Valero Energy Partners Q4 Net Income Falls

(RTTNews) - Valero Energy Partners LP (VLP), a master limited partnership formed by Valero Energy Corp (VLO), Friday reported fourth-quarter net income of $12 million, compared with $13.8 million last year.

For the period from the company's initial public offering that closed on December 16, 2013 through December 31, 2013, net income attributable to limited partner's interest was $2 million or $0.03 per common unit.

Revenue for the quarter climbed to $24.6 million from $23.9 million last year.

Growth was seen across terminaling and pipeline transportation segments while storage revenue declined from a year ago, the company said.

Total expenses for the quarter grew to $13 million from $10 million in the prior year.

On December 11, San Antonio, Texas-based Valero Energy Partners' common units began trading on the New York Stock Exchange under the ticker symbol "VLP." The Partnership completed its IPO of 17.25 million common units on December 16.

The public owns a 29.4 percent limited partner interest in the Partnership, with Valero Energy Corp, owning the remaining limited partner interests and the 2 percent general partner interest.