From San Antonio Business Journal:

Valero Energy Partners LP (NYSE: VLP) reached an important milestone in its recent fourth-quarter earnings — reporting more than $100 million in revenue for the first time after three years of slow but steady growth.

The San Antonio-based midstream company released its 2016 fourth-quarter and year-end earnings early Thursday morning, when it reported net income of nearly $59.8 million for the quarter on more than $104.1 million in revenue. Revenue for the quarter beat analyst expectations by $1.54 million and surpassed fourth quarter 2015 revenue by more than more than 31 percent.

For the year, Valero Energy Partners reported net income of $188.8 million on $362.6 million in revenue in 2016 compared with net income of $71.3 million on $243.6 million in revenue in 2015.

“We ran well, delivered 25 percent annual distribution growth, maintained a strong balance sheet and achieved investment-grade credit ratings,” Valero CEO Joe Gorder said in a statement. “We’re pleased with what we’ve accomplished, and we should be well-positioned to achieve our future growth targets.”

Over the past two years, affiliated company Valero Energy Corp. (NYSE: VLO) has dropped down six terminals to Valero Energy Partners in $1.7 billion worth of transactions — adding 383 storage tanks with a combined 34.25 million barrels of storage capacity to the latter company’s logistics operations.

Last month, Valero Energy Partners spent $70 million to buy a 40 percent stake in a new 138-mile Hewitt segment of a Red River Pipeline in Oklahoma.

Headquartered in San Antonio, Valero Energy Partners is a fee-based master limited partnership formed by refining company Valero Energy Corp. to own, operate, develop and acquire crude oil and refined petroleum products pipelines, storage terminals and other assets.

Valero Energy Partners began trading on the New York Stock Exchange on Dec. 11, 2013. The company’s stock was trading above $48 per share as of Thursday morning.


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