Welcome to our dedicated page for Holly Energy Partners, L.P. news (Ticker: HEP), a resource for investors and traders seeking the latest updates and insights on Holly Energy Partners, L.P. stock.
Holly Energy Partners, L.P. (HEP) is a prominent player in the energy sector, primarily owning and operating a comprehensive network of petroleum product and crude pipelines, storage tanks, distribution terminals, loading rack facilities, and refinery processing units. These assets are crucial in supporting the refining and marketing operations of HollyFrontier Corporation across a vast geographical area that includes West Texas, New Mexico, Utah, Nevada, Oklahoma, Wyoming, Kansas, Arizona, Idaho, and Washington.
HEP operates through two main segments: Pipelines and Terminals, and Refinery Processing Units. The Pipelines and Terminals segment includes refined product pipelines that transport various grades of gasoline, distillates such as high- and low-sulfur diesel, jet fuels, and liquefied petroleum gases. Additionally, the segment also encompasses intermediate product pipelines transporting feedstocks and crude oils, as well as oil trunk lines and gathering pipelines delivering crude oil.
As part of its extensive operations, HEP manages 26 main pipelines and crude gathering networks, 10 refined product terminals, a crude terminal, and 31,800 track feet of related infrastructure. This extensive network ensures efficient and reliable transportation and storage solutions for its customers.
Recently, the company has focused on expanding its infrastructure to enhance capacity and efficiency. Current projects aim at modernizing and upgrading existing facilities to meet the growing demand for energy products and to comply with stringent environmental regulations. Financially, HEP maintains a robust balance sheet, reflecting steady revenue streams from long-term contracts and strategic partnerships.
HEP's significant role in the energy supply chain, coupled with its strategic asset base, positions it as a vital entity in the energy market. The company's ongoing efforts to optimize operations and expand its capabilities are likely to drive future growth and shareholder value.
Holly Energy Partners, L.P. (NYSE: HEP) filed its Annual Report on Form 10-K for the fiscal year ending December 31, 2022, with the U.S. Securities and Exchange Commission on February 28, 2023. Investors can access the report through the company’s website. Holly Energy provides essential petroleum product and crude oil services, including transportation and storage, primarily to HF Sinclair Corporation. The company operates a vast network of pipelines and terminals across several states, ensuring a crucial role in the energy sector.
Holly Energy Partners, L.P. (HEP) reported a net income of $68.5 million, or $0.54 per unit, for Q4 2022, up from $45.6 million in Q4 2021. The quarterly distribution is set at $0.35 per unit. Q4 2022 revenues reached $142.5 million, a $24 million increase year-over-year, driven by the Sinclair Transportation acquisition and pipeline revenue growth. Adjusted EBITDA was $115.7 million, reflecting stable earnings despite increased interest expenses. The annual revenue for 2022 stood at $547.5 million, up $53 million from 2021. The company anticipates achieving a leverage target of 3.5 times by mid-2023.
HF Sinclair reported strong financial results for Q4 2022, with a net income of $587 million, or $2.92 per diluted share, compared to a net loss of $39.5 million in Q4 2021. Adjusted net income was $597.8 million. The company returned $475.2 million to shareholders through dividends and share repurchases, announcing a dividend increase to $0.45 per share, payable on March 17, 2023. For the full year, net income reached $2.9 billion, supported by strong contributions from Refining and Lubricants segments, with EBITDA at $990.9 million for Q4 and $4.6 billion for the year. Cash reserves increased by $217.7 million, totaling $1.67 billion as of December 31, 2022.
HF Sinclair Corporation (NYSE: DINO) announced the promotion of Tim Go to Chief Executive Officer and President, effective May 9, 2023. Previously serving as President and COO since November 2021, Go has extensive experience in the energy sector. The Board also expanded to 13 members, with Go appointed as a non-independent director. Michael C. Jennings will transition to Executive Vice President, Corporate, until his planned retirement on November 9, 2023. Go is expected to lead the company towards future growth, with Jennings being recognized for his significant contributions during his tenure.
The Board of Directors of Holly Energy Partners (NYSE:HEP) has announced a cash distribution of $0.35 per unit for Q4 2022. This distribution will be paid on February 13, 2023, to unitholders on record by January 30, 2023. HEP is set to disclose its fourth-quarter financial results on February 24, 2023, before market opening, followed by a webcast at 8:30 a.m. ET. HEP, located in Dallas, Texas, specializes in petroleum transportation and storage, serving clients including HF Sinclair (NYSE:DINO).
HF Sinclair Corporation (NYSE: DINO) and Holly Energy Partners, L.P. (NYSE: HEP) will announce Q4 results for 2022 on February 24, 2023, prior to NYSE opening. The companies will hold a joint webcast at 8:30 a.m. ET on the same day to discuss their financial performance. HF Sinclair is an independent energy company based in Dallas, Texas, producing high-value light products such as gasoline and diesel. The firm operates refineries across several states and supports over 1,300 Sinclair branded stations. HEP offers transportation, storage, and terminal services to the petroleum industry, furthering the operational capabilities of HF Sinclair.
Holly Energy Partners, L.P. (NYSE: HEP) and HF Sinclair Corporation (NYSE: DINO) are set to announce their financial results for Q4 2022 on February 24, 2023, prior to NYSE trading. A joint webcast will be held the same day at 8:30 a.m. ET to discuss these results. HEP specializes in oil and petroleum product transportation, alongside storage and terminalling services across multiple states, while DINO focuses on producing and marketing refined products like gasoline and diesel. The webcast will be accessible at this link and will remain available until March 10, 2023.
Holly Energy Partners, L.P. (HEP) reported a net income of $42.0 million ($0.33 per unit) for Q3 2022, down from $49.2 million ($0.46 per unit) in Q3 2021. Adjusted EBITDA was $110.1 million, supported by the acquisition of Sinclair Transportation. Revenues rose to $149.0 million, a $26.4 million increase year-over-year, primarily driven by higher volumes and rate increases effective July 1, 2022. A quarterly distribution of $0.35 per unit was declared. Operating expenses increased to $89.5 million, influenced by higher costs associated with acquisitions.
HF Sinclair Corporation (NYSE: DINO) reported a net income of $954.4 million or $4.45 per diluted share for Q3 2022, up from $280.8 million in Q3 2021. Adjusted net income reached $982.9 million, reflecting growth driven by robust refining margins. The company returned $951.5 million to shareholders through share repurchases and dividends, including a quarterly dividend of $0.40 per share. EBITDA rose to $1,463.2 million. The renewables segment faced challenges, reporting a $49.3 million loss.
The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for Q3 2022, payable on November 11, 2022, to unitholders of record as of October 31, 2022. HEP will announce its Q3 2022 financial results on November 7, 2022, prior to NYSE trading, and will hold a webcast at 8:30 a.m. ET the same day to discuss these results. HEP provides transportation, storage, and throughput services to the petroleum industry, particularly for HF Sinclair Corporation (NYSE:DINO).
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