Holly Energy Partners Increases Quarterly Distribution; 51st Consecutive Quarterly Distribution Increase
July 27 2017 - 3:15PM
Business Wire
Increases quarterly distribution to $0.6325 per unit from
$0.6200 per unit
The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP)
has declared a cash distribution of $0.6325 per unit for the second
quarter of 2017, an 8.1% increase compared to the $0.5850 per unit
distribution declared for the second quarter of 2016. Today’s
distribution, reflective of the company’s strong and stable cash
generation, represents an acceleration in year over year
distribution growth and exceeds Holly Energy’s 8% distribution
growth target. Holly Energy has increased its distribution to
unitholders every quarter since becoming a publicly-traded
partnership in July 2004, with today’s distribution marking the
51st consecutive quarterly distribution increase. The distribution
will be paid on August 14, 2017 to unitholders of record on August
7, 2017.
Holly Energy plans to announce results for its second quarter of
2017 on August 1, 2017 before the opening of trading on the NYSE.
The Partnership has scheduled a webcast at 4 p.m. Eastern time that
day to discuss financial results.
The webcast may be accessed at:
https://event.webcasts.com/starthere.jsp?ei=1154339&tp_key=7f676d554d
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 HollyFrontier Corporation subsidiaries. The
Partnership, through its subsidiaries and joint ventures, owns
and/or operates petroleum product and crude gathering pipelines,
tankage and terminals in Texas, New Mexico, Arizona, Washington,
Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as
refinery processing units in Kansas and Utah.
This 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 Holly Energy Partner's distributions to foreign
investors are attributable to income that is effectively connected
with a United States trade or business. Accordingly, Holly Energy
Partner's distributions to foreign investors are subject to federal
income tax withholding at the highest applicable effective tax
rate.
Forward-looking Statement:
The statements in this press release relating to matters that
are not historical facts are “forward-looking statements” within
the meaning of the federal securities laws. These 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. 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. Therefore, actual outcomes and results could
materially differ from what is expressed, implied or forecast in
these statements. Any differences could be caused by a number of
factors including, but not limited to:
- risks and uncertainties with respect to
the actual quantities of petroleum products and crude oil shipped
on our pipelines and/or terminalled, stored and throughput in our
terminals;
- the economic viability of HollyFrontier
Corporation, Alon USA, Inc. and our other customers;
- the demand for refined petroleum
products in markets we serve;
- our ability to purchase and integrate
future acquired operations;
- our ability to complete previously
announced or contemplated acquisitions;
- the availability and cost of additional
debt and equity financing;
- the possibility of reductions in
production or shutdowns at refineries utilizing our pipeline and
terminal facilities;
- the effects of current and future
government regulations and policies;
- our operational efficiency in carrying
out routine operations and capital construction projects;
- the possibility of terrorist attacks
and the consequences of any such attacks;
- general economic conditions; and
- other financial, operations and legal
risks and uncertainties detailed from time to time in our
Securities and Exchange Commission 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170727006442/en/
Holly Energy Partners, L.P.Craig Biery, 214-954-6511Director,
Investor RelationsorJared Harding, 214-954-6511Investor
Relations
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