HF Sinclair Corp. replaces HollyFrontier on the NYSE
HollyFrontier Corporation and Holly Energy Partners, L.P. (HEP) announced the creation of HF Sinclair Corporation as the new parent holding company of HollyFrontier and Holly Energy Partners (HEP) and the completion of their respective acquisitions of Sinclair Oil Corporation and Sinclair Transportation Company from The Sinclair Companies.
HF Sinclair replaced HollyFrontier as the public company trading on the New York Stock Exchange (NYSE), and will trade under the ticker symbol DINO and under the new CUSIP number 403949 100, effective March 15, 2022.
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.
“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, chief executive officer 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.”
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 U.S. 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 fuel 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 multinational 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.
HollyFrontier’s senior management team will continue to operate HF Sinclair, which is headquartered in Dallas, Texas, U.S.A., with combined business offices in Salt Lake City, Utah. 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 will be appointed to the HF Sinclair Board of Directors effective March 15, 2022. Matthews served as chairman and CEO of Sinclair Oil Corporation from October 2009 until the closing of the transaction. Szydlowski previously served as CEO of SemGroup Corporation, Rose Rock Midstream and Colonial Pipeline Company and as director of Sinclair Oil Corporation.
Additionally, pursuant to an agreement between HEP and Sinclair, Mark Peterson will be 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 Corporation from January 2010 until the closing of the transaction and director and president of Sinclair Transportation Company from August 2009 until the closing of the transaction.