Form 10-K PHILLIPS 66 PARTNERS LP For: Dec 31
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Phillips 66 Partners (PSXP) Assigned 'BBB' by S&P
February 17, 2015 10:24 AM ESTStandard & Poor's Ratings Services said today that it had assigned its 'BBB' long-term corporate credit rating to Houston-based Phillips 66 Partners (NYSE: PSXP). The outlook is stable.
PSXP's "fair" business risk profile reflects the stable cash flows coming from long-term fee-based contracts with its general partner Phillips 66, which accounts for most of the partnership's cash flow. This strength is partly offset by PSXP's small size and limited asset and geographic diversity. The partnership's "significant" financial risk profile reflects our expectations for total debt to EBITDA of 3.5x to 4x, an aggressive growth strategy, and the... More
Phillips 66 Partners (PSXP) Announces $1B Acquisition of Three Pipeline Systems from Phillips 66 (PSX)
February 16, 2015 4:55 PM ESTPhillips 66 Partners LP (NYSE: PSXP) has reached agreement with Phillips 66 (NYSE: PSX) to acquire Phillips 66s interests in three pipeline systems. The acquisition includes one-third equity interests in the limited liability companies that respectively own the Sand Hills and Southern Hills natural gas liquids (NGL) pipeline systems, and a 19.46 percent equity interest in Explorer Pipeline Company, the owner of the Explorer refined products pipeline system. In exchange, Phillips 66 will receive total consideration of $1.01 billion consisting of $880 million in cash and 1,726,914 newly issued PSXP units, to be allocated between... More
