Reported net income attributable to HollyFrontier stockholders of $558.3 million or $3.39 per diluted share and adjusted net income of $250.1 million or $1.52 per diluted share, for the year

Reported EBITDA of $1,306.9 million and adjusted EBITDA of $915.7 million, for the year

HollyFrontier Corporation (NYSE:HFC) ("HollyFrontier" or the "Company") today reported fourth quarter net loss attributable to HollyFrontier stockholders of $(39.5) million or $(0.24) per diluted share for the quarter ended December 31, 2021, compared to $(117.7) million or $(0.73) per diluted share for the quarter ended December 31, 2020.

The fourth quarter results reflect special items that collectively increased net loss by a total of $21.9 million. On a pre-tax basis, these items include acquisition integration costs of $15.8 million, a lower of cost or market inventory valuation adjustment of $8.7 million and charges related to the Cheyenne Refinery conversion to renewable diesel production, including decommissioning charges of $2.8 million. Excluding these items, adjusted net loss for the fourth quarter was $(17.6) million ($(0.11) per diluted share) compared to $(118.6) million ($(0.74) per diluted share) for the fourth quarter of 2020, which excludes certain items that collectively decreased net loss by $0.9 million for the three months ended December 31, 2020.

HollyFrontier's CEO, Michael Jennings, commented, "Despite heavy planned and unplanned refining maintenance and weather-related downtime in the fourth quarter, HollyFrontier delivered solid financial results in 2021, highlighted by record earnings in our Lubricants and Specialties business and the closing of our acquisition of the Puget Sound Refinery. Looking forward to 2022, we remain constructive on the macro environment and are focused on the execution of our strategic initiatives: the successful completion and start-up of our renewables business, closing on our acquisition of Sinclair and accelerating returns of capital to our shareholders."

Refining segment loss before interest and income taxes was $(63.5) million for the fourth quarter of 2021 compared to $(66.1) million in the fourth quarter of 2020. The segment reported EBITDA of $25.0 million for the fourth quarter of 2021 compared to $7.5 million for the fourth quarter of 2020. This increase was driven by stronger product demand, which resulted in a consolidated refinery gross margin of $8.70 per produced barrel, a 116% increase compared to $4.02 for the fourth quarter of 2020. Crude oil charge averaged 421,000 barrels per day ("BPD") for the fourth quarter of 2021 compared to 379,910 BPD for the fourth quarter of 2020.

Lubricants and Specialty Products segment income before interest and income taxes was $53.7 million for the fourth quarter of 2021 compared to a loss before interest and income taxes of $(54.1) million in the fourth quarter of 2020. The segment reported EBITDA of $74.9 million for the fourth quarter of 2021 compared to $(32.7) million in the fourth quarter of 2020. Fourth quarter of 2020 included a goodwill impairment charge of $81.9 million related to Sonneborn.

Holly Energy Partners, L.P. ("HEP") reported EBITDA of $70.8 million for the fourth quarter of 2021 compared to $86.8 million in the fourth quarter of 2020.

For the fourth quarter of 2021, net cash used for operations totaled $332.8 million. At December 31, 2021, the Company's cash and cash equivalents totaled $234.4 million, a $1,247.1 million decrease over cash and cash equivalents of $1,481.6 million at September 30, 2021 inclusive of our purchase of the Puget Sound Refinery. Additionally, the Company's consolidated debt was $3,072.7 million. The Company's debt, exclusive of HEP debt, which is nonrecourse to HollyFrontier, was $1,739.7 million at December 31, 2021.

The Company has scheduled a webcast conference call for today, February 23, 2022, at 8:30 AM Eastern Time to discuss fourth quarter financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/868741482. An audio archive of this webcast will be available using the above noted link through March 9, 2022.

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries located in Kansas, Oklahoma, New Mexico, Washington and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. In addition, HollyFrontier produces base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and exports products to more than 80 countries. HollyFrontier also owns a 57% limited partner interest and a non-economic general partner interest in HEP, a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including subsidiaries of HollyFrontier Corporation.

