Six Months Ended June 30, 2012 Revenue Highlights
Revenues for the six months ended June 30, 2012 were $127.2 million, a $31.3 million increase compared to the same period 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 $6.6 million decrease in previously deferred revenue realized. Overall pipeline volumes were up 25.6% compared to the same period of 2011, when related-party throughput volumes were below target levels at HollyFrontier's Navajo refinery following a plant-wide power outage in January 2011.
- Revenues from our refined product pipelines were $41.4 million, a decrease of $1.2 million primarily due to the effects of a $7.2 million decrease in previously deferred revenue realized that was partially offset by an increase in refined product shipments. Shipments averaged 159.8 mbpd compared to 134.2 mbpd for the six months ended June 30, 2011 .
- Revenues from our intermediate pipelines were $13.8 million, an increase of $4.1 million, on shipments averaging 130.3 mbpd compared to 76.5 mbpd for the six months ended June 30, 2011. This includes $2.5 million in revenues attributable to our Tulsa interconnect pipelines and the effects of a $0.6 million increase in previously deferred revenue realized.
- Revenues from our crude pipelines were $21.5 million, an increase of $2.6 million, on shipments averaging 160.9 mbpd compared to 148.5 mbpd for the six months ended June 30, 2011.
- Revenues from terminal, tankage and loading rack fees were $50.5 million, an increase of $25.8 million compared to the six months ended June 30, 2011. This includes $23.6 million in revenues attributable to our terminal, tankage and loading racks serving HollyFrontier's El Dorado and Cheyenne refineries. Refined products terminalled in our facilities increased to an average of 315.7 mbpd compared to 211.8 mbpd for the six months ended June 30, 2011.
Revenues for the six months ended June 30, 2012 include the recognition of $2.5 million of prior shortfalls billed to shippers in 2011, as they did not meet their minimum volume commitments within the contractual make-up period.
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