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Q3 2015 Conference Call – Phillips 66

Phillips 66 · Oct 30, 2015 · 41 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. Q3 2015 Conference Call – Phillips 66 – slide 1
    PHILLIPS 66 THIRD QUARTER CONFERENCE CALL October 30, 2015
  2. Q3 2015 Conference Call – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Q3 2015 Conference Call – Phillips 66 – slide 3
    OVERVIEW 3Q 2015 Adjusted Earnings 1.6 B Adjusted EPS 3.02 Operating cash flow excluding working capital 1.5 B Capital expenditures and investments 1.0 B Shareholder distributions 673 MM Adjusted net debt-to-capital ratio 12%…
  4. Q3 2015 Conference Call – Phillips 66 – slide 4
    ADJUSTED EARNINGS 3Q 2015 VS. 2Q 2015 MM 162 15 448 43 (23) 1,647 1,002 2Q 2015 Midstream Chemicals Refining Marketing Corporate 3Q 2015 Adjusted & Specialties & Other Adjusted Earnings Earnings 91 272 1,052 344 (112) 3Q…
  5. Q3 2015 Conference Call – Phillips 66 – slide 5
    MIDSTREAM OVERVIEW 3Q 2015 Transportation Higher volumes, lower operating costs NGL Strong margins PSXP Distributions up 7% DCP Midstream Improved marketing margins ROCE 5% ROCE is annualized adjusted YTD 6
  6. Q3 2015 Conference Call – Phillips 66 – slide 6
    MIDSTREAM 3Q 2015 VS. 2Q 2015 MM 7 24 12 91 48 2Q 2015 Transportation NGL DCP 3Q 2015 Adjusted Midstream Adjusted Earnings Earnings 77 32 (18) 3Q 2015 Adjusted Earnings 7
  7. Q3 2015 Conference Call – Phillips 66 – slide 7
    CHEMICALS OVERVIEW 3Q 2015 Olefins & Polyolefins Higher volumes and lower costs Specialties, Aromatics & Styrenics Lower margins and volumes ROCE 21% ROCE is annualized adjusted YTD 8
  8. Q3 2015 Conference Call – Phillips 66 – slide 8
    CHEMICALS 3Q 2015 VS. 2Q 2015 MM (6) 4 (21) 295 272 2Q 2015 Olefins & Specialties, Other 3Q 2015 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 261 17 (6) 3Q 2015 Adjusted Earnings 9
  9. Q3 2015 Conference Call – Phillips 66 – slide 9
    REFINING OVERVIEW 3Q 2015 Realized refining margin 13.96/BBL Worldwide market capture 72% Refining crude utilization 96% Clean product yield 84% ROCE 21% ROCE is annualized adjusted YTD 10
  10. Q3 2015 Conference Call – Phillips 66 – slide 10
    REFINING 3Q 2015 VS. 2Q 2015 MM 156 202 (13) 103 1,052 604 2Q 2015 Atlantic Gulf Coast Central Western / 3Q 2015 Adjusted Basin / Corridor Pacific Adjusted Earnings Europe Earnings 193 285 372 202 3Q 2015 Adjusted…
  11. Q3 2015 Conference Call – Phillips 66 – slide 11
    REFINING MARGINS MARKET VS. REALIZED 3Q 2015 WORLDWIDE REFINING /BBL (4.14) 0.75 0.31 (2.47) 19.51 13.96 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg Market Crude: 49.54/BBL 96% Crude…
  12. Q3 2015 Conference Call – Phillips 66 – slide 12
    MARKETING AND SPECIALTIES OVERVIEW 3Q 2015 Marketing Higher global margins and volumes Specialties Strong lubricants margins ROCE 33% ROCE is annualized adjusted YTD 13
  13. Q3 2015 Conference Call – Phillips 66 – slide 13
    MARKETING AND SPECIALTIES 3Q 2015 VS. 2Q 2015 MM 157 5 344 182 2Q 2015 Marketing Specialties 3Q 2015 Adjusted & Other Adjusted Earnings Earnings 291 53 3Q 2015 Adjusted Earnings 14
  14. Q3 2015 Conference Call – Phillips 66 – slide 14
