Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Holly Energy Partners, L.P. Reports Second Quarter Results


Holly Energy Partners, L.P. ("HEP" or the "Partnership") (NYSE: HEP) today reported financial results for the second quarter of 2022. Net income attributable to HEP for the second quarter of 2022 was $56.8 million ($0.45 per basic and diluted limited partner unit), compared to $55.7 million ($0.53 per basic and diluted limited partner unit) for the second quarter of 2021.

Results for the second quarter of 2021 reflect a gain of $5.3 million related to the sale of a refined product pipeline. Excluding this gain, net income attributable to HEP for the second quarter of 2021 was $50.5 million ($0.48 per basic and diluted limited partner unit). The increase in net income attributable to HEP was mainly due to net income from Sinclair Transportation Company LLC ("Sinclair Transportation"), which was acquired on March 14, 2022, partially offset by higher interest expense and higher operating costs and expenses.

Distributable cash flow was $78.5 million for the second quarter of 2022, an increase of $11.8 million, or 17.7%, compared to the second quarter of 2021. The increase was mainly due to distributable cash flow related to Sinclair Transportation, partially offset by higher interest expense. HEP declared a quarterly cash distribution of $0.35 per unit on July 21, 2022.

Commenting on our 2022 second quarter results, Michael Jennings, Chief Executive Officer, stated, "HEP delivered strong results during the quarter, driven by the Sinclair Transportation acquisition and record volumes on our SLC and Frontier crude pipelines in the Rockies region. We are very pleased with the performance of the Sinclair Transportation assets and expect they will continue to provide significant earnings while creating enhanced opportunities for our unitholders."

"Looking forward, we remain focused on integrating Sinclair Transportation while maintaining safe and reliable operations across our asset base. Additionally, we remain committed to our disciplined capital allocation framework as we continue to reduce leverage using retained cash flow. We are on track to achieve our short-term leverage target of 3.5x by year-end. Consistent with our disciplined capital allocation framework, we expect to increase unitholder returns in 2023."

Second Quarter 2022 Revenue Highlights

Revenues for the second quarter of 2022 were $135.8 million, an increase of $9.5 million compared to the second quarter of 2021. The increase was mainly due to revenues on our recently acquired Sinclair Transportation assets and higher revenues on our UNEV pipeline, partially offset by lower revenues on our Cheyenne assets as a result of the conversion of HF Sinclair Corporation's ("HF Sinclair") Cheyenne refinery to renewable diesel production and lower volumes on our product pipelines servicing HF Sinclair's Navajo refinery due to lower throughput at the refinery.

Six Months Ended June 30, 2022 Revenue Highlights

Revenues for the six months ended June 30, 2022, were $256.0 million, an increase of $2.6 million compared to the six months ended June 30, 2021. The increase was mainly attributable to revenues on our recently acquired Sinclair Transportation assets and increased revenues from our UNEV assets, partially offset by lower revenues on our Cheyenne assets as a result of the conversion of HF Sinclair's Cheyenne refinery to renewable diesel production and lower revenues on our product pipelines servicing HF Sinclair's Navajo refinery. The six months ended June 30, 2021 included the recognition of $9.9 million of the $10 million termination fee related to the termination of HF Sinclair's minimum volume commitment on our Cheyenne assets.

Operating Costs and Expenses Highlights

Operating costs and expenses were $85.6 million and $154.7 million for the three and six months ended June 30, 2022, representing increases of $15.6 million and $4.3 million from the three and six months ended June 30, 2021. The increases were mainly due to operating costs and expenses associated with our recently acquired Sinclair Transportation assets as well as higher employee costs, natural gas costs, maintenance costs and materials and supplies costs, partially offset by lower rentals and leases. In addition, the six months ended June 30, 2021 included a goodwill impairment charge of $11.0 million related to our Cheyenne reporting unit.

