Phillips 66 Partners LP has gained 2.7% since it reported second-quarter 2021 results on Aug 3. Although higher operating and maintenance expenses led the partnership to report weak earnings, increasing throughput volumes of refined petroleum products and crude oil and higher pipeline volumes aided the uptick in stock price.
The partnership reported second-quarter adjusted 2021 earnings per unit of 91 cents, missing the Zacks Consensus Estimate by a penny and declining from the year-ago quarter’s profit of $1.05.
Revenues of $423 million decreased from $430 million in the year-ago quarter but beat the Zacks Consensus Estimate of $391 million.
Operating Information
The partnership provides services through Pipelines, Terminals, and Storage Processing & Other activities.
Pipelines: In second-quarter 2021, the partnership generated revenues of $121 million, up from $97 million in the prior-year period. An increase in pipeline volumes of crude oil and refined petroleum products & NGL aided the segment.
Pipeline volumes of 1,986 thousand barrels per day (Mbpd) rose from the year-ago 1,631 Mbpd. Average pipeline revenues of 66 cents per barrel increased marginally from 65 cents in the year-ago quarter.
Terminals: The partnership generated $43 million revenues, up from $33 million in the year-ago quarter, primarily due to higher throughput volumes of refined petroleum products and crude oil. Terminal throughput volumes came in at 1,224 Mbpd, up from the year-ago period’s 1,070 Mbpd.
Average terminaling revenue per barrel was 38 cents for the quarter versus 33 cents in the year-ago period.
Storage, Processing & Other activities: Through these activities, the partnership generated revenues of $116 million, up from $111 million in the year-ago quarter.
Costs & Expenses
For the June quarter of 2021, the partnership reported operating and maintenance expenses of $93 million, up from $84 million in the year-ago period. Total costs and expenses increased to $188 million for second-quarter 2021 from the year-ago $175 million.
Balance Sheet & Capex
As of Jun 30, 2021, the partnership recorded cash and cash equivalents of $2 million. Total debt at the end of the quarter under review was $3,910 million. It has $734 million available under the revolving credit facility.
Capital expenditure and investment in the second quarter totaled $61 million.
Zacks Rank & Other Stocks to Consider
The partnership currently has a Zacks Rank #2 (Buy). Other prospective players in the energy space include Whiting Petroleum Corporation , Continental Resources, Inc. and PDC Energy, Inc. . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Continental is expected to witness earnings growth of 256% in 2021.
PDC Energy is likely to see earnings growth of 111.8% in 2021.
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Phillips 66 Partners (PSXP) Gains 3% Despite Q2 Earnings Miss
Phillips 66 Partners LP has gained 2.7% since it reported second-quarter 2021 results on Aug 3. Although higher operating and maintenance expenses led the partnership to report weak earnings, increasing throughput volumes of refined petroleum products and crude oil and higher pipeline volumes aided the uptick in stock price.
The partnership reported second-quarter adjusted 2021 earnings per unit of 91 cents, missing the Zacks Consensus Estimate by a penny and declining from the year-ago quarter’s profit of $1.05.
Revenues of $423 million decreased from $430 million in the year-ago quarter but beat the Zacks Consensus Estimate of $391 million.
Phillips 66 Partners LP Price, Consensus and EPS Surprise
Phillips 66 Partners LP price-consensus-eps-surprise-chart | Phillips 66 Partners LP Quote
Operating Information
The partnership provides services through Pipelines, Terminals, and Storage Processing & Other activities.
Pipelines: In second-quarter 2021, the partnership generated revenues of $121 million, up from $97 million in the prior-year period. An increase in pipeline volumes of crude oil and refined petroleum products & NGL aided the segment.
Pipeline volumes of 1,986 thousand barrels per day (Mbpd) rose from the year-ago 1,631 Mbpd. Average pipeline revenues of 66 cents per barrel increased marginally from 65 cents in the year-ago quarter.
Terminals: The partnership generated $43 million revenues, up from $33 million in the year-ago quarter, primarily due to higher throughput volumes of refined petroleum products and crude oil. Terminal throughput volumes came in at 1,224 Mbpd, up from the year-ago period’s 1,070 Mbpd.
Average terminaling revenue per barrel was 38 cents for the quarter versus 33 cents in the year-ago period.
Storage, Processing & Other activities: Through these activities, the partnership generated revenues of $116 million, up from $111 million in the year-ago quarter.
Costs & Expenses
For the June quarter of 2021, the partnership reported operating and maintenance expenses of $93 million, up from $84 million in the year-ago period. Total costs and expenses increased to $188 million for second-quarter 2021 from the year-ago $175 million.
Balance Sheet & Capex
As of Jun 30, 2021, the partnership recorded cash and cash equivalents of $2 million. Total debt at the end of the quarter under review was $3,910 million. It has $734 million available under the revolving credit facility.
Capital expenditure and investment in the second quarter totaled $61 million.
Zacks Rank & Other Stocks to Consider
The partnership currently has a Zacks Rank #2 (Buy). Other prospective players in the energy space include Whiting Petroleum Corporation , Continental Resources, Inc. and PDC Energy, Inc. . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Continental is expected to witness earnings growth of 256% in 2021.
PDC Energy is likely to see earnings growth of 111.8% in 2021.