@W--,,++(((((( (('''''' ''&&&&&& &&%%%%%% %%###### !!!!!! !! l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }}$ HollyFrontier Corp10-K 02/20/2019!HollyFrontier Corporation $ Expected Cash Spending Range (In millions) Type: Capital~ N ~ Turnarounds~ ~ Total~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.sg[mrfZ2=PF0*8X> @Z l %45 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }a/}$ % HollyFrontier Corp10-K 02/20/2019/'Contractual Obligations and Commitments Payments Due by Period/'Contractual Obligations and Commitments Total~ 2020 & 2021 2022 & 2023 Thereafter(In thousands)! HollyFrontier Corporation "Long-term debt - principal~ = $- $- $-~ =%Long-term debt - interest (1)~ z~ ~ + ~ +~ Financing arrangements~ J~ J - - -Supply agreements (2)~ k~ M( ~ / ~ ~ ng-%Transportation and storage agreements~ ^#V~ ~ ~ e ~ /~ #Other long-term obligations~ ~ ~ ~ N#~ R)Operating leases~ ~ Z ~ ~ 0~ ~ JQ^~ = ~ "QQ ~ 9~ s Holly Energy Partners &Long-term debt - principal (4)~ bV - - ~ U8~ %Long-term debt - interest (5)~ ^~ R ~ ~ ~ r!Pipeline operating leases~ h~ f ~ 6 ~ 6~ gOperating leases~ rG~ ~ ~ B~ Other agreements~ b~ >8 ~ :N ~ -~ Gn~ ~ V ~ .c>~ ! Total~ ~ B ~ v#[ ~ Rx~ JDHl}qeYMQ-^zQ4Ng !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @U$$##"" l 1N dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }$4}$ }y}$ }y}$ }y} $ }y} $ } HollyFrontier Corp10-K 02/20/2019( Foreign Currency Risk Management 5 -Notional Contract Volumes by Year of Maturity Contract Description"Total Outstanding Notional~ ~ ~ Unit of Measure & Natural gas price swaps - long ~ I ~ m ~ m ~ m MMBTU3+Crude oil price swaps (basis spread) - long~ bD~ !~ g" - Barrels#NYMEX futures (WTI) - short~ B'~ B' - - Barrels-%Forward gasoline and diesel contracts~ "~ " - - Barrels- long*"Foreign currency forward contracts~ ʑi~ ʑi - - U.S. dollar.&Forward commodity contracts (platinum)~ ~ - - Troy ounces~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6=xl`TX,F4MbTH =PF0*8X> @B l L] dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk ManagemenInterest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }-}$ HollyFrontier Corp10-K 02/20/2019( Foreign Currency Risk Management 2 *Estimated Change in Fair Value at December~ ~,$Commodity-based Derivative Contracts~ ~ (In thousands)-%Hypothetical 10% change in underlying~ 6~ .Ucommodity prices$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|xl`TtaE9=PF0*8X> @R l m dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }}$ HollyFrontier Corp10-K 02/20/2019%Interest Rate Risk Management Outstanding Estimated Estimated Principal Fair Value Change in Fair Value (In thousands)"HollyFrontier Senior Notes~ =~ b4> ~ HEP Senior Notes~ ~ ~ f$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.Y{ocWJL=PF0*8X> @ l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }8}$ HollyFrontier Corp10-K 02/20/2019kcReconciliations of earnings before interest, taxes, depreciation and amortization ( EBITDA ) to amo Years Ended December 31,~ ~ ~ (In thousands)7 /Net income (loss) attributable to HollyFrontier ~ C ~ N(1 ~ n stockholders+#Add (subtract) income tax provision~ 1~ > ~ N/Add interest expense~ ~ v- ~ h Subtract interest income~ ~ ~ )!Add depreciation and amortization~ 2~ F ~ N(EBITDA~ y~ :_P ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6A5)u9G=PF0*8X> @ l & dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }2}$ & HollyFrontier Corp10-K 02/20/2019kcReconciliation of average refining segment net operating margin per produced barrel sold to refiner Years Ended December 31,~ ~ ~ 0((Dollars in thousands, except per barrel amounts)Consolidated 0(Net operating margin per produced barrelp= ף&@@ Gz@sold/'Add average refinery operating expenses(\@q= ףp@ @ per produced barrel sold1)Refinery gross margin per produced barrel(\µ1@Q'@ RQ @sold)!Times produced barrels sold (BPD)~ Z~ ~ &Times number of days in period~ ~ ~ %Refining segment gross margin~ ~ Ryt ~ zRPAdd (subtract) rounding~ ~ > ~ b+#Total refining segment gross margin~ J~ ~t ~ cP2*Add refining segment cost of products sold~ (~ . ~ V%1)Refining segment sales and other revenues~ V~ t ~ .u-%Add lubricants and specialty products~ ~n~ Ja ~ W( segment sales and other revenues0(Add HEP segment sales and other revenues~ ~ j ~ 2*Subtract corporate, other and eliminations~ W~ Y ~ =DKlA5)u9gUEprBR ! " # $ % Sales and other revenues ~ 79 ~ e ~ R !"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/dj^R*=PF0*8X> @3%%$$## l : dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }6}$ HollyFrontier Corp10-K 02/20/2019kcReconciliation of average refining segment operating expenses per produced barrel sold to total ope Years Ended December 31,~ ~ ~ 0((Dollars in thousands, except per barrel amounts)Consolidated /'Average refining operating expenses per(\@q= ףp@ @produced barrel sold)!Times produced barrels sold (BPD)~ Z~ ~ &Times number of days in period~ ~ ~ #Refinery operating expenses~ 2o@~ ڏ= ~ ~7Add (subtract) rounding~ v~ ~ 1)Total refining segment operating expenses~ g@~ n= ~ V7-%Add lubricants and specialty products~ 2> ~ ~ "segment operating expenses*"Add HEP segment operating expenses~ ~ j ~ 2*Subtract corporate, other and eliminations~ n~ ~ ?5-Operating expenses (exclusive of depreciation~ :{N~ v$O ~ S>and amortization)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/DlA5)u9gV6b&]jMA=PF0*8X> @:' l (hi dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1) Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }$4} ( HollyFrontier Corp10-K 02/20/2019OGDefinition and Limitations of Internal Control Over Financial Reporting Page Reference/'Report of Independent Registered Public~ Accounting Firm/'Consolidated Balance Sheets at December~ 31, 2018 and 2017-%Consolidated Statements of Income for~ /'the years ended December 31, 2018, 2017and 20160(Consolidated Statements of Comprehensive~ /'Income for the years ended December 31,2018, 2017 and 2016-%Consolidated Statements of Cash Flows~ 3+for the years ended December 31, 2018, 2017and 2016-%Consolidated Statements of Equity for~ /'the years ended December 31, 2018, 2017Dl]QE9-{c"{gO d- !"#$%&' and 2016!!2"*Notes to Consolidated Financial Statements~ "#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/xP=PF0*8X> @''&&%% l S`T dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of IIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }8}$ S HollyFrontier Corp10-K 02/20/2019 Balance Sheet December 31,~ ~ ASSETS Current assets: .&Cash and cash equivalents (HEP: $3,045~ {F~ &!and $7,776, respectively)7/Accounts receivable: Product and transportation~ &~ *A(0((HEP: $12,332 and $12,803, respectively)Crude oil resales~ 3~ N~ V(~ v+3+Inventories: Crude oil and refined products~ 1G~ V0(Materials, supplies and other (HEP: $858~ y~ *v and $916, respectively)~ .R~ 2~cIncome taxes receivable~ ~ ƴ.