Filed by HF Sinclair Corporation
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Holly Energy Partners, L.P.
Commission File No: 001-32225
This filing relates to the proposed business combination transaction between HF Sinclair Corporation (HF Sinclair or the
Company) and Holly Energy Partners, L.P. (HEP and such proposed business combination transaction, the Proposed HEP Transaction).
The following is an excerpt of the transcript of the third quarter 2023 joint earnings conference call conducted by HF Sinclair and HEP that was held on
November 2, 2023 at 9:30 AM ET and made available on HF Sinclairs website at www.hfsinclair.com and HEPs website at www.hollyenergy.com. The excerpt of the transcript includes discussion of the Proposed HEP Transaction that occurred
during the call. While every effort has been made to provide an accurate transcription, there may be typographical mistakes, inaudible statements, errors, omissions or inaccuracies in the transcript. HF Sinclair believes that none of these are
material.
Operator
Welcome to HF Sinclair
Corporation and Holly Energy Partners Third Quarter 2023 Conference Call and Webcast. Hosting the call today is Tim Go, Chief Executive Officer of HF Sinclair. He is joined by Atanas Atanasov, Chief Financial Officer; Steve Ledbetter, EVP of
Commercial; Valerie Pompa, EVP of Operations; and Matt Joyce, SVP of Lubricants and Specialties, along with John Harrison, Chief Financial Officer of Holly Energy Partners.
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Craig Biery HF Sinclair
Corporation, Vice President, Investor Relations
Thank you, Christa. Good morning, everyone, and welcome to HF Sinclair Corporation and
Holly Energy Partners Third Quarter 2023 Earnings Call. This morning, we issued press releases announcing results for the quarter ending September 30th, 2023. If you would like a copy of the earnings press releases, you may find them on our
websites at hfsinclair.com and hollyenergy.com.
Before we proceed with remarks, please note the Safe Harbor Disclosure statement in todays press
releases. In summary, it says statements made regarding management expectations, judgments or predictions are forward-looking statements. These statements are intended to be covered under the Safe Harbor provisions of Federal Security laws. There
are many factors that could cause results to differ from expectations, including those noted in our SEC filings.
The call also may include discussion of non-GAAP measures. Please see the earnings press releases for reconciliations to GAAP financial measures. Also, please note any time sensitive information provided on todays call may no longer be accurate at
the time of any webcast replay or rereading of the transcript.
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QUESTIONS AND ANSWERS
Operator
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Q Paul Cheng
Scotiabank
Okay. Second question is that, as you about to close HEP and roll it back up, once that you have done that, is it just
business as usual and then you simplify your corporate structure or that thats going to see real actual operating benefit? Just want to see that whether we should expect some improvement or that is just, say, reducing the corporate structure
capacity. Thank you.
A Atanas H. Atanasov HF Sinclair Corporation Executive Vice President and Chief Financial
Officer
Yeah, Paul, this is Atanas. Thank you for your question. Your observation is instinct is correct. Were seeing
opportunities for simplification and optimizing our portfolio. To give you just an example, what used to be at times complicated negotiation on contracts, intercompany contracts, now is going to be a more simplified process, which would really help
us to focus on efficiencies and commercial opportunities. So the simplification part of that benefit is going to be meaningful to us.
And with respect to
the corporate structure, you will get your run of the mill savings of, you know, essentially running one public company as opposed to having two public companies. And on top of that, we also see some synergies with respect to the debt as that
all gets rolled up at the DINO level. So all good outcomes for us.