HollyFrontier Corporation and Holly Energy Partners Announce Senior Management Changes Relating to Pending Petro-Canada Lubricants Acquisition

Business Wire 13-Jan-2017 4:15 PM

DALLAS--(BUSINESS WIRE)-- HollyFrontier Corporation(NYSE: HFC) (HollyFrontier) and Holly Energy Partners, L.P. (NYSE: HEP) (Holly Energy) announced changes to senior management relating to HollyFrontiers pending acquisition of Suncor Energys Petro-Canada Lubricants business (PCLI). The PCLI plant, located in Mississauga, Ontario, is the largest producer of base oils in Canada with 15,600 barrels per day of lubricant production capacity, and is the only North American producer of high margin Group III base oils.

Mark A. Plake, currently President of Holly Logistic Services, L.L.C. (HLS), a wholly owned subsidiary of HollyFrontier and the general partner of Holly Energy, will resign from his position effective as of the closing of the PCLI acquisition in order to serve as President of PCLI. George Damiris, currently Chief Executive Officer of HLS and Chief Executive Officer and President of HollyFrontier, will assume the role of President of HLS upon Mr. Plakes resignation. Additionally, Richard L. Voliva IIIis being promoted to Executive Vice President and Chief Financial Officer of HollyFrontier effectiveMarch 1, 2017.

Mark has driven the integration of various businesses into HollyFrontier such as the Woods Cross refining business and the merger of Holly and Frontiers marketing activities, said Mr. Damiris, President and Chief Executive Officer of HollyFrontier. His leadership and organizational skills will be invaluable in bringing PCLI and HollyFrontier together, realizing synergies, sharing best practices, and establishing PCLI as a growth vehicle for our company.

Mr. Voliva has served as Senior Vice President, Strategy of HollyFrontier since June 2016. In addition, since 2014 Mr. Voliva has held several positions with HLS, most recently serving as Senior Vice President and Chief Financial Officer of HLS since July 2016. Prior to joining the Company, he was an analyst at Millennium Management LLC, an institutional asset manager, and Partner Fund Management, L.P., a hedge fund. Mr. Voliva also previously served as Vice President, Equity Research at Deutsche Bank. Mr. Voliva is a CFA Charterholder.

Rich has been instrumental in developing our strategies and business development initiatives for both HollyFrontier and Holly Energy since joining our company, said Mr. Damiris. He played a key role in the pending PCLI acquisition and in various Holly Energy financings in 2016. We look forward to Richs continued growth and contributions in these areas in this new role.

Douglas S. Aron, currently Executive Vice President and Chief Financial Officer of HollyFrontier, has elected to pursue opportunities closer to his family in Houston and is resigning from his position on February 28, 2017. Mr. Aron will continue to provide consulting and transition services on an as-needed basis through December 31, 2017.

Mr. Damiris said of the changes, On behalf of everyone at HollyFrontier, I want to thank Doug for his 16 years of service. He has been an important member of our management team. We will miss him and wish Doug and his family continued success and happiness.

AboutHollyFrontier Corporation:

HollyFrontier Corporation, headquartered inDallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products.HollyFrontier operates through its subsidiaries a 135,000 barrels per stream day (bpsd) refinery located inEl Dorado, Kansas, a 125,000 bpsd refinery inTulsa, Oklahoma, a 100,000 bpsd refinery located inArtesia, New Mexico, a 52,000 bpsd refinery located inCheyenne, Wyomingand a 45,000 bpsd refinery inWoods Cross, Utah.HollyFrontiermarkets its refined products principally in the SouthwestU.S., theRocky Mountainsextending into thePacific Northwestand in other neighboring Plains states.HollyFrontierand certain of its subsidiaries also currently own a 37% interest (including a 2% general partner interest) inHolly Energy Partners, L.P.

AboutHolly Energy Partners, L.P.:

Holly Energy Partners, L.P., headquartered inDallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, includingHollyFrontier Corporationsubsidiaries. The Partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Arizona, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as refinery processing units in Kansas and Utah.

HFC & HEP Forward Looking Statement:

The statements contained herein relating to matters that are not historical facts are forward-looking statements within the meaning of the federal securities laws. These statements are based on HollyFrontiers and Holly Energys beliefs and assumptions, including those of Holly Energys 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. AlthoughHollyFrontier,Holly Energyand Holly Energys general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither HollyFrontier,Holly Energynor Holly Energys general partner can give assurance that such expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:

  • risks and uncertainties with respect to the actual quantities of petroleum products and crude oil shipped onHolly Energyspipelines and/or terminalled inHolly Energysterminals;
  • the economic viability ofHollyFrontier Corporation andHolly Energysother customers;
  • the demand for refined petroleum products in marketsHollyFrontierandHolly Energyserve;
  • HollyFrontiersandHolly Energysability to successfully purchase and integrate additional operations in the future;
  • HollyFrontiersandHolly Energysability to complete previously announced or contemplated acquisitions;
  • the availability and cost of additional debt and equity financing;
  • the possibility of reductions in production or shutdowns atHollyFrontierrefineries, including refineries utilizingHolly Energyspipeline and terminal facilities;
  • the effects of current and future government regulations and policies;
  • HollyFrontiersandHolly Energysoperational efficiency in carrying out routine operations and capital construction projects;
  • the possibility of terrorist attacks and the consequences of any such attacks;
  • general economic conditions; and
  • other financial, operations and legal risks and uncertainties detailed from time to time inHollyFrontiersandHolly EnergysSecurities 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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HollyFrontier Corporation Julia Heidenreich, 214-954-6510Vice President, Investor RelationsorCraig Biery, 214-954-6510Manager, Investor Relations

Source: HollyFrontier Corporation and Holly Energy Partners, L.P.