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Holly Energy Partners Reveals Acquisition Of 50% Stake In Cheyenne Pipeline

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Holly Energy Partners, L.P. (NYSE: HEP) disclosed the acquisition of a 50 percent stake in Cheyenne Pipeline LLC, owner of the Cheyenne Pipeline, in exchange for a contribution of $42.5 million in cash to Cheyenne Pipeline LLC.

Holy Energy Partners said the other 50 percent interest is owned by an affiliate of Plains All American Pipeline, L.P. (NYSE: PAA), who would continue to manage the Cheyenne Pipeline. The company said that the 87-mile crude oil pipeline, which runs from Fort Laramie, Wyoming to Cheyenne, Wyoming, has an 80,000 barrel per day (bpd) capacity.

The company said that 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.

On Friday, the stock advanced 0.94 percent.

Posted-In: M&A News

 

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