Holly Corporation Reports First Quarter 2009 Results
Net income attributable to our stockholders increased by
“We are pleased with our first quarter results,” said
“We previously announced an agreement with Sunoco Inc. to acquire their 85,000 barrel per day refinery located in
Sales and other revenues for the first quarter of 2009 were
Operating costs and expenses for the first quarter of 2009 increased due to the inclusion of Holly Energy Partners, L.P. (NYSE: HEP) (“HEP”) costs beginning
We reconsolidated HEP effective
The Company has scheduled a conference call for today,
Holly Corporation, headquartered in
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are “forward-looking statements” based on management’s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Such differences could be caused by a number of factors including, but not limited to, risks and uncertainties with respect to the actions of actual or potential competitive suppliers of refined petroleum products in the Company’s markets, the demand for and supply of crude oil and refined products, the spread between market prices for refined products and market prices for crude oil, the possibility of constraints on the transportation of refined products, the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, effects of governmental regulations and policies, the availability and cost of financing to the Company, the effectiveness of the Company’s capital investments and marketing strategies, the ability of the Company to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any future acquired operations, the Company’s efficiency in carrying out construction projects, our ability to complete the acquisition of the
RESULTS OF OPERATIONS
Financial Data (all information in this release is unaudited)
Three Months Ended Change from 2008
March 31,
------------------ ----------------
2009 2008 Change Percent
---- ---- ------ -------
(In thousands, except per share data)
Sales and other revenues $650,823 $1,479,984 $(829,161) (56.0)%
Operating costs and expenses:
Cost of products sold
(exclusive of
depreciation, depletion
and amortization) 511,654 1,383,437 (871,783) (63.0)
Operating expenses
(exclusive of
depreciation, depletion
and amortization) 67,202 60,708 6,494 10.7
General and administrative
expenses (exclusive of
depreciation, depletion
and amortization) 11,747 12,937 (1,190) (9.2)
Depreciation, depletion
and amortization 20,321 13,309 7,012 52.7
------ ------ -----
Total operating costs
and expenses 610,924 1,470,391 (859,467) (58.5)
------- --------- --------
Income from operations 39,899 9,593 30,306 315.9
Other income (expense):
Equity in earnings of
SLC Pipeline 175 - 175 -
Interest income 2,196 3,555 (1,359) (38.2)
Interest expense (6,239) (1,992) (4,247) 213.2
Equity in earnings of HEP - 2,990 (2,990) (100.0)
--- ----- -------
(3,868) 4,553 (8,421) (185.0)
------ ----- ------
Income from operations
before income taxes 36,031 14,146 21,885 154.7
Income tax provision 12,131 4,695 7,436 158.4
------ ----- -----
Net income(1) 23,900 9,451 14,449 152.9
Less noncontrolling interest
in net income(1) 1,955 802 1,153 143.8
----- --- -----
Net income attributable to
Holly Corporation
stockholders(1) $21,945 $8,649 $13,296 153.7%
======= ====== =======
Net income per share
attributable to Holly
Corporation stockholders
- basic $0.44 $0.17 $0.27 158.8%
===== ===== =====
Net income per share
attributable to Holly
Corporation stockholders
- diluted $0.44 $0.17 $0.27 158.8%
===== ===== =====
Cash dividends declared
per common share $0.15 $0.15 $- -%
Average number of common
shares outstanding:
Basic 50,042 51,165 (1,123) (2.2)%
Diluted 50,171 51,515 (1,344) (2.6)%
EBITDA $58,440 $25,090 $33,350 132.9%
Balance Sheet Data
March 31, December 31,
2009 2008
-------- -----------
(In thousands)
Cash, cash equivalents and investments in
Marketable securities $54,465 $96,008
Working capital $32,619 $68,465
Total assets $2,013,867 $1,874,225
Long-term debt - HEP $411,485 $341,914
Total equity(1) $951,084 $936,332
(1) During the first quarter of 2009, we adopted SFAS No. 160,
"Noncontrolling Interests in Consolidated Financial Statements - an
amendment of ARB No. 51." As a result, net income attributable to
the non-controlling interest in our HEP subsidiary is now presented
as an adjustment to net income to arrive at "Net income attributable
to Holly Corporation stockholders" in our Consolidated Statements of
Income. Prior to our adoption of this standard, this amount was
presented as "Minority interest in earnings of HEP," a non-operating
expense item before "Income before income taxes." Additionally,
equity attributable to noncontrolling interests is now presented as a
separate component of total equity in our Consolidated Financial
Statements. We have adopted this standard on a retroactive basis.
