SELECTED FINANCIAL DATA
The selected financial data shown in the table below was derived from the supplemental 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, the McKee Terminal Services Business on April 1, 2016, and the Meraux and Three Rivers Terminal Services Business on September 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 supplemental consolidated financial statements and accompanying notes in Exhibit 99.3, “Supplemental Consolidated Financial Statements.” 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.
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| | | | | | | | | | | | | | | | | | | | |
| | | 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) | | 71,312 |
| | (33,361 | ) | | (25,403 | ) | | (37,006 | ) | | (45,338 | ) |
| 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 | | 954,106 |
| | 1,080,448 |
| | 1,127,124 |
| | 651,732 |
| | 603,601 |
|
| 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 |
| | — |
| | — |
| | — |
| | — |
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