Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PHILLIPS 66 PARTNERS LP | mlp-20131231xer_8xk.htm |
| EX-99.1 - EXHIBIT 99.1 - PHILLIPS 66 PARTNERS LP | mlp-20131231xerxex991.htm |
Exhibit 99.2
Phillips 66 Partners LP Earnings Release Supplemental Data | ||||
Factors Affecting Comparability
The following tables present net income, EBITDA, distributable cash flow and related operational information for each quarterly period through December 31, 2013. The unaudited combined financial results of Phillips 66 Partners LP predecessor, the predecessor for accounting purposes, are presented for periods through July 25, 2013. Differences in revenues and expenses for periods prior to and after the IPO are detailed in the "Factors Affecting the Comparability of Our Financial Results" in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of the final prospectus dated July 22, 2013, filed with the Securities and Exchange Commission. The following tables do not include distributable cash flow for the periods prior to the IPO.
CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||||||||
Millions of Dollars, Except as Indicated | |||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||
Revenues | |||||||||||||||||||||
Transportation and terminaling services—related parties | 18.1 | 18.4 | 21.2 | 22.0 | 79.7 | 20.9 | 26.2 | 29.5 | 29.8 | 106.4 | |||||||||||
Transportation and terminaling services—third parties | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | 0.1 | — | — | 0.1 | 0.2 | |||||||||||
Other income | — | — | — | — | — | — | — | 0.1 | 0.1 | 0.2 | |||||||||||
Total revenues | 18.2 | 18.5 | 21.3 | 22.1 | 80.1 | 21.0 | 26.2 | 29.6 | 30.0 | 106.8 | |||||||||||
Costs and Expenses | |||||||||||||||||||||
Operating and maintenance expenses | 6.7 | 5.1 | 4.9 | 6.2 | 22.9 | 6.2 | 6.0 | 7.5 | 7.7 | 27.4 | |||||||||||
Depreciation | 1.5 | 1.7 | 1.8 | 1.6 | 6.6 | 1.6 | 1.5 | 1.6 | 1.5 | 6.2 | |||||||||||
General and administrative expenses | 1.4 | 1.7 | 2.3 | 2.4 | 7.8 | 1.9 | 2.5 | 2.5 | 3.1 | 10.0 | |||||||||||
Taxes other than income taxes | 0.4 | 0.4 | 0.3 | 0.3 | 1.4 | 0.5 | 0.4 | 0.4 | 0.4 | 1.7 | |||||||||||
Interest and debt expense | — | — | — | — | — | — | — | 0.1 | 0.2 | 0.3 | |||||||||||
Total costs and expenses | 10.0 | 8.9 | 9.3 | 10.5 | 38.7 | 10.2 | 10.4 | 12.1 | 12.9 | 45.6 | |||||||||||
Income before income taxes | 8.2 | 9.6 | 12.0 | 11.6 | 41.4 | 10.8 | 15.8 | 17.5 | 17.1 | 61.2 | |||||||||||
Provision for income taxes | 0.1 | 0.1 | 0.1 | — | 0.3 | 0.1 | 0.1 | 0.2 | 0.1 | 0.5 | |||||||||||
Net Income | 8.1 | 9.5 | 11.9 | 11.6 | 41.1 | 10.7 | 15.7 | 17.3 | 17.0 | 60.7 | |||||||||||
Less: Predecessor income prior to IPO on July 26, 2013 | 8.1 | 9.5 | 11.9 | 11.6 | 41.1 | 10.7 | 15.7 | 5.4 | — | 31.8 | |||||||||||
