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Q2 2015 Conference Call – Phillips 66

Phillips 66 · Jul 31, 2015 · 40 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 2015 Conference Call – Phillips 66 – slide 1
    PHILLIPS 66 SECOND QUARTER CONFERENCE CALL July 31, 2015
  2. Q2 2015 Conference Call – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Q2 2015 Conference Call – Phillips 66 – slide 3
    OVERVIEW 2Q 2015 Adjusted Earnings 1.0 B Adjusted EPS 1.83 Operating cash flow excluding working capital 1.8 B Capital expenditures and investments 1.2 B Shareholder distributions 636 MM Adjusted net debt-to-capital ratio 11%…
  4. Q2 2015 Conference Call – Phillips 66 – slide 4
    ADJUSTED EARNINGS 2Q 2015 VS. 1Q 2015 MM 109 92 (12) (2) (19) 1,002 834 1Q 2015 Midstream Chemicals Refining Marketing Corporate 2Q 2015 Adjusted & Specialties & Other Adjusted Earnings Earnings 48 295 604 182 (127) 2Q 2015…
  5. Q2 2015 Conference Call – Phillips 66 – slide 5
    MIDSTREAM OVERVIEW 2Q 2015 Transportation Increased volumes NGL Sweeny Frac One 90% complete PSXP Distributions up 8% DCP Midstream Low energy prices ROCE 5% ROCE is annualized adjusted YTD 6
  6. Q2 2015 Conference Call – Phillips 66 – slide 6
    MIDSTREAM 2Q 2015 VS. 1Q 2015 MM 0 (6) (13) 67 48 1Q 2015 Transportation NGL DCP 2Q 2015 Adjusted Midstream Adjusted Earnings Earnings 65 8 (25) 2Q 2015 Adjusted Earnings 7
  7. Q2 2015 Conference Call – Phillips 66 – slide 7
    CHEMICALS OVERVIEW 2Q 2015 Olefins & Polyolefins Improved margins and volumes Specialties, Aromatics & Styrenics Higher margins ROCE 21% ROCE is annualized adjusted YTD 8
  8. Q2 2015 Conference Call – Phillips 66 – slide 8
    CHEMICALS 2Q 2015 VS. 1Q 2015 MM 12 84 (4) 295 203 1Q 2015 Olefins & Specialties, Other 2Q 2015 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 267 38 (10) 2Q 2015 Adjusted Earnings 9
  9. Q2 2015 Conference Call – Phillips 66 – slide 9
    REFINING OVERVIEW 2Q 2015 Realized refining margin 11.70/BBL Worldwide market capture 62% Refining crude utilization 90% Clean product yield 84% ROCE 16% ROCE is annualized adjusted YTD 10
  10. Q2 2015 Conference Call – Phillips 66 – slide 10
    REFINING 2Q 2015 VS. 1Q 2015 MM 61 12 21 15 604 495 1Q 2015 Atlantic Gulf Coast Central Western / 2Q 2015 Adjusted Basin / Corridor Pacific Adjusted Earnings Europe Earnings 90 83 216 215 2Q 2015 Adjusted Earnings 11
  11. Q2 2015 Conference Call – Phillips 66 – slide 11
    REFINING MARGINS MARKET VS. REALIZED 2Q 2015 WORLDWIDE REFINING /BBL (3.69) 2.24 (3.39) (2.40) 18.94 11.70 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg Market Crude: 61.51/BBL 90%…
  12. Q2 2015 Conference Call – Phillips 66 – slide 12
    MARKETING AND SPECIALTIES OVERVIEW 2Q 2015 Marketing Higher U.S. volumes Specialties Continued strong lubes margins ROCE 25% ROCE is annualized adjusted YTD 13
  13. Q2 2015 Conference Call – Phillips 66 – slide 13
    MARKETING AND SPECIALTIES 2Q 2015 VS. 1Q 2015 MM (10) (2) 194 182 1Q 2015 Marketing Specialties 2Q 2015 Adjusted & Other Adjusted Earnings Earnings 134 48 2Q 2015 Adjusted Earnings 14
  14. Q2 2015 Conference Call – Phillips 66 – slide 14
    CORPORATE AND OTHER 2Q 2015 VS. 1Q 2015 MM 1Q 2015 2Q 2015 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (125) (127) 9 4 (15) 15
  15. Q2 2015 Conference Call – Phillips 66 – slide 15
    CAPITAL STRUCTURE 2013 2Q 2015 Fully consolidated PSX Excluding PSXP 28% 28% 29% 28% 26% 26% 20% - 30% 22% 22% 22.4 22.6 23.2 22.4 22.0 22.0 21.6 21.8 8.7 8.9 9.0 8.7 7.8 7.9 6.2 6.2 5.4 5.2 5.4 5.1 5.0 5.2 5.3…
  16. Q2 2015 Conference Call – Phillips 66 – slide 16
    CASH FLOW 2Q 2015 B 1.8 (0.3) (1.2) (0.6) 5.4 5.1 March 31 CFO Working Capital Shareholder June 30 Cash (excluding Capital Expenditures Distributions Cash Balance* working & Balance* capital) Investments * Includes…
  17. Q2 2015 Conference Call – Phillips 66 – slide 17
    OUTLOOK 3Q 2015 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) 120 MM Corporate & Other costs (after-tax) 110 MM - 120 MM Effective income tax rate Mid-30%…
  18. Q2 2015 Conference Call – Phillips 66 – slide 18
    PHILLIPS 66 SECOND QUARTER 2015 CONFERENCE CALL Questions and Answers
  19. Q2 2015 Conference Call – Phillips 66 – slide 19
    PHILLIPS 66 SECOND QUARTER 2015 CONFERENCE CALL Appendix
  20. Q2 2015 Conference Call – Phillips 66 – slide 20
    ESTIMATED SENSITIVITIES 2015 Annual Net Income MM Midstream - DCP (net to Phillips 66) 10/Gal Increase in NGL price 30 1/MMBtu Increase in Natural Gas price 25 10/BBL Increase in WTI price 15 Chemicals - CPChem (net to Phillips…
  21. Q2 2015 Conference Call – Phillips 66 – slide 21
    REFINING MARGINS MARKET VS. REALIZED 2Q 2015 ATLANTIC BASIN / EUROPE /BBL Brent: 61.92/BBL 81% Crude Capacity Utilization 53% Market Capture (4.16) (1.95) (2.20) 19.86 (1.10) 10.45 Market Configuration Secondary Feedstock…
  22. Q2 2015 Conference Call – Phillips 66 – slide 22
    REFINING MARGINS MARKET VS. REALIZED 2Q 2015 GULF COAST /BBL LLS: 62.95/BBL 90% Crude Capacity Utilization 55% Market Capture (3.03) 2.97 13.52 (1.94) (4.14) 7.38 Market Configuration Secondary Feedstock Other Realized…
  23. Q2 2015 Conference Call – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 2Q 2015 CENTRAL CORRIDOR /BBL WTI: 57.84/BBL 101% Crude Capacity Utilization 70% Market Capture 3.78 (2.13) (3.36) (4.14) 19.34 13.49 Market Configuration Secondary Feedstock Other…
  24. Q2 2015 Conference Call – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 2Q 2015 WESTERN / PACIFIC /BBL ANS: 62.91/BBL 94% Crude Capacity Utilization 71% Market Capture 4.73 (5.55) (2.95) (4.38) 28.02 19.87 Market Configuration Secondary Feedstock Other…
  25. Q2 2015 Conference Call – Phillips 66 – slide 25
    ADJUSTED EARNINGS 2Q 2015 VS. 2Q 2014 MM 214 20 (6) (60) (29) 1,002 863 2Q 2014 Midstream Chemicals Refining Marketing Corporate 2Q 2015 Adjusted & Specialties & Other Adjusted Earnings Earnings 48 295 604 182 (127) 2Q 2015…
  26. Q2 2015 Conference Call – Phillips 66 – slide 26
    MIDSTREAM 2Q 2015 VS. 2Q 2014 MM 5 (7) 108 (58) 48 2Q 2014 Transportation NGL DCP 2Q 2015 Adjusted Midstream Adjusted Earnings Earnings 65 8 (25) 2Q 2015 Adjusted Earnings 27
  27. Q2 2015 Conference Call – Phillips 66 – slide 27
    CHEMICALS 2Q 2015 VS. 2Q 2014 MM 17 (3) (43) 324 295 2Q 2014 Olefins & Specialties, Other 2Q 2015 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 267 38 (10) 2Q 2015 Adjusted Earnings 28
  28. Q2 2015 Conference Call – Phillips 66 – slide 28
