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BARCLAYS ENERGY CONFERENCE – Phillips 66

Phillips 66 · Sep 5, 2012 · 34 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. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 1
    Barclays Energy Conference Greg Garland Chairman and Chief Executive Officer Chairman and Chief Executive Officer September 5, 2012 New York, NY
  2. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 2
    Delivering on Commitments Operating well p g Capturing opportunities Growing shareholder value Maintaining discipline Maintaining discipline 3
  3. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 3
    The Advantaged Downstream Energy Company Industryleading Industry Adjusted Earnings (B) 3.6 Refining and Marketing R fi i dM k i Midstream d Chemicals Chemicals Midstream R&M 2.2 Financial strength 1.8 E i Earnings growth…
  4. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 4
    HighPerforming Businesses R&M Chemicals Midstream 2012 YTD ROCE 2012 YTD ROCE 2012 YTD ROCE 0 0.2 0.4 MPC 23% PSX 30% PSX 30% XOM 22% LYB 22% MWE 13% CVX 19% WLK 17% PSX 17% OKE 11% XOM 14% TSO 13% Chem EPD 7% VLO 8% DOW…
  5. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 5
    Operating Excellence Safety Total Recordable Rates At Phillips 66 we Incidents per 200,000 Hours Worked take take the time to the time to work safely, every 2 YTD job every day job, every day. 2009 9 2010 0 2011…
  6. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 6
    Operating Excellence Reliability and Cost Refining Reliability Controllable Costs (B) Global Utilization Rate 3 3.6 6 3 7 3.7 92% 92% 3.5 90% 88% 2.1 Industryy 86% 83% 85% 85% 2009 2010 2011 2012 YTD 2009 2010…
  7. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 7
    Refining and Marketing 15 refineries (11 in US) 60% of U.S. crude runs are 60% of U S crude runs are advantaged 155 MBD U.S. export capacity 10,000 marketing outlets One of the largest finished One of the largest finished…
  8. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 8
    Refining Western / Pacific Central Corridor Gulf Coast Atlantic Basin / Europe Crude Capacity (MBD) United States FD 588 439 BI Ireland 2,231 HU BW WG 471 SF WR United 733 LA PC Kingdom BG Global Realized Crack Global…
  9. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 9
    Marketing, Specialties and Other Adjusted Earnings (B) Businesses U.S. wholesale marketing 0.7 European retail marketing 0.6 Lubricants 0.5 Flow improver 0.4 2009 2010 2011 2012 YTD Provides stable cash flow and high…
  10. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 10
    Specialty Coke Anode coke Critical to aluminum Critical to aluminum production P66 production 7% of world demand ld d d Market growing 5 Market growing 57%/yr N dl Needle coke k Essential to recycling steel Phillips…
  11. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 11
    Chemicals 50/50 JV with Chevron CPChem Over 70% of CPChem U.S. capacity can be ethanebased 4,250 kta worldwide ethylene capacity Leading Middle East position Leading Middle East position Strong global aromatics position…
  12. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 12
    Midstream 50/50 JV with Spectra DCP L di U S th Leading U.S. gatherer and d processor 7.1 trillion btu/d Largest U.S. NGL producer g p 400 MBD 61 plants and 12 fractionators General partner owner of DPM Philli 66 Mid t…
  13. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 13
    Differentiated Portfolio Adjusted Earnings 2009 2012 YTD 12% 41% 22% 25% Marketing, Refining Specialties and Other Chemicals Midstream 14
  14. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 14
    Strategic Priorities Enhance return on capital Capture advantaged feedstock p g Portfolio optimization Margin improvement Deliver profitable growth Chemicals expansion Midstream growth Midstream growth Specialties and…
  15. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 15
    Enhance Return on Capital Capture Advantaged Feedstock N.A. Crude Runs (100%) Heavy/ H Heavy/ / Acid Acid Heavy Heavy Canadian C Canadian di WTI/WTS WTI/WTS Based Based Brent/ Brent/ LLS/HLS/ LLS/HLS/ ANS ANS…
  16. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 16
    Enhance Return on Capital Shifting Investment 2012 Capital Program Capital Expenditures R&M CPChem (B) DCP R&M B Transportation infrastructure 2.5 Reliability improvements 2.0 CPChem 1.5 Saudi Polymers Company facility 1.0…
  17. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 17
