HollyFrontier : HFC Index

HollyFrontier Corporation Regional Crack Spread Index

Crude Charge

4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18*
432,000	371,000	467,000	455,000	461,000	415,000	463,000	442,000	410-420K

*Anticipated crude charge based on guidance given on 10/31/18 earnings call

Refining Index

WTI Based 321

1Q 2018

2Q 2018

3Q 2018

4Q 2018

Crack

MidCon Rockies Southwest

Jan $16.05 $13.94 $11.51

Feb

Mar

1Q18

AprMayJun

2Q18

JulAugSep

3Q18

OctNovDec

4Q18

• $15.12 $15.50

• $15.49 $17.55

• $10.69 $18.90

$15.56 $15.66 $13.70

$16.36 $25.55 $27.32

• $19.47 $18.61

• $28.66 $31.65

• $30.78 $32.58

$18.15 $28.62 $30.23

$16.78 $28.25 $19.93

• $19.20 $20.72

• $31.87 $26.12

• $22.91 $24.75

$18.90 $28.75 $22.53

$17.21 $27.09 $26.29

• $14.95 $12.19

• $31.82 $21.09

• $30.10 $25.09

$14.78 $26.67 $27.16

WTI Based 321

1Q 2017

2Q 2017

3Q 2017

4Q 2017

Crack

MidCon Rockies Southwest

Jan $13.30 $14.12 $15.97

FebMar

1Q17

AprMayJun

2Q17

JulAugSep

3Q17

OctNovDec

4Q17

• $11.75 $14.12

• $15.48 $20.36

• $15.03 $20.36

$13.06 $16.65 $17.12

$14.86 $21.49 $21.54

• $14.56 $13.40

• $21.91 $23.99

• $21.30 $21.76

$14.27 $22.46 $21.53

$16.94 $22.17 $19.83

• $20.25 $23.06

• $27.86 $28.38

• $22.03 $27.50

$20.08 $26.14 $23.12

$22.28 $26.29 $25.11

• $19.29 $14.43

• $22.58 $15.52

• $23.59 $17.62

$18.67 $21.46 $22.11

Base Oil Index

VGO Based Base Oil Crack

1Q 2018

2Q 2018

3Q 2018

4Q 2018

Group I

Group II

Group III

Jan $18.06 $15.47 $42.14

Feb

Mar

1Q18

AprMayJun

2Q18

JulAugSep

3Q18

OctNovDec

4Q18

• $25.73 $33.23

• $23.84 $31.71

• $49.88 $54.32

$25.67 $23.67 $48.78

$23.42 $21.53 $47.46

• $22.42 $22.47

• $19.95 $19.52

• $46.59 $45.75

$22.77 $20.33 $46.60

$18.74 $16.91 $43.02

• $16.88 $8.87

• $14.53 $6.40

• $42.03 $35.74

$14.83 $12.61 $40.26

$6.09 $3.95 $34.05

• $18.01 $23.78

• $15.82 $21.77

• $46.90 $51.31

$15.96 $13.85 $44.09

VGO Based Base Oil Crack

1Q 2017

2Q 2017

3Q 2017

4Q 2017

Group I

Group II

Group III

Jan $6.26 $14.79 $52.76

FebMar

1Q17

AprMayJun

2Q17

JulAugSep

3Q17

OctNovDec

4Q17

• $10.15 $20.12

• $18.74 $27.37

• $55.48 $68.61

$12.18 $20.30 $58.95

$24.91 $28.96 $70.54

• $35.14 $41.34

• $35.91 $39.24

• $71.37 $66.33

$33.80 $34.70 $69.41

$41.27 $38.57 $63.00

• $37.76 $31.94

• $34.69 $30.14

• $58.88 $54.80

$36.99 $34.47 $58.89

$34.65 $33.76 $53.60

• $33.85 $28.09

• $32.14 $25.20

• $52.89 $50.12

$32.20 $30.37 $52.20

The preceding data is for informational purposes only and is not reflective or intended to be an indicator of HollyFrontier's past or future financial results. This data is general industry information and does not reflect prices paid or received by HFC. The data was compiled from publicly available information, various industry publications, other published industry sources, including OPIS and Argus, and our own internal data and estimates. Although this data is believed to be reliable, HFC has not had this information verified by independent sources. HFC does not make any representation as to the accuracy of the data and does not undertake any obligation to update, revise or continue to provide the data.

