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2Q 2018 Earnings Conference Call – Phillips 66

Phillips 66 · Aug 6, 2018 · 40 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. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 1
    PHILLIPS 66 SECOND QUARTER 2018 CONFERENCE CALL July 27, 2018 1
  2. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 2
    EXECUTING THE STRATEGY Bayway Refinery, Linden, New Jersey 3
  3. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 3
    OVERVIEW 2Q 2018 MM (unless otherwise noted) 2Q 2018 Adjusted earnings 1,322 Adjusted EPS1 2.80 Operating cash flow 2,364 Capital expenditures and investments 538 Shareholder distributions2 602 (1) Dollars per share (2)…
  4. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 4
    ADJUSTED EARNINGS 2Q 2018 MM 822 21 (21) (11) 1,322 30 (31) 512 1Q 2018 Midstream Chemicals Refining Marketing Corporate Noncontrolling 2Q 2018 Adjusted & Specialties & Other Interests Adjusted Earnings Earnings 202…
  5. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 5
    MIDSTREAM 2Q 2018 MM Higher transportation volumes following refinery turnarounds 1 (23) (9) NGL volumes exceeded design capacity 233 202 Increased DCP volumes 1Q 2018 Transportation NGL and Other DCP 2Q 2018 Adjusted…
  6. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 6
    CHEMICALS 2Q 2018 MM 95% O&P capacity utilization 14 23 (7) Strong operations at new U.S. Gulf Coast assets 262 232 Higher SA&S results following 1Q turnarounds 1Q 2018 Olefins & Specialties, Other 2Q 2018 Adjusted…
  7. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 7
    REFINING 2Q 2018 MM 100% crude utilization 155 84% clean product yield 189 274 12.28/BBL realized margin 911 204 60 MM pre-tax turnaround costs 89 1Q 2018 Atlantic Gulf Coast Central West Coast 2Q 2018 Adjusted Basin /…
  8. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 8
    REFINING MARGINS MARKET VS. REALIZED 2Q 2018 WORLDWIDE REFINING /BBL 3.15 (2.17) (0.75) (2.81) 14.86 12.28 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg Market Crude: 72.41/BBL 83%…
  9. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 9
    MARKETING AND SPECIALTIES 2Q 2018 MM Strong marketing margins 16 5 Marketing volumes higher due to seasonal demand 195 174 Refined products exports of 200,000 BPD Reimaged 250 marketing sites 1Q 2018 Marketing Specialties 2Q…
  10. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 10
    CORPORATE AND OTHER 2Q 2018 MM 1Q 2018 Corporate 2Q 2018 Adjusted Net Interest Overhead Adjusted Net Loss Expense & Other Net Loss (162) (183) (12) (9) 11
  11. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 11
    CASH FLOW 2Q 2018 B 0.7 1.7 (0.5) 0.1 (0.6) (0.3) 1.9 0.8 March 31 CFO Working Capital Shareholder Debt Other June 30 Cash (excluding Capital Expenditures Distributions Cash Balance* Working & Investments Balance*…
  12. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 12
    OUTLOOK 3Q 2018 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) 60 MM - 80 MM Corporate & Other costs (after-tax) 170 MM - 190 MM 13
  13. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 13
    PHILLIPS 66 SECOND QUARTER 2018 CONFERENCE CALL Questions and Answers 14
  14. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 14
    PHILLIPS 66 SECOND QUARTER 2018 CONFERENCE CALL Appendix 15
  15. 2Q 2018 Earnings Conference Call – 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. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 16
    CAPITAL STRUCTURE 2015 2018 Consolidated PSX Excluding PSXP 32% 31% 30% 31% 28% 27% 27% 28% 27% 26% 27% 25% 24% 23% 20% 22% 20% 18% 17% 27.4 23.9 24.3 25.0 25.1 14% 23.7 23.1 22.6 22.4 22.0 11.6 11.4 8.9 10.1…
  17. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 17
    REFINING MARGINS MARKET VS. REALIZED 2Q 2018 ATLANTIC BASIN / EUROPE /BBL Brent: 74.35/BBL 92% Crude Capacity Utilization 73% Market Capture (2.03) (0.42) (1.10) (0.21) 14.18 10.42 Market Configuration Secondary Feedstock…
  18. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 18
    REFINING MARGINS MARKET VS. REALIZED 2Q 2018 GULF COAST /BBL LLS: 73.11/BBL 102% Crude Capacity Utilization 87% Market Capture 4.22 (1.92) (1.14) 11.39 (2.62) 9.93 Market Configuration Secondary Feedstock Other Realized…
  19. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 19
    REFINING MARGINS MARKET VS. REALIZED 2Q 2018 CENTRAL CORRIDOR /BBL WTI: 67.99/BBL 104% Crude Capacity Utilization 97% Market Capture 6.16 (0.69) (1.79) (4.21) 18.04 17.51 Market Configuration Secondary Feedstock Other…
  20. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 20
    REFINING MARGINS MARKET VS. REALIZED 2Q 2018 WEST COAST /BBL ANS: 74.10/BBL 100% Crude Capacity Utilization 68% Market Capture (2.59) 2.26 (0.98) 18.74 (4.66) 12.77 Market Configuration Secondary Feedstock Other Realized…
  21. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 21
