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Q2 2014 CONFERENCE CALL – Phillips 66

Phillips 66 · Jul 30, 2014 · 35 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. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 1
    PHILLIPS 66 SECOND QUARTER CONFERENCE CALL July 30, 2014
  2. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 3
    OVERVIEW 2Q 2014 Adjusted Earnings: 863 MM Adjusted EPS: 1.51 Operating cash flow*: 0.9 B Dividends paid: 281 MM Common shares outstanding: 559 MM shares Debt-to-Capital ratio: 22% Annualized Adjusted YTD ROCE: 13% * Excludes…
  4. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 4
    ADJUSTED EARNINGS 2Q 2014 VS. 1Q 2014 MM 84 25 8 (40) (80) 866 863 1Q 2014 Midstream Chemicals Refining Marketing Corporate 2Q 2014 Adjusted & Specialties & Other Adjusted Earnings Earnings 108 324 390 162 (121) 2Q 2014…
  5. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 5
    MIDSTREAM OVERVIEW 2Q 2014 Transportation: Increased volumes & maintenance costs DCP Midstream: Lower DPM gains & higher maintenance costs NGL: Lower propane prices & demand Annualized YTD ROCE: 17% 6
  6. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 6
    MIDSTREAM 2Q 2014 VS. 1Q 2014 MM (2) (50) 188 (28) 108 1Q 2014 Transportation DCP NGL 2Q 2014 Adjusted Midstream Adjusted Earnings Earnings 7
  7. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 7
    CHEMICALS OVERVIEW 2Q 2014 Olefins & Polyolefins: Strong chain margins Specialties, Aromatics & Styrenics: Planned turnaround impacts Annualized YTD ROCE: 29% 8
  8. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 8
    CHEMICALS 2Q 2014 VS. 1Q 2014 MM 27 (17) (2) 316 324 1Q 2014 Olefins & Specialties, Other 2Q 2014 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 9
  9. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 9
    REFINING OVERVIEW 2Q 2014 Realized refining margin: 9.66/BBL Worldwide market capture: 61% Refining crude utilization: 96% Clean product yield: 83% Advantaged U.S. crude slate: 93% Annualized YTD ROCE: 10% 10
  10. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 10
    REFINING 2Q 2014 VS. 1Q 2014 MM 112 (50) 41 7 (26) 390 306 1Q 2014 Atlantic Gulf Coast Central Western / Other 2Q 2014 Adjusted Basin / Corridor Pacific Refining Adjusted Earnings Europe Earnings 11
  11. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 11
    REFINING MARGINS MARKET VS. REALIZED 2Q 2014 WORLDWIDE REFINING /BBL (2.73) 3.18 (0.59) 15.94 (6.14) 9.66 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg. Market Crude: 106.80/BBL 96%…
  12. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 12
    REFINING U.S. ADVANTAGED CRUDE SLATE QUARTERLY ANNUAL Total 66% 94% 91% 93% 52% 62% 74% 92% Total Other Light/Medium 22% Other Light/Medium 24% 22% 23% 6% 16% Tight Oil* 15% 15% 17% 7% 14% Tight Oil* 14% 3% 24% 23% Other…
  13. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 13
    MARKETING AND SPECIALTIES OVERVIEW 2Q 2014 Marketing & Other: Higher volumes Specialties: Higher volumes & lower margins Annualized YTD ROCE: 25% 14
  14. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 14
    MARKETING AND SPECIALTIES 2Q 2014 VS. 1Q 2014 MM 26 (1) 162 137 1Q 2014 Marketing Specialties 2Q 2014 Adjusted & Other Adjusted Earnings Earnings 15
  15. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 15
    CORPORATE AND OTHER 2Q 2014 VS. 1Q 2014 MM 1Q 2014 2Q 2014 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (81) (121) 2 (4) (38) 16
  16. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 16
    CASH FLOW 2Q 2014 B 0.9 (0.1) (0.6) 0.2 0.2 (0.3) (0.6) 5.3 5.0 March 31 CFO Working Capital Dividends Share Proceeds Other June 30 Cash (excluding Capital Expenditures Repurchases from Asset Cash Balance* working &…
  17. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 17
    OUTLOOK 18
  18. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 18
    PHILLIPS 66 SECOND QUARTER 2014 CONFERENCE CALL Questions and Answers
  19. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 19
    PHILLIPS 66 SECOND QUARTER 2014 CONFERENCE CALL Appendix
  20. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 20
    ESTIMATED SENSITIVITIES 2014 Annual Net Income MM Midstream 1/Gal Increase in NGL price 4 10/MMBtu Increase in Natural Gas price 2 1/BBL Increase in WTI price 2 Chemicals 1/Lb Increase in Chain Margin (Ethylene, Polyethylene,…
  21. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 21
    REFINING MARGINS MARKET VS. REALIZED 2Q 2014 ATLANTIC BASIN / EUROPE /BBL Brent: 109.63/BBL 96% Crude Capacity Utilization 41% Market Capture (3.06) (3.18) 14.92 (2.39) (0.23) 6.06 Market Configuration Secondary Feedstock…
  22. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 22
    REFINING MARGINS MARKET VS. REALIZED 2Q 2014 GULF COAST /BBL LLS: 105.55/BBL 92% Crude Capacity Utilization 61% Market Capture (2.56) 1.09 2.85 13.35 (6.61) 8.12 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  23. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 2Q 2014 CENTRAL CORRIDOR /BBL WTI: 103.05/BBL 102% Crude Capacity Utilization 84% Market Capture 7.88 (1.79) (2.39) 17.75 (6.54) 14.91 Market Configuration Secondary Feedstock Other…
  24. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 2Q 2014 WESTERN / PACIFIC /BBL ANS: 109.23/BBL 96% Crude Capacity Utilization 54% Market Capture (3.37) 5.89 19.64 (2.67) (8.96) 10.53 Market Configuration Secondary Feedstock Other…
  25. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 25
    ADJUSTED EARNINGS 2Q 2014 VS. 2Q 2013 MM 143 18 (65) 5 (159) 921 863 2Q 2013 Midstream Chemicals Refining Marketing Corporate 2Q 2014 Adjusted & Specialties & Other Adjusted Earnings Earnings 108 324 390 162 (121) 2Q 2014…
  26. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 26
    MIDSTREAM 2Q 2014 VS. 2Q 2013 MM 5 10 3 108 90 2Q 2013 Transportation DCP NGL 2Q 2014 Adjusted Midstream Adjusted Earnings Earnings 27
  27. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 27
    CHEMICALS 2Q 2014 VS. 2Q 2013 MM 155 (11) (1) 324 181 2Q 2013 Olefins & Specialties, Other 2Q 2014 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 28
  28. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 28
    REFINING 2Q 2014 VS. 2Q 2013 MM 200 32 (166) (34) (97) 455 390 2Q 2013 Atlantic Gulf Central Western / Other 2Q 2014 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings 29
  29. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 29
    MARKETING AND SPECIALTIES 2Q 2014 VS. 2Q 2013 MM 321 (139) (20) 162 2Q 2013 Marketing Specialties 2Q 2014 Adjusted & Other Adjusted Earnings Earnings 30
  30. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 30
    CORPORATE AND OTHER 2Q 2014 VS. 2Q 2013 MM 2Q 2013 2Q 2014 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (126) (121) 3 10 (8) 31
  31. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 31
    CAPITAL STRUCTURE 1Q 2013 2Q 2014 25% 23% 20% - 30% 22% 22% 22% 22% 21.4 21.7 22.0 22.4 21.8 22.0 7.0 6.5 6.2 6.2 6.2 6.2 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 Equity B Debt B Debt to Capital 32
  32. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Jun YTD 2Q 1Q Jun YTD 2Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 2,435 863 1,572 2,365 958 Adjustments: Net (gain) loss on asset sales - -…
  33. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Jun YTD 2Q 1Q Jun YTD 2Q Midstream Net Income (Loss) Attributable to Phillips 66 296 108 188 201 90 Adjustments: Impairments - - - - - Pending claims and…
  34. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Jun YTD 2Q 1Q Jun YTD 2Q Refining Net Income (Loss) Attributable to Phillips 66 696 390 306 1,359 455 Adjustments: Net (gain) loss on asset sales - - - - -…
  35. Q2 2014 CONFERENCE CALL – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Marketing 2014 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 2,450 310 640 696 299 After-tax interest expense 87 - - - - GAAP ROCE earnings 2,537 310 640 696 299…

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