- 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 interest rates.
Distributable cash flow was $73.3 million for the second quarter
of 2023, a decrease of $5.2 million, or 6.6%, compared to the
second quarter of 2022. The decrease was mainly due to higher
interest expense partially offset by higher customer billings. HEP
declared a quarterly cash distribution of $0.35 per unit on July
20, 2023.
Commenting on our 2023 second quarter results, Michael Jennings,
Chief Executive Officer and President, stated, “HEP delivered solid
results during the quarter, supported by safe and reliable
operations and strong transportation and storage volumes in the
Rockies region. We also announced a quarterly distribution of $0.35
per unit to be paid on August 11, 2023 to unitholders of record on
July 31, 2023.”
Second Quarter 2023 Revenue Highlights
Revenues for the second quarter of 2023 were $139.8 million, an
increase of $4.0 million compared to the second quarter of 2022.
The increase was mainly due to higher revenues from the Sinclair
Transportation Company LLC ("Sinclair Transportation") assets we
acquired, our UNEV product pipeline and product pipelines servicing
Delek US Holdings, Inc.'s (“Delek”) Big Spring, Texas refinery as
well as 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 $28.6
million, an increase of $2.4 million compared to the second quarter
of 2022. Shipments averaged 178.8 thousand barrels per day ("mbpd")
compared to 178.3 mbpd for the second quarter of 2022. The increase
in revenues was mainly due to higher volumes on our UNEV product
pipeline and product pipelines servicing Delek's Big Spring, Texas
refinery, rate increases that went into effect on July 1, 2022 and
more pipeline tariffs recognized as revenue rather than interest
income under sales-type lease accounting, partially offset by lower
volumes on product pipelines serving HF Sinclair's Navajo
refinery.
- Revenues from our intermediate pipelines were $8.3
million, an increase of $0.8 million compared to the second quarter
of 2022. Shipments averaged 104.5 mbpd for the second quarter of
2023 compared to 124.6 mbpd for the second quarter of 2022. The
decrease in volumes was mainly due to lower throughputs on our
intermediate pipelines servicing HF Sinclair's Navajo refinery
while revenues increased due to tariff increases on contractual
minimum volume guarantees as well as higher revenues on our
Sinclair Transportation intermediate pipelines.
- Revenues from our crude pipelines were $34.1 million, a
decrease of $0.5 million compared to the second quarter of 2022.
Shipments averaged 598.7 mbpd compared to 615.3 mbpd for the second
quarter of 2022. The decrease in volumes and revenues was mainly
attributable to lower volumes on the New Mexico and Texas crude
pipelines and the Sinclair Transportation crude pipelines.
- Revenues from terminal, tankage and loading rack fees
were $45.8 million, an increase of $1.3 million compared to the
second quarter of 2022. Refined products and crude oil terminalled
in the facilities averaged 733.0 mbpd compared to 609.0 mbpd for
the second quarter of 2022. The increase in volumes was mainly due
to higher volumes on the Sinclair Transportation assets and certain
crude tanks. Revenues increased mainly due to higher revenues on
the Sinclair Transportation and Tulsa assets as well as rate
increases that went into effect on July 1, 2022.
- Revenues from refinery processing units were $22.9
million, consistent with the second quarter of 2022, and
throughputs averaged 59.8 mbpd compared to 72.3 mbpd for the second
quarter of 2022. The decrease in volumes was due to decreased
throughput at our El Dorado refinery processing units due to a
turnaround at that refinery. Revenues did not decrease in
proportion to the decrease in volumes mainly due to contractual
minimum volume guarantees and rate increases.
Six Months Ended June 30, 2023 Revenue Highlights
Revenues for the six months ended June 30, 2023, were $283.0
million, an increase of $27.1 million compared to the six months
ended June 30, 2022. The increase was mainly attributable 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's Navajo refinery.
- Revenues from our refined product pipelines were $53.8
million, an increase of $1.5 million compared to the six months
ended June 30, 2022. Shipments averaged 181.1 mbpd compared to
167.3 mbpd for the six months ended June 30, 2022. The volume and
revenue increases were mainly due to volumes on the acquired
Sinclair Transportation assets and higher volumes on our UNEV
pipeline, partially offset by lower volumes on our product
pipelines servicing HF Sinclair's Navajo refinery due to lower
throughput at the refinery. We recognized 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 $16.6
million, an increase of $1.6 million compared to the six months
ended June 30, 2022. Shipments averaged 109.4 mbpd compared to
121.2 mbpd for the six months ended June 30, 2022. The decrease in
volumes was mainly due to lower throughputs on our intermediate
pipelines servicing HF Sinclair's Navajo refinery while revenues
increased due to the acquired Sinclair Transportation intermediate
pipelines as well as contractual minimum volume guarantees and rate
increases that went into effect on July 1, 2022.
