By Rye Druzin, San Antonio Express-News
San Antonio-based Valero Energy Partners beat Wall Street expectations with earnings of $60 million, or 77 cents a share, compared with Wall Street expectations of earnings around 70 cents a share.
Valero Energy Corp. formed Valero Energy Partners in 2013 as a master limited partnership to own and operate crude oil and refined product pipeline and storage assets. Many of the assets feed into Valero Energy Corp.’s refineries.
“We ran well, delivered 25 percent annual distribution growth, maintained a strong balance sheet, and achieved investment grade credit ratings,” Chairman and CEO Joe Gorder said in a news release.
The earnings were 33 percent higher than the $45 million, or 69 cents per share, earned in the fourth quarter of 2015.
Valero Energy Partner’s fourth-quarter revenue came in at $104.1 million, above analysts’ expectations for revenues of $101.4 million and higher than the $79 million in revenues the company had in the fourth quarter of 2015. Net income attributable to partners was $204 million, or $2.85 per common limited partner unit.