HollyFrontier

From Wikipedia, the free encyclopedia
  (Redirected from HollyFrontier Corporation)
Jump to: navigation, search
HollyFrontier Corporation
Type Public
Traded as NYSEHFC
Industry Oil and Gas
Founded 1947
Headquarters Dallas, Texas, United States
Key people Mike Jennings (CEO)
Products Gasoline, Diesel, Jet Fuel, Asphalt and Other Specialty Products
Net income Increase $1.727 billion[1]
Total assets Increase $10.328 billion[1]
Total equity Increase $6.642 billion[1]
Employees 2,534[1]
Website www.hollyfrontier.com

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier operates through its subsidiaries a 135,000 barrels per stream day ("bpsd") refinery located in El Dorado, Kansas, a 125,000 bpsd refinery in Tulsa, Oklahoma, a 100,000 bpsd refinery located in Artesia, New Mexico, a 52,000 bpsd refinery located in Cheyenne, Wyoming and a 31,000 bpsd refinery in Woods Cross, Utah. HollyFrontier markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. A subsidiary of HollyFrontier also currently owns a 39% interest (including a 2% general partner interest) in Holly Energy Partners, L.P.

History Timeline[edit]

1947 Holly Corporation was originally incorporated under the name General Appliance Corporation.

1949 Frontier Oil Corporation was originally incorporated under the name Wainoco Oil Corporation, which was primarily an oil and gas exploration company with production in Canada and the U.S.

1952 General Appliance Corporation changed its name to Holly Corporation to broaden its interests into oil production.

1955 Holly Corporation was listed on the American Stock Exchange (AMEX) and focused on the oil and gas exploration industry while income was mainly from real estate sales and interest.

1969 Holly purchased Navajo Refining Company in Artesia, NM from Continental Oil Company.

1972 Holly moved its home office to Dallas, TX from Azusa, CA.

1977 The Navajo Refinery eclipsed real estate as the major source of revenue for the company.

1981 Wainoco listed on the New York Stock Exchange (NYSE: WOL).

1982 Holly was included in the Fortune 500 list of largest U.S. industrial corporations.

1991 Wainoco purchased Frontier Oil Corporation, whose primary asset was a crude oil refinery located in Cheyenne, WY.

1992 Wainoco had three operating units: U.S. Oil and Gas, Canadian Oil and Gas, and Frontier Oil.

1995 Wainoco sold U.S. operations in exploration and production due to lack of scale.

1997 Wainoco sold Canadian assets to pay down corporate debt and concentrated entirely on refining operations.

1998 Wainoco changed its name to Frontier Oil Corporation (NYSE: FTO) to reflect the change in corporate strategy.

1999 Frontier purchased the El Dorado, KS refinery from the Shell-Texaco joint venture, Equilon, quadrupling the company’s refining capacity.

2003 Holly purchased the Woods Cross, UT refinery from ConocoPhillips.

2004 Holly Energy Partners was formed and listed on the New York Stock Exchange (NYSE: HEP). Holly changed its listing from the AMEX to the New York Stock Exchange (NYSE: HOC).

2005 Holly was named as a “Best Managed Company” by Fortune magazine.

2007 Frontier was ranked in the top ten for “Total Return to Shareholders” and “Revenues per Employee” by Fortune magazine.

2009 Holly acquired the Sunoco and Sinclair refineries in Tulsa, OK, doubling the company’s refining capacity and number of employees.

2011 Holly and Frontier completed a merger of equals and changed name to HollyFrontier Corporation (NYSE: HFC).

Operations[edit]

HollyFrontier operates 5 refineries:

  • Cheyenne (Cheyenne, WY) - 52,000 barrels per day (bbl/d) of crude oil capacity
  • El Dorado (El Dorado, KS) - 135,000 bbl/d
  • Navajo (Artesia, NM) - 100,000 bbl/d
  • Tulsa (Tulsa, OK) - 125,000 bbl/d
  • Woods Cross (Woods Cross, UT) - 31,000 bbl/d

The company also maintains the following divisions:

  • Holly Energy Partners - logistical assets including pipelines, terminals, and tankage
  • Lubricants and Specialty Products - manufacturing and marketing of lubricants specialty products
  • Asphalt - commodity and modified asphalt products are marketed in Arizona, New Mexico, Texas, and northern Mexico

Merger[edit]

Holly Corporation and Frontier Oil merged forming HollyFrontier Corporation in July 2011.[2][3]

References[edit]

  1. ^ a b c d 2012 Annual Report
  2. ^ Forbes. "Holly-Frontier Refining Merger: It Sure Took Long Enough." February 22, 2011. Accessed July 1, 2011. [1]
  3. ^ Official Press Release. "HollyFrontier Corporation completes merger" July 1, 2011 [2]

External links[edit]