While this presentation differs from previous GAAP requirements, this
standard did not affect our net income and equity attributable to
Holly stockholders.
Segment Information
Our operations are currently organized into two reportable segments, Refining and HEP. Our operations that are not included in the Refining and HEP segments are included in Corporate and Other.
The Refining segment includes the operations of our Navajo Refinery, Woods Cross Refinery and Holly Asphalt Company. The Refining segment involves the purchase and refining of crude oil and wholesale and branded marketing of refined products, such as gasoline, diesel fuel and jet fuel, and includes our Navajo Refinery and Woods Cross Refinery. The petroleum products produced by the Refining segment are marketed in
The HEP segment involves all of the operations of HEP effective
Consolidations
Corporate and Consolidated
Refining HEP and Other Eliminations Total
-------- --- --------- ------------ ------------
(In thousands)
Three Months Ended
March 31, 2009
Sales and other
revenues $636,910 $32,125 $99 $(18,311) $650,823
Operating
expenses $56,415 $10,768 $19 $- $67,202
General and
administrative
expenses $- $1,227 $10,520 $- $11,747
Depreciation and
amortization $11,951 $7,174 $1,196 $- $20,321
Income (loss)
from operations $38,705 $12,830 $(11,636) $- $39,889
Capital
expenditures
(excludes HEP's
investment in
joint venture) $88,238 $10,570 $420 $- $99,228
Three Months Ended
March 31, 2008
Sales and
other
revenues $1,477,376 $9,942 $401 $(7,735) $1,479,984
Operating
expenses $57,216 $3,492 $- $- $60,708
General and
administrative
expenses $7 $522 $12,408 $- $12,937
Depreciation and
amortization $10,281 $2,010 $1,018 $- $13,309
Income (loss)
from operations $18,884 $3,734 $(13,025) $- $9,593
Capital
expenditures $68,816 $3,252 $693 $- $72,761
March 31, 2009
Cash, cash
equivalents
and investments
in marketable
securities $- $4,321 $50,144 $- $54,465
Total assets $1,447,571 $488,311 $96,543 $(18,558) $2,013,867
Total debt $- $411,485 $55,000 $- $466,485
December 31, 2008
Cash, cash
equivalents and
investments in
marketable
securities $- $5,269 $90,739 $- $96,008
Total assets $1,288,211 $458,049 $141,768 $(13,803) $1,874,225
Total debt $- $370,914 $- $- $370,914
Refining Operating Data
Our refinery operations include the Navajo Refinery and the Woods Cross Refinery. The following tables set forth information, including non-GAAP performance measures about our refinery operations. The cost of products and refinery gross margin do not include the effect of depreciation, depletion and amortization. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” below.