    CORPORATE AND OTHER 3Q 2015 VS. 2Q 2015 MM 2Q 2015 3Q 2015 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (112) (127) 6 6 3 15
  15. Q3 2015 Conference Call – Phillips 66 – slide 15
    CAPITAL STRUCTURE 2013 3Q 2015 Consolidated PSX Excluding PSXP 28% 28% 28% 29% 27% 26% 26% 25% 20%-30% 22% 22% 24. 0 23. 2 23. 2 22. 6 22. 4 22. 4 22. 0 22. 0 21. 6 21. 8 8. 7 8. 9 9. 0 9. 0 8. 7 7. 8 7. 9 7. 9 6. 2…
  16. Q3 2015 Conference Call – Phillips 66 – slide 16
    CASH FLOW YTD 2015 B 1.5 4.1 0.1 (0.8) (3.3) (2.0) 5.2 4.8 December CFO Working PSXP Bond & Debt Capital Shareholder September 2014 Cash (excluding Capital Equity Proceeds Repayment Expenditures Distributions 2015…
  17. Q3 2015 Conference Call – Phillips 66 – slide 17
    OUTLOOK 4Q 2015 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) 150 MM Corporate & Other costs (after-tax) 110 MM - 120 MM Effective income tax rate Mid-30%…
  18. Q3 2015 Conference Call – Phillips 66 – slide 18
    PHILLIPS 66 THIRD QUARTER 2015 CONFERENCE CALL Questions and Answers
  19. Q3 2015 Conference Call – Phillips 66 – slide 19
    PHILLIPS 66 THIRD QUARTER 2015 CONFERENCE CALL Appendix
  20. Q3 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. Q3 2015 Conference Call – Phillips 66 – slide 21
    REFINING MARGINS MARKET VS. REALIZED 3Q 2015 ATLANTIC BASIN / EUROPE /BBL Brent: 50.26/BBL 97% Crude Capacity Utilization 56% Market Capture (3.96) (1.14) (2.06) 18.32 (0.89) 10.27 Market Configuration Secondary Feedstock…
  22. Q3 2015 Conference Call – Phillips 66 – slide 22
    REFINING MARGINS MARKET VS. REALIZED 3Q 2015 GULF COAST /BBL LLS: 50.13/BBL 100% Crude Capacity Utilization 80% Market Capture 1.71 (3.07) 2.00 13.34 (3.26) 10.72 Market Configuration Secondary Feedstock Other Realized…
  23. Q3 2015 Conference Call – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 3Q 2015 CENTRAL CORRIDOR /BBL WTI: 46.37/BBL 91% Crude Capacity Utilization 95% Market Capture 2.93 1.10 (2.91) (2.18) 22.03 20.97 Market Configuration Secondary Feedstock Other Realized…
  24. Q3 2015 Conference Call – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 3Q 2015 WESTERN / PACIFIC /BBL ANS: 51.44/BBL 96% Crude Capacity Utilization 60% Market Capture 2.68 (6.30) (3.53) (5.25) 30.69 18.29 Market Configuration Secondary Feedstock Other…
  25. Q3 2015 Conference Call – Phillips 66 – slide 25
    ADJUSTED EARNINGS 3Q 2015 VS. 3Q 2014 MM 85 494 (21) (24) (27) 1,647 1,140 3Q 2014 Midstream Chemicals Refining Marketing Corporate 3Q 2015 Adjusted & Specialties & Other Adjusted Earnings Earnings 91 272 1,052 344…
  26. Q3 2015 Conference Call – Phillips 66 – slide 26
    MIDSTREAM 3Q 2015 VS. 3Q 2014 MM 19 6 (49) 115 91 3Q 2014 Transportation NGL DCP 3Q 2015 Adjusted Midstream Adjusted Earnings Earnings 77 32 (18) 3Q 2015 Adjusted Earnings 27
  27. Q3 2015 Conference Call – Phillips 66 – slide 27
    CHEMICALS 3Q 2015 VS. 3Q 2014 MM 2 (29) 0 299 272 3Q 2014 Olefins & Specialties, Other 3Q 2015 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 261 17 (6) 3Q 2015 Adjusted Earnings 28
  28. Q3 2015 Conference Call – Phillips 66 – slide 28
    REFINING 3Q 2015 VS. 3Q 2014 MM 178 219 44 53 1,052 558 3Q 2014 Atlantic Gulf Central Western / 3Q 2015 Adjusted Basin / Coast Corridor Pacific Adjusted Earnings Europe Earnings 193 285 372 202 3Q 2015 Adjusted…
