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 June 30, 2014

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

198,552,658 shares of Common Stock, par value $.01 per share, were outstanding on July 31, 2014.

HOLLYFRONTIER CORPORATION

INDEX

	Page
Forward-Looking Statements	3
PART I. FINANCIAL INFORMATION
Definitions	4
Item 1. Financial Statements
Consolidated Balance Sheets
June 30, 2014 (Unaudited) and December 31, 2013	5
Consolidated Statements of Income (Unaudited)
Three and Six Months Ended June 30, 2014 and 2013	6
Consolidated Statements of Comprehensive Income (Unaudited)
Three and Six Months Ended June 30, 2014 and 2013	7
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30, 2014 and 2013	8
Notes to Consolidated Financial Statements (Unaudited)	9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3. Quantitative and Qualitative Disclosures About Market Risk	51
Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles	51
Item 4. Controls and Procedures	54
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	55
Item 1A. Risk Factors	56
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 6. Exhibits	56
Signatures	57
Index to Exhibits	58

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, 2013 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:

“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.

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

“Crude oil 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.

“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 commercial heavy duty engine oils, passenger car oils and specialty products for industrial applications such as heat transfer, metalworking, rubber and other general process oil.

“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.

“MMBTU” means one million British thermal units.

“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.

“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.

4

Item 1. Financial Statements

HOLLYFRONTIER CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

	June 30, 2014			December 31, 2013
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents (HEP: $6,066 and $6,352, respectively)	$	1,118,302		$	940,103
Marketable securities	679,668			725,160
Total cash, cash equivalents and short-term marketable securities	1,797,970			1,665,263
Accounts receivable: Product and transportation (HEP: $34,359 and $34,736, respectively)	731,673			665,098
Crude oil resales	48,507			43,704
	780,180			708,802
Inventories: Crude oil and refined products	1,424,560			1,241,448
Materials, supplies and other (HEP: $1,582 and $1,591, respectively)	80,272			112,799
	1,504,832			1,354,247
Income taxes receivable	18,875			109,376
Prepayments and other (HEP: $2,164 and $2,283, respectively)	134,274			58,756
Total current assets	4,236,131			3,896,444
Properties, plants and equipment, at cost (HEP: $1,234,342 and $1,199,594, respectively)	4,562,824			4,343,857
Less accumulated depreciation (HEP: $(222,381) and $(194,619), respectively)	(1,070,081		)	(949,261		)
	3,492,743			3,394,596
Other assets: Turnaround costs	222,929			258,436
Goodwill (HEP: $288,991 and $288,991, respectively)	2,331,922			2,331,922
Intangibles and other (HEP: $71,829 and $74,979, respectively)	174,658			175,341
	2,729,509			2,765,699
Total assets	$	10,458,383		$	10,056,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (HEP: $17,706 and $22,898, respectively)	$	1,624,953		$	1,325,376
Accrued liabilities (HEP: $26,527 and $28,668, respectively)	125,761			125,115
Deferred income tax liabilities	216,981			223,999
Total current liabilities	1,967,695			1,674,490
Long-term debt (HEP: $839,253 and $807,630, respectively)	1,027,885			997,519
Deferred income taxes (HEP: $5,312 and $5,287, respectively)	657,465			616,842
Other long-term liabilities (HEP: $38,585 and $35,918, respectively)	138,719			158,490
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 June 30, 2014 and December 31, 2013	2,560			2,560
Additional capital	4,004,642			3,990,630
Retained earnings	3,149,849			3,144,480
Accumulated other comprehensive income	75,440			822
Common stock held in treasury, at cost – 57,411,351 and 57,132,515 shares as of June 30, 2014 and December 31, 2013, respectively	(1,158,959		)	(1,138,872		)
Total HollyFrontier stockholders’ equity	6,073,532			5,999,620
Noncontrolling interest	593,087			609,778
Total equity	6,666,619			6,609,398
Total liabilities and equity	$	10,458,383		$	10,056,739

Parenthetical amounts represent asset and liability balances attributable to Holly Energy Partners, L.P. (“HEP”) as of June 30, 2014 and December 31, 2013. HEP is a consolidated variable interest entity.

See accompanying notes.

5

HOLLYFRONTIER CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Sales and other revenues	$	5,372,600		$	5,298,848		$	10,163,653		$	10,006,637
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	4,674,846			4,456,808			8,813,466			8,249,343
Operating expenses (exclusive of depreciation and amortization)	271,654			277,542			545,620			542,641
General and administrative expenses (exclusive of depreciation and amortization)	28,365			34,000			55,288			63,198
Depreciation and amortization	101,390			70,492			181,938			142,254
Total operating costs and expenses	5,076,255			4,838,842			9,596,312			8,997,436
Income from operations	296,345			460,006			567,341			1,009,201
Other income (expense):
Loss of equity method investments	(908		)	(1,089		)	(1,709		)	(1,030		)
Interest income	1,184			778			2,589			2,309
Interest expense	(10,136		)	(19,794		)	(22,483		)	(41,114		)
Loss on early extinguishment of debt	—			(22,109		)	(7,677		)	(22,109		)
	(9,860		)	(42,214		)	(29,280		)	(61,944		)
Income before income taxes	286,485			417,792			538,061			947,257
Income tax provision:
Current	109,171			143,439			202,464			350,066
Deferred	(7,839		)	8,604			(13,518		)	(11,929		)
	101,332			152,043			188,946			338,137
Net income	185,153			265,749			349,115			609,120
Less net income attributable to noncontrolling interest	8,724			8,768			20,625			18,470
Net income attributable to HollyFrontier stockholders	$	176,429		$	256,981		$	328,490		$	590,650
Earnings per share attributable to HollyFrontier stockholders:
Basic	$	0.89		$	1.27		$	1.65		$	2.91
Diluted	$	0.89		$	1.27		$	1.65		$	2.91
Cash dividends declared per common share	$	0.82		$	0.80		$	1.62		$	1.60
Average number of common shares outstanding:
Basic	198,139			201,543			198,217			202,131
Diluted	198,380			201,905			198,408			202,485

See accompanying notes.

6

HOLLYFRONTIER CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net income	$	185,153		$	265,749		$	349,115		$	609,120
Other comprehensive income:
Securities available-for-sale:
Unrealized gain (loss) on marketable securities	25			(39		)	37			(26		)
Reclassification adjustments to net income on sale or maturity of marketable securities	—			(6		)	(1		)	(3		)
Net unrealized gain (loss) on marketable securities	25			(45		)	36			(29		)
Hedging instruments:
Change in fair value of cash flow hedging instruments	46,689			27,661			138,724			17,315
Reclassification adjustments to net income on settlement of cash flow hedging instruments	(12,644		)	(6,073		)	(17,866		)	21,631
Amortization of unrealized loss attributable to discontinued cash flow hedges	270			270			540			1,209
Net unrealized gain on hedging instruments	34,315			21,858			121,398			40,155
Pension and other post-retirement benefit obligations:
Pension plan loss reclassified to net income	—			28,986			—			28,986
Loss on post-retirement healthcare plan	—			—			(89		)	—
Post-retirement healthcare plan loss reclassified to net income	—			—			—			1,726
Net change in pension and other post-retirement benefit obligations	—			28,986			(89		)	30,712
Other comprehensive income before income taxes	34,340			50,799			121,345			70,838
Income tax expense	13,417			18,986			47,122			26,474
Other comprehensive income	20,923			31,813			74,223			44,364
Total comprehensive income	206,076			297,562			423,338			653,484
Less noncontrolling interest in comprehensive income	8,271			10,708			20,230			21,202
Comprehensive income attributable to HollyFrontier stockholders	$	197,805		$	286,854		$	403,108		$	632,282

See accompanying notes.

7

HOLLYFRONTIER CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Six Months Ended June 30,
	2014			2013
Cash flows from operating activities:
Net income	$	349,115		$	609,120
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	181,938			142,254
Net loss of equity method investments, inclusive of distributions	3,082			2,593
Loss on early extinguishment of debt attributable to unamortized discount	1,489			7,948
Deferred income taxes	(13,518		)	(11,929		)
Equity-based compensation expense	13,846			17,192
Change in fair value – derivative instruments	486			(57,192		)
(Increase) decrease in current assets:
Accounts receivable	(81,399		)	(122,875		)
Inventories	(150,585		)	(230,811		)
Income taxes receivable	90,501			12,526
Prepayments and other	3,171			10,040
Increase (decrease) in current liabilities:
Accounts payable	307,473			216,506
Accrued liabilities	20,865			(7,588		)
Turnaround expenditures	(9,708		)	(159,811		)
Other, net	4,723			23,542
Net cash provided by operating activities	721,479			451,515
Cash flows from investing activities:
Additions to properties, plants and equipment	(205,987		)	(153,942		)
Additions to properties, plants and equipment – HEP	(38,782		)	(16,861		)
Proceeds from sale of property and equipment	—			5,802
Investment in Sabine Biofuels	(5,000		)	(2,000		)
Net repayment of advances to Sabine Biofuels	10,021			(13,700		)
Purchases of marketable securities	(498,080		)	(399,154		)
Sales and maturities of marketable securities	543,604			398,762
Net cash used for investing activities	(194,224		)	(181,093		)
Cash flows from financing activities:
Borrowings under credit agreement – HEP	477,100			154,500
Repayments under credit agreement – HEP	(297,100		)	(220,500		)
Redemption of senior notes	—			(300,973		)
Redemption of senior notes – HEP	(156,188		)	—
Proceeds from sale of HEP common units	—			73,444
Proceeds from common unit offerings - HEP	—			73,444
Inventory repurchase obligation	5,964			—
Purchase of treasury stock	(20,135		)	(159,432		)
Dividends	(323,088		)	(264,867		)
Distributions to noncontrolling interest	(38,548		)	(34,604		)
Excess tax benefit from equity-based compensation	3,778			1,037
Purchase of units for incentive grants – HEP	(406		)	(2,934		)
Deferred financing costs and other	(433		)	2,184
Net cash used for financing activities	(349,056		)	(678,701		)
Cash and cash equivalents:
Increase for the period	178,199			(408,279		)
Beginning of period	940,103			1,757,699
End of period	$	1,118,302		$	1,349,420
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	30,702		$	46,566
Income taxes	$	118,142		$	336,099

See accompanying notes.

8

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 June 30, 2014, 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, New Mexico and Oklahoma;

• owned 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”), which owns 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 June 30, 2014, the consolidated results of operations and comprehensive income for the three and six months ended June 30, 2014 and 2013 and consolidated cash flows for the six months ended June 30, 2014 and 2013 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, 2013 that has been filed with the SEC.

Our results of operations for the six months ended June 30, 2014 are not necessarily indicative of the results of operations to be realized for the year ending December 31, 2014.

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 $2.4 million at June 30, 2014 and December 31, 2013.

9

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

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 June 30, 2014, there have been no impairments to goodwill.

New Accounting Pronouncements

Revenue Recognition

In May 2014, an accounting standard update (ASU 2014-09, “Revenue from Contracts with Customers”) was issued requiring revenue to be recognized when promised goods or services are transferred to customers in an amount that reflects the expected consideration for these goods or services. This standard is effective January 1, 2017, and we are evaluating the impact of this standard.

NOTE 2: Variable Interest Entities

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 June 30, 2014, we owned a 39% interest in HEP, including the 2% general partner interest. As the general partner of HEP, we have the sole ability to direct the activities that most significantly impact HEP's financial performance. 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.

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 84% of HEP’s total revenues for the six months ended June 30, 2014. 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 other 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.

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.

10

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

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 July 1, 2014, these agreements result in minimum annualized payments to HEP of $228.7 million.

Our transactions with HEP including fees paid under our transportation agreements with HEP and UNEV 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.

Sabine Biofuels

We have a 50% ownership interest in Sabine Biofuels, an unconsolidated VIE. This investment, accounted for using the equity method of accounting, had a carrying amount of $10.6 million at June 30, 2014 and is classified as a noncurrent asset under “Intangibles and other” in our consolidated balance sheets.

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

The carrying amounts and estimated fair values of our investments in marketable securities, derivative instruments and senior notes at June 30, 2014 and December 31, 2013 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
June 30, 2014
Assets:
Marketable securities	$	679,668	$	679,668	$	—	$	679,668	$	—
Commodity price swaps	184,250		184,250		—		177,627		6,623
HEP interest rate swaps	834		834		—		834		—
Total assets	$	864,752	$	864,752	$	—	$	858,129	$	6,623
Liabilities:
NYMEX futures contracts	$	3,337	$	3,337	$	3,337	$	—	$	—
Commodity price swaps	104,135		104,135		—		22,071		82,064
Forward sales contracts	196		196		—		—		196
HollyFrontier senior notes	154,606		159,187		—		159,187		—
HEP senior notes	296,253		320,250		—		320,250		—
HEP interest rate swaps	1,629		1,629		—		1,629		—
Total liabilities	$	560,156	$	588,734	$	3,337	$	503,137	$	82,260

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2013
Assets:
Marketable securities	$	725,160	$	725,160	$	—	$	725,160	$	—
Commodity price swaps	43,284		43,284		—		36,312		6,972
HEP interest rate swaps	1,670		1,670		—		1,670		—
Total assets	$	770,114	$	770,114	$	—	$	763,142	$	6,972
Liabilities:
NYMEX futures contracts	$	3,569	$	3,569	$	3,569	$	—	$	—
Commodity price swaps	83,349		83,349		—		41,059		42,290
HollyFrontier senior notes	155,054		161,250		—		161,250		—
HEP senior notes	444,630		471,750		—		471,750		—
HEP interest rate swaps	1,814		1,814		—		1,814		—
Total liabilities	$	688,416	$	721,732	$	3,569	$	675,873	$	42,290

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 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 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.

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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 our Level 3 assets and liabilities (all related to derivative instruments) for the three and six months ended June 30, 2014 and 2013:

	Three Months Ended June 30,						Six Months Ended June 30,
Level 3 Financial Instruments	2014			2013			2014			2013
	(In thousands)
Liability balance at beginning of period	$	(22,473	)	$	(6,249	)	$	(35,318	)	$	(33,658	)
Change in fair value:
Recognized in other comprehensive income	(90,559		)	50,615			(112,695		)	1,413
Recognized in cost of products sold	(7,084		)	3,662			1,885			47,222
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	48,942			(3,868		)	74,273			15,316
Recognized in cost of products sold	(4,463		)	(7,034		)	(3,782		)	6,833
Asset (liability) balance at end of period	$	(75,637	)	$	37,126		$	(75,637	)	$	37,126

A hypothetical change of 10% to the estimated future cash flows attributable to our Level 3 commodity price swaps would result in an estimated fair value change of $7.5 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 restricted shares and performance share units. The following is a reconciliation of the components of the basic and diluted per share computations for net income attributable to HollyFrontier stockholders:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	176,429	$	256,981	$	328,490	$	590,650
Participating securities' share in earnings	475		917		945		2,201
Net income attributable to common shares	$	175,954	$	256,064	$	327,545	$	588,449
Average number of shares of common stock outstanding	198,139		201,543		198,217		202,131
Effect of dilutive variable restricted shares andperformance share units (1)	241		362		191		354
Average number of shares of common stock outstanding assuming dilution	198,380		201,905		198,408		202,485
Basic earnings per share	$	0.89	$	1.27	$	1.65	$	2.91
Diluted earnings per share	$	0.89	$	1.27	$	1.65	$	2.91
(1) Excludes anti-dilutive restricted and performance share units of:	26		232		2		248

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HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

NOTE 5: Stock-Based Compensation

As of June 30, 2014, 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 $6.8 million and $7.9 million for the three months ended June 30, 2014 and 2013, respectively, and $12.2 million and $15.3 million for the six months ended June 30, 2014 and 2013, respectively. Our accounting policy for the recognition of compensation expense for awards with pro-rata vesting 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.'s non-employee directors and certain executives and employees. Compensation cost attributable to HEP’s share-based compensation plan was $0.8 million and $0.8 million for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million and $1.9 million for the six months ended June 30, 2014 and 2013, respectively.

Restricted Stock and Restricted Stock Units

Under our Long-Term Incentive Compensation Plan, we grant certain officers and other key employees restricted stock and restricted stock unit awards with awards generally vesting over a period of one to three years. Restricted stock award recipients are generally entitled to all the rights of absolute ownership of the restricted shares from the date of grant 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. 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 grant date market price of our common shares and is amortized over the respective vesting period.

A summary of restricted stock and restricted stock unit activity and changes during the six months ended June 30, 2014 is presented below:

Restricted Stock and Restricted Stock Units	Grants		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2014 (non-vested)	737,562		$	39.54
Granted	70,243		48.22
Vesting (transfer/conversion to common stock)	(103,586	)	33.71
Forfeited	(72,697	)	42.24
Outstanding at June 30, 2014 (non-vested)	631,522		$	41.15	$	27,591

For the six months ended June 30, 2014, 103,586 restricted stock and restricted stock units vested having a grant date fair value of $3.5 million. As of June 30, 2014, there was $13.1 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 both a “financial performance” and “market performance” criteria. Financial performance is based on our financial performance compared to an equally-weighted peer group of independent refining companies, while market performance is based on total shareholder return achieved by HollyFrontier stockholders compared with the average shareholder return achieved by shareholders of peer group companies. The number of shares ultimately issued under these awards can range from zero to 200%. As of June 30, 2014, estimated share payouts for outstanding non-vested performance share unit awards averaged approximately 100% of the initial target award.

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HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

A summary of performance share unit activity and changes during the six months ended June 30, 2014 is presented below:

Performance Share Units	Grants
Outstanding at January 1, 2014 (non-vested)	983,610
Granted	26,493
Vesting and transfer of ownership to recipients	(181,290	)
Forfeited	(108,182	)
Outstanding at June 30, 2014 (non-vested)	720,631

For the six months ended June 30, 2014, we issued 172,231 shares of our common stock, representing a 95% payout on vested performance shares units having a grant date fair value of $5.9 million. Based on the weighted-average grant date fair value of $40.55 per share, there was $19.5 million of total unrecognized compensation cost related to non-vested performance share units as of June 30, 2014. That cost is expected to be recognized over a weighted-average period of 1.5 years.

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

Our investment portfolio at June 30, 2014 consisted of cash, cash equivalents and investments in marketable securities.

We currently invest in marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than one year 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. Unrealized gains and losses on our available-for-sale securities are due to changes in market prices and are considered temporary.

The following is a summary of our marketable securities:

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value (Net Carrying Amount)
	(In thousands)
June 30, 2014
Certificates of deposit	$	79,704	$	15	$	(3	)	$	79,716
Commercial paper	76,670		16		—			76,686
Corporate debt securities	146,455		34		(18		)	146,471
State and political subdivisions debt securities	376,789		29		(23		)	376,795
Total marketable securities	$	679,618	$	94	$	(44	)	$	679,668
December 31, 2013
Certificates of deposit	$	74,802	$	21	$	(1	)	$	74,822
Commercial paper	78,216		28		—			78,244
Corporate debt securities	96,889		6		(44		)	96,851
State and political subdivisions debt securities	475,235		49		(41		)	475,243
Total marketable securities	$	725,142	$	104	$	(86	)	$	725,160

Interest income recognized on our marketable securities was $0.6 million and $0.6 million for the three months ended June 30, 2014 and 2013, respectively, and $1.2 million and $1.1 million for the six months ended June 30, 2014 and 2013, respectively.

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HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

NOTE 7: Inventories

Inventory consists of the following components:

	June 30, 2014		December 31, 2013
	(In thousands)
Crude oil	$	628,215	$	567,281
Other raw materials and unfinished products(1)	186,892		154,534
Finished products(2)	609,453		519,633
Process chemicals(3)	4,470		3,504
Repair and maintenance supplies and other	75,802		109,295
Total inventory	$	1,504,832	$	1,354,247

(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 $1.0 million and $0.6 million for the three months ended June 30, 2014 and 2013, respectively, and $1.3 million and $0.8 million, for the six months ended June 30, 2014 and 2013, respectively, for environmental remediation obligations. The accrued environmental liability reflected in our consolidated balance sheets was $84.5 million and $87.8 million at June 30, 2014 and December 31, 2013, respectively, of which $69.5 million and $73.6 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

At June 30, 2014, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $4.5 million under our $1 billion senior secured revolving credit agreement maturing in July 2016. On July 1, 2014, we terminated this credit agreement and contemporaneously entered into a new $1 billion senior unsecured revolving credit facility maturing July 1, 2019 (the “HollyFrontier Credit Agreement”), which may be used for revolving credit loans (including up to $100 million of swingline loans) and letters of credit from time to time. The HollyFrontier Credit Agreement is available to fund general corporate purposes. Indebtedness under the HollyFrontier Credit Agreement is recourse to HollyFrontier and guaranteed by certain of our wholly-owned subsidiaries.

HEP Credit Agreement

HEP has a $650 million senior secured revolving credit facility that matures in November 2018 (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. At June 30, 2014, HEP was in compliance with all of its covenants, had outstanding borrowings of $543.0 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 recourse to our other assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

16

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

HollyFrontier Senior Notes

Our 6.875% senior notes ($150 million aggregate principal amount maturing November 2018) (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. Additionally,we have certain redemption rights under the HollyFrontier Senior Notes.

At any time, following notice to the trustee, that 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 are not subject to many of the foregoing covenants (a "Covenant Suspension"). As of June 30, 2014, the HollyFrontier Senior Notes were rated investment grade by both Standard & Poor's (BBB-) and Moody's (Baa3). As a result, we are under the Covenant Suspension pursuant to the terms of the indenture governing the HollyFrontier Senior Notes.

In June 2013, we redeemed our $286.8 million aggregate principal amount of 9.875% senior notes maturing June 2017 at a redemption cost of $301.0 million, at which time we recognized a $22.1 million early extinguishment loss consisting of a $14.2 million debt redemption premium and an unamortized discount of $7.9 million.

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 6.5% senior notes ($300 million aggregate principal amount maturing March 2020) (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.

In March 2014, HEP redeemed its $150.0 million aggregate principal amount of 8.25% senior notes maturing March 2018 at a redemption cost of $156.2 million, at which time HEP recognized a $7.7 million early extinguishment loss consisting of a $6.2 million debt redemption premium and unamortized discount and financing costs of $1.5 million. HEP funded the redemption with borrowings under the HEP Credit Agreement.

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 recourse to our other assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

17

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

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

	June 30, 2014			December 31, 2013
	(In thousands)
6.875% Senior Notes
Principal	$	150,000		$	150,000
Unamortized premium	4,606			5,054
	154,606			155,054
Financing Obligation	34,026			34,835
Total HollyFrontier long-term debt	188,632			189,889
HEP Credit Agreement	543,000			363,000
HEP 6.5% Senior Notes
Principal	300,000			300,000
Unamortized discount	(3,747		)	(4,073		)
	296,253			295,927
HEP 8.25% Senior Notes
Principal	—			150,000
Unamortized discount	—			(1,297		)
	—			148,703
Total HEP long-term debt	839,253			807,630
Total long-term debt	$	1,027,885		$	997,519

We capitalized interest attributable to construction projects of $3.1 million and $3.0 million for the three months ended June 30, 2014 and 2013, respectively, and $6.0 million and $6.4 million for the six months ended June 30, 2014 and 2013, 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 and conventional unleaded gasoline. We also have forward sales contracts that lock in the prices of future sales of refined product. These contracts have been designated as accounting hedges and are measured 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. 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.

18

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 June 30, 2014
Commodity price swaps
Change in fair value	$	47,988		Sales and other revenues	$	(48,942	)
Gain reclassified to earnings due to settlements	(13,197		)	Cost of products sold	61,124
Amortization of discontinued hedges reclassified to earnings	270			Operating expenses	745			Operating expenses	$	1,354
Total	$	35,061			$	12,927			$	1,354
Three Months Ended June 30, 2013
Commodity price swaps
Change in fair value	$	24,764		Sales and other revenues	$	3,868		Sales and other revenues	$	550
Gain reclassified to earnings due to settlements	(6,589		)	Cost of products sold	1,930			Cost of products sold	(1,439		)
Amortization of discontinued hedges reclassified to earnings	270			Operating expenses	521			Operating expenses	106
Total	$	18,445			$	6,319			$	(783	)
Six Months Ended June 30, 2014
Commodity price swaps
Change in fair value	$	140,466		Sales and other revenues	$	(74,273	)
Gain reclassified to earnings due to settlements	(18,957		)	Cost of products sold	90,441
Amortization of discontinued hedge reclassified to earnings	540			Operating expenses	2,249			Operating expenses	$	(806	)
Total	$	122,049			$	18,417			$	(806	)
Six Months Ended June 30, 2013
Commodity price swaps
Change in fair value	$	14,360		Sales and other revenues	$	(15,316	)	Sales and other revenues	$	194
Loss reclassified to earnings due to settlements	20,611			Cost of products sold	(4,603		)	Cost of products sold	1,692
Amortization of discontinued hedge reclassified to earnings	360			Operating expenses	(1,052		)	Operating expenses	(259		)
Total	$	35,331			$	(20,971	)		$	1,627

As of June 30, 2014, 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	2014	2015	2016	2017	Unit of Measure
Natural gas - long	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
WTI crude oil - long	18,456,000	14,076,000	4,380,000	—	—	Barrels
Ultra-low sulfur diesel - short	11,832,000	7,452,000	4,380,000	—	—	Barrels
Sub octane gasoline - short	6,624,000	6,624,000	—	—	—	Barrels
Forward sales - diesel and gasoline	100,000	100,000	—	—	—	Barrels

19

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

In 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 33,600,000 MMBTU's to be purchased ratably through 2017. As of June 30, 2014, we have an unrealized loss of $3.8 million classified in accumulated other comprehensive income that relates to the application of hedge accounting prior to dedesignation that is 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 purchases, and to lock in the spread between WCS and WTI crude oil on forecasted purchases of WCS. Also, we have NYMEX futures contracts to lock in prices on forecasted purchases of inventory. These contracts are measured 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 June 30,						Six Months Ended June 30,
Location of Gain (Loss) Recognized in Income	2014			2013			2014			2013
	(In thousands)
Cost of products sold	$	(24,432	)	$	1,839		$	(24,406	)	$	35,431
Operating expenses	(140		)	(308		)	(188		)	(5,301		)
Total	$	(24,572	)	$	1,531		$	(24,594	)	$	30,130

As of June 30, 2014, 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	2014	2015	2016	2017	Unit of Measure
Commodity price swap (WCS spread) - long	3,220,000	3,220,000	—	—	—	Barrels
Commodity price swap (natural gas) - long	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
Commodity price swap (natural gas) - short	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
NYMEX futures (WTI) - short	2,935,000	2,935,000	—	—	—	Barrels

Interest Rate Risk Management

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

As of June 30, 2014, 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 2.00% as of June 30, 2014, which equaled an effective interest rate of 2.99%. 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 2.00% as of June 30, 2014, which equaled an effective interest rate of 2.74%. 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.

20

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 hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Loss Recognized in Earnings Due to Settlements
				Location	Amount
	(In thousands)
Three Months Ended June 30, 2014
Interest rate swaps
Change in fair value	$	(1,299	)
Loss reclassified to earnings due to settlements	553			Interest expense	$	(553	)
Total	$	(746	)		$	(553	)
Three Months Ended June 30, 2013
Interest rate swaps
Change in fair value	$	2,897
Loss reclassified to earnings due to settlements	516			Interest expense	$	(516	)
Total	$	3,413			$	(516	)
Six Months Ended June 30, 2014
Interest rate swaps
Change in fair value	$	(1,742	)
Loss reclassified to earnings due to settlements	1,091			Interest expense	$	(1,091	)
Total	$	(651	)		$	(1,091	)
Six Months Ended June 30, 2013
Interest rate swaps
Change in fair value	$	2,955
Loss reclassified to earnings due to settlements	1,020
Amortization of discontinued hedge reclassified to earnings	849			Interest expense	$	(1,869	)
Total	$	4,824			$	(1,869	)

21

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

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)
June 30, 2014
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	156,904	$	(72,770	)	$	84,134		$	19,565	$	(16,448	)	$	3,117
Forward sales contracts	—		(196		)	(196		)	—		—			—
Interest rate swap contracts	834		—			834			1,629		—			1,629
	$	157,738	$	(72,966	)	$	84,772		$	21,194	$	(16,448	)	$	4,746
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	5,961	$	(2,709	)	$	3,252		$	9,091	$	(4,937	)	$	4,154
NYMEX futures contracts	—		—			—			3,337		—			3,337
	$	5,961	$	(2,709	)	$	3,252		$	12,428	$	(4,937	)	$	7,491
Total net balance						$	88,024							$	12,237
Balance sheet classification:	Prepayment and other					$	85,660		Accrued liabilities					$	3,337
	Intangibles and other					2,364			Other long-term liabilities					8,900
						$	88,024							$	12,237

	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, 2013
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	63,561	$	(23,679	)	$	39,882
Interest rate swap contracts	1,670		—		1,670		1,814		—			1,814
	$	1,670	$	—	$	1,670	$	65,375	$	(23,679	)	$	41,696
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	6,972	$	—	$	6,972	$	19,766	$	(12,611	)	$	7,155
NYMEX futures contracts	—		—		—		3,569		—			3,569
	$	6,972	$	—	$	6,972	$	23,335	$	(12,611	)	$	10,724
Total net balance					$	8,642						$	52,420
Balance sheet classification:	Prepayment and other				$	6,972	Accrued liabilities					$	26,843
	Intangibles and other				1,670		Other long-term liabilities					25,577
					$	8,642						$	52,420

22

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

At June 30, 2014, we had a pre-tax net unrealized gain of $77.5 million classified in accumulated other comprehensive income that relates to all accounting hedges having contractual maturities through 2017. Assuming commodity prices and interest rates remain unchanged, an unrealized gain of $81.9 million will be effectively transferred from accumulated other comprehensive income into the statement of income as the hedging instruments contractually mature over the next twelve-month period.

NOTE 11: Equity

Changes to equity during the six months ended June 30, 2014 are presented below:

	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2013	$	5,999,620		$	609,778		$	6,609,398
Net income	328,490			20,625			349,115
Dividends	(323,121		)	—			(323,121		)
Distributions to noncontrolling interest holders	—			(38,548		)	(38,548		)
Other comprehensive income, net of tax	74,618			(395		)	74,223
Equity-based compensation	12,188			1,658			13,846
Excess tax benefit attributable to equity-based compensation	3,778			—			3,778
Purchase of treasury stock (1)	(22,041		)	—			(22,041		)
Purchase of HEP units for restricted grants	—			(406		)	(406		)
Other	—			375			375
Balance at June 30, 2014	$	6,073,532		$	593,087		$	6,666,619

(1) Includes 92,048 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 June 30, 2014, we had remaining authorization to repurchase up to $311.6 million under this stock repurchase program. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs.

