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Q4 2017 Presentation – Phillips 66

Phillips 66 · Feb 2, 2018 · 39 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. Q4 2017 Presentation – Phillips 66 – slide 1
    PHILLIPS 66 FOURTH QUARTER 2017 CONFERENCE CALL February 2, 2018
  2. Q4 2017 Presentation – Phillips 66 – slide 2
    EXECUTING THE STRATEGY Billings Refinery, Billings, MT 3
  3. Q4 2017 Presentation – Phillips 66 – slide 3
    OVERVIEW 4Q 2017 Adjusted earnings 548 MM Adjusted EPS 1.07 Operating cash flow 1,931 MM Capital expenditures and investments 537 MM Shareholder distributions1 816 MM (1) Shareholder distributions include share repurchases…
  4. Q4 2017 Presentation – Phillips 66 – slide 4
    ADJUSTED EARNINGS 4Q 2017 MM 43 (32) (190) (87) (13) (31) 858 548 3Q 2017 Midstream Chemicals Refining Marketing Corporate Noncontrolling 4Q 2017 Adjusted & Specialties & Other Interests Adjusted Earnings Earnings 142 121…
  5. Q4 2017 Presentation – Phillips 66 – slide 5
    MIDSTREAM 4Q 2017 MM Completed Merey Sweeny and 13 Bakken Pipeline interest dropdown 20 to PSXP 10 Transportation benefited from higher volumes 142 99 Record Sweeny Hub volumes DCP Midstream benefited from higher commodity prices…
  6. Q4 2017 Presentation – Phillips 66 – slide 6
    CHEMICALS 4Q 2017 79% O&P capacity utilization MM Cedar Bayou hurricane recovery 12 (2) (42) 153 New ethane cracker at Cedar 121 Bayou achieved mechanical completion 3Q 2017 Olefins & Specialties, Other 4Q 2017 Adjusted…
  7. Q4 2017 Presentation – Phillips 66 – slide 7
    REFINING 4Q 2017 MM 100% crude utilization (52) (5) (6) 87% clean product yield (127) 548 358 8.98/BBL realized margin 99 MM pre-tax turnaround costs 3Q 2017 Atlantic Gulf Coast Central West Coast 4Q 2017 Adjusted Basin /…
  8. Q4 2017 Presentation – Phillips 66 – slide 8
    REFINING MARGINS MARKET VS. REALIZED 4Q 2017 WORLDWIDE REFINING /BBL (1.44) 0.82 (1.99) (2.39) 13.98 8.98 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg Market Crude: 59.89/BBL 64% Market…
  9. Q4 2017 Presentation – Phillips 66 – slide 9
    MARKETING AND SPECIALTIES 4Q 2017 Marketing margins impacted by MM rising prices Seasonally lower demand (76) 211 (11) 124 Re-imaged over 140 branded sites 3Q 2017 Marketing Specialties 4Q 2017 Adjusted & Other Adjusted Net…
  10. Q4 2017 Presentation – Phillips 66 – slide 10
    CORPORATE AND OTHER 4Q 2017 MM 3Q 2017 Corporate 4Q 2017 Adjusted Net Interest Overhead Adjusted Net Loss Expense & Other Net Loss (127) (140) 1 (14) 11
  11. Q4 2017 Presentation – Phillips 66 – slide 11
    OVERVIEW 2017 Adjusted earnings 2.3 B Adjusted EPS 4.38 Operating cash flow 3.6 B PSXP equity proceeds 1.2 B Capital expenditures and investments 1.8 B Shareholder distributions1 3.0 B Net-debt-to-capital ratio 20% Adjusted ROCE…
  12. Q4 2017 Presentation – Phillips 66 – slide 12
    CASH FLOW 2017 B 1.2 3.6 (1.8) 0.4 (3.0) 2.7 3.1 December 31, Operating Cash PSXP Equity Capital Shareholder Other December 31, 2016 Flow Proceeds Expenditures Distributions 2017 Cash & Investments Cash Balance*…
  13. Q4 2017 Presentation – Phillips 66 – slide 13
    OUTLOOK 1Q 2018 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-80% Refining turnaround expenses (pre-tax) 230 MM - 260 MM Corporate & Other costs (after-tax) 160 MM - 180 MM 2018 Refining turnaround…
