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2012 ANALYST MEETING – Phillips 66

Phillips 66 · Dec 13, 2012 · 93 slides

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Slides

  1. 2012 ANALYST MEETING – Phillips 66 – slide 1
    2012 Analyst Meeting December 13, 2012 New York, NY
  2. 2012 ANALYST MEETING – Phillips 66 – slide 2
    Agenda Introduction Clayton Reasor Overview and Strategy Greg Garland Growing Value Tim Taylor Improving Returns Larry Ziemba Financial Strategy Greg Maxwell Break Closing Comments Greg Garland Q&A 3
  3. 2012 ANALYST MEETING – Phillips 66 – slide 3
    Overview and Strategy Greg Garland Chairman and Chief Executive Officer December 13, 2012 New York, NY
  4. 2012 ANALYST MEETING – Phillips 66 – slide 4
    Delivering on Commitments Operating well Capturing opportunities Creating shareholder value Maintaining discipline 5
  5. 2012 ANALYST MEETING – Phillips 66 – slide 5
    Operating Excellence Safety At Phillips 66 we take the Incidents per 200,000 Hours Worked time to work safely, every job, every day. 2012 YTD 2009 2010 2011 Industry Average See appendix for footnotes. 6
  6. 2012 ANALYST MEETING – Phillips 66 – slide 6
    Vision Top safety performance Growing enterprise value Competitive mid-cycle ROCE High-performing organization Leading total shareholder return Providing energy, improving lives 7
  7. 2012 ANALYST MEETING – Phillips 66 – slide 7
    Competitive Position Differentiated portfolio Midstream infrastructure Geographic advantages Chemicals and specialties Financial flexibility Free cash flow Capital allocation Balance sheet strength Experienced management 8
  8. 2012 ANALYST MEETING – Phillips 66 – slide 8
    Expanding Higher Valued Businesses Growing and shifting portfolio See appendix for footnotes. 9
  9. 2012 ANALYST MEETING – Phillips 66 – slide 9
    Strategic Drivers North American oil and gas production revolution Long-term U.S. feedstock and energy cost advantage U.S. exports capture share of growing global demand 10
  10. 2012 ANALYST MEETING – Phillips 66 – slide 10
    Structural Shift U.S. Liquids Production Strong growth: 6%+ CAGR MMBbls/day Waterborne crude imports declined 29% since 2005 Forecast Infrastructure investments required See appendix for footnotes. 11
  11. 2012 ANALYST MEETING – Phillips 66 – slide 11
    Structural Shift U.S. Advantage U.S. Disadvantage U.S. Advantage Advantaged feedstocks Low energy costs Scale and complexity See appendix for footnotes. 12
  12. 2012 ANALYST MEETING – Phillips 66 – slide 12
    U.S. Export Growth Drives Refining Utilization Net Exports Growing global demand MMBbls/day New export capability Net Imports Higher refinery utilization See appendix for footnotes. 13
  13. 2012 ANALYST MEETING – Phillips 66 – slide 13
    U.S. Refinery Cracks Maintaining favorable margins Normalizing inland crude /bbl differentials Structural advantage for U.S. refining See appendix for footnotes. 14
  14. 2012 ANALYST MEETING – Phillips 66 – slide 14
    Midstream Strategy Grow aggressively DCP Phillips 66 Midstream Establish Phillips 66 MLP Creates value for PSX shareholders Grows infrastructure Increases transparency 15
  15. 2012 ANALYST MEETING – Phillips 66 – slide 15
    Chemicals Strategy Access advantaged feedstocks U.S. Gulf Coast growth 2013 - NGL fractionation expansion 2014 - 1-hexene plant at Cedar Bayou 2017 - Ethane cracker and derivatives Proprietary technology Global sales force 16
  16. 2012 ANALYST MEETING – Phillips 66 – slide 16
    Refining and Marketing Strategy Improve Refining returns Increase advantaged feedstocks Drive margin improvements LLS/ANS Grow Marketing and Specialties Enable full refining utilization Pursue high-value investments Implement…
