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

    5/4/23 6:10:00 AM ET
    $HEP
    Natural Gas Distribution
    Energy
    Get the next $HEP alert in real time by email
    • Reported net income attributable to HEP of $57.5 million or $0.45 per unit
    • Announced quarterly distribution of $0.35 per unit
    • Reported EBITDA of $87.8 million and Adjusted EBITDA of $108.4 million

    Holly Energy Partners, L.P. ("HEP" or the "Partnership") (NYSE:HEP) today reported financial results for the first quarter of 2023. Net income attributable to HEP for the first quarter of 2023 was $57.5 million ($0.45 per basic and diluted limited partner unit), compared to $49.6 million ($0.45 per basic and diluted limited partner unit) for the first quarter of 2022.

    The increase in net income attributable to HEP was mainly due to net income from Sinclair Transportation Company LLC ("Sinclair Transportation"), which was acquired on March 14, 2022, as well as higher revenues from our Woods Cross refinery processing units, partially offset by higher interest expense.

    Distributable cash flow was $83.9 million for the first quarter of 2023, an increase of $19.5 million, or 30.2%, compared to the first quarter of 2022. The increase was mainly due to distributable cash flow from Sinclair Transportation, partially offset by higher interest expense. HEP declared a quarterly cash distribution of $0.35 per unit on April 20, 2023.

    Commenting on our 2023 first quarter results, Michael Jennings, Chief Executive Officer and President, stated, "HEP generated solid results during the quarter, supported by safe and reliable operations and strong volumes in both our crude and refined product transportation and storage systems. In April, we announced a quarterly distribution of $0.35 per unit."

    First Quarter 2023 Revenue Highlights

    Revenues for the first quarter of 2023 were $143.3 million, an increase of $23.1 million compared to the first quarter of 2022. The increase was mainly due to revenues from our Sinclair Transportation assets, higher revenues on our Woods Cross refinery processing units, which were down for a scheduled turnaround in March 2022, and rate increases that went into effect on July 1, 2022, partially offset by lower revenues on our product pipelines servicing HF Sinclair Corporation's ("HF Sinclair") Navajo refinery.

    • Revenues from our refined product pipelines were $25.2 million, a decrease of $0.9 million compared to the first quarter of 2022. Shipments averaged 183.4 thousand barrels per day ("mbpd") compared to 156.2 mbpd for the first quarter of 2022. The volume increase was mainly due to higher volumes on the acquired Sinclair Transportation product pipelines. The decrease in revenues was mainly due to lower volumes on our product pipelines serving HF Sinclair's Navajo refinery. Revenues were lower in proportion to volumes due to our recognition of a significant portion of the Sinclair Transportation refined product pipeline tariffs as interest income under sales-type lease accounting.
    • Revenues from our intermediate pipelines were $8.3 million, an increase of $0.8 million compared to the first quarter of 2022. Shipments averaged 114.3 mbpd for the first quarter of 2023 compared to 117.8 mbpd for the first quarter of 2022. The increase in revenue was mainly due to rate increases that went into effect on July 1, 2022.
    • Revenues from our crude pipelines were $37.1 million, an increase of $5.9 million compared to the first quarter of 2022. Shipments averaged 649.7 mbpd compared to 527.2 mbpd for the first quarter of 2022. The increase in volumes was mainly attributable to the acquired Sinclair Transportation crude pipelines and higher volumes on our crude pipeline systems in New Mexico and Texas. The increase in revenues was mainly due to the acquired Sinclair Transportation crude pipelines, higher volumes on our crude pipeline systems in New Mexico and Texas and rate increases that went into effect on July 1, 2022.
    • Revenues from terminal, tankage and loading rack fees were $46.2 million, an increase of $9.2 million compared to the first quarter of 2022. Refined products and crude oil terminalled in the facilities averaged 729.3 mbpd compared to 494.4 mbpd for the first quarter of 2022. The increase in volumes was mainly due to the acquired Sinclair Transportation assets. Revenues increased mainly due to revenues on the acquired Sinclair Transportation assets and rate increases that went into effect on July 1, 2022.
    • Revenues from refinery processing units were $26.5 million, an increase of $8.1 million compared to the first quarter of 2022, and throughputs averaged 53.3 mbpd compared to 65.2 mbpd for the first quarter of 2022. Revenues increased mainly due to higher revenues from our Woods Cross refinery processing units, which were down for a scheduled turnaround in March 2022, as well as rate increases that went into effect on July 1, 2022. The decrease in volumes was due to maintenance at the El Dorado refinery.