&Prepayments and other (HEP: $3,452 and~ ~ @$1,395, respectively)Total current assets~ 1~ 1)Properties, plants and equipment, at cost~ ~ 6.6.(HEP: $2,058,388 and $2,011,915, respectively)D lsgy:sg0 ^k; !"#$%&'()*+,-./0123456789:;<=>?6 .Less accumulated depreciation (HEP: $(489,217)~ ~ ~ %!and $(408,599), respectively)"~ """~ ""&#Other assets: Turnaround costs~ #V##~ #^#-$%Goodwill (HEP: $314,229 and $310,610,~ $$$~ $"$% respectively)0&(Intangibles and other (HEP: $176,291 and~ &B5&&~ &&'$206,167, respectively)(~ ("((~ (R()Total assets~ )))~ )ꘌ)****+LIABILITIES AND EQUITY+++,Current liabilities:,,,3-+Accounts payable (HEP: $16,723 and $14,637,~ -B5--~ -J-. respectively)/Income taxes payable~ ///~ /^1/-0%Accrued liabilities (HEP: $27,240 and~ 000~ 0!01$33,214, respectively)!2Total current liabilities~ 2nLG22~ 2V2333374/Long-term debt (HEP: $1,418,900 and $1,507,308,~ 4R044~ 4Ɔ45 respectively)26*Deferred income taxes (HEP: $488 and $525,~ 6B,66~ 6'67 respectively)18)Other long-term liabilities (HEP: $63,534~ 8<88~ 8 8"9and $62,590, respectively)::::;Equity:;;;+<#HollyFrontier stockholders? equity:<<<4=,Preferred stock, $1.00 par value - 5,000,000 =-== =-=&>shares authorized; none issued1?)Common stock $.01 par value - 320,000,000~ ?(??~ ?(?Dl]6:l(8@|xR""@ABCDEFGHIJKLMNOPQR6@.shares authorized; 256,036,788 and 256,015,5501A)shares issued as of December 31, 2018 andBDecember 31, 2017CAdditional capital~ CvCC~ Cb=CDRetained earnings~ D(DD~ DBD.E&Accumulated other comprehensive income~ EEE~ EE0F(Common stock held in treasury, at cost -~ FgFF~ FFT}F.G&83,915,297 and 78,607,928 shares as of0H(December 31, 2018 and December 31, 2017,Irespectively0J(Total HollyFrontier stockholders? equity~ J=iJJ~ J6GJKNoncontrolling interest~ K" KK~ K~ KLTotal equity~ L:LL~ LgL$MTotal liabilities and equity~ MMM~ MꘌMNO$P____________________________1Q)Created by Morningstar Document Research.0R(http://documentresearch.morningstar.com/*ghtGmU~&~=PF0*8X> @bLRRQQPPMMMMLLLLKKKKJJJJFFFFEEEEDDDDCCCC????====88886666444422220000////----))))((((&&&&$$$$####"""" l ?M q dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }I;}$ ? HollyFrontier Corp10-K 02/20/2019Income Statement Years Ended December 31,~ ~ ~ Sales and other revenues ~ 79 ~ e ~ R %Operating costs and expenses: 80Cost of products sold (exclusive of depreciation and amortization):1)Cost of products sold (exclusive of lower~ R~ ~ . 91of cost or market inventory valuation adjustment)3+Lower of cost or market inventory valuation~ Q~ ] ~ z. adjustment~ ~2[~ RO ~ 75-Operating expenses (exclusive of depreciation~ :{N~ v$O ~ S>and amortization)4,Selling, general and administrative expenses~ ~ 7 ~ 4,(exclusive of depreciation and amortization)%Depreciation and amortization~ 2~ F ~ N(0(Goodwill and long-lived asset impairment -~ , ~ '*"Total operating costs and expenses~ ~ . ~ *O%Income (loss) from operations~ c~ 6 ~ *Other income (expense): -%Earnings of equity method investments~ [~ z ~ D l|pd2HS5QiLj* ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > Interest income ~ ~ b: ~ & !Interest expense!~ !v!!~ !!! ~ ! !,"$Loss on early extinguishment of debt" "-""~ "@"" ~ " w"-#%Gain on foreign currency transactions#~ #`##~ #f## # -#6$.Gain (loss) on foreign currency swap contracts$ $-$$~ $$$ ~ $ "$3%+Remeasurement gain on HEP pipeline interest% %-%%~ %z6%% % -%&acquisitions' Other, net'~ '-''~ 'ZA'' ~ ' '((~ (((~ ((( ~ ( ())!Income (loss) before income taxes)~ )]))~ )5)) ~ ) ʇ)%*Income tax expense (benefit):***** * +Current+~ + ++~ +^++ ~ + *+,Deferred,~ ,,,~ ,:,, ~ , ,--~ -1--~ ->-- ~ - N/-.Net income (loss).~ ."G..~ .j5.. ~ . ~X.6/.Less net income attributable to noncontrolling/~ ///~ /// ~ / >/0interest71/Net income (loss) attributable to HollyFrontier1~ 1C11~ 1N(111 ~ 1 n12stockholders.3&Earnings (loss) per share attributable33333 3 &4to HollyFrontier stockholders: 5Basic55@555)\(@55 5 Gz56Diluted66(\@666Gz@66 6 Gz647,Average number of common shares outstanding:77777 7 8Basic8~ 8 88~ 8 88 ~ 8 89Diluted9~ 9V 99~ 9 99 ~ 9 9:;$<____________________________1=)Created by Morningstar Document Research.0>(http://documentresearch.morningstar.com/BXsDP82" ^JRA9-!=PF0*8X> @ a>>==<<999999 888888 666666 555555 111111 ////// ...... ------ ,,,,,, ++++++ )))))) (((((( '''''' %%%%%% $$$$$$ ###### """""" !!!!!! l 7(4> dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome Statement Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }8}$ 7 HollyFrontier Corp10-K 02/20/2019Income Statement Years Ended December 31,~ ~ ~ Net income (loss) ~ "G ~ j5 ~ ~X *"Other comprehensive income (loss): /'Foreign currency translation adjustment~ ~ Z -&Securities available-for-sale: 7/Unrealized gain (loss) on marketable securities -~ ~ F2*Reclassification adjustments to net income - - ~ ^4,on sale or maturity of marketable securities0(Net unrealized gain (loss) on marketable -~ ~ securitiesHedging instruments: 1)Change in fair value of cash flow hedging~ P~ - ~ instruments2*Reclassification adjustments to net income~ ^~ B ~ Ɖ6.on settlement of cash flow hedging instruments4,Amortization of unrealized loss attributable -~ ~ ( to discontinued cash flow hedges2*Net unrealized gain on hedging instruments~ V~ ~ B2*Other post-retirement benefit obligations: 'Actuarial loss on pension plans~ ~ -D l|pd2O5q9~oXv ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 0 (Actuarial gain (loss) on post-retirement ~ ( ~ z ~ $ !healthcare plans-"%Post-retirement healthcare plans gain"~ """~ """ ~ " ""#reclassified to net income7$/Actuarial gain (loss) on retirement restoration$~ $ $$~ $$$ ~ $ $%plan5&-Retirement restoration plan loss reclassified&~ &n&&~ &F&& ~ & >&' to net income3(+Net change in other post-retirement benefit(~ (v((~ (F(( ~ ( ()obligations0*(Other comprehensive income (loss) before*~ *~B**~ *** ~ * ~w*+income taxes$,Income tax expense (benefit),~ ,,,~ ,V,, ~ , ,)-!Other comprehensive income (loss)-~ ---~ -/-- ~ - -).!Total comprehensive income (loss).~ .sF..~ ."6.. ~ . R>.5/-Less noncontrolling interest in comprehensive/~ ///~ /:// ~ / *=/0income01(Comprehensive income (loss) attributable1~ 1bA11~ 1X211 ~ 1 *1%2to HollyFrontier stockholders3$4____________________________15)Created by Morningstar Document Research.06(http://documentresearch.morningstar.com/2W Z>u K4v=;=PF0*8X> @2F665544111111 ////// ...... ------ ,,,,,, ****** (((((( &&&&&& $$$$$$ """""" l YXlz dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1)!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }I;}$ Y HollyFrontier Corp10-K 02/20/2019 Cash Flows Years Ended December 31,~ ~ ~ -%Cash flows from operating activities: Net income (loss) ~ "G ~ j5 ~ ~X 2*Adjustments to reconcile net income (loss) 5-to net cash provided by operating activities:%Depreciation and amortization~ 2~ F ~ N(0(Goodwill and long-lived asset impairment -~ , ~ '3+Lower of cost or market inventory valuation~ Q~ ] ~ z. adjustment.