Company Quick10K Filing
Phillips 66 Partners
Price56.73 EPS4
Shares228 P/E15
MCap12,910 P/FCF17
Net Debt2,835 EBIT892
TEV15,745 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-20
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-07-21 Earnings, Other Events, Exhibits
8-K 2020-05-01
8-K 2020-04-21
8-K 2020-03-24
8-K 2020-02-25
8-K 2020-01-31
8-K 2020-01-21
8-K 2019-11-06
8-K 2019-10-25
8-K 2019-10-16
8-K 2019-09-03
8-K 2019-08-01
8-K 2019-08-01
8-K 2019-07-30
8-K 2019-07-26
8-K 2019-07-24
8-K 2019-07-17
8-K 2019-04-30
8-K 2019-04-17
8-K 2019-03-22
8-K 2019-02-08
8-K 2019-01-22
8-K 2018-12-10
8-K 2018-11-27
8-K 2018-10-26
8-K 2018-10-17
8-K 2018-07-27
8-K 2018-07-18
8-K 2018-04-27
8-K 2018-04-18
8-K 2018-02-26
8-K 2018-02-21
8-K 2018-02-02
8-K 2018-01-17

PSXP 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Description of The Business
Note 2 - Interim Financial Information
Note 3 - Operating Revenues
Note 4 - Equity Investments
Note 5 - Net Income per Limited Partner Unit
Note 6 - Properties, Plants and Equipment
Note 7 - Debt
Note 8 - Contingencies
Note 9 - Equity
Note 10 - Related Party Transactions
Note 11 - Cash Flow Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.1 mlp2020630exhibit101.htm
EX-31.1 mlp-2020630exhibit3111.htm
EX-31.2 mlp-2020630exhibit3121.htm
EX-32 mlp-2020630exhibit321.htm

Phillips 66 Partners Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.50.40.30.20.10.02012201420172020
Rev, G Profit, Net Income
1.10.60.1-0.3-0.8-1.32012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission file number:
001-36011

Phillips 66 Partners LP
(Exact name of registrant as specified in its charter)
 
Delaware38-3899432
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2331 CityWest Blvd., Houston, Texas 77042
(Address of principal executive offices) (Zip Code)
(855) 283-9237
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Units, Representing Limited Partner InterestsPSXPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  
The registrant had 228,340,146 common units outstanding as of June 30, 2020.


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PHILLIPS 66 PARTNERS LP

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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
 

Consolidated Statement of Income
Phillips 66 Partners LP
 
Millions of Dollars
Three Months Ended
June 30
Six Months Ended
June 30
2020  2019  2020  2019  
Revenues and Other Income
Operating revenues—related parties$236  256  494  552  
Operating revenues—third parties5  7  14  13  
Equity in earnings of affiliates104  137  240  256  
Gain from equity interest transfer84    84    
Other income1  1  2  3  
Total revenues and other income430  401  834  824  
Costs and Expenses
Operating and maintenance expenses84  85  172  224  
Depreciation31  29  61  58  
General and administrative expenses17  17  34  35  
Taxes other than income taxes10  9  21  20  
Interest and debt expense28  27  57  54  
Other expenses5    7    
Total costs and expenses175  167  352  391  
Income before income taxes255  234  482  433  
Income tax expense  1  1  2  
Net income255  233  481  431  
Less: Preferred unitholders’ interest in net income
9  9  19  19  
Less: General partner’s interest in net income
  71    140  
Limited partners’ interest in net income
$246  153  462  272  
Net Income Per Limited Partner Unit (dollars)
Common units—basic$1.07  1.23  2.02  2.19  
Common units—diluted1.05  1.15  1.99  2.07  
Weighted-Average Limited Partner Units Outstanding (thousands)
Common units—basic228,340  124,824  228,326  124,543  
Common units—diluted242,160  138,644  242,146  138,362  
See Notes to Consolidated Financial Statements.
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Consolidated Statement of Comprehensive Income
Phillips 66 Partners LP

Millions of Dollars
Three Months Ended
June 30
Six Months Ended
June 30
2020  2019  2020  2019  
Net Income$255  233  481  431  
Defined benefit plans
Plan sponsored by equity affiliates, net of income taxes        
Other comprehensive income        
Comprehensive Income$255  233  481  431  
See Notes to Consolidated Financial Statements.
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Consolidated Balance Sheet
Phillips 66 Partners LP
 
Millions of Dollars
June 30
2020
December 31
2019
Assets
Cash and cash equivalents
$7  286  
Accounts receivable—related parties
93  101  
Accounts receivable—third parties
4  4  
Materials and supplies
14  13  
Prepaid expenses and other current assets
10  10  
Total current assets
128  414  
Equity investments
3,340  2,961  
Net properties, plants and equipment
3,500  3,349  
Goodwill
185  185  
Other assets
50  52  
Total Assets
$7,203  6,961  
Liabilities
Accounts payable—related parties
$18  19  
Accounts payable—third parties
88  84  
Accrued interest
34  42  
Deferred revenues
24  16  
Short-term debt
265  25  
Accrued property and other taxes
22  10  
Other current liabilities
4  3  
Total current liabilities
455  199  
Long-term debt
3,442  3,491  
Obligation from equity interest transfer
  343  
Other liabilities
93  94  
Total Liabilities
3,990  4,127  
Equity
Preferred unitholders (2020 and 2019—13,819,791 units issued and outstanding)
746  746  
Common unitholders—public (2020—58,580,009 units issued and outstanding;
2019—58,539,439 units issued and outstanding)
2,735  2,717  
Common unitholder—Phillips 66 (2020 and 2019—169,760,137 units issued and outstanding)
(572) (628) 
Accumulated other comprehensive loss(1) (1) 
Total unitholders’ equity
2,908  2,834  
Noncontrolling interest
305    
Total Equity
3,213  2,834  
Total Liabilities and Equity
$7,203  6,961  
See Notes to Consolidated Financial Statements.
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Consolidated Statement of Cash Flows
Phillips 66 Partners LP


Millions of Dollars

Six Months Ended
June 30

2020  2019  
Cash Flows From Operating Activities


Net income
$481  431  
Adjustments to reconcile net income to net cash provided by operating activities


Depreciation
61  58  
Undistributed equity earnings
9  3  
Gain from equity interest transfer
(84)   
Other
7  12  
Working capital adjustments


Accounts receivable
8  6  
Prepaid expenses and other current assets
  12  
Accounts payable
(7) (3) 
Accrued interest
(7)   
Deferred revenues
8  (46) 
Other accruals
13  8  
Net Cash Provided by Operating Activities
489  481  


Cash Flows From Investing Activities


Cash capital expenditures and investments
(601) (759) 
Advances/loans—related party
  (95) 
Collection of advances/loans—related party
  95  
Liberty acquisition
(75)   
Return of investment from equity affiliates
86  35  
Proceeds from sale of equity interest
  81  
Net Cash Used in Investing Activities
(590) (643) 


Cash Flows From Financing Activities


Net proceeds from equity interest transfer
40  341  
Issuance of debt
215  860  
Repayment of debt
(25) (585) 
Issuance of common units
2  42  
Quarterly distributions to preferred unitholders
(19) (19) 
Quarterly distributions to common unitholders—public
(102) (93) 
Quarterly distributions to common unitholder—Phillips 66
(297) (116) 
Quarterly distributions to General Partner—Phillips 66
  (136) 
Other distributions from (to) Phillips 66
8  (3) 
Net Cash Provided by (Used in) Financing Activities
(178) 291  


Net Change in Cash and Cash Equivalents
(279) 129  
Cash and cash equivalents at beginning of period
286  1  
Cash and Cash Equivalents at End of Period
$7  130  
See Notes to Consolidated Financial Statements.
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Consolidated Statement of Changes in Equity
Phillips 66 Partners LP
Millions of Dollars
Three Months Ended
June 30
Preferred
Unitholders
Public
Common
Unitholders
Public
Common
Unitholder
Phillips 66
General
Partner
Phillips 66
Accum. Other
Comprehensive
Loss
Noncontrolling InterestTotal
March 31, 2020$747  2,723  (616)   (1)   2,853  
Net income
9  63  183  —  —  —  255  
Quarterly cash distributions to unitholders ($0.875 per common unit)
(10) (51) (148)   —  —  (209) 
Transfer of equity interest
—  —  —  —  —  305  305  
Other contributions from Phillips 66
—  —  9  —  —  —  9  
June 30, 2020$746  2,735  (572)   (1) 305  3,213  
March 31, 2019$747  2,523  600  (1,315) (1)   2,554  
Issuance of common units
—  10  —  —  —  —  10  
Net income
9  69  84  71  —  —  233  
Quarterly cash distributions to unitholders and General Partner ($0.845 per common unit)
(10) (47) (58) (69) —  —  (184) 
Other contributions from Phillips 66
—  —  —  3  —  —  3  
June 30, 2019$746  2,555  626  (1,310) (1)   2,616  

Units
Three Months Ended
June 30
Preferred Units
Public
Common Units
Public
Common Units
Phillips 66
General Partner
Units
Phillips 66
Total Units
March 31, 202013,819,791  58,580,009  169,760,137    242,159,937  
Units issued in public equity offerings—    —  —    
June 30, 202013,819,791  58,580,009  169,760,137    242,159,937  
March 31, 201913,819,791  55,965,950  68,760,137  2,480,051  141,025,929  
Units issued in public equity offerings—  212,336  —  —  212,336  
June 30, 201913,819,791  56,178,286  68,760,137  2,480,051  141,238,265  
See Notes to Consolidated Financial Statements.



