HollyFrontier on Friday announced the completion of the
merger of Holly Corp. and Frontier Oil Corp.
The merger combines two leading independent refiners to
create the most profitable (on a per barrel basis) independent
refiner in the US, the companies said.
HollyFrontier, which has a refining capacity in excess of
440,000 bpd across five refineries, serves the niche
mid-continent, Rocky Mountain and southwestern refining markets and has access to
growing regional domestic and Canadian crude oil supplies, it
In a joint statement, Matt Clifton, executive chairman, and
Mike Jennings, CEO, said: "HollyFrontier has significant refining capacity in fast growing,
traditionally high-demand areas and will take advantage of
diversified revenue sources, expanded infrastructure and
increased scale of assets.
In accordance with the terms of the merger, Frontier
shareholders received 0.4811 Holly shares for each share of
Frontier common stock they owned at closing.
The combined entity began trading on Friday under the symbol