Bank of America Merrill Lynch Global Energy Conference Tim G. Taylor Executive VP, Commercial, Marketing, Transportation and Business Development November 2012
The Advantaged Downstream Energy Company Industry-leading Adjusted Earnings (B) Refining and Marketing Midstream 4.1 Chemicals Chemicals 3.6 Midstream R&M Financial strength 1.8 Earnings growth Returns enhancement 0.5…
High-Performing Businesses R&M Chemicals Midstream 2012 YTD ROCE 2012 YTD ROCE 2012 0 YTD0.2 ROCE 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%…
Midstream 50/50 JV with Spectra DCP Leading U.S. gatherer and processor 7.1 trillion btu/d Largest U.S. NGL producer 400 MBD 61 plants and 12 fractionators General partner owner of DPM Phillips 66 Midstream 5
Chemicals 50/50 JV with Chevron CPChem Over 70% of CPChem U.S. capacity can be ethane-based 4,250 kta worldwide ethylene capacity Leading Middle East position Strong global aromatics position Proprietary technology 6
Refining Western / Pacific Central Corridor Gulf Coast Atlantic Basin / Europe Crude Capacity (MBD) United States FD 588 439 BI Ireland 2,229 HU 469 BW WG SF WR United 733 LA PC Kingdom BG Global Realized LC AL Crack…
Differentiated Portfolio Adjusted Earnings 2009 2012 YTD 11% 20% 48% 21% Marketing, Refining Specialties and Other Chemicals Midstream 8
Enhance Return on Capital Capture Advantaged Feedstock U.S. Crude Slate Brent Brent Based Based Shale Shale Other Other Heavy Heavy Canadian Canadian Heavy Heavy WTI WTI Based Based 2011 2012 YTD 9
Enhance Return on Capital Shifting Investment 2012 Capital Program R&M CPChem Capital Expenditures DCP (B) R&M B Transportation infrastructure 2.5 Reliability improvements 2.0 CPChem 1.5 Saudi Polymers Company facility 1.0…
Enhance Return on Capital Increase U.S. Exports Increasing product placement optionality Building additional export capability Capability to export 15% of PSX U.S. clean products by 2013 Phillips 66 U.S. Exports (MBD) Actuals…
Deliver Profitable Growth Refining and Marketing Specialties Transportation and logistics Chemicals Olefins and polyolefins Aromatics and specialties Midstream Gathering and processing NGL logistics Confidential Draft -…
Deliver Profitable Growth U.S. Chemicals CPChem 2013 NGL fractionation expansion at Sweeny 2014 1-hexene plant at Cedar Bayou 2017 Gulf Coast ethane cracker and ethylene derivative complexes Confidential Draft - all numbers…
Deliver Profitable Growth Midstream DCP 5-7 B of growth projects in execution, online 2011 2015 Adding 400+ MBD NGL logistics capacity Increasing gathering and processing capability in liquids-rich basins Optimizing existing…
Financial Strength and Flexibility 0.9 Strong, investment grade BBB/Baa1 2009 B Target 20-30% debt to total capitalization 2.1 2010 B Disciplined capital allocation 5.0 Dividends 2011 B Sustaining capital 2012 3.7 Growth…
Delivering on Commitments Execution Growth Returns Distributions 16
Appendix
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…
PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 Consolidated Earnings (loss) 3,416 4,775 735 476 Adjustments: Net (gain) loss on asset sales/share issuance (106) (1,545) (116) (120) Impairments 399 318…
PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 R&M Earnings (loss) 3,232 3,848 146 71 Adjustments: Net (gain) loss on asset sales (106) (1,545) (116) (32) Impairments 69 318 1,118 116 Pending claims and…
PSX Non GAAP Reconciliations Millions of Dollars 2012 YTD 2011 2010 2009 Refining Earnings (loss) 2,839 1,533 (466) (454) Adjustments: Net (gain) loss on asset sales (104) 81 - - Impairments 42 318 1,110 - Pending claims and…
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 (2) 424 Special Items 129 170 35 Adjusted ROCE earnings 1,716…
PSX Non GAAP Reconciliations Cash Flows from Operating Activities Millions 2012 YTD Net Cash Provided by Operating Activities, excluding working capital 3,749 Working capital adjustments Decrease (increase) in accounts and notes…
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