Phillips 66 Partners (PSXP) Q4 Earnings & Sales Top Estimates
Zacks Investment Research | Feb 04, 2020 07:43AM ET
Phillips 66 (NYSE:PSX) Partners LP’s (NYSE:PSXP) fourth-quarter 2019 earnings per unit came in at $1.06, which beat the Zacks Consensus Estimate of 99 cents owing to increased volumes on the partnership’s terminals and a full quarter contribution from the isomerization unit at the Lake Charles Refinery. However, earnings deteriorated from the year-ago quarter’s figure of $1.09 due to higher expenses.
Revenues of $432 million rose from $393 million in the year-ago quarter and also beat the Zacks Consensus Estimate of $419 million. The upside can be attributed to higher volumes and average realizations.
Operating Information
The partnership provides services through Pipelines, Terminals and Storage as well as Processing & Other activities.
Pipeline: In fourth-quarter 2019, the partnership generated revenues of $126 million, up from $118 million in the prior-year quarter. The uptick was led by higher average pipeline revenues of 67 cents per barrel compared with 61 cents per barrel in the year-ago quarter.
Terminals: The partnership generated $47 million, up $43 million from the year-ago quarter. The upside came on the back of higher throughput volumes of refined petroleum products.
Storage, Processing & Other activities: Through these activities, the partnership generated revenues of $118 million, up from $109 million in the year-ago quarter.
Operating and Maintenance Expenses
In the December quarter of 2019, the partnership reported operating and maintenance expenses of $90 million, up from $88 million in the year-ago quarter.
Balance Sheet
As of Dec 31, 2019, the partnership recorded cash and cash equivalents of $286 million. Also, total debt at the end of the quarter under review was $3,516 million.
Phillips 66 Partners LP Price, Consensus and EPS Surprise
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