    REFINING 2Q 2015 VS. 2Q 2014 MM 138 127 (35) (16) 604 390 2Q 2014 Atlantic Gulf Central Western / 2Q 2015 Adjusted Basin / Coast Corridor Pacific Adjusted Earnings Europe Earnings 90 83 216 215 2Q 2015 Adjusted Earnings…
  29. Q2 2015 Conference Call – Phillips 66 – slide 29
    MARKETING AND SPECIALTIES 2Q 2015 VS. 2Q 2014 MM 15 5 182 162 2Q 2014 Marketing Specialties 2Q 2015 Adjusted & Other Adjusted Earnings Earnings 134 48 2Q 2015 Adjusted Earnings 30
  30. Q2 2015 Conference Call – Phillips 66 – slide 30
    CORPORATE AND OTHER 2Q 2015 VS. 2Q 2014 MM 2Q 2014 2Q 2015 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (121) (127) 8 (10) (4) 31
  31. Q2 2015 Conference Call – Phillips 66 – slide 31
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Jun YTD 2Q 1Q Jun YTD 2Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 1,999 1,012 987 2,435 863 Adjustments: Asset dispositions (247) (132)…
  32. Q2 2015 Conference Call – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Jun YTD 2Q 1Q Jun YTD 2Q Midstream Net Income (Loss) Attributable to Phillips 66 (11) (78) 67 296 108 Adjustments: Impairments by equity affiliates 126 126…
  33. Q2 2015 Conference Call – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Jun YTD 2Q 1Q Jun YTD 2Q Refining Net Income (Loss) Attributable to Phillips 66 1,142 604 538 696 390 Adjustments: Asset dispositions (5) - (5) - - Pending…
  34. Q2 2015 Conference Call – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Jun YTD 2Q 1Q Jun YTD 2Q Midstream - Transportation Net Income (Loss) Attributable to Phillips 66 130 65 65 122 60 Adjustments: Adjusted Net Income (Loss)…
  35. Q2 2015 Conference Call – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Jun YTD 2Q 1Q Jun YTD 2Q Refining - Atlantic Basin / Europe Net Income (Loss) Attributable to Phillips 66 203 90 113 1 (37) Adjustments: Impairments - - - -…
  36. Q2 2015 Conference Call – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Jun YTD 2Q 1Q Jun YTD 2Q Refining - Central Corridor Net Income (Loss) Attributable to Phillips 66 411 216 195 457 232 Adjustments: Adjusted Net Income…
  37. Q2 2015 Conference Call – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Jun YTD 2Q 1Q Jun YTD 2Q Marketing & Specialties - Marketing & Other Net Income (Loss) Attributable to Phillips 66 520 266 254 212 119 Adjustments: Asset…
  38. Q2 2015 Conference Call – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS Marketing 2015 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 2,022 16 498 1,142 618 After-tax interest expense 107 - - - - GAAP ROCE earnings 2,129 16 498 1,142 618…
  39. Q2 2015 Conference Call – Phillips 66 – slide 39
    NON-GAAP RECONCILIATIONS Millions of Dollars 2015 2Q Phillips 66 Phillips 66 Adjusted Consolidated Partners Phillips 66 Total Debt 8,965 1,100 7,865 Total Equity 23,223 802 22,421 Debt-to-Capital Ratio 28% 26% Total Cash 5,089…
  40. Q2 2015 Conference Call – Phillips 66 – slide 40
    NON-GAAP RECONCILIATIONS Millions of Dollars 2015 2Q Effective Tax Rates Income before taxes 1,465 Special items 57 Adjusted income before taxes 1,522 Provision for taxes 440 Special items 67 Adjusted provision for taxes 507…

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