This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Phillips 66 Partners Reports Third-Quarter Earnings Of $17.3 Million

Phillips 66 Partners LP (NYSE: PSXP), a growth-oriented master limited partnership formed by Phillips 66, announces third-quarter earnings of $17.3 million. From the IPO closing on July 26, 2013, through Sept. 30, 2013, earnings were $11.9 million, or $0.17 per common limited partner unit. During the post-IPO period, the partnership generated earnings before interest, income taxes, depreciation and amortization (EBITDA) of $13.2 million and distributable cash flow of $12.6 million.

“We are pleased with the successful launch of Phillips 66 Partners,” said Chairman and CEO Greg Garland. “We are actively evaluating opportunities to grow the partnership through strategic acquisitions from Phillips 66 and third parties, as well as through organic development. With considerable financial flexibility and strong sponsorship from Phillips 66, the partnership is well positioned for significant growth.”

Financial Results

On July 23, 2013, Phillips 66 Partners' common units began trading on the New York Stock Exchange under the ticker symbol "PSXP." The partnership completed its IPO of 18,888,750 common units on July 26, 2013, at a price of $23.00 per unit. The public owns a 26.3 percent limited partner interest in Phillips 66 Partners, with Phillips 66 owning the remaining limited partner interest and the 2 percent general partner interest.

For the post-IPO period, transportation and terminaling services revenues were $21.1 million, consistent with the forecast provided in Phillips 66 Partners' final prospectus, dated July 22, 2013, as filed with the U.S. Securities and Exchange Commission. Total costs of $9.2 million and maintenance capital expenditures of $0.9 million for the post-IPO period were also in line with the forecast.

At the end of the quarter, Phillips 66 Partners had $421.6 million in cash and cash equivalents, including net IPO proceeds of $404.4 million, which the partnership retained primarily to fund future expansion capital expenditures and acquisitions. In addition, the partnership has a $250 million unused revolving credit facility, with the flexibility to expand it by up to an additional $250 million.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,890.50 -85.81 -0.48%
S&P 500 2,079.18 -7.06 -0.34%
NASDAQ 4,928.8250 -18.6160 -0.38%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs