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1Q 2019 Earnings Presentation – Phillips 66

Phillips 66 · Apr 30, 2019 · 24 slides

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Slides

  1. 1Q 2019 Earnings Presentation – Phillips 66 – slide 1
    Ponca City Refinery Ponca City, OK April 30, 2019 FIRST QUARTER 2019 CONFERENCE CALL 1 phillips66.com NYSE: PSX
  2. 1Q 2019 Earnings Presentation – Phillips 66 – slide 2
    EXECUTING THE STRATEGY New fractionation site and Sweeny Refinery, Old Ocean, Texas 3 phillips66.com NYSE: PSX
  3. 1Q 2019 Earnings Presentation – Phillips 66 – slide 3
    1Q 2019 OVERVIEW MM (Unless Otherwise Noted) 1Q 2019 Adjusted earnings 187 Adjusted EPS1 0.40 Operating cash flow excluding working capital2 923 Adjusted capital spending3 675 Shareholder distributions4 708 Common shares…
  4. 1Q 2019 Earnings Presentation – Phillips 66 – slide 4
    1Q 2019 ADJUSTED EARNINGS MM 75 (93) 2,260 558 10 187 (2,227) (387) (9) 4Q 2018 Midstream Chemicals Refining Marketing Corporate Income Noncontrolling 1Q 2019 Adjusted & Specialties & Other Taxes Interests Adjusted…
  5. 1Q 2019 Earnings Presentation – Phillips 66 – slide 5
    MIDSTREAM MM Transportation volumes impacted by lower refinery utilization (31) (32) (30) Record Sweeny Hub operating performance 409 316 Strong Sand Hills Pipeline volumes following recent expansion 4Q 2018…
  6. 1Q 2019 Earnings Presentation – Phillips 66 – slide 6
    CHEMICALS MM New Cedar Bayou ethane cracker capacity increased to 10 4 61 1.7 million metric tons per year 98% O&P capacity utilization 227 152 Continued strong cash distributions 4Q 2018 Olefins & Specialties, Other 1Q…
  7. 1Q 2019 Earnings Presentation – Phillips 66 – slide 7
    REFINING MM 84% crude utilization (308) 85% clean product yield 2,008 (586) 7.23/BBL realized margin 148 MM pre-tax turnaround (1,132) (219) costs (201) 4Q 2018 Atlantic Gulf Central West 1Q 2019 Adjusted Basin / Coast…
  8. 1Q 2019 Earnings Presentation – Phillips 66 – slide 8
    REFINING MARGINS MARKET VS. REALIZED WORLDWIDE REFINING /BBL 2.08 (0.26) (0.63) (3.73) 9.77 7.23 1Q 2019 Configuration Secondary Feedstock Other 1Q 2019 Market Products Realized 3:2:1 Margin Avg Market Crude:…
  9. 1Q 2019 Earnings Presentation – Phillips 66 – slide 9
    MARKETING AND SPECIALTIES MM Lower global marketing margins Re-imaged over 300 branded sites 592 3 Refined products exports of (390) 200 MBPD 205 4Q 2018 Marketing Specialties 1Q 2019 Adjusted & Other Adjusted Pre-Tax…
  10. 1Q 2019 Earnings Presentation – Phillips 66 – slide 10
    1Q 2019 CASH FLOW B 0.9 0.1 (1.4) 3.0 (0.7) 0.1 (0.7) 1.3 December 31, CFO Working Debt Adjusted Shareholder Other March 31, 2018 (excluding Capital Capital Distributions 2019 Cash Working Spending2 Cash Balance1…
  11. 1Q 2019 Earnings Presentation – Phillips 66 – slide 11
    2Q 2019 OUTLOOK Global Olefins and Polyolefins Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) 70 MM 90 MM Corporate and Other costs (pre-tax) 210 MM 240 MM Beaumont Terminal…
  12. 1Q 2019 Earnings Presentation – Phillips 66 – slide 12
    Freeport Clipper QUESTIONS AND ANSWERS phillips66.com NYSE: PSX
