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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.
The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for Q2 2021, payable on August 13, 2021, to unitholders of record on August 2, 2021. The company plans to release its Q2 results on August 3, 2021, prior to the NYSE opening, followed by a webcast conference at 4:00 p.m. Eastern time the same day. Additionally, the press release includes forward-looking statements highlighting risks such as market demand fluctuations and the COVID-19 pandemic's impact on business operations.
Holly Energy Partners, L.P. (NYSE: HEP) will announce its financial results for the quarter ending June 30, 2021, on August 3, 2021, before NYSE trading opens. A webcast to discuss these results is scheduled for the same day at 4:00 p.m. Eastern time. Investors can access the webcast via the provided link, and an audio archive will be available until August 17, 2021. Holly Energy Partners specializes in petroleum product and crude oil transportation, terminalling, storage, and throughput services across multiple states, including Texas and New Mexico.
Holly Energy Partners (HEP) reported a first quarter 2021 net income of $64.4 million ($0.61 per unit), significantly up from $24.9 million ($0.24 per unit) in Q1 2020. The results were boosted by special items totaling $13.6 million. Revenues for the quarter reached $127.2 million, a slight decline from the previous year, attributed to a 9% drop in pipeline volumes. Distributable cash flow increased by 3.5% to $73.2 million. Operating expenses rose to $80.4 million, primarily due to a goodwill impairment. The Partnership declared a distribution of $0.35 per unit on April 22, 2021.
The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for Q1 2021, payable on May 13, 2021, to unitholders of record as of May 3, 2021. The partnership will also announce its Q1 results on May 4, 2021, before NYSE trading. A webcast will be held on the same day at 4:00 p.m. ET. Holly Energy operates petroleum transportation and storage services across multiple states, and its distributions to foreign investors are subject to federal tax withholding.
Holly Energy Partners, L.P. (NYSE: HEP) will announce its financial results for the quarter ending March 31, 2021, on May 4, 2021, before NYSE trading opens. A webcast is scheduled for the same day at 4:00 p.m. Eastern time to discuss these results. The webcast will be accessible through a dedicated link and an audio archive will be available until May 18, 2021. Holly Energy Partners, based in Dallas, Texas, specializes in transportation, terminalling, storage, and throughput services for the petroleum industry, operating across multiple states.
On February 24, 2021, Holly Energy Partners, L.P. (NYSE: HEP) submitted its Annual Report on Form 10-K for the fiscal year ending December 31, 2020, to the SEC. This report is accessible on the Partnership's website under the 'Investors' and 'Financial Information' sections. Limited partners and bondholders can request a physical copy of the report, which includes audited financial statements, by contacting the Partnership's Investor Relations. Holly Energy Partners is based in Dallas, Texas, and offers transportation, storage, and throughput services for petroleum products across multiple states.
Holly Energy Partners, L.P. (HEP) reported fourth-quarter 2020 net income of $51.3 million ($0.49 per unit), up from $45.7 million in Q4 2019. Distributable cash flow rose by 8.5% to $70 million. Despite lower interest expenses and higher equity in earnings, HEP faced a revenue decline of $4.2 million, driven by an 11% drop in pipeline volumes. For 2020, total revenues fell 6.5% to $497.8 million, primarily due to an 18% reduction in pipeline volumes. The company announced a cash distribution of $0.35 on January 22, 2021.
The Board of Directors of Holly Energy Partners (NYSE:HEP) has announced a cash distribution of $0.35 per unit for Q4 2020, payable on February 12, 2021. For 2021, HEP plans to maintain this distribution, totaling $1.40 annually. The company aims to fund all capital expenditures and distributions from free cash flow and targets a distributable cash flow coverage of 1.3x or higher, with an objective to reduce leverage to 3.0-3.5x. Financial results for Q4 2020 will be announced on February 23, 2021.
Holly Energy Partners, L.P. (NYSE: HEP) will announce its financial results for the quarter ending December 31, 2020, on February 23, 2021, prior to NYSE trading. A webcast is scheduled for the same day at 4:00 p.m. Eastern time to discuss these results. The webcast can be accessed via a link, and an audio archive will be available until March 9, 2021. The partnership specializes in petroleum product and crude oil transportation, terminalling, storage, and throughput services across various states, including Texas and New Mexico.
Holly Energy Partners, L.P. (HEP) reported a third-quarter net income of $17.8 million ($0.17/unit), a decline from $82.3 million ($0.78/unit) in Q3 2019, impacted by special items totaling $29.6 million. Excluding these items, net income was stable at $47.4 million ($0.45/unit). Distributable cash flow rose 11.7% year-over-year to $76.9 million. Revenues decreased to $127.7 million, down $8.2 million, primarily due to a 13% drop in pipeline volumes affected by COVID-19. HEP declared a quarterly distribution of $0.35 per unit and plans to reduce leverage through excess cash utilization.
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