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May 2015 Annual General Meeting – Phillips 66

Phillips 66 · May 6, 2015 · 26 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. May 2015 Annual General Meeting – Phillips 66 – slide 1
    Execution 2015 Annual Meeting of Stockholders May 6, 2015 Houston, TX
  2. May 2015 Annual General Meeting – Phillips 66 – slide 2
    Providing Energy, Improving Lives 43,000 Number of 2014 employee hours donated to local communities 44 Number of U.S. colleges and universities supported in 2014 3 million Number of children that have learned to swim under the…
  3. May 2015 Annual General Meeting – Phillips 66 – slide 3
    A Diversified Downstream Company Marketing and Midstream Chemicals Refining Specialties G&P, pipelines, CPChem - 50/50 JV with Operate in all five U.S. U.S. Marketing, fractionation, storage and Chevron PADDs with 2.2 MMBD of…
  4. May 2015 Annual General Meeting – Phillips 66 – slide 4
    Operating Excellence Total Recordable Rates Refining Environmental Metrics Incidents per 200,000 Hours Worked Industry Average 08 10 12 14 880 450 430 300 Phillips 66 CPChem DCP 2008 2010 2012 2014 Operating Costs and SG&A…
  5. May 2015 Annual General Meeting – Phillips 66 – slide 5
    2014 Accomplishments Delivered leading safety, environmental and operational performance Progressed Midstream and Chemicals growth projects Increased refining utilization and advantaged crude runs Returned 4.7 B to shareholders…
  6. May 2015 Annual General Meeting – Phillips 66 – slide 6
    Energy Landscape Historical and Forward Crude Oil Prices /bbl Markets seeking balance 120 Brent WTI Global economic boost from 90 lower energy prices should stimulate demand 60 Reduced E&P investment slows 30 U.S.…
  7. May 2015 Annual General Meeting – Phillips 66 – slide 7
    Corporate Strategy Operating excellence Growth Returns Distributions High-performing organization 8
  8. May 2015 Annual General Meeting – Phillips 66 – slide 8
    2015 Capital Budget 4.6 B 1.2 B Sustaining capital 3.4 B Growth capital Sweeny Fractionator One LPG Export Terminal Bakken to Patoka/Beaumont pipelines PSX Sustaining Refining Returns Beaumont Terminal expansion M&S Growth…
  9. May 2015 Annual General Meeting – Phillips 66 – slide 9
    Executing Midstream Growth Sweeny Frac One and Freeport LPG Terminal On schedule and on budget Fee-based contracts Beaumont Terminal Connecting to major crude and clean products pipelines Potential for 16 MMBbls storage New-build…
  10. May 2015 Annual General Meeting – Phillips 66 – slide 10
    DCP Midstream Leading U.S. midstream business Largest NGL producer Largest natural gas processing company Third largest NGL pipeline operator Footprint of strategically integrated assets Growing gathering and processing…
  11. May 2015 Annual General Meeting – Phillips 66 – slide 11
    Phillips 66 Partners Total Unitholder Return 4,500 miles of pipeline 150% 12 MMBbls terminal storage capacity 100% Marine docks, rail racks and propylene spheres 50% 235 MM growth capital program 0% 7/23/13 12/31/13…
  12. May 2015 Annual General Meeting – Phillips 66 – slide 12
    Phillips 66 Partners Growth B Funding Midstream growth 8 - 10 1.1 Dropdown Proceeds Fee-based business model Distributions Growing cash flows 0.3 1.8 Incentivized to grow value 1Q 2015 2018E 1Q 2015 2018E Run-Rate Annual…
  13. May 2015 Annual General Meeting – Phillips 66 – slide 13
    CPChem Growth USGC Petrochemicals project on schedule 2.9 B self-funded 2015 total capital 1.3 - 1.6 B/yr incremental EBITDA by 2018 See appendix for footnotes. 14
  14. May 2015 Annual General Meeting – Phillips 66 – slide 14
    Refining Accessing advantaged crudes Improving yields Central Expanding export Corridor West Coast 492 MBD Atlantic capability 360 MBD Basin/Europe 588 MBD Managing costs Gulf Coast 738 MBD Portfolio management 15
  15. May 2015 Annual General Meeting – Phillips 66 – slide 15
    Marketing and Specialties Providing customers high quality fuels and lubricants High-returning businesses U.S. Marketing Wholesale network 8,600 branded sites International Marketing Low cost, high volume business 1,520 sites…
  16. May 2015 Annual General Meeting – Phillips 66 – slide 16
    2014 Adjusted ROCE 40% M&S 30% Chemicals 32% 20% 27% P66 Total Midstream Refining 14% 10% 13% 12% Corporate 0% -5% -10% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Average Capital Employed (B) 17
  17. May 2015 Annual General Meeting – Phillips 66 – slide 17
    Distributions Share Count and Capital Returned Dividend Growth Quarterly /share 6.6 B 624 MM 50 590 MM 542 MM 20 3Q 4Q 1Q 3Q 4Q 1Q 2012 2013 2015 2012 2013 2015 1.7 B remaining authorized share repurchases 150% dividend…
  18. May 2015 Annual General Meeting – Phillips 66 – slide 18
    High-Performing Organization Sustainable differentiated performance Getting results the right way Collaboration and empowering others Diversity and inclusion in the workforce Developing leadership skills at all levels Being…
  19. May 2015 Annual General Meeting – Phillips 66 – slide 19
    Creating Shareholder Value Enterprise Value Increasing EBITDA 30% Reducing cash flow volatility Shifting to higher-valued businesses 2014 2018E Maintaining strong capital structure Midstream PSXP Chemicals M&S Refining 20
  20. May 2015 Annual General Meeting – Phillips 66 – slide 20
    Promising Future Total Shareholder Return Unique portfolio 150% Executing our strategy 100% Growing opportunities 50% Leading shareholder returns 0% 5/1/12 12/31/12 12/31/13 12/31/14 A great place to work Phillips 66 Peer Group…
  21. May 2015 Annual General Meeting – Phillips 66 – slide 21
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  22. May 2015 Annual General Meeting – Phillips 66 – slide 22
    Estimated Sensitivities - 2015 Sensitivities shown above are independent and are only valid within a limited price range 25
  23. May 2015 Annual General Meeting – Phillips 66 – slide 23
    Capital Program Millions of Dollars 2015 Budget Sustaining Growth Total Capital Expenditures and Investments Consolidated Midstream(1) Transportation 148 1,084 1,232 NGL 19 1,912 1,931 167 2,996 3,163 Chemicals - - -…
  24. May 2015 Annual General Meeting – Phillips 66 – slide 24
    Non-GAAP Reconciliations Millions of Dollars Low High 100% CPChem Incremental Project Earnings Projections Estimated incremental net income 1,000 1,313 Plus: Estimated income taxes 20 27 Estimated net interest expense - -…
  25. May 2015 Annual General Meeting – Phillips 66 – slide 25
    Non-GAAP Reconciliations Millions of Dollars 2014 Marketing & Phillips 66 Midstream Chemicals Refining Specialties Corporate ROCE Numerator Net Income 4,797 541 1,137 1,771 1,034 (393) After-tax interest expense 173 - - - - 173 GAAP…
  26. May 2015 Annual General Meeting – Phillips 66 – slide 26
    Non-GAAP Reconciliations Millions of Dollars 2013 2014 100% CPChem Net Income 2,743 3,288 Plus: Income Taxes 71 86 Net interest expense (3) (2) Depreciation and amortization 278 296 EBITDA 3,089 3,668 Adjustments (pre-tax):…

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