  17. 2012 ANALYST MEETING – Phillips 66 – slide 17
    Financial Strategy Disciplined capital allocation Growing shareholder distributions Enhanced financial flexibility 18
  18. 2012 ANALYST MEETING – Phillips 66 – slide 18
    Funding Business Investments (B) Midstream Chemicals R&M Refining WRB DCP P66 Midstream CPChem MSO Trans. Capital Program of 3.7 B in 2013 Midstream, Chemicals, and R&M include equity share of DCP Midstream, CPChem, and WRB…
  19. 2012 ANALYST MEETING – Phillips 66 – slide 19
    Long-term ROCE Improvement 15%+ Mid-cycle Cost & R&M Growth Long-term Portfolio Margin Mid-cycle 20
  20. 2012 ANALYST MEETING – Phillips 66 – slide 20
    Shareholder Distributions Expanded share repurchase plan to 2 B and Regular dividends announced dividend increase to 1.25/year Secure Increased quarterly dividend to 0.25 Growing Competitive Announced 1 B share repurchase plan…
  21. 2012 ANALYST MEETING – Phillips 66 – slide 21
    2013 Key Initiatives Growth Establish MLP Progress USGC petrochemical complex Returns Increase advantaged crude runs Maintain capital discipline Implement Optimize 66 Grow distributions Enhance financial flexibility 22
  22. 2012 ANALYST MEETING – Phillips 66 – slide 22
    Growing Value Tim Taylor Executive Vice President, Commercial, Marketing, Transportation and Business Development December 13, 2012 New York, NY
  23. 2012 ANALYST MEETING – Phillips 66 – slide 23
    Growing Value Midstream Chemicals Marketing & Specialties U.S. oil and gas production Low cost U.S. feedstocks Adding value and growth drives investment underpin petrochemical enhancing returns expansion 24
  24. 2012 ANALYST MEETING – Phillips 66 – slide 24
    Phillips 66 Master Limited Partnership Formation of Phillips 66 MLP Supports infrastructure investment Creates value for shareholders Qualified assets Crude and product pipelines Terminals NGL assets Leverage existing…
  25. 2012 ANALYST MEETING – Phillips 66 – slide 25
    Phillips 66 Master Limited Partnership Traditional structure Phillips 66 as general partner (GP) Incentive distribution rights to GP Quarterly distributions to unit holders Minority of LP Interest sold to public Anticipate IPO in…
  26. 2012 ANALYST MEETING – Phillips 66 – slide 26
    Midstream DCP Midstream 50/50 JV with Spectra Leading U.S. gatherer and processor Largest U.S. NGL producer Adjusted EBITDA 1.3 B Phillips 66 Midstream 3 NGL fractionators 1 natural gas pipeline Adjusted EBITDA 200 MM Assets…
  27. 2012 ANALYST MEETING – Phillips 66 – slide 27
    DCP Midstream Growth Strategy Gathering and Processing Building processing capacity in liquids- rich growth areas 3-4 B Capex NGL Logistics Building NGL infrastructure to extend the value chain and become a full service provider…
  28. 2012 ANALYST MEETING – Phillips 66 – slide 28
    DCP Midstream Transformation 2011 2011-2015 2015 Growth CapEx Opportunity 5B to 7B 10 B Assets 15 B+ 62 of plants 70+ Processing volume 5.4 6.0 (Bcf/d) NGL production 400 500+ (MBPD) 1,250 NGL pipelines (mi)* 3,000…
  29. 2012 ANALYST MEETING – Phillips 66 – slide 29
    Phillips 66 Transportation PSX Assets 16,000+ miles of pipelines 40 product terminals 5 crude oil terminals 1 coke terminal 7,000 rail cars Proprietary trucking operations Terminals Products Crude Access to advantaged crudes…
  30. 2012 ANALYST MEETING – Phillips 66 – slide 30
    Central Region Integrated Value Delivery 50% proprietary racks Enables maximum refining runs Connectivity to major markets Product Terminals Products Crude Ability to optimize across assets NGL 31
  31. 2012 ANALYST MEETING – Phillips 66 – slide 31
