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2Q 2019 Conference Call – Phillips 66

Phillips 66 · Jul 26, 2019 · 24 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 2019 Conference Call – Phillips 66 – slide 1
    Freeport Terminal LPG Facility Freeport, Texas July 26, 2019 SECOND QUARTER 2019 CONFERENCE CALL 1 phillips66.com NYSE: PSX
  2. 2Q 2019 Conference Call – Phillips 66 – slide 2
    EXECUTING THE STRATEGY Deethanizer tower construction at new fractionation site, Old Ocean, Texas 3 phillips66.com NYSE: PSX
  3. 2Q 2019 Conference Call – Phillips 66 – slide 3
    2Q 2019 OVERVIEW MM (Unless Otherwise Noted) 2Q 2019 Adjusted earnings 1,379 Adjusted EPS1 3.02 Operating cash flow 1,930 Capital expenditures and investments 631 Shareholder distributions2 861 Common shares outstanding at…
  4. 2Q 2019 Conference Call – Phillips 66 – slide 4
    2Q 2019 ADJUSTED EARNINGS MM 148 5 1,202 (304) (14) 1,379 107 48 187 1Q 2019 Midstream Chemicals Refining Marketing Corporate Income Noncontrolling 2Q 2019 Adjusted & Specialties & Other Taxes Interests Adjusted…
  5. 2Q 2019 Conference Call – Phillips 66 – slide 5
    MIDSTREAM MM Record Midstream results 53 12 42 Higher volumes on wholly owned and JV pipelines 423 Record Sweeny Hub 316 performance DCP Midstream started up gas plant in DJ Basin 1Q 2019 Transportation NGL & DCP 2Q…
  6. 2Q 2019 Conference Call – Phillips 66 – slide 6
    CHEMICALS MM 95% O&P capacity 8 utilization 41 (1) Benefited from lower-cost feedstocks 275 227 Higher SA&S results following 1Q turnarounds 1Q 2019 Olefins & Specialties, Other 2Q 2019 Adjusted Polyolefins Aromatics…
  7. 2Q 2019 Conference Call – Phillips 66 – slide 7
    REFINING MM 97% crude utilization 133 464 84% clean product yield 340 983 11.37/BBL realized margin 265 (219) 67 MM pre-tax turnaround costs 1Q 2019 Atlantic Gulf Central West 2Q 2019 Adjusted Basin / Coast Corridor…
  8. 2Q 2019 Conference Call – Phillips 66 – slide 8
    REFINING MARGINS MARKET VS. REALIZED WORLDWIDE REFINING /BBL 0.01 (2.32) (1.35) (0.21) 15.24 11.37 2Q 2019 Configuration Secondary Feedstock Other 2Q 2019 Market Products Realized 3:2:1 Margin Avg Market Crude:…
  9. 2Q 2019 Conference Call – Phillips 66 – slide 9
    MARKETING AND SPECIALTIES MM Strong global marketing margins 156 (8) Re-imaged approximately 400 branded sites 353 Refined products exports of 205 187 MBPD 1Q 2019 Marketing Specialties 2Q 2019 Adjusted & Other…
  10. 2Q 2019 Conference Call – Phillips 66 – slide 10
    2Q 2019 CASH FLOW B 0.2 0.1 1.7 (0.6) (0.9) 1.8 1.3 March 31, CFO Working Debt Capital Shareholder June 30, 2019 (excluding Capital Expenditures Distributions 2019 Cash Working & Investments Cash Balance1 Capital)…
  11. 2Q 2019 Conference Call – Phillips 66 – slide 11
    3Q 2019 OUTLOOK Global Olefins and Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) 150 MM 180 MM Corporate and Other costs (pre-tax) 210 MM 240 MM Beaumont…
  12. 2Q 2019 Conference Call – Phillips 66 – slide 12
    Beaumont Terminal Beaumont, Texas QUESTIONS AND ANSWERS phillips66.com NYSE: PSX
