This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE:HEP) today reported financial results for the third quarter of 2013. For the quarter, distributable cash flow was $43.9 million, up $3.4 million, or 8% compared to the third quarter of 2012. HEP announced its 36th consecutive distribution increase on October 25, 2013, raising the quarterly distribution from $0.4850 to $0.4925 per unit, representing a 6% increase over the distribution for the third quarter of 2012.

Net income for the second quarter was $23.1 million compared to $23.8 million for the third quarter of 2012. The decrease in net income is due principally to increased depreciation resulting from asset abandonment charges for tankage permanently removed from service, partially offset by increased revenues and a payroll related tax refund. Though accounting rules require us to write down tank assets that are replaced or taken out of service, HEP’s cash flow is not affected since minimum commitments do not change and costs to construct the replacement tanks are, in certain cases, reimbursed per the terms of our contracts with HollyFrontier Corporation ("HFC"). Net income attributable to Holly Energy Partners for the third quarter was $21.9 million ($0.25 per basic and diluted limited partner unit) compared to $23.3 million ($0.32 per basic and diluted limited partner unit) for the third quarter of 2012. The additional decrease in net income attributable to Holly Energy Partners is due principally to allocations of income to noncontrolling interests.

Commenting on the third quarter of 2013, Matt Clifton, Chairman of the Board and Chief Executive Officer, stated, “We are pleased that financial results for the third quarter of 2013 allowed us to continue our record of raising our quarterly distribution in all quarters since our initial public offering nine years ago. Our previously announced New Mexico crude gathering expansion project will be completed in phases starting this fall. We expect this project will begin contributing to our results during the first quarter of 2014.

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.38 0.41%
FB $102.69 3.20%
GOOG $690.76 1.90%
TSLA $148.89 0.43%
YHOO $27.41 2.20%


Chart of I:DJI
DOW 16,065.81 +51.43 0.32%
S&P 500 1,862.71 +10.50 0.57%
NASDAQ 4,314.62 +45.8570 1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs