Phillips 66 Partners Reports Third-Quarter Earnings

Exhibit 99.1

Phillips 66 Partners Reports
Third-Quarter 2018 Earnings


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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