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Holly Energy Partners Lp (HEP) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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Holly Energy Partners Lp

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CIK: 1531177 Ticker: HEP



Earnings Release
February 20, 2018
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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 2017. Net income attributable to Holly Energy Partners for the fourth quarter was $86.1 million ($0.96 per basic and diluted limited partner unit) compared to $41.4 million ($0.40 per basic and diluted limited partner unit) for the fourth quarter of 2016.
Distributable cash flow was $65.5 million, an increase of $7.0 million, or 12% compared to the fourth quarter of 2016. HEP announced its 53rd consecutive distribution increase on January 26, 2018, raising the quarterly distribution from $0.645 to $0.650 per unit, representing a 7% increase over the distribution for the fourth quarter of 2016.
HEP acquired the remaining interests in the SLC and Frontier pipelines in the fourth quarter, and the fourth quarter results reflect a gain of $36.3 million related to the remeasurement to acquisition date fair value of HEP's preexisting equity interests in those companies. Excluding this gain, net income attributable to Holly Energy Partners for the quarter was $49.8 million ($0.56 per basic and diluted limited partner unit), an increase of $8.5 million compared to the same period of 2016. This increase in earnings is primarily due to higher pipeline throughputs and revenues as well as increased earnings related to the acquisition of the remaining interests in the SLC and Frontier pipelines.
Commenting on the fourth quarter of 2017, George Damiris, Chief Executive Officer, stated, “We are pleased with our solid financial performance in the fourth quarter, which allowed us to maintain our record of continuous quarterly distribution increases. We expect to continue to grow the distribution at a rate of 4% in 2018 while maintaining an average coverage ratio of 1.0x for the year.
"The fourth quarter was eventful as we completed the acquisition of the remaining interests in the SLC and Frontier pipelines and eliminated the general partner's incentive distribution rights and the economic general partner interest. Volumes on the SLC and Frontier pipelines have been strong, and we plan to expand these lines later this year.

"The issuance of additional equity in a February private placement funded the majority of HEP's equity needs for 2018 and strongly enhances HEP's ability to pursue growth opportunities and manage its business over the long-term. Looking forward, we will continue to leverage our talented employee base, our strong relationship with HollyFrontier, and our Mid-Continent, Northwest and Southwest logistics footprint to generate new organic and external growth opportunities."
Fourth Quarter 2017 Revenue Highlights
Revenues for the quarter were $129.2 million, an increase of $16.7 million compared to the fourth quarter of 2016. The revenue increase was mainly due to our fourth quarter of 2017 acquisition of the remaining interests in the SLC and Frontier pipelines and higher intermediate and refined product pipeline volumes. Overall pipeline volumes increased 30% compared to the fourth quarter of 2016.
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Revenues from our refined product pipelines were $39.5 million, an increase of $5.4 million, and shipments averaged 231.2 thousand barrels per day (“mbpd”) compared to 204.0 mbpd for the fourth quarter of 2016. Revenues and volumes both increased primarily due to higher shipments on our New Mexico refined product pipelines, in line with increased production at HFC's Navajo refinery, and higher shipments on our UNEV pipeline. In addition, revenue increased due to higher recognition of previously deferred revenue.
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Revenues from our intermediate pipelines were $8.4 million, an increase of $2.2 million, on shipments averaging 158.1 mbpd compared to 134.5 mbpd for the fourth quarter of 2016. These revenue and volume increases were principally due to increased shipments on our New Mexico intermediate pipelines in line with increased production at HFC's Navajo refinery.
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Revenues from our crude pipelines were $25.4 million, an increase of $8.1 million, on shipments averaging 404.4 mbpd compared to 272.0 mbpd for the fourth quarter of 2016. Revenues increased mainly due to our fourth quarter 2017 acquisition of the remaining interests in the SLC and Frontier pipelines. Volumes were higher due to the acquisition as well as higher throughput at HFC's Navajo refinery.


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The following information was filed by Holly Energy Partners Lp (HEP) on Tuesday, February 20, 2018 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)
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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)
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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 (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 (narrative) (details)
Financial Instruments
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Financial Instruments (tables)
Intangible Assets
Intangible Assets (details)
Intangible Assets (tables)
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)
Operatng Segments (tables)
Partners' Equity Income Allocations And Cash Distributions (cash Distributions) (details)
Partners' Equity Income Allocations And Cash Distributions (interest Allocation In Net Income) (details)
Partners' Equity Income Allocations And Cash Distributions (narrative) (details)
Partners' Equity Income Allocations And Cash Distributions (tables)
Partners' Equity, Income Allocations And Cash Distributions
Properties And Equipment
Properties And Equipment (details)
Properties And Equipment (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Related Party Transactions
Related Party Transactions (narrative) (details)
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)
Ticker: HEP
CIK: 1283140
Form Type: 10-K Annual Report
Accession Number: 0001283140-18-000015
Submitted to the SEC: Wed Feb 21 2018 5:00:15 PM EST
Accepted by the SEC: Wed Feb 21 2018
Period: Sunday, December 31, 2017
Industry: Pipe Lines No Natural Gas

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