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San Antonio-based Valero Energy Partners beat Wall Street expectations with earnings of $60 million, or 77 cents per unit, compared with Wall Street expectations of earnings around 70 cents per unit.
“We ran well, delivered 25 percent annual distribution growth, maintained a strong balance sheet, and achieved investment grade credit ratings,” Chairman and CEO Joe Gorder said in a news release.
The earnings were 33 percent higher than the $45 million, or 69 cents per unit, earned in the fourth quarter of 2015.
Valero Energy Partner’s fourth-quarter revenue came in at $104.1 million, above analysts’ expectations for revenues of $101.4 million and higher than the $79 million in revenues the company had in the fourth quarter of 2015. Net income attributable to partners was $204 million, or $2.85 per common limited partner unit.
Valero Energy Corp. formed Valero Energy Partners in 2013 as a master limited partnership to own and operate crude oil and refined product pipeline and storage assets. Many of the assets feed into Valero Energy Corp.’s refineries.
rdruzin@express-news.net
@druz_journo
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