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HollyFrontier Corporation Reports 2020 Fourth Quarter and Full Year Results financialbuzz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialbuzz.com Daily Mail and Mail on Sunday newspapers.
Posted on 370 Holly Energy Partners, L.P. (“HEP” or the “Partnership”) (NYSE:HEP) today reported financial results for the fourth quarter of 2020. Net income attributable to HEP for the fourth quarter was $51.3 million ($0.49 per basic and diluted limited partner unit) compared to $45.7 million ($0.43 per basic and diluted limited partner unit) for the fourth quarter of 2019. Distributable cash flow was $70.0 million for the quarter, an increase of $5.5 million, or 8.5%, compared to the fourth quarter of 2019. HEP declared a quarterly cash distribution of $0.35 on January 22, 2021. The increase in net income attributable to HEP was mainly due to lower interest expense and higher equity in earnings of equity method investments, partially offset by lower volumes on our crude and product pipeline systems. ....
Press release content from Business Wire. The AP news staff was not involved in its creation. Holly Energy Partners Announces Quarterly Distribution of $0.35 per LP unit January 22, 2021 GMT DALLAS (BUSINESS WIRE) Jan 22, 2021 The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for the fourth quarter of 2020. The distribution will be paid on February 12, 2021 to unitholders of record on February 2, 2021. In 2021, HEP expects to hold the quarterly distribution constant at $0.35 per unit, or $1.40 on an annualized basis. We remain committed to our distribution strategy focused on funding all capital expenditures and distributions within free cash flow and maintaining distributable cash flow coverage of 1.3x or greater with the goal of reducing leverage to 3.0-3.5x. ....