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HollyFrontier's CEO Discusses Q2 2012 Results - Earnings Call Transcript

We issued a press release this morning which announced our results for the second quarter 2012. This press release can be found on our website at www.hollyfrontier.com. For our call this morning Mike, Dave and Doug will have prepared remarks and details around our operating and financial performance for the second quarter. At the conclusion of these remarks, our team will be ready to take your questions.

Before we move to prepared remarks, please note the Safe Harbor disclosure statement that’s in our press release today. Statements today and in our press release are made under the Private Securities Litigation Reform Act of 1995.

In summary, the Safe Harbor statement says that statements made regarding management expectations, judgments or predictions are forward-looking statements. These statements are intended to be covered under the Safe Harbor provisions of federal securities laws.

There are many factors that could affect our actual results and outcomes. We’ve noted many of these in our 10-K, 10-Qs and other financial filings with the SEC. Today’s statements are not guarantees of future outcomes.

This morning’s webcast may also include presentation and discussion of non-GAAP financial measures that we use in analyzing our financial results. Please refer to today’s press release and our financial filings for required reconciliations to GAAP financial measures and other related disclosures.

And lastly, please note that information presented on the call today speaks only as of today, August 8, 2012 and any time-sensitive information provided may no longer be accurate at the time of any webcast replay, or rereading of the transcript of our call.

And now, I’d like to turn things over to Mike Jennings.

Mike Jennings

Okay. Thank you, Neale. Good morning. Thanks for joining us on HollyFrontier’s second quarter earnings call. Today we reported second quarter net income attributable to HFC shareholders of $493.5 million, or $2.39 per diluted share, which was a 157% improvement over the $192 million or $1.79 per diluted share posted by the company in the second quarter of 2011 that was for Holly Corporation standalone.

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