November 7, 2018 - 6:45 AM EST
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Andeavor Logistics LP Reports Third Quarter 2018 Results

FINDLAY, Ohio, Nov. 7, 2018 /PRNewswire/ --

  • Reported third quarter net earnings of $166 million and EBITDA of $309 million, which provided 1.05x distribution coverage and 3.7x leverage
  • Terminalling and Transportation segment operating income of $140 million and EBITDA of $180 million benefited by drop downs and strong refined product demand
  • Gathering and Processing segment operating income of $80 million and EBITDA of $130 million driven by drop downs and Permian volume growth
  • Successfully completed 2018 Drop Down of Permian, Refining Logistics and Asphalt Assets
  • General partner now owned by Marathon Petroleum Corporation

Andeavor Logistics LP (NYSE: ANDX) today reported third quarter 2018 net earnings of $166 million, compared with $90 million in the third quarter 2017. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $309 million, compared with $243 million in the third quarter 2017. The year-over-year increase in earnings was primarily driven by the drop down completed in August 2018, in addition to continued strength in the Permian. Third quarter 2018 net earnings and EBITDA also reflected approximately $6 million of transaction costs related to recent acquisitions.

"We are pleased to add Andeavor Logistics to the Marathon Petroleum family," said Gary R. Heminger, chairman and chief executive officer. "The addition of this business deepens our presence in the Permian and Bakken regions and expands our footprint to the West Coast."

During the quarter, Andeavor Logistics expanded its Permian and Bakken footprint through a $1.6 billion drop down from Andeavor (the 2018 Drop Down). The 2018 Drop Down included gathering, storage and transportation assets in the Permian and Bakken regions, the Conan Crude Oil Gathering System, and the Los Angeles Refinery Interconnect Pipeline. The assets contributed net earnings of $16 million and EBITDA of $26 million in the third quarter, and are expected to generate annual net earnings of approximately $110 million and EBITDA of approximately $200 million in 2019.

"As we continue to enhance our understanding of this business, our focus financially will be on meaningfully higher distribution coverage, leverage levels at or below 4.0x debt-to-EBITDA, no planned public equity issuances, and independent sustainability with limited parent support," Heminger added.

 


Three Months Ended
September 30,


Nine Months Ended
September 30,

($ in millions)

2018 (a)


2017 (a)


2018 (a)


2017 (a)

Net Earnings

$

166



$

90



$

429



$

253


Segment Operating Income








Terminalling and Transportation

$

140



$

103



$

351



$

290


Gathering and Processing

80



50



226



158


Wholesale

7



7



22



9










EBITDA (b)

$

309



$

243



$

869



$

668


Segment EBITDA (b)








Terminalling and Transportation

$

180



$

142



$

474



$

384


Gathering and Processing

130



103



391



299


Wholesale

11



9



31



12










Net Cash From Operating Activities

$

172



$

225



$

719



$

524


Distributable Cash Flow Attributable to Common Unitholders (b)

$

251



$

148



$

664



$

477










Total Distributions to be Paid to Common Unitholders

$

238



$

201



$

652



$

488


Distribution Coverage Ratio (b)

1.05x



0.74x



1.02x



0.98x



(a)   Adjusted to include the historical results of the Predecessors. See "Items Impacting Comparability."

(b)   For more information on EBITDA, Segment EBITDA, Distributable Cash Flow Attributable to Common Unitholders and Distribution Coverage Ratio, see "Non-GAAP Measures."

 

Segment Results

Terminalling and Transportation
Terminalling and Transportation segment operating income was $140 million for the third quarter 2018, an increase of $37 million from the prior year, and segment EBITDA was $180 million, an increase of $38 million from the prior year. The year-over-year increase was primarily attributable to contributions from the 2018 Drop Down, the Western Refining Logistics acquisition, the 2017 Anacortes Logistics Asset drop down and organic growth. The 2018 Drop Down contributed $10 million of segment operating income and $19 million of segment EBITDA in the Terminalling and Transportation segment during the quarter.

Gathering and Processing
Gathering and Processing segment operating income was $80 million for the third quarter 2018, an increase of $30 million from the prior year, and segment EBITDA was $130 million, an increase of $27 million from the prior year. The year-over-year increase was primarily attributable to Permian Basin crude oil volume growth and contributions from the Western Refining Logistics acquisition. The 2018 Drop Down contributed $2 million of segment operating income and $7 million of segment EBITDA in the Gathering and Processing segment during the quarter.

Wholesale
Wholesale segment operating income was $7 million for the third quarters of both 2018 and 2017, and segment EBITDA for the third quarter 2018 was $11 million, an increase of $2 million from the prior year. This year-over-year increase in segment EBITDA was driven by a higher margin environment.

Balance Sheet and Cash Flow
Net cash from operating activities was $172 million in the third quarter 2018, and distributable cash flow attributable to common unitholders for the third quarter was $251 million. Andeavor Logistics ended the third quarter 2018 with $30 million of cash and approximately $1.0 billion of availability under its revolving credit facilities. Total debt, net of unamortized issuance costs was $4.8 billion. The company's leverage ratio was 3.7x at September 30, 2018.

Net capital expenditures for the third quarter 2018 were $175 million, which included $159 million of growth investments and $16 million of net maintenance capital. Andeavor Logistics expects to invest approximately $640 million in growth investments and $80 million in net maintenance capital in 2018. Capital expenditures for 2018 have been retrospectively adjusted to include the historical investments of the assets from the 2018 Drop Down prior to the August 6, 2018 effective date of the acquisition.

On October 26, 2018, Andeavor Logistics announced a quarterly cash distribution of $1.03 per limited partnership unit, or $4.12 on an annualized basis. The distribution coverage ratio was 1.05x for the third quarter 2018. Distributable cash flow attributable to common unitholders of $251 million includes an $18 million benefit related to revenue recognition accounting standards, timing on recognition of minimum volume commitments, and expenses related to recent transactions.

Conference Call
At 9 a.m. EST today, Andeavor Logistics will hold a conference call and webcast to discuss reported results and provide an update on operations. Interested parties may listen by visiting Andeavor Logistics' website at http://www.andeavorlogistics.com and clicking on the "Investors" link. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related material, will also be available online prior to the conference call and webcast at http://www.ir.andeavorlogistics.com.

2018 Investor Day
Marathon Petroleum Corporation, MPLX LP, and Andeavor Logistics will host their 2018 Investor Day at the Mandarin Oriental Hotel in New York City on December 4, 2018 at 8:30 a.m. EST. Reservations are required to attend. Interested parties can request an invitation by contacting the Investor Relations department via email at [email protected]. The presentation will also be webcast live at http://marathonpetroleum.com, http://mplx.com, and http://andeavorlogistics.com.

About Andeavor Logistics LP
Andeavor Logistics LP is a fee-based, full-service, diversified midstream logistics company, with integrated assets across the western and mid-continent regions of the United States. Andeavor Logistics operates through three business segments: Terminalling and Transportation, Gathering and Processing and Wholesale. The Terminalling and Transportation segment consists of marine terminals, refined product truck terminals, rail terminals, dedicated storage facilities and transportation pipelines. The Gathering and Processing segment consists of crude oil gathering systems and pipelines as well as natural gas gathering pipelines, processing facilities and fractionation facilities. The Wholesale segment consists of a fee-based fuel wholesale business. Andeavor Logistics is a Delaware limited partnership headquartered in Findlay, Ohio.

This press release contains "forward-looking" statements within the meaning of federal securities laws regarding ANDX. These forward-looking statements relate to, among other things, expectations, estimates and projections concerning our business strategies. You can identify forward-looking statements by words such as "anticipate," "approach," "believe," "design," "estimate," "expect," "forecast," "goal," "guidance," "imply," "intend," "objective," "opportunity," "outlook," "plan," "position," "pursue," "prospective," "predict," "project," "potential," "seek," "strategy," "target," "could," "may," "should," "would," "will" or other similar expressions that convey the uncertainty of future events or outcomes. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Factors that could cause ANDX's actual results to differ materially from those implied in the forward-looking statements include without limitation: the amount and timing of future distributions; our ability to achieve coverage improvement and distributable cash growth; our ability to execute a funding model with no additional equity issuances and limited parent support; net earnings and EBITDA run rate; our ability to achieve our financial and strategic targets; negative capital market conditions, including an increase of the current yield on common units; our financial position, liquidity and capital resources, including available capacity under our credit facilities and access to debt on commercially reasonable terms; our financial and operational outlook, and ability to fulfill that outlook; our Permian Basin growth strategy, expected capital investment, and expectations related to increasing customer demand and additional future growth opportunities; the August 2018 drop down from Andeavor, including the expected benefits thereof and the annual net earnings and EBITDA expected to be generated thereby; the status and expected timing of our current projects, including capital investments; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products; completion of midstream infrastructure by competitors; disruptions due to equipment interruption or failure, including electrical shortages and power grid failures; the suspension, reduction or termination of MPC/Andeavor's obligations under ANDX's commercial agreements; continued/further volatility in and/or degradation of market and industry conditions and their effects on our business; our ability to manage disruptions in credit markets or changes to our credit rating; adverse changes in laws including with respect to tax and regulatory matters; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations and/or enforcement actions initiated thereunder; adverse results in litigation; changes to ANDX's capital budget; other risk factors inherent to ANDX's industry; and the factors set forth under the heading "Risk Factors" in ANDX's Annual Report on Form 10-K for the year ended Dec. 31, 2017, filed with the Securities and Exchange Commission ("SEC"). Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include: risks related to MPC's acquisition of Andeavor; future levels of revenues, refining and marketing margins, operating costs, retail gasoline and distillate margins, merchandise margins, income from operations, net income or earnings per share; the regional, national and worldwide availability and pricing of refined products, crude oil, natural gas, NGLs and other feedstocks; consumer demand for refined products; MPC's ability to manage disruptions in credit markets or changes to its credit rating; future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; the success or timing of completion of ongoing or anticipated capital or maintenance projects; the reliability of processing units and other equipment; business strategies, growth opportunities and expected investment; MPC's share repurchase authorizations, including the timing and amounts of any common stock repurchases; the adequacy of capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute the business plan and to effect any share repurchases, including within the expected timeframe; the effect of restructuring or reorganization of business components; the potential effects of judicial or other proceedings on its business, financial condition, results of operations and cash flows; continued or further volatility in and/or degradation of general economic, market, industry or business conditions; compliance with federal and state environmental, economic, health and safety, energy and other policies and regulations, including the cost of compliance with the Renewable Fuel Standard, and/or enforcement actions initiated thereunder; the anticipated effects of actions of third parties such as competitors, activist investors or federal, foreign, state or local regulatory authorities or plaintiffs in litigation; the impact of adverse market conditions; risks related to Andeavor Logistics described above and similar risks related to MPLX LP; and the factors set forth under the heading "Risk Factors" in MPC's Annual Report on Form 10-K for the year ended Dec. 31, 2017, and in MPC's Form 10-Q for the quarter ended June 30, 2018, filed with Securities and Exchange Commission (SEC). We have based our forward-looking statements on our current expectations, estimates and projections about our industry. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. We undertake no obligation to update any forward-looking statements except to the extent required by applicable law. Copies of ANDX's Form 10-K and Forms 10-Q are available on the SEC website, ANDX's website at http://www.andeavorlogistics.com or by contacting ANDX's Investor Relations office. Copies of MPC's Form 10-K and Forms 10-Q are available on the SEC website, MPC's website at http://ir.marathonpetroleum.com or by contacting MPC's Investor Relations office.

Investor Relations Contact:
Kristina Kazarian (419) 421-2071

Media Contact:
Chuck Rice (419) 421-2521


Non-GAAP Measures

As a supplement to our financial information presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), our management uses certain "non-GAAP" measures to analyze our results of operations, assess internal performance against budgeted and forecasted amounts and evaluate future impacts to our financial performance as a result of capital investments, acquisitions, divestitures and other strategic projects. These measures are important factors in assessing our operating results and profitability and include:

  • Financial non-GAAP measures:
    • EBITDA - U.S. GAAP-based net earnings before interest, income taxes, and depreciation and amortization expense;
    • Pro forma LTM EBITDA - Last twelve months ("LTM") of our EBITDA adjusted for pro forma contributions from acquisitions; and
    • Segment EBITDA - A segment's U.S. GAAP-based operating income before depreciation and amortization expense plus equity in earnings (loss) of equity method investments and other income (expense), net.
  • Liquidity non-GAAP measures:
    • Distributable Cash Flow - U.S. GAAP-based net cash flow from operating activities adjusted for changes in working capital, amounts spent on maintenance capital net of reimbursements and other adjustments not expected to settle in cash;
    • Distributable Cash Flow Attributable to Common Unitholders - Distributable Cash Flow minus distributions associated with the preferred units;
    • Distribution Coverage Ratio - Distributable Cash Flow Attributable to Common Unitholders divided by total distributions to be paid to common unitholders for the reporting period; and
    • Leverage Ratio - Total debt divided by Pro forma LTM EBITDA.
  • Operating performance non-GAAP measure:
    • Average Margin on Natural Gas Liquids ("NGLs") Sales per Barrel - NGL sales revenues minus amounts recognized as NGL expense divided by our NGL sales volumes in barrels; and
    • Average Wholesale Fuel Sales Margin per Gallon - Wholesale fuel revenues minus wholesale's cost of fuel divided by our total wholesale fuel sales volumes in gallons.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to:

  • our operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or financing methods;
  • the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;
  • our ability to incur and service debt and fund capital expenditures; and
  • the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

Management also uses these measures to assess internal performance, and we believe they may provide meaningful supplemental information to the users of our financial statements. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings, operating income and net cash from operating activities. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See "Reconciliation of Amounts Reported Under U.S. GAAP," "Segment Reconciliation of Amounts Reported Under U.S. GAAP," "Average Margin on NGL Sales per Barrel" and "Average Fuel Sales Margin per Gallon" for reconciliations between non-GAAP measures and their most directly comparable U.S. GAAP measures.

Items Impacting Comparability

The Partnership's results of operations may not be comparable to the historical results of operations for the reasons described below.

Acquisitions and Mergers
Other than WNRL and certain assets acquired from the 2018 Drop Down, our Predecessors did not record revenues with Andeavor and our Predecessors recorded general and administrative expenses and financed operations differently than the Partnership. As previously mentioned, on August 6, 2018, we completed the 2018 Drop Down for total consideration of $1.55 billion. As an entity under common control with Andeavor, we accounted for the transfers of businesses as if the transfer occurred at the beginning of the period, and prior periods are retrospectively adjusted to furnish comparative information. Accordingly, the accompanying results of operations have been retrospectively adjusted to include the historical results of the assets acquired prior to the effective date of the acquisition.

On November 8, 2017, we acquired the Anacortes Logistics Assets from a subsidiary of Andeavor for total consideration of $445 million. The Anacortes Logistics Assets include crude oil, feedstock and refined products storage at Andeavor's Anacortes Refinery, the Anacortes marine terminal with feedstock and refined product throughput, a manifest rail facility and crude oil and refined products pipelines.

Effective October 30, 2017, Andeavor Logistics closed its merger with Western Refining Logistics, LP (the "WNRL Merger") exchanging all outstanding common units of WNRL with units of Andeavor Logistics, representing an equity value of $1.7 billion. WNRL's operations included terminalling and storage assets, crude oil and refined product transportation services and a wholesale fuels business. The WNRL Merger was treated as a transaction of entities under common control, thus our results reflect the operations, financial position and cash flows associated with WNRL and their related subsidiaries as of June 1, 2017.

The closing of the WNRL Merger was conditioned upon, among other things, the adoption and effectiveness of the Second Amended and Restated Agreement of Limited Partnership of Andeavor Logistics LP, pursuant to which, simultaneously with the closing of the WNRL Merger: (i) the incentive distribution rights in Andeavor Logistics (the "IDRs") held by Tesoro Logistics GP, LLC ("TLGP"), our general partner, were canceled (the "IDR Exchange"), (ii) the general partner interests in Andeavor Logistics held by TLGP were converted into a non-economic general partner interest in Andeavor Logistics, and (iii) Andeavor and its affiliates, including TLGP, agreed to increase and extend existing waivers on distributions to Andeavor and its affiliates by $60 million to an aggregate of $160 million between 2017 and 2019.

Accounting Standard Adoption

Due to the adoption of Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" and the associated subsequent amendments (collectively, "ASC 606") on January 1, 2018, the presentation of wholesale fuel sales and cost of fuel and other was impacted by adoption of the new revenue recognition accounting standard on January 1, 2018. Beginning January 1, 2018 in connection with the adoption, the revenues and costs associated with our fuel purchase and supply arrangements with Andeavor were netted.

 

Andeavor Logistics LP

Condensed Consolidated Balance Sheets (Unaudited) (In millions)




September 30,
2018


December 31,
2017 (a)

Assets




Current Assets




Cash and cash equivalents

$

30



$

75


Receivables, net of allowance for doubtful accounts

501



483


Prepayments and other current assets

81



27


Total Current Assets

612



585


Property, Plant and Equipment, Net

6,750



6,249


Other Noncurrent Assets, Net

2,835



2,671


Total Assets

$

10,197



$

9,505






Liabilities and Equity




Current Liabilities




Accounts payable

$

455



$

393


Accrued interest and financing costs

68



40


Other current liabilities

81



85


Total Current Liabilities

604



518


Debt, Net of Unamortized Issuance Costs

4,829



4,127


Other Noncurrent Liabilities

77



54


Equity

4,687



4,806


Total Liabilities and Equity

$

10,197



$

9,505


 

 

Andeavor Logistics LP

Results of Operations (Unaudited) (In millions, except per unit amounts)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Revenues








Terminalling and Transportation

$

280



$

230



$

762



$

599


Gathering and Processing

345



295



945



796


Wholesale (c)

20



569



62



740


Intersegment revenues

(3)





(12)




Total Revenues

642



1,094



1,757



2,135


Costs and Expenses








Cost of fuel and other (excluding items shown separately 
     below) (c)



554





716


NGL expense (excluding items shown separately below)

73



64



166



179


Operating expenses (excluding depreciation and amortization)

236



199



658



512


Depreciation and amortization expenses

86



85



268



222


General and administrative expenses

31



44



91



107


(Gain) loss on asset disposals and impairments

1



1



2



(25)


Operating Income

215



147



572



424


Interest and financing costs, net

(57)



(68)



(172)



(193)


Equity in earnings of equity method investments

7



6



25



13


Other income, net

1



5



4



9


Net Earnings

$

166



$

90



$

429



$

253










Loss attributable to Predecessors

$

4



$

7



$

28



$

46


Net Earnings Attributable to Partners

170



97



457



299


Preferred unitholders' interest in net earnings

(10)





(34)




General partner's interest in net earnings, including incentive 
     distribution rights







(79)


Limited Partners' Interest in Net Earnings

$

160



$

97



$

423



$

220










Net Earnings per Limited Partner Unit:








Common - basic

$

0.68



$

0.90



$

1.91



$

2.05


Common - diluted

$

0.68



$

0.90



$

1.91



$

2.05










Weighted Average Limited Partner Units Outstanding:








Common units - basic

234.4



108.0



223.0



107.0


Common units - diluted

234.6



108.1



223.2



107.1










Cash Distributions Paid per Unit

$

1.030



$

0.971



$

3.045



$

2.821



(c)    The presentation of wholesale fuel sales and cost of fuel and other was impacted by adoption of the new revenue recognition accounting standard on January 1, 2018. Beginning January 1, 2018 in connection with the adoption, the revenues and costs associated with our fuel purchase and supply arrangements with Andeavor were presented on a net versus gross basis in prior years.


 

 

Andeavor Logistics LP

Selected Operating Segment Data (Unaudited) (In millions)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Earnings Before Income Taxes








Terminalling and Transportation

$

140



$

103



$

351



$

290


Gathering and Processing

80



50



226



158


Wholesale

7



7



22



9


Total Segment Operating Income

227



160



599



457


Unallocated general and administrative expenses

(12)



(13)



(27)



(33)


Operating Income

215



147



572



424


Interest and financing costs, net

(57)



(68)



(172)



(193)


Equity in earnings of equity method investments

7



6



25



13


Other income, net

1



5



4



9


Earnings Before Income Taxes

$

166



$

90



$

429



$

253


Depreciation and Amortization Expenses








Terminalling and Transportation

$

35



$

32



$

105



$

85


Gathering and Processing

47



51



154



134


Wholesale

4



2



9



3


Total Depreciation and Amortization Expenses

$

86



$

85



$

268



$

222


Segment EBITDA (d)








Terminalling and Transportation

$

180



$

142



$

474



$

384


Gathering and Processing

130



103



391



299


Wholesale

11



9



31



12


Total Segment EBITDA

$

321



$

254



$

896



$

695


Capital Expenditures








Terminalling and Transportation

$

76



$

51



$

155



$

127


Gathering and Processing

110



41



368



85


Wholesale





1




Total Capital Expenditures

$

186



$

92



$

524



$

212



(d)   See "Non-GAAP Reconciliations" section below for further information regarding this non-GAAP measure.

 

 

Andeavor Logistics LP

Components of Cash Flows (Unaudited) (In millions)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Cash Flows From (Used In)








Net earnings

$

166



$

90



$

429



$

253


Depreciation and amortization expenses

86



85



268



222


Changes in assets and liabilities

(96)



45



(7)



51


Other operating activities

16



5



29



(2)


Net Cash Flows from Operating Activities

172



225



719



524


Investing Activities

(197)



(72)



(945)



(1,404)


Financing Activities

11



(146)



181



230


Increase (Decrease) in Cash and Cash Equivalents

$

(14)



$

7



$

(45)



$

(650)


 

 

Andeavor Logistics LP

Selected Operating Segment Data (Unaudited)

(In millions, except volumes and revenue per barrel)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Terminalling and Transportation Segment








Revenues








Terminalling

$

235



$

189



$

643



$

493


Pipeline transportation

44



34



115



97


Other revenues

1



7



4



9


Total Revenues

280



230



762



599


Costs and Expenses








Operating expenses (e)

99



80



279



216


Depreciation and amortization expenses

35



32



105



85


General and administrative expenses

7



15



27



33


Gain on asset disposals and impairments

(1)







(25)


Terminalling and Transportation Segment Operating Income

$

140



$

103



$

351



$

290


Volumes








Terminalling throughput (Mbpd)

1,787



1,739



1,836



1,367


Average terminalling revenue per barrel (f)

$

1.43



$

1.18



$

1.28



$

1.32


Pipeline transportation throughput (Mbpd)

1,071



907



995



887


Average pipeline transportation revenue per barrel (f)

$

0.45



$

0.40



$

0.42



$

0.40



(e)   Operating expenses include an imbalance settlement gain of $1 million and $3 million for the three and nine months ended September 30, 2017, respectively. There was no gain for the three and nine months ended September 30, 2018.

(f)    Management uses average margin per barrel, average revenue per Million British thermal units ("MMBtu"), average revenue per barrel and fuel sales per gallon to evaluate performance and compare profitability to other companies in the industry.

- Average terminalling revenue per barrel—calculated as total terminalling revenue divided by terminalling throughput presented in thousands of barrels per day ("Mbpd") multiplied by 1,000 and multiplied by the number of days in the period (90 days for both the three months ended September 30, 2018 and 2017);
- Average pipeline transportation revenue per barrel—calculated as total pipeline transportation revenue divided by pipeline transportation throughput presented in Mbpd multiplied by 1,000 and multiplied by the number of days in the period as outlined above;
-  Average margin on NGL sales per barrel—calculated as the difference between the NGL sales revenues and the amounts recognized as NGL expense divided by our NGL sales volumes presented in Mbpd multiplied by 1,000 and multiplied by the number of days in the period as outlined above;
- Average gas gathering and processing revenue per MMBtu—calculated as total gathering and processing fee-based revenue divided by gas gathering throughput presented in thousands of MMBtu per day ("MMBtu/d") multiplied by 1,000 and multiplied by the number of days in the period as outlined above;
- Average crude oil and water gathering revenue per barrel—calculated as total crude oil and water gathering fee-based revenue divided by crude oil and water gathering throughput presented in Mbpd multiplied by 1,000 and multiplied by the number of days in the period as outlined above; and
- Wholesale fuel sales per gallon - calculated as wholesale fuel revenues divided by our total wholesale fuel sales volume in gallons.


There are a variety of ways to calculate these measures; other companies may calculate these in a different way. Amounts may not recalculate due to rounding of dollar and volume information.

 

Andeavor Logistics LP

Selected Operating Segment Data (Unaudited)

(In millions, except volumes, margin per barrel, revenue per barrel and revenue per MMBtu)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Gathering and Processing Segment








Revenues








NGL sales (g)

$

137



$

90



$

336



$

254


Gas gathering and processing

82



85



249



252


Crude oil and water gathering

86



76



241



170


Pass-thru and other (h)

40



44



119



120


Total Revenues

345



295



945



796


Costs and Expenses








NGL expense (excluding items shown separately below) (g) (h)

73



64



166



179


Operating expenses (i)

131



113



361



284


Depreciation and amortization expenses

47



51



154



134


General and administrative expenses

12



16



36



41


Loss on asset disposals and impairments

2



1



2




Gathering and Processing Segment Operating Income

$

80



$

50



$

226



$

158


Volumes








NGL sales (Mbpd) (g)

9.5



7.0



10.1



7.3


Average margin on NGL sales per barrel (d)(f)(g)(h)

$

71.47



$

38.30



$

61.70



$

38.27


Gas gathering and processing throughput (thousands of 
     MMBtu/d) (j)

722



961



778



955


Average gas gathering and processing revenue per MMBtu (f)

$

1.27



$

0.96



$

1.17



$

0.97


Crude oil and water gathering volume (Mbpd)

461



423



414



365


Average crude oil and water gathering revenue per barrel (f)

$

2.03



$

1.95



$

2.13



$

1.71



(g)   We had 24.0 Mbpd and 24.4 Mbpd of NGL sales under percent of proceeds ("POP") and keep-whole arrangements, for the three and nine months ended September 30, 2018, respectively, and 21.1 Mbpd and 21.0 Mbpd for the three and nine months ended September 30, 2017, respectively, of which we retained 9.5 Mbpd, 10.1 Mbpd, 7.0 Mbpd and 7.3 Mbpd, respectively. The difference between gross sales barrels and barrels retained is reflected in NGL expense resulting from the gross presentation required for the POP arrangements. Volumes represent barrels sold under our keep-whole arrangements, net barrels retained under our POP arrangements and other associated products.

(h)   Included in NGL expense for the nine months ended September 30, 2017 were approximately $2 million of crude costs related to crude oil volumes obtained in connection with the acquisition of our North Dakota gathering and processing assets. The corresponding revenues were recognized in pass-thru and other revenue. As such, the calculation of the average margin on NGL sales per barrel excludes this amount.

(i)     Operating expenses include an imbalance settlement gain of $1 million and $4 million for the three and nine months ended September 30, 2017, respectively. There was no gain for the three and nine months ended September 30, 2018.

(j)     Due to the adoption of ASC 606, certain cost recoveries previously presented as service revenues are now reflected as reductions to NGL expense, resulting in an increase to the average margin on NGL sales per barrel. In addition, volumes processed internally to enhance our NGL sales are no longer reported in our throughput volumes used to calculate our average gas gathering and processing revenue per MMBtu as certain fees contained within our commodity contracts are now reported as a reduction of NGL expense. The mix of remaining volumes resulted in a higher recognized gas gathering and processing rate. The impact of the adoption was 184 thousand MMBtu/d and 170 thousand MMBtu/d for the three and nine months ended September 30, 2018, respectively, now being used internally and not reported in the throughput volumes used to calculate our average gas gathering and processing revenue per MMBtu.

 

 

Andeavor Logistics LP

Selected Operating Segment Data (Unaudited)

(In millions, except per gallon)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018


2017 (a)


2018


2017 (a)

Wholesale Segment








Revenues








Fuel sales (c)

$

13



$

565



$

37



$

730


Other wholesale

7



4



25



10


Total Revenues

20



569



62



740


Costs and Expenses








Cost of fuel and other (excluding items shown separately below) (c)



554





716


Operating expenses

9



6



30



12


Depreciation and amortization expenses

4



2



9



3


General and administrative expenses





1




Wholesale Operating Income

$

7



$

7



$

22



9


Volumes








Fuel sales volumes (millions of gallons)

311



329



904



430


Wholesale fuel sales per gallon

4.0

¢




4.0

¢



Average wholesale fuel sales margin per gallon (c)(d)



3.0

¢




3.0

¢

 

Non-GAAP Reconciliations

 

Andeavor Logistics LP

Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)

(In millions, except ratios)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Reconciliation of Net Earnings to EBITDA








Net earnings

$

166



$

90



$

429



$

253


Depreciation and amortization expenses

86



85



268



222


Interest and financing costs, net of capitalized interest

57



68



172



193


EBITDA

$

309



$

243



$

869



$

668










Reconciliation of Net Cash from Operating Activities to 
     Distributable Cash Flow








Net cash from operating activities

$

172



$

225



$

719



$

524


Changes in assets and liabilities

96



(45)



7



(51)


Predecessors impact

1



(8)



12



20


Maintenance capital expenditures (k)

(26)



(33)



(70)



(80)


Reimbursement for maintenance capital expenditures (k)

7



7



19



22


Adjustments for equity method investments

(6)



4



(3)



5


Proceeds from sale of assets







28


Changes in deferred revenue (l)

13



(2)



8



5


Other (m)

5





3



4


Distributable Cash Flow

262



148



695



477


Less: Preferred unit distributions (n)

(11)





(31)




Distributable Cash Flow Attributable to Common 
     Unitholders

$

251



$

148



$

664



$

477



(k)   We adjust our reconciliation of distributable cash flows for maintenance capital expenditures, tank restoration costs and expenditures required to ensure the safety, reliability, integrity and regulatory compliance of our assets with an offset for any reimbursements received for such expenditures.