Net income subsequent to IPO | — | — | — | — | — | — | — | 11.9 | 17.0 | 28.9 | |||||||||||
Less: General partner's interest in net income subsequent to IPO | ** | ** | ** | ** | ** | ** | ** | 0.2 | 0.4 | 0.6 | |||||||||||
Limited partners' interest in net income subsequent to IPO | ** | ** | ** | ** | ** | ** | ** | 11.7 | 16.6 | 28.3 | |||||||||||
Net Income Subsequent to IPO Per Limited Partner Unit—Basic and Diluted (Dollars) | |||||||||||||||||||||
Common units | ** | ** | ** | ** | ** | ** | ** | 0.17 | 0.24 | 0.40 | |||||||||||
Subordinated units—Phillips 66 | ** | ** | ** | ** | ** | ** | ** | 0.17 | 0.24 | 0.40 | |||||||||||
Limited Parter Units Outstanding (Thousands) | |||||||||||||||||||||
Common units—public | ** | ** | ** | ** | ** | ** | ** | 18,889 | 18,889 | 18,889 | |||||||||||
Common units—Phillips 66 | ** | ** | ** | ** | ** | ** | ** | 16,328 | 16,328 | 16,328 | |||||||||||
Subordinated units—Phillips 66 | ** | ** | ** | ** | ** | ** | ** | 35,217 | 35,217 | 35,217 | |||||||||||
EBITDA | 9.7 | 11.3 | 13.8 | 13.2 | 48.0 | 12.4 | 17.3 | 19.2 | 18.8 | 67.7 | |||||||||||
Distributable Cash Flow Subsequent to IPO | ** | ** | ** | ** | ** | ** | ** | 12.6 | 17.8 | 30.4 | |||||||||||
** Information is not applicable for the pre-IPO periods.
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CASH FLOW INFORMATION | |||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||||||
Net income | 8.1 | 9.5 | 11.9 | 11.6 | 41.1 | 10.7 | 15.7 | 17.3 | 17.0 | 60.7 | |||||||||||
Depreciation | 1.5 | 1.7 | 1.8 | 1.6 | 6.6 | 1.6 | 1.5 | 1.6 | 1.5 | 6.2 | |||||||||||
Deferred rentals and other | (0.4 | ) | (0.7 | ) | (0.6 | ) | (0.5 | ) | (2.2 | ) | (0.4 | ) | — | 0.4 | — | — | |||||
Net working capital changes | (0.6 | ) | 0.3 | (0.9 | ) | 0.2 | (1.0 | ) | — | 0.8 | (5.7 | ) | (1.7 | ) | (6.6 | ) | |||||
Net Cash Provided by Operating Activities | 8.6 | 10.8 | 12.2 | 12.9 | 44.5 | 11.9 | 18.0 | 13.6 | 16.8 | 60.3 | |||||||||||
Cash Flows From Investing Activities | |||||||||||||||||||||
Capital expenditures | (2.4 | ) | (4.6 | ) | (5.4 | ) | (2.6 | ) | (15.0 | ) | (0.7 | ) | (1.7 | ) | (1.8 | ) | (2.4 | ) | (6.6 | ) | |
Other | — | — | — | — | — | — | — | — | 0.2 | 0.2 | |||||||||||
Net Cash Used in Investing Activities | (2.4 | ) | (4.6 | ) | (5.4 | ) | (2.6 | ) | (15.0 | ) | (0.7 | ) | (1.7 | ) | (1.8 | ) | (2.2 | ) | (6.4 | ) | |
Cash Flows From Financing Activities | |||||||||||||||||||||
Contributions from (distributions to) Phillips 66—prior to IPO | (6.2 | ) | (6.2 | ) | (6.8 | ) | (10.3 | ) | (29.5 | ) | (11.2 | ) | (16.3 | ) | 2.5 | — | (25.0 | ) | |||
Project prefunding from Phillips 66 | — | — | — | — | — | — | — | 3.0 | — | 3.0 | |||||||||||
Proceeds from issuance of common units | — | — | — | — | — | — | — | 434.4 | — | 434.4 | |||||||||||
Offering costs | — | — | — | — | — | — | — | (30.0 | ) | — | (30.0 | ) | |||||||||