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 June 30, 2014
Net unrealized gain on marketable securities	$	25		$	17		$	8
Net unrealized gain on hedging instruments	34,315			13,400			20,915
Other comprehensive income	34,340			13,417			20,923
Less other comprehensive loss attributable to noncontrolling interest	(453		)	—			(453		)
Other comprehensive income attributable to HollyFrontier stockholders	$	34,793		$	13,417		$	21,376
Three Months Ended June 30, 2013
Net unrealized loss on marketable securities	$	(45	)	$	(36	)	$	(9	)
Net unrealized gain on hedging instruments	21,858			7,747			14,111
Net change in pension and other post-retirement benefit obligations	28,986			11,275			17,711
Other comprehensive income	50,799			18,986			31,813
Less other comprehensive income attributable to noncontrolling interest	1,940			—			1,940
Other comprehensive income attributable to HollyFrontier stockholders	$	48,859		$	18,986		$	29,873
Six Months Ended June 30, 2014
Net unrealized gain on marketable securities	$	36		$	14		$	22
Net unrealized gain on hedging instruments	121,398			47,143			74,255
Net change in post-retirement benefit obligations	(89		)	(35		)	(54		)
Other comprehensive income	121,345			47,122			74,223
Less other comprehensive loss attributable to noncontrolling interest	(395		)	—			(395		)
Other comprehensive income attributable to HollyFrontier stockholders	$	121,740		$	47,122		$	74,618
Six Months Ended June 30, 2013
Net unrealized loss on marketable securities	$	(29	)	$	(28	)	$	(1	)
Net unrealized gain on hedging instruments	40,155			14,556			25,599
Net change in pension and other post-retirement benefit obligations	30,712			11,946			18,766
Other comprehensive income	70,838			26,474			44,364
Less other comprehensive income attributable to noncontrolling interest	2,733			—			2,733
Other comprehensive income attributable to HollyFrontier stockholders	$	68,105		$	26,474		$	41,631

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 Component	Gain (Loss) Reclassified From AOCI						Income Statement Line Item
	(In thousands)
	Three Months Ended June 30,
	2014			2013
Marketable securities	$	—		$	6		Interest income
	—			2			Income tax expense
	—			4			Net of tax
Hedging instruments:
Commodity price swaps	(48,942		)	3,868			Sales and other revenues
	61,124			1,930			Cost of products sold
	745			521			Operating expenses
Interest rate swaps	(553		)	(516		)	Interest expense
	12,374			5,803
	4,918			2,379			Income tax expense
	7,456			3,424			Net of tax
	335			313			Noncontrolling interest
	7,791			3,737			Net of tax and noncontrolling interest
Pension obligation	—			(2,460		)	Cost of products sold
	—			(23,260		)	Operating expenses
	—			(3,266		)	General and administrative expenses
	—			(28,986		)
	—			(11,275		)	Income tax benefit
	—			(17,711		)	Net of tax
Total reclassifications for the period	$	7,791		$	(13,970	)
	Six Months Ended June 30,
	2014			2013
Marketable securities	$	1		$	3		Interest income
	—			1			Income tax expense
	1			2			Net of tax
Hedging instruments:
Commodity price swaps	(74,273		)	(15,316		)	Sales and other revenues
	90,441			(4,603		)	Cost of products sold
	2,249			(1,052		)	Operating expenses
Interest rate swaps	(1,091		)	(1,869		)	Interest expense
	17,326			(22,840		)
	6,961			(8,444		)	Income tax expense (benefit)
	10,365			(14,396		)	Net of tax
	661			1,133			Noncontrolling interest
	11,026			(13,263		)	Net of tax and noncontrolling interest
Pension and other post-retirement benefit obligations:
Pension obligation	—			(2,460		)	Cost of products sold
	—			(23,260		)	Operating expenses
	—			(3,266		)	General and administrative expenses
	—			(28,986		)
	—			(11,275		)	Income tax benefit
	—			(17,711		)	Net of tax
Post-retirement healthcare 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	$	11,027		$	(32,027	)

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:

	June 30, 2014		December 31, 2013
	(In thousands)
Unrealized gain on post-retirement benefit obligations	$	27,637	$	27,691
Unrealized gain on marketable securities	32		10
Unrealized gain (loss) on hedging instruments, net of noncontrolling interest	47,771		(26,879		)
Accumulated other comprehensive income	$	75,440	$	822

NOTE 13: Post-retirement Plans

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 June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(In thousands)
Service cost – benefit earned during the period	$	224		$	278		$	448		$	556
Interest cost on projected benefit obligations	160			159			319			318
Amortization of prior service credit	(1,074		)	(1,474		)	(2,148		)	(2,948		)
Amortization of net loss	—			31			—			62
Loss on settlement	—			—			—			1,726
Net periodic post-retirement credit	$	(690	)	$	(1,006	)	$	(1,381	)	$	(286	)

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”), a non-contributory defined benefit retirement plan that covered certain employees and was fully frozen effective May 1, 2012. In the second quarter of 2013, the Plan was liquidated and we recognized a pre-tax pension settlement charge of $30.9 million, of which $29.0 million was reclassified out of accumulated other comprehensive income, representing the irrevocable portion of our obligation.

Additionally, we have a program that provides certain transition benefit payments to certain employees that participated in the defined benefit plan that was terminated. The program extends through 2014 and provides payments after year-end provided the employee is employed by us on the last day of each year. The payments are based on each employee's years of service and eligible salary. Transition benefit costs under this program were $2.9 million and $2.9 million for the three months ended June 30, 2014 and 2013, respectively, and $5.5 million and $5.8 million for the six months ended June 30, 2014 and 2013, respectively.

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 material adverse effect on our financial condition, results of operations or cash flows.

26

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

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, New Mexico and Oklahoma.

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. Due to certain basis differences, 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, 2013.

	Refining		HEP		Corporate and Other			Consolidations and Eliminations			Consolidated Total
	(In thousands)
Three Months Ended June 30, 2014
Sales and other revenues	$	5,361,914	$	75,024	$	506		$	(64,844	)	$	5,372,600
Depreciation and amortization	$	83,840	$	15,477	$	2,280		$	(207	)	$	101,390
Income (loss) from operations	$	292,214	$	32,464	$	(27,802	)	$	(531	)	$	296,345
Capital expenditures	$	92,334	$	18,178	$	9,976		$	—		$	120,488
Three Months Ended June 30, 2013
Sales and other revenues	$	5,286,881	$	75,121	$	234		$	(63,388	)	$	5,298,848
Depreciation and amortization	$	53,443	$	15,619	$	1,637		$	(207	)	$	70,492
Income (loss) from operations	$	458,777	$	34,392	$	(32,646	)	$	(517	)	$	460,006
Capital expenditures	$	74,866	$	11,848	$	12,125		$	—		$	98,839
Six Months Ended June 30, 2014
Sales and other revenues	$	10,136,994	$	162,036	$	1,621		$	(136,998	)	$	10,163,653
Depreciation and amortization	$	147,381	$	30,661	$	4,310		$	(414	)	$	181,938
Income (loss) from operations	$	543,423	$	78,329	$	(53,357	)	$	(1,054	)	$	567,341
Capital expenditures	$	192,277	$	38,782	$	13,710		$	—		$	244,769
Six Months Ended June 30, 2013
Sales and other revenues	$	9,979,307	$	151,605	$	797		$	(125,072	)	$	10,006,637
Depreciation and amortization	$	110,613	$	29,368	$	2,687		$	(414	)	$	142,254
Income (loss) from operations	$	1,000,979	$	67,866	$	(58,618	)	$	(1,026	)	$	1,009,201
Capital expenditures	$	138,498	$	16,861	$	15,444		$	—		$	170,803

27

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

	Refining		HEP		Corporate and Other		Consolidations and Eliminations			Consolidated Total
	(In thousands)
June 30, 2014
Cash, cash equivalents and total investments in marketable securities	$	3,794	$	6,066	$	1,788,110	$	—		$	1,797,970
Total assets	$	7,442,830	$	1,416,952	$	1,905,000	$	(306,399	)	$	10,458,383
Long-term debt	$	—	$	839,253	$	188,632	$	—		$	1,027,885
December 31, 2013
Cash, cash equivalents and total investments in marketable securities	$	1,860	$	6,352	$	1,657,051	$	—		$	1,665,263
Total assets	$	7,094,558	$	1,413,908	$	1,881,119	$	(332,846	)	$	10,056,739
Long-term debt	$	—	$	807,630	$	189,889	$	—		$	997,519

HEP segment revenues from external customers were $10.5 million and $12.1 million for the three months ended June 30, 2014 and 2013, respectively, and $25.7 million and $24.9 million for the six months ended June 30, 2014 and 2013, 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 June 30, 2014, 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.”

We have made certain revisions to our prior year condensed statements of cash flows to reclassify intercompany lending and distribution activity between operating, investing and financing activities.

28

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Balance Sheet
June 30, 2014	Parent		Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Consolidations and Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,108,232	$	3,777	$	227	$	—		$	1,112,236	$	6,066	$	—		$	1,118,302
Marketable securities	679,668		—		—		—			679,668		—		—			679,668
Accounts receivable, net	6,070		768,504		3,087		—			777,661		34,359		(31,840		)	780,180
Intercompany accounts receivable	—		726,278		359,183		(1,085,461		)	—		—		—			—
Inventories	—		1,503,250		—		—			1,503,250		1,582		—			1,504,832
Income taxes receivable	18,875		—		—		—			18,875		—		—			18,875
Prepayments and other	16,345		122,130		—		—			138,475		2,164		(6,365		)	134,274
Total current assets	1,829,190		3,123,939		362,497		(1,085,461		)	4,230,165		44,171		(38,205		)	4,236,131
Properties, plants and equip, net	32,537		2,714,741		551		—			2,747,829		1,011,961		(267,047		)	3,492,743
Marketable securities (long-term)	—		—		—		—			—		—		—			—
Investment in subsidiaries	6,410,993		250,981		—		(6,661,974		)	—		—		—			—
Intangibles and other assets	24,535		2,345,299		25,000		(25,000		)	2,369,834		360,820		(1,145		)	2,729,509
Total assets	$	8,297,255	$	8,434,960	$	388,048	$	(7,772,435	)	$	9,347,828	$	1,416,952	$	(306,397	)	$	10,458,383
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	14,406	$	1,624,681	$	—	$	—		$	1,639,087	$	17,706	$	(31,840	)	$	1,624,953
Intercompany accounts payable	1,085,461		—		—		(1,085,461		)	—		—		—			—
Accrued liabilities	43,581		60,441		1,577		—			105,599		26,527		(6,365		)	125,761
Deferred income tax liabilities	216,981		—		—		—			216,981		—		—			216,981
Total current liabilities	1,360,429		1,685,122		1,577		(1,085,461		)	1,961,667		44,233		(38,205		)	1,967,695
Long-term debt	179,606		34,026		—		(25,000		)	188,632		839,253		—			1,027,885
Liability to HEP	—		239,387		—		—			239,387		—		(239,387		)	—
Deferred income tax liabilities	652,153		—		—		—			652,153		5,312		—			657,465
Other long-term liabilities	36,993		65,432		—		—			102,425		38,585		(2,291		)	138,719
Investment in HEP	—		—		135,490		—			135,490		—		(135,490		)	—
Equity – HollyFrontier	6,068,074		6,410,993		250,981		(6,661,974		)	6,068,074		392,304		(386,846		)	6,073,532
Equity – noncontrolling interest	—		—		—		—			—		97,265		495,822			593,087
Total liabilities and equity	$	8,297,255	$	8,434,960	$	388,048	$	(7,772,435	)	$	9,347,828	$	1,416,952	$	(306,397	)	$	10,458,383

29

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Balance Sheet
December 31, 2013	Parent		Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Consolidations and Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	931,920	$	1,817	$	14	$	—		$	933,751	$	6,352	$	—		$	940,103
Marketable securities	725,160		—		—		—			725,160		—		—			725,160
Accounts receivable, net	6,095		698,109		8,075		—			712,279		34,736		(38,213		)	708,802
Intercompany accounts receivable	—		149,907		313,623		(463,530		)	—		—		—			—
Inventories	—		1,352,656		—		—			1,352,656		1,591		—			1,354,247
Income taxes receivable	109,376		—		—		—			109,376		—		—			109,376
Prepayments and other	21,843		45,413		—		—			67,256		2,283		(10,783		)	58,756
Total current assets	1,794,394		2,247,902		321,712		(463,530		)	3,900,478		44,962		(48,996		)	3,896,444
Properties, plants and equip, net	30,007		2,633,739		24		—			2,663,770		1,004,975		(274,149		)	3,394,596
Investment in subsidiaries	5,722,025		216,687		—		(5,938,712		)	—		—		—			—
Intangibles and other assets	23,034		2,380,268		25,000		(25,000		)	2,403,302		363,970		(1,573		)	2,765,699
Total assets	$	7,569,460	$	7,478,596	$	346,736	$	(6,427,242	)	$	8,967,550	$	1,413,907	$	(324,718	)	$	10,056,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	16,704	$	1,323,603	$	383	$	—		$	1,340,690	$	22,898	$	(38,212	)	$	1,325,376
Intercompany accounts payable	463,530		—		—		(463,530		)	—		—		—			—
Accrued liabilities	43,254		63,181		795		—			107,230		28,668		(10,783		)	125,115
Deferred income tax liabilities	223,999		—		—		—			223,999		—		—			223,999
Total current liabilities	747,487		1,386,784		1,178		(463,530		)	1,671,919		51,566		(48,995		)	1,674,490
Long-term debt	180,054		34,835		—		(25,000		)	189,889		807,630		—			997,519
Liability to HEP	—		245,536		—		—			245,536		—		(245,536		)	—
Deferred income tax liabilities	611,555		—		—		—			611,555		5,287		—			616,842
Other long-term liabilities	35,874		89,416		—		—			125,290		35,918		(2,718		)	158,490
Investment in HEP	—		—		128,871		—			128,871		—		(128,871		)	—
Equity – HollyFrontier	5,994,490		5,722,025		216,687		(5,938,712		)	5,994,490		416,018		(410,888		)	5,999,620
Equity – noncontrolling interest	—		—		—		—			—		97,488		512,290			609,778
Total liabilities and equity	$	7,569,460	$	7,478,596	$	346,736	$	(6,427,242	)	$	8,967,550	$	1,413,907	$	(324,718	)	$	10,056,739

30

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	179		$	5,362,277	$	(36	)	$	—		$	5,362,420	$	75,024		$	(64,844	)	$	5,372,600
Operating costs and expenses:
Cost of products sold	—			4,738,586		—			—			4,738,586		—			(63,740		)	4,674,846
Operating expenses	—			247,451		—			—			247,451		24,567			(364		)	271,654
General and administrative	24,343			1,469		37			—			25,849		2,516			—			28,365
Depreciation and amortization	2,010			87,473		—			—			89,483		15,477			(3,570		)	101,390
Total operating costs and expenses	26,353			5,074,979		37			—			5,101,369		42,560			(67,674		)	5,076,255
Income (loss) from operations	(26,174		)	287,298		(73		)	—			261,051		32,464			2,830			296,345
Other income (expense):
Earnings (loss) of equity method investments	303,788			14,546		16,132			(319,990		)	14,476		748			(16,132		)	(908		)
Interest income (expense)	(373		)	1,944		143			—			1,714		(8,329		)	(2,337		)	(8,952		)
	303,415			16,490		16,275			(319,990		)	16,190		(7,581		)	(18,469		)	(9,860		)
Income before income taxes	277,241			303,788		16,202			(319,990		)	277,241		24,883			(15,639		)	286,485
Income tax provision	101,304			—		—			—			101,304		28			—			101,332
Net income	175,937			303,788		16,202			(319,990		)	175,937		24,855			(15,639		)	185,153
Less net income attributable to noncontrolling interest	—			—		—			—			—		1,416			7,308			8,724
Net income attributable to HollyFrontier stockholders	$	175,937		$	303,788	$	16,202		$	(319,990	)	$	175,937	$	23,439		$	(22,947	)	$	176,429
Comprehensive income attributable to HollyFrontier stockholders	$	197,313		$	338,556	$	15,909		$	(354,465	)	$	197,313	$	23,145		$	(22,653	)	$	197,805

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	100		$	5,286,984	$	31		$	—		$	5,287,115		$	75,121		$	(63,388	)	$	5,298,848
Operating costs and expenses:
Cost of products sold	—			4,518,737		92			282			4,519,111			—			(62,303		)	4,456,808
Operating expenses	—			255,874		19			—			255,893			22,010			(361		)	277,542
General and administrative	30,242			630		28			—			30,900			3,100			—			34,000
Depreciation and amortization	1,400			57,043		—			—			58,443			15,619			(3,570		)	70,492
Total operating costs and expenses	31,642			4,832,284		139			282			4,864,347			40,729			(66,234		)	4,838,842
Income (loss) from operations	(31,542		)	454,700		(108		)	(282		)	422,768			34,392			2,846			460,006
Other income (expense):
Earnings (loss) of equity method investments	469,228			12,592		14,401			(483,655		)	12,566			746			(14,401		)	(1,089		)
Interest income (expense)	(7,456		)	1,936		134			294			(5,092		)	(11,624		)	(2,300		)	(19,016		)
Loss on early extinguishment of debt	(22,109		)	—		—			—			(22,109		)	—			—			(22,109		)
	439,663			14,528		14,535			(483,361		)	(14,635		)	(10,878		)	(16,701		)	(42,214		)
Income before income taxes	408,121			469,228		14,427			(483,643		)	408,133			23,514			(13,855		)	417,792
Income tax provision	151,698			—		—			—			151,698			345			—			152,043
Net income	256,423			469,228		14,427			(483,643		)	256,435			23,169			(13,855		)	265,749
Less net income attributable to noncontrolling interest	—			—		—			—			—			1,130			7,638			8,768
Net income attributable to HollyFrontier stockholders	$	256,423		$	469,228	$	14,427		$	(483,643	)	$	256,435		$	22,039		$	(21,493	)	$	256,981
Comprehensive income attributable to HollyFrontier stockholders	$	286,296		$	489,146	$	15,900		$	(505,034	)	$	286,308		$	23,512		$	(22,966	)	$	286,854

31

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	280		$	10,137,400	$	935	$	—		$	10,138,615	$	162,036		$	(136,998	)	$	10,163,653
Operating costs and expenses:
Cost of products sold	—			8,948,308		—		—			8,948,308		—			(134,842		)	8,813,466
Operating expenses	—			498,927		—		—			498,927		47,379			(686		)	545,620
General and administrative	45,450			4,095		76		—			49,621		5,667			—			55,288
Depreciation and amortization	3,800			154,580		—		—			158,380		30,661			(7,103		)	181,938
Total operating costs and expenses	49,250			9,605,910		76		—			9,655,236		83,707			(142,631		)	9,596,312
Income (loss) from operations	(48,970		)	531,490		859		—			483,379		78,329			5,633			567,341
Other income (expense):
Earnings (loss) of equity method investments	566,147			30,568		32,415		(599,694		)	29,436		1,270			(32,415		)	(1,709		)
Interest income (expense)	(797		)	4,089		273		—			3,565		(18,780		)	(4,679		)	(19,894		)
Loss on early extinguishment of debt	—			—		—		—			—		(7,677		)	—			(7,677		)
	565,350			34,657		32,688		(599,694		)	33,001		(25,187		)	(37,094		)	(29,280		)
Income before income taxes	516,380			566,147		33,547		(599,694		)	516,380		53,142			(31,461		)	538,061
Income tax provision	188,843			—		—		—			188,843		103			—			188,946
Net income	327,537			566,147		33,547		(599,694		)	327,537		53,039			(31,461		)	349,115
Less net income attributable to noncontrolling interest	—			—		—		—			—		5,053			15,572			20,625
Net income attributable to HollyFrontier stockholders	$	327,537		$	566,147	$	33,547	$	(599,694	)	$	327,537	$	47,986		$	(47,033	)	$	328,490
Comprehensive income attributable to HollyFrontier stockholders	$	402,155		$	687,940	$	33,291	$	(721,231	)	$	402,155	$	47,730		$	(46,777	)	$	403,108

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	631		$	9,979,410	$	63		$	—		$	9,980,104		$	151,605		$	(125,072	)	$	10,006,637
Operating costs and expenses:
Cost of products sold	—			8,371,865		—			415			8,372,280			—			(122,937		)	8,249,343
Operating expenses	—			495,297		—			—			495,297			48,039			(695		)	542,641
General and administrative	54,373			2,405		88			—			56,866			6,332			—			63,198
Depreciation and amortization	2,326			117,663		—			—			119,989			29,368			(7,103		)	142,254
Total operating costs and expenses	56,699			8,987,230		88			415			9,044,432			83,739			(130,735		)	8,997,436
Income (loss) from operations	(56,068		)	992,180		(25		)	(415		)	935,672			67,866			5,663			1,009,201
Other income (expense):
Earnings (loss)of equity method investments	1,020,119			24,206		26,393			(1,046,758		)	23,960			1,403			(26,393		)	(1,030		)
Interest income (expense)	(14,677		)	3,733		271			446			(10,227		)	(24,006		)	(4,572		)	(38,805		)
Loss on early extinguishment of debt	(22,109		)	—		—			—			(22,109		)	—			—			(22,109		)
	983,333			27,939		26,664			(1,046,312		)	(8,376		)	(22,603		)	(30,965		)	(61,944		)
Income before income taxes	927,265			1,020,119		26,639			(1,046,727		)	927,296			45,263			(25,302		)	947,257
Income tax provision	337,737			—		—			—			337,737			400			—			338,137
Net income	589,528			1,020,119		26,639			(1,046,727		)	589,559			44,863			(25,302		)	609,120
Less net income attributable to noncontrolling interest	—			—		—			—			—			4,020			14,450			18,470
Net income attributable to HollyFrontier stockholders	$	589,528		$	1,020,119	$	26,639		$	(1,046,727	)	$	589,559		$	40,843		$	(39,752	)	$	590,650
Comprehensive income attributable to HollyFrontier stockholders	$	631,160		$	1,057,542	$	28,731		$	(1,086,242	)	$	631,191		$	42,935		$	(41,844	)	$	632,282

32

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(144,972	)	$	773,845		$	38,968		$	—		$	667,841		$	92,667		$	(39,029	)	$	721,479
Cash flows from investing activities
Additions to properties, plants and equipment	(6,329		)	(199,132		)	(526		)	—			(205,987		)	—			—			(205,987		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(38,782		)	—			(38,782		)
Investment in Sabine Biofuels	—			(5,000		)	—			—			(5,000		)	—			—			(5,000		)
Repayment of advances to Sabine Biofuels	—			10,021			—			—			10,021			—			—			10,021
Purchases of marketable securities	(498,080		)	—			—			—			(498,080		)	—			—			(498,080		)
Sales and maturities of marketable securities	543,604			—			—			—			543,604			—			—			543,604
Net advances to Parent	—			(582,930		)	(38,604		)	621,534			—			—			—			—
	39,195			(777,041		)	(39,130		)	621,534			(155,442		)	(38,782		)	—			(194,224		)
Cash flows from financing activities
Net borrowings under credit agreement – HEP	—			—			—			—			—			180,000			—			180,000
Redemption of senior notes - HEP	—			—			—			—			—			(156,188		)	—			(156,188		)
Inventory repurchase obligation	—			5,964			—			—			5,964			—			—			5,964
Purchase of treasury stock	(20,135		)	—			—			—			(20,135		)	—			—			(20,135		)
Dividends	(323,088		)	—			—			—			(323,088		)	—			—			(323,088		)
Distributions to noncontrolling interest	—			—			—			—			—			(77,577		)	39,029			(38,548		)
Excess tax benefit from equity-based compensation	3,778			—			—			—			3,778			—			—			3,778
Purchase of units for incentive grants - HEP	—			—			—			—			—			(406		)	—			(406		)
Deferred financing costs and other	—			(808		)	375			—			(433		)	—			—			(433		)
Net advances from subsidiaries	621,534			—			—			(621,534		)	—			—			—			—
	282,089			5,156			375			(621,534		)	(333,914		)	(54,171		)	39,029			(349,056		)
Cash and cash equivalents
Increase (decrease) for the period	176,312			1,960			213			—			178,485			(286		)	—			178,199
Beginning of period	931,920			1,817			14			—			933,751			6,352			—			940,103
End of period	$	1,108,232		$	3,777		$	227		$	—		$	1,112,236		$	6,066		$	—		$	1,118,302

33

HOLLYFRONTIER CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) Continued

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(374,074	)	$	758,289		$	20,573		$	—		$	404,788		$	81,542		$	(34,815	)	$	451,515
Cash flows from investing activities:
Additions to properties, plants and equipment	(5,025		)	(148,917		)	—			—			(153,942		)	—			—			(153,942		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(16,861		)	—			(16,861		)
Proceeds from sale of property	—			3,321			—			—			3,321			2,481			—			5,802
Investment in Sabine Biofuels	—			(2,000		)	—			—			(2,000		)	—			—			(2,000		)
Advances to Sabine biofuels	—			(13,700		)	—			—			(13,700		)	—			—			(13,700		)
Purchases of marketable securities	(399,154		)	—			—			—			(399,154		)	—			—			(399,154		)
Sales and maturities of marketable securities	398,762			—			—			—			398,762			—			—			398,762
Net advances to Parent	—			(596,004		)	(19,074		)	615,078			—			—			—			—
	(5,417		)	(757,300		)	(19,074		)	615,078			(166,713		)	(14,380		)	—			(181,093		)
Cash flows from financing activities:
Net repayments under credit agreement – HEP	—			—			—			—			—			(66,000		)	—			(66,000		)
Redemption of senior notes	(300,973		)	—			—			—			(300,973		)	—			—			(300,973		)
Proceeds from common unit offerings - HEP	73,444			—			—			—			73,444			73,444			—			146,888
Purchase of treasury stock	(159,432		)	—			—			—			(159,432		)	—			—			(159,432		)
Contribution from general partner	—			—			(1,499		)	—			(1,499		)	1,499			—			—
Dividends	(264,867		)	—			—			—			(264,867		)	—			—			(264,867		)
Distributions to noncontrolling interest	—			—			—			—			—			(69,419		)	34,815			(34,604		)
Excess tax benefit from equity-based compensation	1,037			—			—			—			1,037			—			—			1,037
Purchase of units for incentive grants - HEP	—			—			—			—			—			(2,934		)	—			(2,934		)
Deferred financing costs and other	—			2,457			—			—			2,457			(273		)	—			2,184
Net advances from subsidiaries	615,078			—			—			(615,078		)	—			—			—			—
	(35,713		)	2,457			(1,499		)	(615,078		)	(649,833		)	(63,683		)	34,815			(678,701		)
Cash and cash equivalents
Increase (decrease) for the period:	(415,204		)	3,446			—			—			(411,758		)	3,479			—			(408,279		)
Beginning of period	1,748,808			3,652			2			—			1,752,462			5,237			—			1,757,699
End of period	$	1,333,604		$	7,098		$	2		$	—		$	1,340,704		$	8,716		$	—		$	1,349,420

34

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”).

For the three months ended June 30, 2014, net income attributable to HollyFrontier stockholders was $176.4 million compared to $257.0 million for the three months ended June 30, 2013. For the six months ended June 30, 2014, net income attributable to HollyFrontier stockholders was $328.5 million compared to $590.7 million for the six months ended June 30, 2013.

Overall gross refining margins per produced product sold decreased 28% and 33% over the respective three and six months ended June 30, 2013, which was due principally to significant contraction in WTI to Brent crude differentials.

During the second quarter of 2014, we wrote down several assets, primarily at our Navajo, Cheyenne and Tulsa refineries, to the estimated net realizable value resulting in pretax charges of $31.0 million. These charges resulted from our decision to sell, cease operating or no longer use certain assets. Approximately $24.0 million and $7.0 million are included in depreciation and amortization and operating expenses, respectively, in our consolidated statements of income for the three and six months ended June 30, 2014.

OUTLOOK

Our profitability is affected by the spread, or differential, between the market prices for crude oil on the world market (which is based on the price for Brent, North Sea Crude) and the price for inland U.S. crude oil (which is based on the price for WTI). This differential constantly changes and at times can be volatile. While we have experienced wide differentials (with Brent prices in excess of WTI prices) in recent years that have significantly enhanced our profitability, the differential between Brent and WTI has narrowed - currently averaging approximately $7.00 per barrel. While differentials are likely to be volatile in the near term, we believe the Brent to WTI differential will widen again upon completion of additional northern tier pipeline capacity into Cushing, Oklahoma and as a result of increasing sweet crude oil inventories on the U.S. Gulf Coast. Ultimately, we believe pipeline tariffs from Cushing to the Gulf Coast plus marine transportation costs to move crude oil from the Gulf Coast to alternative markets will set the inland - coastal differential.

35

Pursuant to the 2007 Energy Independence and Security Act, the Environmental Protection Agency (“EPA”) promulgated the Renewable Fuel Standard 2 (“RFS2”) regulations, which increased the 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. The price of RINs may be extremely volatile as observed in 2013, when prices escalated sharply due to real or perceived future shortages in RINs. Although our RINs costs remain material, the price of RINs has decreased significantly from 2013 highs, due in part to regulatory easing of the 2014 annual Renewable Volume Obligation, or RVO. As of June 2014, we are purchasing RINs in order to meet approximately half of our renewable fuel requirements. We cannot predict with certainty our exposure to increased RINs costs in the future, nor can we predict the extent by which costs associated with RFS2 will impact our future results of operations.

A more detailed discussion of our financial and operating results for the three and six months ended June 30, 2014 and 2013 is presented in the following sections.

36

RESULTS OF OPERATIONS

Financial Data (Unaudited)

	Three Months Ended June 30,						Change from 2013
	2014			2013			Change			Percent
	(In thousands, except per share data)
Sales and other revenues	$	5,372,600		$	5,298,848		$	73,752		1	%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	4,674,846			4,456,808			218,038			5
Operating expenses (exclusive of depreciation and amortization)	271,654			277,542			(5,888		)	(2	)
General and administrative expenses (exclusive of depreciation and amortization)	28,365			34,000			(5,635		)	(17	)
Depreciation and amortization	101,390			70,492			30,898			44
Total operating costs and expenses	5,076,255			4,838,842			237,413			5
Income from operations	296,345			460,006			(163,661		)	(36	)
Other income (expense):
Loss of equity method investments	(908		)	(1,089		)	181			(17	)
Interest income	1,184			778			406			52
Interest expense	(10,136		)	(19,794		)	9,658			(49	)
Loss on early extinguishment of debt	—			(22,109		)	22,109			(100	)
	(9,860		)	(42,214		)	32,354			(77	)
Income before income taxes	286,485			417,792			(131,307		)	(31	)
Income tax provision	101,332			152,043			(50,711		)	(33	)
Net income	185,153			265,749			(80,596		)	(30	)
Less net income attributable to noncontrolling interest	8,724			8,768			(44		)	(1	)
Net income attributable to HollyFrontier stockholders	$	176,429		$	256,981		$	(80,552	)	(31	)%
Earnings per share attributable to HollyFrontier stockholders:
Basic	$	0.89		$	1.27		$	(0.38	)	(30	)%
Diluted	$	0.89		$	1.27		$	(0.38	)	(30	)%
Cash dividends declared per common share	$	0.82		$	0.80		$	0.02		3	%
Average number of common shares outstanding:
Basic	198,139			201,543			(3,404		)	(2	)%
Diluted	198,380			201,905			(3,525		)	(2	)%

37

	Six Months Ended June 30,						Change from 2013
	2014			2013			Change			Percent
	(In thousands, except per share data)
Sales and other revenues	$	10,163,653		$	10,006,637		$	157,016		2	%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	8,813,466			8,249,343			564,123			7
Operating expenses (exclusive of depreciation and amortization)	545,620			542,641			2,979			1
General and administrative expenses (exclusive of depreciation and amortization)	55,288			63,198			(7,910		)	(13	)
Depreciation and amortization	181,938			142,254			39,684			28
Total operating costs and expenses	9,596,312			8,997,436			598,876			7
Income from operations	567,341			1,009,201			(441,860		)	(44	)
Other income (expense):
Loss of equity method investments	(1,709		)	(1,030		)	(679		)	66
Interest income	2,589			2,309			280			12
Interest expense	(22,483		)	(41,114		)	18,631			(45	)
Loss on early extinguishment of debt	(7,677		)	(22,109		)	14,432			(65	)
	(29,280		)	(61,944		)	32,664			(53	)
Income before income taxes	538,061			947,257			(409,196		)	(43	)
Income tax provision	188,946			338,137			(149,191		)	(44	)
Net income	349,115			609,120			(260,005		)	(43	)
Less net income attributable to noncontrolling interest	20,625			18,470			2,155			12
Net income attributable to HollyFrontier stockholders	$	328,490		$	590,650		$	(262,160	)	(44	)%
Earnings per share attributable to HollyFrontier stockholders:
Basic	$	1.65		$	2.91		$	(1.26	)	(43	)%
Diluted	$	1.65		$	2.91		$	(1.26	)	(43	)%
Cash dividends declared per common share	$	1.62		$	1.60		$	0.02		1	%
Average number of common shares outstanding:
Basic	198,217			202,131			(3,914		)	(2	)%
Diluted	198,408			202,485			(4,077		)	(2	)%

Balance Sheet Data

	June 30, 2014		December 31, 2013
	(Unaudited)
	(In thousands)
Cash, cash equivalents and total investments in marketable securities	$	1,797,970	$	1,665,263
Working capital	$	2,268,436	$	2,221,954
Total assets	$	10,458,383	$	10,056,739
Long-term debt	$	1,027,885	$	997,519
Total equity	$	6,666,619	$	6,609,398

Other Financial Data (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(In thousands)
Net cash provided by operating activities	$	326,550		$	202,952		$	721,479		$	451,515
Net cash used for investing activities	$	(81,175	)	$	(76,448	)	$	(194,224	)	$	(181,093	)
Net cash used for financing activities	$	(201,708	)	$	(649,526	)	$	(349,056	)	$	(678,701	)
Capital expenditures	$	120,488		$	98,839		$	244,769		$	170,803
EBITDA (1)	$	388,103		$	520,641		$	726,945		$	1,131,955

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(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)

Our refinery operations include the El Dorado, Tulsa, Navajo, Cheyenne and Woods Cross Refineries.The following tables set forth information, including non-GAAP performance measures, about our consolidated refinery operations. The cost of products and refinery gross and net operating margins 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 June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Mid-Continent Region (El Dorado and Tulsa Refineries)
Crude charge (BPD) (1)	266,080			205,770			260,590			223,030
Refinery throughput (BPD) (2)	283,300			226,010			275,150			246,250
Refinery production (BPD) (3)	280,060			220,770			270,670			240,380
Sales of produced refined products (BPD)	272,470			213,240			259,920			227,810
Sales of refined products (BPD) (4)	279,840			261,950			271,730			257,870
Refinery utilization (5)	102.3		%	79.1		%	100.2		%	85.8		%
Average per produced barrel (6)
Net sales	$	117.68		$	118.05		$	115.59		$	117.25
Cost of products (7)	104.67			97.07			101.85			95.39
Refinery gross margin	13.01			20.98			13.74			21.86
Refinery operating expenses (8)	4.84			6.12			5.29			5.97
Net operating margin	$	8.17		$	14.86		$	8.45		$	15.89
Refinery operating expenses per throughput barrel (9)	$	4.65		$	5.77		$	5.00		$	5.52
Feedstocks:
Sweet crude oil	72		%	72		%	73		%	72		%
Sour crude oil	6		%	3		%	5		%	4		%
Heavy sour crude oil	16		%	16		%	17		%	15		%
Other feedstocks and blends	6		%	9		%	5		%	9		%
Total	100		%	100		%	100		%	100		%

