On Oct. 28, Phillips 66 Partners LP announced third-quarter 2016 earnings of $83.1 million, 23% higher than second-quarter 2016’s $67.5 million.
The increase was primarily due to the May acquisition of the remaining 75% interest in the Sweeny fractionator and Clemens Caverns, as well as the Standish Pipeline, the company said.
Cash from operations was $84.3 million, and distributable cash flow was $101.9 million. Adjusted EBITDA was $110.9 million, which was higher than second-quarter 2016’s $97.3 million.
Earnings from equity affiliates increased in the third quarter, reflecting increased throughput volumes on the Explorer Pipeline and a full quarter’s throughput on the first leg of the Bayou Bridge Pipeline.
As of Sept. 30, total debt outstanding was $1.1 billion. There was $19 million in cash and cash equivalents and $450 million available under the revolving credit facility, which was increased in October to $750 million from $500 million, with maturity extended to October 2021.
The total capital spending for the quarter was $113.2 million. Expansion capital spending totaled $109.8 million, reflecting investments in the newly formed Stack Pipeline LLC joint venture (JV), the additional interest in the Explorer Pipeline Co. and the ongoing construction in the Bakken JV.
Phillips 66 Partners is based in Houston.
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