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CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66

Phillips 66 · May 13, 2015 · 34 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. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 1
    Execution Citi Global Energy and Utilities Conference May 13, 2015
  2. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 2
    Phillips 66 Diversified portfolio of leading downstream businesses Resilient cash flow through the commodity cycle Disciplined capital allocation Chemicals and Midstream growth Share repurchases and dividends Financial…
  3. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 3
    Phillips 66 Financial Highlights Segment Adjusted EBITDA 1Q 2015 3.0 B Adjusted EBITDA 1.8 B 2.0 Capital expenditures 1.1 B 1.0 Distributions 0.7 B 0.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Average Cash from PSXP 1.3 B 2013 2014 2015…
  4. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 4
    Phillips 66 Partners Financial Highlights 0.40 Distribution / LP Unit () 1Q 2015 0.35 Distributable cash flow 41.9 MM 0.30 Adjusted EBITDA 46.6 MM 0.25 0.3700 Public equity issuance 396 MM 0.3400 0.3168 0.20 0.3017 0.2743…
  5. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 5
    Segment Strategy Midstream: Growth Chemicals: Growth Refining: Marketing and Enhance Returns Specialties: Selective Growth Execute Sweeny hub Grow CPChem organically Optimize crude slate Expand European retail Grow integrated…
  6. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 6
    Midstream 2014 EBITDA 2018E EBITDA NGL NGL fractionation capacity growing to 200 MBD Fractionator One start up 3Q 2015 LPG export facility start up 4Q 2016 Transportation Beaumont crude/products hub Bakken to Patoka/Beaumont…
  7. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 7
    Midstream EBITDA Growth B PSXP 2.3 PSX Growth and in-flight projects 1.1 2018E 0.7 1.2 2018E and in-flight 0.3 projects 0.4 1Q 2015 Refining Logistics Frac-1/ Transportation & Run-Rate EBITDA Run-Rate Annual EBITDA…
  8. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 8
    Phillips 66 Partners Growth B Fee-based business model 8 - 10 1.1 Dropdown Proceeds Growing cash flows Distributions 30% distribution CAGR through 2018 0.3 1.8 Funding Midstream growth 1Q 2015 2018E 1Q 2015 2018E…
  9. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 9
    DCP Midstream Major 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 business…
  10. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 10
    CPChem Phillips 66 Chemicals Adjusted ROCE Leading petrochemical company 35% Feedstock advantaged 30% 10.5 B Lb/yr worldwide ethylene capacity 25% Strong global aromatics position 20% USGC Petrochemicals project on track 15% 6 B…
  11. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 11
    Refining 2.2 MMBD Global Refining Capacity Optimizing crude slate Improving yields Central Expanding export capability Atlantic Corridor West Coast Basin/Europe 492 MBD 360 MBD 588 MBD Managing costs Gulf Coast Heavy…
  12. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 12
    Marketing and Specialties Adjusted EBITDA High-returning businesses 1.5 B U.S. Marketing Avg. 1.2 B Wholesale network 8,600 branded sites 1.0 International Marketing Low-cost, high-volume business 0.5 1,520 sites…
  13. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 13
    Financial Strategy 2014E 2016E Ensuring financial flexibility Investment grade credit rating Adequate liquidity Funding transformational growth Cash from operations Distributions Reinvestment Dropdowns to PSXP Returning capital…
  14. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 14
    2015 Capital Budget 3.4 B Growth capital Sweeny Fractionator One LPG Export Terminal Bakken to Patoka/Beaumont pipelines Beaumont Terminal expansion 0.2 B for PSXP projects PSX Sustaining Refining Returns M&S Growth…
  15. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 15
    Distributions Share Count and Capital Returned Dividend Growth Quarterly /share 6.6 B 56 624 MM 590 MM 542 MM 20 3Q 4Q 1Q 3Q 4Q 2Q 2012 2013 2015 2012 2013 2015 1.7 B remaining authorized share repurchases 180% dividend…
  16. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 16
    Creating Value Enterprise Value Uniquely positioned portfolio Disciplined capital allocation More than 30% EBITDA growth Multiple expansion Commitment to distributions 2014 2018E Strong balance sheet Midstream PSXP Chemicals…
  17. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 17
    Appendix Institutional Investors Contact Kevin Mitchell InvestorRelationsp66.com Vice President, Investor Relations 832-765-2297 Rosy Zuklic Manager, Investor Relations
  18. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 18