(l)     Included in changes in deferred revenue are adjustments to remove the impact of the adoption of the new revenue recognition accounting standard on January 1, 2018 as well as the impact from the timing of recognition with certain of our contracts that contain minimum volume commitment with clawback provisions, which are predominantly recognized annually in the third quarter based on current contract terms.

(m)  Other includes transaction costs related to recent acquisitions and settlement expenses.

(n)   Represents the cash distributions earned by the Preferred Units for the three and nine months ended September 30, 2018 assuming a distribution is declared by the Board. Cash distributions to be paid to holders of the Preferred Units are not available to common unitholders.



 


Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Distributions








Limited partner's distributions on common units

$

238



$

201



$

652



$

407


General partner's distributions including IDRs







81


Distributions on preferred units

11





31




Total Distributions to be Paid

249



201



683



488


Less: Distributions on preferred units

(11)





(31)




Total Distributions to be Paid to Common Unitholders

$

238



$

201



$

652



$

488










Distributable Cash Flow Attributable to Common 
     Unitholders

$

251



$

148



$

664



$

477










Distribution Coverage Ratio

1.05x



0.74x



1.02x



0.98x



 

 

Andeavor Logistics LP

Segment Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)

(In millions)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Reconciliation of Terminalling and Transportation Segment 
     Operating Income to Segment EBITDA








Terminalling and Transportation segment operating income

$

140



$

103



$

351



$

290


Depreciation and amortization expenses

35



32



105



85


Equity in earnings of equity method investments

4



4



14



6


Other income, net

1



3



4



3


Terminalling and Transportation Segment EBITDA

$

180



$

142



$

474



$

384










Reconciliation of Gathering and Processing Segment 
     Operating Income to Segment EBITDA








Gathering and Processing segment operating income

$

80



$

50



$

226



$

158


Depreciation and amortization expenses

47



51



154



134


Equity in earnings of equity method investments

3



2



11



7


Gathering and Processing Segment EBITDA

$

130



$

103



$

391



$

299










Reconciliation of Wholesale Segment Operating Income to 
     Segment EBITDA








Wholesale segment operating income

$

7



$

7



$

22



$

9


Depreciation and amortization expenses

4



2



9



3


Wholesale Segment EBITDA

$

11



$

9



$

31



$

12


 


Andeavor Logistics LP

Average Margin on NGL Sales per Barrel (Unaudited)

(In millions, except days and per barrel amounts)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

Segment Operating Income

$

80



$

50



$

226



$

158


Add back:








Operating expenses

131



113



361



284


General and administrative expenses

12



16



36



41


Depreciation and amortization expenses

47



51



154



134


Gain on asset disposals and impairments

2



1



2




Other commodity purchases (h)







2


Subtract:








Gas gathering and processing revenues

(82)



(85)



(249)



(252)


Crude oil gathering revenues

(86)



(76)



(241)



(170)


Pass-thru and other revenues

(40)



(44)



(119)



(120)


Margin on NGL Sales

$

64



$

26



$

170



$

77


Divided by Total Volumes for the Period:








NGLs sales volumes (Mbpd)

9.5



7.0



10.1



7.3


Number of days in the period

92



92



273



273


Total volumes for the period (thousands of barrels) (o)

874



644



2,757



1,993


Average Margin on NGL Sales per Barrel (o)

$

71.47



$

38.30



$

61.70



$

38.27



(o)   Amounts may not recalculate due to rounding of dollar and volume information.

 

 

Andeavor Logistics LP

Average Wholesale Fuel Sales Margin per Gallon (Unaudited)

(In millions, except per gallon amounts)




Three Months
Ended


Nine Months
Ended


September 30, 2017 (a)

Segment Operating Income

$

7



$

9


Add back:




Operating expenses (excluding depreciation and amortization)

6



12


Depreciation and amortization expenses

2



3


Subtract:




Other wholesale revenues

(4)



(10)


Wholesale Fuel Sales Margin

$

11



$

14


Divided by Total Volumes for the Period:




Fuel sales volumes (millions of gallons)

329



430


Average Wholesale Fuel Sales Margin per Gallon (o)

3.0

¢


3.0

¢


 

 

Andeavor Logistics LP

Selected Financial Data (Unaudited) (In millions)




Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 Expected
Capital Spend


2018 (a)


2017 (a)


2018 (a)


2017 (a)


Capital Expenditures










Growth

$

164



$

66



$

470



$

144



$

640


Maintenance

22



26



54



68



110


Total Capital Expenditures

$

186



$

92



$

524



$

212



$

750












Capital Expenditures, Net of Reimbursements

Growth

$

159



$

60



$

454



$

127



$

640


Maintenance

16



21



42



59



80


Total Capital Expenditures, Net of Reimbursements

$

175



$

81



$

496



$

186



$

720












Capital Expenditures, Andeavor Logistics LP (p)

Growth

$

144



$

37



$

306



$

100



$

475


Maintenance

22



22



48



53



105


Total Capital Expenditures, Andeavor
Logistics LP

$

166



$

59



$

354



$

153



$

580












Capital Expenditures, Net of Reimbursements, Andeavor Logistics LP (p)

Growth

$

139



$

31



$

290



$

83



$

475


Maintenance

16



17



36



44



75


Total Capital Expenditures, Net of 
Reimbursements, Andeavor
Logistics LP

$

155



$

48



$

326



$

127



$

550












Capital Expenditures, Predecessors

Growth

$

20



$

29



$

164



$

44



$

165


Maintenance



4



6



15



5


Total Capital Expenditures, Predecessors

$

20



$

33



$

170



$

59



$

170



(p)   We believe that this presentation of our results of operations, excluding results of our Predecessors, will provide useful information to investors in assessing our results of operations. This non-GAAP financial measure should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.

 

 


Three Months Ended
September 30,


Nine Months Ended
September 30,


2018 (a)


2017 (a)


2018 (a)


2017 (a)

General and Administrative Expenses








Terminalling and Transportation

$

7



$

15



$

27



$

33


Gathering and Processing

12



16



36



41


Wholesale





1




Unallocated

12



13



27



33


Total General and Administrative Expenses

$

31



$

44



$

91



$

107


 

 

Andeavor Logistics LP

Reconciliation of Combined Financial Statements (Unaudited)

(In millions)




Three Months Ended September 30, 2018


Nine Months Ended September 30, 2018


Combined


Andeavor
Logistics LP (p)


Predecessors


Combined


Andeavor
Logistics LP (p)


Predecessors













Revenues












Affiliate

$

415



$

411



$

4



$

1,131



$

1,110



$

21


Third-party

227



224



3



626



617



9


Total Revenues

642



635



7



1,757



1,727



30


Costs and Expenses












NGL expense (exclusive of items 
     shown separately below)

73



73





166



166




Operating expenses (exclusive of 
     depreciation and amortization)

236



227



9



658



618



40


Depreciation and amortization 
     expenses

86



83



3



268



246



22


General and administrative expenses

31



30



1



91



82



9


Loss on asset disposals and 
     impairments

1



1





2



2




Operating Income (Loss)

215



221



(6)



572



613



(41)


Interest and financing costs, net

(57)



(56)



(1)



(172)



(168)



(4)


Equity in earnings of equity method 
     investments

7



4



3



25



9



16


Other income, net

1



1





4



3



1


Net Earnings (Loss)

$

166



$

170



$

(4)



$

429



$

457



$

(28)


Loss attributable to Predecessors

4





4



28





28


Net Earnings Attributable to 
     Partners

170



170





457



457




Preferred unitholders' interest in net 
     earnings

(10)



(10)





(34)



(34)




Limited Partners' Interest in Net 
     Earnings

$

160



$

160



$



$

423



$

423



$


 

 

Andeavor Logistics LP

Reconciliation of Combined Financial Statements (Unaudited)

(In millions)




Three Months Ended September 30, 2017


Nine Months Ended September 30, 2017


Combined


Andeavor
Logistics LP (p)


Predecessors


Combined


Andeavor
Logistics LP (p)


Predecessors













Revenues












Affiliate

$

468



$

219



$

249



$

951



$

624



$

327


Third-party

626



225



401



1,184



653



531


Total Revenues

1,094



444



650



2,135



1,277



858


Costs and Expenses












Cost of fuel and other (exclusive of 
     items shown separately below) (a)

554





554



716





716


NGL expense (exclusive of items 
     shown separately below)

64



64





179



179




Operating expenses (exclusive of 
     depreciation and amortization)

199



141



58



512



399



113


Depreciation and amortization 
     expenses

85



60



25



222



178



44


General and administrative expenses

44



27



17



107



78



29


(Gain) loss on asset disposals and 
     impairments

1



1





(25)



(24)



(1)


Operating Income (Loss)

147



151



(4)



424



467



(43)


Interest and financing costs, net

(68)



(61)



(7)



(193)



(184)



(9)


Equity in earnings of equity method 
     investments

6



2



4



13



7



6


Other income, net

5



5





9



9




Net Earnings (Loss)

$

90



$

97



$

(7)



$

253



$

299



$

(46)


Loss attributable to Predecessors

7





7



46





46


Net Earnings Attributable to 
     Partners

97



97





299



299




General partner's interest in net 
     earnings, including incentive 
     distribution rights







(79)



(79)




Limited Partners' Interest in Net 
     Earnings

$

97



$

97



$



$

220



$

220



$


 

 

Andeavor Logistics LP

Terminalling and Transportation Segment Reconciliation of Combined Financial Statements

(Unaudited) (In millions)




Three Months Ended September 30, 2018


Nine Months Ended September 30, 2018


Combined


Andeavor
Logistics LP (p)


Predecessors


Combined


Andeavor
Logistics LP (p)


Predecessors

Revenues












Terminalling

$

235



$

234



$

1



$

643



$

640



$

3


Pipeline transportation

44



44





115



115




Other revenues

1



1





4



4




Terminalling and Transportation 

     Revenues

280



279



1



762



759



3


Costs and Expenses












Operating expenses (exclusive of 
     depreciation and amortization)

99



92



7



279



245



34


Depreciation and amortization expenses

35



34



1



105



95



10


General and administrative expenses

7



7





27



24



3


Gain on asset disposals and impairments

(1)



(1)










Terminalling and Transportation 
     Segment Operating Income (Loss)

140



147



(7)



351



395



(44)


Depreciation and amortization expenses

35



34



1



105



95



10


Equity in earnings of unconsolidated affiliates

4



1



3



14



1



13


Other income, net

1



1





4



3



1


Terminalling and Transportation Segment 
     EBITDA

$

180



$

183



$

(3)



$

474



$

494



$

(20)


 


Three Months Ended September 30, 2017


Nine Months Ended September 30, 2017


Combined


Andeavor
Logistics LP (p)


Predecessors


Combined


Andeavor
Logistics LP (p)


Predecessors

Revenues












Terminalling

$

189



$

155



$

34



$

493



$

447



$

46


Pipeline transportation

34



34





97



97




Other revenues

7





7



9





9


Terminalling and

     Transportation Revenues

230



189



41



599



544



55


Costs and Expenses












Operating expenses (exclusive of 
     depreciation and amortization)

80



47



33



216



149



67


Depreciation and amortization

     expenses

32



24



8



85



68



17


General and administrative 
     expenses

15



8



7



33



23



10


Gain on asset disposals and 
     impairments







(25)



