Andeavor Logistics Is Likely to Be Acquired by MPLX in the Near to Medium Term
Andeavor Logistics' fourth-quarter results were solid, in our view, though we continue to harbor concerns about its outlook, given the prospects of reduced processing spreads, limited organic growth, and optimistic guidance. We plan to maintain our $39.50 fair value estimate and narrow moat rating. Fourth-quarter EBITDA of $333 million mainly benefited from 2018 drop-downs, which contributed $50 million in incremental EBITDA, while the core operations added $2 million. The gathering and processi...
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