August 5, 2016 [OPIS] - Valero Energy Partners reported increased income for the second quarter of 2016, buoyed by the acquisition of terminals in Corpus Christi, Texas, in October, and the McKee terminal in Sunray, Texas, in April.
Valero Energy Partners reported increased income for the second quarter of 2016, buoyed by the acquisition of terminals in Corpus Christi, Texas, in October, and the McKee terminal in Sunray, Texas, in April.
“We continue to focus on growing the Partnership through acquisition and development of logistics assets that support Valero’s operations,” said Joe Gorder, chairman and CEO of Valero Energy Partners’ general partner, in a statement.
Revenue for Valero Energy Partners was $88 million for the second quarter, with operating expenses at $21 million.
Capital expenditures for Valero Energy Partners in the quarter totaled $3 million, split evenly between expansion and maintenance. In total, the company expects yearly capital expenditures to be approximately $19 million, $8 million of which is slated for expansion.
Valero Energy Partners is a master limited partnership formed by Valero Energy Corp. to own, develop and operate crude and refined product terminals, pipelines and other logistical assets. They are headquartered in San Antonio, Texas.
