Andeavor Logistics Reports Decent 1Q Earnings; Permian a Focus Ahead of Expected Partnership Merger
Andeavor Logistics reported decent first-quarter earnings, and we have no plans to change our $43 fair value estimate or narrow moat rating. Overall EBITDA increased to $273 million from $212 million last year, mainly due to dropdowns and the Western Refining Logistics acquisition. Following the announced combination of Marathon Petroleum and parent Andeavor on April 30, we expect Andeavor Logistics to eventually be acquired by MPLX after the merger is completed, and incremental information from...
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