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Q3 2013 CONFERENCE CALL – Phillips 66

Phillips 66 · Oct 30, 2013 · 38 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. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 1
    PHILLIPS 66 THIRD QUARTER CONFERENCE CALL October 30, 2013
  2. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 3
    COMPANY OVERVIEW 3Q 2013 Earnings: 535 MM EPS: 0.87 Operating cash flow*: 873 MM Debt repayment: 510 MM Dividends paid: 189 MM Common shares repurchased: 674 MM Annualized YTD ROCE: 14% * Excluding working capital changes 4
  4. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 4
    COMPANY ADJUSTED EARNINGS 3Q 2013 VS. 2Q 2013 MM 81 58 13 (483) 935 (69) 535 2Q 2013 Midstream Chemicals Refining Marketing Corporate 3Q 2013 Adjusted & Specialties & Other Adjusted Earnings Earnings 148 262 (2) 240…
  5. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 5
    COMPANY CASH FLOW 3Q 2013 B 0.4 1.1 (0.2) 1.0 (0.4) 0.1 (0.7) 0.9 (0.5) 5.9 4.2 June 30 CFO Working Asset PSXP Dividends Capital Share Debt Other September Cash (excluding Capital Sales IPO Net Expenditures Repurchases…
  6. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 6
    CAPITAL STRUCTURE 2Q 2012 3Q 2013 30% 28% 25% 25% 23% 20% - 30% 22% 20.6 20.8 21.4 21.7 22.0 19.0 8.0 8.0 7.0 7.0 6.5 6.2 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 Equity B Debt B Debt to Capital 7
  7. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 7
    MIDSTREAM OVERVIEW 3Q 2013 Transportation: Higher throughput fees & improved volumes DCP Midstream: DCP Midstream Partners NGL Operations & Other: Lower margins & inventory impacts Annualized YTD ROCE: 15% 8
  8. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 8
    MIDSTREAM ADJUSTED EARNINGS 3Q 2013 VS. 2Q 2013 MM 57 (3) 4 148 90 2Q 2013 Transportation DCP NGL Operations 3Q 2013 Adjusted Midstream & Other Adjusted Earnings Earnings 9
  9. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 9
    CHEMICALS OVERVIEW 3Q 2013 Olefins & Polyolefins: Higher margins & volumes Specialties, Aromatics & Styrenics: Reduced margins & higher volumes Annualized YTD ROCE: 26% 10
  10. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 10
    CHEMICALS ADJUSTED EARNINGS 3Q 2013 VS. 2Q 2013 MM 87 0 (6) 262 181 2Q 2013 Olefins & Specialties, Corporate 3Q 2013 Adjusted Polyolefins Aromatics & & Other Adjusted Earnings Styrenics Earnings 11
  11. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 11
    REFINING OVERVIEW 3Q 2013 Realized refining margin: 6.14/BBL Refining crude utilization: 95% Clean product yield: 84% Advantaged U.S. crude slate: 66% Annualized YTD ROCE: 13% 12
  12. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 12
    REFINING ADJUSTED EARNINGS 3Q 2013 VS. 2Q 2013 MM 21 7 481 (276) (126) (109) (2) 2Q 2013 Atlantic Gulf Central Western / Other 3Q 2013 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings 13
  13. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 13
    REFINING MARGINS MARKET VS. REALIZED 3Q 2013 WORLDWIDE REFINING /BBL (1.53) 2.61 13.44 (2.03) (6.35) 6.14 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg. Market Crude: 109.26/BBL 95%…
  14. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 14
    REFINING OPERATIONS 2011 2013 YTD U.S. CRUDE SLATE WORLDWIDE CLEAN PRODUCT YIELD Advantaged 52% 62% 67% 83.6% 83.8% 84.2% Total 1.9% 2.1% 2.0% Other 38% 33% Brent Based 48% 39.4% Distillate 39.7% 40.2% 7% 14% Shale* 2% 27%…
  15. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 15
    MARKETING AND SPECIALTIES OVERVIEW 3Q 2013 Worldwide marketing margin: 4.4 cpg Specialties: Lower margins & higher volumes Annualized YTD ROCE: 36% 16
  16. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 16
    MARKETING AND SPECIALTIES ADJUSTED EARNINGS 3Q 2013 VS. 2Q 2013 MM (60) (9) 309 240 2Q 2013 Marketing Specialties 3Q 2013 Adjusted & Other Adjusted Earnings Earnings 17
  17. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 17
    CORPORATE AND OTHER ADJUSTED NET LOSS 3Q 2013 VS. 2Q 2013 MM 2Q 2013 3Q 2013 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (113) (126) 8 1 4 18
  18. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 18
    OUTLOOK 19
  19. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 19
    PHILLIPS 66 THIRD QUARTER 2013 CONFERENCE CALL Questions and Answers
  20. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 20
    PHILLIPS 66 THIRD QUARTER 2013 CONFERENCE CALL Appendix
