HEP Holly Energy Partners LP

the ability of HEP and HF Sinclair Corporation (“HF Sinclair”) to consummate the transactions contemplated by the Agreement and Plan of Merger, dated August 15, 2023 (the “Merger Agreement”), providing for the merger of HEP with and into a wholly-owned subsidiary of HF Sinclair, with HEP surviving as an indirect, wholly-owned subsidiary of HF Sinclair (such merger, together with the other transactions contemplated by the Merger Agreement, being referred to herein as the “HF Sinclair Transaction”);

the risk that the HF Sinclair Transaction does not occur;

negative effects from the pendency of the HF Sinclair Transaction;

failure to obtain the required approvals for the HF Sinclair Transaction, including the ability to obtain the requisite approvals from HEP unitholders or HF Sinclair stockholders;

the time required to consummate the HF Sinclair Transaction;

disruption from the HF Sinclair Transaction may make it more difficult to maintain relationships with customers, employees or suppliers;

the focus of management time and attention on the HF Sinclair Transaction and other disruptions arising from the HF Sinclair Transaction;

legal proceedings that may be instituted against HEP in connection with the HF Sinclair Transaction;

the demand for and supply of crude oil and refined products, including uncertainty regarding the increasing societal expectations that companies address climate change;

risks and uncertainties with respect to the actual quantities of petroleum products and crude oil shipped on our pipelines and/or terminalled, stored or throughput in our terminals and refinery processing units;

the economic viability of HF Sinclair, our other customers and our joint ventures’ other customers, including any refusal or inability of our or our joint ventures’ customers or counterparties to perform their obligations under their contracts;

the demand for refined petroleum products in the markets we serve;

our ability to purchase operations and integrate the operations we have acquired or may acquire, including the acquired Sinclair Transportation Company LLC business;

our ability to complete previously announced or contemplated acquisitions;

the availability and cost of additional debt and equity financing;

the possibility of temporary or permanent reductions in production or shutdowns at refineries utilizing our pipelines, terminal facilities and refinery processing units, due to reductions in demand, accidents, unexpected leaks or spills, unscheduled shutdowns, infection in the workforce, weather events, global health events, civil unrest, expropriation of assets, and other economic, diplomatic, legislative, or political events or developments, terrorism, cyberattacks, or other catastrophes or disruptions affecting our operations, terminal facilities, machinery, pipelines and other logistics assets, equipment, or information systems, or any of the foregoing of our suppliers, customers, or third-party providers or lower gross margins due to the economic impact of inflation and labor costs, and any potential asset impairments resulting from, or the failure to have adequate insurance coverage for or receive insurance recoveries from, such actions;

the effects of current and/or future government regulations and policies, including increases in interest rates;

delay by government authorities in issuing permits necessary for our business or our capital projects;

our and our joint venture partners’ ability to complete and maintain operational efficiency in carrying out routine operations and capital construction projects;

the possibility of terrorist or cyberattacks and the consequences of any such attacks;

uncertainty regarding the effects and duration of global hostilities, including the Israel-Gaza conflict, the Russia-Ukraine war, and any associated military campaigns which may disrupt crude oil supplies and markets for refined products and create instability in the financial markets that could restrict our ability to raise capital;

general economic conditions, including economic slowdowns caused by a local or national recession or other adverse economic condition, such as periods of increased or prolonged inflation;

the impact of recent or proposed changes in the tax laws and regulations that affect master limited partnerships; and

other business, financial, operational and legal risks and uncertainties detailed from time to time in our SEC filings.