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Sinclair Oil Corp

Company Summary

Description

inclair Oil Corporation explores and produces crude oil and natural gas; and develops conventional reservoirs in Texas, the Rocky Mountain Basins, and the Williston Basin of Montana and North Dakota. The company also operates crude oil pipelines in Wyoming; and refined petroleum pipelines in Wyoming, Colorado, Missouri, and Iowa. In addition, it operates refineries in Wyoming that provide gasoline, diesel, jet fuel, asphalt, and petrochemical feedstock to customers throughout the Rocky Mountains to the Great Plains; and markets fuel and oil products through a network of wholesale customers.

Website

http://www.bloomberg.com/research/stocks/private/s...

Related Entities

Recent news

  • 8/3/2021 - HollyFrontier & Holly... (subscriber access)

Company Transactions

Date: 6/30/2022
Type: Acquisition

BUYERS:
  • HollyFrontier Corporation
  • Holly Energy Partners LP
    • SELLERS:
  • Sinclair Oil Corp
    • DETAILS:

    COST: 2.6 $B

    NOTES:
    HollyFrontier and Holly Energy Partners (HEP) have reached a deal to acquire Sinclair Oil Corp. and Sinclair Transportation Company from The Sinclair Companies (Sinclair). HollyFrontier will combine the assets under a new parent company named HF Sinclair Corporation that will replace HollyFrontier on the NYSE. Upon closing, all shares of Holly will convert on a one-for-one basis into the new entity, after which Sinclair will be granted 60.2 million shares representing 26.75% of company equity. That places the transaction value at $1.8 billion based on July 30, 2021, share prices. HEP will purchase select assets from Sinclair for $758 million, including 21 million HEP common units and $325 million in cash. Sinclair's crude and refined product pipelines assets include 1,200 miles of pipeline, eight product terminals and two crude terminals with 4.5 million barrels of storage. Holly will also acquire Sinclair's stake in the Powder Flats Pipeline, Pioneer Pipeline and UNEV Pipeline.
    REGIONS:
  • Rockies