Holly Energy Partners, L.P., the Dallas company with refining and pipeline operations in Oklahoma declared a cash distribution of 65 cents for the fourth quarter of 2017.
The company said the distribution compares to the 60 cents distributed in the fourth quarter of 2016. Holly Energy has increased its distribution to unitholders every quarter since becoming a publicly-traded partnership in July 2044. This most recent is the 53rd consecutive quarterly distribution increase.
The distribution will be paid Feb. 14, 2018 to unitholders of record on Feb. 5, 2018. Company leaders anticipate at least a 4 percent growth rate for 2018.
Holly Energy has also agreed to a private placement with certain funds managed by Tortoise Capital Advisors, L.L.C. for approximately $110 million of common equity. Holly Energy believes that this transaction will satisfy the majority of Holly Energy’s current equity needs. Proceeds from the transaction will be used to repay debt associated with Holly Energy’s previously announced acquisition of the Frontier and SLC pipelines, which closed on October 31, 2017.
Holly Energy plans to announce results for its fourth quarter of 2017 on February 20, 2018 before the opening of trading on the NYSE. The Partnership has scheduled a webcast conference on February 20, 2018 at 4:00 p.m. Eastern time to discuss financial results.
While headquartered in Dallas, Holly Energy has pipeline, storage tanks and terminals in Oklahoma, Texas, New Mexico, Arizona, Washington, Idaho, Utah, Nevada, Wyoming and Kansas.