&Earnings of equity method investments,~ ~ ~ "inclusive of distributions91Loss on early extinguishment of debt attributable -~ & ~ :)!to unamortized discount / premium3+Remeasurement gain on HEP pipeline interest -~ -acquisitions%Loss (gain) on sale of assets~ !~ ~ Deferred income taxes~ ~ : ~ )!Equity-based compensation expense~ ~ ~ f5-Change in fair value - derivative instruments~ ~ ^ ~ B91Excess tax expense from equity-based compensation - - ~ >.&(Increase) decrease in current assets: D lvj80QF.a ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? Accounts receivable ~ F/ ~ ~ .< !Inventories!~ !U!!~ !!! ~ ! !"Income taxes receivable"~ ""y""~ """ ~ " "#Prepayments and other#~ #r^##~ #~## ~ # #3$+Increase (decrease) in current liabilities:$$$$$ $ %Accounts payable%~ %%%~ %%% ~ % %&Income taxes payable&~ &&&~ &&& ~ & ʀ&'Accrued liabilities'~ '@''~ '.~'' ~ ' :'(Turnaround expenditures(~ (ҽ((~ ((( ~ ( Z() Other, net)~ )&))~ )Y)) ~ ) [)1*)Net cash provided by operating activities*~ *^**~ *z:** ~ * %*-+%Cash flows from investing activities:+++++ + 5,-Additions to properties, plants and equipment,~ ,"R,,~ ,,, ~ , vH,5--Additions to properties, plants and equipment-~ ---~ -C-- ~ - n- .- HEP7//Purchase of Red Giant Oil, net of cash acquired/~ /v// /-// / -/.0&Purchase of PCLI, net of cash acquired0 0-00~ 0v00 0 -0.1&Purchase of pipeline interests, net of1 1-11~ 111 ~ 1 e12cash acquired - HEP$3Proceeds from sale of assets3~ 3r033~ 333 ~ 3 F 3*4"Purchases of marketable securities4 4-44~ 4v44 ~ 4 455-Sales and maturities of marketable securities5 5-55~ 5l55 ~ 5 E56 Other, net6~ 666~ 6066 6 -6.7&Net cash used for investing activities7~ 777~ 7*m77 ~ 7 7-8%Cash flows from financing activities:88888 8 *9"Borrowings under credit agreements9~ 999~ 9<99 ~ 9 " 59*:"Repayments under credit agreements:~ :::~ :I:: ~ : A:.;&Proceeds from issuance of senior notes; ;-;; ;-;; ~ ; <; <- HFC.=&Proceeds from issuance of senior notes= =-==~ =5== ~ = B= >- HEP1?)Proceeds from issuance of term loan - HFC? ?-?? ?-?? ~ ? \?DxloQ?qQ?AqTra@ A B C D E F G H I J K L M N O P Q R S T U V W X $@Repayment of term loan - HFC@ @-@@ @-@@ ~ @ B@(A Redemption of senior notes - HEPA A-AA~ A*AA A -A7B/Proceeds (repayments) of financing arrangementsB~ BBB B-BB ~ B ҖB.C&Proceeds from issuance of common unitsC~ CCC~ C:.CC ~ C C D- HEP"EPurchase of treasury stockE~ ENEE~ E*EE ~ E EF DividendsF~ FFF~ F2FF ~ F F0G(Distributions to noncontrolling interestG~ GTGG~ GCGG ~ G YGH Other, netH H-HH~ H%HH ~ H [H1I)Net cash provided by (used for) financingI~ IsII~ I*II ~ I 03IJ activities,K$Effect of exchange rate on cash flowK~ KKK~ KKK K -K"LCash and cash equivalents:LLLLL L *M"Increase (decrease) for the periodM~ MnMM~ M MM ~ M :O'MNBeginning of periodN~ N&NN~ N^+NN ~ N NO End of periodO~ O{FOO~ O&OO ~ O ^+O9P1Supplemental disclosure of cash flow information:PPPPP P (Q Cash paid during the period for:QQQQQ Q RInterestR~ RRR~ RhRR ~ R RSIncome taxes, netS~ SrSS~ SNSS ~ S RSTU$V____________________________1W)Created by Morningstar Document Research.0X(http://documentresearch.morningstar.com/6 h |kLxbS"}qI=PF0*8X> @*XXWWVVSSSSSS RRRRRR OOOOOO NNNNNN MMMMMM KKKKKK IIIIII HHHHHH GGGGGG FFFFFF EEEEEE CCCCCC BBBBBB AAAAAA @@@@@@ ?????? ====== ;;;;;; :::::: 999999 777777 666666 555555 444444 333333 111111 000000 ////// ------ ,,,,,, ****** )))))) (((((( '''''' &&&&&& %%%%%% ###### """""" !!!!!! l AMm dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash FlowsIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }$4}$ A HollyFrontier Corp10-K 02/20/2019)!CONSOLIDATED STATEMENTS OF EQUITY * "HollyFrontier Stockholders' Equity Common StockAdditional Capital Retained Earnings. &Accumulated Other Comprehensive IncomeTreasury Stock Non-controlling InterestTotal Equity (Loss)$ Balance at December 31, 2015~ ( ~ ~ V ~ ~ D ~ ! ~ b Net income (loss) - -~ n - -~ >~ ~X Dividends - -~ - - -~ 0(Distributions to noncontrolling interest - - - - -~ Y~ Yholders.&Other comprehensive income (loss), net - - -~ -~ ~ of tax.&Equity attributable to HEP common unit -~ i - - -~ a~ issuances, net of tax0(Issuance of common stock under incentive -~ j - -~ - -.&compensation plans, net of forfeitures,$Equity-based compensation, inclusive -~ # - - -~ *~ Mof tax expense"Purchase of treasury stock - - - -~ J -~ J3+Purchase of HEP units for restricted grants - - - - -~ ~ Other - - - - -~ J~ J$Balance at December 31, 2016~ (~ ~ bz~ ҥ~ ƫ}~ %~ C Net income - -~ N(1 - -~ ~ j5 Dividends - -~ 2 - - -~ 2Dlwk_SjqD1yG !"#$%&'()*+,-./0123456789:;<=>?0 (Distributions to noncontrolling interest - - - - - ~ C ~ C !holders."&Other comprehensive income (loss), net "-"" "-"" " -""~ " 0"" "-""~ """~ "/"#of tax.$&Equity attributable to HEP common unit $-$$~ $B$$ $ -$$~ $ J$$ $-$$~ $@$$~ $$%issuances, net of tax0&(Equity awards issued in PCLI acquisition &-&&~ &"g&& & -&& & -&& &-&& &-&&~ &"g&0'(Issuance of common stock under incentive '-''~ '^'' ' -'' ' -''~ 'Z'' '-'' '-'.(&compensation plans, net of forfeitures!)Equity-based compensation )-))~ )n)) ) -)) ) -)) )-))~ )j'))~ ))"*Purchase of treasury stock *-** *-** * -** * -**~ **** *-**~ ***3++Purchase of HEP units for restricted grants +-++ +-++ + -++ + -++ +-++~ +++~ ++ ,Other ,-,, ,-,, , -,, , -,, ,-,,~ , ,,~ , ,$-Balance at December 31, 2017~ -(--~ -b=--~ - B--~ - --~ -FT}--~ -~ --~ -g-. Net income .-.. .-..~ . C.. . -.. .-..~ ...~ ."G./ Dividends /-// /-//~ / // / -// /-// /-//~ //00(Distributions to noncontrolling interest 0-00 0-00 0 -00 0 -00 0-00~ 0T00~ 0T01holders,2$Other comprehensive loss, net of tax 2-22 2-22 2 -22~ 2 22 2-22 2-22~ 22.3&Equity attributable to HEP common unit 3-33~ 3^33 3 -33 3 -33 3-33~ 3Z33~ 334issuances, net of tax05(Issuance of common stock under incentive 5-55~ 555 5 -55 5 -55~ 5:55 5-55 5-5.6&compensation plans, net of forfeitures!7Equity-based compensation 7-77~ 7`77 7 -77 7 -77 7-77~ 7277~ 77"8Purchase of treasury stock 8-88 8-88 8 -88 8 -88~ 8J88 8-88~ 8J839+Purchase of HEP units for restricted grants 9-99 9-99 9 -99 9 -99 9-99~ 9"99~ 9"9(: Adoption of accounting standards :-:: :-::~ : >#::~ : jh:: :-:: :-::~ ::$;Balance at December 31, 2018~ ;(;;~ ;v;;~ ; (;;~ ; ;;~ ;g;;~ ;" ;;~ ;:;<=$>____________________________1?)Created by Morningstar Document Research.DlU4j:0 W6 iC@0@(http://documentresearch.morningstar.com/H=PF0*8X> @??>>;;;;;; ;; ;;;;;;:::::: :: ::::::999999 99 999999888888 88 888888777777 77 777777555555 55 555555333333 33 333333222222 22 222222000000 00 000000////// // //////...... .. ......