EX-99.1 3 vlpexh991selectedfinancial.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

SELECTED FINANCIAL DATA
The selected financial data shown in the table below was derived from the consolidated financial statements of the Partnership and from the combined financial statements of our Predecessor (defined below). The Partnership completed its IPO of 17,250,000 common units representing limited partner interests on December 16, 2013. We acquired from Valero the Texas Crude Systems Business on July 1, 2014, the Houston and St. Charles Terminal Services Business on March 1, 2015, the Corpus Christi Terminal Services Business on October 1, 2015, and the McKee Terminal Services Business on April 1, 2016. These acquisitions from Valero were accounted for as transfers of businesses between entities under common control. Accordingly, this financial data has been retrospectively adjusted to include the historical results of these acquisitions for all periods presented prior to the effective dates of each acquisition. We refer to the historical results prior to the IPO and the effective dates of each acquisition from Valero as those of our “Predecessor.”
The following table should be read together with Exhibit 99.2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and accompanying notes in Exhibit 99.3, “Financial Statements and Supplementary Data.” The amounts below are presented in thousands, except per unit amounts. Net income per unit is only calculated after the IPO, as no units were outstanding prior to December 16, 2013.
 
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Operating revenues – related party
 
$
243,624

 
$
129,180

 
$
124,985

 
$
115,889

 
$
90,933

Net income (loss)
 
88,721

 
(17,248
)
 
(9,860
)
 
(23,388
)
 
(36,736
)
Net income attributable to partners
 
131,878

 
59,281

 
2,041

 
—

 
—

Limited partners’ interest in net income
 
125,809

 
57,902

 
2,000

 
—

 
—

Net income per limited partner unit – basic and diluted:
 
 
 
 
 
 
 
 
 
 
Common units
 
2.12

 
1.01

 
0.03

 
n/a
 
n/a
Subordinated units
 
2.07

 
1.01

 
0.03

 
n/a
 
n/a
Cash distribution declared per unit
 
1.1975

 
0.9410

 
0.0370

 
n/a
 
n/a
Cash and cash equivalents
 
80,783

 
236,579

 
375,118

 
—

 
—

Total assets
 
902,666

 
1,032,824

 
1,090,600

 
615,178

 
571,365

Debt and capital lease obligations, net of current portion
 
175,246

 
1,519

 
3,079

 
5,405

 
6,952

Notes payable to related party
 
370,000

 
—

 
—

 
—

 
—