Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - PHILLIPS 66 PARTNERS LP | mlp-2016630_erxex991.htm |
| 8-K - 8-K - PHILLIPS 66 PARTNERS LP | mlp-2016630_erx8xk.htm |
Exhibit 99.2
Phillips 66 Partners LP Earnings Release Supplemental Data | ||||
Factors Affecting Comparability
The following tables present our financial results and operating data for each quarterly period through June 30, 2016. Effective March 1, 2016, we acquired a 25 percent controlling interest in Phillips 66 Sweeny Frac LLC (Sweeny Frac LLC) for total consideration valued at $236 million (the Initial Fractionator Acquisition). Sweeny Frac LLC owns a natural gas liquids (NGL) fractionator and associated salt dome NGL storage facility. On May 10, 2016, we acquired the remaining 75 percent interest in Sweeny Frac LLC and 100 percent of Standish Pipeline for total consideration of $775 million (the Subsequent Fractionator Acquisition). The Initial and Subsequent Fractionator Acquisitions (collectively, the Acquisitions) were transfers of businesses between entities under common control, which requires them to be accounted for as if the transfers had occurred at the beginning of the period of transfer, with financial statements for prior periods retrospectively adjusted to furnish comparative information. Accordingly, the consolidated financial and operating information included in the following tables has been retrospectively adjusted to include the historical financial and operating results of these acquired businesses prior to the effective date, which are referred to as “Predecessors” sections in the tables below.
STATEMENT OF INCOME | |||||||||||||||||||
PHILLIPS 66 PARTNERS LP | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2015 | 2016 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Revenues | |||||||||||||||||||
Operating revenues—related parties | 62.8 | 62.3 | 65.4 | 70.1 | 260.6 | 76.5 | 106.5 | 183.0 | |||||||||||
Operating revenues—third parties | 1.1 | 0.9 | 0.7 | 2.3 | 5.0 | 2.0 | 2.1 | 4.1 | |||||||||||
Equity in earnings of affiliates | 6.1 | 20.6 | 25.2 | 25.2 | 77.1 | 24.8 | 29.9 | 54.7 | |||||||||||
Other income | 0.1 | — | 0.1 | 5.2 | 5.4 | — | 0.3 | 0.3 | |||||||||||
Total revenues and other income | 70.1 | 83.8 | 91.4 | 102.8 | 348.1 | 103.3 | 138.8 | 242.1 | |||||||||||
Costs and Expenses | |||||||||||||||||||
Operating and maintenance expenses | 14.8 | 17.5 | 15.5 | 14.4 | 62.2 | 17.6 | 27.9 | 45.5 | |||||||||||
Depreciation | 5.1 | 5.3 | 5.7 | 5.7 | 21.8 | 8.4 | 14.4 | 22.8 | |||||||||||
General and administrative expenses | 7.4 | 6.4 | 6.2 | 6.6 | 26.6 | 8.1 | 7.8 | 15.9 | |||||||||||
Taxes other than income taxes | 1.3 | 3.1 | 2.4 | 2.2 | 9.0 | 3.8 | 5.5 | 9.3 | |||||||||||
Interest and debt expense | 5.9 | 9.5 | 9.2 | 9.3 | 33.9 | 9.9 | 11.0 | 20.9 | |||||||||||
Other expenses | — | 0.1 | — | — | 0.1 | — | — | — | |||||||||||
Total costs and expenses | 34.5 | 41.9 | 39.0 | 38.2 | 153.6 | 47.8 | 66.6 | 114.4 | |||||||||||
Income before income taxes | 35.6 | 41.9 | 52.4 | 64.6 | 194.5 | 55.5 | 72.2 | 127.7 | |||||||||||
Provision for (benefit from) income taxes | 0.2 | (0.1 | ) | 0.1 | 0.1 | 0.3 | 0.2 | 0.4 | 0.6 | ||||||||||
Net Income | 35.4 | 42.0 | 52.3 | 64.5 | 194.2 | 55.3 | 71.8 | 127.1 | |||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | — | — | 3.0 | 4.3 | 7.3 | |||||||||||
Net income attributable to the Partnership | 35.4 | 42.0 | 52.3 | 64.5 | 194.2 | 52.3 | 67.5 | 119.8 | |||||||||||
Less: General partner’s interest in net income attributable to the Partnership | 6.4 | 9.0 | 11.5 | 14.1 | 41.0 | 15.8 | 21.1 | 36.9 | |||||||||||
Limited partners’ interest in net income attributable to the Partnership | 29.0 | 33.0 | 40.8 | 50.4 | 153.2 | 36.5 | 46.4 | 82.9 | |||||||||||
Adjusted EBITDA | 48.9 | 56.9 | 73.3 | 87.0 | 266.1 | 73.8 | 97.3 | 171.1 | |||||||||||
Distributable Cash Flow | 41.9 | 47.8 | 64.5 | 74.0 | 228.2 | 64.1 | 84.4 | 148.5 | |||||||||||
Page 1
Exhibit 99.2
STATEMENT OF INCOME (continued) | |||||||||||||||||||
PREDECESSORS | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2015* | 2016 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr* | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Revenues | |||||||||||||||||||
Operating revenues—related parties | 3.8 | 4.0 | 5.7 | 16.4 | 29.9 | 22.7 | 1.6 | 24.3 | |||||||||||
Other income | — | — | — | — | — | 0.2 | — | 0.2 | |||||||||||
Total revenues | 3.8 | 4.0 | 5.7 | 16.4 | 29.9 | 22.9 | 1.6 | 24.5 | |||||||||||
Costs and Expenses | |||||||||||||||||||
Operating and maintenance expenses | 1.6 | 2.1 | 4.8 | 14.5 | 23.0 | 5.4 | — | 5.4 | |||||||||||
Depreciation | 0.2 | 0.1 | 0.4 | 3.7 | 4.4 | 5.5 | 0.1 | 5.6 | |||||||||||
General and administrative expenses | 0.9 | 1.1 | 1.2 | 1.3 | 4.5 | 0.9 | — | 0.9 | |||||||||||
Taxes other than income taxes | 0.7 | 0.7 | 0.7 | 0.9 | 3.0 | 1.7 | 0.1 | 1.8 | |||||||||||
Total costs and expenses | 3.4 | 4.0 | 7.1 | 20.4 | 34.9 | 13.5 | 0.2 | 13.7 | |||||||||||
Income before income taxes | 0.4 | — | (1.4 | ) | (4.0 | ) | (5.0 | ) | 9.4 | 1.4 | 10.8 | ||||||||
Provision for (benefit from) income taxes | — | — | — | — | — | — | — | — | |||||||||||
Net Income (Loss) | 0.4 | — | (1.4 | ) | (4.0 | ) | (5.0 | ) | 9.4 | 1.4 | 10.8 | ||||||||
Net Income attributable to noncontrolling interests | — | — | — | — | — | 3.0 | 4.3 | 7.3 | |||||||||||
Net income attributable to the Predecessor | 0.4 | — | (1.4 | ) | (4.0 | ) | (5.0 | ) | 12.4 | 5.7 | 18.1 | ||||||||
EBITDA attributable to Predecessors | 0.6 | 0.1 | (1.0 | ) | (0.3 | ) | (0.6 | ) | 19.9 | 8.5 | 28.4 | ||||||||
*Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.
Page 2
Exhibit 99.2
STATEMENT OF INCOME (continued) | |||||||||||||||||||
CONSOLIDATED | |||||||||||||||||||
Millions of Dollars, Except as Indicated | |||||||||||||||||||
2015* | 2016 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr* | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Revenues | |||||||||||||||||||
Operating revenues—related parties | 66.6 | 66.3 | 71.1 | 86.5 | 290.5 | 99.2 | 108.1 | 207.3 | |||||||||||
Operating revenues—third parties | 1.1 | 0.9 | 0.7 | 2.3 | 5.0 | 2.0 | 2.1 | 4.1 | |||||||||||
Equity in earnings of affiliates | 6.1 | 20.6 | 25.2 | 25.2 | 77.1 | 24.8 | 29.9 | 54.7 | |||||||||||
Other income | 0.1 | — | 0.1 | 5.2 | 5.4 | 0.2 | 0.3 | 0.5 | |||||||||||
Total revenues and other income | 73.9 | 87.8 | 97.1 | 119.2 | 378.0 | 126.2 | 140.4 | 266.6 | |||||||||||
Costs and Expenses | |||||||||||||||||||
Operating and maintenance expenses | 16.4 | 19.6 | 20.3 | 28.9 | 85.2 | 23.0 | 27.9 | 50.9 | |||||||||||
Depreciation | 5.3 | 5.4 | 6.1 | 9.4 | 26.2 | 13.9 | 14.5 | 28.4 | |||||||||||
General and administrative expenses | 8.3 | 7.5 | 7.4 | 7.9 | 31.1 | 9.0 | 7.8 | 16.8 | |||||||||||
Taxes other than income taxes | 2.0 | 3.8 | 3.1 | 3.1 | 12.0 | 5.5 | 5.6 | 11.1 | |||||||||||
Interest and debt expense | 5.9 | 9.5 | 9.2 | 9.3 | 33.9 | 9.9 | 11.0 | 20.9 | |||||||||||
Other expenses | — | 0.1 | — | — | 0.1 | — | — | — | |||||||||||
Total costs and expenses | 37.9 | 45.9 | 46.1 | 58.6 | 188.5 | 61.3 | 66.8 | 128.1 | |||||||||||
Income before income taxes | 36.0 | 41.9 | 51.0 | 60.6 | 189.5 | 64.9 | 73.6 | 138.5 | |||||||||||
Provision for (benefit from) income taxes | 0.2 | (0.1 | ) | 0.1 | 0.1 | 0.3 | 0.2 | 0.4 | 0.6 | ||||||||||
Net Income | 35.8 | 42.0 | 50.9 | 60.5 | 189.2 | 64.7 | 73.2 | 137.9 | |||||||||||
Less: Net income attributable to Predecessors | 0.4 | — | (1.4 | ) | (4.0 | ) | (5.0 | ) | 12.4 | 5.7 | 18.1 | ||||||||
Net income attributable to the Partnership | 35.4 | 42.0 | 52.3 | 64.5 | 194.2 | 52.3 | 67.5 | 119.8 | |||||||||||
Less: General partner’s interest in net income attributable to the Partnership | 6.4 | 9.0 | 11.5 | 14.1 | 41.0 | 15.8 | 21.1 | 36.9 | |||||||||||
Limited partners’ interest in net income attributable to the Partnership | 29.0 | 33.0 | 40.8 | 50.4 | 153.2 | 36.5 | 46.4 | 82.9 | |||||||||||
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (dollars) | |||||||||||||||||||
Common units | 0.39 | 0.50 | 0.50 | 0.61 | 2.02 | 0.44 | 0.51 | 0.96 | |||||||||||
Subordinated units—Phillips 66 | 0.35 | — | — | — | 1.24 | — | — | — | |||||||||||
Average Limited Partner Units Outstanding—Basic and Diluted (thousands) | |||||||||||||||||||
Common units—public | 21,047 | 24,139 | 24,139 | 24,139 | 23,376 | 24,139 | 31,397 | 27,768 | |||||||||||
Common units—Phillips 66 | 21,468 | 41,489 | 57,743 | 57,947 | 44,797 | 58,490 | 59,562 | 59,026 | |||||||||||
Subordinated units—Phillips 66 | 35,217 | 16,254 | — | — | 12,736 | — | — | — | |||||||||||
*Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.
Page 3
Exhibit 99.2
SELECTED OPERATING DATA | |||||||||||||||||||
PHILLIPS 66 PARTNERS LP | |||||||||||||||||||
2015 | 2016 | ||||||||||||||||||
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(1) | |||||||||||||||||||
Pipeline throughput volumes | |||||||||||||||||||
Wholly-Owned Pipelines | |||||||||||||||||||
Crude oil | 283 | 282 | 306 | 283 | 289 | 281 | 287 | 284 | |||||||||||
Refined products | 462 | 446 | 438 | 522 | 467 | 520 | 606 | 563 | |||||||||||
Total | 745 | 728 | 744 | 805 | 756 | 801 | 893 | 847 | |||||||||||
Select Joint Venture Pipelines(2) | |||||||||||||||||||
Natural gas liquids | 97 | 285 | 280 | 280 | 236 | 306 | 346 | 326 | |||||||||||
Terminals | |||||||||||||||||||
Terminaling throughput and storage volumes(3) | |||||||||||||||||||
Crude oil(4) | 558 | 518 | 536 | 464 | 519 | 502 | 559 | 530 | |||||||||||
Refined products | 431 | 424 | 441 | 443 | 435 | 427 | 450 | 439 | |||||||||||
Total | 989 | 942 | 977 | 907 | 954 | 929 | 1,009 | 969 | |||||||||||
(1)Represents the sum of volumes transported through each separately tariffed pipeline segment. | |||||||||||||||||||
(2)Total post-acquisition pipeline system throughput volumes for the Sand Hills and Southern Hills pipelines (100 percent basis) per day for each period presented. | |||||||||||||||||||
(3)Terminaling throughput and storage volumes include leased capacity converted to a MBD-equivalent based on capacity divided by days in the period. | |||||||||||||||||||
(4)Crude oil terminals include Bayway and Ferndale rail rack volumes. | |||||||||||||||||||
Revenue Per Barrel ($/BBL) | |||||||||||||||||||
Average pipeline revenue* | 0.44 | 0.44 | 0.45 | 0.51 | 0.46 | 0.46 | 0.48 | 0.47 | |||||||||||
Average terminaling and storage revenue | 0.38 | 0.39 | 0.39 | 0.42 | 0.40 | 0.40 | 0.38 | 0.39 | |||||||||||
* Excludes average pipeline revenue per barrel from equity affiliates. | |||||||||||||||||||
Page 4
Exhibit 99.2
SELECTED OPERATING DATA (continued) | |||||||||||||||||||
CONSOLIDATED | |||||||||||||||||||
2015 | 2016 | ||||||||||||||||||
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(1) | |||||||||||||||||||
Pipeline throughput volumes | |||||||||||||||||||
Wholly-Owned Pipelines | |||||||||||||||||||
Crude oil | 283 | 282 | 306 | 283 | 289 | 281 | 287 | 284 | |||||||||||
Refined products* | 502 | 487 | 485 | 560 | 508 | 570 | 622 | 596 | |||||||||||
Total | 785 | 769 | 791 | 843 | 797 | 851 | 909 | 880 | |||||||||||
Select Joint Venture Pipelines(2) | |||||||||||||||||||
Natural gas liquids | 97 | 285 | 280 | 280 | 236 | 306 | 346 | 326 | |||||||||||
Terminals | |||||||||||||||||||
Terminaling throughput and storage volumes(3) | |||||||||||||||||||
Crude oil(4) | 558 | 518 | 536 | 464 | 519 | 502 | 559 | 530 | |||||||||||
Refined products | 431 | 424 | 441 | 443 | 435 | 427 | 450 | 439 | |||||||||||
Total | 989 | 942 | 977 | 907 | 954 | 929 | 1,009 | 969 | |||||||||||
(1)Represents the sum of volumes transported through each separately tariffed pipeline segment. | |||||||||||||||||||
(2)Total post-acquisition pipeline system throughput volumes for the Sand Hills and Southern Hills pipelines (100 percent basis) per day for each period presented. | |||||||||||||||||||
(3)Terminaling throughput and storage volumes include leased capacity converted to a MBD-equivalent based on capacity divided by days in the period. | |||||||||||||||||||
(4)Crude oil terminals include Bayway and Ferndale rail rack volumes. | |||||||||||||||||||
Revenue Per Barrel ($/BBL) | |||||||||||||||||||
Average pipeline revenue†* | 0.47 | 0.48 | 0.49 | 0.53 | 0.49 | 0.50 | 0.49 | 0.49 | |||||||||||
Average terminaling and storage revenue | 0.38 | 0.39 | 0.39 | 0.42 | 0.40 | 0.40 | 0.38 | 0.39 | |||||||||||
† Excludes average pipeline revenue per barrel from equity affiliates. * Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. | |||||||||||||||||||
Page 5
Exhibit 99.2
CAPITAL EXPENDITURES AND INVESTMENTS | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2015 | 2016 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Partnership Capital Expenditures and Investments | |||||||||||||||||||
Expansion | 31.2 | 63.0 | 38.1 | 65.0 | 197.3 | 31.6 | 57.9 | 89.5 | |||||||||||
Maintenance | 1.7 | 1.5 | 2.2 | 2.3 | 7.7 | 1.2 | 3.0 | 4.2 | |||||||||||
Total Partnership | 32.9 | 64.5 | 40.3 | 67.3 | 205.0 | 32.8 | 60.9 | 93.7 | |||||||||||
Predecessors* | 180.1 | 234.0 | 117.6 | 79.3 | 611.0 | 12.4 | 10.1 | 22.5 | |||||||||||
Total Consolidated | 213.0 | 298.5 | 157.9 | 146.6 | 816.0 | 45.2 | 71.0 | 116.2 | |||||||||||
*Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.
