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4Q2018 Earnings Conference Call Presentation – Phillips 66

Phillips 66 · Feb 8, 2019 · 27 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. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 1
    PHILLIPS 66 FOURTH QUARTER 2018 CONFERENCE CALL February 8, 2019 1
  2. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 2
    EXECUTING THE STRATEGY New fractionation site and Sweeny Refinery, Old Ocean, Texas 3
  3. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 3
    OVERVIEW 2018 MM (unless otherwise noted) Adjusted earnings 5,550 Adjusted EPS1 11.71 Operating cash flow 7,573 Capital expenditures and investments 2,639 Shareholder distributions2 6,081 Net-debt-to-capital ratio 23% ROCE3…
  4. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 4
    CASH FLOW 2018 B 1.0 7.9 (0.3) (2.6) (6.1) 3.1 3.0 December 31, CFO Working Debt Capital Shareholder December 31, 2017 (excluding Capital Expenditures Distributions 2018 Cash Working & Investments Cash Balance*…
  5. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 5
    OVERVIEW 4Q 2018 MM (unless otherwise noted) Adjusted earnings 2,260 Adjusted EPS1 4.87 Operating cash flow 4,139 Capital expenditures and investments 994 Shareholder distributions2 864 (1) Dollars per share (2) Shareholder…
  6. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 6
    ADJUSTED EARNINGS 4Q 2018 MM 207 22 745 1 (157) 97 (111) 2,260 1,456 3Q 2018 Midstream Chemicals Refining Marketing Corporate Income Tax Noncontrolling 4Q 2018 Adjusted & Specialties & Other Expense Interests Adjusted…
  7. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 7
    MIDSTREAM 4Q 2018 MM Strong Bakken Pipeline volumes 24 48 25 Increased transportation volumes associated with strong refinery utilization rates 409 312 DCP Midstream completed Sand Hills Pipeline expansion 3Q 2018…
  8. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 8
    CHEMICALS 4Q 2018 MM Continued strong cash distributions 95% O&P capacity utilization (67) 263 (35) (9) Seasonally lower sales volumes 152 O&P and SA&S impacted by higher turnaround costs 3Q 2018 Olefins & Specialties, Other 4Q…
  9. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 9
    REFINING 4Q 2018 MM 99% crude utilization 342 71 247 86% clean product yield 85 2,008 16.53/BBL realized margin 1,263 130 MM pre-tax turnaround costs 3Q 2018 Atlantic Gulf Central West 4Q 2018 Adjusted Basin / Coast…
  10. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 10
    REFINING MARGINS MARKET VS. REALIZED 4Q 2018 WORLDWIDE REFINING /BBL 3.57 3.79 0.35 (0.29) 16.53 9.11 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg Market Crude: 65.50/BBL 181% Market…
  11. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 11
    MARKETING AND SPECIALTIES 4Q 2018 MM Captured strong margins in a 205 2 favorable market Re-imaged 466 branded sites 592 385 Refined products exports of 249 MBPD 3Q 2018 Marketing Specialties 4Q 2018 Adjusted & Other Adjusted…
  12. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 12
    CORPORATE AND OTHER 4Q 2018 MM 3Q 2018 Net Interest Corporate 4Q 2018 Adjusted Expense Overhead Adjusted Pre-Tax Loss & Other Pre-Tax Loss (201) (223) 13 9 13
  13. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 13
    OUTLOOK 1Q 2019 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-80% Refining turnaround expenses (pre-tax) 140 MM - 170 MM Corporate & Other costs (pre-tax) 210 MM - 240 MM 2019 Refining turnaround…
  14. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 14