- Revenues from our crude pipelines were $71.2 million, an
increase of $5.4 million compared to the six months ended June 30,
2022. Shipments averaged 624.0 mbpd compared to 571.5 mbpd for the
six months ended June 30, 2022. The increase in volumes was mainly
attributable to volumes on the acquired Sinclair Transportation
crude pipelines. The increase in revenues was mainly due to the
acquired Sinclair Transportation crude pipelines, higher revenues
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 $92.0 million, an increase of $10.4 million compared to the
six months ended June 30, 2022. Refined products and crude oil
terminalled in the facilities averaged 731.2 mbpd compared to 552.0
mbpd for the six months ended June 30, 2022. Volumes increased
mainly due to volumes on the acquired Sinclair Transportation
assets. Revenues increased mainly due to revenues on the acquired
Sinclair Transportation assets, higher butane blending revenues,
and rate increases that went into effect on July 1, 2022.
- Revenues from refinery processing units were $49.4
million, an increase of $8.1 million compared to the six months
ended June 30, 2022. Throughputs averaged 56.5 mbpd compared to
68.8 mbpd for the six months ended June 30, 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. The decrease
in volumes was due to a turnaround at the El Dorado refinery.
Operating Costs and Expenses Highlights
Operating costs and expenses were $84.6 million and $166.0
million for the three and six months ended June 30, 2023,
representing a decrease of $1.0 million and an increase of $11.3
million from the three and six months ended June 30, 2022,
respectively. The six month increase was mainly due to operating
costs and expenses associated with the acquired Sinclair
Transportation assets as well as higher employee costs, partially
offset by lower natural gas costs.
Interest Expense and Interest Income Highlights
Interest expense was $26.4 million and $52.4 million for the
three and six months ended June 30, 2023, representing increases of
$6.1 million and $18.4 million from the three and six months ended
June 30, 2022. The increases were mainly due to higher interest
rates on our long-term debt due to market interest rate increases
on our senior secured revolving credit facility and our April 2022
issuance of $400 million in 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.
Interest income for the three and six months ended June 30,
2023, totaled $20.4 million and $40.8 million, representing
increases of $4.0 million and $3.8 million compared to the three
and six months ended June 30, 2022. The increases were 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/369-77342
An audio archive of this webcast will be available using the
above noted link through August 17, 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. 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 or affect our unit
price. 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 owned by HF Sinclair or its affiliates (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 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,
global health 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 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 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 six months
ended June 30, 2023 and 2022.
Three Months Ended June
30,
Change from
2023
2022
2022
(In thousands, except per unit
data)
Revenues
Pipelines:
Affiliates – refined product pipelines
$
19,189
$
20,920
$
(1,731
)
Affiliates – intermediate pipelines
8,318
7,521
797
Affiliates – crude pipelines
20,665
20,971
(306
)
48,172
49,412
(1,240
)
Third parties – refined product
pipelines
9,380
5,215
4,165
Third parties – crude pipelines
13,466
13,692
(226
)
71,018
68,319
2,699
Terminals, tanks and loading racks:
Affiliates
38,844
38,232
612
Third parties
6,987
6,326
661
45,831
44,558
1,273
Refinery processing units - Affiliates
22,906
22,893
13
Total revenues
139,755
135,770
3,985
Operating costs and expenses
Operations (exclusive of depreciation and
amortization)
53,142
53,899
(757
)
Depreciation and amortization
25,897
26,974
(1,077
)
General and administrative
5,512
4,682
830
84,551
85,555
(1,004
)
Operating income
55,204
50,215
4,989
Equity in earnings of equity method
investments
3,545
5,447
(1,902
)
Interest expense, including
amortization
(26,448
)
(20,347
)
(6,101
)
Interest income
20,356
24,331
(3,975
)
Gain on sale of assets and other
102
45
57
(2,445
)
9,476
(11,921
)
Income before income taxes
52,759
59,691
(6,932
)
State income tax benefit (expense)
32
(14
)
46
Net income
52,791
59,677
(6,886
)
Allocation of net income attributable to
noncontrolling interests
(2,562
)
(2,885
)
323
Net income attributable to Holly Energy
Partners
$
50,229
$
56,792
$
(6,563
)
Limited partners’ earnings per unit –
basic and diluted
$
0.40
$
0.45
$
(0.05
)
Weighted average limited partners’
units outstanding
126,440
126,440
—
EBITDA(1)
$
82,186
$
79,796
$
2,390
Adjusted EBITDA(1)
$
103,202
$
104,244
$
(1,042
)
Distributable cash flow(2)
$
73,272
$
78,458
$
(5,186
)
Volumes (bpd)
Pipelines:
Affiliates – refined product pipelines
136,598
140,333
(3,735
)
Affiliates – intermediate pipelines
104,472
124,588
(20,116
)
Affiliates – crude pipelines
390,285
477,241
(86,956
)
631,355
742,162
(110,807
)
Third parties – refined product
pipelines
42,202
37,989
4,213
Third parties – crude pipelines
208,384
138,040
70,344
881,941
918,191
(36,250
)
Terminals and loading racks:
Affiliates
683,089
572,289
110,800
Third parties
49,909
36,748
13,161
732,998
609,037
123,961
Refinery processing units - Affiliates
59,754
72,342
(12,588
)
Total for pipelines and terminal assets
(bpd)
1,674,693
1,599,570
75,123
.
