Merchant refiner HollyFrontier (HFC) just became the latest of a growing line of merchant refiners to enter the renewable diesel sector. The company announced earlier this month that it plans to construct a 125 million gallon per year [mgy] (or 8,000 bpd) renewable diesel unit at its 100,000 bpd Navajo Refinery in Artesia, New Mexico. The announcement was paired with the news that HollyFrontier is increasing its dividend and authorizing a new $1 billion share buyback program, which suggests that all three initiatives are directly linked to management's desire to put to use