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Q2 2016 Earnings Presentation – Phillips 66

Phillips 66 · Jul 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. Q2 2016 Earnings Presentation – Phillips 66 – slide 1
    PHILLIPS 66 SECOND QUARTER CONFERENCE CALL July 29, 2016
  2. Q2 2016 Earnings Presentation – Phillips 66 – slide 2
    EXECUTING THE STRATEGY 3
  3. Q2 2016 Earnings Presentation – Phillips 66 – slide 3
    OVERVIEW 2Q 2016 Adjusted Earnings 499 MM Adjusted EPS 0.94 Operating cash flow 1.2 B PSXP equity offering proceeds 656 MM Capital expenditures and investments 620 MM Shareholder distributions 1 571 MM Net-debt-to-capital ratio…
  4. Q2 2016 Earnings Presentation – Phillips 66 – slide 4
    ADJUSTED EARNINGS 2Q 2016 MM 24 16 66 34 (1) 499 360 1Q 2016 Midstream Chemicals Refining Marketing Corporate 2Q 2016 Adjusted & Specialties & Other Adjusted Earnings Earnings 39 190 152 229 (111) 2Q 2016 Adjusted…
  5. Q2 2016 Earnings Presentation – Phillips 66 – slide 5
    MIDSTREAM 2Q 2016 Transportation planned maintenance MM NGL impacted by timing of seasonal 12 storage and project expenses (7) (6) DCP Midstream benefited from higher 40 39 volumes, rising commodity prices and self-help initiatives…
  6. Q2 2016 Earnings Presentation – Phillips 66 – slide 6
    CHEMICALS 2Q 2016 MM 25 9 0 Higher ethylene chain cash margin 91% O&P capacity utilization 190 156 Strong global demand 1Q 2016 Olefins & Specialties, Other 2Q 2016 Adjusted Polyolefins Aromatics & Adjusted Earnings…
  7. Q2 2016 Earnings Presentation – Phillips 66 – slide 7
    REFINING 2Q 2016 MM 63 100% crude utilization 31 35 152 84% clean product yield 86 (63) 7.13/BBL realized margin 1Q 2016 Atlantic Gulf Coast Central West Coast 2Q 2016 Adjusted Basin / Corridor Adjusted Earnings Europe…
  8. Q2 2016 Earnings Presentation – Phillips 66 – slide 8
    REFINING MARGINS MARKET VS. REALIZED 2Q 2016 WORLDWIDE REFINING /BBL (2.79) 2.22 13.84 (3.41) (2.73) 7.13 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg Market Crude: 46.17/BBL 52%…
  9. Q2 2016 Earnings Presentation – Phillips 66 – slide 9
    MARKETING AND SPECIALTIES 2Q 2016 MM 37 Strong global Marketing margins (13) Higher Marketing volumes 205 229 Lower Base Oil margins 1Q 2016 Marketing Specialties 2Q 2016 Adjusted & Other Adjusted Earnings Earnings 2Q 2016…
  10. Q2 2016 Earnings Presentation – Phillips 66 – slide 10
    CORPORATE AND OTHER 2Q 2016 MM 1Q 2016 Corporate 2Q 2016 Adjusted Net Interest Overhead Adjusted Net Loss Expense & Other Net Loss (111) (127) 14 2 11
  11. Q2 2016 Earnings Presentation – Phillips 66 – slide 11
    CASH FLOW YTD 2016 B 0.7 1.3 0.1 (1.4) (1.3) (0.3) 3.1 2.2 December 31, CFO Working PSXP Equity Capital Shareholder Other June 30, 2015 (excluding Capital Proceeds Expenditures Distributions 2016 Cash working &…
  12. Q2 2016 Earnings Presentation – Phillips 66 – slide 12
    OUTLOOK 3Q 2016 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) 100 MM - 120 MM Corporate & Other costs (after-tax) 115 MM - 125 MM Effective income tax…
  13. Q2 2016 Earnings Presentation – Phillips 66 – slide 13
