In 2011 we accounted for the November 2011 acquisition of HFC's El Dorado and Cheyenne assets as a business combination under common control and retrospectively adjusted our financial results as if the acquisition had occurred as of July 1, 2011, the date HFC acquired the assets in the merger with Frontier Oil Corporation. As the pre-acquisition loss was not attributable to HEP, but rather to the Predecessor, the pre-acquisition loss should have been reported as a loss attributable to the Predecessor. We have adjusted the 2011 financial results accordingly.During the fourth quarter of 2012 we identified certain immaterial items requiring revisions to our previously reported financial statements. However such cumulative corrections would have been material to the 2012 fourth quarter. As a result, prior period amounts have been restated to adjust for such items, which were comprised principally of an understatement of depreciation expense related to certain property and equipment.
Holly Energy Partners, L.P. Reports Fourth Quarter Results
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