We Think the Gray Oak Pipeline Is a Valuable Asset for Phillips 66 Partners
Phillips 66 Partners reported a solid fourth quarter, and we plan to maintain our $55 fair value estimate and narrow moat rating. Results met our expectations, with EBITDA of $309 million for the quarter and $1.1 billion for the full year. Annualizing EBITDA puts Phillips 66 Partners' debt/EBITDA ratio at an estimated 2.4 times, far lower than the 4 times it could leverage up if needed. Even with its current capital spending plans on an attractive series of projects, we only expect leverage to r...
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