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Holly Energy Partners, L.P. - HEP STOCK NEWS

Welcome to our dedicated page for Holly Energy Partners, L.P. news (Ticker: HEP), a resource for investors and traders seeking the latest updates and insights on Holly Energy Partners, L.P. stock.

Holly Energy Partners, L.P. (HEP) is a prominent player in the energy sector, primarily owning and operating a comprehensive network of petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities, and refinery processing units. These assets are crucial in supporting the refining and marketing operations of HollyFrontier Corporation across a vast geographical area that includes West Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Arizona, Idaho, and Washington.

HEP operates through two main segments: Pipelines and Terminals, and Refinery Processing Units. The Pipelines and Terminals segment includes refined product pipelines that transport various grades of gasoline, distillates such as high- and low-sulfur diesel, jet fuels, and liquefied petroleum gases. Additionally, the segment also encompasses intermediate product pipelines transporting feedstocks and crude oils, as well as oil trunk lines and gathering pipelines delivering crude oil.

As part of its extensive operations, HEP manages 26 main pipelines and crude gathering networks, 10 refined product terminals, a crude terminal, and 31,800 track feet of related infrastructure. This extensive network ensures efficient and reliable transportation and storage solutions for its customers.

Recently, the company has focused on expanding its infrastructure to enhance capacity and efficiency. Current projects aim at modernizing and upgrading existing facilities to meet the growing demand for energy products and to comply with stringent environmental regulations. Financially, HEP maintains a robust balance sheet, reflecting steady revenue streams from long-term contracts and strategic partnerships.

HEP's significant role in the energy supply chain, coupled with its strategic asset base, positions it as a vital entity in the energy market. The company's ongoing efforts to optimize operations and expand its capabilities are likely to drive future growth and shareholder value.

News

HF Sinclair Corporation Completes Acquisition of Holly Energy Partners, L.P.

Rhea-AI Summary
HF Sinclair Corporation (NYSE: DINO) has completed the acquisition of all outstanding common units of Holly Energy Partners, L.P. The merger involved a combination of 0.3150 of a share of HF Sinclair common stock and $4.00 in cash per HEP Common Unit. As a result, HEP Common Units will no longer be listed on the NYSE, and HEP will cease to be a publicly traded partnership.
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TortoiseEcofin Announces Constituent Changes Due to Corporate Action

Rhea-AI Summary
TortoiseEcofin announces the removal of Holly Energy Partners LP (HEP) from the Tortoise MLP Index® (TMLP) and the Tortoise North American Pipeline IndexSM (TNAP) due to the approved acquisition by HF Sinclair Corp (DINO). HEP will be removed from the indices at market open on Friday, December 1, 2023, with a special rebalancing in TMLP triggered by the acquisition.
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HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Expiration and Final Results of Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers

Rhea-AI Summary
HF Sinclair Corporation (NYSE: DINO) and Holly Energy Partners, L.P. (NYSE: HEP) announced the expiration and final results of the Exchange Offers and Consent Solicitations. The Exchange Offers expired with 99.86% of HEP Notes tendered. Eligible Holders received $1,000 principal amount of New Notes and $1.00 in cash for each $1,000 principal amount of HEP Notes tendered.
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HF Sinclair Corporation Stockholders and Holly Energy Partners, L.P. Unitholders Approve Merger Transaction

Rhea-AI Summary
HF Sinclair Corporation (NYSE: DINO) and Holly Energy Partners, L.P. (NYSE: HEP) announced the approval of the Agreement and Plan of Merger by HEP unitholders and HF Sinclair stockholders. The Merger involves the issuance of shares of common stock of HF Sinclair pursuant to the Merger Agreement. The expected closing date of the Merger is December 1, 2023.
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HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Results of Early Participation in Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers and Extension of the Early Participation Exchange Consideration

Rhea-AI Summary
HF Sinclair Corporation (NYSE: DINO) and Holly Energy Partners, L.P. (NYSE: HEP) announced that $880,229,000 in HEP Notes have been tendered and not withdrawn in connection with the private exchange offers and consent solicitations. The Early Participation Exchange Consideration for the 6.375% Senior Notes due 2027 is $1,000 principal amount of HF Sinclair’s 6.375% Senior Notes due 2027 and $1.00 in cash, and for the 5.000% Senior Notes due 2028 is $1,000 principal amount of HF Sinclair’s 5.000% Senior Notes due 2028 and $1.00 in cash.
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HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Results of Early Participation in Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers and Extension of the Early Participation Exchange Consideration