(25)




Terminalling and Transportation
     Segment Operating Income 
     (Loss)

103



110



(7)



290



329



(39)


Depreciation and amortization 
     expenses

32



24



8



85



68



17


Equity in earnings of 
     unconsolidated affiliates

4





4



6





6


Other income, net

3



3





3



3




Terminalling and Transportation 
     Segment EBITDA

$

142



$

137



$

5



$

384



$

400



$

(16)


 

 

Andeavor Logistics LP

Gathering and Processing Segment Reconciliation of Combined Financial Statements

(Unaudited) (In millions)




Three Months Ended September 30, 2018


Nine Months Ended September 30, 2018


Combined


Andeavor
Logistics LP (p)


Predecessors


Combined


Andeavor
Logistics LP (p)


Predecessors

Revenues












NGL sales

$

137



$

137



$



$

336



$

336



$


Gas gathering and processing

82



82





249



249




Crude oil and water gathering

86



80



6



241



214



27


Pass-thru and other

40



40





119



119




Total Revenues

345



339



6



945



918



27


Costs and Expenses












NGL expense (exclusive of items 
     shown separately below)

73



73





166



166




Operating expenses (exclusive of 
     depreciation and amortization)

131



129



2



361



355



6


Depreciation and amortization 
     expenses

47



45



2



154



142



12


General and administrative expenses

12



11



1



36



30



6


Loss on asset disposals and 
     impairments

2



2





2



2




Gathering and Processing 
     Segment Operating Income

80



79



1



226



223



3


Depreciation and amortization 
     expenses

47



45



2



154



142



12


Equity in earnings of equity method 
     investments

3



3





11



8



3


Gathering and Processing 
     Segment EBITDA

$

130



$

127



$

3



$

391



$

373



$

18


 

 


Three Months Ended September 30, 2017


Nine Months Ended September 30, 2017


Combined


Andeavor
Logistics LP (p)


Predecessors


Combined


Andeavor
Logistics LP (p)


Predecessors

Revenues












NGL sales

$

90



$

90



$



$

254



$

254



$


Gas gathering and processing

85



85





252



252




Crude oil and water gathering

76



43



33



170



116



54


Pass-thru and other

44



37



7



120



111



9


Total Revenues

295



255



40



796



733



63


Costs and Expenses












NGL expense (exclusive of items 
     shown separately below)

64



64





179



179




Operating expenses (exclusive of 
     depreciation and amortization)

113



94



19



284



249



35


Depreciation and amortization 
     expenses

51



36



15



134



110



24


General and administrative expenses

16



13



3



41



33



8


(Gain) loss on asset disposals and 
     impairments

1



1







1



(1)


Gathering and Processing Segment Operating Income

50



47



3



158



161



(3)


Depreciation and amortization 
     expenses

51



36



15



134



110



24


Equity in earnings of equity method 
     investments

2



2





7



7




Gathering and Processing

     Segment EBITDA

$

103



$

85



$

18



$

299



$

278



$

21


 

 

Andeavor Logistics LP

Wholesale Segment Reconciliation of Combined Financial Statements

(Unaudited) (In millions)




Three Months Ended September 30, 2017


Nine Months Ended September 30, 2017


Combined


Andeavor
Logistics LP (p)


Predecessors


Combined


Andeavor
Logistics LP (p)


Predecessors













Revenues












Fuel sales

$

565



$



$

565



$

730



$



$

730


Other wholesale

4





4



10





10


Total Revenues

569





569



740





740


Costs and Expenses












Cost of fuel and other (excluding 
     items shown separately below)

554





554



716





716


Operating expenses (excluding 
     depreciation and amortization)

6





6



12





12


Depreciation and amortization 
     expenses

2





2



3





3


Wholesale Segment Operating

     Income

7





7



9





9


Depreciation and amortization 
     expenses

2





2



3





3


Wholesale Segment EBITDA

$

9



$



$

9



$

12



$



$

12


 

 

Andeavor Logistics LP

Reconciliation of EBITDA to Amounts Under U.S. GAAP (Unaudited) (In millions)




Reconciliation of Projected Annual EBITDA


Drop Down

2019E


North Dakota NGL
Logistics Hub

Projected Net Earnings

$

110



$

17


Add: Projected depreciation and amortization expense

75



4


Add: Projected interest and financing costs, net

15



3


Projected EBITDA

$

200



$

24


 




2018 Drop Down EBITDA
Contribution




Three Months Ended
September 30, 2018

Net Earnings (Loss)



$

16


Add: Depreciation and amortization expense



9


Add: Interest and financing costs, net



1


EBITDA



$

26







2018 Drop Down Segment EBITDA Contribution

Three Months Ended September 30, 2018


Terminalling and
Transportation


Gathering and Processing

Operating Income (Loss)

$

10



$

2


Add: Depreciation and amortization expenses

5



4


Add: Equity in earnings of equity method investments

4



1


Segment EBITDA

$

19



$

7


 

 

Andeavor Logistics LP

Reconciliation of EBITDA to Amounts Under U.S. GAAP (Unaudited) (In millions)




Three Months Ended




December 31,
2017


March 31,
2018


June 30,
2018


September 30,
2018


Trailing Four Quarters

Net Earnings

$

53



$

131



$

132



$

166



$

482


Add: Depreciation and amortization expense

91



89



93



86



359


Add: Interest and financing costs, net

137



55



60



57



309


EBITDA

$

281



$

275



$

285



$

309



$

1,150


Add: Pro forma adjustment for acquisitions









178


Pro forma LTM EBITDA









$

1,328


 


September 30,
 2018

Total debt

$

4,878


Pro forma LTM EBITDA

1,328


Leverage ratio

3.7x


 

Cision View original content:http://www.prnewswire.com/news-releases/andeavor-logistics-lp-reports-third-quarter-2018-results-300745540.html

SOURCE Andeavor Logistics LP


Source: PR Newswire (November 7, 2018 - 6:45 AM EST)

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