Valero Energy Partners LP Reports First Quarter 2018 Results
Reported net income of $66 million and EBITDA of $97 million.
Reported net cash provided by operating activities of $86 million and distributable cash flow of $86 million.
Increased cash distribution to $0.5275 per unit, a 3.9 percent increase over the fourth quarter 2017, with a distribution coverage ratio of 1.6x.
SAN ANTONIO, April 26, 2018 – Valero Energy Partners LP (NYSE: VLP, the “Partnership”) today reported first quarter 2018 net income of $66 million, or $0.72 per limited partner common unit, and EBITDA of $97 million. The Partnership reported net cash provided by operating activities of $86 million and distributable cash flow of $86 million. The distribution coverage ratio for the first quarter was 1.6x.
“Backed by solid operations, a healthy coverage ratio and a strong balance sheet, VLP remains well-positioned to achieve its distribution growth target of at least 20 percent for 2018 without the need for additional acquisitions,” said Joe Gorder, Chairman and Chief Executive Officer of VLP’s general partner.
Revenues of $132 million for the first quarter of 2018 were $26 million higher than the first quarter of 2017 due primarily to contributions from the Port Arthur terminal and Parkway Pipeline, which were acquired from Valero Energy Corporation (“Valero”) in November 2017. Cost of revenues from lease and customer contracts totaled $31 million in the first quarter of 2018 compared to $24 million in the first quarter of 2017, and total depreciation expense was $19 million in the first quarter of 2018 compared to $12 million in the first quarter of 2017. General and administrative expenses of $4 million were in line with the first quarter of 2017.
The following information was filed by Valero Energy Partners Lp (VLP) on Thursday, April 26, 2018 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.
View differences made from one quarter to another to evaluate Valero Energy Partners Lp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Valero Energy Partners Lp.
Ticker: VLP CIK: 1583103 Form Type:10-Q Quarterly Report Accession Number: 0001583103-18-000013 Submitted to the SEC: Fri May 04 2018 11:42:22 AM EST Accepted by the SEC: Fri May 04 2018 Period: Saturday, March 31, 2018 Industry: Pipe Lines No Natural Gas