He served as a director of ION Geophysical Corporation from December 2010 until February 2019. The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for the second quarter 2020. The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit, which represents a 48% reduction from its last quarterly distribution. Mr. Mattson served as the Chief Financial Officer of Netrail, Inc., a private Internet backbone and broadband service provider, from September 1999 until November 2002. Mr. Jennings previously served as Chief Executive Officer of HLS from January 2014 to November 2016 and as President of HLS from October 2015 to February 2016. Prior to that, Mr. Mattson served as Senior Vice President and Chief Financial Officer of VeriCenter, Inc., a private provider of managed hosting services, from 2003 until its acquisition in August, 2007. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). He served as a director of Rex Energy Corporation from April 2010 until November 2018. Holly Energy, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as refinery processing units in Kansas and Utah. The webcast may be accessed at: Mr. Jennings currently serves as a director of HFC and FTS International, Inc. Mr. Jennings served as Chairman of the Board of HFC from January 2017 to February 2019 and January 2013 to January 2016. In 2020, HEP expects to hold the quarterly distribution constant at $0.6725 per unit, or $2.69 on an annualized basis. 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. 23, 2020-- The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit, which represents a 48% reduction from its last quarterly distribution. The Partnership has scheduled a webcast conference on February 19, 2020 at 4:00 p.m. Eastern time to discuss financial results. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Larry R. Baldwin was employed for 41 years as an auditor by Deloitte LLP and predecessor firms, including 31 years as a partner, prior to retiring from such position in May 2015. Mr. Jennings has served as Chief Executive Officer of Holly Logistic Services, L.L.C. The statements in this press release relating to matters that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Ms. LaFollette has served as a partner at Akin Gump Strauss Hauer & Feld LLP since June 2004.

Any differences could be caused by a number of factors including, but not limited to: While he was a partner at Deloitte LLP, Mr. Baldwin held a number of practice management positions. Prior to that, Ms. LaFollette served as a partner at King & Spalding LLP from 1997 to June 2004, as a partner at Andrews & Kurth LLP from 1987 to 1997 and as an associate at Andrews & Kurth LLP from 1980 to 1987.Mr. (“HLS”), the general partner of the general partner of Holly Energy Partners, L.P., since January 2020 and as the Chairman of the Board of HLS since November 2017.

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