  21. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 21
    SENSITIVITIES 2013 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 Olefins Chain Margin (Ethylene, Polyethylene, NAO) 35…
  22. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 22
    REFINING MARGINS MARKET VS. REALIZED 3Q 2013 ATLANTIC BASIN / EUROPE /BBL Brent: 110.36/BBL 98% Crude Capacity Utilization 45% Market Capture (2.06) (2.63) 14.50 (2.86) (0.36) 6.59 Market Configuration Secondary Feedstock…
  23. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 3Q 2013 GULF COAST /BBL LLS: 109.89/BBL 92% Crude Capacity Utilization 42% Market Capture (0.73) 3.53 9.46 (1.16) 3.95 (7.15) Market Configuration Secondary Feedstock Other Realized…
  24. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 3Q 2013 CENTRAL CORRIDOR /BBL WTI: 105.80/BBL 101% Crude Capacity Utilization 56% Market Capture (1.72) 6.18 17.35 (4.36) (7.65) 9.80 Market Configuration Secondary Feedstock Other…
  25. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 25
    REFINING MARGINS MARKET VS. REALIZED 3Q 2013 WESTERN / PACIFIC /BBL ANS: 110.52/BBL 91% Crude Capacity Utilization 33% Market Capture (1.58) 4.50 14.40 (3.71) (8.84) 4.77 Market Configuration Secondary Feedstock Other…
  26. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 26
    COMPANY ADJUSTED EARNINGS 3Q 2013 VS. 3Q 2012 MM 60 (13) 1,894 142 (1) (1,547) 535 3Q 2012 Midstream Chemicals Refining Marketing Corporate 3Q 2013 Adjusted & Specialties & Other Adjusted Earnings Earnings 148 262 (2) 240…
  27. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 27
    MIDSTREAM ADJUSTED EARNINGS 3Q 2013 VS. 3Q 2012 MM 48 (10) 22 148 88 3Q 2012 Transportation DCP NGL Operations 3Q 2013 Adjusted Midstream & Other Adjusted Earnings Earnings 28
  28. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 28
    CHEMICALS ADJUSTED EARNINGS 3Q 2013 VS. 3Q 2012 MM (5) 0 (8) 275 262 3Q 2012 Olefins & Specialties, Corporate 3Q 2013 Adjusted Polyolefins Aromatics & & Other Adjusted Earnings Styrenics Earnings 29
  29. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 29
    REFINING ADJUSTED EARNINGS 3Q 2013 VS. 3Q 2012 MM (271) (324) 1,545 (653) (229) (70) (2) 3Q 2012 Atlantic Gulf Central Western / Other 3Q 2013 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe…
  30. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 30
    MARKETING AND SPECIALTIES ADJUSTED EARNINGS 3Q 2013 VS. 3Q 2012 MM 149 (7) 240 98 3Q 2012 Marketing Specialties 3Q 2013 Adjusted & Other Adjusted Earnings Earnings 31
  31. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 31
    CORPORATE AND OTHER ADJUSTED NET LOSS 3Q 2013 VS. 3Q 2012 MM 3Q 2012 3Q 2013 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (112) (113) 6 (2) (5) 32
  32. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2013 2012 Sep YTD 3Q 2Q Sep YTD 3Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 2,900 535 958 3,416 1,599 Adjustments: Net (gain) loss on asset sales (23)…
  33. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2013 2012 Sep YTD 3Q 2Q Sep YTD 3Q Midstream Net Income (Loss) Attributable to Phillips 66 348 148 90 (39) (72) Adjustments: Impairments - - - 330 160 Adjusted Net…
  34. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2013 2012 Sep YTD 3Q 2Q Sep YTD 3Q Refining Net Income (Loss) Attributable to Phillips 66 1,401 (2) 481 2,854 1,545 Adjustments: Net (gain) loss on asset sales - - -…
  35. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Marketing 2013 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 2,910 358 725 1,401 760 After-tax interest expense 135 - - - - GAAP ROCE earnings 3,045 358 725 1,401…
  36. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars 2013 3Q Cash Flows from Operating Activities Net Cash Provided by Operating Activities, excluding working capital 873 Working capital adjustments Decrease (increase) in accounts and…
  37. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS Millions of Dollars First Year Sweeny Fractionator & Export Facility Estimated net income 190 Estimated income taxes 118 Estimated net interest expense 5 Estimated depreciation and amortization 117…
  38. Q3 2013 CONFERENCE CALL – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS Incremental CPChem Project Earnings Projection EBITDA Reconciliation to Net Income Millions of Dollars Estimated incremental net income (CPChem view) Low High Estimated incremental net income 1,000…

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