Holly Energy Partners, L.P., based in Dallas and operators of a Tulsa refinery reported third quarter 2014 financial results showing distributable cash flow of $45.6 million, a 4 percent increase over the third quarter of a year ago.
The quarterly distribution went from $0.515 to $0.5225 a unit which means a 6 percent increase over the distribution for the third quarter of 2013.
Net income amounted to $29.7 million compared to $21.9 million a year ago.
Revenues for the quarter were $82.1 million which was $4.4 million more than the third quarter of last year and the company attributed the increase to higher pipeline volumes and annual tariff increases. Overall pipeline volumes were up 9 percent compared to the thiree months ending September 30, 2013.
Revenues for the nine months that ended September 30, 2014 totaled $244.1 million or $16.8 million more than the first nine months of last year.
Holly Energy Partners owns and operates petroleum product and crude gathering pipelines, tankage and terminals in Oklahoma, Texas, New Mexico, Arizona, Washington, Idaho, Utah, Wyoming and Kansas.
HollyFrontier Corporation, also headquartered in Dallas produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. It operates a 135,000 barrels-per-stream-day refinery in El Dorado, Kansas as well as the 125,000 bpsd refinery in Tulsa along with refineries in New Mexico, Wyoming and Utah.