- Fourth-quarter earnings of $286 million and adjusted EBITDA of
$400 million
- Reached agreement for Phillips 66 to acquire all publicly held
units
Phillips 66 Partners LP (NYSE: PSXP) announces fourth-quarter
2021 earnings of $286 million, or $1.19 per diluted common unit.
Cash from operations was $302 million, and distributable cash flow
was $267 million. Adjusted EBITDA was $400 million in the fourth
quarter, compared with $367 million in the prior quarter.
On Jan. 18, 2022, the general partner’s board of directors
declared a fourth-quarter 2021 cash distribution of $0.875 per
common unit.
Financial Results
Phillips 66 Partners’ fourth-quarter 2021 earnings were $286
million, compared with $242 million in the third quarter. The
Partnership reported adjusted EBITDA of $400 million in the fourth
quarter, compared with $367 million in the prior quarter. The
increases in fourth-quarter earnings and adjusted EBITDA mainly
reflect the recognition of deferred revenue and increased
volumes.
Liquidity, Capital Expenditures and Investments
As of Dec. 31, 2021, total debt outstanding was $3.9 billion.
The Partnership had $62 million in cash and cash equivalents and
$749 million available under its revolving credit facility. The
Partnership’s capital expenditures and investments for the quarter
were $74 million.
Merger Agreement with Phillips 66
In October, Phillips 66 entered into an agreement to acquire all
of the limited partner interests in Phillips 66 Partners not
already owned by Phillips 66 and its affiliates. The transaction is
expected to close in the first quarter of 2022. Upon closing, the
Partnership will be a wholly owned subsidiary of Phillips 66 and
will no longer be a publicly traded partnership.
About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a master
limited partnership formed by Phillips 66 to own, operate, develop
and acquire primarily fee-based crude oil, refined petroleum
products and natural gas liquids pipelines, terminals and other
midstream assets. For more information, visit www.phillips66partners.com.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements as
defined under the federal securities laws. Words and phrases such
as “is anticipated,” “is estimated,” “is expected,” “is planned,”
“is scheduled,” “is targeted,” “believes,” “continues,” “intends,”
“will,” “would,” “objectives,” “goals,” “projects,” “efforts,”
“strategies” and similar expressions are used to identify such
forward-looking statements. However, the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements included in this news release are based
on management’s expectations, estimates and projections as of the
date they are made. These statements are not guarantees of future
performance and you should not unduly rely on them as they involve
certain risks, uncertainties and assumptions that are difficult to
predict. Therefore, actual outcomes and results may differ
materially from what is expressed or forecast in such
forward-looking statements. Factors that could cause actual results
or events to differ materially from those described in the
forward-looking statements include: the continued ability of
Phillips 66 to satisfy its obligations under our commercial and
other agreements; the volume of crude oil, refined petroleum
products and NGL we or our equity affiliates transport,
fractionate, terminal and store; the tariff rates with respect to
volumes transported through our regulated assets, which are subject
to review and possible adjustment by federal and state regulators;
fluctuations in the prices for crude oil, refined petroleum
products and NGL; the continuing effects of the COVID-19 pandemic
and its negative impact on the demand for refined products; changes
in governmental policies relating to crude oil, refined petroleum
products or NGL pricing, regulation, taxation, or exports;
liabilities associated with the risks and operational hazards
inherent in transporting, fractionating, terminaling and storing
crude oil, refined petroleum products and NGL; curtailment of
operations due to accidents, severe weather (including as a result
of climate change) or natural disasters, riots, strikes or
lockouts; the inability to obtain or maintain permits, in a timely
manner or at all, and the possible revocation or modification of
permits; the operation, financing and distribution decisions of our
equity affiliates; costs to comply with environmental laws and
safety regulations; failure of information technology due to
various causes, including unauthorized access or attacks; changes
to the costs to deliver and transport crude oil, refined petroleum
products and NGL; potential liability from litigation or for
remedial actions, including removal and reclamation obligations
under environmental regulations; the failure to complete
construction of capital projects on time and within budget; general
domestic and international economic and political developments
including armed hostilities, expropriation of assets, and other
political, economic or diplomatic developments, including those
caused by public health issues; our ability to comply with our debt
covenants and to incur additional indebtedness on favorable terms;
changes in tax, environmental and other laws and regulations; and
other economic, business, competitive and/or regulatory factors
affecting Phillips 66 Partners’ businesses generally as set forth
in our filings with the Securities and Exchange Commission.
Phillips 66 Partners is under no obligation (and expressly
disclaims any such obligation) to update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Use of Non-GAAP Financial Information—This news release
includes the terms “EBITDA,” “adjusted EBITDA,” “distributable cash
flow” and “coverage ratio.” These are non-GAAP financial measures.
EBITDA and adjusted EBITDA are included to help facilitate
comparisons of operating performance of the Partnership with other
companies in our industry. EBITDA and distributable cash flow help
facilitate an assessment of our ability to generate sufficient cash
flow to make distributions to our partners. We believe that the
presentation of EBITDA, adjusted EBITDA and distributable cash flow
provides useful information to investors in assessing our financial
condition and results of operations. Our coverage ratio is
calculated as distributable cash flow divided by total cash
distributions and is included to help indicate the Partnership’s
ability to pay cash distributions from current earnings. The GAAP
performance measure most directly comparable to EBITDA and adjusted
EBITDA is net income (loss). The GAAP liquidity measure most
comparable to EBITDA and distributable cash flow is net cash
provided by operating activities. The GAAP financial measure most
comparable to our coverage ratio is calculated as net cash provided
by operating activities divided by total cash distributions. These
non-GAAP financial measures should not be considered as
alternatives to their comparable GAAP measures. They have important
limitations as analytical tools because they exclude some but not
all items that affect their corresponding GAAP measures. They
should not be considered in isolation or as substitutes for
analysis of our results as reported under GAAP. Additionally,
because EBITDA, adjusted EBITDA, distributable cash flow and
coverage ratio may be defined differently by other companies in our
industry, our definition of those measures may not be comparable to
similarly titled measures of other companies, thereby diminishing
their utility.
Reconciliations of these non-GAAP measures to their comparable
GAAP measures are included in this release.
References in the release to earnings or losses refer to net
income or losses attributable to the Partnership. References to
EBITDA refer to earnings before interest, income taxes,
depreciation and amortization.
Results of Operations
(Unaudited)
Summarized Financial Statement
Information
Millions of Dollars
Except as Indicated
Q4 2021
Q3 2021
Selected Income Statement Data
Total revenues and other income
$
503
452
Net income
299
255
Net income attributable to the
Partnership
286
242
Adjusted EBITDA
400
367
Distributable cash flow
267
268
Net Income Attributable to the
Partnership Per Limited Partner Unit—Diluted (Dollars)
Common units
$
1.19
1.00
Selected Balance Sheet Data
Cash and cash equivalents
$
62
71
Equity investments
2,929
2,941
Total assets
7,101
7,077
Total debt
3,897
3,896
Equity held by public
Preferred units
729
729
Common units
2,676
2,657
Equity held by Phillips 66
Common units
(743)
(798)
Statement of Income
Millions of Dollars
Q4 2021
Q3 2021
Revenues and Other Income
Operating revenues—related parties
$
322
275
Operating revenues—third parties
9
8
Equity in earnings of affiliates
166
163
Other income
6
6
Total revenues and other income
503
452
Costs and Expenses
Operating and maintenance expenses
106
89
Depreciation
35
38
Impairments
—
10
General and administrative expenses
19
17
Taxes other than income taxes
10
10
Interest and debt expense
31
32
Other expenses
—
1
Total costs and expenses
201
197
Income before income taxes
302
255
Income tax expense
3
—
Net Income
299
255
Less: Net income attributable to
noncontrolling interest
13
13
Net Income Attributable to the
Partnership
286
242
Less: Preferred unitholders’ interest in
net income attributable to the Partnership
12
12
Limited Partners’ Interest in Net
Income Attributable to the Partnership
$
274
230
Selected Operating Data
Q4 2021
Q3 2021
Wholly Owned Operating Data
Pipelines
Pipeline revenues (millions of
dollars)
$
144
121
Pipeline volumes(1) (thousands of barrels
daily)
Crude oil
981
954
Refined petroleum products and NGL
1,072
994
Total
2,053
1,948
Average pipeline revenue per barrel
(dollars)
$
0.76
0.67
Terminals
Terminal revenues (millions of
dollars)
$
53
40
Terminal throughput (thousands of barrels
daily)
Crude oil(2)
424
446
Refined petroleum products
856
780
Total
1,280
1,226
Average terminaling revenue per barrel
(dollars)
$
0.44
0.36
Storage, processing and other revenues
(millions of dollars)
$
134
122
Total Operating Revenues (millions of
dollars)
$
331
283
Joint Venture Operating Data(3)
Crude oil, refined petroleum products and
NGL (thousands of barrels daily)
1,342
1,294
(1) Represents the sum of volumes
transported through each separately tariffed pipeline segment.
