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Q4 2012 CONFERENCE CALL – Phillips 66

Phillips 66 · Jan 30, 2013 · 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 2012 CONFERENCE CALL – Phillips 66 – slide 1
    Fourth Quarter 2012 Conference Call January 30, 2013
  2. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 2
    Executing Strategy Photo: Alliance Refinery in Belle Chasse, La. 3
  3. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 3
    Fourth-Quarter Overview 1.3 B adjusted earnings 2.06 adjusted EPS 1.7 B operating cash flow excluding working capital 157 MM in dividends paid 245 MM of common shares repurchased 1.0 B debt reduction Return on Capital…
  4. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 4
    Company Adjusted Earnings 4Q 2012 vs. 4Q 2011 MM 927 98 (41) (51) 1,312 379 4Q 2011 R&M Midstream Chemicals Corporate & 4Q 2012 Adjusted Other Adjusted Earnings Earnings 1,096 62 246 (92) 4Q 2012 Adjusted Earnings…
  5. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 5
    Company Cash Flow 4Q 2012 B 1.7 (0.4) (1.0) 0.1 (0.9) (0.4) 4.4 3.5 September 30 CFO Working Debt Capital Dividends Other December 31 Cash (excluding Capital Repayment Expenditures & Share Cash Balance* working &…
  6. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 6
    Capital Structure 2012 Equity (B) Debt (B) Debt-to-Capital 20.6 20.8 19.0 30% 28% 25% 8.0 8.0 7.0 2Q 3Q 4Q 2Q 3Q 4Q 2Q 3Q 4Q 14% Net-Debt-to-Capital* * Net-Debt-to-Capital reduces debt and capital by cash and cash…
  7. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 7
    R&M Overview 13.67/BBL realized refining margin 91% refining crude utilization 83% clean product yield 67% advantaged U.S. crude slate 2 cpg U.S. marketing margin Return on Capital Employed* 22% 12% 1% 5% 2009 2010…
  8. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 8
    R&M Adjusted Earnings 4Q 2012 vs. 4Q 2011 MM 40 162 (2) 148 216 230 1,096 133 169 4Q 2011 Atlantic Gulf Central Western / Other U.S. Int'l 4Q 2012 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe…
  9. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 9
    Refining Adjusted Earnings 4Q 2012 vs. 4Q 2011 MM 881 66 (42) (16) 916 27 4Q 2011 Margins Volumes Operating Other 4Q 2012 Adjusted Costs Adjusted Earnings Earnings 10
  10. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 10
    Refining Crack Spreads 4Q 2012 Market vs. Realized /BBL Worldwide Refining 1.81 (0.58) 3.69 14.39 (5.64) 13.67 Market 3:2:1 Configuration Secondary Feedstock Other Realized Crack Products Avg Market Crude: 104.61/BBL…
  11. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 11
    Refining Operations 2012 vs. 2011 U.S. Crude Slate Worldwide Clean Product Yield 83.6% 83.8% 1.9% 2.1% Other Brent Based 38% 48% 39.7% 40.2% Distillate 7% Shale 2% 27% Other Heavy 27% 62% 52% 42.0% 41.5% Gasoline…
  12. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 12
    Marketing, Specialties and Other Adjusted Earnings 4Q 2012 vs. 4Q 2011 MM 88 (26) (20) (4) 180 142 4Q 2011 Margins Volumes Operating Other 4Q 2012 Adjusted Costs Adjusted Earnings Earnings 13
  13. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 13
    R&M per Barrel Metrics /BBL R&M Income R&M Cash Contribution 7.21 6.37 5.05 5.19 5.00 4.30 4.37 4.12 3.39 3.01 2.61 2.56 1.77 2.14 1.43 0.59 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2011 2012 2011 2012 Based on…
  14. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 14
    Midstream Overview DCP Midstream NGL prices down 36% Other Midstream Sand Hills and Southern Hills pipeline projects Return on Capital Employed* 30% 20% 22% 18% 2009 2010 2011 2012 Photo: DCP Midstream plant in…
  15. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 15
    Midstream Adjusted Earnings 4Q 2012 vs. 4Q 2011 MM 59 (21) (30) 38 54 24 4Q 2011 DCP Other 4Q 2012 Adjusted Midstream Midstream Adjusted Earnings Earnings DCP Midstream Other Midstream 16
  16. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 16
    Midstream Adjusted Earnings 4Q 2012 vs. 4Q 2011 MM DCP Midstream 13 3 59 10 (3) 38 (44) 4Q 2011 Prices Volume / Operating D&A Other 4Q 2012 Adjusted Mix Costs Adjusted Earnings Earnings Other Midstream (9) (6) (3) 54…
  17. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 17
    Chemicals Overview Olefins and Polyolefins Strong margins 90% capacity utilization Specialties, Aromatics and Styrenics Improved benzene earnings Return on Capital Employed* 28% 31% 21% 11% 2009 2010 2011 2012 Photo:…
  18. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 18
    Chemicals Adjusted Earnings 4Q 2012 vs. 4Q 2011 MM 11 97 (10) 246 148 4Q 2011 Olefins & Specialties, Other 4Q 2012 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 19
  19. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 19
    Chemicals Adjusted Earnings 4Q 2012 vs. 4Q 2011 MM Olefins and Polyolefins 108 6 (11) (6) 216 119 4Q 2011 Margins Volumes Operating Other 4Q 2012 Adjusted Costs Adjusted Earnings Earnings Specialties, Aromatics and…
