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Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
[1]
Income Statement [Abstract]    
Operating revenues – related party $ 105,816 $ 78,767
Costs and expenses:    
Operating expenses [2] 23,545 24,286
General and administrative expenses [3] 3,830 4,365
Depreciation expense 11,775 11,512
Total costs and expenses 39,150 40,163
Operating income 66,666 38,604
Other income, net 64 77
Interest and debt expense, net of capitalized interest [4] (8,289) (2,659)
Income before income taxes 58,441 36,022
Income tax expense 304 242
Net income 58,137 35,780
Less: Net loss attributable to Predecessor 0 (7,518)
Net income attributable to partners 58,137 43,298
Less: General partner’s interest in net income 9,467 3,504
Limited partners’ interest in net income $ 48,670 $ 39,794
Net income per limited partner unit – basic and diluted:    
Common units (in dollars per share) $ 0.72 $ 0.61
Subordinated units (in dollars per share) $ 0.00 $ 0.61
Weighted-average limited partner units outstanding:    
Common units – basic and diluted (shares) 67,664 36,520
Subordinated units – basic and diluted (shares) 0 28,790
Cash distribution declared (dollars per unit) $ 0.4275 $ 0.34000
[1] Financial information has been retrospectively adjusted for the acquisitions of the McKee Terminal Services Business and the Meraux and Three Rivers Terminal Services Business from Valero Energy Corporation. See Notes 1 and 2.
[2] Includes operating expenses – related party of $15,632 thousand and $15,083 thousand for the three months ended March 31, 2017 and 2016, respectively.
[3] Includes general and administrative expenses – related party of $3,186 thousand and $3,062 thousand for the three months ended March 31, 2017 and 2016, respectively.
[4] Includes interest and debt expense – related party of $2,107 thousand and $1,566 thousand for the three months ended March 31, 2017 and 2016, respectively.