Phillips 66 Partners Delivers In-Line 1Q; Top-Tier Earnings Growth Coming Into View
Phillips 66 Partners reported first-quarter results slightly below consensus but ahead of our expectations. The partnership reported adjusted EBITDA of $155 million compared with consensus at $156 million and our estimate of $149 million. The differences are minor, as the focus of the partnership’s performance was integration of $1.3 billion of logistics assets from its refining sponsor, PSX. These assets have more than doubled pipeline and terminalling volumes from 2016. Nevertheless, the partn...
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