HollyFrontier Corporation (NYSE: HFC) ("HollyFrontier") and Holly Energy
Partners, L.P. (NYSE: HEP) ("Holly Energy") announced changes to senior
management relating to HollyFrontier's pending acquisition of Suncor
Energy's Petro-Canada Lubricants business ("PCLI"). The PCLI plant,
located in Mississauga, Ontario, is the largest producer of base oils in
Canada with 15,600 barrels per day of lubricant production capacity, and
is the only North American producer of high margin Group III base oils.
Mark A. Plake, currently President of Holly Logistic Services, L.L.C.
("HLS"), a wholly owned subsidiary of HollyFrontier and the general
partner of Holly Energy, will resign from his position effective as of
the closing of the PCLI acquisition in order to serve as President of
PCLI. George Damiris, currently Chief Executive Officer of HLS and Chief
Executive Officer and President of HollyFrontier, will assume the role
of President of HLS upon Mr. Plake's resignation. Additionally, Richard
L. Voliva III is being promoted to Executive Vice President and Chief
Financial Officer of HollyFrontier effective March 1, 2017.
"Mark has driven the integration of various businesses into
HollyFrontier such as the Woods Cross refining business and the merger
of Holly and Frontier's marketing activities," said Mr. Damiris,
President and Chief Executive Officer of HollyFrontier. "His leadership
and organizational skills will be invaluable in bringing PCLI and
HollyFrontier together, realizing synergies, sharing best practices, and
establishing PCLI as a growth vehicle for our company."
Mr. Voliva has served as Senior Vice President, Strategy of
HollyFrontier since June 2016. In addition, since 2014 Mr. Voliva has
held several positions with HLS, most recently serving as Senior Vice
President and Chief Financial Officer of HLS since July 2016. Prior to
joining the Company, he was an analyst at Millennium Management LLC, an
institutional asset manager, and Partner Fund Management, L.P., a hedge
fund. Mr. Voliva also previously served as Vice President, Equity
Research at Deutsche Bank. Mr. Voliva is a CFA Charterholder.
"Rich has been instrumental in developing our strategies and business
development initiatives for both HollyFrontier and Holly Energy since
joining our company," said Mr. Damiris. "He played a key role in the
pending PCLI acquisition and in various Holly Energy financings in 2016.
We look forward to Rich's continued growth and contributions in these
areas in this new role."
Douglas S. Aron, currently Executive Vice President and Chief Financial
Officer of HollyFrontier, has elected to pursue opportunities closer to
his family in Houston and is resigning from his position on February 28,
2017. Mr. Aron will continue to provide consulting and transition
services on an as-needed basis through December 31, 2017.
Mr. Damiris said of the changes, "On behalf of everyone at
HollyFrontier, I want to thank Doug for his 16 years of service. He has
been an important member of our management team. We will miss him and
wish Doug and his family continued success and happiness."
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. HollyFrontier and
certain of its subsidiaries also currently own a 37% interest (including
a 2% 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.
HFC & HEP Forward Looking Statement:
The statements contained herein relating to matters that are not
historical facts are "forward-looking statements" within the meaning of
the federal securities laws. These statements are based on
HollyFrontier's and Holly Energy's beliefs and assumptions, including
those of Holly Energy's general partner, using currently available
information and expectations as of the date hereof, are not guarantees
of future performance and involve certain risks and uncertainties.
Although HollyFrontier, Holly Energy and Holly Energy's general partner
believe that such expectations reflected in such forward-looking
statements are reasonable, neither HollyFrontier, Holly Energy nor Holly
Energy's general partner can give assurance that such expectations will
prove to be correct. Therefore, actual outcomes and results could
materially differ from what is expressed, implied or forecast in these
statements. Any differences could be caused by a number of factors
including, but not limited to:
risks and uncertainties with respect to the actual quantities of
petroleum products and crude oil shipped on Holly Energy's pipelines
and/or terminalled in Holly Energy's terminals;
the economic viability of HollyFrontier Corporation and Holly
Energy's other customers;
the demand for refined petroleum products in
markets HollyFrontier and Holly Energy serve;
HollyFrontier's and Holly Energy's ability to successfully purchase
and integrate additional operations in the future;
HollyFrontier's and Holly Energy's ability to complete previously
announced or contemplated acquisitions;
the availability and cost of additional debt and equity financing;
the possibility of reductions in production or shutdowns
at HollyFrontier refineries, including refineries utilizing Holly
Energy's pipeline and terminal facilities;
the effects of current and future government regulations and policies;
HollyFrontier's and Holly Energy's operational efficiency in carrying
out routine operations and capital construction projects;
the possibility of terrorist attacks and the consequences of any such
general economic conditions; and
other financial, operations and legal risks and uncertainties detailed
from time to time in HollyFrontier's and Holly Energy's Securities and
Exchange Commission filings.
The forward-looking statements speak only as of the date made and, other
than as required by law, we undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170113005717/en/
Julia Heidenreich, 214-954-6510
President, Investor Relations
Craig Biery, 214-954-6510
Source: HollyFrontier Corporation and Holly Energy Partners, L.P.
News Provided by Acquire Media