Attached files
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8-K - 8-K - PHILLIPS 66 PARTNERS LP | mlp-2015331_erx8xk.htm |
EX-99.1 - EXHIBIT 99.1 - PHILLIPS 66 PARTNERS LP | mlp-2015331_erxex991.htm |
Exhibit 99.2
Phillips 66 Partners LP Earnings Release Supplemental Data |
Factors Affecting Comparability
The following tables present our financial results, operating data, EBITDA, adjusted EBITDA and distributable cash flow for each quarterly period through March 31, 2015. In 2014, we acquired the Gold Line Products System, Medford Spheres, Bayway and Ferndale rail racks, and the Cross-Channel Connector Products System and Eagle Ford Gathering System projects from Phillips 66. The acquisitions of the Gold Line, Medford, Bayway and Ferndale assets were transfers of businesses between entities under common control, which requires retrospective adjustments to furnish comparative consolidated 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 of each acquisition. The combined results of the Gold Line, Medford, Bayway and Ferndale businesses are reflected in the “Predecessors” sections in the tables below.
In the first quarter of 2015, the Partnership completed the formation of the Bakken joint ventures and acquired Phillips 66’s equity interests in the Sand Hills, Southern Hills and Explorer pipeline companies. These acquisitions, as well as the projects acquired in 2014 represented transfers of assets. Accordingly, the results of these equity investments and projects are included prospectively from the effective date of each acquisition.
STATEMENT OF INCOME | ||||||||||||||||||
PHILLIPS 66 PARTNERS LP | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
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 | 35.3 | 54.5 | 52.7 | 61.0 | 203.5 | 62.8 | 62.8 | |||||||||||
Transportation and terminaling services—third parties | 0.6 | 2.4 | 0.7 | 1.7 | 5.4 | 1.1 | 1.1 | |||||||||||
Equity in earnings of affiliates | — | — | — | — | — | 6.1 | 6.1 | |||||||||||
Other income | 0.1 | — | — | — | 0.1 | 0.1 | 0.1 | |||||||||||
Total revenues and other income | 36.0 | 56.9 | 53.4 | 62.7 | 209.0 | 70.1 | 70.1 | |||||||||||
Costs and Expenses | ||||||||||||||||||
Operating and maintenance expenses | 8.3 | 13.0 | 12.5 | 13.2 | 47.0 | 14.8 | 14.8 | |||||||||||
Depreciation | 2.4 | 3.9 | 4.0 | 4.0 | 14.3 | 5.1 | 5.1 | |||||||||||
General and administrative expenses | 5.6 | 5.4 | 4.9 | 6.0 | 21.9 | 7.4 | 7.4 | |||||||||||
Taxes other than income taxes | 0.6 | 1.0 | 1.1 | 0.9 | 3.6 | 1.3 | 1.3 | |||||||||||
Interest and debt expense | 0.5 | 1.3 | 1.4 | 2.1 | 5.3 | 5.9 | 5.9 | |||||||||||
Other expenses | — | — | — | 0.1 | 0.1 | — | — | |||||||||||
Total costs and expenses | 17.4 | 24.6 | 23.9 | 26.3 | 92.2 | 34.5 | 34.5 | |||||||||||
Income before income taxes | 18.6 | 32.3 | 29.5 | 36.4 | 116.8 | 35.6 | 35.6 | |||||||||||
