Valero Energy Partners (VLP) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2014
		Common Unitholders Public [Member]	Subordinated Unitholder Valero [Member]	General Partner Valero [Member]
Entity Information	'	'	'	'
Entity Registrant Name	'VALERO ENERGY PARTNERS LP	'	'	'
Entity Central Index Key	'0001583103	'	'	'
Document Type	'10-Q	'	'	'
Document Period End Date	31-Mar-14	'	'	'
Amendment Flag	'false	'	'	'
Document Fiscal Year Focus	'2014	'	'	'
Document Fiscal Period Focus	'Q1	'	'	'
Current Fiscal Year End Date	'--12-31	'	'	'
Entity Well-known Seasoned Issuer	'No	'	'	'
Entity Voluntary Filers	'No	'	'	'
Entity Current Reporting Status	'Yes	'	'	'
Entity Filer Category	'Non-accelerated Filer	'	'	'
Entity Common Stock, Units Outstanding	'	28,795,197	28,789,989	1,175,102

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$383,859	$375,118
Receivables from related party	7,008	7,150
Prepaid expenses and other	398	276
Total current assets	391,265	382,544
Property and equipment, at cost	377,677	375,542
Accumulated depreciation	-106,253	-103,358
Property and equipment, net	271,424	272,184
Deferred charges and other assets, net	1,632	1,714
Total assets	664,321	656,442
Current liabilities:	'	'
Current portion of capital lease obligations	1,084	1,048
Accounts payable	7,535	8,289
Accrued liabilities	518	158
Taxes other than income taxes	349	734
Deferred revenue from related party	748	85
Total current liabilities	10,234	10,314
Capital lease obligations, net of current portion	2,704	3,079
Deferred income taxes	822	814
Other long-term liabilities	651	644
Commitments and contingencies	'	'
Partnersb capital:	'	'
Common unitholders b public (17,255,208 and 17,250,000 units outstanding)	372,276	369,825
Common unitholder b Valero (11,539,989 and 11,539,989 units outstanding)	77,629	75,998
Subordinated unitholder b Valero (28,789,989 and 28,789,989 units outstanding)	193,672	189,601
General partner b Valero (1,175,102 and 1,175,102 units outstanding)	6,333	6,167
Total partnersb capital	649,910	641,591
Total liabilities and partnersb capital	$664,321	$656,442

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2014	Dec. 31, 2013
Partnersb capital:	'	'
Common unitholders b public, units outstanding	17,255,208	17,250,000
Common unitholder b Valero, units outstanding	11,539,989	11,539,989
Subordinated unitholder b Valero, units outstanding	28,789,989	28,789,989
General partner b Valero, units outstanding	1,175,102	1,175,102

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating revenues b related party	$21,531	$23,478
Costs and expenses:	'	'
Operating expenses	5,726	4,296
General and administrative expenses	2,595	1,057
Depreciation expense	3,058	3,469
Total costs and expenses	11,379	8,822
Operating income	10,152	14,656
Other income, net	648	26
Interest expense	-228	-55
Income before income taxes	10,572	14,627
Income tax expense	90	107
Net income	10,482	14,520
Less: General partnerbs interest in net income	210	'
Limited partnersb interest in net income	$10,272	'
Net income per limited partner unit (basic and diluted):	'	'
Common units	$0.18	'
Subordinated units	$0.18	'
Weighted-average limited partner units outstanding:	'	'
Common units b public (basic)	17,250	'
Common units b public (diluted)	17,252	'
Common units b Valero (basic and diluted)	11,540	'
Subordinated units b Valero (basic and diluted)	28,790	'
Cash distribution declared per unit	$0.21	'

Consolidated_Statements_of_Par

Consolidated Statements of Partners' Capital (USD $)	Total	Common Unitholders Public [Member]	Common Unitholder Valero [Member]	Subordinated Unitholder Valero [Member]	General Partner Valero [Member]	Net Investment [Member]
In Thousands, unless otherwise specified
Beginning balance at Dec. 31, 2012	$265,369	$0	$0	$0	$0	$265,369
Increase (Decrease) in Partners' Capital Roll Forward	'	'	'	'	'	'
Net income	14,520	0	0	0	0	14,520
Net transfers to Valero	-16,196	0	0	0	0	-16,196
Ending balance at Mar. 31, 2013	263,693	0	0	0	0	263,693
Beginning balance at Dec. 31, 2013	641,591	369,825	75,998	189,601	6,167	0
Increase (Decrease) in Partners' Capital Roll Forward	'	'	'	'	'	'
Net income	10,482	3,078	2,058	5,136	210	0
Cash distributions to unitholders	-2,174	-638	-427	-1,065	-44	0
Unit-based compensation	11	11	0	0	0	0
Ending balance at Mar. 31, 2014	$649,910	$372,276	$77,629	$193,672	$6,333	$0

