Equilon Enterprises LLC d/b/a Shell Oil Products U.S. (Shell), a subsidiary of Royal Dutch Shell plc, has completed the sale of its near Anacortes, Washington to a subsidiary of HollyFrontier Corporation, an independent refiner headquartered in Texas (HollyFrontier), for $350 million in cash plus the value of the hydrocarbon inventory, subject to customary closing adjustments.

The agreement covers the sale of Shell’s Puget Sound Refinery, the on-site cogeneration facility and the associated logistics infrastructure. Shell will retain product offtake agreements to support its existing retail marketing business in the Pacific Northwest. Shell’s off-site logistics assets are excluded from the sale.

Notes:

   - On May 4, 2021, Shell and HollyFrontier Corporation announced that they had signed a sales agreement for HollyFrontier to acquire Shell’s Puget Sound Refinery near Anacortes, WashingtonOn May 4, 2021, Shell and HollyFrontier Corporation announced that they had signed a sales agreement for HollyFrontier to acquire Shell’s Puget Sound Refinery near Anacortes, Washington.
   - The value attributed to the hydrocarbon inventory at closing was approximately $266 million.
   - Local employees providing dedicated support to Shell’s Puget Sound Refinery were offered employment with HollyFrontier.
   - Shell will maintain Shell branded businesses in the Pacific Northwest and has structured supply/offtake agreements with the new owner such that the Puget Sound Refinery will continue to support Shell’s businesses in the region.
   - As part of its Powering Progress strategy, Shell plans to consolidate its refinery footprint to five core energy and chemicals parks. These locations will maximize the integration benefits of conventional fuels and chemicals production while also offering new low carbon fuels and performance chemicals. They also offer future potential hubs for sequestration.

About Royal Dutch Shell plc

Royal Dutch Shell plc (LSE: RDSA) is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.

About HollyFrontier

HollyFrontier is principally an independent petroleum refiner that produces high-value light products such as gasoline, diesel fuel, jet fuel, specialty lubricant products and specialty and modified asphalt.
HollyFrontier owns and operates refineries located in Kansas, Oklahoma, New Mexico and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states.
In addition, HollyFrontier produces base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and exports products to more than 80 countries, marketed under the following commercial brands.