Six Months Ended June
30,
Change from
2023
2022
2022
(In thousands, except per unit
data)
Revenues
Pipelines:
Affiliates – refined product pipelines
$
38,120
$
37,780
$
340
Affiliates – intermediate pipelines
16,600
15,027
1,573
Affiliates – crude pipelines
45,332
39,248
6,084
100,052
92,055
7,997
Third parties – refined product
pipelines
15,648
14,475
1,173
Third parties – crude pipelines
25,900
26,569
(669
)
141,600
133,099
8,501
Terminals, tanks and loading racks:
Affiliates
77,317
69,440
7,877
Third parties
14,701
12,133
2,568
92,018
81,573
10,445
Refinery processing units - Affiliates
49,431
41,296
8,135
Total revenues
283,049
255,968
27,081
Operating costs and expenses
Operations
105,284
96,524
8,760
Depreciation and amortization
50,560
49,161
1,399
General and administrative
10,147
8,994
1,153
165,991
154,679
11,312
Operating income
117,058
101,289
15,769
Equity in earnings of equity method
investments
7,427
9,073
(1,646
)
Interest expense, including
amortization
(52,426
)
(33,986
)
(18,440
)
Interest income
40,756
36,978
3,778
Gain on sale of assets and other
275
146
129
(3,968
)
12,211
(16,179
)
Income before income taxes
113,090
113,500
(410
)
State income tax expense
(2
)
(45
)
43
Net income
113,088
113,455
(367
)
Allocation of net income attributable to
noncontrolling interests
(5,337
)
(7,104
)
1,767
Net income attributable to Holly Energy
Partners
$
107,751
$
106,351
$
1,400
Limited partners’ earnings per
unit—basic and diluted
$
0.85
$
0.90
$
(0.05
)
Weighted average limited partners’
units outstanding
126,440
118,087
8,353
EBITDA(1)
$
169,983
$
152,565
$
17,418
Adjusted EBITDA(1)
$
212,077
$
189,581
$
22,496
Distributable cash flow(2)
$
157,183
$
142,912
$
14,271
Volumes (bpd)
Pipelines:
Affiliates – refined product pipelines
139,782
123,863
15,919
Affiliates – intermediate pipelines
109,372
121,213
(11,841
)
Affiliates – crude pipelines
431,768
436,865
(5,097
)
680,922
681,941
(1,019
)
Third parties – refined product
pipelines
41,321
43,479
(2,158
)
Third parties – crude pipelines
192,273
134,602
57,671
914,516
860,022
54,494
Terminals and loading racks:
Affiliates
684,956
509,509
175,447
Third parties
46,206
42,519
3,687
731,162
552,028
179,134
Refinery processing units - Affiliates
56,542
68,804
(12,262
)
Total for pipelines and terminal assets
(bpd)
1,702,220
1,480,854
221,366
(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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(In thousands)
Net income attributable to Holly Energy
Partners
$
50,229
$
56,792
$
107,751
$
106,351
Add (subtract):
Interest expense
26,448
20,347
52,426
33,986
Interest income
(20,356
)
(24,331
)
(40,756
)
(36,978
)
State income tax expense
(32
)
14
2
45
Depreciation and amortization
25,897
26,974
50,560
49,161
EBITDA
82,186
79,796
169,983
152,565
Share of Osage environmental remediation
costs
350
—
1,220
—
Acquisition integration and regulatory
costs
954
886
1,472
1,722
Tariffs and fees not included in
revenues
21,319
25,168
42,615
38,507
Lease payments not included in operating
costs
(1,607
)
(1,606
)
(3,213
)
(3,213
)
Adjusted EBITDA
$
103,202
$
104,244
$
212,077
$
189,581
(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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(In thousands)
Net income attributable to Holly Energy
Partners
$
50,229
$
56,792
$
107,751
$
106,351
Add (subtract):
Depreciation and amortization
25,897
26,974
50,560
49,161
Amortization of discount and deferred debt
charges
1,082
1,033
2,153
1,803
Customer billings greater than net income
recognized
4,897
125
9,770
621
Maintenance capital expenditures(3)
(6,036
)
(4,963
)
(7,738
)
(10,583
)
Increase (decrease) in environmental
liability
(864
)
(124
)
(1,003
)
(244
)
Share of Osage insurance coverage
—
—
500
—
Reimbursable deferred revenue
(3,509
)
(3,356
)
(8,914
)
(6,590
)
Other
1,576
1,977
4,104
2,393
Distributable cash flow
$
73,272
$
78,458
$
157,183
$
142,912
(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.
June 30,
December 31,
2023
2022
(In thousands)
Balance Sheet Data
Cash and cash equivalents
$
7,845
$
10,917
Working capital
$
13,870
$
17,293
Total assets
$
2,705,425
$
2,747,502
Long-term debt
$
1,495,442
$
1,556,334
Partners' equity
$
876,980
$
857,126
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803742821/en/
John Harrison, Senior Vice President, Chief Financial Officer
and Treasurer Craig Biery, Vice President, Investor Relations Holly
Energy Partners, L.P. 214-954-6511
Holly Energy Partners (NYSE:HEP)
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