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Holly Energy Partners LP (HEP - Snapshot Report) and its parent company, oil refiner and marketer HollyFrontier Corporation (HFC) will jointly build a rail facility near HollyFrontier’s Lovington, N.M. refining facility. The to-be-constructed rail facility will aid in the loading and unloading of crude oil.

This rail project will have an initial capacity of up to 70,000 barrels per day and be linked to Holly Energy’s crude oil pipeline transportation system in southeastern N.M. The project is anticipated to complete by early 2014.

The rail facility will also allow access to a variety of crude oil types including West Texas Intermediate, West Texas Sour and Western Canadian Select. Additionally, the project will provide extra crude oil takeaway options for producers as well as an extended set of crude oil sourcing options for HollyFrontier.

Holly Energy Partners is a master limited partnership (MLP) that operates petroleum product and crude oil pipelines, storage tanks, distribution terminals and loading rack facilities.

HollyFrontier Corporation which was formerly known as Holly Corporation is engaged in refining petroleum. The company is involved in the production and marketing of gasoline, diesel, jet fuel, asphalt, heavy products and specialty lubricant products.

Dallas, Texas-based HollyFrontier and Holly Energy currently retain a Zacks Rank #3 (Hold), implying that both are expected to perform in line with the broader U.S. equity market over the next one to three months.

Meanwhile, there are other oil refining and marketing firms in the energy sector that are performing better and are worth considering at the current level. These include Marathon Petroleum Corporation (MPC) and Lehigh Gas Partners LP (LGP). Both these stocks sport a Zacks Rank #2 (Buy).

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