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Q4 2014 CONFERENCE CALL – Phillips 66

Phillips 66 · Jan 29, 2014 · 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. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 1
    PHILLIPS 66 FOURTH QUARTER CONFERENCE CALL January 29, 2014
  2. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 3
    COMPANY OVERVIEW 4Q 2013 Adjusted Earnings: 808 MM Adjusted EPS: 1.34 Operating cash flow*: 1,257 MM Dividends paid: 232 MM Common shares repurchased: 644 MM 2013 ROCE: 14% * Excluding working capital changes & net cash…
  4. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 4
    COMPANY ADJUSTED EARNINGS 4Q 2013 VS. 3Q 2013 MM 452 16 (153) (27) (1) 808 521 3Q 2013 Midstream Chemicals Refining Marketing Corporate 4Q 2013 Adjusted & Specialties & Other Adjusted Earnings Earnings 121 261 450 73 (97)…
  5. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 5
    MIDSTREAM OVERVIEW 4Q 2013 Transportation: Stable throughput volumes & fees DCP Midstream: Lower equity gains & volumes NGL Operations & Other: Higher margins & inventory impacts 2013 ROCE: 15% 6
  6. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 6
    MIDSTREAM ADJUSTED EARNINGS 4Q 2013 VS. 3Q 2013 MM (4) 27 (50) 148 121 3Q 2013 Transportation DCP NGL Operations 4Q 2013 Adjusted Midstream & Other Adjusted Earnings Earnings 7
  7. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 7
    CHEMICALS OVERVIEW 4Q 2013 Olefins & Polyolefins: 95% utilization Specialties, Aromatics & Styrenics: Benzene turnaround 2013 ROCE: 26% 8
  8. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 8
    CHEMICALS ADJUSTED EARNINGS 4Q 2013 VS. 3Q 2013 MM 23 (24) 0 262 261 3Q 2013 Olefins & Specialties, Corporate 4Q 2013 Adjusted Polyolefins Aromatics & & Other Adjusted Earnings Styrenics Earnings 9
  9. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 9
    REFINING OVERVIEW 4Q 2013 Realized refining margin: 10.75/BBL Worldwide market capture: 112% Refining crude utilization: 92% Clean product yield: 84% Advantaged U.S. crude slate: 94% 2013 ROCE: 13% Worldwide market capture: 112%…
  10. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 10
    REFINING ADJUSTED EARNINGS 4Q 2013 VS. 3Q 2013 MM 136 259 (185) (25) 267 450 (2) 3Q 2013 Gulf Coast Central Western / Atlantic Other 4Q 2013 Adjusted Corridor Pacific Basin / Refining Adjusted Earnings Europe Earnings 11
  11. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 11
    REFINING MARGINS MARKET VS. REALIZED 4Q 2013 WORLDWIDE REFINING /BBL 1.77 0.30 4.60 10.75 9.62 (5.54) Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg. Market Crude: 103.10/BBL 92% Crude…
  12. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 12
    REFINING U.S. ADVANTAGED CRUDE SLATE 2011 2013 2013 by QUARTER 2011 to 2013 Total 68% 68% 66% 94% 52% 62% 74% Total Other Light/Medium 24% 6% Other Light/Medium 14% Tight Oil* Tight Oil* 14% 15% 7% 14% 14% 2% Other Heavy…
  13. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 13
    MARKETING AND SPECIALTIES OVERVIEW 4Q 2013 Worldwide marketing margin: 2.8 cpg Specialties: Lower volumes 2013 ROCE: 27% 14
  14. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 14
    MARKETING AND SPECIALTIES ADJUSTED EARNINGS 4Q 2013 VS. 3Q 2013 MM 226 (145) (8) 73 3Q 2013 Marketing Specialties 4Q 2013 Adjusted & Other Adjusted Earnings Earnings 15
  15. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 15
    CORPORATE AND OTHER ADJUSTED NET LOSS 4Q 2013 VS. 3Q 2013 MM 3Q 2013 4Q 2013 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (97) (113) 26 1 (11) 16
  16. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 16
    COMPANY CASH FLOW 4Q 2013 B 1.3 (0.4) (0.6) (0.2) (0.6) 5.9 5.4 September 30 CFO Working Capital Dividends Share December 31 Cash (excluding Capital Expenditures Repurchases Cash Balance* working & Investments Balance*…
  17. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 17
    CAPITAL STRUCTURE 2Q 2012 4Q 2013 30% 28% 25% 25% 23% 20% - 30% 22% 22% 21.4 21.7 22.0 22.4 20.6 20.8 19.0 8.0 8.0 7.0 7.0 6.5 6.2 6.2 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 Equity B Debt B Debt to…
  18. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 18
    SOURCES AND USES OF CASH 2013 B 6.0 (1.8) (0.8) 0.4 1.2 0.1 (2.2) (1.0) 5.4 3.5 3.8 Ending Cash From Capital Dividends Share Debt Other Ending Cash Asset PSXP Ending Cash Operations Program Repurchases (excl. Asset Sales…
  19. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 19