  14. Q4 2017 Presentation – Phillips 66 – slide 14
    PHILLIPS 66 FOURTH QUARTER 2017 CONFERENCE CALL Questions and Answers
  15. Q4 2017 Presentation – Phillips 66 – slide 15
    PHILLIPS 66 FOURTH QUARTER 2017 CONFERENCE CALL Appendix
  16. Q4 2017 Presentation – Phillips 66 – slide 16
    ESTIMATED SENSITIVITIES 2018 Annual Net Income MM Midstream - DCP (net to Phillips 66) 10/Gal Increase in NGL price 5 10/MMBtu Increase in Natural Gas price 1 1/BBL Increase in WTI price 1 Chemicals - CPChem (net to Phillips 66)…
  17. Q4 2017 Presentation – Phillips 66 – slide 17
    CAPITAL STRUCTURE 2015 2017 Consolidated PSX Excluding PSXP 30% 30% 30% 30% 27% 27% 27% 27% 25% 26% 25% 25% 26% 25% 24% 22% 22% 21% 20% 20% 20% 18% 27.4 17% 14% 23.9 25.1 23.7 23.7 23.8 24.0 23.1 22.4 22.4 22.4…
  18. Q4 2017 Presentation – Phillips 66 – slide 18
    REFINING MARGINS MARKET VS. REALIZED 4Q 2017 ATLANTIC BASIN / EUROPE /BBL Brent: 61.39/BBL 104% Crude Capacity Utilization 62% Market Capture (0.95) (0.11) (2.35) (1.70) 13.43 8.32 Market Configuration Secondary Feedstock…
  19. Q4 2017 Presentation – Phillips 66 – slide 19
    REFINING MARGINS MARKET VS. REALIZED 4Q 2017 GULF COAST /BBL LLS: 61.05/BBL 102% Crude Capacity Utilization 57% Market Capture 2.31 (1.72) 11.12 (2.58) (2.75) 6.38 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  20. Q4 2017 Presentation – Phillips 66 – slide 20
    REFINING MARGINS MARKET VS. REALIZED 4Q 2017 CENTRAL CORRIDOR /BBL WTI: 55.35/BBL 92% Crude Capacity Utilization 81% Market Capture 2.66 (1.20) (2.52) (2.54) 18.76 15.16 Market Configuration Secondary Feedstock Other Realized…
  21. Q4 2017 Presentation – Phillips 66 – slide 21
    REFINING MARGINS MARKET VS. REALIZED 4Q 2017 WEST COAST /BBL ANS: 61.52/BBL 98% Crude Capacity Utilization 56% Market Capture (1.01) 1.14 (3.46) 14.11 (2.82) 7.96 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  22. Q4 2017 Presentation – Phillips 66 – slide 22
    ADJUSTED EARNINGS 4Q 2017 VS. 4Q 2016 MM 453 (16) (16) (26) 548 73 (3) 83 4Q 2016 Midstream Chemicals Refining Marketing Corporate Noncontrolling 4Q 2017 Adjusted & Specialties & Other Interests Adjusted Earnings Earnings…
  23. Q4 2017 Presentation – Phillips 66 – slide 23
    MIDSTREAM 4Q 2017 VS. 4Q 2016 MM 20 13 40 142 69 4Q 2016 Transportation NGL and Other DCP 4Q 2017 Adjusted Midstream Adjusted Net Income Net Income 108 20 14 4Q 2017 24
  24. Q4 2017 Presentation – Phillips 66 – slide 24
    CHEMICALS 4Q 2017 VS. 4Q 2016 MM 10 (3) (10) 124 121 4Q 2016 Olefins & Specialties, Other 4Q 2017 Adjusted Polyolefins Aromatics & Adjusted Net Income Styrenics Net Income 95 34 (8) 4Q 2017 25
  25. Q4 2017 Presentation – Phillips 66 – slide 25
    REFINING 4Q 2017 VS. 4Q 2016 MM 135 173 358 123 (95) 22 4Q 2016 Atlantic Gulf Central West Coast 4Q 2017 Adjusted Basin / Coast Corridor Adjusted Net Loss Europe Net Income 120 72 192 (26) 4Q 2017 26
  26. Q4 2017 Presentation – Phillips 66 – slide 26
    MARKETING AND SPECIALTIES 4Q 2017 VS. 4Q 2016 MM 11 (27) 140 124 4Q 2016 Marketing Specialties 4Q 2017 Adjusted & Other Adjusted Net Income Net Income 87 37 4Q 2017 27
  27. Q4 2017 Presentation – Phillips 66 – slide 27
    CORPORATE AND OTHER 4Q 2017 VS. 4Q 2016 MM 4Q 2016 Corporate 4Q 2017 Adjusted Net Interest Overhead Adjusted Net Loss Expense & Other Net Loss (124) (140) (13) (3) 28
