Exhibit 99.1

Press Release November 8, 2011

HollyFrontier Corporation Reports Record Third Quarter 2011 Results

Dallas, Texas, November 8, 2011 — HollyFrontier Corporation (NYSE-HFC) (“HollyFrontier” or the “Company”) today reported record quarterly net income attributable to HollyFrontier stockholders of $523.1 million or $2.48 per diluted share for the quarter ended September 30, 2011, compared to $51.2 million or $0.48 per diluted share for the quarter ended September 30, 2010. For the nine months ended September 30, 2011, net income attributable to HollyFrontier stockholders totaled $800 million or $5.63 per diluted share compared to $89.2 million or $0.83 per diluted share for the nine months ended September 30, 2010. The 2011 year-to-date results do not include $307 million in net income recorded by the legacy Frontier Oil operations for the first six months of 2011.

For the third quarter, net income increased by $471.9 million, or 922% compared to the same period of 2010, reflecting both the effects of our recent merger and historically high refining gross margins, which were influenced by wide differentials between inland and coastal-sourced crude oils. Overall refinery gross margins were $28.10 per produced barrel, a 170% increase compared to $10.41 for last year’s third quarter, with overall production levels averaging just over 446,000 barrels per day (“BPD”) and overall crude oil charges averaging 426,000 BPD for the current quarter. The Company’s Rocky Mountain refining margins were particularly strong, with average gross margins of $33.05 per barrel for the quarter. The Southwest and Mid-Continent refining operations also yielded outstanding results, where quarterly gross margins averaged $28.34 and $26.64 per barrel, respectively.

HollyFrontier’s President & CEO, Mike Jennings, commented, “This quarter, our first as a newly merged company, marked the most profitable quarter in our history. Continued year-over-year margin improvements at each of our refineries combined with strong throughput produced an overall EBITDA of $896 million. Favorable WTI crude differentials contributed to the high transportation fuel crack spreads in each of our three regions. Aside from the exceptional margin environment, our third quarter witnessed a superb effort on the part of HollyFrontier employees in integrating the two legacy companies. We are really pleased with this process and wish to publicly recognize the nearly seamless integration that has been achieved in approximately three months. Looking forward, we believe our increased asset scale and operational synergies will combine with favorable refining economics in our markets, allowing us to generate strong returns on our invested capital and increasing shareholder value.”

Sales and other revenues for the third quarter of 2011 were $5.2 billion, a 147% increase compared to the three months ended September 30, 2010. This increase was due primarily to the inclusion of revenues from the legacy Frontier refineries and to the effects of a 36% year-over-year increase in third quarter refined product sales prices. Cost of products sold was approximately $4.0 billion, a 121% increase compared to the third quarter of 2010 reflecting third quarter sales from the legacy Frontier refineries and a 19% year-over-year increase in third quarter crude oil acquisition costs. Merger acquisition and integration related costs recognized during the quarter totaled $32 million, most of which were included among General and Administrative Costs and Merger Transaction Costs. Cash flows from operations totaled $631.2 million for the current quarter, of which $149.4 million was directed towards cash dividends to shareholders and share repurchases. These strong cash flows contributed to the Company’s combined balance of cash and short-term investments which stood at $1.7 billion on September 30, 2011.

The Company has scheduled a webcast conference call for today, November 8, 2011, at 10:00 AM Eastern Time to discuss financial results. This webcast may be accessed at: http://www.videonewswire.com/event.asp?id=82955.

An audio archive of this webcast will be available using the above noted link through November 21, 2011.

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 operates through its subsidiaries a 100,000 barrels per stream day (“bpsd”) refinery located in Artesia, New Mexico, a 125,000 bpsd refinery in Tulsa, Oklahoma, a 31,000 bpsd refinery in Woods Cross, Utah, a 135,000 bpsd refinery located in El Dorado, Kansas, and a 52,000 bpsd refinery located in Cheyenne, Wyoming. HollyFrontier markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. A subsidiary of HollyFrontier also owns a 34% interest (including the general partner interest) in Holly Energy Partners, L.P.

