VALERO ENERGY PARTNERS LP (VLP) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017
Reported net income attributable to partners of $64 million for the fourth quarter and $238 million for the year.
Reported EBITDA attributable to the Partnership of $91 million for the quarter and $328 million for the year.
Reported net cash provided by operating activities of $69 million for the quarter and $289 million for the year.
Reported distributable cash flow of $72 million for the quarter and $284 million for the year.
Successfully integrated the previously announced acquisitions of the Port Arthur terminal assets and Parkway Pipeline LLC.
Delivered annual distribution growth of 25 percent in 2017.
The following information was filed by VALERO ENERGY PARTNERS LP on Friday, February 2, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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|Click a sentiment analysis snippet below from VALERO ENERGY PARTNERS LP's Management Discussions to find these positive and negative remarks within their 10-K Annual report:|
- vlp_10k_2018-02-22_236_157Financial - ExpenseThe impact of these legislative and regulatory developments, if enacted or adopted, could result in increased compliance costs and additional operating restrictions on our business, each of which could have an adverse impact on our financial position, results of operations, and liquidity.
- vlp_10k_2018-02-22_225_131Financial - DebtHowever, in the event of certain downgrades of our senior unsecured debt by the ratings agencies, the cost of borrowings under our Revolver and Loan Agreements would increase.
- vlp_10k_2018-02-22_82_59MA - OtherThe decrease in acquisition costs in 2017 was partially offset by incremental costs of $319,000 related to the management fee charged to us by Valero in connection with acquired businesses and assets.
- vlp_10k_2018-02-22_178_317Other - Other, partially offset by unfavorable changes in working capital of
- vlp_10k_2018-02-22_138_279Other - Other, partially offset by unfavorable changes in working capital of
- vlp_10k_2018-02-22_158_298Other - Other, partially offset by unfavorable changes in working capital of
- vlp_10k_2018-02-22_120_83Other - OtherAdditionally, we issued the Senior Notes in December 2016 and used the proceeds to repay $494.0 million of outstanding borrowings under our revolving credit facility.
- vlp_10k_2018-02-22_161_300Other - Otheran increase in receivables related party of
- vlp_10k_2018-02-22_141_281Other - Otheran increase in receivables related party of
- vlp_10k_2018-02-22_182_319Other - Otheran increase in receivables related party of
- vlp_10k_2018-02-22_114_77Revenue - ProductIn addition, we experienced a decrease of 26 percent in pipeline transportation throughput volumes at our McKee crude system in 2016 compared to 2015 due to decreased crude oil production in the region.
- vlp_10k_2018-02-22_75_54Revenue - ProductThe increase in volumes had a favorable impact to our operating revenues of $15.8 million.
- vlp_10k_2018-02-22_86_61Other - OtherWe used the proceeds of the Senior Notes to repay $494.0 million of outstanding borrowings under our revolving credit facility.
- vlp_10k_2018-02-22_243_175Other - OtherLeasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful life of the related asset.
- vlp_10k_2018-02-22_238_164Financial - ExpenseNew or expanded environmental requirements, which could increase our environmental costs, may arise in the future.
- vlp_10k_2018-02-22_114_74Revenue - ProductWe estimate that a decrease in throughput volumes at our other pipelines and terminals had an unfavorable impact to our operating revenues of approximately $5.1 million.
- vlp_10k_2018-02-22_122_89Revenue - ProductDuring 2016, the relative amount of operating revenues we generated in Texas increased in connection with the acquisitions of the Corpus Christi, McKee, Meraux, and Three Rivers terminals.
- vlp_10k_2018-02-22_116_81Financial - ExpenseAdditionally, waste handling costs at our Corpus Christi and St. Charles terminals decreased $2.3 million in 2016.
- vlp_10k_2018-02-22_114_76Revenue - ProductThe decrease in volumes was primarily a result of planned turnaround activity at Valeros Port Arthur refinery in September and October 2016, during which time the refinery was largely shut down.
- vlp_10k_2018-02-22_39_211Financial - Incomeincrease in operating income driven by contributions from our McKee, Meraux, Three Rivers, and Port Arthur terminals, which we acquired from Valero in April 2016, September 2016, and November 2017, as further described in Note
- vlp_10k_2018-02-22_204_339Other - Otherthe improvement of assets at our Meraux, Three Rivers, St. Charles, and Houston terminals to extend the useful lives of the tanks and
- vlp_10k_2018-02-22_208_343Other - Otherthe improvement of assets at our St. Charles terminal that will extend the useful lives of the tanks.
- vlp_10k_2018-02-22_31_14MA - OtherDuring 2017, we acquired businesses and assets and began receiving fees for services provided by these businesses and assets commencing on the effective date of each acquisition.
