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PSXP - Phillips 66 Partners: A 6.3% Yield With No IDRs Moving Forward
Phillips 66 Partners LP representing limited partner interest in the Partnership
Last October I wrote a Seeking Alpha piece titled Phillips 66 Partners: Hamstrung By The IDRs. The article highlighted that the 50/50 high IDR split meant that while Phillips 66 Partners (PSXP) was responsible for financing 100% of its growth projects and drop-down purchases, half of the incremental distributable cash flow went up the ladder to General Partner Phillips 66 (PSX). That is one of the well-known pitfalls of the MLP model (among many others) and was a black cloud hanging over PSXP's head. As the chart below shows, the