    COMPANY ADJUSTED EARNINGS 2013 MM 781 1,838 (431) 3,643 986 469 Midstream Chemicals Refining Marketing Corporate 2013 Adjusted & Specialties & Other Earnings 20
  20. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 20
    OUTLOOK 21
  21. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 21
    PHILLIPS 66 FOURTH QUARTER 2013 CONFERENCE CALL Questions and Answers
  22. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 22
    PHILLIPS 66 FOURTH QUARTER 2013 CONFERENCE CALL Appendix
  23. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 23
    SENSITIVITIES 2014 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…
  24. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 4Q 2013 ATLANTIC BASIN / EUROPE /BBL Brent: 109.27/BBL 82% Crude Capacity Utilization 69% Market Capture 0.48 1.57 (2.39) 7.42 (1.96) 5.12 Market Configuration Secondary Feedstock Other…
  25. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 25
    REFINING MARGINS MARKET VS. REALIZED 4Q 2013 GULF COAST /BBL LLS: 100.94/BBL 93% Crude Capacity Utilization 108% Market Capture 0.40 3.84 2.88 9.09 9.84 (6.37) Market Configuration Secondary Feedstock Other Realized 3:2:1…
  26. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 26
    REFINING MARGINS MARKET VS. REALIZED 4Q 2013 CENTRAL CORRIDOR /BBL WTI: 97.38/BBL 100% Crude Capacity Utilization 174% Market Capture 3.45 10.39 0.27 18.50 10.66 (6.27) Market Configuration Secondary Feedstock Other…
  27. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 27
    REFINING MARGINS MARKET VS. REALIZED 4Q 2013 WESTERN / PACIFIC /BBL ANS: 104.67/BBL 95% Crude Capacity Utilization 77% Market Capture 6.63 (0.24) (2.39) 12.34 (6.83) 9.51 Market Configuration Secondary Feedstock Other…
  28. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 28
    COMPANY ADJUSTED EARNINGS 4Q 2013 VS. 4Q 2012 MM 50 15 (510) (40) (5) 1,298 808 4Q 2012 Midstream Chemicals Refining Marketing Corporate 4Q 2013 Adjusted & Specialties & Other Adjusted Earnings Earnings 121 261 450 73…
  29. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 29
    MIDSTREAM ADJUSTED EARNINGS 4Q 2013 VS. 4Q 2012 MM 15 36 (1) 121 71 4Q 2012 Transportation DCP NGL Operations 4Q 2013 Adjusted Midstream & Other Adjusted Earnings Earnings 30
  30. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 30
    CHEMICALS ADJUSTED EARNINGS 4Q 2013 VS. 4Q 2012 MM 26 15 (26) 246 261 4Q 2012 Olefins & Specialties, Corporate 4Q 2013 Adjusted Polyolefins Aromatics & & Other Adjusted Earnings Styrenics Earnings 31
  31. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 31
    REFINING ADJUSTED EARNINGS 4Q 2013 VS. 4Q 2012 MM 34 (285) (132) (35) 960 (92) 450 4Q 2012 Atlantic Gulf Central Western / Other 4Q 2013 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings…
  32. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 32
    MARKETING AND SPECIALTIES ADJUSTED EARNINGS 4Q 2013 VS. 4Q 2012 MM (33) (7) 113 73 4Q 2012 Marketing Specialties 4Q 2013 Adjusted & Other Adjusted Earnings Earnings 33
  33. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 33
    CORPORATE AND OTHER ADJUSTED NET LOSS 4Q 2013 VS. 4Q 2012 MM 4Q 2012 4Q 2013 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (92) (97) 7 (6) (6) 34
  34. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2013 2012 Year 4Q 3Q Year 4Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 3,726 826 535 4,124 708 Adjustments: Net (gain) loss on asset sales (23) - -…
  35. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2013 2012 Year 4Q 3Q Year 4Q Midstream Net Income (Loss) Attributable to Phillips 66 469 121 148 53 92 Adjustments: Impairments - - - 330 - Pending claims and…
  36. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2013 2012 Year 4Q 3Q Year 4Q Refining Net Income (Loss) Attributable to Phillips 66 1,851 450 (2) 3,217 363 Adjustments: Net (gain) loss on asset sales - - - (104) -…
  37. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS Marketing 2013 Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 3,743 486 986 1,851 790 After-tax interest expense 178 - - - - GAAP ROCE earnings 3,921 486 986 1,851 790…
  38. Q4 2014 CONFERENCE CALL – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS Millions of Dollars 2013 4Q Cash Flows from Operating Activities Net Cash provided by continuing operating activities, excluding working capital 1,257 Working capital adjustments Decrease (increase) in…

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