US refiners Holly, Frontier complete merger
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 said.
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 HFC.
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