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$10,482	$14,520
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation expense	3,058	3,469
Other noncash expense (income), net	11	-109
Changes in current assets and current liabilities	2,771	-106
Net cash provided by operating activities	16,322	17,774
Cash flows from investing activities:	'	'
Capital expenditures	-864	-1,165
Net cash used in investing activities	-864	-1,165
Cash flows from financing activities:	'	'
Repayments of capital lease obligations	-249	-264
Offering costs	-3,223	0
Debt issuance costs	-1,071	0
Cash distributions to unitholders	-2,174	0
Net transfers to Valero	0	-16,345
Net cash used in financing activities	-6,717	-16,609
Net increase in cash and cash equivalents	8,741	0
Cash and cash equivalents at beginning of period	375,118	0
Cash and cash equivalents at end of period	$383,859	$0

Business_Initial_Public_Offeri

Business, Initial Public Offering, and Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
BUSINESS, INITIAL PUBLIC OFFERING, AND BASIS OF PRESENTATION	'
	1	BUSINESS, INITIAL PUBLIC OFFERING, AND BASIS OF PRESENTATION
	Business
	Valero Energy Partners LP (the Partnership) is a fee-based, traditional master limited partnership formed by Valero in July 2013 to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. On December 16, 2013, the Partnership completed its initial public offering (the Offering) of 17,250,000 common units representing limited partner interests. References in this report to the “Partnership,” “we,” “us,” or “our” refer to Valero Energy Partners LP, one or more of its subsidiaries, or all of them taken as a whole for periods after the Offering. For periods prior to the Offering, those terms refer to Valero Energy Partners LP Predecessor, our Predecessor for accounting purposes. References in this report to “Valero” refer collectively to Valero Energy Corporation and its subsidiaries, other than Valero Energy Partners LP, any of its subsidiaries, or its general partner.
	After completion of the Offering, the Partnership includes the assets, liabilities, and results of operations of certain crude oil and refined petroleum products pipelines, terminals, and other logistics assets previously owned and operated by Valero (as described below and referred to as the Contributed Assets). Prior to the Offering, the assets, liabilities, and results of operations of the aforementioned assets related to Valero Energy Partners LP Predecessor.
	The Contributed Assets consist of crude oil and refined petroleum products pipeline and terminal systems in the United States (U.S.) Gulf Coast and U.S. Mid-Continent regions that are integral to the operations of Valero’s Port Arthur, McKee, and Memphis refineries.
	We generate operating revenues by providing fee-based transportation and terminaling services to Valero and, prior to the Offering, by leasing certain crude oil and refined petroleum products storage capacity to Valero.
	Initial Public Offering
	On December 10, 2013, the Partnership’s common units began trading on the New York Stock Exchange under the ticker symbol “VLP.” On December 16, 2013, the Partnership completed the Offering of 17,250,000 common units to the public at a price of $23.00 per unit.
	In exchange for the Contributed Assets, Valero received:
	•	11,539,989 common units and 28,789,989 subordinated units, representing an aggregate 68.6% percent limited partner interest;
	•	all of the incentive distribution rights (IDRs); and
	•	1,175,102 general partner units, representing a 2.0 percent general partner interest.
	We received $396.8 million of gross proceeds from the sale of 17,250,000 common units to the public. After deducting underwriting discounts, structuring fees, and other offering costs of $27.6 million, our net proceeds from the Offering were $369.2 million. We retained the net proceeds from the Offering for general partnership purposes, which may include potential acquisitions from Valero and third parties and potential organic expansion capital expenditures.
	Basis of Presentation
	As an entity under common control with Valero, we recorded the Contributed Assets on our balance sheet concurrently with the completion of the Offering at Valero’s historical basis rather than fair value.
	The results of operations and cash flows for the three months ended March 31, 2013 were derived from the consolidated financial statements and accounting records of Valero and they reflect the combined historical results of operations and cash flows of the Contributed Assets as if such businesses had been combined prior to the Offering. There were no transactions among the operations of the Contributed Assets; therefore, there were no intercompany transactions or accounts to be eliminated in connection with the combination of those operations. In addition, the statement of income for the three months ended March 31, 2013 includes direct charges for the management and operation of our logistics assets and certain expenses allocated by Valero for general corporate services, such as treasury, accounting, and legal services. These expenses were charged, or allocated, to our Predecessor based on the nature of the expenses. Prior to the Offering, we transferred cash to Valero daily and Valero funded our operating and investing activities as needed. Accordingly, cash held by Valero at the corporate level was not allocated to us and we reflected transfers of cash to and from Valero’s cash management system as a component of net investment. These net transfers of cash were reflected as a financing activity in our statements of cash flows. We also did not include any interest income on the net cash transfers to Valero. In conjunction with the Offering, we established separate bank accounts and no longer participate in Valero’s centralized cash management system.
	The balance sheets as of March 31, 2014 and December 31, 2013 and the results of operations and cash flows for the three months ended March 31, 2014 reflect the consolidated balances and activities of Valero Energy Partners LP. Intercompany balances and transactions have been eliminated in consolidation.
	These unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three months ended March 31, 2014 and 2013 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	The balance sheet as of December 31, 2013 has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2013.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
	New Accounting Pronouncements
	In April 2014, the provisions of Accounting Standards Codification (ASC) Topic 205, “Presentation of Financial Statements,” and ASC Topic 360, “Property, Plant, and Equipment,” were amended to change the criteria for reporting discontinued operations. The provisions of these amendments modify the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity’s operations and financial results. These amendments require additional disclosures about discontinued operations and new disclosures for other disposals of individually material components of an organization that do not meet the definition of a discontinued operation. In addition, the guidance allows companies to have significant continuing involvement and continuing cash flows with the discontinued operation. These provisions are effective prospectively for annual reporting periods beginning on or after December 15, 2014, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2015 will not affect our financial position or results of operations; however, it may result in changes to the manner in which future dispositions of operations or assets, if any, are presented in our financial statements, or it may require additional disclosures.

