Valero Energy Partners LP Reports 2016 Fourth Quarter and Full Year Results
Reported net income attributable to partners of $60 million and EBITDA attributable to the Partnership of $77 million for the fourth quarter.
Reported net cash provided by operating activities of $68 million and distributable cash flow of $68 million for the fourth quarter.
Delivered annual distribution growth of 25 percent in 2016.
SAN ANTONIO, February 2, 2017 - Valero Energy Partners LP (NYSE: VLP, the “Partnership”) today reported fourth quarter 2016 net income attributable to partners of $60 million, or $0.77 per common limited partner unit, and earnings before interest, income taxes, depreciation, and amortization (“EBITDA”) attributable to the Partnership of $77 million. The Partnership reported net cash provided by operating activities of $68 million and distributable cash flow of $68 million. The distribution coverage ratio for the fourth quarter was 1.9x.
For the year ended December 31, 2016, net income attributable to partners was $204 million, or $2.85 per common limited partner unit, and EBITDA attributable to the Partnership was $262 million. The Partnership reported net cash provided by operating activities of $230 million and distributable cash flow of $240 million.
“We ran well, delivered 25 percent annual distribution growth, maintained a strong balance sheet, and achieved investment grade credit ratings,” said Joe Gorder, Chairman and Chief Executive Officer of VLP’s general partner. “We’re pleased with what we’ve accomplished, and we should be well-positioned to achieve our future growth targets.”
The Partnership expects to grow distributions at an annual rate of 25 percent for 2017 and at least 20 percent for 2018.
The following information was filed by Valero Energy Partners Lp (VLP) on Thursday, February 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: VLP CIK: 1583103 Form Type:10-K Annual Report Accession Number: 0001583103-17-000012 Submitted to the SEC: Mon Feb 27 2017 12:35:38 PM EST Accepted by the SEC: Mon Feb 27 2017 Period: Saturday, December 31, 2016 Industry: Pipe Lines No Natural Gas