XML 44 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
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.