Phillips 66 Partners' Gulf Coast exposure should prove a benefit over the coming years.
Phillips 66 Partners reported second-quarter results that met our expectations and we plan to maintain our $55 fair value estimate and narrow-moat rating. Adjusted EBITDA improved to $276 million from $247 million led by higher pipeline and terminal volumes, and the partnership hit its $1.1 billion EBITDA run-rate goal as we anticipated.The most important update this quarter was around the Grey Oak pipeline, which will provide critical takeaway capacity to the capacity-constrained Permian Basi...
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