Years Ended
March 31,
---------
2009 2008
---- ----
Navajo Refinery
Crude charge (BPD) (1) 57,685 83,200
Refinery production (BPD) (2) 63,061 94,640
Sales of produced refined products (BPD) 62,147 94,050
Sales of refined products (BPD) (3) 71,138 105,410
Refinery utilization (4) 67.9% 97.9%
Average per produced barrel (5)
Net sales $57.37 $103.26
Cost of products (6) 44.92 96.83
----- -----
Refinery gross margin 12.45 6.43
Refinery operating expenses (7) 6.17 4.39
---- ----
Net operating margin $6.28 $2.04
===== =====
Feedstocks:
Sour crude oil 87% 80%
Sweet crude oil 8% 8%
Other feedstocks and blends 5% 12%
-- ---
Total 100% 100%
=== ===
Sales of produced refined products:
Gasolines 61% 58%
Diesel fuels 31% 32%
Jet fuels 1% 1%
Fuel oil 1% 3%
Asphalt 3% 3%
LPG and other 3% 3%
-- --
Total 100% 100%
==== ====
Woods Cross Refinery(8)
Crude charge (BPD) (1) 23,309 24,960
Refinery production (BPD) (2) 23,286 25,440
Sales of produced refined products (BPD) 27,024 25,300
Sales of refined products (BPD) (3) 27,664 27,530
Refinery utilization (4) 75.2% 96.0%
Average per produced barrel (5)
Net sales $50.31 $102.96
Cost of products (6) 39.57 90.42
----- -----
Refinery gross margin 10.74 12.54
Refinery operating expenses (7) 6.92 6.26
---- ----
Net operating margin $3.82 $6.28
===== =====
Three Months Ended
March 31,
----------
2009 2008
---- ----
Woods Cross Refinery
Feedstocks:
Sour crude oil 3% 3%
Sweet crude oil 66% 76%
Black wax crude oil 29% 16%
Other feedstocks and blends 2% 5%
-- --
Total 100% 100%
==== ====
Sales of produced refined products:
Gasolines 68% 68%
Diesel fuels 23% 23%
Jet fuels 1% -%
Fuel oil 4% 5%
Asphalt 1% -%
LPG and other 3% 4%
-- --
Total 100% 100%
==== ====
Consolidated
Crude charge (BPD) (1) 80,994 108,160
Refinery production (BPD) (2) 86,347 120,080
Sales of produced refined products (BPD) 89,171 119,350
Sales of refined products (BPD) (3) 98,802 132,940
Refinery utilization (4) 69.8% 97.4%
Average per produced barrel (5)
Net sales $55.23 $103.20
Cost of products (6) 43.30 95.48
----- -----
Refinery gross margin 11.93 7.72
Refinery operating expenses (7) 6.40 4.78
---- ----
Net operating margin $5.53 $2.94
===== =====
Feedstocks:
Sour crude oil 64% 63%
Sweet crude oil 24% 23%
Black wax crude oil 8% 4%
Other feedstocks and blends 4% 10%
-- ---
Total 100% 100%
==== ====
Sales of produced refined products:
Gasolines 63% 60%
Diesel fuels 29% 30%
Jet fuels 1% 1%
Fuel oil 2% 3%
Asphalt 2% 3%
LPG and other 3% 3%
-- --
Total 100% 100%
==== ====
(1) Crude charge represents the barrels per day of crude oil processed at
the crude units at our refineries.
(2) Refinery production represents the barrels per day of refined
products yielded from processing crude and other refinery feedstocks
through the crude units and other conversion units at our refineries.
(3) Includes refined products purchased for resale.
(4) Represents crude charge divided by total crude capacity (BPSD). Our
consolidated crude capacity was increased from 109,000 BPSD to
111,000 BPSD in mid-year 2007 and by an additional 5,000 BPSD in the
fourth quarter of 2008, increasing our consolidated crude capacity to
116,000 BPSD.
(5) Represents average per barrel amount for produced refined products
sold, which is a non-GAAP measure. Reconciliations to amounts
reported under GAAP are provided under "Reconciliations to Amounts
Reported Under Generally Accepted Accounting Principles" below.
(6) Transportation costs billed from HEP are included in cost of products.
(7) Represents operating expenses of our refineries, exclusive of
depreciation, depletion, and amortization.
(8) There was a scheduled major maintenance turnaround at the Woods Cross
Refinery during the 2008 third quarter.
Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles
Reconciliations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) to amounts reported under generally accepted accounting principles in financial statements.
Earnings before interest, taxes, depreciation and amortization, which we refer to as EBITDA, is calculated as net income plus (i) interest expense net of interest income, (ii) income tax provision, and (iii) depreciation, depletion and amortization. EBITDA is not a calculation based upon accounting principles generally accepted in
Set forth below is our calculation of EBITDA.
Three Months Ended
March 31,
----------
2009 2008
---- ----
(In thousands)
Net Income attributable to Holly Corporation
stockholders $21,945 $8,649
Add provision for income tax 12,131 4,695
Add interest expense 6,239 1,992
Subtract interest income (2,196) (3,555)
Add depreciation and amortization 20,321 13,309
------ ------
EBITDA $58,440 $25,090
======= =======
Reconciliations of refinery operating information (non-GAAP performance measures) to amounts reported under generally accepted accounting principles in financial statements.
