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Holly Energy Partners, L.P. Reports Second Quarter Results

Stocks in this article: HEP

Six Months Ended June 30, 2013 Revenue Highlights

Revenues for six months ended June 30, 2013 were $149.6 million, a $12.5 million increase compared to the first six months of quarter of 2012. This is due principally to a $4.8 million increase in deferred revenue realized, increased pipeline shipments in the second quarter and the effect of annual tariff increases.

  • Revenues from our refined product pipelines were $53.9 million, an increase of $5.2 million primarily due to the effects of a $5.6 million increase in deferred revenue realized. Shipments averaged 167.0 thousand barrels per day (“mbpd”) compared to 159.8 mbpd for the six months ended June 30, 2012.
  • Revenues from our intermediate pipelines were $13.5 million, a decrease of $0.3 million, on shipments averaging 131.7 mbpd compared to 130.3 mbpd for the six months ended June 30, 2012. The decrease in revenue is due to the effects of a $0.7 million decrease in deferred revenue realized.
  • Revenues from our crude pipelines were $23.8 million, an increase of $2.2 million, on shipments averaging 165.2 mbpd compared to 160.9 mbpd for the six months ended June 30, 2012.
  • Revenues from terminal, tankage and loading rack fees were $58.5 million, an increase of $5.4 million compared to the six months ended June 30, 2012. This increase is due principally to increased tankage revenues. Refined products terminalled in our facilities averaged 324.8 mbpd compared to 315.7 mbpd for the six months ended June 30, 2012.

Revenues for six months ended June 30, 2013 include the recognition of $7.3 million of prior shortfalls billed to shippers in 2012, as they did not meet their minimum volume commitments within the contractual make-up period.

Operating Costs and Expenses Highlights

Operating costs and expenses were $42.8 million and $86.0 million for the three and six months ended June 30, 2013, representing increases of $4.2 million and $10.7 million over the respective periods of 2012. These increases are due to higher throughput levels on our assets, as well as year-over-year increases in maintenance costs, environmental accruals, employee costs and depreciation expense.

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