Phillips 66 Partners (PSXP) Earnings Miss Estimates In Q3
Zacks Investment Research | Oct 29, 2019 11:14PM ET
Phillips 66 (NYSE:PSX) Partners LP’s (NYSE:PSXP) third-quarter 2019 earnings per unit came in at 92 cents, missing the Zacks Consensus Estimate of $1 and deteriorating from the year-ago $1.10. A decline in crude oil transported volumes led to the underperformance.
Revenues of $411 million rose from $384 million in the year-ago quarter and also beat the Zacks Consensus Estimate of $407 million, thanks to higher terminal throughput volumes.
Operating Information
The partnership provides services through Pipelines, Terminals and Storage, and Processing & Other activities.
Pipeline: In third-quarter 2019, the partnership generated revenues of $121 million, down marginally from $123 million a year ago owing to a drop in transported crude oil volumes.
Terminals: The partnership generated $41 million, reflecting an improvement from $37 million a year ago, thanks to higher throughput volumes of crude oil and refined petroleum products.
Storage, Processing & Other activities: Through these activities, the partnership generated revenues of $108 million, up from $105 million in the year-ago quarter.
Operating and Maintenance Expenses
In the September quarter of 2019, the company reported operating and maintenance expenses of $91 million, showing a rise from $84 million in the year-ago period.
Balance Sheet
As of Sep 30, 2019, the partnership recorded cash and cash equivalents of $655 million. Also, total debt at the end of the quarter under review was $3,815 million.
Zacks Rank & Other Stocks to Consider
Phillips 66 Partners currently carries a Zacks Rank #2 (Buy). Other prospective players in the energy space are Crescent Point Energy Corp. (TSX:CPG) , Pembina Pipeline Corporation (NYSE:PBA) and Matrix Service Company (NASDAQ:MTRX) . While Crescent Point and Pembina Pipeline sport a Zacks Rank #1 (Strong Buy), Matrix Service carries a Zacks Rank #2. You can see Zacks Investment Research
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