RelatedParty_Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
RELATED-PARTY TRANSACTIONS	'
	3	RELATED-PARTY TRANSACTIONS
	Summary of Transactions
	Receivables from related party consist of the following (in thousands):
			March 31,			December 31,
			2014			2013
	Trade receivables – related party		$	8,166		$	4,196
	Due from (to) related party		(1,158		)	2,954
	Receivables from related party		$	7,008		$	7,150
	Deferred revenue from related party represents the unearned revenues from Valero associated with Valero’s quarterly deficiency payment, which is the result of Valero not meeting its minimum quarterly throughput commitments under our commercial agreements.
	The following table reflects significant transactions with Valero (in thousands):
			Three Months Ended
			March 31,
			2014			2013
	Operating revenues – related party		$	21,531		$	23,478
	Operating expenses		1,539			1,080
	General and administrative expenses		2,085			1,057
	Prior to the Offering, costs associated with Valero’s benefit plans were included in the costs allocated to our Predecessor from Valero. Our share of pension and postretirement costs and defined contribution plans costs was as follows (in thousands):
			Three Months Ended
			31-Mar-13
	Pension and postretirement costs		$	178
	Defined contribution plan costs		66
	Concentration Risk
	Our operating revenues were derived solely from Valero and all of our receivables as of March 31, 2014 and December 31, 2013 were due from Valero. Therefore, we are subject to the business risks associated with Valero’s business.

Revolving_Credit_Facility

Revolving Credit Facility	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
REVOLVING CREDIT FACILITY	'
	4	REVOLVING CREDIT FACILITY
	In November 2013, we entered into a $300.0 million senior unsecured revolving credit facility agreement (the Revolver) with a group of lenders. The Revolver matures in December 2018 and we may request two additional one-year extensions, subject to certain conditions. The Revolver includes sub-facilities for swingline loans and letters of credit. Our obligations under the Revolver will be jointly and severally guaranteed by all of our directly owned material subsidiaries. As of March 31, 2014 and December 31, 2013, the only guarantor under the Revolver was our wholly owned subsidiary, Valero Partners Operating Co. LLC.
	The Revolver contains certain restrictive covenants, including a covenant that requires us to maintain a ratio of total debt to EBITDA (as described in the Revolver) for the prior four fiscal quarters of not greater than 5.0 to 1.0 as of the last day of each fiscal quarter (5.5 to 1.0 during the specified period following certain acquisitions). The Revolver contains representations and warranties, affirmative and negative covenants, and events of default that are usual and customary for an agreement of this type that could, among other things, limit our ability to pay distributions to our unitholders.
	As of March 31, 2014 and December 31, 2013, there were no borrowings outstanding under the Revolver and we had no letters of credit outstanding under the Revolver. In addition, there were no borrowings or repayments under the Revolver during the three months ended March 31, 2014. As of March 31, 2014, our ratio of total debt to EBITDA, calculated in accordance with the terms of the Revolver, was 0.1 to 1.0. We believe that we will remain in compliance with this covenant.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	5	COMMITMENTS AND CONTINGENCIES
	From time to time, we are party to claims and legal proceedings arising in the ordinary course of business. We also may be required by existing laws and regulations to report the release of hazardous substances and begin a remediation study. We have not recorded a loss contingency liability as there are no matters for which we have determined that a loss has been incurred. We re-evaluate and update our loss contingency liabilities as matters progress over time, and we believe that any changes to the recorded liabilities will not be material to our financial position, results of operations, or liquidity.