Refinery gross margin and net operating margin are non-GAAP performance measures that are used by our management and others to compare our refining performance to that of other companies in our industry. We believe these margin measures are helpful to investors in evaluating our refining performance on a relative and absolute basis.
We calculate refinery gross margin and net operating margin using net sales, cost of products and operating expenses, in each case averaged per produced barrel sold. These two margins do not include the effect of depreciation, depletion and amortization. Each of these component performance measures can be reconciled directly to our Statements of Income.
Other companies in our industry may not calculate these performance measures in the same manner.
Refinery Gross Margin
Refinery gross margin per barrel is the difference between average net sales price and average cost of products per barrel of produced refined products. Refinery gross margin for each of our refineries and for both of our refineries on a consolidated basis is calculated as shown below.
Three Months Ended
March 31,
----------
2009 2008
---- ----
Average per produced barrel:
Navajo Refinery
Net sales $57.37 $103.26
Less cost of products 44.92 96.83
----- -----
Refinery gross margin $12.45 $6.43
====== =====
Woods Cross Refinery
Net sales $50.31 $102.96
Less cost of products 39.57 90.42
----- -----
Refinery gross margin $10.74 $12.54
====== ======
Consolidated
Net sales $55.23 $103.20
Less cost of products 43.30 95.48
----- -----
Refinery gross margin $11.93 $7.72
====== =====
Net Operating Margin
Net operating margin per barrel is the difference between refinery gross margin and refinery operating expenses per barrel of produced refined products. Net operating margin for each of our refineries and for both of our refineries on a consolidated basis is calculated as shown below.
Three Months Ended
March 31,
----------
2009 2008
---- ----
Average per produced barrel:
Navajo Refinery
Refinery gross margin $12.45 $6.43
Less refinery operating expenses 6.17 4.39
---- ----
Net operating margin $6.28 $2.04
===== =====
Woods Cross Refinery
Refinery gross margin $10.74 $12.54
Less refinery operating expenses 6.92 6.26
---- ----
Net operating margin $3.82 $6.28
===== =====
Consolidated
Refinery gross margin $11.93 $7.72
Less refinery operating expenses 6.40 4.78
---- ----
Net operating margin $5.53 $2.94
===== =====
Below are reconciliations to our Consolidated Statements of Income for (i) net sales, cost of products and operating expenses, in each case averaged per produced barrel sold, and (ii) net operating margin and refinery gross margin. Due to rounding of reported numbers, some amounts may not calculate exactly.
Reconciliations of refined product sales from produced products sold to total sales and other revenue
Three Months Ended
March 31,
----------
2009 2008
---- ----
Navajo Refinery
Average sales price per produced barrel sold $57.37 $103.26
Times sales of produced refined products sold (BPD) 62,147 94,050
Times number of days in period 90 91
-- --
Refined product sales from produced products sold $320,884 $883,756
======== ========
Woods Cross Refinery
Average sales price per produced barrel sold $50.31 $102.96
Times sales of produced refined products sold (BPD) 27,024 25,300
Times number of days in period 90 91
-- --
Refined product sales from produced products sold $122,362 $237,045
======== ========
Sum of refined products sales from produced
products sold from our two refineries (4) $443,246 $1,120,801
Add refined product sales from purchased
products and rounding (1) 53,646 135,209
------ -------
Total refined products sales 496,892 1,256,010
Add direct sales of excess crude oil(2) 121,255 202,951
Add other refining segment revenue(3) 18,763 18,415
------ ------
Total refining segment revenue 636,910 1,477,376
Add HEP segment sales and other revenues 32,125 9,942
Add corporate and other revenues 99 401
Subtract consolidations and eliminations (18,311) (7,735)
-------- -------
Sales and other revenues $650,823 $1,479,984
======== ==========
(1) We purchase finished products when opportunities arise that provide a
profit on the sale of such products, or to meet delivery commitments.
(2) We purchase crude oil that at times exceeds the supply needs of our
refineries. Quantities in excess of our needs are sold at market
prices to purchasers of crude oil that are recorded on a gross basis
with the sales price recorded as revenues and the corresponding
acquisition cost as inventory and then upon sale as cost of products
sold. Additionally, we enter into buy/sell exchanges of crude oil
with certain parties to facilitate the delivery of quantities to
certain locations that are netted at carryover cost.
