Holly Energy Partners Company Profile Integrated systems of petroleum product and crude pipelines, storage tanks, distribution terminals, loading racks and processing units located at or near HF Sinclairs refining assets COMPANY in…
Minimum Volume Commitments Inflation Escalators as % of FY 2021 Total Revenue1 MVC Contract Renewal Schedule2 100 Other 90 5% MVC Revenue (in millions) 80 70 FERC 60 30% 50 40 30 20 PPI 10 65% - 2022 2023 2024 2025…
Historical Leverage and Coverage Ratios Leverage Ratio 6.0x 5.1 Averaged 4.0x leverage since 2005 5.0x 4.5 4.5 4.2 4.3 4.3 4.0 4.0 4.1 4.1 4.1 4.1 3.9 3.9 4.0x 3.6 3.3 Visible path to leverage target of 2.7 3.0x 3.0-3.5x 2.0x…
HEP Financial Strength HEP Capital Structure ( millions) 3/31/2022 Credit Ratings HEP Revolver Capacity (matures 7/2025) 1,200 S&P BB+ Revolver Borrowings (1,142) Moodys Ba2 Fitch BB+ Revolver Availability 58 Note: April 8, 2022, HEP…
Distributable Cash Flow / LP Unit Since Inception DCF/LP Unit Distributable Cash Flow per LP Unit1 4.00 3.65 3.46 3.50 3.36 2.94 3.00 2.75 2.68 2.52 2.52 2.57 2.56 2.50 2.20 2.06 1.98 2.00 1.85 1.47 1.58 1.35…
HEP Capital Budget 2022 Capex Budget1 55-75mm Expansion 5-10mm Maintenance 20-25mm Turnarounds 30-40mm *Turnaround occurs approximately every 5 years for refinery processing units Holly Energy Partners (NYSE: HEP) 1)…
HEP Avenues for Growth OPPORTUNITIES WITH HF ORGANIC EXTERNAL TRANSACTIONS SINCLAIR Leverage HEPs existing Pursue logistics assets in HEPs Partnering with HF Sinclair to footprint to capitalize on current geographic region build…
Sinclair Acquisition Highlights Expansive Network of Crude and Product Assets in Key Demand Centers Pipelines 1,200 miles of pipelines Regional crude gathering system for Sinclairs refineries and 3rd Combined Company parties…
Sinclair Transaction Overview Enhancing Scale and Earnings Power Structure & Purchase Price Sinclair contributed all of the outstanding equity interests in Sinclair Transportation Company, which owns logistics assets, to HEP in…
HEP Pro Forma Earnings Profile Incremental Earnings Uplift HEP 2021A Expected 70-80 million of Adjusted EBITDA uplift from Sinclairs logistics assets1 Adjusted EBITDA: 339 million Amount differs from historical results, reflecting…
Cushing Connect Joint Venture Asset Description Strategic Rationale HEP formed a 50/50 JV with Plains All American Pipeline, L.P. (PAA) Generates HEP growth while providing long-term control of a consisting of: strategic asset New…
HEP Capital Allocation Strategy1 Transaction Sustainable Visible Deleveraging Increase unitholder Delivers: Free Cash Flow Pathway returns Near-term Mid to Long-term Strategy Continue to reduce leverage Focus on funding all capex…
HEP Ownership Structure Eliminated IDRs in 2017 to simplify structure HF SINCLAIR Corporate Ratings: Baa3/BBB-/BBB- CORPORATION (DINO) 99.999% interest GENERAL PARTNER (GP) HOLLY LOGISTIC PUBLIC SERVICES, L.L.C.…
HF Sinclair Business Segment Highlights Holly Energy Partners (NYSE: HEP) Note: Cheyenne Renewable Diesel facility mechanically complete in Q4 2021 and fully operation in Q1 2022. 16 Artesia Renewable Diesel facility expected to be…
HF Sinclair Business Segment Highlights Financially Strong Investment Grade Parent Positioned for Value Creation Across all Segments SPECIALTY REFINING MARKETING RENEWABLES MIDSTREAM LUBRICANTS 7 refineries in the Mid- Iconic…
HEP Historical Growth Committed to Continuing Successful Track Record of Growth Holly Corporation Crude gathering and Frontier Oil system expansion Acquired remaining 50% JV with (2014) 50% JV with Holly Tulsa Corporation interests…
HF Sinclair Environmental, Social and Governance Environmental Social Governance Reduction in GHG emissions Annual Sustainability Report highlighting Board leadership provides significant industry ESG efforts1 expertise, alongside…
Appendix Holly Energy Partners (NYSE: HEP) 20
HEP Assets Holly Energy Partners owns and operates substantially all of the refined product pipeline and terminaling assets that support HF Sinclairs refining and marketing operations in the Mid-Continent, Southwest and Northwest regions…
Adjusted EBITDA Reconciliation Holly Energy Partners HEP HEP PF Sinclair 12/31/2021 12/31/2021 Net income attributable to the partners 214,946 218,727 + Interest expense 53,818 76,055 - Interest income (29,925) (29,925) + State…
Definitions CAGR: The compound annual growth rate is calculated by dividing the ending value by the beginning value, raise the result to the power of one divided by the period length, and subtract one from the subsequent result. CAGR is…
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