Exhibit 99.1
     
Press Release

February 11, 2010
  (HOLLY ENERGY PARTNERS LOGO)
Holly Energy Partners, L.P. Reports Record Fourth Quarter and Annual Results
Dallas, Texas — Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE-HEP) today reported its financial results for the fourth quarter of 2009. For the quarter, distributable cash flow was $20.5 million, up $3.6 million or 21% from the same period last year. For the year ended December 31, 2009, distributable cash flow was $72.2 million, up $11.8 million or 20% from last year. Based on these results, HEP announced on January 27, 2010 its twenty-first consecutive quarterly distribution increase, raising the quarterly distribution from $0.795 to $0.805 per unit, representing a 5% increase over the distribution for the fourth quarter of 2008.
On December 1, 2009, we sold our 70% interest in Rio Grande Pipeline Company (“Rio Grande”) for $35 million. As a result, Rio Grande’s operating results and a gain on the sale of $14.5 million are presented in discontinued operations.
Income from continuing operations for the fourth quarter of 2009 was $12 million ($0.47 per basic and diluted limited partner unit) compared to $5.7 million ($0.28 per basic and diluted limited partner unit) for the same period of 2008. Income from continuing operations for the year ended December 31, 2009 was $46.2 million ($2.12 per basic and diluted limited partner unit) compared to $20.7 million ($1.04 per basic and diluted limited partner unit) for the same period of 2008.
Net income for the fourth quarter of 2009 was $27.6 million ($1.22 per basic and diluted limited partner unit) compared to $7.1 million ($0.37 per basic and diluted limited partner unit) for the same period of 2008. Net income for the year ended December 31, 2009 was $66 million ($3.18 per basic and diluted limited partner unit) compared to $25.4 million ($1.32 per basic and diluted limited partner unit) for the same period of 2008.
Commenting on the fourth quarter of 2009, Matt Clifton, Chairman of the Board and Chief Executive Officer stated, “We concluded 2009 with a fourth consecutive quarter of solid operating results. For the fourth quarter, distributable cash flow increased $3.6 million or 21% over the same period of 2008, allowing us to declare our 21st consecutive distribution increase. EBITDA was $25.9 million, an increase of $4.5 million or 21% over the same period last year, in part reflecting increased shipments on our refined product, intermediate and crude pipeline systems as a result of increased production attributable to Holly Corporation’s (“Holly”) 15,000 bpd Navajo refinery capacity expansion in the first quarter of 2009. Additionally, fourth quarter earnings benefited from revenue contributions from our recent 2009 asset acquisitions. In December, we acquired logistics, storage and loading facilities from an affiliate of Sinclair Oil Company that support Holly’s Tulsa refinery operations as well as the Roadrunner and Beeson pipelines that provide Holly’s Navajo refinery with added feedstock flexibility. Also in December, we sold our 70% interest in Rio Grande to upgrade our asset portfolio into newer, more growth-oriented assets. We look forward to additional revenue contributions as we realize the full-year earnings from our late 2009 acquisitions. In 2009, we invested over $230 million in acquisitions and long-term growth projects. As we start 2010, we will also continue to explore additional organic and external growth opportunities that will further enhance unitholder value.”

 

 


The following information was filed by Holly Energy Partners Lp (HEP) on Thursday, February 11, 2010 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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