SALT LAKE CITY — Sinclair Oil Corp. could be the next big channel player to change hands.
Citing people familiar with the talks, Reuters reported Sinclair Oil is reviewing offers to buy the company. The Salt Lake City-based company operates two Wyoming refineries and has licensed more than 1,500 branded gasoline stations.
A deal could carry a $2 billion-$3 billion price tag.
According to the report, Sinclair Oil will review initial incoming offers and will determine whether serious talks are merited. A determination on the viability of the offers is expected within the month.
With a network of crude oil and finished-product pipelines and terminals in the Rocky Mountain and midcontinent regions, refiners operating in the Rocky Mountain region — such as Par Pacific, CVR Energy Inc., Delek Energy and HollyFrontier Corp. — would be among the most logical buyers for Sinclair, the report added.
In addition to an outright sale, Sinclair would consider strategic options like a reverse Morris Trust, which would take the company public but allow the family to maintain a stake, one source told Reuters.
Some assets, including the company's hotels and ranches, would not be included in a transaction.
The company retained Tudor, Pickering, Holt & Co. as an advisor; neither it or Sinclair would comment to Rueters.
Known for its mascot, a green dinosaur named Dino, Sinclair Oil's 1,500-plus branded gas stations are located in 29 states. It celebrated its 100th anniversary in 2016, as Convenience Store News previously reported.