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Consolidated Statement of Changes in Equity
Phillips 66 Partners LP
Millions of Dollars
Six Months Ended
June 30
Preferred
Unitholders
Public
Common
Unitholders
Public
Common
Unitholder
Phillips 66
General
Partner
Phillips 66
Accum. Other
Comprehensive
Loss
Noncontrolling InterestTotal
December 31, 2019$746  2,717  (628)   (1)   2,834  
Issuance of common units—  2  —  —  —  —  2  
Net income19  118  344  —  —  —  481  
Quarterly cash distributions to unitholders ($0.875 per common unit)
(19) (102) (297) —  —  —  (418) 
Transfer of equity interest
—  —  —  —  —  305  305  
Other contributions from Phillips 66—  —  9  —  —  —  9  
June 30, 2020$746  2,735  (572) —  (1) 305  3,213  
December 31, 2018$746  2,485  592  (1,313) (1)   2,509  
Cumulative effect of accounting change—  (1) —  —  —  —  (1) 
Issuance of common units—  42  —  —  —  —  42  
Net income19  122  150  140  —  —  431  
Quarterly cash distributions to unitholders and General Partner ($1.680 per common unit)
(19) (93) (116) (136) —  —  (364) 
Other distributions to Phillips 66—  —  —  (1) —  —  (1) 
June 30, 2019$746  2,555  626  (1,310) (1)   2,616  


Units
Six Months Ended
June 30
Preferred Units
Public
Common Units
Public
Common Units
Phillips 66
General Partner
Units
Phillips 66
Total Units
December 31, 201913,819,791  58,539,439  169,760,137    242,119,367  
Units issued in public equity offerings—  40,570  —  —  40,570  
June 30, 202013,819,791  58,580,009  169,760,137    242,159,937  
December 31, 201813,819,791  55,343,918  68,760,137  2,480,051  140,403,897  
Units issued in public equity offerings—  834,368  —  —  834,368  
June 30, 201913,819,791  56,178,286  68,760,137  2,480,051  141,238,265  
See Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial StatementsPhillips 66 Partners LP
 
Note 1—Description of the Business
Unless otherwise stated or the context otherwise indicates, all references to “Phillips 66 Partners,” “the Partnership,” “us,” “our,” “we,” or similar expressions refer to Phillips 66 Partners LP, including its consolidated subsidiaries. References to Phillips 66 may refer to Phillips 66 and/or its subsidiaries, depending on the context. References to our “General Partner” refer to Phillips 66 Partners GP LLC, and references to “Phillips 66 PDI” refer to Phillips 66 Project Development Inc., the Phillips 66 subsidiary that holds a limited partner interest in us and wholly owns our General Partner.

We are a growth-oriented master limited partnership formed to own, operate, develop and acquire primarily fee-based midstream assets. Our operations consist of crude oil, refined petroleum products and natural gas liquids (NGL) transportation, terminaling, processing and storage assets. We conduct our operations through both wholly owned and joint venture operations. The majority of our wholly owned assets are associated with, and are integral to the operation of, nine of Phillips 66’s owned or joint venture refineries. Our operations consist of one reportable segment.

We primarily generate revenue by providing fee-based transportation, terminaling, processing, storage and fractionation services to Phillips 66 and other customers. Our equity affiliates primarily generate revenue from transporting and terminaling crude oil, refined petroleum products and NGL. Since we do not own any of the crude oil, refined petroleum products and NGL we handle and do not engage in the trading of those commodities, we have limited direct exposure to risks associated with fluctuating commodity prices, although these risks indirectly influence our activities and results of operations over the long term.


Note 2—Interim Financial Information

The unaudited interim financial information presented in the financial statements included in this report is prepared in accordance with generally accepted accounting principles in the United States (GAAP) and includes all known accruals and adjustments necessary, in the opinion of management, for a fair presentation of our financial position, results of operations and cash flows for the periods presented. Unless otherwise specified, all such adjustments are of a normal and recurring nature. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2019 Annual Report on Form 10-K. The results of operations for the three and six months ended June 30, 2020, are not necessarily indicative of the results to be expected for the full year.


Note 3—Operating Revenues

Operating revenues are primarily generated from long-term pipeline transportation, terminaling, storage, processing and fractionation lease and service agreements, mainly with Phillips 66. These agreements typically include escalation clauses to adjust transportation tariffs and terminaling and storage fees to reflect changes in price indices. In addition, most of these agreements contain renewal options, which typically require the mutual consent of both our customers and us.





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Total operating revenues disaggregated by asset type were as follows:
Millions of Dollars
Three Months Ended
June 30