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Press Release May 5 , 2021 FF HOLLYFRONTIER HollyFrontier Corporation Reports Quarterly Results • Reported net income attributable to HollyFrontier stockholders of $ 148.2 million , or $ 0.90 per diluted share , and adjusted net loss of $ ( 85.3 ) million , or $ ( 0.53 ) per diluted share , for the first quarter • Reported EBITDA of $ 281.3 million and Adjusted EBITDA of $ 47.3 million for the first quarter Dallas , Texas , May 5 , 2021 - HollyFrontier Corporation ( NYSE : HFC ) ( “ HollyFrontier ” or the “ Company ” ) today reported first quarter net income attributable to HollyFrontier stockholders of $ 148.2 million , or $ 0.90 per diluted share , for the quarter ended March 31 , 2021 , compared to a net loss of $ ( 304.6 ) million , or $ ( 1.88 ) per diluted share , for the quarter ended March 31 , 2020 . The first quarter results reflect special items that collectively increased net income by a total of $ 233.5 million . On a pre - tax basis , these items include a lower of cost or market inventory valuation adjustment of $ 200.0 million and a $ 51.5 million gain on a tariff settlement , partially offset by severance costs of $ 7.8 million related to restructuring in our Lubricants and Specialty Products segment and charges related to the Cheyenne Refinery conversion to renewable diesel production , including decommissioning charges of $ 8.3 million , last - in , first - out ( “ LIFO ” ) inventory liquidation costs of $ 0.9 million and severance charges totaling $ 0.5 million . Excluding these items , net loss for the current quarter was $ ( 85.3 ) million ( $ ( 0.53 ) per diluted share ) compared to net income of $ 86.5 million ( $ 0.53 per diluted share ) for the first quarter of 2020 , which excludes certain items that collectively decreased net income by $ 391.1 million . HollyFrontier's President & CEO , Michael Jennings , commented , “ A record earnings quarter in our Lubricants and Specialties business , as well as steady performance from HEP , helped offset the impacts of heavy planned maintenance and winter storm Uri on our refining segment during the quarter . As we enter the summer , our focus remains on safely completing the build - out of our Renewables business on schedule . ” The Refining segment reported Adjusted EBITDA of $ ( 65.8 ) million for the first quarter of 2021 compared to $ 175.9 million for the first quarter of 2020. This decrease was driven by the impacts of planned maintenance and winter storm Uri on our operations and lower realized margins along with higher laid - in crude costs , which resulted in a consolidated refinery gross margin of $ 8.00 per produced barrel , a 28 % decrease compared to $ 11.06 for the first quarter of 2020. Crude oil charge averaged 348,170 barrels per day ( “ BPD ” ) for the current quarter compared to 392,630 BPD for the first quarter of 2020 . The Lubricants and Specialty Products segment reported EBITDA of $ 87.1 million for the first quarter of 2021 compared to $ 32.3 million in the first quarter of 2020. Excluding the $ 7.8 million related to restructuring in our Lubricants and Specialty Products segment , Adjusted EBITDA was $ 94.9 million . This increase was driven by strong base oil margins in the first quarter of 2021 . Holly Energy Partners , L.P. ( “ HEP ” ) reported EBITDA of $ 96.2 million for the first quarter of 2021 compared to $ 64.4 million in the first quarter of 2020 . 1