    Building Infrastructure Value EBITDA New organic growth opportunities Sand Hills and Southern Hills Pipelines Increased advantaged crude Expansion of existing footprint Increased revenue base with services Grow to more…
  32. 2012 ANALYST MEETING – Phillips 66 – slide 32
    Chevron Phillips Chemical Company (CPChem) Delivering Profitable Growth Global Portfolio 36 Manufacturing Sites 2 Research Facilities Sales into over 100 countries Adjusted EBITDA 2.4 B See appendix for footnotes. 33
  33. 2012 ANALYST MEETING – Phillips 66 – slide 33
    CPChem Equity Production Capacity Regional Products (Blb/y) 24 (Blb/y) Other NAO Polyethylene Propylene Other Cyclohexane Paraxylene Ethylene Benzene Styrene Olefins / Specialties, Aromatics Polyolefins and…
  34. 2012 ANALYST MEETING – Phillips 66 – slide 34
    CPChem Competitive Position Relative Peer Performance Capacity in low-cost feedstock areas 1 2 1 2 4 5 5 1 4 Proprietary technology position 6 Global marketing reach 35
  35. 2012 ANALYST MEETING – Phillips 66 – slide 35
    Chemicals Cost Advantage 2013 Ethylene Production Cost Curve (/ton) Middle East and North America are advantaged regions Marginal capacity is naphtha-based CPChems capacity is well-positioned Source: IHS 36
  36. 2012 ANALYST MEETING – Phillips 66 – slide 36
    CPChem Middle East CPChem Equity Production Capacity (Blb/y) S-Chem (SCP and JCP) Saudi Polymers Q-Chem and Q-Chem II 37
  37. 2012 ANALYST MEETING – Phillips 66 – slide 37
    CPChem U.S. Gulf Coast Growth 2013 NGL fractionation expansion at Sweeny CPChem Equity Production Capacity 2014 1-hexene plant at Cedar Bayou (Blb/y) 2017 Gulf Coast ethane cracker/polyethylene complexes See appendix for…
  38. 2012 ANALYST MEETING – Phillips 66 – slide 38
    Business Structure Midstream Chemicals Marketing and Specialties Marketing Lubricants Specialty Coke Growth Returns 39
  39. 2012 ANALYST MEETING – Phillips 66 – slide 39
    Clean Products Marketing Branded Marketing Optimized product placement Integrated branded marketing Growing unbranded and commercial Market Share 20% Increasing export flexibility and value 10 - 20% 5 - 10% 0.1 - 5% 0%…
  40. 2012 ANALYST MEETING – Phillips 66 – slide 40
    Continental European Retail Growing Sites and Revenue Top three in market share MiRO Positioned as a value brand Market Share Market efficiency twice the industry 20% 10-20%…
  41. 2012 ANALYST MEETING – Phillips 66 – slide 41
    Lubricants Strong production at Excel Paralubes Top marketer of high quality base oil Significant growth with low unit cost 25%+ ROCE See appendix for footnotes. 42
  42. 2012 ANALYST MEETING – Phillips 66 – slide 42
    Specialty Coke Needle coke Essential to recycling steel World leader Market growing 2-4%/yr Anode coke Critical to aluminum production Supply 7% of world demand Market growing 5-7%/yr 43
  43. 2012 ANALYST MEETING – Phillips 66 – slide 43
    Marketing and Specialties Stable earnings with high returns 2012 YTD ROCE includes global marketing, lubricants and specialty products. See appendix for additional footnotes. 44
  44. 2012 ANALYST MEETING – Phillips 66 – slide 44
    Growing Value WE ARE PHILLIPS 66 Investing in Midstream and Chemicals Accessing advantaged feedstocks Building infrastructure around assets Increasing value of refinery streams CREATING VALUE 45
  45. 2012 ANALYST MEETING – Phillips 66 – slide 45
    Improving Returns Larry Ziemba Executive Vice President, Refining, Project Development and Procurement December 13, 2012 New York, NY
  46. 2012 ANALYST MEETING – Phillips 66 – slide 46
    Operating Excellence Safety and Environmental Total Refining Recordable Rate Refining Emissions Incidents per 200,000 Hours Worked (Lb/MBbl) 0.75 Industry 250 200 0.5 150 100 0.25 50 0 0 2009 2010 2011 2012 YTD 2002 2004…
