HF Sinclair Corp. was recently established as the new parent holding company of HollyFrontier Corp. and Holly Energy Partners (HEP), which completed their respective acquisitions of Sinclair Oil Corp. and Sinclair Transportation Co. from The Sinclair Cos. Commenced at market open on March 15, 2022, HF Sinclair replaced HollyFrontier as the public company trading on the New York Stock Exchange and will trade under the ticker symbol “DINO” and under the new CUSIP number 403949 100.
HF Sinclair will be the parent company of a leading integrated downstream petroleum and renewable fuels company with enhanced scale and a strong marketing presence featuring:
- An expanded refining business that includes seven complex refineries across the Mid Continent Southwest, Rocky Mountain and Pacific Northwest that convert discounted, heavy and sour crudes into a high percentage of gasoline, diesel and other high value refined products
- A growing renewables business with three production facilities that are expected to produce approximately 380 million gallons of renewable diesel annually
- A multi-national lubricants business that produces specialty products and base oils, marketed under the Petro-Canada Lubricants, Sonneborn, Red Giant Oil and HollyFrontier Specialty Products brands
- A leading marketing business, featuring the Sinclair brand and comprising 300-plus distributors and more than 1,300 independent wholesale branded sites located across 30 states
- An expansive logistics business under HEP with an integrated logistics network connecting key crude and product regions and interests in strategic joint ventures that provide access to finished product pipelines and storage
Across its businesses, HF Sinclair will build on its legacy companies’ ongoing ESG efforts with increased renewables scale, a shared commitment to health and safety practices that best serve employees and communities, and a focus on risk management.
With the addition of Sinclair’s integrated crude and refined products midstream business, HEP significantly extends the reach of its network of pipelines and storage facilities, enhancing its earning power to capture new organic growth opportunities and expects to increase cash returns to unitholders.
“The completion of our transactions and the launch of HF Sinclair marks the start of the next phase of our company’s history,” said Mike Jennings, CEO of HF Sinclair and HEP. “We are moving forward as a more diverse, downward integrated business with scale that is positioned to drive growth and capital returns to our shareholders. We are also optimistic about the significantly expanded scale of HEP, which will benefit from long-term commitments from HF Sinclair. I am honored to welcome the talented Sinclair team to our organizations and I look forward to working closely with them to capture the significant growth and value-creation opportunities ahead at both HF Sinclair and HEP.”
Integration Details
HollyFrontier’s senior management team will continue to operate HF Sinclair, which is headquartered in Dallas with combined business offices in Salt Lake City. HEP’s senior management team will continue to operate HEP under the name Holly Energy Partners, L.P.
Pursuant to an agreement between HollyFrontier and Sinclair, Ross Matthews and Norman Szydlowski were appointed to the HF Sinclair board of directors effective March 15, 2022. Collectively, the appointees have over 60 years of energy industry experience. Matthews served as chairman and CEO of Sinclair Oil Corp. from October 2009 until the closing of the transaction. Szydlowski previously served as CEO of SemGroup Corp., Rose Rock Midstream and Colonial Pipeline Co. and as director of Sinclair Oil Corp.
Additionally, pursuant to an agreement between HEP and Sinclair, Mark Peterson was appointed to the Holly Logistics Services, L.L.C. board of directors. Peterson has over 30 years of experience in the midstream sector and served as vice president, transportation for Sinclair Oil Corp. from January 2010 until the closing of the transaction and director and president of Sinclair Transportation Co. from August 2009 until the closing of the transaction.
HF Sinclair is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah and markets its refined products in 19 states principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. HF Sinclair supplies high-quality fuels to more than 1,300 Sinclair branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country.