Holly Energy Partners Announces Quarterly Distribution of $0.35 per LP unit
October 19 2023 - 4:30PM
Business Wire
The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP)
has declared a cash distribution of $0.35 per common unit for the
third quarter of 2023. The distribution will be paid on November
10, 2023 to unitholders of record on October 30, 2023.
HEP plans to announce results for its third quarter of 2023 on
November 2, 2023 before the opening of trading on the NYSE and has
scheduled a webcast conference on November 2, 2023 at 9:30 a.m.
Eastern Time to discuss financial results.
The webcast may be accessed at:
https://events.q4inc.com/attendee/172908001
Qualified Tax Notice:
This press release is intended to be a qualified notice under
Treasury Regulation Section 1.1446-4(b). Please note that one
hundred percent (100.0%) of HEP’s distributions to foreign
investors are attributable to income that is effectively connected
with a United States trade or business. Accordingly, HEP’s
distributions to foreign investors are subject to federal income
tax withholding at the highest applicable effective tax rate.
About Holly Energy Partners, L.P.:
Holly Energy Partners, L.P., 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. HEP,
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.
Forward Looking Statements:
This press release contains 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,” “intend,” “strategy,”
“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. These factors include, but are not
limited to:
- the ability of HEP and HF Sinclair Corporation (“HF Sinclair”)
to consummate the transactions contemplated by the Agreement and
Plan of Merger, dated August 15, 2023 (the “Merger Agreement”),
providing for the merger of HEP with and into a wholly-owned
subsidiary of HF Sinclair, with HEP surviving as an indirect,
wholly-owned subsidiary of HF Sinclair (such merger, together with
the other transactions contemplated by the Merger Agreement, being
referred to herein as the “HF Sinclair Transaction”);
- the risk that the HF Sinclair Transaction does not occur;
- negative effects from the pendency of the HF Sinclair
Transaction;
- failure to obtain the required approvals for the HF Sinclair
Transaction, including the ability to obtain the requisite
approvals from HEP unitholders or HF Sinclair stockholders;
- the time required to consummate the HF Sinclair
Transaction;
- disruption from the HF Sinclair Transaction may make it more
difficult to maintain relationships with customers, employees or
suppliers;
- the focus of management time and attention on the HF Sinclair
Transaction and other disruptions arising from the HF Sinclair
Transaction;
- legal proceedings that may be instituted against HEP in
connection with the 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 Company LLC 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/or 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 Israel-Gaza conflict, 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 business, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231019149852/en/
Holly Energy Partners, L.P. Craig Biery, 214-954-6511 Vice
President, Investor Relations or Trey Schonter, 214-954-6511 Sr.
Manager, Investor Relations
Holly Energy Partners (NYSE:HEP)
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