Provision for income taxes | 0.3 | 0.2 | 0.1 | 0.2 | 0.8 | 0.2 | 0.2 | |||||||||||
Net Income | 18.3 | 32.1 | 29.4 | 36.2 | 116.0 | 35.4 | 35.4 | |||||||||||
Less: General partner’s interest in net income attributable to the Partnership | 0.8 | 1.7 | 2.0 | 3.8 | 8.3 | 6.4 | 6.4 | |||||||||||
Limited partners’ interest in net income attributable to the Partnership | 17.5 | 30.4 | 27.4 | 32.4 | 107.7 | 29.0 | 29.0 | |||||||||||
Adjusted EBITDA | 21.5 | 37.6 | 35.0 | 42.6 | 136.7 | 46.6 | 46.6 | |||||||||||
Distributable Cash Flow | 23.3 | 34.3 | 33.4 | 37.2 | 128.2 | 41.9 | 41.9 |
Page 1
Exhibit 99.2
STATEMENT OF INCOME (continued) | ||||||||||||||||||
PREDECESSORS | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
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 | 15.2 | — | 2.1 | 2.1 | 19.4 | — | — | |||||||||||
Transportation and terminaling services—third parties | 0.7 | — | — | — | 0.7 | — | — | |||||||||||
Total revenues | 15.9 | — | 2.1 | 2.1 | 20.1 | — | — | |||||||||||
Costs and Expenses | ||||||||||||||||||
Operating and maintenance expenses | 3.4 | 0.4 | 0.7 | 1.0 | 5.5 | — | — | |||||||||||
Depreciation | 1.2 | — | 0.2 | 0.5 | 1.9 | — | — | |||||||||||
General and administrative expenses | 1.8 | 0.8 | 0.6 | 0.5 | 3.7 | — | — | |||||||||||
Taxes other than income taxes | 0.6 | — | — | — | 0.6 | — | — | |||||||||||
Total costs and expenses | 7.0 | 1.2 | 1.5 | 2.0 | 11.7 | — | — | |||||||||||
Income before income taxes | 8.9 | (1.2 | ) | 0.6 | 0.1 | 8.4 | — | — | ||||||||||
Provision for income taxes | — | — | — | — | — | — | — | |||||||||||
Net Income (Loss) | 8.9 | (1.2 | ) | 0.6 | 0.1 | 8.4 | — | — | ||||||||||
EBITDA attributable to predecessors | 10.1 | (1.2 | ) | 0.8 | 0.6 | 10.3 | — | — |
Page 2
Exhibit 99.2
STATEMENT OF INCOME (continued) | ||||||||||||||||||
CONSOLIDATED | ||||||||||||||||||
Millions of Dollars, Except as Indicated | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
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 | 50.5 | 54.5 | 54.8 | 63.1 | 222.9 | 62.8 | 62.8 | |||||||||||
Transportation and terminaling services—third parties | 1.3 | 2.4 | 0.7 | 1.7 | 6.1 | 1.1 | 1.1 | |||||||||||
Equity in earnings of affiliates | — | — | — | — | — | 6.1 | 6.1 | |||||||||||
Other income | 0.1 | — | — | — | 0.1 | 0.1 | 0.1 | |||||||||||
Total revenues and other income | 51.9 | 56.9 | 55.5 | 64.8 | 229.1 | 70.1 | 70.1 | |||||||||||
Costs and Expenses | ||||||||||||||||||
Operating and maintenance expenses | 11.7 | 13.4 | 13.2 | 14.2 | 52.5 | 14.8 | 14.8 | |||||||||||
Depreciation | 3.6 | 3.9 | 4.2 | 4.5 | 16.2 | 5.1 | 5.1 | |||||||||||
General and administrative expenses | 7.4 | 6.2 | 5.5 | 6.5 | 25.6 | 7.4 | 7.4 | |||||||||||
Taxes other than income taxes | 1.2 | 1.0 | 1.1 | 0.9 | 4.2 | 1.3 | 1.3 | |||||||||||
Interest and debt expense | 0.5 | 1.3 | 1.4 | 2.1 | 5.3 | 5.9 | 5.9 | |||||||||||
Other expenses | — | — | — | 0.1 | 0.1 | — | — | |||||||||||
Total costs and expenses | 24.4 | 25.8 | 25.4 | 28.3 | 103.9 | 34.5 | 34.5 | |||||||||||
Income before income taxes | 27.5 | 31.1 | 30.1 | 36.5 | 125.2 | 35.6 | 35.6 | |||||||||||
Provision for income taxes | 0.3 | 0.2 | 0.1 | 0.2 | 0.8 | 0.2 | 0.2 | |||||||||||
Net Income | 27.2 | 30.9 | 30.0 | 36.3 | 124.4 | 35.4 | 35.4 | |||||||||||
Less: Net income (loss) attributable to predecessors | 8.9 | (1.2 | ) | 0.6 | 0.1 | 8.4 | — | — | ||||||||||
Net income attributable to the Partnership | 18.3 | 32.1 | 29.4 | 36.2 | 116.0 | 35.4 | 35.4 | |||||||||||
Less: General partner’s interest in net income attributable to the Partnership | 0.8 | 1.7 | 2.0 | 3.8 | 8.3 | 6.4 | 6.4 | |||||||||||
Limited partners’ interest in net income attributable to the Partnership | 17.5 | 30.4 | 27.4 | 32.4 | 107.7 | 29.0 | 29.0 | |||||||||||
Net Income Attributable to the Partnership Per Limited Partner Unit—Basic and Diluted (Dollars) | ||||||||||||||||||
Common units | 0.25 | 0.41 | 0.37 | 0.44 | 1.48 | 0.39 | 0.39 | |||||||||||
Subordinated units—Phillips 66 | 0.24 | 0.41 | 0.37 | 0.43 | 1.45 | 0.35 | 0.35 | |||||||||||
Average Limited Partner Units Outstanding (Thousands) | ||||||||||||||||||
Common units—public | 18,889 | 18,889 | 18,889 | 18,889 | 18,889 | 21,047 | 21,047 | |||||||||||
Common units—Phillips 66 | 17,544 | 19,859 | 19,859 | 20,221 | 19,380 | 21,468 | 21,468 | |||||||||||
Subordinated units—Phillips 66 | 35,217 | 35,217 | 35,217 | 35,217 | 35,217 | 35,217 | 35,217 | |||||||||||
EBITDA | 31.6 | 36.4 | 35.8 | 43.2 | 147.0 | 46.6 | 46.6 | |||||||||||
Distributable Cash Flow | 23.3 | 34.3 | 33.4 | 37.2 | 128.2 | 41.9 | 41.9 |
Page 3
Exhibit 99.2
SELECTED OPERATING DATA | ||||||||||||||||||
PHILLIPS 66 PARTNERS LP | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
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 | ||||||||||||||||||
Pipeline throughput volumes(1) | ||||||||||||||||||
Crude oil | 259 | 295 | 302 | 288 | 286 | 283 | 283 | |||||||||||
Refined products | 314 | 438 | 384 | 439 | 394 | 462 | 462 | |||||||||||
Total | 573 | 733 | 686 | 727 | 680 | 745 | 745 | |||||||||||
Terminals | ||||||||||||||||||
Terminaling throughput and storage volumes | ||||||||||||||||||
Crude oil(2) | 410 | 453 | 464 | 482 | 453 | 558 | 558 | |||||||||||
Refined products | 327 | 457 | 413 | 419 | 404 | 431 | 431 | |||||||||||
Total | 737 | 910 | 877 | 901 | 857 | 989 | 989 | |||||||||||
(1)Represents the sum of volumes transported through each separately tariffed pipeline segment. Excludes volumes from equity affiliates. | ||||||||||||||||||
(2)Crude oil terminals include Bayway and Ferndale rail rack volumes. | ||||||||||||||||||
Revenue Per Barrel ($/BBL) | ||||||||||||||||||
Average pipeline revenue* | 0.39 | 0.50 | 0.48 | 0.52 | 0.47 | 0.44 | 0.44 | |||||||||||
Average terminaling and storage revenue | 0.24 | 0.28 | 0.29 | 0.34 | 0.29 | 0.38 | 0.38 | |||||||||||
