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Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
89
Refining HEP Corporate
and Other Consolidations
and Eliminations Consolidated
Total
(In thousands)
Year Ended December 31, 2014
Sales and other revenues $ 19,706,225 $ 332,626 $ 2,103 $ (276,627) $ 19,764,327
Depreciation and amortization $ 293,871 $ 60,548 $ 9,790 $ (828) $ 363,381
Income (loss) from operations $ 491,106 $ 156,453 $ (129,874) $ (2,151) $ 515,534
Capital expenditures $ 465,472 $ 79,819 $ 19,530 $ — $ 564,821
Total assets $ 6,965,245 $1,434,572 $ 1,150,865 $ (320,042) $ 9,230,640
Year Ended December 31, 2013
Sales and other revenues $ 20,105,443 $ 307,053 $ 1,314 $ (253,250) $ 20,160,560
Depreciation and amortization $ 233,182 $ 64,701 $ 6,391 $ (828) $ 303,446
Income (loss) from operations $ 1,237,687 $ 133,522 $ (123,030) $ (2,105) $ 1,246,074
Capital expenditures $ 344,113 $ 51,856 $ 29,158 $ — $ 425,127
Total assets $ 7,094,558 $1,413,907 $ 1,881,121 $ (332,847) $ 10,056,739
Year Ended December 31, 2012
Sales and other revenues $ 20,042,955 $ 288,501 $ 1,048 $ (241,780) $ 20,090,724
Depreciation and amortization $ 181,247 $ 57,789 $ 4,660 $ (828) $ 242,868
Income (loss) from operations $ 2,879,383 $ 133,723 $ (126,840) $ (2,120) $ 2,884,146
Capital expenditures $ 278,705 $ 44,929 $ 11,629 $ — $ 335,263
Total assets $ 6,702,872 $1,426,800 $ 2,531,967 $ (332,642) $ 10,328,997
HEP segment revenues from external customers were $57.3 million, $53.4 million and $47.6 million for the years ended
December 31, 2014, 2013 and 2012, respectively.
NOTE 20: Supplemental Guarantor/Non-Guarantor Financial Information
Our obligations under the HollyFrontier Senior Notes have been jointly and severally guaranteed by the substantial majority of
our existing and future restricted subsidiaries (“Guarantor Restricted Subsidiaries”). These guarantees are full and unconditional.
HEP, in which we have a 39% ownership interest at December 31, 2014, and its subsidiaries (collectively, “Non-Guarantor Non-
Restricted Subsidiaries”), and certain of our other subsidiaries (“Non-Guarantor Restricted Subsidiaries”) have not guaranteed
these obligations.
The following condensed consolidating financial information is provided for HollyFrontier Corporation (the “Parent”), the
Guarantor Restricted Subsidiaries, the Non-Guarantor Restricted Subsidiaries and the Non-Guarantor Non-Restricted Subsidiaries.
The information has been presented as if the Parent accounted for its ownership in the Guarantor Restricted Subsidiaries, and the
Guarantor Restricted Subsidiaries accounted for the ownership of the Non-Guarantor Restricted Subsidiaries and Non-Guarantor
Non-Restricted Subsidiaries, using the equity method of accounting. The Guarantor Restricted Subsidiaries and the Non-Guarantor
Restricted Subsidiaries are collectively the “Restricted Subsidiaries.”