    2015 Sensitivities Phillips 66 Net Income Midstream MM 10/Gal Increase in NGL price 30 1/MMBtu Increase in Natural Gas price 25 10/BBL Increase in WTI price 15 Chemicals 1/Lb Increase in Chain Margin (Ethylene, Polyethylene,…
  19. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 19
    Phillips 66 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 - -…
  20. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 20
    Non-GAAP Reconciliations PSXP Run Rate EBITDA PSXP 2014 and 2018 run rate EBITDA estimates were derived on an EBITDA-only basis. Accordingly, elements of net income including tax and depreciation information are not available. Together,…
  21. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 21
    Non-GAAP Reconciliations Millions of Dollars 2009 2010 2011 2012 2013 2014 Phillips 66 Chemicals Segment ROCE Numerator Net Income 228 486 716 823 987 1,137 After-tax interest expense - - - - - - GAAP ROCE earnings 228 486 716 823 987…
  22. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 22
    Non-GAAP Reconciliations Millions of Dollars Millions of Dollars 2009-2014 2009-2014 Marketing & Specialties Adjusted EBITDA Reconciliation 2009 2010 2011 2012 2013 2014 Average Marketing & Specialties Adjusted EBITDA Reconciliation…
  23. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 23
    Non-GAAP Reconciliations Millions of Dollars 2009-2014 Adjusted EBITDA by Segment Reconciliation 2009 2010 2011 2012 2013 2014 Average Midstream Midstream net income attributable to Phillips 66 384 384 2,147 52 469 507 657 Plus: Net…
  24. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 24
    Non-GAAP Reconciliations Millions of Dollars 2009-2014 Adjusted EBITDA by Segment Reconciliation 2009 2010 2011 2012 2013 2014 Average Refining Refining net income (loss) attributable to Phillips 66 (556) (661) 1,369 3,091 1,747 1,771…
  25. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 25
    Non-GAAP Reconciliations Millions of Dollars 2009-2014 Adjusted EBITDA by Segment Reconciliation 2009 2010 2011 2012 2013 2014 Average Marketing and Specialties Marketing and Specialties net income attributable to Phillips 66 541 655…
  26. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 26
    Non-GAAP Reconciliations Millions of Dollars 2009-2014 Adjusted EBITDA by Segment Reconciliation 2009 2010 2011 2012 2013 2014 Average Phillips 66 Phillips 66 net income attributable to Phillips 66 476 735 4,775 4,124 3,726 4,762 3,100…
  27. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 27
    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 - -…
  28. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 28
    Non-GAAP Reconciliations Millions of Dollars 2014 Marketing & Phillips 66 Midstream Chemicals Refining Specialties Corporate Phillips 66 ROCE Numerator Net Income 4,797 541 1,137 1,771 1,034 (393) After-tax interest expense 173 - -…
  29. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 29
    Non-GAAP Reconciliations Millions of Dollars Average 2009-2014 Marketing & Midstream Chemicals Refining Specialties FCF Yield Numerator Cash From Operations GAAP 559 230 2,615 563 Less: Change in Non-Cash Working Cap. (13) (0) 152…
  30. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 30
    Non-GAAP Reconciliations Millions of Dollars 2009 2010 2011 2012 2013 2014 100% CPChem Net Income 615 1,388 1,970 2,403 2,743 3,288 Plus: Income taxes 26 42 57 67 71 86 Net interest expense 58 63 18 8 (3) (2) Depreciation and…
  31. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 31
    Non-GAAP Reconciliations Millions of Dollars 2013 2014 2015 Adjusted EBITDA by Segment Reconciliation 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Average Midstream Midstream net income 114 92 152 128 194 117 124 107 78 123 Plus: Provision for income…
  32. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 32
    Non-GAAP Reconciliations Millions of Dollars 2013 2014 2015 Adjusted EBITDA by Segment Reconciliation 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Average Refining Refining net income 904 455 (30) 418 306 390 558 517 538 451 Plus: Provision for income…
  33. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 33
    Non-GAAP Reconciliations Millions of Dollars 2013 2014 2015 Adjusted EBITDA by Segment Reconciliation 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Average Corporate Corporate net income (loss) (95) (126) (113) (97) (81) (121) (91) (100) (126) (106)…
  34. CITI GLOBAL ENERGY AND UTILITIES CONFERENCE – Phillips 66 – slide 34
    Adjusted EBITDA and Distributable Cash Flow Reconciliation to Net Income MM 1Q 2015 4Q 2014 3Q 2014 2Q 2014 1Q 2014 Net Income 35.4 36.3 30.0 30.9 27.2 Plus: Depreciation 5.1 4.5 4.2 3.9 3.6 Net interest expense 5.8 2.1 1.4 1.3 0.4…

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