(3) Other refining segment revenue includes the revenues associated with
Holly Asphalt Company and other revenues including sulfur credit
sales.
(4) The above calculations of refined product sales from produced
products sold can also be computed on a consolidated basis. These
amounts may not calculate exactly due to rounding of reported
numbers.
Three Months Ended
March 31,
---------
2009 2008
---- ----
Average sales prices per produced barrel sold $55.23 $103.20
Times sales of produced refined products sold (BPD) 89,171 119,350
Times number of days in period 90 91
-- --
Refined product sales from produced products sold $443,246 $1,120,801
======== ==========
Reconciliation of average cost of products per produced barrel sold to total costs of products sold
Three Months Ended
March 31,
---------
2009 2008
---- ----
Navajo Refinery
Average cost of products per produced barrel sold $44.92 $96.83
Times sales of produced refined products sold (BPD) 62,147 94,050
Times number of days in period 90 91
-- --
Cost of products for produced products sold $251,248 $828,724
======== ========
Three Months Ended
March 31,
---------
2009 2008
---- ----
Woods Cross Refinery
Average cost of products per produced barrel sold $39.57 $90.42
Times sales of produced refined products sold (BPD) 27,024 25,300
Times number of days in period 90 91
-- --
Cost of products for produced products sold $96,241 $208,174
======= ========
Sum of cost of products for produced products
sold from our two refineries (4) $347,489 $1,036,898
Add refined product costs from purchased
products sold and rounding (1) 57,760 135,164
------ -------
Total refined cost of products sold 405,249 1,172,062
Add crude oil cost of direct sales of excess
crude oil(2) 120,682 202,213
Add other refining segment costs of products sold(3) 3,908 16,713
----- ------
Total refining segment cost of products sold 529,839 1,390,988
Subtract consolidations and eliminations (18,185) (7,551)
------- ------
Costs of products sold (exclusive of
depreciation, depletion and amortization) $511,654 $1,383,437
======== ==========
(1) We purchase finished products when opportunities arise that provide a
profit on the sale of such products, or to meet delivery commitments.
(2) We purchase crude oil that at times exceeds the supply needs of our
refineries. Quantities in excess of our needs are sold at market
prices to purchasers of crude oil that are recorded on a gross basis
with the sales price recorded as revenues and the corresponding
acquisition cost as inventory and then upon sale as cost of products
sold. Additionally, we enter into buy/sell exchanges of crude oil
with certain parties to facilitate the delivery of quantities to
certain locations that are netted at carryover cost.
(3) Other refining segment cost of products sold includes the cost of
products for Holly Asphalt Company and other costs including costs
attributable to sulfur credit sales.
(4) The above calculations of costs of products from produced products
sold can also be computed on a consolidated basis. These amounts may
not calculate exactly due to rounding of reported numbers.
Three Months Ended
March 31,
---------
2009 2008
---- ----
Average cost of products per produced barrel sold $43.30 $95.48
Times sales of produced refined products sold (BPD) 89,171 119,350
Times number of days in period 90 91
-- --
Cost of products for produced products sold $347,489 $1,036,898
======== ==========
Reconciliation of average refinery operating expenses per produced barrel sold to total operating expenses
Three Months Ended
March 31,
---------
2009 2008
---- ----
Navajo Refinery
Average refinery operating expenses per produced
barrel sold $6.17 $4.39
Times sales of produced refined products sold (BPD) 62,147 94,050
Times number of days in period 90 91
-- --
Refinery operating expenses for produced products
sold $34,510 $37,572
======= =======
Woods Cross Refinery
Average refinery operating expenses per produced
barrel sold $6.92 $6.26
Times sales of produced refined products sold (BPD) 27,024 25,300
Times number of days in period 90 91
-- --
Refinery operating expenses for produced products
sold $16,831 $14,412
======= =======
Three Months Ended
March 31,
---------
2009 2008
---- ----
Sum of refinery operating expenses per produced
products sold from our two refineries (2) $51,341 $51,984
Add other refining segment operating expenses
and rounding (1) 5,074 5,232
----- -----
Total refining segment operating expenses 56,415 57,216
Add HEP segment operating expenses 10,796 3,676
Add corporate and other costs (9) (184)
--- -----
Operating expenses (exclusive of depreciation,
depletion and amortization) $67,202 $60,708
======= =======
(1) Other refining segment operating expenses include the marketing costs
associated with our refining segment and the operating expenses of
Holly Asphalt Company.
