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Holly Energy Partners Lp (HEP) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Holly Energy Partners Lp

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CIK: 1531177 Ticker: HEP


Earnings Release
February 22, 2022
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Holly Energy Partners, L.P. Reports Fourth Quarter Results
•Reported net income attributable to HEP of $45.6 million or $0.43 per unit
•Announced quarterly distribution of $0.35 per unit
•Reported EBITDA of $70.8 million and Adjusted EBITDA of $79.7 million
Dallas, Texas -- Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE: HEP) today reported financial results for the fourth quarter of 2021. Net income attributable to HEP for the fourth quarter was $45.6 million ($0.43 per basic and diluted limited partner unit) compared to $51.3 million ($0.49 per basic and diluted limited partner unit) for the fourth quarter of 2020.
Distributable cash flow was $63.1 million for the quarter, a decrease of $6.9 million, or 9.9%, compared to the fourth quarter of 2020. HEP declared a quarterly cash distribution of $0.35 on January 21, 2022.
The decrease in net income attributable to HEP was mainly due to lower volumes on our pipeline systems, lower on-going revenues from our Cheyenne assets as a result of the conversion of HollyFrontier Corporation's (“HollyFrontier”) Cheyenne refinery to renewable diesel production and higher operating expenses, partially offset by lower interest expense and higher equity in earnings of equity method investments.
Commenting on our 2021 fourth quarter results, Michael Jennings, Chief Executive Officer, stated, "HEP delivered another quarter of strong operational performance and solid financial results despite the planned turnaround and unplanned maintenance at HollyFrontier’s Navajo refinery. We ended the year with a distributable cash flow coverage ratio of 1.8x and continued our deleveraging strategy, bringing HEP’s leverage ratio to 3.9x."
"Looking forward, we expect to hold the quarterly distribution constant at $0.35 per unit during 2022, and we remain committed to our distribution strategy focused on funding all capital expenditures and distributions within operating cash flow and maintaining distributable cash flow coverage of 1.3x or greater with the goal of reducing leverage to 3.0-3.5x."
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, 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. 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 fourth quarter of 2021, with aggregate volumes approaching pre-pandemic levels. 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, 2021.

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The following information was filed by Holly Energy Partners Lp (HEP) on Tuesday, February 22, 2022 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

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
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)
Description Of Business And Summary Of Significant Accounting Policies - Schedule Of Goodwill (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 - 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)
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)
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)
Sinclair Acquisition
Sinclair Acquisition (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 - Comprehensive Income (Details)
Ticker: HEP
CIK: 1283140
Form Type: 10-K Annual Report
Accession Number: 0001283140-22-000009
Submitted to the SEC: Wed Feb 23 2022 3:58:48 PM EST
Accepted by the SEC: Wed Feb 23 2022
Period: Friday, December 31, 2021
Industry: Pipe Lines No Natural Gas

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