Phillips 66 Partners LP reported company and consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, on company basis, total revenues were $62.7 million against $30 million reported last year. This increase was primarily the result of higher pipeline throughput volumes on the Gold Line product system and also revenues from the recently acquired rail racks. Income before income taxes was $36.4 million against $17.1 million reported last year. Net income was at $36.2 million against $17.0 million reported last year. Adjusted EBITDA was at $42.6 million against $18.8 million reported last year.

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.