10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________

FORM 10-Q

_________________________________________________________________

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from    __________   to   ____________         

Commission File Number 1-3876

 _________________________________________________________________

HOLLYFRONTIER CORPORATION

(Exact name of registrant as specified in its charter)

_________________________________________________________________

Delaware	75-1056913
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2828 N. Harwood, Suite 1300 Dallas, Texas	75201
(Address of principal executive offices)	(Zip Code)

(214) 871-3555

Registrant’s telephone number, including area code

_________________________________________________________________

Former name, former address and former fiscal year, if changed since last report

_________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

203,105,789 shares of Common Stock, par value $.01 per share, were outstanding on April 30, 2013.

HOLLYFRONTIER CORPORATION

INDEX

	Page
Forward-Looking Statements	3
PART I. FINANCIAL INFORMATION
Definitions	4
Item 1. Financial Statements
Consolidated Balance Sheets
March 31, 2013 (Unaudited) and December 31, 2012	6
Consolidated Statements of Income (Unaudited)
Three Months Ended March 31, 2013 and 2012	7
Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended March 31, 2013 and 2012	8
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31, 2013 and 2012	9
Notes to Consolidated Financial Statements (Unaudited)	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3. Quantitative and Qualitative Disclosures About Market Risk	47
Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles	47
Item 4. Controls and Procedures	50
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	51
Item 1A. Risk Factors	51
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 6. Exhibits	52
Signatures	53
Index to Exhibits	54

FORWARD-LOOKING STATEMENTS

References herein to HollyFrontier Corporation (“HollyFrontier”) include HollyFrontier and its consolidated subsidiaries. In accordance with the Securities and Exchange Commission’s (“SEC”) “Plain English” guidelines, this Quarterly Report on Form 10-Q has been written in the first person. In this document, the words “we,” “our,” “ours” and “us” refer only to HollyFrontier and its consolidated subsidiaries or to HollyFrontier or an individual subsidiary and not to any other person with certain exceptions. Generally, the words “we,” “our,” “ours” and “us” include Holly Energy Partners, L.P. (“HEP”) and its subsidiaries as consolidated subsidiaries of HollyFrontier, unless when used in disclosures of transactions or obligations between HEP and HollyFrontier or its other subsidiaries. This document contains certain disclosures of agreements that are specific to HEP and its consolidated subsidiaries and do not necessarily represent obligations of HollyFrontier. When used in descriptions of agreements and transactions, “HEP” refers to HEP and its consolidated subsidiaries.

This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical fact included in this Form 10-Q, including, but not limited to, those under “Results of Operations,” “Liquidity and Capital Resources” and “Risk Management” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and those in Part II, Item 1 “Legal Proceedings” are forward-looking statements. These statements are 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. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you 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 our 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 our financing;

• the effectiveness of our capital investments and marketing strategies;

• our efficiency in carrying out construction projects;

• our ability to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or 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 our SEC filings.

Cautionary statements identifying important factors that could cause actual results to differ materially from our expectations are set forth in this Form 10-Q, including without limitation, the forward-looking statements that are referred to above. This summary discussion should be read in conjunction with the discussion of the known material risk factors and other cautionary statements under the heading “Risk Factors” included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2012 and in conjunction with the discussion in this Form 10-Q in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the heading “Liquidity and Capital Resources.” All forward-looking statements included in this Form 10-Q and all subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

3

PART I. FINANCIAL INFORMATION

DEFINITIONS

Within this report, the following terms have these specific meanings:

“Alkylation” means the reaction of propylene or butylene (olefins) with isobutane to form an iso-paraffinic gasoline (inverse of cracking).

“Aromatic oil” is long chain oil that is highly aromatic in nature that is used to manufacture tires and in the production of asphalt.

“BPD” means the number of barrels per calendar day of crude oil or petroleum products.

“BPSD” means the number of barrels per stream day (barrels of capacity in a 24 hour period) of crude oil or petroleum products.

“Biodiesel” means a clean alternative fuel produced from renewable biological resources.

“Black wax crude oil” is a low sulfur, low gravity crude oil produced in the Uintah Basin in Eastern Utah that has certain characteristics that require specific facilities to transport, store and refine into transportation fuels.

“Catalytic reforming” means a refinery process which uses a precious metal (such as platinum) based catalyst to convert low octane naphtha to high octane gasoline blendstock and hydrogen. The hydrogen produced from the reforming process is used to desulfurize other refinery oils and is a primary source of hydrogen for the refinery.

“Cracking” means the process of breaking down larger, heavier and more complex hydrocarbon molecules into simpler and lighter molecules.

“Crude distillation” means the process of distilling vapor from liquid crudes, usually by heating, and condensing the vapor slightly above atmospheric pressure turning it back to liquid in order to purify, fractionate or form the desired products.

“Ethanol” means a high octane gasoline blend stock that is used to make various grades of gasoline.

“FCC,” or fluid catalytic cracking, means a refinery process that breaks down large complex hydrocarbon molecules into smaller more useful ones using a circulating bed of catalyst at relatively high temperatures.

“Hydrodesulfurization” means to remove sulfur and nitrogen compounds from oil or gas in the presence of hydrogen and a catalyst at relatively high temperatures.

“Hydrogen plant” means a refinery unit that converts natural gas and steam to high purity hydrogen, which is then used in the hydrodesulfurization, hydrocracking and isomerization processes.

“HF alkylation,” or hydrofluoric alkylation, means a refinery process which combines isobutane and C3/C4 olefins using HF acid as a catalyst to make high octane gasoline blend stock.

“Isomerization” means a refinery process for rearranging the structure of C5/C6 molecules without changing their size or chemical composition and is used to improve the octane of C5/C6 gasoline blendstocks.

“LPG” means liquid petroleum gases.

“Lubricant” or “lube” means a solvent neutral paraffinic product used in passenger and commercial vehicle engine oils, specialty products for metal working or heat transfer and other industrial applications.

“MSAT2” means Control of Hazardous Air Pollutants from Mobile Sources, a rule issued by the U.S. Environmental Protection Agency to reduce hazardous emissions from motor vehicles and motor vehicle fuels.

“MEK” means a lube process that separates waxy oil from non-waxy oils using methyl ethyl ketone as a solvent.

4

“MMBTU” means one million British thermal units.

“Natural gasoline” means a low octane gasoline blend stock that is purchased and used to blend with other high octane stocks produced to make various grades of gasoline.

“Paraffinic oil” is a high paraffinic, high gravity oil produced by extracting aromatic oils and waxes from gas oil and is used in producing high-grade lubricating oils.

“Refinery gross margin” means the difference between average net sales price and average product costs per produced barrel of refined products sold. This does not include the associated depreciation and amortization costs.

“Reforming” means the process of converting gasoline type molecules into aromatic, higher octane gasoline blend stocks while producing hydrogen in the process.

“Roofing flux” is produced from the bottom cut of crude oil and is the base oil used to make roofing shingles for the housing industry.

“ROSE,” or “Solvent deasphalter / residuum oil supercritical extraction,” means a refinery unit that uses a light hydrocarbon like propane or butane to extract non-asphaltene heavy oils from asphalt or atmospheric reduced crude. These deasphalted oils are then further converted to gasoline and diesel in the FCC process. The remaining asphaltenes are either sold, blended to fuel oil or blended with other asphalt as a hardener.

“Scanfiner” is a refinery unit that removes sulfur from gasoline to produce low sulfur gasoline blendstock.

“Sour crude oil” means crude oil containing quantities of sulfur greater than 0.4 percent by weight, while “sweet crude oil” means crude oil containing quantities of sulfur equal to or less than 0.4 percent by weight.

“Vacuum distillation” means the process of distilling vapor from liquid crudes, usually by heating, and condensing the vapor below atmospheric pressure turning it back to a liquid in order to purify, fractionate or form the desired products.

“WCS” means Western Canada Select crude oil and is made up of Canadian heavy conventional and bitumen crude oils blended with sweet synthetic and condensate diluents.

“WTI” means West Texas Intermediate and is a grade of crude oil used as a common benchmark in oil pricing. WTI is a sweet crude oil and has a relatively low density.

“WTS” means West Texas Sour, a medium sour crude oil.

5

Item 1. Financial Statements

HOLLYFRONTIER CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	March 31, 2013			December 31, 2012
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents (HEP: $18,193 and $5,237, respectively)	$	1,872,442		$	1,757,699
Marketable securities	665,694			630,586
Accounts receivable: Product and transportation (HEP: $37,129 and $38,097, respectively)	599,669			587,728
Crude oil resales	56,855			46,502
	656,524			634,230
Inventories: Crude oil and refined products	1,398,769			1,238,678
Materials, supplies and other (HEP: $1,491 and $1,259, respectively)	72,031			80,954
	1,470,800			1,319,632
Income taxes receivable	37,904			74,957
Prepayments and other (HEP: $1,984 and $2,360, respectively)	59,946			53,161
Total current assets	4,763,310			4,470,265
Properties, plants and equipment, at cost (HEP: $1,158,287 and $1,155,710, respectively)	4,008,803			3,943,114
Less accumulated depreciation (HEP: $(152,710) and $(141,154), respectively)	(794,605		)	(748,414		)
	3,214,198			3,194,700
Marketable securities (long-term)	5,000			5,116
Other assets: Turnaround costs	197,356			151,764
Goodwill (HEP: $288,991 and $288,991, respectively)	2,338,302			2,338,302
Intangibles and other (HEP: $75,007 and $76,300, respectively)	178,006			168,850
	2,713,664			2,658,916
Total assets	$	10,696,172		$	10,328,997
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (HEP: $12,346 and $12,030, respectively)	$	1,339,419		$	1,314,151
Income taxes payable	151,403			—
Accrued liabilities (HEP: $14,135 and $23,705, respectively)	127,005			195,077
Deferred income tax liabilities	149,127			145,216
Total current liabilities	1,766,954			1,654,444
Long-term debt (HEP: $811,913 and $864,673, respectively)	1,283,245			1,336,238
Deferred income taxes (HEP: $4,951 and $4,951, respectively)	554,102			536,670
Other long-term liabilities (HEP: $30,192 and $28,683, respectively)	162,824			158,987
Equity:
HollyFrontier stockholders’ equity:
Preferred stock, $1.00 par value – 5,000,000 shares authorized; none issued	—			—
Common stock $.01 par value – 320,000,000 shares authorized; 255,962,866 shares issued as of March 31, 2013 and December 31, 2012	2,560			2,560
Additional capital	3,973,788			3,911,353
Retained earnings	3,225,050			3,054,769
Accumulated other comprehensive income (loss)	3,334			(8,425		)
Common stock held in treasury, at cost – 52,635,439 and 52,411,370 shares as of March 31, 2013 and December 31, 2012, respectively	(918,939		)	(907,303		)
Total HollyFrontier stockholders’ equity	6,285,793			6,052,954
Noncontrolling interest	643,254			589,704
Total equity	6,929,047			6,642,658
Total liabilities and equity	$	10,696,172		$	10,328,997

Parenthetical amounts represent asset and liability balances attributable to Holly Energy Partners, L.P. (“HEP”) as of March 31, 2013 and December 31, 2012. HEP is a consolidated variable interest entity.

See accompanying notes.

6

HOLLYFRONTIER CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share data)

	Three Months Ended March 31,
	2013			2012
Sales and other revenues	$	4,707,789		$	4,931,738
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	3,792,535			4,186,917
Operating expenses (exclusive of depreciation and amortization)	265,099			241,627
General and administrative expenses (exclusive of depreciation and amortization)	29,198			27,528
Depreciation and amortization	71,762			56,102
Total operating costs and expenses	4,158,594			4,512,174
Income from operations	549,195			419,564
Other income (expense):
Earnings of equity method investments	59			717
Interest income	1,531			460
Interest expense	(21,320		)	(33,315		)
	(19,730		)	(32,138		)
Income before income taxes	529,465			387,426
Income tax provision:
Current	206,627			142,870
Deferred	(20,533		)	(2,464		)
	186,094			140,406
Net income	343,371			247,020
Less net income attributable to noncontrolling interest	9,702			5,324
Net income attributable to HollyFrontier stockholders	$	333,669		$	241,696
Earnings per share attributable to HollyFrontier stockholders:
Basic	$	1.64		$	1.16
Diluted	$	1.63		$	1.16
Cash dividends declared per common share	$	0.80		$	0.60
Average number of common shares outstanding:
Basic	203,515			208,531
Diluted	204,217			209,138

See accompanying notes.

7

HOLLYFRONTIER CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

	Three Months Ended March 31,
	2013			2012
Net income	$	343,371		$	247,020
Other comprehensive income (loss):
Securities available-for-sale:
Unrealized gain on available-for-sale securities	19			305
Reclassification adjustments to net income on sale or maturity of marketable securities	(3		)	(117		)
Net unrealized gain on available-for-sale securities	16			188
Hedging instruments:
Change in fair value of cash flow hedging instruments	(10,346		)	(140,697		)
Reclassification adjustments to net income on settlement of cash flow hedging instruments	27,704			(16,192		)
Amortization of unrealized loss attributable to discontinued cash flow hedges	939			1,274
Net unrealized gain (loss) on hedging instruments	18,297			(155,615		)
Actuarial loss on post-retirement healthcare plan reclassified to net income upon partial plan settlement	1,726			—
Other comprehensive income (loss) before income taxes	20,039			(155,427		)
Income tax expense (benefit)	7,488			(60,670		)
Other comprehensive income (loss)	12,551			(94,757		)
Total comprehensive income	355,922			152,263
Less noncontrolling interest in comprehensive income	10,494			5,861
Comprehensive income attributable to HollyFrontier stockholders	$	345,428		$	146,402

See accompanying notes.

8

HOLLYFRONTIER CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Three Months Ended March 31,
	2013			2012
Cash flows from operating activities:
Net income	$	343,371		$	247,020
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	71,762			56,102
Earnings of equity method investments, net of distributions	628			34
Deferred income taxes	(20,533		)	(2,464		)
Equity-based compensation expense	8,580			9,485
Change in fair value – derivative instruments	(53,745		)	12,122
(Increase) decrease in current assets:
Accounts receivable	(22,294		)	(25,247		)
Inventories	(151,168		)	(230,536		)
Income taxes receivable	37,053			365
Prepayments and other	3,866			(1,831		)
Increase (decrease) in current liabilities:
Accounts payable	(40,964		)	124,235
Income taxes payable	151,403			111,846
Accrued liabilities	(9,846		)	(46,358		)
Turnaround expenditures	(69,835		)	(21,762		)
Other, net	285			20,894
Net cash provided by operating activities	248,563			253,905
Cash flows from investing activities:
Additions to properties, plants and equipment	(66,951		)	(47,133		)
Additions to properties, plants and equipment – HEP	(5,013		)	(14,254		)
Proceeds from sale of property	2,290			—
Investment in Sabine Biofuels	—			(1,200		)
Purchases of marketable securities	(178,251		)	(106,573		)
Sales and maturities of marketable securities	143,280			100,480
Net cash used for investing activities	(104,645		)	(68,680		)
Cash flows from financing activities:
Borrowings under credit agreement – HEP	57,000			36,000
Repayments under credit agreement – HEP	(110,000		)	(81,000		)
Net proceeds from issuance of senior notes – HEP	—			294,750
Principal tender on senior notes – HEP	—			(157,761		)
Proceeds from sale of HEP common units	73,444			—
Proceeds from common unit offerings - HEP	73,444			—
Purchase of treasury stock	(6,610		)	(62,532		)
Contribution from joint venture partner	—			5,500
Dividends	(102,163		)	(126,019		)
Distributions to noncontrolling interest	(15,288		)	(14,391		)
Excess tax benefit from equity-based compensation	744			3,792
Purchase of units for incentive grants – HEP	(2,719		)	(1,283		)
Deferred financing costs	—			(1,123		)
Other	2,973			(512		)
Net cash used for financing activities	(29,175		)	(104,579		)
Cash and cash equivalents:
Increase for the period	114,743			80,646
Beginning of period	1,757,699			1,578,904
End of period	$	1,872,442		$	1,659,550
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	20,825		$	24,422
Income taxes	$	17,380		$	27,006

See accompanying notes.

9

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1: Description of Business and Presentation of Financial Statements

References herein to HollyFrontier Corporation (“HollyFrontier”) include HollyFrontier and its consolidated subsidiaries. In accordance with the Securities and Exchange Commission’s (“SEC”) “Plain English” guidelines, this Quarterly Report on Form 10-Q has been written in the first person. In these financial statements, the words “we,” “our,” “ours” and “us” refer only to HollyFrontier and its consolidated subsidiaries or to HollyFrontier or an individual subsidiary and not to any other person, with certain exceptions. Generally, the words “we,” “our,” “ours” and “us” include Holly Energy Partners, L.P. (“HEP”) and its subsidiaries as consolidated subsidiaries of HollyFrontier, unless when used in disclosures of transactions or obligations between HEP and HollyFrontier or its other subsidiaries. These financial statements contain certain disclosures of agreements that are specific to HEP and its consolidated subsidiaries and do not necessarily represent obligations of HollyFrontier. When used in descriptions of agreements and transactions, “HEP” refers to HEP and its consolidated subsidiaries.

We are principally an independent petroleum refiner that produces high-value light products such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. We own and operate petroleum refineries that serve markets throughout the Mid-Continent, Southwest and Rocky Mountain regions of the United States. As of March 31, 2013, we:

• owned and operated a petroleum refinery in El Dorado, Kansas (the “El Dorado Refinery”), two refinery facilities located in Tulsa, Oklahoma (collectively, the “Tulsa Refineries”), a refinery in Artesia, New Mexico that is operated in conjunction with crude oil distillation and vacuum distillation and other facilities situated 65 miles away in Lovington, New Mexico (collectively, the “Navajo Refinery”), a refinery located in Cheyenne, Wyoming (the “Cheyenne Refinery”) and a refinery in Woods Cross, Utah (the “Woods Cross Refinery”);

• owned and operated NK Asphalt Partners (“NK Asphalt”) which operates various asphalt terminals in Arizona and New Mexico;

• owned Ethanol Management Company (“EMC”), a products terminal and blending facility near Denver, Colorado and a 50% interest in Sabine Biofuels II, LLC (“Sabine Biofuels”), a biodiesel production facility located in Port Arthur, Texas; and

• owned a 39% interest in HEP, a consolidated variable interest entity (“VIE”), which includes our 2% general partner interest. HEP owns and operates logistic assets consisting of petroleum product and crude oil pipelines and terminal, tankage and loading rack facilities that principally support our refining and marketing operations in the Mid-Continent, Southwest and Rocky Mountain regions of the United States and Alon USA, Inc.'s (“Alon”) refinery in Big Spring, Texas. Additionally, HEP owns a 75% interest in UNEV Pipeline, LLC (“UNEV”), which owns a 12-inch refined products pipeline from Salt Lake City, Utah to Las Vegas, Nevada, together with terminal facilities in the Cedar City, Utah and North Las Vegas areas (the “UNEV Pipeline”), and a 25% interest in SLC Pipeline LLC (the “SLC Pipeline”), a 95-mile intrastate pipeline system that serves refineries in the Salt Lake City area.

We have prepared these consolidated financial statements without audit. In management’s opinion, these consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of our consolidated financial position as of March 31, 2013, the consolidated results of operations and comprehensive income for the three months ended March 31, 2013 and 2012 and consolidated cash flows for the three months ended March 31, 2013 and 2012 in accordance with the rules and regulations of the SEC. Although certain notes and other information required by generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted, we believe that the disclosures in these consolidated financial statements are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012 that has been filed with the SEC.

Our results of operations for the three months ended March 31, 2013 are not necessarily indicative of the results of operations to be realized for the year ending December 31, 2013.

Balance Sheet Offsetting: We purchase and sell inventories of crude oil with certain same-parties that are net settled in accordance with contractual net settlement provisions. Our policy is to present such balances on a net basis because it more appropriately presents our economic resources (accounts receivable) and claims against us (accounts payable) and the future cash flows associated with such assets and liabilities. The following table presents these balances on a gross basis with offsetting amounts that reconcile to a net payable balance included in our consolidated balance sheets.

10

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

	Gross Payable		Gross Receivable Offset in Balance Sheet			Net Payable Recognized in Balance Sheet
	(In thousands)
March 31, 2013
Accounts Payable	$	2,068,683	$	(729,264	)	$	1,339,419
December 31, 2012
Accounts Payable	$	2,037,549	$	(723,398	)	$	1,314,151

See Note 10 for disclosure of amounts related to our derivative instruments that are also presented on a net basis in our consolidated balance sheets.

Accounts Receivable: Our accounts receivable consist of amounts due from customers that are primarily companies in the petroleum industry. Credit is extended based on our evaluation of the customer’s financial condition, and in certain circumstances collateral, such as letters of credit or guarantees, is required. We reserve for doubtful accounts based on our historical loss experience as well as specific accounts identified as high risk, which historically have been minimal. Credit losses are charged to the allowance for doubtful accounts when an account is deemed uncollectible. Our allowance for doubtful accounts was $2.5 million at March 31, 2013 and December 31, 2012.

Inventories: We use the last-in, first-out (“LIFO”) method of valuing inventory. Under the LIFO method, an actual valuation of inventory can only be made at the end of each year based on the inventory levels at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final year-end LIFO inventory valuation.

Goodwill: Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed. Goodwill is not subject to amortization and is tested annually, or more frequently if events or circumstances indicate the possibility of impairment. As of March 31, 2013, there have been no impairments to goodwill.

NOTE 2: Holly Energy Partners

HEP, a consolidated VIE, is a publicly held master limited partnership that was formed to acquire, own and operate the petroleum product and crude oil pipeline and terminal, tankage and loading rack facilities that support our refining and marketing operations in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. HEP also owns and operates refined product pipelines and terminals, located primarily in Texas, that serve Alon's refinery in Big Spring, Texas.

As of March 31, 2013, we owned a 39% interest in HEP, including the 2% general partner interest. We are the primary beneficiary of HEP's earnings and cash flows and therefore we consolidate HEP. See Note 16 for supplemental guarantor/non-guarantor financial information, including HEP balances included in these consolidated financial statements. All intercompany transactions with HEP are eliminated in our consolidated financial statements.

HEP has two primary customers (including us) and generates revenues by charging tariffs for transporting petroleum products and crude oil though its pipelines, by charging fees for terminalling refined products and other hydrocarbons, and storing and providing other services at its storage tanks and terminals. Under our long-term transportation agreements with HEP (discussed further below), we accounted for 83% of HEP’s total revenues for the three months ended March 31, 2013. We do not provide financial or equity support through any liquidity arrangements and /or debt guarantees to HEP.

HEP has outstanding debt under a senior secured revolving credit agreement and its senior notes. With the exception of the assets of HEP Logistics Holdings, L.P., one of our wholly-owned subsidiaries and HEP’s general partner, HEP’s creditors have no recourse to our assets. Any recourse to HEP’s general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP, are not significant. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries. See Note 9 for a description of HEP’s debt obligations.

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HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

At March 31, 2013, we have an agreement to pledge up to 12.0 million of our HEP common units to collateralize certain crude oil purchases. These units represent a 20% ownership interest in HEP.

HEP has risk associated with its operations. If a major customer of HEP were to terminate its contracts or fail to meet desired shipping or throughput levels for an extended period of time, revenue would be reduced and HEP could suffer substantial losses to the extent that a new customer is not found. In the event that HEP incurs a loss, our operating results will reflect HEP’s loss, net of intercompany eliminations, to the extent of our ownership interest in HEP at that point in time.

Transportation Agreements

HEP serves our refineries under long-term pipeline and terminal, tankage and throughput agreements expiring from 2019 through 2026. Under these agreements, we pay HEP fees to transport, store and throughput volumes of refined product and crude oil on HEP's pipeline and terminal, tankage and loading rack facilities that result in minimum annual payments to HEP including UNEV (a consolidated subsidiary of HEP). Under these agreements, the agreed upon tariff rates are subject to annual tariff rate adjustments on July 1 at a rate based upon the percentage change in Producer Price Index (“PPI”) or Federal Energy Regulatory Commission (“FERC”) index. As of March 31, 2013, these agreements result in minimum annualized payments to HEP of $220.8 million.

Since HEP is a consolidated VIE, our transactions with HEP including fees paid under our transportation agreements with HEP are eliminated and have no impact on our consolidated financial statements.

HEP Common Unit Offering

In March 2013, HEP closed on a public offering of 1,875,000 of its common units. Additionally, our wholly-owned subsidiary, HollyFrontier Holdings LLC, as a selling unitholder, closed on a public sale of 1,875,000 HEP common units held by it. HEP used net proceeds of $73.4 million to repay indebtedness incurred under its credit facility and for general partnership purposes. As a result of these transactions and resulting HEP ownership changes, we adjusted additional capital and equity attributable to HEP's noncontrolling interest holders to reallocate HEP's equity among its unitholders.

NOTE 3: Financial Instruments

Our financial instruments consist of cash and cash equivalents, investments in marketable securities, accounts receivable, accounts payable, debt and derivative instruments. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. HEP's outstanding credit agreement borrowings also approximate fair value as interest rates are reset frequently at current interest rates.

Fair value measurements are derived using inputs (assumptions that market participants would use in pricing an asset or liability, including assumptions about risk). GAAP categorizes inputs used in fair value measurements into three broad levels as follows:

• (Level 1) Quoted prices in active markets for identical assets or liabilities.

• (Level 2) Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data.

• (Level 3) Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs.

12

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

The carrying amounts and related estimated fair values of our investments in marketable securities, derivative instruments and senior notes at March 31, 2013 and December 31, 2012 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
			(In thousands)
March 31, 2013
Assets:
Marketable debt securities	$	670,694	$	670,694	$	—	$	670,694	$	—
Commodity price swaps	43,808		43,808		—		27,598		16,210
Forward sales	1,468		1,468		—		—		1,468
Total assets	$	715,970	$	715,970	$	—	$	698,292	$	17,678
Liabilities:
NYMEX futures contracts	$	5,837	$	5,837	$	5,837	$	—	$	—
Commodity price swaps	38,650		38,650		—		14,723		23,927
HollyFrontier senior notes	435,373		469,573		—		469,573		—
HEP senior notes	443,913		480,563		—		480,563		—
HEP interest rate swaps	2,868		2,868		—		2,868		—
Total liabilities	$	926,641	$	997,491	$	5,837	$	967,727	$	23,927

December 31, 2012
Assets:
Marketable debt securities	$	635,702	$	635,702	$	—	$	635,702	$	—
Commodity price swaps	17,383		17,383		—		6,151		11,232
Total assets	$	653,085	$	653,085	$	—	$	641,853	$	11,232
Liabilities:
NYMEX futures contracts	$	5,563	$	5,563	$	5,563	$	—	$	—
Commodity price swaps	83,982		83,982		—		39,092		44,890
HollyFrontier senior notes	435,254		470,990		—		470,990		—
HEP senior notes	443,673		484,125		—		484,125		—
HEP interest rate swaps	3,430		3,430		—		3,430		—
Total liabilities	$	971,902	$	1,048,090	$	5,563	$	997,637	$	44,890

Level 1 Financial Instruments

Our NYMEX futures contracts are exchange traded and are measured and recorded at fair value using quoted market prices, a Level 1 input.

Level 2 Financial Instruments

Investments in marketable debt securities and derivative instruments consisting of commodity price swaps and HEP's interest rate swaps are measured and recorded at fair value using Level 2 inputs. The fair values of the commodity price and interest rate swap contracts are based on the net present value of expected future cash flows related to both variable and fixed rate legs of the respective swap agreements. The measurements are computed using market-based observable inputs, quoted forward commodity prices with respect to our commodity price swaps and the forward London Interbank Offered Rate (“LIBOR”) yield curve with respect to HEP's interest rate swaps. The fair value of the marketable debt securities and senior notes is based on values provided by a third-party, which were derived using market quotes for similar type instruments, a Level 2 input.

13

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Level 3 Financial Instruments

We have commodity price swap contracts that relate to forecasted sales of diesel and unleaded gasoline and forecasted purchases of WCS for which quoted forward market prices are not readily available. The forward rate used to value these price swaps is derived using a projected forward rate using quoted market rates for similar products, adjusted for regional pricing and grade differentials, a Level 3 input.

The following table presents the changes in fair value of the Level 3 assets and liabilities (all related to derivative instruments) for the three months ended March 31, 2013 and 2012:

Level 3 Financial Instruments	Three Months Ended March 31,
	2013			2012
	(In thousands)
Asset (liability) balance at beginning of period	$	(33,658	)	$	31,616
Change in fair value:
Recognized in other comprehensive income	(49,202		)	(146,769		)
Recognized in cost of products sold	43,559			—
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	19,185			(34,125		)
Recognized in cost of products sold	13,867			—
Asset (liability) balance at end of period	$	(6,249	)	$	(149,278	)

A hypothetical change of 10% to the estimated future cash flows attributable to our Level 3 derivative instruments would result in an estimated fair value change of approximately $4.1 million.

NOTE 4: Earnings Per Share

Basic earnings per share is calculated as net income attributable to HollyFrontier stockholders divided by the average number of shares of common stock outstanding. Diluted earnings per share assumes, when dilutive, the issuance of the net incremental shares from variable restricted and variable performance shares. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HollyFrontier stockholders:

	Three Months Ended March 31,
	2013		2012
	(In thousands, except per share data)
Earnings attributable to HollyFrontier stockholders	$	333,669	$	241,696
Average number of shares of common stock outstanding	203,515		208,531
Effect of dilutive variable restricted shares andperformance share units	702		607
Average number of shares of common stock outstanding assuming dilution	204,217		209,138
Basic earnings per share	$	1.64	$	1.16
Diluted earnings per share	$	1.63	$	1.16

14

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

NOTE 5: Stock-Based Compensation

As of March 31, 2013, we have two principal share-based compensation plans (collectively, the “Long-Term Incentive Compensation Plan”).

The compensation cost charged against income for these plans was $7.5 million and $8.5 million for the three months ended March 31, 2013 and 2012, respectively. Our accounting policy for the recognition of compensation expense for awards with pro-rata vesting (substantially all of our awards) is to expense the costs ratably over the vesting periods.

Additionally, HEP maintains a share-based compensation plan for Holly Logistic Services, L.L.C. non-employee directors and certain executives and employees. Compensation cost attributable to HEP’s share-based compensation plan was $1.1 million and $0.9 million for the three months ended March 31, 2013 and 2012, respectively.

Restricted Stock and Restricted Stock Units

Under our Long-Term Incentive Compensation Plan, we grant certain officers and other key employees restricted stock awards with awards generally vesting over a period of three years. Award recipients are generally entitled to all the rights of absolute ownership of the restricted shares from the date of grant (unless a recipient's tax election requires otherwise) including the right to vote the shares and to receive dividends. Upon vesting, restrictions on the restricted shares lapse at which time they convert to common shares. The vesting for certain key executives is contingent upon certain performance targets being realized. In addition, we grant non-employee directors restricted stock unit awards, which typically vest over a period of one year and are payable in stock. The fair value of each restricted stock and restricted stock unit award is measured based on the market price as of the date of grant and is amortized over the respective vesting period.

A summary of restricted stock and restricted stock unit activity and changes during the three months ended March 31, 2013 is presented below:

Restricted Stock and Restricted Stock Units	Grants		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2013 (non-vested)	843,527		$	34.52
Granted	29,500		45.90
Vesting (transfer/conversion to common stock)	(97,812	)	25.48
Forfeited	(6,714	)	35.77
Outstanding at March 31, 2013 (non-vested)	768,501		$	36.09	$	39,539

For the three months ended March 31, 2013, 97,812 restricted stock and restricted stock units vested having a grant date fair value of $2.5 million. As of March 31, 2013, there was $15.0 million of total unrecognized compensation cost related to non-vested restricted stock and restricted stock unit grants. That cost is expected to be recognized over a weighted-average period of 1.2 years.

Performance Share Units

Under our Long-Term Incentive Compensation Plan, we grant certain officers and other key employees performance share units, which are payable in stock upon meeting certain criteria over the service period, and generally vest over a period of three years. Under the terms of our performance share unit grants, awards are subject to either a “financial performance” or “market performance” criteria, or both.

The fair value of performance share unit awards subject to financial performance criteria is computed using the grant date closing stock price of each respective award grant and will apply to the number of units ultimately awarded. The number of shares ultimately issued for each award will be based on our financial performance as compared to peer group companies over the performance period and can range from zero to 200%. As of March 31, 2013, estimated share payouts for outstanding non-vested performance share unit awards ranged from 110% to 170%.

15

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

For the performance share units subject to market performance criteria, performance is calculated as the total shareholder return achieved by HollyFrontier stockholders compared with the average shareholder return achieved by an equally-weighted peer group of independent refining companies over a three-year period. These share unit awards are valued using a Monte Carlo valuation model, which simulates future stock price movements using key inputs including grant date stock prices, expected stock price performance, expected rate of return and volatility. These units are payable in stock based on share price performance relative to the defined peer group and can range from zero to 200% of the initial target award.

A summary of performance share unit activity and changes during the three months ended March 31, 2013 is presented below:

Performance Share Units	Grants
Outstanding at January 1, 2013 (non-vested)	875,574
Granted	—
Vesting and transfer of ownership to recipients	—
Forfeited	(7,914	)
Outstanding at March 31, 2013 (non-vested)	867,660

Based on the weighted-average grant date fair value of $35.40 per share, there was $22.9 million of total unrecognized compensation cost related to non-vested performance share units as of March 31, 2013. That cost is expected to be recognized over a weighted-average period of 1.6 years.

NOTE 6: Cash and Cash Equivalents and Investments in Marketable Securities

Our investment portfolio at March 31, 2013 consisted of cash, cash equivalents and investments in marketable debt securities.

We invest in highly-rated marketable debt securities that have maturities at the date of purchase of greater than three months. We also invest in other marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than two years from the date of purchase, which are usually held until maturity. All of these instruments are classified as available-for-sale. As a result, they are reported at fair value using quoted market prices. Interest income is recorded as earned. Unrealized gains and losses, net of related income taxes, are reported as a component of accumulated other comprehensive income. Upon sale or maturity, realized gains on our marketable debt securities are recognized as interest income. These gains are computed based on the specific identification of the underlying cost of the securities, net of unrealized gains and losses previously reported in other comprehensive income.

The following is a summary of our available-for-sale securities:

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value (Net Carrying Amount)
	(In thousands)
March 31, 2013
Certificates of deposit	$	81,771	$	9	$	(4	)	$	81,776
Commercial paper	51,541		27		—			51,568
Corporate debt securities	69,806		4		(38		)	69,772
State and political subdivisions debt securities	467,583		29		(34		)	467,578
Total marketable securities	$	670,701	$	69	$	(76	)	$	670,694
December 31, 2012
Certificates of deposit	$	82,791	$	14	$	(6	)	$	82,799
Commercial paper	45,737		17		—			45,754
Corporate debt securities	49,587		2		(30		)	49,559
State and political subdivisions debt securities	457,615		26		(51		)	457,590
Total marketable securities	$	635,730	$	59	$	(87	)	$	635,702

16

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

For the three months ended March 31, 2013 and 2012, we recognized $0.5 million and $0.3 million, respectively, of interest income on our marketable debt securities. Unrealized gains and losses are temporary.

NOTE 7: Inventories

Inventory consists of the following components:

	March 31, 2013		December 31, 2012
	(In thousands)
Crude oil	$	512,441	$	502,978
Other raw materials and unfinished products(1)	188,814		150,090
Finished products(2)	697,514		585,610
Process chemicals(3)	4,398		3,514
Repairs and maintenance supplies and other	67,633		77,440
Total inventory	$	1,470,800	$	1,319,632

(1) Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.

(2) Finished products include gasolines, jet fuels, diesels, lubricants, asphalts, LPG’s and residual fuels.

(3) Process chemicals include additives and other chemicals.

NOTE 8: Environmental

We expensed $0.1 million and $14.3 million for the three months ended March 31, 2013 and 2012, respectively, for environmental remediation obligations. The accrued environmental liability reflected in our consolidated balance sheets was $87.9 million and $88.9 million at March 31, 2013 and December 31, 2012, respectively, of which $68.9 million and $72.6 million, respectively, were classified as other long-term liabilities. These accruals include remediation and monitoring costs expected to be incurred over an extended period of time (up to 30 years for certain projects).

NOTE 9: Debt

HollyFrontier Credit Agreement

We have a $1 billion senior secured credit agreement (the “HollyFrontier Credit Agreement”) with Union Bank, N.A. as administrative agent and certain lenders from time to time party thereto. The HollyFrontier Credit Agreement matures in July 2016 and may be used to fund working capital requirements, capital expenditures, acquisitions and general corporate purposes. Obligations under the HollyFrontier Credit Agreement are collateralized by our inventory, accounts receivables and certain deposit accounts and guaranteed by our material, wholly-owned subsidiaries. At March 31, 2013, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $29.0 million under the HollyFrontier Credit Agreement.

HEP Credit Agreement

HEP has a $550 million senior secured revolving credit facility that matures in June 2017 (the “HEP Credit Agreement”) and is available to fund capital expenditures, investments, acquisitions, distribution payments and working capital and for general partnership purposes. It is also available to fund letters of credit up to a $50 million sub-limit and to fund distributions to unitholders up to a $60 million sub-limit. At March 31, 2013, HEP was in compliance with all of its covenants, had outstanding borrowings of $368.0 million and no outstanding letters of credit under the HEP Credit Agreement.

17

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

HEP’s obligations under the HEP Credit Agreement are collateralized by substantially all of HEP’s assets (presented parenthetically in our consolidated balance sheets). Indebtedness under the HEP Credit Agreement involves recourse to HEP Logistics Holdings, L.P., its general partner, and is guaranteed by HEP’s wholly-owned subsidiaries. Any recourse to the general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP, are not significant. HEP’s creditors have no other recourse to our assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

HollyFrontier Senior Notes

Our senior notes consist of the following:

• 9.875% senior notes ($286.8 million principal amount maturing June 2017)

• 6.875% senior notes ($150 million principal amount maturing November 2018)

These senior notes (collectively, the “HollyFrontier Senior Notes”) are unsecured and impose certain restrictive covenants, including limitations on our ability to incur additional debt, incur liens, enter into sale-and-leaseback transactions, pay dividends, enter into mergers, sell assets and enter into certain transactions with affiliates. At any time when the HollyFrontier Senior Notes are rated investment grade by both Moody’s and Standard & Poor’s and no default or event of default exists, we will not be subject to many of the foregoing covenants. Additionally, we have certain redemption rights under the HollyFrontier Senior Notes.

HollyFrontier Financing Obligation

We have a financing obligation that relates to a sale and lease-back of certain crude oil tankage that we sold to an affiliate of Plains All American Pipeline, L.P. (“Plains”) in October 2009 for $40.0 million. Monthly lease payments are recorded as a reduction in principal over the 15-year lease term ending in 2024.

HEP Senior Notes

HEP’s senior notes consist of the following:

• 8.25% HEP senior notes ($150 million principal amount maturing March 2018)

• 6.5% HEP senior notes ($300 million principal amount maturing March 2020)

The 8.25% and 6.5% HEP senior notes (collectively, the “HEP Senior Notes”) are unsecured and impose certain restrictive covenants, including limitations on HEP’s ability to incur additional indebtedness, make investments, sell assets, incur certain liens, pay distributions, enter into transactions with affiliates, and enter into mergers. At any time when the HEP Senior Notes are rated investment grade by both Moody’s and Standard & Poor’s and no default or event of default exists, HEP will not be subject to many of the foregoing covenants. Additionally, HEP has certain redemption rights under the HEP Senior Notes.

Indebtedness under the HEP Senior Notes involves recourse to HEP Logistics Holdings, L.P., its general partner, and is guaranteed by HEP’s wholly-owned subsidiaries. However, any recourse to the general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP, are not significant. HEP’s creditors have no other recourse to our assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

18

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

The carrying amounts of long-term debt are as follows:

	March 31, 2013			December 31, 2012
	(In thousands)
9.875% Senior Notes
Principal	$	286,812		$	286,812
Unamortized discount	(7,139		)	(7,468		)
	279,673			279,344
6.875% Senior Notes
Principal	150,000			150,000
Unamortized premium	5,700			5,910
	155,700			155,910
Financing Obligation	35,959			36,311
Total HollyFrontier long-term debt	471,332			471,565
HEP Credit Agreement	368,000			421,000
HEP 8.25% Senior Notes
Principal	150,000			150,000
Unamortized discount	(1,525		)	(1,602		)
	148,475			148,398
HEP 6.5% Senior Notes
Principal	300,000			300,000
Unamortized discount	(4,562		)	(4,725		)
	295,438			295,275
Total HEP long-term debt	811,913			864,673
Total long-term debt	$	1,283,245		$	1,336,238

We capitalized interest attributable to construction projects of $3.4 million and $1.5 million for the three months ended March 31, 2013 and 2012, respectively.

NOTE 10: Derivative Instruments and Hedging Activities

Commodity Price Risk Management

Our primary market risk is commodity price risk. We are exposed to market risks related to the volatility in crude oil and refined products, as well as volatility in the price of natural gas used in our refining operations. We periodically enter into derivative contracts in the form of commodity price swaps and futures contracts to mitigate price exposure with respect to:

• our inventory positions;

• natural gas purchases;

• costs of crude oil and related grade differentials;

• prices of refined products; and

• our refining margins.

Accounting Hedges

We have swap contracts serving as cash flow hedges against price risk on forecasted purchases of natural gas and WTI crude oil and forecasted sales of ultra-low sulfur diesel. We also have forward sales contracts that lock in the sales prices of future sales of refined product. These contracts have been designated as accounting hedges and are measured quarterly at fair value with offsetting adjustments (gains/losses) recorded directly to other comprehensive income. These fair value adjustments are later reclassified to earnings as the hedging instruments mature. Also on a quarterly basis, hedge ineffectiveness is measured by comparing the change in fair value of the swap contracts against the expected future cash inflows/outflows on the respective transaction being hedged. Any hedge ineffectiveness is also recognized in earnings.

19

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

The following table presents the pre-tax effect on other comprehensive income (“OCI”) and earnings due to fair value adjustments and maturities of commodity price swaps under hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Gain (Loss) Recognized in Earnings Due to Settlements				Gain (Loss) Attributable to Hedge Ineffectiveness Recognized in Earnings
				Location	Amount			Location	Amount
				(In thousands)
Three Months Ended March 31, 2013
Commodity price swaps
Change in fair value	$	(10,404	)	Sales and other revenues	$	(19,185	)	Sales and other revenues	$	(356	)
Loss reclassified to earnings due to settlements	27,200			Cost of products sold	(6,532		)	Cost of products sold	3,131
Amortization of discontinued hedge reclassified to earnings	90			Operating expenses	(1,573		)	Operating expenses	(365		)
Total	$	16,886			$	(27,290	)		$	2,410
Three Months Ended March 31, 2012
Commodity price swaps
Change in fair value	$	(140,121	)	Sales and other revenues	$	(34,125	)	Sales and other revenues	$	(1,330	)
Loss reclassified to earnings due to settlements	(16,416		)	Cost of products sold	50,541
Total	$	(156,537	)		$	16,416			$	(1,330	)

As of March 31, 2013, we have the following notional contract volumes related to outstanding derivative instruments serving as cash flow hedges against price risk on forecasted purchases of natural gas and crude oil and sales of refined products:

		Notional Contract Volumes by Year of Maturity
Derivative Instrument	Total Outstanding Notional	2013	2014	2015	2016	2017	Unit of Measure
Commodity Price Swaps:
Natural gas - long	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
WTI crude oil - long	8,340,000	7,975,000	365,000	—	—	—	Barrels
Ultra-low sulfur diesel - short	8,340,000	7,975,000	365,000	—	—	—	Barrels
Forward sales - diesel and gasoline	535,000	535,000	—	—	—	—	Barrels

In the first quarter of 2013, we dedesignated certain commodity price swaps (long positions) that previously received hedge accounting treatment. These contracts now serve as economic hedges against price risk on forecasted natural gas purchases totaling 45,600,000 MMBTU's to be purchased ratably through 2017. As of March 31, 2013, we have an unrealized loss of $5.1 million classified as OCI that relates to the application of hedge accounting prior to dedesignation that will be amortized as a charge to operating expenses as the contracts mature.

Economic Hedges

We also have swap contracts that serve as economic hedges (derivatives used for risk management, but not designated as accounting hedges) to fix our purchase price on forecasted natural gas and crude oil and other feedstock purchases, and to lock in the spread between WCS and WTI crude oil and between WTS and WTI crude oil on forecasted purchases of WCS and WTS. Also, we have NYMEX futures contracts to lock in prices on purchases of inventory. These contracts are measured quarterly at fair value with offsetting adjustments (gains/losses) recorded directly to income.

20

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:

	Three Months Ended March 31,
Location of Gain (Loss) Recognized in Income	2013			2012
	(In thousands)
Cost of products sold	$	33,592		$	(14,994	)
Operating expenses	(4,993		)	(1,701		)
Total	$	28,599		$	(16,695	)

As of March 31, 2013, we have the following notional contract volumes related to our outstanding derivative contracts serving as economic hedges:

		Notional Contract Volumes by Year of Maturity
Derivative Instrument	Total Outstanding Notional	2013	2014	2015	2016	2017	Unit of Measure
Commodity price swap (gasoline) - long	125,000	125,000	—	—	—	—	Barrels
Commodity price swap (gasoline) - short	125,000	125,000	—	—	—	—	Barrels
Commodity price swap (WCS spread) - long	5,362,500	5,362,500	—	—	—	—	Barrels
Commodity price swap (WTS spread) - long	1,960,000	1,960,000	—	—	—	—	Barrels
Commodity price swap (natural gas) - long	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
Commodity price swap (natural gas) - short	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
NYMEX futures (WTI) - long	234,000	234,000	—	—	—	—	Barrels
NYMEX futures (WTI) - short	1,178,000	1,178,000	—	—	—	—	Barrels
Physical contracts - long	540,000	540,000	—	—	—	—	Barrels
Physical contracts - short	540,000	540,000	—	—	—	—	Barrels

Interest Rate Risk Management

HEP uses interest rate swaps to manage its exposure to interest rate risk.

As of March 31, 2013, HEP had three interest rate swap contracts that hedge its exposure to the cash flow risk caused by the effects of LIBOR changes on $305.0 million in credit agreement advances. The first interest rate swap effectively converts $155.0 million of LIBOR based debt to fixed rate debt having an interest rate of 0.99% plus an applicable margin of 2.50% as of March 31, 2013, which equaled an effective interest rate of 3.49%. This swap matures in February 2016. HEP has two additional interest rate swaps with identical terms which effectively convert $150.0 million of LIBOR based debt to fixed rate debt having an interest rate of 0.74% plus an applicable margin of 2.50% as of March 31, 2013, which equaled an effective interest rate of 3.24%. Both of these swap contracts mature in July 2017. All of these swap contracts have been designated as cash flow hedges. To date, there has been no ineffectiveness on these cash flow hedges.

21

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

The following table presents the pre-tax effect on other comprehensive income and earnings due to fair value adjustments and maturities of HEP's interest rate swaps under cash flow hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Loss Recognized in Earnings Due to Settlements
				Location	Amount
	(In thousands)
Three Months Ended March 31, 2013
Interest rate swaps
Change in fair value	$	58
Loss reclassified to earnings due to settlements	504			Interest expense	$	(1,353	)
Amortization of discontinued hedge reclassified to earnings	849
Total	$	1,411			$	(1,353	)
Three Months Ended March 31, 2012
Interest rate swaps
Change in fair value	$	(578	)
Loss reclassified to earnings due to settlements	224			Interest expense	$	(1,498	)
Amortization of discontinued hedge reclassified to earnings	1,274
Total	$	920			$	(1,498	)

The following table presents the fair value and balance sheet locations of our outstanding derivative instruments. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.

	Derivatives in Net Asset Position							Derivatives in Net Liability Position
	Gross Assets		Gross Liabilities Offset in Balance Sheet			Net Assets Recognized in Balance Sheet		Gross Liabilities		Gross Assets Offset in Balance Sheet			Net Liabilities Recognized in Balance Sheet
			(In thousands)
March 31, 2013
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—		$	—	$	24,630	$	(27,144	)	$	(2,514	)
Forward sales contracts	1,468		—			1,468		—		—			—
Interest rate swap contracts	—		—			—		2,868		—			2,868
	$	1,468	$	—		$	1,468	$	27,498	$	(27,144	)	$	354
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	12,493	$	(1,842	)	$	10,651	$	12,178	$	(4,171	)	$	8,007
NYMEX futures contracts	—		—			—		5,837		—			5,837
	$	12,493	$	(1,842	)	$	10,651	$	18,015	$	(4,171	)	$	13,844
Total net balance						$	12,119						$	14,198
Balance sheet classification:	Prepayment and other					$	12,119	Accrued liabilities					$	562
								Other long-term liabilities					13,636
						$	12,119						$	14,198

22

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

	Derivatives in Net Asset Position						Derivatives in Net Liability Position
	Gross Assets		Gross Liabilities Offset in Balance Sheet		Net Assets Recognized in Balance Sheet		Gross Liabilities		Gross Assets Offset in Balance Sheet			Net Liabilities Recognized in Balance Sheet
			(In thousands)
December 31, 2012
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	37,828	$	(17,383	)	$	20,445
Interest rate swap contracts	—		—		—		3,430		—			3,430
	$	—	$	—	$	—	$	41,258	$	(17,383	)	$	23,875
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	46,154	$	—		$	46,154
NYMEX futures contracts	—		—		—		5,563		—			5,563
	$	—	$	—	$	—	$	51,717	$	—		$	51,717
Total net balance					$	—						$	75,592
Balance sheet classification:							Accrued liabilities					$	62,388
							Other long-term liabilities					13,204
												$	75,592

At March 31, 2013, we had a pre-tax net unrealized loss of $4.3 million classified in accumulated other comprehensive income that relates to all accounting hedges. Assuming commodity prices and interest rates remain unchanged, an unrealized gain of approximately $5.3 million will be effectively transferred from accumulated other comprehensive income into the statement of income as the hedging instruments mature over the next twelve-month period.

NOTE 11: Equity

Changes to equity during the three months ended March 31, 2013 are presented below:

	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2012	$	6,052,954		$	589,704		$	6,642,658
Net income	333,669			9,702			343,371
Dividends	(163,388		)	—			(163,388		)
Distributions to noncontrolling interest holders	—			(15,288		)	(15,288		)
Other comprehensive income, net of tax	11,759			792			12,551
Allocated equity on HEP common unit issuances, net of tax	54,011			60,145			114,156
Equity-based compensation	7,457			1,123			8,580
Excess tax benefit attributable to equity-based compensation	744			—			744
Purchase of treasury stock (1)	(11,413		)	—			(11,413		)
Purchase of HEP units for restricted grants	—			(2,924		)	(2,924		)
Balance at March 31, 2013	$	6,285,793		$	643,254		$	6,929,047

(1) Includes 31,141 shares withheld under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

We have a Board approved repurchase program that authorizes us to repurchase common stock in the open market or through privately negotiated transactions. The timing and amount of stock repurchases will depend on market conditions, corporate, regulatory and other relevant considerations. This program may be discontinued at any time by the Board of Directors. As of March 31, 2013, we had remaining authorization to repurchase up to $494.4 million under this stock repurchase program.

23

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

NOTE 12: Other Comprehensive Income (Loss)

The components and allocated tax effects of other comprehensive income (loss) are as follows:

	Before-Tax			Tax Expense (Benefit)			After-Tax
	(In thousands)
Three Months Ended March 31, 2013
Unrealized gain, net of reclassifications from sale or maturity, on available-for-sale securities	$	16		$	8		$	8
Unrealized gain on hedging activities	18,297			6,809			11,488
Actuarial loss on post-retirement healthcare plan reclassified to net income upon partial plan settlement	1,726			671			1,055
Other comprehensive income	20,039			7,488			12,551
Less other comprehensive income attributable to noncontrolling interest	792			—			792
Other comprehensive income attributable to HollyFrontier stockholders	$	19,247		$	7,488		$	11,759
Three Months Ended March 31, 2012
Unrealized gain, net of reclassifications from sale or maturity, on available-for-sale securities	$	188		$	74		$	114
Unrealized loss on hedging activities	(155,615		)	(60,744		)	(94,871		)
Other comprehensive loss	(155,427		)	(60,670		)	(94,757		)
Less other comprehensive income attributable to noncontrolling interest	537			—			537
Other comprehensive loss attributable to HollyFrontier stockholders	$	(155,964	)	$	(60,670	)	$	(95,294	)

The temporary unrealized gain (loss) on available-for-sale securities is due to changes in market prices of securities.

24

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

The following table presents the income statement line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):

AOCI Components	Gain (Loss) Reclassified From AOCI			Income Statement Line Item
	(In thousands)
Three Months Ended March 31, 2013
Securities available-for-sale	$	3		Interest income
	1			Income tax expense
	$	2		Net of tax
Hedging instruments:
Commodity price swaps	$	(19,185	)	Sales and other revenues
	(6,532		)	Cost of products sold
	(1,573		)	Operating expenses
Interest rate swaps	(1,353		)	Interest expense
	(28,643		)
	(10,823		)	Income tax benefit
	(17,820		)	Net of tax
	820			Noncontrolling interest
	$	(17,000	)	Net of tax and noncontrolling interest
Retiree medical obligation	$	(84	)	Cost of products sold
	(1,549		)	Operating expenses
	(93		)	General and administrative expenses
	(1,726		)
	(671		)	Income tax benefit
	$	(1,055	)	Net of tax
Total reclassifications for the period	$	(18,053	)
Three Months Ended March 31, 2012
Securities available-for-sale	$	117		Interest income
	46			Income tax expense
	$	71		Net of tax
Hedging instruments
Commodity price swaps	$	(34,125	)	Sales and other revenues
	50,541			Cost of products sold
Interest rate swaps	(1,498		)	Interest expense
	14,918
	6,143			Income tax expense
	8,775			Net of tax
	873			Noncontrolling interest
	$	9,648		Net of tax and noncontrolling interest
Total reclassifications for the period	$	9,719

25

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets includes:

	March 31, 2013			December 31, 2012
	(In thousands)
Pension obligation	$	(23,973	)	$	(23,973	)
Retiree medical obligation	29,660			28,605
Unrealized gain (loss) on available-for-sale securities	1			(7		)
Unrealized (loss) on hedging activities, net of noncontrolling interest	(2,354		)	(13,050		)
Accumulated other comprehensive income (loss)	$	3,334		$	(8,425	)

NOTE 13: Retirement Plan

We sponsor a non-contributory defined benefit retirement plan that covers certain employees and is fully frozen. In 2012, our Compensation Committee, pursuant to authority delegated to it by the Board of Directors, approved the termination of the HollyFrontier Corporation Pension Plan (the “Plan”). Accordingly, our remaining liability under the Plan is expected to be funded in 2013. Our actual obligations under the Plan are contingent upon the timing of the pension plan termination as well as participant settlement obligations. We expect to record an additional expense on termination of the Plan at the date we are released from the liability, including the amount of actuarial loss currently recorded as accumulated other comprehensive income ($37.6 million, $23.0 million after-tax) at March 31, 2013 plus an amount equal to any contribution we make to the Plan in excess of the $19.3 million accrued pension liability we have recorded at March 31, 2013.

The net periodic pension expense consisted of the following components:

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Service cost – benefit earned during the period	$	—		$	170
Interest cost on projected benefit obligations	899			991
Expected return on plan assets	(46		)	(950		)
Amortization of prior service cost	—			17
Amortization of net loss	693			483
Estimated effect of curtailment	—			225
Net periodic pension expense	$	1,546		$	936

The expected long-term annual rate of return on plan assets is 0.25%, which is the rate used in measuring 2013 net periodic benefit costs.

In 2012, we established a program for plan participants whose benefits pursuant to the defined benefit plan were frozen. The program provides for payments after year-end for each of the next three years provided the employee remains with us. The payments are based on each employee's years of service and eligible salary. For the three months ended March 31, 2013 and 2012, we recognized transition benefit costs of $2.9 million and $3.4 million, respectively, associated with transition to the new defined contribution plan.

We have a post-retirement healthcare and other benefits plan that is available to certain of our employees who satisfy certain age and service requirements.The net periodic benefit expense of this plan consisted of the following components:

26

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Service cost – benefit earned during the period	$	278		$	475
Interest cost on projected benefit obligations	159			875
Amortization of prior service credit	(1,474		)	(550		)
Amortization of net loss	31			75
Actuarial loss on post-retirement healthcare plan reclassified to net income upon partial plan settlement	1,726			—
Net periodic pension expense	$	720		$	875

In the first quarter of 2013, we settled a portion of our post-retirement medical obligation. Upon settlement, we reclassified a $1.7 million pretax loss out of accumulated other comprehensive income that was recognized as a charge to net income.

NOTE 14: Contingencies

We are a party to various litigation and legal proceedings which we believe, based on advice of counsel, will not either individually or in the aggregate have a materially adverse effect on our financial condition, results of operations or cash flows.

NOTE 15: Segment Information

Our operations are 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. Intersegment transactions are eliminated in our consolidated financial statements and are included in Consolidations and Eliminations.

The Refining segment represents the operations of the El Dorado, Tulsa, Navajo, Cheyenne and Woods Cross Refineries and NK Asphalt (aggregated as a reportable segment). Refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. Additionally, the Refining segment includes specialty lubricant products produced at our Tulsa Refineries that are marketed throughout North America and are distributed in Central and South America. NK Asphalt operates various asphalt terminals in Arizona and New Mexico.

The HEP segment includes all of the operations of HEP, a consolidated VIE, which owns and operates logistics assets consisting of petroleum product and crude oil pipelines and terminal, tankage and loading rack facilities in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. The HEP segment also includes a 75% interest in UNEV (a consolidated subsidiary of HEP) and a 25% interest in the SLC Pipeline. Revenues from the HEP segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation services provided for our refining operations. Our revaluation of HEP’s assets and liabilities at March 1, 2008 (date of reconsolidation) resulted in basis adjustments to our consolidated HEP balances. Therefore, our reported amounts for the HEP segment may not agree to amounts reported in HEP’s periodic public filings.

The accounting policies for our segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2012.

27

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

	Refining		HEP (1)		Corporate and Other			Consolidations and Eliminations			Consolidated Total
	(In thousands)
Three Months Ended March 31, 2013
Sales and other revenues	$	4,692,426	$	76,484	$	563		$	(61,684	)	$	4,707,789
Depreciation and amortization	$	57,170	$	13,749	$	1,050		$	(207	)	$	71,762
Income (loss) from operations	$	542,202	$	33,474	$	(25,972	)	$	(509	)	$	549,195
Capital expenditures	$	63,632	$	5,013	$	3,319		$	—		$	71,964
Three Months Ended March 31, 2012
Sales and other revenues	$	4,919,737	$	67,577	$	156		$	(55,732	)	$	4,931,738
Depreciation and amortization	$	41,721	$	13,395	$	1,193		$	(207	)	$	56,102
Income (loss) from operations	$	414,943	$	32,113	$	(26,975	)	$	(517	)	$	419,564
Capital expenditures	$	45,534	$	14,254	$	1,599		$	—		$	61,387

March 31, 2013
Cash, cash equivalents and investments in marketable securities	$	20	$	18,193	$	2,524,923	$	—		$	2,543,136
Total assets	$	6,946,525	$	1,428,372	$	2,671,573	$	(350,298	)	$	10,696,172
Long-term debt	$	—	$	811,913	$	487,092	$	(15,760	)	$	1,283,245
December 31, 2012
Cash, cash equivalents and investments in marketable securities	$	2,101	$	5,237	$	2,386,063	$	—		$	2,393,401
Total assets	$	6,702,872	$	1,426,800	$	2,531,967	$	(332,642	)	$	10,328,997
Long-term debt	$	—	$	864,673	$	487,472	$	(15,907	)	$	1,336,238

(1) HEP acquired our 75% interest in UNEV in July 2012. As a result, we have recast our HEP segment information for the three months ended March 31, 2012 to include the UNEV Pipeline operations as a consolidated subsidiary of HEP. The UNEV Pipeline operations were previously presented under Corporate and Other.

HEP segment revenues from external customers were $12.9 million and $11.9 million for the three months ended March 31, 2013 and 2012, respectively.

NOTE 16: Supplemental Guarantor/Non-Guarantor Financial Information

Our obligations under the HollyFrontier Senior Notes have been jointly and severally guaranteed by the substantial majority of our existing and future restricted subsidiaries (“Guarantor Restricted Subsidiaries”). These guarantees are full and unconditional. HEP, in which we have a 39% ownership interest at March 31, 2013, and its subsidiaries (collectively, “Non-Guarantor Non-Restricted Subsidiaries”), and certain of our other subsidiaries (“Non-Guarantor Restricted Subsidiaries”) have not guaranteed these obligations.

The following condensed consolidating financial information is provided for HollyFrontier Corporation (the “Parent”), the Guarantor Restricted Subsidiaries, the Non-Guarantor Restricted Subsidiaries and the Non-Guarantor Non-Restricted Subsidiaries. The information has been presented as if the Parent accounted for its ownership in the Guarantor Restricted Subsidiaries, and the Guarantor Restricted Subsidiaries accounted for the ownership of the Non-Guarantor Restricted Subsidiaries and Non-Guarantor Non-Restricted Subsidiaries, using the equity method of accounting. The Guarantor Restricted Subsidiaries and the Non-Guarantor Restricted Subsidiaries are collectively the “Restricted Subsidiaries.”

HEP acquired our 75% interest in UNEV in July 2012. As a result, we have recast our HEP segment information for the three months ended March 31, 2012 to include the UNEV Pipeline operations as a consolidated subsidiary of HEP. UNEV was previously presented as a Non-Guarantor Restricted Subsidiary.

28

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Balance Sheet
March 31, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,854,247		$	—	$	2	$	—		$	1,854,249	$	18,193	$	—		$	1,872,442
Marketable securities	665,685			9		—		—			665,694		—		—			665,694
Accounts receivable, net	4,766			650,601		7,763		—			663,130		37,129		(43,735		)	656,524
Intercompany accounts receivable (payable)	(765,537		)	499,248		266,289		—			—		—		—			—
Inventories	—			1,469,309		—		—			1,469,309		1,491		—			1,470,800
Income taxes receivable	37,904			—		—		—			37,904		—		—			37,904
Prepayments and other	22,859			39,266		—		—			62,125		1,984		(4,163		)	59,946
Total current assets	1,819,924			2,658,433		274,054		—			4,752,411		58,797		(47,898		)	4,763,310
Properties, plants and equip, net	25,019			2,468,535		—		—			2,493,554		1,005,577		(284,933		)	3,214,198
Marketable securities (long-term)	5,000			—		—		—			5,000		—		—			5,000
Investment in subsidiaries	5,909,650			175,693		—		(6,085,343		)	—		—		—			—
Intangibles and other assets	17,096			2,334,619		40,418		(25,000		)	2,367,133		363,998		(17,467		)	2,713,664
Total assets	$	7,776,689		$	7,637,280	$	314,472	$	(6,110,343	)	$	9,618,098	$	1,428,372	$	(350,298	)	$	10,696,172
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	68,099		$	1,294,946	$	—	$	—		$	1,363,045	$	12,346	$	(35,972	)	$	1,339,419
Income taxes payable	151,403			—		—		—			151,403		—		—			151,403
Accrued liabilities	52,552			63,281		1,200		—			117,033		14,135		(4,163		)	127,005
Deferred income tax liabilities	149,127			—		—		—			149,127		—		—			149,127
Total current liabilities	421,181			1,358,227		1,200		—			1,780,608		26,481		(40,135		)	1,766,954
Long-term debt	460,374			35,958		—		(25,000		)	471,332		811,913		—			1,283,245
Liability to HEP	—			254,789		—		—			254,789		—		(254,789		)	—
Deferred income tax liabilities	549,151			—		—		—			549,151		4,951		—			554,102
Other long-term liabilities	57,168			78,656		—		—			135,824		30,193		(3,193		)	162,824
Investment in HEP	—			—		137,579		—			137,579		—		(137,579		)	—
Equity – HollyFrontier	6,288,815			5,909,650		175,693		(6,085,343		)	6,288,815		453,256		(456,278		)	6,285,793
Equity – noncontrolling interest	—			—		—		—			—		101,578		541,676			643,254
Total liabilities and equity	$	7,776,689		$	7,637,280	$	314,472	$	(6,110,343	)	$	9,618,098	$	1,428,372	$	(350,298	)	$	10,696,172

29

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Balance Sheet
December 31, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,748,808		$	3,652	$	2		$	—		$	1,752,462	$	5,237	$	—		$	1,757,699
Marketable securities	630,579			7		—			—			630,586		—		—			630,586
Accounts receivable, net	4,788			627,262		—			—			632,050		38,097		(35,917		)	634,230
Intercompany accounts receivable (payable)	(546,655		)	285,291		261,364			—			—		—		—			—
Inventories	—			1,318,373		—			—			1,318,373		1,259		—			1,319,632
Income taxes receivable	74,957			—		—			—			74,957		—		—			74,957
Prepayments and other	21,867			34,667		—			—			56,534		2,360		(5,733		)	53,161
Total current assets	1,934,344			2,269,252		261,366			—			4,464,962		46,953		(41,650		)	4,470,265
Properties, plants and equip, net	24,209			2,444,398		—			—			2,468,607		1,014,556		(288,463		)	3,194,700
Marketable securities (long-term)	5,116			—		—			—			5,116		—		—			5,116
Investment in subsidiaries	5,251,396			74,120		—			(5,325,516		)	—		—		—			—
Intangibles and other assets	11,825			2,284,329		25,000			(25,000		)	2,296,154		365,291		(2,529		)	2,658,916
Total assets	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,941		$	1,336,097	$	—		$	—		$	1,338,038	$	12,030	$	(35,917	)	$	1,314,151
Income taxes payable	—			—		—			—			—		—		—			—
Accrued liabilities	71,226			105,298		581			—			177,105		23,705		(5,733		)	195,077
Deferred income tax liabilities	145,225			—		(9		)	—			145,216		—		—			145,216
Total current liabilities	218,392			1,441,395		572			—			1,660,359		35,735		(41,650		)	1,654,444
Long-term debt	460,254			36,311		—			(25,000		)	471,565		864,673		—			1,336,238
Liability to HEP	—			257,777		—			—			257,777		—		(257,777		)	—
Deferred income tax liabilities	530,544			—		1,175			—			531,719		—		4,951			536,670
Other long-term liabilities	48,757			85,220		—			—			133,977		28,683		(3,673		)	158,987
Investment in HEP	—			—		210,499			—			210,499		—		(210,499		)	—
Equity – HollyFrontier	5,968,943			5,251,396		74,120			(5,325,516		)	5,968,943		382,207		(298,196		)	6,052,954
Equity – noncontrolling interest	—			—		—			—			—		115,502		474,202			589,704
Total liabilities and equity	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997

30

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	531		$	4,692,426	$	32		$	—		$	4,692,989		$	76,484		$	(61,684	)	$	4,707,789
Operating costs and expenses:
Cost of products sold	—			3,853,128		(92		)	133			3,853,169			—			(60,634		)	3,792,535
Operating expenses	—			239,423		(19		)	—			239,404			26,029			(334		)	265,099
General and administrative	24,131			1,775		60			—			25,966			3,232			—			29,198
Depreciation and amortization	926			60,620		—			—			61,546			13,749			(3,533		)	71,762
Total operating costs and expenses	25,057			4,154,946		(51		)	133			4,180,085			43,010			(64,501		)	4,158,594
Income (loss) from operations	(24,526		)	537,480		83			(133		)	512,904			33,474			2,817			549,195
Other income (expense):
Earnings of equity method investments	550,891			11,614		11,992			(563,103		)	11,394			657			(11,992		)	59
Interest income (expense)	(7,221		)	1,797		137			152			(5,135		)	(12,382		)	(2,272		)	(19,789		)
	543,670			13,411		12,129			(562,951		)	6,259			(11,725		)	(14,264		)	(19,730		)
Income before income taxes	519,144			550,891		12,212			(563,084		)	519,163			21,749			(11,447		)	529,465
Income tax provision	186,039			—		—			—			186,039			55			—			186,094
Net income	333,105			550,891		12,212			(563,084		)	333,124			21,694			(11,447		)	343,371
Less net income attributable to noncontrolling interest	—			—		—			—			—			2,890			6,812			9,702
Net income attributable to HollyFrontier stockholders	$	333,105		$	550,891	$	12,212		$	(563,084	)	$	333,124		$	18,804		$	(18,259	)	$	333,669
Comprehensive income attributable to HollyFrontier stockholders	$	344,864		$	568,396	$	12,831		$	(581,208	)	$	344,883		$	19,423		$	(18,878	)	$	345,428

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	99		$	4,919,737	$	57	$	—		$	4,919,893		$	67,577		$	(55,732	)	$	4,931,738
Operating costs and expenses:
Cost of products sold	—			4,241,301		—		491			4,241,792			—			(54,875		)	4,186,917
Operating expenses	—			222,115		—		(385		)	221,730			20,030			(133		)	241,627
General and administrative	24,973			501		15		—			25,489			2,039			—			27,528
Depreciation and amortization	1,103			45,174		—		—			46,277			13,395			(3,570		)	56,102
Total operating costs and expenses	26,076			4,509,091		15		106			4,535,288			35,464			(58,578		)	4,512,174
Income (loss) from operations	(25,977		)	410,646		42		(106		)	384,605			32,113			2,846			419,564
Other income (expense):
Earnings of equity method investments	421,061			8,502		8,375		(429,677		)	8,261			831			(8,375		)	717
Interest income (expense)	(14,023		)	1,913		199		504			(11,407		)	(19,170		)	(2,278		)	(32,855		)
	407,038			10,415		8,574		(429,173		)	(3,146		)	(18,339		)	(10,653		)	(32,138		)
Income before income taxes	381,061			421,061		8,616		(429,279		)	381,459			13,774			(7,807		)	387,426
Income tax provision	140,331			—		—		—			140,331			75			—			140,406
Net income	240,730			421,061		8,616		(429,279		)	241,128			13,699			(7,807		)	247,020
Less net income attributable to noncontrolling interest	—			—		—		—			—			(557		)	5,881			5,324
Net income attributable to HollyFrontier stockholders	$	240,730		$	421,061	$	8,616	$	(429,279	)	$	241,128		$	14,256		$	(13,688	)	$	241,696
Comprehensive income attributable to HollyFrontier stockholders	$	145,436		$	264,909	$	9,000	$	(273,511	)	$	145,834		$	14,640		$	(14,072	)	$	146,402

31

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2013	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	176,731		$	58,316		$	1,499		$	236,546		$	29,438		$	(17,421	)	$	248,563
Cash flows from investing activities
Additions to properties, plants and equip	(1,736		)	(65,215		)	—			(66,951		)	—			—			(66,951		)
Additions to properties, plants and equip – HEP	—			—			—			—			(5,013		)	—			(5,013		)
Proceeds from sale of property	—			—			—			—			2,290			—			2,290
Purchases of marketable securities	(178,251		)	—			—			(178,251		)	—			—			(178,251		)
Sales and maturities of marketable securities	143,280			—			—			143,280			—			—			143,280
	(36,707		)	(65,215		)	—			(101,922		)	(2,723		)	—			(104,645		)
Cash flows from financing activities
Net repayments under credit agreement – HEP	—			—			—			—			(53,000		)	—			(53,000		)
Proceeds from sale of HEP common units	73,444			—			—			73,444			—			—			73,444
Proceeds from common unit offerings - HEP	—			—			—			—			73,444			—			73,444
Purchase of treasury stock	(6,610		)	—			—			(6,610		)	—			—			(6,610		)
Contribution from general partner	—			—			(1,499		)	(1,499		)	1,499			—			—
Dividends	(102,163		)	—			—			(102,163		)	—			—			(102,163		)
Distributions to noncontrolling interest	—			—			—			—			(32,709		)	17,421			(15,288		)
Excess tax benefit from equity-based compensation	744			—			—			744			—			—			744
Purchase of units for incentive grants - HEP	—			—			—			—			(2,719		)	—			(2,719		)
Other	—			3,247			—			3,247			(274		)	—			2,973
	(34,585		)	3,247			(1,499		)	(32,837		)	(13,759		)	17,421			(29,175		)
Cash and cash equivalents
Increase (decrease) for the period	105,439			(3,652		)	—			101,787			12,956			—			114,743
Beginning of period	1,748,808			3,652			2			1,752,462			5,237			—			1,757,699
End of period	$	1,854,247		$	—		$	2		$	1,854,249		$	18,193		$	—		$	1,872,442

32

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2012	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries		HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	253,124		$	(3,659	)	$	—	$	249,465		$	19,296		$	(14,856	)	$	253,905
Cash flows from investing activities:
Additions to properties, plants and equip	(1,019		)	(46,114		)	—		(47,133		)	—			—			(47,133		)
Additions to properties, plants and equip – HEP	—			—			—		—			(14,254		)	—			(14,254		)
Investment in Sabine Biofuels	—			(1,200		)	—		(1,200		)	—			—			(1,200		)
Purchases of marketable securities	(106,573		)	—			—		(106,573		)	—			—			(106,573		)
Sales and maturities of marketable securities	100,480			—			—		100,480			—			—			100,480
	(7,112		)	(47,314		)	—		(54,426		)	(14,254		)	—			(68,680		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—		—			(45,000		)	—			(45,000		)
Repayment of promissory notes	—			72,900			—		72,900			(72,900		)	—			—
Net proceeds from issuance of senior notes - HEP	—			—			—		—			294,750			—			294,750
Principal tender on senior notes - HEP	—			—			—		—			(157,761		)	—			(157,761		)
Purchase of treasury stock	(62,532		)	—			—		(62,532		)	—			—			(62,532		)
Contribution from joint venture partner	—			(9,000		)	—		(9,000		)	14,500			—			5,500
Dividends	(126,019		)	—			—		(126,019		)	—			—			(126,019		)
Distributions to noncontrolling interest	—			—			—		—			(29,716		)	15,325			(14,391		)
Excess tax benefit from equity-based compensation	3,792			—			—		3,792			—			—			3,792
Purchase of units for restricted grants - HEP	—			—			—		—			(1,283		)	—			(1,283		)
Deferred financing costs	—			—			—		—			(1,123		)	—			(1,123		)
Other	—			(313		)	—		(313		)	270			(469		)	(512		)
	(184,759		)	63,587			—		(121,172		)	1,737			14,856			(104,579		)
Cash and cash equivalents
Increase (decrease) for the period:	61,253			12,614			—		73,867			6,779			—			80,646
Beginning of period	1,575,891			(3,358		)	2		1,572,535			6,369			—			1,578,904
End of period	$	1,637,144		$	9,256		$	2	$	1,646,402		$	13,148		$	—		$	1,659,550

33

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Item 2 contains “forward-looking” statements. See “Forward-Looking Statements” at the beginning of Part I of this Quarterly Report on Form 10-Q. References herein to HollyFrontier Corporation (“HollyFrontier”) include HollyFrontier and its consolidated subsidiaries. In accordance with the Securities and Exchange Commission’s (“SEC”) “Plain English” guidelines, this Quarterly Report on Form 10-Q has been written in the first person. In this document, the words “we,” “our,” “ours” and “us” refer only to HollyFrontier and its consolidated subsidiaries or to HollyFrontier or an individual subsidiary and not to any other person, with certain exceptions. Generally, the words “we,” “our,” “ours” and “us” include Holly Energy Partners, L.P. (“HEP”) and its subsidiaries as consolidated subsidiaries of HollyFrontier, unless when used in disclosures of transactions or obligations between HEP and HollyFrontier or its other subsidiaries. This document contains certain disclosures of agreements that are specific to HEP and its consolidated subsidiaries and do not necessarily represent obligations of HollyFrontier. When used in descriptions of agreements and transactions, “HEP” refers to HEP and its consolidated subsidiaries.

