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Valero Energy Partners Reports Q4-15

|Includes: Valero Energy Partners LP (VLP)

The VLP DCF/unit growth is fantastic. The VLP distribution coverage ratio is fantastic. It is metrics like this that explain the atypically low yield - and the lack of unit price depreciation.

Valero Energy Partners LP metrics

  Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013
Memo Numbers
Revenues 79.456 62.037 60.245 41.886 34.182 33.666 31.843 29.489 33.069
Costs 31.785 29.170 25.249 28.917 14.994 15.936 25.808 25.250 15.987
EBITDA 56.879 43.580 42.737 27.810 23.741 22.204 15.565 13.858 2.603
Important Numbers
Total DCF dollars 52.861 41.880 40.051 27.452 22.606 21.131 15.650 13.565 2.581
GP's DCF dollars 2.248 1.612 1.357 0.852 0.381 0.351 0.244 0.210 0.041
Net DCF dollars 50.613 40.268 38.694 26.600 22.225 20.780 15.406 13.775 2.540
Units 62.814 59.488 59.488 58.216 57.581 57.581 57.580 57.582 57.580
DCF/unit $0.8058 $0.6769 $0.6505 $0.4569 $0.3859 $0.3609 $0.2676 $0.2392 $0.0441
Upcoming Distrib. $0.3200 $0.3075 $0.2925 $0.2775 $0.266 $0.240 $0.2225 $0.2125 $0.037
Calculated Coverage 2.52 2.20 2.22 1.64 1.45 1.50 1.20 1.12 1.19
Reported Coverage 2.33 2.08 2.17 1.59 1.43 1.50 1.20 1.09 1.19

Broker1 DCF/unit x $1.14 $1.09 $0.82 $0.83 $0.72 $0.64 $0.46  
Broker2 DCF/unit x   $0.xx $0.43 $0.38 $0.36 $0.27 $0.23  
Broker3 DCF/unit x $0.68 $0.66 $0.46 $0.38 $0.36 $0.27 $0.23  

The Broker1 DCF calculation subtracted funds from undistributed cash flow as belonging to the GP - AND - Broker1 did not include subordinated units in its unit count

The analyst numbers from Broker1 are evidence that you are not well served delegating the task of doing the numbers - or getting your numbers from a single source. You are (OTCQB:ALSO) not well served by the obfuscation of many MLP earnings releases - which makes it relatively difficult to calculate your own numbers.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.