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First Quarter Conference Call – Phillips 66

Phillips 66 · Apr 30, 2014 · 36 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. First Quarter Conference Call – Phillips 66 – slide 1
    PHILLIPS 66 FIRST QUARTER CONFERENCE CALL April 30, 2014
  2. First Quarter Conference Call – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. First Quarter Conference Call – Phillips 66 – slide 3
    COMPANY OVERVIEW 1Q 2014 Adjusted Earnings: 866 MM Adjusted EPS: 1.47 Adjusted operating cash flow: 1.0 B Dividends paid: 229 MM Common shares repurchased: 8.4 MM shares Share exchange PSPI transaction: 17.4 MM shares Annualized…
  4. First Quarter Conference Call – Phillips 66 – slide 4
    COMPANY ADJUSTED EARNINGS 1Q 2014 VS. 4Q 2013 MM 55 67 32 16 (112) 808 866 4Q 2013 Midstream Chemicals Refining Marketing Corporate 1Q 2014 Adjusted & Specialties & Other Adjusted Earnings Earnings 188 316 306 137 (81) 1Q…
  5. First Quarter Conference Call – Phillips 66 – slide 5
    MIDSTREAM OVERVIEW 1Q 2014 Transportation: Higher throughput fees & lower costs DCP Midstream: DPM gains, lower costs & strong prices NGL: Higher margins Annualized YTD ROCE: 22% 6
  6. First Quarter Conference Call – Phillips 66 – slide 6
    MIDSTREAM ADJUSTED EARNINGS 1Q 2014 VS. 4Q 2013 MM 9 46 12 188 121 4Q 2013 Transportation DCP NGL 1Q 2014 Adjusted Midstream Adjusted Earnings Earnings 7
  7. First Quarter Conference Call – Phillips 66 – slide 7
    CHEMICALS OVERVIEW 1Q 2014 Olefins & Polyolefins: Strong chain margins Specialties, Aromatics & Styrenics: Higher benzene earnings Annualized YTD ROCE: 30% 8
  8. First Quarter Conference Call – Phillips 66 – slide 8
    CHEMICALS ADJUSTED EARNINGS 1Q 2014 VS. 4Q 2013 MM 29 5 21 316 261 4Q 2013 Olefins & Specialties, Other 1Q 2014 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 9
  9. First Quarter Conference Call – Phillips 66 – slide 9
    REFINING OVERVIEW 1Q 2014 Realized refining margin: 9.88/BBL Worldwide market capture: 79% Refining crude utilization: 90% Clean product yield: 84% Advantaged U.S. crude slate: 91% Annualized YTD ROCE: 9% 10
  10. First Quarter Conference Call – Phillips 66 – slide 10
    REFINING ADJUSTED EARNINGS 1Q 2014 VS. 4Q 2013 MM 155 (108) 87 (157) 418 (89) 306 4Q 2013 Atlantic Gulf Coast Central Western / Other 1Q 2014 Adjusted Basin / Corridor Pacific Refining Adjusted Earnings Europe…
  11. First Quarter Conference Call – Phillips 66 – slide 11
    REFINING MARGINS MARKET VS. REALIZED 1Q 2014 WORLDWIDE REFINING /BBL (0.69) 4.18 (0.91) 12.44 (5.14) 9.88 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg. Market Crude: 104.46/BBL 90%…
  12. First Quarter Conference Call – Phillips 66 – slide 12
    REFINING U.S. ADVANTAGED CRUDE SLATE QUARTERLY ANNUAL Total 68% 66% 94% 91% 52% 62% 74% 91% Total Other Light/Medium 24% 22% 22% Other Light/Medium 6% Tight Oil* 15% 15% Tight Oil* 14% 14% 15% 14% 7% 3% Other Heavy 24%…
  13. First Quarter Conference Call – Phillips 66 – slide 13
    MARKETING AND SPECIALTIES OVERVIEW 1Q 2014 Worldwide marketing margin: 3.7 cpg Specialties: Lower margins Annualized YTD ROCE: 22% 14
  14. First Quarter Conference Call – Phillips 66 – slide 14
    MARKETING AND SPECIALTIES ADJUSTED EARNINGS 1Q 2014 VS. 4Q 2013 MM 39 (7) 137 105 4Q 2013 Marketing Specialties 1Q 2014 Adjusted & Other Adjusted Earnings Earnings 15
  15. First Quarter Conference Call – Phillips 66 – slide 15
    CORPORATE AND OTHER ADJUSTED NET LOSS 1Q 2014 VS. 4Q 2013 MM 4Q 2013 1Q 2014 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (81) (97) 13 3 0 16
  16. First Quarter Conference Call – Phillips 66 – slide 16
    COMPANY CASH FLOW 1Q 2014 B 1.2 1.0 (0.6) (0.2) (0.4) (0.6) (0.5) 5.4 5.3 December 31 Adjusted Adjusted Special Capital Dividends Share PSPI Share March 31 Cash CFO Working WRB Expenditures Repurchases Exchange Cash…
  17. First Quarter Conference Call – Phillips 66 – slide 17
    CAPITAL STRUCTURE 1Q 2013 1Q 2014 25% 23% 20% - 30% 22% 22% 22% 21.4 21.7 22.0 22.4 21.8 7.0 6.5 6.2 6.2 6.2 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 Equity B Debt B Debt to Capital 18
  18. First Quarter Conference Call – Phillips 66 – slide 18
    OUTLOOK 19
  19. First Quarter Conference Call – Phillips 66 – slide 19
