Barclays CEO Energy 2017 Power Conference – Phillips 66

Phillips 66 · Sep 6, 2017 · 26 slides

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Slides

Barclays CEO Energy Power Conference Greg C. Garland Chairman and CEO September 6, 2017 Beaumont Terminal, Nederland, Texas
Executing Strategy Leading Operating Excellence Growth Sweeny Hub Bakken Pipeline Beaumont Terminal Phillips 66 Partners CPChem USGC Petrochemical Project Returns Billings advantaged crude U.S. marketing reimaging Distributions…
Operating Excellence Total Recordable Rates Refining Environmental Metrics (Incidents per 200,000 Hours Worked) (No. of events) Industry Average 1H 13 14 15 16 17 317 302 278 264 118 Phillips 66 CPChem DCP Midstream 2013 2014…
Environmental, Social, Governance Industry Safety Metrics Robust enterprise-wide ESG issue management (Incidents per 200,000 Hours Worked) 6 6 B invested in environmental projects and sustaining capital since 2012 4 6 of 11…
U.S. Crude Oil and Gas Plant NGL Production Source: I.H.S. 6
Midstream Macro Environment U.S. Crude Oil Export Volume (MMBD) U.S. Clean Product Exports (MMBD) 2.0 3.0 Maximum Maximum Demonstrated Exports Demonstrated Exports 2.5 1.5 2.0 1.0 1.5 1.0 0.5 0.5 0.0 0.0 2012 2013 2014 2015 2016…
Chemicals Macro Environment U.S. Ethane Supply and Demand Global PE Capacity and Demand (MMBD) (MMTA) 3.0 Exports 140 Capacity Price-sensitive Flexible Feedstock Demand Base Ethane Petchem Feedstock 2.5 U.S. Ethane Production 120…
Refining Macro Environment Global Clean Product Demand (MMBD) Global clean product demand 70 Diesel expected to grow Jet Gasoline 60 50 Global utilization rates expected in low-80s, with U.S. refining in low-90s 40 30 Strong…
Integrated Midstream Network 10
Midstream 2018E Annual Run-Rate Adjusted EBITDA (B) Platform for long-term growth 1.8 - 2.0 Focus on growing NGL value chain PSX Expand crude and products 0.9 export capability PSXP 1.1 PSXP 2018E year-end run-rate 0.7 EBITDA 1.1…
Phillips 66 Partners Distribution Growth Funding Midstream growth (cents/unit) Organic growth opportunities Sand Hills pipeline expansions (TX) STACK JV expansion (OK) Bayou Bridge pipeline extension (LA) 61.5 58.6 55.8 50.5…
DCP Midstream Well positioned in low-cost supply basins DJ Basin 0.9 Bcf/d processing Strong growth projects around existing capacity footprint Sand Hills NGL pipeline expansions to 365 MBD in Permian Mid-continent 4Q 2017, 450 MBD…
Feedstock Advantaged Chemicals Portfolio U.S. Gulf Coast Worldwide Net Ethylene Capacity: 4,770 kMTA U.S. Net Ethylene Capacity: 3,645 kMTA Middle East Net Ethylene Saudi Qatar Arabia Capacity: 1,125 kMTA 14
Chemicals Outlook 2017E Average Ethylene Production Cost Curve Middle East and North America (/Ton) NGLs remain positioned at the 1,000 Asia Coal low end of the cost curve M.E. Naphtha W. Europe W. Europe Naphtha Global ethylene…
CPChem USGC Petrochemicals Project 1,000 kMTA polyethylene at Old Ocean, TX Mechanically complete 2Q 2017 1,500 kMTA ethylene at Cedar Bayou, TX Planned mechanical completion 4Q 2017 Long-term mid-cycle EBITDA 1.2-1.4 B Focus on…
Enhancing Returns in Refining and Marketing 17
Refining PSX Global Clean Product Yield Improving returns Billings heavy crude project 85.3% 84.6% 84.6% Ponca City yield flexibility 84.1% 84.4% Wood River FCC modernization 2013 2014 2015 2016 1H 2017 Bayway FCC…
Marketing and Specialties Stable, high-return businesses Marketing Enhancing U.S. fuels brands Adding 25-30 European sites per year Expanding brand licensing Providing ratable refinery off-take Specialties Increasing value…
Capital Structure Equity and Debt Investment-grade credit ratings 23.9 23.7 23.8 22.4 22.0 PSX BBB+ / A3 30% 30% 27% PSXP BBB / Baa3 28% 26% 22% 26% 25% 21% 10.1 10.0 8.6 8.9 Over 7 B of available liquidity 6.1 3.5x…
Capital Allocation 2018E Sources and Uses of Cash Maintain financial strength, (B) investment-grade credit rating 1.4 Fund sustaining capital expenditures 1.0 1.0- 2.0 1.0- 2.0 Pay a growing, secure and 5.2 competitive dividend…
Capital Expenditures 2017E Consolidated 2.2 B Consolidated Capital Expenditures (B) 5.8 Phillips 66 2017E 1.8 B 0.8 B Growth 3.8 1.0 B Sustaining 2.8 2.2 1.8 Phillips 66 Partners 2017E 0.4 B 2018E Consolidated 2-3 B 2013 2014…
Distributions Important source of shareholder value Annual Dividend (/share) Growing, secure and competitive dividends 2.18 2.45 2.73 1.89 1.33 30% CAGR with seven increases since May 2012 2013 2014 2015 2016 2017E Cumulative…
Creating Value Mid-Cycle Incremental Run-Rate Adjusted EBITDA 1.5 B long-term expected (B) EBITDA growth for projects coming online 2017-2018 1.5 Moving from heavy-investment period to increasing net cash generation Continued…
Delivering Shareholder Returns Total Shareholder Return Integrated portfolio PSX +188% 220% Disciplined capital allocation Peers +111% 180% S&P 100 +92% 140% Returns focused 100% Value-added growth 60% Strong balance sheet…
Footnotes 1H 2017 1H 2017 is as of June 30, 2017, or the six-month period ended June 30, 2017, as applicable; except as otherwise noted. Forecasted and Estimated EBITDA We are unable to present reconciliations of various forecasted and…
Non-GAAP Reconciliation (slide 4) Millions of Dollars 2013 2014 2015 2016 1H 2017 Production and operating expenses 4,206 4,435 4,294 4,275 2,408 Selling, general and administrative expenses 1,478 1,663 1,670 1,638 823 5,684 6,098…

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