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Holly Energy Partners Lp (HEP) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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Holly Energy Partners Lp

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CIK: 1531177 Ticker: HEP


Earnings Release
February 23, 2021
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Holly Energy Partners, L.P. Reports Fourth Quarter Results
•Reported net income attributable to HEP of $51.3 million or $0.49 per unit
•Announced quarterly distribution of $0.35 per unit
•Reported EBITDA of $86.8 million and Adjusted EBITDA of $88.3 million
Dallas, Texas -- Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE:HEP) today reported financial results for the fourth quarter of 2020. Net income attributable to HEP for the fourth quarter was $51.3 million ($0.49 per basic and diluted limited partner unit) compared to $45.7 million ($0.43 per basic and diluted limited partner unit) for the fourth quarter of 2019.
Distributable cash flow was $70.0 million for the quarter, an increase of $5.5 million, or 8.5%, compared to the fourth quarter of 2019. HEP declared a quarterly cash distribution of $0.35 on January 22, 2021.
The increase in net income attributable to HEP was mainly due to lower interest expense and higher equity in earnings of equity method investments, partially offset by lower volumes on our crude and product pipeline systems.
Commenting on our 2020 fourth quarter results, Michael Jennings, Chief Executive Officer, stated, “HEP delivered another quarter of solid financial and operational results demonstrating the strength and resiliency of HEP's business model. Our assets continue to generate strong and steady cash flows, and we believe we are well positioned to progress our deleveraging efforts while continuing to fully fund our quarterly distributions and our anticipated capital expenditures."
Impact of COVID-19 on Our Business
Our business depends in large part on the demand for the various petroleum products we transport, terminal and store in the markets we serve. The impact of the COVID-19 pandemic on the global macroeconomy has created diminished demand, as well as a lack of forward visibility, for refined products and crude oil transportation, and for the terminalling and storage services that we provide. Over the course of the third and fourth quarters, demand for transportation fuels showed incremental improvement over the second quarter of 2020. We expect our customers will continue to adjust refinery production levels commensurate with market demand and ultimately expect demand to return to pre-COVID-19 levels. For additional details of the impact of COVID-19 on our business, please see our Form 10-K for the year ended December 31, 2020.
Fourth Quarter 2020 Revenue Highlights
Revenues for the quarter were $127.5 million, a decrease of $4.2 million compared to the fourth quarter of 2019. The decrease was mainly attributable to lower volumes on our product pipelines servicing Delek US Holdings, Inc. and our crude pipelines systems in New Mexico and Texas, partially offset by higher revenues on our refinery units. Compared to the fourth quarter of 2019, our overall pipeline volumes decreased for the quarter by 11%.

•Revenues from our refined product pipelines were $28.6 million, a decrease of $2.2 million, on shipments averaging 155.8 thousand barrels per day ("mbpd") compared to 175.7 mbpd for the fourth quarter of 2019. The revenue and volume decreases were mainly due to lower volumes on

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The following information was filed by Holly Energy Partners Lp (HEP) on Tuesday, February 23, 2021 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

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Comprehensive Income
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)
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 (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)
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)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (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)
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 - Cash Flows (Details)
Supplemental Guarantor / Non-Guarantor Financial Information - Comprehensive Income (Details)
Ticker: HEP
CIK: 1283140
Form Type: 10-K Annual Report
Accession Number: 0001283140-21-000012
Submitted to the SEC: Wed Feb 24 2021 4:34:46 PM EST
Accepted by the SEC: Wed Feb 24 2021
Period: Thursday, December 31, 2020
Industry: Pipe Lines No Natural Gas

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