Sales of produced refined products:
Gasolines	44	%	44	%	46	%	46	%
Diesel fuels	36	%	33	%	33	%	32	%
Jet fuels	7	%	8	%	8	%	8	%
Fuel oil	1	%	1	%	1	%	1	%
Asphalt	2	%	3	%	2	%	3	%
Lubricants	4	%	4	%	4	%	4	%
LPG and other	6	%	7	%	6	%	6	%
Total	100	%	100	%	100	%	100	%

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	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Southwest Region (Navajo Refinery)
Crude charge (BPD) (1)	102,570			104,910			99,400			88,160
Refinery throughput (BPD) (2)	113,840			115,230			111,240			97,760
Refinery production (BPD) (3)	111,080			114,410			108,880			94,410
Sales of produced refined products (BPD)	110,140			110,830			107,390			91,110
Sales of refined products (BPD) (4)	119,060			119,740			114,670			104,860
Refinery utilization (5)	102.6		%	104.9		%	99.4		%	88.2		%
Average per produced barrel (6)
Net sales	$	121.74		$	117.03		$	118.98		$	118.95
Cost of products (7)	105.44			100.70			103.68			98.40
Refinery gross margin	16.30			16.33			15.30			20.55
Refinery operating expenses (8)	4.97			5.10			5.28			6.25
Net operating margin	$	11.33		$	11.23		$	10.02		$	14.30
Refinery operating expenses per throughput barrel (9)	$	4.81		$	4.91		$	5.10		$	5.82
Feedstocks:
Sweet crude oil	8		%	8		%	6		%	5		%
Sour crude oil	81		%	70		%	79		%	74		%
Heavy sour crude oil	1		%	13		%	4		%	12		%
Other feedstocks and blends	10		%	9		%	11		%	9		%
Total	100		%	100		%	100		%	100		%
Sales of produced refined products:
Gasolines	53		%	50		%	54		%	50		%
Diesel fuels	39		%	40		%	38		%	39		%
Fuel oil	4		%	5		%	4		%	6		%
Asphalt	1		%	2		%	1		%	2		%
LPG and other	3		%	3		%	3		%	3		%
Total	100		%	100		%	100		%	100		%

Rocky Mountain Region (Cheyenne and Woods Cross Refineries)
Crude charge (BPD) (1)	70,310			70,780			67,660			69,850
Refinery throughput (BPD) (2)	75,450			77,260			73,150			75,730
Refinery production (BPD) (3)	72,150			73,540			70,110			73,200
Sales of produced refined products (BPD)	76,060			73,890			73,660			73,150
Sales of refined products (BPD) (4)	78,510			75,100			76,750			76,810
Refinery utilization (5)	84.7		%	85.3		%	81.5		%	84.2		%
Average per produced barrel (6)
Net sales	$	116.90		$	116.66		$	113.89		$	112.53
Cost of products (7)	99.41			92.46			97.07			89.55
Refinery gross margin	17.49			24.20			16.82			22.98
Refinery operating expenses (8)	9.74			7.47			9.40			7.78
Net operating margin	$	7.75		$	16.73		$	7.42		$	15.20
Refinery operating expenses per throughput barrel (9)	$	9.82		$	7.14		$	9.47		$	7.51

40

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Feedstocks:
Sweet crude oil	43	%	42	%	43	%	43	%
Sour crude oil	1	%	1	%	1	%	1	%
Heavy sour crude oil	33	%	35	%	32	%	34	%
Black wax crude oil	16	%	14	%	16	%	14	%
Other feedstocks and blends	7	%	8	%	8	%	8	%
Total	100	%	100	%	100	%	100	%
Sales of produced refined products:
Gasolines	54	%	51	%	54	%	55	%
Diesel fuels	32	%	35	%	32	%	31	%
Fuel oil	1	%	1	%	1	%	1	%
Asphalt	7	%	5	%	6	%	6	%
LPG and other	6	%	8	%	7	%	7	%
Total	100	%	100	%	100	%	100	%

Consolidated
Crude charge (BPD) (1)	438,960			381,460			427,650			381,040
Refinery throughput (BPD) (2)	472,590			418,500			459,540			419,740
Refinery production (BPD) (3)	463,290			408,720			449,660			407,990
Sales of produced refined products (BPD)	458,670			397,960			440,970			392,070
Sales of refined products (BPD) (4)	477,410			456,790			463,150			439,540
Refinery utilization (5)	99.1		%	86.1		%	96.5		%	86.0		%
Average per produced barrel (6)
Net sales	$	118.53		$	117.51		$	116.13		$	116.77
Cost of products (7)	103.99			97.23			101.50			95.00
Refinery gross margin	14.54			20.28			14.63			21.77
Refinery operating expenses (8)	5.69			6.09			5.97			6.38
Net operating margin	$	8.85		$	14.19		$	8.66		$	15.39
Refinery operating expenses per throughput barrel (9)	$	5.52		$	5.79		$	5.73		$	5.95
Feedstocks:
Sweet crude oil	52		%	49		%	52		%	51		%
Sour crude oil	23		%	21		%	22		%	20		%
Heavy sour crude oil	15		%	19		%	16		%	17		%
Black wax crude oil	3		%	2		%	3		%	3		%
Other feedstocks and blends	7		%	9		%	7		%	9		%
Total	100		%	100		%	100		%	100		%

Sales of produced refined products:
Gasolines	48	%	47	%	49	%	49	%
Diesel fuels	36	%	35	%	34	%	33	%
Jet fuels	4	%	4	%	5	%	5	%
Fuel oil	2	%	2	%	2	%	2	%
Asphalt	3	%	3	%	3	%	3	%
Lubricants	2	%	3	%	2	%	2	%
LPG and other	5	%	6	%	5	%	6	%
Total	100	%	100	%	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.

41

(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 and pension settlement costs.

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

Results of Operations – Three Months Ended June 30, 2014 Compared to Three Months Ended June 30, 2013

Summary

Net income attributable to HollyFrontier stockholders for the three months ended June 30, 2014 was $176.4 million ($0.89 per basic and diluted share), an $80.6 million decrease compared to $257.0 million ($1.27 per basic and diluted share) for the three months ended June 30, 2013. Net income decreased due principally to a year-over-year decrease in second quarter refining margins. Refinery gross margins for the three months ended June 30, 2014 decreased to $14.54 per produced barrel from $20.28 for the three months ended June 30, 2013.

Sales and Other Revenues

Sales and other revenues increased 1% from $5,298.8 million for the three months ended June 30, 2013 to $5,372.6 million for the three months ended June 30, 2014 due to higher refined product sales volumes and a year-over-year increase in second quarter sales prices. The average sales price we received per produced barrel sold was $117.51 for the three months ended June 30, 2013 compared to $118.53 for the three months ended June 30, 2014. Sales and other revenues for the three months ended June 30, 2014 and 2013 include $10.5 million and $12.1 million, respectively, in HEP revenues attributable to pipeline and transportation services provided to unaffiliated parties.

Cost of Products Sold

Cost of products sold increased 5% from $4,456.8 million for the three months ended June 30, 2013 to $4,674.8 million for the three months ended June 30, 2014, due principally to higher crude oil costs and higher sales volumes of refined products. The average price we paid per barrel for crude oil and feedstocks and the transportation costs of moving finished products to market increased 7% from $97.23 for the three months ended June 30, 2013 to $103.99 for the three months ended June 30, 2014.

Gross Refinery Margins

Gross refinery margin per produced barrel decreased 28% from $20.28 for the three months ended June 30, 2013 to $14.54 for the three months ended June 30, 2014. This was due to the effects of an increase in crude oil and feedstock prices, partially offset by an increase 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 I 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, decreased 2% from $277.5 million for the three months ended June 30, 2013 to $271.7 million for the three months ended June 30, 2014. This decrease is principally due to the recognition of pension settlement costs during the three months ended June 30, 2013, net of higher natural gas fuel costs during the current year quarter.

General and Administrative Expenses

General and administrative expenses decreased 17% from $34.0 million for the three months ended June 30, 2013 to $28.4 million for the three months ended June 30, 2014 due principally to lower incentive compensation expense during the quarter.

Depreciation and Amortization Expenses

Depreciation and amortization increased 44% from $70.5 million for the three months ended June 30, 2013 to $101.4 million for the three months ended June 30, 2014. The increase was due principally to depreciation and amortization attributable to capitalized improvement projects, capitalized refinery turnaround costs and $24.0 million in current quarter write-downs of assets no longer in operation to net realizable value.

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Interest Income

Interest income for the three months ended June 30, 2014 was $1.2 million compared to $0.8 million for the three months ended June 30, 2013. This increase was due to higher investment levels in marketable debt securities during the quarter.

Interest Expense

Interest expense was $10.1 million for the three months ended June 30, 2014 compared to $19.8 million for the three months ended June 30, 2013. This decrease was due to lower year-over-year debt levels principally as a result of the redemption of our $286.8 million 9.875% senior notes in June 2013 and HEP's redemption of its $150.0 million 8.25% senior notes in March 2014. For the three months ended June 30, 2014 and 2013, interest expense included $8.3 million and $11.6 million, respectively, in interest costs attributable to limited recourse debt that finances HEP operations.

Loss on Early Extinguishment of Debt

In June 2013, we redeemed our $286.8 million aggregate principal amount of 9.875% senior notes maturing June 2017 at a redemption cost of $301.0 million, at which time we recognized a $22.1 million early extinguishment loss consisting of a $14.2 million debt redemption premium and an unamortized discount of $7.9 million.

Income Taxes

For the three months ended June 30, 2014, we recorded income tax expense of $101.3 million compared to $152.0 million for the three months ended June 30, 2013. This decrease is due principally to lower pre-tax earnings during the three months ended June 30, 2014 compared to the same period of 2013. Our effective tax rates, before consideration of earnings attributable to the noncontrolling interest, were 35.4% and 36.4% for the three months ended June 30, 2014 and 2013, respectively.

Results of Operations – Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013

Summary

Net income attributable to HollyFrontier stockholders for the six months ended June 30, 2014 was $328.5 million ($1.65 per basic and diluted share), a $262.2 million decrease compared to $590.7 million ($2.91 per basic and diluted share) for the six months ended June 30, 2013. Net income decreased due principally to a year-over-year decrease in refining margins. Refinery gross margins for the six months ended June 30, 2014 decreased to $14.63 per produced barrel from $21.77 for the six months ended June 30, 2013.

Sales and Other Revenues

Sales and other revenues increased 2% from $10,006.6 million for the six months ended June 30, 2013 to $10,163.7 million for the six months ended June 30, 2014 due to higher refined product sales volumes, partially offset by a slight decrease in year-over-year sales prices. The average sales price we received per produced barrel sold was $116.77 for the six months ended June 30, 2013 compared to $116.13 for the six months ended June 30, 2014. Sales and other revenues for the six months ended June 30, 2014 and 2013 include $25.7 million and $24.9 million, respectively, in HEP revenues attributable to pipeline and transportation services provided to unaffiliated parties.

Cost of Products Sold

Cost of products sold increased 7% from $8,249.3 million for the six months ended June 30, 2013 to $8,813.5 million for the six months ended June 30, 2014 due principally to higher refined product sales volumes and higher crude costs per barrel for the current year. 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 increased 7% from $95.00 for the six months ended June 30, 2013 to $101.50 for the six months ended June 30, 2014.

Gross Refinery Margins

Gross refinery margin per produced barrel decreased 33% from $21.77 for the six months ended June 30, 2013 to $14.63 for the six months ended June 30, 2014. This was due to a decrease in average per barrel sales prices for refined products sold combined with increased crude oil and feedstock prices for the year-to-date period. 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 I of this Form 10-Q for a reconciliation to the income statement of prices of refined products sold and cost of products purchased.

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Operating Expenses

Operating expenses, exclusive of depreciation and amortization, increased 1% from $542.6 million for the six months ended June 30, 2013 to $545.6 million for the six months ended June 30, 2014 due principally to higher natural gas fuel costs during the current year-to-date period, partially offset by pension settlement costs and higher repair and maintenance costs during the same period of 2013.

General and Administrative Expenses

General and administrative expenses decreased 13% from $63.2 million for the six months ended June 30, 2013 to $55.3 million for the six months ended June 30, 2014 due principally to lower incentive compensation expense during the current year-to-date period, and pension settlement costs recorded in the prior year-to-date period.

Depreciation and Amortization Expenses

Depreciation and amortization increased 28% from $142.3 million for the six months ended June 30, 2013 to $181.9 million for the six months ended June 30, 2014. The increase was due principally to depreciation and amortization attributable to capitalized improvement projects, capitalized refinery turnaround costs and write-downs of assets no longer in operation to net realizable value.

Interest Income

Interest income for the six months ended June 30, 2014 was $2.6 million compared to $2.3 million for the six months ended June 30, 2013. This increase was due to higher investment levels in marketable debt securities during the year-to-date period.

Interest Expense

Interest expense was $22.5 million for the six months ended June 30, 2014 compared to $41.1 million for the six months ended June 30, 2013. This decrease was due to lower year-over-year debt levels. For the six months ended June 30, 2014 and 2013, interest expense included $18.8 million and $24.1 million, respectively, in interest costs attributable to limited recourse debt that finances HEP operations.

Loss on Early Extinguishment of Debt

In March 2014, HEP redeemed its $150.0 million aggregate principal amount of 8.25% senior notes maturing March 2018 at a redemption cost of $156.2 million, at which time it recognized a $7.7 million early extinguishment loss consisting of a $6.2 million debt redemption premium and unamortized discount and financing costs of $1.5 million. In June 2013, we redeemed our $286.8 million aggregate principal amount of 9.875% senior notes maturing June 2017 at a redemption cost of $301.0 million, at which time we recognized a $22.1 million early extinguishment loss consisting of a $14.2 million debt redemption premium and an unamortized discount of $7.9 million.

Income Taxes

For the six months ended June 30, 2014, we recorded income tax expense of $188.9 million compared to $338.1 million for the six months ended June 30, 2013. This decrease was due principally to lower pre-tax earnings during the six months ended June 30, 2014 compared to the same period of 2013. Our effective tax rates, before consideration of earnings attributable to the noncontrolling interest, were 35.1% and 35.7% for the six months ended June 30, 2014 and 2013, respectively.

LIQUIDITY AND CAPITAL RESOURCES

HollyFrontier Credit Agreement

At June 30, 2014, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $4.5 million under our $1 billion senior secured revolving credit agreement maturing in July 2016. On July 1, 2014, we terminated this credit agreement and contemporaneously entered into a new $1 billion senior unsecured revolving credit facility maturing July 1, 2019 (the “HollyFrontier Credit Agreement”), which may be used for revolving credit loans (including up to $100 million of swingline loans) and letters of credit from time to time. The HollyFrontier Credit Agreement is available to fund general corporate purposes. Indebtedness under the HollyFrontier Credit Agreement is recourse to HollyFrontier and guaranteed by certain of our wholly-owned subsidiaries.

HEP Credit Agreement

HEP has a $650 million senior secured revolving credit facility that matures in November 2018 (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. At June 30, 2014, HEP was in compliance with all of its covenants, had outstanding borrowings of $543.0 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 recourse to our other assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

HollyFrontier Senior Notes

Our 6.875% senior notes ($150 million aggregate principal amount maturing November 2018) (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. Additionally, we have certain redemption rights under the HollyFrontier Senior Notes.

At any time, following notice to the trustee, that 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 are not subject to many of the foregoing covenants (a "Covenant Suspension"). As of June 30, 2014, the HollyFrontier Senior Notes were rated investment grade by both Standard & Poor's (BBB-) and by Moody's (Baa3). As a result, we are under the Covenant Suspension pursuant to the terms of the indenture governing 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 6.5% senior notes ($300 million aggregate principal amount maturing March 2020) (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.

In March 2014, HEP redeemed its $150.0 million aggregate principal amount of 8.25% senior notes maturing March 2018 at a redemption cost of $156.2 million, at which time HEP recognized a $7.7 million early extinguishment loss consisting of a $6.2 million debt redemption premium and unamortized discount and financing costs of $1.5 million. HEP funded the redemption with borrowings under the HEP Credit Agreement.

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 recourse to our other assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

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 June 30, 2014, our cash, cash equivalents and investments in marketable securities totaled $1.8 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 June 30, 2014, we had remaining authorization to repurchase up to $311.6 million under this stock repurchase program. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs.

Cash and cash equivalents increased $178.2 million for the six months ended June 30, 2014. Net cash provided by operating activities of $721.5 million exceeded cash used for investing and financing activities of $194.2 million and $349.1 million, respectively. Working capital increased by $46.5 million during the six months ended June 30, 2014.

Cash Flows – Operating Activities

Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013

Net cash flows provided by operating activities were $721.5 million for the six months ended June 30, 2014 compared to $451.5 million for the six months ended June 30, 2013, an increase of $270.0 million. Net income for the six months ended June 30, 2014 was $349.1 million, a decrease of $260.0 million compared to $609.1 million for the six months ended June 30, 2013. Non-cash adjustments to net income consisting of depreciation and amortization, earnings of equity method investments, inclusive of distributions, write-offs of unamortized discounts on early extinguishments of debt, deferred income taxes, equity-based compensation expense and fair value changes to derivative instruments totaled $187.3 million for the six months ended June 30, 2014 compared to $100.9 million for the same period in 2013. Changes in working capital items increased cash flows by $190.0 million for the six months ended June 30, 2014 compared to a decrease of $122.2 million for the six months ended June 30, 2013. Additionally, for the six months ended June 30, 2014, turnaround expenditures decreased to $9.7 million from $159.8 million for the same period of 2013.

Cash Flows – Investing Activities and Planned Capital Expenditures

Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013

Net cash flows used for investing activities were $194.2 million for the six months ended June 30, 2014 compared to $181.1 million for the six months ended June 30, 2013, an increase of $13.1 million. Cash expenditures for properties, plants and equipment for the first six months of 2014 increased to $244.8 million from $170.8 million for the same period in 2013. These include HEP capital expenditures of $38.8 million and $16.9 million for the six months ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, we invested $5.0 million and $2.0 million, respectively, in Sabine Biofuels. In addition, we received total net repayments of $10.0 million during the six months ended June 30, 2014 for amounts previously advanced under Sabine Biofuels' working capital facility. For the six months ended June 30, 2013, we advanced Sabine Biofuels $13.7 million. Additionally, we received proceeds of $5.8 million from the sale of property and equipment for the six months ended June 30, 2013. Also for the six months ended June 30, 2014 and 2013, we invested $498.1 million and $399.2 million, respectively, in marketable securities and received proceeds of $543.6 million and $398.8 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 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 2014 is $185.0 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 2014 and prior years. This spending is comprised of $142.0 million to $160.0 million at the Woods Cross Refinery, $54.0 million to $61.0 million at the Tulsa Refineries, $85.0 million to $96.0 million at the El Dorado Refinery, $80.0 million to $90.0 million at the Cheyenne Refinery, $24.0 million to $27.0 million at the Navajo Refinery and $15.0 million to $16.0 million for miscellaneous other projects. In addition, we expect to spend approximately $77.0 million on refinery turnarounds. Refinery turnaround spending is amortized over the useful life of the turnaround.

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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.

El Dorado Refinery

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. They also include the installation of an FCC gasoline hydrotreater in order to meet Tier 3 gasoline requirements. Continuing project work is planned to include upgrades to the FCC unit to improve liquid yield, upgrades to the crude unit desalter 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

Capital spending for the Tulsa Refineries in 2014 includes previously approved capital appropriations for a gasoline-blending system and numerous infrastructure upgrades, including a project to improve FCC yields. Spending on maintenance capital items and general improvements continues at an elevated level at the Tulsa Refineries due to lower maintenance capital expenditures made prior to HollyFrontier's purchase of the facilities.

Navajo Refinery

The Navajo Refinery capital spending in 2014 will be principally directed toward 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 are continuing with our previously approved plan to install a new hydrogen plant at the Cheyenne Refinery. The hydrogen plant, along with a now-completed 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 flu gas scrubber for the FCC unit to reduce air emissions and a redundant tail gas unit associated with the sulfur recovery process.

Woods Cross Refinery

Engineering and construction continue on our previously announced expansion project to increase planned processing capacity to 45,000 BPSD, at a cost currently expected to range between $350.0 million and $400.0 million. On November 18, 2013, the Utah Division of Air Quality issued a revised air quality permit (the “Approval Order”) authorizing the expansion. On December 18, 2013, two local environmental groups filed an administrative appeal challenging the issuance of the Approval Order and seeking a stay of the Approval Order. On March 25, 2014, the administrative law judge (“ALJ”) issued a recommendation to the Executive Director of the Utah Department of Environmental Quality (the “DEQ”) recommending that the motion to stay the Approval Order be denied. On May 8, 2014, the Executive Director of the DEQ issued an order approving the ALJ's recommendation and denying the motion to stay the Approval Order. The environmental groups did not file an appeal of this denial. A final decision on the merits of the appeal will be made after briefing is completed. The expansion is expected to be completed in the fourth quarter of 2015. This project work includes a new rail loading rack for intermediates and finished products associated with refining waxy crude oil. Long lead equipment has been ordered and detailed engineering is substantially complete. The expansion, and expected completion timeline and cost, are subject to the Woods Cross refinery successfully obtaining the Approval Order.

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, including those related to Federal Tier 3 gasoline standards.

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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 2014 HEP capital budget is comprised of $7.3 million for maintenance capital expenditures and $26.2 million for expansion capital expenditures. HEP expects to spend approximately $52.0 million in cash for capital projects approved in 2014 plus those approved in prior years but net yet completed, such as the projects discussed below.

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 should 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 is converting an existing refined products pipeline to crude oil service, constructing several new pipeline segments, expanding an existing pipeline and building 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 $45.0 million and $50.0 million. The project is expected to provide increased capacity of up to 100,000 BPD across HEP's system and is expected to be in full service by August 2014.

UNEV is proceeding with a project to enhance its product terminal in Las Vegas, Nevada. HEP expects that the project will cost approximately $13.0 million with construction expected to be completed no later than the third quarter of 2014.

Cash Flows – Financing Activities

Six Months Ended June 30, 2014 Compared to Six Months Ended June 30, 2013

Net cash flows used for financing activities were $349.1 million for the six months ended June 30, 2014 compared to $678.7 million for the six months ended June 30, 2013, a decrease of $329.6 million. During the six months ended June 30, 2014, we purchased $20.1 million in common stock, paid $323.1 million in dividends and recognized $3.8 million excess tax benefits on our equity-based compensation. Additionally, we sold inventories to third parties with the obligation to repurchase later at contractually fixed prices. Proceeds of $6.0 million received under these transactions are presented as a financing source of cash and are presented in our consolidated balance sheets as an accrued liability at June 30, 2014. Also during this period, HEP received $477.1 million and repaid $297.1 million under the HEP Credit Agreement, paid $156.2 million upon the redemption of HEP's 8.25% senior notes, paid distributions of $38.5 million to noncontrolling interests and purchased $0.4 million in HEP common units for recipients of its incentive grants. During the six months ended June 30, 2013, we received $73.4 million from the sale of HEP common units, purchased $159.4 million in common stock, paid $264.9 million in dividends, paid $301.0 million upon the redemption of our 9.875% senior notes and recognized $1.0 million excess tax benefits on our equity-based compensation. Also during this period, HEP received $154.5 million and repaid $220.5 million under the HEP Credit Agreement, paid distributions of $34.6 million to noncontrolling interests, purchased $2.9 million in HEP common units in the open market for recipients of its incentive grants and received proceeds of $73.4 million upon its March 2013 common unit offering.

Contractual Obligations and Commitments

HollyFrontier Corporation

There were no significant changes to our contractual obligations during the six months ended June 30, 2014.

HEP

During the six months ended June 30, 2014, HEP received net borrowings of $180.0 million resulting in $543.0 million of outstanding borrowings under the HEP Credit Agreement at June 30, 2014.

In March 2014, HEP redeemed its $150.0 million aggregate principal amount of 8.25% senior notes maturing March 2018.

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

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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, 2013. 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.

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 June 30, 2014, there have been no impairments to goodwill.

New Accounting Pronouncements

Revenue Recognition

In May 2014, an accounting standard update (ASU 2014-09, “Revenue from Contracts with Customers”) was issued requiring revenue to be recognized when promised goods or services are transferred to customers in an amount that reflects the expected consideration for these goods or services. This standard is effective January 1, 2017, and we are evaluating the impact of this standard.

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.

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As of June 30, 2014, 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	2014	2015	2016	2017	Unit of Measure
Natural gas price swap - long	67,200,000	9,600,000	19,200,000	19,200,000	19,200,000	MMBTU
Natural gas price swap - short	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
WTI price swap - long	18,456,000	14,076,000	4,380,000	—	—	Barrels
Ultra-low sulfur diesel price swap - short	11,832,000	7,452,000	4,380,000	—	—	Barrels
Sub octane gasoline price swap - short	6,624,000	6,624,000	—	—	—	Barrels
WCS price swap - long	3,220,000	3,220,000	—	—	—	Barrels
NYMEX futures (WTI) - short	2,935,000	2,935,000	—	—	—	Barrels
Forward sales - diesel and gasoline	100,000	100,000	—	—	—	Barrels

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

	Estimated Change in Fair Value at June 30,
Commodity-based Derivative Contracts	2014		2013
	(In thousands)
Hypothetical 10% change in underlying commodity prices	$	57,168	$	22,839

Interest Rate Risk Management

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

As of June 30, 2014, 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 2.00% as of June 30, 2014, which equaled an effective interest rate of 2.99%. 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 2.00% as of June 30, 2014, which equaled an effective interest rate of 2.74%. 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 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 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 June 30, 2014 is presented below:

	Outstanding Principal		Estimated Fair Value		Estimated Change in Fair Value
	(In thousands)
HollyFrontier Senior Notes	$	150,000	$	159,187	$	3,202
HEP Senior Notes	$	300,000	$	320,250	$	7,959

For the variable rate HEP Credit Agreement, changes in interest rates would affect cash flows, but not the fair value. At June 30, 2014, outstanding borrowings under the HEP Credit Agreement were $543.0 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 2.87%. For the remaining unhedged Credit Agreement borrowings of $238.0 million, a hypothetical 10% change in interest rates applicable to the HEP Credit Agreement would not materially affect cash flows.

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At June 30, 2014, our marketable securities included investments in investment grade, highly-liquid investments with maturities generally not greater than one year from the date of purchase and hence the interest rate market risk implicit in these 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.

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 June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(In thousands)
Net income attributable to HollyFrontier stockholders	$	176,429		$	256,981		$	328,490		$	590,650
Add income tax provision	101,332			152,043			188,946			338,137
Add interest expense (1)	10,136			41,903			30,160			63,223
Subtract interest income	(1,184		)	(778		)	(2,589		)	(2,309		)
Add depreciation and amortization	101,390			70,492			181,938			142,254
EBITDA	$	388,103		$	520,641		$	726,945		$	1,131,955

(1) Includes loss on early extinguishment of debt of $7.7 million for the six months ended June 30, 2014, and $22.1 million for the three and six months ended June 30, 2013.

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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.

Reconciliation of produced product sales to total sales and other revenues

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(Dollars in thousands, except per barrel amounts)
Consolidated
Average sales price per produced barrel sold	$	118.53		$	117.51		$	116.13		$	116.77
Times sales of produced refined products (BPD)	458,670			397,960			440,970			392,070
Times number of days in period	91			91			181			181
Produced refined product sales	$	4,947,320		$	4,255,549		$	9,268,982		$	8,286,545
Total produced refined products sales	$	4,947,320		$	4,255,549		$	9,268,982		$	8,286,545
Add refined product sales from purchased products and rounding (1)	203,724			656,271			473,338			1,065,978
Total refined product sales	5,151,044			4,911,820			9,742,320			9,352,523
Add direct sales of excess crude oil (2)	170,634			322,524			336,041			558,774
Add other refining segment revenue (3)	40,236			52,537			58,633			68,010
Total refining segment revenue	5,361,914			5,286,881			10,136,994			9,979,307
Add HEP segment sales and other revenues	75,024			75,121			162,036			151,605
Add corporate and other revenues	506			234			1,621			797
Subtract consolidations and eliminations	(64,844		)	(63,388		)	(136,998		)	(125,072		)
Sales and other revenues	$	5,372,600		$	5,298,848		$	10,163,653		$	10,006,637

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(Dollars in thousands, except per barrel amounts)
Consolidated
Average cost of products per produced barrel sold	$	103.99		$	97.23		$	101.50		$	95.00
Times sales of produced refined products (BPD)	458,670			397,960			440,970			392,070
Times number of days in period	91			91			181			181
Cost of products for produced products sold	$	4,340,435		$	3,521,122		$	8,101,280		$	6,741,644
Total cost of products for produced products sold	$	4,340,435		$	3,521,122		$	8,101,280		$	6,741,644
Add refined product costs from purchased products and rounding(1)	204,924			645,797			473,160			1,039,837
Total cost of refined products sold	4,545,359			4,166,919			8,574,440			7,781,481
Add crude oil cost of direct sales of excess crude oil (2)	163,831			319,653			330,114			545,921
Add other refining segment cost of products sold (4)	29,398			32,539			43,756			44,878
Total refining segment cost of products sold	4,738,588			4,519,111			8,948,310			8,372,280
Subtract consolidations and eliminations	(63,742		)	(62,303		)	(134,844		)	(122,937		)
Costs of products sold (exclusive of depreciation and amortization)	$	4,674,846		$	4,456,808		$	8,813,466		$	8,249,343

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(Dollars in thousands, except per barrel amounts)
Consolidated
Average refinery operating expenses per produced barrel sold	$	5.69		$	6.09		$	5.97		$	6.38
Times sales of produced refined products (BPD)	458,670			397,960			440,970			392,070
Times number of days in period	91			91			181			181
Refinery operating expenses for produced products sold	$	237,495		$	220,545		$	476,499		$	452,755
Total refinery operating expenses for produced products sold	$	237,495		$	220,545		$	476,499		$	452,755
Add refining segment pension settlement costs	—			23,773			—			23,773
Add other refining segment operating expenses and rounding (5)	9,777			11,232			21,381			18,907
Total refining segment operating expenses	247,272			255,550			497,880			495,435
Add HEP segment operating expenses	24,567			22,010			47,379			48,039
Add corporate and other costs	179			343			1,047			(138		)
Subtract consolidations and eliminations	(364		)	(361		)	(686		)	(695		)
Operating expenses (exclusive of depreciation and amortization)	$	271,654		$	277,542		$	545,620		$	542,641

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(Dollars in thousands, except per barrel amounts)
Consolidated
Net operating margin per barrel	$	8.85		$	14.19		$	8.66		$	15.39
Add average refinery operating expenses per produced barrel	5.69			6.09			5.97			6.38
Refinery gross margin per barrel	14.54			20.28			14.63			21.77
Add average cost of products per produced barrel sold	103.99			97.23			101.50			95.00
Average sales price per produced barrel sold	$	118.53		$	117.51		$	116.13		$	116.77
Times sales of produced refined products (BPD)	458,670			397,960			440,970			392,070
Times number of days in period	91			91			181			181
Produced refined products sales	$	4,947,320		$	4,255,549		$	9,268,982		$	8,286,545
Total produced refined products sales	$	4,947,320		$	4,255,549		$	9,268,982		$	8,286,545
Add refined product sales from purchased products and rounding (1)	203,724			656,271			473,338			1,065,978
Total refined product sales	5,151,044			4,911,820			9,742,320			9,352,523
Add direct sales of excess crude oil (2)	170,634			322,524			336,041			558,774
Add other refining segment revenue (3)	40,236			52,537			58,633			68,010
Total refining segment revenue	5,361,914			5,286,881			10,136,994			9,979,307
Add HEP segment sales and other revenues	75,024			75,121			162,036			151,605
Add corporate and other revenues	506			234			1,621			797
Subtract consolidations and eliminations	(64,844		)	(63,388		)	(136,998		)	(125,072		)
Sales and other revenues	$	5,372,600		$	5,298,848		$	10,163,653		$	10,006,637

(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.

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 June 30, 2014.

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.

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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 environmental requirements. By letters dated October 5, 2012, November 7, 2012, and January 10, 2013, and pursuant to EPA's audit policy to the extent applicable, FR submitted reports to the EPA voluntarily disclosing non-compliance with certain emission limitations, reporting requirements, and provisions of a 2009 federal consent decree. By letters dated October 31, 2012, February 6, 2013, June 21, 2013, July 9, 2013 and July 25, 2013, and pursuant to applicable Wyoming audit statutes, FR submitted environmental audit reports 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 permit and other environmental regulatory requirements. Additional self-disclosures and follow-up correspondence are anticipated as the audit activities are completed. No further action has been taken by either agency at this time. The Cheyenne Refinery also has one outstanding Notice of Violations issued in 2013 that is subject to ongoing settlement negotiations with the WDEQ. The Notices of Violations issued in 2010 and 2011 have been settled. Additional air and other environmental audits for the Cheyenne Refinery are scheduled for 2014.

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.

