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Q1 2013 EARNINGS CALL – Phillips 66

Phillips 66 · May 1, 2013 · 37 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 2013 EARNINGS CALL – Phillips 66 – slide 1
    First Quarter 2013 Conference Call May 1, 2013
  2. Q1 2013 EARNINGS CALL – Phillips 66 – slide 2
    Executing Strategy Photo: Gulf Coast Fractionator in Mont Belvieu, Texas. 3
  3. Q1 2013 EARNINGS CALL – Phillips 66 – slide 3
    First-Quarter Overview 1.4 B adjusted earnings 2.19 adjusted EPS 1.8 B operating cash flow excluding working capital changes 194 MM in dividends paid 382 MM of common shares repurchased Return on Capital Employed 22%…
  4. Q1 2013 EARNINGS CALL – Phillips 66 – slide 4
    Company Adjusted Earnings 1Q 2013 vs. 1Q 2012 MM 147 455 (25) 65 (25) 1,381 764 1Q 2012 Midstream Chemicals Refining Marketing Corporate 1Q 2013 Adjusted & Specialties & Other Adjusted Earnings Earnings 83 282 909…
  5. Q1 2013 EARNINGS CALL – Phillips 66 – slide 5
    Company Cash Flow 1Q 2013 B 0.4 1.8 (0.4) 0.1 (0.6) 4.8 3.5 December 31 CFO Working Capital Dividends Other March 31 Cash (excluding Capital Expenditures & Share Cash Balance* working & Investments Repurchases…
  6. Q1 2013 EARNINGS CALL – Phillips 66 – slide 6
    Capital Structure Equity (B) Debt (B) Debt-to-Capital 20.6 20.8 21.4 19.0 30% 28% 25% 25% 8.0 8.0 7.0 7.0 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2012 2012 2012 2013 2012 2012 2012 2013 2012 2012 2012 2013 9%…
  7. Q1 2013 EARNINGS CALL – Phillips 66 – slide 7
    Midstream Overview 1Q 2013 DCP Midstream NGL Operations Transportation Return on Capital Employed 17% 12% 12% 11% 2010 2011 2012 2013 YTD Annualized Photo: DCP Midstream plant in Platteville, Colo. 8
  8. Q1 2013 EARNINGS CALL – Phillips 66 – slide 8
    Midstream Adjusted Earnings 1Q 2013 vs. 1Q 2012 MM 16 108 (31) (10) 83 1Q 2012 DCP NGL Transportation 1Q 2013 Adjusted Midstream Operations Adjusted Earnings Earnings 9
  9. Q1 2013 EARNINGS CALL – Phillips 66 – slide 9
    Chemicals Overview 1Q 2013 Olefins and Polyolefins Strong margins 91% capacity utilization Specialties, Aromatics and Styrenics Improved benzene margins Increased turnaround activity Return on Capital Employed 31% 31%…
  10. Q1 2013 EARNINGS CALL – Phillips 66 – slide 10
    Chemicals Adjusted Earnings 1Q 2013 vs. 1Q 2012 MM 12 54 (1) 282 217 1Q 2012 Olefins & Specialties, Corporate 1Q 2013 Adjusted Polyolefins Aromatics & & Other Adjusted Earnings Styrenics Earnings 11
  11. Q1 2013 EARNINGS CALL – Phillips 66 – slide 11
    Refining Overview 1Q 2013 13.94/BBL realized refining margin 90% refining crude utilization 84% clean product yield 68% advantaged U.S. crude slate Return on Capital Employed 27% 25% 13% 4% 2010 2011 2012 2013 YTD…
  12. Q1 2013 EARNINGS CALL – Phillips 66 – slide 12
    Refining Adjusted Earnings 1Q 2013 vs. 1Q 2012 MM 65 61 181 89 59 909 454 1Q 2012 Atlantic Gulf Central Western / Other 1Q 2013 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings 13
