HF Sinclair

Last updated
HF Sinclair Corporation
Company type Public company
NYSE:  DINO
S&P 400 component
Industry Petroleum industry
Founded1947;77 years ago (1947)
Headquarters Dallas, Texas, United States
Key people
Franklin Myers, Chairman Tim Go, CEO
Richard L. Voliva III, CFO
Products Gasoline
Diesel fuel
Jet fuel
Lubricants
Asphalt
RevenueDecrease2.svg $11.183 billion (2020)
4,054,249,000 United States dollar (2022)  OOjs UI icon edit-ltr-progressive.svg
Decrease2.svg -$514 million (2020)
Total assets Decrease2.svg $11.506 billion (2020)
Total equity Decrease2.svg $5.168 billion (2020)
Number of employees
3,891 (2020)
Website hfsinclair.com
Footnotes /references
[1]

HF Sinclair Corporation (HF Sinclair) is a diversified energy company that manufactures and sells products such as gasoline, diesel fuel, jet fuel, renewable diesel, specialty lubricant products, specialty chemicals, and specialty and modified asphalt, among others. It is based in Dallas, Texas, United States.

Contents

The company operates seven complex oil refineries with a total crude oil processing capacity of 678,000 barrels per stream day. It has facilities in Cheyenne, Wyoming (52,000 barrels per day), El Dorado, Kansas (coking refinery - 135,000 bbl/d), Artesia, New Mexico (100,000 bbl/d), Tulsa, Oklahoma (125,000 bbl/d), Woods Cross, Utah (45,000 bbl/d), Sinclair, Wyoming and Casper, Wyoming. It operates three lubricants and specialties facilities in Mississauga (15,600 bbl/d), Petrolia, PA and in the Netherlands. The company also operates asphalt terminals in Arizona, New Mexico, and Oklahoma. [1]

The company ranked 279th in the 2021 Fortune 500, based on its 2020 revenue. [2]

History

The company was incorporated under the name General Appliance Corporation in 1947 and changed its name to Holly Corporation in 1952. [3]

In 2003, Frontier Oil agreed to acquire Holly but Holly later cancelled the merger, leading to litigation. [4]

In 2009, Holly Corporation acquired 2 refineries in Tulsa, Oklahoma: one from Sinclair Oil Corporation for $128 million and one from Sunoco. [5]

In July 2011, Holly Corporation and Frontier Oil merged forming HollyFrontier Corporation. [6] [7]

In February 2017, the company acquired Suncor Energy's Petro-Canada Lubricants unit in Mississauga, Ontario, Canada for C$1.125 billion. [8]

In early 2019, HollyFrontier acquired Sonneborn, a manufacturer of food grade white mineral oils and waxes in Petrolia, Pennsylvania, for $655 million. [9]

In June 2020, HollyFrontier announced its Cheyenne refinery will cease processing petroleum, instead shifting production solely to renewable fuel, with the loss of approximately 200 workers. [10]

In May 2021, HollyFrontier agreed to purchase the Shell Anacortes Refinery near Anacortes, Washington, with capacity of 149,000 bbl/d, for $350 million. [11]

In August 2021, HollyFrontier agreed to purchase the assets of Sinclair Oil Corporation, including its two refineries near Casper, Wyoming, and Sinclair, Wyoming, for $2.6 billion. [12] The succeeding company, HF Sinclair Corporation, finalized the merger in December 2023. [13] [14]

In March 14, 2022, HollyFrontier and Holly Energy Partners announced the completion of transactions with The Sinclair Companies and the establishment of the new parent company, HF Sinclair Corporation (NYSE:DINO). [15]

In July 2022, HF Sinclair announced the layoff of approximately 87 people in the Sinclair, Wyoming refinery. [16]

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References

  1. 1 2 "HollyFrontier Corporation 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Fortune 500: HollyFrontier Corporation". Fortune.
  3. ↑ "HollyFrontier Corporation company history". HollyFrontier Corporation.
  4. ↑ "Frontier broke merger contract with Holly, court rules". American City Business Journals . May 2, 2005.
  5. ↑ Walton, Rod (October 20, 2009). "Holly Corp. will purchase Tulsa Sinclair refinery". Tulsa World .
  6. ↑ "HollyFrontier Corporation Completes Merger" (Press release). PR Newswire. July 1, 2011.
  7. ↑ Walton, Rod (June 29, 2011). "Oil-refinery corporations Holly, Frontier complete merger". Tulsa World .
  8. ↑ "HollyFrontier Closes Acquisition of Petro-Canada Lubricants Business" (Press release). Business Wire. February 1, 2017.
  9. ↑ "HollyFrontier Closes Acquisition of Sonneborn" (Press release). Business Wire. February 1, 2019.
  10. ↑ "HollyFrontier announces plan to lay off roughly 200 employees at Cheyenne refinery | Local News | wyomingnews.com". June 2020.
  11. ↑ "HollyFrontier Announces Acquisition of Puget Sound Refinery" (Press release). Business Wire. May 4, 2021.
  12. ↑ "HollyFrontier to buy most of Sinclair Oil's assets in $2.6 bln deal". Reuters .
  13. ↑ "HF Sinclair Vs. Phillips 66: The Story Continued | Seeking Alpha". seekingalpha.com.
  14. ↑ "HF Sinclair Corporation Completes Acquisition of Holly Energy Partners, L.P." Yahoo Finance. 2023-12-01. Retrieved 2024-03-19.
  15. ↑ Testa, Laura (2 May 2022). "HollyFrontier Corporation's Exchange Offers and Consent Solicitations".
  16. ↑ "Thirty-two laid off at Sinclair refinery, 55 more jobs to be cut in September". Casper Star-Tribune, July 14, 2022. 14 July 2022. Retrieved August 26, 2023.
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