------ -- ------,,,,,, ,, ,,,,,,++++++ ++ ++++++****** ** ******)))))) )) ))))))'''''' '' ''''''&&&&&& && &&&&&&$$$$$$ $$ $$$$$$"""""" "" """""" l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }U5}$ HollyFrontier Corp10-K 02/20/2019Income Statement $ Year Ended December 31, 2017Income StatementPrior to AdoptionIncrease As Adjusted(In thousands) Cost of products sold ~ ^ ~ * ~ Operating expenses~ jN~ & ~ v$O4,Selling, general and administrative expenses~ *~ > ~ 7 Other, net~ ~ r4 ~ ZA$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0|pd;yma9=PF0*8X> @ l 3 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }U5}$ HollyFrontier Corp10-K 02/20/2019Income Statement $ Year Ended December 31, 2016Income StatementPrior to AdoptionIncrease As Adjusted(In thousands) Cost of products sold ~ ~ ~ . Operating expenses~ ^/>~ &$ ~ S>4,Selling, general and administrative expenses~ B~ j ~ Other, net~ ~ * ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0|pd;yma9=PF0*8X> @ l # dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }8}$ HollyFrontier Corp10-K 02/20/2019 Continued Prior to Adoption Increase (Decrease) As Adjusted(In thousands)7/Accounts receivable: Product and transportation~ *A(~ ~ '3 +Inventories: Crude oil and refined products ~ V ~ P ~ XV Accounts payable~ J~ r ~ JDeferred income taxes~ '~ ~ Z['Retained earnings~ B~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0MwkLm6=PF0*8X> @ l S dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }0}$ HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ ~ (In thousands) Revenues by type Refined product revenues Transportation fuels (1)~ d-~ ~ rO+( Specialty lubricant products (2)~ c~ jV ~ W0(Asphalt, fuel oil and other products (3)~ J"<~ _- ~ &Total refined product revenues~ .o~ & ~ ra%Excess crude oil revenues (4)~ &~a~ m6 ~ ,$Transportation and logistic services~ ~ ~ 4Other revenues (5)~ j~ ~ ¸&Total sales and other revenues~ 79~ e ~ R$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< wk97]&XL@=PF0*8X> @ l " dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }m)}$ HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ ~ (In thousands)* "Refined product revenues by market North America Mid-Continent~ [~ U ~ r Southwest~ =~ 0 ~ Rocky Mountains~ 2 ~ p} ~ RqZ Northeast~ >~ -Canada~ ,~ ) -Europe and Asia~ fL~ -&Total refined product revenues~ .o~ & ~ ra$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:e wk90`TH =PF0*8X> @ l 2 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }}$ HollyFrontier Corp10-K 02/20/2019 Continued January 1, 2018 Increase Recognized as Revenue December 31, 2018(In thousands)Accrued liabilities~ ~ ri ~ ֕ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Twk =PF0*8X> @b l B dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }a/}$ }}$ } }$ }U} $ }$} $ }}$ HollyFrontier Corp10-K 02/20/2019 Continued ~ ~ ~ Thereafter Total(In thousands)/'Refined product sales volumes (barrels)~ Zh~ "~ 6 - ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Twk=PF0*8X> @J l NR dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }'}$ HollyFrontier Corp10-K 02/20/2019 Continued ~ ~ ~ Thereafter Total(In thousands)( HEP contractual minimum revenues~ ~ f ~ Ω ~ Z~ "o $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(KTwko=PF0*8X> @r l j dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }m)}$ HollyFrontier Corp10-K 02/20/2019 Continued ! Fair Value by Input LevelFinancial InstrumentCarrying AmountLevel 1 Level 2 Level 3(In thousands) December 31, 2018 Assets: NYMEX futures contracts~ &~ & $- $-*"Foreign currency forward contracts~ - ~ -Commodity price swaps~ - ~ -#Commodity forward contracts~ * - ~ * -Total assets~ bu~ & ~ N $- Liabilities: Commodity price swaps~ $- ~ $-#Commodity forward contracts~ - ~ -#RINs credit obligations (1)~ ? - ~ ? -Total liabilities~ ` $- ~ ` $-$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BXwkJtNuD =PF0*8X> @j- l $ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }!}$ HollyFrontier Corp10-K 02/20/2019 Continued December 31, 2017 Assets: #Commodity forward contracts~ < $- ~ < $- Total assets ~ < $- ~ < $- Liabilities: NYMEX futures contracts~ 4~ 4 $- $-Commodity price swaps~ % - ~ % -#Commodity forward contracts~ - ~ -#RINs credit obligations (1)~ - ~ -Total liabilities~ ~ 4 ~ ^ $-$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 wk"@\-p{=PF0*8X> @ l "ߘ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }8}$ " HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ ~ -%(In thousands, except per share data)7 /Net income (loss) attributable to HollyFrontier ~ C ~ N(1 ~ n stockholders-%Participating securities? (restricted~ :~ N ~ stock) share in earnings0(Net income (loss) attributable to common~ B~ r0 ~ shares0(Average number of shares of common stock~ ~ ~ outstanding.&Effect of dilutive variable restricted~ ~ -.&shares and performance share units (1)0(Average number of shares of common stock~ V ~ ~ %outstanding assuming dilution'Basic earnings (loss) per share@)\(@ Gz)!Diluted earnings (loss) per share(\@Gz@ Gz -%(1) Excludes anti-dilutive restricted~ ~ ~ ~ V'and performance share units of:$____________________________Dlwk9C+dLtK ! 1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @#!! l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }6}$ }y}$ HollyFrontier Corp10-K 02/20/2019 Continued - %Restricted Stock and Restricted Stock Grants . &Weighted Average Grant Date Fair Value ( Aggregate Intrinsic Value ($000) Units 3 +Outstanding at January 1, 2018 (non-vested) ~ [i zG@@ Granted~ <= ףp=P@ .&Vesting (transfer/conversion to common~ yzG@@ stock) Forfeited~ QKA@ 5-Outstanding at December 31, 2018 (non-vested)~ IHzgG@~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4wkn=PF0*8X> @b l [ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Continued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }8}$ } }$ HollyFrontier Corp10-K 02/20/2019Performance Share Units Performance Share Units Grants3+Outstanding at January 1, 2018 (non-vested)~ F* Granted ~ " 7/Vesting and transfer of ownership to recipients~ Forfeited~ 5-Outstanding at December 31, 2018 (non-vested)~ ~n($____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0*ui]-k27+=PF0*8X> @" l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }8}$ HollyFrontier Corp10-K 02/20/2019 Continued December 31,~ ~ (In thousands) Crude oil ~ f ~ |# 7/Other raw materials and unfinished products (1)~ ~ *5Finished products (2)~ r(~ ''Lower of cost or market reserve~ ~ VProcess chemicals (3)~ ~ b2*Repairs and maintenance supplies and other~ J ~ ~ Total inventory~ .R~ 2~c$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8wk]u$-!=PF0*8X> @ l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }'}$ HollyFrontier Corp10-K 02/20/2019 Continued December 31,~ ~ (In thousands)( Land, buildings and improvements ~ R ~ Refining facilities~ ?