Interest Expense and Interest Income Highlights

Interest expense was $20.3 million and $34.0 million for the three and six months ended June 30, 2022, representing increases of $6.4 million and $6.8 million from the three and six months ended June 30, 2021. The increases were mainly due to our April 2022 issuance of $400 million in aggregate principal amount of 6.375% senior unsecured notes maturing in April 2027 and higher average borrowings outstanding under our senior secured revolving credit facility related to the funding of the cash portion of the Sinclair Transportation acquisition. In addition, interest rates increased on our senior secured revolving credit facility.

Interest income for the three and six months ended June 30, 2022, totaled $24.3 million and $37.0 million, representing increases of $17.7 million and $23.8 million compared to the three and six months ended June 30, 2021. The increases were mainly due to higher sales-type lease interest income from our Cushing Connect pipeline, which was placed into service at the end of the third quarter of 2021, and our recently 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/167295545

An audio archive of this webcast will be available using the above noted link through August 22, 2022.

About Holly Energy Partners, L.P.

Holly Energy Partners, L.P. ("HEP"), 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.

HF Sinclair Corporation, 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 1,300 Sinclair 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 Holly Energy Partners, L.P.

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," "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. These factors include, but are not limited to:

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 three and six months ended June 30, 2022 and 2021.

 

Three Months Ended June 30,

 

Change from

 

2022

 

2021

 

2021

 

(In thousands, except per unit data)

Revenues

 

 

 

 

 

Pipelines:

 

 

 

 

 

Affiliates ? refined product pipelines

$

20,920

 

 

$

19,213

 

 

$

1,707

 

Affiliates ? intermediate pipelines

 

7,521

 

 

 

7,521

 

 

 

?

 

Affiliates ? crude pipelines

 

20,971

 

 

 

19,251

 

 

 

1,720

 

 

 

49,412

 

 

 

45,985

 

 

 

3,427

 

Third parties ? refined product pipelines

 

5,215

 

 

 

9,526

 

 

 

(4,311

)

Third parties ? crude pipelines

 

13,692

 

 

 

12,811

 

 

 

881

 

 

 

68,319

 

 

 

68,322

 

 

 

(3

)

Terminals, tanks and loading racks:

 

 

 

 

 

Affiliates

 

38,232

 

 

 

32,131

 

 

 

6,101

 

Third parties

 

6,326

 

 

 

4,756

 

 

 

1,570

 

 

 

44,558

 

 

 

36,887

 

 

 

7,671

 

 

 

 

 

 

 

Refinery processing units - Affiliates

 

22,893

 

 

 

21,026

 

 

 

1,867

 

 

 

 

 

 

 

Total revenues

 

135,770

 

 

 

126,235

 

 

 

9,535

 

Operating costs and expenses

 

 

 

 

 

Operations

 

53,899

 

 

 

42,068

 

 

 

11,831

 

Depreciation and amortization

 

26,974

 

 

 

25,003

 

 

 

1,971

 

General and administrative

 

4,682

 

 

 

2,847

 

 

 

1,835

 

 

 

85,555

 

 

 

69,918

 

 

 

15,637

 

Operating income

 

50,215

 

 

 

56,317

 

 

 

(6,102

)

 

 

 

 

 

 

Equity in earnings of equity method investments

 

5,447

 

 

 

3,423

 

 

 

2,024

 

Interest expense, including amortization

 

(20,347

)

 

 

(13,938

)

 

 

(6,409

)

Interest income

 

24,331

 

 

 

6,614

 

 

 

17,717

 

Gain on sales-type leases 

 

?

