Valero Energy Partners LP Reports Third Quarter 2018 Results
Reported net income of $70 million and EBITDA of $104 million.
Reported net cash provided by operating activities of $89 million and distributable cash flow of $88 million.
Announced merger with Valero Energy Corporation (NYSE: VLO, “Valero”).
SAN ANTONIO, October 25, 2018 – Valero Energy Partners LP (NYSE: VLP, the “Partnership”) today reported third quarter 2018 net income of $70 million, or $0.75 per limited partner common unit, and EBITDA of $104 million. The Partnership reported net cash provided by operating activities of $89 million and distributable cash flow of $88 million. The distribution coverage ratio for the third quarter was 1.6x.
Revenues of $141 million for the third quarter of 2018 were $31 million higher than the third quarter of 2017 due primarily to contributions from the Port Arthur terminal and Parkway Pipeline, which were acquired from subsidiaries of Valero in November 2017. Cost of revenues from lease and customer contracts totaled $33 million in the third quarter of 2018 compared to $26 million in the third quarter of 2017, and total depreciation expense was $19 million in the third quarter of 2018 compared to $12 million in the third quarter of 2017. General and administrative expenses of $4 million were in line with the third quarter of 2017.
Liquidity and Financial Position
As of September 30, 2018, the Partnership had $878 million of total liquidity consisting of $128 million in cash and cash equivalents and $750 million available on its revolving credit facility. Capital expenditures in the third quarter of 2018 were $5 million, including $2 million for expansion and $3 million for maintenance.
The Partnership is targeting capital expenditures of $30 million to $40 million for 2018, which includes $15 million to $20 million for expansion and $15 million to $20 million for maintenance.
The following information was filed by Valero Energy Partners Lp (VLP) on Thursday, October 25, 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.
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Ticker: VLP CIK: 1583103 Form Type:10-Q Quarterly Report Accession Number: 0001583103-18-000022 Submitted to the SEC: Mon Nov 05 2018 11:14:17 AM EST Accepted by the SEC: Mon Nov 05 2018 Period: Sunday, September 30, 2018 Industry: Pipe Lines No Natural Gas