HollyFrontier and Holly Energy Partners Close Previously Announced IDR Simplification
HollyFrontier Corporation (NYSE: HFC) (“HollyFrontier”) and Holly Energy Partners, L.P. (NYSE: HEP) (“Holly Energy”) today
closed the IDR Simplification transaction previously announced on October 19, 2017. As a result, HollyFrontier holds 59.6 million
Holly Energy common units, representing 59% of the outstanding common units, with a market value of $2.0 billion based on today’s
closing price of $34.19.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171031006599/en/
About HollyFrontier Corporation:
HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high
value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier operates through its
subsidiaries a 135,000 barrels per stream day ("bpsd") refinery located in El Dorado, Kansas, a 125,000 bpsd refinery in Tulsa,
Oklahoma, a 100,000 bpsd refinery located in Artesia, New Mexico, a 52,000 bpsd refinery located in Cheyenne, Wyoming and a 45,000
bpsd refinery in Woods Cross, Utah. HollyFrontier 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, through its
subsidiary, owns Petro-Canada Lubricants Inc., whose Mississauga, Ontario facility produces 15,600 barrels per day of base oils and
other specialized lubricant products, and owns a 59% interest and a non-economic general partner interest in Holly Energy Partners,
L.P.
About Holly Energy Partners, L.P.:
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation,
terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries. The
Partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines,
tankage and terminals in Texas, New Mexico, Arizona, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as
refinery processing units in Kansas and Utah.
HollyFrontier Corporation
Holly Energy Partners, L.P.
Craig Biery, 214-954-6510
Director, Investor Relations
or
Jared Harding, 214-954-6510
Investor Relations
View source version on businesswire.com: http://www.businesswire.com/news/home/20171031006599/en/