Holly Energy Partners L.P. (HEP) and HollyFrontier Corporation have reportedly established a new parent holding company HF Sinclair Corporation.
In addition, the companies have executed their respective acquisitions of Sinclair Transportation Company and Sinclair Oil Corporation from The Sinclair Companies.
HF Sinclair will become the parent firm of leading consolidated renewable fuels and downstream petroleum company with the improved scale and a significant marketing footprint comprising:
Across its ventures, HF Sinclair will develop on the ongoing ESG efforts of the legacy companies with increased renewables scale, a common commitment to safety and health practices that best serve communities as well as employees, and focusing on risk management.
With the inclusion of Sinclair’s midstream business of integrated refined and crude products, HEP substantially extends its network reach of storage facilities and pipelines, improving its earning power to gain new organic growth opportunities and anticipating increased cash returns to stakeholders.
The senior management team of HollyFrontier will operate HF Sinclair which is based in Dallas. On the other hand, the senior management of HEP will continue to work under the name Holly Energy Partners.
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