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. 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, risks and uncertainties with respect to the actions of actual or potential competitive suppliers of refined petroleum products in the Company’s 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 financing to the Company, the effectiveness of the Company’s capital investments and marketing strategies, the Company’s efficiency in carrying out construction projects, the ability of the Company to acquire refined product operations or pipeline and terminal operations on acceptable terms and to integrate any future acquired operations, the possibility of terrorist attacks and the consequences of any such attacks, general economic conditions, our ability to realize fully or at all the anticipated benefits of our “merger of equals” with Frontier, 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
		September 30,								Change from 2010
		2011				2010				Change				Percent
		(In thousands, except per share data)
Sales and other revenues		$	5,173,398			$	2,090,988			$	3,082,410				147.4	%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)			3,989,927				1,807,044				2,182,883				120.8
Operating expenses (exclusive of depreciation and amortization)			227,883				130,263				97,620				74.9
General and administrative expenses (exclusive of depreciation and amortization)			43,141				16,925				26,216				154.9
Depreciation and amortization			43,240				29,138				14,102				48.4
Total operating costs and expenses			4,304,191				1,983,370				2,320,821				117.0
Income from operations			869,207				107,618				761,589				707.7
Other income (expense):
Earnings in equity method investments			532				570				(38	)			(6.7	)
Interest income			204				64				140				218.8
Interest expense			(25,074	)			(17,368	)			(7,706	)			44.4
Merger transaction costs			(9,100	)			—				(9,100	)			—
			33,438				(16,734	)			(16,704	)			99.8
Income before income taxes			835,769				90,884				744,885				819.6
Income tax provision			304,758				31,494				273,264				867.7
Net income			531,011				59,390				471,621				794.1
Less net income attributable to noncontrolling interest			7,923				8,213				(290	)			(3.5	)
Net income attributable to HollyFrontier stockholders		$	523,088			$	51,177			$	471,911				922.1	%
Earnings per share attributable to HollyFrontier stockholders:
Basic		$	2.50			$	0.48			$	2.02				420.8	%
Diluted		$	2.48			$	0.48			$	2.00				416.7	%
Cash dividends declared per common share		$	1.09			$	0.08			$	1.01				1,262.5	%
Average number of common shares outstanding:
Basic			209,583				106,420				103,163				96.9	%
Diluted			210,579				107,134				103,445				96.6	%
EBITDA		$	895,956			$	129,113			$	766,843				593.9	%

		Nine Months Ended
		September 30,								Change from 2010
		2011				2010				Change				Percent
		(In thousands, except per share data)
Sales and other revenues		$	10,467,116			$	6,111,138			$	4,355,978				71.3	%
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization)			8,421,639				5,379,120				3,042,519				56.6
Operating expenses (exclusive of depreciation and amortization)			501,971				378,638				123,333				32.6
General and administrative expenses (exclusive of depreciation and amortization)			78,641				50,623				28,018				55.3
Depreciation and amortization			106,380				85,719				20,661				24.1
Total operating costs and expenses			9,108,631				5,894,100				3,214,531				54.5
Income from operations			1,358,485				217,038				1,141,447				525.9
Other income (expense):
Earnings of equity method investments			1,739				1,595				144				9.0
Interest income			946				758				188				24.8
Interest expense			(56,471	)			(56,113	)			(358	)			0.6
Merger transaction costs			(15,114	)			—				(15,114	)			—
			(68,900	)			(53,760	)			(15,140	)			28.2
Income before income taxes			1,289,585				163,278				1,126,307				689.8
Income tax provision			465,730				54,476				411,254				754.9
Net income			823,855				108,802				715,053				657.2
Less net income attributable to noncontrolling interest			23,838				19,557				4,281				21.9
Net income attributable to HollyFrontier stockholders		$	800,017			$	89,245			$	710,772				796.4	%
Earnings per share attributable to HollyFrontier stockholders:
Basic		$	5.66			$	0.84			$	4,82				573.8	%
Diluted		$	5.63			$	0.83			$	4.80				578.3	%
Cash dividends declared per common share		$	1.24			$	0.23			$	1.01				439.1	%
Average number of common shares outstanding:
Basic			141,353				106,344				35,009				32.9	%
Diluted			142,092				107,062				35,030				32.7	%
EBITDA		$	1,427,652			$	284,795			$	1,142,857				401.3	%

