DALLAS--(BUSINESS WIRE)--
Holly Energy Partners, L.P. (NYSE: HEP) announced that it was notified
by a subsidiary of HollyFrontier Corporation (NYSE: HFC) that the
subsidiary is reducing crude throughput at its Navajo Refinery due to
waste water constraints. As a result, HFC will transport lower volumes
on HEP's product pipelines and crude mainlines that serve the Navajo
Refinery during this time. HEP expects that its financial results for
the fourth quarter ending December 31, 2013 will be negatively impacted
if this reduction in the Navajo Refinery's production lasts for an
extended period of time. However, HFC's minimum contractual commitments
will limit the reduction in HEP's distributable cash flow. Total minimum
commitments from all shippers support approximately 85% of HEP's
quarterly revenue.
About Holly Energy Partners, L.P.:
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides
petroleum product and crude oil transportation, tankage and terminal
services to the petroleum industry, including HollyFrontier Corporation,
which currently owns a 39% interest (including a 2% general partner
interest) in Holly Energy. Holly Energy owns and operates petroleum
product and crude pipelines, tankage, terminals and loading facilities
located in Texas, New Mexico, Arizona, Oklahoma, Washington, Idaho,
Utah, Kansas and Wyoming. In addition, Holly Energy owns a 75% interest
in UNEV Pipeline, LLC, the owner of a Holly Energy operated refined
products pipeline running from Salt Lake City, Utah to Las Vegas,
Nevada, and related product terminals and a 25% interest in SLC Pipeline
LLC, a 95-mile intrastate pipeline system serving refineries in the Salt
Lake City, Utah area.
Information about Holly Energy Partners, L.P. may be found on its
website at http://www.hollyenergy.com.
The following is a "safe harbor" statement under the Private Securities
Litigation Reform Act of 1995: 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 our beliefs and assumptions and 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 we and
Holly Energy's general partner believe that such expectations reflected
in such forward-looking statements are reasonable, neither we nor Holly
Energy's general partner can give assurance that our expectations will
prove to be correct. Such statements are subject to a variety of risks,
uncertainties and assumptions. 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 our pipelines and/or
terminalled, stored or throughput in our terminals;
-
the economic viability of HollyFrontier Corporation, Alon USA, Inc.
and our other customers;
-
the demand for refined petroleum products in markets we serve;
-
our ability to purchase and integrate additional operations in the
future successfully;
-
our 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 refineries
utilizing our pipeline and terminal facilities;
-
the effects of current and future government regulations and policies;
-
our operational efficiency in carrying out routine operations and
capital construction projects;
-
the possibility of terrorist attacks and the consequences of any such
attacks;
-
general economic conditions; and
-
other financial, operational and legal risks and uncertainties
detailed from time to time in our 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.
Holly Energy Partners, L.P.
Blake Barfield, 214-954-6511
Investor
Relations
or
Julia Heidenreich, 214-954-6511
Vice
President, Investor Relations
Source: Holly Energy Partners, L.P.
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