THE PARTNERSHIP
General
We are a Delaware limited
partnership. Through our subsidiaries and joint ventures, we own and/or operate petroleum product and crude oil pipelines, terminal, tankage and loading rack facilities and refinery processing units that support the refining and marketing operations
of HF Sinclair and other refineries in the Mid-Continent, Southwest and Northwest regions of the United States. We, through our subsidiaries and joint ventures, own and/or operate petroleum product and crude
pipelines, tankage and terminals in Colorado, Idaho, Iowa, Kansas, Missouri, Nevada, New Mexico, Oklahoma, Texas, Utah, Washington and Wyoming, as well as refinery processing units in Kansas and Utah. HF Sinclair owns approximately 47% of our
outstanding common units as well as the non-economic general partnership interest.
We generate
revenues by charging tariffs for transporting petroleum products and crude oil through our pipelines, by charging fees for terminalling and storing refined products and other hydrocarbons, providing other services at our storage tanks and terminals
and charging a tolling fee per barrel or thousand standard cubic feet of feedstock throughput in our refinery processing units. We do not take ownership of products that we transport, terminal, store or process, and therefore, we are not directly
exposed to changes in commodity prices.
Partnership Structure and Management
As is common with publicly traded limited partnerships and in order to maximize operational flexibility, we conduct our operations through
subsidiaries. We have five direct subsidiaries: (i) Holly Energy Finance Corp. (Holly Energy Finance), (ii) Holly Energy PartnersOperating, L.P., a limited partnership that conducts our operations, (iii) HEP Logistics GP,
L.L.C., the general partner of Holly Energy PartnersOperating, L.P., (iv) HEP UNEV Holdings LLC, a limited liability company that serves as a holding company of HEP UNEV Pipeline LLC, which holds 75% of our interests in UNEV Pipeline,
LLC, and (v) Holly Energy Holdings LLC, a limited liability company that serves as the holding company of its subsidiaries. Holly Energy Holdings LLC owns directly or indirectly 100% of the membership or partnership interests in its
subsidiaries, other than (a) Osage Pipe Line Company, LLC in which it indirectly owns a 50% interest, (b) Cheyenne Pipeline LLC in which it indirectly owns a 50% interest, (c) Cushing Connect Pipeline and Terminal LLC in which it
indirectly owns a 50% interest, (d) Saddle Butte Pipeline III, LLC in which it indirectly owns a 25.06% interest, (e) Pioneer Investments Corp. in which it indirectly owns a 49.995% interest and (f) UNEV Pipeline, LLC in which it
indirectly holds a 25% interest as a result of HEPs acquisition of STC. Cushing Connect Pipeline and Terminal LLC owns directly 100% of the membership interests in Cushing Connect Terminal Holdings LLC and Cushing Connect Pipeline Holdings
LLC. Pioneer Investments Corp. owns directly 100% of the interests in Pioneer Pipe Line Company and Salt Lake Terminal Company. Holly Energy Finance was organized for the sole purpose of co-issuing certain of
our debt securities, does not have any operations of any kind, and does not generate any revenue other than as may be incidental to its activities as a co-issuer of any of our debt securities.
Holly Logistic Services, L.L.C. (HLS) as the general partner of HEP Logistics Holdings, L.P. (HEP Logistics), our
general partner, manages our operations and activities. Neither our general partner nor the board of directors of HLS are elected by our unitholders. Unlike shareholders in a publicly traded corporation, our unitholders are not entitled to elect the
directors of HLS.
The address and phone number of our principal executive offices is 2828 N. Harwood, Suite 1300, Dallas, Texas 75201;
telephone number (214) 871-3555. Our website is located at http://www.hollyenergypartners.com. Information on our website or any other website, is not incorporated by reference into this prospectus and
does not constitute a part of this prospectus unless specifically so designated and filed with the Commission.
For additional information
as to our business, properties and financial condition, see Where You Can Find More Information and Documents Incorporated By Reference.
5