Holly Energy Partners to Acquire Remaining Interests in Frontier and SLC Pipelines

Holly Energy Partners, L.P. has entered into definitive agreements to acquire a 50% interest in Frontier Aspen LLC, the owner of the Frontier Aspen Pipeline, and a 75% interest in the SLC Pipeline LLC, the owner of the Salt Lake City Pipeline, from affiliates of Plains All American Pipeline, L.P. for an aggregate purchase price of $250 million in cash.

Holly Energy currently owns 50% of Frontier and 25% of SLC. As a result, following the transactions, SLC and Frontier will be wholly-owned subsidiaries of Holly Energy. The Frontier Aspen Pipeline is a 289-mile crude pipeline from Casper, Wyoming to Frontier Station, Utah that supplies Canadian and Rocky Mountain crude oil to Salt Lake City area refiners through a connection to the SLC Pipeline. The Salt Lake City Pipeline is a 95-mile crude pipeline that transports crude oil into the Salt Lake City area from the Utah terminal of the Frontier Pipeline and from Wahsatch station.

The transactions are subject to customary closing conditions, including expiration of the Hart-Scott Rodino antitrust waiting period for the acquisition of the 75% interest in SLC.

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