HollyFrontier Corporation Regional Crack Spread Index

Light Product Index Appendix Product Yield by Region Feedstocks by Region Upcoming Turnarounds
Average Product Yield 2017	Average Crude Slate 2017	RefineryTimingLengthUnits
Index MidCon Rockies Southwest	IndexMidCon Rockies Southwest	El Dorado 4Q18 50 days Crude/Vacuum/Coker
Gasoline Distillate Asphalt Base Oils LPG & other 67% 33% 50% 41% 58% 51% 35% 42% 3% 4% 2% 4% 4% 0% 0% 3% 3%Sweet Sour Heavy Black Wax Other 100% 61% 34% 25% Mississauga 4Q18 40 days CDW 17% 0% 66% 16% 35% 0% 0% 22% 0% 6% 9% 9% Other products include Fuel Oil, Gas Oil, Asphalt Numbers are rounded and may not sum to 100%Other feedstocks include butane, natural gasoline, propane, and olefins Numbers are rounded and may not sum to 100% HFC's actual pricing and margins may differ from benchmark indicators due to many factors. For example: - Crude Slate differences - HFC runs a wide variety of crude oils across its refining system and crude slate may vary quarter to quarter. - Product Yield differences - HFC's product yield differs from indicator and can vary quarter to quarter as a result of changes in economics, crude slate, and operational downtime. - Other differences including but not limited to secondary costs such as product and feedstock transportation costs, purchases of environmental credits, quality differences, location of purchase or sale, and hedging gains/losses. Moreover, the presented indicators are generally based on spot sales, which may differ from realized contract prices. Market prices are available from a variety of sources, each of which may vary slightly. Please note that this data may differ from other sources due to adjustments made by data providers and due to differing data definitions. Below are indicator definitions used for purposes of this data. MidCon Indicator: (100% Group 3: Sub octane and ULSD) - WTI Rockies Indicator as of July 1, 2016: 50% Cheyenne: ((100% Denver Regular Gasoline; 100% Denver ULSD) - WTI) Rockies Indicator 2011- July-2016: 50% Woods Cross: ((60% Salt Lake City Regular Gasoline, 40% Las Vegas Regular Gasoline; 80% Salt Lake City ULSD, 20% Las Vegas ULSD) - WTI) 60% Cheyenne: ((100% Denver Regular Gasoline; 100% Denver ULSD) - WTI) 40% Woods Cross: ((60% Salt Lake City Regular Gasoline, 40% Las Vegas Regular Gasoline; 80% Salt Lake City ULSD, 20% Las Vegas ULSD) - WTI) Southwest Indicator 2013-Current: (50% El Paso Subgrade, 50% Phoenix CBG; 50% El Paso ULSD, 50% Phoenix ULSD) - WTI Southwest Indicator 2011-2012: (50% El Paso Regular, 50% Phoenix CBG; 50% El Paso ULSD, 50% Phoenix ULSD) - WTI Lubricants Index Appendix HFC's actual pricing and margins differ from benchmark indicators due to many factors. For example: -Retail/Distribution- HFC and PCLI use commodity base oils to produce finished lubricants, specialty products and white oils that are sold into the retail market worldwide and have a wide variety of price ranges. - Feedstock differences - HFC runs a variety of vacuum gas oil streams and hydrocracker bottms across its refining system and feedstock slate may vary quarter to quarter. - Product Yield differences - HFC's product yield differs from indicator and can vary quarter to quarter as a result of changes in economics and feedstocks. - Other differences including, but not limited to secondary costs such as product and feedstock transportation costs, quality differences and location of purchase or sale. Moreover, the presented indicators are generally based on spot commodity base oil sales, which may differ from realized contract prices. Market prices are available from a variety of sources, each of which may vary slightly. Please note that this data may differ from other sources due to adjustments made by data providers and due to differing data definitions. Below are indicator definitions used for purposes of this data. Group I Base Oil Indicator Group II Base Oil Indicator Group III Base Oil Indicator VGO (50% Group I SN150, 50% Group I SN500)-VGO (33.3% Group II N100, 33.3% Group II N220, 33.3% Group II N600)-VGO (33.3% Group III 4cst, 33.3% Group III 6cst, 33.3% Group III 8cst)-VGO (US Gulf Coast Low Sulfur Vacuum Gas Oil) Statements made and information that are not historical facts are "forward looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and necessarily involve risks that may affect the business prospects and performance of HFC, and actual results may differ materially from estimates. Such risks and uncertainties include but are not limited to actual crude charge differing from the Company's expectations, the demand for and supply of crude oil and refined products and the spread between market prices for refined products and market prices for crude oil. Additional information on risks and uncertainties that could affect the business prospects and performance of HFC is provided in the most recent reports of HFC filed with the Securities and Exchange Commission. All forward-looking statements included herein are expressly qualified in their entirety by the foregoing cautionary statements. HFC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ional information on risks and