*Excludes average pipeline revenue per barrel from equity affiliates. |
CONSOLIDATED | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Pipeline, Terminal and Storage Volumes (MB/D) | ||||||||||||||||||
Pipelines | ||||||||||||||||||
Pipeline throughput volumes(1) | ||||||||||||||||||
Crude oil | 259 | 295 | 302 | 288 | 286 | 283 | 283 | |||||||||||
Refined products | 418 | 438 | 384 | 439 | 420 | 462 | 462 | |||||||||||
Total | 677 | 733 | 686 | 727 | 706 | 745 | 745 | |||||||||||
Terminals | ||||||||||||||||||
Terminaling throughput and storage volumes | ||||||||||||||||||
Crude oil(2) | 410 | 453 | 514 | 532 | 477 | 558 | 558 | |||||||||||
Refined products | 429 | 457 | 413 | 419 | 430 | 431 | 431 | |||||||||||
Total | 839 | 910 | 927 | 951 | 907 | 989 | 989 | |||||||||||
(1)Represents the sum of volumes transported through each separately tariffed pipeline segment. Excludes volumes from equity affiliates. | ||||||||||||||||||
(2)Crude oil terminals include Bayway and Ferndale rail rack volumes. | ||||||||||||||||||
Revenue Per Barrel ($/BBL) | ||||||||||||||||||
Average pipeline revenue* | 0.51 | 0.50 | 0.48 | 0.52 | 0.50 | 0.44 | 0.44 | |||||||||||
Average terminaling and storage revenue | 0.27 | 0.28 | 0.29 | 0.34 | 0.30 | 0.38 | 0.38 | |||||||||||
*Excludes average pipeline revenue per barrel from equity affiliates. |
Page 4
Exhibit 99.2
CAPITAL EXPENDITURES AND INVESTMENTS | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr* | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Partnership Capital Expenditures and Investments | ||||||||||||||||||
Expansion | 1.1 | 0.5 | 0.6 | 52.0 | 54.2 | 31.2 | 31.2 | |||||||||||
Maintenance | 3.5 | 3.4 | 2.2 | 2.8 | 11.9 | 1.7 | 1.7 | |||||||||||
Total Partnership | 4.6 | 3.9 | 2.8 | 54.8 | 66.1 | 32.9 | 32.9 | |||||||||||
Predecessors | 34.9 | 35.6 | 14.6 | 5.7 | 90.8 | — | — | |||||||||||
Total Consolidated | 39.5 | 39.5 | 17.4 | 60.5 | 156.9 | 32.9 | 32.9 |
* Fourth-quarter 2014 expansion capital expenditures include the acquisition costs for the Palermo Rail Terminal, Eagle Ford Gathering System and Cross-Channel projects.
CASH DISTRIBUTIONS | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Cash Distribution Per Unit (Dollars) | 0.2743 | 0.3017 | 0.3168 | 0.3400 | 1.2328 | 0.3700 | 0.3700 | |||||||||||
Cash Distributions† ($ Millions) | ||||||||||||||||||
Common units—public | 5.2 | 5.7 | 6.0 | 6.4 | 23.3 | 8.9 | 8.9 | |||||||||||
Common units—Phillips 66 | 5.4 | 6.0 | 6.3 | 7.1 | 24.8 | 8.4 | 8.4 | |||||||||||
Subordinated units—Phillips 66 | 9.7 | 10.6 | 11.1 | 12.0 | 43.4 | 13.0 | 13.0 | |||||||||||
General partner—Phillips 66 | 0.8 | 1.6 | 1.9 | 3.6 | 7.9 | 6.4 | 6.4 | |||||||||||
Total | 21.1 | 23.9 | 25.3 | 29.1 | 99.4 | 36.7 | 36.7 | |||||||||||
Coverage Ratio | 1.10 | 1.44 | 1.32 | 1.28 | 1.29 | 1.14 | 1.14 |
† Cash distributions declared attributable to the indicated periods.