    Operating Costs and Expenses Highlights

    Operating costs and expenses were $81.4 million for the three months ended March 31, 2023, representing an increase of $12.3 million from the three months ended March 31, 2022. The increase was mainly due to operating costs and expenses associated with the acquired Sinclair Transportation assets, higher employee costs, higher natural gas costs and turnaround amortization costs.

    Interest Expense and Interest Income Highlights

    Interest expense was $26.0 million for the three months ended March 31, 2023, representing an increase of $12.3 million over the same period of 2022. The increase was mainly due to our April 2022 issuance of $400 million aggregate principal amount of 6.375% senior unsecured notes maturing in April 2027, the proceeds of which were used to partially repay outstanding borrowings under our senior secured credit facility following the funding of the cash portion of the Sinclair Transportation acquisition. In addition, market interest rates increased on our senior secured revolving credit facility.

    Interest income was $20.4 million for the three months ended March 31, 2023, representing an increase of $7.8 million compared to the three months ended March 31, 2022. The increase was mainly due to higher sales-type lease interest income from the acquired Sinclair Transportation pipelines and terminals.

    We have scheduled a conference call today at 8:30 AM Eastern Time to discuss financial results. This webcast may be accessed at: https://events.q4inc.com/attendee/866338392

    An audio archive of this webcast will be available using the above noted link through May 18, 2023.

    About Holly Energy Partners, L.P.

    Holly Energy Partners, L.P. ("HEP" or the "Partnership"), headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including subsidiaries of HF Sinclair Corporation. The Partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude pipelines, tankage and terminals in Colorado, Idaho, Iowa, Kansas, Missouri, Nevada, New Mexico, Oklahoma, Texas, Utah, Washington and Wyoming, as well as refinery processing units in Kansas and Utah.

    HF Sinclair Corporation ("HF Sinclair"), headquartered in Dallas, Texas, is an independent energy company that produces and markets high value light products such as gasoline, diesel fuel, jet fuel, renewable diesel and other specialty products. HF Sinclair owns and operates refineries located in Kansas, Oklahoma, New Mexico, Washington, Wyoming and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. HF Sinclair supplies high-quality fuels to more than 1,500 branded stations and licenses the use of the Sinclair brand at more than 300 additional locations throughout the country. In addition, subsidiaries of HF Sinclair produce and market base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and exports products to more than 80 countries. Through its subsidiaries, HF Sinclair produces renewable diesel at two of its facilities in Wyoming and also at its facility in Artesia, New Mexico. HF Sinclair also owns a 47% limited partner interest and a non-economic general partner interest in HEP.

    The statements in this press release contain various "forward-looking statements" within the meaning of the federal securities laws, including statements about our expectations for future operating results and our capital allocation strategy. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. When used in this press release, words such as "anticipate," "project," "expect," "will," "plan," "goal," "forecast," "strategy," "intend," "should," "would," "could," "believe," "may," and similar expressions and statements regarding our plans and objectives for future operations are intended to identify forward-looking statements. These forward-looking statements are based on our beliefs and assumptions and those of our general partner using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in our filings with the Securities and Exchange Commission (the "SEC"). Although we and our general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither we nor our general partner can give assurance that our expectations will prove to be correct. All statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected or expected. Certain factors could cause actual results to differ materially from results anticipated in the forward-looking statements. These factors include, but are not limited to:

