General | Quarterly / Earnings Reports
Phillips 66 Partners Tout Successful IPO; Outlines Growth Plans
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Phillips 66 Partners LP has reported third-quarter earnings of $17.3 million.
From the IPO closing on July 26, 2013, through Sept. 30, 2013, earnings were $11.9 million, or $0.17 per common limited partner unit. During the post-IPO period, the partnership generated earnings before interest, income taxes, depreciation and amortization (EBITDA) of $13.2 million and distributable cash flow of $12.6 million.
Chairman and CEO Greg Garland commented: "We are pleased with the successful launch of Phillips 66 Partners. We are actively evaluating opportunities to grow the partnership through strategic acquisitions from Phillips 66 and third parties, as well as through organic development. With considerable financial flexibility and strong sponsorship from Phillips 66, the partnership is well…
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