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Holly Energy Partners Lp (HEP) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

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Holly Energy Partners Lp

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CIK: 1283140 Ticker: HEP


Earnings Release
August 3, 2023
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Holly Energy Partners, L.P. Reports Second Quarter Results
•Reported net income attributable to HEP of $50.2 million or $0.40 per unit
•Announced quarterly distribution of $0.35 per unit
•Reported EBITDA of $82.2 million and Adjusted EBITDA of $103.2 million
Dallas, Texas -- Holly Energy Partners, L.P. ("HEP" or the "Partnership") (NYSE: HEP) today reported financial results for the second quarter of 2023. Net income attributable to HEP for the second quarter of 2023 was $50.2 million ($0.40 per basic and diluted limited partner unit), compared to $56.8 million ($0.45 per basic and diluted limited partner unit) for the second quarter of 2022.
The decrease in net income attributable to HEP was mainly due to higher interest expense associated with higher interest rates.
Distributable cash flow was $73.3 million for the second quarter of 2023, a decrease of $5.2 million, or 6.6%, compared to the second quarter of 2022. The decrease was mainly due to higher interest expense partially offset by higher customer billings. HEP declared a quarterly cash distribution of $0.35 per unit on July 20, 2023.
Commenting on our 2023 second quarter results, Michael Jennings, Chief Executive Officer and President, stated, “HEP delivered solid results during the quarter, supported by safe and reliable operations and strong transportation and storage volumes in the Rockies region. We also announced a quarterly distribution of $0.35 per unit to be paid on August 11, 2023 to unitholders of record on July 31, 2023.”
Second Quarter 2023 Revenue Highlights
Revenues for the second quarter of 2023 were $139.8 million, an increase of $4.0 million compared to the second quarter of 2022. The increase was mainly due to higher revenues from the Sinclair Transportation Company LLC ("Sinclair Transportation") assets we acquired, our UNEV product pipeline and product pipelines servicing Delek US Holdings, Inc.'s (“Delek”) Big Spring, Texas refinery as well as rate increases that went into effect on July 1, 2022, partially offset by lower revenues on our product pipelines servicing HF Sinclair Corporation's ("HF Sinclair") Navajo refinery.

•Revenues from our refined product pipelines were $28.6 million, an increase of $2.4 million compared to the second quarter of 2022. Shipments averaged 178.8 thousand barrels per day ("mbpd") compared to 178.3 mbpd for the second quarter of 2022. The increase in revenues was mainly due to higher volumes on our UNEV product pipeline and product pipelines servicing Delek's Big Spring, Texas refinery, rate increases that went into effect on July 1, 2022 and more pipeline tariffs recognized as revenue rather than interest income under sales-type lease accounting, partially offset by lower volumes on product pipelines serving HF Sinclair's Navajo refinery.

•Revenues from our intermediate pipelines were $8.3 million, an increase of $0.8 million compared to the second quarter of 2022. Shipments averaged 104.5 mbpd for the second quarter of 2023 compared to 124.6 mbpd for the second quarter of 2022. The decrease in volumes was

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The following information was filed by Holly Energy Partners Lp (HEP) on Thursday, August 3, 2023 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 Sheeets
Consolidated Balance Sheeets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Income
Contingencies
Cushing Connect Joint Venture
Cushing Connect Joint Venture (Details)
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)
Hf Sinclair Proposal
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
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)
Osage Pipeline
Osage Pipeline (Details)
Partners' Equity Income Allocations And Cash Distributions (Details)
Partners' Equity, Income Allocations And Cash Distributions
Pay Vs Performance Disclosure
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)
Sinclair Acquisition
Sinclair Acquisition (Tables)
Sinclair Acquisition - Narrative (Details)
Sinclair Acquisition - Schedule Of Purchase Consideration (Details)
Sinclair Acquisition - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (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)
Supplemental Guarantor / Non-Guarantor Financial Information - Narrative (Details)
Ticker: HEP
CIK: 1283140
Form Type: 10-Q Quarterly Report
Accession Number: 0001283140-23-000051
Submitted to the SEC: Thu Aug 03 2023 2:19:54 PM EST
Accepted by the SEC: Thu Aug 03 2023
Period: Friday, June 30, 2023
Industry: Pipe Lines No Natural Gas

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