    PHILLIPS 66 SECOND QUARTER 2016 CONFERENCE CALL Questions and Answers
  14. Q2 2016 Earnings Presentation – Phillips 66 – slide 14
    PHILLIPS 66 SECOND QUARTER 2016 CONFERENCE CALL Appendix
  15. Q2 2016 Earnings Presentation – Phillips 66 – slide 15
    ESTIMATED SENSITIVITIES 2016 Annual Net Income MM Midstream - DCP (net to Phillips 66) 10/Gal Increase in NGL price 25 10/MMBtu Increase in Natural Gas price 2 1/BBL Increase in WTI price 1 Chemicals - CPChem (net to Phillips 66)…
  16. Q2 2016 Earnings Presentation – Phillips 66 – slide 16
    CAPITAL STRUCTURE 2013 2016 Consolidated PSX Excluding PSXP 28% 28% 27% 27% 27% 20%-30% 25% 25% 25% 23% 22% 21% 22% 21% 20% 19% 17% 13% 24.1 14% 23.6 23.9 22.9 22.4 23.1 22.8 22.0 22.0 21.6 5% 8.6 8.9 8.8 8.9 8.6…
  17. Q2 2016 Earnings Presentation – Phillips 66 – slide 17
    REFINING MARGINS MARKET VS. REALIZED 2Q 2016 ATLANTIC BASIN / EUROPE /BBL Brent: 45.57/BBL 101% Crude Capacity Utilization 38% Market Capture (3.78) (1.77) 16.13 (1.75) (2.68) 6.15 Market Configuration Secondary Feedstock Other…
  18. Q2 2016 Earnings Presentation – Phillips 66 – slide 18
    REFINING MARGINS MARKET VS. REALIZED 2Q 2016 GULF COAST /BBL LLS: 47.34/BBL 99% Crude Capacity Utilization 50% Market Capture 4.11 (2.56) 10.39 (2.82) (3.94) 5.18 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  19. Q2 2016 Earnings Presentation – Phillips 66 – slide 19
    REFINING MARGINS MARKET VS. REALIZED 2Q 2016 CENTRAL CORRIDOR /BBL WTI: 45.48/BBL 101% Crude Capacity Utilization 66% Market Capture 4.09 (1.64) (2.93) 13.04 (3.91) 8.65 Market Configuration Secondary Feedstock Other Realized…
  20. Q2 2016 Earnings Presentation – Phillips 66 – slide 20
    REFINING MARGINS MARKET VS. REALIZED 2Q 2016 WEST COAST /BBL ANS: 45.72/BBL 97% Crude Capacity Utilization 60% Market Capture (2.82) 2.31 (4.53) (2.36) 18.34 10.94 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  21. Q2 2016 Earnings Presentation – Phillips 66 – slide 21
    ADJUSTED EARNINGS 2Q 2016 VS. 2Q 2015 MM (9) (105) 47 16 1,002 (452) 499 2Q 2015 Midstream Chemicals Refining Marketing Corporate 2Q 2016 Adjusted & Specialties & Other Adjusted Earnings Earnings 39 190 152 229 (111) 2Q…
  22. Q2 2016 Earnings Presentation – Phillips 66 – slide 22
    MIDSTREAM 2Q 2016 VS. 2Q 2015 MM 0 16 48 (25) 39 2Q 2015 Transportation NGL DCP 2Q 2016 Adjusted Midstream Adjusted Earnings Earnings 65 (17) (9) 2Q 2016 Adjusted Earnings 23
  23. Q2 2016 Earnings Presentation – Phillips 66 – slide 23
    CHEMICALS 2Q 2016 VS. 2Q 2015 MM 5 (97) (13) 295 190 2Q 2015 Olefins & Specialties, Other 2Q 2016 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 170 25 (5) 2Q 2016 Adjusted Earnings 24
  24. Q2 2016 Earnings Presentation – Phillips 66 – slide 24
    REFINING 2Q 2016 VS. 2Q 2015 MM (55) (78) 604 (161) (158) 152 2Q 2015 Atlantic Gulf Central West Coast 2Q 2016 Adjusted Basin / Coast Corridor Adjusted Earnings Europe Earnings 35 5 55 57 2Q 2016 Adjusted Earnings 25
  25. Q2 2016 Earnings Presentation – Phillips 66 – slide 25
