Holly Energy Reports Increased Income in 2nd Quarter

Holly Energy Partners, the Dallas based company with a refinery and storage facilities in Oklahoma reported an increase in net income in the second quarter.

Income totaled $41.3 million compared to $39.1 million one year ago.

Distributable cash flow was $60.9 million for the quarter, an increase of $5.2 million or 9.3% compared to the second quarter of 2016.

Chief Executive Officer George Damiris said the increase in earnings is primarily due to increased operating income from the Woods Cross refinery processing units of $4.5 million.

“It allowed us to maintain our record of continuous quarterly distribution increases and achieve our distribution growth target of 8%,” he said.

Revenues for quarter were $109.1 million, an increase of $14.2 million compared to the second quarter of a year earlier. Revenues from the company’s refined product pipelines were $31.1 million. The revenue from crude pipelines totaled $16.9 million, a drop of $1.7 million. But revenues from refinery processing units came to $17.5 million, an increase of $13.4 million.