Balance Sheet Data

		September 30,				December 31,
		2011				2010
		(In thousands)
Cash, cash equivalents and investments in marketable securities		$	1,759,353			$	230,444
Working capital		$	1,998,248			$	313,580
Total assets		$	9,916,463			$	3,701,475
Long-term debt		$	1,224,987			$	810,561
Total equity		$	5,660,790			$	1,288,139

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. Prior to the merger, the Refining segment included the operations of our Navajo, Woods Cross and Tulsa refineries and NK Asphalt Partners (“NK Asphalt”) and effective July 1, 2011, includes the El Dorado and Cheyenne Refineries. 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 and northern Mexico. Additionally, the Refining segment includes specialty lubricant products produced at our Tulsa Refinery 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 Texas.

The HEP segment involves all of the operations of HEP. HEP owns and operates a system of petroleum product and crude gathering pipelines in Texas, New Mexico, Oklahoma and Utah, distribution terminals in Texas, New Mexico, Arizona, Utah, Idaho, and Washington and refinery tankage in New Mexico, Utah and Oklahoma. Revenues are generated by charging tariffs for transporting petroleum products and crude oil through its pipelines, by leasing certain pipeline capacity to Alon USA, Inc., by charging fees for terminalling refined products and other hydrocarbons, and storing and providing other services at its storage tanks and terminals. The HEP segment also includes a 25% interest in SLC Pipeline LLC (“SLC Pipeline”) that services refineries in the Salt Lake City, Utah area. 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.

														Consolidations
										Corporate				and				Consolidated
		Refining				HEP (1)				and Other				Eliminations				Total
		(In thousands)
Three Months Ended September 30, 2011
Sales and other revenues		$	5,164,778			$	49,288			$	299			$	(40,967	)		$	5,173,398
Depreciation and amortization		$	34,890			$	7,326			$	1,231			$	(207	)		$	43,240
Income (loss) from operations		$	886,860			$	25,261			$	(42,354	)		$	(560	)		$	869,207
Capital expenditures		$	46,294			$	8,593			$	63,031			$	—			$	117,918
Three Months Ended September 30, 2010
Sales and other revenues		$	2,081,709			$	46,558			$	100			$	(37,379	)		$	2,090,988
Depreciation and amortization		$	21,274			$	6,830			$	1,329			$	(295	)		$	29,138
Income (loss) from operations		$	100,111			$	24,588			$	(16,652	)		$	(429	)		$	107,618
Capital expenditures		$	47,623			$	3,567			$	219			$	—			$	51,409
Nine Months Ended September 30, 2011
Sales and other revenues		$	10,433,096			$	145,233			$	1,100			$	(112,313	)		$	10,467,116
Depreciation and amortization		$	81,351			$	21,870			$	3,780			$	(621	)		$	106,380
Income (loss) from operations		$	1,359,994			$	76,564			$	(76,490	)		$	(1,583	)		$	1,358,485
Capital expenditures		$	92,078			$	31,493			$	150,652			$	—			$	274,223
Nine Months Ended September 30, 2010
Sales and other revenues		$	6,086,243			$	132,730			$	317			$	(108,152	)		$	6,111,138
Depreciation and amortization		$	62,599			$	20,822			$	3,183			$	(885	)		$	85,719
Income (loss) from operations		$	200,080			$	65,737			$	(47,529	)		$	(1,250	)		$	217,038
Capital expenditures		$	118,387			$	8,054			$	1,498			$	—			$	127,939
September 30, 2011
Cash, cash equivalents and investments in marketable securities		$	—			$	1,802			$	1,757,551			$	—			$	1,759,353
Total assets		$	3,114,748			$	685,463			$	6,148,879			$	(32,627	)		$	9,916,463
Long-term debt		$	—			$	527,213			$	714,349			$	(16,575	)		$	1,224,987
December 31, 2010
Cash, cash equivalents and investments in marketable securities		$	—			$	403			$	230,041			$	—			$	230,444
Total assets		$	2,490,193			$	669,820			$	573,531			$	(32,069	)		$	3,701,475
Long-term debt		$	—			$	482,271			$	345,215			$	(16,925	)		$	810,561

