Holly Energy Partners

What Holly Energy Partners does

Holly Energy Partners, L.P. was a publicly traded Master Limited Partnership (NYSE: HEP) that owned and operated midstream petroleum infrastructure across the Southwest, Rocky Mountain, Pacific Northwest, and Plains regions of the United States. The company provided petroleum product and crude oil transportation, terminalling, storage, and throughput services to major refinery operators through a network of refined product, intermediate, and crude pipelines spanning twelve states, including key assets such as the 425-mile UNEV refined products pipeline (Utah to Nevada, 60,000 bpd capacity), the 289-mile Frontier Aspen crude pipeline (Wyoming to Utah), and various regional crude gathering, intermediate, and trunk line systems. Operations were managed from a centralized control center via satellite communications with continuous real-time monitoring, complemented by a ten-element Pipeline Excellence Program covering safety, environmental stewardship, and asset integrity.

Revenue was generated through FERC-regulated and state-regulated tariff-based fees for pipeline transportation, throughput charges for terminal and storage services (including blending, additive injection, and jet fuel filtering), and processing fees from refinery processing units in Kansas and Utah. Q3 2023 revenues were $158.4 million across pipeline services ($85.0M), terminalling/storage/loading rack services ($48.3M), and refinery processing units ($25.0M), with nine-month 2023 revenue totaling $441.4 million. The customer base was anchored by HF Sinclair Corporation, which held a 47% limited partner interest and the general partner interest pre-merger and accounted for the substantial majority of refined product terminal revenues, with Delek (Big Spring refinery) as a secondary anchor shipper under long-term take-or-pay and committed shipper arrangements.

On December 1, 2023, Holly Energy Partners merged with HF Sinclair Corporation and became a wholly owned subsidiary operating as HF Sinclair Midstream, ceasing to trade as a standalone public entity. The merger consolidated ownership, integrated financial reporting and capital allocation, and positioned the midstream assets within HF Sinclair's broader refining and marketing enterprise.

Name

Holly Energy Partners

Legal name

Holly Energy Partners, L.P.

Website

https://hollyenergy.com

Company type

Public

Founded year

2004

Operating status

Acquired

Headcount range

101–250 employees

Short description

Holly Energy Partners operated midstream petroleum infrastructure—pipelines, terminals, storage, and refinery processing units—across twelve U.S. states, serving HF Sinclair Corporation and other refinery operators under long-term take-or-pay and FERC-regulated tariff arrangements. Now wholly owned by HF Sinclair, it operates as HF Sinclair Midstream.

Ownership category

akta.pro rank

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Pipeline Transportation Services: HEP generates revenue through tariff-based fees for transporting refined petroleum products, crude oil, and intermediate feedstocks through its pipeline network. Tariffs are regulated by FERC for interstate shipments and state agencies for intrastate shipments. Q3 2023 revenues from pipelines totaled $85.0 million including refined product pipelines ($34.6M), crude pipelines ($41.4M), and intermediate pipelines ($9.1M).
2. Terminalling, Storage and Loading Rack Services: HEP operates refined product terminals providing distribution, blending (including butane, ethanol, and biodiesel), additive injection, jet fuel filtering, and storage/inventory management services. Revenue derives from terminalling fees, throughput charges, and ancillary service fees. Crude terminals receive crude from pipelines and derive revenue from throughput charges. Q3 2023 revenues were $48.3 million.
3. Refinery Processing Unit Services: HEP operates refinery processing units in Kansas and Utah, generating revenue from processing fees. Q3 2023 revenues were $25.0 million with throughputs averaging 67.2 mbpd.
4. Lease-Related Revenue: Portions of minimum guaranteed tariffs for assets subject to sales-type lease accounting are recorded as interest income with remaining amounts recorded as a reduction in net investment in leases.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Holly Energy Partners, L.P. is a midstream energy infrastructure company that owns and operates petroleum product and crude oil pipelines, refined product and crude terminals, tankage, and refinery processing units. The company provides transportation, terminalling, storage, blending, additive injection, and throughput services to major refinery operators in the Southwest U.S. and Rocky Mountain regions under long-term take-or-pay contracts and FERC/state-regulated tariffs.

