Hf Sinclair Corporation · NYSE:DINO
Hf Sinclair — HollyFrontier — Merger or Acquisition (May 2021)
13 slides from Hf Sinclair's merger presentation, May 4, 2021
Slide 1: Acquisition of Puget Sound Refinery
Exhibit 99.2 HOLLYFRONTIER. sou HOLLYFRONTIER Acquisition of Puget Sound Refinery May 2021
Slide 2: Disclosure Statement
Disclosure Statement Statements made during the course of this presentation that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “project,” “expect,” “plan,” “goal,” “forecast,” “in
Slide 3: Transaction Overview: Financial Details
Transaction Overview Financial Details Puget Sound Refinery (Anacortes, WA) Cash purchase of $500 million $350 million purchase price net of approximately $150-180 million of inventory Expect to be funded with one year suspension of quarterly dividend and cash on hand Expect to generate approximatel
Slide 4: Transaction Overview: Assets Acquired
Transaction Overview Assets Acquired The Puget Sound Refinery (“PSR”) is a large, complex refinery with catalytic cracking and delayed coking units and a history of strong free cash flow1 generation ~149 mbpd nameplate capacity2 9.3 Nelson Complexity3 Connectivity to source cost-advantaged Canadian
Slide 5: Strategic Rationale
Strategic Rationale High Quality Operations with Advantaged Crude and Product Markets Consistent Profitability Five year average annual EBITDA ~$235 million1 (2015-2019A) Five year average annual free cash flow after tax of ~$75 million1 (2015-2019A) Crude Supply Flexibility Ability to run discounte
Slide 6: Refinery Historical Performance
Refinery Historical Performance Financial Metrics EBITDA ($mm)1 Operating Expense ($/bbl) Capital Expenditures ($mm) Realized Refining Gross Margin ($/bbl)1 $74 $87 $227 $151 $163 See appendix for a reconciliation of the non-GAAP financial measures
Slide 7: PSR EHS Trends
PSR EHS Trends PSR’s Leadership and Personnel Value Personal and Process Safety PSR’s safety program includes regular training sessions and continual review processes to help ensure worker and community safety as well as preserve and protect the environment Demonstrated improved personal safety perf
Slide 8: PSR Product Markets
PSR Product Markets Premium Product Cracks & Favorable Product Mix Product Market with Positive Long-Term Backdrop West Coast PADD V1 has historically been balanced PNW2 continues to see high population growth and better economic growth than the broader U.S. similar to existing HFC markets Favorable
Slide 9: PSR Crude Slate
PSR Crude Slate Crude Slate Flexibility Advantaged market access to Canadian and Alaskan crude vs PADD V competition 5 Year Average Crude Slate Pipeline access to discounted Canadian crudes via Trans Mountain Pipeline Set to benefit from Trans Mountain Pipeline expansion from 300 mbpd to 890 mbpd in
Slide 10: Appendix
APPENDIX L peach HOLLYFRONTIER. HOLLYFRONTIER. aa ER
Slide 11: Non-GAAP Reconciliation
Non-GAAP Reconciliation Includes items that are expected to not occur under HFC ownership See definitions page in Appendix Based on 35% corporate tax rate for 2015-2017 and 24% for 2018 and 2019
Slide 12: Definitions
BPD: the number of barrels per calendar day of crude oil or petroleum products. Earnings Per Share (EPS): earnings per share is calculated as net income (loss) attributable to stockholders divided by the average number of shares of common stock outstanding. EBITDA: Earnings before interest, taxes, d
Slide 13: HollyFrontier Corporation contact details
HollyFrontier Corporation (NYSE: HFC) 2828 N. Harwood, Suite 1300 Dallas, Texas 75201 (214) 954-6510 www.hollyfrontier.com Craig Biery | Vice President, Investor Relations investors@hollyfrontier.com 214-954-6510 Trey Schonter | Investor Relations investors@hollyfrontier.com 214-954-6510