HollyFrontier Corp.: HollyFrontier's acquisition of Puget Sound refinery is credit positive, but industry conditions are still weak
The acquisition of the Puget Sound refinery is a credit positive, improving geographic diversification without increasing leverage, but boosting over-the-cycle EBITDA and credit metrics.HollyFrontier is a petroleum refiner that produces products such as gasoline, diesel fuel, jet fuel, other lubricant products, and specialty and modified asphalt. The company's segments are: Refining, which involves the purchase and refining of crude oil and wholesale and marketing of refined products; Lubricants and Specialty Products, which includes the production of lubricant products such as base oils, white oils, other products and finished lubricants; and the company's subsidiary, Holly Energy Partners, L.P., which owns and operates logistics and refinery assets consisting of petroleum product and crude oil pipelines, terminals, tankage, loading rack facilities and processing units.
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