HEP & HollyFrontier announce new parent company, HF Sinclair

Date: 2022-03-15   Author: Pankaj Singh  Category: #news

HEP & HollyFrontier announce new parent company, HF Sinclair

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:

  • A thriving renewables business with three production plants that are anticipated to produce nearly 380 million gallons of renewable diesel per year.
  • A growing refining business that comprises seven complex refineries across the Rocky Mountain, Pacific Northwest, and the Mid Continent Southwest that converts heavy, discounted, and sour crudes into a high percentage of diesel, gasoline, and other high-value refined products.
  • A leading marketing business that will feature the Sinclair brand and consists of more than 300 distributors and over 1,300 separate wholesale branded facilities situated across 30 states.
  • A multi-national business of lubricants that produce base oils and specialty products, promoted under the Petro-Canada Lubricants, Red Giant Oil, HollyFrontier Specialty Products, and Sonneborn brands.
  • An expansive business of logistics under HEP with a consolidated logistics network connecting major product and crude interests and regions in strategic joint ventures that offer access to finished product storage and pipelines.

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.

Source credit:

https://www.businesswire.com/news/home/20220313005024/en/HollyFrontier-and-Holly-Energy-Partners-Announce-Completion-of-Transactions-with-The-Sinclair-Companies-and-Establishment-of-New-Parent-Company-HF-Sinclair-Corporation



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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