Holly Corporation Announces $100 Million Stock Repurchase Program
19 Mai 2005 - 11:45PM
PR Newswire (US)
Holly Corporation Announces $100 Million Stock Repurchase Program
DALLAS, May 19 /PRNewswire-FirstCall/ -- Holly Corporation
(NYSE:HOC) announced today its Board of Directors has authorized
the repurchase of up to $100 million of the Company's common stock.
This repurchase program represents approximately 9% of the
Company's outstanding stock at current prices. Repurchases will be
made from time to time in the open market or privately negotiated
transactions based on market conditions, securities law limitations
and other factors. "This decision demonstrates our Board's
confidence in our current business and underscores our commitment
to building long term value for Holly shareholders," said Company
Chairman and Chief Executive Officer Lamar Norsworthy. Holly
Corporation, headquartered in Dallas, Texas, is an independent
petroleum refiner and marketer that produces high value light
products such as gasoline, diesel fuel and jet fuel. Holly operates
through its subsidiaries a 75,000 barrels per day ("bpd") refinery
located in Artesia, New Mexico, a 26,000 bpd refinery in Woods
Cross, Utah, and an 8,000 bpd refinery in Great Falls, Montana.
Holly also owns a 48% interest (including the general partner
interest) in Holly Energy Partners, L.P., which through
subsidiaries owns or leases approximately 1,500 miles of refined
product pipelines in the west Texas and New Mexico region and
refined product terminals in several Southwest and Rocky Mountain
states. 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 belief
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. Such 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 or shutdowns in refinery operations
or pipelines, effects of governmental regulations and policies, the
availability and cost of financing to the Company, the
effectiveness of the Company's capital investments and marketing
strategies, the ability of the Company or Holly Energy Partners to
acquire refined product operations or pipeline and terminal
operations on acceptable terms and to integrate any future acquired
operations, the final outcome of the litigation with Frontier Oil
Corporation, the Company's efficiency in carrying out construction
projects, the possibility of terrorist attacks and the consequences
of any such attacks, general economic conditions, and other
financial, 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. DATASOURCE: Holly Corporation CONTACT: Stephen J.
McDonnell, Vice President and Chief Financial Officer, or M. Neale
Hickerson, Vice President-Investor Relations, both of Holly
Corporation, +1-214-871-3555 Web site: http://www.hollycorp.com/
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