  20. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 20
    2013 Outlook Refining and Marketing Midstream Chemicals Corporate and Other Photo: Crude railcars en route to Ponca City Refinery in Ponca City, Okla. 21 21
  21. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 21
    Fourth Quarter 2012 Conference Call Questions and Answers 22
  22. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 22
    Appendix 23
  23. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 23
    2013 Sensitivities Worldwide R&M (assuming 95% refining utilization) Net Income MM 1/BBL Increase in Refining Margin 440 1/BBL Increase in Crude Price Impact on Secondary Products (20) Impacts due to Actual Crude Feedstock Differing…
  24. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 24
    Refining Crack Spreads 4Q 2012 Market vs. Realized /BBL Atlantic Basin / Europe Brent: 110.02/BBL 84% Capacity Utilization 73% Market Capture (0.52) 1.37 (1.83) 13.33 (2.62) 9.73 Market 3:2:1 Configuration Secondary…
  25. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 25
    Refining Crack Spreads 4Q 2012 Market vs. Realized /BBL Gulf Coast LLS: 109.43/BBL 97% Capacity Utilization 177% Market Capture 3.91 1.61 (7.74) 6.18 9.08 5.12 Market 3:2:1 Configuration Secondary Feedstock Other Realized…
  26. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 26
    Refining Crack Spreads 4Q 2012 Market vs. Realized /BBL Central Corridor WTI: 88.09/BBL 88% Capacity Utilization 87% Market Capture 5.19 (2.15) (1.38) (5.35) 28.49 24.80 Market 3:2:1 Configuration Secondary Feedstock Other…
  27. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 27
    Refining Crack Spreads 4Q 2012 Market vs. Realized /BBL Western / Pacific ANS: 107.04/BBL 91% Capacity Utilization 74% Market Capture 6.62 (1.11) (1.54) 16.23 (8.19) 12.01 Market 3:2:1 Configuration Secondary Feedstock…
  28. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 28
    Corporate and Other Adjusted Costs 4Q 2012 MM (92) (47) 6 (37) (14) Net Interest Corporate Technology Other 4Q 2012 Expense Staff Adjusted After-tax Costs 29
  29. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 29
    Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2012 2011 4Q Year 4Q Year Consolidated Earnings (loss) 708 4,124 2,011 4,775 Adjustments: Net (gain) loss on asset sales - (106) (1,660) (1,545) Impairments 580 979 -…
  30. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 30
    Non-GAAP Reconciliations 2012 2011 Millions of Dollars 4Q Year 4Q Year R&M Earnings (loss) 497 3,729 1,801 3,848 Adjustments: Net (gain) loss on asset sales - (106) (1,660) (1,545) Impairments 564 633 - 318 Canceled projects - -…
  31. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 31
    Non-GAAP Reconciliations 2012 2011 Millions of Dollars 4Q Year 4Q Year Midstream Earnings (loss) 85 6 113 403 Adjustments: Impairments - 303 - - Pending claims and settlements (23) (23) - - Adjusted earnings 62 286 113 403…
  32. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 32
    Non-GAAP Reconciliations Millions of Dollars 2011 2010 2009 Consolidated Earnings (loss) 4,775 735 476 Adjustments: Net gain on asset sales/share issuance (1,545) (116) (120) Impairments 318 1,118 116 Pending claims and settlements…
  33. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 33
    Non-GAAP Reconciliations 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 GAAP R&M Net Income* - MM 488 774 785 1,801 400 1,184 1,648 497 GAAP R&M Net Income* - /BBL 1.77 2.70 2.68 6.30 1.62 4.37 6.27 1.87 Non-core…
  34. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 34
    Non-GAAP Reconciliations 2009 2010 2011 2012 Phillips 66 - ROCE Numerator (MM) Net income 479 740 4,780 4,131 After-tax interest expense 1 1 11 160 GAAP ROCE earnings 480 741 4,791 4,291 Special Items 21 1,024 (1,184) 1,263…
  35. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 35
    Non-GAAP Reconciliations 2009 2010 2011 2012 R&M - ROCE Numerator (MM) Net income 74 151 3,853 3,736 After-tax interest expense - - - - GAAP ROCE earnings 74 151 3,853 3,736 Special Items 109 1,024 (1,184) 755 Adjusted ROCE…
  36. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 36
    Non-GAAP Reconciliations 2009 2010 2011 2012 Midstream - ROCE Numerator (MM) Net income 317 262 403 6 After-tax interest expense - - - - GAAP ROCE earnings 317 262 403 6 Special Items (88) - - 280 Adjusted ROCE earnings 229 262…
  37. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 37
    Non-GAAP Reconciliations 2009 2010 2011 2012 Chemicals - ROCE Numerator (MM) Net income 228 486 716 823 After-tax interest expense - - - - GAAP ROCE earnings 228 486 716 823 Special Items - - - 157 Adjusted ROCE earnings 228 486…
  38. Q4 2012 CONFERENCE CALL – Phillips 66 – slide 38
    Non-GAAP Reconciliations Millions of Dollars 2012 4Q Year Cash Flows from Operating Activities Net Cash Provided by Operating Activities, excluding working capital 1,703 5,452 Working capital adjustments Decrease (increase) in…

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