    ADJUSTED EARNINGS 2Q 2018 VS. 2Q 2017 MM 678 (23) (35) (34) 66 101 1,322 569 2Q 2017 Midstream Chemicals Refining Marketing Corporate Noncontrolling 2Q 2018 Adjusted & Specialties & Other Interests Adjusted Earnings…
  22. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 22
    MIDSTREAM 2Q 2018 VS. 2Q 2017 MM 36 2 63 202 101 2Q 2017 Transportation NGL and Other DCP 2Q 2018 Adjusted Midstream Adjusted Net Income Net Income 137 50 15 2Q 2018 23
  23. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 23
    CHEMICALS 2Q 2018 VS. 2Q 2017 MM 11 68 (13) 262 196 2Q 2017 Olefins & Specialties, Other 2Q 2018 Adjusted Polyolefins Aromatics Adjusted Net Income & Styrenics Net Income 247 32 (17) 2Q 2018 24
  24. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 24
    REFINING 2Q 2018 VS. 2Q 2017 MM 74 363 219 911 233 22 2Q 2017 Atlantic Gulf Central West Coast 2Q 2018 Adjusted Basin / Coast Corridor Adjusted Net Income Europe Net Income 131 275 392 113 2Q 2018 25
  25. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 25
    MARKETING AND SPECIALTIES 2Q 2018 VS. 2Q 2017 MM 17 (40) 218 195 2Q 2017 Marketing Specialties 2Q 2018 Adjusted & Other Adjusted Net Income Net Income 145 50 2Q 2018 26
  26. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 26
    CORPORATE AND OTHER 2Q 2018 VS. 2Q 2017 MM 2Q 2017 Corporate 2Q 2018 Adjusted Net Interest Overhead Adjusted Net Loss Expense & Other Net Loss (148) (183) (34) (1) 27
  27. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 27
    CASH FLOW YTD 2018 B 3.0 (0.1) (0.9) 1.2 3.1 1.9 (4.4) December 31, CFO Working Capital Shareholder Debt June 30, 2017 (excluding Capital Expenditures Distributions 2018 Cash Working & Investments Cash Balance*…
  28. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 28
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 Jun YTD 2Q 1Q Jun YTD 2Q Phillips 66 Consolidated Earnings 1,863 1,339 524 1,085 550 Pre-tax Adjustments: Pending claims and settlements (24) (24) Pension…
  29. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 29
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 Jun YTD 2Q 1Q Jun YTD 2Q Midstream Net Income 435 202 233 208 96 Pre-tax Adjustments: Pension settlement expense 8 8 Tax impact of adjustments (3) (3)…
  30. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 30
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 Jun YTD 2Q 1Q Jun YTD 2Q Refining Net Income 1,001 910 91 483 224 Pre-tax Adjustments: Pending claims and settlements (21) (21) Gain on consolidation of…
  31. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 31
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 Jun YTD 2Q 1Q Jun YTD 2Q Corporate and Other Net Loss (362) (207) (155) (279) (149) Pre-tax Adjustments: Pending claims and settlements (3) (3) Pension…
  32. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 Jun YTD 2Q 1Q Jun YTD 2Q Midstream - Transportation Net Income 273 137 136 152 74 Pre-tax Adjustments: Tax impact of adjustments Adjusted Net Income 273 137…
  33. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 Jun YTD 2Q 1Q Jun YTD 2Q Refining - Atlantic Basin / Europe Net Income (Loss) 58 131 (73) 57 107 Pre-tax Adjustments: Pending claims and settlements (5) (5)…
  34. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 Jun YTD 2Q 1Q Jun YTD 2Q Refining - Central Corridor Net Income 595 392 203 89 27 Pre-tax Adjustments: Pending claims and settlements (5) (5) Pension…
  35. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2018 2017 Jun YTD 2Q 1Q Jun YTD 2Q Marketing & Specialties - Marketing & Other Net Income 326 187 139 305 181 Pre-tax Adjustments: Certain tax impacts (69) (56)…
  36. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars 2018 2Q Atlantic Central Basin/Europe Gulf Coast Corridor West Coast Worldwide Realized Refining Margins Net income 131 275 392 112 910 Plus: Income tax expense 33 91 129 27 280 Taxes…
  37. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS 2018 June YTD Phillips 66 Numerator (MM) Net Income 1,989 After-tax interest expense 204 GAAP ROCE earnings 2,193 After-tax Special items (36) Adjusted ROCE earnings 2,157 Denominator (MM) GAAP average…
  38. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS Millions of Dollars 2018 2Q Phillips 66 Phillips 66 Adjusted Consolidated Partners * Phillips 66 Total Debt 11,364 2,946 8,418 Total Equity 24,960 2,391 22,569 Debt-to-Capital Ratio 31% 27% Total Cash…
  39. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 39
    NON-GAAP RECONCILIATIONS Millions of Dollars Millions of Dollars 2018 2018 2Q June YTD Growth Sustaining Total Growth Sustaining Total Capital Expenditures and Investments Midstream 300 39 339 403 72 475 Refining 41 112 153 100…
  40. 2Q 2018 Earnings Conference Call – Phillips 66 – slide 40
    NON-GAAP RECONCILIATIONS PSX Effective Tax Rate: Millions of Dollars 2018 2Q Effective Tax Rates Income before taxes 1,835 Special items (55) Adjusted income before taxes 1,780 Income tax expense 431 Special items (38)…

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