Partners_Capital

Partners' Capital	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
PARTNERS' CAPITAL	'
	6	PARTNERS’ CAPITAL
	Unit Activity
	On January 20, 2014, the board of directors of our general partner authorized a grant of 1,736 restricted units under the Valero Energy Partners LP 2013 Incentive Compensation Plan to each of its three independent directors for a total of 5,208 restricted units, in tandem with an equal number of distribution equivalent rights (DERs). This grant of restricted units resulted in the recognition of unit-based compensation expense and an increase in partners’ capital of $11,455 for the three months ended March 31, 2014. The restricted units are scheduled to vest on January 20, 2017, subject to the terms of the plan, at which time, each participant will be entitled to receive an equal number of unrestricted common units of the Partnership. The DERs will be paid to the participants in cash as of each record payment date during the period the restricted units are outstanding.
	Cash Distributions
	Our partnership agreement prescribes the calculation to determine the amount and priority of cash distributions that the common and subordinated unitholders and general partner will receive. The table below summarizes information related to our quarterly cash distributions:
	Quarterly		Total		Total Cash		Date of	Record	Date of
	Period		Quarterly		Distribution		Declaration	Date	Distribution
	Ended		Distribution		(In Thousands)
			(Per Unit)
	31-Dec-13		$	0.037	$	2,174	20-Jan-14	31-Jan-14	12-Feb-14
	31-Mar-14		0.2125		12,487		17-Apr-14	1-May-14	14-May-14
	Our distributions are declared subsequent to quarter end. The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned (in thousands) :
			Three Months
			Ended
			31-Mar-14
	General partner’s distribution		$	250
	Limited partners’ distributions:
	Common – public		3,667
	Common – Valero		2,452
	Subordinated – Valero		6,118
	Total limited partners’ distributions		12,237
	Total cash distributions		$	12,487

Net_Income_Per_Limited_Partner

Net Income Per Limited Partner Unit	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
NET INCOME PER LIMITED PARTNER UNIT	'
	7	NET INCOME PER LIMITED PARTNER UNIT
	Net income per limited partner unit is calculated only for the three months ended March 31, 2014 as no units were outstanding prior to the Offering. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per limited partner unit. Earnings less than distributions are allocated to our general partner and limited partners based on their respective ownership interests.
	When calculating basic earnings per unit under the two-class method for a master limited partnership, net income (loss) for the current reporting period is reduced (increased) by the amount of available cash that has been or will be distributed to the general partner, limited partners, and IDR holders for that reporting period. The following table shows the calculation of earnings in excess of (less than) distributions (in thousands):
			Three Months
			Ended
			31-Mar-14
	Net income		$	10,482
	Less distributions declared on:
	Limited partner common units – public		3,667
	Limited partner common units – Valero		2,452
	Limited partner subordinated units – Valero		6,118
	General partner		250
	Total distributions declared		12,487
	Earnings less than distributions		$	(2,005	)
	Net income per unit for the three months ended March 31, 2014 was computed as follows (in thousands, except per unit amounts):
			Limited			Limited			Limited			General			Total
			Partner			Partner			Partner			Partner
			Common			Common			Subordinated
			Units –			Units –			Units –
			Public			Valero			Valero
	Net income:
	Distributions declared		$	3,667		$	2,452		$	6,118		$	250		$	12,487
	Earnings less than distributions		(589		)	(394		)	(982		)	(40		)	(2,005		)
	Net income		$	3,078		$	2,058		$	5,136		$	210		$	10,482
	Weighted-average units outstanding		17,250			11,540			28,790
	Net income per limited partner unit – basic:
	Distributions declared		$	0.2125		$	0.2125		$	0.2125
	Earnings less than distributions		(0.0341		)	(0.0341		)	(0.0341		)
	Net income per limited partner unit – basic		$	0.1784		$	0.1784		$	0.1784
	Net income per limited partner unit – basic		$	0.18		$	0.18		$	0.18
	(rounded)
	Net income per limited partner – diluted:
	Net income		$	3,078		$	2,058		$	5,136		$	210		$	10,482
	Weighted-average units outstanding		17,250			11,540			28,790
	Common equivalent units for nonvested		2			—			—
	restricted units
	Weighted-average units outstanding – diluted		17,252			11,540			28,790
	Net income per limited partner unit – diluted		$	0.18		$	0.18		$	0.18

