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This statistic highlights Phillips 66 Partners’ Revenue by Segment, split across Equity in earnings of affiliates, Gain form equity interest transfer, Operating revenues-Related parties, Operating revenues-Third parties, and Other income, reported on a quarterly basis from Q1 2016 onwards.
The company majorly generates revenue by providing fee-based terminaling, transportation, storage, processing, and fractionation services to Phillips 66 and other customers. Its equity affiliates mainly generate revenue from terminaling and transporting crude oil, NGL and refined petroleum products. Since the company does not own any of the NGL, refined petroleum products, or crude oil, it handles and does not engage in the trading of those commodities.
|Segment||Q4 2020||Q3 2021||Q4 2021||Contribution in Q4 2021|
|Equity in earning of affiliates||$124||$163||$166||33.00%|
|Gain form equity interest transfer||$0||$0||$0||0%|
|Operating revenues-Related parties||$258||$275||$322||64.02%|
|Operating revenues-Third parties||$7||$8||$9||1.79%|
(All figures are in millions, except percentages)
Phillips 66 Partners’ revenue has consistently increased over time. Its revenue increased by 11.28% on a quarter-on-quarter in Q4 2021. On a year-on-year basis, its revenue increased from $390 million in Q4 2020 to $503 million in Q4 2021, marking a rise of 28.97%.
Phillips 66 Partners’ total revenue can be further bifurcated into the following segments:
Equity in earnings of affiliates
This segment is the second-highest revenue contributor. The latest quarter recorded the highest revenue in the above-mentioned timeline, amounting to $166 million which formed 33% of the revenue total. In Q3 2021, the revenue garnered was $163 million, which grew on a quarter-on-quarter basis from Q3 2021 to Q4 2021 by 1.84%. The revenue grew by 33.87% on a year-on-year basis, from Q4 2020, where the revenue generated was $124 million to Q4 2021, where the revenue was $166 million. The revenue mix for Q4 2020 was 31.79% and that for Q3 2021 was 36.06%. This increase was mainly because of greater volumes including volumes from South Texas Gateway, LLC which commenced its complete operations in Q1 2021, Dakota Access, LLC, and Energy Transfer Crude Oil Company, LLC.
Gain form equity interest transfer
This segment of the company has generated no revenue for the company except in one of the quarters of Q2 2020, amounting to $84 million.
Operating revenues-Related parties
This is the company’s greatest revenue contributing segment. The revenue consistently increases through the passing quarters. Thus, the latest quarter of 2021 has recorded the highest revenue, amounting to $322 million, accounting for 64% of the quarterly total. In Q3 2021, the company recorded a revenue of $275 million, thereby marking a quarter-on-quarter growth of 17.09%, increasing to $322 million in Q4 2021. The revenue garnered in Q4 2020 stood at $258 million, which grew on a year-over-year basis to $322 million in Q4 2021, marking a growth of 24.8%. Though Q4 2020 had the lowest revenue from the above-given timeline, it recorded the highest revenue mix of 66.15%. The revenue mix of Q3 2021 was 60.84%.
Operating revenues-Third parties
On average, this segment has a contribution of around 1.8% to the respective quarterly totals. Q4 2021 recorded a revenue of $9 million. Q3 2021’s revenue amounted to $8 million which grew by 12.5% on a quarter-on-quarter, rising to $9 million in Q4 2021. The year-on-year revenue growth of this segment stood at 28.57%, increasing from $7 million in Q4 2020 to $9 million in Q4 2021.
The revenue recorded in Q3 2021 and Q4 2021 stood equally at $6 million which occupied 1.33% and 1.19% respectively of their respective quarterly totals. Thus, there was no quarter-on-quarter growth. The revenue garnered in Q4 2020 was $1 million, which grew by a rather massive 500% on a year-on-year basis, rising to $6 million in Q4 2021.
About Phillips 66 Partners LP
Founded in 2013, the company is a master limited partnership that was formed to own, operates, acquire, and develop crude oil, refined petroleum product, and Natural Gas Liquids (NGL) pipelines and terminals and other midstream assets as well as transportation. The company is a partnership formed by Phillips 66 Company and Phillips 66 Partners GP LLC, both of which are subsidiaries that are completely owned by Phillips 66. The headquarters of the company is situated in Houston, Texas, United States. The company is listed on the NYSE under the ticker symbol ‘PSXP’.
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