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Q2 2012 CONFERENCE CALL – Phillips 66

Phillips 66 · Aug 1, 2012 · 34 slides

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Slides

  1. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 1
    Second-Quarter 2012 Conference Call August 1, 2012
  2. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 2
    Second-Quarter Overview Successful separation from ConocoPhillips 1.4 B adjusted earnings 2.23 adjusted EPS 1.4 B cash from operations Annualized ROCE 18% Photo: Phillips 66 debuts on the New York Stock Exchange 3
  3. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 3
    Company Adjusted Earnings 2Q 2012 vs. 2Q 2011 MM 52 437 (32) (53) 1,417 1,013 2Q 2011 R&M Midstream Chemicals Corporate & 2Q 2012 Adjusted Other Adjusted Earnings Earnings 1,185 79 242 (89) 2Q 2012 Adjusted Earnings…
  4. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 4
    Company Cash Flow 2Q 2012 B 2.0 1.4 0.2 (0.2) 6.1 (0.3) (6.1) 3.1 March 31 Term Net CFO Asset Capital Other June 30 Cash Loan Distrib. Sales Program Cash Balance* to Balance** COP * Represents Restricted Cash **…
  5. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 5
    Capital Structure and Return 2Q 2012 (B) Phillips 66 ROCE 18% 14% 19.0 7% 8.0 2% Equity Balance 2009 2010 2011 2012 Sheet YTD Debt Annualized* 30% Debt-to-Capital * Calculated as annualized YTD adjusted ROCE…
  6. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 6
    R&M Overview 12.56/BBL realized refining margin 93% crude capacity utilization 84% clean product yield 4 cpg U.S. marketing margin Improved lubricants margins Completed Trainer Refinery sale Return on Capital Employed 17%…
  7. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 7
    R&M Adjusted Earnings 2Q 2012 vs. 2Q 2011 MM 67 17 115 133 122 22 (39) 1,185 748 2Q 2011 Atlantic Gulf Central Western / Other U.S. Int'l 2Q 2012 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe…
  8. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 8
    Refining Adjusted Earnings 2Q 2012 vs. 2Q 2011 MM 50 7 312 (16) 851 498 2Q 2011 Margins Volumes Operating Other 2Q 2012 Adjusted Costs Adjusted Earnings Earnings 9
  9. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 9
    Refining Crack Spreads 2Q 2012 Market vs. Realized /BBL Worldwide Refining (3.03) 1.17 1.89 17.85 (5.32) 12.56 Market 3:2:1 Configuration Secondary Feedstock Other Realized Crack Products Avg. Crude: 105.53/BBL 93%…
  10. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 10
    Refining Operations Worldwide Crude Slate Clean Product Yield 83.6% 84.3% Other Brent / ANS / 48% LLS / HLS 53% 39.7% 40.4% Distillate WTI / WTS / 29% Canadian 23% 42.0% 41.7% Gasoline Heavy / Acid 24% 23% 2011 2012 YTD…
  11. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 11
    Marketing, Specialties & Other Adjusted Earnings 2Q 2012 vs. 2Q 2011 MM 132 5 (20) (33) 334 250 2Q 2011 Margins Volumes Operating Other 2Q 2012 Adjusted Costs Adjusted Earnings Earnings 12
  12. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 12
    R&M per Barrel Metrics /BBL R&M Income R&M Cash Contribution 5.19 4.82 4.07 4.37 3.39 3.01 2.61 2.56 2.14 1.77 1.67 0.83 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 2011 2012 2011 2012 Based on total petroleum product sales.…
  13. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 13
    Midstream Overview DCP Midstream NGL prices down 38% Lower depreciation REX impairment Inventory gains Return on Capital Employed 30% 30% 20% 18% 2009 2010 2011 2012 YTD Annualized* DCP Midstream plant in Carthage, Texas…
  14. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 14
    Midstream Adjusted Earnings 2Q 2012 vs. 2Q 2011 MM 16 90 (48) 42 37 21 2Q 2011 DCP Other 2Q 2012 Adjusted Midstream Adjusted Earnings Earnings DCP Other Midstream 15
  15. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 15
    Midstream Adjusted Earnings 2Q 2012 vs. 2Q 2011 MM DCP 10 90 8 (60) (6) 42 2Q 2011 Prices Volume / Operating Other 2Q 2012 Adjusted Mix Costs Adjusted Earnings Earnings Other Midstream 22 37 21 (6) 2Q 2011…
  16. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 16
    Chemicals Overview Improved margins in Olefins and Polyolefins 90% capacity utilization Lower utility costs Return on Capital Employed 28% 30% 21% 11% 2009 2010 2011 2012 YTD Annualized* Photo: S-Chem facility in Al…
  17. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 17
    Chemicals Adjusted Earnings 2Q 2012 vs. 2Q 2011 MM 62 5 (15) 242 190 2Q 2011 Olefins & Specialties, Other 2Q 2012 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 18