    • the negotiation and execution, and the terms and conditions, of a definitive agreement relating to the non-binding proposal we received from HF Sinclair to acquire all of the outstanding common units of HEP not beneficially owned by HF Sinclair or its affiliates in exchange for shares of common stock, par value $0.01 per share of HF Sinclair (the "Proposed HF Sinclair Transaction") and the ability of HF Sinclair or HEP to enter into or consummate such agreement;
    • the risk that the Proposed HF Sinclair Transaction does not occur;
    • negative effects from the pendency of the Proposed HF Sinclair Transaction;
    • failure to obtain the required approvals for the Proposed HF Sinclair Transaction;
    • the time required to consummate the Proposed HF Sinclair Transaction;
    • the focus of management time and attention on the Proposed HF Sinclair Transaction and other disruptions arising from the Proposed HF Sinclair Transaction;
    • the demand for and supply of crude oil and refined products, including uncertainty regarding the effects of the continuing COVID-19 pandemic on future demand and increasing societal expectations that companies address climate change;
    • risks and uncertainties with respect to the actual quantities of petroleum products and crude oil shipped on our pipelines and/or terminalled, stored or throughput in our terminals and refinery processing units;
    • the economic viability of HF Sinclair, our other customers and our joint ventures' other customers, including any refusal or inability of our or our joint ventures' customers or counterparties to perform their obligations under their contracts;
    • the demand for refined petroleum products in the markets we serve;
    • our ability to purchase operations and integrate the operations we have acquired or may acquire, including the acquired Sinclair Transportation business;
    • our ability to complete previously announced or contemplated acquisitions;
    • the availability and cost of additional debt and equity financing;
    • the possibility of temporary or permanent reductions in production or shutdowns at refineries utilizing our pipelines, terminal facilities and refinery processing units, due to reductions in demand, accidents, unexpected leaks or spills, unscheduled shutdowns, infection in the workforce, weather events, civil unrest, expropriation of assets, and other economic, diplomatic, legislative, or political events or developments, terrorism, cyberattacks, or other catastrophes or disruptions affecting our operations, terminal facilities, machinery, pipelines and other logistics assets, equipment, or information systems, or any of the foregoing of our suppliers, customers, or third-party providers or lower gross margins due to the economic impact of the COVID-19 pandemic, inflation and labor costs, and any potential asset impairments resulting from, or the failure to have adequate insurance coverage for or receive insurance recoveries from, such actions;
    • the effects of current and future government regulations and policies, including the effects of current and future restrictions on various commercial and economic activities in response to the COVID-19 pandemic and increases in interest rates;
    • delay by government authorities in issuing permits necessary for our business or our capital projects;
    • our and our joint venture partners' ability to complete and maintain operational efficiency in carrying out routine operations and capital construction projects;
    • the possibility of terrorist or cyberattacks and the consequences of any such attacks;
    • uncertainty regarding the effects and duration of global hostilities, including the Russia-Ukraine war, and any associated military campaigns which may disrupt crude oil supplies and markets for refined products and create instability in the financial markets that could restrict our ability to raise capital;
    • general economic conditions, including economic slowdowns caused by a local or national recession or other adverse economic condition, such as periods of increased or prolonged inflation;
    • the impact of recent or proposed changes in the tax laws and regulations that affect master limited partnerships; and
    • other financial, operational and legal risks and uncertainties detailed from time to time in our SEC filings.

    The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    RESULTS OF OPERATIONS (Unaudited)

     

    Income, Distributable Cash Flow and Volumes

    The following tables present income, distributable cash flow and volume information for the three months ended March 31, 2023 and 2022.

