Valero Energy Partners Q1 Profit Down - Quick Facts

(RTTNews) - Valero Energy Partners LP (VLP) reported that its first quarter 2014 net income declined to $10.48 million, from $14.52 million in the year ago quarter. Limited partners' interest in net income for the latest-quarter was $10.27 million and $0.18 per limited partner unit. Analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

In the first full quarter of operations since the initial public offering in December 2013, the Partnership generated earnings before interest, income taxes, depreciation, and amortization (EBITDA) of $13.9 million and distributable cash flow of $13.6 million.

Total operating expenses were $5.8 million, general and administrative expense was $2.6 million, and depreciation expense was $3.1 million. Combined, these expenses were $2.6 million greater than the first quarter of 2013 primarily due to higher planned maintenance and public company expenses.

First quarter 2014 transportation and terminaling throughput revenues were $21.5 million versus first quarter 2013 revenues of $23.5 million. The decrease was primarily related to lower throughput volumes in the Memphis logistics system caused by harsh winter weather, which slowed product demand and crude oil supply, and unplanned downtime at the Valero Memphis Refinery. These decreases were partially offset by higher throughput volumes in the Lucas crude system.