Product overview

Holly Energy Partners, L.P. is a midstream energy infrastructure company providing petroleum product and crude oil transportation, terminalling, storage, and throughput services. The company operates a portfolio of pipeline systems including refined product pipelines, intermediate product pipelines, and crude pipelines spanning multiple states (Texas, New Mexico, Oklahoma, Utah, Nevada, Wyoming, Kansas, Idaho, Washington, Colorado, Iowa, Missouri). Key pipeline assets include the UNEV Pipeline (425-mile refined products pipeline from Utah to Nevada), Frontier Aspen Pipeline (289-mile crude pipeline from Wyoming to Utah), and various regional pipeline systems. The company also operates refined product terminals and tankage facilities providing distribution, blending, and storage services, as well as refinery processing units in Kansas and Utah. On December 1, 2023, HEP merged with and became a wholly owned subsidiary of HF Sinclair Corporation, operating as HF Sinclair Midstream.

Differentiator

Problem solved

Functional benefit

Brands

• UNEV Pipeline: 425-mile, 12-inch diameter common carrier refined products pipeline running from North Salt Lake City, Utah to Las Vegas, Nevada with current capacity of 60,000 barrels per day.
• Frontier Aspen Pipeline

Products and services

• Refined Product Pipelines Pipeline transportation system that transports light refined products (conventional gasolines, reformulated gasoline, distillates, and liquefied petroleum gases) from HollyFrontier's Navajo refinery in New Mexico and Delek's Big Spring refinery in Texas to customers in Texas, New Mexico, Arizona, Utah, and Oklahoma.
• Intermediate Product Pipelines
• Crude Pipelines
• UNEV Pipeline
• Refined Product Terminals
• Crude Terminal
• Frontier Aspen Pipeline
• Pipeline Tariffs (FERC/NMPRC/TRRC)

Quantifiable outcome

• Q3 2023 net income of $63.0 million ($0.50 per unit)
• +3 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Sinclair Transportation Company LLCcoreStrategic or Co-development Partner · 14 March 2022HEP acquired Sinclair Transportation assets on March 14, 2022, adding crude pipelines, intermediate pipelines, and terminal operations to the company's asset portfolio. The acquisition expanded HEP's presence in the Rocky Mountain and Plains states and contributed to increased volumes and revenues in 2023.

Scale indicators9 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Plains All American Pipeline: Midstream MLP focused on crude oil transportation via pipelines and terminals across major U.S. producing regions. Comparable to HEP in asset class, tariff-based revenue model, and FERC/state regulatory exposure; differs in being predominantly crude oil focused rather than diversified across refined products.
• Magellan Midstream Partners: Midstream MLP that owns one of the longest U.S. refined petroleum products pipeline systems plus extensive terminals. Highly comparable to HEP's refined products pipeline and terminal business, with similar FERC tariff structure and long-term shipper contracts.
• Western Midstream Partners: Midstream MLP with crude oil, natural gas, and produced water gathering and transportation assets concentrated in the Rocky Mountain and Permian regions. Comparable to HEP in MLP structure, FERC/state regulated tariffs, and Southwest/Rocky Mountain geographic footprint.
• Buckeye Partners: Midstream operator of refined petroleum products pipelines and a major U.S. independent terminal network. Closely comparable to HEP's refined products pipeline and terminal operations, including blending/storage services and tariff-based revenues.
• Phillips 66 Partners: MLP sponsored by Phillips 66 that owns pipelines, terminals, and storage assets supporting its parent's refining system. Directly comparable to HEP's structure pre-merger, with take-or-pay contracts and dedicated volumes from a major refining parent.
• Genesis Energy: Diversified midstream MLP with crude oil pipelines, terminals, and refinery services businesses. Comparable to HEP's mix of pipeline transportation, terminal/storage, and refinery processing unit operations; similar MLP structure and fee-based contracts.

Broad incumbents

• Enterprise Products Partners: One of the largest North American midstream MLPs, with extensive natural gas, NGL, crude oil, and refined products pipelines plus terminals. Overlaps with HEP in crude oil and refined products pipeline transportation but operates at significantly larger scale and broader product mix.
• Kinder Morgan: Largest U.S. operator of natural gas pipelines and a major transporter of crude oil, refined products, and CO2. Comparable to HEP in regulated midstream infrastructure, FERC tariffs, and long-term shipper contracts, though substantially larger and natural-gas-weighted.
• ONEOK: Large midstream operator focused on natural gas gathering/processing and NGL pipelines. Comparable to HEP as a fee-based midstream services provider with regulated and contractual tariffs, but with a different commodity mix (gas/NGL vs. refined products/crude).

Emerging players

• Targa Resources: Midstream operator with gathering/processing and NGL pipeline/logistics assets, including recent expansions into crude and LPG exports. Comparable to HEP in fee-based tariff model and downstream-of-refinery focus, though weighted toward gas/NGL rather than refined products and crude.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/holly-energy-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Holly Energy Partners