  13. 2Q 2019 Conference Call – Phillips 66 – slide 13
    Beaumont Terminal Beaumont, Texas APPENDIX phillips66.com NYSE: PSX
  14. 2Q 2019 Conference Call – 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. 2Q 2019 Conference Call – Phillips 66 – slide 15
    CAPITAL STRUCTURE CONSOLIDATED PSX EXCLUDING PSXP 30% 30% 30% 26% 29% 25% 25% 25% 27% 26% 22% 22% 24% 27% 21% 23% 18% 20% 17% 14% 25.1 24.7 24.3 24.8 27.4 27.2 26.7 27.3 22.4 23.7 10.1 10.1 11.2 11.3 11.4 7.7 7.2 8.1…
  16. 2Q 2019 Conference Call – Phillips 66 – slide 16
    REFINING MARGINS MARKET VS. REALIZED ATLANTIC BASIN / EUROPE /BBL Brent: 68.82/BBL 2.51 0.09 97% crude capacity (1.54) (3.00) utilization 12.79 10.85 85% market capture 2Q 2019 Configuration Secondary Feedstock Other…
  17. 2Q 2019 Conference Call – Phillips 66 – slide 17
    REFINING MARGINS MARKET VS. REALIZED GULF COAST /BBL LLS: 66.92/BBL 1.08 99% crude capacity (1.64) (0.04) utilization (1.42) 10.22 8.20 80% market capture 2Q 2019 Configuration Secondary Feedstock Other 2Q 2019 Market…
  18. 2Q 2019 Conference Call – Phillips 66 – slide 18
    REFINING MARGINS MARKET VS. REALIZED CENTRAL CORRIDOR /BBL WTI: 59.80/BBL 1.98 101% crude capacity (1.99) 1.61 utilization (3.73) 19.97 17.84 89% market capture 2Q 2019 Configuration Secondary Feedstock Other 2Q 2019…
  19. 2Q 2019 Conference Call – Phillips 66 – slide 19
    REFINING MARGINS MARKET VS. REALIZED WEST COAST /BBL ANS: 68.18/BBL 87% crude capacity utilization (4.51) (4.02) (0.16) 22.70 (4.07) 44% market capture 9.94 2Q 2019 Configuration Secondary Feedstock Other 2Q 2019…
  20. 2Q 2019 Conference Call – Phillips 66 – slide 20
    2Q 2019 VS. 2Q 2018 ADJUSTED EARNINGS MM 185 99 22 23 (49) (15) (208) 1,322 1,379 2Q 2018 Midstream Chemicals Refining Marketing Corporate Income Noncontrolling 2Q 2019 Adjusted & Specialties & Other Taxes Interests…
  21. 2Q 2019 Conference Call – Phillips 66 – slide 21
    2Q 2019 VS. 2Q 2018 MIDSTREAM ADJUSTED PRE-TAX INCOME MM 90 14 81 423 238 2Q 2018 Transportation NGL & Other DCP 2Q 2019 Adjusted Midstream Adjusted Pre-Tax Income Pre-Tax Income 245 143 35 2Q 2019 22…
  22. 2Q 2019 Conference Call – Phillips 66 – slide 22
    2Q 2019 VS. 2Q 2018 CHEMICALS ADJUSTED PRE-TAX INCOME MM 2 (46) (5) 324 275 2Q 2018 Olefins & Specialties, Other 2Q 2019 Adjusted Polyolefins Aromatics & Adjusted Pre-Tax Income Styrenics Pre-Tax Income 260 34 (19)…
  23. 2Q 2019 Conference Call – Phillips 66 – slide 23
    2Q 2019 VS. 2Q 2018 REFINING ADJUSTED PRE-TAX INCOME MM 94 (144) (1) (157) 1,191 983 2Q 2018 Atlantic Gulf Central West Coast 2Q 2019 Adjusted Basin / Coast Corridor Adjusted Pre-Tax Income Europe Pre-Tax Income 258…
  24. 2Q 2019 Conference Call – Phillips 66 – slide 24
    2Q 2019 VS. 2Q 2018 MARKETING AND SPECIALTIES ADJUSTED PRE-TAX INCOME MM 106 (7) 353 254 2Q 2018 Marketing Specialties 2Q 2019 Adjusted & Other Adjusted Pre-Tax Income Pre-Tax Income 294 59 2Q 2019 25 phillips66.com…

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