The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts are "forward-looking statements" based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission. Forward-looking statements use words such as "anticipate," "project," "expect," "plan," "goal," "forecast," "strategy," "intend," "should," "would," "could," "believe," "may," and similar expressions and statements regarding our plans and objectives for future operations. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, the Company's ability to successfully close the pending acquisition by the Company and HEP of Sinclair Oil Corporation and Sinclair Transportation Company (collectively, "Sinclair", and such transactions, the "Sinclair Transactions"), or once closed, integrate the operations of Sinclair with its existing operations and fully realize the expected synergies of the Sinclair Transactions or on the expected timeline; the satisfaction or waivers of the conditions precedent to the proposed Sinclair Transactions, including without limitation, regulatory approvals (including clearance by antitrust authorities necessary to complete the Sinclair Transactions on the terms and timeline desired), risks relating to the value of HF Sinclair common stock and the value of HEP's limited partner common units to be issued at the closing of the Sinclair Transactions from sales in anticipation of closing and from sales by the Sinclair holders following the closing of the Sinclair Transactions; the cost and potential for a delay in closing as a result of litigation against the Company or HEP challenging the Sinclair Transactions; the Company's ability to successfully integrate the operation of the Puget Sound Refinery with the Company's existing operations; the demand for and supply of crude oil and refined products, including uncertainty regarding the effects of the continuing coronavirus ("COVID-19") pandemic on future demand and increasing societal expectations that companies address climate change; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in the Company's markets; the spread between market prices for refined products and market prices for crude oil; the possibility of constraints on the transportation of refined products or lubricant and specialty products; the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to infection in the workforce or in response to reductions in demand; the effects of current and/or future governmental and environmental regulations and policies, including the effects of current and/or future restrictions on various commercial and economic activities in response to the COVID-19 pandemic; the availability and cost of financing to the Company; the effectiveness of the Company's capital investments and marketing strategies; the Company's efficiency in carrying out and consummating construction projects, including the Company's ability to complete announced capital projects, such as the construction of the Artesia renewable diesel unit and pretreatment unit, on time and within capital guidance; the Company's ability to timely obtain or maintain permits, including those necessary for operations or capital projects; the ability of the Company to acquire refined or lubricant product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations; the possibility of terrorist or cyberattacks and the consequences of any such attacks; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States; a prolonged economic slowdown due to the COVID-19 pandemic which could result in an impairment of goodwill and/or long-lived asset impairments; and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. 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.

RESULTS OF OPERATIONS

Financial Data (all information in this release is unaudited)

	Three Months Ended December 31,						Change from 2020
	2021			2020			Change			Percent
	(In thousands, except per share data)
Sales and other revenues	$	5,622,667		$	2,900,768		$	2,721,899		94	%
Operating costs and expenses:
Cost of products sold:
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)		4,958,160			2,510,845			2,447,315		97
Lower of cost or market inventory valuation adjustment		8,739			(149,212	)		157,951		(106	)
		4,966,899			2,361,633			2,605,266		110
Operating expenses		430,858			336,077			94,781		28
Selling, general and administrative expenses		111,225			76,041			35,184		46
Depreciation and amortization		134,198			124,879			9,319		7
Goodwill and long-lived asset impairments		—			108,385			(108,385	)	(100	)
Total operating costs and expenses		5,643,180			3,007,015			2,636,165		88
Loss from operations		(20,513	)		(106,247	)		85,734		(81	)

Other income (expense):
Earnings of equity method investments		3,557			1,461			2,096		143
Interest income		941			1,043			(102	)	(10	)
Interest expense		(30,955	)		(40,604	)		9,649		(24	)
Gain on foreign currency transactions		1,288			3,119			(1,831	)	(59	)
Gain on sale of assets and other		2,532			3,034			(502	)	(17	)
		(22,637	)		(31,947	)		9,310		(29	)
Loss before income taxes		(43,150	)		(138,194	)		95,044		(69	)
Income tax benefit		(26,046	)		(43,643	)		17,597		(40	)
Net loss		(17,104	)		(94,551	)		77,447		(82	)
Less net income attributable to noncontrolling interest		22,426			23,196			(770	)	(3	)
Net loss attributable to HollyFrontier stockholders	$	(39,530	)	$	(117,747	)	$	78,217		(66	)%