On July 2, 2014, Holly Refining & Marketing Company - Woods Cross LLC (“Woods Cross”), our wholly-owned subsidiary, received a letter issued by the U.S. EPA Region 8 dated June 26, 2014 describing certain instances where Woods Cross appeared to be in non-compliance with the refinery's 2008 Consent Decree and calculating proposed stipulated penalties in accordance with that decree. The letter requested information and documentation setting forth Woods Cross's position on the EPA's assessment and further requested that Woods Cross provide reasons why the EPA's assessment may be incorrect. Woods Cross evaluated the EPA letter and submitted a response on July 29, 2014, explaining that many of the instances of apparent noncompliance are unwarranted and for those no penalty should be assessed. There has been no response from the EPA.

In correspondence dated December 26, 2013, the Oklahoma Department of Environmental Quality (“ODEQ”) notified Holly Refining & Marketing - Tulsa LLC (“HRMT”), our wholly-owned subsidiary, of allegations of noncompliance with certain regulations, permit conditions and consent decree provisions at the Tulsa refinery. HRMT provided further information requested by ODEQ, and on July 29, 2014, the parties participated in a follow-up meeting where the ODEQ informed HRMT that it intended to seek penalties for allegations of failure to meet various permit or consent decree requirements, including failure to timely install monitoring equipment on a flare. HRMT plans to contest the allegations and proposed penalty.

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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

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, 2013. You should carefully consider the risk factors discussed in our 2013 Form 10-K, which could materially affect our business, financial condition or future results. 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.

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 second quarter of 2014.

Period	Total Number of Shares Purchased (1)	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
April 2014	105,000	$	49.56	—	$	311,571,488
May 2014	30,000	$	51.76	—	$	311,571,488
June 2014	100,000	$	45.08	—	$	311,571,488
Total for April to June 2014	235,000			—

(1) Shares repurchased in the second quarter of 2014 were not purchased under our approved general stock repurchase program, but rather pursuant to separate authority from our Board of Directors to repurchase shares to offset shares issued under our compensation programs. These repurchases were made in the open market.

Item 6. Exhibits

The Exhibit Index on page 58 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.

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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: August 6, 2014		/s/ Douglas S. Aron
		Douglas S. Aron
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date: August 6, 2014		/s/ J. W. Gann, Jr.
		J. W. Gann, Jr.
		Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)

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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 February 20, 2014, File No. 1-03876).
10.1	Senior Unsecured 5-Year Revolving Credit Agreement, dated July 1, 2014, among HollyFrontier Corporation, as borrower, Union Bank, N.A., as administrative agent, and each of the financial institutions party thereto as lenders (incorporated by reference to Exhibit 10.1 to Registrant's Current Report on Form 8-K filed July 8, 2014, File No. 1-03876).
10.2	Subsidiary Guarantee, dated July 1, 2014, by certain subsidiaries of HollyFrontier Corporation in favor of Union Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.2 of Registrant's Current Report on Form 8-K filed July 8, 2014, 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 June 30, 2014, 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.

+ Filed electronically herewith.

58

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: August 6, 2014	/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: August 6, 2014	/s/ Douglas S. Aron
	Douglas S. Aron
	Executive Vice President and Chief Financial Officer

EX-32.2

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 June 30, 2014 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: August 6, 2014	/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 June 30, 2014 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: August 6, 2014	/s/ Douglas S. Aron
	Douglas S. Aron
	Executive Vice President and Chief Financial Officer

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Financial Instruments (Estimated Fair Values Of Debt Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 864,752	$ 770,114
Derivative Liability, Fair Value, Gross Liability	588,734	721,732
Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	864,752	770,114
Derivative Liability, Fair Value, Gross Liability	560,156	688,416
Level 1 [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	3,337	3,569
Level 2 [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	858,129	763,142
Derivative Liability, Fair Value, Gross Liability	503,137	675,873
Level 3 [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	6,623	6,972
Derivative Liability, Fair Value, Gross Liability	82,260	42,290
Marketable Securities [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	679,668	725,160
Marketable Securities [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	679,668	725,160
Marketable Securities [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	679,668	725,160
Nymex Futures Contracts [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	3,337	3,569
Nymex Futures Contracts [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	3,337	3,569
Nymex Futures Contracts [Member] | Level 1 [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	3,337	3,569
Nymex Futures Contracts [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	0
Commodity Price Swaps [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	184,250	43,284
Derivative Liability, Fair Value, Gross Liability	104,135	83,349
Commodity Price Swaps [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	184,250	43,284
Derivative Liability, Fair Value, Gross Liability	104,135	83,349
Commodity Price Swaps [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	177,627	36,312
Derivative Liability, Fair Value, Gross Liability	22,071	41,059
Commodity Price Swaps [Member] | Level 3 [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	6,623	6,972
Derivative Liability, Fair Value, Gross Liability	82,064	42,290
Forward Contracts [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	196
Forward Contracts [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	196
Forward Contracts [Member] | Level 3 [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	196
HEP Interest Rate Swap [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	834	1,670
Derivative Liability, Fair Value, Gross Liability	1,629	1,814
HEP Interest Rate Swap [Member] | Carrying Amount [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	834	1,670
Derivative Liability, Fair Value, Gross Liability	1,629	1,814
HEP Interest Rate Swap [Member] | Level 2 [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Asset, Fair Value, Gross Asset	834	1,670
Derivative Liability, Fair Value, Gross Liability	1,629	1,814
Senior Notes [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	159,187	161,250
Senior Notes [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	320,250	471,750
Senior Notes [Member] | Carrying Amount [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	154,606	155,054
Senior Notes [Member] | Carrying Amount [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	296,253	444,630
Senior Notes [Member] | Level 2 [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	159,187	161,250
Senior Notes [Member] | Level 2 [Member] | HEP [Member]
Debt Instrument [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 320,250	$ 471,750

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Derivative Instruments And Hedging Activities Interest Rate Swaps (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative [Line Items]
Amortization of unrealized loss attributable to discontinued cash flow hedges	$ 270	$ 270	$ 540	$ 1,209
Derivative Instruments, Gain (Loss) Recognized in Income	12,374	5,803	17,326	(22,840)
Interest Expense	10,136	19,794	22,483	41,114
Other Comprehensive Income (Loss), Change in Fair Value of Cash Flow Hedge	46,689	27,661	138,724	17,315
HEP [Member]
Derivative [Line Items]
(Gain) Loss Reclassified to Earnings Due to Settlements	553	516	1,091	1,020
Amortization of unrealized loss attributable to discontinued cash flow hedges				849
Derivative Instruments, Gain (Loss) Recognized in Income	(553)	(516)	(1,091)	(1,869)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(746)	3,413	(651)	4,824
Other Comprehensive Income (Loss), Change in Fair Value of Cash Flow Hedge	(1,299)	2,897	(1,742)	2,955
HEP Interest Rate Swap [Member] | HEP [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income	(553)	(516)
Interest Expense [Member] | HEP [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Income	$ (553)	$ (516)	$ (1,091)	$ (1,869)

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Environmental (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Loss Contingencies [Line Items]
Environmental remediation costs	$ 1.0	$ 0.6	$ 1.3	$ 0.8
Accrued environmental liability	84.5		84.5		87.8
Estimated time frame to remediate contigency			30
Other Long Term Liabilities [Member]
Loss Contingencies [Line Items]
Accrued environmental liability	$ 69.5		$ 69.5		$ 73.6

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Derivative Instruments And Hedging Activities Location of Gain Loss in Income Statement (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Economic Hedges, Net	$ (24,572)	$ 1,531	$ (24,594)	$ 30,130
Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Economic Hedges, Net	(24,432)	1,839	(24,406)	35,431
Operating Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Economic Hedges, Net	$ (140)	$ (308)	$ (188)	$ (5,301)

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Cash and Cash Equivalents and Investments in Marketable Securities (Available-For-Sale Securities) (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Certificates of Deposit [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	$ 79,704	$ 74,802
Available-for-Sale Securities, Gross Unrealized Gain	15	21
Available-for-sale Securities, Gross Unrealized Losses	(3)	(1)
Available-for-sale Securities, Fair Value (Net Carrying Amount)	79,716	74,822
Commercial Paper [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	76,670	78,216
Available-for-Sale Securities, Gross Unrealized Gain	16	28
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale Securities, Fair Value (Net Carrying Amount)	76,686	78,244
Corporate Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	146,455	96,889
Available-for-Sale Securities, Gross Unrealized Gain	34	6
Available-for-sale Securities, Gross Unrealized Losses	(18)	(44)
Available-for-sale Securities, Fair Value (Net Carrying Amount)	146,471	96,851
US States and Political Subdivisions Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	376,789	475,235
Available-for-Sale Securities, Gross Unrealized Gain	29	49
Available-for-sale Securities, Gross Unrealized Losses	(23)	(41)
Available-for-sale Securities, Fair Value (Net Carrying Amount)	376,795	475,243
Total Marketable Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Available-for-Sale Securities, Amortized Cost	679,618	725,142
Available-for-Sale Securities, Gross Unrealized Gain	94	104
Available-for-sale Securities, Gross Unrealized Losses	(44)	(86)
Available-for-sale Securities, Fair Value (Net Carrying Amount)	$ 679,668	$ 725,160

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Retirement Plan (Tables)

6 Months Ended

Jun. 30, 2014

Pension and Other Postretirement Benefit Expense [Abstract]

Net Periodic Pension Expense

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(In thousands)
Service cost – benefit earned during the period	$	224		$	278		$	448		$	556
Interest cost on projected benefit obligations	160			159			319			318
Amortization of prior service credit	(1,074		)	(1,474		)	(2,148		)	(2,948		)
Amortization of net loss	—			31			—			62
Loss on settlement	—			—			—			1,726
Net periodic post-retirement credit	$	(690	)	$	(1,006	)	$	(1,381	)	$	(286	)

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Equity (Changes To Equity) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Paid for Tax Withholding for Share Based Compensation			92,048
Balance at December 31, 2013			$ 5,999,620
Net income	185,153	265,749	349,115		609,120
Other comprehensive income, after tax	20,923	31,813	74,223		44,364
Remaining stock repurchase authorization			311571488
Balance at June 30, 2014	6,073,532		6,073,532
Holly Corporation Stockholders' Equity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2013			5,999,620
Net income			328,490
Dividends			(323,121)
Distributions to noncontrolling interest holders			0
Other comprehensive income, after tax			74,618
Equity-based compensation			12,188
Excess tax benefit attributable to equity-based compensation			3,778
Purchase of treasury stock			(22,041)	[1]
Purchase of HEP units for restricted grants			0
Other			0
Balance at June 30, 2014	6,073,532		6,073,532
Noncontrolling Interest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2013			609,778
Net income			20,625
Dividends			0
Distributions to noncontrolling interest holders			(38,548)
Other comprehensive income, after tax			(395)
Equity-based compensation			1,658
Excess tax benefit attributable to equity-based compensation			0
Purchase of treasury stock			0	[1]
Purchase of HEP units for restricted grants			(406)
Other			375
Balance at June 30, 2014	593,087		593,087
Total Equity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2013			6,609,398
Net income			349,115
Dividends			(323,121)
Distributions to noncontrolling interest holders			(38,548)
Other comprehensive income, after tax			74,223
Equity-based compensation			13,846
Excess tax benefit attributable to equity-based compensation			3,778
Purchase of treasury stock			(22,041)	[1]
Purchase of HEP units for restricted grants			(406)
Other			375
Balance at June 30, 2014	$ 6,666,619		$ 6,666,619

[1] Includes 92,048 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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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	176,429	$	256,981	$	328,490	$	590,650
Participating securities' share in earnings	475		917		945		2,201
Net income attributable to common shares	$	175,954	$	256,064	$	327,545	$	588,449
Average number of shares of common stock outstanding	198,139		201,543		198,217		202,131
Effect of dilutive variable restricted shares andperformance share units (1)	241		362		191		354
Average number of shares of common stock outstanding assuming dilution	198,380		201,905		198,408		202,485
Basic earnings per share	$	0.89	$	1.27	$	1.65	$	2.91
Diluted earnings per share	$	0.89	$	1.27	$	1.65	$	2.91
(1) Excludes anti-dilutive restricted and performance share units of:	26		232		2		248

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Debt (Carrying Amounts Of Long-Term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Total long-term debt	$ 1,027,885	$ 997,519
Holly Corporation [Member]
Debt Instrument [Line Items]
Total long-term debt	188,632	189,889
6.875% Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Principal	150,000	150,000
Unamortized Premium	4,606	5,054
Long-term debt carrying amount	154,606	155,054
Holly Financing Obligation [Member]
Debt Instrument [Line Items]
Financing obligation	34,026	34,835
HEP [Member]
Debt Instrument [Line Items]
Total HEP long-term debt	839,253	807,630
Total long-term debt	839,253	807,630
HEP [Member] | Holly Energy Partners Credit Agreement [Member]
Debt Instrument [Line Items]
HEP Credit Agreement	543,000	363,000
HEP [Member] | 8.25% Senior Notes Due 2018 [Member]
Debt Instrument [Line Items]
Principal	0	150,000
Unamortized discount	0	(1,297)
Long-term debt carrying amount	0	148,703
HEP [Member] | 6.5% Senior Notes Due 2020 [Member]
Debt Instrument [Line Items]
Principal	300,000	300,000
Unamortized discount	(3,747)	(4,073)
Long-term debt carrying amount	$ 296,253	$ 295,927

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Stock-Based Compensation (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 6.8	$ 7.9	$ 12.2	$ 15.3
HEP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense	$ 0.8	$ 0.8	$ 1.7	$ 1.9
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost, weighted-average period of recognition, years			1 year 2 months 13 days
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement Vesting Period	3 years
Performance Share Units Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost, weighted-average period of recognition, years			1 year 6 months
Performance Share Units Member | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement Vesting Period			3 years

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Holly Energy Partners (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014 Customers	Jun. 30, 2013	Jun. 30, 2014
Variable Interest Entity [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		1,875,000
Proceeds from Issuance of Common Stock		$ 73.4
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			84.00%
Percentage of ownership in variable interest entity			39.00%
Annual contract payment			$ 228.7
Sale of Stock, Number of Shares Issued in Transaction		1,875,000

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Derivative Instruments And Hedging Activities (Summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 864,752	$ 770,114
Derivative designated as cash flow hedging instrument asset - gross liability	(72,966)
Derivative designated as cash flow hedging instrument asset - net asset	84,772	1,670
Derivative Instrument Not Designated as Cash Flow Hedging Instrument Asset - net Asset	3,252	6,972
Derivative designated as Cash Flow Hedging Instrument Liability - Net Liability	4,746	41,696
Derivative Instrument not Designated as Cash Flow Hedging Instrument Asset - Gross Asset	5,961	6,972
Derivative Designated as Cash Flow Hedging Instrument Liability - Gross Liability	588,734	721,732
Derivative Designated as Cash Flow Hedging Instrument Liability - Gross Asset	(16,448)	(23,679)
Derivative Not Designated as Cash Flow Hedging Instruments Liability - Gross Asset	(4,937)	(12,611)
Derivative Not Designated as Cash Flow Hedging Instruments Liability - Net Liability	7,491	10,724
Derivative Instruments Assets - Net Asset	88,024	8,642
Derivative Instruments Liabilities - Net Liabilities Classified as Current	3,337	26,843
Derivative Instruments Liabilities - Net Liabilities Classified as Noncurrent	8,900	25,577
Derivative Instruments Liabilities Classified as Liabilities	12,237	52,420
Commodity Contract [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	156,904
Derivative Instrument Not Designated as Cash Flow Hedging Instrument Liability - Gross Liability	9,091	19,766
Derivative designated as cash flow hedging instrument asset - gross liability	(72,770)
Derivative designated as cash flow hedging instrument asset - net asset	84,134
Derivative Instrument Not Designated as Cash Flow Hedging Instrument Asset - net Asset	3,252	6,972
Derivative designated as Cash Flow Hedging Instrument Liability - Net Liability	3,117	39,882
Derivative Instrument not Designated as Cash Flow Hedging Instrument Asset - Gross Asset	5,961	6,972
Derivative Instrument not Designated as Cash Flow Hedging Instrument Asset - Gross Liability	(2,709)
Derivative Designated as Cash Flow Hedging Instrument Liability - Gross Liability	19,565	63,561
Derivative Designated as Cash Flow Hedging Instrument Liability - Gross Asset	(16,448)	(23,679)
Derivative Not Designated as Cash Flow Hedging Instruments Liability - Gross Asset	(4,937)	(12,611)
Derivative Not Designated as Cash Flow Hedging Instruments Liability - Net Liability	4,154	7,155
HEP Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	834	1,670
Derivative designated as cash flow hedging instrument asset - net asset	834	1,670
Derivative designated as Cash Flow Hedging Instrument Liability - Net Liability	1,629	1,814
Derivative Designated as Cash Flow Hedging Instrument Liability - Gross Liability	1,629	1,814
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative Instrument not Designated as Cash Flow Hedging Instrument Asset - Gross Liability	(2,709)
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative Instrument Not Designated as Cash Flow Hedging Instrument Liability - Gross Liability	12,428	23,335
Nymex Futures Contracts [Member]
Derivative [Line Items]
Derivative Instrument Not Designated as Cash Flow Hedging Instrument Liability - Gross Liability	3,337	3,569
Derivative Not Designated as Cash Flow Hedging Instruments Liability - Net Liability	3,337	3,569
Prepayments And Other [Member]
Derivative [Line Items]
Derivative Instruments Assets - Net Asset	85,660	6,972
Other Intangible Assets [Member]
Derivative [Line Items]
Derivative Instruments Assets - Net Asset	2,364	1,670
Forward Contracts [Member]
Derivative [Line Items]
Derivative designated as cash flow hedging instrument asset - gross liability	(196)
Derivative designated as cash flow hedging instrument asset - net asset	(196)
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	21,194	65,375
Derivative Financial Instruments, Assets [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 157,738	$ 1,670

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Supplemental Guarantor/Non-Guarantor Financial Information Consolidating Statement of Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	$ 5,372,600	$ 5,298,848	$ 10,163,653	$ 10,006,637
Cost of products sold	4,674,846	4,456,808	8,813,466	8,249,343
Operating expenses	271,654	277,542	545,620	542,641
General and administrative	28,365	34,000	55,288	63,198
Depreciation and amortization	101,390	70,492	181,938	142,254
Total operating costs and expenses	5,076,255	4,838,842	9,596,312	8,997,436
Income (loss) from operations	296,345	460,006	567,341	1,009,201
Earnings (loss) of equity method investments	(908)	(1,089)	(1,709)	(1,030)
Interest income (expense)	(8,952)	(19,016)	(19,894)	(38,805)
Loss on early extinguishment of debt	0	(22,109)	(7,677)	(22,109)
Nonoperating Income (Expense)	(9,860)	(42,214)	(29,280)	(61,944)
Income before income taxes	286,485	417,792	538,061	947,257
Income tax provision	101,332	152,043	188,946	338,137
Net income	185,153	265,749	349,115	609,120
Less net income attributable to noncontrolling interest	8,724	8,768	20,625	18,470
Net income attributable to HollyFrontier stockholders	176,429	256,981	328,490	590,650
Comprehensive income attributable to HollyFrontier stockholders	197,805	286,854	403,108	632,282
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	179	100	280	631
Cost of products sold	0	0	0	0
Operating expenses	0	0	0	0
General and administrative	24,343	30,242	45,450	54,373
Depreciation and amortization	2,010	1,400	3,800	2,326
Total operating costs and expenses	26,353	31,642	49,250	56,699
Income (loss) from operations	(26,174)	(31,542)	(48,970)	(56,068)
Earnings (loss) of equity method investments	303,788	469,228	566,147	1,020,119
Interest income (expense)	(373)	(7,456)	(797)	(14,677)
Loss on early extinguishment of debt	0	(22,109)	0	(22,109)
Nonoperating Income (Expense)	303,415	439,663	565,350	983,333
Income before income taxes	277,241	408,121	516,380	927,265
Income tax provision	101,304	151,698	188,843	337,737
Net income	175,937	256,423	327,537	589,528
Less net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to HollyFrontier stockholders	175,937	256,423	327,537	589,528
Comprehensive income attributable to HollyFrontier stockholders	197,313	286,296	402,155	631,160
Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	5,362,277	5,286,984	10,137,400	9,979,410
Cost of products sold	4,738,586	4,518,737	8,948,308	8,371,865
Operating expenses	247,451	255,874	498,927	495,297
General and administrative	1,469	630	4,095	2,405
Depreciation and amortization	87,473	57,043	154,580	117,663
Total operating costs and expenses	5,074,979	4,832,284	9,605,910	8,987,230
Income (loss) from operations	287,298	454,700	531,490	992,180
Earnings (loss) of equity method investments	14,546	12,592	30,568	24,206
Interest income (expense)	1,944	1,936	4,089	3,733
Loss on early extinguishment of debt	0	0	0	0
Nonoperating Income (Expense)	16,490	14,528	34,657	27,939
Income before income taxes	303,788	469,228	566,147	1,020,119
Income tax provision	0	0	0	0
Net income	303,788	469,228	566,147	1,020,119
Less net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to HollyFrontier stockholders	303,788	469,228	566,147	1,020,119
Comprehensive income attributable to HollyFrontier stockholders	338,556	489,146	687,940	1,057,542
Non Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	(36)	31	935	63
Cost of products sold	0	92	0	0
Operating expenses	0	19	0	0
General and administrative	37	28	76	88
Depreciation and amortization	0	0	0	0
Total operating costs and expenses	37	139	76	88
Income (loss) from operations	(73)	(108)	859	(25)
Earnings (loss) of equity method investments	16,132	14,401	32,415	26,393
Interest income (expense)	143	134	273	271
Loss on early extinguishment of debt	0	0	0	0
Nonoperating Income (Expense)	16,275	14,535	32,688	26,664
Income before income taxes	16,202	14,427	33,547	26,639
Income tax provision	0	0	0	0
Net income	16,202	14,427	33,547	26,639
Less net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to HollyFrontier stockholders	16,202	14,427	33,547	26,639
Comprehensive income attributable to HollyFrontier stockholders	15,909	15,900	33,291	28,731
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	0	0	0	0
Cost of products sold	0	282	0	415
Operating expenses	0	0	0	0
General and administrative	0	0	0	0
Depreciation and amortization	0	0	0	0
Total operating costs and expenses	0	282	0	415
Income (loss) from operations	0	(282)	0	(415)
Earnings (loss) of equity method investments	(319,990)	(483,655)	(599,694)	(1,046,758)
Interest income (expense)	0	294	0	446
Loss on early extinguishment of debt	0	0	0	0
Nonoperating Income (Expense)	(319,990)	(483,361)	(599,694)	(1,046,312)
Income before income taxes	(319,990)	(483,643)	(599,694)	(1,046,727)
Income tax provision	0	0	0	0
Net income	(319,990)	(483,643)	(599,694)	(1,046,727)
Less net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to HollyFrontier stockholders	(319,990)	(483,643)	(599,694)	(1,046,727)
Comprehensive income attributable to HollyFrontier stockholders	(354,465)	(505,034)	(721,231)	(1,086,242)
Holly Frontier Corp. Before Consolidation Of HEP [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	5,362,420	5,287,115	10,138,615	9,980,104
Cost of products sold	4,738,586	4,519,111	8,948,308	8,372,280
Operating expenses	247,451	255,893	498,927	495,297
General and administrative	25,849	30,900	49,621	56,866
Depreciation and amortization	89,483	58,443	158,380	119,989
Total operating costs and expenses	5,101,369	4,864,347	9,655,236	9,044,432
Income (loss) from operations	261,051	422,768	483,379	935,672
Earnings (loss) of equity method investments	14,476	12,566	29,436	23,960
Interest income (expense)	1,714	(5,092)	3,565	(10,227)
Loss on early extinguishment of debt	0	(22,109)	0	(22,109)
Nonoperating Income (Expense)	16,190	(14,635)	33,001	(8,376)
Income before income taxes	277,241	408,133	516,380	927,296
Income tax provision	101,304	151,698	188,843	337,737
Net income	175,937	256,435	327,537	589,559
Less net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to HollyFrontier stockholders	175,937	256,435	327,537	589,559
Comprehensive income attributable to HollyFrontier stockholders	197,313	286,308	402,155	631,191
Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	75,024	75,121	162,036	151,605
Cost of products sold	0	0	0	0
Operating expenses	24,567	22,010	47,379	48,039
General and administrative	2,516	3,100	5,667	6,332
Depreciation and amortization	15,477	15,619	30,661	29,368
Total operating costs and expenses	42,560	40,729	83,707	83,739
Income (loss) from operations	32,464	34,392	78,329	67,866
Earnings (loss) of equity method investments	748	746	1,270	1,403
Interest income (expense)	(8,329)	(11,624)	(18,780)	(24,006)
Loss on early extinguishment of debt	0	0	(7,677)	0
Nonoperating Income (Expense)	(7,581)	(10,878)	(25,187)	(22,603)
Income before income taxes	24,883	23,514	53,142	45,263
Income tax provision	28	345	103	400
Net income	24,855	23,169	53,039	44,863
Less net income attributable to noncontrolling interest	1,416	1,130	5,053	4,020
Net income attributable to HollyFrontier stockholders	23,439	22,039	47,986	40,843
Comprehensive income attributable to HollyFrontier stockholders	23,145	23,512	47,730	42,935
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Sales and other revenues	(64,844)	(63,388)	(136,998)	(125,072)
Cost of products sold	(63,740)	(62,303)	(134,842)	(122,937)
Operating expenses	(364)	(361)	(686)	(695)
General and administrative	0	0	0	0
Depreciation and amortization	(3,570)	(3,570)	(7,103)	(7,103)
Total operating costs and expenses	(67,674)	(66,234)	(142,631)	(130,735)
Income (loss) from operations	2,830	2,846	5,633	5,663
Earnings (loss) of equity method investments	(16,132)	(14,401)	(32,415)	(26,393)
Interest income (expense)	(2,337)	(2,300)	(4,679)	(4,572)
Loss on early extinguishment of debt	0	0	0	0
Nonoperating Income (Expense)	(18,469)	(16,701)	(37,094)	(30,965)
Income before income taxes	(15,639)	(13,855)	(31,461)	(25,302)
Income tax provision	0	0	0	0
Net income	(15,639)	(13,855)	(31,461)	(25,302)
Less net income attributable to noncontrolling interest	7,308	7,638	15,572	14,450
Net income attributable to HollyFrontier stockholders	(22,947)	(21,493)	(47,033)	(39,752)
Comprehensive income attributable to HollyFrontier stockholders	$ (22,653)	$ (22,966)	$ (46,777)	$ (41,844)

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Retirement Plan (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements		$ 30,893,000
Net change in post-retirement benefit obligations	0	28,986,000	0	28,986,000
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Transition Costs	$ 2,900,000	$ 2,900,000	$ 5,500,000	$ 5,800,000

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Inventories (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014		Dec. 31, 2013
Inventories
Crude oil	$ 628,215		$ 567,281
Other raw materials and unfinished products	186,892	[1]	154,534	[1]
Finished products	609,453	[2]	519,633	[2]
Process chemicals	4,470	[3]	3,504	[3]
Repairs and maintenance supplies and other	75,802		109,295
Inventories, total	$ 1,504,832		$ 1,354,247

[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

6 Months Ended

Jun. 30, 2014

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 estimated fair values of our investments in marketable securities, derivative instruments and senior notes at June 30, 2014 and December 31, 2013 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
June 30, 2014
Assets:
Marketable securities	$	679,668	$	679,668	$	—	$	679,668	$	—
Commodity price swaps	184,250		184,250		—		177,627		6,623
HEP interest rate swaps	834		834		—		834		—
Total assets	$	864,752	$	864,752	$	—	$	858,129	$	6,623
Liabilities:
NYMEX futures contracts	$	3,337	$	3,337	$	3,337	$	—	$	—
Commodity price swaps	104,135		104,135		—		22,071		82,064
Forward sales contracts	196		196		—		—		196
HollyFrontier senior notes	154,606		159,187		—		159,187		—
HEP senior notes	296,253		320,250		—		320,250		—
HEP interest rate swaps	1,629		1,629		—		1,629		—
Total liabilities	$	560,156	$	588,734	$	3,337	$	503,137	$	82,260

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2013
Assets:
Marketable securities	$	725,160	$	725,160	$	—	$	725,160	$	—
Commodity price swaps	43,284		43,284		—		36,312		6,972
HEP interest rate swaps	1,670		1,670		—		1,670		—
Total assets	$	770,114	$	770,114	$	—	$	763,142	$	6,972
Liabilities:
NYMEX futures contracts	$	3,569	$	3,569	$	3,569	$	—	$	—
Commodity price swaps	83,349		83,349		—		41,059		42,290
HollyFrontier senior notes	155,054		161,250		—		161,250		—
HEP senior notes	444,630		471,750		—		471,750		—
HEP interest rate swaps	1,814		1,814		—		1,814		—
Total liabilities	$	688,416	$	721,732	$	3,569	$	675,873	$	42,290

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 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 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 our Level 3 assets and liabilities (all related to derivative instruments) for the three and six months ended June 30, 2014 and 2013:

	Three Months Ended June 30,						Six Months Ended June 30,
Level 3 Financial Instruments	2014			2013			2014			2013
	(In thousands)
Liability balance at beginning of period	$	(22,473	)	$	(6,249	)	$	(35,318	)	$	(33,658	)
Change in fair value:
Recognized in other comprehensive income	(90,559		)	50,615			(112,695		)	1,413
Recognized in cost of products sold	(7,084		)	3,662			1,885			47,222
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	48,942			(3,868		)	74,273			15,316
Recognized in cost of products sold	(4,463		)	(7,034		)	(3,782		)	6,833
Asset (liability) balance at end of period	$	(75,637	)	$	37,126		$	(75,637	)	$	37,126

A hypothetical change of 10% to the estimated future cash flows attributable to our Level 3 commodity price swaps would result in an estimated fair value change of $7.5 million.

