Andeavor Logistics reports Q2 EPS 63c, consensus 67c
Reports Q2 revenue $557M, consensus $511.98M.Andeavor Logistics also announced that it has been awarded an additional new crude oil gathering project in the Delaware Basin, for a total of six crude oil gathering projects awarded over the last three quarters. Capital invested for these projects is expected to total approximately $75 to $85 million through 2018 and early 2019, with an anticipated average multiple of 6 to 7 times EBITDA. Acreage dedications in the Permian Basin associated with these projects total 76,000 acres. Following the completion of the drop down and continued build-out, expansion and new connections planned for this system, Andeavor Logistics expects to exit 2018 with a run rate from its Permian Basin assets of $90 million of annual net earnings and $150 million of annual EBITDA. Andeavor's recently announced joint ventures in the Gray Oak Pipeline and marine terminal in Corpus Christi are expected to further enhance Andeavor Logistics' competitive position in the Permian Basin when pursuing crude oil gathering projects, but the impact of these projects is not included in Andeavor Logistics' current outlook.