Loss per share:
Basic	$	(0.24	)	$	(0.73	)	$	0.49		(67	)%
Diluted	$	(0.24	)	$	(0.73	)	$	0.49		(67	)%
Cash dividends declared per common share	$	—		$	0.35		$	(0.35	)	(100	)%
Average number of common shares outstanding:
Basic		162,721			162,151			570		—	%
Diluted		162,721			162,151			570		—	%

EBITDA	$	98,636		$	3,050		$	95,586		3,134	%
Adjusted EBITDA	$	126,026		$	(21,898	)	$	147,924		(676	)%

	Years Ended December 31,						Change from 2020
	2021			2020			Change			Percent
	(In thousands, except per share data)
Sales and other revenues	$	18,389,142		$	11,183,643		$	7,205,499		64	%
Operating costs and expenses:
Cost of products sold:
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)		15,567,052			9,158,805			6,408,247		70
Lower of cost or market inventory valuation adjustment		(310,123	)		78,499			(388,622	)	(495	)
		15,256,929			9,237,304			6,019,625		65
Operating expenses		1,517,478			1,300,277			217,201		17
Selling, general and administrative expenses		362,010			313,600			48,410		15
Depreciation and amortization		503,539			520,912			(17,373	)	(3	)
Goodwill and long-lived asset impairments		—			545,293			(545,293	)	(100	)
Total operating costs and expenses		17,639,956			11,917,386			5,722,570		48
Income (loss) from operations		749,186			(733,743	)		1,482,929		(202	)

Other income (expense):
Earnings of equity method investments		12,432			6,647			5,785		87
Interest income		4,019			7,633			(3,614	)	(47	)
Interest expense		(125,175	)		(126,527	)		1,352		(1	)
Gain on business interruption insurance settlement		—			81,000			(81,000	)	(100	)
Gain on tariff settlement		51,500			—			51,500		—
Gain on sales-type lease		—			33,834			(33,834	)	(100	)
Loss on early extinguishment of debt		—			(25,915	)		25,915		(100	)
Gain (loss) on foreign currency transactions		(2,938	)		2,201			(5,139	)	(233	)
Gain on sale of assets and other		98,128			7,824			90,304		1,154
		37,966			(13,303	)		51,269		(385	)
Income (loss) before income taxes		787,152			(747,046	)		1,534,198		(205	)
Income tax expense (benefit)		123,898			(232,147	)		356,045		(153	)
Net income (loss)		663,254			(514,899	)		1,178,153		(229	)
Less net income attributable to noncontrolling interest		104,930			86,549			18,381		21
Net income (loss) attributable to HollyFrontier stockholders	$	558,324		$	(601,448	)	$	1,159,772		(193	)%

Earnings (loss) per share:
Basic	$	3.39		$	(3.72	)	$	7.11		(191	)%
Diluted	$	3.39		$	(3.72	)	$	7.11		(191	)%
Cash dividends declared per common share	$	0.35		$	1.40		$	(1.05	)	(75	)%
Average number of common shares outstanding:
Basic		162,569			161,983			586		—	%
Diluted		162,569			161,983			586		—	%

EBITDA	$	1,306,917		$	(193,789	)	$	1,500,706		(774	)%
Adjusted EBITDA	$	915,665		$	412,220		$	503,445		122	%

Balance Sheet Data

	Years Ended December 31,
	2021		2020
	(In thousands)
Cash and cash equivalents	$	234,444	$	1,368,318
Working capital	$	1,696,990	$	1,935,605
Total assets	$	12,916,613	$	11,506,864
Long-term debt	$	3,072,737	$	3,142,718
Total equity	$	6,294,465	$	5,722,203

Segment Information

Our operations are organized into three reportable segments: Refining, Lubricants and Specialty Products and HEP. Our operations that are not included in the Refining, Lubricants and Specialty Products and HEP segments are included in Corporate and Other. Intersegment transactions are eliminated in our consolidated financial statements and are included in Eliminations. Corporate and Other and Eliminations are aggregated and presented under the Corporate, Other and Eliminations column.

