Operating Excellence Total Recordable Rates Refining Environmental Metrics Incidents per 200,000 Hours Worked Industry Average 09 10 11 12 13 Phillips 66 CPChem DCP 2007 2009 2011 2013 See appendix for footnotes. 4
Macro Environment U.S. Production - Midstream Growth U.S. Crude Oil Production U.S. NGL Production U.S. Dry Natural Gas MMBD MMBD Production BCFD 11 Upper Range of Production 5 80 Lower Range of Production 4 70 9 3 60 7 2…
Energy Landscape North American oil and gas production growth Energy infrastructure expansion Global demand growth Regulatory environment Major project execution 6
Capital Program 2014E Total Capital Program 5.8 B 3.9 B 2014E Phillips 66 capital 2.7 B 2014E initial Phillips 66 capital DCP 1.2 B increase for Phillips 66 capital 0.9 B acquisitions: CPChem Beaumont Terminal Spectrum…
Midstream NGL Midstream and Refining Logistics EBITDA B Pipelines and fractionation Export terminals Transportation Crude and product pipelines 2.3 Terminals and storage Rail, marine and trucks DCP Midstream 0.5 Gathering…
NGL Gulf Coast Sweeny Fractionator One 100 MBD Storage caverns 8 MMBbls LPG export terminal 150 MBD Mont Belvieu pipeline 200 MBD Sweeny Fractionator Two 100 MBD 9
Transportation Midcontinent 3,600+ miles of pipeline Over 20 crude and products terminals Crude gathering infrastructure Increased ownership in Explorer Pipeline 10
Transportation West and East Coast 11
Transportation Gulf Coast Beaumont Terminal optionality Integration with Refining Access to Eagle Ford and Permian Basin Increase export capability 12
Beaumont Terminal 7.1 MMBbls storage capacity terminal 4.7 MMBbls crude storage capacity 2.4 MMBbls refined product storage capacity Marine docks Two Aframax capable marine docks One barge dock Loading and unloading…
Phillips 66 Partners Enterprise Value B Increases PSX value 5.8 PSX sponsorship provides: Public Strong portfolio of existing assets PSX 1.1 Ownership Pipeline of organic growth PSX Multiple PSXP LP Multiple Low cost of…
Chemicals CPChem Portfolio 50/50 JV with Chevron 11 joint ventures 2 research facilities Sales into 139 countries Total Net Capacity 2013 Income Before Taxes from Continuing 2013 Operations SA&S SA&S Intl O&P O&P…
Chemicals CPChem Growth Plans 2013 2014 2015 2016 2017 1-Hexene Unit 250 kMTA Self-funded capital program Sweeny Ethylene 90 kMTA 6.5 7 B growth spending USGC Petrochemicals 1,500 kMTA (ethylene) 1,000 kMTA (polyethylene) 36%…
Chemicals CPChem Adjusted EBITDA Leading returns B Market leader 3.4 3.4 Largest global HDPE producer 2.2 2nd largest global alpha olefins producer 4th largest N.A. ethylene producer Estimated new project EBITDA 2012 2013 1H…
Refining 15 refineries worldwide 2.2 MMBD crude capacity ROCE Improvement Constant Crack Spreads 14% Ireland 10% United Kingdom 5-Yr Avg Adv Yields & Costs 2018E Malaysia Germany Crude Exports See appendix for…
Marketing and Specialties Adjusted EBITDA U.S. Marketing 2009 2014 Q2 YTD Ensures Refining pull-through International Marketing Retail in Europe U.S. Intl Marketing Marketing Specialties Finished lubricants Specialties Base…
Capacity to Execute Additional Sources: Share Repurchases Cash on hand Range of mid-cycle CFO Growth Debt capacity Capital MLP drop-downs Sustaining Capital Asset sales Dividends New project cash flows See appendix for…
