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Q1 2018 Presentation – Phillips 66

Phillips 66 · Apr 27, 2018 · 38 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. Q1 2018 Presentation – Phillips 66 – slide 1
    PHILLIPS 66 FIRST QUARTER 2018 CONFERENCE CALL April 27, 2018
  2. Q1 2018 Presentation – Phillips 66 – slide 2
    EXECUTING THE STRATEGY CPChem Cedar Bayou Facility, Baytown, Texas 3
  3. Q1 2018 Presentation – Phillips 66 – slide 3
    OVERVIEW 1Q 2018 Adjusted earnings 512 MM Adjusted EPS 1.04 Operating cash flow excluding working capital 1,303 MM Capital expenditures and investments 328 MM Shareholder distributions1 3,840 MM (1) Shareholder distributions…
  4. Q1 2018 Presentation – Phillips 66 – slide 4
    ADJUSTED EARNINGS 1Q 2018 MM 111 91 50 3 (269) (22) 548 512 4Q 2017 Midstream Chemicals Refining Marketing Corporate Noncontrolling 1Q 2018 Adjusted & Specialties & Other Interests Adjusted Earnings Earnings 233 232 89…
  5. Q1 2018 Presentation – Phillips 66 – slide 5
    MIDSTREAM 1Q 2018 MM Transportation volumes impacted by refinery turnarounds 53 10 28 Continued strong Sweeny Hub volumes 233 142 Improved DCP Midstream financial position 4Q 2017 Transportation NGL and Other DCP 1Q 2018…
  6. Q1 2018 Presentation – Phillips 66 – slide 6
    CHEMICALS 1Q 2018 MM 96% O&P capacity utilization 129 Cedar Bayou returned to full (16) (2) operations post-Hurricane Harvey 232 CPChem started up new world- 121 scale ethane cracker 4Q 2017 Olefins & Specialties, Other 1Q 2018…
  7. Q1 2018 Presentation – Phillips 66 – slide 7
    REFINING 1Q 2018 MM Heavy turnaround schedule with 245 MM of pre-tax costs 89% crude utilization 358 (193) 83% clean product yield 11 (71) (16) 89 9.29/BBL realized margin 4Q 2017 Atlantic Gulf Coast Central West Coast 1Q…
  8. Q1 2018 Presentation – Phillips 66 – slide 8
    REFINING MARGINS MARKET VS. REALIZED 1Q 2018 WORLDWIDE REFINING /BBL 1.63 (1.91) (1.47) (2.08) 13.12 9.29 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg Market Crude: 65.56/BBL 71% Market…
  9. Q1 2018 Presentation – Phillips 66 – slide 9
    MARKETING AND SPECIALTIES 1Q 2018 MM Marketing benefited from improved realized margins 42 8 Refined products exports of 190,000 BPD 174 124 Excel Paralubes JV restructuring completed 4Q 2017 Marketing Specialties 1Q 2018…
  10. Q1 2018 Presentation – Phillips 66 – slide 10
    CORPORATE AND OTHER 1Q 2018 MM 4Q 2017 1Q 2018 Adjusted Adjusted Net Loss US Tax Reform Other Net Loss (140) (162) 9 (31) 11
  11. Q1 2018 Presentation – Phillips 66 – slide 11
    CASH FLOW 1Q 2018 B 1.3 (0.8) (0.3) 3.1 1.5 (0.2) 0.8 (3.8) December 31, CFO Working Capital Shareholder Debt Other March 31, 2017 (excluding Capital Expenditures Distributions 2018 Cash Working & Investments Cash…
  12. Q1 2018 Presentation – Phillips 66 – slide 12
    OUTLOOK 2Q 2018 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) 90 MM - 120 MM Corporate & Other costs (after-tax) 170 MM - 190 MM 13
  13. Q1 2018 Presentation – Phillips 66 – slide 13
    PHILLIPS 66 FIRST QUARTER 2018 CONFERENCE CALL Questions and Answers
  14. Q1 2018 Presentation – Phillips 66 – slide 14
    PHILLIPS 66 FIRST QUARTER 2018 CONFERENCE CALL Appendix
  15. Q1 2018 Presentation – Phillips 66 – slide 15
    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)…
  16. Q1 2018 Presentation – Phillips 66 – slide 16
    CAPITAL STRUCTURE 2015 2018 Consolidated PSX Excluding PSXP 32% 30% 31% 28% 27% 27% 26% 27% 25% 24% 22% 20% 20% 18% 17% 23.1 22.4 25.1 14% 22.0 23.9 23.7 27.4 24.3 8.9 10.1 10.1 11.6 7.8 7.7 7.2 8.7 3.1 2.7 3.1…
  17. Q1 2018 Presentation – Phillips 66 – slide 17
    REFINING MARGINS MARKET VS. REALIZED 1Q 2018 ATLANTIC BASIN / EUROPE /BBL Brent: 66.76/BBL 78% Crude Capacity Utilization 62% Market Capture 1.47 (1.02) (2.77) 11.60 (2.11) 7.17 Market Configuration Secondary Feedstock Other…
  18. Q1 2018 Presentation – Phillips 66 – slide 18
    REFINING MARGINS MARKET VS. REALIZED 1Q 2018 GULF COAST /BBL LLS: 65.79/BBL 93% Crude Capacity Utilization 62% Market Capture 2.00 (2.28) (1.17) (2.61) 10.81 6.75 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  19. Q1 2018 Presentation – Phillips 66 – slide 19
    REFINING MARGINS MARKET VS. REALIZED 1Q 2018 CENTRAL CORRIDOR /BBL WTI: 62.88/BBL 93% Crude Capacity Utilization 103% Market Capture 5.36 (0.56) (1.18) (3.18) 15.67 16.11 Market Configuration Secondary Feedstock Other Realized…
  20. Q1 2018 Presentation – Phillips 66 – slide 20
    REFINING MARGINS MARKET VS. REALIZED 1Q 2018 WEST COAST /BBL ANS: 66.96/BBL 93% Crude Capacity Utilization 50% Market Capture (2.28) 1.05 (3.58) 16.69 (3.56) 8.32 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  21. Q1 2018 Presentation – Phillips 66 – slide 21
