Holly Energy Partners Announces Change in Distribution Strategy and Quarterly Distribution
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
Quarterly distribution of $0.35 per LP unitFund all capital expenditures and distributions from operating cash flowTarget 3.0 – 3.5x leverage and 1.3x or greater distribution coverage DALLAS--(BUSINESS WIRE)--The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit, which represents a 48% reduction from its last quarterly distribution. The first quarter 2020 distribution will be paid on May 14, 2020 to unitholders of record on May 4, 2020.HEP’s current distribution strategy is intended to:fund all capital expenditures and distributions within free cash flow,improve distributable cash flow coverage to 1.3x or greater, andreduce leverage to 3.0-3.5x.HEP expects to maintain the quarterly distribution constant at $0.35 per unit, or $1.40 on an annualized basis for the balance of 2020.“This announcement reflects a significant shift in HEP’s distribution strategy based on both the current environment and our expectations for the
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