Refining Operating Data

Our refinery operations include the Tulsa, Navajo and Woods Cross Refineries and, effective July 1, 2011, the El Dorado and Cheyenne Refineries. The following tables set forth information, including non-GAAP performance measures about our consolidated refinery operations. The cost of products and refinery gross margin 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” below.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011(10)				2010
Mid-Continent Region (Tulsa and El Dorado Refineries)
Crude charge (BPD) (1)			263,260				114,820				160,230				112,340
Refinery throughput (BPD) (2)			283,970				117,450				168,150				114,070
Refinery production (BPD) (3)			272,790				110,670				162,900				108,830
Sales of produced refined products (BPD)			263,180				113,040				159,230				107,950
Sales of refined products (BPD) (4)			268,680				113,040				161,750				108,560
Refinery utilization (5)			101.3	%			91.9	%			94.0	%			89.9	%
Average per produced barrel (6)
Net sales		$	122.82			$	89.22			$	122.74			$	88.91
Cost of products (7)			96.18				79.80				100.32				81.26
Refinery gross margin			26.64				9.42				22.42				7.65
Refinery operating expenses (8)			4.57				4.80				5.09				5.10
Net operating margin		$	22.07			$	4.62			$	17.33			$	2.55
Refinery operating expenses per throughput barrel		$	4.23			$	4.62			$	4.82			$	4.82
Feedstocks:
Sweet crude oil			75	%			83	%			84	%			90	%
Heavy sour crude oil			11	%			8	%			7	%			4	%
Sour crude oil			7	%			9	%			4	%			6	%
Other feedstocks and blends			7	%			—	%			5	%			—	%
Total			100	%			100	%			100	%			100	%
Sales of produced refined products:
Gasolines			44	%			39	%			41	%			39	%
Diesel fuels			35	%			30	%			33	%			31	%
Jet fuels			7	%			8	%			7	%			8	%
Lubricants			4	%			10	%			7	%			10	%
Gas oil / intermediates			2	%			4	%			4	%			3	%
Asphalt			2	%			6	%			4	%			5	%
LPG and other			6	%			3	%			4	%			4	%
			100	%			100	%			100	%			100	%

Southwest Region (Navajo Refinery)
Crude charge (BPD) (1)			92,270				85,110				82,860				82,150
Refinery throughput (BPD) (2)			100,290				93,970				91,220				92,310
Refinery production (BPD) (3)			100,100				91,550				90,230				90,290
Sales of produced refined products (BPD)			99,530				92,180				91,310				90,730
Sales of refined products (BPD) (4)			102,940				94,900				95,980				93,780
Refinery utilization (5)			92.3	%			85.1	%			82.9	%			82.2	%
Average per produced barrel (6)
Net sales		$	120.67			$	87.60			$	119.84			$	88.98
Cost of products (7)			92.33				79.39				97.37				81.44
Refinery gross margin			28.34				8.21				22.47				7.54
Refinery operating expenses (8)			5.30				5.25				5.56				5.01
Net operating margin		$	23.04			$	2.96			$	16.91			$	2.53
Refinery operating expenses per throughput barrel		$	5.26			$	5.15			$	5.57			$	4.92

