Page 1

Logo NEWS RELEASE HollyFrontier Corporation Reports Quarterly Results 8/3/2021 . Reported net income attributable to HollyFrontier stockholders of $ 168.9 million , or $ 1.03 per diluted share , and adjusted net income of $ 143.0 million , or $ 0.87 per diluted share , for the second quarter . Reported EBITDA of $ 444.3 million and Adjusted EBITDA of $ 334.5 million for the second quarter DALLAS -- ( BUSINESS WIRE ) -- HollyFrontier Corporation ( NYSE : HFC ) ( " HollyFrontier " or the " Company " ) today reported second quarter net income attributable to HollyFrontier stockholders of $ 168.9 million , or $ 1.03 per diluted share , for the quarter ended June 30 , 2021 , compared to a net loss of $ ( 176.7 ) million , or $ ( 1.09 ) per diluted share , for the quarter ended June 30 , 2020 . The second quarter results reflect special items that collectively increased net income by a total of $ 25.8 million . On a pre - tax basis , these items include a lower of cost or market inventory valuation adjustment of $ 118.8 million , partially offset by pre - close acquisition integration costs of $ 0.7 million and charges related to the Cheyenne Refinery conversion to renewable diesel production , including decommissioning charges of $ 8.1 million and severance charges totaling $ 0.2 million . Excluding these items , net income for the current quarter was $ 143.0 million ( $ 0.87 per diluted share ) compared to net loss of $ ( 40.8 ) million ( $ ( 0.25 ) per diluted share ) for the second quarter of 2020 , which excludes certain items that collectively increased net loss by $ 135.9 million . HollyFrontier's President & CEO , Michael Jennings , commented , " HollyFrontier delivered strong financial results in the second quarter , driven by improvement in refining margins in both the West and Mid - Continent regions and strengthening base oil margins in the quarter . Our focus remains on executing our renewable diesel projects on- time and within capital guidance and closing the Puget Sound Refinery acquisition in the fourth quarter of this year . " Refining segment income before interest and income taxes was $ 250.1 million for the second quarter of 2021 compared to a loss before interest and income taxes of $ ( 5.1 ) million in the second quarter of 2020. The segment reported Adjusted EBITDA of $ 211.2 million for the second quarter of 2021 compared to $ 25.0 million for the second quarter of 2020. This increase was driven by stronger product demand , which resulted in a consolidated 1