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Retirement Plan (Net Periodic Pension Expense) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Defined Benefit Plan Disclosure [Line Items]
Loss on settlement	$ 0	$ (28,986)	$ 0	$ (28,986)
Other Post-Retirement Healthcare and Other Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefit earned during the period	224	278	448	556
Interest cost on projected benefit obligations	160	159	319	318
Amortization of prior service cost	(1,074)	(1,474)	(2,148)	(2,948)
Amortization of net loss	0	31	0	62
Loss on settlement	0	0	0	1,726
Net periodic post-retirement expense (credit)	$ (690)	$ (1,006)	$ (1,381)	$ (286)

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Stock-Based Compensation (Summary Of Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $)	6 Months Ended
	Jun. 30, 2014
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
Total unrecognized compensation cost related to non-vested grants	$ 13,100,000
Fair value of restricted stock vested	3,500,000
Outstanding at January 1, 2014 (non-vested)	737,562
Granted	70,243
Vesting (transfer/conversion to common stock)	(103,586)
Forfeited	(72,697)
Outstanding at June 30, 2014 (non-vested)	631,522
Outstanding at January 1, 2014 (non-vested), Weighted Average Grant Date Fair Value	$ 39.54
Granted, Weighted Average Grant Date Fair Value	$ 48.22
Vesting and transfer of ownership to recipients, Weighted Average Grant Date Fair Value	$ 33.71
Forfeited, Weighted Average Grant Date Fair Value, per share	$ 42.24
Outstanding at March 31, 2014 (non-vested), Weighted Average Grant Date Fair Value	$ 41.15
Aggregate Intrinsic Value	$ 27,591,000

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Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt [Abstract]

Carrying Amounts Of Long-Term Debt

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

	June 30, 2014			December 31, 2013
	(In thousands)
6.875% Senior Notes
Principal	$	150,000		$	150,000
Unamortized premium	4,606			5,054
	154,606			155,054
Financing Obligation	34,026			34,835
Total HollyFrontier long-term debt	188,632			189,889
HEP Credit Agreement	543,000			363,000
HEP 6.5% Senior Notes
Principal	300,000			300,000
Unamortized discount	(3,747		)	(4,073		)
	296,253			295,927
HEP 8.25% Senior Notes
Principal	—			150,000
Unamortized discount	—			(1,297		)
	—			148,703
Total HEP long-term debt	839,253			807,630
Total long-term debt	$	1,027,885		$	997,519

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Inventories (Tables)

6 Months Ended

Jun. 30, 2014

Inventory, Net [Abstract]

Inventory Components

Inventory consists of the following components:

	June 30, 2014		December 31, 2013
	(In thousands)
Crude oil	$	628,215	$	567,281
Other raw materials and unfinished products(1)	186,892		154,534
Finished products(2)	609,453		519,633
Process chemicals(3)	4,470		3,504
Repair and maintenance supplies and other	75,802		109,295
Total inventory	$	1,504,832	$	1,354,247

(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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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		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	$ 1,354	$ (783)	$ (806)	$ 1,627
Derivative Instruments, change in fair value	35,061	18,445	122,049	35,331
Gain (Loss) on Fair Value Hedges Recognized in Earnings	12,927	6,319	18,417	(20,971)
Cost of Sales [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net		(1,439)		1,692
Gain (Loss) on Fair Value Hedges Recognized in Earnings	61,124	1,930	90,441	(4,603)
Operating Expense [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	1,354	106	(806)	(259)
Gain (Loss) on Fair Value Hedges Recognized in Earnings	745	521	2,249	(1,052)
Sales and other revenues [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net		550		194
Gain (Loss) on Fair Value Hedges Recognized in Earnings	(48,942)	3,868	(74,273)	(15,316)
Commodity Contract [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Derivative Instruments, change in fair value	47,988	24,764	140,466	14,360
(Gain) Loss Reclassified to Earnings Due to Settlements	(13,197)	(6,589)	(18,957)	20,611
Amortization Of Discontinued Hedges Reclassified to Earnings	$ 270	$ 270	$ 540	$ 360

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Stock-Based Compensation (Summary Of Performance Share Unit Activity) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares, Issued		172,231
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 5.9
Performance Share Units Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 19.5	$ 19.5
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition		1 year 6 months
Outstanding at January 1, 2014 (non-vested)		983,610
Granted		26,493
Vesting and transfer of ownership to recipients		(181,290)
Forfeited		(108,182)
Outstanding at June 30, 2014 (non-vested)	720,631	720,631
Percentage Of Share Units Awarded Ultimately Issued	95.00%
Current Estimated Percentage Of Share Units Awarded Ultimately Issued		100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value		$ 40.55
Performance Share Units Member | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Expense		3 years
Percentage Of Share Units Awarded Ultimately Issued		200.00%
Performance Share Units Member | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Share Units Awarded Ultimately Issued		0.00%

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Derivative Instruments And Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014
Commodity price swaps
Change in fair value	$	47,988		Sales and other revenues	$	(48,942	)
Gain reclassified to earnings due to settlements	(13,197		)	Cost of products sold	61,124
Amortization of discontinued hedges reclassified to earnings	270			Operating expenses	745			Operating expenses	$	1,354
Total	$	35,061			$	12,927			$	1,354
Three Months Ended June 30, 2013
Commodity price swaps
Change in fair value	$	24,764		Sales and other revenues	$	3,868		Sales and other revenues	$	550
Gain reclassified to earnings due to settlements	(6,589		)	Cost of products sold	1,930			Cost of products sold	(1,439		)
Amortization of discontinued hedges reclassified to earnings	270			Operating expenses	521			Operating expenses	106
Total	$	18,445			$	6,319			$	(783	)
Six Months Ended June 30, 2014
Commodity price swaps
Change in fair value	$	140,466		Sales and other revenues	$	(74,273	)
Gain reclassified to earnings due to settlements	(18,957		)	Cost of products sold	90,441
Amortization of discontinued hedge reclassified to earnings	540			Operating expenses	2,249			Operating expenses	$	(806	)
Total	$	122,049			$	18,417			$	(806	)
Six Months Ended June 30, 2013
Commodity price swaps
Change in fair value	$	14,360		Sales and other revenues	$	(15,316	)	Sales and other revenues	$	194
Loss reclassified to earnings due to settlements	20,611			Cost of products sold	(4,603		)	Cost of products sold	1,692
Amortization of discontinued hedge reclassified to earnings	360			Operating expenses	(1,052		)	Operating expenses	(259		)
Total	$	35,331			$	(20,971	)		$	1,627

Schedule of Notional Amounts of Outstanding Derivatives Serving as Cash Flow Hedges

As of June 30, 2014, 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	2014	2015	2016	2017	Unit of Measure
Natural gas - long	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
WTI crude oil - long	18,456,000	14,076,000	4,380,000	—	—	Barrels
Ultra-low sulfur diesel - short	11,832,000	7,452,000	4,380,000	—	—	Barrels
Sub octane gasoline - short	6,624,000	6,624,000	—	—	—	Barrels
Forward sales - diesel and gasoline	100,000	100,000	—	—	—	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 June 30,						Six Months Ended June 30,
Location of Gain (Loss) Recognized in Income	2014			2013			2014			2013
	(In thousands)
Cost of products sold	$	(24,432	)	$	1,839		$	(24,406	)	$	35,431
Operating expenses	(140		)	(308		)	(188		)	(5,301		)
Total	$	(24,572	)	$	1,531		$	(24,594	)	$	30,130

Schedule of Notional Amounts of Outstanding Derivative Positions

As of June 30, 2014, 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	2014	2015	2016	2017	Unit of Measure
Commodity price swap (WCS spread) - long	3,220,000	3,220,000	—	—	—	Barrels
Commodity price swap (natural gas) - long	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
Commodity price swap (natural gas) - short	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
NYMEX futures (WTI) - short	2,935,000	2,935,000	—	—	—	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 hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Loss Recognized in Earnings Due to Settlements
				Location	Amount
	(In thousands)
Three Months Ended June 30, 2014
Interest rate swaps
Change in fair value	$	(1,299	)
Loss reclassified to earnings due to settlements	553			Interest expense	$	(553	)
Total	$	(746	)		$	(553	)
Three Months Ended June 30, 2013
Interest rate swaps
Change in fair value	$	2,897
Loss reclassified to earnings due to settlements	516			Interest expense	$	(516	)
Total	$	3,413			$	(516	)
Six Months Ended June 30, 2014
Interest rate swaps
Change in fair value	$	(1,742	)
Loss reclassified to earnings due to settlements	1,091			Interest expense	$	(1,091	)
Total	$	(651	)		$	(1,091	)
Six Months Ended June 30, 2013
Interest rate swaps
Change in fair value	$	2,955
Loss reclassified to earnings due to settlements	1,020
Amortization of discontinued hedge reclassified to earnings	849			Interest expense	$	(1,869	)
Total	$	4,824			$	(1,869	)

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)
June 30, 2014
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	156,904	$	(72,770	)	$	84,134		$	19,565	$	(16,448	)	$	3,117
Forward sales contracts	—		(196		)	(196		)	—		—			—
Interest rate swap contracts	834		—			834			1,629		—			1,629
	$	157,738	$	(72,966	)	$	84,772		$	21,194	$	(16,448	)	$	4,746
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	5,961	$	(2,709	)	$	3,252		$	9,091	$	(4,937	)	$	4,154
NYMEX futures contracts	—		—			—			3,337		—			3,337
	$	5,961	$	(2,709	)	$	3,252		$	12,428	$	(4,937	)	$	7,491
Total net balance						$	88,024							$	12,237
Balance sheet classification:	Prepayment and other					$	85,660		Accrued liabilities					$	3,337
	Intangibles and other					2,364			Other long-term liabilities					8,900
						$	88,024							$	12,237

	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, 2013
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	63,561	$	(23,679	)	$	39,882
Interest rate swap contracts	1,670		—		1,670		1,814		—			1,814
	$	1,670	$	—	$	1,670	$	65,375	$	(23,679	)	$	41,696
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	6,972	$	—	$	6,972	$	19,766	$	(12,611	)	$	7,155
NYMEX futures contracts	—		—		—		3,569		—			3,569
	$	6,972	$	—	$	6,972	$	23,335	$	(12,611	)	$	10,724
Total net balance					$	8,642						$	52,420
Balance sheet classification:	Prepayment and other				$	6,972	Accrued liabilities					$	26,843
	Intangibles and other				1,670		Other long-term liabilities					25,577
					$	8,642						$	52,420

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Equity (Tables)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Changes To Equity

Changes to equity during the six months ended June 30, 2014 are presented below:

	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2013	$	5,999,620		$	609,778		$	6,609,398
Net income	328,490			20,625			349,115
Dividends	(323,121		)	—			(323,121		)
Distributions to noncontrolling interest holders	—			(38,548		)	(38,548		)
Other comprehensive income, net of tax	74,618			(395		)	74,223
Equity-based compensation	12,188			1,658			13,846
Excess tax benefit attributable to equity-based compensation	3,778			—			3,778
Purchase of treasury stock (1)	(22,041		)	—			(22,041		)
Purchase of HEP units for restricted grants	—			(406		)	(406		)
Other	—			375			375
Balance at June 30, 2014	$	6,073,532		$	593,087		$	6,666,619

(1) Includes 92,048 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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Variable Interest Entities

6 Months Ended

Jun. 30, 2014

Variable Interest Entities [Abstract]

Variable Interest Entities

Variable Interest Entities

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 June 30, 2014, we owned a 39% interest in HEP, including the 2% general partner interest. As the general partner of HEP, we have the sole ability to direct the activities that most significantly impact HEP's financial performance. 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.

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 84% of HEP’s total revenues for the six months ended June 30, 2014. 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 other 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.

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 July 1, 2014, these agreements result in minimum annualized payments to HEP of $228.7 million.

Our transactions with HEP including fees paid under our transportation agreements with HEP and UNEV 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.

Sabine Biofuels

We have a 50% ownership interest in Sabine Biofuels, an unconsolidated VIE. This investment, accounted for using the equity method of accounting, had a carrying amount of $10.6 million at June 30, 2014 and is classified as a noncurrent asset under “Intangibles and other” in our consolidated balance sheets.

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Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014
Net unrealized gain on marketable securities	$	25		$	17		$	8
Net unrealized gain on hedging instruments	34,315			13,400			20,915
Other comprehensive income	34,340			13,417			20,923
Less other comprehensive loss attributable to noncontrolling interest	(453		)	—			(453		)
Other comprehensive income attributable to HollyFrontier stockholders	$	34,793		$	13,417		$	21,376
Three Months Ended June 30, 2013
Net unrealized loss on marketable securities	$	(45	)	$	(36	)	$	(9	)
Net unrealized gain on hedging instruments	21,858			7,747			14,111
Net change in pension and other post-retirement benefit obligations	28,986			11,275			17,711
Other comprehensive income	50,799			18,986			31,813
Less other comprehensive income attributable to noncontrolling interest	1,940			—			1,940
Other comprehensive income attributable to HollyFrontier stockholders	$	48,859		$	18,986		$	29,873
Six Months Ended June 30, 2014
Net unrealized gain on marketable securities	$	36		$	14		$	22
Net unrealized gain on hedging instruments	121,398			47,143			74,255
Net change in post-retirement benefit obligations	(89		)	(35		)	(54		)
Other comprehensive income	121,345			47,122			74,223
Less other comprehensive loss attributable to noncontrolling interest	(395		)	—			(395		)
Other comprehensive income attributable to HollyFrontier stockholders	$	121,740		$	47,122		$	74,618
Six Months Ended June 30, 2013
Net unrealized loss on marketable securities	$	(29	)	$	(28	)	$	(1	)
Net unrealized gain on hedging instruments	40,155			14,556			25,599
Net change in pension and other post-retirement benefit obligations	30,712			11,946			18,766
Other comprehensive income	70,838			26,474			44,364
Less other comprehensive income attributable to noncontrolling interest	2,733			—			2,733
Other comprehensive income attributable to HollyFrontier stockholders	$	68,105		$	26,474		$	41,631

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 Component	Gain (Loss) Reclassified From AOCI						Income Statement Line Item
	(In thousands)
	Three Months Ended June 30,
	2014			2013
Marketable securities	$	—		$	6		Interest income
	—			2			Income tax expense
	—			4			Net of tax
Hedging instruments:
Commodity price swaps	(48,942		)	3,868			Sales and other revenues
	61,124			1,930			Cost of products sold
	745			521			Operating expenses
Interest rate swaps	(553		)	(516		)	Interest expense
	12,374			5,803
	4,918			2,379			Income tax expense
	7,456			3,424			Net of tax
	335			313			Noncontrolling interest
	7,791			3,737			Net of tax and noncontrolling interest
Pension obligation	—			(2,460		)	Cost of products sold
	—			(23,260		)	Operating expenses
	—			(3,266		)	General and administrative expenses
	—			(28,986		)
	—			(11,275		)	Income tax benefit
	—			(17,711		)	Net of tax
Total reclassifications for the period	$	7,791		$	(13,970	)
	Six Months Ended June 30,
	2014			2013
Marketable securities	$	1		$	3		Interest income
	—			1			Income tax expense
	1			2			Net of tax
Hedging instruments:
Commodity price swaps	(74,273		)	(15,316		)	Sales and other revenues
	90,441			(4,603		)	Cost of products sold
	2,249			(1,052		)	Operating expenses
Interest rate swaps	(1,091		)	(1,869		)	Interest expense
	17,326			(22,840		)
	6,961			(8,444		)	Income tax expense (benefit)
	10,365			(14,396		)	Net of tax
	661			1,133			Noncontrolling interest
	11,026			(13,263		)	Net of tax and noncontrolling interest
Pension and other post-retirement benefit obligations:
Pension obligation	—			(2,460		)	Cost of products sold
	—			(23,260		)	Operating expenses
	—			(3,266		)	General and administrative expenses
	—			(28,986		)
	—			(11,275		)	Income tax benefit
	—			(17,711		)	Net of tax
Post-retirement healthcare 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	$	11,027		$	(32,027	)

Accumulated Other Comprehensive Loss In Equity

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

	June 30, 2014		December 31, 2013
	(In thousands)
Unrealized gain on post-retirement benefit obligations	$	27,637	$	27,691
Unrealized gain on marketable securities	32		10
Unrealized gain (loss) on hedging instruments, net of noncontrolling interest	47,771		(26,879		)
Accumulated other comprehensive income	$	75,440	$	822

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Financial Instruments (Changes in Level 3 Inputs) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 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			$ 7,500,000
Commodity Contract [Member] | Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Asset (liability) balance at beginning of period	(22,473,000)	(6,249,000)	(35,318,000)	(33,658,000)	37,126,000
Change in fair value recognized in other comprehensive income	(90,559,000)	50,615,000	(112,695,000)	1,413,000
Change in Fair Value Recognized in Cost of Product Sold	(7,084,000)	3,662,000	1,885,000	47,222,000
Settlements Recognized in Sales and Other Revenues	48,942,000	(3,868,000)	74,273,000	15,316,000
Settlements Recognized in Cost of Product Sold	(4,463,000)	(7,034,000)	(3,782,000)	6,833,000
Asset (liability) balance at end of period	$ (75,637,000)	$ 37,126,000	$ (75,637,000)	$ 37,126,000	$ 37,126,000

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Derivative Instruments And Hedging Activities Notional Contracts by Derivative Type (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2014
economic hedges by derivative type [Line Items]
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes	$ 3.8
Commodity WCS Spread [Member]
economic hedges by derivative type [Line Items]
Portion of Future Oil and Gas Production Being Hedged	3,220,000
Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	33,600,000
Portion of future gas production hedged for price risk	33,600,000
Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	33,600,000
Commodity WTI short [Member]
economic hedges by derivative type [Line Items]
Portion of Future Oil and Gas Production Being Hedged	2,935,000
WTI Crude Oil [Member]
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	18,456,000
Ultra Low Sulfur Diesel Member
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	11,832,000
Sub octane gasoline - short [Member]
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	6,624,000
Gasoline And Diesel Member
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	100,000
Maturing in next twelve months [Member] | Commodity WCS Spread [Member]
economic hedges by derivative type [Line Items]
Portion of Future Oil and Gas Production Being Hedged	3,220,000
Maturing in next twelve months [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	4,800,000
Portion of future gas production hedged for price risk	4,800,000
Maturing in next twelve months [Member] | Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	4,800,000
Maturing in next twelve months [Member] | Commodity WTI short [Member]
economic hedges by derivative type [Line Items]
Portion of Future Oil and Gas Production Being Hedged	2,935,000
Maturing in next twelve months [Member] | WTI Crude Oil [Member]
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	14,076,000
Maturing in next twelve months [Member] | Ultra Low Sulfur Diesel Member
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	7,452,000
Maturing in next twelve months [Member] | Sub octane gasoline - short [Member]
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	6,624,000
Maturing in next twelve months [Member] | Gasoline And Diesel Member
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	100,000
Maturing in year two [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Portion of future gas production hedged for price risk	9,600,000
Maturing in year two [Member] | Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in year two [Member] | WTI Crude Oil [Member]
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	4,380,000
Maturing in year two [Member] | Ultra Low Sulfur Diesel Member
economic hedges by derivative type [Line Items]
Portion of oil and gas production hedged for price risk	4,380,000
Maturing in year three [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Portion of future gas production hedged for price risk	9,600,000
Maturing in year three [Member] | Natural Gas - Short [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Maturing in year four [Member] | Natural Gas - long [Member]
economic hedges by derivative type [Line Items]
Portion Of Future Gas Production Being Hedged	9,600,000
Portion of future gas production hedged for price risk	9,600,000
Maturing in year four [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	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents (HEP: $6,066 and $6,352, respectively)	$ 1,118,302	$ 940,103
Marketable securities	679,668	725,160
Total cash, cash equivalents and short-term marketable securities	1,797,970	1,665,263
Accounts receivable: Product and transportation (HEP: $34,359 and $34,736, respectively)	731,673	665,098
Crude oil resales	48,507	43,704
Accounts receivable, total	780,180	708,802
Inventories: Crude oil and refined products	1,424,560	1,241,448
Materials and supplies (HEP: $1,582 and $1,591, respectively)	80,272	112,799
Inventories, total	1,504,832	1,354,247
Income taxes receivable	18,875	109,376
Prepayments and other (HEP: $2,164 and $2,283, respectively)	134,274	58,756
Total current assets	4,236,131	3,896,444
Properties, plants and equipment, at cost (HEP: $1,234,342 and $1,199,594, respectively)	4,562,824	4,343,857
Less accumulated depreciation (HEP: $(222,381) and $(194,619), respectively)	(1,070,081)	(949,261)
Property, plants and equipment, net	3,492,743	3,394,596
Marketable securities (long-term)	0
Other assets: Turnaround costs	222,929	258,436
Goodwill (HEP: $288,991 and $288,991, respectively)	2,331,922	2,331,922
Intangibles and other (HEP: $71,829 and $74,979, respectively)	174,658	175,341
Other assets, total	2,729,509	2,765,699
Total assets	10,458,383	10,056,739
Current liabilities:
Accounts payable (HEP: $17,706 and $22,898, respectively)	1,624,953	1,325,376
Accrued liabilities (HEP: $26,527 and $28,668, respectively)	125,761	125,115
Deferred income tax liabilities	216,981	223,999
Total current liabilities	1,967,695	1,674,490
Long-term debt (HEP: $839,253 and $807,630, respectively)	1,027,885	997,519
Deferred income taxes (HEP: $5,312 and $5,287, respectively)	657,465	616,842
Other long-term liabilities (HEP: $38,585 and $35,918, respectively)	138,719	158,490
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 June 30, 2014 and December 31, 2013	2,560	2,560
Additional capital	4,004,642	3,990,630
Retained earnings	3,149,849	3,144,480
Accumulated other comprehensive income (loss)	75,440	822
Common stock held in treasury, at cost - 57,411,351 and 57,132,515 shares as of June 30, 2014 and December 31, 2013, respectively	(1,158,959)	(1,138,872)
Total HollyFrontier stockholders' equity	6,073,532	5,999,620
Noncontrolling interest	593,087	609,778
Total equity	6,666,619	6,609,398
Total liabilities and equity	10,458,383	10,056,739
HEP [Member]
Current assets:
Cash and cash equivalents (HEP: $6,066 and $6,352, respectively)	6,066	6,352
Accounts receivable: Product and transportation (HEP: $34,359 and $34,736, respectively)	34,359	34,736
Materials and supplies (HEP: $1,582 and $1,591, respectively)	1,582	1,591
Prepayments and other (HEP: $2,164 and $2,283, respectively)	2,164	2,283
Properties, plants and equipment, at cost (HEP: $1,234,342 and $1,199,594, respectively)	1,234,342	1,199,594
Less accumulated depreciation (HEP: $(222,381) and $(194,619), respectively)	(222,381)	(194,619)
Goodwill (HEP: $288,991 and $288,991, respectively)	288,991	288,991
Intangibles and other (HEP: $71,829 and $74,979, respectively)	71,829	74,979
Total assets	1,416,952	1,413,908
Current liabilities:
Accounts payable (HEP: $17,706 and $22,898, respectively)	17,706	22,898
Accrued liabilities (HEP: $26,527 and $28,668, respectively)	26,527	28,668
Long-term debt (HEP: $839,253 and $807,630, respectively)	839,253	807,630
Deferred income taxes (HEP: $5,312 and $5,287, respectively)	5,312	5,287
Other long-term liabilities (HEP: $38,585 and $35,918, respectively)	$ 38,585	$ 35,918

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Cash and Cash Equivalents and Investments in Marketable Securities (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Schedule of Available-for-sale Securities [Line Items]
Maximum term to maturity from date of purchase (years)	1 year
Total Marketable Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment Income, interest income on Marketable Securities	$ 0.6	$ 0.6	$ 1.2	$ 1.1

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Consolidated Statements Of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net income	$ 349,115	$ 609,120
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	181,938	142,254
Net loss of equity method investments, inclusive of distributions	3,082	2,593
Loss on early extinguishment of debt attributable to unamortized discount	1,489	7,948
Deferred income taxes	(13,518)	(11,929)
Equity based compensation expense	13,846	17,192
Change in fair value - derivative instruments	486	(57,192)
(Increase) decrease in current assets:
Accounts receivable	(81,399)	(122,875)
Inventories	(150,585)	(230,811)
Income taxes receivable	90,501	12,526
Prepayments and other	3,171	10,040
Increase (decrease) in current liabilities:
Accounts payable	307,473	216,506
Accrued liabilities	20,865	(7,588)
Turnaround expenditures	(9,708)	(159,811)
Other, net	4,723	23,542
Net cash provided by operating activities	721,479	451,515
Cash flows from investing activities:
Additions to properties, plants and equipment	(205,987)	(153,942)
Proceeds from sale of properties, plants, and equipment	0	5,802
Investment in Sabine Biofuels	(5,000)	(2,000)
Net repayment of advances to Sabine Biofuels	10,021	(13,700)
Purchases of marketable securities	(498,080)	(399,154)
Sales and maturities of marketable securities	(543,604)	(398,762)
Net cash used for investing activities	(194,224)	(181,093)
Cash flows from financing activities:
Redemption of senior notes	0	(300,973)
Proceeds from sale of HEP common units	0	73,444
Proceeds from common unit offerings - HEP	0	146,888
Inventory repurchase obligation	5,964	0
Purchase of treasury stock	(20,135)	(159,432)
Dividends	(323,088)	(264,867)
Excess tax benefit from equity based compensation	3,778	1,037
Deferred financing costs and other	(433)	(2,184)
Net cash used for financing activities	(349,056)	(678,701)
Cash and cash equivalents:
Increase for the period	178,199	(408,279)
Beginning of period	940,103	1,757,699
End of period	1,118,302	1,349,420
Cash paid during the period for:
Interest	30,702	46,566
Income taxes	118,142	336,099
HEP [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,661	29,368
Cash flows from investing activities:
Additions to properties, plants and equipment	(38,782)	(16,861)
Cash flows from financing activities:
Borrowings under credit agreement - HEP	477,100	154,500
Repayments under credit agreement - HEP	(297,100)	(220,500)
Redemption of senior notes	(156,188)	0
Proceeds from common unit offerings - HEP		73,444
Distributions to noncontrolling interest	(38,548)	(34,604)
Purchase of units for incentive grants - HEP	(406)	(2,934)
Cash and cash equivalents:
Beginning of period	6,352
End of period	$ 6,066

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Other Comprehensive Income (Loss) (Accumulated Other Comprehensive Loss In Equity) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Marketable securities	$ 0	$ 6	$ 1	$ 3
Marketable securities - income tax	0	2		1
Gain on Sale of Marketable Securities, Net of Tax	0	4	1	2
Gain (Loss) on Hedging Instruments, Net, Pretax	12,374	5,803	17,326	(22,840)
Gain (Loss) on Sale of Derivatives, Income Tax	4,918	2,379	6,961	(8,444)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net			(1,091)	(1,869)
Gain (Loss) on Hedging Instruments, Net	7,456	3,424	10,365	(14,396)
Gain (Loss) on Hedging Instruments - Noncontrolling Interest	335	313	661	1,133
Gain (Loss) on Hedging Instruments - After Tax and NC Interests	7,791	3,737	11,026	(13,263)
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax	0	(28,986)	0	(28,986)
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Tax		(11,275)		(11,275)
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Net of Tax		(17,711)		(17,711)
Other Comprehensive Income Loss Post-retirement Healthcare Reclassified Before Tax				1,726
Other Post-retirement Healthcare Obligation Reclassified, Tax				671
Net change in post-retirement benefit obligations	0	(28,986)	89	(30,712)
Net Change in Post-retirement Benefit Obligations, Income Tax		(11,275)	35	(11,946)
Other Comprehensive Income (Loss) Post-retirement Benefits Reclassified, Net of Tax				1,055
Net change in Post-retirement Benefit Obligations, After Tax		(17,711)	54	(18,766)
Other Comprehensive Income (Loss), Reclassifications to Income, Net of Tax	7,791	(13,970)	11,027	(32,027)
Cost of Sales [Member]
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax		(2,460)		(2,460)
Other Comprehensive Income Loss Post-retirement Healthcare Reclassified Before Tax				84
Operating Expense [Member]
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax		(23,260)		(23,260)
Other Comprehensive Income Loss Post-retirement Healthcare Reclassified Before Tax				1,549
General and Administrative Expense [Member]
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax		(3,266)		(3,266)
Other Comprehensive Income Loss Post-retirement Healthcare Reclassified Before Tax				93
HEP [Member]
Gain (Loss) on Hedging Instruments, Net, Pretax	(553)	(516)	(1,091)	(1,869)
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax	0
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Tax	0
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Net of Tax	0
Commodity Contract [Member] | Sales and other revenues [Member]
Gain (Loss) on Hedging Instruments, Net, Pretax	(48,942)	3,868	(74,273)	(15,316)
Commodity Contract [Member] | Cost of Sales [Member]
Gain (Loss) on Hedging Instruments, Net, Pretax	61,124	1,930	90,441	(4,603)
Commodity Contract [Member] | Operating Expense [Member]
Gain (Loss) on Hedging Instruments, Net, Pretax	745	521	2,249	(1,052)
HEP Interest Rate Swap [Member] | HEP [Member]
Gain (Loss) on Hedging Instruments, Net, Pretax	$ (553)	$ (516)

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Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2014

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
June 30, 2014	Parent		Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Consolidations and Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,108,232	$	3,777	$	227	$	—		$	1,112,236	$	6,066	$	—		$	1,118,302
Marketable securities	679,668		—		—		—			679,668		—		—			679,668
Accounts receivable, net	6,070		768,504		3,087		—			777,661		34,359		(31,840		)	780,180
Intercompany accounts receivable	—		726,278		359,183		(1,085,461		)	—		—		—			—
Inventories	—		1,503,250		—		—			1,503,250		1,582		—			1,504,832
Income taxes receivable	18,875		—		—		—			18,875		—		—			18,875
Prepayments and other	16,345		122,130		—		—			138,475		2,164		(6,365		)	134,274
Total current assets	1,829,190		3,123,939		362,497		(1,085,461		)	4,230,165		44,171		(38,205		)	4,236,131
Properties, plants and equip, net	32,537		2,714,741		551		—			2,747,829		1,011,961		(267,047		)	3,492,743
Marketable securities (long-term)	—		—		—		—			—		—		—			—
Investment in subsidiaries	6,410,993		250,981		—		(6,661,974		)	—		—		—			—
Intangibles and other assets	24,535		2,345,299		25,000		(25,000		)	2,369,834		360,820		(1,145		)	2,729,509
Total assets	$	8,297,255	$	8,434,960	$	388,048	$	(7,772,435	)	$	9,347,828	$	1,416,952	$	(306,397	)	$	10,458,383
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	14,406	$	1,624,681	$	—	$	—		$	1,639,087	$	17,706	$	(31,840	)	$	1,624,953
Intercompany accounts payable	1,085,461		—		—		(1,085,461		)	—		—		—			—
Accrued liabilities	43,581		60,441		1,577		—			105,599		26,527		(6,365		)	125,761
Deferred income tax liabilities	216,981		—		—		—			216,981		—		—			216,981
Total current liabilities	1,360,429		1,685,122		1,577		(1,085,461		)	1,961,667		44,233		(38,205		)	1,967,695
Long-term debt	179,606		34,026		—		(25,000		)	188,632		839,253		—			1,027,885
Liability to HEP	—		239,387		—		—			239,387		—		(239,387		)	—
Deferred income tax liabilities	652,153		—		—		—			652,153		5,312		—			657,465
Other long-term liabilities	36,993		65,432		—		—			102,425		38,585		(2,291		)	138,719
Investment in HEP	—		—		135,490		—			135,490		—		(135,490		)	—
Equity – HollyFrontier	6,068,074		6,410,993		250,981		(6,661,974		)	6,068,074		392,304		(386,846		)	6,073,532
Equity – noncontrolling interest	—		—		—		—			—		97,265		495,822			593,087
Total liabilities and equity	$	8,297,255	$	8,434,960	$	388,048	$	(7,772,435	)	$	9,347,828	$	1,416,952	$	(306,397	)	$	10,458,383

Condensed Consolidating Balance Sheet
December 31, 2013	Parent		Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Consolidations and Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	931,920	$	1,817	$	14	$	—		$	933,751	$	6,352	$	—		$	940,103
Marketable securities	725,160		—		—		—			725,160		—		—			725,160
Accounts receivable, net	6,095		698,109		8,075		—			712,279		34,736		(38,213		)	708,802
Intercompany accounts receivable	—		149,907		313,623		(463,530		)	—		—		—			—
Inventories	—		1,352,656		—		—			1,352,656		1,591		—			1,354,247
Income taxes receivable	109,376		—		—		—			109,376		—		—			109,376
Prepayments and other	21,843		45,413		—		—			67,256		2,283		(10,783		)	58,756
Total current assets	1,794,394		2,247,902		321,712		(463,530		)	3,900,478		44,962		(48,996		)	3,896,444
Properties, plants and equip, net	30,007		2,633,739		24		—			2,663,770		1,004,975		(274,149		)	3,394,596
Investment in subsidiaries	5,722,025		216,687		—		(5,938,712		)	—		—		—			—
Intangibles and other assets	23,034		2,380,268		25,000		(25,000		)	2,403,302		363,970		(1,573		)	2,765,699
Total assets	$	7,569,460	$	7,478,596	$	346,736	$	(6,427,242	)	$	8,967,550	$	1,413,907	$	(324,718	)	$	10,056,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	16,704	$	1,323,603	$	383	$	—		$	1,340,690	$	22,898	$	(38,212	)	$	1,325,376
Intercompany accounts payable	463,530		—		—		(463,530		)	—		—		—			—
Accrued liabilities	43,254		63,181		795		—			107,230		28,668		(10,783		)	125,115
Deferred income tax liabilities	223,999		—		—		—			223,999		—		—			223,999
Total current liabilities	747,487		1,386,784		1,178		(463,530		)	1,671,919		51,566		(48,995		)	1,674,490
Long-term debt	180,054		34,835		—		(25,000		)	189,889		807,630		—			997,519
Liability to HEP	—		245,536		—		—			245,536		—		(245,536		)	—
Deferred income tax liabilities	611,555		—		—		—			611,555		5,287		—			616,842
Other long-term liabilities	35,874		89,416		—		—			125,290		35,918		(2,718		)	158,490
Investment in HEP	—		—		128,871		—			128,871		—		(128,871		)	—
Equity – HollyFrontier	5,994,490		5,722,025		216,687		(5,938,712		)	5,994,490		416,018		(410,888		)	5,999,620
Equity – noncontrolling interest	—		—		—		—			—		97,488		512,290			609,778
Total liabilities and equity	$	7,569,460	$	7,478,596	$	346,736	$	(6,427,242	)	$	8,967,550	$	1,413,907	$	(324,718	)	$	10,056,739

Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	179		$	5,362,277	$	(36	)	$	—		$	5,362,420	$	75,024		$	(64,844	)	$	5,372,600
Operating costs and expenses:
Cost of products sold	—			4,738,586		—			—			4,738,586		—			(63,740		)	4,674,846
Operating expenses	—			247,451		—			—			247,451		24,567			(364		)	271,654
General and administrative	24,343			1,469		37			—			25,849		2,516			—			28,365
Depreciation and amortization	2,010			87,473		—			—			89,483		15,477			(3,570		)	101,390
Total operating costs and expenses	26,353			5,074,979		37			—			5,101,369		42,560			(67,674		)	5,076,255
Income (loss) from operations	(26,174		)	287,298		(73		)	—			261,051		32,464			2,830			296,345
Other income (expense):
Earnings (loss) of equity method investments	303,788			14,546		16,132			(319,990		)	14,476		748			(16,132		)	(908		)
Interest income (expense)	(373		)	1,944		143			—			1,714		(8,329		)	(2,337		)	(8,952		)
	303,415			16,490		16,275			(319,990		)	16,190		(7,581		)	(18,469		)	(9,860		)
Income before income taxes	277,241			303,788		16,202			(319,990		)	277,241		24,883			(15,639		)	286,485
Income tax provision	101,304			—		—			—			101,304		28			—			101,332
Net income	175,937			303,788		16,202			(319,990		)	175,937		24,855			(15,639		)	185,153
Less net income attributable to noncontrolling interest	—			—		—			—			—		1,416			7,308			8,724
Net income attributable to HollyFrontier stockholders	$	175,937		$	303,788	$	16,202		$	(319,990	)	$	175,937	$	23,439		$	(22,947	)	$	176,429
Comprehensive income attributable to HollyFrontier stockholders	$	197,313		$	338,556	$	15,909		$	(354,465	)	$	197,313	$	23,145		$	(22,653	)	$	197,805

