August 1, 2018 [Tank News International] - Valero Energy Partners has reported a second quarter 2018 net income of $64m, up from $58m in the same period last year, and an EBITDA of $98m. The Partnership reported net cash provided by operating activities of $89m, up from $66m in the same period last year.
“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 $135m for the second quarter of 2018 were $24m 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 totalled $33m in the second quarter of 2018 compared to $27m in the second quarter of 2017, and total depreciation expense was $19m in the second quarter of 2018 compared to $13m in the second quarter of 2017. General and administrative expenses of $4m were in line with the second quarter of 2017.
As of June 30, 2018, the Partnership had $850m of total liquidity consisting of $100m in cash and cash equivalents and $750m available on its revolving credit facility. Capital expenditures in the second quarter of 2018 were $7m, including $4m for expansion and $3m for maintenance.
The Partnership continues to target capital expenditures of $35m-$45m for 2018, which includes $15m to $20m for expansion and $20m to $25m for maintenance.
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