DALLAS--(BUSINESS WIRE)--
Holly Energy Partners, L.P. (NYSE:HEP) ("Holly Energy") announces the
acquisition of a 50% interest in Cheyenne Pipeline LLC, owner of the
Cheyenne Pipeline, in exchange for a contribution of $42.5 million in
cash to Cheyenne Pipeline LLC. The other 50% interest is owned by an
affiliate of Plains All American Pipeline, L.P. (NYSE:PAA) ("Plains"),
who will continue to operate the Cheyenne Pipeline. The 87-mile crude
oil pipeline, which runs from Fort Laramie, Wyoming to Cheyenne,
Wyoming, has an 80,000 barrel per day (bpd) capacity. Following the
closing of the acquisition, Cheyenne Pipeline LLC and a subsidiary of
HollyFrontier Corporation (NYSE:HFC) ("HollyFrontier") executed a
long-term extension and increase of HollyFrontier's minimum volume
commitment on the Cheyenne Pipeline.
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 owns and
operates petroleum product and crude gathering pipelines, tankage and
terminals in Texas, New Mexico, Arizona, Washington, Idaho, Oklahoma,
Utah, Wyoming and Kansas as well as refinery processing units in Kansas.
In addition, the Partnership 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, a 50% in Cheyenne Pipeline LLC, which owns an 87-mile crude
oil pipeline from Fort Laramie, Wyoming to Cheyenne, Wyoming, a 50%
interest in Osage Pipe Line Company, LLC, which owns a 135-mile crude
oil pipeline from Cushing, Oklahoma to El Dorado, Kansas, a 50% interest
in Frontier Aspen LLC, which owns a 289-mile crude oil pipeline from
Casper, Wyoming to Frontier Station, Utah and a 25% interest in SLC
Pipeline LLC which owns a 95-mile intrastate pipeline system serving
refineries in the Salt Lake City, Utah area.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160606005236/en/
Holly Energy Partners, L.P.
Julia Heidenreich, 214-954-6511
Vice
President, Investor Relations
or
Craig Biery, 214-954-6511
Investor
Relations
Source: Holly Energy Partners, L.P.
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