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Information [Abstract]	'
SUPPLEMENTAL CASH FLOW INFORMATION	'
	8	SUPPLEMENTAL CASH FLOW INFORMATION
	In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in thousands):
			Three Months Ended
			March 31,
			2014			2013
	Decrease (increase) in current assets:
	Receivables from related party		$	4,436		$	—
	Prepaid expenses and other		(122		)	(167		)
	Increase (decrease) in current liabilities:
	Accounts payable		(2,181		)	—
	Accrued liabilities		360			—
	Taxes other than income taxes		(385		)	—
	Deferred revenue from related party		663			61
	Changes in current assets and current liabilities		$	2,771		$	(106	)
	The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable balance sheets for the respective periods for the following reasons:
	•	amounts accrued for capital expenditures are reflected in investing activities when such amounts are paid and
	•	amounts payable to Valero netted in receivables from related party as of December 31, 2013 in reimbursement for offering costs and debt issuance costs were reflected in financing activities when paid during the three months ended March 31, 2014.
	There were no significant noncash investing or financing activities for the three months ended March 31, 2014 and 2013.
	The following is a reconciliation of the amounts presented as net transfers to Valero on our statement of partners’ capital and statement of cash flows (in thousands).
			Three Months
			Ended
			31-Mar-13
	Net transfers to Valero		$	(16,196	)
	per statement of partners’ capital
	Less: Noncash transfers from Valero		149
	Net transfers to Valero		$	(16,345	)
	per statement of cash flows
	Noncash transfers to Valero primarily represent the change in amounts accrued for capital expenditures as we do not reflect capital expenditures in our statements of cash flows until such amounts are paid.
	Cash flows related to interest and income taxes paid were as follows (in thousands):
			Three Months Ended
			March 31,
			2014			2013
	Interest paid		$	236		$	164
	Income taxes paid		—			107

Fair_Value_of_Financial_Instru

Fair Value of Financial Instrument	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE OF FINANCIAL INSTRUMENT	'
	9	FAIR VALUE OF FINANCIAL INSTRUMENT
	The fair value of cash and cash equivalents approximates the carrying value due to the low level of credit risk of these assets combined with their market interest rates. The fair value measurement for cash and cash equivalents is categorized as Level 1 in the fair value hierarchy. Fair values determined by Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	As an entity under common control with Valero, we recorded the Contributed Assets on our balance sheet concurrently with the completion of the Offering at Valero’s historical basis rather than fair value.
	The results of operations and cash flows for the three months ended March 31, 2013 were derived from the consolidated financial statements and accounting records of Valero and they reflect the combined historical results of operations and cash flows of the Contributed Assets as if such businesses had been combined prior to the Offering. There were no transactions among the operations of the Contributed Assets; therefore, there were no intercompany transactions or accounts to be eliminated in connection with the combination of those operations. In addition, the statement of income for the three months ended March 31, 2013 includes direct charges for the management and operation of our logistics assets and certain expenses allocated by Valero for general corporate services, such as treasury, accounting, and legal services. These expenses were charged, or allocated, to our Predecessor based on the nature of the expenses. Prior to the Offering, we transferred cash to Valero daily and Valero funded our operating and investing activities as needed. Accordingly, cash held by Valero at the corporate level was not allocated to us and we reflected transfers of cash to and from Valero’s cash management system as a component of net investment. These net transfers of cash were reflected as a financing activity in our statements of cash flows. We also did not include any interest income on the net cash transfers to Valero. In conjunction with the Offering, we established separate bank accounts and no longer participate in Valero’s centralized cash management system.
	The balance sheets as of March 31, 2014 and December 31, 2013 and the results of operations and cash flows for the three months ended March 31, 2014 reflect the consolidated balances and activities of Valero Energy Partners LP. Intercompany balances and transactions have been eliminated in consolidation.
	These unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three months ended March 31, 2014 and 2013 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.
	The balance sheet as of December 31, 2013 has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2013.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.

RelatedParty_Transactions_Tabl

Related-Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Summary of related party transactions	'
	The following table reflects significant transactions with Valero (in thousands):
		Three Months Ended
		March 31,
		2014			2013
	Operating revenues – related party	$	21,531		$	23,478
	Operating expenses	1,539			1,080
	General and administrative expenses	2,085			1,057
	Receivables from related party consist of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Trade receivables – related party	$	8,166		$	4,196
	Due from (to) related party	(1,158		)	2,954
	Receivables from related party	$	7,008		$	7,150
Summary of employee benefit plan costs	'
	Our share of pension and postretirement costs and defined contribution plans costs was as follows (in thousands):
		Three Months Ended
		31-Mar-13
	Pension and postretirement costs	$	178
	Defined contribution plan costs	66

Partners_Capital_Tables

Partners' Capital (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Distributions made to unitholders	'
	The following table reflects the allocation of total cash distributions to the general and limited partners applicable to the period in which the distributions were earned (in thousands) :
		Three Months
		Ended
		31-Mar-14
	General partner’s distribution	$	250
	Limited partners’ distributions:
	Common – public	3,667
	Common – Valero	2,452
	Subordinated – Valero	6,118
	Total limited partners’ distributions	12,237
	Total cash distributions	$	12,487
	The table below summarizes information related to our quarterly cash distributions:
	Quarterly	Total		Total Cash		Date of	Record	Date of
	Period	Quarterly		Distribution		Declaration	Date	Distribution
	Ended	Distribution		(In Thousands)
		(Per Unit)
	31-Dec-13	$	0.037	$	2,174	20-Jan-14	31-Jan-14	12-Feb-14
	31-Mar-14	0.2125		12,487		17-Apr-14	1-May-14	14-May-14

Net_Income_Per_Limited_Partner1

Net Income Per Limited Partner Unit (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Calculation of earnings less than distributions	'
	The following table shows the calculation of earnings in excess of (less than) distributions (in thousands):
		Three Months
		Ended
		31-Mar-14
	Net income	$	10,482
	Less distributions declared on:
	Limited partner common units – public	3,667
	Limited partner common units – Valero	2,452
	Limited partner subordinated units – Valero	6,118
	General partner	250
	Total distributions declared	12,487
	Earnings less than distributions	$	(2,005	)
Computation of net income per unit	'
	Net income per unit for the three months ended March 31, 2014 was computed as follows (in thousands, except per unit amounts):
		Limited			Limited			Limited			General			Total
		Partner			Partner			Partner			Partner
		Common			Common			Subordinated
		Units –			Units –			Units –
		Public			Valero			Valero
	Net income:
	Distributions declared	$	3,667		$	2,452		$	6,118		$	250		$	12,487
	Earnings less than distributions	(589		)	(394		)	(982		)	(40		)	(2,005		)
	Net income	$	3,078		$	2,058		$	5,136		$	210		$	10,482
	Weighted-average units outstanding	17,250			11,540			28,790
	Net income per limited partner unit – basic:
	Distributions declared	$	0.2125		$	0.2125		$	0.2125
	Earnings less than distributions	(0.0341		)	(0.0341		)	(0.0341		)
	Net income per limited partner unit – basic	$	0.1784		$	0.1784		$	0.1784
	Net income per limited partner unit – basic	$	0.18		$	0.18		$	0.18
	(rounded)
	Net income per limited partner – diluted:
	Net income	$	3,078		$	2,058		$	5,136		$	210		$	10,482
	Weighted-average units outstanding	17,250			11,540			28,790
	Common equivalent units for nonvested	2			—			—
	restricted units
	Weighted-average units outstanding – diluted	17,252			11,540			28,790
	Net income per limited partner unit – diluted	$	0.18		$	0.18		$	0.18

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Information [Abstract]	'
Schedule of cash flow supplemental disclosures	'
	Cash flows related to interest and income taxes paid were as follows (in thousands):
		Three Months Ended
		March 31,
		2014			2013
	Interest paid	$	236		$	164
	Income taxes paid	—			107
	In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in thousands):
		Three Months Ended
		March 31,
		2014			2013
	Decrease (increase) in current assets:
	Receivables from related party	$	4,436		$	—
	Prepaid expenses and other	(122		)	(167		)
	Increase (decrease) in current liabilities:
	Accounts payable	(2,181		)	—
	Accrued liabilities	360			—
	Taxes other than income taxes	(385		)	—
	Deferred revenue from related party	663			61
	Changes in current assets and current liabilities	$	2,771		$	(106	)
Reconciliation of net transfers to Valero	'
	The following is a reconciliation of the amounts presented as net transfers to Valero on our statement of partners’ capital and statement of cash flows (in thousands).
		Three Months
		Ended
		31-Mar-13
	Net transfers to Valero	$	(16,196	)
	per statement of partners’ capital
	Less: Noncash transfers from Valero	149
	Net transfers to Valero	$	(16,345	)
	per statement of cash flows

