HollyFrontier 2014 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
$2,097.4 million (11%), $1,830.5 million (9%) and $2,323.6 million (12%) for the years ended December 31, 2014, 2013 and
2012, respectively, and Sinclair accounted for $2,018.8 million (10%), $2,134.3 million (11%) and $2,106.6 million (10%) of our
revenues for the years ended December 31, 2014, 2013 and 2012, respectively. Our export sales were less than 3% of our revenues
for the years ended December 31, 2014, 2013 and 2012.
NOTE 22: Quarterly Information (Unaudited)
First
Quarter Second
Quarter Third
Quarter Fourth
Quarter (1) Year
(In thousands, except per share data)
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 (loss) from operations (1) $ 270,996 $ 296,345 $ 302,611 $ (354,418) $ 515,534
Income (loss) before income taxes $ 251,576 $ 286,485 $ 290,774 $ (361,335) $ 467,500
Net income (loss) attributable to
HollyFrontier stockholders $ 152,061 $ 176,429 $ 175,006 $ (222,204) $ 281,292
Net income (loss) per share attributable to
HollyFrontier stockholders - basic $ 0.76 $ 0.89 $ 0.88 $ (1.13) $ 1.42
Net income (loss) 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
Year Ended December 31, 2013
Sales and other revenues $ 4,707,789 $ 5,298,848 $ 5,327,122 $ 4,826,801 $ 20,160,560
Operating costs and expenses $ 4,158,594 $ 4,838,842 $ 5,177,372 $ 4,739,678 $ 18,914,486
Income from operations $ 549,195 $ 460,006 $ 149,750 $ 87,123 $ 1,246,074
Income before income taxes $ 529,465 $ 417,792 $ 137,437 $ 74,705 $ 1,159,399
Net income attributable to HollyFrontier
stockholders $ 333,669 $ 256,981 $ 82,290 $ 62,902 $ 735,842
Net income per share attributable to
HollyFrontier stockholders - basic $ 1.64 $ 1.27 $ 0.41 $ 0.32 $ 3.66
Net income per share attributable to
HollyFrontier stockholders - diluted $ 1.63 $ 1.27 $ 0.41 $ 0.31 $ 3.64
Dividends per common share $ 0.80 $ 0.80 $ 0.80 $ 0.80 $ 3.20
Average number of shares of common
stock outstanding:
Basic 202,726 201,543 199,098 198,371 200,419
Diluted 203,428 201,905 199,509 199,311 201,234
(1) 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.