HollyFrontier Corp was incorporated in Delaware on January 25, 1947 as General Appliance Corporation. The Company merged with Frontier Oil Corporation on July 1, 2011, with the merger; the Company changed its name from Holly Corporation to HollyFrontier Corporation. The Company is an independent petroleum refiner that produces high-value refined products such as gasoline, diesel fuel, jet fuel, specialty lubricant products, and specialty and modified asphalt. The Company owned and operated the El Dorado Refinery, two refinery facilities located in Tulsa, Oklahoma (collectively, the Tulsa Refineries), a refinery in Artesia, New Mexico that is operated in conjunction with crude oil distillation and vacuum distillation and other facilities situated 65 miles away in Lovington, New Mexico (collectively, the Navajo Refinery), the Cheyenne Refinery and a refinery in Woods Cross, Utah (the Woods Cross Refinery); also owned and operated HollyFrontier Asphalt Company (HFC Asphalt), formerly known as NK Asphalt Partners, which operates various asphalt terminals in Arizona, New Mexico and Oklahoma; and owned a 39% interest in HEP, which includes its 2% general partner interest. The Company operates in two segments including Refining and HEP. The Refining segment includes the operations of its El Dorado, Tulsa, Navajo, Cheyenne and Woods Cross Refineries and HFC Asphalt. The refinery operations serve the Mid-Continent, Southwest and Rocky Mountain regions of the United States. It owns and operates five complex refineries having a combined crude oil processing capacity of 443,000 barrels per stream day. Its refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products, such as gasoline, diesel fuel and jet fuel. The HEP segment includes all of the operations of HEP, which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and processing units in the Mid-Continent, Southwest and Rocky Mountain regions of the United States. The HEP segment also includes a 75% ownership interest in UNEV and a 50% and 25% ownership interest in the Frontier Pipeline and the SLC Pipeline, respectively. The Company's customers for gasoline include other refiners, convenience store chains, independent marketers and retailers. Diesel fuel is sold to other refiners, truck stop chains, wholesalers and railroads. Jet fuel is sold for commercial airline use. Specialty lubricant products are sold in both commercial and specialty markets. LPG's are sold to LPG wholesalers and LPG retailers. Its produce and purchase asphalt products that are sold to governmental entities, paving contractors or manufacturers. Asphalt is also blended into fuel oil and is either sold locally or is shipped to the Gulf Coast. The Company faces competition from refining and marketing companies, including multinational oil companies, and also competes with other industries that provide alternative means to satisfy the energy and fuel requirements of industrial, commercial and individual consumers. The Company's operations are subject to laws and regulations relating to occupational health and safety, characteristics and composition of gasoline and diesel fuels and other matters otherwise relating to the protection of the environment.
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