 

 

 

27

 

 

 

(27

)

Gain on sale of assets and other

 

45

 

 

 

5,415

 

 

 

(5,370

)

 

 

9,476

 

 

 

1,541

 

 

 

7,935

 

Income before income taxes

 

59,691

 

 

 

57,858

 

 

 

1,833

 

State income tax expense

 

(14

)

 

 

(27

)

 

 

13

 

Net income

 

59,677

 

 

 

57,831

 

 

 

1,846

 

Allocation of net income attributable to noncontrolling interests

 

(2,885

)

 

 

(2,086

)

 

 

(799

)

Net income attributable to Holly Energy Partners

$

56,792

 

 

$

55,745

 

 

$

1,047

 

Limited partners' earnings per unit ? basic and diluted

$

0.45

 

 

$

0.53

 

 

$

(0.08

)

Weighted average limited partners' units outstanding

 

126,440

 

 

 

105,440

 

 

 

21,000

 

EBITDA(1)

$

79,796

 

 

$

88,099

 

 

$

(8,303

)

Adjusted EBITDA(1)

$

104,244

 

 

$

88,261

 

 

$

15,983

 

Distributable cash flow(2)

$

78,458

 

 

$

66,680

 

 

$

11,778

 

Volumes (bpd)

 

 

   

 

 

   

 

 

Pipelines:

 

 

   

 

 

   

 

 

Affiliates ? refined product pipelines

 

140,333

   

 

119,046

   

 

21,287

 

Affiliates ? intermediate pipelines

 

124,588

   

 

143,762

   

 

(19,174

)

Affiliates ? crude pipelines

 

477,241

   

 

260,756

   

 

216,485

 

 

 

742,162

   

 

523,564

   

 

218,598

 

Third parties ? refined product pipelines

 

37,989

   

 

52,126

   

 

(14,137

)

Third parties ? crude pipelines

 

138,040

   

 

135,904

   

 

2,136

 

 

 

918,191

   

 

711,594

   

 

206,597

 

Terminals and loading racks:

 

 

   

 

 

   

 

 

Affiliates

 

572,289

   

 

413,441

   

 

158,848

 

Third parties

 

36,748

   

 

53,257

   

 

(16,509

)

 

 

609,037

   

 

466,698

   

 

142,339

 

 

 

 

   

 

 

   

 

 

Refinery processing units - Affiliates

 

72,342

   

 

76,589

   

 

(4,247

)

 

 

 

   

 

 

   

 

 

Total for pipelines and terminal assets (bpd)

 

1,599,570

   

 

1,254,881

   

 

344,689

 

.

 

Six Months Ended June 30,

 

Change from

 

2022

 

2021

 

2021

 

(In thousands, except per unit data)

Revenues

 

 

 

 

 

Pipelines:

 

 

 

 

 

Affiliates ? refined product pipelines

$

37,780

 

 

$

37,819

 

 

$

(39

)

Affiliates ? intermediate pipelines

 

15,027

 

 

 

15,027

 

 

 

?

 

Affiliates ? crude pipelines

 

39,248

 

 

 

38,705

 

 

 

543

 

 

 

92,055

 

 

 

91,551

 

 

 

504

 

Third parties ? refined product pipelines

 

14,475

 

 

 

19,389

 

 

 

(4,914

)

Third parties ? crude pipelines

 

26,569

 

 

 

23,887

 

 

 

2,682

 

 

 

133,099

 

 

 

134,827

 

 

 

(1,728

)

Terminals, tanks and loading racks:

 

 

 

 

 

Affiliates

 

69,440

 

 

 

65,995

 

 

 

3,445

 

Third parties

 

12,133

 

 

 

9,074

 

 

 

3,059

 

 

 

81,573

 

 

 

75,069

 

 

 

6,504

 

 

 

 

 

 

 

Refinery processing units - Affiliates

 

41,296

 

 

 

43,522

 

 

 

(2,226

)

 

 

 

 

 

 

Total revenues

 

255,968

 

 

 

253,418

 

 

 

2,550

 

Operating costs and expenses

 

 

 

 

 

Operations

 

96,524

 

 

 

83,433

 

 

 

13,091

 

Depreciation and amortization

 

49,161

 

 

 

50,068

 

 

 

(907

)

General and administrative

 

8,994

 

 

 

5,815

 

 

 

3,179

 

Goodwill impairment

 

?

