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Holly Corp. Reports Operating Results (10-K)

February 25, 2011 | About:

Holly Corp. (HOC) filed Annual Report for the period ended 2010-12-31.

Holly Corp. has a market cap of $2.82 billion; its shares were traded at around $53.05 with a P/E ratio of 63.9 and P/S ratio of 0.6. The dividend yield of Holly Corp. stocks is 1.2%. Holly Corp. had an annual average earning growth of 23.9% over the past 10 years. GuruFocus rated Holly Corp. the business predictability rank of 3-star.Hedge Fund Gurus that owns HOC: Bruce Kovner of Caxton Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns HOC: HOTCHKIS & WILEY of Hotchkis & Wliey Capital Management LLC.

Highlight of Business Operations:

On June 30, 2010 the aggregate market value of the Common Stock, par value $.01 per share, held by non-affiliates of the registrant was approximately $1,183 million. (This is not to be deemed an admission that any person whose shares were not included in the computation of the amount set forth in the preceding sentence necessarily is an affiliate of the registrant.)

On June 1, 2009, we acquired an 85,000 BPSD refinery located in Tulsa, Oklahoma (the Tulsa Refinery west facility) from an affiliate of Sunoco, Inc. (Sunoco) for $157.8 million in cash, including crude oil, refined product and other inventories valued at $92.8 million. The refinery produces fuel products including gasoline, diesel fuel and jet fuel and serves markets in the Mid-Continent region of the United States and also produces specialty lubricant products that are marketed throughout North America and are distributed in Central and South America. On October 20, 2009, we sold to an affiliate of Plains All American Pipeline, L.P. (Plains) a portion of the crude oil petroleum storage tanks and certain refining-related crude oil receiving pipeline facilities, that were acquired as part of the refinery assets for $40 million.

On December 1, 2009, we acquired a 75,000 BPSD refinery from an affiliate of Sinclair Oil Company (Sinclair) also located in Tulsa, Oklahoma (the Tulsa Refinery east facility) for $183.3 million, including crude oil, refined product and other inventories valued at $46.4 million. The total purchase price consisted of $109.3 million in cash and 2,789,155 shares of our common stock having a value of $74 million. Additionally, we reimbursed Sinclair $8.4 million upon their completion of certain environmental projects at the refinery in July 2010. The refinery also produces gasoline, diesel fuel and jet fuel products and serves markets in the Mid-Continent region of the United States. We are in the process of integrating the operations of both Tulsa Refinery facilities (collectively, the Tulsa Refinery). This will result in the Tulsa Refinery having an integrated crude processing rate of 125,000 BPSD.

Read the The complete Report

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Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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