Valero Energy Partners LP Reports 2017 Second Quarter Results
Reported net income attributable to partners of $58 million and EBITDA attributable to the Partnership of $80 million.
Reported net cash provided by operating activities of $66 million and distributable cash flow of $63 million.
Increased cash distribution by 6.4 percent to $0.455 per unit, with distribution coverage ratio of 1.5x.
SAN ANTONIO, July 28, 2017 – Valero Energy Partners LP (NYSE: VLP, the “Partnership”) today reported second quarter 2017 net income attributable to partners of $58 million, or $0.69 per common limited partner unit, and earnings before interest, income taxes, depreciation, and amortization (“EBITDA”) attributable to the Partnership of $80 million. The Partnership reported net cash provided by operating activities of $66 million and distributable cash flow of $63 million. The distribution coverage ratio for the second quarter was 1.5x.
“We operated safely and reliably during the quarter and generated strong earnings and distribution coverage,” said Joe Gorder, Chairman and Chief Executive Officer of VLP’s general partner. “We remain on pace to grow distributions at our target annual rate of 25 percent for 2017 and at least 20 percent for 2018.”
On July 19, the board of directors of VLP’s general partner declared a second quarter 2017 cash distribution of $0.455 per unit. This distribution represents a 6.4 percent increase from the first quarter of 2017.
Revenues were $110 million for the second quarter of 2017 compared to $87 million for the second quarter of 2016. Operating expenses were $27 million, general and administrative expenses were $4 million, and depreciation expense was $12 million, all of which were in line with the second quarter of 2016. Revenues were higher in the second quarter of 2017 compared to the second quarter
The following information was filed by Valero Energy Partners Lp (VLP) on Friday, July 28, 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0001583103-17-000022 Submitted to the SEC: Tue Aug 08 2017 12:22:11 PM EST Accepted by the SEC: Tue Aug 08 2017 Period: Friday, June 30, 2017 Industry: Pipe Lines No Natural Gas