OVERVIEW

We are principally an independent petroleum refiner that produces high-value refined products such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. We own and operate refineries having a combined crude oil processing capacity of 443,000 barrels per day that serve markets throughout the Mid-Continent, Southwest and Rocky Mountain regions of the United States. Our refineries are located in El Dorado, Kansas (the “El Dorado Refinery”), Tulsa, Oklahoma (the, “Tulsa Refineries”), which comprise two production facilities, the Tulsa West and East facilities, a petroleum refinery in Artesia, New Mexico, which operates in conjunction with crude, vacuum distillation and other facilities situated 65 miles away in Lovington, New Mexico (collectively, the “Navajo Refinery”), Cheyenne, Wyoming (the, “Cheyenne Refinery”) and Woods Cross, Utah (the “Woods Cross Refinery”).

Our discussion of financial and operating results for the three months ended March 31, 2013 and 2012 is presented in the following section.

34

RESULTS OF OPERATIONS

Financial Data (Unaudited)

	Three Months Ended March 31,						Change from 2012
	2013			2012			Change			Percent
	(In thousands, except per share data)
Sales and other revenues	$	4,707,789		$	4,931,738		$	(223,949	)	(5	)%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	3,792,535			4,186,917			(394,382		)	(9	)
Operating expenses (exclusive of depreciation and amortization)	265,099			241,627			23,472			10
General and administrative expenses (exclusive of depreciation and amortization)	29,198			27,528			1,670			6
Depreciation and amortization	71,762			56,102			15,660			28
Total operating costs and expenses	4,158,594			4,512,174			(353,580		)	(8	)
Income from operations	549,195			419,564			129,631			31
Other income (expense):
Earnings of equity method investments	59			717			(658		)	(92	)
Interest income	1,531			460			1,071			233
Interest expense	(21,320		)	(33,315		)	11,995			(36	)
	(19,730		)	(32,138		)	12,408			(39	)
Income before income taxes	529,465			387,426			142,039			37
Income tax provision	186,094			140,406			45,688			33
Net income	343,371			247,020			96,351			39
Less net income attributable to noncontrolling interest	9,702			5,324			4,378			82
Net income attributable to HollyFrontier stockholders	$	333,669		$	241,696		$	91,973		38	%
Earnings per share attributable to HollyFrontier stockholders:
Basic	$	1.64		$	1.16		$	0.48		41	%
Diluted	$	1.63		$	1.16		$	0.47		41	%
Cash dividends declared per common share	$	0.80		$	0.60		$	0.20		33	%
Average number of common shares outstanding:
Basic	203,515			208,531			(5,016		)	(2	)%
Diluted	204,217			209,138			(4,921		)	(2	)%

Balance Sheet Data

	March 31, 2013		December 31, 2012
	(Unaudited)
	(In thousands)
Cash, cash equivalents and investments in marketable securities	$	2,543,136	$	2,393,401
Working capital	$	2,996,356	$	2,815,821
Total assets	$	10,696,172	$	10,328,997
Long-term debt	$	1,283,245	$	1,336,238
Total equity	$	6,929,047	$	6,642,658

35

Other Financial Data (Unaudited)

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Net cash provided by operating activities	$	248,563		$	253,905
Net cash used for investing activities	$	(104,645	)	$	(68,680	)
Net cash used for financing activities	$	(29,175	)	$	(104,579	)
Capital expenditures	$	71,964		$	61,387
EBITDA (1)	$	611,314		$	471,059

(1) 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 and amortization. EBITDA is not a calculation provided for under GAAP; however, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative to net income or operating income as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for financial covenants. EBITDA presented above is reconciled to net income under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Form 10-Q.

Our operations are organized into two reportable segments, Refining and HEP. See Note 15 “Segment Information” in the Notes to Consolidated Financial Statements for additional information on our reportable segments.

Refining Operating Data (Unaudited)

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 and amortization. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part I of this Form 10-Q.

	Three Months Ended March 31,
	2013			2012
Mid-Continent Region (El Dorado and Tulsa Refineries)
Crude charge (BPD) (1)	240,480			256,270
Refinery throughput (BPD) (2)	267,020			272,790
Refinery production (BPD) (3)	260,210			268,260
Sales of produced refined products (BPD)	242,560			259,060
Sales of refined products (BPD) (4)	253,750			264,390
Refinery utilization (5)	92.5		%	98.6		%
Average per produced barrel (6)
Net sales	$	116.55		$	119.99
Cost of products (7)	93.90			102.20
Refinery gross margin	22.65			17.79
Refinery operating expenses (8)	5.84			4.81
Net operating margin	$	16.81		$	12.98
Refinery operating expenses per throughput barrel (9)	$	5.31		$	4.57
Feedstocks:
Sweet crude oil	72		%	70		%
Sour crude oil	5		%	9		%
Heavy sour crude oil	13		%	15		%
Other feedstocks and blends	10		%	6		%
Total	100		%	100		%

36

	Three Months Ended March 31,
	2013		2012
Mid-Continent Region (El Dorado and Tulsa Refineries)
Sales of produced refined products:
Gasolines	47	%	47	%
Diesel fuels	31	%	32	%
Jet fuels	9	%	9	%
Fuel oil	1	%	—	%
Asphalt	4	%	1	%
Lubricants	3	%	5	%
Gas oil / intermediates	—	%	1	%
LPG and other	5	%	5	%
Total	100	%	100	%

Southwest Region (Navajo Refinery)
Crude charge (BPD) (1)	71,220			81,140
Refinery throughput (BPD) (2)	80,100			90,400
Refinery production (BPD) (3)	74,190			87,060
Sales of produced refined products (BPD)	71,160			87,250
Sales of refined products (BPD) (4)	89,820			93,130
Refinery utilization (5)	71.2		%	81.1		%
Average per produced barrel (6)
Net sales	$	121.97		$	125.91
Cost of products (7)	94.77			106.37
Refinery gross margin	27.20			19.54
Refinery operating expenses (8)	8.06			6.67
Net operating margin	$	19.14		$	12.87
Refinery operating expenses per throughput barrel (9)	$	7.16		$	6.44
Feedstocks:
Sour crude oil	80		%	81		%
Heavy sour crude oil	10		%	9		%
Other feedstocks and blends	10		%	10		%
Total	100		%	100		%
Sales of produced refined products:
Gasolines	52		%	54		%
Diesel fuels	37		%	36		%
Fuel oil	7		%	5		%
Asphalt	1		%	2		%
LPG and other	3		%	3		%
Total	100		%	100		%

Rocky Mountain Region (Cheyenne and Woods Cross Refineries)
Crude charge (BPD) (1)	68,920		70,240
Refinery throughput (BPD) (2)	74,190		78,740
Refinery production (BPD) (3)	72,870		77,200
Sales of produced refined products (BPD)	72,390		76,640
Sales of refined products (BPD) (4)	78,540		79,320
Refinery utilization (5)	83.0	%	84.6	%

37

	Three Months Ended March 31,
	2013			2012
Rocky Mountain Region (Cheyenne and Woods Cross Refineries)
Average per produced barrel (6)
Net sales	$	108.26		$	110.76
Cost of products (7)	86.54			96.79
Refinery gross margin	21.72			13.97
Refinery operating expenses (8)	8.11			6.57
Net operating margin	$	13.61		$	7.40
Refinery operating expenses per throughput barrel (9)	$	7.91		$	6.39
Feedstocks:
Sweet crude oil	44		%	45		%
Sour crude oil	1		%	2		%
Heavy sour crude oil	34		%	31		%
Black wax crude oil	14		%	11		%
Other feedstocks and blends	7		%	11		%
Total	100		%	100		%
Sales of produced refined products:
Gasolines	59		%	56		%
Diesel fuels	27		%	30		%
Jet fuels	—		%	1		%
Fuel oil	1		%	2		%
Asphalt	7		%	5		%
LPG and other	6		%	6		%
Total	100		%	100		%

Consolidated
Crude charge (BPD) (1)	380,620			407,650
Refinery throughput (BPD) (2)	421,310			441,930
Refinery production (BPD) (3)	407,270			432,520
Sales of produced refined products (BPD)	386,110			422,950
Sales of refined products (BPD) (4)	422,110			436,840
Refinery utilization (5)	85.9		%	92.0		%
Average per produced barrel (6)
Net sales	$	116.00		$	119.54
Cost of products (7)	92.68			102.08
Refinery gross margin	23.32			17.46
Refinery operating expenses (8)	6.68			5.51
Net operating margin	$	16.64		$	11.95
Refinery operating expenses per throughput barrel (9)	$	6.12		$	5.28
Feedstocks:
Sweet crude oil	53		%	52		%
Sour crude oil	19		%	22		%
Heavy sour crude oil	16		%	16		%
Black wax crude oil	2		%	2		%
Other feedstocks and blends	10		%	8		%
Total	100		%	100		%

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	Three Months Ended March 31,
	2013		2012
Consolidated
Sales of produced refined products:
Gasolines	50	%	50	%
Diesel fuels	31	%	32	%
Jet fuels	6	%	6	%
Fuel oil	2	%	2	%
Asphalt	4	%	2	%
Lubricants	2	%	3	%
LPG and other	5	%	5	%
Total	100	%	100	%

(1) Crude charge represents the barrels per day of crude oil processed at our refineries.

(2) Refinery throughput represents the barrels per day of crude and other refinery feedstocks input to the crude units and other conversion units at our refineries.

(3) 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.

(4) Includes refined products purchased for resale.

(5) Represents crude charge divided by total crude capacity (BPSD). Our consolidated crude capacity is 443,000 BPSD.

(6) 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” following Item 3 of Part I of this Form 10-Q.

(7) Transportation, terminal and refinery storage costs billed from HEP are included in cost of products.

(8) Represents operating expenses of our refineries, exclusive of depreciation and amortization.

(9) Represents refinery operating expenses, exclusive of depreciation and amortization, divided by refinery throughput.

Results of Operations – Three Months Ended March 31, 2013 Compared to Three Months Ended March 31, 2012

Summary

Net income attributable to HollyFrontier stockholders for the three months ended March 31, 2013 was $333.7 million ($1.64 per basic and $1.63 per diluted share), a $92.0 million increase compared to $241.7 million ($1.16 per basic and diluted share) for the three months ended March 31, 2012. Net income increased due principally to higher year-over-year first quarter refining margins. Refinery gross margins for the three months ended March 31, 2013 increased to $23.32 per produced barrel from $17.46 for the three months ended March 31, 2012.

Sales and Other Revenues

Sales and other revenues decreased 5% from $4,931.7 million for the three months ended March 31, 2012 to $4,707.8 million for the three months ended March 31, 2013 on lower year-over-year first quarter sales prices and volumes of refined products sold. The average sales price we received per produced barrel sold was $119.54 for the three months ended March 31, 2012 compared to $116.00 for the three months ended March 31, 2013. Additionally, refinery production and corresponding sales volumes of produced refined products were down due to planned turnaround and maintenance projects at our El Dorado and Navajo Refineries. Sales and other revenues for the three months ended March 31, 2013 and 2012 include $12.9 million and $11.9 million, respectively, in HEP revenues attributable to pipeline and transportation services provided to unaffiliated parties.

Cost of Products Sold

Cost of products sold decreased 9% from $4,186.9 million for the three months ended March 31, 2012 to $3,792.5 million for the three months ended March 31, 2013, due principally to lower crude oil costs and sales volumes. The average price we paid per barrel for crude oil and feedstocks and the transportation costs of moving the finished products to the market place decreased 9% from $102.08 for the three months ended March 31, 2012 to $92.68 for the three months ended March 31, 2013.

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Cost of products sold for the three months ended March 31, 2013 includes $18.2 million in costs related to renewable fuel credits. We expect to purchase approximately 50% of estimated renewable fuel credits needed to comply with Environmental Protection Agency (“EPA”) renewable fuel standards in 2013. These will be purchased at market prices, which have recently substantially increased and may be affected by many factors including demand and federal regulation, and we cannot accurately predict our future cost of these fuel credits. Increases in the price of these credits could have an adverse effect on our financial condition and results of operations.

Gross Refinery Margins

Gross refinery margin per produced barrel increased 34% from $17.46 for the three months ended March 31, 2012 to $23.32 for the three months ended March 31, 2013. This was due to a larger decrease in crude oil and feedstock prices when compared to the decrease in average per barrel sales prices for refined products sold for the quarter. Gross refinery margin does not include the effects of depreciation and amortization. See “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following Item 3 of Part 1 of this Form 10-Q for a reconciliation to the income statement of prices of refined products sold and cost of products purchased.

Operating Expenses

Operating expenses, exclusive of depreciation and amortization, increased 10% from $241.6 million for the three months ended March 31, 2012 to $265.1 million for the three months ended March 31, 2013 due principally to higher repair and maintenance costs and higher fuel costs during the quarter.

General and Administrative Expenses

General and administrative expenses increased 6% from $27.5 million for the three months ended March 31, 2012 to $29.2 million for the three months ended March 31, 2013 due to higher payroll and other miscellaneous year-over-year cost increases.

Depreciation and Amortization Expenses

Depreciation and amortization increased 28% from $56.1 million for the three months ended March 31, 2012 to $71.8 million for the three months ended March 31, 2013. The increase was due principally to depreciation and amortization attributable to capitalized improvement projects and capitalized refinery turnaround costs.

Interest Expense

Interest expense was $21.3 million for the three months ended March 31, 2013 compared to $33.3 million for the three months ended March 31, 2012. This decrease was due to lower year-over-year debt levels principally as a result of the redemption of our $200 million 8.5% senior notes in September 2012. For the three months ended March 31, 2013 and 2012, interest expense included $12.5 million and $13.0 million, respectively, in interest costs attributable to HEP operations.

Income Taxes

For the three months ended March 31, 2013, we recorded income tax expense of $186.1 million compared to $140.4 million for the three months ended March 31, 2012. This increase is due principally to higher pre-tax earnings during the three months ended March 31, 2013 compared to the same period of 2012. Our effective tax rates, before consideration of earnings attributable to the noncontrolling interest, were 35.1% and 36.2% for the three months ended March 31, 2013 and 2012, respectively.

LIQUIDITY AND CAPITAL RESOURCES

HollyFrontier Credit Agreement

We have a $1 billion senior secured credit agreement (the “HollyFrontier Credit Agreement”) with Union Bank, N.A. as administrative agent and certain lenders from time to time party thereto. The HollyFrontier Credit Agreement matures in July 2016 and may be used to fund working capital requirements, capital expenditures, acquisitions and general corporate purposes. Obligations under the HollyFrontier Credit Agreement are collateralized by our inventory, accounts receivables and certain deposit accounts and guaranteed by our material, wholly-owned subsidiaries. At March 31, 2013, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $29.0 million under the HollyFrontier Credit Agreement.

HEP Credit Agreement

HEP has a $550 million senior secured revolving credit facility that matures in June 2017 (the “HEP Credit Agreement”) and is available to fund capital expenditures, investments, acquisitions, distribution payments and working capital and for general partnership purposes. It is also available to fund letters of credit up to a $50 million sub-limit and to fund distributions to unitholders up to a $60 million sub-limit. At March 31, 2013, HEP was in compliance with all of its covenants, had outstanding borrowings of $368.0 million and no outstanding letters of credit under the HEP Credit Agreement

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HEP’s obligations under the HEP Credit Agreement are collateralized by substantially all of HEP’s assets (presented parenthetically in our consolidated balance sheets). Indebtedness under the HEP Credit Agreement involves recourse to HEP Logistics Holdings, L.P., its general partner, and is guaranteed by HEP’s wholly-owned subsidiaries. Any recourse to the general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP, are not significant. HEP’s creditors have no other recourse to our assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

HollyFrontier Senior Notes

Our senior notes consist of the following:

• 9.875% senior notes ($286.8 million principal amount maturing June 2017)

• 6.875% senior notes ($150 million principal amount maturing November 2018)

These senior notes (collectively the “HollyFrontier Senior Notes”) are unsecured and impose certain restrictive covenants, including limitations on our ability to incur additional debt, incur liens, enter into sale-and-leaseback transactions, pay dividends, enter into mergers, sell assets and enter into certain transactions with affiliates. At any time when the HollyFrontier Senior Notes are rated investment grade by both Moody’s and Standard & Poor’s and no default or event of default exists, we will not be subject to many of the foregoing covenants. Additionally, we have certain redemption rights under the HollyFrontier Senior Notes.

HollyFrontier Financing Obligation

We have a financing obligation that relates to a sale and lease-back of certain crude oil tankage that we sold to an affiliate of Plains All American Pipeline, L.P. (“Plains”) in October 2009 for $40.0 million. Monthly lease payments are recorded as a reduction in principal over the 15-year lease term ending in 2024.

HEP Senior Notes

HEP’s senior notes consist of the following:

• 8.25% HEP senior notes ($150 million principal amount maturing March 2018)

• 6.5% HEP senior notes ($300 million principal amount maturing March 2020)

The 8.25% and 6.5% HEP senior notes (collectively, the “HEP Senior Notes”) are unsecured and impose certain restrictive covenants, including limitations on HEP’s ability to incur additional indebtedness, make investments, sell assets, incur certain liens, pay distributions, enter into transactions with affiliates, and enter into mergers. At any time when the HEP Senior Notes are rated investment grade by both Moody’s and Standard & Poor’s and no default or event of default exists, HEP will not be subject to many of the foregoing covenants. Additionally, HEP has certain redemption rights under the HEP Senior Notes.

Indebtedness under the HEP Senior Notes involves recourse to HEP Logistics Holdings, L.P., its general partner, and is guaranteed by HEP’s wholly-owned subsidiaries. However, any recourse to the general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP, are not significant. HEP’s creditors have no other recourse to our assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

HEP Common Unit Issuance

In March 2013, HEP closed on a public offering of 1,875,000 of its common units. Additionally, our wholly-owned subsidiary, HollyFrontier Holdings LLC, as a selling unitholder, closed on a public sale of 1,875,000 HEP common units held by it. HEP used net proceeds of $73.4 million to to repay indebtedness incurred under its credit facility and for general partnership purposes.

Liquidity

We believe our current cash and cash equivalents, along with future internally generated cash flow and funds available under our credit facilities will provide sufficient resources to fund currently planned capital projects and our liquidity needs for the foreseeable future. In addition, components of our growth strategy include construction of new refinery processing units and the expansion of existing units at our facilities and selective acquisition of complementary assets for our refining operations intended to increase earnings and cash flow.

As of March 31, 2013, our cash, cash equivalents and investments in marketable securities totaled $2.5 billion. We consider all highly-liquid instruments with a maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. These primarily consist of investments in conservative, highly-rated instruments issued by financial institutions, government and corporate entities with strong credit standings and money market funds.

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We have a Board approved stock repurchase program that authorizes us to repurchase common stock in the open market or through privately negotiated transactions. The timing and amount of stock repurchases will depend on market conditions, corporate, regulatory and other relevant considerations. This program may be discontinued at any time by the Board of Directors. As of March 31, 2013, we had remaining authorization to repurchase up to $494.4 million under this stock repurchase program.

Cash and cash equivalents increased $114.7 million for the three months ended March 31, 2013. Cash provided by operating activities of $248.6 million exceeded net cash used for investing and financing activities of $104.6 million and $29.2 million, respectively. Working capital increased by $180.5 million during the three months ended March 31, 2013.

Cash Flows – Operating Activities

Three Months Ended March 31, 2013 Compared to Three Months Ended March 31, 2012

Net cash flows provided by operating activities were $248.6 million for the three months ended March 31, 2013 compared to $253.9 million for the three months ended March 31, 2012, a decrease of $5.3 million. Net income for the three months ended March 31, 2013 was $343.4 million, an increase of $96.4 million compared to $247.0 million for the three months ended March 31, 2012. Non-cash adjustments consisting of depreciation and amortization, deferred income taxes, equity-based compensation expense and fair value changes to derivative instruments resulted in an increase to operating cash flows of $6.1 million for the three months ended March 31, 2013 compared to $75.2 million for the same period in 2012. Changes in working capital items decreased cash flows by $32.0 million for the three months ended March 31, 2013 compared to a decrease of $67.5 million for the three months ended March 31, 2012. Additionally, for the three months ended March 31, 2013, turnaround expenditures increased to $69.8 million from $21.8 million for the same period of 2012.

Cash Flows – Investing Activities and Planned Capital Expenditures

Three Months Ended March 31, 2013 Compared to Three Months Ended March 31, 2012

Net cash flows used for investing activities were $104.6 million for the three months ended March 31, 2013 compared to $68.7 million for the three months ended March 31, 2012, a decrease of $36.0 million. Cash expenditures for properties, plants and equipment for the first three months of 2013 increased to $72.0 million from $61.4 million for the same period in 2012. These include HEP capital expenditures of $5.0 million and $14.3 million for the three months ended March 31, 2013 and 2012, respectively. Also for the three months ended March 31, 2013 and 2012, we invested $178.3 million and $106.6 million, respectively, in marketable securities and received proceeds of $143.3 million and $100.5 million, respectively, from the sale or maturity of marketable securities.

Planned Capital Expenditures

HollyFrontier Corporation

Each year our Board of Directors approves our annual capital budget which includes specific projects that our management is authorized to undertake. Additionally, when conditions warrant or as new opportunities arise, additional projects may be approved. The funds appropriated for a particular capital project may be expended over a period of several years, depending on the time required to complete the project. Therefore, our planned capital expenditures for a given year consist of expenditures appropriated in that year’s capital budget plus expenditures for projects appropriated in prior years which have not yet been completed. Our appropriated capital budget for 2013 is $320.0 million including both sustaining capital and major capital projects. We expect to spend approximately $400.0 million to $450.0 million in cash for capital projects appropriated in 2013 and prior years. This spending is comprised of $130.0 million to $146.0 million at the Woods Cross Refinery, $116.0 million to $130.0 million at the Tulsa Refineries, $56.0 million to $65.0 million at the El Dorado Refinery, $58.0 million to $61.0 million at the Cheyenne Refinery, $28.0 million to $33.0 million at the Navajo Refinery and $12.0 million to $15.0 million for miscellaneous other projects. In addition, we expect to spend $156.0 million on refinery turnarounds and tank maintenance during 2013.

A significant portion of our current capital spending is associated with compliance-oriented capital improvements. This spending is required due to existing consent decrees (for projects including FCC unit flue gas scrubbers and tail gas treatment units), federal fuels regulations (particularly, MSAT2 which mandates a reduction in the benzene content of blended gasoline), refinery waste water treatment improvements and other similar initiatives. Our refinery operations and related emissions are highly regulated at both federal and state levels, and we invest in our facilities as needed to remain in compliance with these standards. Additionally, when faced with new emissions or fuels standards, we seek to execute projects that facilitate compliance and also improve the operating costs and/or yields of associated refining processes.

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El Dorado Refinery

Newly appropriated capital projects at the El Dorado Refinery include naphtha fractionation, an additional hydrogen plant and a Low-Nox addition to the FCC unit flue gas scrubber. Continuing project work will include coke drum pressure reduction designed to improve liquid yields and a new tail gas treatment unit to reduce air emissions in compliance with the El Dorado Refinery's existing EPA consent decree.

Tulsa Refineries

New 2013 appropriations for the Tulsa Refineries include a gasoline-blending system and numerous infrastructure upgrades. We will continue spending on the conversion of our propane de-asphalt unit to ROSE technology and on our sulfur recovery project related to the refinery fuel gas system. The sulfur recovery project is anticipated to be completed in approximately the second quarter of 2013 and, in addition to facilitating compliance with our EPA consent, is anticipated to also allow us to increase use of lower priced sour / heavy crude in Tulsa. Spending on maintenance capital items and general improvements continues at an elevated level at the Tulsa Refineries due to perceived opportunities.

Navajo Refinery

The Navajo Refinery capital spending in 2013 will be principally on previously approved capital appropriations as well as maintenance capital spending. Included among previously approved capital projects is a $25.0 million upgrade to the Navajo Refinery's waste water treatment system.

Cheyenne Refinery

We plan to install a new hydrogen plant at the Cheyenne Refinery and have appropriated this capital project as part of our 2013 budget. The hydrogen plant, along with a previously approved naphtha fractionation project, is anticipated to allow us to reduce benzene content in Cheyenne gasoline production, while at the same time improving the refinery's overall liquid yields and light oils production. Previously appropriated projects still underway at Cheyenne include wastewater treatment plant improvements, a wet gas scrubber for the FCC unit to reduce air emissions, a redundant tail gas unit associated with sulfur recovery processes and additional investment in the waste water treatment plant to reduce selenium concentration in waste water.

Woods Cross Refinery

Newly appropriated capital for the Woods Cross Refinery consists of warehouse and office relocations to accommodate the refinery expansion and modernization program and a new rail loading rack for intermediates and finished products associated with refining waxy crude oil. We continue to work on the $225.0 million refinery expansion project announced previously. The permit for the refinery expansion project is pending and will require a second public comment period that is expected to begin soon. We currently expect the project to be completed in approximately the fourth quarter of 2014 or first quarter of 2015.

Regulatory compliance items or other presently existing or future environmental regulations / consent decrees could cause us to make additional capital investments beyond those described above and incur additional operating costs to meet applicable requirements.

HEP

Each year the Holly Logistic Services, L.L.C. board of directors approves HEP’s annual capital budget, which specifies capital projects that HEP management is authorized to undertake. Additionally, at times when conditions warrant or as new opportunities arise, special projects may be approved. The funds allocated for a particular capital project may be expended over a period of several years, depending on the time required to complete the project. Therefore, HEP’s planned capital expenditures for a given year consist of expenditures approved for capital projects included in its current year capital budget as well as, in certain cases, expenditures approved for capital projects in capital budgets for prior years. The 2013 HEP capital budget is comprised of $10.1 million for maintenance capital expenditures and $2.0 million for expansion capital expenditures.

HEP is proceeding with the expansion of its crude oil transportation system in southeastern New Mexico in response to increased crude oil production in the area. The expansion will provide shippers with additional pipeline takeaway capacity to either common carrier pipeline stations for transportation to major crude oil markets or to our New Mexico refining facilities. To complete the project, HEP will convert an existing refined products pipeline to crude oil service, construct several new pipeline segments, expand an existing pipeline and build new truck unloading stations and crude storage capacity. Excluding the value of the existing pipeline to be converted, total capital expenditures are expected to cost between $35.0 million and $40.0 million. The project is expected to provide increased capacity of up to 100,000 BPD across HEP's system and anticipates it will be in service no later than early 2014.

UNEV is proceeding with a project to add certain enhancements to its product terminal in Las Vegas, Nevada. The project will cost approximately $13.0 million with construction scheduled to be completed during the second quarter of 2014.

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HEP is also performing preliminary engineering, routing and cost estimates for two proposed new pipelines. The first proposed pipeline would be a new 50-mile intrastate crude oil pipeline between Cushing, Oklahoma and our Tulsa refining facilities that would allow for a significant portion of crude oil transported to be heavy Canadian and sour crude oil. The second proposed pipeline would be a new 100-mile interstate petroleum products pipeline between our refinery in Cheyenne, Wyoming and Denver, Colorado. The project also will evaluate the construction of a new petroleum products terminal in North Denver or, alternatively, the routing of the new pipeline to existing third-party product terminals in the Denver area. HEP anticipates that it will be in a position to decide whether to proceed with these projects in the second quarter of 2013 when preliminary engineering and detailed project cost estimates are completed and if necessary shipper commitments can be secured.

HEP and we are collaborating to construct a rail facility that will enable crude oil loading and unloading near our Artesia and / or Lovington, New Mexico refining facilities. The rail project, which will be connected to HEP's crude oil pipeline transportation system in southeastern New Mexico, will have an initial capacity of up to 70,000 BPD and will enable access to a variety of crude oil types including WTI, WTS and WCS. The project will provide both additional crude oil takeaway options for producers as crude production in the region continues to grow, and an expanded set of crude oil sourcing options for us. Project completion is expected by early 2014.

Cash Flows – Financing Activities

Three Months Ended March 31, 2013 Compared to Three Months Ended March 31, 2012

Net cash flows used for financing activities were $29.2 million for the three months ended March 31, 2013 compared to $104.6 million for the three months ended March 31, 2012, a decrease of $75.4 million. During the three months ended March 31, 2013, we received $73.4 million from the sale of HEP common units, purchased $6.6 million in common stock, paid $102.2 million in dividends and recognized $0.7 million excess tax benefits on our equity-based compensation. Also during this period, HEP received $57.0 million and repaid $110.0 million under the HEP Credit Agreement, paid distributions of $15.3 million to noncontrolling interests, purchased $2.7 million in HEP common units in the open market for recipients of its incentive grants and received proceeds of $73.4 million upon its common unit offering in March 2013. During the three months ended March 31, 2012, we purchased $62.5 million in common stock, paid $126.0 million in dividends and recognized $3.8 million excess tax benefits on our equity-based compensation. Also during this period, HEP received $294.8 million in net proceeds upon the issuance of the HEP 6.5% senior notes, paid $157.8 million in principal on the HEP 6.25% senior notes, received $36.0 million and repaid $81.0 million under the HEP Credit Agreement, paid distributions of $14.4 million to noncontrolling interests, incurred $1.1 million in deferred financing costs and purchased $1.3 million in HEP common units in the open market for recipients of its incentive grants. The UNEV joint venture partner contributions received during the three months ended March 31, 2012 were $5.5 million.

Contractual Obligations and Commitments

HollyFrontier Corporation

There were no significant changes to our contractual obligations during the three months ended March 31, 2013.

HEP

During the three months ended March 31, 2013, HEP had net repayments of $53.0 million resulting in $368.0 million of outstanding borrowings under the HEP Credit Agreement at March 31, 2013.

There were no other significant changes to HEP’s long-term contractual obligations during this period.

CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results may differ from these estimates under different assumptions or conditions.

Our significant accounting policies are described in “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2012. Certain critical accounting policies that materially affect the amounts recorded in our consolidated financial statements include the assessment and consolidation of variable interest entities, the use of the LIFO method of valuing certain inventories, the amortization of deferred costs for regular major maintenance and repairs at our refineries, assessing the possible impairment of certain long-lived assets and goodwill, accounting for derivative instruments and assessing contingent liabilities for probable losses.

