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Holly Energy Partners Lp (HEP) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Holly Energy Partners Lp

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CIK: 1531177 Ticker: HEP


Earnings Release
February 24, 2023
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Holly Energy Partners, L.P. Reports Fourth Quarter Results
•Reported net income attributable to HEP of $68.5 million or $0.54 per unit
•Announced quarterly distribution of $0.35 per unit
•Reported EBITDA of $88.6 million and Adjusted EBITDA of $115.7 million
Dallas, Texas -- Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE: HEP) today reported financial results for the fourth quarter of 2022. Net income attributable to HEP for the fourth quarter was $68.5 million ($0.54 per basic and diluted limited partner unit) compared to $45.6 million ($0.43 per basic and diluted limited partner unit) for the fourth quarter of 2021.
Distributable cash flow was $85.8 million for the fourth quarter of 2022, an increase of $22.7 million, or 36.1%, compared to the fourth quarter of 2021. HEP declared a quarterly cash distribution of $0.35 on January 20, 2023.
The increase in net income attributable to HEP was mainly due to net income from Sinclair Transportation Company LLC ("Sinclair Transportation"), which was acquired on March 14, 2022, and pipeline revenues, partially offset by higher interest expense.
Commenting on our 2022 fourth quarter results, Michael Jennings, Chief Executive Officer and President, stated, "HEP delivered another excellent quarter, supported by record volumes across our integrated system. We continue to generate stable earnings and cash flow, and expect to achieve our leverage target of 3.5 times in mid-2023. Once that is reached, we look forward to evaluating incremental cash return to unitholders consistent with our previously announced capital allocation strategy."
Fourth Quarter 2022 Revenue Highlights
Revenues for the fourth quarter of 2022 were $142.5 million, an increase of $24.0 million compared to the fourth quarter of 2021. The increase was mainly due to revenues on our recently acquired Sinclair Transportation assets, higher volumes on our crude and product pipelines, and rate increases that went into effect on July 1, 2022.

•Revenues from our refined product pipelines were $30.4 million, an increase of $7.7 million, on shipments averaging 184.4 thousand barrels per day ("mbpd") compared to 135.2 mbpd for the fourth quarter of 2021. The revenue and volume increases were mainly due to volumes on our recently acquired Sinclair Transportation product pipelines, higher volumes on our Navajo and Woods Cross product pipelines, and rate increases that went into effect on July 1, 2022. Revenues did not increase in proportion to volumes due to our recognition of a significant portion of the Sinclair Transportation refined product pipeline tariffs as interest income under sales-type lease accounting.

•Revenues from our intermediate pipelines were $8.4 million, an increase of $0.8 million on shipments averaging 137.4 mbpd compared to 105.5 mbpd for the fourth quarter of 2021. The increase in volumes was mainly due to higher throughputs on our intermediate pipelines servicing HF Sinclair Corporation's ("HF Sinclair") Navajo refinery and the recently acquired Sinclair Transportation intermediate pipelines, and revenues increased mainly due to rate increases that

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The following information was filed by Holly Energy Partners Lp (HEP) on Friday, February 24, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Holly Energy Partners Lp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Income
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Tables)
Debt - Credit Agreement (Details)
Debt - Long-Term Debt (Details)
Debt - Maturities By Year (Details)
Debt - Senior Notes (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Description Of Business And Summary Of Significant Accounting Policies - Narrative (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Equity Method Investments (Details)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Goodwill (Details)
Employees, Retirement And Incentive Plans
Employees, Retirement And Incentive Plans (Tables)
Employees, Retirement And Incentive Plans - Performance Units (Details)
Employees, Retirement And Incentive Plans - Phantom Units (Details)
Employees, Retirement And Incentive Plans - Retirement And Benefit Plan Costs (Details)
Environmental
Environmental (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Investment In Joint Venture
Investment In Joint Venture (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Gain On Sales-Type Leases (Details)
Leases - Narrative (Details)
Leases - Net Investments In Leases (Details)
Leases - Operating And Finance Lease Maturities (Details)
Leases - Schedule Of Lease Income (Details)
Leases - Schedule Of Minimum Undiscounted Lease Payments (Details)
Leases - Supplemental Balance Sheet (Details)
Leases - Supplemental Cash Flow Information (Details)
Net Income Per Limited Partner Unit
Net Income Per Limited Partner Unit (Details)
Net Income Per Limited Partner Unit (Tables)
Operating Segments
Operating Segments (Details)
Operating Segments (Tables)
Osage Pipeline
Osage Pipeline (Details)
Partners' Equity Income Allocations And Cash Distributions (Details)
Partners' Equity, Income Allocations And Cash Distributions
Properties And Equipment
Properties And Equipment (Details)
Properties And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenues
Revenues (Tables)
Revenues - Narrative (Details)
Revenues - Schedule Of Contract Asset And Liability Balances (Details)
Revenues - Schedule Of Disaggregated Revenue (Details)
Revenues - Schedule Of Future Performance Obligations (Details)
Revenues - Schedule Of Lease And Service Revenues (Details)
Sinclair Acquisition
Sinclair Acquisition (Tables)
Sinclair Acquisition - Narrative (Details)
Sinclair Acquisition - Schedule Of Pro Forma Information (Details)
Sinclair Acquisition - Schedule Of Purchase Consideration (Details)
Sinclair Acquisition - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Details)
Supplemental Guarantor / Non-Guarantor Financial Information
Supplemental Guarantor / Non-Guarantor Financial Information (Tables)
Supplemental Guarantor / Non-Guarantor Financial Information - Balance Sheet (Details)
Supplemental Guarantor / Non-Guarantor Financial Information - Narrative (Details)
Supplemental Guarantor / Non-Guarantor Financial Information - Statement Of Income (Details)
Ticker: HEP
CIK: 1283140
Form Type: 10-K Annual Report
Accession Number: 0001283140-23-000017
Submitted to the SEC: Tue Feb 28 2023 11:56:57 AM EST
Accepted by the SEC: Tue Feb 28 2023
Period: Saturday, December 31, 2022
Industry: Pipe Lines No Natural Gas

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