7 Advantaged Crude Slate Refinery location and configuration enables a fleet-wide crude slate discounted to WTI Discounted feeds drive higher gross margins / barrel and ultimately, EBITDA Highly flexible refining system allows feedstock optionality All HFC purchased barrels are at or below WTI price $0.09 $0.12 $0.51 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 WCS/WTI Midland/Cushing WTI/Brent EPS Sensitivity to $1 Change in Differential* Run approximately 80,000 BPD of WCS Capacity to run in excess of 100,000 BPD of Midland priced crude -$12 -$10 -$8 -$6 -$4 -$2 $0 $2 4Q14 3Q14 2Q14 1Q14 $/ b b l d isc o u n t to W TI Feedstock Advantaged Refining* Rockies MidCon Southwest Consolidated Based on assumption that Brent based crude sets product prices.
JEE JUH CLEARANCE FULL
The full year $/share impact is determined based on 12/31/13 shares outstanding. Sensitivity determined from WTI, WTS, and WCS crude inputs multiplied by annualized crude capacity for HFC and adjusted for approximate tax expenses. HollyFrontier Investment Highlights 4 Pure play competitive refinery 5 refineries with 443,000 barrels per day refining capacity Attractive niche product markets with advantaged crude supply Rocky Mountains, Southwest and Mid-Continent Strong investment track record with future growth focused on advantaged projects Woods Cross, El Dorado and Tulsa refineries purchased at industry lows on a per barrel basis Strong Financial Performance Industry leading returns on capital Best in class net income per barrel crude capacity Track record of high cash return to shareholders Strong and Liquid Balance Sheet Investment Grade Ratings from S&P and Moody’s Significant Ownership in High-Quality Logistics MLP, Holly Energy Partners Own 39% of HEP, including 2% GP interest and 37% of LP Units Have achieved high-split on GP Incentive Distribution Rights For FY2014, HFC received over $81 million in cash distributions from HEP* *Q4 2013 through Q3 2014 quarterly LP and GP distributions announced and paid in 2014.