On Friday, Holly Energy Partners, L.P. (NYSE: HEP) remained among the day losers and traded with change of -0.26% on volume of 365136 shares in the last session as compared to average volume of 379717 shares. During last trade its minimum price was $22.42 and it gained highest price of $22.92. HEP has total market capitalization of $2399818976. Its closing value stands at $22.76.
Holly Energy Partners, L.P. (HEP) recently stated financial results for the third quarter of 2019. Net income attributable to HEP for the third quarter was $82.3M ($0.78 per basic and diluted limited partner unit), contrast to $45.0M ($0.43 per basic and diluted limited partner unit) for the third quarter of 2018.
Third Quarter 2019 Revenue Highlights
Revenues for the third quarter were $135.9M, a raise of $10.1M contrast to the third quarter of 2018. The increase was mainly attributable to higher volumes on our UNEV pipeline and our crude pipeline systems in Wyoming and Utah, which contributed to a raise in overall pipeline volumes of 8%. Together with higher volumes through our refinery tankage and terminals, contractual tariff escalators across our assets also led to a raise in revenues year over year.
- Revenues from our refined product pipelines were $32.7M, a raise of $0.7M contrast to the third quarter of 2018, Because of higher throughput and contractual tariff escalators. Shipments averaged 197.1 thousand barrels per day (“mbpd”) contrast to 187.1 mbpd for the third quarter of 2018. The volume increase was mainly Because of higher volumes on our UNEV pipeline and pipelines servicing HFC’s Navajo refinery.
- Revenues from our intermediate pipelines were $7.5M, a raise of $0.7M contrast to the third quarter of 2018, Because of higher throughput and contractual tariff escalators. Shipments averaged 153.5 mbpd for the third quarter of 2019 contrast to 148.3 mbpd for the third quarter of 2018. The increase in volumes was mainly Because of higher through puts on our intermediate pipelines servicing HollyFrontier’s Tulsa refinery.
- Revenues from our crude pipelines were $33.0M, a raise of $2.0M contrast to the third quarter of 2018, and shipments averaged 488.1 mbpd contrast to 442.1 mbpd for the third quarter of 2018. The increases were mainly attributable to increased volumes on our crude pipeline systems in New Mexico and Texas and on our crude pipeline systems in Wyoming and Utah, as well as contractual tariff escalators.
- Revenues from terminal, tankage and loading rack fees were $42.5M, a raise of $6.0M contrast to the third quarter of 2018. Refined products and crude oil terminalled in the facilities averaged 541.6 mbpd contrast to 475.1 mbpd for the third quarter of 2018. The revenue and volume increases were mainly Because of higher volumes at HFC’s Tulsa and El Dorado refineries, our new Orla diesel rack and our Catoosa, Las Vegas and Spokane terminals.
- Revenues from refinery processing units were $20.3M, a raise of $0.7M contrast to the third quarter of 2018, and through puts averaged 75.9 mbpd contrast to 65.6 mbpd for the third quarter of 2018. The increase in revenue was mainly Because of contractual rate increases.
The stock was at 7.06% over one-month performance. HEP’s shares are at -17.18% for the quarter and driving a -21.52% return over the course of the past year and is now at -20.31% since this point in 2018. The average volatility for the week at 1.62% and for month was at 2.33%. Right now, the stock beta is 0.73.
)
