Phillips 66 Partners Lp (PSXP) 10-Q Quarterly Report October 2018

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

Financial - Expense Highlight
The impact of legislative and regulatory developments, if enacted or adopted, could result in increased compliance costs and additional operating restrictions on our business, each of which could have an adverse impact on our financial position, results of operations and liquidity.

Other - Other Highlight
Cash distributions are made to our General Partner in respect of its general partner interest and its ownership of all IDRs, which entitle our General Partner to receive increasing percentages, up to 50 percent, of quarterly cash distributions in excess of $0.244375 per unit.
Financial - Earnings Highlight
The increases were primarily attributable to higher earnings from Dakota Access, LLC and Energy Transfer Crude Oil Company, LLC (together, the Bakken Pipeline), which began operations in June 2017, Sand Hills Pipeline, LLC (Sand Hills) and Phillips 66 Partners Terminal LLC, primarily due to improved volumes.
Revenue - Product Highlight
While we believe we have substantially mitigated our indirect exposure to commodity price fluctuations through the minimum volume commitments in our commercial agreements with Phillips 66 during the respective terms of those agreements, our ability to execute our growth strategy in our areas of operation will depend, in part, on the availability of attractively priced crude oil in the areas served by our crude oil pipelines and rail racks, demand for refined petroleum products in the markets served by our refined petroleum product pipelines and terminals, and the general demand for midstream services, including NGL transportation and fractionation.
Revenue - Product Highlight
These contractual volumetric gain/loss provisions could increase variability in our operating and maintenance expenses.
Financial - Debt
Our ability to incur additional...Read more
Financial - Cash Flow
Additionally, because EBITDA, adjusted EBITDA,...Read more
Financial - Expense
Costs associated with compliance with...Read more
Financial - Earnings
Table of Contents Table of...Read more
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New or expanded environmental requirements,...Read more
Revenue - Product
How We Evaluate Our Operations...Read more
Financial - Debt
Interest and debt expense increased...Read more
Revenue - Product
The improvement was primarily driven...Read more
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Statement of Income Analysis Operating...Read more
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EBITDA, adjusted EBITDA and distributable...Read more
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Equity in earnings of affiliates...Read more
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Table of Contents Table of...Read more
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Other - Other
Revolving Credit Facility At September...Read more
M & A - Other
Accordingly, the accompanying financial statements...Read more
Other - Other
Operating Activities We generated $652...Read more
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In the case of income-tax-related...Read more
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Changes in revenue we realize...Read more
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Business Environment Since we do...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

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