     

     

    Three Months Ended March 31,

     

    Change from

     

     

    2023

     

     

     

    2022

     

     

     

    2022

     

     

    (In thousands, except per unit data)

    Revenues

     

     

     

     

     

    Pipelines:

     

     

     

     

     

    Affiliates – refined product pipelines

    $

    18,931

     

     

    $

    16,860

     

     

    $

    2,071

     

    Affiliates – intermediate pipelines

     

    8,282

     

     

     

    7,506

     

     

     

    776

     

    Affiliates – crude pipelines

     

    24,667

     

     

     

    18,277

     

     

     

    6,390

     

     

     

    51,880

     

     

     

    42,643

     

     

     

    9,237

     

    Third parties – refined product pipelines

     

    6,268

     

     

     

    9,260

     

     

     

    (2,992

    )

    Third parties – crude pipelines

     

    12,434

     

     

     

    12,877

     

     

     

    (443

    )

     

     

    70,582

     

     

     

    64,780

     

     

     

    5,802

     

    Terminals, tanks and loading racks:

     

     

     

     

     

    Affiliates

     

    38,473

     

     

     

    31,208

     

     

     

    7,265

     

    Third parties

     

    7,714

     

     

     

    5,807

     

     

     

    1,907

     

     

     

    46,187

     

     

     

    37,015

     

     

     

    9,172

     

     

     

     

     

     

     

    Refinery processing units - Affiliates

     

    26,525

     

     

     

    18,403

     

     

     

    8,122

     

     

     

     

     

     

     

    Total revenues

     

    143,294

     

     

     

    120,198

     

     

     

    23,096

     

    Operating costs and expenses

     

     

     

     

     

    Operations

     

    52,142

     

     

     

    42,625

     

     

     

    9,517

     

    Depreciation and amortization

     

    24,663

     

     

     

    22,187

     

     

     

    2,476

     

    General and administrative

     

    4,635

     

     

     

    4,312

     

     

     

    323

     

     

     

    81,440

     

     

     

    69,124

     

     

     

    12,316

     

    Operating income

     

    61,854

     

     

     

    51,074

     

     

     

    10,780

     

     

     

     

     

     

     

    Equity in earnings of equity method investments

     

    3,882

     

     

     

    3,626

     

     

     

    256

     

    Interest expense, including amortization

     

    (25,978

    )

     

     

    (13,639

    )

     

     

    (12,339

    )

    Interest income

     

    20,400

     

     

     

    12,647

     

     

     

    7,753

     

    Gain on sale of assets and other

     

    173

     

     

     

    101

     

     

     

    72

     

     

     

    (1,523

    )

     

     

    2,735

     

     

     

    (4,258

    )

    Income before income taxes

     

    60,331

     

     

     

    53,809

     

     

     

    6,522

     

    State income tax expense

     

    (34

    )

     

     

    (31

    )

     

     

    (3

    )

    Net income

     

    60,297

     

     

     

    53,778

     

     

     

    6,519

     

    Allocation of net income attributable to noncontrolling interests

     

    (2,775

    )

     

     

    (4,219

    )

     

     

    1,444

     

    Net income attributable to Holly Energy Partners

    $

    57,522

     

     

    $

    49,559

     

     

    $

    7,963

     

    Limited partners' earnings per unit – basic and diluted

    $

    0.45

     

     

    $

    0.45

     

     

    $

    —

     

    Weighted average limited partners' units outstanding

     

    126,440

     

     

     

    109,640

     

     

     

    16,800

     

    EBITDA(1)

    $

    87,797

     

     

    $

    72,769

     

     

    $

    15,028

     

    Adjusted EBITDA(1)

    $

    108,357

     

     

    $

    85,338

     

     

    $

    23,019

     

    Distributable cash flow(2)

    $

    83,911

     

     

    $

    64,455

     

     

    $

    19,456

     

    Volumes (bpd)

     

     

     

     

     

    Pipelines:

     

     

     

     

     

    Affiliates – refined product pipelines

    143,002

     

    107,210

     

    35,792

     

    Affiliates – intermediate pipelines

    114,326

     

    117,802

     

    (3,476

    )

    Affiliates – crude pipelines

    473,712

     

    396,040

     

    77,672

     

     

    731,040

     

    621,052

     

    109,988

     

    Third parties – refined product pipelines

    40,431

     

    49,029

     

    (8,598

    )