Page 5
Exhibit 99.2
NON-GAAP FINANCIAL MEASURES RECONCILIATION | ||||||||||||||||||
PHILLIPS 66 PARTNERS LP | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Reconciliation to Net Income | ||||||||||||||||||
Net Income | 18.3 | 32.1 | 29.4 | 36.2 | 116.0 | 35.4 | 35.4 | |||||||||||
Plus: | ||||||||||||||||||
Depreciation | 2.4 | 3.9 | 4.0 | 4.0 | 14.3 | 5.1 | 5.1 | |||||||||||
Net interest expense | 0.4 | 1.3 | 1.4 | 2.1 | 5.2 | 5.8 | 5.8 | |||||||||||
Amortization of deferred rentals | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | 0.1 | 0.1 | |||||||||||
Provision for income taxes | 0.3 | 0.2 | 0.1 | 0.2 | 0.8 | 0.2 | 0.2 | |||||||||||
Adjusted EBITDA | 21.5 | 37.6 | 35.0 | 42.6 | 136.7 | 46.6 | 46.6 |
PREDECESSORS | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Reconciliation to Net Income (Loss) | ||||||||||||||||||
Net Income (Loss) | 8.9 | (1.2 | ) | 0.6 | 0.1 | 8.4 | — | — | ||||||||||
Plus: | ||||||||||||||||||
Depreciation | 1.2 | — | 0.2 | 0.5 | 1.9 | — | — | |||||||||||
Net interest expense | — | — | — | — | — | — | — | |||||||||||
Amortization of deferred rentals | — | — | — | — | — | — | — | |||||||||||
Provision for income taxes | — | — | — | — | — | — | — | |||||||||||
EBITDA attributable to predecessors | 10.1 | (1.2 | ) | 0.8 | 0.6 | 10.3 | — | — |
Page 6
Exhibit 99.2
NON-GAAP FINANCIAL MEASURES RECONCILIATION (continued) | ||||||||||||||||||
CONSOLIDATED | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||
Reconciliation to Net Income | ||||||||||||||||||
Net Income | 27.2 | 30.9 | 30.0 | 36.3 | 124.4 | 35.4 | 35.4 | |||||||||||
Plus: | ||||||||||||||||||
Depreciation | 3.6 | 3.9 | 4.2 | 4.5 | 16.2 | 5.1 | 5.1 | |||||||||||
Net interest expense | 0.4 | 1.3 | 1.4 | 2.1 | 5.2 | 5.8 | 5.8 | |||||||||||
Amortization of deferred rentals | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | 0.1 | 0.1 | |||||||||||
Provision for income taxes | 0.3 | 0.2 | 0.1 | 0.2 | 0.8 | 0.2 | 0.2 | |||||||||||
EBITDA | 31.6 | 36.4 | 35.8 | 43.2 | 147.0 | 46.6 | 46.6 | |||||||||||
Less: | ||||||||||||||||||
EBITDA attributable to predecessors | 10.1 | (1.2 | ) | 0.8 | 0.6 | 10.3 | — | — | ||||||||||
Adjusted EBITDA | 21.5 | 37.6 | 35.0 | 42.6 | 136.7 | 46.6 | 46.6 | |||||||||||
Plus: | ||||||||||||||||||
Adjustments related to minimum volume commitments | 2.3 | (0.7 | ) | 1.4 | (2.4 | ) | 0.6 | 1.1 | 1.1 | |||||||||
Phillips 66 prefunded projects and indemnities | 1.5 | 1.1 | 0.7 | 0.2 | 3.5 | 0.3 | 0.3 | |||||||||||
Distributions in excess of equity earnings | — | — | — | — | — | 0.7 | 0.7 | |||||||||||
Transaction costs associated with acquisitions | 1.5 | — | 0.2 | 1.0 | 2.7 | 1.4 | 1.4 | |||||||||||
Less: | ||||||||||||||||||