- vlp_10k_2018-02-22_49_36Other - OtherEffective March 31, 2017, we entered into an agreement with Diamond Green Diesel Holdings, LLC DGD, a joint venture consolidated by Valero, to construct and operate a rail loading facility located at Valeros St. Charles Refinery for the purpose of loading DGDs renewable diesel onto railcars.
- vlp_10k_2018-02-22_116_80Financial - ExpenseThe decrease was due primarily to lower maintenance expense of $4.7 million at our Corpus Christi terminals related to inspection activity in 2015.
- vlp_10k_2018-02-22_112_73Revenue - ProductThe incremental throughput volumes at these terminals had a favorable impact to our operating revenues of $124.1 million in 2016.
- vlp_10k_2018-02-22_57_220Other - OtherLess: Net loss attributable to Predecessor
- vlp_10k_2018-02-22_95_249Other - OtherLess: Net loss attributable to Predecessor
- vlp_10k_2018-02-22_163_302Revenue - Productan increase in deferred revenue related party of
- vlp_10k_2018-02-22_114_75Revenue - ProductThe decrease is due primarily to a decrease of 25 percent in pipeline transportation throughput volumes and 21 percent in terminaling throughput volumes at our Port Arthur logistics system in 2016 compared to 2015.
- vlp_10k_2018-02-22_122_90Financial - IncomeAs a result, our income tax expense has increased.
- vlp_10k_2018-02-22_130_100Other - Otherof borrowings and no letters of credit outstanding under the Revolver.
- vlp_10k_2018-02-22_239_359Financial - Expenseand may be affected by future legislation or regulations, it is not possible to predict all of the ultimate costs of compliance, including remediation costs that may be incurred and penalties that may be imposed.
- vlp_10k_2018-02-22_79_56Financial - ExpenseThe increase was due primarily to operating expenses of $3.9 million related to our Parkway pipeline and Port Arthur terminal, which were acquired in November 2017 $2.2 million related to our Red River crude system, which was acquired in January 2017 and $2.0 million related to our DGD rail loading facility, which began operations in May 2017.
- vlp_10k_2018-02-22_114_78Revenue - ProductAverage pipeline transportation revenue per barrel was higher in 2016 compared to 2015 due primarily to the recognition of $2.2 million of deferred revenue associated with unused minimum volume credits by Valero.
- vlp_10k_2018-02-22_51_43Revenue - ProductWe expect our throughput volumes and revenues to increase in 2018 from the full year of operations of these assets.
- vlp_10k_2018-02-22_88_65Financial - ExpenseInterest expense on the incremental borrowings was approximately $6.1 million in 2017.
- vlp_10k_2018-02-22_121_87Financial - ExpenseInterest expense on the incremental borrowings was $8.2 million in 2016.
- vlp_10k_2018-02-22_87_243MA - OtherIncremental borrowings in connection with acquisitions.
- vlp_10k_2018-02-22_218_350Financial - DebtDebt and notes payable related party a
- vlp_10k_2018-02-22_221_352Financial - DebtDebt and Notes Payable Related Party
- vlp_10k_2018-02-22_9_186Financial - Earningsa material decrease in Valeros profitability
- vlp_10k_2018-02-22_40_21Financial - IncomeThe increase in operating income was offset by a
- vlp_10k_2018-02-22_229_141Legal - OtherA purchase obligation is an enforceable and legally binding agreement to purchase goods or services that specifies significant terms, including i fixed or minimum quantities to be purchased, ii fixed, minimum, or variable price provisions, and iii the approximate timing of the transaction.
- vlp_10k_2018-02-22_37_209Financial - EarningsThe increase in net income of
- vlp_10k_2018-02-22_243_176Other - OtherChanges in the estimated useful lives of the property and equipment could have a material adverse effect on our results of operations.
- vlp_10k_2018-02-22_227_136Financial - ExpenseAny future reduction below investment grade or withdrawal of one or more of our credit ratings could have a material adverse impact on our ability to obtain short- and long-term financing and the cost of such financings.
- vlp_10k_2018-02-22_184_321Other - Otheran increase in accounts payable related party of
- vlp_10k_2018-02-22_241_168Other - OtherThe preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.
- vlp_10k_2018-02-22_200_335Other - Otherthe construction of a new tank and improvement of assets at our Port Arthur products system
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- Form Type: Annual
- Number of times amended: 0
- Accession Number: 0001583103-18-000008
- Submitted to the SEC: Thursday, February 22, 2018 5:17:32 PM EST
- Accepted by the SEC: Thursday, February 22, 2018
- Fiscal Year ending: December 2017
- Industry: Pipe Lines No Natural Gas
Positive and negative sentiment analysis is available in these filings:
VALERO ENERGY PARTNERS LP
Intrinsic Value, Financial Stability and Ratios