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Holly Corp. (HOC) filed Quarterly Report for the period ended 2011-09-30.
Holly Corp. has a market cap of $3.7 billion; its shares were traded at around $0 with a P/E ratio of 16.9 and P/S ratio of 0.4. The dividend yield of Holly Corp. stocks is 0.9%.
This is the annual revenues and earnings per share of HOC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of HOC.
Highlight of Business Operations:
For the nine months ended September 30, 2011, sales and other revenues were $10.5 billion and net income attributable to HollyFrontier stockholders was $800 million. For the nine months ended September 30, 2010, sales and other revenues were $6.1 billion and net income attributable to HollyFrontier stockholders was $89.2 million. Our principal expenses are costs of products sold and operating expenses. Our total operating costs and expenses for the nine months ended September 30, 2011 were $9.1 billion compared to $5.9 billion for the nine months ended September 30, 2010.Sales and other revenues increased 147% from $2,091 million for the three months ended September 30, 2010 to $5,173.4 million for the three months ended September 30, 2011, due principally to the inclusion of $2,224 million in revenues attributable to the El Dorado and Cheyenne Refinery operations and the effects of increased refined product sales prices. The average sales price we received per produced barrel sold increased 36% from $89.25 for the three months ended September 30, 2010 to $121.76 for the three months ended September 30, 2011. Sales and other revenues for the three months ended September 30, 2011 and 2010, include $8.3 million and $9.2 million, respectively, in HEP revenues attributable to pipeline and transportation services provided to unaffiliated parties.
Cost of products sold increased 121% from $1,807 million for the three months ended September 30, 2010 to $3,990 million for the three months ended September 30, 2011, due principally to the inclusion of sales volumes attributable to the El Dorado and Cheyenne Refineries and higher crude oil costs. The average price we paid per barrel for crude oil and feedstocks and the transportation costs of moving the finished products to the market place increased 19% from $78.84 for the three months ended September 30, 2010 to $93.66 for the three months ended September 30, 2011.
Sales and other revenues increased 71% from $6,111.1 million for the nine months ended September 30, 2010 to $10,467.1 million for the nine months ended September 30, 2011, due principally to the inclusion of $2,224 million in revenues attributable to the El Dorado and Cheyenne Refinery operations and increased sales prices of produced refined products sold. The average sales price we received per produced barrel sold increased 35% from $89.53 for the nine months ended September 30, 2010 to $121.31 for the nine months ended September 30, 2011. Sales and other revenues for the nine months ended September 30, 2011 and 2010, include $33 million and $24.7 million, respectively, in HEP revenues attributable to pipeline and transportation services provided to unaffiliated parties.
Net cash flows provided by operating activities were $1,089.2 million for the nine months ended September 30, 2011 compared to net cash provided by operating activities of $236 million for the nine months ended September 30, 2010, an increase of $853.2 million. Net income for the nine months ended September 30, 2011 was $823.9 million, an increase of $715.1 million compared to $108.8 million for the nine months ended September 30, 2010. Non-cash adjustments consisting of depreciation and amortization, deferred income taxes, equity-based compensation expense and fair value adjustments to derivative instruments resulted in an increase to operating cash flows of $120.5 million for the nine months ended September 30, 2011 compared to $100.5 million for the same period in 2010. Additionally, SLC Pipeline earnings, net of distributions increased operating cash flows by $0.2 million for the nine months ended September 30, 2011 and $0.4 million September 30, 2010, respectively. Changes in working capital items increased cash flows by $167.2 million for the nine months ended September 30, 2011 compared to an increase of $34.2 million for the nine months ended September 30, 2010. Additionally, for the nine months ended September 30, 2011, turnaround expenditures increased to $28 million from $11.5 million in 2010 due primarily to a major maintenance turnaround project at our Tulsa Refinery facilities that was completed in January 2011.
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