NewsOn6.com

DALLAS, Texas -- Holly Corporation, announced it is merging with Frontier Oil Corporation in Wyoming Tuesday.

Holly operates both of Tulsa's refineries on the west bank of the Arkansas River.

The merger will create the HollyFrontier Corporation.

"HollyFrontier Corporation will deliver value for the shareholders of both companies through a well-positioned refining asset base, enhanced growth opportunities and one of the best balance sheets in the industry," Matt Clifton, Holly"s Chairman and Chief Executive Officer, said Tuesday.

The merger gives the combined company refineries in Oklahoma, Kansas, Utah, Wyoming, and New Mexico. The deal is expected to be completed on July 1, 2011.