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HollyFrontier Corporation Announces Regular Cash Dividend

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HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier”) announced today that its Board of Directors declared a regular quarterly dividend in the amount of $0.32 per share, payable on March 24, 2015 to holders of record of common stock on March 10, 2015.

In addition, the Board of Directors has authorized a new $500 million share repurchase program. This authorization replaces all existing share repurchase authorizations, of which there was approximately $425 million remaining. Share repurchases will be made in the open market or through privately negotiated transactions from time to time and are subject to market conditions, corporate, regulatory and other considerations. This share repurchase program may be discontinued at any time by the Board of Directors.

Mike Jennings, CEO and President of HollyFrontier, commented, “The $0.32 per share quarterly regular dividend announced today represents a 3.1% yield as of today’s closing price of $41.87. Given the recent pullback in share price and the current volatility in the energy markets, we have decided to reallocate special dividend spending towards increased share repurchases. Looking forward, we remain focused on maximizing shareholder value and will continue to return cash to shareholders through a combination of dividends and share repurchases.”

About HollyFrontier Corporation:

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier operates through its subsidiaries a 135,000 barrels per stream day (“bpsd”) refinery located in El Dorado, Kansas, a 125,000 bpsd refinery in Tulsa, Oklahoma, a 100,000 bpsd refinery located in Artesia, New Mexico, a 52,000 bpsd refinery located in Cheyenne, Wyoming and a 31,000 bpsd refinery in Woods Cross, Utah. HollyFrontier markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. A subsidiary of HollyFrontier also currently owns a 39% interest (including a 2% general partner interest) in Holly Energy Partners, L.P.

Information about the Company may be found on its website at www.hollyfrontier.com.

The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein relating to matters that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. These statements are based on our 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. Although we believe that such expectations reflected in such forward-looking statements are reasonable, we cannot give assurance that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any 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 HollyFrontier’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 and environmental regulations and policies;
  • the availability and cost of financing to HollyFrontier;
  • the effectiveness of HollyFrontier’s capital investments and marketing strategies;
  • HollyFrontier’s efficiency in carrying out construction projects;
  • the ability of HollyFrontier to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any future acquired operations;
  • the possibility of terrorist attacks and the consequences of any such attacks;
  • general economic conditions; and
  • other financial, operational and legal risks and uncertainties detailed from time to time in HollyFrontier’s Securities and Exchange Commission filings.

The forward-looking statements speak only as of the date made and, other than as required by law, HollyFrontier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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