Debt issuance costs | — | — | — | — | — | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||
Distributions to common unitholders—public | — | — | — | — | — | — | — | — | (2.9 | ) | (2.9 | ) | |||||||||
Distributions to common unitholder—Phillips 66 | — | — | — | — | — | — | — | — | (2.5 | ) | (2.5 | ) | |||||||||
Distributions to subordinated unitholder— Phillips 66 | — | — | — | — | — | — | — | — | (5.5 | ) | (5.5 | ) | |||||||||
Distributions to general partner—Phillips 66 | — | — | — | — | — | — | — | — | (0.2 | ) | (0.2 | ) | |||||||||
Net Cash Provided by (Used in) Financing Activities | (6.2 | ) | (6.2 | ) | (6.8 | ) | (10.3 | ) | (29.5 | ) | (11.2 | ) | (16.3 | ) | 409.8 | (11.1 | ) | 371.2 | |||
Net Change in Cash and Cash Equivalents | — | — | — | — | — | — | — | 421.6 | 3.5 | 425.1 | |||||||||||
Cash and cash equivalents at beginning of period | — | — | — | — | — | — | — | — | 421.6 | — | |||||||||||
Cash and Cash Equivalents at End of Period | — | — | — | — | — | — | — | 421.6 | 425.1 | 425.1 | |||||||||||
CAPITAL EXPENDITURES | |||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||
Capital Expenditures | |||||||||||||||||||||
Expansion capital expenditures | 1.8 | 2.8 | 4.2 | 2.1 | 10.9 | 0.7 | 1.0 | 0.8 | 0.6 | 3.1 | |||||||||||
Maintenance capital expenditures | 0.6 | 1.8 | 1.2 | 0.5 | 4.1 | — | 0.7 | 1.0 | 1.8 | 3.5 | |||||||||||
Total | 2.4 | 4.6 | 5.4 | 2.6 | 15.0 | 0.7 | 1.7 | 1.8 | 2.4 | 6.6 | |||||||||||
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SELECTED OPERATING DATA | |||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||
Pipeline, Terminal and Storage Volumes (MB/D) | |||||||||||||||||||||
Pipelines* | |||||||||||||||||||||
Crude oil throughput | 191 | 208 | 270 | 297 | 242 | 301 | 296 | 249 | 244 | 272 | |||||||||||
Refined product throughput | 279 | 296 | 285 | 253 | 278 | 177 | 252 | 300 | 315 | 262 | |||||||||||
Total | 470 | 504 | 555 | 550 | 520 | 478 | 548 | 549 | 559 | 534 | |||||||||||
Terminals | |||||||||||||||||||||
Crude Oil | |||||||||||||||||||||
Storage volumes | 147 | 172 | 219 | 233 | 193 | 218 | 211 | 195 | 207 | 208 | |||||||||||
Terminaling throughput | 132 | 166 | 198 | 198 | 174 | 163 | 155 | 173 | 189 | 170 | |||||||||||
Refined Products | |||||||||||||||||||||
Terminaling throughput | 245 | 270 | 245 | 248 | 252 | 168 | 235 | 264 | 267 | 234 | |||||||||||
Total | 524 | 608 | 662 | 679 | 619 | 549 | 601 | 632 | 663 | 612 | |||||||||||
* Represents the sum of volumes transported through each separately tariffed pipeline segment. | |||||||||||||||||||||
Revenue Per Barrel ($/BBL) | |||||||||||||||||||||
Average pipeline revenue | 0.26 | 0.26 | 0.28 | 0.28 | 0.27 | 0.26 | 0.30 | 0.34 | 0.33 | 0.31 | |||||||||||
