Exhibit 99.3

UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION

The Unaudited Pro Forma Condensed Balance Sheet combines the historical balance sheets of Holly Energy Partners L.P. and UNEV Pipeline, LLC giving effect to the acquisition as if it had been consummated on June 30, 2012. The Unaudited Pro Forma Condensed Combined Statement of Income for the six months ended June 30, 2012 and the year ended December 31, 2011 combine the historical statements of income of Holly Energy Partners L.P. and UNEV Pipeline, LLC giving the effect to the acquisition as it has been consummated on January 1, 2011.

These pro forma statements have been made solely for the purpose of providing the Unaudited Combined Financial Statements presented below.

These Unaudited Pro Forma Financial Statements have been developed from and should be read in conjunction with the respective audited and unaudited consolidated financial statements of Holly Energy Partners L.P. and UNEV Pipeline, LLC. The Unaudited Pro Forma Condensed Combined Financial Statements are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or the consolidated financial position of Holly Energy Partners L.P. would have been had the acquisition occurred on the dates assumed, nor are they necessarily indicative of future consolidated results of operations or consolidated financial position.

Holly Energy Partners L.P.

Unaudited Pro Forma Condensed Combined Balance Sheet

June 30, 2012

(In thousands)

Holly Energy Partners L.P.

Unaudited Pro Forma Condensed Combined Statement of Income

Six Months Ended June 30, 2012

(In thousands, except per unit data)

Holly Energy Partners L.P.

Unaudited Pro Forma Condensed Combined Statement of Income

Year Ended December 31, 2011

(In thousands, except per unit data)

Note 1. Basis of Presentation

Holly Energy Partners, L.P. (“HEP”) together with its consolidated subsidiaries, is a publicly held master limited partnership, currently 44% owned (including the 2% general partner interest) by HollyFrontier Corporation (“HFC”) and its subsidiaries.

UNEV Pipeline, LLC (“UNEV”), Delaware limited liability company, recently completed the UNEV Pipeline, a 400 mile, 12-inch refined products pipeline from Salt Lake City, Utah to Las Vegas, Nevada, together with terminal and ethanol blending facilities in the Cedar City, Utah and North Las Vegas areas and storage facilities at the Cedar City terminal. HEP, through its wholly-owned subsidiaries, owns 75% of the pipeline with a subsidiary of Sinclair Oil Corporation (“Sinclair”) owning the remaining 25% interest.

On July 12, 2012, HEP acquired HFC’s indirect 75% interest in UNEV. HEP paid consideration consisting of $260.0 million in cash and 1,029,900 of their common units, which as a result, increased HFC’s ownership interest in HEP from 42% to 44% (in each case, including the 2% general partner interest). Under the terms of the transaction, HEP also issued to HFC equity interests in its wholly owned subsidiary that entitles HFC to an interest in HEP’s share of future UNEV profits beginning in 2015 through 2032, subject to a cap of approximately $34.0 million and certain limitations.

The accompanying Unaudited Pro Forma Condensed Combined Financial Statements present the pro forma consolidated financial position and results of operations of HEP based upon the historical financial statements of HEP and UNEV, after giving effect to the acquisition and adjustments described in these notes, and are intended to reflect the impact of the acquisition on HEP’s consolidated financial statements. The accompanying Unaudited Pro Forma Condensed Combined Financial Statements are presented for illustrative purposes only.

HEP has revised the interest in net income attributable to the limited partners from what was originally reported in its historic financial statements in the Form 10-K for the year ended December 31, 2011. HEP acquired on November 9, 2011 from HFC certain tankage, loading rack and crude receiving assets located at HFC’s El Dorado and Cheyenne refineries. HEP accounted for this transaction as a business combination between entities under common control and was required to retrospectively adjust the operating results as if HFC had contributed the assets to HEP on July 1, 2011 (the date HFC acquired the assets). Although these assets did not generate revenues prior to November 9, 2011, HEP’s operating results included $3.8 million of operating costs and depreciation incurred by HFC prior to the acquisition date. This loss was allocated in the Form 10-K to the partners of HEP based on their respective partnership interests. As the pre-acquisition loss was not attributable to HEP, but rather to the predecessor, it should have been reported as a loss applicable to the predecessor. Limited partners’ interest in net income was originally reported at $61.2 million or $2.68 per unit. This classification change increased limited partners’ interest in net income to $64.9 million or $2.84 per unit. This change had no impact on the reported net income or distributable cash flow.

The Unaudited Pro Forma Condensed Combined Balance Sheet gives effect to the acquisition as if it had been consummated on June 30, 2012 and includes estimated pro forma adjustments. These adjustments are subject to further revision as additional information becomes available and additional analyses are performed. The Unaudited Pro Forma Condensed Combined Statements of Income for the six months ended June 30, 2012 and the year ended December 31, 2011 give effect to the acquisition as if it had been consummated on January 1, 2011, the beginning of the earliest period presented.

HEP is a consolidated variable interest entity of HFC. Therefore, as an entity under common control with HFC, we recorded the assets and liabilities on our balance sheet at HFC’s historic basis instead of our purchase price or fair value.

Note 2. Pro Forma Adjustments

The Unaudited Pro Forma Condensed Combined Financial Statements reflect the following adjustments: