4Q 2019 Earnings Presentation – Phillips 66

Phillips 66 · Jan 31, 2020 · 27 slides

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Slides

FOURTH QUARTER 2019 CONFERENCE CALL January 31, 2020 Fourth Quarter 2019 Conference Call 1 Phillips 66 Branded Marketing Site ST. LOUIS, MO
Executing the Strategy Sweeny Fractionators 2 and 3 Construction Site OLD OCEAN, TX Fourth Quarter 2019 Conference Call 3
2019 Overview Bayway Refinery LINDEN, NJ MM (UNLESS OTHERWISE NOTED) Adjusted earnings 3,657 Adjusted EPS1 8.05 Operating cash flow excluding working capital2 5,638 Adjusted capital spending3 3,450 Shareholder…
2019 Cash Flow B 5.6 0.5 (0.8) (3.5) 3.0 (3.2) 1.6 December 31, CFO Working Debt Adjusted Shareholder December 31, 2018 (excluding Capital Capital Distributions 2019 Cash Working Spending2 Cash Balance1 Capital)…
4Q 2019 Overview MM (UNLESS OTHERWISE NOTED) Clifton Ridge Marine Terminal SULPHUR, LA Adjusted earnings 689 Adjusted EPS1 1.54 Operating cash flow excluding working capital2 1,223 Adjusted capital spending3 1,277 Shareholder…
4Q 2019 Adjusted Earnings 4Q 2019 VS. 3Q 2019 (MM) (35) (96) 149 7 1,402 (494) (211) (33) 689 3Q 2019 Midstream Chemicals Refining Marketing Corporate Income Noncontrolling 4Q 2019 Adjusted & Specialties & Other Taxes…
4Q 2019 Midstream Adjusted Pre-Tax Income 4Q 2019 VS. 3Q 2019 (MM) 2 12 (49) Record Transportation results 440 405 Initial startup of Gray Oak Pipeline DCP Midstream eliminated 3Q 2019 Transportation NGL & DCP 4Q 2019…
4Q 2019 Chemicals Adjusted Pre-Tax Income 4Q 2019 VS. 3Q 2019 (MM) 97% O&P utilization 2 (97) (1) 269 Lower polyethylene margins and sales volumes 173 143 MM distribution in 4Q 3Q 2019 Olefins & Specialties, Other 4Q 2019…
4Q 2019 Refining Adjusted Pre-Tax Income 4Q 2019 VS. 3Q 2019 (MM) 97% crude utilization (218) 84% clean product yield (108) 839 (75) (93) 9.50/BBL realized margin 345 232 MM turnaround costs 4Q 2019 3Q 2019 Atlantic Gulf…
4Q 2019 Refining Margins Market vs. Realized WORLDWIDE REFINING (/BBL, UNLESS OTHERWISE NOTED) (1.08) 1.02 (0.54) (2.35) 12.45 9.50 4Q 2019 Configuration Secondary Feedstock Other 4Q 2019 Market Products Realized 3:2:1…
4Q 2019 Marketing & Specialties Adjusted Pre-Tax Income 4Q 2019 VS. 3Q 2019 (MM) Formed U.S. West Coast retail marketing joint venture 498 (203) (8) Reimaged 532 branded sites 287 Refined products exports of 157 MBPD 3Q…
4Q 2019 Corporate & Other Adjusted Pre-Tax Loss 4Q 2019 VS. 3Q 2019 (MM) 3Q 2019 Corporate 4Q 2019 Adjusted Net Interest Overhead Adjusted Pre-Tax Loss Expense & Other Pre-Tax Loss (178) (211) (6) (27) Fourth Quarter…
Outlook Lake Charles Isomerization Unit LAKE CHARLES, LA 1Q 2020 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization 90% Refining turnaround expenses (pre-tax) 280 MM 330 MM Corporate & Other costs…
Questions and Answers Beaumont Terminal NEDERLAND, TX
Appendix Beaumont Terminal NEDERLAND, TX
2020 Estimated Sensitivities Annual EBITDA MM Midstream - DCP (net to Phillips 66) 10/Gal Increase in NGL price 9 10/MMBtu Increase in Natural Gas price 3 1/BBL Increase in WTI price 1 Chemicals - CPChem (net to Phillips 66) 1/Lb…
Capital Structure Consolidated PSX Excluding PSXP 30% 30% 31% 30% 29% 27% 25% 25% 25% 25% 25% 27% 26% 26% 27% 22% 23% 22% 22% 20% 21% 21% 17% 14% 27.4 27.2 26.7 27.3 27.1 27.2 25.1 24.7 24.3 24.8 24.9 24.9 11.2 11.3…
4Q 2019 Refining Margins Market vs. Realized ATLANTIC BASIN / EUROPE (/BBL, UNLESS OTHERWISE NOTED) 0.07 Brent: 63.25 (1.62) 1.01 10.51 (2.91) 99% crude utilization 7.06 67% market capture 4Q 2019 Configuration Secondary…
4Q 2019 Refining Margins Market vs. Realized GULF COAST (/BBL, UNLESS OTHERWISE NOTED) LLS: 60.79 2.11 (0.91) (1.03) (2.25) 9.53 99% crude utilization 7.45 78% market capture 4Q 2019 Configuration Secondary Feedstock…
4Q 2019 Refining Margins Market vs. Realized CENTRAL CORRIDOR (/BBL, UNLESS OTHERWISE NOTED) 0.68 WTI: 56.98 2.93 (0.22) (3.06) 99% crude utilization 14.59 14.92 102% market capture 4Q 2019 Configuration Secondary…
4Q 2019 Refining Margins Market vs. Realized WEST COAST (/BBL, UNLESS OTHERWISE NOTED) ANS: 64.41 1.90 (4.10) (3.17) 87% crude utilization 18.40 (2.81) 10.22 56% market capture 4Q 2019 Configuration Secondary Feedstock…
4Q 2019 Adjusted Earnings 4Q 2019 VS. 4Q 2018 (MM) 21 (4) 2,260 388 2 (1,663) 689 (305) (10) 4Q 2018 Midstream Chemicals Refining Marketing Corporate Income Noncontrolling 4Q 2019 Adjusted & Specialties & Other Taxes…
4Q 2019 Midstream Adjusted Pre-Tax Income 4Q 2019 VS. 4Q 2018 (MM) 16 (2) (18) 409 405 4Q 2018 Transportation NGL & Other DCP 4Q 2019 Adjusted Midstream Adjusted Pre-Tax Income Pre-Tax Income 250 120 35 4Q 2019 Fourth…
4Q 2019 Chemicals Adjusted Pre-Tax Income 4Q 2019 VS. 4Q 2018 (MM) 19 6 (4) 173 152 4Q 2018 Olefins & Specialties, Other 4Q 2019 Adjusted Polyolefins Aromatics & Adjusted Pre-Tax Income Styrenics Pre-Tax Income 154 35…
4Q 2019 Refining Adjusted Pre-Tax Income 4Q 2019 VS. 4Q 2018 (MM) (240) (392) 2,008 (855) (176) 345 4Q 2018 Atlantic Gulf Central West Coast 4Q 2019 Adjusted Basin / Coast Corridor Adjusted Pre-Tax Income Europe Pre-Tax…
4Q 2019 Marketing & Specialties Adjusted Pre-Tax Income 4Q 2019 VS. 4Q 2018 (MM) 592 (291) (14) 287 4Q 2018 Marketing Specialties 4Q 2019 Adjusted & Other Adjusted Pre-Tax Income Pre-Tax Income 237 50 4Q 2019 Fourth…
4Q 2019 Corporate & Other Adjusted Pre-Tax Loss 4Q 2019 VS. 4Q 2018 (MM) 4Q 2018 Corporate 4Q 2019 Adjusted Net Interest Overhead Adjusted Pre-Tax Loss Expense & Other Pre-Tax Loss (201) (211) 1 (11) Fourth Quarter…

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