    Third parties – crude pipelines

    175,984

     

    131,126

     

    44,858

     

     

    947,455

     

    801,207

     

    146,248

     

    Terminals and loading racks:

     

     

     

     

     

    Affiliates

    686,845

     

    446,032

     

    240,813

     

    Third parties

    42,462

     

    48,354

     

    (5,892

    )

     

    729,307

     

    494,386

     

    234,921

     

     

     

     

     

     

     

    Refinery processing units - Affiliates

    53,294

     

    65,227

     

    (11,933

    )

     

     

     

     

     

     

    Total for pipelines and terminal assets (bpd)

    1,730,056

     

    1,360,820

     

    369,236

     

    (1)

    Earnings before interest, taxes, depreciation and amortization ("EBITDA") is calculated as net income attributable to Holly Energy Partners plus or minus (i) interest expense, (ii) interest income, (iii) state income tax expense and (iv) depreciation and amortization. Adjusted EBITDA is calculated as EBITDA plus or minus (i) our share of Osage environmental remediation costs included in equity in earnings of equity method investments, (ii) acquisition integration and regulatory costs, (iii) tariffs and fees not included in revenues due to impacts from lease accounting for certain tariffs and fees and (iv) pipeline lease payments not included in operating costs and expenses. Portions of our minimum guaranteed tariffs for assets subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Similarly, certain pipeline lease payments were previously recorded as operating costs and expenses, but the underlying lease was reclassified from an operating lease to a financing lease, and these payments are now recorded as interest expense and reductions in the lease liability. EBITDA and Adjusted EBITDA are not calculations based upon generally accepted accounting principles ("GAAP"). However, the amounts included in the EBITDA and Adjusted EBITDA calculations are derived from amounts included in our consolidated financial statements. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income attributable to Holly Energy Partners or operating income, as indications of our operating performance or as alternatives to operating cash flow as a measure of liquidity. EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures of other companies. EBITDA and Adjusted EBITDA are presented here because they are widely used financial indicators used by investors and analysts to measure performance. EBITDA and Adjusted EBITDA are also used by our management for internal analysis and as a basis for compliance with financial covenants.

     

    Set forth below is our calculation of EBITDA and Adjusted EBITDA.

     

    Three Months Ended March 31,

     

     

    2023

     

     

     

    2022

     

     

    (In thousands)

    Net income attributable to Holly Energy Partners

    $

    57,522

     

     

    $

    49,559

     

    Add (subtract):

     

     

     

    Interest expense

     

    25,978

     

     

     

    13,639

     

    Interest income

     

    (20,400

    )

     

     

    (12,647

    )

    State income tax expense

     

    34

     

     

     

    31

     

    Depreciation and amortization

     

    24,663

     

     

     

    22,187

     

    EBITDA

     

    87,797

     

     

     

    72,769

     

    Share of Osage environmental remediation costs

     

    870

     

     

     

    —

     

    Acquisition integration and regulatory costs

     

    —

     

     

     

    836

     

    Tariffs and fees not included in revenues

     

    21,296

     

     

     

    13,339

     

    Lease payments not included in operating costs

     

    (1,606

    )

     

     

    (1,606

    )

    Adjusted EBITDA

    $

    108,357

     

     

    $

    85,338

     

    (2)

    Distributable cash flow is not a calculation based upon GAAP. However, the amounts included in the calculation are derived from amounts presented in our consolidated financial statements, with the general exception of maintenance capital expenditures. Distributable cash flow should not be considered in isolation or as an alternative to net income attributable to Holly Energy Partners or operating income, as an indication of our operating performance, or as an alternative to operating cash flow as a measure of liquidity. Distributable cash flow is not necessarily comparable to similarly titled measures of other companies. Distributable cash flow is presented here because it is a widely accepted financial indicator used by investors to compare partnership performance. It is also used by management for internal analysis and our performance units. We believe that this measure provides investors an enhanced perspective of the operating performance of our assets and the cash our business is generating.