The Refining segment represents the operations of our El Dorado, Tulsa, Navajo and Woods Cross refineries, HollyFrontier Asphalt Company LLC ("HFC Asphalt") and also our recently acquired Puget Sound Refinery from the closing date on November 1, 2021 (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 Mountains extending into the Pacific Northwest geographic regions of the United States. HFC Asphalt operates various asphalt terminals in Arizona, New Mexico and Oklahoma. The Refining segment also included the operations of our Cheyenne Refinery until it permanently ceased petroleum refining operations during the third quarter of 2020.

Beginning in the fourth quarter of 2020, activities associated with the conversion of Cheyenne Refinery to renewable diesel production, along with the construction of renewable diesel and pre-treatment units in Artesia, New Mexico were reported in Corporate and Other. The Cheyenne renewable diesel unit was mechanically complete in the fourth quarter of 2021. The pre-treatment unit is expected to be completed in the first quarter of 2022, and the Artesia renewable diesel unit is expected to be completed in the second quarter of 2022. Beginning in the first quarter of 2022, renewable diesel operations will cease to be reported in Corporate and Other and will be reported under a new Renewables segment.

The Lubricants and Specialty Products segment involves Petro-Canada Lubricants Inc.'s ("PCLI") production operations, located in Mississauga, Ontario, that include lubricant products such as base oils, white oils, specialty products and finished lubricants and the operations of our Petro-Canada Lubricants business that includes the marketing of products to both retail and wholesale outlets through a global sales network with locations in Canada, the United States, Europe and China. Additionally, the Lubricants and Specialty Products segment includes specialty lubricant products produced at our Tulsa refineries that are marketed throughout North America and are distributed in Central and South America, the operations of Red Giant Oil, one of the largest suppliers of locomotive engine oil in North America and the operations of Sonneborn, a producer of specialty hydrocarbon chemicals such as white oils, petrolatums and waxes with manufacturing facilities in the United States and Europe.

The HEP segment includes all of the operations of HEP, a consolidated variable interest entity, which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and refinery processing units in the Mid-Continent, Southwest and Rocky Mountain geographic regions of the United States. The HEP segment also includes a 75% ownership interest in UNEV Pipeline, LLC (an HEP consolidated subsidiary), and a 50% ownership interest in each of Osage Pipeline Company, LLC, Cheyenne Pipeline LLC and Cushing Connect Pipeline & Terminal LLC. 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.

	Refining			Lubricants and Specialty Products			HEP		Corporate, Other and Eliminations			Consolidated Total
	(In thousands)
Three Months Ended December 31, 2021
Sales and other revenues:
Revenues from external customers	$	4,896,994		$	699,838		$	25,837	$	(2	)	$	5,622,667
Intersegment revenues		168,599			488			92,656		(261,743	)		—
	$	5,065,593		$	700,326		$	118,493	$	(261,745	)	$	5,622,667
Cost of products sold (exclusive of lower of cost or market inventory adjustment)	$	4,686,200		$	510,528		$	—	$	(238,568	)	$	4,958,160
Lower of cost or market inventory valuation adjustment	$	—		$	—		$	—	$	8,739		$	8,739
Operating expenses	$	317,831		$	69,453		$	44,298	$	(724	)	$	430,858
Selling, general and administrative expenses	$	36,586		$	45,543		$	2,973	$	26,123		$	111,225
Depreciation and amortization	$	88,455		$	21,268		$	20,090	$	4,385		$	134,198
Income (loss) from operations	$	(63,479	)	$	53,534		$	51,132	$	(61,700	)	$	(20,513	)
Income (loss) before interest and income taxes	$	(63,479	)	$	53,665		$	54,873	$	(58,195	)	$	(13,136	)
Net income attributable to noncontrolling interest	$	—		$	—		$	3,190	$	19,236		$	22,426
Earnings of equity method investments	$	—		$	—		$	3,557	$	—		$	3,557
Capital expenditures	$	46,106		$	13,344		$	11,403	$	194,211		$	265,064

