Valero Energy Partners LP Reports Third Quarter 2015 Results

Liquidity and Financial Position

As of September 30, 2015, the Partnership had $176 million of total liquidity consisting of $51 million in cash and cash equivalents and $125 million available on its revolving credit facility.  Capital expenditures attributable to the Partnership in the third quarter of 2015 were $1.2 million, including $0.3 million for maintenance and $0.9 million for expansion.  For 2015, capital expenditures attributable to the Partnership are expected to total approximately $12 million, of which $6 million is for maintenance. 

Conference Call

The Partnership's senior management will host a conference call at 11 a.m. ET today to discuss this earnings release.  A live broadcast of the conference call will be available on the Partnership's website at www.valeroenergypartners.com.

About Valero Energy Partners LP

Valero Energy Partners LP is a fee-based master limited partnership formed by Valero Energy Corporation to own, operate, develop and acquire crude oil and refined products pipelines, terminals, and other transportation and logistics assets.  With headquarters in San Antonio, the Partnership's assets include crude oil and refined petroleum products pipeline and terminal systems in the Gulf Coast and Mid-Continent regions of the United States that are integral to the operations of nine of Valero's refineries.  Please visit www.valeroenergypartners.com for more information.

Contacts
Investors:
John Locke, Vice President – Investor Relations, 210-345-3077
Karen Ngo, Manager – Investor Relations, 210-345-4574

Media:
Bill Day, Vice President – Communications, 210-345-2928

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Safe-Harbor Statement

This release contains forward-looking statements within the meaning of federal securities laws. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other forward-looking information. You can identify forward-looking statements by words such as "anticipate," "believe," "estimate," "expect," "forecast," "project," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Partnership's control and are difficult to predict. These statements are often based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of the Partnership. Although the Partnership believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, the Partnership cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.  When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in the Partnership's filings with the SEC, including the Partnership's annual reports on Form 10-K and quarterly reports on Form 10-Q, available on the Partnership's website at www.valeroenergypartners.com. These risks could cause the Partnership's actual results to differ materially from those contained in any forward-looking statement.

Use of Non-GAAP Financial Information

This earnings release includes the terms "EBITDA," "distributable cash flow," and "coverage ratio."  These terms are supplemental financial measures that are not defined under United States generally accepted accounting principles (GAAP). We reconcile these non-GAAP measures to the most directly comparable GAAP measures in the tables that accompany this release.  In note (k) to the tables that accompany this release, we disclose the reasons why we believe our use of the non-GAAP financial measures in this release provides useful information.

VALERO ENERGY PARTNERS LP
EARNINGS RELEASE
(In Thousands, Except per Unit Amounts, per Barrel Amounts, and Ratios)
(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2015				2014				2015				2014
Statement of income data (a):
Operating revenues – related party (b)		$	62,037			$	33,666			$	164,168			$	94,998
Costs and expenses:
Operating expenses (c)		15,042				17,510				47,280				50,062
General and administrative expenses (d)		3,444				3,133				10,169				9,591
Depreciation expense (e)		10,684				7,178				25,887				19,226
Total costs and expenses		29,170				27,821				83,336				78,879
Operating income		32,867				5,845				80,832				16,119
Other income, net (f)		29				156				166				1,315
Interest and debt expense, net of capitalized interest (g)		(1,353)				(214)				(3,365)				(663)
Income before income taxes		31,543				5,787				77,633				16,771
Income tax expense (benefit) (h)		115				129				(62)				436
Net income		31,428				5,658				77,695				16,335
Less:  Net loss attributable to Predecessor		—				(11,885)				(9,516)				(23,890)
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