  13. Q1 2013 EARNINGS CALL – Phillips 66 – slide 13
    Refining Crack Spreads Market vs. Realized 1Q 2013 /BBL Worldwide Refining 5.08 0.16 (1.67) 15.50 13.94 (5.13) Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Crack Avg Market Crude: 108.81/BBL…
  14. Q1 2013 EARNINGS CALL – Phillips 66 – slide 14
    Refining Operations U.S. Crude Slate Worldwide Clean Product Yield Advantaged 52% 62% 68% 83.6% 83.8% 84.0% Total 1.9% 2.1% 2.1% Other 32% 38% Brent Based 48% 39.4% 39.7% 40.2% Distillate 7% 14% Shale* 2% 27% 23% Other…
  15. Q1 2013 EARNINGS CALL – Phillips 66 – slide 15
    Marketing and Specialties Overview 1Q 2013 Marketing and Other 3 cpg worldwide marketing margin Specialties Flow improver sales volumes increased 16% Return on Capital Employed 22% 17% 17% 12% 2010 2011 2012 2013…
  16. Q1 2013 EARNINGS CALL – Phillips 66 – slide 16
    Marketing and Specialties Adjusted Earnings 1Q 2013 vs. 1Q 2012 MM 153 (6) 202 55 1Q 2012 Marketing Specialties 1Q 2013 Adjusted & Other Adjusted Earnings Earnings 17
  17. Q1 2013 EARNINGS CALL – Phillips 66 – slide 17
    2013 Outlook Photo: East St. Louis Terminal in St. Louis, Ill. 18 18
  18. Q1 2013 EARNINGS CALL – Phillips 66 – slide 18
    First Quarter 2013 Conference Call Questions and Answers 19
  19. Q1 2013 EARNINGS CALL – Phillips 66 – slide 19
    Appendix 20
  20. Q1 2013 EARNINGS CALL – Phillips 66 – slide 20
    2013 Sensitivities Net Income Midstream MM 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…
  21. Q1 2013 EARNINGS CALL – Phillips 66 – slide 21
    Corporate and Other Adjusted Costs 1Q 2013 MM (43) (95) (34) (12) (6) Net Interest Corporate Technology Other Corporate Expense Overhead 22
  22. Q1 2013 EARNINGS CALL – Phillips 66 – slide 22
    Refining Crack Spreads Market vs. Realized 1Q 2013 /BBL Atlantic Basin / Europe Brent: 112.55/BBL 97% Crude Capacity Utilization 68% Market Capture (0.87) (2.24) 0.92 12.72 (1.92) 8.61 Market Configuration Secondary…
  23. Q1 2013 EARNINGS CALL – Phillips 66 – slide 23
    Refining Crack Spreads Market vs. Realized 1Q 2013 /BBL Gulf Coast LLS: 113.92/BBL 80% Crude Capacity Utilization 114% Market Capture 2.27 (0.14) 4.61 8.54 7.49 (5.69) Market Configuration Secondary Feedstock Other…
  24. Q1 2013 EARNINGS CALL – Phillips 66 – slide 24
    Refining Crack Spreads Market vs. Realized 1Q 2013 /BBL Central Corridor WTI: 94.29/BBL 96% Crude Capacity Utilization 98% Market Capture 13.98 (5.41) (2.96) (6.25) 27.93 27.29 Market Configuration Secondary Feedstock…
  25. Q1 2013 EARNINGS CALL – Phillips 66 – slide 25
    Refining Crack Spreads Market vs. Realized 1Q 2013 /BBL Western / Pacific ANS: 111.02/BBL 91% Crude Capacity Utilization 50% Market Capture (2.99) 5.20 19.12 (3.98) (7.71) 9.64 Market Configuration Secondary Feedstock…
  26. Q1 2013 EARNINGS CALL – Phillips 66 – slide 26