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We use the LIFO method of valuing inventory. Under the LIFO method, an actual valuation of inventory can only be made at the end of each year based on the inventory levels at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final year-end LIFO inventory valuation.

Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed. Goodwill is not subject to amortization and is tested annually or more frequently if events or circumstances indicate the possibility of impairment. As of March 31, 2013, there have been no impairments to goodwill.

RISK MANAGEMENT

We use certain strategies to reduce some commodity price and operational risks. We do not attempt to eliminate all market risk exposures when we believe that the exposure relating to such risk would not be significant to our future earnings, financial position, capital resources or liquidity or that the cost of eliminating the exposure would outweigh the benefit.

Commodity Price Risk Management

Our primary market risk is commodity price risk. We are exposed to market risks related to the volatility in crude oil and refined products, as well as volatility in the price of natural gas used in our refining operations. We periodically enter into derivative contracts in the form of commodity price swaps and futures contracts to mitigate price exposure with respect to:

• our inventory positions;

• natural gas purchases;

• costs of crude oil and related grade differentials;

• prices of refined products; and

• our refining margins.

As of March 31, 2013, we have the following notional contract volumes related to all outstanding derivative contracts used to mitigate commodity price risk:

		Notional Contract Volumes by Year of Maturity
Contract Description	Total Outstanding Notional	2013	2014	2015	2016	2017	Unit of Measure
Natural gas price swap - long	91,200,000	14,400,000	19,200,000	19,200,000	19,200,000	19,200,000	MMBTU
Natural gas price swap - short	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
WTI price swap - long	8,340,000	7,975,000	365,000	—	—	—	Barrels
Ultra-low sulfur diesel price swap - short	8,340,000	7,975,000	365,000	—	—	—	Barrels
Unleaded gasoline price swap - long	125,000	125,000	—	—	—	—	Barrels
Unleaded gasoline price swap - short	125,000	125,000	—	—	—	—	Barrels
WCS price swap - long	5,362,500	5,362,500	—	—	—	—	Barrels
WTS price swap - long	1,960,000	1,960,000	—	—	—	—	Barrels
NYMEX futures (WTI) - long	234,000	234,000	—	—	—	—	Barrels
NYMEX futures (WTI) - short	1,178,000	1,178,000	—	—	—	—	Barrels
Forward sales - diesel and gasoline	535,000	535,000	—	—	—	—	Barrels
Physical contracts - long	540,000	540,000	—	—	—	—	Barrels
Physical contracts - short	540,000	540,000	—	—	—	—	Barrels

The following sensitivity analysis provides the hypothetical effects of market price fluctuations to the commodity positions hedged under our derivative contracts:

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	Derivative Fair Value Gain (Loss) at March 31,
Change in Underlying Commodity Prices of Hedged Positions	2013			2012
	(In thousands)
10% increase in underlying commodity prices	$	(27,011	)	$	(69,072	)
10% decrease in underlying commodity prices	$	27,011		$	69,072

Interest Rate Risk Management

HEP uses interest rate swaps to manage its exposure to interest rate risk.

As of March 31, 2013, HEP had three interest rate swap contracts that hedge its exposure to the cash flow risk caused by the effects of LIBOR changes on $305.0 million in credit agreement advances. The first interest rate swap effectively converts $155.0 million of LIBOR based debt to fixed rate debt having an interest rate of 0.99% plus an applicable margin of 2.50% as of March 31, 2013, which equaled an effective interest rate of 3.49%. This swap matures in February 2016. HEP has two additional interest rate swaps with identical terms which effectively convert $150.0 million of LIBOR based debt to fixed rate debt having an interest rate of 0.74% plus an applicable margin of 2.50% as of March 31, 2013, which equaled an effective interest rate of 3.24%. Both of these swap contracts mature in July 2017. These swap contracts have been designated as cash flow hedges.

The market risk inherent in our fixed-rate debt and positions is the potential change arising from increases or decreases in interest rates as discussed below.

For the fixed rate HollyFrontier Senior Notes and HEP Senior Notes, changes in interest rates will generally affect fair value of the debt, but not our earnings or cash flows. The outstanding principal, estimated fair value and estimated change in fair value (assuming a hypothetical 10% change in the yield-to-maturity rates) for these debt instruments as of March 31, 2013 is presented below:

	Outstanding Principal		Estimated Fair Value		Estimated Change in Fair Value
	(In thousands)
HollyFrontier Senior Notes	$	436,812	$	469,573	$	12,292
HEP Senior Notes	$	450,000	$	480,563	$	13,950

For the variable rate HEP Credit Agreement, changes in interest rates would affect cash flows, but not the fair value. At March 31, 2013, outstanding borrowings under the HEP Credit Agreement were $368.0 million. By means of its cash flow hedges, HEP has effectively converted the variable rate on $305.0 million of outstanding principal to a weighted average fixed rate of 3.37%.

At March 31, 2013, our marketable securities included investments in investment grade, highly liquid investments with maturities of three months or less at the time of purchase and hence the interest rate market risk implicit in these cash investments is low. Due to the short-term nature of our cash and cash equivalents, a hypothetical 10% increase in interest rates would not have a material effect on the fair market value of our portfolio. Since we have the ability to liquidate this portfolio, we do not expect our operating results or cash flows to be materially affected by the effect of a sudden change in market interest rates on our investment portfolio.

Our operations are subject to hazards of petroleum processing operations, including fire, explosion and weather-related perils. We maintain various insurance coverages, including business interruption insurance, subject to certain deductibles. We are not fully insured against certain risks because such risks are not fully insurable, coverage is unavailable, or premium costs, in our judgment, do not justify such expenditures.

Financial information is reviewed on the counterparties in order to review and monitor their financial stability and assess their ongoing ability to honor their commitments under the derivative contracts. We have not experienced, nor do we expect to experience, any difficulty in the counterparties honoring their commitments.

We have a risk management oversight committee consisting of members from our senior management. This committee oversees our risk enterprise program, monitors our risk environment and provides direction for activities to mitigate identified risks that may adversely affect the achievement of our goals.

46

Item 3. Quantitative and Qualitative Disclosures About Market Risk

See “Risk Management” under “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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 attributable to HollyFrontier stockholders plus (i) interest expense, net of interest income, (ii) income tax provision, and (iii) depreciation and amortization. EBITDA is not a calculation provided for under GAAP; however, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative to net income or operating income as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA is also used by our management for internal analysis and as a basis for financial covenants.

Set forth below is our calculation of EBITDA.

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Net income attributable to HollyFrontier stockholders	$	333,669		$	241,696
Add income tax provision	186,094			140,406
Add interest expense	21,320			33,315
Subtract interest income	(1,531		)	(460		)
Add depreciation and amortization	71,762			56,102
EBITDA	$	611,314		$	471,059

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.

Refinery gross margin per barrel is the difference between average net sales price and average cost of products per barrel of produced refined products. Net operating margin per barrel is the difference between refinery gross margin and refinery operating expenses per barrel of produced refined products. These two margins do not include the effect of depreciation and amortization. Each of these component performance measures can be reconciled directly to our consolidated statements of income.

Other companies in our industry may not calculate these performance measures in the same manner.

Refinery Gross and Net Operating Margins

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.

47

Reconciliations of refined product sales from produced products sold to total sales and other revenues

	Three Months Ended March 31,
	2013			2012
	(Dollars in thousands, except per barrel amounts)
Consolidated
Average sales price per produced barrel sold	$	116.00		$	119.54
Times sales of produced refined products sold (BPD)	386,110			422,950
Times number of days in period	90			91
Refined product sales from produced products sold	$	4,030,988		$	4,600,909
Total refined product sales from produced products sold	$	4,030,988		$	4,600,909
Add refined product sales from purchased products and rounding (1)	409,891			155,613
Total refined product sales	4,440,879			4,756,522
Add direct sales of excess crude oil (2)	236,250			158,282
Add other refining segment revenue (3)	15,297			4,933
Total refining segment revenue	4,692,426			4,919,737
Add HEP segment sales and other revenues	76,484			67,577
Add corporate and other revenues	563			156
Subtract consolidations and eliminations	(61,684		)	(55,732		)
Sales and other revenues	$	4,707,789		$	4,931,738

Reconciliation of average cost of products per produced barrel sold to total cost of products sold

	Three Months Ended March 31,
	2013			2012
	(Dollars in thousands, except per barrel amounts)
Consolidated
Average cost of products per produced barrel sold	$	92.68		$	102.08
Times sales of produced refined products sold (BPD)	386,110			422,950
Times number of days in period	90			91
Cost of products for produced products sold	$	3,220,621		$	3,928,901
Total cost of products for produced products sold	$	3,220,621		$	3,928,901
Add refined product costs from purchased products and rounding (1)	394,087			156,672
Total cost of refined products sold	3,614,708			4,085,573
Add crude oil cost of direct sales of excess crude oil (2)	226,268			155,810
Add other refining segment cost of products sold (4)	12,193			409
Total refining segment cost of products sold	3,853,169			4,241,792
Subtract consolidations and eliminations	(60,634		)	(54,875		)
Costs of products sold (exclusive of depreciation and amortization)	$	3,792,535		$	4,186,917

48

Reconciliation of average refinery operating expenses per produced barrel sold to total operating expenses

	Three Months Ended March 31,
	2013			2012
	(Dollars in thousands, except per barrel amounts)
Consolidated
Average refinery operating expenses per produced barrel sold	$	6.68		$	5.51
Times sales of produced refined products sold (BPD)	386,110			422,950
Times number of days in period	90			91
Refinery operating expenses for produced products sold	$	232,129		$	212,071
Total refinery operating expenses for produced products sold	$	232,129		$	212,071
Add other refining segment operating expenses and rounding (5)	7,756			9,210
Total refining segment operating expenses	239,885			221,281
Add HEP segment operating expenses	26,029			20,030
Add corporate and other costs	(481		)	449
Subtract consolidations and eliminations	(334		)	(133		)
Operating expenses (exclusive of depreciation and amortization)	$	265,099		$	241,627

Reconciliation of net operating margin per barrel to refinery gross margin per barrel to total sales and other revenues

	Three Months Ended March 31,
	2013			2012
	(Dollars in thousands, except per barrel amounts)
Consolidated
Net operating margin per barrel	$	16.64		$	11.95
Add average refinery operating expenses per produced barrel	6.68			5.51
Refinery gross margin per barrel	23.32			17.46
Add average cost of products per produced barrel sold	92.68			102.08
Average sales price per produced barrel sold	$	116.00		$	119.54
Times sales of produced refined products sold (BPD)	386,110			422,950
Times number of days in period	90			91
Refined product sales from produced products sold	$	4,030,988		$	4,600,909
Total refined product sales from produced products sold	$	4,030,988		$	4,600,909
Add refined product sales from purchased products and rounding (1)	409,891			155,613
Total refined product sales	4,440,879			4,756,522
Add direct sales of excess crude oil (2)	236,250			158,282
Add other refining segment revenue (3)	15,297			4,933
Total refining segment revenue	4,692,426			4,919,737
Add HEP segment sales and other revenues	76,484			67,577
Add corporate and other revenues	563			156
Subtract consolidations and eliminations	(61,684		)	(55,732		)
Sales and other revenues	$	4,707,789		$	4,931,738

(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, at times 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 incremental revenues associated with NK Asphalt and miscellaneous revenue.

(4) Other refining segment cost of products sold includes the incremental cost of products for NK Asphalt and miscellaneous costs.

(5) Other refining segment operating expenses include the marketing costs associated with our refining segment and the operating expenses of NK Asphalt.

49

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures. Our principal executive officer and principal financial officer have evaluated, as required by Rule 13a-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”), our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information we are required to disclose in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Based upon the evaluation, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2013.

Changes in internal control over financial reporting. There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during our last fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

50

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Commitment and Contingency Reserves

We periodically establish reserves for certain legal proceedings. The establishment of a reserve involves an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, future changes in the facts and circumstances could result in the actual liability exceeding the estimated ranges of loss and amounts accrued.

While the outcome and impact on us cannot be predicted with certainty, management believes that the resolution of these proceedings through settlement or adverse judgment will not have a material adverse effect on our consolidated financial position or cash flow. Operating results, however, could be significantly impacted in the reporting periods in which such matters are resolved.

Environmental Matters

We are reporting the following proceedings to comply with SEC regulations which require us to disclose proceedings arising under federal, state or local provisions regulating the discharge of materials into the environment or protecting the environment if we reasonably believe that such proceedings may result in monetary sanctions of $100,000 or more. Our respective subsidiaries have or will develop corrective action plans regarding these disclosures that will be implemented in consultation with the respective federal and state agencies. It is not possible to predict the ultimate outcome of these proceedings, although none are currently expected to have a material effect on our consolidated financial position.

Frontier Refining LLC (“FR”), our wholly-owned subsidiary, has undertaken environmental audits at the Cheyenne Refinery regarding compliance with federal and state air quality and waste requirements. By letters dated October 5, 2012, and November 7, 2012, FR submitted reports to the EPA voluntarily disclosing non-compliance with certain emission limitations, reporting, and other provisions of a 2009 federal consent decree. By letter dated January 10, 2013, FR submitted to the EPA a voluntary self-disclosure of preliminary audit findings consistent with the EPA’s Audit Policy. By letter dated October 31, 2012, FR submitted a preliminary report to the Wyoming Department of Environmental Quality (“WDEQ”) voluntarily disclosing non-compliance with certain notification, reporting, and other provisions of the refinery's state air permits and other regulatory requirements. The Cheyenne Refinery also has four outstanding Notices of Violations issued in 2010, 2011 and 2013 that are subject to ongoing settlement negotiations with the WDEQ. Additional air, water and waste audits are ongoing or planned for the Cheyenne Refinery for 2013.

Between November 2010 and February 2012, certain of our subsidiaries submitted multiple reports to the EPA to voluntarily disclose non-compliance with fuels regulations at the Cheyenne, El Dorado, Navajo, Tulsa and Woods Cross refineries and at the Cedar City, Utah and Henderson, Colorado terminals. The EPA has requested additional information regarding certain of these reports, and our subsidiaries have complied with all requests received to date.

Other

We are a party to various other litigation and proceedings that we believe, based on advice of counsel, will not either individually or in the aggregate have a materially adverse impact on our financial condition, results of operations or cash flows.

Item 1A. Risk Factors

Except for the additional risk factor information described below, there have been no material changes in our risk factors as previously disclosed in Part 1, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. In addition to the other information set forth in this quarterly report, you should carefully consider the risk factors discussed below and in our 2012 Form 10-K, which could materially affect our business, financial condition or future results. The risks described in this quarterly report and in our 2012 Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results.

51

The availability and cost of renewable identification numbers could have an adverse effect on our financial condition and results of operations.

Pursuant to the 2007 Energy Independence and Security Act, the EPA promulgated the Renewable Fuel Standard 2 (“RFS2”) regulations reflecting the increased volume of renewable fuels mandated to be blended into the nation's fuel supply. The regulations, in part, require refiners to add annually increasing amounts of “renewable fuels” to their petroleum products or purchase credits, known as renewable identification numbers (“RINs”), in lieu of such blending. We currently purchase RINs for some fuel categories on the open market in order to comply with the quantity of renewable fuels we are required to blend under the RFS2. Recently, due in part to the nation's fuel supply approaching the “blend wall” (the 10% ethanol limit prescribed by most automobile warranties), the price of RINs has been extremely volatile with the price dramatically increasing in recognition of the decrease in RINs availability. While we cannot predict the future prices of RINs, the costs to obtain the necessary number of RINs could be material. If we are unable to pass the costs of compliance with the RFS2 on to our customers, if sufficient RINs are unavailable for purchase, if we have to pay a significantly higher price for RINs or if we are otherwise unable to meet the RFS2 mandates, our financial condition and results of operations could be adversely affected.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Common Stock Repurchases Made in the Quarter

Under our common stock repurchase programs, repurchases are being made from time to time in the open market or privately negotiated transactions based on market conditions, securities law limitations and other factors. The following table includes repurchases made under these programs during the first quarter of 2013.

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 2013	—	$	—	—	$	494,399,956
February 2013	—	$	—	—	$	494,399,956
March 2013 (1)	186,700	$	52.45	—	$	494,399,956
Total for January to March 2013	186,700			—

(1) The March 2013 shares repurchased were not purchased under our approved stock repurchase program, but rather pursuant to separate authority from our Board of Directors. These repurchases were made in the open market.

Item 6. Exhibits

The Exhibit Index on page 54 of this Quarterly Report on Form 10-Q lists the exhibits that are filed or furnished, as applicable, as part of the Quarterly Report on Form 10-Q.

52

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	HOLLYFRONTIER CORPORATION
	(Registrant)
Date: May 8, 2013		/s/ Douglas S. Aron
		Douglas S. Aron
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date: May 8, 2013		/s/ J. W. Gann, Jr.
		J. W. Gann, Jr.
		Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)

53

Exhibit Index

Exhibit Number	Description
3.1	Amended and Restated Certificate of Incorporation of HollyFrontier Corporation (incorporated by reference to Exhibit 3.1 of Registrant's Current Report on Form 8-K filed July 8, 2011, File No. 1-03876).
3.2	Amended and Restated By-Laws of HollyFrontier Corporation (incorporated by reference to Exhibit 3.1 of Registrant's Current Report on Form 8-K filed November 21, 2011, File No. 1-03876).
10.1+	HollyFrontier Corporation Form of Amendment to Change in Control Agreement for David L. Lamp and George J. Damiris (incorporated by reference to Exhibit 10.1 of Registrant's Current Report on Form 8-K filed March 14, 2013, File No. 1-03876).
10.2	Second Amendment to Credit Agreement and First Amendment to Guarantee and Collateral Agreement, dated March 19, 2013, among HollyFrontier Corporation and certain of its subsidiaries, as borrowers, Union Bank, N.A., as administrative agent and certain lenders from time to time party thereto (incorporated by reference to Exhibit 10.1 of Registrant's Current Report on Form 8-K filed March 21, 2013, File No. 1-03876).
31.1*	Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.
101++	The following financial information from HollyFrontier Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Cash Flows, and (v) Notes to the Consolidated Financial Statements.

* Filed herewith.

** Furnished herewith.

+ Constitutes management contracts or compensatory plans or arrangements.

++ Filed electronically herewith.

54

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael C. Jennings, certify that:

1. I have reviewed this quarterly report on Form 10-Q of HollyFrontier Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting

Date: May 8, 2013	/s/ Michael C. Jennings
	Michael C. Jennings
	Chief Executive Officer and President

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Douglas S. Aron, certify that:

1. I have reviewed this quarterly report on Form 10-Q of HollyFrontier Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's most recent fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2013	/s/ Douglas S. Aron
	Douglas S. Aron
	Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE

OFFICER UNDER SECTION 906 OF THE

SARBANES OXLEY ACT OF 2002, 18 U.S.C. § 1350

In connection with the accompanying report on Form 10-Q for the quarterly period ended March 31, 2013 and filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael C. Jennings, Chief Executive Officer of HollyFrontier Corporation (the “Company”) hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2013	/s/ Michael C. Jennings
	Michael C. Jennings
	Chief Executive Officer and President

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL

OFFICER UNDER SECTION 906 OF THE

SARBANES OXLEY ACT OF 2002, 18 U.S.C. § 1350

In connection with the accompanying report on Form 10-Q for the quarterly period ended March 31, 2013 and filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Douglas S. Aron, Chief Financial Officer of HollyFrontier Corporation (the “Company”) hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2013	/s/ Douglas S. Aron
	Douglas S. Aron
	Executive Vice President and Chief Financial Officer

XML

Financial Instruments (Estimated Fair Values Of Debt Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 715,970	$ 653,085
Derivative Liability, Fair Value, Gross Liability	926,641	971,902
Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	715,970	653,085
Derivative Liability, Fair Value, Gross Liability	997,491	1,048,090
Level 1 [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability		0
Level 1 [Member] | Carrying Amount [Member] | Holly Frontier [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	0
Level 1 [Member] | Carrying Amount [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	0
Level 1 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Gross Liability	5,837	5,563
Level 2 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	698,292	641,853
Derivative Liability, Fair Value, Gross Liability	967,727	997,637
Level 3 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	17,678	11,232
Derivative Liability, Fair Value, Gross Liability	23,927	44,890
Marketable Debt Securities [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	670,694	635,702
Marketable Debt Securities [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	670,694	635,702
Marketable Debt Securities [Member] | Level 2 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	670,694	635,702
Nymex Futures Contracts [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	5,837	5,563
Nymex Futures Contracts [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	5,837	5,563
Nymex Futures Contracts [Member] | Level 1 [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	5,837	5,563
Nymex Futures Contracts [Member] | Level 2 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	0
Nymex Futures Contracts [Member] | Level 3 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	0
Commodity Price Swaps [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	43,808	17,383
Derivative Liability, Fair Value, Gross Liability	38,650	83,982
Commodity Price Swaps [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	43,808	17,383
Derivative Liability, Fair Value, Gross Liability	38,650	83,982
Commodity Price Swaps [Member] | Level 2 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	27,598	6,151
Derivative Liability, Fair Value, Gross Liability	14,723	39,092
Commodity Price Swaps [Member] | Level 3 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	16,210	11,232
Derivative Liability, Fair Value, Gross Liability	23,927	44,890
Commodity Contract [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,468
Commodity Contract [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,468
Commodity Contract [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	0
Commodity Contract [Member] | Level 3 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,468
Interest Rate Swap [Member] | Carrying Amount [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	2,868	3,430
Interest Rate Swap [Member] | Fair Value [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	2,868	3,430
Interest Rate Swap [Member] | Level 2 [Member] | Fair Value [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	2,868	3,430
Senior Notes [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	435,373	435,254
Senior Notes [Member] | Carrying Amount [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	443,913	443,673
Senior Notes [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	469,573	470,990
Senior Notes [Member] | Fair Value [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	480,563	484,125
Senior Notes [Member] | Level 2 [Member] | Fair Value [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	469,573	470,990
Senior Notes [Member] | Level 2 [Member] | Fair Value [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 480,563	$ 484,125

XML

Derivative Instruments And Hedging Activities Interest Rate Swaps (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivative [Line Items]
Other Comprehensive Income (Loss), Change in Fair Value of Cash Flow Hedge	$ (10,346)	$ (140,697)
Amortization of unrealized loss attributable to discontinued cash flow hedges	939	1,274
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	1,411	920
Cash Flow Hedge Gain (Loss) Reclassified to Interest Expense, Net	(1,353)	(1,498)
HEP [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), Change in Fair Value of Cash Flow Hedge	58	(578)
Cash Flow Hedge Loss Reclassified to Earnings Due to Settlements	504	224
Amortization of unrealized loss attributable to discontinued cash flow hedges	$ 849	$ 1,274
Interest Rate Contract [Member] | HEP [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	0.74%
Debt Instrument, Basis Spread on Variable Rate	2.50%
Debt Instrument, Interest Rate, Effective Percentage	3.24%
Current Interest Rate Swap [Member] | HEP [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	0.99%
Debt Instrument, Interest Rate, Effective Percentage	3.49%

XML

Environmental (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Loss Contingencies [Line Items]
Environmental remediation costs	$ 0.1	$ 14.3
Accrued environmental liability	87.9		88.9
Other Long-Term Liabilities [Member]
Loss Contingencies [Line Items]
Accrued environmental liability	$ 68.9		$ 72.6

XML

Derivative Instruments And Hedging Activities Location of Gain Loss in Income Statement (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Price Risk Derivatives, Net	$ 28,599	$ (16,695)
Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Price Risk Derivatives, Net	33,592	(14,994)
Operating Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Price Risk Derivatives, Net	$ (4,993)	$ (1,701)

XML

Cash and Cash Equivalents and Investments in Marketable Securities (Available-For-Sale Securities) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Schedule of Trading Securities and Other Trading Assets [Line Items]
Proceeds from sale and maturity of marketable debt securities	$ 143,280,000	$ 100,480,000
Certificates of Deposit
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	81,771,000		82,791,000
Available-for-Sale Securities, Gross Unrealized Gain	9,000		14,000
Available-for-sale Securities, Gross Unrealized Losses	4,000		6,000
Available-for-sale Securities, Fair Value (Net Carrying Amount)	81,776,000		82,799,000
Commercial Paper [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	51,541,000		45,737,000
Available-for-Sale Securities, Gross Unrealized Gain	27,000		17,000
Available-for-sale Securities, Gross Unrealized Losses	0		0
Available-for-sale Securities, Fair Value (Net Carrying Amount)	51,568,000		45,754,000
Corporate Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	69,806,000		49,587,000
Available-for-Sale Securities, Gross Unrealized Gain	4,000		2,000
Available-for-sale Securities, Gross Unrealized Losses	38,000		30,000
Available-for-sale Securities, Fair Value (Net Carrying Amount)	69,772,000		49,559,000
US States and Political Subdivisions Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	467,583,000		457,615,000
Available-for-Sale Securities, Gross Unrealized Gain	29,000		26,000
Available-for-sale Securities, Gross Unrealized Losses	34,000		51,000
Available-for-sale Securities, Fair Value (Net Carrying Amount)	467,578,000		457,590,000
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment Income, Interest	500,000	300,000
Available-for-Sale Securities, Amortized Cost	670,701,000		635,730,000
Available-for-Sale Securities, Gross Unrealized Gain	69,000		59,000
Available-for-sale Securities, Gross Unrealized Losses	(76,000)		(87,000)
Available-for-sale Securities, Fair Value (Net Carrying Amount)	$ 670,694,000		$ 635,702,000

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Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2013

Other Comprehensive Income (Loss) [Abstract]

Components And Allocated Tax Effects Of Other Comprehensive Income (Loss)

The components and allocated tax effects of other comprehensive income (loss) are as follows:

	Before-Tax			Tax Expense (Benefit)			After-Tax
	(In thousands)
Three Months Ended March 31, 2013
Unrealized gain, net of reclassifications from sale or maturity, on available-for-sale securities	$	16		$	8		$	8
Unrealized gain on hedging activities	18,297			6,809			11,488
Actuarial loss on post-retirement healthcare plan reclassified to net income upon partial plan settlement	1,726			671			1,055
Other comprehensive income	20,039			7,488			12,551
Less other comprehensive income attributable to noncontrolling interest	792			—			792
Other comprehensive income attributable to HollyFrontier stockholders	$	19,247		$	7,488		$	11,759
Three Months Ended March 31, 2012
Unrealized gain, net of reclassifications from sale or maturity, on available-for-sale securities	$	188		$	74		$	114
Unrealized loss on hedging activities	(155,615		)	(60,744		)	(94,871		)
Other comprehensive loss	(155,427		)	(60,670		)	(94,757		)
Less other comprehensive income attributable to noncontrolling interest	537			—			537
Other comprehensive loss attributable to HollyFrontier stockholders	$	(155,964	)	$	(60,670	)	$	(95,294	)

Reclassifications from Other Comprehensive Income to Income Statement [Table Text Block]

The following table presents the income statement line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):

AOCI Components	Gain (Loss) Reclassified From AOCI			Income Statement Line Item
	(In thousands)
Three Months Ended March 31, 2013
Securities available-for-sale	$	3		Interest income
	1			Income tax expense
	$	2		Net of tax
Hedging instruments:
Commodity price swaps	$	(19,185	)	Sales and other revenues
	(6,532		)	Cost of products sold
	(1,573		)	Operating expenses
Interest rate swaps	(1,353		)	Interest expense
	(28,643		)
	(10,823		)	Income tax benefit
	(17,820		)	Net of tax
	820			Noncontrolling interest
	$	(17,000	)	Net of tax and noncontrolling interest
Retiree medical obligation	$	(84	)	Cost of products sold
	(1,549		)	Operating expenses
	(93		)	General and administrative expenses
	(1,726		)
	(671		)	Income tax benefit
	$	(1,055	)	Net of tax
Total reclassifications for the period	$	(18,053	)
Three Months Ended March 31, 2012
Securities available-for-sale	$	117		Interest income
	46			Income tax expense
	$	71		Net of tax
Hedging instruments
Commodity price swaps	$	(34,125	)	Sales and other revenues
	50,541			Cost of products sold
Interest rate swaps	(1,498		)	Interest expense
	14,918
	6,143			Income tax expense
	8,775			Net of tax
	873			Noncontrolling interest
	$	9,648		Net of tax and noncontrolling interest
Total reclassifications for the period	$	9,719

Accumulated Other Comprehensive Loss In Equity

Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets includes:

	March 31, 2013			December 31, 2012
	(In thousands)
Pension obligation	$	(23,973	)	$	(23,973	)
Retiree medical obligation	29,660			28,605
Unrealized gain (loss) on available-for-sale securities	1			(7		)
Unrealized (loss) on hedging activities, net of noncontrolling interest	(2,354		)	(13,050		)
Accumulated other comprehensive income (loss)	$	3,334		$	(8,425	)

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Equity (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Class of Stock [Line Items]
Shares withheld for the payment of taxes	31,141
Stock Repurchase Program, Authorized Amount	$ 494.4

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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and related estimated fair values of our investments in marketable securities, derivative instruments and senior notes at March 31, 2013 and December 31, 2012 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
			(In thousands)
March 31, 2013
Assets:
Marketable debt securities	$	670,694	$	670,694	$	—	$	670,694	$	—
Commodity price swaps	43,808		43,808		—		27,598		16,210
Forward sales	1,468		1,468		—		—		1,468
Total assets	$	715,970	$	715,970	$	—	$	698,292	$	17,678
Liabilities:
NYMEX futures contracts	$	5,837	$	5,837	$	5,837	$	—	$	—
Commodity price swaps	38,650		38,650		—		14,723		23,927
HollyFrontier senior notes	435,373		469,573		—		469,573		—
HEP senior notes	443,913		480,563		—		480,563		—
HEP interest rate swaps	2,868		2,868		—		2,868		—
Total liabilities	$	926,641	$	997,491	$	5,837	$	967,727	$	23,927

December 31, 2012
Assets:
Marketable debt securities	$	635,702	$	635,702	$	—	$	635,702	$	—
Commodity price swaps	17,383		17,383		—		6,151		11,232
Total assets	$	653,085	$	653,085	$	—	$	641,853	$	11,232
Liabilities:
NYMEX futures contracts	$	5,563	$	5,563	$	5,563	$	—	$	—
Commodity price swaps	83,982		83,982		—		39,092		44,890
HollyFrontier senior notes	435,254		470,990		—		470,990		—
HEP senior notes	443,673		484,125		—		484,125		—
HEP interest rate swaps	3,430		3,430		—		3,430		—
Total liabilities	$	971,902	$	1,048,090	$	5,563	$	997,637	$	44,890

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in fair value of the Level 3 assets and liabilities (all related to derivative instruments) for the three months ended March 31, 2013 and 2012:

Level 3 Financial Instruments	Three Months Ended March 31,
	2013			2012
	(In thousands)
Asset (liability) balance at beginning of period	$	(33,658	)	$	31,616
Change in fair value:
Recognized in other comprehensive income	(49,202		)	(146,769		)
Recognized in cost of products sold	43,559			—
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	19,185			(34,125		)
Recognized in cost of products sold	13,867			—
Asset (liability) balance at end of period	$	(6,249	)	$	(149,278	)

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Debt (Carrying Amounts Of Long-Term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Total long-term debt	$ 1,283,245	$ 1,336,238
Holly Corporation [Member]
Debt Instrument [Line Items]
Total long-term debt	471,332	471,565
9.875% Senior Notes Due 2017 [Member]
Debt Instrument [Line Items]
Principal	286,812	286,812
Unamortized discount	(7,139)	(7,468)
Long-term debt carrying amount	279,673	279,344
6.875% Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Principal	150,000	150,000
Unamortized premium	5,700	5,910
Long-term debt carrying amount	155,700	155,910
Holly Financing Obligation [Member]
Debt Instrument [Line Items]
Financing obligation	35,959	36,311
HEP [Member]
Debt Instrument [Line Items]
Total HEP long-term debt	811,913	864,673
Total long-term debt	811,913	864,673
HEP [Member] | Holly Energy Partners Credit Agreement Member
Debt Instrument [Line Items]
HEP Credit Agreement	368,000	421,000
HEP [Member] | 8.25% Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Principal	150,000	150,000
Unamortized discount	(1,525)	(1,602)
Long-term debt carrying amount	148,475	148,398
HEP [Member] | 6.5% Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Principal	300,000	300,000
Unamortized discount	(4,562)	(4,725)
Long-term debt carrying amount	$ 295,438	$ 295,275

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Stock-Based Compensation (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 7.5	$ 8.5
HEP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	1.1	0.9
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested performance share grants in period	29,500
Fair value of restricted stock vested	2.5
Total unrecognized compensation cost related to non-vested grants	15.0
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 2 months 13 days
Weighted average grant date fair value	$ 25.48
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Performance Share Units Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Non-vested performance share grants in period	0
Total unrecognized compensation cost related to non-vested grants	$ 22.9
Total unrecognized compensation cost, weighted-average period of recognition, years	1 year 7 months 9 days
Weighted average grant date fair value	$ 35.40
Average shareholder return achieved by equally-weighted independent refining companies, period	3 years
Performance Share Units Member | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of share units awarded that will ultimately be issued, possible range	0.00%
Percentage of share units awarded that will ultimately be issued, current estimate	110.00%
Percentage of share units awarded, payable	0.00%
Performance Share Units Member | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Percentage of share units awarded that will ultimately be issued, possible range	200.00%
Percentage of share units awarded that will ultimately be issued, current estimate	170.00%
Percentage of share units awarded, payable	200.00%

XML

Description of Business and Presentation of Financial Statements (Details) (USD $)	3 Months Ended
	Mar. 31, 2013 mi Petroleum_Refineries	Dec. 31, 2012
Ownership Interest By Project Type [Line Items]
Number of refineries located in Tulsa, Oklahoma	2
Refinery Distance From Main City [Miles]	65
Balance Sheet Offsetting - Gross Payable	$ 2,068,683,000	$ 2,037,549,000
Balance Sheet Offsetting - Gross Receivable	(729,264,000)	(723,398,000)
Balance Sheet Offsetting - Net Liability	1,339,419,000	1,314,151,000
Allowance for doubtful accounts reserve	$ 2,500,000
Twelve Inch Refined Products Pipeline Project
Ownership Interest By Project Type [Line Items]
Description of pipeline acquired (inches)	12
Sabine Biofuels [Member]
Ownership Interest By Project Type [Line Items]
Percentage of interest owned in development stage biodiesel production facility	50.00%
HEP [Member]
Ownership Interest By Project Type [Line Items]
Percentage of ownership in variable interest entity	39.00%
Percentage of general partner interest	2.00%
HEP [Member] | SLC Pipeline [Member]
Ownership Interest By Project Type [Line Items]
Length of pipeline (miles)	95
SLC Pipeline [Member] | HEP [Member] | SLC Pipeline [Member]
Ownership Interest By Project Type [Line Items]
Equity Method Investment, Ownership Percentage	25.00%
UNEV Pipeline [Member]
Ownership Interest By Project Type [Line Items]
Percentage of interest owned In pipeline project	75.00%

