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Phillips 66 Partners LP PSXP

Rating as of

Morningstar’s Analysis

Valuation
Currency in USD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Slowing Growth Outlook for Phillips 66 Partners Beyond 2021

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $39 fair value estimate for Phillips 66 Partners after the company reported $289 million of adjusted EBITDA, down 9% from the fourth quarter of 2020, and $233 million of distributable cash flow, down 3% from the fourth quarter of 2020. We are reaffirming our narrow moat and stable moat trend ratings.

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Company Profile

Business Description

Phillips 66 Partners is a master limited partnership that provides fee-based transportation, processing, storage, and fractionation services primarily to Phillips 66, which owns a 74% limited partner interest. Phillips 66 Partners’ primary revenue sources are long-term, fee-based contracts to handle crude, natural gas liquids, and refined products. Phillips 66 manages and operates Phillips 66 Partners as its noneconomic general partner. Phillips 66’s general partner economic interest and incentive distribution rights were eliminated in August 2019.

Contact
2331 CityWest Boulevard
Houston, TX, 77042
T +1 855 283-9237
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 600

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