Phillips 66 Partners Finishes 2016 Ahead of Expectations and Sets Up 2017 to Hit the Ground Running
Phillips 66 Partners reported fourth-quarter results ahead of our expectations, as its October 2016 acquisition of logistics assets and November purchase of the River Parish NGL system drove a marked increase in volumes and revenue. The partnership generated $161 million of adjusted EBITDA in the quarter, which exceeded our estimate of $158 million. Coupled with a 5% sequential increase in its distribution (up 22% year over year), units reacted favorably to the release. Management also highlight...
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