{"id":419729,"date":"2021-01-22T16:33:10","date_gmt":"2021-01-22T21:33:10","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=419729"},"modified":"2021-01-22T16:33:10","modified_gmt":"2021-01-22T21:33:10","slug":"holly-energy-partners-announces-quarterly-distribution-of-0-35-per-lp-unit-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/holly-energy-partners-announces-quarterly-distribution-of-0-35-per-lp-unit-3\/","title":{"rendered":"Holly Energy Partners Announces Quarterly Distribution of $0.35 per LP unit"},"content":{"rendered":"

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Holly Energy Partners Announces Quarterly Distribution of $0.35 per LP unit<\/b><\/p>\n

DALLAS–(BUSINESS WIRE<\/a>)–
\nThe Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for the fourth quarter of 2020. The distribution will be paid on February 12, 2021 to unitholders of record on February 2, 2021.\n<\/p>\n

\nIn 2021, HEP expects to hold the quarterly distribution constant at $0.35 per unit, or $1.40 on an annualized basis. We remain committed to our distribution strategy focused on funding all capital expenditures and distributions within free cash flow and maintaining distributable cash flow coverage of 1.3x or greater with the goal of reducing leverage to 3.0-3.5x.\n<\/p>\n

\nHolly Energy plans to announce results for its fourth quarter of 2020 on February 23, 2021 before the opening of trading on the NYSE. The Partnership has scheduled a webcast conference on February 23, 2021 at 4:00 p.m. Eastern time to discuss financial results.\n<\/p>\n

\nThe webcast may be accessed at:
\n
https:\/\/event.on24.com\/wcc\/r\/2947931\/69912ABCD95D2FE2A18BF7810FD7788C<\/a><\/p>\n

\nAbout Holly Energy Partners, L.P.:\n<\/p>\n

\nHolly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries. Holly Energy, through its subsidiaries and joint ventures, owns and\/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as refinery processing units in Kansas and Utah.\n<\/p>\n

\nThis release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Please note that one hundred percent (100.0%) of Holly Energy\u2019s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, Holly Energy\u2019s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.\n<\/p>\n

\nForward-looking Statement:\n<\/p>\n

\nThe statements in this press release relating to matters that are not historical facts are \u201cforward-looking statements\u201d within the meaning of the federal securities laws, including statements regarding funding of capital expenditures and distributions, distributable cash flow coverage and leverage targets. These statements are based on our beliefs and assumptions and those of our general partner using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties. Although we and our general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither we nor our general partner can give assurance that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:\n<\/p>\n