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	100		$	5,286,984	$	31		$	—		$	5,287,115		$	75,121		$	(63,388	)	$	5,298,848
Operating costs and expenses:
Cost of products sold	—			4,518,737		92			282			4,519,111			—			(62,303		)	4,456,808
Operating expenses	—			255,874		19			—			255,893			22,010			(361		)	277,542
General and administrative	30,242			630		28			—			30,900			3,100			—			34,000
Depreciation and amortization	1,400			57,043		—			—			58,443			15,619			(3,570		)	70,492
Total operating costs and expenses	31,642			4,832,284		139			282			4,864,347			40,729			(66,234		)	4,838,842
Income (loss) from operations	(31,542		)	454,700		(108		)	(282		)	422,768			34,392			2,846			460,006
Other income (expense):
Earnings (loss) of equity method investments	469,228			12,592		14,401			(483,655		)	12,566			746			(14,401		)	(1,089		)
Interest income (expense)	(7,456		)	1,936		134			294			(5,092		)	(11,624		)	(2,300		)	(19,016		)
Loss on early extinguishment of debt	(22,109		)	—		—			—			(22,109		)	—			—			(22,109		)
	439,663			14,528		14,535			(483,361		)	(14,635		)	(10,878		)	(16,701		)	(42,214		)
Income before income taxes	408,121			469,228		14,427			(483,643		)	408,133			23,514			(13,855		)	417,792
Income tax provision	151,698			—		—			—			151,698			345			—			152,043
Net income	256,423			469,228		14,427			(483,643		)	256,435			23,169			(13,855		)	265,749
Less net income attributable to noncontrolling interest	—			—		—			—			—			1,130			7,638			8,768
Net income attributable to HollyFrontier stockholders	$	256,423		$	469,228	$	14,427		$	(483,643	)	$	256,435		$	22,039		$	(21,493	)	$	256,981
Comprehensive income attributable to HollyFrontier stockholders	$	286,296		$	489,146	$	15,900		$	(505,034	)	$	286,308		$	23,512		$	(22,966	)	$	286,854

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	280		$	10,137,400	$	935	$	—		$	10,138,615	$	162,036		$	(136,998	)	$	10,163,653
Operating costs and expenses:
Cost of products sold	—			8,948,308		—		—			8,948,308		—			(134,842		)	8,813,466
Operating expenses	—			498,927		—		—			498,927		47,379			(686		)	545,620
General and administrative	45,450			4,095		76		—			49,621		5,667			—			55,288
Depreciation and amortization	3,800			154,580		—		—			158,380		30,661			(7,103		)	181,938
Total operating costs and expenses	49,250			9,605,910		76		—			9,655,236		83,707			(142,631		)	9,596,312
Income (loss) from operations	(48,970		)	531,490		859		—			483,379		78,329			5,633			567,341
Other income (expense):
Earnings (loss) of equity method investments	566,147			30,568		32,415		(599,694		)	29,436		1,270			(32,415		)	(1,709		)
Interest income (expense)	(797		)	4,089		273		—			3,565		(18,780		)	(4,679		)	(19,894		)
Loss on early extinguishment of debt	—			—		—		—			—		(7,677		)	—			(7,677		)
	565,350			34,657		32,688		(599,694		)	33,001		(25,187		)	(37,094		)	(29,280		)
Income before income taxes	516,380			566,147		33,547		(599,694		)	516,380		53,142			(31,461		)	538,061
Income tax provision	188,843			—		—		—			188,843		103			—			188,946
Net income	327,537			566,147		33,547		(599,694		)	327,537		53,039			(31,461		)	349,115
Less net income attributable to noncontrolling interest	—			—		—		—			—		5,053			15,572			20,625
Net income attributable to HollyFrontier stockholders	$	327,537		$	566,147	$	33,547	$	(599,694	)	$	327,537	$	47,986		$	(47,033	)	$	328,490
Comprehensive income attributable to HollyFrontier stockholders	$	402,155		$	687,940	$	33,291	$	(721,231	)	$	402,155	$	47,730		$	(46,777	)	$	403,108

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	631		$	9,979,410	$	63		$	—		$	9,980,104		$	151,605		$	(125,072	)	$	10,006,637
Operating costs and expenses:
Cost of products sold	—			8,371,865		—			415			8,372,280			—			(122,937		)	8,249,343
Operating expenses	—			495,297		—			—			495,297			48,039			(695		)	542,641
General and administrative	54,373			2,405		88			—			56,866			6,332			—			63,198
Depreciation and amortization	2,326			117,663		—			—			119,989			29,368			(7,103		)	142,254
Total operating costs and expenses	56,699			8,987,230		88			415			9,044,432			83,739			(130,735		)	8,997,436
Income (loss) from operations	(56,068		)	992,180		(25		)	(415		)	935,672			67,866			5,663			1,009,201
Other income (expense):
Earnings (loss)of equity method investments	1,020,119			24,206		26,393			(1,046,758		)	23,960			1,403			(26,393		)	(1,030		)
Interest income (expense)	(14,677		)	3,733		271			446			(10,227		)	(24,006		)	(4,572		)	(38,805		)
Loss on early extinguishment of debt	(22,109		)	—		—			—			(22,109		)	—			—			(22,109		)
	983,333			27,939		26,664			(1,046,312		)	(8,376		)	(22,603		)	(30,965		)	(61,944		)
Income before income taxes	927,265			1,020,119		26,639			(1,046,727		)	927,296			45,263			(25,302		)	947,257
Income tax provision	337,737			—		—			—			337,737			400			—			338,137
Net income	589,528			1,020,119		26,639			(1,046,727		)	589,559			44,863			(25,302		)	609,120
Less net income attributable to noncontrolling interest	—			—		—			—			—			4,020			14,450			18,470
Net income attributable to HollyFrontier stockholders	$	589,528		$	1,020,119	$	26,639		$	(1,046,727	)	$	589,559		$	40,843		$	(39,752	)	$	590,650
Comprehensive income attributable to HollyFrontier stockholders	$	631,160		$	1,057,542	$	28,731		$	(1,086,242	)	$	631,191		$	42,935		$	(41,844	)	$	632,282

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(144,972	)	$	773,845		$	38,968		$	—		$	667,841		$	92,667		$	(39,029	)	$	721,479
Cash flows from investing activities
Additions to properties, plants and equipment	(6,329		)	(199,132		)	(526		)	—			(205,987		)	—			—			(205,987		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(38,782		)	—			(38,782		)
Investment in Sabine Biofuels	—			(5,000		)	—			—			(5,000		)	—			—			(5,000		)
Repayment of advances to Sabine Biofuels	—			10,021			—			—			10,021			—			—			10,021
Purchases of marketable securities	(498,080		)	—			—			—			(498,080		)	—			—			(498,080		)
Sales and maturities of marketable securities	543,604			—			—			—			543,604			—			—			543,604
Net advances to Parent	—			(582,930		)	(38,604		)	621,534			—			—			—			—
	39,195			(777,041		)	(39,130		)	621,534			(155,442		)	(38,782		)	—			(194,224		)
Cash flows from financing activities
Net borrowings under credit agreement – HEP	—			—			—			—			—			180,000			—			180,000
Redemption of senior notes - HEP	—			—			—			—			—			(156,188		)	—			(156,188		)
Inventory repurchase obligation	—			5,964			—			—			5,964			—			—			5,964
Purchase of treasury stock	(20,135		)	—			—			—			(20,135		)	—			—			(20,135		)
Dividends	(323,088		)	—			—			—			(323,088		)	—			—			(323,088		)
Distributions to noncontrolling interest	—			—			—			—			—			(77,577		)	39,029			(38,548		)
Excess tax benefit from equity-based compensation	3,778			—			—			—			3,778			—			—			3,778
Purchase of units for incentive grants - HEP	—			—			—			—			—			(406		)	—			(406		)
Deferred financing costs and other	—			(808		)	375			—			(433		)	—			—			(433		)
Net advances from subsidiaries	621,534			—			—			(621,534		)	—			—			—			—
	282,089			5,156			375			(621,534		)	(333,914		)	(54,171		)	39,029			(349,056		)
Cash and cash equivalents
Increase (decrease) for the period	176,312			1,960			213			—			178,485			(286		)	—			178,199
Beginning of period	931,920			1,817			14			—			933,751			6,352			—			940,103
End of period	$	1,108,232		$	3,777		$	227		$	—		$	1,112,236		$	6,066		$	—		$	1,118,302

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(374,074	)	$	758,289		$	20,573		$	—		$	404,788		$	81,542		$	(34,815	)	$	451,515
Cash flows from investing activities:
Additions to properties, plants and equipment	(5,025		)	(148,917		)	—			—			(153,942		)	—			—			(153,942		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(16,861		)	—			(16,861		)
Proceeds from sale of property	—			3,321			—			—			3,321			2,481			—			5,802
Investment in Sabine Biofuels	—			(2,000		)	—			—			(2,000		)	—			—			(2,000		)
Advances to Sabine biofuels	—			(13,700		)	—			—			(13,700		)	—			—			(13,700		)
Purchases of marketable securities	(399,154		)	—			—			—			(399,154		)	—			—			(399,154		)
Sales and maturities of marketable securities	398,762			—			—			—			398,762			—			—			398,762
Net advances to Parent	—			(596,004		)	(19,074		)	615,078			—			—			—			—
	(5,417		)	(757,300		)	(19,074		)	615,078			(166,713		)	(14,380		)	—			(181,093		)
Cash flows from financing activities:
Net repayments under credit agreement – HEP	—			—			—			—			—			(66,000		)	—			(66,000		)
Redemption of senior notes	(300,973		)	—			—			—			(300,973		)	—			—			(300,973		)
Proceeds from common unit offerings - HEP	73,444			—			—			—			73,444			73,444			—			146,888
Purchase of treasury stock	(159,432		)	—			—			—			(159,432		)	—			—			(159,432		)
Contribution from general partner	—			—			(1,499		)	—			(1,499		)	1,499			—			—
Dividends	(264,867		)	—			—			—			(264,867		)	—			—			(264,867		)
Distributions to noncontrolling interest	—			—			—			—			—			(69,419		)	34,815			(34,604		)
Excess tax benefit from equity-based compensation	1,037			—			—			—			1,037			—			—			1,037
Purchase of units for incentive grants - HEP	—			—			—			—			—			(2,934		)	—			(2,934		)
Deferred financing costs and other	—			2,457			—			—			2,457			(273		)	—			2,184
Net advances from subsidiaries	615,078			—			—			(615,078		)	—			—			—			—
	(35,713		)	2,457			(1,499		)	(615,078		)	(649,833		)	(63,683		)	34,815			(678,701		)
Cash and cash equivalents
Increase (decrease) for the period:	(415,204		)	3,446			—			—			(411,758		)	3,479			—			(408,279		)
Beginning of period	1,748,808			3,652			2			—			1,752,462			5,237			—			1,757,699
End of period	$	1,333,604		$	7,098		$	2		$	—		$	1,340,704		$	8,716		$	—		$	1,349,420

XML

Supplemental Guarantor/Non-Guarantor Financial Information (Narrative) (Details) (HEP [Member])	6 Months Ended
	Jun. 30, 2014
HEP [Member]
Guarantor Obligations [Line Items]
Percentage of ownership in variable interest entity	39.00%

XML

Supplemental Guarantor/Non-Guarantor Financial Information

6 Months Ended

Jun. 30, 2014

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 June 30, 2014, 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.”

We have made certain revisions to our prior year condensed statements of cash flows to reclassify intercompany lending and distribution activity between operating, investing and financing activities.

Condensed Consolidating Balance Sheet
June 30, 2014	Parent		Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Consolidations and Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,108,232	$	3,777	$	227	$	—		$	1,112,236	$	6,066	$	—		$	1,118,302
Marketable securities	679,668		—		—		—			679,668		—		—			679,668
Accounts receivable, net	6,070		768,504		3,087		—			777,661		34,359		(31,840		)	780,180
Intercompany accounts receivable	—		726,278		359,183		(1,085,461		)	—		—		—			—
Inventories	—		1,503,250		—		—			1,503,250		1,582		—			1,504,832
Income taxes receivable	18,875		—		—		—			18,875		—		—			18,875
Prepayments and other	16,345		122,130		—		—			138,475		2,164		(6,365		)	134,274
Total current assets	1,829,190		3,123,939		362,497		(1,085,461		)	4,230,165		44,171		(38,205		)	4,236,131
Properties, plants and equip, net	32,537		2,714,741		551		—			2,747,829		1,011,961		(267,047		)	3,492,743
Marketable securities (long-term)	—		—		—		—			—		—		—			—
Investment in subsidiaries	6,410,993		250,981		—		(6,661,974		)	—		—		—			—
Intangibles and other assets	24,535		2,345,299		25,000		(25,000		)	2,369,834		360,820		(1,145		)	2,729,509
Total assets	$	8,297,255	$	8,434,960	$	388,048	$	(7,772,435	)	$	9,347,828	$	1,416,952	$	(306,397	)	$	10,458,383
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	14,406	$	1,624,681	$	—	$	—		$	1,639,087	$	17,706	$	(31,840	)	$	1,624,953
Intercompany accounts payable	1,085,461		—		—		(1,085,461		)	—		—		—			—
Accrued liabilities	43,581		60,441		1,577		—			105,599		26,527		(6,365		)	125,761
Deferred income tax liabilities	216,981		—		—		—			216,981		—		—			216,981
Total current liabilities	1,360,429		1,685,122		1,577		(1,085,461		)	1,961,667		44,233		(38,205		)	1,967,695
Long-term debt	179,606		34,026		—		(25,000		)	188,632		839,253		—			1,027,885
Liability to HEP	—		239,387		—		—			239,387		—		(239,387		)	—
Deferred income tax liabilities	652,153		—		—		—			652,153		5,312		—			657,465
Other long-term liabilities	36,993		65,432		—		—			102,425		38,585		(2,291		)	138,719
Investment in HEP	—		—		135,490		—			135,490		—		(135,490		)	—
Equity – HollyFrontier	6,068,074		6,410,993		250,981		(6,661,974		)	6,068,074		392,304		(386,846		)	6,073,532
Equity – noncontrolling interest	—		—		—		—			—		97,265		495,822			593,087
Total liabilities and equity	$	8,297,255	$	8,434,960	$	388,048	$	(7,772,435	)	$	9,347,828	$	1,416,952	$	(306,397	)	$	10,458,383

Condensed Consolidating Balance Sheet
December 31, 2013	Parent		Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Consolidations and Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	931,920	$	1,817	$	14	$	—		$	933,751	$	6,352	$	—		$	940,103
Marketable securities	725,160		—		—		—			725,160		—		—			725,160
Accounts receivable, net	6,095		698,109		8,075		—			712,279		34,736		(38,213		)	708,802
Intercompany accounts receivable	—		149,907		313,623		(463,530		)	—		—		—			—
Inventories	—		1,352,656		—		—			1,352,656		1,591		—			1,354,247
Income taxes receivable	109,376		—		—		—			109,376		—		—			109,376
Prepayments and other	21,843		45,413		—		—			67,256		2,283		(10,783		)	58,756
Total current assets	1,794,394		2,247,902		321,712		(463,530		)	3,900,478		44,962		(48,996		)	3,896,444
Properties, plants and equip, net	30,007		2,633,739		24		—			2,663,770		1,004,975		(274,149		)	3,394,596
Investment in subsidiaries	5,722,025		216,687		—		(5,938,712		)	—		—		—			—
Intangibles and other assets	23,034		2,380,268		25,000		(25,000		)	2,403,302		363,970		(1,573		)	2,765,699
Total assets	$	7,569,460	$	7,478,596	$	346,736	$	(6,427,242	)	$	8,967,550	$	1,413,907	$	(324,718	)	$	10,056,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	16,704	$	1,323,603	$	383	$	—		$	1,340,690	$	22,898	$	(38,212	)	$	1,325,376
Intercompany accounts payable	463,530		—		—		(463,530		)	—		—		—			—
Accrued liabilities	43,254		63,181		795		—			107,230		28,668		(10,783		)	125,115
Deferred income tax liabilities	223,999		—		—		—			223,999		—		—			223,999
Total current liabilities	747,487		1,386,784		1,178		(463,530		)	1,671,919		51,566		(48,995		)	1,674,490
Long-term debt	180,054		34,835		—		(25,000		)	189,889		807,630		—			997,519
Liability to HEP	—		245,536		—		—			245,536		—		(245,536		)	—
Deferred income tax liabilities	611,555		—		—		—			611,555		5,287		—			616,842
Other long-term liabilities	35,874		89,416		—		—			125,290		35,918		(2,718		)	158,490
Investment in HEP	—		—		128,871		—			128,871		—		(128,871		)	—
Equity – HollyFrontier	5,994,490		5,722,025		216,687		(5,938,712		)	5,994,490		416,018		(410,888		)	5,999,620
Equity – noncontrolling interest	—		—		—		—			—		97,488		512,290			609,778
Total liabilities and equity	$	7,569,460	$	7,478,596	$	346,736	$	(6,427,242	)	$	8,967,550	$	1,413,907	$	(324,718	)	$	10,056,739

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	179		$	5,362,277	$	(36	)	$	—		$	5,362,420	$	75,024		$	(64,844	)	$	5,372,600
Operating costs and expenses:
Cost of products sold	—			4,738,586		—			—			4,738,586		—			(63,740		)	4,674,846
Operating expenses	—			247,451		—			—			247,451		24,567			(364		)	271,654
General and administrative	24,343			1,469		37			—			25,849		2,516			—			28,365
Depreciation and amortization	2,010			87,473		—			—			89,483		15,477			(3,570		)	101,390
Total operating costs and expenses	26,353			5,074,979		37			—			5,101,369		42,560			(67,674		)	5,076,255
Income (loss) from operations	(26,174		)	287,298		(73		)	—			261,051		32,464			2,830			296,345
Other income (expense):
Earnings (loss) of equity method investments	303,788			14,546		16,132			(319,990		)	14,476		748			(16,132		)	(908		)
Interest income (expense)	(373		)	1,944		143			—			1,714		(8,329		)	(2,337		)	(8,952		)
	303,415			16,490		16,275			(319,990		)	16,190		(7,581		)	(18,469		)	(9,860		)
Income before income taxes	277,241			303,788		16,202			(319,990		)	277,241		24,883			(15,639		)	286,485
Income tax provision	101,304			—		—			—			101,304		28			—			101,332
Net income	175,937			303,788		16,202			(319,990		)	175,937		24,855			(15,639		)	185,153
Less net income attributable to noncontrolling interest	—			—		—			—			—		1,416			7,308			8,724
Net income attributable to HollyFrontier stockholders	$	175,937		$	303,788	$	16,202		$	(319,990	)	$	175,937	$	23,439		$	(22,947	)	$	176,429
Comprehensive income attributable to HollyFrontier stockholders	$	197,313		$	338,556	$	15,909		$	(354,465	)	$	197,313	$	23,145		$	(22,653	)	$	197,805

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	100		$	5,286,984	$	31		$	—		$	5,287,115		$	75,121		$	(63,388	)	$	5,298,848
Operating costs and expenses:
Cost of products sold	—			4,518,737		92			282			4,519,111			—			(62,303		)	4,456,808
Operating expenses	—			255,874		19			—			255,893			22,010			(361		)	277,542
General and administrative	30,242			630		28			—			30,900			3,100			—			34,000
Depreciation and amortization	1,400			57,043		—			—			58,443			15,619			(3,570		)	70,492
Total operating costs and expenses	31,642			4,832,284		139			282			4,864,347			40,729			(66,234		)	4,838,842
Income (loss) from operations	(31,542		)	454,700		(108		)	(282		)	422,768			34,392			2,846			460,006
Other income (expense):
Earnings (loss) of equity method investments	469,228			12,592		14,401			(483,655		)	12,566			746			(14,401		)	(1,089		)
Interest income (expense)	(7,456		)	1,936		134			294			(5,092		)	(11,624		)	(2,300		)	(19,016		)
Loss on early extinguishment of debt	(22,109		)	—		—			—			(22,109		)	—			—			(22,109		)
	439,663			14,528		14,535			(483,361		)	(14,635		)	(10,878		)	(16,701		)	(42,214		)
Income before income taxes	408,121			469,228		14,427			(483,643		)	408,133			23,514			(13,855		)	417,792
Income tax provision	151,698			—		—			—			151,698			345			—			152,043
Net income	256,423			469,228		14,427			(483,643		)	256,435			23,169			(13,855		)	265,749
Less net income attributable to noncontrolling interest	—			—		—			—			—			1,130			7,638			8,768
Net income attributable to HollyFrontier stockholders	$	256,423		$	469,228	$	14,427		$	(483,643	)	$	256,435		$	22,039		$	(21,493	)	$	256,981
Comprehensive income attributable to HollyFrontier stockholders	$	286,296		$	489,146	$	15,900		$	(505,034	)	$	286,308		$	23,512		$	(22,966	)	$	286,854

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	280		$	10,137,400	$	935	$	—		$	10,138,615	$	162,036		$	(136,998	)	$	10,163,653
Operating costs and expenses:
Cost of products sold	—			8,948,308		—		—			8,948,308		—			(134,842		)	8,813,466
Operating expenses	—			498,927		—		—			498,927		47,379			(686		)	545,620
General and administrative	45,450			4,095		76		—			49,621		5,667			—			55,288
Depreciation and amortization	3,800			154,580		—		—			158,380		30,661			(7,103		)	181,938
Total operating costs and expenses	49,250			9,605,910		76		—			9,655,236		83,707			(142,631		)	9,596,312
Income (loss) from operations	(48,970		)	531,490		859		—			483,379		78,329			5,633			567,341
Other income (expense):
Earnings (loss) of equity method investments	566,147			30,568		32,415		(599,694		)	29,436		1,270			(32,415		)	(1,709		)
Interest income (expense)	(797		)	4,089		273		—			3,565		(18,780		)	(4,679		)	(19,894		)
Loss on early extinguishment of debt	—			—		—		—			—		(7,677		)	—			(7,677		)
	565,350			34,657		32,688		(599,694		)	33,001		(25,187		)	(37,094		)	(29,280		)
Income before income taxes	516,380			566,147		33,547		(599,694		)	516,380		53,142			(31,461		)	538,061
Income tax provision	188,843			—		—		—			188,843		103			—			188,946
Net income	327,537			566,147		33,547		(599,694		)	327,537		53,039			(31,461		)	349,115
Less net income attributable to noncontrolling interest	—			—		—		—			—		5,053			15,572			20,625
Net income attributable to HollyFrontier stockholders	$	327,537		$	566,147	$	33,547	$	(599,694	)	$	327,537	$	47,986		$	(47,033	)	$	328,490
Comprehensive income attributable to HollyFrontier stockholders	$	402,155		$	687,940	$	33,291	$	(721,231	)	$	402,155	$	47,730		$	(46,777	)	$	403,108

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	631		$	9,979,410	$	63		$	—		$	9,980,104		$	151,605		$	(125,072	)	$	10,006,637
Operating costs and expenses:
Cost of products sold	—			8,371,865		—			415			8,372,280			—			(122,937		)	8,249,343
Operating expenses	—			495,297		—			—			495,297			48,039			(695		)	542,641
General and administrative	54,373			2,405		88			—			56,866			6,332			—			63,198
Depreciation and amortization	2,326			117,663		—			—			119,989			29,368			(7,103		)	142,254
Total operating costs and expenses	56,699			8,987,230		88			415			9,044,432			83,739			(130,735		)	8,997,436
Income (loss) from operations	(56,068		)	992,180		(25		)	(415		)	935,672			67,866			5,663			1,009,201
Other income (expense):
Earnings (loss)of equity method investments	1,020,119			24,206		26,393			(1,046,758		)	23,960			1,403			(26,393		)	(1,030		)
Interest income (expense)	(14,677		)	3,733		271			446			(10,227		)	(24,006		)	(4,572		)	(38,805		)
Loss on early extinguishment of debt	(22,109		)	—		—			—			(22,109		)	—			—			(22,109		)
	983,333			27,939		26,664			(1,046,312		)	(8,376		)	(22,603		)	(30,965		)	(61,944		)
Income before income taxes	927,265			1,020,119		26,639			(1,046,727		)	927,296			45,263			(25,302		)	947,257
Income tax provision	337,737			—		—			—			337,737			400			—			338,137
Net income	589,528			1,020,119		26,639			(1,046,727		)	589,559			44,863			(25,302		)	609,120
Less net income attributable to noncontrolling interest	—			—		—			—			—			4,020			14,450			18,470
Net income attributable to HollyFrontier stockholders	$	589,528		$	1,020,119	$	26,639		$	(1,046,727	)	$	589,559		$	40,843		$	(39,752	)	$	590,650
Comprehensive income attributable to HollyFrontier stockholders	$	631,160		$	1,057,542	$	28,731		$	(1,086,242	)	$	631,191		$	42,935		$	(41,844	)	$	632,282

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2014	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(144,972	)	$	773,845		$	38,968		$	—		$	667,841		$	92,667		$	(39,029	)	$	721,479
Cash flows from investing activities
Additions to properties, plants and equipment	(6,329		)	(199,132		)	(526		)	—			(205,987		)	—			—			(205,987		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(38,782		)	—			(38,782		)
Investment in Sabine Biofuels	—			(5,000		)	—			—			(5,000		)	—			—			(5,000		)
Repayment of advances to Sabine Biofuels	—			10,021			—			—			10,021			—			—			10,021
Purchases of marketable securities	(498,080		)	—			—			—			(498,080		)	—			—			(498,080		)
Sales and maturities of marketable securities	543,604			—			—			—			543,604			—			—			543,604
Net advances to Parent	—			(582,930		)	(38,604		)	621,534			—			—			—			—
	39,195			(777,041		)	(39,130		)	621,534			(155,442		)	(38,782		)	—			(194,224		)
Cash flows from financing activities
Net borrowings under credit agreement – HEP	—			—			—			—			—			180,000			—			180,000
Redemption of senior notes - HEP	—			—			—			—			—			(156,188		)	—			(156,188		)
Inventory repurchase obligation	—			5,964			—			—			5,964			—			—			5,964
Purchase of treasury stock	(20,135		)	—			—			—			(20,135		)	—			—			(20,135		)
Dividends	(323,088		)	—			—			—			(323,088		)	—			—			(323,088		)
Distributions to noncontrolling interest	—			—			—			—			—			(77,577		)	39,029			(38,548		)
Excess tax benefit from equity-based compensation	3,778			—			—			—			3,778			—			—			3,778
Purchase of units for incentive grants - HEP	—			—			—			—			—			(406		)	—			(406		)
Deferred financing costs and other	—			(808		)	375			—			(433		)	—			—			(433		)
Net advances from subsidiaries	621,534			—			—			(621,534		)	—			—			—			—
	282,089			5,156			375			(621,534		)	(333,914		)	(54,171		)	39,029			(349,056		)
Cash and cash equivalents
Increase (decrease) for the period	176,312			1,960			213			—			178,485			(286		)	—			178,199
Beginning of period	931,920			1,817			14			—			933,751			6,352			—			940,103
End of period	$	1,108,232		$	3,777		$	227		$	—		$	1,112,236		$	6,066		$	—		$	1,118,302

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(374,074	)	$	758,289		$	20,573		$	—		$	404,788		$	81,542		$	(34,815	)	$	451,515
Cash flows from investing activities:
Additions to properties, plants and equipment	(5,025		)	(148,917		)	—			—			(153,942		)	—			—			(153,942		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(16,861		)	—			(16,861		)
Proceeds from sale of property	—			3,321			—			—			3,321			2,481			—			5,802
Investment in Sabine Biofuels	—			(2,000		)	—			—			(2,000		)	—			—			(2,000		)
Advances to Sabine biofuels	—			(13,700		)	—			—			(13,700		)	—			—			(13,700		)
Purchases of marketable securities	(399,154		)	—			—			—			(399,154		)	—			—			(399,154		)
Sales and maturities of marketable securities	398,762			—			—			—			398,762			—			—			398,762
Net advances to Parent	—			(596,004		)	(19,074		)	615,078			—			—			—			—
	(5,417		)	(757,300		)	(19,074		)	615,078			(166,713		)	(14,380		)	—			(181,093		)
Cash flows from financing activities:
Net repayments under credit agreement – HEP	—			—			—			—			—			(66,000		)	—			(66,000		)
Redemption of senior notes	(300,973		)	—			—			—			(300,973		)	—			—			(300,973		)
Proceeds from common unit offerings - HEP	73,444			—			—			—			73,444			73,444			—			146,888
Purchase of treasury stock	(159,432		)	—			—			—			(159,432		)	—			—			(159,432		)
Contribution from general partner	—			—			(1,499		)	—			(1,499		)	1,499			—			—
Dividends	(264,867		)	—			—			—			(264,867		)	—			—			(264,867		)
Distributions to noncontrolling interest	—			—			—			—			—			(69,419		)	34,815			(34,604		)
Excess tax benefit from equity-based compensation	1,037			—			—			—			1,037			—			—			1,037
Purchase of units for incentive grants - HEP	—			—			—			—			—			(2,934		)	—			(2,934		)
Deferred financing costs and other	—			2,457			—			—			2,457			(273		)	—			2,184
Net advances from subsidiaries	615,078			—			—			(615,078		)	—			—			—			—
	(35,713		)	2,457			(1,499		)	(615,078		)	(649,833		)	(63,683		)	34,815			(678,701		)
Cash and cash equivalents
Increase (decrease) for the period:	(415,204		)	3,446			—			—			(411,758		)	3,479			—			(408,279		)
Beginning of period	1,748,808			3,652			2			—			1,752,462			5,237			—			1,757,699
End of period	$	1,333,604		$	7,098		$	2		$	—		$	1,340,704		$	8,716		$	—		$	1,349,420

XML

Description of Business and Presentation of Financial Statements (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended					3 Months Ended
	Jun. 30, 2014 mi Petroleum_Refineries	Jun. 30, 2014 Twelve Inch Refined Products Pipeline Project	Jun. 30, 2014 HEP [Member]	Jun. 30, 2014 HEP [Member] SLC Pipeline [Member] mi	Jun. 30, 2014 SLC Pipeline [Member]	Jun. 30, 2014 UNEV Pipeline [Member]
Ownership Interest By Project Type [Line Items]
Number of refineries located in Tulsa, Oklahoma	2
Refinery Distance From Main City [Miles]	65
Percentage of interest owned In pipeline project						75.00%
Description of pipeline acquired (inches)		12
Percentage Of Interest Owned In Development Stage Biodiesel Production Facility	50.00%
Percentage of ownership in variable interest entity			39.00%
Percentage of general partner interest			2.00%
Equity Method Investment, Ownership Percentage					25.00%
Length of pipeline (miles)				95
Allowance for doubtful accounts reserve	$ 2.4

XML

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and estimated fair values of our investments in marketable securities, derivative instruments and senior notes at June 30, 2014 and December 31, 2013 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
June 30, 2014
Assets:
Marketable securities	$	679,668	$	679,668	$	—	$	679,668	$	—
Commodity price swaps	184,250		184,250		—		177,627		6,623
HEP interest rate swaps	834		834		—		834		—
Total assets	$	864,752	$	864,752	$	—	$	858,129	$	6,623
Liabilities:
NYMEX futures contracts	$	3,337	$	3,337	$	3,337	$	—	$	—
Commodity price swaps	104,135		104,135		—		22,071		82,064
Forward sales contracts	196		196		—		—		196
HollyFrontier senior notes	154,606		159,187		—		159,187		—
HEP senior notes	296,253		320,250		—		320,250		—
HEP interest rate swaps	1,629		1,629		—		1,629		—
Total liabilities	$	560,156	$	588,734	$	3,337	$	503,137	$	82,260

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2013
Assets:
Marketable securities	$	725,160	$	725,160	$	—	$	725,160	$	—
Commodity price swaps	43,284		43,284		—		36,312		6,972
HEP interest rate swaps	1,670		1,670		—		1,670		—
Total assets	$	770,114	$	770,114	$	—	$	763,142	$	6,972
Liabilities:
NYMEX futures contracts	$	3,569	$	3,569	$	3,569	$	—	$	—
Commodity price swaps	83,349		83,349		—		41,059		42,290
HollyFrontier senior notes	155,054		161,250		—		161,250		—
HEP senior notes	444,630		471,750		—		471,750		—
HEP interest rate swaps	1,814		1,814		—		1,814		—
Total liabilities	$	688,416	$	721,732	$	3,569	$	675,873	$	42,290

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

The following table presents the changes in fair value of our Level 3 assets and liabilities (all related to derivative instruments) for the three and six months ended June 30, 2014 and 2013:

	Three Months Ended June 30,						Six Months Ended June 30,
Level 3 Financial Instruments	2014			2013			2014			2013
	(In thousands)
Liability balance at beginning of period	$	(22,473	)	$	(6,249	)	$	(35,318	)	$	(33,658	)
Change in fair value:
Recognized in other comprehensive income	(90,559		)	50,615			(112,695		)	1,413
Recognized in cost of products sold	(7,084		)	3,662			1,885			47,222
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	48,942			(3,868		)	74,273			15,316
Recognized in cost of products sold	(4,463		)	(7,034		)	(3,782		)	6,833
Asset (liability) balance at end of period	$	(75,637	)	$	37,126		$	(75,637	)	$	37,126

