Oiltanking Partners posts gains in net income for 2011

Oiltanking Partners, L.P. posted a net income of US$11.9 million for the fourth quarter of 2011, which was the same net income during the same period in 2010. The company reported a full year net income of US$62.4 million for 2011, compared to US$37.8 million in 2010. The full year 2011 net income statement includes an income tax benefit of $27.1 million which was given because of the elimination of deferred tax accounts which are related to the conversion to a non-taxable entity after the Partnership’s initial public offering. The company’s net income for the full year 2011, excluding the income tax benefit, as well as other gains and losses, reached US$41.4 million. “Oiltanking Partners’ very successful initial public offering and the value we have created for our unit holders were clearly key highlights of 2011,” said Carlin Conner, chairman, president and CEO of the partnership’s general partner. “In 2011, we were able to continue to generate strong financial results due to our critical position in the logistical supply chain of crude oil, refined petroleum products, chemical feedstocks and liquefied petroleum gas or LPGs. The results reflect our strong strategic position with expansive deepwater docks, significant storage capacity and superior pipeline connectivity to the major refineries along the Gulf Coast.” (March 15, 2012)