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PSXP Reports Q1-18

|About: Phillips 66 Partners LP (PSXP)

My calculations (which tends to be very close) of Phillips 66 Partners LP (PSXP) DCF/unit and key credit ratios.

Phillips 66 Partners LP metrics

Q1-2018 Q4-2017 Q3-2017 Q2-2017 Q1-2017 Q4-2016 Q3-2016 Q2-2016 Q1-2016 Q4-2015 Q3-2015 Q2-2015 Q1-2015 Q4-2014 Q3-2014 Q2-2014 Q1-2014 Q4-2013 Q3-2013
Revenues 355 331 245 234 234 228 144.3 140.4 121.2 102.8 91.4 83.8 70.1 62.7 53.4 56.9 51.9 49.1 50.5
Costs
165 146 130 137 125 61.0 66.8 60.8 38.3 39.0 41.9 34.5 26.3 23.9 24.6 23.6 26.8 22.7
EBITDA 247 254 168 170 155 161 110.9 97.3 73.8 87.1 73.4 57.0 49.0 43.7 35.9 37.6 23.8 18.8 13.2
DCF dollars 194 172 136 140 124 130 101.9 84.4 64.1 74.0 64.5 47.8 41.9 37.2 33.4 34.3 23.3 17.8 12.6
GP's interest in income 53 48 43 37 32 29 26.0 21.1 15.8 14.1 11.5 9.0 6.4 3.8 2.0 1.7 0.8 0.4 0.2
Net DCF 141 124 93.0 103.0 92.0 101.0 75.9 63.3 48.3 59.9 53.0 38.8 35.5 33.4 31.4 32.6 22.5 17.4 12.4
Units 135.429 134.021 110.506 109.189 107.400 106.633 100.555 90.959 82.629 82.086 81.882 83,553 77,732 76.576* 73,965 73,965 71,650 70,434 70,434
DCF/unit $1.0411 $0.9252 $0.8416 $0.9433 $0.8566 $0.9472 $0.7548 $0.6959 $0.5845 $0.7297 $0.6473 $0.4643 $0.4567 $0.4362* $0.4245 $0.4407 $0.3140 $0. $0.
Upcoming Distrib. $0.714 $0.678 $0.646 $0.615 $0.586 $0.558 $0.531 $0.505 $0.481 $0.458 $0.428 $0.400 $0.370 $0.340 $0.317 $0.302 $0.274 $0.255
PSXP's Reported Coverage 1.40x 1.33x 1.12x 1.35x 1.31x 1.48x 1.24x 1.21x 1.15x 1.44x 1.40x 1.15x 1.14x 1.28x 1.32x 1.44x 1.10x
My Calculated Coverage 1.46x 1.36x 1.30x 1.53x 1.46x 1.61x 1.421x 1.378x 1.215x 1.593x 1.512x 1.161x 1.234x 1.283x 1.339x 1.459x 1.146x

Interest Expense 30 29 23.0 24.0 24.0 21.0 9.9 11.0 9.9 9.3 9.2 9.5 5.9 2.1 1.4 1.3 0.5
Interest Coverage 8.23x 8.76x 5.91x 7.08x 6.46x 7.67x 11.20x 8.84x 7.45x 9.36x 7.98x 6.00x 8.31x 20.81x 25.64x 28.92x 47.60x
Annualized EBITDA ** 988 1016 672 680 620 644 443.6 389.2 295.2 348.4 293.6 228.0 196.0 174.8x 143.6 150.4 95.2
Total Debt 2,946 2,945 2,290 2,252 2,359 2,411 1,141 1,343 1,303 1,100 1,100 1,100 1,100 0 0 0 0
Debt/EBITDA ** 2.98x 2.90x 3.41x 3.31x 3.80x 3.74x 2.57x 3.45x 4.41x 3.16x 3.74x 4.82x 5.61x
* Did not find average units - so ending units were used
** Given the upward trend of growth in EBITDA, I used four times the current quarter's EBITDA as a substitute for LTM EBITDA in the above calculation.
On 10-10-17 PSXP issued $500 million of 3.75% notes due 2028 and $150 million of 4.680% notes due 2045
On 9-22-17 PSXP issued $750 million of 5.0% Perpetual Convertible Preferred Units
On 10-11-16 PSXP issued $500 million of 3.55% notes due 2026 and $625 million of 4.900% notes due 2046
On 2-18-15 PSXP issued $300 million of 2.646% notes due 2020, $500 million of 3.605% notes due 2025 and $300 million of 4.680% notes due 2045

The coverage ratio is great and the credit ratios are strong (which are "groundhog day" like metrics meaning 4 more quarters of superior distribution growth)

Disclosure: I am/we are long PSXP.