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Q1 2015 CONFERENCE CALL – Phillips 66

Phillips 66 · Apr 30, 2015 · 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. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 1
    PHILLIPS 66 FIRST QUARTER CONFERENCE CALL April 30, 2015
  2. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 3
    OVERVIEW 1Q 2015 Adjusted Earnings 834 MM Adjusted EPS 1.51 Operating cash flow excluding working capital 880 MM Proceeds from PSXP debt and equity offerings 1.5 B Capital expenditures and investments 1.1 B Shareholder…
  4. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 4
    ADJUSTED EARNINGS 1Q 2015 VS. 4Q 2014 MM 173 (30) (130) (67) (25) 913 834 4Q 2014 Midstream Chemicals Refining Marketing Corporate 1Q 2015 Adjusted & Specialties & Other Adjusted Earnings Earnings 67 203 495 194 (125) 1Q…
  5. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 5
    MIDSTREAM OVERVIEW 1Q 2015 Transportation Continued stable earnings DCP Midstream Lower NGL prices NGL Sweeny Frac One project over 70% complete Annualized YTD ROCE 6% 6
  6. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 6
    MIDSTREAM 1Q 2015 VS. 4Q 2014 MM 12 (1) (41) 97 67 4Q 2014 Transportation DCP NGL 1Q 2015 Adjusted Midstream Adjusted Earnings Earnings 65 (12) 14 1Q 2015 Adjusted Earnings 7
  7. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 7
    CHEMICALS OVERVIEW 1Q 2015 Olefins & Polyolefins Lower cash chain margins Specialties, Aromatics & Styrenics Lower margins and costs Annualized YTD ROCE 16% 8
  8. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 8
    CHEMICALS 1Q 2015 VS. 4Q 2014 MM (65) (1) (1) 270 203 4Q 2014 Olefins & Specialties, Other 1Q 2015 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 183 26 (6) 1Q 2015 Adjusted Earnings 9
  9. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 9
    REFINING OVERVIEW 1Q 2015 Realized refining margin 12.26/BBL Worldwide market capture 80% Refining crude utilization 84% Clean product yield 84% Annualized adjusted YTD ROCE 15% 10
  10. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 10
    REFINING 1Q 2015 VS. 4Q 2014 MM 212 79 (4) 495 322 (114) 4Q 2014 Atlantic Gulf Coast Central Western / 1Q 2015 Adjusted Basin / Corridor Pacific Adjusted Earnings Europe Earnings 75 71 195 154 1Q 2015 Adjusted Earnings…
  11. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 11
    REFINING MARGINS MARKET VS. REALIZED 1Q 2015 WORLDWIDE REFINING /BBL 2.34 (1.85) (1.28) (2.21) 15.26 12.26 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg. Market Crude: 52.31/BBL 84%…
  12. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 12
    MARKETING AND SPECIALTIES OVERVIEW 1Q 2015 Marketing & Other Lower margins Specialties Continued strong lubes margins Annualized adjusted YTD ROCE 28% 13
  13. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 13
    MARKETING AND SPECIALTIES 1Q 2015 VS. 4Q 2014 MM (112) (18) 324 194 4Q 2014 Marketing Specialties 1Q 2015 Adjusted & Other Adjusted Earnings Earnings 144 50 1Q 2015 Adjusted Earnings 14
  14. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 14
    CORPORATE AND OTHER 1Q 2015 VS. 4Q 2014 MM 4Q 2014 1Q 2015 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (100) (125) (9) (5) (11) 15
  15. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 15
    CAPITAL STRUCTURE 2013 1Q 2015 Fully consolidated PSX results PSX excluding PSXP 28% 28% 29% 26% 20% - 30% 22% 22% 22.4 22.0 22.6 22.0 21.6 21.8 8.7 8.9 8.7 7.8 6.2 5.4 5.2 5.4 6.2 5.0 5.2 5.3 2013 2014 1Q 2015 2013…
  16. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 16
    CASH FLOW 1Q 2015 B 1.5 0.5 (0.8) 0.9 (1.1) (0.7) (0.1) 5.2 5.4 December 31 CFO Working PSXP Bond Net Debt Capital Shareholder Other March 31 Cash (excluding Capital & Equity Repayment Expenditures Distributions Cash…
  17. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 17
    OUTLOOK 18
  18. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 18
    PHILLIPS 66 FIRST QUARTER 2015 CONFERENCE CALL Questions and Answers
  19. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 19
    PHILLIPS 66 FIRST QUARTER 2015 CONFERENCE CALL Appendix
  20. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 20
    ESTIMATED SENSITIVITIES 2015 Annual Net Income MM Midstream - DCP (net to Phillips 66) 10/Gal Increase in NGL price 30 1/MMBtu Increase in Natural Gas price 25 10/BBL Increase in WTI price 15 Chemicals - CPChem (net to Phillips…