(2) The above calculations of refinery operating expenses from produced
products sold can also be computed on a consolidated basis. These
amounts may not calculate exactly due to rounding of reported numbers.
Three Months Ended
March 31,
---------
2009 2008
---- ----
Average refinery operating expenses per produced
barrel sold $6.40 $4.78
Times sales of produced refined products sold
(BPD) 89,171 119,350
Times number of days in period 90 91
-- --
Refinery operating expenses for produced products
sold $51,341 $51,984
======= =======
Reconciliation of net operating margin per barrel to refinery gross margin per barrel to total sales and other revenues
Three Months Ended
March 31,
----------
2009 2008
---- ----
Navajo Refinery
Net operating margin per barrel $6.28 $2.04
Add average refinery operating expenses per
produced barrel 6.17 4.39
---- ----
Refinery gross margin per barrel 12.45 6.43
Add average cost of products per produced barrel
sold 44.92 96.83
----- -----
Average net sales per produced barrel sold $57.37 $103.26
Times sales of produced refined products sold (BPD) 62,147 94,050
Times number of days in period 90 91
-- --
Refined products sales from produced products sold $320,884 $883,756
======== ========
Woods Cross Refinery
Net operating margin per barrel $3.82 $6.28
Add average refinery operating expenses per
produced barrel 6.92 6.26
---- ----
Refinery gross margin per barrel 10.74 12.54
Add average cost of products per produced barrel
sold 39.57 90.42
----- -----
Average net sales per produced barrel sold $50.31 $102.96
Times sales of produced refined products sold (BPD) 27,024 25,300
Times number of days in period 90 91
-- --
Refined products sales from produced products sold $122,362 $237,045
======== ========
Sum of refined products sales from produced
products sold from our two refineries (4) $443,246 $1,120,801
Add refined product sales from purchased
products and rounding (1) 53,646 135,209
------ -------
Total refined products sales 496,892 1,256,010
Add direct sales of excess crude oil(2) 121,255 202,951
Add other refining segment revenue (3) 18,763 18,415
------ ------
Total refining segment revenue 636,910 1,477,376
Add HEP segment sales and other revenues 32,125 9,942
Add corporate and other revenues 99 401
Subtract consolidations and eliminations (18,311) (7,735)
------- ------
Sales and other revenues $650,823 $1,479,984
======== ==========
(1) We purchase finished products when opportunities arise that provide a
profit on the sale of such products or to meet delivery commitments.
(2) We purchase crude oil that at times exceeds the supply needs of our
refineries. Quantities in excess of our needs are sold at market
prices to purchasers of crude oil that are recorded on a gross basis
with the sales price recorded as revenues and the corresponding
acquisition cost as inventory and then upon sale as cost of products
sold. Additionally, we enter into buy/sell exchanges of crude oil
with certain parties to facilitate the delivery of quantities to
certain locations that are netted at carryover cost.
(3) Other refining segment revenue includes the revenues associated with
Holly Asphalt Company and other revenues including from sulfur credit
sales.
(4) The above calculations of refined product sales from produced
products sold can also be computed on a consolidated basis. These
amounts may not calculate exactly due to rounding of reported numbers.
Three Months Ended
March 31,
---------
2009 2008
---- ----
Net operating margin per barrel $5.53 $2.94
Add average refinery operating expenses per
produced barrel 6.40 4.78
---- ----
Refinery gross margin per barrel 11.93 7.72
Add average cost of products per produced barrel sold 43.30 95.48
----- -----
Average sales price per produced barrel sold $55.23 $103.20
Times sales of produced refined products sold (BPD) 89,171 119,350
Times number of days in period 90 91
-- --
Refined product sales from produced products sold $443,246 $1,120,801
======== ==========
SOURCE Holly Corporation