Average terminaling and storage revenue | 0.15 | 0.12 | 0.11 | 0.12 | 0.13 | 0.19 | 0.20 | 0.21 | 0.21 | 0.20 | |||||||||||
SELECTED BALANCE SHEET DATA | |||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||
Cash and Cash Equivalents | — | — | — | — | — | — | — | 421.6 | 425.1 | 425.1 | |||||||||||
Total Assets | 135.9 | 140.4 | 144.3 | 144.9 | 144.9 | 144.6 | 145.0 | 578.6 | 584.2 | 584.2 | |||||||||||
Net Investment/Equity | |||||||||||||||||||||
Net investment | 132.3 | 135.6 | 140.7 | 142.0 | 142.0 | 141.5 | 140.9 | — | — | — | |||||||||||
Equity held by public | |||||||||||||||||||||
Common units | ** | ** | ** | ** | ** | ** | ** | 407.5 | 409.1 | 409.1 | |||||||||||
Equity held by Phillips 66 | |||||||||||||||||||||
Common units | ** | ** | ** | ** | ** | ** | ** | 47.3 | 48.6 | 48.6 | |||||||||||
Subordinated units | ** | ** | ** | ** | ** | ** | ** | 102.0 | 104.9 | 104.9 | |||||||||||
General partner units | ** | ** | ** | ** | ** | ** | ** | 11.3 | 11.5 | 11.5 | |||||||||||
Total Equity | ** | ** | ** | ** | ** | ** | ** | 568.1 | 574.1 | 574.1 | |||||||||||
** Information is not applicable for the pre-IPO periods. | |||||||||||||||||||||
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CASH DISTRIBUTIONS | ||||||||||||||
2012 | 2013 | |||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||
Cash Distribution Per Unit (Dollars)* | ** | ** | ** | ** | ** | ** | ** | 0.1548 | 0.2248 | 0.3796 | ||||
Cash Distributions ($ Millions) | ||||||||||||||
Common units—public | ** | ** | ** | ** | ** | ** | ** | 2.9 | 4.3 | 7.2 | ||||
Common units—Phillips 66 | ** | ** | ** | ** | ** | ** | ** | 2.5 | 3.7 | 6.2 | ||||
Subordinated units—Phillips 66 | ** | ** | ** | ** | ** | ** | ** | 5.5 | 7.9 | 13.4 | ||||
General partner units—Phillips 66 | ** | ** | ** | ** | ** | ** | ** | 0.2 | 0.3 | 0.5 | ||||
Total | ** | ** | ** | ** | ** | ** | ** | 11.1 | 16.2 | 27.3 | ||||
Coverage Ratio | ** | ** | ** | ** | ** | ** | ** | 1.13 | 1.10 | 1.11 | ||||
* Third-quarter 2013 minimum quarterly distribution is prorated for the post-IPO period.
** Information is not applicable for the pre-IPO periods.
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NON-GAAP FINANCIAL MEASURES RECONCILIATION | |||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||
Reconciliation to Net Income | |||||||||||||||||||||
Net Income | 8.1 | 9.5 | 11.9 | 11.6 | 41.1 | 10.7 | 15.7 | 17.3 | 17.0 | 60.7 | |||||||||||
Plus: | |||||||||||||||||||||
Depreciation | 1.5 | 1.7 | 1.8 | 1.6 | 6.6 | 1.6 | 1.5 | 1.6 | 1.5 | 6.2 | |||||||||||
Net interest expense | — | — | — | — | — | — | — | — | 0.1 | 0.1 | |||||||||||
Amortization of deferred rentals | — | — | — | — | — | — | — | 0.1 | 0.1 | 0.2 | |||||||||||
Provision for income taxes | 0.1 | 0.1 | 0.1 | — | 0.3 | 0.1 | 0.1 | 0.2 | 0.1 | 0.5 | |||||||||||
