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Holly Energy Partners Lp (HEP) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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Holly Energy Partners Lp

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CIK: 1531177 Ticker: HEP



Earnings Release
February 21, 2017
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Holly Energy Partners, L.P. Reports Fourth Quarter Results
Dallas, Texas -- Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE:HEP) today reported financial results for the fourth quarter of 2016. Net income attributable to Holly Energy Partners for the fourth quarter was $41.4 million ($0.40 per basic and diluted limited partner unit) compared to $40.5 million ($0.49 per basic and diluted limited partner unit) for the fourth quarter of 2015.
Distributable cash flow was $58.5 million, an increase of $4.9 million, or 9.2% compared to the fourth quarter of 2015. HEP announced its 49th consecutive distribution increase on January 26, 2017, raising the quarterly distribution from $0.595 to $0.6075 per unit, representing a 7.5% increase over the distribution for the fourth quarter of 2015. This distribution represents an acceleration in year over year distribution growth and progress towards HEP's 8% distribution growth rate target.
This increase in earnings is primarily due to newly acquired Woods Cross refinery processing units as well as recent acquisitions including interests in the Osage and Cheyenne pipelines and the Tulsa crude tanks acquired in the first quarter of 2016, offset by higher interest expense associated with our 6% Senior Notes due 2024, which we issued in July 2016 in anticipation of our Woods Cross processing units acquisition.
Commenting on the fourth quarter of 2016, George Damiris, Chief Executive Officer, stated, “We are pleased with our solid financial performance in the fourth quarter. Our strong and stable cash generation allowed us to accelerate our year over year distribution growth and progress towards our 8% distribution growth target as we maintained our record of continuous quarterly distribution increases. Effective as of October 1, 2016, we successfully completed our acquisition of an atmospheric distillation tower, a fluid catalytic cracking unit, and a polymerization unit located at the HollyFrontier Woods Cross refinery, and these units were accretive to distributable cash flow in the quarter. We will continue to leverage our relationship with HollyFrontier and our Mid-Continent, Northwest and Southwest logistics footprint to generate new organic and external growth opportunities.
"Looking forward, we believe HEP is positioned to continue its growth based on the quality and location of our assets, our talented employee base, and our strong and supportive general partner, HollyFrontier."
Fourth Quarter 2016 Revenue Highlights
Revenues for the quarter were $112.5 million, an increase of $15.3 million compared to the fourth quarter of 2015. The revenue increase was mainly due to our newly acquired Woods Cross refinery processing units, the El Dorado refinery processing units acquired in the fourth quarter of 2015, and the Tulsa crude tanks acquired in the 1st quarter of 2016 offset by lower pipeline revenues. Overall pipeline volumes were down 5% compared to the fourth quarter of 2015.
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Revenues from our refined product pipelines were $34.1 million, a decrease of $1.4 million, due to lower volumes and inflation driven tariff rate decreases. Shipments averaged 204.0 thousand barrels per day (“mbpd”) compared to 209.9 mbpd for the fourth quarter of 2015 mainly due to lower volumes from HFC's Navajo refinery.
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Revenues from our intermediate pipelines were $6.2 million, a decrease of $1.2 million, primarily due to lower volumes, inflation driven tariff rate decreases, and a decrease of $0.3 million in previously deferred revenue realized. Shipments averaged 134.5 mbpd compared to 139.8 mbpd for the fourth quarter of 2015 due to lower volumes from pipelines servicing HFC's Navajo refinery.
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Revenues from our crude pipelines were $17.2 million, a decrease of $0.4 million, on shipments averaging 272.0 mbpd compared to 289.5 mbpd for the fourth quarter of 2015. Revenues decreased mainly due to inflation driven tariff decreases as we continued to recognize revenue on minimum volume commitments. Volumes were lower due to lower throughput at HFC's Navajo refinery.
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Revenues from terminal, tankage and loading rack fees were $34.8 million, an increase of $1.1 million compared to the fourth quarter of 2015. The increase in revenue is mainly due to the Tulsa West tanks acquired in the first


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The following information was filed by Holly Energy Partners Lp (HEP) on Tuesday, February 21, 2017 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

Document Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Partners' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Acquisitions
Acquisitions (details)
Acquisitions (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Debt
Debt (tables)
Debt Credit Agreement (details)
Debt Debt Capitalized Leases (details)
Debt Debt Maturities By Year (details)
Debt Interest Expense And Other Debt Information (details)
Debt Interest Rate Risk Management (details)
Debt Long-term Debt (details)
Debt Senior Notes (details)
Description Of Business And Presentation Of Financial Statements (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 Equity Company Investments (tables)
Employees, Retirement And Incentive Plans
Employees, Retirement And Incentive Plans (tables)
Employees, Retirement And Incentive Plans Performance Units (details)
Employees, Retirement And Incentive Plans Restricted Units (details)
Employees, Retirement And Incentive Plans Retirement And Benefit Plan Costs (details)
Environmental
Environmental Environmental Remediation (details)
Financial Instruments
Financial Instruments (narrative) (details)
Financial Instruments (tables)
Net Income Per Limited Partner Unit (details)
Partners' Equity (details)
Partners' Equity Income Allocations And Cash Distributions (tables)
Partners' Equity, Allocations Of Net Income (details)
Partners' Equity, Cash Distributions (details)
Partners' Equity, Income Allocations And Cash Distributions
Properties And Equipment
Properties And Equipment (details)
Properties And Equipment (tables)
Quarterly Financial Data
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Related Party Transactions
Related Party Transactions (narrative) (details)
Segment (details)
Segment (notes)
Segment (tables)
Significant Customers
Significant Customers (details)
Significant Customers (tables)
Supplemental Guarantor / Non-guarantor Financial Information
Supplemental Guarantor / Non-guarantor Financial Information (tables)
Supplemental Guarantor / Non-guarantor Financial Information Condensed Consolidated Balance Sheet (details)
Supplemental Guarantor / Non-guarantor Financial Information Condensed Consolidating Statement Of Cash Flows (details)
Supplemental Guarantor / Non-guarantor Financial Information Condensed Consolidating Statement Of Comprehensive Income (details)
Transportation Agreements
Transportation Agreements (details)
Transportation Agreements (tables)
Ticker: HEP
CIK: 1283140
Form Type: 10-K Annual Report
Accession Number: 0001283140-17-000011
Submitted to the SEC: Wed Feb 22 2017 4:03:39 PM EST
Accepted by the SEC: Wed Feb 22 2017
Period: Saturday, December 31, 2016
Industry: Pipe Lines No Natural Gas

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