Phillips 66 Partners Reports Strong Results; Project Portfolio Looks Strong
Phillips 66 Partners reported strong fourth-quarter results. We plan to maintain our narrow moat rating and don’t expect material changes to our $55 fair value estimate. The most important takeaway from the quarter, in our view, is that the partnership is on track to reach its $1.1 billion run-rate EBITDA goal for 2018, and its 30% five-year distribution compound annual growth rate is also very achievable. Fourth-quarter EBITDA was $254 million, up from $171 million sequentially, mainly due to t...
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