  13. 1Q 2019 Earnings Presentation – Phillips 66 – slide 13
    Freeport Clipper Lake Charles Refinery APRIL 30, 2019 APPENDIX phillips66.com NYSE: PSX
  14. 1Q 2019 Earnings Presentation – Phillips 66 – slide 14
    2019 ESTIMATED SENSITIVITIES 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)…
  15. 1Q 2019 Earnings Presentation – Phillips 66 – slide 15
    CAPITAL STRUCTURE CONSOLIDATED PSX EXCLUDING PSXP 30% 30% 26% 29% 25% 25% 27% 22% 24% 27% 23% 22% 18% 20% 17% 14% 25.1 24.7 24.3 27.4 27.2 26.7 22.4 23.7 10.1 10.1 11.2 11.3 7.7 7.2 8.1 8.1 1.3 1.3 2.7 3.1 3.0 2.7…
  16. 1Q 2019 Earnings Presentation – Phillips 66 – slide 16
    REFINING MARGINS MARKET VS. REALIZED ATLANTIC BASIN / EUROPE /BBL Brent: 63.20/BBL 1.79 0.79 80% crude capacity utilization (1.62) (0.41) 7.21 7.76 108% market capture 1Q 2019 Configuration Secondary Feedstock Other 1Q…
  17. 1Q 2019 Earnings Presentation – Phillips 66 – slide 17
    REFINING MARGINS MARKET VS. REALIZED GULF COAST /BBL LLS: 62.40/BBL 1.94 0.01 0.18 85% crude capacity utilization (3.21) 6.52 83% market capture 5.44 1Q 2019 Configuration Secondary Feedstock Other 1Q 2019 Market…
  18. 1Q 2019 Earnings Presentation – Phillips 66 – slide 18
    REFINING MARGINS MARKET VS. REALIZED CENTRAL CORRIDOR /BBL WTI: 54.87/BBL 5.19 86% crude capacity (0.32) utilization (2.68) (6.75) 14.79 69% market capture 10.23 1Q 2019 Configuration Secondary Feedstock Other 1Q 2019…
  19. 1Q 2019 Earnings Presentation – Phillips 66 – slide 19
    REFINING MARGINS MARKET VS. REALIZED WEST COAST /BBL ANS: 64.50/BBL 3.25 (1.12) 84% crude capacity utilization (3.28) 13.29 (5.89) 47% market capture 6.25 1Q 2019 Configuration Secondary Feedstock Other 1Q 2019 Market…
  20. 1Q 2019 Earnings Presentation – Phillips 66 – slide 20
    1Q 2019 VS. 1Q 2018 ADJUSTED EARNINGS MM 36 (59) 512 54 2 (12) (329) (17) 187 1Q 2018 Midstream Chemicals Refining Marketing Corporate Income Noncontrolling 1Q 2019 Adjusted & Specialties & Other Taxes Interests…
  21. 1Q 2019 Earnings Presentation – Phillips 66 – slide 21
    1Q 2019 VS. 1Q 2018 MIDSTREAM PRE-TAX INCOME MM 40 4 (8) 316 280 1Q 2018 Transportation NGL & Other DCP 1Q 2019 Adjusted Midstream Adjusted Pre-Tax Income Pre-Tax Income 203 90 23 1Q 2019 22 phillips66.com NYSE:…
  22. 1Q 2019 Earnings Presentation – Phillips 66 – slide 22
    1Q 2019 VS. 1Q 2018 CHEMICALS PRE-TAX INCOME MM (47) (1) (11) 286 227 1Q 2018 Olefins & Specialties, Other 1Q 2019 Adjusted Polyolefins Aromatics & Adjusted Pre-Tax Income Styrenics Pre-Tax Income 219 26 (18) 1Q…
  23. 1Q 2019 Earnings Presentation – Phillips 66 – slide 23
    1Q 2019 VS. 1Q 2018 REFINING PRE-TAX INCOME (LOSS) MM 101 110 (118) (219) (216) (96) 1Q 2018 Atlantic Gulf Central West Coast 1Q 2019 Adjusted Basin / Coast Corridor Adjusted Pre-Tax Income Europe Pre-Tax Loss (7)…
  24. 1Q 2019 Earnings Presentation – Phillips 66 – slide 24
    1Q 2019 VS. 1Q 2018 MARKETING AND SPECIALTIES PRE-TAX INCOME MM 8 (25) 222 205 1Q 2018 Marketing Specialties 1Q 2019 Adjusted & Other Adjusted Pre-Tax Income Pre-Tax Income 138 67 1Q 2019 25 phillips66.com NYSE: PSX

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