 

 

 

11,034

 

 

 

(11,034

)

 

 

154,679

 

 

 

150,350

 

 

 

4,329

 

Operating income

 

101,289

 

 

 

103,068

 

 

 

(1,779

)

 

 

 

 

 

 

Equity in earnings of equity method investments

 

9,073

 

 

 

5,186

 

 

 

3,887

 

Interest expense, including amortization

 

(33,986

)

 

 

(27,178

)

 

 

(6,808

)

Interest income

 

36,978

 

 

 

13,162

 

 

 

23,816

 

Gain on sales-type leases 

 

?

 

 

 

24,677

 

 

 

(24,677

)

Other income (loss)

 

146

 

 

 

5,917

 

 

 

(5,771

)

 

 

12,211

 

 

 

21,764

 

 

 

(9,553

)

Income before income taxes

 

113,500

 

 

 

124,832

 

 

 

(11,332

)

State income tax expense

 

(45

)

 

 

(64

)

 

 

19

 

Net income

 

113,455

 

 

 

124,768

 

 

 

(11,313

)

Allocation of net income attributable to noncontrolling interests

 

(7,104

)

 

 

(4,626

)

 

 

(2,478

)

Net income attributable to Holly Energy Partners

$

106,351

 

 

$

120,142

 

 

$

(13,791

)

Limited partners' earnings per unit?basic and diluted

$

0.90

 

 

$

1.14

 

 

$

(0.24

)

Weighted average limited partners' units outstanding

 

118,087

 

 

 

105,440

 

 

 

12,647

 

EBITDA(1)

$

152,565

 

 

$

184,290

 

 

$

(31,725

)

Adjusted EBITDA(1)

$

189,581

 

 

$

176,196

 

 

$

13,385

 

Distributable cash flow(2)

$

142,912

 

 

$

139,899

 

 

$

3,013

 

 

 

 

 

 

 

Volumes (bpd)

 

 

 

 

 

Pipelines:

 

 

 

 

 

Affiliates ? refined product pipelines

 

123,863

 

 

 

119,316

 

 

 

4,547

 

Affiliates ? intermediate pipelines

 

121,213

 

 

 

129,573

 

 

 

(8,360

)

Affiliates ? crude pipelines

 

436,865

 

 

 

255,730

 

 

 

181,135

 

 

 

681,941

 

 

 

504,619

 

 

 

177,322

 

Third parties ? refined product pipelines

 

43,479

 

 

 

48,298

 

 

 

(4,819

)

Third parties ? crude pipelines

 

134,602

 

 

 

129,603

 

 

 

4,999

 

 

 

860,022

 

 

 

682,520

 

 

 

177,502

 

Terminals and loading racks:

 

 

 

 

 

Affiliates

 

509,509

 

 

 

368,612

 

 

 

140,897

 

Third parties

 

42,519

 

 

 

49,526

 

 

 

(7,007

)

 

 

552,028

 

 

 

418,138

 

 

 

133,890

 

 

 

 

 

 

 

Refinery processing units - Affiliates

 

68,804

 

 

 

68,688

 

 

 

116

 

 

 

 

 

 

 

Total for pipelines and terminal assets (bpd)

 

1,480,854

 

 

 

1,169,346

 

 

 

311,508

 

(1)

 

Earnings before interest, taxes, depreciation and amortization ("EBITDA") is calculated as net income attributable to Holly Energy Partners, L.P. ("Holly Energy Partners") plus (i) interest expense, net of interest income, (ii) state income tax expense and (iii) depreciation and amortization. Adjusted EBITDA is calculated as EBITDA plus (i) goodwill impairment, (ii) acquisition integration and regulatory costs and (iii) tariffs and fees not included in revenues due to impacts from lease accounting for certain tariffs and fees minus (iv) gain on sales-type leases, (v) gain on significant asset sales and (vi) pipeline lease payments not included in operating costs and expenses. Portions of our minimum guaranteed pipeline and terminal tariffs and fees 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. These tariffs and fees were previously recorded as revenues prior to the renewal of the throughput agreement, which triggered sales-type lease accounting. 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,