    Company Adjusted Earnings 1Q 2013 vs. 4Q 2012 MM 75 36 (3) 12 (51) 1,381 1,312 4Q 2012 Midstream Chemicals Refining Marketing Corporate 1Q 2013 Adjusted & Specialties & Other Adjusted Earnings Earnings 83 282 909 202…
  27. Q1 2013 EARNINGS CALL – Phillips 66 – slide 27
    Midstream Adjusted Earnings 1Q 2013 vs. 4Q 2012 MM 31 (9) (10) 83 71 4Q 2012 DCP NGL Transportation 1Q 2013 Adjusted Midstream Operations Adjusted Earnings Earnings 28
  28. Q1 2013 EARNINGS CALL – Phillips 66 – slide 28
    Chemicals Adjusted Earnings 1Q 2013 vs. 4Q 2012 MM 24 20 (8) 282 246 4Q 2012 Olefins & Specialties, Corporate 1Q 2013 Adjusted Polyolefins Aromatics & & Other Adjusted Earnings Styrenics Earnings 29
  29. Q1 2013 EARNINGS CALL – Phillips 66 – slide 29
    Refining Adjusted Earnings 1Q 2013 vs. 4Q 2012 MM 82 (59) 75 (18) (131) 960 909 4Q 2012 Atlantic Gulf Central Western / Other 1Q 2013 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings 30
  30. Q1 2013 EARNINGS CALL – Phillips 66 – slide 30
    Marketing and Specialties Adjusted Earnings 1Q 2013 vs. 4Q 2012 MM 70 5 202 127 4Q 2012 Marketing Specialties 1Q 2013 Adjusted & Other Adjusted Earnings Earnings 31
  31. Q1 2013 EARNINGS CALL – Phillips 66 – slide 31
    Non-GAAP Reconciliations Millions of Dollars Millions of Dollars Except as Indicated Except as Indicated 2013 2012 2012 2011 2010 1Q 1Q 4Q Year Year Year Phillips 66 Earnings (loss) 1,407 636 708 4,124 4,775 735 Adjustments: Net…
  32. Q1 2013 EARNINGS 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 1Q 1Q 4Q Year Year Year Midstream Earnings (loss) 110 108 92 53 2,149 386 Adjustments: Net (gain)…
  33. Q1 2013 EARNINGS 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 1Q 1Q 4Q Year Year Year Refining Earnings (loss) 922 393 363 3,217 1,529 (545) Adjustments: Net…
  34. Q1 2013 EARNINGS CALL – Phillips 66 – slide 34
    Non-GAAP Reconciliations 2010 2011 2012 2013 YTD Phillips 66 - ROCE Numerator (MM) Net Income 740 4,780 4,131 1,410 After-tax interest expense 1 11 160 46 GAAP ROCE earnings 741 4,791 4,291 1,456 Special Items 1,024 (1,184) 1,263…
  35. Q1 2013 EARNINGS CALL – Phillips 66 – slide 35
    Non-GAAP Reconciliations 2010 2011 2012 2013 YTD Midstream - ROCE Numerator (MM) Net Income 391 2,154 60 113 After-tax interest expense 0 0 0 0 GAAP ROCE earnings 391 2,154 60 113 Special Items 0 (1,614) 309 (27) Adjusted ROCE…
  36. Q1 2013 EARNINGS CALL – Phillips 66 – slide 36
    Non-GAAP Reconciliations 2010 2011 2012 2013 YTD Refining - ROCE Numerator (MM) Net Income (545) 1,529 3,217 922 After-tax interest expense 0 0 0 0 GAAP ROCE earnings (545) 1,529 3,217 922 Special Items 1,167 453 627 (13)…
  37. Q1 2013 EARNINGS CALL – Phillips 66 – slide 37
    Non-GAAP Reconciliations Millions of Dollars 2013 1Q Cash Flows from Operating Activities Net Cash Provided by Operating Activities, excluding working capital 1,808 Working capital adjustments Decrease (increase) in accounts and…

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