HF Sinclair Corporation has completed its acquisition of Industrial Oils Unlimited, a leader in industrial lubricants and specialty fluids. The $38 million deal was finalized on January 8 after all closing conditions were satisfied.
Matthew Joyce, President of Lubricants & Specialties at HF Sinclair, commented on the acquisition when it was first announced in December 2025. "This acquisition represents a strategic step forward for HF Sinclair's Lubricants & Specialties segment," Joyce said. "We are very pleased to welcome the team from IOU into the HF Sinclair family."
Joyce added that IOU brings significant knowledge and experience to the company. "We believe this transaction will further enhance our value proposition and go-to-market strategy in the U.S.," he stated.
On the same day, Piper Sandler analyst Ryan Todd upgraded HF Sinclair's stock from 'Neutral' to 'Overweight.' Todd called the company the most investable of the SMID-cap refiners and raised the price target from $64 to $68.
HF Sinclair is an independent petroleum refiner with operations throughout the mid-continent, southwestern, and Rocky Mountain regions. The company was recently included among high yield crude oil stocks to consider following recent developments in Venezuela.
The company could potentially benefit from cheaper Venezuelan crude arriving at the US Gulf Coast, which might reduce prices that US buyers pay to producers.