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UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66

Phillips 66 · May 21, 2013 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 1
    UBS Global Oil and Gas Conference Greg Maxwell Executive Vice President and Chief Financial Officer May 21, 2013 Austin, TX
  2. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 2
    Delivering on Commitments Adjusted Earnings and ROCE (B) Midstream Enhanced operating excellence 7 Chemicals 22 % Marketing & Specialties Refining Achieved solid financial results 5 Corporate 14 % ROCE Captured opportunities…
  3. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 3
    Operating Excellence - Safety At Phillips 66 we take the Total Recordable Rates Incidents per 200,000 Hours Worked time to work safely, every job, every day. 2012 2009 2010 2011 1.8 1.1 1.2 0.9 0.4 0.4 0.4 0.3 0.4 0.3 0.3…
  4. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 4
    Phillips 66 Strategy Operating Excellence Growth Returns Distributions High-performing organization Providing energy, improving lives 5
  5. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 5
    Segment Strategy Midstream: Build on existing base Chemicals: Grow capacity and earnings Grow Transportation and NGL Operations Pursue organic growth through CPChem Pursue organic growth through DCP Execute mega-projects Filed S-1…
  6. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 6
    Midstream - Large Platform for Growth Capital Program (B) 2.0 1.5 1.0 0.5 0.0 2010 2011 2012 2013 NGL Operations Fractionator Budget Transportation Storage DCP Midstream Gas Plant Transportation NGL Operations Pipeline…
  7. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 7
    DCP Midstream - Growth 2013 2014 2015+ Gathering and processing in execution 2 B Gathering and processing expansions 2 B G&P Plant New Plant Pipelines and logistics Expansion/Restart 2 B DCP Legacy New/Growth…
  8. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 8
    Transportation and NGL Operations - Adding Capacity Increasing access to advantaged crudes 2,000 additional crude rail cars Jones Act ships Bakken crude to Bayway via Global Partners Mississippian Lime to Ponca via pipeline…
  9. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 9
    Chemicals - Focused Portfolio S-Chem (SCP and JCP) Saudi Polymers Q-Chem and Q-Chem II 10
  10. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 10
    Chemicals - Growth CPChem Equity Production Capacity United States (Blb/y) Middle East (Blb/y) 27.3 24.5 31.5 7.7 8.0 0.8 2000 2012 2017 2000 2012 2017 36 Manufacturing Sites Worldwide 2 Research Facilities Sales into…
  11. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 11
    Chemicals - Growth 2012 2013 2014 2015 2016 2017+ Capital Program (B) SPCo Petrochemicals (35% ownership) 1,200 kMTA Sweeny Frac 0.6 Expansion 22 MBD 0.4 1-Hexene 250 kMTA 0.2 USGC Petrochemicals 1,500 kMTA 0.0 2010…
  12. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 12
    Refining - Diversified Portfolio Western / Pacific 440 MBD Central Region 475 MBD Gulf Coast 733 MBD Atlantic Basin / Europe 588 MBD United States FD Ireland BI HU WG BW United SF Kingdom WR LA PC Germany BG MI Malaysia…
  13. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 13
    Refining - Enhancing Returns U.S. Refining Crudes (MBD) Brent LLS/ANS Heavy Canadian WTI/WTS Current 3+ Years Extensive U.S. refining portfolio Infrastructure and commercial capabilities Shifting to 100% advantaged…
  14. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 14
    Refining - Enhancing Returns Distillate Yield Export Capacity (Percentage of processed inputs) (MBD) Industry 400 40.8% 39.9% 40.2% 39.5% 320 37.4% West 37.1% 35.8% Gulf East 2010 2011 2012 2013E Current 3+ Years…
  15. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 15
    Refining - Enhancing Returns Constant Margin Net Income Capital Program Expected Improvement (B) (MM) 2.0 1.0 500 0.0 Adv Crude Yields & Costs 3+ Years 2010 2011 2012 2013E Exports Refining Refining Logistics WRB…
  16. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 16
    Marketing & Specialties Capital Program (B) 0.2 0.1 Branded Market Share 20% Manufacturing Locations: 10 - 20% Lubricants PSPI - Flow Improvers 5 - 10% Power Generation 0.1 - 5% Refinery Locations 0.0 0% 2010 2011 2012…
  17. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 17
    Financial Strategy Disciplined capital allocation Growing shareholder distributions Enhanced financial flexibility 18
  18. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 18
    Capital Allocation 2013E Sources and Uses of Cash (B) Sustaining capital Share Repurchases Debt Repayment Increasing distributions 6.0 1.0 Growth Capital 0.8 Growth capital Dividends 0.8 1.0 Sustaining Capital Financial…
  19. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 19
    Shareholder Distributions Q1 share repurchases of 382 MM Regular dividends Q1 dividend of Secure 0.3125/share Growing Q4 share repurchases of 245 MM Competitive Q4 dividend of 0.25/share Share repurchase Q3 share repurchases of…
  20. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 20
    A Promising Future Operating excellence Growth Returns Distributions High-performing organization 21
  21. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 21
    Institutional Investors Contact: Rosy C. Zuklic rosy.zuklicp66.com Manager, Investor Relations 832-765-2297 Appendix
  22. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 22
    Non-GAAP Reconciliations Reconciliation of Earnings to Adjusted Earnings Millions of Dollars 1Q13 1Q12 4Q12 2012 2011 2010 2009 Consolidated Earnings (loss) 1,407 636 708 4,124 4,775 735 476 Adjustments: Net (gain) loss on asset sales…
  23. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 23
    Non-GAAP Reconciliations Reconciliation of Earnings to Adjusted Earnings Millions of Dollars 1Q13 1Q12 4Q12 2012 2011 2010 2009 Midstream Earnings (loss) 110 108 92 53 2,149 386 386 Adjustments: Net (gain) loss on asset sales - - - -…
  24. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 24
    Non-GAAP Reconciliations Reconciliation of Earnings to Adjusted Earnings Millions of Dollars 1Q13 1Q12 4Q12 2012 2011 2010 2009 Refining Earnings (loss) 922 393 363 3,217 1,529 (545) (536) Adjustments: Net (gain) loss on asset sales…
  25. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 25
    Non-GAAP Reconciliations 2009 2010 2011 2012 2013 YTD Phillips 66 - ROCE Numerator (MM) Net Income 479 740 4,780 4,131 1,410 After-tax interest expense 1 1 11 160 46 GAAP ROCE earnings 480 741 4,791 4,291 1,456 Special Items 21…
  26. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 26
    Non-GAAP Reconciliations 2010 2011 2012 2013 YTD 2010 2011 2012 2013 YTD Refining - ROCE Marketing & Specialties - ROCE Numerator (MM) Numerator (MM) Net Income (545) 1,529 3,217 922 Net Income 567 573 465 188 After-tax interest…

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