EBITDA | 9.7 | 11.3 | 13.8 | 13.2 | 48.0 | 12.4 | 17.3 | 19.2 | 18.8 | 67.7 | |||||||||||
Less: | |||||||||||||||||||||
Predecessor EBITDA prior to IPO on July 26, 2013 | 9.7 | 11.3 | 13.8 | 13.2 | 48.0 | 12.4 | 17.3 | 6.0 | — | 35.7 | |||||||||||
EBITDA Subsequent to IPO | — | — | — | — | — | — | — | 13.2 | 18.8 | 32.0 | |||||||||||
Plus: | |||||||||||||||||||||
Adjustments related to minimum volume commitments | ** | ** | ** | ** | ** | ** | ** | 0.1 | (0.1 | ) | — | ||||||||||
Phillips 66 prefunded projects | ** | ** | ** | ** | ** | ** | ** | 0.3 | 0.5 | 0.8 | |||||||||||
Other | ** | ** | ** | ** | ** | ** | ** | — | 0.4 | 0.4 | |||||||||||
Less: | |||||||||||||||||||||
Net interest paid | ** | ** | ** | ** | ** | ** | ** | 0.1 | — | 0.1 | |||||||||||
Income taxes paid | ** | ** | ** | ** | ** | ** | ** | — | — | — | |||||||||||
Maintenance capital expenditures | ** | ** | ** | ** | ** | ** | ** | 0.9 | 1.8 | 2.7 | |||||||||||
Distributable Cash Flow Subsequent to IPO | ** | ** | ** | ** | ** | ** | ** | 12.6 | 17.8 | 30.4 | |||||||||||
Reconciliation to Net Cash Provided by Operating Activities | |||||||||||||||||||||
Net cash provided by operating activities | 8.6 | 10.8 | 12.2 | 12.9 | 44.5 | 11.9 | 18.0 | 13.6 | 16.8 | 60.3 | |||||||||||
Plus: | |||||||||||||||||||||
Net interest expense | — | — | — | — | — | — | — | — | 0.1 | 0.1 | |||||||||||
Provision for income taxes | 0.1 | 0.1 | 0.1 | — | 0.3 | 0.1 | 0.1 | 0.2 | 0.1 | 0.5 | |||||||||||
Changes in working capital | 0.6 | (0.3 | ) | 0.9 | (0.2 | ) | 1.0 | — | (0.8 | ) | 5.7 | 1.7 | 6.6 | ||||||||
Deferred rentals and other | 0.4 | 0.7 | 0.6 | 0.5 | 2.2 | 0.4 | — | (0.3 | ) | 0.1 | 0.2 | ||||||||||
EBITDA | 9.7 | 11.3 | 13.8 | 13.2 | 48.0 | 12.4 | 17.3 | 19.2 | 18.8 | 67.7 | |||||||||||
Less: | |||||||||||||||||||||
Predecessor EBITDA prior to IPO on July 26, 2013 | 9.7 | 11.3 | 13.8 | 13.2 | 48.0 | 12.4 | 17.3 | 6.0 | — | 35.7 | |||||||||||
EBITDA Subsequent to IPO | — | — | — | — | — | — | — | 13.2 | 18.8 | 32.0 | |||||||||||
Plus: | |||||||||||||||||||||
Adjustments related to minimum volume commitments | ** | ** | ** | ** | ** | ** | ** | 0.1 | (0.1 | ) | — | ||||||||||
Phillips 66 prefunded projects | ** | ** | ** | ** | ** | ** | ** | 0.3 | 0.5 | 0.8 | |||||||||||
Other | ** | ** | ** | ** | ** | ** | ** | — | 0.4 | 0.4 | |||||||||||
Less: | |||||||||||||||||||||
Net interest paid | ** | ** | ** | ** | ** | ** | ** | 0.1 | — | 0.1 | |||||||||||
Income taxes paid | ** | ** | ** | ** | ** | ** | ** | — | — | — | |||||||||||
Maintenance capital expenditures | ** | ** | ** | ** | ** | ** | ** | 0.9 | 1.8 | 2.7 | |||||||||||
Distributable Cash Flow Subsequent to IPO | ** | ** | ** | ** | ** | ** | ** | 12.6 | 17.8 | 30.4 | |||||||||||
** Information is not applicable for the pre-IPO periods.
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