     

    Set forth below is our calculation of distributable cash flow.

     

    Three Months Ended March 31,

     

     

    2023

     

     

     

    2022

     

     

    (In thousands)

    Net income attributable to Holly Energy Partners

    $

    57,522

     

     

    $

    49,559

     

    Add (subtract):

     

     

     

    Depreciation and amortization

     

    24,663

     

     

     

    22,187

     

    Amortization of discount and deferred debt charges

     

    1,071

     

     

     

    770

     

    Customer billings greater than net income recognized

     

    4,873

     

     

     

    497

     

    Maintenance capital expenditures(3)

     

    (1,702

    )

     

     

    (5,620

    )

    Increase (decrease) in environmental liability

     

    (139

    )

     

     

    (120

    )

    Share of Osage insurance coverage

     

    500

     

     

     

    —

     

    Decrease in reimbursable deferred revenue

     

    (5,405

    )

     

     

    (3,234

    )

    Other

     

    2,528

     

     

     

    416

     

    Distributable cash flow

    $

    83,911

     

     

    $

    64,455

     

    (3)

    Maintenance capital expenditures are capital expenditures made to replace partially or fully depreciated assets in order to maintain the existing operating capacity of our assets and to extend their useful lives. Maintenance capital expenditures include expenditures required to maintain equipment reliability, tankage and pipeline integrity, safety and to address environmental regulations.

     
    Set forth below is certain balance sheet data.

     

     

    March 31,

     

    December 31,

     

     

    2023

     

    2022

     

     

    (In thousands)

    Balance Sheet Data

     

     

     

     

    Cash and cash equivalents

     

    $

    7,105

     

    $

    10,917

    Working capital

     

    $

    29,139

     

    $

    17,293

    Total assets

     

    $

    2,733,100

     

    $

    2,747,502

    Long-term debt

     

    $

    1,540,385

     

    $

    1,556,334

    Partners' equity

     

    $

    870,694

     

    $

    857,126

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005464/en/

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    • TortoiseEcofin Announces Constituent Changes Due to Corporate Action

      OVERLAND PARK, KS / ACCESSWIRE / November 30, 2023 / TortoiseEcofin today announced that Holly Energy Partners LP (NYSE:HEP) will be removed from the Tortoise MLP Index® (TMLP) and the Tortoise North American Pipeline IndexSM (TNAP) as a result of the approved acquisition by HF Sinclair Corp (NYSE:DINO). Due to the acquisition, HEP will be removed from indices at market open on Friday, December 1, 2023.For the Tortoise MLP Index® (TMLP), HEP will be removed with a special rebalancing.Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index's 7.5% thresho

      11/30/23 4:00:00 PM ET
      $DINO
      $HEP
      $TEAF
      Natural Gas Distribution
      Energy
      Trusts Except Educational Religious and Charitable
      Finance
    • HF Sinclair Corporation and Holly Energy Partners, L.P. Announce Expiration and Final Results of Exchange Offers and Consent Solicitations for Outstanding Notes of the HEP Issuers

      HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair") and Holly Energy Partners, L.P. (NYSE:HEP) ("HEP") today announced the expiration and final results of the previously announced (i) private offers to exchange (each an "Exchange Offer" and, collectively, the "Exchange Offers") any and all outstanding (a) 6.375% Senior Notes due 2027 (the "2027 Notes") and (b) 5.000% Senior Notes due 2028 (the "2028 Notes" and, together with the 2027 Notes, the "HEP Notes") previously issued by HEP and Holly Energy Finance Corp. ("Finance Corp." and, together with HEP, the "HEP Issuers") for new notes to be issued by HF Sinclair (the "New Notes"), with registration rights, and cash, and (ii) consent solicit

      11/29/23 7:44:00 PM ET
      $DINO
      $HEP
      Natural Gas Distribution
      Energy
    • HF Sinclair Corporation Stockholders and Holly Energy Partners, L.P. Unitholders Approve Merger Transaction

      HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair") and Holly Energy Partners, L.P. ("HEP") (NYSE:HEP) announced that at a special meeting of HEP unitholders (the "HEP Special Meeting") and a special meeting of HF Sinclair stockholders (the "HF Sinclair Special Meeting"), each held today, (i) HEP unitholders voted to approve the previously announced Agreement and Plan of Merger (as the same may be amended or supplemented from time to time, the "Merger Agreement"), dated as of August 15, 2023, by and among HF Sinclair, Navajo Pipeline Co., L.P., Holly Apple Holdings LLC ("Merger Sub"), HEP Logistics Holdings, L.P., Holly Logistic Services, L.L.C. and HEP, and the transactions contemplated th

      11/28/23 1:55:00 PM ET
      $DINO
      $HEP
      Natural Gas Distribution
      Energy

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    SEC Filings

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    • SEC Form 15-12G filed by Holly Energy Partners L.P.

      15-12G - HOLLY ENERGY PARTNERS LP (0001283140) (Filer)

      12/11/23 6:03:56 AM ET
      $HEP
      Natural Gas Distribution
      Energy
    • SEC Form EFFECT filed by Holly Energy Partners L.P.

      EFFECT - HOLLY ENERGY PARTNERS LP (0001283140) (Filer)

      12/8/23 12:15:08 AM ET
      $HEP
      Natural Gas Distribution
      Energy
    • SEC Form POS AM filed by Holly Energy Partners L.P.

      POS AM - HOLLY ENERGY PARTNERS LP (0001283140) (Filer)

      12/4/23 4:18:26 PM ET
      $HEP
      Natural Gas Distribution
      Energy

    $HEP
    Insider Trading

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    • Jennings Michael returned 26,377 units of Common Units to the company, closing all direct ownership in the company (SEC Form 4)

      4 - HOLLY ENERGY PARTNERS LP (0001283140) (Issuer)

      12/4/23 6:30:29 PM ET
      $HEP
      Natural Gas Distribution
      Energy
    • Norwood Kenneth covered exercise/tax liability with 7,916 units of Common Units, was granted 17,307 units of Common Units and returned 91,076 units of Common Units to the company, closing all direct ownership in the company (SEC Form 4)

      4 - HOLLY ENERGY PARTNERS LP (0001283140) (Issuer)

      12/4/23 6:27:03 PM ET
      $HEP
      Natural Gas Distribution
      Energy
    • Petersen Mark A returned 15,940 units of Common Units to the company, closing all direct ownership in the company (SEC Form 4)

      4 - HOLLY ENERGY PARTNERS LP (0001283140) (Issuer)

      12/4/23 6:10:12 PM ET
      $HEP
      Natural Gas Distribution
      Energy

    $HEP
    Analyst Ratings

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    • Citigroup initiated coverage on Holly Energy Partners with a new price target

      Citigroup initiated coverage of Holly Energy Partners with a rating of Neutral and set a new price target of $19.00

      12/9/22 7:26:17 AM ET
      $HEP
      Natural Gas Distribution
      Energy
    • Raymond James reiterated coverage on Holly Energy Partners with a new price target

      Raymond James reiterated coverage of Holly Energy Partners with a rating of Outperform and set a new price target of $20.00 from $21.00 previously

      2/23/22 7:22:10 AM ET
      $HEP
      Natural Gas Distribution
      Energy
    • Holly Energy Partners downgraded by Barclays with a new price target

      Barclays downgraded Holly Energy Partners from Equal-Weight to Underweight and set a new price target of $17.00 from $20.00 previously

      1/20/22 6:26:31 AM ET
      $HEP
      Natural Gas Distribution
      Energy

    $HEP
    Large Ownership Changes

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    • SEC Form SC 13D/A filed by Holly Energy Partners L.P. (Amendment)

      SC 13D/A - HOLLY ENERGY PARTNERS LP (0001283140) (Subject)

      12/4/23 4:05:56 PM ET
      $HEP
      Natural Gas Distribution
      Energy
    • SEC Form SC 13G/A filed by Holly Energy Partners L.P. (Amendment)

      SC 13G/A - HOLLY ENERGY PARTNERS LP (0001283140) (Subject)

      2/13/23 2:11:17 PM ET
      $HEP
      Natural Gas Distribution
      Energy
    • SEC Form SC 13D filed by Holly Energy Partners L.P.