  47. 2012 ANALYST MEETING – Phillips 66 – slide 47
    Operating Excellence Reliability Strong performance versus industry See appendix for footnotes. 48
  48. 2012 ANALYST MEETING – Phillips 66 – slide 48
    Refining Regions Western / Pacific Central Corridor Gulf Coast Atlantic Basin / Europe Crude Capacity (MBD) United States FD BI Ireland BW WG HU SF WR United LA PC Kingdom BG Global Realized Crack AL (/bbl) LC SW…
  49. 2012 ANALYST MEETING – Phillips 66 – slide 49
    Improving Refining Returns Increasing advantaged crude Improving yields Expanding export capability Controlling costs Investing in high return small projects 400 basis point improvement in refining ROCE 50
  50. 2012 ANALYST MEETING – Phillips 66 – slide 50
    Increasing Advantaged Crude Throughput Brent 51
  51. 2012 ANALYST MEETING – Phillips 66 – slide 51
    Processing Additional Advantaged Crude 52
  52. 2012 ANALYST MEETING – Phillips 66 – slide 52
    Processing Additional Advantaged Crude See appendix for footnotes. 53
  53. 2012 ANALYST MEETING – Phillips 66 – slide 53
    Increasing Advantaged Crude Throughput Domestic Crude Pricing Basis Brent LLS/ANS Heavy Canadian WTI/WTS 2010 2011 2012 YTD 2013E Long-term Targeting 90% advantaged crude long-term See appendix for footnotes. 54
  54. 2012 ANALYST MEETING – Phillips 66 – slide 54
    Improving Yields Distillate Yield (Percentage of processed inputs) Industry 40.8% Global distillate demand growth 39.9% 40.2% 39.5% Strong distillate yields 37.1% 37.2% 35.8% Eleven refineries with low capital…
  55. 2012 ANALYST MEETING – Phillips 66 – slide 55
    Expanding Product Export Capability Increase placement options 100 MBD new export capability 30% of coastal clean products Capture global demand growth Growing export capability supports high utilization 56
  56. 2012 ANALYST MEETING – Phillips 66 – slide 56
    Controlling Costs Ten of fifteen refineries benchmark in the top third Good reliability supporting competitive costs Targeting energy efficiency and turnaround improvements Includes Phillips 66 Refining total controllable…
  57. 2012 ANALYST MEETING – Phillips 66 – slide 57
    Maintaining Capital Discipline Sustaining spend below depreciation Selective high return projects yielding 30+% AARR Increasing advantaged crude Improving yields Growing export capability See appendix for footnotes. 58
  58. 2012 ANALYST MEETING – Phillips 66 – slide 58
    Improving Refining ROCE Return on Capital Employed Driving operating excellence + 400 basis points Increasing advantaged crude Improving yields and export capability Maintaining capital and cost discipline Mid-cycle Adv Crude…
  59. 2012 ANALYST MEETING – Phillips 66 – slide 59
    Financial Strategy Greg Maxwell Executive Vice President, Finance and Chief Financial Officer December 13, 2012 New York, NY
  60. 2012 ANALYST MEETING – Phillips 66 – slide 60
    Financial Strategy Capital allocation discipline Cost management focus Balance sheet strength Creating shareholder value 61
  61. 2012 ANALYST MEETING – Phillips 66 – slide 61
    Financial Performance Differentiated portfolio Midstream Chemicals Refining and Marketing Strong earnings and returns focus 2012E adjusted earnings and ROCE based on analysts estimates. 62
  62. 2012 ANALYST MEETING – Phillips 66 – slide 62
    2012 Financial Performance by Segment Midstream Chemicals R&M 2012 YTD ROCE PSX 31% LYB 20% WLK 16% XOM 14% DOW 8% See appendix for footnotes. 63
  63. 2012 ANALYST MEETING – Phillips 66 – slide 63
    Value Capture Optimize 66 Pre-Tax Value Capture (MM) 170 MM of dis-synergies Optimize 66 initiative launched 2013 cost savings exceed 200 MM Continuing cost and value focus 64
