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Phillips 66 Partners LP 2018 Q4 - Results - Earnings Call Slides

Feb. 08, 2019 12:28 PM ETPhillips 66 (PSX)1 Comment
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The following slide deck was published by Phillips 66 Partners LP in conjunction with their 2018 Q4 earnings call.

Gray Oak construction site, Big Lake, Texas

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Comments (1)

30% Cagr Needs LNG for Long-Term Superior Cagr:

Superb growth history. ~30% Cagr but it was mostly through oil based pipeline projects. Natural Gas & LNG are a critical component for future growth. How this fits into this MLP's and the overall company's long-term plans -- I don't know. Have been long PSX since the spinoff from COP. LNG will be needed within PSX's business model and by extension PSXP's or the ~30% Cagr is going to be impossible to sustain going forward.

My reaction, I have been buying RDS.B in 2019 for the 1st time. Previously, Exxon and Chevron have been our largest Energy plays. I can see now that Exxon's finally taken a major step towards expanding their LNG proportionately as a component of their business model. Shareholders may NOT have liked that, as their first knee-jerk reaction illustrated (small sell-off). Nevertheless, I was very relieved by the announcement to immediately increase their Capex above $30 billion for 2019 and upwards to $35 billion annually. The increase was largely due to finally ramping-up their LNG Capex. Better late than never.
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