HollyFrontier and Holly Energy Partners Close Previously Announced IDR Simplification
01 November 2017 - 8:15AM
Business Wire
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.
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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.
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HollyFrontier CorporationHolly Energy Partners, L.P.Craig Biery,
214-954-6510Director, Investor RelationsorJared Harding,
214-954-6510Investor Relations
Holly Energy Partners (NYSE:HEP)
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