Phillips 66 Partners LP Reports Company and Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Production Results for the Fourth Quarter of 2014
For the full year, on company basis, total revenues were $209.0 million against $51.2 million reported last year. Income before income taxes was $116.8 million against $29.1 million reported last year. Net income was at $116.0 million against $28.9 million reported last year. Adjusted EBITDA was $136.7 million against $32.0 million reported last year.
For the quarter, on consolidated basis, total revenues were $64.8 million against $49.1 million reported last year. Income before income taxes was $36.5 million against $24.5 million reported last year. Net income was at $36.3 million against $24.4 million reported last year. EBITDA was at $43.2 million against $29.0 million reported last year. Capital expenditures were at $60.5 million against $35.7 million reported last year. Adjusted EBITDA was $42.6 million against $18.8 million reported last year. Maintenance capital expenditures were $2.8 million against $1.8 million reported last year.
For the year, on consolidated basis, total revenues were $229.1 million against $187.2 million reported last year. Income before income taxes was $125.2 million against $97.2 million reported last year. Net income was at $124.4 million against $96.7 million reported last year. EBITDA was at $147.0 million against $111.8 million reported last year. Capital expenditures were at $156.9 million against $88.0 million reported last year. Adjusted EBITDA was $136.7 million against $32.0 million reported last year. Maintenance capital expenditures were $11.9 million against $2.7 million reported last year.
For the fourth quarter, total pipeline throughput volumes were 727,000 barrels per day, up 6% over the third quarter. Total term linked throughput volumes were 901,000 barrels per day, representing an increase of 3% over the prior quarter.