Three Months Ended December 31, 2020
Sales and other revenues:
Revenues from external customers	$	2,406,214		$	462,724		$	25,629	$	6,201		$	2,900,768
Intersegment revenues		74,492			1,554			101,827		(177,873	)		—
	$	2,480,706		$	464,278		$	127,456	$	(171,672	)	$	2,900,768
Cost of products sold (exclusive of lower of cost or market inventory adjustment)	$	2,326,150		$	318,857		$	—	$	(134,162	)	$	2,510,845
Lower of cost or market inventory valuation adjustment	$	(145,497	)	$	—		$	—	$	(3,715	)	$	(149,212	)
Operating expenses	$	233,433		$	59,609		$	37,971	$	5,064		$	336,077
Selling, general and administrative expenses	$	32,621		$	36,162		$	2,420	$	4,838		$	76,041
Depreciation and amortization	$	73,598		$	21,396		$	23,350	$	6,535		$	124,879
Goodwill and long-lived asset impairments	$	26,518		$	81,867		$	—	$	—		$	108,385
Income (loss) from operations	$	(66,117	)	$	(53,613	)	$	63,715	$	(50,232	)	$	(106,247	)
Income (loss) before interest and income taxes	$	(66,117	)	$	(54,056	)	$	65,428	$	(43,888	)	$	(98,633	)
Net income attributable to noncontrolling interest	$	—		$	—		$	1,124	$	22,072		$	23,196
Earnings of equity method investments	$	—		$	—		$	1,461	$	—		$	1,461
Capital expenditures	$	45,870		$	12,086		$	20,641	$	38,555		$	117,152

	Refining			Lubricants and Specialty Products			HEP		Corporate, Other and Eliminations			Consolidated Total
	(In thousands)
Year Ended December 31, 2021
Sales and other revenues:
Revenues from external customers	$	15,734,870		$	2,550,624		$	103,646	$	2		$	18,389,142
Intersegment revenues		623,688			9,988			390,849		(1,024,525	)		—
	$	16,358,558		$	2,560,612		$	494,495	$	(1,024,523	)	$	18,389,142
Cost of products sold (exclusive of lower of cost or market inventory adjustment)	$	14,673,062		$	1,815,802		$	—	$	(921,812	)	$	15,567,052
Lower of cost or market inventory valuation adjustment	$	(318,353	)	$	—		$	—	$	8,230		$	(310,123	)
Operating expenses	$	1,090,424		$	252,456		$	170,524	$	4,074		$	1,517,478
Selling, general and administrative expenses	$	127,563		$	170,155		$	12,637	$	51,655		$	362,010
Depreciation and amortization	$	334,365		$	79,767		$	86,998	$	2,409		$	503,539
Income (loss) from operations	$	451,497		$	242,432		$	224,336	$	(169,079	)	$	749,186
Income (loss) before interest and income taxes	$	449,747		$	329,203		$	267,623	$	(138,265	)	$	908,308
Net income attributable to noncontrolling interest	$	—		$	—		$	7,217	$	97,713		$	104,930
Earnings of equity method investments	$	—		$	—		$	12,432	$	—		$	12,432
Capital expenditures	$	160,431		$	30,878		$	88,336	$	533,764		$	813,409

Year Ended December 31, 2020
Sales and other revenues:
Revenues from external customers	$	9,286,658		$	1,792,745		$	98,039	$	6,201		$	11,183,643
Intersegment revenues		252,531			10,465			399,809		(662,805	)		—
	$	9,539,189		$	1,803,210		$	497,848	$	(656,604	)	$	11,183,643
Cost of products sold (exclusive of lower of cost or market inventory adjustment)	$	8,439,680		$	1,271,287		$	—	$	(552,162	)	$	9,158,805
Lower of cost or market inventory valuation adjustment	$	82,214		$	—		$	—	$	(3,715	)	$	78,499
Operating expenses	$	988,045		$	216,068		$	147,692	$	(51,528	)	$	1,300,277
Selling, general and administrative expenses	$	127,298		$	157,816		$	9,989	$	18,497		$	313,600
Depreciation and amortization	$	324,617		$	80,656		$	95,445	$	20,194		$	520,912
Goodwill impairment	$	241,760		$	286,575		$	16,958	$	—		$	545,293
Income (loss) from operations	$	(664,425	)	$	(209,192	)	$	227,764	$	(87,890	)	$	(733,743	)
Income (loss) before interest and income taxes	$	(664,425	)	$	(209,903	)	$	251,021	$	(4,845	)	$	(628,152	)
Net income attributable to noncontrolling interest	$	—		$	—		$	5,282	$	81,267		$	86,549
Earnings of equity method investments	$	—		$	—		$	6,647	$	—		$	6,647
Capital expenditures	$	152,726		$	32,473		$	59,283	$	85,678		$	330,160

	Refining		Lubricants and Specialty Products		HEP		Corporate, Other and Eliminations			Consolidated Total
	(In thousands)
December 31, 2021
Cash and cash equivalents	$	—	$	113,474	$	14,381	$	106,589		$	234,444
Total assets	$	9,736,851	$	2,073,638	$	2,250,115	$	(1,143,991	)	$	12,916,613
Long-term debt	$	—	$	—	$	1,333,049	$	1,739,688		$	3,072,737

December 31, 2020
Cash and cash equivalents	$	3,106	$	163,729	$	21,990	$	1,179,493		$	1,368,318
Total assets	$	6,203,847	$	1,864,313	$	2,198,478	$	1,240,226		$	11,506,864
Long-term debt	$	—	$	—	$	1,405,603	$	1,737,115		$	3,142,718

Refining Segment Operating Data

As of December 31, 2021, our refinery operations included the El Dorado, Tulsa, Puget Sound, Navajo and Woods Cross Refineries. The refinery operations of the Puget Sound Refinery are included for the period November 1, 2021 (date of acquisition) through December 31, 2021. The following tables set forth information, including non-GAAP (Generally Accepted Accounting Principles) performance measures about our refinery operations. Refinery gross and net operating margins do not include the non-cash effects of long-lived asset impairment charges, lower of cost or market inventory valuation adjustments and depreciation and amortization. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.

	Three Months Ended December 31,						Years Ended December 31,
	2021			2020			2021			2020
*Mid-Continent Region (El Dorado and Tulsa Refineries)*
Crude charge (BPD) ⁽¹⁾		265,770			260,780			260,350			241,140
Refinery throughput (BPD)⁽²⁾		287,300			279,670			276,430			257,030
Sales of produced refined products (BPD) ⁽³⁾		285,250			273,710			265,470			248,320
Refinery utilization ⁽⁴⁾		102.2	%		100.3	%		100.1	%		92.7	%

Average per produced barrel ⁽⁵⁾
Refinery gross margin	$	6.18		$	1.93		$	9.44		$	5.17
Refinery operating expenses ⁽⁶⁾		5.73			5.42			6.42			5.46
Net operating margin	$	0.45		$	(3.49	)	$	3.02		$	(0.29	)

Refinery operating expenses per throughput barrel ⁽⁷⁾	$	5.69		$	5.30		$	6.17		$	5.27

Feedstocks:
Sweet crude oil		55	%		59	%		61	%		58	%
Sour crude oil		21	%		19	%		15	%		19	%
Heavy sour crude oil		17	%		15	%		18	%		17	%
Other feedstocks and blends		7	%		7	%		6	%		6	%
Total		100	%		100	%		100	%		100	%

Sales of produced refined products:
Gasolines		53	%		54	%		52	%		52	%
Diesel fuels		32	%		33	%		33	%		34	%
Jet fuels		6	%		4	%		5	%		4	%
Fuel oil		1	%		1	%		1	%		1	%
Asphalt		2	%		3	%		3	%		3	%
Base oils		4	%		4	%		4	%		4	%
LPG and other		2	%		1	%		2	%		2	%
Total		100	%		100	%		100	%		100	%

	Three Months Ended December 31,						Years Ended December 31,
	2021 ⁽⁸⁾			2020			2021 ⁽⁸⁾			2020
*West Region (Puget Sound, Navajo and Wood Cross Refineries)*
Crude charge (BPD) ⁽¹⁾		155,230			119,130			140,370			124,050
Refinery throughput (BPD)⁽²⁾		175,440			133,110			155,440			138,050
Sales of produced refined products (BPD) ⁽³⁾		188,980			144,280			158,630			143,350
Refinery utilization ⁽⁴⁾		63.7	%		82.2	%		82.7	%		85.6	%

