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Q2 2013 CONFERENCE CALL – Phillips 66

Phillips 66 · Jul 31, 2013 · 36 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. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 1
    PHILLIPS 66 SECOND QUARTER CONFERENCE CALL July 31, 2013
  2. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 3
    COMPANY OVERVIEW 2Q 2013 Adjusted earnings: 935 MM Adjusted EPS: 1.50 Adjusted operating cash flow*: 1.2 B Debt reduction: 502 MM Dividends paid: 192 MM Common shares repurchased: 546 MM Annualized YTD ROCE: 17% * Excluding…
  4. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 4
    COMPANY ADJUSTED EARNINGS 2Q 2013 VS. 2Q 2012 MM (5) (61) 25 (404) (37) 1,417 935 2Q 2012 Midstream Chemicals Refining Marketing Corporate 2Q 2013 Adjusted & Specialties & Other Adjusted Earnings Earnings 90 181 481 309…
  5. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 5
    COMPANY CASH FLOW 2Q 2013 B 1.2 (0.2) (0.7) (0.5) (0.4) 4.8 4.2 March 31 CFO Working Dividends Debt Capital June 30 Cash (excluding Capital & Share Repayment Expenditures Cash Balance* working Repurchases & Investments…
  6. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 6
    CAPITAL STRUCTURE 2Q 2012 2Q 2013 30% 28% 25% 25% 23% 20% - 30% 20.6 20.8 21.4 21.7 19.0 8.0 8.0 7.0 7.0 6.5 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 Equity B Debt B Debt to Capital 7
  7. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 7
    MIDSTREAM OVERVIEW 2Q 2013 Transportation: Higher throughput fees & improved volumes DCP Midstream: Asset dropdowns NGL Operations & Other: Inventory impacts Annualized YTD ROCE: 11% 8
  8. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 8
    MIDSTREAM ADJUSTED EARNINGS 2Q 2013 VS. 2Q 2012 MM 26 (12) (19) 95 90 2Q 2012 Transportation DCP NGL Operations 2Q 2013 Adjusted Midstream & Other Adjusted Earnings Earnings 9
  9. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 9
    CHEMICALS OVERVIEW 2Q 2013 Olefins & Polyolefins: Unplanned downtime Specialties, Aromatics & Styrenics: Increased equity earnings Annualized YTD ROCE: 25% 10
  10. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 10
    CHEMICALS ADJUSTED EARNINGS 2Q 2013 VS. 2Q 2012 MM 27 (88) 242 0 181 2Q 2012 Olefins & Specialties, Corporate 2Q 2013 Adjusted Polyolefins Aromatics & & Other Adjusted Earnings Styrenics Earnings 11
  11. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 11
    REFINING OVERVIEW 2Q 2013 Realized refining margin: 9.88/BBL Refining crude utilization: 94% Clean product yield: 85% Advantaged U.S. crude slate: 68% Annualized YTD ROCE: 19% 12
  12. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 12
    REFINING ADJUSTED EARNINGS 2Q 2013 VS. 2Q 2012 MM (77) (248) 67 32 885 (178) 481 2Q 2012 Atlantic Gulf Central Western / Other 2Q 2013 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings 13
  13. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 13
    REFINING MARGINS MARKET VS. REALIZED 2Q 2013 WORLDWIDE REFINING /BBL (2.69) 2.00 17.56 (5.41) (1.58) 9.88 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg. Market Crude: 101.80/BBL 94%…
  14. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 14
    REFINING OPERATIONS 2011 2013 YTD U.S. CRUDE SLATE WORLDWIDE CLEAN PRODUCT YIELD Advantaged 52% 62% 68% 83.6% 83.8% 84.3% Total 1.9% 2.1% 2.1% Other 32% 38% Brent Based 48% Distillate 39.7% 40.2% 39.6% 7% 14% Shale* 2% 27%…
  15. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 15
    MARKETING AND SPECIALTIES OVERVIEW 2Q 2013 Worldwide marketing margin: 5.2 cpg Flow improver sales volumes increase: 17% Lubricant volumes increase: 7% Annualized YTD ROCE: 29% 16
  16. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 16
    MARKETING AND SPECIALTIES ADJUSTED EARNINGS 2Q 2013 VS. 2Q 2012 MM 22 3 309 284 2Q 2012 Marketing Specialties 2Q 2013 Adjusted & Other Adjusted Earnings Earnings 17
  17. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 17
    CORPORATE AND OTHER ADJUSTED NET LOSS 2Q 2013 VS. 1Q 2013 MM 1Q 2013 2Q 2013 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (95) (126) 1 (2) (30) 18
  18. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 18
    OUTLOOK 19
