Holly Energy Partners, L.P. the Dallas firm with a refinery in Tulsa announced increased third quarter earnings of $45 million or 43 cents a share. The earnings were up from the $42.1 million and 66 cents a share reported in the third quarter of 2017.
The distributable cash flow was $66.6 million for quarter which was up $7.4 million or 12.4% compared to a year ago. Holly Energy management credited the increased net income to the company’s acquisition of the remaining interests in the SLC and Frontier pipelines in the fourth quarter of 2017, as well as higher crude oil gathering volumes around the Permian Basin.
Holly Energy has other refineries across the U.S. as well as pipelines and crude storage at the Cushing hub in Oklahoma.
Revenues for the quarter were $125.8 million, an increase of $15.4 million compared to the third quarter of 2017. But revenues from Holly’s refined production pipelines were $32 million, a drop of $0.2 million. The company blamed the drop on pipelines serving HollyFrontier Corporation’s Woods Cross refinery which had operational issues.
However, the firm saw an increase in revenues from its crude pipelines where it totaled $31 million, up nearly $17 million compared to one year ago.
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