Holly Interconnect Pipeline Project For Its Tulsa Refineries On Track

Tuesday, February 15th 2011, 10:19 am
By: News On 6


TULSA, Oklahoma -- The Holly Corporation says it's on schedule to begin a major turnaround at the former Sinclair refinery.

"Currently, we are on track to complete the interconnect pipeline project at Holly's Tulsa refinery in the spring…" said Matt Clifton, Chairman of the Board and Chief Executive Officer.

Holly owns two refineries in west Tulsa.

The announcement came in a new release that included the company's financial results for the fourth quarter of 2010.

For the quarter, cash flow was $24.3 million, up $3.7 million or 18% compared to fourth quarter of 2009.

For the year ended December 31, 2010, cash flow was $91.1 million, up $18.8 million or 26% compared to the same period of 2009.

According to the release, Holly Corporation's tankage and loading rack fees were $12.6 million in the fourth quarter, an increase of $6 million compared to 2009. This includes a $5.7 million year-over-year increase in revenues attributable to volumes transferred and stored at its Tulsa storage and rack facilities.