  21. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 21
    REFINING MARGINS MARKET VS. REALIZED 1Q 2015 ATLANTIC BASIN / EUROPE /BBL Brent: 53.97/BBL 87% Crude Capacity Utilization 72% Market Capture (0.29) (0.49) (2.25) (0.89) 13.86 9.94 Market Configuration Secondary Feedstock…
  22. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 22
    REFINING MARGINS MARKET VS. REALIZED 1Q 2015 GULF COAST /BBL LLS: 52.83/BBL 72% Crude Capacity Utilization 84% Market Capture 3.95 (2.40) (0.63) 12.67 (3.00) 10.59 Market Configuration Secondary Feedstock Other Realized…
  23. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 1Q 2015 CENTRAL CORRIDOR /BBL WTI: 48.55/BBL 94% Crude Capacity Utilization 79% Market Capture 3.30 (1.72) (2.30) (2.88) 17.46 13.86 Market Configuration Secondary Feedstock Other…
  24. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 1Q 2015 WESTERN / PACIFIC /BBL ANS: 53.68/BBL 91% Crude Capacity Utilization 83% Market Capture 5.44 (2.77) (2.40) (3.59) 19.86 16.54 Market Configuration Secondary Feedstock Other…
  25. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 25
    ADJUSTED EARNINGS 1Q 2015 VS. 1Q 2014 MM 57 189 (44) (121) (113) 866 834 1Q 2014 Midstream Chemicals Refining Marketing Corporate 1Q 2015 Adjusted & Specialties & Other Adjusted Earnings Earnings 67 203 495 194 (125) 1Q…
  26. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 26
    MIDSTREAM 1Q 2015 VS. 1Q 2014 MM 3 188 (95) (29) 67 1Q 2014 Transportation DCP NGL 1Q 2015 Adjusted Midstream Adjusted Earnings Earnings 65 (12) 14 1Q 2015 Adjusted Earnings 27
  27. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 27
    CHEMICALS 1Q 2015 VS. 1Q 2014 MM (100) (12) (1) 316 203 1Q 2014 Olefins & Specialties, Other 1Q 2015 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 183 26 (6) 1Q 2015 Adjusted Earnings 28
  28. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 28
    REFINING 1Q 2015 VS. 1Q 2014 MM 190 37 (8) (30) 495 306 1Q 2014 Atlantic Gulf Central Western / 1Q 2015 Adjusted Basin / Coast Corridor Pacific Adjusted Earnings Europe Earnings 75 71 195 154 1Q 2015 Adjusted Earnings 29
  29. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 29
    MARKETING AND SPECIALTIES 1Q 2015 VS. 1Q 2014 MM 51 6 194 137 1Q 2014 Marketing Specialties 1Q 2015 Adjusted & Other Adjusted Earnings Earnings 144 50 1Q 2015 Adjusted Earnings 30
  30. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 30
    CORPORATE AND OTHER 1Q 2015 VS. 1Q 2014 MM 1Q 2014 1Q 2015 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (81) (125) (12) (5) (27) 31
  31. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 31
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 1Q 4Q 1Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 987 1,147 1,572 Adjustments: Asset dispositions (115) (385) - Impairments - 131 -…
  32. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 1Q 4Q 1Q Midstream Net Income (Loss) Attributable to Phillips 66 67 96 188 Adjustments: Lower-of-cost-or-market inventory adjustments - 1 - Adjusted Net…
  33. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 1Q 4Q 1Q Refining Net Income (Loss) Attributable to Phillips 66 538 517 306 Adjustments: Asset dispositions (5) (369) - Impairments - 131 -…
  34. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 1Q 4Q 1Q Refining - Atlantic Basin/Europe Net Income (Loss) Attributable to Phillips 66 113 57 38 Adjustments: Impairments - 131 - Pending claims and…
  35. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 1Q 4Q 1Q Refining - Central Corridor Net Income (Loss) Attributable to Phillips 66 195 182 225 Adjustments: Lower-of-cost-or-market inventory adjustments -…
  36. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 1Q 4Q 1Q Marketing & Specialties - Marketing & Other Net Income (Loss) Attributable to Phillips 66 254 299 93 Adjustments: Asset dispositions (110) (16) -…
  37. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS Marketing 2015 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 997 79 203 538 304 After-tax interest expense 56 - - - - GAAP ROCE earnings 1,053 79 203 538 304…
  38. Q1 2015 CONFERENCE CALL – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS Millions of Dollars 2015 1Q Phillips 66 Phillips 66 Adjusted Consolidated Partners Phillips 66 Total Debt 8,949 1,100 7,849 Total Equity 22,595 801 21,794 Debt-to-Capital Ratio 28% 26% Total Cash…

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