Valero Energy Partners LP Reports Second Quarter 2018 Results
Reported net income of $64 million and EBITDA of $98 million.
Reported net cash provided by operating activities of $89 million and distributable cash flow of $80 million.
Declared cash distribution of $0.551 per unit, a 4.5 percent increase over the first quarter 2018, with a distribution coverage ratio of 1.4x.
SAN ANTONIO, July 26, 2018 – Valero Energy Partners LP (NYSE: VLP, the “Partnership”) today reported second quarter 2018 net income of $64 million, or $0.66 per limited partner common unit, and EBITDA of $98 million. The Partnership reported net cash provided by operating activities of $89 million and distributable cash flow of $80 million. The distribution coverage ratio for the second quarter was 1.4x.
“We continued to operate safely and reliably, generating solid earnings during the quarter,” said Joe Gorder, Chairman and Chief Executive Officer of VLP’s general partner. “We are on pace to deliver 20 percent distribution growth for 2018.”
Revenues of $135 million for the second quarter of 2018 were $24 million higher than the second quarter of 2017 due primarily to contributions from the Port Arthur terminal and Parkway Pipeline, which were acquired from subsidiaries of Valero Energy Corporation in November 2017. Cost of revenues from lease and customer contracts totaled $33 million in the second quarter of 2018 compared to $27 million in the second quarter of 2017, and total depreciation expense was $19 million in the second quarter of 2018 compared to $13 million in the second quarter of 2017. General and administrative expenses of $4 million were in line with the second quarter of 2017.
The following information was filed by Valero Energy Partners Lp (VLP) on Thursday, July 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: 0001583103-18-000017 Submitted to the SEC: Fri Aug 03 2018 9:56:49 AM EST Accepted by the SEC: Fri Aug 03 2018 Period: Saturday, June 30, 2018 Industry: Pipe Lines No Natural Gas