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Q3 2012 CONFERENCE CALL – Phillips 66

Phillips 66 · Oct 31, 2012 · 36 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 2012 CONFERENCE CALL – Phillips 66 – slide 1
    Third Quarter 2012 Conference Call October 31, 2012
  2. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 2
    Third Quarter Overview 1.9 B adjusted earnings 2.97 adjusted EPS 21% annualized YTD ROCE 1.9 B cash from operations 111 MM of common stock repurchased 125 MM in dividends paid Photo: Wood River Refinery in Roxana,…
  3. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 3
    Company Adjusted Earnings 3Q 2012 vs. 3Q 2011 MM 414 82 (62) (65) 1,894 1,525 3Q 2011 R&M Midstream Chemicals Corporate & 3Q 2012 Adjusted Other Adjusted Earnings Earnings 1,675 56 275 (112) 3Q 2012 Adjusted…
  4. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 4
    Company Cash Flow 3Q 2012 B 1.9 (0.3) (0.2) (0.1) 4.4 3.1 June 30 CFO Capital Dividends Other September 30 Cash Program & Stock Cash Balance* Repurchase Balance* * Includes Cash and Cash Equivalents 5
  5. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 5
    Capital Structure and Return Capital Structure Phillips 66 ROCE 2012 21% 19.0 20.6 14% 30% 28% 8.0 8.0 7% 2% Qtr2 Qtr3 Qtr2 Qtr3 Qtr2 Qtr3 2009 2010 2011 2012 YTD Equity (B) Debt (B) Debt-to-Capital Annualized* 15%…
  6. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 6
    R&M Overview 17.05/BBL realized refining margin 96% refining utilization 83% clean product yield 63% advantaged U.S. crude slate 1 cpg U.S. marketing margin Return on Capital Employed 22% 12% 1% 5% 2009 2010 2011 2012…
  7. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 7
    R&M Adjusted Earnings 3Q 2012 vs. 3Q 2011 MM 213 65 18 238 34 (95) (59) 1,675 1,261 3Q 2011 Atlantic Gulf Central Western / Other U.S. Int'l 3Q 2012 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe…
  8. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 8
    Refining Adjusted Earnings 3Q 2012 vs. 3Q 2011 MM 55 51 472 (10) 1,580 1,012 3Q 2011 Margins Volumes Operating Other 3Q 2012 Adjusted Costs Adjusted Earnings Earnings 9
  9. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 9
    Refining Crack Spreads 3Q 2012 Market vs. Realized /BBL Worldwide Refining 4.82 (3.42) (0.57) (5.39) 21.61 17.05 Market 3:2:1 Configuration Secondary Feedstock Other Realized Products Crack Avg Market Crude: 105.75/BBL…
  10. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 10
    Refining Operations U.S. Crude Slate Worldwide Clean Product Yield 83.6% 83.9% Other 39% Brent Based 48% 39.7% 40.2% Distillate 6% Shale 2% 27% Other Heavy 27% 61% 52% 10% 42.0% 41.6% Gasoline Canadian Heavy 7% WTI…
  11. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 11
    Marketing, Specialties and Other Adjusted Earnings 3Q 2012 vs. 3Q 2011 MM 249 15 (129) (32) (8) 95 3Q 2011 Margins Volumes Operating Other 3Q 2012 Adjusted Costs Adjusted Earnings Earnings 12
  12. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 12
    R&M per Barrel Metrics /BBL R&M Income R&M Cash Contribution 7.21 6.37 5.05 5.19 4.30 4.37 3.39 3.01 2.61 2.56 1.77 2.14 1.43 0.59 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2011 2012 Based on total petroleum…
  13. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 13
    Midstream Overview DCP Midstream NGL prices down 42% Other Midstream Lower inventory results Return on Capital Employed 30% 28% 20% 18% 2009 2010 2011 2012 YTD Photo: DCP Midstream plant in Carthage, Texas…
  14. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 14
    Midstream Adjusted Earnings 3Q 2012 vs. 3Q 2011 MM 87 (48) (14) 39 31 17 3Q 2011 DCP Other 3Q 2012 Adjusted Midstream Midstream Adjusted Earnings Earnings DCP Midstream Other Midstream 15
  15. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 15
    Midstream Adjusted Earnings 3Q 2012 vs. 3Q 2011 MM DCP Midstream 87 7 2 12 (58) 39 (11) 3Q 2011 Prices Volume / Operating D&A Other 3Q 2012 Adjusted Mix Costs Adjusted Earnings Earnings Other Midstream 31 (6) (1)…
  16. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 16
    Chemicals Overview Olefins and Polyolefins Strong margins 97% capacity utilization Specialties, Aromatics and Styrenics Improved earnings Return on Capital Employed 28% 31% 21% 11% 2009 2010 2011 2012 YTD Photo: Chevron…
  17. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 17
    Chemicals Adjusted Earnings 3Q 2012 vs. 3Q 2011 MM 15 63 4 275 193 3Q 2011 Olefins & Specialties, Other 3Q 2012 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 18
  18. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 18
    Chemicals Adjusted Earnings 3Q 2012 vs. 3Q 2011 MM Olefins and Polyolefins 43 3 13 4 225 162 3Q 2011 Margins Volumes Utilities Other 3Q 2012 Adjusted Adjusted Earnings Earnings Specialties, Aromatics and Styrenics 4 2…
  19. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 19
    2012 Outlook Refining and Marketing Midstream Chemicals Corporate and Other Photo: DCP Midstream plant in Collbran, Colorado 20 20
  20. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 20
    Executing the Strategy Enhance Returns Advantaged feedstocks Portfolio optimization Deliver Growth Midstream Chemicals Photo: Ferndale Refinery in Ferndale, Washington 21
  21. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 21
    Third Quarter 2012 Conference Call Questions and Answers 22
  22. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 22
    Appendix 23
  23. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 23
    2012 Sensitivities Worldwide R&M (assuming 95% refining utilization rate) Net Income MM 1/BBL increase in refining margin 450 1/BBL increase in crude price impact on secondary products (25) Impacts due to actual crude feedstock…
  24. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 24
    Refining Crack Spreads 3Q 2012 Market vs. Realized /BBL Atlantic Basin / Europe Brent: 109.61/BBL 100% Capacity Utilization 65% Market Capture (3.34) 0.23 (1.21) (2.54) 19.88 13.02 Market 3:2:1 Configuration Secondary…
  25. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 25
    Refining Crack Spreads 3Q 2012 Market vs. Realized /BBL Gulf Coast LLS: 109.40/BBL 88% Capacity Utilization 77% Market Capture 6.55 (2.39) (0.67) 14.80 11.42 (6.87) Market 3:2:1 Configuration Secondary Feedstock Other…
  26. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 26
    Refining Crack Spreads 3Q 2012 Market vs. Realized /BBL Central Corridor WTI: 92.11/BBL 102% Capacity Utilization 88% Market Capture 8.72 (4.48) (2.08) (6.31) 35.98 31.83 Market 3:2:1 Configuration Secondary Feedstock Other…
  27. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 27
    Refining Crack Spreads 3Q 2012 Market vs. Realized /BBL Western / Pacific ANS: 109.08/BBL 97% Capacity Utilization 67% Market Capture 7.55 (2.98) (2.66) 19.92 (8.53) 13.30 Market 3:2:1 Configuration Secondary Feedstock Other…
  28. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 28
    Corporate and Other Adjusted Costs 3Q 2012 MM (47) (112) (30) (11) (24) Net Interest Corporate Technology Other 3Q 2012 Expense Staff Adjusted After-tax Costs 29
  29. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 29
    Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2012 2011 3Q Sep YTD 3Q Sep YTD Consolidated Earnings (loss) 1,599 3,416 1,049 2,764 Adjustments: Net (gain) loss on asset sales (106) 143 115 Impairments 187 399…
  30. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 30
    Non-GAAP Reconciliations Millions of Dollars 2012 2011 3Q Sep YTD 3Q Sep YTD R&M Earnings (loss) 1,648 3,232 785 2,047 Adjustments: Net (gain) loss on asset sales (106) 143 115 Impairments 27 69 318 318 Severance accruals 15 15…
  31. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 31
    Non-GAAP Reconciliations Millions of Dollars 2011 2010 2009 Consolidated Earnings (loss) 4,775 735 476 Adjustments: Net gain on asset sales/share issuance (1,545)(116) (120) Impairments 3181,118 116 Pending claims and settlements…
  32. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 32
    Non-GAAP Reconciliations 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 GAAP R&M Net Income* - MM 488 774 785 1,801 400 1,184 1,648 GAAP R&M Net Income* - /BBL 1.77 2.70 2.68 6.30 1.62 4.37 6.27 Non-core earnings impacts…
  33. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 33
    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…
  34. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 34
    Non-GAAP Reconciliations 2009 2010 2011 2012 YTD R&M - ROCE Numerator (MM) Net income 74 151 3,853 3,237 After-tax interest expense - - - - GAAP ROCE earnings 74 151 3,853 3,237 Special Items 109 1,024 (1,184) 156 Adjusted ROCE…
  35. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 35
    Non-GAAP Reconciliations 2009 2010 2011 2012 YTD Midstream - ROCE Numerator (MM) Net income 317 262 403 (79) After-tax interest expense - - - - GAAP ROCE earnings 317 262 403 (79) Special Items (88) - - 303 Adjusted ROCE earnings…
  36. Q3 2012 CONFERENCE CALL – Phillips 66 – slide 36
    Non-GAAP Reconciliations 2009 2010 2011 2012 YTD Chemicals - ROCE Numerator (MM) Net income 228 486 716 577 After-tax interest expense - - - - GAAP ROCE earnings 228 486 716 577 Special Items - - - 157 Adjusted ROCE earnings 228…

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