Rhea-AI Summary
HF Sinclair Corporation (NYSE: DINO) and Holly Energy Partners, L.P. (NYSE: HEP) announced that $880,229,000 in aggregate principal amount of outstanding HEP Notes have been validly tendered and not withdrawn in connection with private exchange offers and related consent solicitations. The Early Participation Exchange Consideration for each $1,000 principal amount of such HEP Notes is to be paid in cash and HF Sinclair's Senior Notes due 2027 and 2028. The deadline for tendering HEP Notes has been extended to the Expiration Date.
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HF Sinclair Corporation Reports 2023 Third Quarter Results and Announces Regular Cash Dividend

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HF Sinclair Corporation reported net income of $790.9 million for Q3 2023, compared to $954.4 million in Q3 2022. Adjusted net income was $760.4 million. The company returned $669.2 million to stockholders through dividends and share repurchases. Refining segment income decreased by 32%, while the renewables segment reported a profit of $3.1 million compared to a loss of $49.3 million in the previous year.
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Holly Energy Partners, L.P. Reports Third Quarter Results

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Holly Energy Partners, L.P. (HEP) reported net income of $63.0 million ($0.50 per unit) for Q3 2023, compared to $42.0 million ($0.33 per unit) for Q3 2022. Quarterly distribution declared at $0.35 per unit. Revenues for Q3 2023 were $158.4 million, an increase of $9.4 million compared to Q3 2022.
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HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Commencement of Private Exchange Offers and Consent Solicitations by HF Sinclair Corporation for Outstanding Notes of Holly Energy Partners, L.P. and Holly Energy Finance Corp.

Rhea-AI Summary
HF Sinclair Corporation and Holly Energy Partners have announced the commencement of private offers to exchange notes previously issued by HEP and Finance Corp. HF Sinclair will issue new notes in exchange for the HEP Notes. The Exchange Offers are subject to certain conditions and will expire on November 29, 2023. Eligible Holders who tender their HEP Notes by November 13, 2023, will receive greater consideration. The Proposed Amendments to the HEP Indentures will become effective if participation in the Exchange Offer exceeds 50% of the outstanding principal amount of each series of HEP Notes.
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HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Commencement of Private Exchange Offers and Consent Solicitations by HF Sinclair Corporation for Outstanding Notes of Holly Energy Partners, L.P. and Holly Energy Finance Corp.

Rhea-AI Summary
HF Sinclair Corporation and Holly Energy Partners have announced the commencement of private exchange offers for notes previously issued by HEP and Finance Corp. HF Sinclair is offering new notes in exchange for HEP Notes. The exchange offers are subject to certain conditions and the New Notes will have the same terms as the corresponding HEP Notes. The exchange offers expire on November 29, 2023.
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FAQ

What is the market cap of Holly Energy Partners, L.P. (HEP)?

The market cap of Holly Energy Partners, L.P. (HEP) is approximately 2.6B.

What does Holly Energy Partners, L.P. do?

Holly Energy Partners, L.P. owns and operates petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities, and refinery processing units.

Which areas does Holly Energy Partners, L.P. serve?

The company serves West Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Arizona, Idaho, and Washington.

What are the main business segments of Holly Energy Partners, L.P.?

The main business segments are Pipelines and Terminals, and Refinery Processing Units.

What types of products do Holly Energy Partners' pipelines transport?

Their pipelines transport conventional and reformulated gasolines, low-octane gasolines for blending, high- and low-sulfur diesel, jet fuels, liquefied petroleum gases, and intermediate feedstocks.

How many main pipelines does Holly Energy Partners, L.P. operate?

The company operates 26 main pipelines.

What recent projects is Holly Energy Partners, L.P. involved in?

The company is focused on expanding its infrastructure and upgrading existing facilities to enhance capacity and efficiency.

Who are the main customers of Holly Energy Partners, L.P.?

Holly Energy Partners primarily supports the refining and marketing operations of HollyFrontier Corporation.

What is the financial condition of Holly Energy Partners, L.P.?

HEP maintains a robust balance sheet with steady revenue streams from long-term contracts and strategic partnerships.

How does Holly Energy Partners, L.P. contribute to the energy supply chain?

By owning and operating a comprehensive network of pipelines and storage facilities, HEP ensures the efficient and reliable transportation and storage of energy products.

What are Holly Energy Partners, L.P.'s future growth prospects?

Ongoing efforts to optimize operations and expand capabilities are expected to drive future growth and enhance shareholder value.

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Holly Energy Partners, L.P.

NYSE:HEP

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HEP Stock Data

2.59B
45.40M
63.99%
26.36%
1.3%
Oil & Gas Midstream
Energy
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United States
Dallas