Holly Energy Partners, L.P. (HEP)

[Wildbilly]

Holly Energy Partners misses by $0.12, reports revs in-line (HEP) 39.39 : Reports Q1 (Mar) earnings of $0.21 per share, $0.12 worse than the Capital IQ Consensus Estimate of $0.33; revenues rose 8.6% year/year to $74.3 mln vs the $73.97 mln consensus.

This decrease in earnings is due principally to lower pipeline shipments resulting from major maintenance turnarounds at both HollyFrontier's Navajo refinery and Alon's Big Spring refinery that had a significant impact on pipeline and terminal volumes. Also operating costs and expenses increased.

Commenting on Q1 of 2013, Matt Clifton, Chairman of the Board and Chief Executive Officer, stated, "Although our distributable cash flow and earnings were down in the first quarter, they were near expected levels due to the major refinery maintenance work performed at HollyFrontier's Navajo refinery and at Alon's Big Spring refinery. With these two refinery turnarounds now completed, shipments through our pipelines have increased, returning to pre-turnaround throughput rates. Looking forward, positive industry fundamentals combined with HEP's strong asset base and our planned capital projects should drive continued growth in our distributable cash flow."

http://ih.advfn.com/p.php?pid=nmona&article=57374204