Returns 2014 Adjusted ROCE ROCE Chemicals 30% M&S 29% 20% Midstream 25% P66 Total Refining 13% 10% 17% 10% Corporate 0% -5% -10% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 Average Capital Employed (B) See appendix for…
Distributions Phillips 66 Common Stock Dividend Growth MM shares /share 11.00 7.75 (49) (17) 6.25 5.00 50 625 559 20 April Share PSPI June Q3 2012 Q4 2012 Q1 2013 Q4 2013 Q2 2014 Q2 2014 2012 Repurchases Exchange 2014…
Delivering on Commitments Growth 4.2 B 2014E growth capital program Beaumont Terminal and Spectrum acquisitions Grow Phillips 66 Partners Returns 93% advantaged crude slate in 2Q 2014 Record export volumes Distributions 28%…
2014 Sensitivities Net Income MM Midstream 1/Gal Increase in NGL price 4 10/MMBtu Increase in Natural Gas price 2 1/BBL Increase in WTI price 2 Chemicals 1/Lb Increase in Olefins Chain Margin (Ethylene, Polyethylene, NAO) 35…
Capital Program Millions of Dollars 2014 Budget Growth Sustaining Total Capital Expenditures and Investments* Consolidated Midstream Transportation 806 150 956 NGL 1,262 5 1,267 2,068 155 2,223 Chemicals - - - Refining 264 751 1,015…
Non-GAAP Reconciliations Millions of Dollars Year Ended December 31 2013 Transportation and NGL Net income attributable to Phillips 66 259 Plus: Net income attributable to noncontrolling interests 17 Income taxes 142 Depreciation and…
Non-GAAP Reconciliations Millions of Dollars First Year Sweeny Fractionator One and Freeport Export Facility Estimated net income 210 Plus: Estimated income taxes 135 Estimated net interest expense 5 Estimated depreciation and…
Non-GAAP Reconciliations Millions of Dollars First Year Sweeny Fractionator Two Estimated net income 181 Plus: Estimated income taxes 113 Estimated net interest expense 3 Estimated depreciation and amortization 44 Estimated EBITDA…
Non-GAAP Reconciliations Millions of Dollars Years Ended December 31 2014E Phillips 66 Partners LP Net income 119.0 - 124.0 Plus: Depreciation 15.0 Net interest expense 5.4 Amortization of deferred rentals 0.4 Provision for income…
Non-GAAP Reconciliations Millions of Dollars Years Ended December 31 2012 2014E 2016E 100% DCP Midstream Net income attributable to members' interest 486 510 555 Plus: Net income attributable to noncontrolling interests 97 135 255…
Non-GAAP Reconciliation Millions of Dollars 2012 2013 1H 2014 100% CPChem Net income 2,403 2,743 1,830 Plus: Income taxes 67 71 46 Net interest expense 8 (3) (1) Depreciation and amortization 356 278 138 EBITDA 2,834 3,089 2,013…
Non-GAAP Reconciliations Millions of Dollars Low High 100% CPChem Incremental Project Earnings Projections Estimated incremental net income 1,000 1,313 Plus: Estimated income taxes 20 27 Estimated net interest expense - - Estimated…
Non-GAAP Reconciliations Millions of Dollars Average 2009 - 2013 Refining - ROCE Numerator Average 2009 - 2013 net income 998 After-tax interest expense - GAAP ROCE earnings 998 Special Items 452 Adjusted ROCE earnings 1,450…
Non-GAAP Reconciliations Millions of Dollars January 1, 2009 - June 30, 2014 U.S. International Marketing Marketing Specialties Net income 1,397 1,022 1,206 Plus: Provision for income taxes 881 563 723 Net interest expense (119) -…
Non-GAAP Reconciliations Millions of Dollars Six Months Ended June 30, 2013 Marketing & Phillips 66 Midstream Chemicals Refining Specialties Corporate ROCE Numerator Net Income 2,450 311 640 696 299 (202) After-tax interest expense 87…
Loading...
