Phillips 66 Partners (PSXP) Misses Q4 EPS by 10c

Phillips 66 Partners (NYSE: PSXP) reported Q4 EPS of $0.65, $0.10 worse than the analyst estimate of $0.75.

• Delivered earnings of $98 million; adjusted EBITDA of $161 million
• Increased quarterly distribution 5 percent to $0.558 per common unit
• Completed $1.3 billion acquisition of logistics assets from Phillips 66
• Acquired southeast Louisiana NGL system
• Started up Sacagawea Pipeline

"We had a strong quarter and increased adjusted EBITDA by 85 percent over the prior year,” said Greg Garland, Phillips 66 Partners’ chairman and CEO. “In 2016 we successfully completed $2.6 billion in acquisitions from Phillips 66 and third parties while executing our organic capital program. The Partnership remains on track to achieve $1.1 billion of run-rate EBITDA by the end of 2018.”

“During the fourth quarter we completed a $1.3 billion acquisition of Phillips 66 logistics assets, our largest acquisition to date, and finalized the purchase of a southeast Louisiana NGL system. We started operation of the Sacagawea Pipeline and progressed development of the eastern leg of the Bayou Bridge Pipeline. This growth activity supported our distribution increase of 5 percent over the previous quarter, with continued strong distribution coverage."

For earnings history and earnings-related data on Phillips 66 Partners (PSXP) click here.

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