Valero Energy Partners LP (VLP), today reported third quarter 2015 net income attributable to partners of $31.4 million, or $0.51 per common limited partner unit. The Partnership generated earnings before interest, income taxes, depreciation, and amortization ("EBITDA") of $43.6 million and distributable cash flow of $41.9 million. VLP's coverage ratio for the third quarter of 2015 was 2.08x.
Link to page with supplemental reports - http://www.valero.com/InvestorRelations/Pages/EventsPresentations.aspx
The link to the current report did not display in a version of Adobe that included an URL. The current report is long and has lots of information.
My Stats:
Valero Energy Partners LP metrics
| Q3-2015 | Q2-2015 | Q1-2015 | Q4-2014 | Q3-2014 | Q2-2014 | Q1-2014 | Q4-2013 | ||||
| Memo Numbers | |||||||||||
| Revenues | 62.037 | 60.245 | 41.886 | 34.182 | 33.666 | 31.843 | 29.489 | 33.069 | |||
| Costs | 29.170 | 25.249 | 28.917 | 14.994 | 15.936 | 25.808 | 25.250 | 15.987 | |||
| EBITDA | 43.580 | 42.737 | 27.810 | 23.741 | 22.204 | 15.565 | 13.858 | 2.603 | |||
| Important Numbers | |||||||||||
| Total DCF dollars | 41.880 | 40.051 | 27.452 | 22.606 | 21.131 | 15.650 | 13.565 | 2.581 | |||
| GP's DCF dollars | 1.612 | 1.357 | 0.852 | 0.381 | 0.351 | 0.244 | 0.210 | 0.041 | |||
| Net DCF dollars | 40.268 | 38.694 | 26.600 | 22.225 | 20.780 | 15.406 | 13.775 | 2.540 | |||
| Units | 59.488 | 59.488 | 58.216 | 57.581 | 57.581 | 57.580 | 57.582 | 57.580 | |||
| DCF/unit | $0.6769 | $0.6505 | $0.4569 | $0.3859 | $0.3609 | $0.2676 | $0.2392 | $0.0441 | |||
| Upcoming Distribution | $0.3075 | $0.2925 | $0.2775 | $0.266 | $0.240 | $0.2225 | $0.2125 | $0.037 | |||
| Calculated Coverage | 2.20 | 2.22 | 1.64 | 1.45 | 1.50 | 1.20 | 1.12 | 1.19 | |||
| Reported Coverage | 2.08 | 2.17 | 1.59 | 1.43 | 1.50 | 1.20 | 1.09 | 1.19 | |||
| Broker 1 DCF/unit | $0.xx | $0.43 | $0.38 | $0.36 | $0.27 | $0.23 | |||||
| Broker 2 DCF/unit | $0.66 | $0.46 | $0.38 | $0.36 | $0.27 | $0.23 | |||||
Questions on which I am working
(1) Why is there a difference in the calculated coverage and the reported coverage - and why is the difference growing?
(2) Why is DCF growing like a weed while the unit count is close to stable?
(3) Valero produces stats that indicate they are a low cost provider. Can those stats be verified by third parties?