Phillips 66 Partners (PSXP) reported earnings on Fri 8 Feb 2019 (b/o)

** charts after earnings **

 

Phillips 66 Partners beats by $0.13, beats on revs

• Reports Q4 (Dec) earnings of $1.09 per share, $0.13 better than the S&P Capital IQ Consensus of $0.96; revenues rose 18.7% year/year to $393 mln vs the $375.17 mln S&P Capital IQ Consensus.
• Phillips 66 Partners is expanding the Sweeny to Pasadena Pipeline by 80,000 barrels per day (BPD). In addition, products storage capacity will be increased by 300,000 barrels at the Pasadena Terminal and new connectivity will be added to third-party terminals.
• The project is expected to be completed in the second quarter of 2020. 
• On Jan. 22, 2019, the general partner's board of directors declared a fourth-quarter 2018 cash distribution of $0.835 per common unit, a 5.4 percent increase over the previous quarter distribution of $0.792 per common unit.