice President, Investor Relations at the above address. A direct link to our SEC filings is available on our website
under the Investor Relations tab. Also available on our website are copies of our Corporate Governance Guidelines, Audit Committee
Charter, Compensation Committee Charter, Nominating / Corporate Governance Committee Charter, Environmental, Health,
Safety, and Public Policy Committee Charter and Code of Business Conduct and Ethics, all of which will be provided without
charge upon written request to the Vice President, Investor Relations at the above address. Our Code of Business Conduct and
Ethics applies to all of our officers, employees and directors, including our principal executive officer, principal financial officer
and principal accounting officer. Our common stock is traded on the New York Stock Exchange under the trading symbol “HFC.”
On February 21, 2011, we entered into a merger agreement providing for a “merger of equals” business combination between us
and Frontier. On July 1, 2011, North Acquisition, Inc., a direct wholly-owned subsidiary of Holly, merged with and into Frontier,
with Frontier surviving as a wholly-owned subsidiary of Holly. Subsequent to the merger and following approval by HollyFrontier's
post-closing board of directors, Frontier merged with and into HollyFrontier, and HollyFrontier continued as the surviving
corporation. This merger combined the legacy Frontier refinery operations consisting of refineries in El Dorado, Kansas (the “El
Dorado Refinery”) and Cheyenne, Wyoming (the “Cheyenne Refinery”) with Holly’s legacy refinery operations to form
HollyFrontier. The aggregate equity consideration paid in connection with the merger was $3.7 billion.
As of December 31, 2015, we:
• owned and operated the El Dorado Refinery, two refinery facilities located in Tulsa, Oklahoma (collectively, the "Tulsa
Refineries"), a refinery in Artesia, New Mexico that is operated in conjunction with crude oil distillation and vacuum
distillation and other facilities situated 65 miles away in Lovington, New Mexico (collectively, the “Navajo Refinery”),
the Cheyenne Refinery and a refinery in Woods Cross, Utah (the “Woods Cross Refinery”);
• owned and operated HollyFrontier Asphalt Company (“HFC Asphalt”), formerly known as NK Asphalt Partners, which
operates various asphalt terminals in Arizona, New Mexico and Oklahoma;
• owned a 39% interest in HEP, which includes our 2% general partner interest.
HEP is a consolidated variable interest entity (“VIE”) as defined under U.S. generally accepted accounting principles (“GAAP”).
Information on HEP's assets and acquisitions completed between 2011 and 2016 can be found under the “Holly Energy Partners,
L.P.” section provided later in this discussion of Items 1 and 2, “Business and Properties.”
Our operations are currently organized into two reportable segments, Refining and HEP. The Refining segment includes the
operations of our El Dorado, Tulsa, Navajo, Cheyenne and Woods Cross Refineries and HFC Asphalt. The HEP segment involves
all of the operations of HEP. See Note 19 “Segment Information” in the Notes to Consolidated Financial Statements for additional
information on our reportable segments.