  64. 2012 ANALYST MEETING – Phillips 66 – slide 64
    Capital Allocation 2010 2.1 B Sustaining capital 2011 5.0 B Growth capital 2012E 4.7 B Increasing distributions 2013E 4.5 B Financial flexibility Dividends Sustaining Capital Cash from Operations 2012E and 2013E cash from…
  65. 2012 ANALYST MEETING – Phillips 66 – slide 65
    Phillips 66 Capital Expenditures By Segment By Type (B) (B) 2.0 2.0 Corporate Corporate 1.5 1.5 Growth Midstream MS Pipelines 1.0 1.0 D&A 0.9 0.5 R&M 0.5 Sustaining 0.0 0.0 2012E 2013E 2012E 2013E See appendix for…
  66. 2012 ANALYST MEETING – Phillips 66 – slide 66
    2013 Capital Program (B) 4.0 3.5 PSX 3.0 CPChem 2.5 DCP 2.0 3.7 PSX 1.5 CPChem DCP 1.0 WRB 0.5 1.0 0.0 PSX Sustaining JV Sustaining Corporate Growth Total 67
  67. 2012 ANALYST MEETING – Phillips 66 – slide 67
    Returns to Shareholders 2012 Distributions as % of CFO Total Shareholder Return Dividends 61% Share Repurchases Reflects 0.3125 / Share Dividends Average 22% Average = 35% S&P 100 = 2% TSO VLO PSX MPC DOW 2012 cash from…
  68. 2012 ANALYST MEETING – Phillips 66 – slide 68
    Distributions 2012 Announcements Premised 2013 Distributions as % of Share Price Dividends July: Quarterly dividend initiated Share Repurchases October: 25% dividend increase 3% December: 25% dividend increase Share repurchase…
  69. 2012 ANALYST MEETING – Phillips 66 – slide 69
    Debt and Liquidity Debt Maturity Profile Liquidity (B) (B) Total Committed Liquidity Facilities = 5.2 B 3.5 1.6 1.5 Available Committed Liquidity Facilities = 5.0 B 0.6 0.7 Letters of Credit Issued Revolver Facility…
  70. 2012 ANALYST MEETING – Phillips 66 – slide 70
    Capital Structure Equity, debt, and debt-to-capital ratio estimates based on analysts earnings estimates. See appendix for additional estimates. 71
  71. 2012 ANALYST MEETING – Phillips 66 – slide 71
    Balance Sheet Strength Net Debt-to-Capital Ratio 20% 30% debt-to-capital target 8 B debt at end of 2012 41% Investment grade credit ratings: Average = 16% Moodys Baa1 21% 15% S&P BBB 5% -1% DOW VLO PSX TSO MPC See appendix…
  72. 2012 ANALYST MEETING – Phillips 66 – slide 72
    Long-term ROCE Improvement 15%+ Mid-cycle Cost & R&M Growth Long-term Portfolio Margin Mid-cycle 73
  73. 2012 ANALYST MEETING – Phillips 66 – slide 73
    Financial Focus and Deliverables Shareholder value Capital allocation Cost management Balance sheet strength 74
  74. 2012 ANALYST MEETING – Phillips 66 – slide 74
    75
  75. 2012 ANALYST MEETING – Phillips 66 – slide 75
    A Promising Future Operating excellence Growth Returns Distributions High-performing organization 76
  76. 2012 ANALYST MEETING – Phillips 66 – slide 76
    2012 Analyst Meeting Appendix
  77. 2012 ANALYST MEETING – Phillips 66 – slide 77
    2013 Guidance 2013 B Corporate Segment Net Expense 0.5 Turnaround Costs 0.4 Depreciation and Amortization Expense 1.0 Cash Capital Expenditures 1.8 84
  78. 2012 ANALYST MEETING – Phillips 66 – slide 78
    2013 Sensitivities Worldwide R&M (assuming 95% refining utilization rate) Net Income MM 1/BBL Increase in Refining Margin 440 1/BBL Increase Impacts in Crude due to Actual Price Crude Impact on Feedstock Secondary Differing…
  79. 2012 ANALYST MEETING – Phillips 66 – slide 79
    PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 Consolidated Earnings (loss) 3,416 4,775 735 476 Adjustments: Net (gain) loss on asset sales/share issuance (106) (1,545) (116) (120) Impairments 399 318…
  80. 2012 ANALYST MEETING – Phillips 66 – slide 80
    PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 R&M Earnings (loss) 3,232 3,848 146 71 Adjustments: Net (gain) loss on asset sales (106) (1,545) (116) (32) Impairments 69 318 1,118 116 Pending claims and…
