VALERO ENERGY PARTNERS LP

CIK:0001583103|SEC Filings
v3.10.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues – related party:      
Revenues from lease contracts $ 436,609 $ 351,532 $ 273,730
Revenues from contracts with customer 109,818 100,473 88,889
Total revenues – related party 546,427 452,005 362,619
Costs and expenses:      
Cost of revenues from lease contracts (excluding depreciation expense reflected below) [1] 104,776 83,332 75,380
Depreciation expense associated with lease contracts 63,499 40,950 33,961
Other operating expenses 0 577 0
General and administrative expenses [2] 20,702 15,549 15,965
Total costs and expenses 227,925 176,975 158,045
Operating income 318,502 275,030 204,574
Other income, net 2,214 753 284
Interest and debt expense, net of capitalized interest [3] (55,068) (36,015) (14,915)
Income before income tax expense 265,648 239,768 189,943
Income tax expense 1,553 1,335 1,112
Net income 264,095 238,433 188,831
Less: Net loss attributable to Predecessor 0 0 (15,422)
Net income attributable to partners 264,095 238,433 204,253
Less: General partner’s interest in net income 54,108 49,113 23,553
Limited partners’ interest in net income $ 209,987 $ 189,320 $ 180,700
Net income per limited partner unit – basic and diluted:      
Common units (in dollars per unit) $ 3.03 $ 2.77 $ 2.85
Subordinated units (in dollars per unit) $ 0.00 $ 0.00 $ 2.38
Weighted-average limited partner units outstanding – basic and diluted:      
Common units (units) 69,250 68,220 48,817
Subordinated units (units) 0 0 17,463
Services [Member]      
Revenues – related party:      
Revenues from contracts with customer $ 109,818 $ 100,473 $ 88,889
Costs and expenses:      
Cost of revenues from contracts with customer (excluding depreciation expense reflected below) [4] 26,319 25,042 20,735
Depreciation expense associated with contracts with customer $ 12,629 $ 11,525 $ 12,004
[1] Includes cost of revenues from lease contracts (excluding depreciation expense) – related party of $70,930 thousand, $59,953 thousand, and $56,138 thousand for the years ended December 31, 2018, 2017, and 2016, respectively.
[2] Includes general and administrative expenses – related party of $13,445 thousand, 12,858 thousand, and $12,539 thousand for the years ended December 31, 2018, 2017, and 2016, respectively.
[3] Includes interest and debt expense – related party of $10,693 thousand, $9,658 thousand, and $6,608 thousand for the years ended December 31, 2018, 2017, and 2016, respectively.
[4] Includes cost of revenues from contracts with customer (excluding depreciation expense) – related party of $8,313 thousand, $7,114 thousand, and $5,511 thousand for the years ended December 31, 2018, 2017, and 2016, respectively.