Holly Energy Partners, L.P. (HEP) Misses Q1 EPS by 20c, Revenues Miss

Holly Energy Partners, L.P. (NYSE: HEP) reported Q1 EPS of $0.24, $0.20 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $127.85 million versus the consensus estimate of $134.41 million.

• Reported net income attributable to HEP of $24.9 million or $0.24 per unit
• Announced quarterly distribution of $0.35 per unit
• Reported EBITDA of $64.4 million and Adjusted EBITDA of $91.1 million

Commenting on our 2020 first quarter results, Michael Jennings, Chief Executive Officer, stated, ““HEP delivered solid first quarter results, supported by safe and reliable operations and continued strength in both our crude and refined product transportation and storage systems.”

“Additionally, HEP has changed its distribution strategy to allow for long-term financial strength and flexibility. The new distribution rate will allow HEP to retain an additional $130 million per year, which will be utilized to fully fund capital expenditures as well as reduce leverage.”

“As the COVID-19 pandemic continues, HEP remains focused on the health and safety of our employees, communities, and contractors and we stay committed to safe and reliable operations.”

For earnings history and earnings-related data on Holly Energy Partners, L.P. (HEP) click here.

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