    Enhance Return on Capital Optimize Portfolio Shifting Portfolio Increase investment in higherreturning higher returning businesses businesses 4% 10% 13% 25% Midstream Rationalize noncore assets 20% Disciplined capital…
  18. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 18
    Enhance Return on Capital Increase Clean Product Yield Clean Product Yield Wood River CORE project Conversion unit improvements Distillate yield increases Distillate yield increases 84.3% 83.3% 83.6% 81.6% 2009 2010 2011…
  19. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 19
    Enhance Return on Capital Wood River CORE Project Wood River Crude (MBPD) Wood River Clean Product Yields 320 100% High TAN Hi h TAN 80% 240 Canadian Canadian 60% Distillate Distillate 160 40% 80 WTI/WTS Based WTI/WTS…
  20. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 20
    Enhance Return on Capital Increase U.S. Exports Increasing product placement optionality Building additional export capability Capability to export 15% of PSX C bilit t t 15% f PSX U.S. clean products by 2013 Phillips 66 U.S.…
  21. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 21
    Deliver Profitable Growth Refining and Marketing Specialties Transportation and logistics Ch i l Chemicals Olefins and polyolefins Aromatics and specialties Aromatics and specialties Midstream G th i Gathering and…
  22. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 22
    Deliver Profitable Growth U.S. Chemicals CPChem 2013 NGL fractionation 2013 NGL fractionation expansion at Sweeny 2014 1hexene plant at Cedar Bayou 2017 Gulf Coast ethane cracker and ethylene cracker and ethylene derivative…
  23. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 23
    Deliver Profitable Growth CPChem Middle East Sales Capacity (Blb/y) 10 Saudi Polymers 9 QChem and QChem II 8 SChem (SCP and JCP) 7 6 SChem (SCP and JCP) 5 Saudi 4 Polymers QChem and 3 QChem II 2 1 0 2000 2004 2008 2012…
  24. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 24
    Deliver Profitable Growth Midstream DCP 46 B of growth projects in g p j execution, online 2012 2014 Addi 400 MBD NGL Adding 400+ MBD NGL logistics capacity Increasing gathering and Increasing gathering and processing…
  25. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 25
    Earnings Growth Through Strategic Initiatives Strategic Initiatives EBITDA Improvement NGL logistics Gathering and processing growth g p gg R&M Saudi Polymers Company facility CORE QChem II CPChem DCP Wood River CORE…
  26. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 26
    Financial Strength and Flexibility 0.9 Strong investment grade BBB/Baa1 2009 B Target 2030% debt to total capitalization 2.1 2010 B Disciplined capital allocation Disciplined capital allocation 5.0 Dividends 2011 B…
  27. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 27
    Delivering on Commitments Execution Growth Returns Distributions 28
  28. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 28
    Barclays Energy Conference Appendix
  29. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 29
    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…
  30. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 30
    PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 Consolidated Earnings (loss) 1 817 1,817 4 775 4,775 735 476 Adjustments: Net gain on asset sales/share issuance (106) (1,545) (116) (120) Impairments 212…
  31. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 31
    PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 R&M Earnings (loss) 1,584 3,848 146 71 Adjustments: Net gain on asset sales (106) (1,545) (116) (32) Impairments 42 318 1,118 116 Pending claims and…
  32. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 32
    PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 Marketing, Specialties and Other Earnings (loss) 325 2,315 612 524 Adjustments: Net gain on asset sales (2) (1,626) (116) (32) Impairments - - 8 116…
  33. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 33
    PSX Non GAAP Reconciliations ROCE - 2012 YTD R&M Midstream Chemicals Numerator (MM) Net income 1,587 (2) 424 After-tax interest expense - - - GAAP ROCE earnings 1,587 1 587 (2) 424 Special Items 129 170 35 Adjusted earnings…
  34. BARCLAYS ENERGY CONFERENCE – Phillips 66 – slide 34
    PSX Non GAAP Reconciliations Cash Flows from Operating Activities Millions 2012 YTD Net Cash Provided by Operating Activities, excluding working capital 2,002 Working capital adjustments Decrease (increase) in accounts and notes…

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