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011(10)				2010
Feedstocks:
Sour crude oil			70	%			81	%			72	%			84	%
Sweet crude oil			4	%			5	%			4	%			4	%
Heavy sour crude oil			18	%			6	%			15	%			2	%
Other feedstocks and blends			8	%			8	%			9	%			10	%
Total			100	%			100	%			100	%			100	%
Sales of produced refined products:
Gasolines			50	%			55	%			51	%			57	%
Diesel fuels			34	%			32	%			34	%			31	%
Jet fuels			1	%			2	%			1	%			4	%
Fuel oil			7	%			6	%			6	%			4	%
Asphalt			5	%			3	%			5	%			2	%
LPG and other			3	%			2	%			3	%			2	%
Total			100	%			100	%			100	%			100	%
Rocky Mountain Region (Woods Cross and Cheyenne Refineries)
Crude charge (BPD) (1)			70,060				27,440				41,050				26,870
Refinery throughput (BPD) (2)			75,860				29,250				44,340				28,440
Refinery production (BPD) (3)			73,620				28,410				43,030				27,940
Sales of produced refined products (BPD)			72,400				27,540				42,390				28,260
Sales of refined products (BPD) (4)			74,410				27,840				43,090				28,450
Refinery utilization (5)			84.4	%			88.5	%			84.6	%			86.7	%
Average per produced barrel (6)
Net sales		$	119.40			$	94.86			$	119.07			$	93.71
Cost of products (7)			86.35				73.08				90.00				74.02
Refinery gross margin			33.05				21.78				29.07				19.69
Refinery operating expenses (8)			6.55				6.11				6.44				5.86
Net operating margin		$	26.50			$	15.67			$	22.63			$	13.83
Refinery operating expenses per throughput barrel		$	6.25			$	5.75			$	6.16			$	5.82
Feedstocks:
Sweet crude oil			49	%			61	%			53	%			60	%
Heavy sour crude oil			31	%			5	%			20	%			6	%
Black wax crude oil			10	%			30	%			18	%			29	%
Other feedstocks and blends			3	%			—	%			2	%			—	%
Total			7	%			4	%			7	%			5	%
			100	%			100	%			100	%			100	%
Sales of produced refined products:
Gasolines
Diesel fuels			50	%			60	%			55	%			62	%
Jet fuels			34	%			33	%			32	%			31	%
Fuel oil			—	%			1	%			1	%			1	%
Asphalt			1	%			2	%			2	%			1	%
LPG and other			7	%			2	%			5	%			3	%
Total			8	%			2	%			5	%			2	%
			100	%			100	%			100	%			100	%

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011(10)				2010
Consolidated
Crude charge (BPD) (1)			425,590				227,370				284,140				221,360
Refinery throughput (BPD) (2)			460,120				240,660				303,710				234,820
Refinery production (BPD) (3)			446,510				230,630				296,160				227,060
Sales of produced refined products (BPD)			435,110				232,760				292,930				226,940
Sales of refined products (BPD) (4)			446,030				235,780				300,820				230,790
Refinery utilization (5)			96.1	%			88.8	%			89.1	%			86.5	%
Average per produced barrel (6)
Net sales		$	121.76			$	89.25			$	121.31			$	89.53
Cost of products (7)			93.66				78.84				97.91				80.43
Refinery gross margin			28.10				10.41				23.40				9.10
Refinery operating expenses (8)			5.07				5.14				5.43				5.16
Net operating margin		$	23.03			$	5.27			$	17.97			$	3.94
Refinery operating expenses per throughput barrel		$	4.79			$	4.97			$	5.24			$	4.98
Feedstocks:
Sour crude oil			20	%			36	%			24	%			36	%
Sweet crude oil			55	%			49	%			55	%			53	%
Heavy sour crude oil			15	%			7	%			12	%			3	%
Black wax crude oil			2	%			4	%			3	%			4	%
Other feedstocks and blends			8	%			4	%			6	%			4	%
Total			100	%			100	%			100	%			100	%
Sales of produced refined products:
Gasolines			47	%			48	%			47	%			49	%
Diesel fuels			35	%			31	%			33	%			31	%
Jet fuels			4	%			5	%			4	%			6	%
Fuel oil			2	%			3	%			2	%			2	%
Asphalt			4	%			4	%			4	%			3	%
Lubricants			2	%			5	%			4	%			5	%
Gas oil / intermediates			1	%			2	%			2	%			1	%
LPG and other			5	%			2	%			4	%			3	%
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.
(4)		Includes refined products purchased for resale.
(5)		Represents crude charge divided by total crude capacity (BPSD). As a result of our merger effective July 1, 2011 our consolidated crude capacity increased from 256,000 BPSD to 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 costs billed from HEP are included in cost of products.
(8)		Represents operating expenses of our refineries, exclusive of depreciation and amortization.
(9)		Represents refinery operating expenses, exclusive of depreciation and amortization divided by refinery throughput
(10)		We merged with Frontier effective July 1, 2011. Refining operating data for the nine months ended September 30, 2011 include crude oil processed and products yielded from the El Dorado and Cheyenne Refineries for the period from July 1, 2011 through September 30, 2011 only, and averaged over the 273 days in nine months ended September 30, 2011.

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 accounting principles generally accepted in the United States; 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								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
		(In thousands)
Net income attributable to HollyFrontier stockholders		$	523,088			$	51,177			$	800,017			$	89,245
Add income tax provision			304,758				31,494				465,730				54,476
Add interest expense			25,074				17,368				56,471				56,113
Subtract interest income			(204	)			(64	)			(946	)			(758	)
Add depreciation and amortization			43,240				29,138				106,380				85,719
EBITDA		$	895,956			$	129,113			$	1,427,652			$	284,795

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.

Reconciliations of refined product sales from produced products sold to total sales and other revenues

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
		(Dollars in thousands, except per barrel amounts)
Consolidated
Average sales price per produced barrel sold		$	121.76			$	89.25			$	121.31			$	89.53
Times sales of produced refined products sold (BPD)			435,110				232,760				292,930				226,940
Times number of days in period			92				92				273				273
Refined product sales from produced products sold		$	4,874,067			$	1,911,192			$	9,701,147			$	5,546,797
Total refined product sales		$	4,874,067			$	1,911,192			$	9,701,147			$	5,546,797
Add refined product sales from purchased products and rounding (1)			127,520				24,495				266,355				93,447
Total refined product sales			5,001,587				1,935,687				9,967,502				5,640,244
Add direct sales of excess crude oil (2)			148,989				106,364				422,890				355,381
Add other refining segment revenue (3)			14,204				39,658				42,704				90,618
Total refining segment revenue			5,164,780				2,081,709				10,433,096				6,086,243
Add HEP segment sales and other revenues			49,288				46,558				145,233				132,730
Add corporate and other revenues			297				100				1,100				317
Subtract consolidations and eliminations			(40,967	)			(37,379	)			(112,313	)			(108,152	)
Sales and other revenues		$	5,173,398			$	2,090,988			$	10,467,116			$	6,111,138

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
		(Dollars in thousands, except per barrel amounts)
Consolidated
Average cost of products per produced barrel sold		$	93.66			$	78.84			$	97.91			$	80.43
Times sales of produced refined products sold (BPD)			435,110				232,760				292,930				226,940
Times number of days in period			92				92				273				273
Cost of products for produced products sold		$	3,749,221			$	1,688,273			$	7,829,852			$	4,983,010
Total cost of products for produced products sold		$	3,749,221			$	1,688,273			$	7,829,852			$	4,983,010
Add refined product costs from purchased products sold and rounding (1)			128,857				24,648				268,390				93,923
Total cost of refined products sold			3,878,078				1,712,921				8,098,242				5,076,933
Add crude oil cost of direct sales of excess crude oil (2)			147,223				105,091				416,084				351,643
Add other refining segment cost of products sold (4)			4,696				25,555				17,032				56,186
Total refining segment cost of products sold			4,029,997				1,843,567				8,531,358				5,484,762
Subtract consolidations and eliminations			(40,070	)			(36,523	)			(109,719	)			(105,642	)
Costs of products sold (exclusive of depreciation and amortization)		$	3,989,927			$	1,807,044			$	8,421,639			$	5,379,120

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
		(Dollars in thousands, except per barrel amounts)
Consolidated
Average refinery operating expenses per produced barrel sold		$	5.07			$	5.14			$	5.43			$	5.16
Times sales of produced refined products sold (BPD)			435,110				232,760				292,930				226,940
Times number of days in period			92				92				273				273
Refinery operating expenses for produced products sold		$	202,953			$	110,068			$	434,237			$	319,686
Total refinery operating expenses for produced products sold		$	202,953			$	110,068			$	434,237			$	319,686
Add other refining segment operating expenses and rounding (5)			10,080				6,689				26,156				19,116
Total refining segment operating expenses			213,033				116,757				460,393				338,802
Add HEP segment operating expenses			14,689				13,632				41,851				40,187
Add corporate and other costs			291				6				117				24
Subtract consolidations and eliminations			(130	)			(132	)			(390	)			(375	)
Operating expenses (exclusive of depreciation and amortization)		$	227,883			$	130,263			$	501,971			$	378,638