November 10th, 2021

HollyFrontier closes deal on Shell refinery


HollyFrontier Corporation announced on November 1 the completion of the acquisition of the Shell Puget Sound Refinery, on-site cogeneration facility and related logistics assets, from Equilon Enterprises LLC d/b/a Shell Oil Products U.S. The transaction included “aggregate cash consideration of $613.6 million, which consists of a base cash purchase price of $350.0 million, hydrocarbon inventory with an estimated closing value of approximately $266.2 million and other closing adjustments and accrued liabilities of $2.6 million,” said a HollyFrontier press release. Mike Jennings, President and CEO of HollyFrontier commented, “The Puget Sound Refinery has a strong record of financial and operational performance that we believe will complement our existing refining business. The refinery supplies transportation fuels into the premium Pacific Northwest region and sources advantaged Canadian crude, further enhancing our refining asset base. We are committed to the continued safe and environmentally responsible operations of the facility and welcome Puget Sound’s highly skilled workforce to the HollyFrontier family.”

In addition to refining assets and an on-site cogeneration facility, the transaction includes a deep-water marine dock, a light product loading rack, a rail terminal, and storage tanks with approximately 5.8 million barrels of crude, product and other hydrocarbon storage capacity. (Aerial photo from 2006)

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About Photographer Steve Berentson

A fourth generation Skagit County native who was moved kicking and screaming from this island community in 1960. I finally reclaimed an Anacortes address in 1980, and I have been in constant celebration of my return since that time. Many of us who call Anacortes home love Fidalgo Island for its natural assets: among them are rugged beaches, pristine lakes, thousands of acres of forestland and some awesome views of the Skagit Valley and surrounding islands. Another element of my love affair with this community is its people, both natives and immigrants. They will “star” in many of my journal entries.

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