Year Ended December 31, 2012 Revenue Highlights
Revenues for the year ended December 31, 2012 were $292.6 million, a $78.3 million increase compared to the same period of 2011. The revenue increase was due to increased pipeline shipments, revenues attributable to our July 2012 and November 2011 acquisitions and the effect of annual tariff increases, partially offset by a $4.6 million decrease in previously deferred revenue realized under our guaranteed shipping contracts. Overall pipeline volumes were up 18% compared to the same period of 2011.
- Revenues from our refined product pipelines were $105.2 million, an increase of $20.3 million primarily due to increased refined pipeline shipments, revenues attributable to UNEV and annual tariff increases partially offset by the effects of a $5.4 million decrease in previously deferred revenue realized. Shipments averaged 170.7 mbpd compared to 143.1 mbpd for the year ended December 31, 2011 .
- Revenues from our intermediate pipelines were $28.5 million, an increase of $6.6 million, on shipments averaging 127.2 mbpd compared to 93.4 mbpd for the year ended December 31, 2011. This includes $3.4 million of increased revenues attributable to our Tulsa interconnect pipelines and the effects of a $0.8 million increase in previously deferred revenue realized.
- Revenues from our crude pipelines were $45.9 million, a decrease of $1.7 million, on shipments averaging 171.0 mbpd compared to 161.8 mbpd for the year ended December 31, 2011. The decrease in revenues was due to the crude oil pipeline settlement of $5.5 million with HollyFrontier in 2011.
- Revenues from terminal, tankage and loading rack fees were $112.9 million, an increase of $53.0 million compared to the year ended December 31, 2011. This includes $45.4 million of increased throughput 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 325.0 mbpd compared to 238.1 mbpd for the year ended December 31, 2011.
Revenues for the year ended December 31, 2012 include the recognition of $4.0 million of prior shortfalls billed to shippers in 2011.
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