Second Quarter 2012 Revenue Highlights
Revenues for the quarter were $63.7 million, a $12.8 million increase compared to the second quarter of 2011. The revenue increase was due to increased pipeline shipments, revenues attributable to our November 2011 asset acquisitions and the effect of annual tariff increases, partially offset by a $4.7 million decrease in previously deferred revenue realized. Overall pipeline volumes were up 20% compared to the second quarter of 2011.
- Revenues from our refined product pipelines were $20.7 million, a decrease of $2.9 million primarily due to the effects of a $4.8 million decrease in previously deferred revenue realized that was partially offset by an increase in refined product shipments. Shipments averaged 158.2 thousand barrels per day (“mbpd”) compared to 142.6 mbpd for the second quarter of 2011 .
- Revenues from our intermediate pipelines were $6.7 million, an increase of $1.6 million, on shipments averaging 137.1 mbpd compared to 84.2 mbpd for the second quarter of 2011. This includes $1.2 million in revenues attributable to our Tulsa interconnect pipelines that were placed in service in September 2011 and the effects of a $0.1 million increase in previously deferred revenue realized.
- Revenues from our crude pipelines were $11.0 million, an increase of $1.4 million, on shipments averaging 168.0 mbpd compared to 160.6 mbpd for the second quarter of 2011.
- Revenues from terminal, tankage and loading rack fees were $25.3 million, an increase of $12.6 million compared to the second quarter of 2011. This includes $11.9 million in revenues attributable to our terminal, tankage and loading racks acquired in November 2011 that serve HollyFrontier's El Dorado and Cheyenne refineries. Refined products terminalled in our facilities increased to an average of 316.8 mbpd compared to 225.1 mbpd for the second quarter of 2011.
Revenues for the three months ended June 30, 2012 include the recognition of $0.8 million of prior shortfalls billed to shippers in 2011, as they did not meet their minimum volume commitments within the contractual make-up period. As of June 30, 2012, deferred revenue in our consolidated balance sheet was $3.6 million. Such deferred revenue will be recognized in earnings either as payment for shipments in excess of guaranteed levels or when shipping rights expire unused over the contractual make-up period.
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