HollyFrontier Corporation, the Dallas firm with refinery operations in Oklahoma, Kansas and other states announced its Board of Directors has okayed a $1 billion share repurchase program.
The authorization replaces all existing share repurchase authorizations of which there was approximately $43.6 million remaining after the company purchased 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.
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 135,000 barrels per stream day (“bpsd”) refinery located in El Dorado, Kansas, a 125,000 bpsd refinery in Tulsa, Oklahoma, a 100,000 bpsd refinery located in Artesia, New Mexico, a 52,000 bpsd refinery located in Cheyenne, Wyoming and a 45,000 bpsd refinery in Woods Cross, Utah.