WOODS CROSS -- The Holly Corporation, parent company of Holly's Woods Cross refinery, and Frontier Oil Corporation announced Friday the completion of a merger to form HollyFrontier Corporation.
The merger changes little on the local front for those who work at the plant, and those who live around it.
The outside of the refinery will be branded with the new HollyFrontier logo.
The merger is designed to position the company for logistical growth and operational marketing, while giving it one of the best balance sheets in the industry, said Cindy Gubler, spokeswoman for HollyFrontier.
The combined $7 billion company has a refining capacity of more than 440,0000 barrels per day across five refineries, allowing it to serve markets throughout the Midwest, Rocky Mountain and Southwest regions, Gubler said in a press release.
The merger makes HollyFrontier the fourth-largest independent oil refiner in the United States in terms of capacity. It is ranked second in terms of market and enterprise value because the company's assets are considered to be more competitive and in advantaged markets, Gubler said.
HollyFrontier will be headquartered in Dallas, Tex., the current location of Holly's headquarters.
Mike Jennings, who was chairman, president and CEO of Frontier, will serve as president and CEO of the new company. Matt Clifton, chairman and CEO of Holly, will serve as its executive chairman.
"This merger allows us to have significant refining capacity in fast-growing, traditionally high-demand areas," Jennings and Clifton said in a joint statement.
"Just as Holly was, HollyFrontier is also committed to safe, reliable and environmentally responsible operations, and outstanding corporate citizenship," Woods Cross refinery manager Lynn Keddington said.
The same people will be running the refinery, with no changes expected in the refinery's operations, staffing or business plans, Gubler said.
"We are proud to be part of this community and we remain committed to it," Clifton and Jennings said.
Built in 1932, the Woods Cross refinery has the capacity to refine 31,000 barrels per day. The refinery employs more than 175 people.