    PHILLIPS 66 FOURTH QUARTER 2018 CONFERENCE CALL Questions and Answers 15
  15. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 15
    PHILLIPS 66 FOURTH QUARTER 2018 CONFERENCE CALL Appendix 16
  16. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 16
    ESTIMATED SENSITIVITIES 2019 Annual EBITDA MM Midstream - DCP (net to Phillips 66) 10/Gal Increase in NGL price 6 10/MMBtu Increase in Natural Gas price 1 1/BBL Increase in WTI price 1 Chemicals - CPChem (net to Phillips 66) 1/Lb…
  17. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 17
    CAPITAL STRUCTURE 2016 2018 Consolidated PSX Excluding PSXP 32% 31% 31% 30% 31% 29% 29% 28% 27% 28% 26% 27% 26% 27% 25% 24% 25% 23% 23% 22% 20% 18% 17% 27.4 27.2 14% 25.0 25.8 25.1 24.7 23.7 24.3 23.4 22.4 22.0…
  18. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 18
    REFINING MARGINS MARKET VS. REALIZED 4Q 2018 ATLANTIC BASIN / EUROPE /BBL Brent: 67.76/BBL 98% Crude Capacity Utilization 159% Market Capture 3.39 1.94 1.48 (2.53) 11.54 7.26 Market Configuration Secondary Feedstock Other…
  19. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 19
    REFINING MARGINS MARKET VS. REALIZED 4Q 2018 GULF COAST /BBL LLS: 66.55/BBL 100% Crude Capacity Utilization 230% Market Capture 3.36 3.29 0.59 11.84 (0.54) 5.14 Market Configuration Secondary Feedstock Other Realized 3:2:1…
  20. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 20
    REFINING MARGINS MARKET VS. REALIZED 4Q 2018 CENTRAL CORRIDOR /BBL WTI: 59.09/BBL 106% Crude Capacity Utilization 210% Market Capture 6.93 11.26 0.21 30.60 (2.37) 14.57 Market Configuration Secondary Feedstock Other…
  21. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 21
    REFINING MARGINS MARKET VS. REALIZED 4Q 2018 WEST COAST /BBL ANS: 68.65/BBL 87% Crude Capacity Utilization 112% Market Capture 1.43 3.48 (0.51) (2.88) 14.18 12.66 Market Configuration Secondary Feedstock Other Realized…
  22. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 22
    ADJUSTED EARNINGS 4Q 2018 VS. 4Q 2017 MM 424 25 1,498 (420) (19) 2,260 213 (9) 548 4Q 2017 Midstream Chemicals Refining Marketing Corporate Income Tax Noncontrolling 4Q 2018 Adjusted & Specialties & Other Expense Interests…
  23. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 23
    MIDSTREAM 4Q 2018 VS. 4Q 2017 MM 27 104 82 409 196 4Q 2017 Transportation NGL and Other DCP 4Q 2018 Adjusted Midstream Adjusted Pre-Tax Income Pre-Tax Income 234 122 53 4Q 2018 24
  24. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 24
    CHEMICALS 4Q 2018 VS. 4Q 2017 MM 22 (19) (12) 161 152 4Q 2017 Olefins & Specialties, Other 4Q 2018 Adjusted Polyolefins Aromatics Adjusted Pre-Tax Income & Styrenics Pre-Tax Income 158 16 (22) 4Q 2018 25
  25. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 25
    REFINING 4Q 2018 VS. 4Q 2017 MM 106 887 361 2,008 144 510 4Q 2017 Atlantic Gulf Central West Coast 4Q 2018 Adjusted Basin / Coast Corridor Adjusted Pre-Tax Income Europe Pre-Tax Income 301 468 1,188 51 4Q 2018 26
  26. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 26
    MARKETING AND SPECIALTIES 4Q 2018 VS. 4Q 2017 MM 417 7 592 168 4Q 2017 Marketing Specialties 4Q 2018 Adjusted Pre- & Other Adjusted Tax Income Pre-Tax Income 528 64 4Q 2018 27
  27. 4Q2018 Earnings Conference Call Presentation – Phillips 66 – slide 27
    CORPORATE AND OTHER 4Q 2018 VS. 4Q 2017 MM 4Q 2017 Net Interest Corporate 4Q 2018 Adjusted Expense Overhead Adjusted Pre-Tax Loss & Other Pre-Tax Loss (201) (226) 26 (1) 28

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