Valero Energy Partners Reports Solid 2Q; Waiting for 2018 Drop-Down
Valero Energy Partners delivered solid second-quarter results, and we plan to maintain our narrow moat rating and $45 fair value estimate. Thanks to the prior acquisitions of the Parkway Pipeline and Port Arthur terminal in November 2017, EBITDA increased to $98 million from $80 million last year. The partnership's results are tracking our expectations. We do assume a $800 million drop-down is completed in the latter stages of the year to set up incremental growth for 2019. The Diamond Pipeline,...
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