Phillips 66 Partners (PSXP) Tops Q2 EPS by 31c, Revenues Beat

Phillips 66 Partners (NYSE: PSXP) reported Q2 EPS of $1.05, $0.31 better than the analyst estimate of $0.74. Revenue for the quarter came in at $430 million versus the consensus estimate of $365.82 million.

• Reported earnings of $255 million and adjusted EBITDA of $269 million
• Announced quarterly distribution of $0.875 per common unit
• Started full operations on the Gray Oak Pipeline
• Reached milestone at South Texas Gateway Terminal with first export cargo loaded in July
• Recently completed Clemens Caverns expansion

“During the quarter, we continued to demonstrate our commitment to operating excellence,” said Greg Garland, Phillips 66 Partners’ chairman and CEO. “Our financial results reflect the ongoing economic downturn. We reached key milestones with the Gray Oak Pipeline achieving full service and supplying the first crude oil into the South Texas Gateway Terminal. We remain focused on safe and reliable operations, as well as maintaining our strong balance sheet and continuing our disciplined approach to capital allocation.”

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

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