Average per produced barrel ⁽⁵⁾
Refinery gross margin	$	12.50		$	7.98		$	13.32		$	10.97
Refinery operating expenses ⁽⁶⁾		9.63			7.31			8.09			7.07
Net operating margin	$	2.87		$	0.67		$	5.23		$	3.90

Refinery operating expenses per throughput barrel ⁽⁷⁾	$	10.38		$	7.93		$	9.27		$	7.34

Feedstocks:
Sweet crude oil		20	%		29	%		22	%		30	%
Sour crude oil		56	%		48	%		58	%		49	%
Heavy sour crude oil		2	%		—	%		1	%		—	%
Black wax crude oil		11	%		12	%		10	%		11	%
Other feedstocks and blends		11	%		11	%		9	%		10	%
Total		100	%		100	%		100	%		100	%

Sales of produced refined products:
Gasolines		56	%		57	%		54	%		56	%
Diesel fuels		29	%		34	%		35	%		35	%
Jet fuels		4	%		—	%		1	%		—	%
Fuel oil		3	%		3	%		3	%		3	%
Asphalt		3	%		3	%		4	%		4	%
LPG and other		5	%		3	%		3	%		2	%
Total		100	%		100	%		100	%		100	%

*Consolidated*
Crude charge (BPD) ⁽¹⁾		421,000			379,910			400,720			365,190
Refinery throughput (BPD)⁽²⁾		462,740			412,780			431,870			395,080
Sales of produced refined products (BPD) ⁽³⁾		474,230			417,990			424,100			391,670
Refinery utilization ⁽⁴⁾		83.6	%		93.8	%		93.1	%		90.2	%

Average per produced barrel ⁽⁵⁾
Refinery gross margin	$	8.70		$	4.02		$	10.89		$	7.29
Refinery operating expenses ⁽⁶⁾		7.28			6.07			7.04			6.05
Net operating margin	$	1.42		$	(2.05	)	$	3.85		$	1.24

Refinery operating expenses per throughput barrel ⁽⁷⁾	$	7.47		$	6.15		$	6.92		$	6.00

Feedstocks:
Sweet crude oil		41	%		49	%		47	%		48	%
Sour crude oil		34	%		29	%		31	%		29	%
Heavy sour crude oil		12	%		10	%		12	%		11	%
Black wax crude oil		4	%		4	%		4	%		4	%
Other feedstocks and blends		9	%		8	%		6	%		8	%
Total		100	%		100	%		100	%		100	%

	Three Months Ended December 31,				Years Ended December 31,
	2021		2020		2021		2020
*Consolidated*
Sales of produced refined products:
Gasolines	54	%	55	%	53	%	54	%
Diesel fuels	31	%	33	%	34	%	34	%
Jet fuels	6	%	3	%	4	%	3	%
Fuel oil	1	%	2	%	1	%	1	%
Asphalt	3	%	3	%	3	%	4	%
Base oils	2	%	2	%	2	%	2	%
LPG and other	3	%	2	%	3	%	2	%
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)		Represents barrels sold of refined products produced at our refineries (including HFC Asphalt) and does not include volumes of refined products purchased for resale or volumes of excess crude oil sold.
(4)		Represents crude charge divided by total crude capacity ("BPSD"). As a result of our acquisition of the Puget Sound Refinery on November 1, 2021, our consolidated crude capacity increased from 405,000 BPSD to 554,000 BPSD.
(5)		Represents average amount per produced barrel sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under "Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles" below.
(6)		Represents total Mid-Continent and West regions operating expenses, exclusive of long-lived asset impairment charges and depreciation and amortization, divided by sales volumes of refined products produced at our refineries.
(7)		Represents total Mid-Continent and West regions operating expenses, exclusive of long-lived asset impairment charges and depreciation and amortization, divided by refinery throughput.
(8)		We acquired the Puget Sound Refinery on November 1, 2021. Refining operating data for the quarter and year ended December 31, 2021 includes crude oil and feedstocks processed and refined products sold at our Puget Sound Refinery for the period

HollyFrontier Corporation Reports 2021 Fourth Quarter and Full Year Results