    MARKETING AND SPECIALTIES 2Q 2016 VS. 2Q 2015 MM 65 (18) 229 182 2Q 2015 Marketing Specialties 2Q 2016 Adjusted & Other Adjusted Earnings Earnings 199 30 2Q 2016 Adjusted Earnings 26
  26. Q2 2016 Earnings Presentation – Phillips 66 – slide 26
    CORPORATE AND OTHER 2Q 2016 VS. 2Q 2015 MM 2Q 2015 Corporate 2Q 2016 Adjusted Net Interest Overhead Adjusted Net Loss Expense & Other Net Loss (111) (127) 19 (3) 27
  27. Q2 2016 Earnings Presentation – Phillips 66 – slide 27
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 Jun YTD 2Q 1Q Jun YTD 2Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 881 496 385 1,999 1,012 Pre-tax Adjustments: Asset dispositions - -…
  28. Q2 2016 Earnings Presentation – Phillips 66 – slide 28
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 Jun YTD 2Q 1Q Jun YTD 2Q Midstream Net Income (Loss) Attributable to Phillips 66 104 39 65 (11) (78) Pre-tax Adjustments: Impairments by equity affiliates 6…
  29. Q2 2016 Earnings Presentation – Phillips 66 – slide 29
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 Jun YTD 2Q 1Q Jun YTD 2Q Refining Net Income (Loss) Attributable to Phillips 66 235 149 86 1,142 604 Pre-tax Adjustments: Asset dispositions - - - (8) -…
  30. Q2 2016 Earnings Presentation – Phillips 66 – slide 30
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 Jun YTD 2Q 1Q Jun YTD 2Q Midstream - Transportation Net Income (Loss) Attributable to Phillips 66 137 65 72 130 65 Pre-tax Adjustments: Tax impact of…
  31. Q2 2016 Earnings Presentation – Phillips 66 – slide 31
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 Jun YTD 2Q 1Q Jun YTD 2Q Refining - Atlantic Basin / Europe Net Income (Loss) Attributable to Phillips 66 36 32 4 203 90 Pre-tax Adjustments: Recognition…
  32. Q2 2016 Earnings Presentation – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2016 2015 Jun YTD 2Q 1Q Jun YTD 2Q Marketing & Specialties - Marketing & Other Net Income (Loss) Attributable to Phillips 66 361 199 162 520 266 Pre-tax Adjustments:…
  33. Q2 2016 Earnings Presentation – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS 2016 June YTD Phillips 66 Numerator (MM) Net Income 914 After-tax interest expense 110 GAAP ROCE earnings 1,024 Special Items (22) Adjusted ROCE earnings 1,002 Denominator (MM) GAAP average capital…
  34. Q2 2016 Earnings Presentation – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars 2016 2Q Phillips 66 Phillips 66 Adjusted Consolidated Partners * Phillips 66 Total Debt 8,862 1,131 7,731 Total Equity 24,066 1,195 22,871 Debt-to-Capital Ratio 27% 25% Total Cash…
  35. Q2 2016 Earnings Presentation – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars Millions of Dollars 2016 2016 2Q June YTD Growth Sustaining Total Growth Sustaining Total Capital expenditures and investments Midstream 240 44 284 657 73 730 Refining 88 189 277 169 369…
  36. Q2 2016 Earnings Presentation – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars 2016 2Q Effective Tax Rates Income before taxes 720 Special items 30 Adjusted income before taxes 750 Provision for taxes 204 Special items 27 Adjusted provision for taxes 231…

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