    ADJUSTED EARNINGS 1Q 2018 VS. 1Q 2017 MM 33 91 (32) 31 (26) 121 512 294 1Q 2017 Midstream Chemicals Refining Marketing Corporate Noncontrolling 1Q 2018 Adjusted & Specialties & Other Interests Adjusted Earnings…
  22. Q1 2018 Presentation – Phillips 66 – slide 22
    MIDSTREAM 1Q 2018 VS. 1Q 2017 MM 56 7 58 233 112 1Q 2017 Transportation NGL and Other DCP 1Q 2018 Adjusted Midstream Adjusted Net Income Net Income 136 73 24 1Q 2018 23
  23. Q1 2018 Presentation – Phillips 66 – slide 23
    CHEMICALS 1Q 2018 VS. 1Q 2017 MM 63 (27) (5) 232 201 1Q 2017 Olefins & Specialties, Other 1Q 2018 Adjusted Polyolefins Aromatics & Adjusted Net Income Styrenics Net Income 224 18 (10) 1Q 2018 24
  24. Q1 2018 Presentation – Phillips 66 – slide 24
    REFINING 1Q 2018 VS. 1Q 2017 MM 39 141 89 (2) (23) (66) 1Q 2017 Atlantic Gulf Central West Coast 1Q 2018 Adjusted Basin / Coast Corridor Adjusted Net Loss Europe Net Income (73) 1 203 (42) 1Q 2018 25
  25. Q1 2018 Presentation – Phillips 66 – slide 25
    MARKETING AND SPECIALTIES 1Q 2018 VS. 1Q 2017 MM 28 5 174 141 1Q 2017 Marketing Specialties 1Q 2018 Adjusted & Other Adjusted Net Income Net Income 129 45 1Q 2018 26
  26. Q1 2018 Presentation – Phillips 66 – slide 26
    CORPORATE AND OTHER 1Q 2018 VS. 1Q 2017 MM 1Q 2017 1Q 2018 Adjusted Adjusted Net Loss US Tax Reform Other Net Loss (130) (162) (27) (5) 27
  27. Q1 2018 Presentation – Phillips 66 – slide 27
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 1Q 4Q 1Q Phillips 66 Consolidated Earnings 524 3,198 535 Pre-tax Adjustments: Pension settlement expense - 7 - Impairments by equity affiliates - 31 33…
  28. Q1 2018 Presentation – Phillips 66 – slide 28
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 1Q 4Q 1Q Midstream Net Income 233 139 112 Pre-tax Adjustments: Pension settlement expense 1 Hurricane-related costs 6 Tax impact of adjustments (4)…
  29. Q1 2018 Presentation – Phillips 66 – slide 29
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 1Q 4Q 1Q Refining Net Income 91 371 259 Pre-tax Adjustments: Gain on consolidation of business (423) Certain tax impacts (2) (23) Pension settlement…
  30. Q1 2018 Presentation – Phillips 66 – slide 30
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 1Q 4Q 1Q Midstream - Transportation Net Income 136 105 78 Pre-tax Adjustments: Hurricane-related costs 5 Tax impact of adjustments (2) Adjusted Net…
  31. Q1 2018 Presentation – Phillips 66 – slide 31
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 1Q 4Q 1Q Refining - Atlantic Basin / Europe Net Income (Loss) (73) 142 (50) Pre-tax Adjustments: Pension settlement expense 1 Certain tax impacts (23)…
  32. Q1 2018 Presentation – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 1Q 4Q 1Q Refining - Central Corridor Net Income 203 191 62 Pre-tax Adjustments: Pension settlement expense 2 Tax impact of adjustments (1) Adjusted Net Income…
  33. Q1 2018 Presentation – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 1Q 4Q 1Q Marketing & Specialties - Marketing & Other Net Income 139 86 124 Pre-tax Adjustments: Pension settlement expense 1 Certain tax impacts (13) Tax…
  34. Q1 2018 Presentation – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars 2018 1Q Atlantic Gulf Coast Central Corridor West Coast Worldwide Basin/Europe Realized Refining Margins Net income (loss) (73) 1 203 (40) 91 Plus: Income tax expense (benefit) (35) (1)…
  35. Q1 2018 Presentation – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS 2018 March YTD Phillips 66 Numerator (MM) Net Income 585 After-tax interest expense 97 GAAP ROCE earnings 682 After-tax special items (19) Adjusted ROCE earnings 663 Denominator (MM) GAAP average…
  36. Q1 2018 Presentation – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars 2018 1Q Phillips 66 Phillips 66 Adjusted Consolidated Partners * Phillips 66 Total Debt 11,621 2,946 8,675 Total Equity 24,300 2,343 21,957 Debt-to-Capital Ratio 32% 28% Total…
  37. Q1 2018 Presentation – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS Millions of Dollars 2018 1Q Growth Sustaining Total Capital Expenditures and Investments Midstream 103 33 136 Refining 60 112 172 Marketing & Specialties 7 6 13 Corporate and Other 1 6 7 Total 171 157…
  38. Q1 2018 Presentation – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS PSX Effective Tax Rate: Millions of Dollars 2018 1Q Effective Tax Rates Income before taxes 717 Special items (31) Adjusted income before taxes 686 Income tax expense 132 Special items (12) Adjusted…

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