Market Overview

Andeavor Logistics LP Reports Second-Quarter 2019 Results

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FINDLAY, Ohio, Aug. 1, 2019 /PRNewswire/ --

  • Reported second-quarter net earnings of $160 million and EBITDA of $327 million; each were reduced by a $14 million non-cash, out of period revenue recognition adjustment
  • Reported net cash from operating activities of $264 million and DCF attributable to common unitholders of $249 million
  • MPLX closed its acquisition of Andeavor Logistics on July 30

Andeavor Logistics LP today reported second-quarter 2019 net earnings of $160 million, compared with $132 million for the second quarter of 2018. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $327 million, compared with $285 million in second-quarter 2018. Results in the second-quarter 2019 were reduced by a non-cash, out of period adjustment to reduce revenue recognized by $14 million for a crude oil gathering contract.

"This quarter included many milestones for Andeavor Logistics," said Gary R. Heminger, chairman and chief executive officer. "Business performance was strong, with crude oil volumes across our system in the Permian continuing to exceed expectations. The Conan Crude Oil Gathering System has now reached 200,000 barrels per day and progresses our strategy of building an integrated crude oil logistics system in the Permian."

Heminger continued, "With MPLX's acquisition of ANDX, we now have a single midstream entity, which has the ability to high-grade commercial activities across our integrated crude oil and natural gas logistics systems." In connection with the merger, Andeavor Logistics' common units are no longer publicly traded. Andeavor Logistics plans to file a Quarterly Report on Form 10-Q with the SEC prior to the filing deadline.

Second-Quarter Results


Three Months Ended
June 30,


Six Months Ended
June 30,

($ in millions)

2019


2018 (a)


2019


2018 (a)

Net Earnings

$

160



$

132



$

317



$

263


Segment Operating Income








Terminalling and Transportation

$

146



$

107



$

298



$

211


Gathering and Processing

59



69



122



146


Wholesale

12



11



17



15










EBITDA (b)

$

327



$

285



$

646



$

560


Segment EBITDA (b)








Terminalling and Transportation

$

195



$

151



$

386



$

294


Gathering and Processing

128



128



257



261


Wholesale

14



13



22



20










Net Cash From Operating Activities

$

264



$

281



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