Business_Initial_Public_Offeri1

Business, Initial Public Offering, and Basis of Presentation (Details) (USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 15, 2013
Business, Initial Public Offering, and Basis of Presentation (Textual)	'
Initial public offering of common units (including over-allotment option), number of units	17,250,000
Initial public offering, price per unit	$23
Gross proceeds from issuance of common limited partners units	$396.80
Offering costs	27.6
Net proceeds from Issuance of common limited partner units	$369.20
Majority Shareholder [Member]	'
Business, Initial Public Offering, and Basis of Presentation (Textual)	'
Aggregate limited partner interest	68.60%
Number of general partner units VLO received in exchange for the Contributed Assets, units	1,175,102
VLO's general partner ownership interest, percentage	2.00%
Majority Shareholder [Member] | Common Unitholder Valero [Member]	'
Business, Initial Public Offering, and Basis of Presentation (Textual)	'
Number of common units received in exchange for the Contributed Assets, units	11,539,989
Majority Shareholder [Member] | Subordinated Unitholder Valero [Member]	'
Business, Initial Public Offering, and Basis of Presentation (Textual)	'
Number of common units received in exchange for the Contributed Assets, units	28,789,989

RelatedParty_Transactions_Deta

Related-Party Transactions (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Related Party Transactions Summary	'	'	'
Trade receivables b related party	$8,166	'	$4,196
Due to related party	-1,158	'	'
Due from related party	'	'	2,954
Receivables from related party	7,008	'	7,150
Operating revenues b related party	21,531	23,478	'
Operating expenses	1,539	1,080	'
General and administrative expenses	2,085	1,057	'
Majority Shareholder [Member]	'	'	'
Summary of Employee Benefit Plan Costs	'	'	'
Pension and postretirement costs	'	178	'
Defined contribution plan costs	'	$66	'

Revolving_Credit_Facility_Deta

Revolving Credit Facility (Details) (Revolving Credit Facility [Member], USD $)	1 Months Ended	3 Months Ended
	Nov. 30, 2013	Mar. 31, 2014
	quarter
	renewal
Revolving Credit Facility [Member]	'	'
Credit Facilities (Textual)	'	'
Line of credit facility, maximum borrowing capacity	$300,000,000	'
Line of credit facility, expiration date	'	31-Dec-18
Line of credit facility, number of renewal periods	2	'
Line of credit facility, duration of renewal period option (in years)	'1 year	'
Number of prior quarterly reporting periods used for total debt to EBITDA ratio	4	'
Covenant ratio of total debt to EBITDA per terms of revolver	5	0.1
Covenant ratio of total debt to EBITDA following certain acquisitions per terms of revolver	5.5	'

Partners_Capital_Details

Partners' Capital (Details) (USD $)

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

Jan. 20, 2014

Mar. 31, 2014

Jan. 20, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jan. 20, 2014

Jan. 20, 2014

Jan. 20, 2014

Jan. 20, 2014

Apr. 17, 2014

Apr. 17, 2014

independent_directors

Cash Distribution [Member]

General Partner Valero [Member]

Limited Partner, Common and Subordinated Units [Member]

Common Unitholders Public [Member]

Common Unitholder Valero [Member]

Subordinated Unitholder Valero [Member]

Restricted Unit [Member]

VLP 2013 Incentive Compensation [Member]

VLP 2013 Incentive Compensation [Member]

VLP 2013 Incentive Compensation [Member]

VLP 2013 Incentive Compensation [Member]

Subsequent Event [Member]

Subsequent Event [Member]

Dividend Declared [Member]

Restricted Unit [Member]

Restricted Unit - Independent Director [Member]

Distribution Equivalent Rights (DER) [Member]

Distribution Equivalent Rights (DER) - Independent Director [Member]

Cash Distribution [Member]

Dividend Declared [Member]

Quarterly Cash Distributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash distribution declared per unit

'

$0.21

$0.04

'

'

$0.21

$0.21

$0.21

'

'

'

'

'

'

$0.21

Total cash distribution

$2,174,000

$12,487,000

'

$250,000

$12,237,000

$3,667,000

$2,452,000

$6,118,000

'

'

'

'

'

$12,487,000

'

Partners' Capital Unit Activity (Textual)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted units granted in period

'

'

'

'

'

'

'

'

'

5,208

1,736

'

'

'

'

Number of independent directors

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distribution Equivalent Rights (DERs) granted in period

'

'

'

'

'

'

'

'

'

'

'

5,208

1,736

'

'

Share-based compensation

'

$11,455

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting date of share-based performance award

'

'

'

'

'

'

'

'

20-Jan-17

'

'

'

'

'

'