CASH DISTRIBUTIONS | |||||||||||||||||||
2015 | 2016 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Cash Distribution Per Unit (Dollars) | 0.3700 | 0.4000 | 0.4280 | 0.4580 | 1.6560 | 0.4810 | 0.5050 | 0.9860 | |||||||||||
Cash Distributions† ($ Millions) | |||||||||||||||||||
Common units—public | 8.9 | 9.7 | 10.3 | 11.1 | 40.0 | 11.6 | 18.7 | 30.3 | |||||||||||
Common units—Phillips 66 | 8.4 | 23.0 | 24.8 | 26.7 | 82.9 | 28.3 | 30.4 | 58.7 | |||||||||||
Subordinated units—Phillips 66 | 13.0 | — | — | — | 13.0 | — | — | — | |||||||||||
General partner—Phillips 66 | 6.4 | 8.8 | 11.1 | 13.6 | 39.9 | 15.7 | 20.7 | 36.4 | |||||||||||
Total | 36.7 | 41.5 | 46.2 | 51.4 | 175.8 | 55.6 | 69.8 | 125.4 | |||||||||||
Coverage Ratio* | 1.14x | 1.15x | 1.40x | 1.44x | 1.30x | 1.15x | 1.21x | 1.18x | |||||||||||
† Cash distributions declared attributable to the indicated periods. * Calculated as distributable cash flow divided by total cash distributions. Used to indicate the Partnership’s ability to pay cash distributions from current earnings. | |||||||||||||||||||
Page 6
Exhibit 99.2
NON-GAAP FINANCIAL MEASURES RECONCILIATION | |||||||||||||||||||
CONSOLIDATED | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2015* | 2016 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr* | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Reconciliation to Net Income | |||||||||||||||||||
Net Income | 35.8 | 42.0 | 50.9 | 60.5 | 189.2 | 64.7 | 73.2 | 137.9 | |||||||||||
Plus: | |||||||||||||||||||
Depreciation | 5.3 | 5.4 | 6.1 | 9.4 | 26.2 | 13.9 | 14.5 | 28.4 | |||||||||||
Net interest expense | 5.8 | 9.5 | 9.1 | 9.2 | 33.6 | 9.7 | 10.9 | 20.6 | |||||||||||
Provision for (benefit from) income taxes | 0.2 | (0.1 | ) | 0.1 | 0.1 | 0.3 | 0.2 | 0.4 | 0.6 | ||||||||||
EBITDA | 47.1 | 56.8 | 66.2 | 79.2 | 249.3 | 88.5 | 99.0 | 187.5 | |||||||||||
Distributions in excess of equity earnings | 0.7 | 0.2 | 4.6 | 6.6 | 12.1 | 4.1 | 2.2 | 6.3 | |||||||||||
Expenses indemnified or prefunded by Phillips 66 | 0.3 | — | 1.1 | 0.5 | 1.9 | 0.1 | 3.9 | 4.0 | |||||||||||
Transaction costs associated with acquisitions | 1.4 | — | 0.4 | 0.4 | 2.2 | 1.0 | 0.7 | 1.7 | |||||||||||
EBITDA attributable to Predecessors | (0.6 | ) | (0.1 | ) | 1.0 | 0.3 | 0.6 | (19.9 | ) | (8.5 | ) | (28.4 | ) | ||||||
Adjusted EBITDA | 48.9 | 56.9 | 73.3 | 87.0 | 266.1 | 73.8 | 97.3 | 171.1 | |||||||||||
Plus: | |||||||||||||||||||
Deferred revenue impacts** | 1.2 | 2.3 | 2.5 | (1.6 | ) | 4.4 | 1.4 | 1.3 | 2.7 | ||||||||||
Less: | |||||||||||||||||||
Net interest | 6.5 | 9.5 | 9.1 | 9.2 | 34.3 | 9.9 | 10.9 | 20.8 | |||||||||||
Income taxes paid | — | 0.4 | — | (0.1 | ) | 0.3 | — | 0.3 | 0.3 | ||||||||||
Maintenance capital expenditures | 1.7 | 1.5 | 2.2 | 2.3 | 7.7 | 1.2 | 3.0 | 4.2 | |||||||||||
