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Phillips 66 Partners Lp (PSXP) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

Phillips 66 Partners Lp

CIK: 1572910 Ticker: PSXP

Phillips 66 Partners Reports Third-Quarter Earnings

 
 
 
 
Exhibit 99.1
psxp_logoa02.jpg


Phillips 66 Partners Reports
Third-Quarter 2018 Earnings


Highlights


Reported record earnings of $217 million and adjusted EBITDA of $305 million
Raised quarterly distribution by 5.3 percent to $0.792 per common unit
Increased capacity of Gray Oak Pipeline to 900,000 barrels per day


HOUSTON, Oct. 26, 2018 – Phillips 66 Partners LP (NYSE: PSXP) announces
third-quarter 2018 earnings of $217 million, or $1.10 per diluted common unit. Cash from operations was $255 million, and distributable cash flow was $218 million. Adjusted EBITDA was $305 million in the third quarter, compared with $276 million in the prior quarter.

“This quarter we delivered record earnings from strong operations across our diversified portfolio,” said Greg Garland, Phillips 66 Partners’ chairman and CEO. “We continued growing our distribution and will achieve our five-year 30 percent distribution CAGR target next quarter. Rapid growth in our first five years has significantly increased our scale. Combined with our demonstrated ability to identify and execute organic projects, we are well-positioned for further growth.”

On Oct. 17, 2018, the general partner’s board of directors declared a third-quarter 2018 cash distribution of $0.792 per common unit, a 5.3 percent increase over the previous quarter distribution of $0.752 per common unit. The Partnership has increased its distribution per common unit every quarter since its initial public offering in July 2013.

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The following information was filed by Phillips 66 Partners Lp (PSXP) on Friday, October 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Phillips 66 Partners Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Phillips 66 Partners Lp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Equity
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Acquisitions
Acquisitions (Narrative) (Details)
Acquisitions (Schedule Of Cash Flow) (Details)
Acquisitions (Schedule Of Results Of Operations Giving Effect To Common Control Acquisitions) (Details)
Acquisitions (Tables)
Business And Basis Of Presentation
Business And Basis Of Presentation (Details)
Business And Basis Of Presentation (Policies)
Cash Flow Information
Cash Flow Information (Capital Expenditures And Investments) (Details)
Cash Flow Information (Narrative) (Details)
Cash Flow Information (Tables)
Changes In Accounting Principles
Changes In Accounting Principles (Details)
Contingencies
Debt
Debt (Narrative) (Details)
Debt (Summary Of Long-Term Debt) (Details)
Debt (Tables)
Equity
Equity (Details)
Equity Investments
Equity Investments (Narrative) (Details)
Equity Investments (Schedule Of Carrying Value Equity Investments) (Details)
Equity Investments (Schedule Of Equity Investment Earnings (Losses)) (Details)
Equity Investments (Tables)
Interim Financial Information
Net Income Per Limited Partner Unit
Net Income Per Limited Partner Unit (Narrative) (Details)
Net Income Per Limited Partner Unit (Schedule Of Earnings Per Unit Of Our Limited Partners) (Details)
Net Income Per Limited Partner Unit (Schedule Of Net Income By Class Of Participating Securities) (Details)
Net Income Per Limited Partner Unit (Tables)
New Accounting Standards
Operating Revenues
Operating Revenues (Narrative) (Details)
Operating Revenues (Performance Obligations) (Details)
Operating Revenues (Revenues Disaggregated) (Details)
Operating Revenues (Tables)
Properties, Plants And Equipment
Properties, Plants And Equipment (Details)
Properties, Plants And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Related Party Transactions (Other Related Party Balances) (Details)
Related Party Transactions (Summary Of Related Party Transactions) (Details)
Related Party Transactions (Tables)

Material Contracts, Statements, Certifications & more

Phillips 66 Partners Lp provided additional information to their SEC Filing as exhibits

Ticker: PSXP
CIK: 1572910
Form Type: 10-Q Quarterly Report
Accession Number: 0001572910-18-000044
Submitted to the SEC: Fri Oct 26 2018 11:41:56 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Pipe Lines No Natural Gas

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