HollyFrontier (HFC) Approves $1 Billion Share Buyback

HollyFrontier Corporation (NYSE: HFC) today announced its Board of Directors has authorized a $1 billion share repurchase program. This authorization replaces all existing share repurchase authorizations, of which there was approximately $43.6 million remaining after having purchased approximately 1.2 million shares to date in the third quarter.

"The new $1 billion share repurchase program, which represents 8.1% of our current market cap, demonstrates our ongoing commitment to return excess free cash flow to shareholders. HollyFrontier has returned approximately $4.7 billion in cash to shareholders since our 2011 merger," said George Damiris, President and Chief Executive Officer of HollyFrontier.

Share repurchases will be made in the open market or through privately negotiated transactions from time to time and are subject to market conditions, corporate, regulatory and other considerations. This share repurchase program may be discontinued at any time by the Board of Directors.

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