Distributable Cash Flow | 41.9 | 47.8 | 64.5 | 74.0 | 228.2 | 64.1 | 84.4 | 148.5 | |||||||||||
*Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. **Difference between cash receipts and revenue recognition. | |||||||||||||||||||
Page 7
Exhibit 99.2
NON-GAAP FINANCIAL MEASURES RECONCILIATION (continued) | |||||||||||||||||||
CONSOLIDATED | |||||||||||||||||||
Millions of Dollars | |||||||||||||||||||
2015* | 2016 | ||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr* | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||
Reconciliation to Net Cash Provided by Operating Activities | |||||||||||||||||||
Net Cash Provided by Operating Activities | 32.9 | 64.6 | 49.1 | 97.0 | 243.6 | 71.4 | 94.6 | 166.0 | |||||||||||
Plus: | |||||||||||||||||||
Net interest expense | 5.8 | 9.5 | 9.1 | 9.2 | 33.6 | 9.7 | 10.9 | 20.6 | |||||||||||
Provision for (benefit from) income taxes | 0.2 | (0.1 | ) | 0.1 | 0.1 | 0.3 | 0.2 | 0.4 | 0.6 | ||||||||||
Changes in working capital | 3.2 | (15.0 | ) | 13.8 | (16.3 | ) | (14.3 | ) | 14.4 | (1.8 | ) | 12.6 | |||||||
Undistributed equity earnings | 5.8 | (2.2 | ) | (0.9 | ) | (2.6 | ) | 0.1 | (0.6 | ) | 1.7 | 1.1 | |||||||
Accrued environmental costs | — | (0.1 | ) | (0.5 | ) | (0.2 | ) | (0.8 | ) | — | 0.1 | 0.1 | |||||||
Other** | (0.8 | ) | 0.1 | (4.5 | ) | (8.0 | ) | (13.2 | ) | (6.6 | ) | (6.9 | ) | (13.5 | ) | ||||
EBITDA | 47.1 | 56.8 | 66.2 | 79.2 | 249.3 | 88.5 | 99.0 | 187.5 | |||||||||||
Distributions in excess of equity earnings | 0.7 | 0.2 | 4.6 | 6.6 | 12.1 | 4.1 | 2.2 | 6.3 | |||||||||||
Expenses indemnified or prefunded by Phillips 66 | 0.3 | — | 1.1 | 0.5 | 1.9 | 0.1 | 3.9 | 4.0 | |||||||||||
Transaction costs associated with acquisitions | 1.4 | — | 0.4 | 0.4 | 2.2 | 1.0 | 0.7 | 1.7 | |||||||||||
EBITDA attributable to Predecessors | (0.6 | ) | (0.1 | ) | 1.0 | 0.3 | 0.6 | (19.9 | ) | (8.5 | ) | (28.4 | ) | ||||||
Adjusted EBITDA | 48.9 | 56.9 | 73.3 | 87.0 | 266.1 | 73.8 | 97.3 | 171.1 | |||||||||||
Plus: | |||||||||||||||||||
Deferred revenue impacts† | 1.2 | 2.3 | 2.5 | (1.6 | ) | 4.4 | 1.4 | 1.3 | 2.7 | ||||||||||
Less: | |||||||||||||||||||
Net interest | 6.5 | 9.5 | 9.1 | 9.2 | 34.3 | 9.9 | 10.9 | 20.8 | |||||||||||
Income taxes paid | — | 0.4 | — | (0.1 | ) | 0.3 | — | 0.3 | 0.3 | ||||||||||
Maintenance capital expenditures | 1.7 | 1.5 | 2.2 | 2.3 | 7.7 | 1.2 | 3.0 | 4.2 | |||||||||||
Distributable Cash Flow | 41.9 | 47.8 | 64.5 | 74.0 | 228.2 | 64.1 | 84.4 | 148.5 | |||||||||||
* Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. **Primarily deferred revenue. † Difference between cash receipts and revenue recognition. | |||||||||||||||||||
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