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Holly Energy Partners Lp (HEP) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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Holly Energy Partners Lp

HISTORY TOOLS
CIK: 1531177 Ticker: HEP


Earnings Release
August 03, 2021
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Holly Energy Partners, L.P. Reports Second Quarter Results
•Reported net income attributable to HEP of $55.7 million or $0.53 per unit
•Announced quarterly distribution of $0.35 per unit
•Reported EBITDA of $88.1 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 second quarter of 2021. Net income attributable to HEP for the second quarter of 2021 was $55.7 million ($0.53 per basic and diluted limited partner unit), compared to $76.5 million ($0.73 per basic and diluted limited partner unit) for the second quarter of 2020.
The second quarter results reflect a gain of $5.3 million related to the sale of a 6-inch refined product pipeline that connected HollyFrontier Corporation's ("HollyFrontier" or "HFC") Navajo Refinery to terminals in El Paso for gross proceeds of $7.0 million. Net income attributable to HEP for the second quarter of 2020 included a gain on sales-type leases of $33.8 million. Excluding these items, net income attributable to HEP for the second quarters of 2021 and 2020 were $50.5 million ($0.48 per basic and diluted limited partner unit) and $42.6 million ($0.40 per basic and diluted limited partner unit), respectively. The increase in earnings was mainly due to higher volumes across our pipelines and higher interest income associated with sales-type leases, partially offset by higher operating expenses.
Distributable cash flow was $66.7 million for the quarter, an increase of $1.2 million, or 1.9% compared to the second quarter of 2020. HEP declared a quarterly cash distribution of $0.35 per unit on July 22, 2021.
Commenting on our 2021 second quarter results, Michael Jennings, Chief Executive Officer, stated, "HEP delivered solid results in the quarter, supported by safe and reliable operations and continued improvement in crude and refined product demand in the markets we serve. Looking forward, we remain focused on consistent operational execution as we continue to see demand recovery from COVID-19 in the markets we serve."
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 created diminished demand for refined products and crude oil transportation, and for the terminalling and storage services that we provide. Since the declines in demand at the beginning of the COVID-19 pandemic, we began to see improvement in demand for these products and services beginning late in the second quarter of 2020 that continued through the second quarter of 2021 with volumes in many of our regions returning to pre-pandemic levels. We expect our customers will continue to adjust refinery production levels commensurate with market demand, and with the increasing availability of vaccines, we believe there is a path to a fulsome recovery in demand in 2021. For additional details of the impact of COVID-19 on our business, please see our Form 10-Q for the quarter ended June 30, 2021.
Second Quarter 2021 Revenue Highlights
Revenues for the second quarter were $126.2 million, an increase of $11.4 million compared to the second quarter of 2020. The increase was mainly due to a 14% increase in overall crude and product pipeline volumes.

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The following information was filed by Holly Energy Partners Lp (HEP) on Tuesday, August 3, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Income
Contingencies
Debt
Debt (Tables)
Debt - Credit Agreement (Details)
Debt - Long-Term Debt (Details)
Debt - Senior Notes (Details)
Description Of Business And Presentation Of Financial Statements
Description Of Business And Presentation Of Financial Statements (Details)
Description Of Business And Presentation Of Financial Statements (Policies)
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)
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 Affiliate And Third Party Revenues (Details)
Revenues - Schedule Of Contract Asset And Liability Balances (Details)
Revenues - Schedule Of Disaggregated Revenue (Details)
Revenues - Schedule Of Future Performance Obligations (Details)
Segment Information
Segment Information (Tables)
Segments Information (Details)
Subsequent Event
Subsequent Event (Details)
Supplemental Guarantor / Non-Guarantor Financial Information
Supplemental Guarantor / Non-Guarantor Financial Information (Tables)
Supplemental Guarantor / Non-Guarantor Financial Information - Condensed Consolidating Balance Sheet (Details)
Supplemental Guarantor / Non-Guarantor Financial Information - Condensed Consolidating Statement Of Income (Details)
Ticker: HEP
CIK: 1283140
Form Type: 10-Q Quarterly Report
Accession Number: 0001283140-21-000043
Submitted to the SEC: Fri Aug 06 2021 1:17:50 PM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Wednesday, June 30, 2021
Industry: Pipe Lines No Natural Gas

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