      SC 13D - HOLLY ENERGY PARTNERS LP (0001283140) (Subject)

      3/24/22 5:00:12 PM ET
      $HEP
      Natural Gas Distribution
      Energy

    $HEP
    Leadership Updates

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    • HF Sinclair Corporation and Holly Energy Partners Announce Management Changes

      HF Sinclair Corporation (NYSE:DINO) ("HF Sinclair") today announced the appointment of Atanas H. Atanasov as Executive Vice President and Chief Financial Officer of HF Sinclair effective September 30, 2022, and Holly Energy Partners, L.P. (NYSE:HEP) ("HEP") today announced the appointment of Michael C. Jennings as President of Holly Logistic Services, L.L.C. ("HLS") effective today. HLS is the ultimate general partner of HEP. Mr. Atanasov currently serves as Chief Financial Officer of Lummus Technology LLC, a global chemical technologies company for the petrochemical and energy industries, a position he has held since April 2022. Prior to joining Lummus, Mr. Atanasov served as the Executiv

      9/15/22 4:15:00 PM ET
      $DINO
      $HEP
      Natural Gas Distribution
      Energy

    $HEP
    Financials

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

      Reported net income attributable to HEP of $50.2 million or $0.40 per unit Announced quarterly distribution of $0.35 per unit Reported EBITDA of $82.2 million and Adjusted EBITDA of $103.2 million Holly Energy Partners, L.P. ("HEP" or the "Partnership") (NYSE:HEP) today reported financial results for the second quarter of 2023. Net income attributable to HEP for the second quarter of 2023 was $50.2 million ($0.40 per basic and diluted limited partner unit), compared to $56.8 million ($0.45 per basic and diluted limited partner unit) for the second quarter of 2022. The decrease in net income attributable to HEP was mainly due to higher interest expense associated with higher inte

      8/3/23 6:30:00 AM ET
      $HEP
      Natural Gas Distribution
      Energy
    • Holly Energy Partners, L.P. Reports First Quarter Results

      Reported net income attributable to HEP of $57.5 million or $0.45 per unit Announced quarterly distribution of $0.35 per unit Reported EBITDA of $87.8 million and Adjusted EBITDA of $108.4 million Holly Energy Partners, L.P. ("HEP" or the "Partnership") (NYSE:HEP) today reported financial results for the first quarter of 2023. Net income attributable to HEP for the first quarter of 2023 was $57.5 million ($0.45 per basic and diluted limited partner unit), compared to $49.6 million ($0.45 per basic and diluted limited partner unit) for the first quarter of 2022. The increase in net income attributable to HEP was mainly due to net income from Sinclair Transportation Company LLC ("

      5/4/23 6:10:00 AM ET
      $HEP
      Natural Gas Distribution
      Energy
    • Holly Energy Partners, L.P. Reports Fourth Quarter Results

      Reported net income attributable to HEP of $68.5 million or $0.54 per unit Announced quarterly distribution of $0.35 per unit Reported EBITDA of $88.6 million and Adjusted EBITDA of $115.7 million Holly Energy Partners, L.P. ("HEP" or the "Partnership") (NYSE:HEP) today reported financial results for the fourth quarter of 2022. Net income attributable to HEP for the fourth quarter was $68.5 million ($0.54 per basic and diluted limited partner unit) compared to $45.6 million ($0.43 per basic and diluted limited partner unit) for the fourth quarter of 2021. Distributable cash flow was $85.8 million for the fourth quarter of 2022, an increase of $22.7 million, or 36.1%, compared to the

      2/24/23 6:30:00 AM ET
      $HEP
      Natural Gas Distribution
      Energy