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ANDEAVOR LOGISTICS LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2019 10-Q, filed Aug 5, 2019. Its latest SEC filing is a 15-12B from Oct 15, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Operates crude oil, refined-products and natural gas pipelines, terminals and storage facilities, and gathers and processes oil and gas for Marathon and third-party customers. It also distributes wholesale fuel through bulk plants and delivery trucks.

How Did They Make Money?

Customers pay fees for gathering, processing, transporting and storing oil, gas and refined products; service payments are generally received within 60 days of the month of service. Fuel and other product sales are generally paid within 30 days of delivery.

revenue

Who Were Their Customers?

Marathon and third parties, including producers, use its pipeline, terminal, storage, gathering and processing services; Marathon's arrangements are long-term commercial agreements. Its wholesale operation distributes petroleum products through bulk plants and delivery trucks.

Customers above 10% of revenue, FY2018
of revenue from one customer
FY2016: 64% from two customers

Did Revenues Turn Into Profits?

Yes. It kept 26 cents of every revenue dollar as net income in .

Operating income,
33% of revenue
▲ +32% vs ($603M, 19%)
Net income,
26% of revenue
▲ +80% vs ($349M, 11%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q2 FY2019, the three months to Jun 30, 2019
Revenue
▲ +6%
vs $569M in Q2 FY2018
Net income
▲ +8%
vs $148M in Q2 FY2018
  • Aug 1, 2019 MPLX completed its acquisition of Andeavor Logistics Andeavor Logistics became wholly owned by MPLX, and its common units stopped trading on the NYSE.
  • May 9, 2019 Andeavor Logistics changed its independent auditor The audit committee dismissed Ernst & Young and appointed PricewaterhouseCoopers for fiscal 2019.

Wholesale fuel distribution The latest report includes a wholesale segment distributing commercial petroleum products through bulk plants and delivery trucks, alongside its logistics operations; the older report describes gathering, processing, and terminalling and transportation segments.

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