  81. 2012 ANALYST MEETING – Phillips 66 – slide 81
    PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 Refining Earnings (loss) 2,839 1,533 (466) (454) Adjustments: Net (gain) loss on asset sales (104) 81 - - Impairments 42 318 1,110 - Pending claims and…
  82. 2012 ANALYST MEETING – Phillips 66 – slide 82
    PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 Marketing, Specialties and Other Earnings (loss) 393 2,315 612 525 Adjustments: Net (gain) loss on asset sales (2) (1,626) (116) (32) Impairments 27 - 8…
  83. 2012 ANALYST MEETING – Phillips 66 – slide 83
    PSX Non GAAP Reconciliations 2009 2010 2011 2012 YTD Phillips 66 - ROCE Numerator (MM) Net income 479 740 4,780 3,421 After-tax interest expense 1 1 11 111 GAAP ROCE earnings 480 741 4,791 3,532 Special Items 21 1,024 (1,184) 659…
  84. 2012 ANALYST MEETING – Phillips 66 – slide 84
    PSX Non GAAP Reconciliations ROCE - 2012 YTD Annualized R&M Midstream Chemicals Numerator (MM) Net income 3,237 (79) 577 After-tax interest expense - - - GAAP ROCE earnings 3,237 (79) 577 Special Items 156 303 157 Adjusted ROCE…
  85. 2012 ANALYST MEETING – Phillips 66 – slide 85
    PSX Non GAAP Reconciliations 2010 2011 2012 YTD Clean Products Marketing - ROCE Numerator (MM) Net income 518 352 205 After-tax interest expense - - - GAAP ROCE earnings 518 352 205 Adjustments: Net (gain) loss on asset sales…
  86. 2012 ANALYST MEETING – Phillips 66 – slide 86
    PSX Non GAAP Reconciliations 2010 2011 2012 YTD Marketing and Specialties - ROCE Numerator (MM) Net income 706 632 395 After-tax interest expense - - - GAAP ROCE earnings 706 632 395 Adjustments: Net (gain) loss on asset sales…
  87. 2012 ANALYST MEETING – Phillips 66 – slide 87
    PSX Non GAAP Reconciliations Marketing and Specialties EBITDA Millions of Dollars 2010 2011 2012 YTD Net Income 706 632 394 Income taxes 449 378 318 Net interest expense (40) (32) - Depreciation and amortization 86 91 64…
  88. 2012 ANALYST MEETING – Phillips 66 – slide 88
    PSX Non GAAP Reconciliations Transportation EBITDA Millions of Dollars 2012 YTD Net Income 115 Income taxes 1 Net interest expense - Depreciation and amortization 59 2012 YTD Annualized EBITDA 175 233 95
  89. 2012 ANALYST MEETING – Phillips 66 – slide 89
    PSX Non GAAP Reconciliations DCP Midstream, LLC Millions of Dollars 2010 2011 2012 YTD Net income 619 924 429 Income taxes 5 3 2 Net interest expense 253 213 146 Depreciation and amortization 413 449 224 EBITDA 1,290 1,589…
  90. 2012 ANALYST MEETING – Phillips 66 – slide 90
    PSX Non GAAP Reconciliations Non-DCP P66 Midstream Millions of Dollars 2012 YTD Net income (220) Income taxes (114) Net interest expense - Depreciation and amortization 1 EBITDA (333) Adjustments Impairments 480 2012 YTD…
  91. 2012 ANALYST MEETING – Phillips 66 – slide 91
    PSX Non GAAP Reconciliations CPChem Millions of Dollars 2010 2011 2012 YTD Net Income 1,388 1,970 1,703 Income taxes 42 58 51 Net interest expense 62 18 10 Depreciation and amortization 255 258 283 EBITDA 1,747 2,304 2,047…
  92. 2012 ANALYST MEETING – Phillips 66 – slide 92
    PSX Non GAAP Reconciliations CPChem Millions of Dollars 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD Net income 7 626 853 1,349 719 276 615 1,388 1,970 1,703 Average Assets 6,175 6,557 6,916 7,040 7,176 6,954 7,047 7,717…
  93. 2012 ANALYST MEETING – Phillips 66 – slide 93
    PSX Non GAAP Reconciliations Net-Debt-to-Capital Millions of Dollars 9/30/2012 Total Debt 7,978 Total Cash and Cash Equivalents (4,430) Net Debt (Total Debt less Total Cash) 3,548 Total Equity 20,606 Net-Debt-to-Capital Ratio:…

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