Net interest | — | 0.1 | 1.7 | 1.4 | 3.2 | 6.5 | 6.5 | |||||||||||
Income taxes paid | — | 0.2 | — | — | 0.2 | — | — | |||||||||||
Maintenance capital expenditures | 3.5 | 3.4 | 2.2 | 2.8 | 11.9 | 1.7 | 1.7 | |||||||||||
Distributable Cash Flow | 23.3 | 34.3 | 33.4 | 37.2 | 128.2 | 41.9 | 41.9 | |||||||||||
First-quarter 2015 distributable cash flow included $5.8 million of equity earnings for which the associated distributions from the equity affiliates are expected to be received in the second quarter of 2015. Distributable cash flow excluding these amounts would be $36.1 million. |
Page 7
Exhibit 99.2
NON-GAAP FINANCIAL MEASURES RECONCILIATION (continued) | ||||||||||||||||||
CONSOLIDATED | ||||||||||||||||||
Millions of Dollars | ||||||||||||||||||
2014 | 2015 | |||||||||||||||||
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 | 24.6 | 34.6 | 35.5 | 47.7 | 142.4 | 31.4 | 31.4 | |||||||||||
Plus: | ||||||||||||||||||
Net interest expense | 0.4 | 1.3 | 1.4 | 2.1 | 5.2 | 5.8 | 5.8 | |||||||||||
Provision for income taxes | 0.3 | 0.2 | 0.1 | 0.2 | 0.8 | 0.2 | 0.2 | |||||||||||
Changes in working capital | 6.4 | 0.3 | (0.5 | ) | (6.5 | ) | (0.3 | ) | 4.1 | 4.1 | ||||||||
Undistributed equity earnings | — | — | — | — | — | 5.8 | 5.8 | |||||||||||
Other | (0.1 | ) | — | (0.7 | ) | (0.3 | ) | (1.1 | ) | (0.7 | ) | (0.7 | ) | |||||
EBITDA | 31.6 | 36.4 | 35.8 | 43.2 | 147.0 | 46.6 | 46.6 | |||||||||||
Less: | ||||||||||||||||||
EBITDA attributable to predecessors | 10.1 | (1.2 | ) | 0.8 | 0.6 | 10.3 | — | — | ||||||||||
Adjusted EBITDA | 21.5 | 37.6 | 35.0 | 42.6 | 136.7 | 46.6 | 46.6 | |||||||||||
Plus: | ||||||||||||||||||
Adjustments related to minimum volume commitments | 2.3 | (0.7 | ) | 1.4 | (2.4 | ) | 0.6 | 1.1 | 1.1 | |||||||||
Phillips 66 prefunded projects and indemnities | 1.5 | 1.1 | 0.7 | 0.2 | 3.5 | 0.3 | 0.3 | |||||||||||
Distributions in excess of equity earnings | — | — | — | — | — | 0.7 | 0.7 | |||||||||||
Transaction costs associated with acquisitions | 1.5 | — | 0.2 | 1.0 | 2.7 | 1.4 | 1.4 | |||||||||||
Less: | ||||||||||||||||||
Net interest | — | 0.1 | 1.7 | 1.4 | 3.2 | 6.5 | 6.5 | |||||||||||
Income taxes paid | — | 0.2 | — | — | 0.2 | — | — | |||||||||||
Maintenance capital expenditures | 3.5 | 3.4 | 2.2 | 2.8 | 11.9 | 1.7 | 1.7 | |||||||||||
Distributable Cash Flow | 23.3 | 34.3 | 33.4 | 37.2 | 128.2 | 41.9 | 41.9 | |||||||||||
First-quarter 2015 distributable cash flow included $5.8 million of equity earnings for which the associated distributions from the equity affiliates are expected to be received in the second quarter of 2015. Distributable cash flow excluding these amounts would be $36.1 million. |
Page 8