  29. Q3 2015 Conference Call – Phillips 66 – slide 29
    MARKETING AND SPECIALTIES 3Q 2015 VS. 3Q 2014 MM 75 10 344 259 3Q 2014 Marketing Specialties 3Q 2015 Adjusted & Other Adjusted Earnings Earnings 291 53 3Q 2015 Adjusted Earnings 30
  30. Q3 2015 Conference Call – Phillips 66 – slide 30
    CORPORATE AND OTHER 3Q 2015 VS. 3Q 2014 MM 3Q 2014 3Q 2015 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (91) (112) (7) (1) (13) 31
  31. Q3 2015 Conference Call – Phillips 66 – slide 31
    CASH FLOW 3Q 2015 B 1.5 0.0 (1.0) (0.7) (0.1) 5.1 4.8 June 30 CFO Working Capital Shareholder Other September 30 Cash (excluding Capital Expenditures Distributions Cash Balance* working & Balance* capital)…
  32. Q3 2015 Conference Call – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Sep YTD 3Q 2Q Sep YTD 3Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 3,577 1,578 1,012 3,615 1,180 Adjustments: Asset dispositions (265) (18)…
  33. Q3 2015 Conference Call – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Sep YTD 3Q 2Q Sep YTD 3Q Midstream Net Income (Loss) Attributable to Phillips 66 90 101 (78) 411 115 Adjustments: Pension settlement expense 6 6 - - -…
  34. Q3 2015 Conference Call – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Sep YTD 3Q 2Q Sep YTD 3Q Refining Net Income (Loss) Attributable to Phillips 66 2,145 1,003 604 1,254 558 Adjustments: Asset dispositions (5) - - - - Pension…
  35. Q3 2015 Conference Call – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Sep YTD 3Q 2Q Sep YTD 3Q Midstream - Transportation Net Income (Loss) Attributable to Phillips 66 207 77 65 180 58 Adjustments: Adjusted Net Income (Loss)…
  36. Q3 2015 Conference Call – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Sep YTD 3Q 2Q Sep YTD 3Q Refining - Atlantic Basin / Europe Net Income (Loss) Attributable to Phillips 66 383 180 90 141 140 Adjustments: Pension settlement…
  37. Q3 2015 Conference Call – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Sep YTD 3Q 2Q Sep YTD 3Q Refining - Central Corridor Net Income (Loss) Attributable to Phillips 66 771 360 216 785 328 Adjustments: Pension settlement…
  38. Q3 2015 Conference Call – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2015 2014 Sep YTD 3Q 2Q Sep YTD 3Q Marketing & Specialties - Marketing & Other Net Income (Loss) Attributable to Phillips 66 805 285 266 537 325 Adjustments: Asset…
  39. Q3 2015 Conference Call – Phillips 66 – slide 39
    NON-GAAP RECONCILIATIONS Marketing 2015 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 3,614 132 750 2,145 956 After-tax interest expense 153 - - - - GAAP ROCE earnings 3,767 132 750 2,145…
  40. Q3 2015 Conference Call – Phillips 66 – slide 40
    NON-GAAP RECONCILIATIONS Millions of Dollars 2015 3Q Phillips 66 Phillips 66 Adjusted Consolidated Partners Phillips 66 Total Debt 8,951 1,100 7,851 Total Equity 24,032 805 23,227 Debt-to-Capital Ratio 27% 25% Total Cash 4,822…
  41. Q3 2015 Conference Call – Phillips 66 – slide 41
    NON-GAAP RECONCILIATIONS Millions of Dollars 2015 3Q Effective Tax Rates Income before taxes 2,359 Special items 99 Adjusted income before taxes 2,458 Provision for taxes 767 Special items 30 Adjusted provision for taxes 797…

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