Holly Energy Partners Announces Quarterly Distribution, Updates 2019 Guidance and Initiates 2020 Distribution and Coverage Guidance
Holly Energy Partners, L.P. (HEP)
Last holly energy partners, l.p. earnings: 2/19 06:30 am
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Source: Business Wire
DALLAS--(BUSINESS WIRE)--The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.6725 per unit for the third quarter of 2019. The quarterly distribution amount remains the same as the $0.6725 per unit paid in the second quarter of 2019. The distribution will be paid on November 12, 2019 to unitholders of record on October 28, 2019.For 2019 and through 2020, HEP expects to hold the quarterly distribution constant at $0.6725 per unit, or $2.69 on an annualized basis, while maintaining a distribution coverage ratio of 1.0x. HEP’s 2020 distribution guidance reflects growth from contractual tariff escalators and the recently announced Cushing Connect joint venture offset by lower revenues from Delek and elevated maintenance capital expenditures due to one-time events.George Damiris, Chief Executive Officer, commented, “HEP’s fee based business model is underpinned by long-term contracts featuring substantial minimum volume commitments wit
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