Phillips 66 Partners Has a Top-Tier Asset Base for a Refined MLP
Phillips 66 Partners reported a solid third quarter that was in line with our expectations, and so we plan to maintain our narrow moat rating and $55 fair value estimate. The partnership's EBITDA increased to $305 million from $276 million sequentially, as the Sand Hills and Bakken pipelines delivered record volumes. The Sand Hills pipeline is moving natural gas liquids, or NGLs, to Mont Belvieu, Texas, from the Permian Basin, while the Bakken pipeline is transporting oil to Patoka, Illinois, fr...
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