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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.
HollyFrontier Corporation (NYSE:HFC) announces the promotion of Tim Go to President and Chief Operating Officer, effective immediately. Mr. Go, previously Executive Vice President and COO since June 2020, will oversee the Refining and Lubricants segments. CEO Mike Jennings acknowledged Mr. Go's significant contributions, particularly in enhancing the Refining segment and the successful integration of the Puget Sound refinery. HollyFrontier, based in Dallas, Texas, is an independent petroleum refiner producing high-value products and holding a 57% interest in Holly Energy Partners, L.P.
HollyFrontier Corporation (NYSE:HFC) reported a strong third quarter for 2021, achieving a net income of $280.8 million, or $1.71 per diluted share, significantly improving from a net loss of $2.4 million in Q3 2020. Adjusted net income stood at $209.9 million, reflecting a solid operational performance and refined product margin strength. The company also announced the acquisition of the Puget Sound Refinery, enhancing its operational capabilities. EBITDA for the quarter reached $482.6 million, with the refining segment contributing $295.3 million due to increased product demand.
Holly Energy Partners, L.P. (HEP) reported a net income of $49.2 million or $0.46 per unit for Q3 2021, significantly up from $17.8 million in Q3 2020. The quarterly revenue totaled $122.6 million, a decrease of $5.1 million year-over-year. The partnership declared a quarterly distribution of $0.35 per unit. Key factors include improved interest income and reduced expenses, offset by lower revenues and operating costs. Despite ongoing impacts from COVID-19, HEP is optimistic about demand recovery and completing infrastructure projects by year-end.
HollyFrontier Corporation (NYSE: HFC) has completed the acquisition of the Puget Sound Refinery from Shell, totaling $613.6 million. This includes a base purchase price of $350 million and hydrocarbon inventory valued at approximately $266.2 million. The transaction is expected to enhance HFC’s earnings per share and free cash flow immediately. The refinery, located in Anacortes, Washington, has a capacity of 149,000 barrels per day and is strategically positioned to supply the Pacific Northwest with transportation fuels.
Holly Energy Partners, L.P. (NYSE:HEP) announced the retirement of Mark Cunningham as Senior Vice President, Operations and Engineering, effective February 2022. Joining the company in 2004, Cunningham's contributions were pivotal to the company's performance and growth. His responsibilities will transition to four individuals starting January 1, 2022, and he will serve as a consultant for one year post-retirement. HEP specializes in petroleum product transportation, storage, and terminalling services across multiple states.
The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has announced a cash distribution of $0.35 per unit for Q3 2021, payable on November 12, 2021, to unitholders of record as of November 1, 2021. The company will disclose its third-quarter results on November 2, 2021, before market opening, followed by a webcast conference at 4:00 p.m. ET. The release also includes forward-looking statements regarding the impact of potential acquisitions and market conditions on future performance.
HollyFrontier Corporation (NYSE: HFC) will announce its Q3 2021 financial results on November 3, 2021, before NYSE trading. A webcast is planned for 8:30 a.m. ET on the same day to discuss the results. The audio archive will be accessible through November 17, 2021. HollyFrontier operates refineries in Kansas, Oklahoma, New Mexico, and Utah, and markets its products mainly in the Southwest U.S. and beyond. The company also has a 57% interest in Holly Energy Partners (NYSE: HEP).
Holly Energy Partners, L.P. (NYSE: HEP) will announce its financial results for the quarter ending September 30, 2021, on November 2, 2021, before the NYSE opens. A webcast conference to discuss these results is scheduled for the same day at 4:00 p.m. Eastern time. The webcast can be accessed online, and an audio archive will be available until November 16, 2021. Holly Energy provides crucial petroleum transportation, storage, and throughput services across several U.S. states, serving clients including HollyFrontier Corporation.
Holly Energy Partners (HEP) reported a net income of $55.7 million for Q2 2021, down from $76.5 million in Q2 2020. The decrease was impacted by a $5.3 million gain from a pipeline sale, contrasted with a significant $33.8 million gain in the previous year. Excluding one-time items, net income rose to $50.5 million, driven by higher pipeline volumes despite increased operational costs. Revenues increased to $126.2 million, reflecting a 14% rise in pipeline volumes. The company declared a cash distribution of $0.35 per unit. The recovery from COVID-19 is anticipated to boost future demand.
HollyFrontier Corporation (NYSE: HFC) and Holly Energy Partners, L.P. (NYSE: HEP) have announced agreements to acquire Sinclair Oil Corporation and Sinclair Transportation Company. HollyFrontier will form a new parent company, HF Sinclair Corporation, integrating Sinclair's branded marketing and renewable diesel businesses, along with two refineries in the Rocky Mountains. The deal is valued at approximately $1.8 billion. HEP will acquire Sinclair's pipeline and terminal assets for about $758 million. Both transactions are expected to close in mid-2022 and will enhance growth, scale, and financial performance for both companies.
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