~ JPipelines and terminals~ *i~ ZZTransportation vehicles~ ^=~ >Other fixed assets~ .~ 6 Construction in progress~ ~ ~ ~ 6. Accumulated depreciation~ ~ ~~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:#wk]z2jb=PF0*8X> @ l O dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11) IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }a/}$ HollyFrontier Corp10-K 02/20/2019&Goodwill and long-lived assets Refining ) !Lubricants and Specialty Products HEP Total(In thousands)$Balance at December 31, 2017 Goodwill ~ | ~ Z? ~ J ~ : %Accumulated impairment losses~ - - ~ ~ i~ Z? ~ J ~ " $Additional goodwill acquired -~ ~ 8 ~ */'Foreign currency translation adjustment -~ F9 - ~ F9 $Balance at December 31, 2018 Goodwill~ |~ :! ~ - ~ %Accumulated impairment losses~ - - ~ ~ i~ :! ~ - ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0znbV3$0<-!=PF0*8X> @B( l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assetsContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }y#}$ }m} $ HollyFrontier Corp10-K 02/20/2019Intangibles December 31Useful Life~ ~ (In thousands) Customer relationships 10 - 20 years~ ~ & !Transportation agreements30 years~ v~ v %Trademarks, patents and other 10 - 20 years~ ~ ~ [~ Z Accumulated amortization~ z~ ^ Total intangibles~ z!~ 6% $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/67ui; yofZN&=PF0*8X> @ l #DY dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }0.}$ # HollyFrontier Corp10-K 02/20/2019 Continued December 31,~ ~ (In thousands)) !HollyFrontier 5.875% Senior Notes Principal~ =~ =.&Unamortized discount and debt issuance~ ~ ~ costs~ <~ <HEP Credit Agreement~ U8~ =HEP 6% Senior Notes Principal~ ~ .&Unamortized discount and debt issuance~ ~ costs~ rD~ 2; Total HEP long-term debt~ RV~ [Total long-term debt~ R0~ ƆD lwk]!|$=U ! " $ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @""!! l O0 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }}$ HollyFrontier Corp10-K 02/20/2019 Continued December 31,~ ~ (In thousands) "HollyFrontier senior notes~ b4>~ CHEP senior notes~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0Vwk]!s=PF0*8X> @Z l >? dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }}$ HollyFrontier Corp10-K 02/20/2019 Continued ! Years Ending December 31, (In thousands)~ $-~ -~ - ~ ~ U8~ - Thereafter~ [ Total~ b$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2wk;^7=PF0*8X> @Z l U dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Income Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }$4} $ }}$ HollyFrontier Corp10-K 02/20/2019Accounting Hedges - %Net Unrealized Gain (Loss) Recognized . &Gain (Loss) Reclassified into Earningsin OCI3+Derivatives Designated as Cash Flow Hedging Years Ended December 31, !Income Statement Location Years Ended December 31, Instruments ~ ~ ~ ~ ~ ~ (In thousands)Commodity contracts~ V~ * ~ Έ Sales and other revenues~ n~ rz~ Cost of products sold -~ V - Operating expenses~ ~ R~ b#Interest rate contracts (1) -~ ~ v Interest expense -~ ~ Total~ V~ ~ B ~ f~ K~ ^e$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6.{ocn|ocW/=PF0*8X> @:' l 7k dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesContinued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }-}$ }7}$ HollyFrontier Corp10-K 02/20/2019Income Statement * "Gain (Loss) Recognized in Earnings-%Derivatives Not Designated as Hedging Years Ended December 31,Instruments!Income Statement Location~ ~ ~ (In thousands)Commodity contractsCost of products sold~ >~ f? ~ ^Operating expenses -~ ^ ~ qInterest expense~ - -"Foreign currency contracts-%Gain on foreign currency transactions~ - -6.Gain (loss) on foreign currency swap contracts -~ ~ "~ Total~ Ύ~ FV ~ .$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 |pdj[S5rLq=PF0*8X> @ l c dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }6}$ }y}$ }y}$ }y} $ }y} $ } HollyFrontier Corp10-K 02/20/2019 Continued 5 -Notional Contract Volumes by Year of Maturity "Total Outstanding Notional~ ~ ~ Unit of Measure5-Derivatives Designated as Hedging Instruments & Natural gas price swaps - long ~ I ~ m ~ m ~ m MMBTU3+Crude oil price swaps (basis spread) - long~ bD~ !~ g" - Barrels -%Derivatives Not Designated as Hedging Instruments#NYMEX futures (WTI) - short~ B'~ B' - - Barrels-%Forward gasoline and diesel contracts~ "~ " - - Barrels- long*"Foreign currency forward contracts~ ʑi~ ʑi - - U. S. dollar.&Forward commodity contracts (platinum)~ ~ - - Troy ounces$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<wk6=PF0*8X> @B l % dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }m)}$ % HollyFrontier Corp10-K 02/20/2019 Continued ) !Derivatives in Net Asset Position - %Derivatives in Net Liability PositionGross Assets1)Gross Liabilities Offset in Balance Sheet . &Net Assets Recognized in Balance Sheet Gross Liabilities,$Gross Assets Offset in Balance Sheet-%Net Liabilities Recognized in Balance Sheet (In thousands) December 31, 2018 3+Derivatives designated as cash flow hedginginstruments:&Commodity price swap contracts~ :~ ~ ~ n~ ~ ~ :~ ~ ~ n~ ~ /'Derivatives not designated as cash flowhedging instruments:NYMEX futures contracts~ & $- ~ & $- $- $-#Commodity forward contracts~ * - ~ * ~ -~ *"Foreign currency forward contracts~ - ~ - - -~ ^ $- ~ ^ ~ $-~ Total net balance ~ bu ~ %Balance sheet classification:Prepayment and other ~ zQ Accrued liabilities~ Intangibles and other ~ # #Other long-term liabilities~ ~ bu ~ Dlwk?lSDC.e !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @ A$$##"" l %&{ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }$}$ % HollyFrontier Corp10-K 02/20/2019 Continued ) !Derivatives in Net Asset Position - %Derivatives in Net Liability PositionGross Assets1)Gross Liabilities Offset in Balance Sheet . &Net Assets Recognized in Balance Sheet Gross Liabilities,$Gross Assets Offset in Balance Sheet-%Net Liabilities Recognized in Balance Sheet (In thousands) December 31, 20173+Derivatives designated as cash flow hedginginstruments:&Commodity price swap contracts $- $- $- ~ % $-~ %#Commodity forward contracts~ / - ~ / ~ -~ ~ / $- ~ / ~ j, $-~ j, /'Derivatives not designated as cash flowhedging instruments:NYMEX futures contracts $- $- $- ~ 4 $-~ 4#Commodity forward contracts~ - ~ ~ j -~ j ~ $- ~ ~ = $-~ = Total net balance ~ < ~ Rj Accrued liabilities~ S #Other long-term liabilities~ ~%Balance sheet classification:Prepayment and other ~ < ~ SD]lwk?lSmUG>NgG@7GF !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @?$$##"" l ` dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }y }$ HollyFrontier Corp10-K 02/20/2019Foreign Tax Effects: Years Ended December 31,~ ~ ~ (In thousands) Current Federal~ :~ F ~ State~ R}~ "+ ~ Foreign~ b~ 62 -Deferred Federal~ ~ n ~ State~ ~ ~ Foreign~ *~ n -~ 1~ > ~ N/$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: xl`.4-o=PF0*8X> @ l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsContinued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }7}$ HollyFrontier Corp10-K 02/20/2019Foreign Tax Effects: Years Ended December 31,~ ~ ~ (In thousands)& Tax computed at statutory rate ~ * ~ ~ U Effect of the Act~ "~ A -6.State income taxes, net of federal tax benefit~ y~ ~M ~ b$0(Domestic production activities deduction -~ d ~ *A-%Noncontrolling interest in net income~ &~ N5 ~ [Goodwill - - ~ N Other~ ~ ~ ~ 1~ > ~ N/$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8X xl`.`&ZYMA=PF0*8X> @ l j dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }:}$ HollyFrontier Corp10-K 02/20/2019 Continued December 31, 2018AssetsLiabilities Total(In thousands) Deferred income taxes -%Properties, plants and equipment (due $-~ N ~ N80primarily to tax in excess of book depreciation)!Accrued employee benefits~ - ~ ( Accrued post-retirement benefits~ - ~ #Accrued environmental costs~ - ~ Hedging instruments -~ ~ Inventory differences -~ * ~ *!Deferred turnaround costs -~ ~ 7/Net operating loss and tax credit carryforwards~ - ~ Investment in HEP -~ : ~ :Valuation allowance -~ ~ Other -~ ~ Total~ ~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dlwk0 [3idXL$=PF0*8X> @b, l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }:}$ HollyFrontier Corp10-K 02/20/2019 Continued December 31, 2017AssetsLiabilities Total(In thousands) Deferred income taxes -%Properties, plants and equipment (due $-~ ~ 80primarily to tax in excess of book depreciation)!Accrued employee benefits~ v - ~ v( Accrued post-retirement benefits~ ڡ - ~ ڡ#Accrued environmental costs~ ƿ - ~ ƿHedging instruments~ B - ~ BInventory differences -~ N ~ N!Deferred turnaround costs -~ k ~ k7/Net operating loss and tax credit carryforwards~ g - ~ gInvestment in HEP -~ >2 ~ >2Valuation allowance -~ ~ Other -~ ~ Total~ F~ ~ ^v$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dlwk0 [3idXL$=PF0*8X> @b, l . dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }0}$ HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ ~ (In thousands) Balance at January 1 ~ G ~ Y $- 0(Additions based on tax positions related -~ ~ Yto the current yearBalance at December 31~ G~ G ~ Y$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0twk9E=PF0*8X> @ l B dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }U5}$ }}$ }}$ }} $ HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ ~ . &Common shares outstanding at January 1 ~ L* ~ KH* ~ R* /'Issuance of restricted stock, excluding -~ *e~ 5 1)restricted stock with performance feature$Vesting of performance units~ 2~ r~ ҩ 4,Vesting of restricted stock with performance~ *!~ ]~ u feature'Forfeitures of restricted stock~ m~ :z~ &Purchase of treasury stock (1)~ z~ ~ p -%Common shares outstanding at December~ Nv )~ L*~ KH* ~ ~$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:> wk]9"xe,{oG=PF0*8X> @: l 1Z$b dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }8}$ 1 HollyFrontier Corp10-K 02/20/2019 Continued Before-Tax Tax Expense After-Tax (Benefit)(In thousands)$ Year Ended December 31, 2018 2*Net change in foreign currency translation~ ~ ~ ( adjustment2*Net unrealized gain on hedging instruments~ V~ , ~ 7/Net change in pension and other post-retirement~ v~ ~ ^benefit obligations-%Other comprehensive loss attributable~ ~B~ ~ %to HollyFrontier stockholders $Year Ended December 31, 2017 2*Net change in foreign currency translation~ Z~ zy ~ adjustment4,Net unrealized loss on marketable securities~ ~ ~ 2*Net unrealized gain on hedging instruments~ ~ W ~ 7/Net change in pension and other post-retirement~ F~ . ~ benefit obligations"Other comprehensive income~ ~ V ~ /2*Less other comprehensive loss attributable~ - ~ "to noncontrolling interestD% lwk]^K,`4( ! " # $ % & ' ( ) * + , - . / 0 / 'Other comprehensive income attributable ~ ~ V ~ 0 %!to HollyFrontier stockholders"""""" " $#Year Ended December 31, 2016##### # 4$,Net unrealized gain on marketable securities$~ $$$~ $$$ ~ $ $2%*Net unrealized gain on hedging instruments%~ %B%%~ %Ɨ%% ~ % ~%3&+Net change in other post-retirement benefit&~ &&&~ &F&& ~ & Z&'obligations"(Other comprehensive income(~ (~w((~ ((( ~ ( (2)*Less other comprehensive loss attributable)~ ))) )-)) ~ ) )"*to noncontrolling interest/+'Other comprehensive income attributable+~ +fx++~ +++ ~ + +%,to HollyFrontier stockholders-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&@[2ns\R)=PF0*8X> @;00//..++++++ )))))) (((((( &&&&&& %%%%%% $$$$$$ l ,~ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }2} $ }U5 , HollyFrontier Corp10-K 02/20/2019 Continued AOCI Component * "Gain (Loss) Reclassified From AOCI " Income Statement Line Item Years Ended December 31, ~ ~ ~ (In thousands) Marketable securities $- $- ~ Interest income - - ~ Income tax benefit - - ~ Net of tax Hedging instruments: Commodity price swaps~ n~ rz ~ Sales and other revenues -~ V - Cost of products sold~ ~ R ~ b Operating expensesInterest rate swaps -~ ~ Interest expense~ f~ K ~ ^e ~ ~ ڹ ~ Income tax benefit~ ~ ~ je Net of tax -~ ~ Noncontrolling interest~ ~ ~ jj .&Net of tax and noncontrolling interest 2*Other post-retirement benefit obligations: .&Post-retirement healthcare obligations~ f6~ f6 ~ j6 Other, net~ ~ ~ Income tax expenseDlwk1k!g#7t#k-%# !"#$%&'()*+ ~ ( ~ Z! ~ Z! Net of tax!!!!!! ! ! !#"Retirement restoration plan"~ """~ """ ~ " "" 4",Selling, general and administrative expenses##~ ###~ ### ~ # ## #Income tax benefit$$~ $$$~ $$$ ~ $ $$ $ Net of tax%%%%%% % % %.&&Total reclassifications for the period&~ &&&~ &&& ~ & f&& &'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/`ocg=PF0*8X> @B++**))&&&&&& $$$$$$ ###### """""" l ӗ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }6}$ HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ (In thousands)/ 'Foreign currency translation adjustment ~ 9 ~ -%Unrealized loss on pension obligation~ ~ 2*Unrealized gain on post-retirement benefit~ >~ obligations5-Unrealized gain (loss) on hedging instruments~ r~ .&Accumulated other comprehensive income~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4wkQU7y=PF0*8X> @ l 07 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }6}$ 0 HollyFrontier Corp10-K 02/20/2019 Continued Year Ended - %February 1, 2017 to December 31, 2017December 31, 2018(In thousands), $Change in plans' benefit obligations 5-Pension plans' benefit obligation - beginning~ z~ . of periodService cost~ E~ :8 Interest cost~ &#~ Actuarial loss~ ~ ^F Benefits paid~ ~ .&Foreign currency exchange rate changes~ ~ &$/'Pension plans' benefit obligation - end~ ~ zof year&Change in pension plans assets1)Fair value of plans assets - beginning of~ ~ z*period%Actual return on plans assets~ >8~ `Employer contributions~ ~a - Benefits paid~ ~ .