Holly and Frontier Oil to join in nearly $3B deal

DALLAS (AP) — Refinery operators Holly Corp. and Frontier Oil Corp. are combining in an all-stock deal valued at nearly $3 billion.

Both companies said Tuesday that the deal will create the most profitable independent U.S. refiner on a per barrel basis. The new company will have a refining capacity of more than 440,000 barrels per day across five refineries.