Tesoro Logisitcs Misses Third-Quarter Expectations and Guides Down on Weak NGL Volumes
Tesoro Logistics reported a third-quarter miss versus consensus expectations and guided down full-year EBITDA expectations. We attribute the miss to lower NGL processing volumes (12% below guidance) as the frac spread remained weak in the third quarter following surprising strength in the second quarter. We expect units to react negatively to the release. Management remains focused on its growth plan, and integration of the potential acquisition of the Northern California Terminalling and Storag...
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