Valero Energy Partners Reports in Line First Quarter; Ample Dry Powder in Place for Growth Targets
Valero Energy Partners reported first-quarter results ahead of consensus but below our expectations. The Partnership generated $78 million of EBITDA. We had expected a slightly faster rate of earnings contribution from newly dropped assets (e.g. Red River pipeline) but see the trajectory of earnings growth intact. As we have highlighted with other midstream peers in the first quarter, much of the strength in operating performance from the Partnership’s existing asset base was terminalling assets...
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