 

 

2022

 

2021

 

2022

 

2021

 

 

(In thousands)

Net income attributable to Holly Energy Partners

 

$

56,792

 

 

$

55,745

 

 

$

106,351

 

 

$

120,142

 

Add (subtract):

 

 

 

 

 

 

 

 

Interest expense

 

 

20,347

 

 

 

13,938

 

 

 

33,986

 

 

 

27,178

 

Interest income

 

 

(24,331

)

 

 

(6,614

)

 

 

(36,978

)

 

 

(13,162

)

State income tax expense

 

 

14

 

 

 

27

 

 

 

45

 

 

 

64

 

Depreciation and amortization

 

 

26,974

 

 

 

25,003

 

 

 

49,161

 

 

 

50,068

 

EBITDA

 

 

79,796

 

 

 

88,099

 

 

 

152,565

 

 

 

184,290

 

Gain on sales-type leases

 

 

?

 

 

 

(27

)

 

 

?

 

 

 

(24,677

)

Gain on significant asset sales

 

 

?

 

 

 

(5,263

)

 

 

?

 

 

 

(5,263

)

Goodwill impairment

 

 

?

 

 

 

?

 

 

 

?

 

 

 

11,034

 

Acquisition integration and regulatory costs

 

 

886

 

 

 

?

 

 

 

1,722

 

 

 

?

 

Tariffs and fees not included in revenues

 

 

25,168

 

 

 

7,058

 

 

 

38,507

 

 

 

14,025

 

Lease payments not included in operating costs

 

 

(1,606

)

 

 

(1,606

)

 

 

(3,213

)

 

 

(3,213

)

Adjusted EBITDA

 

$

104,244

 

 

$

88,261

 

 

$

189,581

 

 

$

176,196

 

(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,

 

 

2022

 

2021

 

2022

 

2021

 

 

(In thousands)

Net income attributable to Holly Energy Partners

 

$

56,792

 

 

$

55,745

 

 

$

106,351

 

 

$

120,142

 

Add (subtract):

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

26,974

 

 

 

25,003

 

 

 

49,161

 

 

 

50,068

 

Amortization of discount and deferred debt charges

 

 

1,033

 

 

 

1,385

 

 

 

1,803

 

 

 

2,229

 

Customer billings greater (less) than net income recognized

 

 

125

 

 

 

(3,573

)

 

 

621

 

 

 

(179

)

Maintenance capital expenditures(3)

 

 

(4,963

)

 

 

(4,111

)

 

 

(10,583

)

 

 

(5,482

)

Increase (decrease) in environmental liability

 

 

(124

)

 

 

(78

)

 

 

(244

)

 

 

(234

)

Decrease in reimbursable deferred revenue

 

 

(3,356

)

 

 

(3,502

)

 

 

(6,590

)

 

 

(7,516

)

Gain on sales-type leases

 

 

?

 

 

 

(27

)

 

 

?

 

 

 

(24,677

)

Gain on significant asset sales

 

 

?

 

 

 

(5,263

)

 

 

?

 

 

 

(5,263

)

Goodwill impairment

 

 

?

 

 

 

?

 

 

 

?

 

 

 

11,034

 

Other

 

 

1,977

 

 

 

1,101

 

 

 

2,393

 

 

 

(223

)

Distributable cash flow

 

$

78,458

 

 

$

66,680

 

 

$

142,912

 

 

$

139,899

 

(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,

 

 

2022

 

2021

 

 

(In thousands)

Balance Sheet Data

 

 

 

 

Cash and cash equivalents

 

$

14,884

 

$

14,381

Working capital

 

$

15,259

 

$

17,461

Total assets

 

$

2,775,038

 

$

2,165,867

Long-term debt

 

$

1,608,460

 

$

1,333,049

Partners' equity

 

$

837,785

 

$

443,017

 


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