HollyFrontier to Acquire Sinclair Oil Assets in $2.6 Billion Deal

Upon completion of the transaction, a new company—HF Sinclair Corp.—will replace HollyFrontier as the public company trading on the New York Stock Exchange.

HollyFrontier to Acquire Sinclair Oil Assets in $2.6 Billion Deal

Sinclair Oil is one of the oldest continuous brands in the oil business with roots dating back to 1916. (Source: Image of Sinclair Dino Mart Gas Station by Walter Cicchetti / Shutterstock.com)

After over a century in the oil business, Sinclair Oil Corp. and its iconic DINO brand are on the cusp of a new chapter in the company’s history.

HollyFrontier Corp. and its midstream affiliate agreed on Aug. 3 to acquire most of Sinclair Oil’s refining, pipeline and storage assets in two deals valued at about $2.6 billion. Upon completion of the acquisition, which does not include Sinclair’s E&P business, a new company—HF Sinclair Corp.—will replace HollyFrontier as the public company trading on the New York Stock Exchange and be partially owned by stockholders of The Sinclair Cos., Sinclair Oil’s parent company.

“This is the beginning of a new chapter for Sinclair Oil. But it is anything but the end of the road for The Sinclair Companies’ involvement in the oil industry,” commented Ross Matthews, Sinclair Oil Chairman and CEO, in a release from the company on Aug. 3.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access

Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.