XML

Derivative Instruments And Hedging Activities (Summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Loss	$ 0
Cash Flow Hedge Derivative Instrument Assets at Fair Value	(27,144,000)	(17,383,000)
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	354,000	23,875,000
Derivative Instrument not Designated as Hedging Instrument Asset Position - Gross Asset	12,493,000
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value - Gross Liability	27,498,000	41,258,000
Interest Rate Cash Flow Hedge Liability at Fair Value	0
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	10,651,000
Variable-to-fixed interest rate swap contract, Offsetting Amount	4,300,000
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	13,844,000	51,717,000
Derivative Assets	12,119,000
Derivative Liabilities, Current	562,000	62,388,000
Derivative Liabilities, Noncurrent	13,636,000	13,204,000
Derivative Liabilities	14,198,000	75,592,000
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative Instrument Not Designated as Hedging Instrument - Gross Liability	(1,842,000)
Derivative Assets	12,119,000
Nymex Futures Contracts [Member]
Derivative [Line Items]
Derivative Instrument Not Designated as Hedging Instrument - Gross Liability	5,837,000	5,563,000
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	5,837,000	5,563,000
Forward Contracts [Member]
Derivative [Line Items]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	1,468,000
Interest Rate Swap [Member]
Derivative [Line Items]
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	2,868,000	3,430,000
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value - Gross Liability	2,868,000	3,430,000
Commodity Contract [Member]
Derivative [Line Items]
Derivative Instrument Not Designated as Hedging Instrument - Gross Liability	12,178,000
Cash Flow Hedge Derivative Instrument Assets at Fair Value	(27,144,000)	(17,383,000)
Derivative Instrument Not Designated as Hedging Instrument in Asset Position - Asset	10,651,000
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	(2,514,000)	20,445,000
Derivative Instrument not Designated as Hedging Instrument Asset Position - Gross Asset	12,493,000
Derivative Instrument not Designated as Hedging Instrument Asset Position - Liability	(1,842,000)
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value - Gross Liability	24,630,000	37,828,000
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	(4,171,000)
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value	8,007,000
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative Instrument Not Designated as Hedging Instrument - Gross Liability	18,015,000	51,717,000
Commodity Contract [Member]
Derivative [Line Items]
Derivative Instrument Not Designated as Hedging Instrument - Gross Liability		46,154,000
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value		$ 46,154,000

XML

Supplemental Guarantor/Non-Guarantor Financial Information Consolidating Balance Sheet (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,872,442	$ 1,757,699	$ 1,659,550	$ 1,578,904
Marketable securities	665,694	630,586
Accounts receivable, net	656,524	634,230
Intercompany accounts receivable (payable)	0	0
Inventories	1,470,800	1,319,632
Income taxes receivable	37,904	74,957
Prepayments and other	59,946	53,161
Total current assets	4,763,310	4,470,265
Properties, plants and equipment, net	3,214,198	3,194,700
Marketable securities (long-term)	5,000	5,116
Investment in subsidiaries	0	0
Intangibles and other assets	2,713,664	2,658,916
Total assets	10,696,172	10,328,997
Accounts payable	1,339,419	1,314,151
Income taxes payable	151,403	0
Accrued liabilities	127,005	195,077
Deferred income tax liabilities	149,127	145,216
Total current liabilities	1,766,954	1,654,444
Long-term debt	1,283,245	1,336,238
Liability to HEP	0	0
Deferred income tax liabilities	554,102	536,670
Other long-term liabilities	162,824	158,987
Investment in HEP	0	0
Equity – HollyFrontier	6,285,793	6,052,954
Equity – noncontrolling interest	643,254	589,704
Total liabilities and equity	10,696,172	10,328,997
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	1,854,247	1,748,808	1,637,144	1,575,891
Marketable securities	665,685	630,579
Accounts receivable, net	4,766	4,788
Intercompany accounts receivable (payable)	(765,537)	(546,655)
Inventories	0	0
Income taxes receivable	37,904	74,957
Prepayments and other	22,859	21,867
Total current assets	1,819,924	1,934,344
Properties, plants and equipment, net	25,019	24,209
Marketable securities (long-term)	5,000	5,116
Investment in subsidiaries	5,909,650	5,251,396
Intangibles and other assets	17,096	11,825
Total assets	7,776,689	7,226,890
Accounts payable	68,099	1,941
Income taxes payable	151,403	0
Accrued liabilities	52,552	71,226
Deferred income tax liabilities	149,127	145,225
Total current liabilities	421,181	218,392
Long-term debt	460,374	460,254
Liability to HEP	0	0
Deferred income tax liabilities	549,151	530,544
Other long-term liabilities	57,168	48,757
Investment in HEP	0	0
Equity – HollyFrontier	6,288,815	5,968,943
Equity – noncontrolling interest	0	0
Total liabilities and equity	7,776,689	7,226,890
Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	3,652	9,256	(3,358)
Marketable securities	9	7
Accounts receivable, net	650,601	627,262
Intercompany accounts receivable (payable)	499,248	285,291
Inventories	1,469,309	1,318,373
Income taxes receivable	0	0
Prepayments and other	39,266	34,667
Total current assets	2,658,433	2,269,252
Properties, plants and equipment, net	2,468,535	2,444,398
Marketable securities (long-term)	0	0
Investment in subsidiaries	175,693	74,120
Intangibles and other assets	2,334,619	2,284,329
Total assets	7,637,280	7,072,099
Accounts payable	1,294,946	1,336,097
Income taxes payable	0	0
Accrued liabilities	63,281	105,298
Deferred income tax liabilities	0	0
Total current liabilities	1,358,227	1,441,395
Long-term debt	35,958	36,311
Liability to HEP	254,789	257,777
Deferred income tax liabilities	0	0
Other long-term liabilities	78,656	85,220
Investment in HEP	0	0
Equity – HollyFrontier	5,909,650	5,251,396
Equity – noncontrolling interest	0	0
Total liabilities and equity	7,637,280	7,072,099
Non Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	2	2	2	2
Marketable securities	0	0
Accounts receivable, net	7,763	0
Intercompany accounts receivable (payable)	266,289	261,364
Inventories	0	0
Income taxes receivable	0	0
Prepayments and other	0	0
Total current assets	274,054	261,366
Properties, plants and equipment, net	0	0
Marketable securities (long-term)	0	0
Investment in subsidiaries	0	0
Intangibles and other assets	40,418	25,000
Total assets	314,472	286,366
Accounts payable	0	0
Income taxes payable	0	0
Accrued liabilities	1,200	581
Deferred income tax liabilities	0	(9)
Total current liabilities	1,200	572
Long-term debt	0	0
Liability to HEP	0	0
Deferred income tax liabilities	0	1,175
Other long-term liabilities	0	0
Investment in HEP	137,579	210,499
Equity – HollyFrontier	175,693	74,120
Equity – noncontrolling interest	0	0
Total liabilities and equity	314,472	286,366
Eliminations From Consolidation Of Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0
Marketable securities	0	0
Accounts receivable, net	0	0
Intercompany accounts receivable (payable)	0	0
Inventories	0	0
Income taxes receivable	0	0
Prepayments and other	0	0
Total current assets	0	0
Properties, plants and equipment, net	0	0
Marketable securities (long-term)	0	0
Investment in subsidiaries	(6,085,343)	(5,325,516)
Intangibles and other assets	(25,000)	(25,000)
Total assets	(6,110,343)	(5,350,516)
Accounts payable	0	0
Income taxes payable	0	0
Accrued liabilities	0	0
Deferred income tax liabilities	0	0
Total current liabilities	0	0
Long-term debt	(25,000)	(25,000)
Liability to HEP	0	0
Deferred income tax liabilities	0	0
Other long-term liabilities	0	0
Investment in HEP	0	0
Equity – HollyFrontier	(6,085,343)	(5,325,516)
Equity – noncontrolling interest	0	0
Total liabilities and equity	(6,110,343)	(5,350,516)
Holly Frontier Corp. Before Consolidation Of HEP [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	1,854,249	1,752,462	1,646,402	1,572,535
Marketable securities	665,694	630,586
Accounts receivable, net	663,130	632,050
Intercompany accounts receivable (payable)	0	0
Inventories	1,469,309	1,318,373
Income taxes receivable	37,904	74,957
Prepayments and other	62,125	56,534
Total current assets	4,752,411	4,464,962
Properties, plants and equipment, net	2,493,554	2,468,607
Marketable securities (long-term)	5,000	5,116
Investment in subsidiaries	0	0
Intangibles and other assets	2,367,133	2,296,154
Total assets	9,618,098	9,234,839
Accounts payable	1,363,045	1,338,038
Income taxes payable	151,403	0
Accrued liabilities	117,033	177,105
Deferred income tax liabilities	149,127	145,216
Total current liabilities	1,780,608	1,660,359
Long-term debt	471,332	471,565
Liability to HEP	254,789	257,777
Deferred income tax liabilities	549,151	531,719
Other long-term liabilities	135,824	133,977
Investment in HEP	137,579	210,499
Equity – HollyFrontier	6,288,815	5,968,943
Equity – noncontrolling interest	0	0
Total liabilities and equity	9,618,098	9,234,839
Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	18,193	5,237	13,148	6,369
Marketable securities	0	0
Accounts receivable, net	37,129	38,097
Intercompany accounts receivable (payable)	0	0
Inventories	1,491	1,259
Income taxes receivable	0	0
Prepayments and other	1,984	2,360
Total current assets	58,797	46,953
Properties, plants and equipment, net	1,005,577	1,014,556
Marketable securities (long-term)	0	0
Investment in subsidiaries	0	0
Intangibles and other assets	363,998	365,291
Total assets	1,428,372	1,426,800
Accounts payable	12,346	12,030
Income taxes payable	0	0
Accrued liabilities	14,135	23,705
Deferred income tax liabilities	0	0
Total current liabilities	26,481	35,735
Long-term debt	811,913	864,673
Liability to HEP	0	0
Deferred income tax liabilities	4,951	0
Other long-term liabilities	30,193	28,683
Investment in HEP	0	0
Equity – HollyFrontier	453,256	382,207
Equity – noncontrolling interest	101,578	115,502
Total liabilities and equity	1,428,372	1,426,800
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0	0
Marketable securities	0	0
Accounts receivable, net	(43,735)	(35,917)
Intercompany accounts receivable (payable)	0	0
Inventories	0	0
Income taxes receivable	0	0
Prepayments and other	(4,163)	(5,733)
Total current assets	(47,898)	(41,650)
Properties, plants and equipment, net	(284,933)	(288,463)
Marketable securities (long-term)	0	0
Investment in subsidiaries	0	0
Intangibles and other assets	(17,467)	(2,529)
Total assets	(350,298)	(332,642)
Accounts payable	(35,972)	(35,917)
Income taxes payable	0	0
Accrued liabilities	(4,163)	(5,733)
Deferred income tax liabilities	0	0
Total current liabilities	(40,135)	(41,650)
Long-term debt	0	0
Liability to HEP	(254,789)	(257,777)
Deferred income tax liabilities	0	4,951
Other long-term liabilities	(3,193)	(3,673)
Investment in HEP	(137,579)	(210,499)
Equity – HollyFrontier	(456,278)	(298,196)
Equity – noncontrolling interest	541,676	474,202
Total liabilities and equity	$ (350,298)	$ (332,642)

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Other Comprehensive Income (Loss) Other Comprehensive Income Balance Components (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Statement of Other Comprehensive Income [Abstract]
Pension obligation adjustment	$ (23,973)	$ (23,973)
Retiree medical obligation adjustment	29,660	28,605
Unrealized gain (loss) on available-for-sale securities	1	(7)
Unrealized gain (loss) on hedging activities, net of noncontrolling interest	(2,354)	(13,050)
Accumulated other comprehensive income (loss)	$ 3,334	$ (8,425)

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Inventories (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Dec. 31, 2012
Inventories
Crude oil	$ 512,441		$ 502,978
Other raw materials and unfinished products	188,814	[1]	150,090	[1]
Finished products	697,514	[2]	585,610	[2]
Process chemicals	4,398	[3]	3,514	[3]
Repairs and maintenance supplies and other	67,633		77,440
Inventories, total	$ 1,470,800		$ 1,319,632

[1] Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.

[2] Finished products include gasolines, jet fuels, diesels, lubricants, asphalts, LPG’s and residual fuels.

[3] Process chemicals include additives and other chemicals.

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Financial Instruments

3 Months Ended

Mar. 31, 2013

Financial Instruments, Owned, at Fair Value [Abstract]

Financial Instruments

Financial Instruments

Our financial instruments consist of cash and cash equivalents, investments in marketable securities, accounts receivable, accounts payable, debt and derivative instruments. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. HEP's outstanding credit agreement borrowings also approximate fair value as interest rates are reset frequently at current interest rates.

Fair value measurements are derived using inputs (assumptions that market participants would use in pricing an asset or liability, including assumptions about risk). GAAP categorizes inputs used in fair value measurements into three broad levels as follows:

• (Level 1) Quoted prices in active markets for identical assets or liabilities.

• (Level 2) Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data.

• (Level 3) Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs.

The carrying amounts and related estimated fair values of our investments in marketable securities, derivative instruments and senior notes at March 31, 2013 and December 31, 2012 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
			(In thousands)
March 31, 2013
Assets:
Marketable debt securities	$	670,694	$	670,694	$	—	$	670,694	$	—
Commodity price swaps	43,808		43,808		—		27,598		16,210
Forward sales	1,468		1,468		—		—		1,468
Total assets	$	715,970	$	715,970	$	—	$	698,292	$	17,678
Liabilities:
NYMEX futures contracts	$	5,837	$	5,837	$	5,837	$	—	$	—
Commodity price swaps	38,650		38,650		—		14,723		23,927
HollyFrontier senior notes	435,373		469,573		—		469,573		—
HEP senior notes	443,913		480,563		—		480,563		—
HEP interest rate swaps	2,868		2,868		—		2,868		—
Total liabilities	$	926,641	$	997,491	$	5,837	$	967,727	$	23,927

December 31, 2012
Assets:
Marketable debt securities	$	635,702	$	635,702	$	—	$	635,702	$	—
Commodity price swaps	17,383		17,383		—		6,151		11,232
Total assets	$	653,085	$	653,085	$	—	$	641,853	$	11,232
Liabilities:
NYMEX futures contracts	$	5,563	$	5,563	$	5,563	$	—	$	—
Commodity price swaps	83,982		83,982		—		39,092		44,890
HollyFrontier senior notes	435,254		470,990		—		470,990		—
HEP senior notes	443,673		484,125		—		484,125		—
HEP interest rate swaps	3,430		3,430		—		3,430		—
Total liabilities	$	971,902	$	1,048,090	$	5,563	$	997,637	$	44,890

Level 1 Financial Instruments

Our NYMEX futures contracts are exchange traded and are measured and recorded at fair value using quoted market prices, a Level 1 input.

Level 2 Financial Instruments

Investments in marketable debt securities and derivative instruments consisting of commodity price swaps and HEP's interest rate swaps are measured and recorded at fair value using Level 2 inputs. The fair values of the commodity price and interest rate swap contracts are based on the net present value of expected future cash flows related to both variable and fixed rate legs of the respective swap agreements. The measurements are computed using market-based observable inputs, quoted forward commodity prices with respect to our commodity price swaps and the forward London Interbank Offered Rate (“LIBOR”) yield curve with respect to HEP's interest rate swaps. The fair value of the marketable debt securities and senior notes is based on values provided by a third-party, which were derived using market quotes for similar type instruments, a Level 2 input.

Level 3 Financial Instruments

We have commodity price swap contracts that relate to forecasted sales of diesel and unleaded gasoline and forecasted purchases of WCS for which quoted forward market prices are not readily available. The forward rate used to value these price swaps is derived using a projected forward rate using quoted market rates for similar products, adjusted for regional pricing and grade differentials, a Level 3 input.

The following table presents the changes in fair value of the Level 3 assets and liabilities (all related to derivative instruments) for the three months ended March 31, 2013 and 2012:

Level 3 Financial Instruments	Three Months Ended March 31,
	2013			2012
	(In thousands)
Asset (liability) balance at beginning of period	$	(33,658	)	$	31,616
Change in fair value:
Recognized in other comprehensive income	(49,202		)	(146,769		)
Recognized in cost of products sold	43,559			—
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	19,185			(34,125		)
Recognized in cost of products sold	13,867			—
Asset (liability) balance at end of period	$	(6,249	)	$	(149,278	)

A hypothetical change of 10% to the estimated future cash flows attributable to our Level 3 derivative instruments would result in an estimated fair value change of approximately $4.1 million.

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Retirement Plan (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax	$ 37,600,000
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, before Tax	1,726,000
Expected long-term annual rate of return on plan assets	0.25%
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	23,000,000
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent	19,300,000
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Amendments	$ 2,900,000	$ 3,400,000

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Stock-Based Compensation (Summary Of Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 2 months 13 days
Outstanding at January 1, 2013 (non-vested), Grants	843,527
Granted, Grants	29,500
Vesting and transfer of ownership to recipients, Grants	(97,812)
Forfeited in Period	(6,714)
Outstanding at March 31, 2013 (non-vested), Grants	768,501
Outstanding at January 1, 2013 (non-vested), Weighted Average Grant Date Fair Value	$ 34.52
Granted, Weighted Average Grant Date Fair Value	$ 45.90
Vesting and transfer of ownership to recipients, Weighted Average Grant Date Fair Value	$ 25.48
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value, per share	$ 35.77
Outstanding at March 31, 2013 (non-vested), Weighted Average Grant Date Fair Value	$ 36.09
Aggregate Intrinsic Value	$ 39,539

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Inventories (Tables)

3 Months Ended

Mar. 31, 2013

Inventory, Net [Abstract]

Inventory Components

Inventory consists of the following components:

	March 31, 2013		December 31, 2012
	(In thousands)
Crude oil	$	512,441	$	502,978
Other raw materials and unfinished products(1)	188,814		150,090
Finished products(2)	697,514		585,610
Process chemicals(3)	4,398		3,514
Repairs and maintenance supplies and other	67,633		77,440
Total inventory	$	1,470,800	$	1,319,632

(1) Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.

(2) Finished products include gasolines, jet fuels, diesels, lubricants, asphalts, LPG’s and residual fuels.

(3) Process chemicals include additives and other chemicals.

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Cash and Cash Equivalents and Investments in Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2013

Cash And Cash Equivalents And Investments In Marketable Securities [Abstract]

Available-For-Sale Securities

The following is a summary of our available-for-sale securities:

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value (Net Carrying Amount)
	(In thousands)
March 31, 2013
Certificates of deposit	$	81,771	$	9	$	(4	)	$	81,776
Commercial paper	51,541		27		—			51,568
Corporate debt securities	69,806		4		(38		)	69,772
State and political subdivisions debt securities	467,583		29		(34		)	467,578
Total marketable securities	$	670,701	$	69	$	(76	)	$	670,694
December 31, 2012
Certificates of deposit	$	82,791	$	14	$	(6	)	$	82,799
Commercial paper	45,737		17		—			45,754
Corporate debt securities	49,587		2		(30		)	49,559
State and political subdivisions debt securities	457,615		26		(51		)	457,590
Total marketable securities	$	635,730	$	59	$	(87	)	$	635,702

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Derivative Instruments And Hedging Activities Derivatives and Hedging Instruments Gains Losses due to Settlements Hedge Ineffectiveness (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Trading Activity, Gains and Losses, Net [Line Items]
Change in Fair Value Recognized in Other Comprehensive Income (Loss), Effective Portion	$ (10,404)	$ (140,121)
Gain (Loss) on Sale of Derivatives	(27,290)	16,416
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	2,410	(1,330)
(Gain) Loss Reclassified to Earnings Due to Settlements	27,200	(16,416)
Amortization Of Unrealized Gain (Loss) Attributable To Discontinued Commodity Hedges	90
Amortization of unrealized loss attributable to discontinued cash flow hedges	939	1,274
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax	16,886	(156,537)
Cost of Sales [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Sale of Derivatives	(6,532)	50,541
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	3,131
Operating Expense [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	(365)
Amortization of unrealized loss attributable to discontinued cash flow hedges	(1,573)
Revenues (decrease) [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Sale of Derivatives	(19,185)	(34,125)
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	(356)	(1,330)
HEP [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Amortization of unrealized loss attributable to discontinued cash flow hedges	$ 849	$ 1,274

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Stock-Based Compensation (Summary Of Performance Share Unit Activity) (Details) (Performance Share Units Member)	3 Months Ended
	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 7 months 9 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Outstanding at January 1, 2013 (non-vested), Grants	875,574
Granted, Grants	0
Vesting and transfer of ownership to recipients, Grants	0
Forfeited in Period	(7,914)
Outstanding at March 31, 2013 (non-vested), Grants	867,660
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Percentage Of Share Units Awarded Ultimately Issued	200.00%
Current Estimated Percentage Of Share Units Awarded Ultimately Issued	170.00%
Percentage Of Share Units Awarded ,Payable	200.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Units Awarded Ultimately Issued	0.00%
Current Estimated Percentage Of Share Units Awarded Ultimately Issued	110.00%
Percentage Of Share Units Awarded ,Payable	0.00%

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Debt (Tables)

3 Months Ended

Mar. 31, 2013

Debt [Abstract]

Carrying Amounts Of Long-Term Debt

The carrying amounts of long-term debt are as follows:

	March 31, 2013			December 31, 2012
	(In thousands)
9.875% Senior Notes
Principal	$	286,812		$	286,812
Unamortized discount	(7,139		)	(7,468		)
	279,673			279,344
6.875% Senior Notes
Principal	150,000			150,000
Unamortized premium	5,700			5,910
	155,700			155,910
Financing Obligation	35,959			36,311
Total HollyFrontier long-term debt	471,332			471,565
HEP Credit Agreement	368,000			421,000
HEP 8.25% Senior Notes
Principal	150,000			150,000
Unamortized discount	(1,525		)	(1,602		)
	148,475			148,398
HEP 6.5% Senior Notes
Principal	300,000			300,000
Unamortized discount	(4,562		)	(4,725		)
	295,438			295,275
Total HEP long-term debt	811,913			864,673
Total long-term debt	$	1,283,245		$	1,336,238

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Derivative Instruments And Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table presents the pre-tax effect on other comprehensive income (“OCI”) and earnings due to fair value adjustments and maturities of commodity price swaps under hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Gain (Loss) Recognized in Earnings Due to Settlements				Gain (Loss) Attributable to Hedge Ineffectiveness Recognized in Earnings
				Location	Amount			Location	Amount
				(In thousands)
Three Months Ended March 31, 2013
Commodity price swaps
Change in fair value	$	(10,404	)	Sales and other revenues	$	(19,185	)	Sales and other revenues	$	(356	)
Loss reclassified to earnings due to settlements	27,200			Cost of products sold	(6,532		)	Cost of products sold	3,131
Amortization of discontinued hedge reclassified to earnings	90			Operating expenses	(1,573		)	Operating expenses	(365		)
Total	$	16,886			$	(27,290	)		$	2,410
Three Months Ended March 31, 2012
Commodity price swaps
Change in fair value	$	(140,121	)	Sales and other revenues	$	(34,125	)	Sales and other revenues	$	(1,330	)
Loss reclassified to earnings due to settlements	(16,416		)	Cost of products sold	50,541
Total	$	(156,537	)		$	16,416			$	(1,330	)

Summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments

As of March 31, 2013, we have the following notional contract volumes related to outstanding derivative instruments serving as cash flow hedges against price risk on forecasted purchases of natural gas and crude oil and sales of refined products:

		Notional Contract Volumes by Year of Maturity
Derivative Instrument	Total Outstanding Notional	2013	2014	2015	2016	2017	Unit of Measure
Commodity Price Swaps:
Natural gas - long	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
WTI crude oil - long	8,340,000	7,975,000	365,000	—	—	—	Barrels
Ultra-low sulfur diesel - short	8,340,000	7,975,000	365,000	—	—	—	Barrels
Forward sales - diesel and gasoline	535,000	535,000	—	—	—	—	Barrels

Schedule of Realized Gain (Loss)

The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:

	Three Months Ended March 31,
Location of Gain (Loss) Recognized in Income	2013			2012
	(In thousands)
Cost of products sold	$	33,592		$	(14,994	)
Operating expenses	(4,993		)	(1,701		)
Total	$	28,599		$	(16,695	)

Schedule of Notional Amounts of Outstanding Derivative Positions

As of March 31, 2013, we have the following notional contract volumes related to our outstanding derivative contracts serving as economic hedges:

		Notional Contract Volumes by Year of Maturity
Derivative Instrument	Total Outstanding Notional	2013	2014	2015	2016	2017	Unit of Measure
Commodity price swap (gasoline) - long	125,000	125,000	—	—	—	—	Barrels
Commodity price swap (gasoline) - short	125,000	125,000	—	—	—	—	Barrels
Commodity price swap (WCS spread) - long	5,362,500	5,362,500	—	—	—	—	Barrels
Commodity price swap (WTS spread) - long	1,960,000	1,960,000	—	—	—	—	Barrels
Commodity price swap (natural gas) - long	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
Commodity price swap (natural gas) - short	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
NYMEX futures (WTI) - long	234,000	234,000	—	—	—	—	Barrels
NYMEX futures (WTI) - short	1,178,000	1,178,000	—	—	—	—	Barrels
Physical contracts - long	540,000	540,000	—	—	—	—	Barrels
Physical contracts - short	540,000	540,000	—	—	—	—	Barrels

Schedule of Interest Rate Derivatives

The following table presents the pre-tax effect on other comprehensive income and earnings due to fair value adjustments and maturities of HEP's interest rate swaps under cash flow hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Loss Recognized in Earnings Due to Settlements
				Location	Amount
	(In thousands)
Three Months Ended March 31, 2013
Interest rate swaps
Change in fair value	$	58
Loss reclassified to earnings due to settlements	504			Interest expense	$	(1,353	)
Amortization of discontinued hedge reclassified to earnings	849
Total	$	1,411			$	(1,353	)
Three Months Ended March 31, 2012
Interest rate swaps
Change in fair value	$	(578	)
Loss reclassified to earnings due to settlements	224			Interest expense	$	(1,498	)
Amortization of discontinued hedge reclassified to earnings	1,274
Total	$	920			$	(1,498	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value and balance sheet locations of our outstanding derivative instruments. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.

	Derivatives in Net Asset Position							Derivatives in Net Liability Position
	Gross Assets		Gross Liabilities Offset in Balance Sheet			Net Assets Recognized in Balance Sheet		Gross Liabilities		Gross Assets Offset in Balance Sheet			Net Liabilities Recognized in Balance Sheet
			(In thousands)
March 31, 2013
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—		$	—	$	24,630	$	(27,144	)	$	(2,514	)
Forward sales contracts	1,468		—			1,468		—		—			—
Interest rate swap contracts	—		—			—		2,868		—			2,868
	$	1,468	$	—		$	1,468	$	27,498	$	(27,144	)	$	354
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	12,493	$	(1,842	)	$	10,651	$	12,178	$	(4,171	)	$	8,007
NYMEX futures contracts	—		—			—		5,837		—			5,837
	$	12,493	$	(1,842	)	$	10,651	$	18,015	$	(4,171	)	$	13,844
Total net balance						$	12,119						$	14,198
Balance sheet classification:	Prepayment and other					$	12,119	Accrued liabilities					$	562
								Other long-term liabilities					13,636
						$	12,119						$	14,198

	Derivatives in Net Asset Position						Derivatives in Net Liability Position
	Gross Assets		Gross Liabilities Offset in Balance Sheet		Net Assets Recognized in Balance Sheet		Gross Liabilities		Gross Assets Offset in Balance Sheet			Net Liabilities Recognized in Balance Sheet
			(In thousands)
December 31, 2012
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	37,828	$	(17,383	)	$	20,445
Interest rate swap contracts	—		—		—		3,430		—			3,430
	$	—	$	—	$	—	$	41,258	$	(17,383	)	$	23,875
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	46,154	$	—		$	46,154
NYMEX futures contracts	—		—		—		5,563		—			5,563
	$	—	$	—	$	—	$	51,717	$	—		$	51,717
Total net balance					$	—						$	75,592
Balance sheet classification:							Accrued liabilities					$	62,388
							Other long-term liabilities					13,204
												$	75,592

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Holly Energy Partners

3 Months Ended

Mar. 31, 2013

Holly Energy Partners [Abstract]

Holly Energy Partners

Holly Energy Partners

HEP, a consolidated VIE, is a publicly held master limited partnership that was formed to acquire, own and operate the petroleum product and crude oil pipeline and terminal, tankage and loading rack facilities that support our refining and marketing operations in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. HEP also owns and operates refined product pipelines and terminals, located primarily in Texas, that serve Alon's refinery in Big Spring, Texas.

As of March 31, 2013, we owned a 39% interest in HEP, including the 2% general partner interest. We are the primary beneficiary of HEP's earnings and cash flows and therefore we consolidate HEP. See Note 16 for supplemental guarantor/non-guarantor financial information, including HEP balances included in these consolidated financial statements. All intercompany transactions with HEP are eliminated in our consolidated financial statements.

HEP has two primary customers (including us) and generates revenues by charging tariffs for transporting petroleum products and crude oil though its pipelines, by charging fees for terminalling refined products and other hydrocarbons, and storing and providing other services at its storage tanks and terminals. Under our long-term transportation agreements with HEP (discussed further below), we accounted for 83% of HEP’s total revenues for the three months ended March 31, 2013. We do not provide financial or equity support through any liquidity arrangements and /or debt guarantees to HEP.

HEP has outstanding debt under a senior secured revolving credit agreement and its senior notes. With the exception of the assets of HEP Logistics Holdings, L.P., one of our wholly-owned subsidiaries and HEP’s general partner, HEP’s creditors have no recourse to our assets. Any recourse to HEP’s general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP, are not significant. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries. See Note 9 for a description of HEP’s debt obligations.

At March 31, 2013, we have an agreement to pledge up to 12.0 million of our HEP common units to collateralize certain crude oil purchases. These units represent a 20% ownership interest in HEP.

HEP has risk associated with its operations. If a major customer of HEP were to terminate its contracts or fail to meet desired shipping or throughput levels for an extended period of time, revenue would be reduced and HEP could suffer substantial losses to the extent that a new customer is not found. In the event that HEP incurs a loss, our operating results will reflect HEP’s loss, net of intercompany eliminations, to the extent of our ownership interest in HEP at that point in time.

Transportation Agreements

HEP serves our refineries under long-term pipeline and terminal, tankage and throughput agreements expiring from 2019 through 2026. Under these agreements, we pay HEP fees to transport, store and throughput volumes of refined product and crude oil on HEP's pipeline and terminal, tankage and loading rack facilities that result in minimum annual payments to HEP including UNEV (a consolidated subsidiary of HEP). Under these agreements, the agreed upon tariff rates are subject to annual tariff rate adjustments on July 1 at a rate based upon the percentage change in Producer Price Index (“PPI”) or Federal Energy Regulatory Commission (“FERC”) index. As of March 31, 2013, these agreements result in minimum annualized payments to HEP of $220.8 million.

Since HEP is a consolidated VIE, our transactions with HEP including fees paid under our transportation agreements with HEP are eliminated and have no impact on our consolidated financial statements.

HEP Common Unit Offering

In March 2013, HEP closed on a public offering of 1,875,000 of its common units. Additionally, our wholly-owned subsidiary, HollyFrontier Holdings LLC, as a selling unitholder, closed on a public sale of 1,875,000 HEP common units held by it. HEP used net proceeds of $73.4 million to repay indebtedness incurred under its credit facility and for general partnership purposes. As a result of these transactions and resulting HEP ownership changes, we adjusted additional capital and equity attributable to HEP's noncontrolling interest holders to reallocate HEP's equity among its unitholders.

