Phillips 66 Partners (PSXP) Misses Q1 EPS by 14c

Phillips 66 Partners (NYSE: PSXP) reported Q1 EPS of $0.44, $0.14 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $121.2 million versus the consensus estimate of $102.3 million.

Strategic Update

The Partnership continues to make progress on its organic growth projects. In April, Bayou Bridge Pipeline, LLC, a joint venture between Phillips 66 Partners, Energy Transfer Partners and Sunoco Logistics Partners, began operations on the segment of its pipeline from Nederland, Texas, to Lake Charles, Louisiana. Progress continues on the section from Lake Charles to St. James, Louisiana, with commercial operations for this segment expected to begin in the second half of 2017.

The Palermo Rail Terminal started up in December 2015, providing railcar-loading from truck deliveries. The Sacagawea Pipeline is expected to start up in the third quarter of 2016. The terminal and the pipeline are projects in the Bakken region in North Dakota, and are being developed through a 70 percent-owned terminal joint venture and a 50 percent-owned pipeline joint venture, each with Paradigm Energy Partners. The Sacagawea Pipeline is 88 percent-owned by the pipeline joint venture, with the remaining 12 percent owned by Grey Wolf Midstream, LLC, an affiliate of Missouri River Resources.

For earnings history and earnings-related data on Phillips 66 Partners (PSXP) click here.

You May Also Be Interested In

• Investing.com’s stocks of the week
• enVVeno Medical (NVNO) Misses Q2 EPS by 537c
• Regal-Beloit (RBC) Tops Q1 EPS by 47c; offers guidance