Net_Income_Per_Limited_Partner2

Net Income Per Limited Partner Unit (Details) (USD $)	0 Months Ended	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jan. 20, 2014	Mar. 31, 2014	Mar. 31, 2013
Calculation of Earnings Less Than Distributions	'	'	'
Net income	'	$10,482	$14,520
Distributions declared	2,174	12,487	'
Earnings less than distributions	'	-2,005	'
Net income:	'	'	'
Distributions declared	2,174	12,487	'
Earnings less than distributions	'	-2,005	'
Net income	'	10,482	14,520
Net income per limited partner unit b basic:	'	'	'
Distributions declared (per unit)	'	$0.21	'
Net income per limited partner b diluted:	'	'	'
Net income	'	10,482	14,520
Common Unitholders Public [Member]	'	'	'
Calculation of Earnings Less Than Distributions	'	'	'
Net income	'	3,078	0
Distributions declared	'	3,667	'
Earnings less than distributions	'	-589	'
Net income:	'	'	'
Distributions declared	'	3,667	'
Earnings less than distributions	'	-589	'
Net income	'	3,078	0
Weighted-average units outstanding	'	17,250	'
Net income per limited partner unit b basic:	'	'	'
Distributions declared (per unit)	'	$0.21	'
Earnings less than distributions (per unit)	'	($0.03)	'
Net income per limited partner unit b basic	'	$0.18	'
Net income per limited partner b diluted:	'	'	'
Net income	'	3,078	0
Weighted-average units outstanding	'	17,250	'
Common equivalent units for nonvested restricted units	'	2	'
Weighted-average units outstanding b diluted	'	17,252	'
Net income per limited partner unit b diluted	'	$0.18	'
Common Unitholder Valero [Member]	'	'	'
Calculation of Earnings Less Than Distributions	'	'	'
Net income	'	2,058	0
Distributions declared	'	2,452	'
Earnings less than distributions	'	-394	'
Net income:	'	'	'
Distributions declared	'	2,452	'
Earnings less than distributions	'	-394	'
Net income	'	2,058	0
Weighted-average units outstanding	'	11,540	'
Net income per limited partner unit b basic:	'	'	'
Distributions declared (per unit)	'	$0.21	'
Earnings less than distributions (per unit)	'	($0.03)	'
Net income per limited partner unit b basic	'	$0.18	'
Net income per limited partner b diluted:	'	'	'
Net income	'	2,058	0
Weighted-average units outstanding	'	11,540	'
Common equivalent units for nonvested restricted units	'	0	'
Weighted-average units outstanding b diluted	'	11,540	'
Net income per limited partner unit b diluted	'	$0.18	'
Subordinated Unitholder Valero [Member]	'	'	'
Calculation of Earnings Less Than Distributions	'	'	'
Net income	'	5,136	0
Distributions declared	'	6,118	'
Earnings less than distributions	'	-982	'
Net income:	'	'	'
Distributions declared	'	6,118	'
Earnings less than distributions	'	-982	'
Net income	'	5,136	0
Weighted-average units outstanding	'	28,790	'
Net income per limited partner unit b basic:	'	'	'
Distributions declared (per unit)	'	$0.21	'
Earnings less than distributions (per unit)	'	($0.03)	'
Net income per limited partner unit b basic	'	$0.18	'
Net income per limited partner b diluted:	'	'	'
Net income	'	5,136	0
Weighted-average units outstanding	'	28,790	'
Common equivalent units for nonvested restricted units	'	0	'
Weighted-average units outstanding b diluted	'	28,790	'
Net income per limited partner unit b diluted	'	$0.18	'
General Partner Valero [Member]	'	'	'
Calculation of Earnings Less Than Distributions	'	'	'
Net income	'	210	0
Distributions declared	'	250	'
Earnings less than distributions	'	-40	'
Net income:	'	'	'
Distributions declared	'	250	'
Earnings less than distributions	'	-40	'
Net income	'	210	0
Net income per limited partner b diluted:	'	'	'
Net income	'	$210	$0

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Decrease (increase) in current assets:	'	'
Receivables from related party	$4,436	$0
Prepaid expenses and other	-122	-167
Increase (decrease) in current liabilities:	'	'
Accounts payable	-2,181	0
Accrued liabilities	360	0
Taxes other than income taxes	-385	0
Deferred revenue from related party	663	61
Changes in current assets and current liabilities	2,771	-106
Reconciliation of Net Transfers to Valero	'	'
Net transfers to Valero per statement of partnersb capital	'	-16,196
Less: Noncash transfers from Valero	'	149
Net transfers to Valero per statement of cash flows	0	-16,345
Cash Flows Related to Interest and Income Taxes Paid	'	'
Interest paid	236	164
Income taxes paid	$0	$107