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Equity (Tables)

3 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

Changes To Equity

Changes to equity during the three months ended March 31, 2013 are presented below:

	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2012	$	6,052,954		$	589,704		$	6,642,658
Net income	333,669			9,702			343,371
Dividends	(163,388		)	—			(163,388		)
Distributions to noncontrolling interest holders	—			(15,288		)	(15,288		)
Other comprehensive income, net of tax	11,759			792			12,551
Allocated equity on HEP common unit issuances, net of tax	54,011			60,145			114,156
Equity-based compensation	7,457			1,123			8,580
Excess tax benefit attributable to equity-based compensation	744			—			744
Purchase of treasury stock (1)	(11,413		)	—			(11,413		)
Purchase of HEP units for restricted grants	—			(2,924		)	(2,924		)
Balance at March 31, 2013	$	6,285,793		$	643,254		$	6,929,047

(1) Includes 31,141 shares withheld under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

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Financial Instruments (Changes in Level 3 Inputs) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Hypothetical change to estimated future cash flows attributable to commodity price swaps, percent	10.00%
Estimated change in fair value resulting from hypothetical percentage change in future cash flows attributable to commodity price swaps	$ 4,100,000
Commodity Contract [Member] | Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, January 1, 2013	(33,658,000)	31,616,000
Unrealized (gains) losses included in other comprehensive income	(49,202,000)	(146,769,000)
Change in Fair Value Recognized in Cost of Product Sold	43,559,000	0
Settlements Recognized in Sales and Other Revenues	19,185,000	(34,125,000)
Settlements Recognized in Cost of Product Sold	13,867,000
Ending balance, March 31, 2013	$ (6,249,000)	$ (149,278,000)

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Derivative Instruments And Hedging Activities Notional Contracts by Derivative Type (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
economic hedges by derivative type [Line Items]
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes	$ 5.1
Natural Gas [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	45,600,000
Gasoline And Diesel Member
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	535,000
Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	45,600,000
Commodity WCS Spread [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	5,362,500
Commodity Price Swap WTS Spread [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	1,960,000
Commodity WTI Long [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	234,000
Commodity WTI short [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	1,178,000
Forward Contracts [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	540,000
Commodity Gasoline [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	125,000
WTI Crude Oil [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	8,340,000
Ultra Low Sulfur Diesel Member
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	8,340,000
Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	45,600,000
Future [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	540,000
Maturing in 2013 [Member] | Natural Gas [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	7,200,000
Maturing in 2013 [Member] | Gasoline And Diesel Member
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	535,000
Maturing in 2013 [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	7,200,000
Maturing in 2013 [Member] | Commodity WCS Spread [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	5,362,500
Maturing in 2013 [Member] | Commodity Price Swap WTS Spread [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	1,960,000
Maturing in 2013 [Member] | Commodity WTI Long [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	234,000
Maturing in 2013 [Member] | Commodity WTI short [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	1,178,000
Maturing in 2013 [Member] | Forward Contracts [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	540,000
Maturing in 2013 [Member] | Commodity Gasoline [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	125,000
Maturing in 2013 [Member] | WTI Crude Oil [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	7,975,000
Maturing in 2013 [Member] | Ultra Low Sulfur Diesel Member
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	7,975,000
Maturing in 2013 [Member] | Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	7,200,000
Maturing in 2013 [Member] | Future [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	540,000
Maturing in 2014 [Member] | Natural Gas [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2014 [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2014 [Member] | WTI Crude Oil [Member]
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	365,000
Maturing in 2014 [Member] | Ultra Low Sulfur Diesel Member
economic hedges by derivative type [Line Items]
Derivative, Nonmonetary Notional Amount	365,000
Maturing in 2014 [Member] | Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2015 [Member] | Natural Gas [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2015 [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2015 [Member] | Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2016 [Member] | Natural Gas [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2016 [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2016 [Member] | Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2017 [Member] | Natural Gas [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2017 [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in 2017 [Member] | Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000

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Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents (HEP: $18,193 and $5,237, respectively)	$ 1,872,442	$ 1,757,699
Marketable securities	665,694	630,586
Accounts receivable: Product and transportation (HEP: $37,129 and $38,097, respectively)	599,669	587,728
Crude oil resales	56,855	46,502
Accounts receivable, total	656,524	634,230
Inventories: Crude oil and refined products	1,398,769	1,238,678
Materials and supplies (HEP: $1,491 and $1,259, respectively)	72,031	80,954
Inventories, total	1,470,800	1,319,632
Income taxes receivable	37,904	74,957
Prepayments and other (HEP: $1,984 and $2,360, respectively)	59,946	53,161
Total current assets	4,763,310	4,470,265
Properties, plants and equipment, at cost (HEP: $1,158,287 and $1,155,710, respectively)	4,008,803	3,943,114
Less accumulated depreciation (HEP: $(152,710) and $(141,154), respectively)	(794,605)	(748,414)
Property, plant and equipment, net	3,214,198	3,194,700
Marketable securities (long-term)	5,000	5,116
Other assets: Turnaround costs	197,356	151,764
Goodwill (HEP: $288,991 and $288,991, respectively)	2,338,302	2,338,302
Intangibles and other (HEP: $75,007 and $76,300, respectively)	178,006	168,850
Other assets, total	2,713,664	2,658,916
Total assets	10,696,172	10,328,997
Current liabilities:
Accounts payable (HEP: $12,346 and $12,030, respectively)	1,339,419	1,314,151
Income taxes payable	151,403	0
Accrued liabilities (HEP: $14,135 and $23,705, respectively)	127,005	195,077
Deferred income tax liabilities	149,127	145,216
Total current liabilities	1,766,954	1,654,444
Long-term debt (HEP: $811,913 and $864,673, respectively)	1,283,245	1,336,238
Deferred income taxes (HEP: $4,951 and $4,951, respectively)	554,102	536,670
Other long-term liabilities (HEP: $30,192 and $28,683, respectively)	162,824	158,987
HollyFrontier stockholders' equity:
Preferred stock, $1.00 par value - 5,000,000 shares authorized; none issued	0	0
Common stock $.01 par value - 320,000,000 shares authorized; 255,962,866 shares issued as of March 31, 2013 and December 31, 2012	2,560	2,560
Additional capital	3,973,788	3,911,353
Retained earnings	3,225,050	3,054,769
Accumulated other comprehensive income (loss)	3,334	(8,425)
Common stock held in treasury, at cost - 52,635,439 and 52,411,370 shares as of March 31, 2013 and December 31, 2012, respectively	(918,939)	(907,303)
Total HollyFrontier stockholders' equity	6,285,793	6,052,954
Noncontrolling interest	643,254	589,704
Total equity	6,929,047	6,642,658
Total liabilities and equity	10,696,172	10,328,997
HEP [Member]
Current assets:
Cash and cash equivalents (HEP: $18,193 and $5,237, respectively)	18,193	5,237
Accounts receivable: Product and transportation (HEP: $37,129 and $38,097, respectively)	37,129	38,097
Materials and supplies (HEP: $1,491 and $1,259, respectively)	1,491	1,259
Prepayments and other (HEP: $1,984 and $2,360, respectively)	1,984	2,360
Properties, plants and equipment, at cost (HEP: $1,158,287 and $1,155,710, respectively)	1,158,287	1,155,710
Less accumulated depreciation (HEP: $(152,710) and $(141,154), respectively)	(152,710)	(141,154)
Goodwill (HEP: $288,991 and $288,991, respectively)	288,991	288,991
Intangibles and other (HEP: $75,007 and $76,300, respectively)	75,007	76,300
Total assets	1,428,372	1,426,800
Current liabilities:
Accounts payable (HEP: $12,346 and $12,030, respectively)	12,346	12,030
Accrued liabilities (HEP: $14,135 and $23,705, respectively)	14,135	23,705
Long-term debt (HEP: $811,913 and $864,673, respectively)	811,913	864,673
Deferred income taxes (HEP: $4,951 and $4,951, respectively)	4,951	4,951
Other long-term liabilities (HEP: $30,192 and $28,683, respectively)	$ 30,192	$ 28,683

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Cash and Cash Equivalents and Investments in Marketable Securities (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Maximum term to maturity from date of purchase (years)	2 years
Categories of Investments, Marketable Securities, Available-for-sale Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment Income, interest income on Marketable Securities	$ 0.5	$ 0.3

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Consolidated Statements Of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Cash flows from operating activities:
Net income	$ 343,371		$ 247,020
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	71,762		56,102
Earnings of equity method investments, net of distributions	628		34
Deferred income taxes	(20,533)		(2,464)
Equity based compensation expense	8,580		9,485
Change in fair value - derivative instruments	(53,745)		12,122
(Increase) decrease in current assets:
Accounts receivable	(22,294)		(25,247)
Inventories	(151,168)		(230,536)
Income taxes receivable	37,053		365
Prepayments and other	3,866		(1,831)
Increase (decrease) in current liabilities:
Accounts payable	(40,964)		124,235
Income taxes payable	151,403		111,846
Accrued liabilities	(9,846)		(46,358)
Turnaround expenditures	(69,835)		(21,762)
Other, net	285		20,894
Net cash provided by operating activities	248,563		253,905
Cash flows from investing activities:
Additions to properties, plants and equipment	(66,951)		(47,133)
Proceeds from Sale of Property, Plant, and Equipment	2,290		0
Investment in Sabine Biofuels	0		(1,200)
Purchases of marketable securities	(178,251)		(106,573)
Sales and maturities of marketable securities	(143,280)		(100,480)
Net cash provided by (used for) investing activities	(104,645)		(68,680)
Cash flows from financing activities:
Proceeds from Sale of HEP Common Units	73,444		0
Proceeds from Common Unit Offering HEP	73,444		0
Purchase of treasury stock	(6,610)		(62,532)
Contribution from joint venture partner	0		5,500
Dividends	(102,163)		(126,019)
Excess tax benefit from equity based compensation	744		3,792
Deferred financing costs	0		(1,123)
Other	2,973		(512)
Net cash used for financing activities	(29,175)		(104,579)
Cash and cash equivalents:
Increase for the period	114,743		80,646
Beginning of period	1,757,699		1,578,904
End of period	1,872,442		1,659,550
Cash paid during the period for:
Interest	20,825		24,422
Income taxes	17,380		27,006
HEP [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,749	[1]	13,395	[1]
Cash flows from investing activities:
Additions to properties, plants and equipment	(5,013)		(14,254)
Proceeds from Sale of Property, Plant, and Equipment	2,290
Cash flows from financing activities:
Borrowings under credit agreement - HEP	57,000		36,000
Repayments under credit agreement - HEP	(110,000)		(81,000)
Net proceeds from issuance of senior notes - HEP	0		294,750
Principal tender on senior notes	0		(157,761)
Proceeds from Sale of HEP Common Units	73,444
Proceeds from Common Unit Offering HEP	73,444
Distributions to noncontrolling interest	(15,288)		(14,391)
Purchase of units for incentive grants - HEP	(2,719)		(1,283)
Cash and cash equivalents:
Beginning of period	5,237
End of period	$ 18,193

[1] HEP acquired our 75% interest in UNEV in July 2012. As a result, we have recast our HEP segment information for the three months ended March 31, 2012 to include the UNEV Pipeline operations as a consolidated subsidiary of HEP. The UNEV Pipeline operations were previously presented under Corporate and Other.

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Other Comprehensive Income (Loss) (Components And Allocated Tax Effects Of Other Comprehensive Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Other Comprehensive Income (Loss) [Abstract]
Unrealized loss on available-for-sale securities Before-Tax	$ 16	$ 188
Unrealized gain (loss) on hedging activities, Before-Tax	18,297	(155,615)
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, before Tax	1,726
Other comprehensive income (loss), Before-Tax	20,039	(155,427)
Less other comprehensive income attributable to noncontrolling interest, Before-Tax	792	537
Other comprehensive income attributable to HollyFrontier stockholders, Before-Tax	19,247	(155,964)
Unrealized loss on available-for-sale securities, Tax Expense (Benefit)	8	74
Unrealized gain on hedging activities, Tax Expense (Benefit)	6,809	(60,744)
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, Tax	671
Other comprehensive income, Tax Expense (Benefit)	7,488	(60,670)
Less other comprehensive income attributable to noncontrolling interest, Tax Expense (Benefit)	0	0
Other comprehensive income attributable to HollyFrontier stockholders, Tax Expense (Benefit)	7,488	(60,670)
Unrealized loss on available-for-sale securities, After-Tax	8	114
Unrealized gain on hedging activities, After-Tax	11,488	(94,871)
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, Net of Tax	1,055
Other comprehensive income (loss)	12,551	(94,757)
Less other comprehensive income attributable to noncontrolling interest, After-Tax	792	537
Other Comprehensive Income (Loss)	$ 11,759	$ (95,294)

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2013

Segment Information [Abstract]

Schedule Of Segment Reporting Information

	Refining		HEP (1)		Corporate and Other			Consolidations and Eliminations			Consolidated Total
	(In thousands)
Three Months Ended March 31, 2013
Sales and other revenues	$	4,692,426	$	76,484	$	563		$	(61,684	)	$	4,707,789
Depreciation and amortization	$	57,170	$	13,749	$	1,050		$	(207	)	$	71,762
Income (loss) from operations	$	542,202	$	33,474	$	(25,972	)	$	(509	)	$	549,195
Capital expenditures	$	63,632	$	5,013	$	3,319		$	—		$	71,964
Three Months Ended March 31, 2012
Sales and other revenues	$	4,919,737	$	67,577	$	156		$	(55,732	)	$	4,931,738
Depreciation and amortization	$	41,721	$	13,395	$	1,193		$	(207	)	$	56,102
Income (loss) from operations	$	414,943	$	32,113	$	(26,975	)	$	(517	)	$	419,564
Capital expenditures	$	45,534	$	14,254	$	1,599		$	—		$	61,387

March 31, 2013
Cash, cash equivalents and investments in marketable securities	$	20	$	18,193	$	2,524,923	$	—		$	2,543,136
Total assets	$	6,946,525	$	1,428,372	$	2,671,573	$	(350,298	)	$	10,696,172
Long-term debt	$	—	$	811,913	$	487,092	$	(15,760	)	$	1,283,245
December 31, 2012
Cash, cash equivalents and investments in marketable securities	$	2,101	$	5,237	$	2,386,063	$	—		$	2,393,401
Total assets	$	6,702,872	$	1,426,800	$	2,531,967	$	(332,642	)	$	10,328,997
Long-term debt	$	—	$	864,673	$	487,472	$	(15,907	)	$	1,336,238

(1) HEP acquired our 75% interest in UNEV in July 2012. As a result, we have recast our HEP segment information for the three months ended March 31, 2012 to include the UNEV Pipeline operations as a consolidated subsidiary of HEP. The UNEV Pipeline operations were previously presented under Corporate and Other.

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Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012		Dec. 31, 2012
Segment Reporting Information [Line Items]
Sales and other revenues	$ 4,707,789		$ 4,931,738
Depreciation and amortization	71,762		56,102
Income (loss) from operations	549,195		419,564
Capital expenditures	71,964		61,387
Cash, Cash Equivalents, And Investments In Marketable Securities	2,543,136				2,393,401
Assets	10,696,172				10,328,997
Long-term Debt	1,283,245				1,336,238
Refining [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	4,692,426		4,919,737
Depreciation and amortization	57,170		41,721
Income (loss) from operations	542,202		414,943
Capital expenditures	63,632		45,534
Cash, Cash Equivalents, And Investments In Marketable Securities	20				2,101
Assets	6,946,525				6,702,872
Long-term Debt	0				0
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	563		156
Depreciation and amortization	1,050		1,193
Income (loss) from operations	(25,972)		(26,975)
Capital expenditures	3,319		1,599
Cash, Cash Equivalents, And Investments In Marketable Securities	2,524,923				2,386,063
Assets	2,671,573				2,531,967
Long-term Debt	487,092				487,472
Consolidations And Eliminations [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	(61,684)		(55,732)
Depreciation and amortization	(207)		(207)
Income (loss) from operations	(509)		(517)
Capital expenditures	0		0
Cash, Cash Equivalents, And Investments In Marketable Securities	0				0
Assets	(350,298)				(332,642)
Long-term Debt	(15,760)				(15,907)
HEP [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	76,484	[1]	67,577	[1]
Depreciation and amortization	13,749	[1]	13,395	[1]
Income (loss) from operations	33,474	[1]	32,113	[1]
Capital expenditures	5,013	[1]	14,254	[1]
Cash, Cash Equivalents, And Investments In Marketable Securities	18,193				5,237
Assets	1,428,372				1,426,800
Long-term Debt	$ 811,913				$ 864,673
UNEV Pipeline [Member]
Segment Reporting Information [Line Items]
Percentage of interest owned in pipeline project	75.00%

[1] HEP acquired our 75% interest in UNEV in July 2012. As a result, we have recast our HEP segment information for the three months ended March 31, 2012 to include the UNEV Pipeline operations as a consolidated subsidiary of HEP. The UNEV Pipeline operations were previously presented under Corporate and Other.

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Supplemental Guarantor/Non-Guarantor Financial Information

3 Months Ended

Mar. 31, 2013

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Supplemental Guarantor/Non-Guarantor Financial Information

Supplemental Guarantor/Non-Guarantor Financial Information

Our obligations under the HollyFrontier Senior Notes have been jointly and severally guaranteed by the substantial majority of our existing and future restricted subsidiaries (“Guarantor Restricted Subsidiaries”). These guarantees are full and unconditional. HEP, in which we have a 39% ownership interest at March 31, 2013, and its subsidiaries (collectively, “Non-Guarantor Non-Restricted Subsidiaries”), and certain of our other subsidiaries (“Non-Guarantor Restricted Subsidiaries”) have not guaranteed these obligations.

The following condensed consolidating financial information is provided for HollyFrontier Corporation (the “Parent”), the Guarantor Restricted Subsidiaries, the Non-Guarantor Restricted Subsidiaries and the Non-Guarantor Non-Restricted Subsidiaries. The information has been presented as if the Parent accounted for its ownership in the Guarantor Restricted Subsidiaries, and the Guarantor Restricted Subsidiaries accounted for the ownership of the Non-Guarantor Restricted Subsidiaries and Non-Guarantor Non-Restricted Subsidiaries, using the equity method of accounting. The Guarantor Restricted Subsidiaries and the Non-Guarantor Restricted Subsidiaries are collectively the “Restricted Subsidiaries.”

HEP acquired our 75% interest in UNEV in July 2012. As a result, we have recast our HEP segment information for the three months ended March 31, 2012 to include the UNEV Pipeline operations as a consolidated subsidiary of HEP. UNEV was previously presented as a Non-Guarantor Restricted Subsidiary.

Condensed Consolidating Balance Sheet
March 31, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,854,247		$	—	$	2	$	—		$	1,854,249	$	18,193	$	—		$	1,872,442
Marketable securities	665,685			9		—		—			665,694		—		—			665,694
Accounts receivable, net	4,766			650,601		7,763		—			663,130		37,129		(43,735		)	656,524
Intercompany accounts receivable (payable)	(765,537		)	499,248		266,289		—			—		—		—			—
Inventories	—			1,469,309		—		—			1,469,309		1,491		—			1,470,800
Income taxes receivable	37,904			—		—		—			37,904		—		—			37,904
Prepayments and other	22,859			39,266		—		—			62,125		1,984		(4,163		)	59,946
Total current assets	1,819,924			2,658,433		274,054		—			4,752,411		58,797		(47,898		)	4,763,310
Properties, plants and equip, net	25,019			2,468,535		—		—			2,493,554		1,005,577		(284,933		)	3,214,198
Marketable securities (long-term)	5,000			—		—		—			5,000		—		—			5,000
Investment in subsidiaries	5,909,650			175,693		—		(6,085,343		)	—		—		—			—
Intangibles and other assets	17,096			2,334,619		40,418		(25,000		)	2,367,133		363,998		(17,467		)	2,713,664
Total assets	$	7,776,689		$	7,637,280	$	314,472	$	(6,110,343	)	$	9,618,098	$	1,428,372	$	(350,298	)	$	10,696,172
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	68,099		$	1,294,946	$	—	$	—		$	1,363,045	$	12,346	$	(35,972	)	$	1,339,419
Income taxes payable	151,403			—		—		—			151,403		—		—			151,403
Accrued liabilities	52,552			63,281		1,200		—			117,033		14,135		(4,163		)	127,005
Deferred income tax liabilities	149,127			—		—		—			149,127		—		—			149,127
Total current liabilities	421,181			1,358,227		1,200		—			1,780,608		26,481		(40,135		)	1,766,954
Long-term debt	460,374			35,958		—		(25,000		)	471,332		811,913		—			1,283,245
Liability to HEP	—			254,789		—		—			254,789		—		(254,789		)	—
Deferred income tax liabilities	549,151			—		—		—			549,151		4,951		—			554,102
Other long-term liabilities	57,168			78,656		—		—			135,824		30,193		(3,193		)	162,824
Investment in HEP	—			—		137,579		—			137,579		—		(137,579		)	—
Equity – HollyFrontier	6,288,815			5,909,650		175,693		(6,085,343		)	6,288,815		453,256		(456,278		)	6,285,793
Equity – noncontrolling interest	—			—		—		—			—		101,578		541,676			643,254
Total liabilities and equity	$	7,776,689		$	7,637,280	$	314,472	$	(6,110,343	)	$	9,618,098	$	1,428,372	$	(350,298	)	$	10,696,172

Condensed Consolidating Balance Sheet
December 31, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,748,808		$	3,652	$	2		$	—		$	1,752,462	$	5,237	$	—		$	1,757,699
Marketable securities	630,579			7		—			—			630,586		—		—			630,586
Accounts receivable, net	4,788			627,262		—			—			632,050		38,097		(35,917		)	634,230
Intercompany accounts receivable (payable)	(546,655		)	285,291		261,364			—			—		—		—			—
Inventories	—			1,318,373		—			—			1,318,373		1,259		—			1,319,632
Income taxes receivable	74,957			—		—			—			74,957		—		—			74,957
Prepayments and other	21,867			34,667		—			—			56,534		2,360		(5,733		)	53,161
Total current assets	1,934,344			2,269,252		261,366			—			4,464,962		46,953		(41,650		)	4,470,265
Properties, plants and equip, net	24,209			2,444,398		—			—			2,468,607		1,014,556		(288,463		)	3,194,700
Marketable securities (long-term)	5,116			—		—			—			5,116		—		—			5,116
Investment in subsidiaries	5,251,396			74,120		—			(5,325,516		)	—		—		—			—
Intangibles and other assets	11,825			2,284,329		25,000			(25,000		)	2,296,154		365,291		(2,529		)	2,658,916
Total assets	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,941		$	1,336,097	$	—		$	—		$	1,338,038	$	12,030	$	(35,917	)	$	1,314,151
Income taxes payable	—			—		—			—			—		—		—			—
Accrued liabilities	71,226			105,298		581			—			177,105		23,705		(5,733		)	195,077
Deferred income tax liabilities	145,225			—		(9		)	—			145,216		—		—			145,216
Total current liabilities	218,392			1,441,395		572			—			1,660,359		35,735		(41,650		)	1,654,444
Long-term debt	460,254			36,311		—			(25,000		)	471,565		864,673		—			1,336,238
Liability to HEP	—			257,777		—			—			257,777		—		(257,777		)	—
Deferred income tax liabilities	530,544			—		1,175			—			531,719		—		4,951			536,670
Other long-term liabilities	48,757			85,220		—			—			133,977		28,683		(3,673		)	158,987
Investment in HEP	—			—		210,499			—			210,499		—		(210,499		)	—
Equity – HollyFrontier	5,968,943			5,251,396		74,120			(5,325,516		)	5,968,943		382,207		(298,196		)	6,052,954
Equity – noncontrolling interest	—			—		—			—			—		115,502		474,202			589,704
Total liabilities and equity	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	531		$	4,692,426	$	32		$	—		$	4,692,989		$	76,484		$	(61,684	)	$	4,707,789
Operating costs and expenses:
Cost of products sold	—			3,853,128		(92		)	133			3,853,169			—			(60,634		)	3,792,535
Operating expenses	—			239,423		(19		)	—			239,404			26,029			(334		)	265,099
General and administrative	24,131			1,775		60			—			25,966			3,232			—			29,198
Depreciation and amortization	926			60,620		—			—			61,546			13,749			(3,533		)	71,762
Total operating costs and expenses	25,057			4,154,946		(51		)	133			4,180,085			43,010			(64,501		)	4,158,594
Income (loss) from operations	(24,526		)	537,480		83			(133		)	512,904			33,474			2,817			549,195
Other income (expense):
Earnings of equity method investments	550,891			11,614		11,992			(563,103		)	11,394			657			(11,992		)	59
Interest income (expense)	(7,221		)	1,797		137			152			(5,135		)	(12,382		)	(2,272		)	(19,789		)
	543,670			13,411		12,129			(562,951		)	6,259			(11,725		)	(14,264		)	(19,730		)
Income before income taxes	519,144			550,891		12,212			(563,084		)	519,163			21,749			(11,447		)	529,465
Income tax provision	186,039			—		—			—			186,039			55			—			186,094
Net income	333,105			550,891		12,212			(563,084		)	333,124			21,694			(11,447		)	343,371
Less net income attributable to noncontrolling interest	—			—		—			—			—			2,890			6,812			9,702
Net income attributable to HollyFrontier stockholders	$	333,105		$	550,891	$	12,212		$	(563,084	)	$	333,124		$	18,804		$	(18,259	)	$	333,669
Comprehensive income attributable to HollyFrontier stockholders	$	344,864		$	568,396	$	12,831		$	(581,208	)	$	344,883		$	19,423		$	(18,878	)	$	345,428

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	99		$	4,919,737	$	57	$	—		$	4,919,893		$	67,577		$	(55,732	)	$	4,931,738
Operating costs and expenses:
Cost of products sold	—			4,241,301		—		491			4,241,792			—			(54,875		)	4,186,917
Operating expenses	—			222,115		—		(385		)	221,730			20,030			(133		)	241,627
General and administrative	24,973			501		15		—			25,489			2,039			—			27,528
Depreciation and amortization	1,103			45,174		—		—			46,277			13,395			(3,570		)	56,102
Total operating costs and expenses	26,076			4,509,091		15		106			4,535,288			35,464			(58,578		)	4,512,174
Income (loss) from operations	(25,977		)	410,646		42		(106		)	384,605			32,113			2,846			419,564
Other income (expense):
Earnings of equity method investments	421,061			8,502		8,375		(429,677		)	8,261			831			(8,375		)	717
Interest income (expense)	(14,023		)	1,913		199		504			(11,407		)	(19,170		)	(2,278		)	(32,855		)
	407,038			10,415		8,574		(429,173		)	(3,146		)	(18,339		)	(10,653		)	(32,138		)
Income before income taxes	381,061			421,061		8,616		(429,279		)	381,459			13,774			(7,807		)	387,426
Income tax provision	140,331			—		—		—			140,331			75			—			140,406
Net income	240,730			421,061		8,616		(429,279		)	241,128			13,699			(7,807		)	247,020
Less net income attributable to noncontrolling interest	—			—		—		—			—			(557		)	5,881			5,324
Net income attributable to HollyFrontier stockholders	$	240,730		$	421,061	$	8,616	$	(429,279	)	$	241,128		$	14,256		$	(13,688	)	$	241,696
Comprehensive income attributable to HollyFrontier stockholders	$	145,436		$	264,909	$	9,000	$	(273,511	)	$	145,834		$	14,640		$	(14,072	)	$	146,402

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2013	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	176,731		$	58,316		$	1,499		$	236,546		$	29,438		$	(17,421	)	$	248,563
Cash flows from investing activities
Additions to properties, plants and equip	(1,736		)	(65,215		)	—			(66,951		)	—			—			(66,951		)
Additions to properties, plants and equip – HEP	—			—			—			—			(5,013		)	—			(5,013		)
Proceeds from sale of property	—			—			—			—			2,290			—			2,290
Purchases of marketable securities	(178,251		)	—			—			(178,251		)	—			—			(178,251		)
Sales and maturities of marketable securities	143,280			—			—			143,280			—			—			143,280
	(36,707		)	(65,215		)	—			(101,922		)	(2,723		)	—			(104,645		)
Cash flows from financing activities
Net repayments under credit agreement – HEP	—			—			—			—			(53,000		)	—			(53,000		)
Proceeds from sale of HEP common units	73,444			—			—			73,444			—			—			73,444
Proceeds from common unit offerings - HEP	—			—			—			—			73,444			—			73,444
Purchase of treasury stock	(6,610		)	—			—			(6,610		)	—			—			(6,610		)
Contribution from general partner	—			—			(1,499		)	(1,499		)	1,499			—			—
Dividends	(102,163		)	—			—			(102,163		)	—			—			(102,163		)
Distributions to noncontrolling interest	—			—			—			—			(32,709		)	17,421			(15,288		)
Excess tax benefit from equity-based compensation	744			—			—			744			—			—			744
Purchase of units for incentive grants - HEP	—			—			—			—			(2,719		)	—			(2,719		)
Other	—			3,247			—			3,247			(274		)	—			2,973
	(34,585		)	3,247			(1,499		)	(32,837		)	(13,759		)	17,421			(29,175		)
Cash and cash equivalents
Increase (decrease) for the period	105,439			(3,652		)	—			101,787			12,956			—			114,743
Beginning of period	1,748,808			3,652			2			1,752,462			5,237			—			1,757,699
End of period	$	1,854,247		$	—		$	2		$	1,854,249		$	18,193		$	—		$	1,872,442

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2012	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries		HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	253,124		$	(3,659	)	$	—	$	249,465		$	19,296		$	(14,856	)	$	253,905
Cash flows from investing activities:
Additions to properties, plants and equip	(1,019		)	(46,114		)	—		(47,133		)	—			—			(47,133		)
Additions to properties, plants and equip – HEP	—			—			—		—			(14,254		)	—			(14,254		)
Investment in Sabine Biofuels	—			(1,200		)	—		(1,200		)	—			—			(1,200		)
Purchases of marketable securities	(106,573		)	—			—		(106,573		)	—			—			(106,573		)
Sales and maturities of marketable securities	100,480			—			—		100,480			—			—			100,480
	(7,112		)	(47,314		)	—		(54,426		)	(14,254		)	—			(68,680		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—		—			(45,000		)	—			(45,000		)
Repayment of promissory notes	—			72,900			—		72,900			(72,900		)	—			—
Net proceeds from issuance of senior notes - HEP	—			—			—		—			294,750			—			294,750
Principal tender on senior notes - HEP	—			—			—		—			(157,761		)	—			(157,761		)
Purchase of treasury stock	(62,532		)	—			—		(62,532		)	—			—			(62,532		)
Contribution from joint venture partner	—			(9,000		)	—		(9,000		)	14,500			—			5,500
Dividends	(126,019		)	—			—		(126,019		)	—			—			(126,019		)
Distributions to noncontrolling interest	—			—			—		—			(29,716		)	15,325			(14,391		)
Excess tax benefit from equity-based compensation	3,792			—			—		3,792			—			—			3,792
Purchase of units for restricted grants - HEP	—			—			—		—			(1,283		)	—			(1,283		)
Deferred financing costs	—			—			—		—			(1,123		)	—			(1,123		)
Other	—			(313		)	—		(313		)	270			(469		)	(512		)
	(184,759		)	63,587			—		(121,172		)	1,737			14,856			(104,579		)
Cash and cash equivalents
Increase (decrease) for the period:	61,253			12,614			—		73,867			6,779			—			80,646
Beginning of period	1,575,891			(3,358		)	2		1,572,535			6,369			—			1,578,904
End of period	$	1,637,144		$	9,256		$	2	$	1,646,402		$	13,148		$	—		$	1,659,550

XML

Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
March 31, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,854,247		$	—	$	2	$	—		$	1,854,249	$	18,193	$	—		$	1,872,442
Marketable securities	665,685			9		—		—			665,694		—		—			665,694
Accounts receivable, net	4,766			650,601		7,763		—			663,130		37,129		(43,735		)	656,524
Intercompany accounts receivable (payable)	(765,537		)	499,248		266,289		—			—		—		—			—
Inventories	—			1,469,309		—		—			1,469,309		1,491		—			1,470,800
Income taxes receivable	37,904			—		—		—			37,904		—		—			37,904
Prepayments and other	22,859			39,266		—		—			62,125		1,984		(4,163		)	59,946
Total current assets	1,819,924			2,658,433		274,054		—			4,752,411		58,797		(47,898		)	4,763,310
Properties, plants and equip, net	25,019			2,468,535		—		—			2,493,554		1,005,577		(284,933		)	3,214,198
Marketable securities (long-term)	5,000			—		—		—			5,000		—		—			5,000
Investment in subsidiaries	5,909,650			175,693		—		(6,085,343		)	—		—		—			—
Intangibles and other assets	17,096			2,334,619		40,418		(25,000		)	2,367,133		363,998		(17,467		)	2,713,664
Total assets	$	7,776,689		$	7,637,280	$	314,472	$	(6,110,343	)	$	9,618,098	$	1,428,372	$	(350,298	)	$	10,696,172
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	68,099		$	1,294,946	$	—	$	—		$	1,363,045	$	12,346	$	(35,972	)	$	1,339,419
Income taxes payable	151,403			—		—		—			151,403		—		—			151,403
Accrued liabilities	52,552			63,281		1,200		—			117,033		14,135		(4,163		)	127,005
Deferred income tax liabilities	149,127			—		—		—			149,127		—		—			149,127
Total current liabilities	421,181			1,358,227		1,200		—			1,780,608		26,481		(40,135		)	1,766,954
Long-term debt	460,374			35,958		—		(25,000		)	471,332		811,913		—			1,283,245
Liability to HEP	—			254,789		—		—			254,789		—		(254,789		)	—
Deferred income tax liabilities	549,151			—		—		—			549,151		4,951		—			554,102
Other long-term liabilities	57,168			78,656		—		—			135,824		30,193		(3,193		)	162,824
Investment in HEP	—			—		137,579		—			137,579		—		(137,579		)	—
Equity – HollyFrontier	6,288,815			5,909,650		175,693		(6,085,343		)	6,288,815		453,256		(456,278		)	6,285,793
Equity – noncontrolling interest	—			—		—		—			—		101,578		541,676			643,254
Total liabilities and equity	$	7,776,689		$	7,637,280	$	314,472	$	(6,110,343	)	$	9,618,098	$	1,428,372	$	(350,298	)	$	10,696,172

Condensed Consolidating Balance Sheet
December 31, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,748,808		$	3,652	$	2		$	—		$	1,752,462	$	5,237	$	—		$	1,757,699
Marketable securities	630,579			7		—			—			630,586		—		—			630,586
Accounts receivable, net	4,788			627,262		—			—			632,050		38,097		(35,917		)	634,230
Intercompany accounts receivable (payable)	(546,655		)	285,291		261,364			—			—		—		—			—
Inventories	—			1,318,373		—			—			1,318,373		1,259		—			1,319,632
Income taxes receivable	74,957			—		—			—			74,957		—		—			74,957
Prepayments and other	21,867			34,667		—			—			56,534		2,360		(5,733		)	53,161
Total current assets	1,934,344			2,269,252		261,366			—			4,464,962		46,953		(41,650		)	4,470,265
Properties, plants and equip, net	24,209			2,444,398		—			—			2,468,607		1,014,556		(288,463		)	3,194,700
Marketable securities (long-term)	5,116			—		—			—			5,116		—		—			5,116
Investment in subsidiaries	5,251,396			74,120		—			(5,325,516		)	—		—		—			—
Intangibles and other assets	11,825			2,284,329		25,000			(25,000		)	2,296,154		365,291		(2,529		)	2,658,916
Total assets	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,941		$	1,336,097	$	—		$	—		$	1,338,038	$	12,030	$	(35,917	)	$	1,314,151
Income taxes payable	—			—		—			—			—		—		—			—
Accrued liabilities	71,226			105,298		581			—			177,105		23,705		(5,733		)	195,077
Deferred income tax liabilities	145,225			—		(9		)	—			145,216		—		—			145,216
Total current liabilities	218,392			1,441,395		572			—			1,660,359		35,735		(41,650		)	1,654,444
Long-term debt	460,254			36,311		—			(25,000		)	471,565		864,673		—			1,336,238
Liability to HEP	—			257,777		—			—			257,777		—		(257,777		)	—
Deferred income tax liabilities	530,544			—		1,175			—			531,719		—		4,951			536,670
Other long-term liabilities	48,757			85,220		—			—			133,977		28,683		(3,673		)	158,987
Investment in HEP	—			—		210,499			—			210,499		—		(210,499		)	—
Equity – HollyFrontier	5,968,943			5,251,396		74,120			(5,325,516		)	5,968,943		382,207		(298,196		)	6,052,954
Equity – noncontrolling interest	—			—		—			—			—		115,502		474,202			589,704
Total liabilities and equity	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997

Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	531		$	4,692,426	$	32		$	—		$	4,692,989		$	76,484		$	(61,684	)	$	4,707,789
Operating costs and expenses:
Cost of products sold	—			3,853,128		(92		)	133			3,853,169			—			(60,634		)	3,792,535
Operating expenses	—			239,423		(19		)	—			239,404			26,029			(334		)	265,099
General and administrative	24,131			1,775		60			—			25,966			3,232			—			29,198
Depreciation and amortization	926			60,620		—			—			61,546			13,749			(3,533		)	71,762
Total operating costs and expenses	25,057			4,154,946		(51		)	133			4,180,085			43,010			(64,501		)	4,158,594
Income (loss) from operations	(24,526		)	537,480		83			(133		)	512,904			33,474			2,817			549,195
Other income (expense):
Earnings of equity method investments	550,891			11,614		11,992			(563,103		)	11,394			657			(11,992		)	59
Interest income (expense)	(7,221		)	1,797		137			152			(5,135		)	(12,382		)	(2,272		)	(19,789		)
	543,670			13,411		12,129			(562,951		)	6,259			(11,725		)	(14,264		)	(19,730		)
Income before income taxes	519,144			550,891		12,212			(563,084		)	519,163			21,749			(11,447		)	529,465
Income tax provision	186,039			—		—			—			186,039			55			—			186,094
Net income	333,105			550,891		12,212			(563,084		)	333,124			21,694			(11,447		)	343,371
Less net income attributable to noncontrolling interest	—			—		—			—			—			2,890			6,812			9,702
Net income attributable to HollyFrontier stockholders	$	333,105		$	550,891	$	12,212		$	(563,084	)	$	333,124		$	18,804		$	(18,259	)	$	333,669
Comprehensive income attributable to HollyFrontier stockholders	$	344,864		$	568,396	$	12,831		$	(581,208	)	$	344,883		$	19,423		$	(18,878	)	$	345,428

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	99		$	4,919,737	$	57	$	—		$	4,919,893		$	67,577		$	(55,732	)	$	4,931,738
Operating costs and expenses:
Cost of products sold	—			4,241,301		—		491			4,241,792			—			(54,875		)	4,186,917
Operating expenses	—			222,115		—		(385		)	221,730			20,030			(133		)	241,627
General and administrative	24,973			501		15		—			25,489			2,039			—			27,528
Depreciation and amortization	1,103			45,174		—		—			46,277			13,395			(3,570		)	56,102
Total operating costs and expenses	26,076			4,509,091		15		106			4,535,288			35,464			(58,578		)	4,512,174
Income (loss) from operations	(25,977		)	410,646		42		(106		)	384,605			32,113			2,846			419,564
Other income (expense):
Earnings of equity method investments	421,061			8,502		8,375		(429,677		)	8,261			831			(8,375		)	717
Interest income (expense)	(14,023		)	1,913		199		504			(11,407		)	(19,170		)	(2,278		)	(32,855		)
	407,038			10,415		8,574		(429,173		)	(3,146		)	(18,339		)	(10,653		)	(32,138		)
Income before income taxes	381,061			421,061		8,616		(429,279		)	381,459			13,774			(7,807		)	387,426
Income tax provision	140,331			—		—		—			140,331			75			—			140,406
Net income	240,730			421,061		8,616		(429,279		)	241,128			13,699			(7,807		)	247,020
Less net income attributable to noncontrolling interest	—			—		—		—			—			(557		)	5,881			5,324
Net income attributable to HollyFrontier stockholders	$	240,730		$	421,061	$	8,616	$	(429,279	)	$	241,128		$	14,256		$	(13,688	)	$	241,696
Comprehensive income attributable to HollyFrontier stockholders	$	145,436		$	264,909	$	9,000	$	(273,511	)	$	145,834		$	14,640		$	(14,072	)	$	146,402