XML

Supplemental Guarantor/Non-Guarantor Financial Information Consolidating Statement of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Condensed Financial Statements, Captions [Line Items]
Intercompany accounts payable	$ 0
Cash flows from operating activities	721,479	451,515
Additions to properties, plants and equipment	(205,987)	(153,942)
Proceeds from sale of properties, plants, and equipment	0	5,802
Investment in Sabine Biofuels	(5,000)	(2,000)
Net repayment of advances to Sabine Biofuels	10,021	(13,700)
Purchases of marketable securities	(498,080)	(399,154)
Sales and maturities of marketable securities	543,604	398,762
Net Advances to Parent	0	0
Net cash used for investing activities	(194,224)	(181,093)
Net borrowings under credit agreement – HEP	(180,000)
Proceeds from common unit offerings	0	146,888
Net repayments under credit agreement – HEP		66,000
Redemption of Senior Notes - HEP	(156,188)	(300,973)
Inventory repurchase obligation	5,964	0
Purchase of treasury stock	(20,135)	(159,432)
Contribution from General Partner		0
Dividends	(323,088)	(264,867)
Excess tax benefit from equity based compensation	3,778	1,037
Deferred financing costs and other	433	2,184
Net advances from subsidiaries	0	0
Net cash provided by (used for) financing activities	(349,056)	(678,701)
Increase (decrease) for the period	178,199	(408,279)
Beginning of period	940,103	1,757,699
End of period	1,118,302	1,349,420
Principal tender on senior notes	0	(300,973)
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany accounts payable	1,085,461
Cash flows from operating activities	(144,972)	(374,074)
Additions to properties, plants and equipment	(6,329)	(5,025)
Proceeds from sale of properties, plants, and equipment		0
Investment in Sabine Biofuels	0	0
Net repayment of advances to Sabine Biofuels	0	0
Purchases of marketable securities	(498,080)	(399,154)
Sales and maturities of marketable securities	543,604	398,762
Net Advances to Parent	0	0
Net cash used for investing activities	39,195	(5,417)
Net borrowings under credit agreement – HEP	0
Redemption of Senior Notes - HEP	0	(300,973)
Inventory repurchase obligation	0
Purchase of treasury stock	(20,135)	(159,432)
Contribution from General Partner		0
Dividends	(323,088)	(264,867)
Distributions to noncontrolling interest	0	0
Excess tax benefit from equity based compensation	3,778	1,037
Purchase of units for restricted grants - HEP	0
Deferred financing costs and other	0	0
Net advances from subsidiaries	621,534	615,078
Net cash provided by (used for) financing activities	282,089	(35,713)
Increase (decrease) for the period	176,312	(415,204)
Beginning of period	931,920	1,748,808
End of period	1,108,232	1,333,604
Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany accounts payable	0
Cash flows from operating activities	773,845	758,289
Additions to properties, plants and equipment	(199,132)	(148,917)
Proceeds from sale of properties, plants, and equipment		(3,321)
Investment in Sabine Biofuels	(5,000)	(2,000)
Net repayment of advances to Sabine Biofuels	10,021	(13,700)
Purchases of marketable securities	0	0
Sales and maturities of marketable securities	0	0
Net Advances to Parent	(582,930)	(596,004)
Net cash used for investing activities	(777,041)	(757,300)
Net borrowings under credit agreement – HEP	0
Proceeds from common unit offerings		0
Redemption of Senior Notes - HEP	0	0
Inventory repurchase obligation	5,964
Purchase of treasury stock	0	0
Contribution from General Partner		0
Dividends	0	0
Distributions to noncontrolling interest	0	0
Excess tax benefit from equity based compensation	0	0
Purchase of units for restricted grants - HEP	0
Deferred financing costs and other	808	2,457
Net advances from subsidiaries	0	0
Net cash provided by (used for) financing activities	5,156	2,457
Increase (decrease) for the period	1,960	3,446
Beginning of period	1,817	3,652
End of period	3,777	7,098
Non Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany accounts payable	0
Cash flows from operating activities	38,968	20,573
Additions to properties, plants and equipment	(526)	0
Proceeds from sale of properties, plants, and equipment		0
Investment in Sabine Biofuels	0	0
Net repayment of advances to Sabine Biofuels	0	0
Purchases of marketable securities	0	0
Sales and maturities of marketable securities	0	0
Net Advances to Parent	(38,604)	(19,074)
Net cash used for investing activities	(39,130)	(19,074)
Net borrowings under credit agreement – HEP	0
Proceeds from common unit offerings		0
Redemption of Senior Notes - HEP	0	0
Inventory repurchase obligation	0
Purchase of treasury stock	0	0
Contribution from General Partner		1,499
Dividends	0	0
Distributions to noncontrolling interest	0	0
Excess tax benefit from equity based compensation	0	0
Purchase of units for restricted grants - HEP	0
Deferred financing costs and other	(375)	0
Net advances from subsidiaries	0	0
Net cash provided by (used for) financing activities	375	(1,499)
Increase (decrease) for the period	213	0
Beginning of period	14	2
End of period	227	2
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany accounts payable	(1,085,461)
Cash flows from operating activities	0	0
Additions to properties, plants and equipment	0	0
Proceeds from sale of properties, plants, and equipment		0
Investment in Sabine Biofuels	0	0
Net repayment of advances to Sabine Biofuels	0	0
Purchases of marketable securities	0	0
Sales and maturities of marketable securities	0	0
Net Advances to Parent	621,534	615,078
Net cash used for investing activities	621,534	615,078
Net borrowings under credit agreement – HEP	0
Proceeds from common unit offerings		0
Net repayments under credit agreement – HEP		0
Redemption of Senior Notes - HEP	0	0
Inventory repurchase obligation	0
Purchase of treasury stock	0	0
Contribution from General Partner		0
Dividends	0	0
Distributions to noncontrolling interest	0	0
Excess tax benefit from equity based compensation	0	0
Purchase of units for restricted grants - HEP	0	0
Deferred financing costs and other	0	0
Net advances from subsidiaries	621,534	615,078
Net cash provided by (used for) financing activities	(621,534)	(615,078)
Increase (decrease) for the period	0	0
Beginning of period	0	0
End of period	0	0
Holly Frontier Corp. Before Consolidation Of HEP [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany accounts payable	0
Cash flows from operating activities	667,841	404,788
Additions to properties, plants and equipment	(205,987)	(153,942)
Proceeds from sale of properties, plants, and equipment		(3,321)
Investment in Sabine Biofuels	(5,000)	(2,000)
Net repayment of advances to Sabine Biofuels	10,021	(13,700)
Purchases of marketable securities	(498,080)	(399,154)
Sales and maturities of marketable securities	543,604	398,762
Net Advances to Parent	0	0
Net cash used for investing activities	(155,442)	(166,713)
Net borrowings under credit agreement – HEP	0
Proceeds from common unit offerings		73,444
Redemption of Senior Notes - HEP	0	(300,973)
Inventory repurchase obligation	5,964
Purchase of treasury stock	(20,135)	(159,432)
Contribution from General Partner		1,499
Dividends	(323,088)	(264,867)
Distributions to noncontrolling interest	0	0
Excess tax benefit from equity based compensation	3,778	1,037
Purchase of units for restricted grants - HEP	0
Deferred financing costs and other	433	2,457
Net advances from subsidiaries	0	0
Net cash provided by (used for) financing activities	(333,914)	(649,833)
Increase (decrease) for the period	178,485	(411,758)
Beginning of period	933,751	1,752,462
End of period	1,112,236	1,340,704
Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany accounts payable	0
Cash flows from operating activities	92,667	81,542
Additions to properties, plants and equipment	0	(16,861)
Proceeds from sale of properties, plants, and equipment		(2,481)
Investment in Sabine Biofuels	0	0
Net repayment of advances to Sabine Biofuels	0	0
Purchases of marketable securities	0	0
Sales and maturities of marketable securities	0	0
Net Advances to Parent	0	0
Net cash used for investing activities	(38,782)	(14,380)
Net borrowings under credit agreement – HEP	(180,000)
Proceeds from common unit offerings		73,444
Net repayments under credit agreement – HEP		66,000
Redemption of Senior Notes - HEP	(156,188)	0
Inventory repurchase obligation	0
Purchase of treasury stock	0	0
Contribution from General Partner		1,499
Dividends	0	0
Distributions to noncontrolling interest	(77,577)	(69,419)
Excess tax benefit from equity based compensation	0	0
Purchase of units for restricted grants - HEP	(406)	(2,934)
Deferred financing costs and other	0	(273)
Net advances from subsidiaries	0	0
Net cash provided by (used for) financing activities	(54,171)	(63,683)
Increase (decrease) for the period	(286)	3,479
Beginning of period	6,352	5,237
End of period	6,066	8,716
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Intercompany accounts payable	0
Cash flows from operating activities	(39,029)	(34,815)
Additions to properties, plants and equipment	0	0
Proceeds from sale of properties, plants, and equipment		0
Investment in Sabine Biofuels	0	0
Net repayment of advances to Sabine Biofuels	0	0
Purchases of marketable securities	0	0
Sales and maturities of marketable securities	0	0
Net Advances to Parent	0	0
Net cash used for investing activities	0	0
Redemption of Senior Notes - HEP	0	0
Inventory repurchase obligation	0
Purchase of treasury stock	0	0
Contribution from General Partner		0
Dividends	0	0
Distributions to noncontrolling interest	39,029	34,815
Excess tax benefit from equity based compensation	0	0
Purchase of units for restricted grants - HEP	0	0
Deferred financing costs and other	0	0
Net advances from subsidiaries	0	0
Net cash provided by (used for) financing activities	39,029	34,815
Increase (decrease) for the period	0	0
Beginning of period	0	0
End of period	0	0
HEP [Member]
Condensed Financial Statements, Captions [Line Items]
Additions to properties, plants and equipment	(38,782)	(16,861)
Proceeds from common unit offerings		73,444
Distributions to noncontrolling interest	(38,548)	(34,604)
Purchase of units for restricted grants - HEP	(406)	(2,934)
Beginning of period	6,352
End of period	6,066
Principal tender on senior notes	(156,188)	0
HEP [Member] | Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Additions to properties, plants and equipment	0	0
Proceeds from common unit offerings		73,444
Net repayments under credit agreement – HEP		0
Purchase of units for restricted grants - HEP		0
HEP [Member] | Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Additions to properties, plants and equipment	0	0
Net repayments under credit agreement – HEP		0
Purchase of units for restricted grants - HEP		0
HEP [Member] | Non Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Additions to properties, plants and equipment	0	0
Net repayments under credit agreement – HEP		0
Purchase of units for restricted grants - HEP		0
HEP [Member] | Holly Frontier Corp. Before Consolidation Of HEP [Member]
Condensed Financial Statements, Captions [Line Items]
Additions to properties, plants and equipment	0	0
Net repayments under credit agreement – HEP		0
Purchase of units for restricted grants - HEP		0
HEP [Member] | Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Additions to properties, plants and equipment	0	0
Net borrowings under credit agreement – HEP	0
Proceeds from common unit offerings		0
Net repayments under credit agreement – HEP		$ 0

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Description of Business and Presentation of Financial Statements

6 Months Ended

Jun. 30, 2014

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 June 30, 2014, 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, New Mexico and Oklahoma;

• owned 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”), which owns 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 June 30, 2014, the consolidated results of operations and comprehensive income for the three and six months ended June 30, 2014 and 2013 and consolidated cash flows for the six months ended June 30, 2014 and 2013 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, 2013 that has been filed with the SEC.

Our results of operations for the six months ended June 30, 2014 are not necessarily indicative of the results of operations to be realized for the year ending December 31, 2014.

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 $2.4 million at June 30, 2014 and December 31, 2013.

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 June 30, 2014, there have been no impairments to goodwill.

New Accounting Pronouncements

Revenue Recognition

In May 2014, an accounting standard update (ASU 2014-09, “Revenue from Contracts with Customers”) was issued requiring revenue to be recognized when promised goods or services are transferred to customers in an amount that reflects the expected consideration for these goods or services. This standard is effective January 1, 2017, and we are evaluating the impact of this standard.

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Cash and cash equivalents (HEP: $6,066 and $6,352, respectively)	$ 1,118,302	$ 940,103
Accounts receivable Product and transportation	731,673	665,098
Materials and supplies (HEP: $1,582 and $1,591, respectively)	80,272	112,799
Prepayments and other (HEP: $2,164 and $2,283, respectively)	134,274	58,756
Property, Plant and Equipment, Gross	4,562,824	4,343,857
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	1,070,081	949,261
Goodwill	2,331,922	2,331,922
Intangibles and other	174,658	175,341
Accounts payable (HEP: $17,706 and $22,898, respectively)	1,624,953	1,325,376
Accrued liabilities (HEP: $26,527 and $28,668, respectively)	125,761	125,115
Long-term debt (HEP: $839,253 and $807,630, respectively)	1,027,885	997,519
Deferred income taxes (HEP: $5,312 and $5,287, respectively)	657,465	616,842
Other long-term liabilities (HEP: $38,585 and $35,918, respectively)	138,719	158,490
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	0	57,132,515
HEP [Member]
Cash and cash equivalents (HEP: $6,066 and $6,352, respectively)	6,066	6,352
Accounts receivable Product and transportation	34,359	34,736
Materials and supplies (HEP: $1,582 and $1,591, respectively)	1,582	1,591
Prepayments and other (HEP: $2,164 and $2,283, respectively)	2,164	2,283
Property, Plant and Equipment, Gross	1,234,342	1,199,594
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	222,381	194,619
Goodwill	288,991	288,991
Intangibles and other	71,829	74,979
Accounts payable (HEP: $17,706 and $22,898, respectively)	17,706	22,898
Accrued liabilities (HEP: $26,527 and $28,668, respectively)	26,527	28,668
Long-term debt (HEP: $839,253 and $807,630, respectively)	839,253	807,630
Deferred income taxes (HEP: $5,312 and $5,287, respectively)	5,312	5,287
Other long-term liabilities (HEP: $38,585 and $35,918, respectively)	$ 38,585	$ 35,918

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Equity

6 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Equity

Equity

Changes to equity during the six months ended June 30, 2014 are presented below:

	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2013	$	5,999,620		$	609,778		$	6,609,398
Net income	328,490			20,625			349,115
Dividends	(323,121		)	—			(323,121		)
Distributions to noncontrolling interest holders	—			(38,548		)	(38,548		)
Other comprehensive income, net of tax	74,618			(395		)	74,223
Equity-based compensation	12,188			1,658			13,846
Excess tax benefit attributable to equity-based compensation	3,778			—			3,778
Purchase of treasury stock (1)	(22,041		)	—			(22,041		)
Purchase of HEP units for restricted grants	—			(406		)	(406		)
Other	—			375			375
Balance at June 30, 2014	$	6,073,532		$	593,087		$	6,666,619

(1) Includes 92,048 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 June 30, 2014, we had remaining authorization to repurchase up to $311.6 million under this stock repurchase program. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs.

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Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
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	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		198,552,658

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Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2014

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 June 30, 2014
Net unrealized gain on marketable securities	$	25		$	17		$	8
Net unrealized gain on hedging instruments	34,315			13,400			20,915
Other comprehensive income	34,340			13,417			20,923
Less other comprehensive loss attributable to noncontrolling interest	(453		)	—			(453		)
Other comprehensive income attributable to HollyFrontier stockholders	$	34,793		$	13,417		$	21,376
Three Months Ended June 30, 2013
Net unrealized loss on marketable securities	$	(45	)	$	(36	)	$	(9	)
Net unrealized gain on hedging instruments	21,858			7,747			14,111
Net change in pension and other post-retirement benefit obligations	28,986			11,275			17,711
Other comprehensive income	50,799			18,986			31,813
Less other comprehensive income attributable to noncontrolling interest	1,940			—			1,940
Other comprehensive income attributable to HollyFrontier stockholders	$	48,859		$	18,986		$	29,873
Six Months Ended June 30, 2014
Net unrealized gain on marketable securities	$	36		$	14		$	22
Net unrealized gain on hedging instruments	121,398			47,143			74,255
Net change in post-retirement benefit obligations	(89		)	(35		)	(54		)
Other comprehensive income	121,345			47,122			74,223
Less other comprehensive loss attributable to noncontrolling interest	(395		)	—			(395		)
Other comprehensive income attributable to HollyFrontier stockholders	$	121,740		$	47,122		$	74,618
Six Months Ended June 30, 2013
Net unrealized loss on marketable securities	$	(29	)	$	(28	)	$	(1	)
Net unrealized gain on hedging instruments	40,155			14,556			25,599
Net change in pension and other post-retirement benefit obligations	30,712			11,946			18,766
Other comprehensive income	70,838			26,474			44,364
Less other comprehensive income attributable to noncontrolling interest	2,733			—			2,733
Other comprehensive income attributable to HollyFrontier stockholders	$	68,105		$	26,474		$	41,631

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

AOCI Component	Gain (Loss) Reclassified From AOCI						Income Statement Line Item
	(In thousands)
	Three Months Ended June 30,
	2014			2013
Marketable securities	$	—		$	6		Interest income
	—			2			Income tax expense
	—			4			Net of tax
Hedging instruments:
Commodity price swaps	(48,942		)	3,868			Sales and other revenues
	61,124			1,930			Cost of products sold
	745			521			Operating expenses
Interest rate swaps	(553		)	(516		)	Interest expense
	12,374			5,803
	4,918			2,379			Income tax expense
	7,456			3,424			Net of tax
	335			313			Noncontrolling interest
	7,791			3,737			Net of tax and noncontrolling interest
Pension obligation	—			(2,460		)	Cost of products sold
	—			(23,260		)	Operating expenses
	—			(3,266		)	General and administrative expenses
	—			(28,986		)
	—			(11,275		)	Income tax benefit
	—			(17,711		)	Net of tax
Total reclassifications for the period	$	7,791		$	(13,970	)
	Six Months Ended June 30,
	2014			2013
Marketable securities	$	1		$	3		Interest income
	—			1			Income tax expense
	1			2			Net of tax
Hedging instruments:
Commodity price swaps	(74,273		)	(15,316		)	Sales and other revenues
	90,441			(4,603		)	Cost of products sold
	2,249			(1,052		)	Operating expenses
Interest rate swaps	(1,091		)	(1,869		)	Interest expense
	17,326			(22,840		)
	6,961			(8,444		)	Income tax expense (benefit)
	10,365			(14,396		)	Net of tax
	661			1,133			Noncontrolling interest
	11,026			(13,263		)	Net of tax and noncontrolling interest
Pension and other post-retirement benefit obligations:
Pension obligation	—			(2,460		)	Cost of products sold
	—			(23,260		)	Operating expenses
	—			(3,266		)	General and administrative expenses
	—			(28,986		)
	—			(11,275		)	Income tax benefit
	—			(17,711		)	Net of tax
Post-retirement healthcare 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	$	11,027		$	(32,027	)

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

	June 30, 2014		December 31, 2013
	(In thousands)
Unrealized gain on post-retirement benefit obligations	$	27,637	$	27,691
Unrealized gain on marketable securities	32		10
Unrealized gain (loss) on hedging instruments, net of noncontrolling interest	47,771		(26,879		)
Accumulated other comprehensive income	$	75,440	$	822

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Consolidated Statements Of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]
Sales and other revenues	$ 5,372,600	$ 5,298,848	$ 10,163,653	$ 10,006,637
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)	4,674,846	4,456,808	8,813,466	8,249,343
Operating expenses (exclusive of depreciation and amortization)	271,654	277,542	545,620	542,641
General and administrative expenses (exclusive of depreciation and amortization)	28,365	34,000	55,288	63,198
Depreciation and amortization	101,390	70,492	181,938	142,254
Total operating costs and expenses	5,076,255	4,838,842	9,596,312	8,997,436
Income from operations	296,345	460,006	567,341	1,009,201
Other income (expense):
Earnings (loss) of equity method investments	(908)	(1,089)	(1,709)	(1,030)
Interest income	1,184	778	2,589	2,309
Interest expense	(10,136)	(19,794)	(22,483)	(41,114)
Loss on early extinguishment of debt	0	(22,109)	(7,677)	(22,109)
Other income (expense) total	(9,860)	(42,214)	(29,280)	(61,944)
Income before income taxes	286,485	417,792	538,061	947,257
Income tax provision:
Current	109,171	143,439	202,464	350,066
Deferred	(7,839)	8,604	(13,518)	(11,929)
Income tax provision total	101,332	152,043	188,946	338,137
Net income	185,153	265,749	349,115	609,120
Less net income attributable to noncontrolling interest	8,724	8,768	20,625	18,470
Net income attributable to HollyFrontier stockholders	$ 176,429	$ 256,981	$ 328,490	$ 590,650
Earnings per share attributable to HollyFrontier stockholders:
Basic	$ 0.89	$ 1.27	$ 1.65	$ 2.91
Diluted	$ 0.89	$ 1.27	$ 1.65	$ 2.91
Cash dividends declared per common share	$ 0.82	$ 0.80	$ 1.62	$ 1.60
Average number of common shares outstanding:
Basic	198,139	201,543	198,217	202,131
Diluted	198,380	201,905	198,408	202,485

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Cash and Cash Equivalents and Investments in Marketable Securities

6 Months Ended

Jun. 30, 2014

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 June 30, 2014 consisted of cash, cash equivalents and investments in marketable securities.

We currently invest in marketable debt securities with the maximum maturity or put date of any individual issue generally not greater than one year 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. Unrealized gains and losses on our available-for-sale securities are due to changes in market prices and are considered temporary.

The following is a summary of our marketable securities:

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value (Net Carrying Amount)
	(In thousands)
June 30, 2014
Certificates of deposit	$	79,704	$	15	$	(3	)	$	79,716
Commercial paper	76,670		16		—			76,686
Corporate debt securities	146,455		34		(18		)	146,471
State and political subdivisions debt securities	376,789		29		(23		)	376,795
Total marketable securities	$	679,618	$	94	$	(44	)	$	679,668
December 31, 2013
Certificates of deposit	$	74,802	$	21	$	(1	)	$	74,822
Commercial paper	78,216		28		—			78,244
Corporate debt securities	96,889		6		(44		)	96,851
State and political subdivisions debt securities	475,235		49		(41		)	475,243
Total marketable securities	$	725,142	$	104	$	(86	)	$	725,160

Interest income recognized on our marketable securities was $0.6 million and $0.6 million for the three months ended June 30, 2014 and 2013, respectively, and $1.2 million and $1.1 million for the six months ended June 30, 2014 and 2013, respectively.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

Share-based Compensation [Abstract]

Stock-Based Compensation

Stock-Based Compensation

As of June 30, 2014, 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 $6.8 million and $7.9 million for the three months ended June 30, 2014 and 2013, respectively, and $12.2 million and $15.3 million for the six months ended June 30, 2014 and 2013, respectively. Our accounting policy for the recognition of compensation expense for awards with pro-rata vesting 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.'s non-employee directors and certain executives and employees. Compensation cost attributable to HEP’s share-based compensation plan was $0.8 million and $0.8 million for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million and $1.9 million for the six months ended June 30, 2014 and 2013, respectively.

Restricted Stock and Restricted Stock Units

Under our Long-Term Incentive Compensation Plan, we grant certain officers and other key employees restricted stock and restricted stock unit awards with awards generally vesting over a period of one to three years. Restricted stock award recipients are generally entitled to all the rights of absolute ownership of the restricted shares from the date of grant 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. 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 grant date market price of our common shares and is amortized over the respective vesting period.

A summary of restricted stock and restricted stock unit activity and changes during the six months ended June 30, 2014 is presented below:

Restricted Stock and Restricted Stock Units	Grants		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2014 (non-vested)	737,562		$	39.54
Granted	70,243		48.22
Vesting (transfer/conversion to common stock)	(103,586	)	33.71
Forfeited	(72,697	)	42.24
Outstanding at June 30, 2014 (non-vested)	631,522		$	41.15	$	27,591

For the six months ended June 30, 2014, 103,586 restricted stock and restricted stock units vested having a grant date fair value of $3.5 million. As of June 30, 2014, there was $13.1 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 both a “financial performance” and “market performance” criteria. Financial performance is based on our financial performance compared to an equally-weighted peer group of independent refining companies, while market performance is based on total shareholder return achieved by HollyFrontier stockholders compared with the average shareholder return achieved by shareholders of peer group companies. The number of shares ultimately issued under these awards can range from zero to 200%. As of June 30, 2014, estimated share payouts for outstanding non-vested performance share unit awards averaged approximately 100% of the initial target award.

A summary of performance share unit activity and changes during the six months ended June 30, 2014 is presented below:

Performance Share Units	Grants
Outstanding at January 1, 2014 (non-vested)	983,610
Granted	26,493
Vesting and transfer of ownership to recipients	(181,290	)
Forfeited	(108,182	)
Outstanding at June 30, 2014 (non-vested)	720,631

For the six months ended June 30, 2014, we issued 172,231 shares of our common stock, representing a 95% payout on vested performance shares units having a grant date fair value of $5.9 million. Based on the weighted-average grant date fair value of $40.55 per share, there was $19.5 million of total unrecognized compensation cost related to non-vested performance share units as of June 30, 2014. That cost is expected to be recognized over a weighted-average period of 1.5 years.

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Description of Business and Presentation of Financial Statements (Policy)

6 Months Ended

Jun. 30, 2014

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 $2.4 million at June 30, 2014 and December 31, 2013.

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 June 30, 2014, there have been no impairments to goodwill.

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Retirement Plan

6 Months Ended

Jun. 30, 2014

Pension and Other Postretirement Benefit Expense [Abstract]

Retirement Plan

Post-retirement Plans

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 June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(In thousands)
Service cost – benefit earned during the period	$	224		$	278		$	448		$	556
Interest cost on projected benefit obligations	160			159			319			318
Amortization of prior service credit	(1,074		)	(1,474		)	(2,148		)	(2,948		)
Amortization of net loss	—			31			—			62
Loss on settlement	—			—			—			1,726
Net periodic post-retirement credit	$	(690	)	$	(1,006	)	$	(1,381	)	$	(286	)

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”), a non-contributory defined benefit retirement plan that covered certain employees and was fully frozen effective May 1, 2012. In the second quarter of 2013, the Plan was liquidated and we recognized a pre-tax pension settlement charge of $30.9 million, of which $29.0 million was reclassified out of accumulated other comprehensive income, representing the irrevocable portion of our obligation.

Additionally, we have a program that provides certain transition benefit payments to certain employees that participated in the defined benefit plan that was terminated. The program extends through 2014 and provides payments after year-end provided the employee is employed by us on the last day of each year. The payments are based on each employee's years of service and eligible salary. Transition benefit costs under this program were $2.9 million and $2.9 million for the three months ended June 30, 2014 and 2013, respectively, and $5.5 million and $5.8 million for the six months ended June 30, 2014 and 2013, respectively.

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Debt

6 Months Ended

Jun. 30, 2014

Debt [Abstract]

Debt

Debt

HollyFrontier Credit Agreement

At June 30, 2014, we were in compliance with all covenants, had no outstanding borrowings and had outstanding letters of credit totaling $4.5 million under our $1 billion senior secured revolving credit agreement maturing in July 2016. On July 1, 2014, we terminated this credit agreement and contemporaneously entered into a new $1 billion senior unsecured revolving credit facility maturing July 1, 2019 (the “HollyFrontier Credit Agreement”), which may be used for revolving credit loans (including up to $100 million of swingline loans) and letters of credit from time to time. The HollyFrontier Credit Agreement is available to fund general corporate purposes. Indebtedness under the HollyFrontier Credit Agreement is recourse to HollyFrontier and guaranteed by certain of our wholly-owned subsidiaries.

HEP Credit Agreement

HEP has a $650 million senior secured revolving credit facility that matures in November 2018 (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. At June 30, 2014, HEP was in compliance with all of its covenants, had outstanding borrowings of $543.0 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 recourse to our other assets. Furthermore, our creditors have no recourse to the assets of HEP and its consolidated subsidiaries.

HollyFrontier Senior Notes

Our 6.875% senior notes ($150 million aggregate principal amount maturing November 2018) (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. Additionally,we have certain redemption rights under the HollyFrontier Senior Notes.

At any time, following notice to the trustee, that 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 are not subject to many of the foregoing covenants (a "Covenant Suspension"). As of June 30, 2014, the HollyFrontier Senior Notes were rated investment grade by both Standard & Poor's (BBB-) and Moody's (Baa3). As a result, we are under the Covenant Suspension pursuant to the terms of the indenture governing the HollyFrontier Senior Notes.

In June 2013, we redeemed our $286.8 million aggregate principal amount of 9.875% senior notes maturing June 2017 at a redemption cost of $301.0 million, at which time we recognized a $22.1 million early extinguishment loss consisting of a $14.2 million debt redemption premium and an unamortized discount of $7.9 million.

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 6.5% senior notes ($300 million aggregate principal amount maturing March 2020) (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.

In March 2014, HEP redeemed its $150.0 million aggregate principal amount of 8.25% senior notes maturing March 2018 at a redemption cost of $156.2 million, at which time HEP recognized a $7.7 million early extinguishment loss consisting of a $6.2 million debt redemption premium and unamortized discount and financing costs of $1.5 million. HEP funded the redemption with borrowings under the HEP Credit Agreement.

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 recourse to our other 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:

	June 30, 2014			December 31, 2013
	(In thousands)
6.875% Senior Notes
Principal	$	150,000		$	150,000
Unamortized premium	4,606			5,054
	154,606			155,054
Financing Obligation	34,026			34,835
Total HollyFrontier long-term debt	188,632			189,889
HEP Credit Agreement	543,000			363,000
HEP 6.5% Senior Notes
Principal	300,000			300,000
Unamortized discount	(3,747		)	(4,073		)
	296,253			295,927
HEP 8.25% Senior Notes
Principal	—			150,000
Unamortized discount	—			(1,297		)
	—			148,703
Total HEP long-term debt	839,253			807,630
Total long-term debt	$	1,027,885		$	997,519

We capitalized interest attributable to construction projects of $3.1 million and $3.0 million for the three months ended June 30, 2014 and 2013, respectively, and $6.0 million and $6.4 million for the six months ended June 30, 2014 and 2013, respectively.