    PHILLIPS 66 FIRST QUARTER 2014 CONFERENCE CALL Questions and Answers
  20. First Quarter Conference Call – Phillips 66 – slide 20
    PHILLIPS 66 FIRST QUARTER 2014 CONFERENCE CALL Appendix
  21. First Quarter Conference Call – Phillips 66 – slide 21
    ANNUAL SENSITIVITIES 2014 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 Chain Margin (Ethylene, Polyethylene, NAO) 35…
  22. First Quarter Conference Call – Phillips 66 – slide 22
    REFINING MARGINS MARKET VS. REALIZED 1Q 2014 ATLANTIC BASIN / EUROPE /BBL Brent: 108.22/BBL 94% Crude Capacity Utilization 69% Market Capture 0.52 (2.04) (1.55) (0.30) 10.83 7.46 Market Configuration Secondary Feedstock Other…
  23. First Quarter Conference Call – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 1Q 2014 GULF COAST /BBL LLS: 104.43/BBL 84% Crude Capacity Utilization 89% Market Capture 1.46 (0.53) 4.52 9.71 8.64 (6.52) Market Configuration Secondary Feedstock Other Realized 3:2:1…
  24. First Quarter Conference Call – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 1Q 2014 CENTRAL CORRIDOR /BBL WTI: 98.75/BBL 96% Crude Capacity Utilization 87% Market Capture 9.74 (1.32) (4.73) 17.41 (5.89) 15.21 Market Configuration Secondary Feedstock Other…
  25. First Quarter Conference Call – Phillips 66 – slide 25
    REFINING MARGINS MARKET VS. REALIZED 1Q 2014 WESTERN / PACIFIC /BBL ANS: 105.74/BBL 90% Crude Capacity Utilization 51% Market Capture (1.34) 5.19 13.68 (4.00) (6.51) 7.02 Market Configuration Secondary Feedstock Other…
  26. First Quarter Conference Call – Phillips 66 – slide 26
    COMPANY ADJUSTED EARNINGS 1Q 2014 VS. 1Q 2013 MM 77 34 14 (585) (67) 1,393 866 1Q 2013 Midstream Chemicals Refining Marketing Corporate 1Q 2014 Adjusted & Specialties & Other Adjusted Earnings Earnings 188 316 306 137…
  27. First Quarter Conference Call – Phillips 66 – slide 27
    MIDSTREAM ADJUSTED EARNINGS 1Q 2014 VS. 1Q 2013 MM 33 27 17 188 111 1Q 2013 Transportation DCP NGL 1Q 2014 Adjusted Midstream Adjusted Earnings Earnings 28
  28. First Quarter Conference Call – Phillips 66 – slide 28
    CHEMICALS ADJUSTED EARNINGS 1Q 2014 VS. 1Q 2013 MM 17 30 (13) 316 282 1Q 2013 Olefins & Specialties, Other 1Q 2014 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 29
  29. First Quarter Conference Call – Phillips 66 – slide 29
    REFINING ADJUSTED EARNINGS 1Q 2014 VS. 1Q 2013 MM 42 (72) 891 (363) (108) (84) 306 1Q 2013 Atlantic Gulf Central Western / Other 1Q 2014 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe…
  30. First Quarter Conference Call – Phillips 66 – slide 30
    MARKETING AND SPECIALTIES ADJUSTED EARNINGS 1Q 2014 VS. 1Q 2013 MM (64) (3) 204 137 1Q 2013 Marketing Specialties 1Q 2014 Adjusted & Other Adjusted Earnings Earnings 31
  31. First Quarter Conference Call – Phillips 66 – slide 31
    CORPORATE AND OTHER ADJUSTED NET LOSS 1Q 2014 VS. 1Q 2013 MM 1Q 2013 1Q 2014 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (81) (95) 18 2 (6) 32
  32. First Quarter Conference Call – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Mar YTD 1Q 4Q Mar YTD 1Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 1,572 1,572 826 1,407 1,407 Adjustments: Net (gain) loss on asset sales -…
  33. First Quarter Conference Call – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Mar YTD 1Q 4Q Mar YTD 1Q Midstream Net Income (Loss) Attributable to Phillips 66 188 188 121 111 111 Adjustments: Impairments - - - - - Pending claims and…
  34. First Quarter Conference Call – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 2013 Mar YTD 1Q 4Q Mar YTD 1Q Refining Net Income (Loss) Attributable to Phillips 66 306 306 418 904 904 Adjustments: Net (gain) loss on asset sales - - - -…
  35. First Quarter Conference Call – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Marketing 2014 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 1,578 194 316 306 137 After-tax interest expense 44 - - - - GAAP ROCE earnings 1,622 194 316 306 137…
  36. First Quarter Conference Call – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars 2014 1Q Net Cash Provided by Operating Activities 1,398 Working capital adjustments Working capital (123) Deferred tax impact from certain transactions on current taxes payable…

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