(2) Bayway and Ferndale rail rack volumes
included in crude oil terminals.
(3) Proportional share of total pipeline
and terminal volumes of joint ventures consistent with recognized
equity in earnings of affiliates.
Cash Distributions
Millions of Dollars
Except as Indicated
Q4 2021
Q3 2021
Cash Distributions†
Common units—public
$
51
51
Common units—Phillips 66
149
149
Total
$
200
200
Cash Distribution Per Common Unit
(Dollars)
$
0.875
0.875
Coverage Ratio*
1.34
1.34
†Cash distributions declared attributable
to the indicated periods.
*Calculated as distributable cash flow
divided by total cash distributions. Used to indicate the
Partnership’s ability to pay cash distributions from current
earnings. Net cash provided by operating activities divided by
total cash distributions was 1.51x and 1.69x at Q4 2021 and Q3
2021, respectively.
Reconciliation of Adjusted EBITDA and
Distributable Cash Flow to Net Income Attributable to the
Partnership
Millions of Dollars
2021
Year
Q4
Q3
Net Income Attributable to the
Partnership
$
735
286
242
Plus:
Net income attributable to noncontrolling
interest
42
13
13
Net Income
777
299
255
Plus:
Depreciation
141
35
38
Net interest expense
127
31
31
Income tax expense
4
3
—
EBITDA
1,049
368
324
Plus:
Proportional share of equity affiliates’
net interest, taxes, depreciation and amortization, and
impairments
201
50
51
Expenses indemnified or prefunded by
Phillips 66
1
—
—
Impairments
208
—
10
Less:
Adjusted EBITDA attributable to
noncontrolling interest
66
18
18
Adjusted EBITDA
1,393
400
367
Plus:
Deferred revenue impacts*†
(7)
(14)
2
Less:
Equity affiliate distributions less than
proportional adjusted EBITDA
59
28
14
Maintenance capital expenditures†
115
48
44
Net interest expense
127
31
31
Preferred unit distributions
48
12
12
Income taxes paid
2
—
—
Distributable Cash Flow
$
1,035
267
268
*Difference between cash receipts
and revenue recognition.
†Excludes Merey Sweeny capital
reimbursements and turnaround impacts.
Reconciliation of Adjusted EBITDA and
Distributable Cash Flow to Net Cash Provided by Operating
Activities
Millions of Dollars
2021
Year
Q4
Q3
Net Cash Provided by Operating
Activities
$
1,153
302
338
Plus:
Net interest expense
127
31
31
Income tax expense
4
3
—
Changes in working capital
(29)
29
(36)
Undistributed equity earnings
4
4
2
Impairments
(208)
—
(10)
Deferred revenues and other
liabilities
4
2
—
Other
(6)
(3)
(1)
EBITDA
1,049
368
324
Plus:
Proportional share of equity affiliates’
net interest, taxes, depreciation and amortization, and
impairments
201
50
51
Expenses indemnified or prefunded by
Phillips 66
1
—
—
Impairments
208
—
10
Less:
Adjusted EBITDA attributable to
noncontrolling interest
66
18
18
Adjusted EBITDA
1,393
400
367
Plus:
Deferred revenue impacts*†
(7)
(14)
2
Less:
Equity affiliate distributions less than
proportional adjusted EBITDA
59
28
14
Maintenance capital expenditures†
115
48
44
Net interest expense
127
31
31
Preferred unit distributions
48
12
12
Income taxes paid
2
—
—
Distributable Cash Flow
$
1,035
267
268
*Difference between cash receipts
and revenue recognition.
†Excludes Merey Sweeny capital
reimbursements and turnaround impacts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220126006024/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Shannon Holy (investors) 832-765-2297 shannon.m.holy@p66.com
Thaddeus Herrick (media) 855-841-2368
thaddeus.f.herrick@p66.com
Phillips 66 Partners (NYSE:PSXP)
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부터 11월(11) 2024 으로 12월(12) 2024
Phillips 66 Partners (NYSE:PSXP)
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