  18. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 18
    Chemicals Adjusted Earnings 2Q 2012 vs. 2Q 2011 MM Olefins & Polyolefins 21 34 7 245 183 2Q 2011 Margins Volumes Other 2Q 2012 Adjusted Adjusted Earnings Earnings Specialties, Aromatics & Styrenics 7 1 (3) 27 22…
  19. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 19
    2012 Outlook Refining & Marketing Midstream Chemicals Corporate and Other Photo: Phillips 66 terminal in Pasadena, Texas 20
  20. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 20
    Executing the Strategy Enhance return on capital Portfolio optimization Access to advantaged feedstock Margin improvement Deliver profitable growth Chemicals expansion Midstream growth Specialties and transportation Grow…
  21. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 21
    Second-Quarter 2012 Conference Call Questions & Answers
  22. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 22
    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…
  23. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 23
    Refining Crack Spreads 2Q 2012 Market vs. Realized /BBL Atlantic Basin / Europe Brent: 108.19/BBL 95% Capacity Utilization 45% Market Capture (3.07) (1.19) 17.14 (3.72) (1.40) 7.76 Market 3:2:1 Configuration Secondary…
  24. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 24
    Refining Crack Spreads 2Q 2012 Market vs. Realized /BBL Gulf Coast LLS: 108.47/BBL 91% Capacity Utilization 74% Market Capture 5.24 (1.96) 12.67 0.67 9.36 (7.26) Market 3:2:1 Configuration Secondary Feedstock Other…
  25. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 25
    Refining Crack Spreads 2Q 2012 Market vs. Realized /BBL Central Corridor WTI: 93.44/BBL 95% Capacity Utilization 93% Market Capture 8.19 (0.70) (3.52) (5.91) 28.28 26.34 Market 3:2:1 Configuration Secondary Feedstock…
  26. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 26
    Refining Crack Spreads 2Q 2012 Market vs. Realized /BBL Western / Pacific ANS: 110.01/BBL 89% Capacity Utilization 49% Market Capture (3.65) 5.64 16.30 (2.39) (7.99) 7.91 Market 3:2:1 Configuration Secondary Feedstock…
  27. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 27
    Corporate and Other Adjusted Costs 2Q 2012 MM (89) (45) (21) (11) (12) Net Interest Corporate Technology Other 2Q 2012 Expense Staff Adjusted After-tax Costs 29
  28. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 28
    Non-GAAP Reconciliations 2012 2011 Millions of Dollars, except as Indicated 2Q Jun YTD 2Q Jun YTD Consolidated Earnings (loss) 1,181 1,817 1,039 1,715 Adjustments: Net gain on asset sales (106) (106) (26) (28) Impairments 170 212…
  29. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 29
    Non-GAAP Reconciliations 2012 2011 Millions of Dollars 2Q Jun YTD 2Q Jun YTD R&M Earnings (loss) 1,184 1,584 774 1,262 Adjustments: Net gain on asset sales (106) (106) (26) (28) Impairments 42 Pending claims and settlements 38 57…
  30. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 30
    Non-GAAP Reconciliations 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 1 GAAP R&M Net Income - MM 488 774 785 1,801 400 1,184 1 GAAP R&M Net Income - /BBL 1.77 2.70 2.68 6.30 1.62 4.37 Non-core earnings impacts (2) (26) 407…
  31. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 31
    Non-GAAP Reconciliations 2009 2010 2011 2012 YTD PSX - ROCE Numerator (MM) Net income 479 740 4,780 1,820 After-tax interest expense 1 1 11 62 GAAP ROCE earnings 480 741 4,791 1,882 Special Items 21 1,024 (1,184) 364 Adjusted…
  32. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 32
    Non-GAAP Reconciliations 2009 2010 2011 2012 YTD R&M - ROCE Numerator (MM) Net income 74 151 3,853 1,587 After-tax interest expense - - - - GAAP ROCE earnings 74 151 3,853 1,587 Special Items 109 1,024 (1,184) 129 Adjusted…
  33. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 33
    Non-GAAP Reconciliations 2009 2010 2011 2012 YTD Midstream - ROCE Numerator (MM) Net income 317 262 403 (2) After-tax interest expense - - - - GAAP ROCE earnings 317 262 403 (2) Special Items (88) - - 170 Adjusted earnings 229…
  34. Q2 2012 CONFERENCE CALL – Phillips 66 – slide 34
    Non-GAAP Reconciliations 2009 2010 2011 2012 YTD Chemicals - ROCE Numerator (MM) Net income 228 486 716 424 After-tax interest expense - - - - GAAP ROCE earnings 228 486 716 424 Special Items - - - 35 Adjusted earnings 228 486…

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