Phillips 66 Partners Is Growing Up; Announces Strong Quarter and Gray Oak Pipeline
Phillips 66 Partners announced a strong first quarter, and its announcement of the Gray Oak Pipeline is a significant step in its maturity as a master limited partnership, in our view. We plan to maintain our $55 fair value estimate and narrow moat rating. Revenue and EBITDA increased just over 50% each from last year, benefiting from drop-downs, while quarter-over-quarter results were affected by refinery turnarounds. At this pace, with a 5.3% sequential increase in distributions, the entity is...
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