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Other Comprehensive Income (Loss) Other Comprehensive Income Balance Components (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Unrealized gain on post-retirement benefit obligations	$ 27,637	$ 27,691
Unrealized gain on marketable securities	32	10
Unrealized gain (loss) on hedging activities, net of noncontrolling interest	47,771	(26,879)
Accumulated other comprehensive income	$ 75,440	$ 822

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Inventories

6 Months Ended

Jun. 30, 2014

Inventory, Net [Abstract]

Inventories

Inventories

Inventory consists of the following components:

	June 30, 2014		December 31, 2013
	(In thousands)
Crude oil	$	628,215	$	567,281
Other raw materials and unfinished products(1)	186,892		154,534
Finished products(2)	609,453		519,633
Process chemicals(3)	4,470		3,504
Repair and maintenance supplies and other	75,802		109,295
Total inventory	$	1,504,832	$	1,354,247

(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

6 Months Ended

Jun. 30, 2014

Environmental Expense and Liabilities [Abstract]

Environmental

Environmental

We expensed $1.0 million and $0.6 million for the three months ended June 30, 2014 and 2013, respectively, and $1.3 million and $0.8 million, for the six months ended June 30, 2014 and 2013, respectively, for environmental remediation obligations. The accrued environmental liability reflected in our consolidated balance sheets was $84.5 million and $87.8 million at June 30, 2014 and December 31, 2013, respectively, of which $69.5 million and $73.6 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

6 Months Ended

Jun. 30, 2014

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 and conventional unleaded gasoline. We also have forward sales contracts that lock in the prices of future sales of refined product. These contracts have been designated as accounting hedges and are measured 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. 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 June 30, 2014
Commodity price swaps
Change in fair value	$	47,988		Sales and other revenues	$	(48,942	)
Gain reclassified to earnings due to settlements	(13,197		)	Cost of products sold	61,124
Amortization of discontinued hedges reclassified to earnings	270			Operating expenses	745			Operating expenses	$	1,354
Total	$	35,061			$	12,927			$	1,354
Three Months Ended June 30, 2013
Commodity price swaps
Change in fair value	$	24,764		Sales and other revenues	$	3,868		Sales and other revenues	$	550
Gain reclassified to earnings due to settlements	(6,589		)	Cost of products sold	1,930			Cost of products sold	(1,439		)
Amortization of discontinued hedges reclassified to earnings	270			Operating expenses	521			Operating expenses	106
Total	$	18,445			$	6,319			$	(783	)
Six Months Ended June 30, 2014
Commodity price swaps
Change in fair value	$	140,466		Sales and other revenues	$	(74,273	)
Gain reclassified to earnings due to settlements	(18,957		)	Cost of products sold	90,441
Amortization of discontinued hedge reclassified to earnings	540			Operating expenses	2,249			Operating expenses	$	(806	)
Total	$	122,049			$	18,417			$	(806	)
Six Months Ended June 30, 2013
Commodity price swaps
Change in fair value	$	14,360		Sales and other revenues	$	(15,316	)	Sales and other revenues	$	194
Loss reclassified to earnings due to settlements	20,611			Cost of products sold	(4,603		)	Cost of products sold	1,692
Amortization of discontinued hedge reclassified to earnings	360			Operating expenses	(1,052		)	Operating expenses	(259		)
Total	$	35,331			$	(20,971	)		$	1,627

As of June 30, 2014, 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	2014	2015	2016	2017	Unit of Measure
Natural gas - long	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
WTI crude oil - long	18,456,000	14,076,000	4,380,000	—	—	Barrels
Ultra-low sulfur diesel - short	11,832,000	7,452,000	4,380,000	—	—	Barrels
Sub octane gasoline - short	6,624,000	6,624,000	—	—	—	Barrels
Forward sales - diesel and gasoline	100,000	100,000	—	—	—	Barrels

In 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 33,600,000 MMBTU's to be purchased ratably through 2017. As of June 30, 2014, we have an unrealized loss of $3.8 million classified in accumulated other comprehensive income that relates to the application of hedge accounting prior to dedesignation that is 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 purchases, and to lock in the spread between WCS and WTI crude oil on forecasted purchases of WCS. Also, we have NYMEX futures contracts to lock in prices on forecasted purchases of inventory. These contracts are measured 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 June 30,						Six Months Ended June 30,
Location of Gain (Loss) Recognized in Income	2014			2013			2014			2013
	(In thousands)
Cost of products sold	$	(24,432	)	$	1,839		$	(24,406	)	$	35,431
Operating expenses	(140		)	(308		)	(188		)	(5,301		)
Total	$	(24,572	)	$	1,531		$	(24,594	)	$	30,130

As of June 30, 2014, 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	2014	2015	2016	2017	Unit of Measure
Commodity price swap (WCS spread) - long	3,220,000	3,220,000	—	—	—	Barrels
Commodity price swap (natural gas) - long	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
Commodity price swap (natural gas) - short	33,600,000	4,800,000	9,600,000	9,600,000	9,600,000	MMBTU
NYMEX futures (WTI) - short	2,935,000	2,935,000	—	—	—	Barrels

Interest Rate Risk Management

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

As of June 30, 2014, 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 2.00% as of June 30, 2014, which equaled an effective interest rate of 2.99%. 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 2.00% as of June 30, 2014, which equaled an effective interest rate of 2.74%. 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 hedge accounting:

	Unrealized Gain (Loss) Recognized in OCI			Loss Recognized in Earnings Due to Settlements
				Location	Amount
	(In thousands)
Three Months Ended June 30, 2014
Interest rate swaps
Change in fair value	$	(1,299	)
Loss reclassified to earnings due to settlements	553			Interest expense	$	(553	)
Total	$	(746	)		$	(553	)
Three Months Ended June 30, 2013
Interest rate swaps
Change in fair value	$	2,897
Loss reclassified to earnings due to settlements	516			Interest expense	$	(516	)
Total	$	3,413			$	(516	)
Six Months Ended June 30, 2014
Interest rate swaps
Change in fair value	$	(1,742	)
Loss reclassified to earnings due to settlements	1,091			Interest expense	$	(1,091	)
Total	$	(651	)		$	(1,091	)
Six Months Ended June 30, 2013
Interest rate swaps
Change in fair value	$	2,955
Loss reclassified to earnings due to settlements	1,020
Amortization of discontinued hedge reclassified to earnings	849			Interest expense	$	(1,869	)
Total	$	4,824			$	(1,869	)

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)
June 30, 2014
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	156,904	$	(72,770	)	$	84,134		$	19,565	$	(16,448	)	$	3,117
Forward sales contracts	—		(196		)	(196		)	—		—			—
Interest rate swap contracts	834		—			834			1,629		—			1,629
	$	157,738	$	(72,966	)	$	84,772		$	21,194	$	(16,448	)	$	4,746
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	5,961	$	(2,709	)	$	3,252		$	9,091	$	(4,937	)	$	4,154
NYMEX futures contracts	—		—			—			3,337		—			3,337
	$	5,961	$	(2,709	)	$	3,252		$	12,428	$	(4,937	)	$	7,491
Total net balance						$	88,024							$	12,237
Balance sheet classification:	Prepayment and other					$	85,660		Accrued liabilities					$	3,337
	Intangibles and other					2,364			Other long-term liabilities					8,900
						$	88,024							$	12,237

	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, 2013
Derivatives designated as cash flow hedging instruments:
Commodity price swap contracts	$	—	$	—	$	—	$	63,561	$	(23,679	)	$	39,882
Interest rate swap contracts	1,670		—		1,670		1,814		—			1,814
	$	1,670	$	—	$	1,670	$	65,375	$	(23,679	)	$	41,696
Derivatives not designated as cash flow hedging instruments:
Commodity price swap contracts	$	6,972	$	—	$	6,972	$	19,766	$	(12,611	)	$	7,155
NYMEX futures contracts	—		—		—		3,569		—			3,569
	$	6,972	$	—	$	6,972	$	23,335	$	(12,611	)	$	10,724
Total net balance					$	8,642						$	52,420
Balance sheet classification:	Prepayment and other				$	6,972	Accrued liabilities					$	26,843
	Intangibles and other				1,670		Other long-term liabilities					25,577
					$	8,642						$	52,420

At June 30, 2014, we had a pre-tax net unrealized gain of $77.5 million classified in accumulated other comprehensive income that relates to all accounting hedges having contractual maturities through 2017. Assuming commodity prices and interest rates remain unchanged, an unrealized gain of $81.9 million will be effectively transferred from accumulated other comprehensive income into the statement of income as the hedging instruments contractually mature over the next twelve-month period.

XML

Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Sales and other revenues	$ 5,372,600	$ 5,298,848	$ 10,163,653	$ 10,006,637
Depreciation and amortization	101,390	70,492	181,938	142,254
Income (loss) from operations	296,345	460,006	567,341	1,009,201
Capital expenditures	120,488	98,839	244,769	170,803
Cash, Cash Equivalents, And Total Investments In Marketable Securities	1,797,970		1,797,970		1,665,263
Total assets	10,458,383		10,458,383		10,056,739
Long-term Debt	1,027,885		1,027,885		997,519
Refining [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	5,361,914	5,286,881	10,136,994	9,979,307
Depreciation and amortization	83,840	53,443	147,381	110,613
Income (loss) from operations	292,214	458,777	543,423	1,000,979
Capital expenditures	92,334	74,866	192,277	138,498
Cash, Cash Equivalents, And Total Investments In Marketable Securities	3,794		3,794		1,860
Total assets	7,442,830		7,442,830		7,094,558
Long-term Debt	0		0		0
Corporate And Other [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	506	234	1,621	797
Depreciation and amortization	2,280	1,637	4,310	2,687
Income (loss) from operations	(27,802)	(32,646)	(53,357)	(58,618)
Capital expenditures	9,976	12,125	13,710	15,444
Cash, Cash Equivalents, And Total Investments In Marketable Securities	1,788,110		1,788,110		1,657,051
Total assets	1,905,000		1,905,000		1,881,119
Long-term Debt	188,632		188,632		189,889
Consolidations And Eliminations [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	(64,844)	(63,388)	(136,998)	(125,072)
Depreciation and amortization	(207)	(207)	(414)	(414)
Income (loss) from operations	(531)	(517)	(1,054)	(1,026)
Capital expenditures	0	0	0	0
Cash, Cash Equivalents, And Total Investments In Marketable Securities	0		0		0
Total assets	(306,399)		(306,399)		(332,846)
Long-term Debt	0		0		0
HEP [Member]
Segment Reporting Information [Line Items]
Sales and other revenues	75,024	75,121	162,036	151,605
Depreciation and amortization	15,477	15,619	30,661	29,368
Income (loss) from operations	32,464	34,392	78,329	67,866
Capital expenditures	18,178	11,848	38,782	16,861
Cash, Cash Equivalents, And Total Investments In Marketable Securities	6,066		6,066		6,352
Total assets	1,416,952		1,416,952		1,413,908
Long-term Debt	$ 839,253		$ 839,253		$ 807,630

XML

Supplemental Guarantor/Non-Guarantor Financial Information Consolidating Balance Sheet (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,118,302	$ 940,103	$ 1,349,420	$ 1,757,699
Marketable securities	679,668	725,160
Accounts receivable, net	780,180	708,802
Intercompany accounts receivable	0	0
Inventories	1,504,832	1,354,247
Income taxes receivable	18,875	109,376
Prepayments and other	134,274	58,756
Total current assets	4,236,131	3,896,444
Properties, plants and equipment, net	3,492,743	3,394,596
Marketable securities (long-term)	0
Investment in subsidiaries	0	0
Intangibles and other assets	2,729,509	2,765,699
Total assets	10,458,383	10,056,739
Accounts payable	1,624,953	1,325,376
Intercompany accounts payable	0	0
Accrued liabilities	125,761	125,115
Deferred income tax liabilities	216,981	223,999
Total current liabilities	1,967,695	1,674,490
Long-term debt	1,027,885	997,519
Liability to HEP	0	0
Deferred income tax liabilities	657,465	616,842
Other long-term liabilities	138,719	158,490
Investment in HEP	0	0
Equity – HollyFrontier	6,073,532	5,999,620
Equity – noncontrolling interest	593,087	609,778
Total liabilities and equity	10,458,383	10,056,739
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	1,108,232	931,920	1,333,604	1,748,808
Marketable securities	679,668	725,160
Accounts receivable, net	6,070	6,095
Intercompany accounts receivable	0	0
Inventories	0	0
Income taxes receivable	18,875	109,376
Prepayments and other	16,345	21,843
Total current assets	1,829,190	1,794,394
Properties, plants and equipment, net	32,537	30,007
Marketable securities (long-term)	0
Investment in subsidiaries	6,410,993	5,722,025
Intangibles and other assets	24,535	23,034
Total assets	8,297,255	7,569,460
Accounts payable	14,406	16,704
Intercompany accounts payable	1,085,461	463,530
Accrued liabilities	43,581	43,254
Deferred income tax liabilities	216,981	223,999
Total current liabilities	1,360,429	747,487
Long-term debt	179,606	180,054
Liability to HEP	0	0
Deferred income tax liabilities	652,153	611,555
Other long-term liabilities	36,993	35,874
Investment in HEP	0	0
Equity – HollyFrontier	6,068,074	5,994,490
Equity – noncontrolling interest	0	0
Total liabilities and equity	8,297,255	7,569,460
Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	3,777	1,817	7,098	3,652
Marketable securities	0	0
Accounts receivable, net	768,504	698,109
Intercompany accounts receivable	726,278	149,907
Inventories	1,503,250	1,352,656
Income taxes receivable	0	0
Prepayments and other	122,130	45,413
Total current assets	3,123,939	2,247,902
Properties, plants and equipment, net	2,714,741	2,633,739
Marketable securities (long-term)	0
Investment in subsidiaries	250,981	216,687
Intangibles and other assets	2,345,299	2,380,268
Total assets	8,434,960	7,478,596
Accounts payable	1,624,681	1,323,603
Intercompany accounts payable	0	0
Accrued liabilities	60,441	63,181
Deferred income tax liabilities	0	0
Total current liabilities	1,685,122	1,386,784
Long-term debt	34,026	34,835
Liability to HEP	239,387	245,536
Deferred income tax liabilities	0	0
Other long-term liabilities	65,432	89,416
Investment in HEP	0	0
Equity – HollyFrontier	6,410,993	5,722,025
Equity – noncontrolling interest	0	0
Total liabilities and equity	8,434,960	7,478,596
Non Guarantor Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	227	14	2	2
Marketable securities	0	0
Accounts receivable, net	3,087	8,075
Intercompany accounts receivable	359,183	313,623
Inventories	0	0
Income taxes receivable	0	0
Prepayments and other	0	0
Total current assets	362,497	321,712
Properties, plants and equipment, net	551	24
Marketable securities (long-term)	0
Investment in subsidiaries	0	0
Intangibles and other assets	25,000	25,000
Total assets	388,048	346,736
Accounts payable	0	383
Intercompany accounts payable	0	0
Accrued liabilities	1,577	795
Deferred income tax liabilities	0	0
Total current liabilities	1,577	1,178
Long-term debt	0	0
Liability to HEP	0	0
Deferred income tax liabilities	0	0
Other long-term liabilities	0	0
Investment in HEP	135,490	128,871
Equity – HollyFrontier	250,981	216,687
Equity – noncontrolling interest	0	0
Total liabilities and equity	388,048	346,736
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0	0
Marketable securities	0	0
Accounts receivable, net	0	0
Intercompany accounts receivable	(1,085,461)	(463,530)
Inventories	0	0
Income taxes receivable	0	0
Prepayments and other	0	0
Total current assets	(1,085,461)	(463,530)
Properties, plants and equipment, net	0	0
Marketable securities (long-term)	0
Investment in subsidiaries	(6,661,974)	(5,938,712)
Intangibles and other assets	(25,000)	(25,000)
Total assets	(7,772,435)	(6,427,242)
Accounts payable	0	0
Intercompany accounts payable	(1,085,461)	(463,530)
Accrued liabilities	0	0
Deferred income tax liabilities	0	0
Total current liabilities	(1,085,461)	(463,530)
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	(6,661,974)	(5,938,712)
Equity – noncontrolling interest	0	0
Total liabilities and equity	(7,772,435)	(6,427,242)
Holly Frontier Corp. Before Consolidation Of HEP [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	1,112,236	933,751	1,340,704	1,752,462
Marketable securities	679,668	725,160
Accounts receivable, net	777,661	712,279
Intercompany accounts receivable	0	0
Inventories	1,503,250	1,352,656
Income taxes receivable	18,875	109,376
Prepayments and other	138,475	67,256
Total current assets	4,230,165	3,900,478
Properties, plants and equipment, net	2,747,829	2,663,770
Marketable securities (long-term)	0
Investment in subsidiaries	0	0
Intangibles and other assets	2,369,834	2,403,302
Total assets	9,347,828	8,967,550
Accounts payable	1,639,087	1,340,690
Intercompany accounts payable	0	0
Accrued liabilities	105,599	107,230
Deferred income tax liabilities	216,981	223,999
Total current liabilities	1,961,667	1,671,919
Long-term debt	188,632	189,889
Liability to HEP	239,387	245,536
Deferred income tax liabilities	652,153	611,555
Other long-term liabilities	102,425	125,290
Investment in HEP	135,490	128,871
Equity – HollyFrontier	6,068,074	5,994,490
Equity – noncontrolling interest	0	0
Total liabilities and equity	9,347,828	8,967,550
Non-Guarantor Non-Restricted Subsidiaries (HEP Segment) [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	6,066	6,352	8,716	5,237
Marketable securities	0	0
Accounts receivable, net	34,359	34,736
Intercompany accounts receivable	0	0
Inventories	1,582	1,591
Income taxes receivable	0	0
Prepayments and other	2,164	2,283
Total current assets	44,171	44,962
Properties, plants and equipment, net	1,011,961	1,004,975
Marketable securities (long-term)	0
Investment in subsidiaries	0	0
Intangibles and other assets	360,820	363,970
Total assets	1,416,952	1,413,907
Accounts payable	17,706	22,898
Intercompany accounts payable	0	0
Accrued liabilities	26,527	28,668
Deferred income tax liabilities	0	0
Total current liabilities	44,233	51,566
Long-term debt	839,253	807,630
Liability to HEP	0	0
Deferred income tax liabilities	5,312	5,287
Other long-term liabilities	38,585	35,918
Investment in HEP	0	0
Equity – HollyFrontier	392,304	416,018
Equity – noncontrolling interest	97,265	97,488
Total liabilities and equity	1,416,952	1,413,907
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0	0
Marketable securities	0	0
Accounts receivable, net	(31,840)	(38,213)
Intercompany accounts receivable	0	0
Inventories	0	0
Income taxes receivable	0	0
Prepayments and other	(6,365)	(10,783)
Total current assets	(38,205)	(48,996)
Properties, plants and equipment, net	(267,047)	(274,149)
Marketable securities (long-term)	0
Investment in subsidiaries	0	0
Intangibles and other assets	(1,145)	(1,573)
Total assets	(306,397)	(324,718)
Accounts payable	(31,840)	(38,212)
Intercompany accounts payable	0	0
Accrued liabilities	(6,365)	(10,783)
Deferred income tax liabilities	0	0
Total current liabilities	(38,205)	(48,995)
Long-term debt	0	0
Liability to HEP	(239,387)	(245,536)
Deferred income tax liabilities	0	0
Other long-term liabilities	(2,291)	(2,718)
Investment in HEP	(135,490)	(128,871)
Equity – HollyFrontier	(386,846)	(410,888)
Equity – noncontrolling interest	495,822	512,290
Total liabilities and equity	$ (306,397)	$ (324,718)

XML

Segment Information (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]
Reportable segments	2		2
Other Revenue, Net	$ 10.5	$ 12.1	$ 25.7	$ 24.9

XML

Segment Information (Tables)

6 Months Ended

Jun. 30, 2014

Segment Information [Abstract]

Schedule Of Segment Reporting Information

	Refining		HEP		Corporate and Other			Consolidations and Eliminations			Consolidated Total
	(In thousands)
Three Months Ended June 30, 2014
Sales and other revenues	$	5,361,914	$	75,024	$	506		$	(64,844	)	$	5,372,600
Depreciation and amortization	$	83,840	$	15,477	$	2,280		$	(207	)	$	101,390
Income (loss) from operations	$	292,214	$	32,464	$	(27,802	)	$	(531	)	$	296,345
Capital expenditures	$	92,334	$	18,178	$	9,976		$	—		$	120,488
Three Months Ended June 30, 2013
Sales and other revenues	$	5,286,881	$	75,121	$	234		$	(63,388	)	$	5,298,848
Depreciation and amortization	$	53,443	$	15,619	$	1,637		$	(207	)	$	70,492
Income (loss) from operations	$	458,777	$	34,392	$	(32,646	)	$	(517	)	$	460,006
Capital expenditures	$	74,866	$	11,848	$	12,125		$	—		$	98,839
Six Months Ended June 30, 2014
Sales and other revenues	$	10,136,994	$	162,036	$	1,621		$	(136,998	)	$	10,163,653
Depreciation and amortization	$	147,381	$	30,661	$	4,310		$	(414	)	$	181,938
Income (loss) from operations	$	543,423	$	78,329	$	(53,357	)	$	(1,054	)	$	567,341
Capital expenditures	$	192,277	$	38,782	$	13,710		$	—		$	244,769
Six Months Ended June 30, 2013
Sales and other revenues	$	9,979,307	$	151,605	$	797		$	(125,072	)	$	10,006,637
Depreciation and amortization	$	110,613	$	29,368	$	2,687		$	(414	)	$	142,254
Income (loss) from operations	$	1,000,979	$	67,866	$	(58,618	)	$	(1,026	)	$	1,009,201
Capital expenditures	$	138,498	$	16,861	$	15,444		$	—		$	170,803

	Refining		HEP		Corporate and Other		Consolidations and Eliminations			Consolidated Total
	(In thousands)
June 30, 2014
Cash, cash equivalents and total investments in marketable securities	$	3,794	$	6,066	$	1,788,110	$	—		$	1,797,970
Total assets	$	7,442,830	$	1,416,952	$	1,905,000	$	(306,399	)	$	10,458,383
Long-term debt	$	—	$	839,253	$	188,632	$	—		$	1,027,885
December 31, 2013
Cash, cash equivalents and total investments in marketable securities	$	1,860	$	6,352	$	1,657,051	$	—		$	1,665,263
Total assets	$	7,094,558	$	1,413,908	$	1,881,119	$	(332,846	)	$	10,056,739
Long-term debt	$	—	$	807,630	$	189,889	$	—		$	997,519

XML

Derivative Instruments And Hedging Activities (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Period	1 year
Gain (loss) on economic hedges	$ 24,572,000	$ (1,531,000)	$ 24,594,000	$ (30,130,000)
Net unrealized gain in accumulated other comprehensive income related to accounting hedges			77,500,000
Net unrealized gain to be transferred from accumulated other comprehensive income to statement of income			81,900,000
Cost of Products Sold [Member]
Derivative [Line Items]
Gain (loss) on economic hedges	24,432,000	(1,839,000)	24,406,000	(35,431,000)
Operating Expense [Member]
Derivative [Line Items]
Gain (loss) on economic hedges	140,000	308,000	188,000	5,301,000
HEP [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Credit agreement advance	305,000,000		305,000,000
Credit agreement advance maturing in 2016	155,000,000		155,000,000
Fixed interest rate	0.74%		0.74%
Rate added to fixed base rate	2.00%		2.00%
Effective interest rate on debt	2.74%		2.74%
Credit agreement advance maturing in 2017	$ 150,000,000		$ 150,000,000
HEP [Member] | Current Interest Rate Swap [Member]
Derivative [Line Items]
Fixed interest rate	0.99%		0.99%
Effective interest rate on debt	2.99%		2.99%

XML

Segment Information

6 Months Ended

Jun. 30, 2014

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, New Mexico and Oklahoma.

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. Due to certain basis differences, 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, 2013.

	Refining		HEP		Corporate and Other			Consolidations and Eliminations			Consolidated Total
	(In thousands)
Three Months Ended June 30, 2014
Sales and other revenues	$	5,361,914	$	75,024	$	506		$	(64,844	)	$	5,372,600
Depreciation and amortization	$	83,840	$	15,477	$	2,280		$	(207	)	$	101,390
Income (loss) from operations	$	292,214	$	32,464	$	(27,802	)	$	(531	)	$	296,345
Capital expenditures	$	92,334	$	18,178	$	9,976		$	—		$	120,488
Three Months Ended June 30, 2013
Sales and other revenues	$	5,286,881	$	75,121	$	234		$	(63,388	)	$	5,298,848
Depreciation and amortization	$	53,443	$	15,619	$	1,637		$	(207	)	$	70,492
Income (loss) from operations	$	458,777	$	34,392	$	(32,646	)	$	(517	)	$	460,006
Capital expenditures	$	74,866	$	11,848	$	12,125		$	—		$	98,839
Six Months Ended June 30, 2014
Sales and other revenues	$	10,136,994	$	162,036	$	1,621		$	(136,998	)	$	10,163,653
Depreciation and amortization	$	147,381	$	30,661	$	4,310		$	(414	)	$	181,938
Income (loss) from operations	$	543,423	$	78,329	$	(53,357	)	$	(1,054	)	$	567,341
Capital expenditures	$	192,277	$	38,782	$	13,710		$	—		$	244,769
Six Months Ended June 30, 2013
Sales and other revenues	$	9,979,307	$	151,605	$	797		$	(125,072	)	$	10,006,637
Depreciation and amortization	$	110,613	$	29,368	$	2,687		$	(414	)	$	142,254
Income (loss) from operations	$	1,000,979	$	67,866	$	(58,618	)	$	(1,026	)	$	1,009,201
Capital expenditures	$	138,498	$	16,861	$	15,444		$	—		$	170,803

	Refining		HEP		Corporate and Other		Consolidations and Eliminations			Consolidated Total
	(In thousands)
June 30, 2014
Cash, cash equivalents and total investments in marketable securities	$	3,794	$	6,066	$	1,788,110	$	—		$	1,797,970
Total assets	$	7,442,830	$	1,416,952	$	1,905,000	$	(306,399	)	$	10,458,383
Long-term debt	$	—	$	839,253	$	188,632	$	—		$	1,027,885
December 31, 2013
Cash, cash equivalents and total investments in marketable securities	$	1,860	$	6,352	$	1,657,051	$	—		$	1,665,263
Total assets	$	7,094,558	$	1,413,908	$	1,881,119	$	(332,846	)	$	10,056,739
Long-term debt	$	—	$	807,630	$	189,889	$	—		$	997,519

HEP segment revenues from external customers were $10.5 million and $12.1 million for the three months ended June 30, 2014 and 2013, respectively, and $25.7 million and $24.9 million for the six months ended June 30, 2014 and 2013, respectively.

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Share-based Compensation [Abstract]

Summary Of Restricted Stock Activity

A summary of restricted stock and restricted stock unit activity and changes during the six months ended June 30, 2014 is presented below:

Restricted Stock and Restricted Stock Units	Grants		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value ($000)
Outstanding at January 1, 2014 (non-vested)	737,562		$	39.54
Granted	70,243		48.22
Vesting (transfer/conversion to common stock)	(103,586	)	33.71
Forfeited	(72,697	)	42.24
Outstanding at June 30, 2014 (non-vested)	631,522		$	41.15	$	27,591

Summary Of Performance Share Unit Activity

A summary of performance share unit activity and changes during the six months ended June 30, 2014 is presented below:

Performance Share Units	Grants
Outstanding at January 1, 2014 (non-vested)	983,610
Granted	26,493
Vesting and transfer of ownership to recipients	(181,290	)
Forfeited	(108,182	)
Outstanding at June 30, 2014 (non-vested)	720,631

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Debt (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended						6 Months Ended	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 6.875% Senior Notes Due 2018 [Member]	Dec. 31, 2013 6.875% Senior Notes Due 2018 [Member]	Jul. 01, 2014 Holly Frontier Credit Agreement [Member]	Jun. 30, 2014 Holly Frontier Credit Agreement [Member]	Jun. 30, 2014 Plains [Member] Lease [Member]	Mar. 31, 2014 HEP [Member] 8.25% Senior Notes Due 2018 [Member]	Jun. 30, 2014 HEP [Member] 8.25% Senior Notes Due 2018 [Member]	Dec. 31, 2013 HEP [Member] 8.25% Senior Notes Due 2018 [Member]	Jun. 30, 2014 HEP [Member] 6.5% Senior Notes Due 2020 [Member]	Dec. 31, 2013 HEP [Member] 6.5% Senior Notes Due 2020 [Member]	Jun. 30, 2014 HEP [Member] Letter of Credit [Member]	Jun. 30, 2014 HEP [Member] Holly Energy Partners Credit Agreement [Member]	Dec. 31, 2013 HEP [Member] Holly Energy Partners Credit Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit agreement							$ 1,000,000,000	$ 1,000,000,000							$ 50,000,000	$ 650,000,000
Letters of Credit Outstanding, Amount								4,500,000
Line of Credit Facility, Capacity Available for Swingline Loans								100,000,000
Borrowings outstanding under revolving credit agreement																543,000,000	363,000,000
Stated interest rate, senior notes		9.875%		9.875%	6.875%					8.25%			6.50%
Extinguishment of Debt, Amount				301,000,000						156,200,000
Gains (Losses) on Extinguishment of Debt	0	22,109,000	7,677,000	22,109,000						(7,700,000)
Redemption Premium				14,200,000						6,200,000
Amortization of Financing Costs and Discounts				7,900,000						1,500,000
Senior notes					150,000,000	150,000,000					0	150,000,000	300,000,000	300,000,000
Debt Instrument, Face Amount		286,800,000		286,800,000						150,000,000
Proceeds from sale of storage assets									40,000,000
Term of lease, years									15 years
Interest Costs Capitalized	$ 3,100,000	$ 3,000,000	$ 6,000,000	$ 6,400,000

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Earnings Per Share (Schedule Of Earnings Per Share) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Earnings Per Share [Abstract]
Net income attributable to HollyFrontier stockholders	$ 176,429		$ 256,981		$ 328,490		$ 590,650
Participating Securities Share in Earnings	475		917		945		2,201
Net income attributable to common shares	$ 175,954		$ 256,064		$ 327,545		$ 588,449
Average number of shares of common stock outstanding	198,139,000		201,543,000		198,217,000		202,131,000
Effect of dilutive variable restricted shares and performance share units	241,000	[1]	362,000	[1]	191,000	[1]	354,000	[1]
Average number of shares of common stock outstanding assuming dilution	198,380,000		201,905,000		198,408,000		202,485,000
Basic earnings per share	$ 0.89		$ 1.27		$ 1.65		$ 2.91
Diluted earnings per share	$ 0.89		$ 1.27		$ 1.65		$ 2.91
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	26		232		2		248

[1] (1) Excludes anti-dilutive restricted and performance share units of: 26 232 2 248

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Consolidated Statements Of Comprehensive Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 185,153	$ 265,749	$ 349,115	$ 609,120
Other comprehensive income (loss)
Unrealized gain (loss) on marketable securities	25	(39)	37	(26)
Reclassification adjustments to net income on sale or maturity of marketable securities	0	(6)	(1)	(3)
Net unrealized gain (loss) on marketable securities	25	(45)	36	(29)
Change in fair value of cash flow hedging instruments	46,689	27,661	138,724	17,315
Reclassification adjustments to net income on settlement of cash flow hedging instruments	(12,644)	(6,073)	(17,866)	21,631
Amortization of unrealized loss attributable to discontinued cash flow hedges	270	270	540	1,209
Net unrealized gain on hedging instruments	34,315	21,858	121,398	40,155
Pension plan loss reclassified to net income	0	28,986	0	28,986
Loss on post-retirement healthcare plan	0	0	(89)	0
Post-retirement healthcare plan loss reclassified to net income	0	0	0	1,726
Net change in post-retirement benefit obligation	0	28,986	(89)	30,712
Other comprehensive income before income taxes	34,340	50,799	121,345	70,838
Income tax expense	13,417	18,986	47,122	26,474
Other comprehensive income	20,923	31,813	74,223	44,364
Total comprehensive income	206,076	297,562	423,338	653,484
Less noncontrolling interest in comprehensive income	8,271	10,708	20,230	21,202
Comprehensive income attributable to HollyFrontier stockholders	$ 197,805	$ 286,854	$ 403,108	$ 632,282

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Earnings Per Share

6 Months Ended

Jun. 30, 2014

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 restricted shares and performance share units. The following is a reconciliation of the components of the basic and diluted per share computations for net income attributable to HollyFrontier stockholders:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(In thousands, except per share data)
Net income attributable to HollyFrontier stockholders	$	176,429	$	256,981	$	328,490	$	590,650
Participating securities' share in earnings	475		917		945		2,201
Net income attributable to common shares	$	175,954	$	256,064	$	327,545	$	588,449
Average number of shares of common stock outstanding	198,139		201,543		198,217		202,131
Effect of dilutive variable restricted shares andperformance share units (1)	241		362		191		354
Average number of shares of common stock outstanding assuming dilution	198,380		201,905		198,408		202,485
Basic earnings per share	$	0.89	$	1.27	$	1.65	$	2.91
Diluted earnings per share	$	0.89	$	1.27	$	1.65	$	2.91
(1) Excludes anti-dilutive restricted and performance share units of:	26		232		2		248

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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		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Other Comprehensive Income (Loss) [Abstract]
Net unrealized gain (loss) on marketable securities	$ 25	$ (45)	$ 36	$ (29)
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax	17	(36)	14	(28)
Net unrealized gain on hedging instruments	34,315	21,858	121,398	40,155
Net change in post-retirement benefit obligations	0	0	89	0
Other comprehensive income (loss)	34,340	50,799	121,345	70,838
Less other comprehensive income attributable to noncontrolling interest	(453)	1,940	(395)	2,733
Other Comprehensive Income (Loss) attributable to HollyFrontier stockholders	34,793	48,859	121,740	68,105
Net unrealized gain (loss) on hedging instruments, tax expense (benefit)	13,400	7,747	47,143	14,556
Net change in post-retirement benefit obligations, tax expense (benefit)		11,275	(35)	11,946
Other comprehensive income, tax expense	13,417	18,986	47,122	26,474
Other comprehensive income attributable to HollyFrontier stockholders, tax expense (benefit)	13,417	18,986	47,122	26,474
Net unrealized gain on marketable securities, after tax	8	(9)	22	(1)
Net unrealized gain (loss) on hedging instruments, after tax	20,915	14,111	74,255	25,599
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax		28,986		30,712
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax	0	28,986	(89)	30,712
Net Change in Post-retirement Benefit Obligations, After Tax		17,711	(54)	18,766
Other comprehensive income, after tax	20,923	31,813	74,223	44,364
Less other comprehensive income attributable to noncontrolling interest, after tax	(453)	1,940	(395)	2,733
Other comprehensive income (loss) attributable to HollyFrontier stockholders, after tax	$ 21,376	$ 29,873	$ 74,618	$ 41,631

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

6 Months Ended

Jun. 30, 2014

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

Available-For-Sale Securities

The following is a summary of our marketable securities:

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value (Net Carrying Amount)
	(In thousands)
June 30, 2014
Certificates of deposit	$	79,704	$	15	$	(3	)	$	79,716
Commercial paper	76,670		16		—			76,686
Corporate debt securities	146,455		34		(18		)	146,471
State and political subdivisions debt securities	376,789		29		(23		)	376,795
Total marketable securities	$	679,618	$	94	$	(44	)	$	679,668
December 31, 2013
Certificates of deposit	$	74,802	$	21	$	(1	)	$	74,822
Commercial paper	78,216		28		—			78,244
Corporate debt securities	96,889		6		(44		)	96,851
State and political subdivisions debt securities	475,235		49		(41		)	475,243
Total marketable securities	$	725,142	$	104	$	(86	)	$	725,160

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Variable Interest Entities Sabine Biofuels production facility (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Variable Interest Entity [Line Items]
Percentage Of Interest Owned In Development Stage Biodiesel Production Facility	50.00%
Carrying Value of Interest Owned In Development Stage Biodiesel Production Facility	$ 10.6

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Contingencies

6 Months Ended

Jun. 30, 2014

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 material adverse effect on our financial condition, results of operations or cash flows.