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Shell Sells Washington Refinery


Royal Dutch Shell s (NYSE: RDS.A) subsidiary, Equilon Enterprises LLC d/b/a Shell Oil Products U.S., has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington.
Royal Dutch Shell’s (NYSE: RDS.A) subsidiary, Equilon Enterprises LLC d/b/a Shell Oil Products U.S., has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington.
The refinery is being sold to a subsidiary of HollyFrontier Corporation, an independent refiner headquartered in Texas, for $350 million in cash, plus the value of the hydrocarbon inventory. This inventory will be valued at closing based on actual volumes and prevailing market prices, although its current value is said to range from $150 million to $180 million. ....

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HollyFrontier expects Puget Sound synergies with renewables projects


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HollyFrontier paid $350 million for the 145,000 b/d refinery, adding its first US West Coast asset to its four Midcontinent-based refineries, and raising total crude system throughput to 611,630 b/d, based on US Energy Information Administration numbers.
Some analysts were looking for the rationale of buying a hydrocarbon refinery as momentum in the refining space shifts toward renewable fuels in the current low-carbon environment, particularly in a state which just passed a low carbon fuel standard.
Right now, the new shiny object is clearly renewables. But I think we have to take a step back and say is powering this economy over the next ten years . the fact is the gasoline, diesel and jet fuel are the major mover of people and equipment around this economy, said Rich Voliva, HollyFrontier s CFO on the call. ....

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Colstrip owners sue over Montana law targeting business contract


TOM LUTEY
A majority of the owners of Colstrip Power Plant sued Tuesday over a new Montana law nullifying portions of the plant’s 40-year-old business contract, calling the law unconstitutional.
Owners Puget Sound Energy, Avista Corp., PacifiCorp and Portland General Electric filed the lawsuit Tuesday morning in U.S. District Court in Billings, suggesting the law violates both the U.S. and state constitutions.
At issue is a new law approved by Republican Gov. Greg Gianforte on Monday. The law forces disputes among the power plant’s six owners be settled through Montana courts, instead of Washington as currently spelled out by the Colstrip Ownership and Operation Agreement. The law invalidates contracts that don t settle disputes through Montana courts. ....

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HollyFrontier Corp (HFC) Q1 2021 Earnings Call Transcript


HollyFrontier Corp (HFC) Q1 2021 Earnings Call Transcript
Motley Fool Transcribers
© The Motley Fool
Logo of jester cap with thought bubble.
HollyFrontier Corp (NYSE: HFC)
Operator
Welcome to the HollyFrontier Corporation s First Quarter 2021 Conference Call and Webcast. Hosting the call today from HollyFrontier is Mike Jennings, President and Chief Executive Officer. He is joined by Rich Voliva, Executive Vice President and Chief Financial Officer; Tim Go, Executive Vice President and Chief Operating Officer; Tom Creery, President, Refining and marketing; and Bruce Lerner, President, HollyFrontier Lubricants and Specialties. [Operator Instructions] It is now my pleasure to turn the floor over to Craig Biery, Vice President, Investor Relations. ....

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