HollyFrontier is an independent petroleum refiner that produces light products such as gasoline, diesel fuel, jet fuel, lubricant products and asphalt. Co. has two reporting segments: Refining, which involves the purchase and refining of crude oil and wholesale and branded marketing of refined products; and Holly Energy Partners, L.P. (HEP), which is engaged in pipeline transportation, rental and terminalling operations as well as pipeline transportation services provided for Co.'s refining operations. As of Dec 31 2012, Co. owned a 44.0% interest in HEP, including the 2.0% general partner interest.
For the past few years, there's been an anomaly in the global oil industry.
Brent crude oil, which comes from the Middle East, Africa and Europe, has been far more expensive than West Texas Intermediate (WTI) crude, which is drilled right here in the U.S. Both Brent and WTI are known as light, sweet crude, which means they are easily processed into gasoline, diesel and other distillates.
So why had Brent been trading for up to $20 more per barrel than WTI? Blame it on geography.
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