Last week Valero Energy Partners (NYSE:VLP) announced its first acquisition as a publicly traded master limited partnership. Investors have keyed into the partnership as a growth opportunity in the MLP space, which makes this first deal significant, even though it was relatively small, only totaling $154 million.

In the following slide show, we'll explore which assets Valero Energy Partners purchased from Valero (NYSE:VLO) and how long it will take the assets to pay for themselves. For context, we'll also compare this deal to Phillips 66 Partners' (NYSE:PSXP) first acquisition, announced back in February.