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OFFON

PHILLIPS 66 PARTNERS LP

(PSXP)
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Phillips 66 Partners LP : Second-Quarter Earnings Conference Call(opens in new window)

08/03/2021 | 02:33pm EDT

Second

Quarter 2021

Conference

Call

August 3, 2021

Sweeny Fractionator

OLD OCEAN, TX

Cautionary Statement

This presentation contains certain forward-looking statements as defined under the federal securities laws. Words and phrases such as "is anticipated," "is estimated," "is expected," "is planned," "is scheduled," "is targeted," "believes," "continues," "intends," "will," "would," "objectives," "goals," "projects," "efforts," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking.Forward-looking statements included in this presentation are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward- looking statements include: the continued ability of Phillips 66 to satisfy its obligations under our commercial and other agreements; the volume of crude oil, refined petroleum products and NGL we or our equity affiliates transport, fractionate, terminal and store; the tariff rates with respect to volumes transported through our regulated assets, which are subject to review and possible adjustment by federal and state regulators; fluctuations in the prices for crude oil, refined petroleum products and NGL; the continuing effects of the COVID-19 pandemic and its negative impact on the demand for refined products; changes in governmental policies relating to crude oil, refined petroleum products or NGL pricing, regulation, taxation, or exports; liabilities associated with the risks and operational hazards inherent in transporting, fractionating, terminaling and storing crude oil, refined petroleum products and NGL; curtailment of operations due to accidents, severe weather (including as a result of climate change) or natural disasters, riots, strikes or lockouts; the inability to obtain or maintain permits, in a timely manner or at all, and the possible revocation or modification of permits; the operation, financing and distribution decisions of our equity affiliates; costs to comply with environmental laws and safety regulations; failure of information technology due to various causes, including unauthorized access or attacks; changes to the costs to deliver and transport crude oil, refined petroleum products and NGL; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; the failure to complete construction of capital projects on time and within budget; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues; our ability to comply with our debt covenants and to incur additional indebtedness on favorable terms; changes in tax, environmental and other laws and regulations; and other economic, business, competitive and/or regulatory factors affecting Phillips 66 Partners' businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 Partners is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures. Today's presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures at the end of the presentation materials or in the "Financial Information" section of our website.

2

Executing the Strategy

C2G Pipeline - GCGV Metering Skid Delivery

GREGORY, TX

3

2Q 2021 Financial Highlights

Adjusted EBITDA

Distributable Cash Flow

$MM

$MM

18

30

29

5

337

289

267

233

1Q

Wholly Owned

Joint

2Q

1Q

Wholly Owned

Joint

2Q

2021

Assets

Ventures

2021

2021

Assets

Venture

2021

Distributions

4

2Q 2021 Overview

$MM (UNLESS OTHERWISE NOTED)

Gray Oak Pipeline Taft Storage Facility

TAFT, TX

Cash and cash equivalents

$

2

Total debt

3,910

Revolving credit facility availability

734

Debt-to-EBITDA ratio1

3.0

Coverage ratio

1.34

1) Leverage ratio estimated on credit facility covenant basis.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Phillips 66 Partners LP published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 18:32:07 UTC.


© Publicnow 2021
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Technical analysis trends PHILLIPS 66 PARTNERS LP
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 39,87 $
Average target price 39,68 $
Spread / Average Target -0,47%
EPS Revisions
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Greg C. Garland Chairman & Chief Executive Officer
Kevin J. Mitchell Chief Financial Officer, Director & Vice President
Timothy D. Roberts Chief Operating Officer, Vice President & Director
Joseph W. O'Toole Independent Director
David Bairrington Independent Director
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