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1Q Conference Call – Phillips 66

Phillips 66 · Apr 29, 2016 · 36 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. 1Q Conference Call – Phillips 66 – slide 1
    PHILLIPS 66 FIRST QUARTER CONFERENCE CALL April 29, 2016
  2. 1Q Conference Call – Phillips 66 – slide 2
    OVERVIEW 1Q 2016 Adjusted Earnings 360 MM Adjusted EPS 0.67 Operating cash flow excluding working capital 722 MM Capital expenditures and investments 750 MM Shareholder distributions 1 687 MM Net debt-to-capital ratio 23%…
  3. 1Q Conference Call – Phillips 66 – slide 3
    ADJUSTED EARNINGS 1Q 2016 VS. 4Q 2015 MM (2) (26) 710 (290) (22) (10) 360 4Q 2015 Midstream Chemicals Refining Marketing Corporate 1Q 2016 Adjusted & Specialties & Other Adjusted Earnings Earnings 40 156 86 205 (127) 1Q…
  4. 1Q Conference Call – Phillips 66 – slide 4
    MIDSTREAM OVERVIEW 1Q 2016 Transportation Stable earnings NGL Freeport LPG 80% complete PSXP Distributions to Phillips 66 up 7% DCP Midstream Focus on self-help 6
  5. 1Q Conference Call – Phillips 66 – slide 5
    MIDSTREAM 1Q 2016 VS. 4Q 2015 MM 13 (6) (9) 42 40 4Q 2015 Transportation NGL DCP 1Q 2016 Adjusted Midstream Adjusted Earnings Earnings 72 (11) (21) 1Q 2016 Adjusted Earnings 7
  6. 1Q Conference Call – Phillips 66 – slide 6
    CHEMICALS 1Q 2016 VS. 4Q 2015 MM 7 3 (36) 182 156 4Q 2015 Olefins & Specialties, Other 1Q 2016 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 145 16 (5) 1Q 2016 Adjusted Earnings 9
  7. 1Q Conference Call – Phillips 66 – slide 7
    REFINING OVERVIEW 1Q 2016 Realized margin 7.11/BBL Market capture 67% Crude utilization 94% Clean product yield 82% 10
  8. 1Q Conference Call – Phillips 66 – slide 8
    REFINING 1Q 2016 VS. 4Q 2015 MM (93) 376 (79) (101) (17) 86 4Q 2015 Atlantic Gulf Coast Central West Coast 1Q 2016 Adjusted Basin / Corridor Adjusted Earnings Europe Earnings 4 68 20 (6) 1Q 2016 Adjusted Earnings 11
  9. 1Q Conference Call – Phillips 66 – slide 9
    REFINING MARGINS MARKET VS. REALIZED 1Q 2016 WORLDWIDE REFINING /BBL 1.82 (2.20) (1.25) 10.64 (1.90) 7.11 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg Market Crude: 34.27/BBL 94% Crude…
  10. 1Q Conference Call – Phillips 66 – slide 10
    MARKETING AND SPECIALTIES 1Q 2016 VS. 4Q 2015 MM 14 (36) 227 205 4Q 2015 Marketing Specialties 1Q 2016 Adjusted & Other Adjusted Earnings Earnings 162 43 1Q 2016 Adjusted Earnings 14
  11. 1Q Conference Call – Phillips 66 – slide 11
    CORPORATE AND OTHER 1Q 2016 VS. 4Q 2015 MM 4Q 2015 Corporate 1Q 2016 Adjusted Net Interest Overhead Adjusted Net Loss Expense & Other Net Loss (117) (127) (7) (3) 15
  12. 1Q Conference Call – Phillips 66 – slide 12
    CASH FLOW 1Q 2016 B 0.7 (0.5) (0.8) 3.1 (0.7) (0.1) 1.7 December 31 CFO Working Capital Shareholder Other March 31 Cash (excluding Capital Expenditures Distributions Cash Balance* working & Balance* capital)…
  13. 1Q Conference Call – Phillips 66 – slide 13
    OUTLOOK 2Q 2016 Global Olefins & Polyolefins utilization Low-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) 100 MM Corporate & Other costs (after-tax) 120 MM - 125 MM Effective income tax rate…
  14. 1Q Conference Call – Phillips 66 – slide 14
    ESTIMATED SENSITIVITIES 2016 Annual Net Income MM Midstream - DCP (net to Phillips 66) 10/Gal Increase in NGL price 25 1/MMBtu Increase in Natural Gas price 20 10/BBL Increase in WTI price 10 Chemicals - CPChem (net to Phillips…
  15. 1Q Conference Call – Phillips 66 – slide 15
    CAPITAL STRUCTURE 2013 2016 Consolidated PSX Excluding PSXP 28% 28% 27% 27% 25% 25% 20%-30% 21% 22% 23.6 23.9 22.0 23.1 22.4 22.0 22.8 21.6 8.6 8.9 8.8 8.6 7.8 7.7 6.1 5.4 6.1 5.2 5.0 5.2 3.1 3.0 1.7 1.7 2013…
  16. 1Q Conference Call – Phillips 66 – slide 16
    REFINING MARGINS MARKET VS. REALIZED 1Q 2016 ATLANTIC BASIN / EUROPE /BBL Brent: 33.89/BBL 98% Crude Capacity Utilization 51% Market Capture (2.27) (0.86) (1.41) 11.29 (0.96) 5.79 Market Configuration Secondary Feedstock…
  17. 1Q Conference Call – Phillips 66 – slide 17
    REFINING MARGINS MARKET VS. REALIZED 1Q 2016 GULF COAST /BBL LLS: 35.14/BBL 91% Crude Capacity Utilization 86% Market Capture 3.49 (0.15) (1.92) 7.85 6.76 (2.51) Market Configuration Secondary Feedstock Other Realized 3:2:1…
  18. 1Q Conference Call – Phillips 66 – slide 18
    REFINING MARGINS MARKET VS. REALIZED 1Q 2016 CENTRAL CORRIDOR /BBL WTI: 33.27/BBL 96% Crude Capacity Utilization 70% Market Capture 3.32 (1.28) (2.01) (3.14) 10.52 7.41 Market Configuration Secondary Feedstock Other Realized…
  19. 1Q Conference Call – Phillips 66 – slide 19
