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Bank of America Merrill Lynch Refining Conference – Phillips 66

Phillips 66 · Mar 7, 2019 · 21 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. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 1
    Lake Charles Refinery MARCH 2019 BANK OF AMERICA MERRILL LYNCH REFINING CONFERENCE Robert A. Herman Executive Vice President, Refining 1 phillips66.com NYSE: PSX
  2. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 2
    DEMONSTRATED STRATEGY EXECUTION; 2017 2018 HIGHLIGHTS OPERATING EXCELLENCE Industry leading safety Top-tier refining utilization GROWTH 1.5+ B adjusted mid-cycle EBITDA from growth projects 31% increase in CPChem ethylene and…
  3. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 3
    OPERATING EXCELLENCE TOTAL RECORDABLE RATES REFINING TIER 1 PROCESS SAFETY EVENT RATE Incidents per 200,000 Hours Worked Phillips 66 CPChem DCP Midstream 1.15 1.03 0.08 0.08 Industry Average .86 0.02 0.02 0.02 .79 14 15 16…
  4. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 4
    ENVIRONMENTAL, SOCIAL, GOVERNANCE INDUSTRY SAFETY METRICS Board engaged in setting company ESG strategy Incidents per 200,000 hours worked 6 Independent lead director 4 Extensive ESG engagement 2 Industry leading safety…
  5. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 5
    RENEWABLE FUELS Project at Humber Refinery to process used cooking oil in the FCC unit 6 MBD; start-up in 2020 Long-term supply and offtake agreement with Ryze Renewables for two renewable diesel production facilities PSX will…
  6. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 6
    MIDSTREAM Integrated with Refining, Marketing and Chemicals ADJUSTED EBITDA B 1.9 Capital projects delivering EBITDA growth 1.3 1.2 PSXP integral to Midstream strategy 1.0 1.0 Crude and NGL pipelines from key shale basins to…
  7. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 7
    M I D S T R E AM G R O W T H P R O J E C T S Gray Oak Pipeline Sweeny fractionators Clemens Caverns Beaumont Terminal South Texas Gateway Terminal Bakken Pipeline Sand Hills Pipeline Bayou Bridge Pipeline Lake Charles…
  8. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 8
    CHEMICALS CPChem has a leading position in olefins and polyolefins with ADJUSTED EBITDA a feedstock advantaged portfolio B Operating excellence focus Strong free cash flow generation 2.1 1.7 1.6 USGC petrochemical assets…
  9. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 9
    REFINING Complex, integrated refining system focused on safe and ADJUSTED EBITDA B reliable operations Infrastructure network enables strong market capture; access to advantaged inland crude feedstocks 5.7 Cost and capital…
  10. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 10
    REFINING PORTFOLIO COMPETITIVENESS Industry leading coking capacity and heavy crude processing DISTILLATE PRODUCTION capability % TOTAL THROUGHPUT Largest purchaser of advantaged Canadian crude oils High distillate yield 38.2%…
  11. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 11
    MARKETING AND SPECIALTIES High-return, low capital intensity business; optimize ADJUSTED EBITDA B placement of Refining production 1.4B Average Enhancing US fuels brands; growing and reimage European sites 1.4 1.5 1.6 1.4…
  12. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 12
    EARNINGS AND CAPITAL STRUCTURE ADJUSTED EBITDA EQUITY AND DEBT B 28% 27% 30% 29% 27% 28% 25% 26% 25% 10.1 22% 7.9 8.6 27.4 27.2 5.9 4.7 23.9 23.7 22.0 14 15 16 17 18 10.1 10.1 11.2 ADJUSTED RETURN ON CAPITAL…
  13. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 13
    CAPITAL ALLOCATION Disciplined capital allocation SOURCES AND USES OF CASH B Fund sustaining capital to maintain asset integrity 1 1.5 Committed to a secure, competitive and growing dividend 6.5 5.5 2 Investing in growth…
  14. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 14
    EXECUTING STRATEGY OPERATING EXCELLENCE Safe and reliable operations TOTAL SHAREHOLDER RETURN Technology driven cost efficiencies 340% GROWTH Pipelines from key shale basins to Gulf Coast PSX +247% 300% Crude export capability…
  15. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 15
    Lake Charles FreeportRefinery Clipper AP P E N D I X phillips66.com NYSE: PSX
  16. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 16
    N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 7 ) Millions of Dollars 2014 2015 2016 2017 2018 Reconciliation of Midstream Pre-Tax Income to Adjusted EBITDA Midstream pre-tax income 851 147 402 638 1,181 Plus: Interest…
  17. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 17
    N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 9 ) Millions of Dollars 2014 2015 2016 2017 2018 Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA Chemicals pre-tax income 1,632 1,315 839 716 1,025 Plus: None…
  18. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 18
    N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 1 0 ) Millions of Dollars 2014 2015 2016 2017 2018 Reconciliation of Refining Pre-Tax Income to Adjusted EBITDA Refining pre-tax income 2,467 3,659 436 2,076 4,535 Plus:…
  19. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 19
    N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 1 2 ) Millions of Dollars 2014 2015 2016 2017 2018 Reconciliation of Marketing and Specialties Pre-Tax Income to Adjusted EBITDA Marketing and Specialties pre-tax income 1,475…
  20. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 20
    N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 1 3 ) Millions of Dollars 2014 2015 2016 2017 2018 Reconciliation of Phillips 66 Pre-Tax Income to Adjusted EBITDA Phillips 66 pre-tax income 5,745 6,044 2,191 3,555 7,445…
  21. Bank of America Merrill Lynch Refining Conference – Phillips 66 – slide 21
    N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 1 3 ) Millions of Dollars 2014 2015 2016 2017 2018 Phillips 66 ROCE Numerator Net income 4,797 4,280 1,644 5,248 5,873 After-tax interest expense 173 201 220 285 398 GAAP ROCE…

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