Item 8.01. Other Events.

On June 1, 2020, HollyFrontier Corporation ("HollyFrontier") announced its intention to convert HollyFrontier Cheyenne Refining LLC's Cheyenne, Wyoming refinery (the "Refinery") to renewable diesel production and permanently cease petroleum refining operations at the Refinery (the "Conversion"). Holly Energy Partners, L.P. (the "Partnership") intends to evaluate the effects of the Conversion on the assets of the Partnership located at the Refinery, which include tankage, a truck loading rack and certain crude oil receiving assets. While it is too early to determine whether an impairment charge would be required with respect to such assets or the likely amount thereof, it is possible that the Partnership could incur an impairment charge and that such charge could be material.

Forward Looking Statement

The statements in this press release relating to the Conversion, the possible impact thereof on the Partnership or other matters that are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. These statements are based on our beliefs and assumptions and those of our 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. Although we and our general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither we nor our general partner can give assurance that our 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:



•      the extraordinary market environment and effects of the COVID-19 pandemic,
       including the continuation of a material decline in demand for refined
       petroleum products in markets we serve;



•      risks and uncertainties with respect to the actual quantities of petroleum
       products and crude oil shipped on our pipelines and/or terminalled, stored
       and throughput in our terminals and refinery processing units;



•      the economic viability of HollyFrontier Corporation, our other customers
       and our joint ventures' other customers, including any refusal or
       inability of our or our joint ventures' customers or counterparties to
       perform their obligations under their contracts;

• the demand for refined petroleum products in markets we serve;

• the availability and cost of additional debt and equity financing;





•      the possibility of reductions in production or shutdowns at refineries
       utilizing our pipelines, terminal facilities and refinery processing
       units, whether due to infection in the workforce, in response to
       reductions in demand, or construction projects or turnarounds;



•      the effects of current and future government regulations and policies,
       including the effects of current restrictions on various commercial and
       economic activities in response to the COVID-19 pandemic;



•      the possibility of terrorist or cyber attacks and the consequences of any
       such attacks;



•      general economic conditions, including uncertainty regarding the timing,
       pace and extent of an economic recovery in the United States;

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•      the impact of recent or proposed changes in tax laws and regulations that
       affect master limited partnerships; and



•      other financial, operational and legal risks and uncertainties detailed
       from time to time in our Securities and Exchange Commission filings,
       including those risks and uncertainties included under "Risk Factors" and
       "Management's Discussion and Analysis of Financial Condition and Results
       of Operations" in our latest Annual Report on Form 10-K and Quarterly
       Report on Form 10-Q.

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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