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2013	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	176,731		$	58,316		$	1,499		$	236,546		$	29,438		$	(17,421	)	$	248,563
Cash flows from investing activities
Additions to properties, plants and equip	(1,736		)	(65,215		)	—			(66,951		)	—			—			(66,951		)
Additions to properties, plants and equip – HEP	—			—			—			—			(5,013		)	—			(5,013		)
Proceeds from sale of property	—			—			—			—			2,290			—			2,290
Purchases of marketable securities	(178,251		)	—			—			(178,251		)	—			—			(178,251		)
Sales and maturities of marketable securities	143,280			—			—			143,280			—			—			143,280
	(36,707		)	(65,215		)	—			(101,922		)	(2,723		)	—			(104,645		)
Cash flows from financing activities
Net repayments under credit agreement – HEP	—			—			—			—			(53,000		)	—			(53,000		)
Proceeds from sale of HEP common units	73,444			—			—			73,444			—			—			73,444
Proceeds from common unit offerings - HEP	—			—			—			—			73,444			—			73,444
Purchase of treasury stock	(6,610		)	—			—			(6,610		)	—			—			(6,610		)
Contribution from general partner	—			—			(1,499		)	(1,499		)	1,499			—			—
Dividends	(102,163		)	—			—			(102,163		)	—			—			(102,163		)
Distributions to noncontrolling interest	—			—			—			—			(32,709		)	17,421			(15,288		)
Excess tax benefit from equity-based compensation	744			—			—			744			—			—			744
Purchase of units for incentive grants - HEP	—			—			—			—			(2,719		)	—			(2,719		)
Other	—			3,247			—			3,247			(274		)	—			2,973
	(34,585		)	3,247			(1,499		)	(32,837		)	(13,759		)	17,421			(29,175		)
Cash and cash equivalents
Increase (decrease) for the period	105,439			(3,652		)	—			101,787			12,956			—			114,743
Beginning of period	1,748,808			3,652			2			1,752,462			5,237			—			1,757,699
End of period	$	1,854,247		$	—		$	2		$	1,854,249		$	18,193		$	—		$	1,872,442

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2012	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries		HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	253,124		$	(3,659	)	$	—	$	249,465		$	19,296		$	(14,856	)	$	253,905
Cash flows from investing activities:
Additions to properties, plants and equip	(1,019		)	(46,114		)	—		(47,133		)	—			—			(47,133		)
Additions to properties, plants and equip – HEP	—			—			—		—			(14,254		)	—			(14,254		)
Investment in Sabine Biofuels	—			(1,200		)	—		(1,200		)	—			—			(1,200		)
Purchases of marketable securities	(106,573		)	—			—		(106,573		)	—			—			(106,573		)
Sales and maturities of marketable securities	100,480			—			—		100,480			—			—			100,480
	(7,112		)	(47,314		)	—		(54,426		)	(14,254		)	—			(68,680		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—		—			(45,000		)	—			(45,000		)
Repayment of promissory notes	—			72,900			—		72,900			(72,900		)	—			—
Net proceeds from issuance of senior notes - HEP	—			—			—		—			294,750			—			294,750
Principal tender on senior notes - HEP	—			—			—		—			(157,761		)	—			(157,761		)
Purchase of treasury stock	(62,532		)	—			—		(62,532		)	—			—			(62,532		)
Contribution from joint venture partner	—			(9,000		)	—		(9,000		)	14,500			—			5,500
Dividends	(126,019		)	—			—		(126,019		)	—			—			(126,019		)
Distributions to noncontrolling interest	—			—			—		—			(29,716		)	15,325			(14,391		)
Excess tax benefit from equity-based compensation	3,792			—			—		3,792			—			—			3,792
Purchase of units for restricted grants - HEP	—			—			—		—			(1,283		)	—			(1,283		)
Deferred financing costs	—			—			—		—			(1,123		)	—			(1,123		)
Other	—			(313		)	—		(313		)	270			(469		)	(512		)
	(184,759		)	63,587			—		(121,172		)	1,737			14,856			(104,579		)
Cash and cash equivalents
Increase (decrease) for the period:	61,253			12,614			—		73,867			6,779			—			80,646
Beginning of period	1,575,891			(3,358		)	2		1,572,535			6,369			—			1,578,904
End of period	$	1,637,144		$	9,256		$	2	$	1,646,402		$	13,148		$	—		$	1,659,550

XML

Description of Business and Presentation of Financial Statements Description of Business (Tables)

3 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Offsetting [Table Text Block]

	Gross Payable		Gross Receivable Offset in Balance Sheet			Net Payable Recognized in Balance Sheet
	(In thousands)
March 31, 2013
Accounts Payable	$	2,068,683	$	(729,264	)	$	1,339,419
December 31, 2012
Accounts Payable	$	2,037,549	$	(723,398	)	$	1,314,151

XML

Supplemental Guarantor/Non-Guarantor Financial Information Consolidating Statement of Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	$ 4,707,789	$ 4,931,738
Cost of products sold	3,792,535	4,186,917
Operating expenses	265,099	241,627
General and administrative	29,198	27,528
Depreciation and amortization	71,762	56,102
Total operating costs and expenses	4,158,594	4,512,174
Income (loss) from operations	549,195	419,564
Earnings of equity method investments	59	717
Interest income (expense)	(19,789)	(32,855)
Nonoperating Income (Expense)	(19,730)	(32,138)
Income before income taxes	529,465	387,426
Income tax provision	186,094	140,406
Net income	343,371	247,020
Less net income attributable to noncontrolling interest	9,702	5,324
Net income attributable to HollyFrontier stockholders	333,669	241,696
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	345,428	146,402
Parent [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	531	99
Cost of products sold	0	0
Operating expenses	0	0
General and administrative	24,131	24,973
Depreciation and amortization	926	1,103
Total operating costs and expenses	25,057	26,076
Income (loss) from operations	(24,526)	(25,977)
Earnings of equity method investments	550,891	421,061
Interest income (expense)	(7,221)	(14,023)
Nonoperating Income (Expense)	543,670	407,038
Income before income taxes	519,144	381,061
Income tax provision	186,039	140,331
Net income	333,105	240,730
Less net income attributable to noncontrolling interest	0	0
Net income attributable to HollyFrontier stockholders	333,105	240,730
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	344,864	145,436
Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	4,692,426	4,919,737
Cost of products sold	3,853,128	4,241,301
Operating expenses	239,423	222,115
General and administrative	1,775	501
Depreciation and amortization	60,620	45,174
Total operating costs and expenses	4,154,946	4,509,091
Income (loss) from operations	537,480	410,646
Earnings of equity method investments	11,614	8,502
Interest income (expense)	1,797	1,913
Nonoperating Income (Expense)	13,411	10,415
Income before income taxes	550,891	421,061
Income tax provision	0	0
Net income	550,891	421,061
Less net income attributable to noncontrolling interest	0	0
Net income attributable to HollyFrontier stockholders	550,891	421,061
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	568,396	264,909
Non Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	32	57
Cost of products sold	(92)	0
Operating expenses	(19)	0
General and administrative	60	15
Depreciation and amortization	0	0
Total operating costs and expenses	(51)	15
Income (loss) from operations	83	42
Earnings of equity method investments	11,992	8,375
Interest income (expense)	137	199
Nonoperating Income (Expense)	12,129	8,574
Income before income taxes	12,212	8,616
Income tax provision	0	0
Net income	12,212	8,616
Less net income attributable to noncontrolling interest	0	0
Net income attributable to HollyFrontier stockholders	12,212	8,616
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	12,831	9,000
Eliminations From Consolidation Of Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	0	0
Cost of products sold	133	491
Operating expenses	0	(385)
General and administrative	0	0
Depreciation and amortization	0	0
Total operating costs and expenses	133	106
Income (loss) from operations	(133)	(106)
Earnings of equity method investments	(563,103)	(429,677)
Interest income (expense)	152	504
Nonoperating Income (Expense)	(562,951)	(429,173)
Income before income taxes	(563,084)	(429,279)
Income tax provision	0	0
Net income	(563,084)	(429,279)
Less net income attributable to noncontrolling interest	0	0
Net income attributable to HollyFrontier stockholders	(563,084)	(429,279)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(581,208)	(273,511)
Holly Frontier Corp. Before Consolidation Of HEP [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	4,692,989	4,919,893
Cost of products sold	3,853,169	4,241,792
Operating expenses	239,404	221,730
General and administrative	25,966	25,489
Depreciation and amortization	61,546	46,277
Total operating costs and expenses	4,180,085	4,535,288
Income (loss) from operations	512,904	384,605
Earnings of equity method investments	11,394	8,261
Interest income (expense)	(5,135)	(11,407)
Nonoperating Income (Expense)	6,259	(3,146)
Income before income taxes	519,163	381,459
Income tax provision	186,039	140,331
Net income	333,124	241,128
Less net income attributable to noncontrolling interest	0	0
Net income attributable to HollyFrontier stockholders	333,124	241,128
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	344,883	145,834
Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	76,484	67,577
Cost of products sold	0	0
Operating expenses	26,029	20,030
General and administrative	3,232	2,039
Depreciation and amortization	13,749	13,395
Total operating costs and expenses	43,010	35,464
Income (loss) from operations	33,474	32,113
Earnings of equity method investments	657	831
Interest income (expense)	(12,382)	(19,170)
Nonoperating Income (Expense)	(11,725)	(18,339)
Income before income taxes	21,749	13,774
Income tax provision	55	75
Net income	21,694	13,699
Less net income attributable to noncontrolling interest	2,890	(557)
Net income attributable to HollyFrontier stockholders	18,804	14,256
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	19,423	14,640
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	(61,684)	(55,732)
Cost of products sold	(60,634)	(54,875)
Operating expenses	(334)	(133)
General and administrative	0	0
Depreciation and amortization	(3,533)	(3,570)
Total operating costs and expenses	(64,501)	(58,578)
Income (loss) from operations	2,817	2,846
Earnings of equity method investments	(11,992)	(8,375)
Interest income (expense)	(2,272)	(2,278)
Nonoperating Income (Expense)	(14,264)	(10,653)
Income before income taxes	(11,447)	(7,807)
Income tax provision	0	0
Net income	(11,447)	(7,807)
Less net income attributable to noncontrolling interest	6,812	5,881
Net income attributable to HollyFrontier stockholders	(18,259)	(13,688)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (18,878)	$ (14,072)

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Description of Business and Presentation of Financial Statements

3 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description Of Business And Presentation Of Financial Statements

Description of Business and Presentation of Financial Statements

References herein to HollyFrontier Corporation (“HollyFrontier”) include HollyFrontier and its consolidated subsidiaries. In accordance with the Securities and Exchange Commission’s (“SEC”) “Plain English” guidelines, this Quarterly Report on Form 10-Q has been written in the first person. In these financial statements, the words “we,” “our,” “ours” and “us” refer only to HollyFrontier and its consolidated subsidiaries or to HollyFrontier or an individual subsidiary and not to any other person, with certain exceptions. Generally, the words “we,” “our,” “ours” and “us” include Holly Energy Partners, L.P. (“HEP”) and its subsidiaries as consolidated subsidiaries of HollyFrontier, unless when used in disclosures of transactions or obligations between HEP and HollyFrontier or its other subsidiaries. These financial statements contain certain disclosures of agreements that are specific to HEP and its consolidated subsidiaries and do not necessarily represent obligations of HollyFrontier. When used in descriptions of agreements and transactions, “HEP” refers to HEP and its consolidated subsidiaries.

We are principally an independent petroleum refiner that produces high-value light products such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. We own and operate petroleum refineries that serve markets throughout the Mid-Continent, Southwest and Rocky Mountain regions of the United States. As of March 31, 2013, we:

• owned and operated a petroleum refinery in El Dorado, Kansas (the “El Dorado Refinery”), two refinery facilities located in Tulsa, Oklahoma (collectively, the “Tulsa Refineries”), a refinery in Artesia, New Mexico that is operated in conjunction with crude oil distillation and vacuum distillation and other facilities situated 65 miles away in Lovington, New Mexico (collectively, the “Navajo Refinery”), a refinery located in Cheyenne, Wyoming (the “Cheyenne Refinery”) and a refinery in Woods Cross, Utah (the “Woods Cross Refinery”);

• owned and operated NK Asphalt Partners (“NK Asphalt”) which operates various asphalt terminals in Arizona and New Mexico;

• owned Ethanol Management Company (“EMC”), a products terminal and blending facility near Denver, Colorado and a 50% interest in Sabine Biofuels II, LLC (“Sabine Biofuels”), a biodiesel production facility located in Port Arthur, Texas; and

• owned a 39% interest in HEP, a consolidated variable interest entity (“VIE”), which includes our 2% general partner interest. HEP owns and operates logistic assets consisting of petroleum product and crude oil pipelines and terminal, tankage and loading rack facilities that principally support our refining and marketing operations in the Mid-Continent, Southwest and Rocky Mountain regions of the United States and Alon USA, Inc.'s (“Alon”) refinery in Big Spring, Texas. Additionally, HEP owns a 75% interest in UNEV Pipeline, LLC (“UNEV”), which owns a 12-inch refined products pipeline from Salt Lake City, Utah to Las Vegas, Nevada, together with terminal facilities in the Cedar City, Utah and North Las Vegas areas (the “UNEV Pipeline”), and a 25% interest in SLC Pipeline LLC (the “SLC Pipeline”), a 95-mile intrastate pipeline system that serves refineries in the Salt Lake City area.

We have prepared these consolidated financial statements without audit. In management’s opinion, these consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of our consolidated financial position as of March 31, 2013, the consolidated results of operations and comprehensive income for the three months ended March 31, 2013 and 2012 and consolidated cash flows for the three months ended March 31, 2013 and 2012 in accordance with the rules and regulations of the SEC. Although certain notes and other information required by generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted, we believe that the disclosures in these consolidated financial statements are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012 that has been filed with the SEC.

Our results of operations for the three months ended March 31, 2013 are not necessarily indicative of the results of operations to be realized for the year ending December 31, 2013.

Balance Sheet Offsetting: We purchase and sell inventories of crude oil with certain same-parties that are net settled in accordance with contractual net settlement provisions. Our policy is to present such balances on a net basis because it more appropriately presents our economic resources (accounts receivable) and claims against us (accounts payable) and the future cash flows associated with such assets and liabilities. The following table presents these balances on a gross basis with offsetting amounts that reconcile to a net payable balance included in our consolidated balance sheets.

	Gross Payable		Gross Receivable Offset in Balance Sheet			Net Payable Recognized in Balance Sheet
	(In thousands)
March 31, 2013
Accounts Payable	$	2,068,683	$	(729,264	)	$	1,339,419
December 31, 2012
Accounts Payable	$	2,037,549	$	(723,398	)	$	1,314,151

See Note 10 for disclosure of amounts related to our derivative instruments that are also presented on a net basis in our consolidated balance sheets.

Accounts Receivable: Our accounts receivable consist of amounts due from customers that are primarily companies in the petroleum industry. Credit is extended based on our evaluation of the customer’s financial condition, and in certain circumstances collateral, such as letters of credit or guarantees, is required. We reserve for doubtful accounts based on our historical loss experience as well as specific accounts identified as high risk, which historically have been minimal. Credit losses are charged to the allowance for doubtful accounts when an account is deemed uncollectible. Our allowance for doubtful accounts was $2.5 million at March 31, 2013 and December 31, 2012.

Inventories: We use the last-in, first-out (“LIFO”) method of valuing inventory. Under the LIFO method, an actual valuation of inventory can only be made at the end of each year based on the inventory levels at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final year-end LIFO inventory valuation.

Goodwill: Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed. Goodwill is not subject to amortization and is tested annually, or more frequently if events or circumstances indicate the possibility of impairment. As of March 31, 2013, there have been no impairments to goodwill.

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Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2013	Dec. 31, 2012
HollyFrontier Stockholders' Equity:
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	320,000,000	320,000,000
Common stock, shares issued	255,962,866	255,962,866
Preferred stock, par value	$ 1.00	$ 1.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Treasury stock, shares	52,635,439	52,411,370

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Equity

3 Months Ended

Mar. 31, 2013

Stockholders' Equity Note [Abstract]

Equity

Equity

Changes to equity during the three months ended March 31, 2013 are presented below:

	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2012	$	6,052,954		$	589,704		$	6,642,658
Net income	333,669			9,702			343,371
Dividends	(163,388		)	—			(163,388		)
Distributions to noncontrolling interest holders	—			(15,288		)	(15,288		)
Other comprehensive income, net of tax	11,759			792			12,551
Allocated equity on HEP common unit issuances, net of tax	54,011			60,145			114,156
Equity-based compensation	7,457			1,123			8,580
Excess tax benefit attributable to equity-based compensation	744			—			744
Purchase of treasury stock (1)	(11,413		)	—			(11,413		)
Purchase of HEP units for restricted grants	—			(2,924		)	(2,924		)
Balance at March 31, 2013	$	6,285,793		$	643,254		$	6,929,047

(1) Includes 31,141 shares withheld under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

We have a Board approved repurchase program that authorizes us to repurchase common stock in the open market or through privately negotiated transactions. The timing and amount of stock repurchases will depend on market conditions, corporate, regulatory and other relevant considerations. This program may be discontinued at any time by the Board of Directors. As of March 31, 2013, we had remaining authorization to repurchase up to $494.4 million under this stock repurchase program.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2013	May 03, 2013
Document And Entity Information [Abstract]
Entity Registrant Name	HollyFrontier Corp
Entity Central Index Key	0000048039
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		203,105,789

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Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2013

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The components and allocated tax effects of other comprehensive income (loss) are as follows:

	Before-Tax			Tax Expense (Benefit)			After-Tax
	(In thousands)
Three Months Ended March 31, 2013
Unrealized gain, net of reclassifications from sale or maturity, on available-for-sale securities	$	16		$	8		$	8
Unrealized gain on hedging activities	18,297			6,809			11,488
Actuarial loss on post-retirement healthcare plan reclassified to net income upon partial plan settlement	1,726			671			1,055
Other comprehensive income	20,039			7,488			12,551
Less other comprehensive income attributable to noncontrolling interest	792			—			792
Other comprehensive income attributable to HollyFrontier stockholders	$	19,247		$	7,488		$	11,759
Three Months Ended March 31, 2012
Unrealized gain, net of reclassifications from sale or maturity, on available-for-sale securities	$	188		$	74		$	114
Unrealized loss on hedging activities	(155,615		)	(60,744		)	(94,871		)
Other comprehensive loss	(155,427		)	(60,670		)	(94,757		)
Less other comprehensive income attributable to noncontrolling interest	537			—			537
Other comprehensive loss attributable to HollyFrontier stockholders	$	(155,964	)	$	(60,670	)	$	(95,294	)

The temporary unrealized gain (loss) on available-for-sale securities is due to changes in market prices of securities.

The following table presents the income statement line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):

AOCI Components	Gain (Loss) Reclassified From AOCI			Income Statement Line Item
	(In thousands)
Three Months Ended March 31, 2013
Securities available-for-sale	$	3		Interest income
	1			Income tax expense
	$	2		Net of tax
Hedging instruments:
Commodity price swaps	$	(19,185	)	Sales and other revenues
	(6,532		)	Cost of products sold
	(1,573		)	Operating expenses
Interest rate swaps	(1,353		)	Interest expense
	(28,643		)
	(10,823		)	Income tax benefit
	(17,820		)	Net of tax
	820			Noncontrolling interest
	$	(17,000	)	Net of tax and noncontrolling interest
Retiree medical obligation	$	(84	)	Cost of products sold
	(1,549		)	Operating expenses
	(93		)	General and administrative expenses
	(1,726		)
	(671		)	Income tax benefit
	$	(1,055	)	Net of tax
Total reclassifications for the period	$	(18,053	)
Three Months Ended March 31, 2012
Securities available-for-sale	$	117		Interest income
	46			Income tax expense
	$	71		Net of tax
Hedging instruments
Commodity price swaps	$	(34,125	)	Sales and other revenues
	50,541			Cost of products sold
Interest rate swaps	(1,498		)	Interest expense
	14,918
	6,143			Income tax expense
	8,775			Net of tax
	873			Noncontrolling interest
	$	9,648		Net of tax and noncontrolling interest
Total reclassifications for the period	$	9,719

Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheets includes:

	March 31, 2013			December 31, 2012
	(In thousands)
Pension obligation	$	(23,973	)	$	(23,973	)
Retiree medical obligation	29,660			28,605
Unrealized gain (loss) on available-for-sale securities	1			(7		)
Unrealized (loss) on hedging activities, net of noncontrolling interest	(2,354		)	(13,050		)
Accumulated other comprehensive income (loss)	$	3,334		$	(8,425	)

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Consolidated Statements Of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Income Statement [Abstract]
Sales and other revenues	$ 4,707,789	$ 4,931,738
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	3,792,535	4,186,917
Operating expenses (exclusive of depreciation and amortization)	265,099	241,627
General and administrative expenses (exclusive of depreciation and amortization)	29,198	27,528
Depreciation and amortization	71,762	56,102
Total operating costs and expenses	4,158,594	4,512,174
Income from operations	549,195	419,564
Other income (expense):
Earnings of equity method investments	59	717
Interest income	1,531	460
Interest expense	(21,320)	(33,315)
Other income (expense) total	(19,730)	(32,138)
Income before income taxes	529,465	387,426
Income tax provision:
Current	206,627	142,870
Deferred	(20,533)	(2,464)
Income tax provision total	186,094	140,406
Net income	343,371	247,020
Less net income attributable to noncontrolling interest	9,702	5,324
Net income attributable to HollyFrontier stockholders	$ 333,669	$ 241,696
Earnings per share attributable to HollyFrontier stockholders:
Basic	$ 1.64	$ 1.16
Diluted	$ 1.63	$ 1.16
Cash dividends declared per common share	$ 0.80	$ 0.60
Average number of common shares outstanding:
Basic	203,515	208,531
Diluted	204,217	209,138

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Cash and Cash Equivalents and Investments in Marketable Securities

3 Months Ended

Mar. 31, 2013

Cash And Cash Equivalents And Investments In Marketable Securities [Abstract]

Cash And Cash Equivalents And Investments In Marketable Securities

Cash and Cash Equivalents and Investments in Marketable Securities

Our investment portfolio at March 31, 2013 consisted of cash, cash equivalents and investments in marketable debt securities.

We invest in highly-rated marketable debt securities that have maturities at the date of purchase of greater than three months. We also invest in other marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than two years from the date of purchase, which are usually held until maturity. All of these instruments are classified as available-for-sale. As a result, they are reported at fair value using quoted market prices. Interest income is recorded as earned. Unrealized gains and losses, net of related income taxes, are reported as a component of accumulated other comprehensive income. Upon sale or maturity, realized gains on our marketable debt securities are recognized as interest income. These gains are computed based on the specific identification of the underlying cost of the securities, net of unrealized gains and losses previously reported in other comprehensive income.

The following is a summary of our available-for-sale securities:

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value (Net Carrying Amount)
	(In thousands)
March 31, 2013
Certificates of deposit	$	81,771	$	9	$	(4	)	$	81,776
Commercial paper	51,541		27		—			51,568
Corporate debt securities	69,806		4		(38		)	69,772
State and political subdivisions debt securities	467,583		29		(34		)	467,578
Total marketable securities	$	670,701	$	69	$	(76	)	$	670,694
December 31, 2012
Certificates of deposit	$	82,791	$	14	$	(6	)	$	82,799
Commercial paper	45,737		17		—			45,754
Corporate debt securities	49,587		2		(30		)	49,559
State and political subdivisions debt securities	457,615		26		(51		)	457,590
Total marketable securities	$	635,730	$	59	$	(87	)	$	635,702

For the three months ended March 31, 2013 and 2012, we recognized $0.5 million and $0.3 million, respectively, of interest income on our marketable debt securities. Unrealized gains and losses are temporary.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2013

Share-based Compensation [Abstract]

Stock-Based Compensation

Stock-Based Compensation

As of March 31, 2013, we have two principal share-based compensation plans (collectively, the “Long-Term Incentive Compensation Plan”).

The compensation cost charged against income for these plans was $7.5 million and $8.5 million for the three months ended March 31, 2013 and 2012, respectively. Our accounting policy for the recognition of compensation expense for awards with pro-rata vesting (substantially all of our awards) is to expense the costs ratably over the vesting periods.

Additionally, HEP maintains a share-based compensation plan for Holly Logistic Services, L.L.C. non-employee directors and certain executives and employees. Compensation cost attributable to HEP’s share-based compensation plan was $1.1 million and $0.9 million for the three months ended March 31, 2013 and 2012, respectively.

Restricted Stock and Restricted Stock Units

Under our Long-Term Incentive Compensation Plan, we grant certain officers and other key employees restricted stock awards with awards generally vesting over a period of three years. Award recipients are generally entitled to all the rights of absolute ownership of the restricted shares from the date of grant (unless a recipient's tax election requires otherwise) including the right to vote the shares and to receive dividends. Upon vesting, restrictions on the restricted shares lapse at which time they convert to common shares. The vesting for certain key executives is contingent upon certain performance targets being realized. In addition, we grant non-employee directors restricted stock unit awards, which typically vest over a period of one year and are payable in stock. The fair value of each restricted stock and restricted stock unit award is measured based on the market price as of the date of grant and is amortized over the respective vesting period.

A summary of restricted stock and restricted stock unit activity and changes during the three months ended March 31, 2013 is presented below:

Restricted Stock and Restricted Stock Units	Grants		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2013 (non-vested)	843,527		$	34.52
Granted	29,500		45.90
Vesting (transfer/conversion to common stock)	(97,812	)	25.48
Forfeited	(6,714	)	35.77
Outstanding at March 31, 2013 (non-vested)	768,501		$	36.09	$	39,539

For the three months ended March 31, 2013, 97,812 restricted stock and restricted stock units vested having a grant date fair value of $2.5 million. As of March 31, 2013, there was $15.0 million of total unrecognized compensation cost related to non-vested restricted stock and restricted stock unit grants. That cost is expected to be recognized over a weighted-average period of 1.2 years.

Performance Share Units

Under our Long-Term Incentive Compensation Plan, we grant certain officers and other key employees performance share units, which are payable in stock upon meeting certain criteria over the service period, and generally vest over a period of three years. Under the terms of our performance share unit grants, awards are subject to either a “financial performance” or “market performance” criteria, or both.

The fair value of performance share unit awards subject to financial performance criteria is computed using the grant date closing stock price of each respective award grant and will apply to the number of units ultimately awarded. The number of shares ultimately issued for each award will be based on our financial performance as compared to peer group companies over the performance period and can range from zero to 200%. As of March 31, 2013, estimated share payouts for outstanding non-vested performance share unit awards ranged from 110% to 170%.

For the performance share units subject to market performance criteria, performance is calculated as the total shareholder return achieved by HollyFrontier stockholders compared with the average shareholder return achieved by an equally-weighted peer group of independent refining companies over a three-year period. These share unit awards are valued using a Monte Carlo valuation model, which simulates future stock price movements using key inputs including grant date stock prices, expected stock price performance, expected rate of return and volatility. These units are payable in stock based on share price performance relative to the defined peer group and can range from zero to 200% of the initial target award.

A summary of performance share unit activity and changes during the three months ended March 31, 2013 is presented below:

Performance Share Units	Grants
Outstanding at January 1, 2013 (non-vested)	875,574
Granted	—
Vesting and transfer of ownership to recipients	—
Forfeited	(7,914	)
Outstanding at March 31, 2013 (non-vested)	867,660

Based on the weighted-average grant date fair value of $35.40 per share, there was $22.9 million of total unrecognized compensation cost related to non-vested performance share units as of March 31, 2013. That cost is expected to be recognized over a weighted-average period of 1.6 years.

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Description of Business and Presentation of Financial Statements (Policy)

3 Months Ended

Mar. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts Receivable: Our accounts receivable consist of amounts due from customers that are primarily companies in the petroleum industry. Credit is extended based on our evaluation of the customer’s financial condition, and in certain circumstances collateral, such as letters of credit or guarantees, is required. We reserve for doubtful accounts based on our historical loss experience as well as specific accounts identified as high risk, which historically have been minimal. Credit losses are charged to the allowance for doubtful accounts when an account is deemed uncollectible. Our allowance for doubtful accounts was $2.5 million at March 31, 2013 and December 31, 2012.

Inventories

Inventories: We use the last-in, first-out (“LIFO”) method of valuing inventory. Under the LIFO method, an actual valuation of inventory can only be made at the end of each year based on the inventory levels at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and are subject to the final year-end LIFO inventory valuation.

Goodwill

Goodwill: Goodwill represents the excess of the cost of an acquired entity over the fair value of the assets acquired and liabilities assumed. Goodwill is not subject to amortization and is tested annually, or more frequently if events or circumstances indicate the possibility of impairment. As of March 31, 2013, there have been no impairments to goodwill.

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Retirement Plan

3 Months Ended

Mar. 31, 2013

Pension and Other Postretirement Benefit Expense [Abstract]

Retirement Plan

Retirement Plan

We sponsor a non-contributory defined benefit retirement plan that covers certain employees and is fully frozen. In 2012, our Compensation Committee, pursuant to authority delegated to it by the Board of Directors, approved the termination of the HollyFrontier Corporation Pension Plan (the “Plan”). Accordingly, our remaining liability under the Plan is expected to be funded in 2013. Our actual obligations under the Plan are contingent upon the timing of the pension plan termination as well as participant settlement obligations. We expect to record an additional expense on termination of the Plan at the date we are released from the liability, including the amount of actuarial loss currently recorded as accumulated other comprehensive income ($37.6 million, $23.0 million after-tax) at March 31, 2013 plus an amount equal to any contribution we make to the Plan in excess of the $19.3 million accrued pension liability we have recorded at March 31, 2013.

The net periodic pension expense consisted of the following components:

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Service cost – benefit earned during the period	$	—		$	170
Interest cost on projected benefit obligations	899			991
Expected return on plan assets	(46		)	(950		)
Amortization of prior service cost	—			17
Amortization of net loss	693			483
Estimated effect of curtailment	—			225
Net periodic pension expense	$	1,546		$	936

The expected long-term annual rate of return on plan assets is 0.25%, which is the rate used in measuring 2013 net periodic benefit costs.

In 2012, we established a program for plan participants whose benefits pursuant to the defined benefit plan were frozen. The program provides for payments after year-end for each of the next three years provided the employee remains with us. The payments are based on each employee's years of service and eligible salary. For the three months ended March 31, 2013 and 2012, we recognized transition benefit costs of $2.9 million and $3.4 million, respectively, associated with transition to the new defined contribution plan.

We have a post-retirement healthcare and other benefits plan that is available to certain of our employees who satisfy certain age and service requirements.The net periodic benefit expense of this plan consisted of the following components:

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Service cost – benefit earned during the period	$	278		$	475
Interest cost on projected benefit obligations	159			875
Amortization of prior service credit	(1,474		)	(550		)
Amortization of net loss	31			75
Actuarial loss on post-retirement healthcare plan reclassified to net income upon partial plan settlement	1,726			—
Net periodic pension expense	$	720		$	875

In the first quarter of 2013, we settled a portion of our post-retirement medical obligation. Upon settlement, we reclassified a $1.7 million pretax loss out of accumulated other comprehensive income that was recognized as a charge to net income.

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Debt

3 Months Ended

Mar. 31, 2013

Debt [Abstract]

Debt

Debt

HollyFrontier Credit Agreement

We have a $1 billion senior secured credit agreement (the “HollyFrontier Credit Agreement”) with Union Bank, N.A. as administrative agent and certain lenders from time to time party thereto. The HollyFrontier Credit Agreement matures in July 2016 and may be used to fund working capital requirements, capital expenditures, acquisitions and general corporate purposes. Obligations under the HollyFrontier Credit Agreement are collateralized by our inventory, accounts receivables and certain deposit accounts and guaranteed by our material, wholly-owned subsidiaries. At March 31, 2013, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $29.0 million under the HollyFrontier Credit Agreement.

HEP Credit Agreement

HEP has a $550 million senior secured revolving credit facility that matures in June 2017 (the “HEP Credit Agreement”) and is available to fund capital expenditures, investments, acquisitions, distribution payments and working capital and for general partnership purposes. It is also available to fund letters of credit up to a $50 million sub-limit and to fund distributions to unitholders up to a $60 million sub-limit. At March 31, 2013, HEP was in compliance with all of its covenants, had outstanding borrowings of $368.0 million and no outstanding letters of credit under the HEP Credit Agreement.

HEP’s obligations under the HEP Credit Agreement are collateralized by substantially all of HEP’s assets (presented parenthetically in our consolidated balance sheets). Indebtedness under the HEP Credit Agreement involves recourse to HEP Logistics Holdings, L.P., its general partner, and is guaranteed by HEP’s wholly-owned subsidiaries. Any recourse to the general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP, are not significant. HEP’s creditors have no other recourse to our assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

HollyFrontier Senior Notes

Our senior notes consist of the following:

• 9.875% senior notes ($286.8 million principal amount maturing June 2017)

• 6.875% senior notes ($150 million principal amount maturing November 2018)

These senior notes (collectively, the “HollyFrontier Senior Notes”) are unsecured and impose certain restrictive covenants, including limitations on our ability to incur additional debt, incur liens, enter into sale-and-leaseback transactions, pay dividends, enter into mergers, sell assets and enter into certain transactions with affiliates. At any time when the HollyFrontier Senior Notes are rated investment grade by both Moody’s and Standard & Poor’s and no default or event of default exists, we will not be subject to many of the foregoing covenants. Additionally, we have certain redemption rights under the HollyFrontier Senior Notes.

HollyFrontier Financing Obligation

We have a financing obligation that relates to a sale and lease-back of certain crude oil tankage that we sold to an affiliate of Plains All American Pipeline, L.P. (“Plains”) in October 2009 for $40.0 million. Monthly lease payments are recorded as a reduction in principal over the 15-year lease term ending in 2024.

HEP Senior Notes

HEP’s senior notes consist of the following:

• 8.25% HEP senior notes ($150 million principal amount maturing March 2018)

• 6.5% HEP senior notes ($300 million principal amount maturing March 2020)

The 8.25% and 6.5% HEP senior notes (collectively, the “HEP Senior Notes”) are unsecured and impose certain restrictive covenants, including limitations on HEP’s ability to incur additional indebtedness, make investments, sell assets, incur certain liens, pay distributions, enter into transactions with affiliates, and enter into mergers. At any time when the HEP Senior Notes are rated investment grade by both Moody’s and Standard & Poor’s and no default or event of default exists, HEP will not be subject to many of the foregoing covenants. Additionally, HEP has certain redemption rights under the HEP Senior Notes.

