PSXP Reports Slight 3Q Miss on Crude Volume Weakness, but Robust Growth Pipeline Still in View
Phillips 66 Partners reported third-quarter results behind consensus expectations on weaker revenue as volumes on its crude pipelines fell 10% sequentially, in part due to refinery maintenance. While revenue was up over 50% year on year due to integration of new crude and natural gas liquids assets, the Partnership’s reported revenue of $144 million was well short of the Street’s $154 million expectation. Units traded down on the release, but we view the miss as a minor event. Management highlig...
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