Holly Energy Partners, L.P. (NYSE: HEP) today announced that the Board
of Directors of Holly Logistic Services, L.L.C. (“HLS”), the ultimate
general partner of HEP, has appointed Mark A. Plake as President of HLS
effective February 15, 2016. In connection with his appointment, Mike
Jennings will resign as President of HLS effective February 15, 2016.
Mr. Jennings will continue to serve as Chief Executive Officer and a
director of HLS and Executive Chairman of HollyFrontier Corporation
(NYSE: HFC).
Since joining HFC in 1999, Mr. Plake served in various roles including
Vice President, Holly Asphalt; Vice President, Special Projects; and
Vice President, Human Resources and Government Affairs. Effective
February 15, 2016, Mr. Plake will resign from his most recent position
as Vice President, Marketing of HFC, which he has served in since April
2011.
Mr. Jennings commented, “Mark has been an important part of the HFC team
for more than 15 years, primarily in commercial and market facing roles.
We look forward to leveraging Mark’s leadership and relationships to
continue to profitably grow Holly Energy Partners.”
About Holly Energy Partners, L.P.:
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides
petroleum product and crude oil transportation, tankage and terminal
services to the petroleum industry, including HollyFrontier Corporation,
which currently owns a 39% interest (including a 2% general partner
interest), in the Partnership. The Partnership owns and operates
petroleum product and crude pipelines, tankage, terminals and loading
facilities located in Texas, New Mexico, Oklahoma, Arizona, Washington,
Kansas, Wyoming, Idaho and Utah. In addition, the Partnership owns a 75%
interest in UNEV Pipeline, LLC, the owner of a Holly Energy operated
refined products pipeline running from Salt Lake City, Utah to Las
Vegas, Nevada, and related product terminals, a 50% interest in Frontier
Pipeline Company, the owner of a 289-mile crude oil pipeline running
from Casper, Wyoming to Frontier Station, Utah, and a 25% interest in
SLC Pipeline LLC, the owner of a 95-mile intrastate pipeline system
serving refineries in the Salt Lake City, Utah area.
The statements in this press release relating to matters that are not
historical facts are "forward-looking statements" within the meaning of
the federal securities laws. Forward-looking statements use words such
as "anticipate," "project," "expect," "plan," "goal," "forecast,"
"intend," "should," "would," "could," "believe," "may," and similar
expressions and statements regarding our plans and objectives for future
operations. These statements are based on our beliefs and assumptions
and those of our general partner using currently available information
and expectations as of the date hereof, are not guarantees of future
performance and involve certain risks and uncertainties. Although we and
our general partner believe that such expectations reflected in such
forward-looking statements are reasonable, neither we nor our general
partner can give assurance that our expectations will prove to be
correct. All statements concerning our expectations for future results
of operations are based on forecasts for our existing operations and do
not include the potential impact of any future acquisitions. Our
forward-looking statements are subject to a variety of risks,
uncertainties and assumptions. If one or more of these risks or
uncertainties materialize, or if underlying assumptions prove incorrect,
our actual results may vary materially from those anticipated,
estimated, projected or expected. Certain factors could cause actual
results to differ materially from results anticipated in the
forward-looking-statements. These factors include, but are not limited
to:
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risks and uncertainties with respect to the actual quantities of
petroleum products and crude oil shipped on our pipelines and/or
terminalled, stored and throughput in our terminals;
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the economic viability of HollyFrontier Corporation, Alon USA, Inc.
and our other customers;
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the demand for refined petroleum products in markets we serve;
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our ability to purchase and integrate future acquired operations;
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our ability to complete previously announced or contemplated
acquisitions;
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the availability and cost of additional debt and equity financing;
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the possibility of reductions in production or shutdowns at refineries
utilizing our pipeline and terminal facilities;
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the effects of current and future government regulations and policies;
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our operational efficiency in carrying out routine operations and
capital construction projects;
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the possibility of terrorist attacks and the consequences of any such
attacks;
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general economic conditions; and
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other financial, operations and legal risks and uncertainties detailed
from time to time in our Securities and Exchange Commission filings.
The forward-looking statements speak only as of the date made and, other
than as required by law, we undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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