Partners' Equity, Income Allocations and Cash Distributions |
9 Months Ended |
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Sep. 30, 2022 | |
| Partners' Capital [Abstract] | |
| Partners' Equity, Income Allocations and Cash Distributions | Partners’ Equity, Income Allocations and Cash Distributions As of September 30, 2022, HF Sinclair held 59,630,030 of our common units, constituting a 47% limited partner interest in us, and held the non-economic general partner interest. Continuous Offering Program We have a continuous offering program under which we may issue and sell common units from time to time, representing limited partner interests, up to an aggregate gross sales amount of $200 million. As of September 30, 2022, HEP has issued 2,413,153 units under this program, providing $82.3 million in gross proceeds. Allocations of Net Income Net income attributable to HEP is allocated to the partners based on their weighted-average ownership percentage during the period. Cash Distributions On October 20, 2022, we announced our cash distribution for the third quarter of 2022 of $0.35 per unit. The distribution is payable on all common units and will be paid November 11, 2022, to all unitholders of record on October 31, 2022. Our regular quarterly cash distribution to the limited partners will be $44.3 million for the three months ended September 30, 2022 and was $37.0 million for the three months ended September 30, 2021. For the nine months ended September 30, 2022, the regular quarterly distribution to the limited partners will be $133.0 million and was $111.1 million for the nine months ended September 30, 2021. Our distributions are declared subsequent to quarter end; therefore, these amounts do not reflect distributions paid during the respective period.
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