Andeavor Logistics Reports Good Fourth Quarter; Expands Permian and Bakken NGL Plans
Andeavor Logistics reported a good fourth quarter and we do not plan to materially change our $43 fair value estimate or narrow moat rating. The fourth quarter was significant as the partnership completed the acquisition of Western Refining Logistics and eliminated its IDRs, and we view both moves favorably. Fourth-quarter EBITDA increased to $277 million from $177 million last year, mainly due to the completed acquisitions, and 2018 guidance of $1.2 billion to $1.3 billion in EBITDA matches our...
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