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Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P

Holly Energy Partners L.P · Mar 1, 2014 · 21 slides

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Slides

  1. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 1
    Holly Energy Partners, L.P. Morgan Stanley Midstream MLP Corporate Access Event March 2014
  2. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 2
    Holly Energy Partners, L.P. (HEP) Investment Highlights Well positioned assets serve high growth markets Revenues are 100% fee based with no commodity ownership risk Long-term contracts support cash flow stability HEP benefits…
  3. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 3
    Well Positioned Assets 4
  4. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 4
    Fee-based Revenues with No Commodity Risk Fee-based revenues Tariffs from pipeline movements Storage and transfer fees for terminal activity Loading fees for loading rack activity Capacity lease commitments With no commodity…
  5. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 5
    Long Term Contracts Support Cashflow Stability Major refiner customers have entered into 15-year long term contracts Contracts require minimum payment obligations for volume and/or revenue commitments Earliest contract matures…
  6. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 6
    Strategic Relationship with HollyFrontier HEPs assets are integral to HollyFrontiers five refineries Currently, subsidiaries of HFC own 37% of the MLP through limited partner interests and 2% through a general partner interest As…
  7. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 7
    Successful Execution of Growth Plan Over Time Organic growth: Increase cash flow via logical additions to existing assets, volume growth and annual contractual PPI-related growth HFC growth: Partner with HFC to grow current asset…
  8. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 8
    HEP Growth Chronology: IPO to Present Holly Tulsa Sale of 70% Holly Corporation loading rack interest in Rio Purchase of and Frontier Oil Holly intermediate additional feedstock pipeline dropdown Grande to Corporation Begin Crude…
  9. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 9
    HEP Growth: EBITDA* Since Inception 192 200 180 160 millions 140 120 100 50 80 60 40 20 0 2005 2013 *Definition on page 21 10
  10. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 10
    HEP Statistics: Then and Now IPO Current July 2004 Pipeline miles 1,000 2,900 Product terminals 9 11 Loading racks 2 15 Storage (mm bbls) 2.0 12.3 Annual EBITDA (mm)* 35 192 Quarterly distribution (/unit)** 0.25 0.50 Unit…
  11. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 11
    HEP Growth: Limited Partner Distributions Distribution has been increased every quarter since IPO37 consecutive quarters 2.00 1.96 Annual Distribution (/unit) 1 1.84 1.72 1.75 1.64 1.56 1.48 1.50 1.39 1.29 1.25…
  12. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 12
    Southeastern New Mexico Crude Gathering System Expansion HEP Crude Assets Permian Production: 800 miles of pipeline in SE New Mexico 200 300m bpd growth Connections to major clearing points per year thru 2015 Centurion to…
  13. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 13
    Southeastern New Mexico Crude Gathering System Expansion Key System Enhancements Additional delivery capacity to HFC Navajo Refinery and Centurion Pipeline New Connection to Bisti Pipeline Expanded gathering footprint and additional…
  14. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 14
    UNEV Pipeline Volume Growth Though shipments have exceeded minimums for short periods of time, UNEV volumes are running at or below minimums on average UNEV to continue contributing to DCF at planned levels until SLC area…
  15. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 15
    Focus on Crude Transportation 16
  16. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 16
    HollyFrontier Business Highlights Pure play competitive refiner 5 refineries with 443,000 bbls per day of refining capacity High refining complexity combined Nelson complexity of over 12.0. Multiple sources of crude oil all crude…
  17. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 17
    HollyFrontier Corporation: Strong Returns on Capital Highest Return on Invested Capital among refining peer group (Average 2008-2012)* 16.0% 14.7% 14.0% 12.1% 12.0% 9.9% 10.0% ROCE 8.0% 5.7% 6.0% 5.0% 4.8% 3.8% 4.0%…
  18. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 18
    Contact Information: Holly Energy Partners, L.P. (NYSE: HEP) For investor relations questions please contact: Julia Heidenreich, VP, Investor Relations Blake Barfield, Investor Relations 2828 N. Harwood, Suite 1300 Dallas,…
  19. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 19
    Appendix 20
  20. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 20
    Definitions BPD: Barrels per day DISTRIBUTABLE CASH FLOW: Distributable cash flow (DCF) is not a calculation based upon GAAP. However, the amounts included in the calculation are derived from amounts separately presented in our…
  21. Morgan Stanley Midstream MLP Corporate Access Event – Holly Energy Partners L.P – slide 21
    Financial Metrics for HFC 5-Yr Ave HOLLYFRONTIER 2012 2011 2010 2009 2008 ROIC Net Income 1,727 1,333 142 (65) 347 Debt EX HEP 471 689 675 726 5 Total Equity 6,642 5,204 2,275 2,152 1,587 ROIC 27% 23% 5% -2% 22% 14.7% Company…

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