Item 2.05  Costs Associated with Exit or Disposal Activities.
On May 29, 2020, the Board of Directors of HollyFrontier Corporation
("HollyFrontier") approved a plan to permanently cease petroleum refining
operations at the Cheyenne, Wyoming refinery (the "Refinery") owned by a
subsidiary of HollyFrontier, and approved a proposed plan to convert certain
assets at the Refinery to renewable diesel production (collectively, the
"Conversion"). This decision was primarily based on a positive outlook on the
market for renewable diesel and the expectation that future free cash flow
generation at the Refinery would be challenged due to lower gross margins
resulting from the economic impact of the COVID-19 pandemic and compressed crude
differentials due to dislocations in the crude oil market, coupled with
forecasted uncompetitive operating and maintenance costs for the Refinery and
the anticipated loss of the Environmental Protection Agency's small refinery
exemption. HollyFrontier expects to cease petroleum refining operations at the
Refinery at the end of July 2020 and begin conversion of certain units for
renewable diesel production in August 2020. The renewable diesel units are
expected to be completed in the first quarter of 2022 with an expected capital
budget of between $125-$175 million.
Approximately 200 employees at the Refinery are expected to be impacted by this
decision. Based on the initial review of its long-lived assets, over the second
and third quarters of 2020, HollyFrontier expects to record non-cash charges of
$225-$275 million for impairment and depreciation charges and $3-$12 million for
asset retirement obligations. Additionally, over the next twelve months,
HollyFrontier anticipates pre-tax costs of $25-$45 million for decommissioning
assets and $5-$7 million for severance obligations and proceeds of $50-$70
million from the liquidation of working capital.
Item 2.06  Material Impairments.
The disclosure set forth in Item 2.05 above is hereby incorporated by reference
into this Item 2.06.
Item 7.01  Regulation FD Disclosure.
On June 1, 2020, HollyFrontier issued a press release announcing the Conversion,
the construction of a pre-treatment unit ("PTU") at HollyFrontier's refinery
located in Artesia, New Mexico, and updated capital expenditures guidance for
2020; and an investor presentation related to the development of HollyFrontier's
renewables business, copies of which are being furnished herewith as Exhibit
99.1 and Exhibit 99.2, respectively, and each of which are incorporated by
reference into this Item 7.01 in their entirety.
The information contained in, or incorporated into, this Item 7.01 is being
furnished and shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference
into any registration statement or other filing under the Securities Act of
1933, as amended, except as shall be expressly set forth by specific reference
in such filing.
Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.   Description

99.1      Press Release.  *

99.2      Presentation.  *

104 Cover Page Interactive Data File (embedded within the Inline XBRL documents).

*Furnished herewith.

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HFC Forward Looking Statement: The statements contained herein relating to the Conversion, the proposed PTU, estimated severance, impairment and other related charges as well as other statements that are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. These statements are based on our 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. Although we believe that such expectations reflected in such forward-looking statements are reasonable, we cannot give assurance that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:



•      the extraordinary market environment and effects of the COVID-19 pandemic,
       including the continuation of a material decline in demand for refined
       petroleum products in markets HollyFrontier serves;



•      the inability to complete the decommissioning of Refinery assets as
       planned or within the time periods anticipated, whether due to changes in
       regulations, technology or other factors;



•      changes in preliminary accounting estimates due to the significant
       judgments and assumptions required;



•      HollyFrontier's ability and efficiency in carrying out construction
       projects, including its ability to complete announced capital projects,
       such as the Conversion and the construction of the PTU, on time and within
       budget;



•      HollyFrontier's inability to timely obtain or maintain permits, including
       those necessary for capital projects, such as the Conversion and
       construction of the PTU;



•      risks and uncertainties with respect to the actions of actual or potential
       competitive suppliers and transporters of refined petroleum products,
       renewable fuels or lubricant and specialty products in HollyFrontier'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,
       renewable fuels or lubricant and specialty products;



•      the possibility of inefficiencies, curtailments or shutdowns in refinery
       operations or pipelines, whether due to infection in the workforce or in
       response to reductions in demand;



•      effects of governmental and environmental regulations and policies,
       including the effects of current restrictions on various commercial and
       economic activities in response to the COVID-19 pandemic;

• the availability and cost of financing to HollyFrontier;





•      the effectiveness of HollyFrontier's capital investments and marketing
       strategies;



•      the possibility of terrorist attacks or cyber attacks and the consequences
       of any such attacks;



•      general economic conditions, including uncertainty regarding the timing,
       pace and extent of an economic recovery in the United States;



•      further deterioration in gross margins or a prolonged economic slowdown
       due to COVID-19 could result in an impairment of goodwill; and

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•      other financial, operational and legal risks and uncertainties detailed
       from time to time in HollyFrontier's Securities and Exchange Commission
       filings, including those risks and uncertainties included under "Risk
       Factors" and "Management's Discussion and Analysis of Financial Condition
       and Results of Operations" in our latest Annual Report on Form 10-K and
       Quarterly Report on Form 10-Q.

The forward-looking statements speak only as of the date made and, other than as required by law, HollyFrontier undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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