Market Overview

Holly Energy Partners Announces Feasibility Study for New Refined Product Pipeline in the Permian Basin

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Holly Energy Partners, L.P. (NYSE:HEP) announced today it has engaged
AECOM, a third party engineering firm, to perform a feasibility study on
a potential refined product pipeline from Orla, TX to Midland, TX. This
potential pipeline is part of HEP's continuous efforts to serve the
growing distillate demand in the Permian Basin with additional
infrastructure projects. The pipeline would complement HEP's existing
footprint in the Permian Basin and the recently announced truck loading
rack project in Orla, TX.

HEP expects the pipeline to have an initial capacity of 40,000 barrels
per day and be in service as early as the third quarter of 2019, subject
to receipt of necessary regulatory approvals, permits and commercial
support.

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.

Forward-looking Statement:

The statements in this press release 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 our 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 our general partner believe that such
expectations reflected in such forward-looking statements are
reasonable, neither we nor our general partner can give assurance that
our 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 our pipelines and/or
    terminalled, stored and throughput in our terminals;
  • the economic viability of HollyFrontier Corporation, Delek US
    Holdings, Inc. and our other customers;
  • the demand for refined petroleum products in markets we serve;
  • our ability to purchase and integrate future acquired operations;
  • 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, operations 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.

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