Phillips 66 Partners' Gulf Coast exposure should prove a benefit over the coming years.
Phillips 66 Partners delivered a reasonable third quarter, in our view, and we plan to maintain our $55 fair value estimate and narrow moat rating. Adjusted EBITDA improved to $168 million from $111 million last year, and the partnership remains on track to reach its $1.1 billion EBITDA run rate by the end of 2018. The Oct. 6 announcement of $2.4 billion in pipeline and coke-processing assets from Phillips 66 will deliver about $270 million in annual EBITDA toward that goal. Distribution coverag...
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