Indebtedness under the HEP Senior Notes involves recourse to HEP Logistics Holdings, L.P., its general partner, and is guaranteed by HEP’s wholly-owned subsidiaries. However, any recourse to the general partner would be limited to the extent of HEP Logistics Holdings, L.P.’s assets, which other than its investment in HEP, are not significant. HEP’s creditors have no other recourse to our assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

The carrying amounts of long-term debt are as follows:

	March 31, 2013			December 31, 2012
	(In thousands)
9.875% Senior Notes
Principal	$	286,812		$	286,812
Unamortized discount	(7,139		)	(7,468		)
	279,673			279,344
6.875% Senior Notes
Principal	150,000			150,000
Unamortized premium	5,700			5,910
	155,700			155,910
Financing Obligation	35,959			36,311
Total HollyFrontier long-term debt	471,332			471,565
HEP Credit Agreement	368,000			421,000
HEP 8.25% Senior Notes
Principal	150,000			150,000
Unamortized discount	(1,525		)	(1,602		)
	148,475			148,398
HEP 6.5% Senior Notes
Principal	300,000			300,000
Unamortized discount	(4,562		)	(4,725		)
	295,438			295,275
Total HEP long-term debt	811,913			864,673
Total long-term debt	$	1,283,245		$	1,336,238

We capitalized interest attributable to construction projects of $3.4 million and $1.5 million for the three months ended March 31, 2013 and 2012, respectively.

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Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Loss In Equity) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds	$ 3	$ 117
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax	1	46
Gain (Loss) on Sale of Securities, Net	2	71
Gain (Loss) on Sale of Derivatives	(27,290)	16,416
Amortization of unrealized loss attributable to discontinued cash flow hedges	939	1,274
Cash Flow Hedge Gain (Loss) Reclassified to Interest Expense, Net	(1,353)	(1,498)
Gain (Loss) on Derivative Instruments, Net, Pretax	(28,643)	14,918
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, before Tax	1,726
Gain (Loss) on Sale of Derivatives, Income Tax	(10,823)	6,143
Gain (Loss) on Sale of Securities, Net	(17,820)	8,775
Gain (Loss) on Sale of Derivative Instruments - Noncontrolling Interest	820	873
Gain (Loss) on Sale of Derivatives - After Tax and NC Interests	(17,000)	9,648
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, Net of Tax	(1,055)
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax	(18,053)	9,719
Operating Expense [Member]
Amortization of unrealized loss attributable to discontinued cash flow hedges	(1,573)
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, before Tax	(1,549)
Cost of Sales [Member]
Gain (Loss) on Sale of Derivatives	(6,532)	50,541
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, before Tax	(84)
Revenues (decrease) [Member]
Gain (Loss) on Sale of Derivatives	(19,185)	(34,125)
General and Administrative Expense [Member]
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, before Tax	$ (93)

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Inventories

3 Months Ended

Mar. 31, 2013

Inventory, Net [Abstract]

Inventories

Inventories

Inventory consists of the following components:

	March 31, 2013		December 31, 2012
	(In thousands)
Crude oil	$	512,441	$	502,978
Other raw materials and unfinished products(1)	188,814		150,090
Finished products(2)	697,514		585,610
Process chemicals(3)	4,398		3,514
Repairs and maintenance supplies and other	67,633		77,440
Total inventory	$	1,470,800	$	1,319,632

(1) Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.

(2) Finished products include gasolines, jet fuels, diesels, lubricants, asphalts, LPG’s and residual fuels.

(3) Process chemicals include additives and other chemicals.

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Environmental

3 Months Ended

Mar. 31, 2013

Environmental Expense and Liabilities [Abstract]

Environmental

Environmental

We expensed $0.1 million and $14.3 million for the three months ended March 31, 2013 and 2012, respectively, for environmental remediation obligations. The accrued environmental liability reflected in our consolidated balance sheets was $87.9 million and $88.9 million at March 31, 2013 and December 31, 2012, respectively, of which $68.9 million and $72.6 million, respectively, were classified as other long-term liabilities. These accruals include remediation and monitoring costs expected to be incurred over an extended period of time (up to 30 years for certain projects).

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Derivative Instruments And Hedging Activities

3 Months Ended

Mar. 31, 2013

Derivative Instruments And Hedging Activities [Abstract]

Derivative Instruments And Hedging Activities

Derivative Instruments and Hedging Activities

Commodity Price Risk Management

Our primary market risk is commodity price risk. We are exposed to market risks related to the volatility in crude oil and refined products, as well as volatility in the price of natural gas used in our refining operations. We periodically enter into derivative contracts in the form of commodity price swaps and futures contracts to mitigate price exposure with respect to:

• our inventory positions;

• natural gas purchases;

• costs of crude oil and related grade differentials;

• prices of refined products; and

• our refining margins.

Accounting Hedges

We have swap contracts serving as cash flow hedges against price risk on forecasted purchases of natural gas and WTI crude oil and forecasted sales of ultra-low sulfur diesel. We also have forward sales contracts that lock in the sales prices of future sales of refined product. These contracts have been designated as accounting hedges and are measured quarterly at fair value with offsetting adjustments (gains/losses) recorded directly to other comprehensive income. These fair value adjustments are later reclassified to earnings as the hedging instruments mature. Also on a quarterly basis, hedge ineffectiveness is measured by comparing the change in fair value of the swap contracts against the expected future cash inflows/outflows on the respective transaction being hedged. Any hedge ineffectiveness is also recognized in earnings.

The following table presents the pre-tax effect on other comprehensive income (“OCI”) and earnings due to fair value adjustments and maturities of commodity price swaps under hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Gain (Loss) Recognized in Earnings Due to Settlements				Gain (Loss) Attributable to Hedge Ineffectiveness Recognized in Earnings
				Location	Amount			Location	Amount
				(In thousands)
Three Months Ended March 31, 2013
Commodity price swaps
Change in fair value	$	(10,404	)	Sales and other revenues	$	(19,185	)	Sales and other revenues	$	(356	)
Loss reclassified to earnings due to settlements	27,200			Cost of products sold	(6,532		)	Cost of products sold	3,131
Amortization of discontinued hedge reclassified to earnings	90			Operating expenses	(1,573		)	Operating expenses	(365		)
Total	$	16,886			$	(27,290	)		$	2,410
Three Months Ended March 31, 2012
Commodity price swaps
Change in fair value	$	(140,121	)	Sales and other revenues	$	(34,125	)	Sales and other revenues	$	(1,330	)
Loss reclassified to earnings due to settlements	(16,416		)	Cost of products sold	50,541
Total	$	(156,537	)		$	16,416			$	(1,330	)

As of March 31, 2013, we have the following notional contract volumes related to outstanding derivative instruments serving as cash flow hedges against price risk on forecasted purchases of natural gas and crude oil and sales of refined products:

		Notional Contract Volumes by Year of Maturity
Derivative Instrument	Total Outstanding Notional	2013	2014	2015	2016	2017	Unit of Measure
Commodity Price Swaps:
Natural gas - long	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
WTI crude oil - long	8,340,000	7,975,000	365,000	—	—	—	Barrels
Ultra-low sulfur diesel - short	8,340,000	7,975,000	365,000	—	—	—	Barrels
Forward sales - diesel and gasoline	535,000	535,000	—	—	—	—	Barrels

In the first quarter of 2013, we dedesignated certain commodity price swaps (long positions) that previously received hedge accounting treatment. These contracts now serve as economic hedges against price risk on forecasted natural gas purchases totaling 45,600,000 MMBTU's to be purchased ratably through 2017. As of March 31, 2013, we have an unrealized loss of $5.1 million classified as OCI that relates to the application of hedge accounting prior to dedesignation that will be amortized as a charge to operating expenses as the contracts mature.

Economic Hedges

We also have swap contracts that serve as economic hedges (derivatives used for risk management, but not designated as accounting hedges) to fix our purchase price on forecasted natural gas and crude oil and other feedstock purchases, and to lock in the spread between WCS and WTI crude oil and between WTS and WTI crude oil on forecasted purchases of WCS and WTS. Also, we have NYMEX futures contracts to lock in prices on purchases of inventory. These contracts are measured quarterly at fair value with offsetting adjustments (gains/losses) recorded directly to income.

The following table presents the pre-tax effect on income due to maturities and fair value adjustments of our economic hedges:

	Three Months Ended March 31,
Location of Gain (Loss) Recognized in Income	2013			2012
	(In thousands)
Cost of products sold	$	33,592		$	(14,994	)
Operating expenses	(4,993		)	(1,701		)
Total	$	28,599		$	(16,695	)

As of March 31, 2013, we have the following notional contract volumes related to our outstanding derivative contracts serving as economic hedges:

		Notional Contract Volumes by Year of Maturity
Derivative Instrument	Total Outstanding Notional	2013	2014	2015	2016	2017	Unit of Measure
Commodity price swap (gasoline) - long	125,000	125,000	—	—	—	—	Barrels
Commodity price swap (gasoline) - short	125,000	125,000	—	—	—	—	Barrels
Commodity price swap (WCS spread) - long	5,362,500	5,362,500	—	—	—	—	Barrels
Commodity price swap (WTS spread) - long	1,960,000	1,960,000	—	—	—	—	Barrels
Commodity price swap (natural gas) - long	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
Commodity price swap (natural gas) - short	45,600,000	7,200,000	9,600,000	9,600,000	9,600,000	9,600,000	MMBTU
NYMEX futures (WTI) - long	234,000	234,000	—	—	—	—	Barrels
NYMEX futures (WTI) - short	1,178,000	1,178,000	—	—	—	—	Barrels
Physical contracts - long	540,000	540,000	—	—	—	—	Barrels
Physical contracts - short	540,000	540,000	—	—	—	—	Barrels

Interest Rate Risk Management

HEP uses interest rate swaps to manage its exposure to interest rate risk.

As of March 31, 2013, HEP had three interest rate swap contracts that hedge its exposure to the cash flow risk caused by the effects of LIBOR changes on $305.0 million in credit agreement advances. The first interest rate swap effectively converts $155.0 million of LIBOR based debt to fixed rate debt having an interest rate of 0.99% plus an applicable margin of 2.50% as of March 31, 2013, which equaled an effective interest rate of 3.49%. This swap matures in February 2016. HEP has two additional interest rate swaps with identical terms which effectively convert $150.0 million of LIBOR based debt to fixed rate debt having an interest rate of 0.74% plus an applicable margin of 2.50% as of March 31, 2013, which equaled an effective interest rate of 3.24%. Both of these swap contracts mature in July 2017. All of these swap contracts have been designated as cash flow hedges. To date, there has been no ineffectiveness on these cash flow hedges.

The following table presents the pre-tax effect on other comprehensive income and earnings due to fair value adjustments and maturities of HEP's interest rate swaps under cash flow hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Loss Recognized in Earnings Due to Settlements
				Location	Amount
	(In thousands)
Three Months Ended March 31, 2013
Interest rate swaps
Change in fair value	$	58
Loss reclassified to earnings due to settlements	504			Interest expense	$	(1,353	)
Amortization of discontinued hedge reclassified to earnings	849
Total	$	1,411			$	(1,353	)
Three Months Ended March 31, 2012
Interest rate swaps
Change in fair value	$	(578	)
Loss reclassified to earnings due to settlements	224			Interest expense	$	(1,498	)
Amortization of discontinued hedge reclassified to earnings	1,274
Total	$	920			$	(1,498	)

The following table presents the fair value and balance sheet locations of our outstanding derivative instruments. These amounts are presented on a gross basis with offsetting balances that reconcile to a net asset or liability position in our consolidated balance sheets. We present on a net basis to reflect the net settlement of these positions in accordance with provisions of our master netting arrangements.

	Derivatives in Net Asset Position							Derivatives in Net Liability Position
	Gross Assets		Gross Liabilities Offset in Balance Sheet			Net Assets Recognized in Balance Sheet		Gross Liabilities		Gross Assets Offset in Balance Sheet			Net Liabilities Recognized in Balance Sheet
			(In thousands)
March 31, 2013
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—		$	—	$	24,630	$	(27,144	)	$	(2,514	)
Forward sales contracts	1,468		—			1,468		—		—			—
Interest rate swap contracts	—		—			—		2,868		—			2,868
	$	1,468	$	—		$	1,468	$	27,498	$	(27,144	)	$	354
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	12,493	$	(1,842	)	$	10,651	$	12,178	$	(4,171	)	$	8,007
NYMEX futures contracts	—		—			—		5,837		—			5,837
	$	12,493	$	(1,842	)	$	10,651	$	18,015	$	(4,171	)	$	13,844
Total net balance						$	12,119						$	14,198
Balance sheet classification:	Prepayment and other					$	12,119	Accrued liabilities					$	562
								Other long-term liabilities					13,636
						$	12,119						$	14,198

	Derivatives in Net Asset Position						Derivatives in Net Liability Position
	Gross Assets		Gross Liabilities Offset in Balance Sheet		Net Assets Recognized in Balance Sheet		Gross Liabilities		Gross Assets Offset in Balance Sheet			Net Liabilities Recognized in Balance Sheet
			(In thousands)
December 31, 2012
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	37,828	$	(17,383	)	$	20,445
Interest rate swap contracts	—		—		—		3,430		—			3,430
	$	—	$	—	$	—	$	41,258	$	(17,383	)	$	23,875
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	46,154	$	—		$	46,154
NYMEX futures contracts	—		—		—		5,563		—			5,563
	$	—	$	—	$	—	$	51,717	$	—		$	51,717
Total net balance					$	—						$	75,592
Balance sheet classification:							Accrued liabilities					$	62,388
							Other long-term liabilities					13,204
												$	75,592

At March 31, 2013, we had a pre-tax net unrealized loss of $4.3 million classified in accumulated other comprehensive income that relates to all accounting hedges. Assuming commodity prices and interest rates remain unchanged, an unrealized gain of approximately $5.3 million will be effectively transferred from accumulated other comprehensive income into the statement of income as the hedging instruments mature over the next twelve-month period.

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Segment Information (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Segment Reporting Information [Line Items]
Reportable segments	2
Other Revenue, Net	$ 12.9	$ 11.9
Twelve Inch Refined Products Pipeline Project
Segment Reporting Information [Line Items]
Description Of Pipeline Acquired	12
SLC Pipeline [Member] | SLC Pipeline [Member] | HEP [Member]
Segment Reporting Information [Line Items]
Equity Method Investment, Ownership Percentage	25.00%
UNEV Pipeline [Member]
Segment Reporting Information [Line Items]
Percentage of interest owned in pipeline project	75.00%

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Supplemental Guarantor/Non-Guarantor Financial Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2013
HEP [Member]
Guarantor Obligations [Line Items]
Percentage of ownership in variable interest entity	39.00%
UNEV Pipeline [Member]
Guarantor Obligations [Line Items]
Percentage of interest owned In pipeline project	75.00%

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Retirement Plan (Net Periodic Pension Expense) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, before Tax	$ 1,726
Defined Benefit Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefit earned during the period	0	170
Interest cost on projected benefit obligations	899	991
Expected return on plan assets	(46)	(950)
Amortization of prior service cost	0	17
Amortization of net loss	693	483
Estimated effect of curtailment	0	225
Net periodic pension expense	1,546	936
Other Post-Retirement Healthcare and Other Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefit earned during the period	278	475
Interest cost on projected benefit obligations	159	875
Amortization of prior service cost	(1,474)	(550)
Amortization of net loss	31	75
Other Comprehensive Income (Loss), Finalization of Pension and Non-Pension Postretirement Plan Valuation, before Tax	1,726	0
Net periodic pension expense	$ 720	$ 875

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Retirement Plan (Tables)

3 Months Ended

Mar. 31, 2013

Pension and Other Postretirement Benefit Expense [Abstract]

Net Periodic Pension Expense

The net periodic pension expense consisted of the following components:

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Service cost – benefit earned during the period	$	—		$	170
Interest cost on projected benefit obligations	899			991
Expected return on plan assets	(46		)	(950		)
Amortization of prior service cost	—			17
Amortization of net loss	693			483
Estimated effect of curtailment	—			225
Net periodic pension expense	$	1,546		$	936

The net periodic benefit expense of this plan consisted of the following components:

	Three Months Ended March 31,
	2013			2012
	(In thousands)
Service cost – benefit earned during the period	$	278		$	475
Interest cost on projected benefit obligations	159			875
Amortization of prior service credit	(1,474		)	(550		)
Amortization of net loss	31			75
Actuarial loss on post-retirement healthcare plan reclassified to net income upon partial plan settlement	1,726			—
Net periodic pension expense	$	720		$	875

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Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Period	12 months
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	$ 1,411,000	$ 920,000
Gain (loss) on economic hedges	(28,599,000)	16,695,000
Net unrealized loss in accumulated other comprehensive income related to cash flow hedges	4,300,000
Net unrealized gain effectively transferred from accumulated other comprehensive loss hedging instruments	(5,300,000)
Cost of Sales [Member]
Derivative [Line Items]
Gain (loss) on economic hedges	(33,592,000)	14,994,000
Operating Expense [Member]
Derivative [Line Items]
Gain (loss) on economic hedges	4,993,000	1,701,000
HEP [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Credit agreement advance	155,000,000
Fixed interest rate	0.74%
Rate added to fixed base rate	2.50%
Effective interest rate on debt	3.24%
Credit Agreement Advances Created in 2012	150,000,000
HEP [Member] | Current Interest Rate Swap [Member]
Derivative [Line Items]
Fixed interest rate	0.99%
Effective interest rate on debt	3.49%
Holly Credit Agreement Member | HEP [Member]
Derivative [Line Items]
Credit agreement advance	$ 305,000,000

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Segment Information

3 Months Ended

Mar. 31, 2013

Segment Information [Abstract]

Segment Information

Segment Information

Our operations are 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. Intersegment transactions are eliminated in our consolidated financial statements and are included in Consolidations and Eliminations.

The Refining segment represents the operations of the El Dorado, Tulsa, Navajo, Cheyenne and Woods Cross Refineries and NK Asphalt (aggregated as a reportable segment). Refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products, such as gasoline, diesel fuel and jet fuel. These petroleum products are primarily marketed in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. Additionally, the Refining segment includes specialty lubricant products produced at our Tulsa Refineries that are marketed throughout North America and are distributed in Central and South America. NK Asphalt operates various asphalt terminals in Arizona and New Mexico.

The HEP segment includes all of the operations of HEP, a consolidated VIE, which owns and operates logistics assets consisting of petroleum product and crude oil pipelines and terminal, tankage and loading rack facilities in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. The HEP segment also includes a 75% interest in UNEV (a consolidated subsidiary of HEP) and a 25% interest in the SLC Pipeline. Revenues from the HEP segment are earned through transactions with unaffiliated parties for pipeline transportation, rental and terminalling operations as well as revenues relating to pipeline transportation services provided for our refining operations. Our revaluation of HEP’s assets and liabilities at March 1, 2008 (date of reconsolidation) resulted in basis adjustments to our consolidated HEP balances. Therefore, our reported amounts for the HEP segment may not agree to amounts reported in HEP’s periodic public filings.

The accounting policies for our segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2012.

	Refining		HEP (1)		Corporate and Other			Consolidations and Eliminations			Consolidated Total
	(In thousands)
Three Months Ended March 31, 2013
Sales and other revenues	$	4,692,426	$	76,484	$	563		$	(61,684	)	$	4,707,789
Depreciation and amortization	$	57,170	$	13,749	$	1,050		$	(207	)	$	71,762
Income (loss) from operations	$	542,202	$	33,474	$	(25,972	)	$	(509	)	$	549,195
Capital expenditures	$	63,632	$	5,013	$	3,319		$	—		$	71,964
Three Months Ended March 31, 2012
Sales and other revenues	$	4,919,737	$	67,577	$	156		$	(55,732	)	$	4,931,738
Depreciation and amortization	$	41,721	$	13,395	$	1,193		$	(207	)	$	56,102
Income (loss) from operations	$	414,943	$	32,113	$	(26,975	)	$	(517	)	$	419,564
Capital expenditures	$	45,534	$	14,254	$	1,599		$	—		$	61,387

March 31, 2013
Cash, cash equivalents and investments in marketable securities	$	20	$	18,193	$	2,524,923	$	—		$	2,543,136
Total assets	$	6,946,525	$	1,428,372	$	2,671,573	$	(350,298	)	$	10,696,172
Long-term debt	$	—	$	811,913	$	487,092	$	(15,760	)	$	1,283,245
December 31, 2012
Cash, cash equivalents and investments in marketable securities	$	2,101	$	5,237	$	2,386,063	$	—		$	2,393,401
Total assets	$	6,702,872	$	1,426,800	$	2,531,967	$	(332,642	)	$	10,328,997
Long-term debt	$	—	$	864,673	$	487,472	$	(15,907	)	$	1,336,238

(1) HEP acquired our 75% interest in UNEV in July 2012. As a result, we have recast our HEP segment information for the three months ended March 31, 2012 to include the UNEV Pipeline operations as a consolidated subsidiary of HEP. The UNEV Pipeline operations were previously presented under Corporate and Other.

HEP segment revenues from external customers were $12.9 million and $11.9 million for the three months ended March 31, 2013 and 2012, respectively.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share

The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HollyFrontier stockholders:

	Three Months Ended March 31,
	2013		2012
	(In thousands, except per share data)
Earnings attributable to HollyFrontier stockholders	$	333,669	$	241,696
Average number of shares of common stock outstanding	203,515		208,531
Effect of dilutive variable restricted shares andperformance share units	702		607
Average number of shares of common stock outstanding assuming dilution	204,217		209,138
Basic earnings per share	$	1.64	$	1.16
Diluted earnings per share	$	1.63	$	1.16

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Debt (Narrative) (Details) (USD $)	3 Months Ended							3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013 9.875% Senior Notes Due 2017 [Member]	Dec. 31, 2012 9.875% Senior Notes Due 2017 [Member]	Mar. 31, 2013 6.875% Senior Notes Due 2018 [Member]	Dec. 31, 2012 6.875% Senior Notes Due 2018 [Member]	Mar. 31, 2013 Holly Frontier Credit Agreement [Member]	Mar. 31, 2013 Plains [Member] Lease [Member]	Mar. 31, 2013 HEP [Member]	Mar. 31, 2012 HEP [Member]	Mar. 31, 2013 HEP [Member] 8.25% Senior Notes Due 2018 [Member]	Dec. 31, 2012 HEP [Member] 8.25% Senior Notes Due 2018 [Member]	Mar. 31, 2013 HEP [Member] 6.5% Senior Notes Due 2020 [Member]	Dec. 31, 2012 HEP [Member] 6.5% Senior Notes Due 2020 [Member]	Mar. 31, 2013 HEP [Member] Letter of Credit [Member]	Mar. 31, 2013 HEP [Member] Distributions To Unit Holder [Member]	Mar. 31, 2013 HEP [Member] Holly Energy Partners Credit Agreement Member	Dec. 31, 2012 HEP [Member] Holly Energy Partners Credit Agreement Member
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit agreement							$ 1,000,000,000								$ 50,000,000	$ 60,000,000	$ 550,000,000
Borrowings outstanding under revolving credit agreement							29,000,000										368,000,000	421,000,000
Stated interest rate, senior notes			9.875%		6.875%						8.25%		6.50%
Net proceeds from issuance of senior notes - HEP									0	294,750,000
Principal tender on senior notes									0	(157,761,000)
Senior notes			286,812,000	286,812,000	150,000,000	150,000,000					150,000,000	150,000,000	300,000,000	300,000,000
Interest Expense	21,320,000	33,315,000
Proceeds from sale of storage assets								40,000,000
Term of lease, years								15 years
Capitalized interest attributable to construction projects	$ 3,400,000	$ 1,500,000

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Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Earnings Per Share [Abstract]
Earnings attributable to HollyFrontier stockholders	$ 333,669	$ 241,696
Average number of shares of common stock outstanding	203,515	208,531
Effect of dilutive variable restricted shares and performance share units	702	607
Average number of shares of common stock outstanding assuming dilution	204,217	209,138
Basic earnings per share	$ 1.64	$ 1.16
Diluted earnings per share	$ 1.63	$ 1.16

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Consolidated Statements Of Comprehensive Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Statement of Other Comprehensive Income [Abstract]
Net income	$ 343,371	$ 247,020
Securities available for sale
Unrealized gain on available-for-sale securities	19	305
Reclassification adjustments to net income on sale or maturity of marketable securities	(3)	(117)
Net unrealized gain (loss) on available-for-sale securities	16	188
Change in Fair Value of Cash Flow Hedge	(10,346)	(140,697)
Reclassification adjustments to net income on settlement of cash flow hedging instruments	27,704	(16,192)
Amortization of unrealized loss attributable to discontinued cash flow hedges	939	1,274
Ner unrealized gain (loss) before income taxes	18,297	(155,615)
Actuarial loss on post-retirement healthcare plan reclassified to net income upon partial plan settlement	1,726	0
Other comprehensive income (loss) before income taxes	20,039	(155,427)
Income tax expense (benefit)	(7,488)	60,670
Other comprehensive income (loss)	12,551	(94,757)
Total comprehensive income	355,922	152,263
Less noncontrolling interest in comprehensive income	10,494	5,861
Comprehensive income attributable to HollyFrontier stockholders	$ 345,428	$ 146,402

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Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share is calculated as net income attributable to HollyFrontier stockholders divided by the average number of shares of common stock outstanding. Diluted earnings per share assumes, when dilutive, the issuance of the net incremental shares from variable restricted and variable performance shares. The following is a reconciliation of the denominators of the basic and diluted per share computations for net income attributable to HollyFrontier stockholders:

	Three Months Ended March 31,
	2013		2012
	(In thousands, except per share data)
Earnings attributable to HollyFrontier stockholders	$	333,669	$	241,696
Average number of shares of common stock outstanding	203,515		208,531
Effect of dilutive variable restricted shares andperformance share units	702		607
Average number of shares of common stock outstanding assuming dilution	204,217		209,138
Basic earnings per share	$	1.64	$	1.16
Diluted earnings per share	$	1.63	$	1.16

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Equity (Changes To Equity) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Net income	$ 343,371		$ 247,020
Other comprehensive income (loss)	12,551		(94,757)
Holly Corporation Stockholders' Equity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2012	6,052,954
Net income	333,669
Dividends	(163,388)
Distributions to noncontrolling interest holders	0
Other comprehensive income (loss)	11,759
Allocated equity on HEP unit issuances	54,011
Equity-based compensation	7,457
Excess tax benefit attributable to equity-based compensation	744
Purchase of treasury stock	11,413	[1]
Purchase of HEP units for restricted grants	0
Balance at March 31, 2013	6,285,793
Noncontrolling Interest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2012	589,704
Net income	9,702
Dividends	0
Distributions to noncontrolling interest holders	(15,288)
Other comprehensive income (loss)	792
Allocated equity on HEP unit issuances	60,145
Equity-based compensation	1,123
Excess tax benefit attributable to equity-based compensation	0
Purchase of treasury stock	0	[1]
Purchase of HEP units for restricted grants	(2,924)
Balance at March 31, 2013	643,254
Total Equity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2012	6,642,658
Net income	343,371
Dividends	(163,388)
Distributions to noncontrolling interest holders	(15,288)
Other comprehensive income (loss)	12,551
Allocated equity on HEP unit issuances	114,156
Equity-based compensation	8,580
Excess tax benefit attributable to equity-based compensation	744
Purchase of treasury stock	11,413	[1]
Purchase of HEP units for restricted grants	(2,924)
Balance at March 31, 2013	$ 6,929,047

[1] Includes 31,141 shares withheld under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

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Supplemental Guarantor/Non-Guarantor Financial Information Consolidating Statement of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013 Parent [Member]	Mar. 31, 2012 Parent [Member]	Mar. 31, 2013 Guarantor Restricted Subsidiaries [Member]	Mar. 31, 2012 Guarantor Restricted Subsidiaries [Member]	Mar. 31, 2013 Non Guarantor Restricted Subsidiaries [Member]	Mar. 31, 2012 Non Guarantor Restricted Subsidiaries [Member]	Mar. 31, 2013 Holly Frontier Corp. Before Consolidation Of HEP [Member]	Mar. 31, 2012 Holly Frontier Corp. Before Consolidation Of HEP [Member]	Mar. 31, 2013 Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]	Mar. 31, 2012 Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]	Mar. 31, 2013 Eliminations [Member]	Mar. 31, 2012 Eliminations [Member]	Mar. 31, 2013 HEP [Member]	Mar. 31, 2012 HEP [Member]	Mar. 31, 2013 HEP [Member] Parent [Member]	Mar. 31, 2012 HEP [Member] Parent [Member]	Mar. 31, 2013 HEP [Member] Guarantor Restricted Subsidiaries [Member]	Mar. 31, 2012 HEP [Member] Guarantor Restricted Subsidiaries [Member]	Mar. 31, 2013 HEP [Member] Non Guarantor Restricted Subsidiaries [Member]	Mar. 31, 2012 HEP [Member] Non Guarantor Restricted Subsidiaries [Member]	Mar. 31, 2013 HEP [Member] Holly Frontier Corp. Before Consolidation Of HEP [Member]	Mar. 31, 2012 HEP [Member] Holly Frontier Corp. Before Consolidation Of HEP [Member]	Mar. 31, 2013 HEP [Member] Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]	Mar. 31, 2012 HEP [Member] Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]	Mar. 31, 2013 HEP [Member] Eliminations [Member]	Mar. 31, 2012 HEP [Member] Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash flows from operating activities	$ 248,563	$ 253,905	$ 176,731	$ 253,124	$ 58,316	$ (3,659)	$ 1,499	$ 0	$ 236,546	$ 249,465	$ 29,438	$ 19,296	$ (17,421)	$ (14,856)
Additions to properties, plants and equipment	(66,951)	(47,133)	(1,736)	(1,019)	(65,215)	(46,114)	0	0	(66,951)	(47,133)	0	0	0	0	(5,013)	(14,254)	0	0	0	0	0	0	0	0	(5,013)	(14,254)	0	0
Proceeds from Sale of Property, Plant, and Equipment	(2,290)	0													(2,290)		0		0		0		0		(2,290)		0
Investment in Sabine Biofuels	0	(1,200)		0		(1,200)		0		(1,200)		0		0
Purchases of marketable securities	(178,251)	(106,573)	(178,251)	(106,573)	0	0	0	0	(178,251)	(106,573)	0	0	0	0
Sales and maturities of marketable securities	143,280	100,480	143,280	100,480	0	0	0	0	143,280	100,480	0	0	0	0
Net cash used for investing activities	(104,645)	(68,680)	(36,707)	(7,112)	(65,215)	(47,314)	0	0	(101,922)	(54,426)	(2,723)	(14,254)	0	0
Net borrowings under credit agreement – HEP																(45,000)		0		0		0		0		(45,000)		0
Repayment of Notes Receivable from Related Parties																0		0		72,900		0		72,900		(72,900)		0
Net repayments under credit agreement – HEP															(53,000)		0		0		0		0		(53,000)		0
Net proceeds from issuance of senior notes - HEP															0	294,750		0		0		0		0		294,750		0
Principal tender on senior notes															0	(157,761)		0		0		0		0		(157,761)		0
Proceeds from Issuance of Common Limited Partners Units	(73,444)	0													(73,444)		73,444		0		0		(73,444)		0		0
Proceeds from Issuance of Common Stock	73,444	0													73,444		0						0		73,444
Purchase of treasury stock	(6,610)	(62,532)	(6,610)	(62,532)	0	0	0	0	(6,610)	(62,532)	0	0	0	0
Contribution from joint venture partner	0	5,500		0		(9,000)		0		(9,000)		14,500		0
Contribution from General Partner	0		0		0		(1,499)		(1,499)		1,499		0
Dividends	(102,163)	(126,019)	(102,163)	(126,019)	0	0	0	0	(102,163)	(126,019)	0	0	0	0
Distributions to noncontrolling interest			0	0	0	0	0	0	0	0					(15,288)	(14,391)									(32,709)	(29,716)	17,421	15,325
Excess tax benefit from equity based compensation	744	3,792	744	3,792	0	0	0	0	744	3,792	0	0	0	0
Purchase of units for restricted grants - HEP															(2,719)	(1,283)	0	0	0	0	0	0	0	0	(2,719)	(1,283)	0	0
Deferred financing costs	0	(1,123)		0		0		0		0		(1,123)		0
Other	2,973	(512)	0	0	3,247	(313)	0	0	3,247	(313)	(274)	270	0	(469)
Net cash provided by (used for) financing activities	(29,175)	(104,579)	(34,585)	(184,759)	3,247	63,587	(1,499)	0	(32,837)	(121,172)	(13,759)	1,737	17,421	14,856
Increase (decrease) for the period	114,743	80,646	105,439	61,253	(3,652)	12,614	0	0	101,787	73,867	12,956	6,779	0	0
Beginning of period	1,757,699	1,578,904	1,748,808	1,575,891	3,652	(3,358)	2	2	1,752,462	1,572,535	5,237	6,369	0	0	5,237
End of period	$ 1,872,442	$ 1,659,550	$ 1,854,247	$ 1,637,144	$ 0	$ 9,256	$ 2	$ 2	$ 1,854,249	$ 1,646,402	$ 18,193	$ 13,148	$ 0	$ 0	$ 18,193

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2013

Share-based Compensation [Abstract]

Summary Of Restricted Stock Activity

A summary of restricted stock and restricted stock unit activity and changes during the three months ended March 31, 2013 is presented below:

Restricted Stock and Restricted Stock Units	Grants		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2013 (non-vested)	843,527		$	34.52
Granted	29,500		45.90
Vesting (transfer/conversion to common stock)	(97,812	)	25.48
Forfeited	(6,714	)	35.77
Outstanding at March 31, 2013 (non-vested)	768,501		$	36.09	$	39,539

Summary Of Performance Share Unit Activity

A summary of performance share unit activity and changes during the three months ended March 31, 2013 is presented below:

Performance Share Units	Grants
Outstanding at January 1, 2013 (non-vested)	875,574
Granted	—
Vesting and transfer of ownership to recipients	—
Forfeited	(7,914	)
Outstanding at March 31, 2013 (non-vested)	867,660

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Holly Energy Partners (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Variable Interest Entity [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	1,875,000
Proceeds from Issuance of Common Limited Partners Units	$ 73,444,000	$ 0
Proceeds from Issuance of Common Stock	73,444,000	0
HEP [Member]
Variable Interest Entity [Line Items]
Percentage of general partner interest	2.00%
Number of primary customers	2
Percentage of revenue Holly Corp represents	83.00%
Percentage of ownership in variable interest entity	39.00%
Annual contract payment	220,800,000
Sale of Stock, Number of Shares Issued in Transaction	1,875,000
Proceeds from Issuance of Common Limited Partners Units	73,444,000
Proceeds from Issuance of Common Stock	$ 73,444,000
Securities Pledged As Collateral [Member] | HEP [Member]
Variable Interest Entity [Line Items]
Percentage of ownership in variable interest entity	20.00%
Common HEP units collateralized for crude oil	12,000,000
UNEV Pipeline [Member]
Variable Interest Entity [Line Items]
Percentage of interest owned In pipeline project	75.00%

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Contingencies

3 Months Ended

Mar. 31, 2013

Contingencies [Abstract]

Contingencies

Contingencies

We are a party to various litigation and legal proceedings which we believe, based on advice of counsel, will not either individually or in the aggregate have a materially adverse effect on our financial condition, results of operations or cash flows.