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News Breaks | | | | September 4, 2012 | | 07:03 EDT |  | OILT | Oiltanking Partners announces Appelt II crude storage expansion project
Oiltanking Partners announced that the board of its general partner has approved a $70M expansion project to construct approximately 3.3M barrels of new crude oil storage capacity at its Houston terminaling facility. The project, named Appelt II, will be located adjacent to Appelt I which was announced in April and is currently under construction. The Partnership anticipates commencing construction by the beginning of the second quarter of 2013 when all relevant permits are in place. The additional storage capacity is expected to be placed into service during the third and fourth quarter of 2014. Once complete, the new storage capacity will bring total active storage capacity at the Partnership to over 25 million barrels. The expansion project is expected to be accretive to distributable cash flow once the additional storage is operational and is expected to generate returns of approximately 5-7 times EBITDA, or earnings before interest, taxes and depreciation. The Partnership anticipates funding the project primarily with debt. | |
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| May 8, 2013 | | 16:33 EDT |  | OILT | Oiltanking Partners reports Q1 EPS 48c, consensus 41c
Reports Q1 revenue $40.2M, consensus $37.13M. | |
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