Phillips 66 Partners LP has reported Q4 2017 earnings of $162m. Cash from operations was $238m, and distributable cash flow was $172m. Adjusted EBITDA was $254m in the fourth quarter, compared with $171m in the third quarter.
Phillips 66 Partners’ chairman and CEO, Greg Garland said: “During the quarter, we operated well and completed our largest transaction to date, increasing earnings by more than 60 percent. We are nearing our $1.1 billion year-end 2018 run-rate EBITDA target and remain on track to deliver 30 percent five-year distribution CAGR. We continue to operate from a strong financial position, which enables us to fund our 2018 growth plans without accessing the equity markets beyond selective use of our ATM program.”
As of December 31st, 2017, total debt outstanding was $2.9bn. The Partnership had $185m in cash and cash equivalents and no outstanding balance under its $750m revolving credit facility.
The Partnership’s total capital spending for the quarter was $127m, which included $21m of maintenance capital. Expansion capital spending totalled $106m, reflecting investments in the Sand Hills Pipeline, Bakken Pipeline and STACK joint venture projects, as well as spending to develop a new isomerization unit at the Phillips 66 Lake Charles Refinery.
For more information visit www.phillips66.com
13th Feb 2018