&Foreign currency exchange rate changes~ ~ !0(Fair value of plans assets - end of year~ ~ D_lwk_-H3j!Sxf ! " # $ % & ' ( ) * + , - . / ! 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Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }I"}$ HollyFrontier Corp10-K 02/20/2019 Continued December 31,~ ~ (In thousands)$ Projected benefit obligation ~ 4 ~ z Plan assets~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|wk]znF=PF0*8X> @Z l r dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }-}$ } }$}$ } }$ HollyFrontier Corp10-K 02/20/2019 Continued December 31,~ ~ Discount rate @ % 333333@ %-%Rate of future compensation increases~ %~ %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|wkk}qe==PF0*8X> @2 l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }7}$ HollyFrontier Corp10-K 02/20/2019 Continued $ Year Ended December 31, 2018 - %February 1, 2017 to December 31, 2017(In thousands)0(Service cost - benefit earned during the~ E~ :8 period6.Interest cost on projected benefit obligations~ &#~ 'Expected return on plans assets~ ~ $Net periodic pension expense~ 2~ *$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0wkP8MA5 =PF0*8X> @r l dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }$4}$ } }$}$ } }$ HollyFrontier Corp10-K 02/20/2019 Continued Year Ended - %February 1, 2017 to December 31, 2017December 31, 2018 Discount rate 333333@ % ffffff@ %-%Rate of future compensation increases~ %~ %3+Expected long-term rate of return on assets@ %@ %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.wkw;M=PF0*8X> @2 l 3EO dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }2}$ 3 HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ (In thousands)+ #Change in plans' benefit obligation 1)Post-retirement plans' benefit obligation~ ~ (- beginning of yearPCLI acquisition -~ RService cost~ ~ Interest cost~ ~ n!Participant contributions~ ~ Benefits paid~ ~ Actuarial loss (gain)~ ~ .&Foreign currency exchange rate changes~ ^~ 1)Post-retirement plans' benefit obligation~ ~ - end of yearChange in plan assets0(Fair value of plan assets - beginning of $- $-yearEmployer contributions~ 2~ !Participant contributions~ ~ Benefits paid~ ~ DlwkQqR"La:< ! " # $ % & ' ( ) * + , - . / 0 1 2 / 'Fair value of plan assets - end of year $- $- !!!!!" Funded status""""#Under-funded balance#~ #\##~ #3#$$$$$2%*Amounts recognized in consolidated balance%%%%&sheets)'!Accrued post-retirement liability'~ '\''~ '3'(((((/)'Amounts recognized in accumulated other))))*comprehensive income(+ Cumulative actuarial (loss) gain+~ +.%++~ ++,Prior service credit,~ ,,,~ ,f, -Total-~ -2--~ --./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hETc',cWK#=PF0*8X> @j-221100----,,,,++++''''#### l \# dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (32)Continued 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DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }7}$ HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ ~ (In thousands), $Service cost - benefit earned during ~ ~ ~ : the year6.Interest cost on projected benefit obligations~ ~ n ~ N,$Amortization of prior service credit~ ~ ~ +#Net periodic post-retirement credit~ ~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2wk9eQbVJ"=PF0*8X> @ l pI dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }-}$ } }$}$ } }$}$ } } $} $ } }$} $ } }$ HollyFrontier Corp10-K 02/20/2019 Continued Years Ended December 31,~ ~ ~ HFCPCLIHFC PCLI HFC Discount rate @ %333333@ %@ % ffffff@ % 333333@ %&Current health care trend rate~ %@ %~ % @ % ~ " %'Ultimate health care trend rate~ %~ %~ % ~ % ~ %-%Year rate reaches ultimate trend rate~ ~ ~ ~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2; wko):."=PF0*8X> @b l X dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) 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Research.0(http://documentresearch.morningstar.com/,!|wko*=PF0*8X> @b l :h dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }}$ HollyFrontier Corp10-K 02/20/2019 Continued (In thousands)~ ~ ^~ ~ .~ ~ ) ~ ~ jS~ ~ Thereafter~ :b Total~ &$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2wk/a-znF=PF0*8X> @Z l w dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Continued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }}$ HollyFrontier Corp10-K 02/20/2019Contractual Commitments (In thousands)~ ~ ~ ~ 6z~ ~ ~ ~ n~ ~ B Thereafter~ / Total~ ^#V$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2ui]!Sxl`8=PF0*8X> @Z l "xQ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }I;}$ " HollyFrontier Corp10-K 02/20/2019 Continued Refining ) !Lubricants and Specialty Products HEP ) !Corporate, Other and Eliminations Consolidated Total(In thousands)$ Year Ended December 31, 2018 !Sales and other revenues: ( Revenues from external customers~ ~ Jm ~ ~ ~ 79Intersegment revenues~ N~ 6 ~ G ~ P -~ V~ ~n ~ ~ W~ 791)Cost of products sold (exclusive of lower~ (~ RT $- ~ ~ R91of cost or market inventory valuation adjustment)3+Lower of cost or market inventory valuation~ Q $- $- $-~ Q adjustmentOperating expenses~ g@~ 2> ~ ~ n~ :{N4,Selling, general and administrative expenses~ ~ ~ ~ W~ %Depreciation and amortization~ ^\~ ޣ ~ ~ ~ 2%Income (loss) from operations~ Q~ ʨ ~ FF ~ ~ c-%Earnings of equity method investments $- $- ~ [ $-~ [Capital expenditures~ `~ "I ~ M ~ &~ Total assets~ ~ [ ~ . ~ 5~ $____________________________Dlwkow:Prxm* !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @2F!! l 2% dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }I;}$ 2 HollyFrontier Corp10-K 02/20/2019 Continued $ Year Ended December 31, 2017 !Sales and other revenues: ( Revenues from external customers~ b~ Ja ~ ~ ~ e Intersegment revenues ~ Z - ~ ~ S - ~ t~ Ja ~ j ~ Y~ e1)Cost of products sold (exclusive of lower~ .~ B $- ~ 5~ 91of cost or market inventory valuation adjustment)3+Lower of cost or market inventory valuation~ p~ * $- $-~ ] adjustmentOperating expenses~ n=~ ~ j ~ ~ v$O4,Selling, general and administrative expenses~ :M~ s ~ ~ ~ 7%Depreciation and amortization~ j~ Z ~ r ~ ~ F#Long-lived asset impairment~ , $- $- $-~ ,%Income (loss) from operations~ "V$~ ֞ ~ ~ M~ 6-%Earnings of equity method investments $- $- ~ z $-~ zCapital expenditures~ V ~ ~ * ~ /~ Total assets~ .~ Kb ~ Ʌ ~ T~ ꘌ $Year Ended December 31, 2016 !Sales and other revenues: ( Revenues from external customers~ >b~ W ~ 4 ~ ~~ RIntersegment revenues~ f - ~ T ~ "D -Dlwko2Hkq|f>} !"#$%&'()*+,-./01 ~ .u ~ W ~ ~ = ~ R 1!)Cost of products sold (exclusive of lower!~ !V%!!~ !!! ! $-!! ~ !{!!~ !. !9"1of cost or market inventory valuation adjustment)3#+Lower of cost or market inventory valuation#~ #bn##~ ### # $-## #$-##~ #z.#$ adjustment%Operating expenses%~ %V7%%~ %%% ~ % %% ~ %?%%~ %S>%4&,Selling, general and administrative expenses&~ &&&~ &N-&& ~ & 6&& ~ &&&~ &&%'Depreciation and amortization'~ '1''~ ' '' ~ ' .3'' ~ '''~ 'N('0((Goodwill and long-lived asset impairment(~ ('(( ($-(( ( $-(( ($-((~ ('(%)Income (loss) from operations)~ )))~ ))) ~ ) )) ~ )))~ )*)-*%Earnings of equity method investments* *$-** *$-** ~ * ** *$-**~ **+Capital expenditures+~ +~++~ +2Y++ ~ + .++ ~ +++~ +H+,Total assets,~ ,n%q,,~ ,l,, ~ , 7u,, ~ ,b=,,~ ,6?,-.$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(KT6C)BPiz=PF0*8X> @*1100//,,,,,, ,,,,++++++ ++++****** ****)))))) ))))(((((( (((('''''' ''''&&&&&& &&&&%%%%%% %%%%###### ####!!!!!! !!!! l 2 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }y<}$ 2 HollyFrontier Corp10-K 02/20/2019 Continued First Quarter Second Quarter Third Quarter Fourth Quarter Year-%(In thousands, except per share data)$Year Ended December 31, 2018 Sales and other revenues ~ ~ ~ /# ~ 2& ~ 79 $Operating costs and expenses~ ~ ~ Jt ~ b~ "Income from operations (1)~ )~ ~ v ~ H ~ c"Income before income taxes~ .~ Q ~ 2 ~ *~ ]0(Net income attributable to HollyFrontier~ \~ ~ ~ "~ Cstockholders:2Net income per share attributable to HollyFrontier)\(?\(\? 333333? = ףp=?@stockholders - basic:2Net income per share attributable to HollyFrontier? ףp= ? zG? Q?(\@stockholders - diluted"Dividends per common shareQ?Q? Q? Q?Q?0(Average number of shares of common stock outstanding: Basic~ ~ n ~ ~ ~ Diluted~ ~ ~ ~ ~ ~ V $Year Ended December 31, 2017 Sales and other revenues~ ~ ~ > ~ ~ e$Operating costs and expenses~ ~ ʼ ~ ʢ ~ m~ .Dlwkoh8F.(ApL !"#$%&'()*+,-./01- %Income (loss) from operations (2) (3) ~ ~ _ ~ v^ ~ zD ~ 6 )!!Income (loss) before income taxes!~ !V!!~ !Vy!! ~ ! ^:!! ~ !!!~ !5!7"/Net income (loss) attributable to HollyFrontier"~ "9""~ """ ~ " :"" ~ """~ "N(1"#stockholders0$(Net income (loss) per share attributable$$p= ףп$$$Q?$$ $ {Gz?$$ $Q@$$$)\(@$-%%to HollyFrontier stockholders - basic0&(Net income (loss) per share attributable&&p= ףп&&&Q?&& & {Gz?&& &\(\@&&&Gz@&/''to HollyFrontier stockholders - diluted"(Dividends per common share((Q?(((Q?(( ( Q?(( (Q?(((Q?(0)(Average number of shares of common stock))))) ) ) )))*outstanding: +Basic+~ +J ++~ +N ++ ~ + V ++ ~ +& ++~ + +,Diluted,~ ,J ,,~ , ,, ~ , J ,, ~ , ,,~ , ,-.$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/( T&-I=1 =PF0*8X> @jm1100//,,,,,, ,,,,++++++ ++++(((((( ((((&&&&&& &&&&$$$$$$ $$$$"""""" """"!!!!!! !!!! l ( dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)ROCE Performance PercentageTSR Performance PercentagePlanAgreementRSUsU }$4}0 ( HollyFrontier Corp10-K 02/20/201980Item 15. Exhibits, Financial Statement Schedules Page in Form 10-K/'Report of Independent Registered Public~ Accounting Firm/'Consolidated Balance Sheets at December~ 31, 2018 and 2017-%Consolidated Statements of Income for~ /'the years ended December 31, 2018, 2017and 20160(Consolidated Statements of Comprehensive~ /'Income for the years ended December 31,2018, 2017 and 2016-%Consolidated Statements of Cash Flows~ 3+for the years ended December 31, 2018, 2017and 2016-%Consolidated Statements of Equity for~ /'the years ended December 31, 2018, 2017Dlth\PD,w6{c!xA- !"#$%&' and 2016!!2"*Notes to Consolidated Financial Statements~ "#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/xP=PF0*8X> @''&&%% l E dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatTSR Performance PercentagePlanAgreementRSUsU }y<}<( HollyFrontier Corp10-K 02/20/2019#ROCE Performance Percentage 0 (Ranking of the Company within Peer Group# ROCE Performance Percentage&90 th Percentile or Better Maximum (200% of Target):2th Percentile But Better than 50 th Percentile)!Interpolate between 100% and 200% 50 th Percentile Target (100%):2th Percentile But Better than 25 th Percentile( Interpolate between 25% and 100%25 th Percentile25% of Target (Minimum) th PercentileZero$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0C}qeYA-G=PF0*8X> @ l $ dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentagePlanAgreementRSUsU }y<}<(}$ HollyFrontier Corp10-K 02/20/2019"TSR Performance Percentage 0 (Ranking of the Company within Peer Group" TSR Performance Percentage &90 th Percentile or Better Maximum (200% of Target):2th Percentile But Better than 50 th Percentile)!Interpolate between 100% and 200% 50 th Percentile Target (100%) :2th Percentile But Better than 25 th Percentile( Interpolate between 25% and 100%25 th Percentile25% of Target (Minimum) th PercentileZero$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0~rfZ6vD=PF0*8X> @ l %2 dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??XHOLLYFRONTIER CORPORATIONTABLE OF CONTENTSREFINERY OPERATIONSREFINERY OPERATIONS (1)Products and Customers Facilities!Footnote references are provide ProductsFacilities (1)!Footnote references are pro (1)Products (1)Facilities (2)Facilities (3)Products (2)!LUBRICANTS AND SPECIALTY PRODUC PART II PART II (1)Financial DataOther Financial Data!Refining Segment Operating Data!Lubricants and Specialty Pr (1)!Lubricants and Specialty Pr (2)HollyFrontier Corporation (1)!Contractual Obligations and Com!Foreign Currency Risk Managemen!Foreign Currency Risk Manag (1)Interest Rate Risk Management!Reconciliations of earnings bef!Reconciliation of average refin!Reconciliation of average r (1)!Definition and Limitations of I Balance SheetIncome StatementIncome Statement (1) Cash Flows!CONSOLIDATED STATEMENTS OF EQUIIncome Statement (2)Income Statement (3) Continued Continued (1) Continued (2) Continued (3) Continued (4) Continued (5) Continued (6) Continued (7) Continued (8) Continued (9)Performance Share UnitsContinued (10)Continued (11)Goodwill and longlived assets IntangiblesContinued (12)Continued (13)Continued (14)Accounting HedgesIncome Statement (4)Continued (15)Continued (16)Continued (17)Foreign Tax EffectsForeign Tax Effects (1)Continued (18)Continued (19)Continued (20)Continued (21)Continued (22)Continued (23)Continued (24)Continued (25)Continued (26)Continued (27)Continued (28)Continued (29)Continued (30)Continued (31)Continued (32)Continued (33)Continued (34)Continued (35)Contractual CommitmentsContinued (36)Continued (37)Continued (38)!Item 15 Exhibits Financial StatROCE Performance PercentageTSR Performance PercentageU }0}$4 HollyFrontier Corp10-K 02/20/2019PlanAgreementRSUs 0 (On Each of the Following Regular Vesting3 +Cumulative Portion of RSUs that will become DatesVestedDecember 15, 2019 One-third December 15, 2020 One-thirdDecember 15, 2021 One-third$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|{ocKY'=PF0*8X> @ Root Entry FBook 2 !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~ !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~ !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~ !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~