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

HF Sinclair Corporation (NYSE: DINO) (“HF Sinclair”) today announced the completion of the transactions contemplated by the previously announced Agreement and Plan of Merger, pursuant to which HF Sinclair acquired all of the outstanding common units (“HEP Common Units”) representing limited partner interests in Holly Energy Partners, L.P. (“HEP”) not already owned by HF Sinclair and its subsidiaries, for a combination of 0.3150 of a share of HF Sinclair common stock and $4.00 in cash, without interest, per HEP Common Unit.

The merger of HEP with a subsidiary of HF Sinclair became effective upon the filing of the certificate of merger with the Secretary of State of the State of Delaware, which occurred today. As a result of the transaction, HEP Common Units will no longer be listed on the New York Stock Exchange, and HEP will cease to be a publicly traded partnership.

Tim Go, HF Sinclair’s Chief Executive Officer and President, said “On behalf of our Board of Directors and management team, we thank the HEP unitholders for their long-standing support and partnership over the years. We believe the closing of this transaction further advances our strategy of integrating and optimizing our assets as a combined company under HF Sinclair.”

About HF Sinclair Corporation:
HF Sinclair Corporation, headquartered in Dallas, Texas, is an independent energy company that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Wyoming, Washington and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. HF Sinclair supplies high-quality fuels to more than 1,500 branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and export products to more than 80 countries. Through its subsidiaries, HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, New Mexico. HF Sinclair provides petroleum product and crude oil transportation, terminalling, storage and throughput services to its refineries and the petroleum industry.