  28. Q4 2017 Presentation – Phillips 66 – slide 28
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2017 2016 Year 4Q 3Q Year 4Q Phillips 66 Net Income Attributable to Phillips 66 5,106 3,198 823 1,555 163 Pre-tax Adjustments: Pending claims and settlements (60) -…
  29. Q4 2017 Presentation – Phillips 66 – slide 29
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2017 2016 Year 4Q 3Q Year 4Q Midstream Net Income 464 139 117 280 35 Pre-tax Adjustments: Pending claims and settlements (37) (37) (45) Pension settlement expense 12…
  30. Q4 2017 Presentation – Phillips 66 – slide 30
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2017 2016 Year 4Q 3Q Year 4Q Refining Net Income (Loss) 1,404 371 550 374 (38) Pre-tax Adjustments: Pending claims and settlements (51) (30) (70) Pension settlement…
  31. Q4 2017 Presentation – Phillips 66 – slide 31
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2017 2016 Year 4Q 3Q Year 4Q Midstream - Transportation Net Income 376 105 119 311 70 Pre-tax Adjustments: Pending claims and settlements (37) (37) Hurricane-related…
  32. Q4 2017 Presentation – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2017 2016 Year 4Q 3Q Year 4Q Refining - Atlantic Basin / Europe Net Income 370 142 171 204 163 Pre-tax Adjustments: Pending claims and settlements (7) (2) Pension…
  33. Q4 2017 Presentation – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2017 2016 Year 4Q 3Q Year 4Q Refining - Central Corridor Net Income 477 191 197 234 17 Pre-tax Adjustments: Pending claims and settlements (7) (2) Pension settlement…
  34. Q4 2017 Presentation – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2017 2016 Year 4Q 3Q Year 4Q Marketing & Specialties - Marketing & Other Net Income 551 86 160 747 158 Pre-tax Adjustments: Pension settlement expense 11 1 3…
  35. Q4 2017 Presentation – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars 2017 4Q Atlantic Gulf Coast Central Corridor West Coast Worldwide Basin/Europe Realized Refining Margins Net income (loss) 142 64 191 (26) 371 Plus: Income tax expense (benefit) 37 29…
  36. Q4 2017 Presentation – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS 2017 Phillips 66 Numerator (MM) Net Income 5,248 After-tax interest expense 285 GAAP ROCE earnings 5,533 After-tax special items (2,837) Adjusted ROCE earnings 2,696 Denominator (MM) GAAP average…
  37. Q4 2017 Presentation – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS Millions of Dollars 2017 December 31 Phillips 66 Phillips 66 Adjusted Consolidated Partners * Phillips 66 Total Debt 10,110 2,945 7,165 Total Equity 27,428 2,314 25,114 Debt-to-Capital Ratio 27% 22%…
  38. Q4 2017 Presentation – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS Millions of Dollars Millions of Dollars 2017 2017 4Q Year Growth Sustaining Total Growth Sustaining Total Capital Expenditures and Investments Midstream 152 60 212 597 174 771 Refining 58 172 230 323 530…
  39. Q4 2017 Presentation – Phillips 66 – slide 39
    NON-GAAP RECONCILIATIONS PSX Effective Tax Rate Millions of Dollars 2017 4Q Year Effective Tax Rates Income before taxes 654 3,555 Special items 155 (149) Adjusted income before taxes 809 3,406 Provision for taxes (2,601)…

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