    REFINING MARGINS MARKET VS. REALIZED 1Q 2016 WEST COAST /BBL ANS: 34.46/BBL 90% Crude Capacity Utilization 63% Market Capture 1.73 (3.50) (2.41) (1.63) 15.51 9.70 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  20. 1Q Conference Call – Phillips 66 – slide 20
    ADJUSTED EARNINGS 1Q 2016 VS. 1Q 2015 MM (27) (47) 834 11 (409) (2) 360 1Q 2015 Midstream Chemicals Refining Marketing Corporate 1Q 2016 Adjusted & Specialties & Other Adjusted Earnings Earnings 40 156 86 205 (127) 1Q 2016…
  21. 1Q Conference Call – Phillips 66 – slide 21
    MIDSTREAM 1Q 2016 VS. 1Q 2015 MM 7 (25) (9) 67 40 1Q 2015 Transportation NGL DCP 1Q 2016 Adjusted Midstream Adjusted Earnings Earnings 72 (11) (21) 1Q 2016 Adjusted Earnings 27
  22. 1Q Conference Call – Phillips 66 – slide 22
    CHEMICALS 1Q 2016 VS. 1Q 2015 MM 1 (38) (10) 203 156 1Q 2015 Olefins & Specialties, Other 1Q 2016 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 145 16 (5) 1Q 2016 Adjusted Earnings 28
  23. 1Q Conference Call – Phillips 66 – slide 23
    REFINING 1Q 2016 VS. 1Q 2015 MM (71) (3) 495 (175) (160) 86 1Q 2015 Atlantic Gulf Central West Coast 1Q 2016 Adjusted Basin / Coast Corridor Adjusted Earnings Europe Earnings 4 68 20 (6) 1Q 2016 Adjusted Earnings 29
  24. 1Q Conference Call – Phillips 66 – slide 24
    MARKETING AND SPECIALTIES 1Q 2016 VS. 1Q 2015 MM 18 (7) 194 205 1Q 2015 Marketing Specialties 1Q 2016 Adjusted & Other Adjusted Earnings Earnings 162 43 1Q 2016 Adjusted Earnings 30
  25. 1Q Conference Call – Phillips 66 – slide 25
    CORPORATE AND OTHER 1Q 2016 VS. 1Q 2015 MM 1Q 2015 Corporate 1Q 2016 Adjusted Net Interest Overhead Adjusted Net Loss Expense & Other Net Loss (125) (127) (1) (1) 31
  26. 1Q Conference Call – Phillips 66 – slide 26
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 1Q 4Q 1Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 385 650 987 Adjustments: Asset dispositions - - (115) Pension settlement expense - 3…
  27. 1Q Conference Call – Phillips 66 – slide 27
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 1Q 4Q 1Q Midstream Net Income (Loss) Attributable to Phillips 66 65 (77) 67 Adjustments: Impairments by equity affiliates 4 104 - Certain tax impacts -…
  28. 1Q Conference Call – Phillips 66 – slide 28
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 1Q 4Q 1Q Refining Net Income (Loss) Attributable to Phillips 66 86 410 538 Adjustments: Asset dispositions - - (5) Certain tax impacts - (69) - Pension…
  29. 1Q Conference Call – Phillips 66 – slide 29
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 1Q 4Q 1Q Midstream - Transportation Net Income (Loss) Attributable to Phillips 66 72 81 65 Adjustments: Certain tax impacts - (3) - Adjusted Net Income…
  30. 1Q Conference Call – Phillips 66 – slide 30
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 1Q 4Q 1Q Refining - Atlantic Basin / Europe Net Income (Loss) Attributable to Phillips 66 4 186 113 Adjustments: Pension settlement expense - 1 - Pending…
  31. 1Q Conference Call – Phillips 66 – slide 31
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 1Q 4Q 1Q Refining - Central Corridor Net Income (Loss) Attributable to Phillips 66 20 86 195 Adjustments: Lower-of-cost-or-market inventory adjustments -…
  32. 1Q Conference Call – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 1Q 4Q 1Q Marketing & Specialties - Marketing & Other Net Income (Loss) Attributable to Phillips 66 162 199 254 Adjustments: Asset dispositions - - (110)…
  33. 1Q Conference Call – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS 2016 YTD Phillips 66 Numerator (MM) Net Income 398 After-tax interest expense 56 GAAP ROCE earnings 454 Special Items (25) Adjusted ROCE earnings 429 Denominator (MM) GAAP average capital employed*…
  34. 1Q Conference Call – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars 2016 1Q Phillips 66 Phillips 66 Adjusted Consolidated Partners Phillips 66 Total Debt 8,835 1,091 7,744 Total Equity 23,643 809 22,834 Debt-to-Capital Ratio 27% 25% Total Cash 1,723…
  35. 1Q Conference Call – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars 2016 1Q Growth Sustaining Total Capital expenditures and investments Midstream 413 33 446 Refining 82 179 261 Marketing & Specialties 12 3 15 Corporate and Other 1 27 28 Total 508…
  36. 1Q Conference Call – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars 2016 1Q Effective Tax Rates Income before taxes 596 Special items (39) Adjusted income before taxes 557 Provision for taxes 198 Special items (14) Adjusted provision for taxes 184…

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