  19. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 19
    PHILLIPS 66 SECOND QUARTER 2013 CONFERENCE CALL Questions and Answers
  20. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 20
    PHILLIPS 66 SECOND QUARTER 2013 CONFERENCE CALL Appendix
  21. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 21
    SENSITIVITIES 2013 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…
  22. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 22
    REFINING MARGINS MARKET VS. REALIZED 2Q 2013 ATLANTIC BASIN / EUROPE /BBL Brent: 102.44/BBL 94% Crude Capacity Utilization 42% Market Capture (2.34) (2.14) 16.25 (2.87) (2.07) 6.83 Market Configuration Secondary Feedstock…
  23. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 2Q 2013 GULF COAST /BBL LLS: 104.63/BBL 91% Crude Capacity Utilization 39% Market Capture (1.55) 11.28 1.30 (0.15) (6.43) 4.45 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  24. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 2Q 2013 CENTRAL CORRIDOR /BBL WTI: 94.12/BBL 100% Crude Capacity Utilization 71% Market Capture 6.98 (3.70) (5.05) (6.02) 27.24 19.45 Market Configuration Secondary Feedstock Other…
  25. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 25
    REFINING MARGINS MARKET VS. REALIZED 2Q 2013 WESTERN / PACIFIC /BBL ANS: 104.52/BBL 95% Crude Capacity Utilization 46% Market Capture (3.17) 4.13 19.34 (7.67) (3.83) 8.80 Market Configuration Secondary Feedstock Other…
  26. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 26
    COMPANY ADJUSTED EARNINGS 2Q 2013 VS. 1Q 2013 MM 7 (101) 107 (31) (428) 1,381 935 1Q 2013 Midstream Chemicals Refining Marketing Corporate 2Q 2013 Adjusted & Specialties & Other Adjusted Earnings Earnings 90 181 481 309…
  27. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 27
    MIDSTREAM ADJUSTED EARNINGS 2Q 2013 VS. 1Q 2013 MM 4 1 2 83 90 1Q 2013 Transportation DCP NGL Operations 2Q 2013 Adjusted Midstream & Other Adjusted Earnings Earnings 28
  28. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 28
    CHEMICALS ADJUSTED EARNINGS 2Q 2013 VS. 1Q 2013 MM 6 (103) (4) 282 181 1Q 2013 Olefins & Specialties, Corporate 2Q 2013 Adjusted Polyolefins Aromatics & & Other Adjusted Earnings Styrenics Earnings 29
  29. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 29
    REFINING ADJUSTED EARNINGS 2Q 2013 VS. 1Q 2013 MM (62) (109) 909 (190) (27) (40) 481 1Q 2013 Atlantic Gulf Central Western / Other 2Q 2013 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings…
  30. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 30
    MARKETING AND SPECIALTIES ADJUSTED EARNINGS 2Q 2013 VS. 1Q 2013 MM 102 5 309 202 1Q 2013 Marketing Specialties 2Q 2013 Adjusted & Other Adjusted Earnings Earnings 31
  31. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 31
    CORPORATE AND OTHER ADJUSTED NET LOSS 2Q 2013 MM (42) (126) (36) (12) (36) Net Interest Corporate Technology Other Corporate Expense Overhead 32
  32. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Millions of Dollars Except as Indicated Except as Indicated 2013 2012 2012 2011 2010 2Q 1Q 2Q Year Year Year Phillips 66 Earnings (loss) 958 1,407 1,181 4,124 4,775 735 Adjustments: Net…
  33. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Millions of Dollars Except as Indicated Except as Indicated 2013 2012 2012 2011 2010 2Q 1Q 2Q Year Year Year Midstream Earnings (loss) 90 110 (75) 53 2,149 386 Adjustments: Net (gain)…
  34. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Millions of Dollars Except as Indicated Except as Indicated 2013 2012 2012 2011 2010 2Q 1Q 2Q Year Year Year Refining Earnings (loss) 481 922 916 3,217 1,529 (545) Adjustments: Net…
  35. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Marketing 2013 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 2,370 205 463 1,403 520 After-tax interest expense 90 - - - - GAAP ROCE earnings 2,460 205 463 1,403 520…
  36. Q2 2013 CONFERENCE CALL – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars 2013 2Q Cash Flows from Operating Activities Net Cash Provided by Operating Activities, excluding working capital 1,174 Working capital adjustments Decrease (increase) in accounts and…

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