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Third Quarter Conference Call – Phillips 66

Phillips 66 · Oct 29, 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. Third Quarter Conference Call – Phillips 66 – slide 1
    PHILLIPS 66 THIRD QUARTER CONFERENCE CALL October 29, 2014
  2. Third Quarter Conference Call – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Third Quarter Conference Call – Phillips 66 – slide 3
    OVERVIEW 3Q 2014 Adjusted Earnings: 1.1 B Adjusted EPS: 2.02 Operating cash flow excluding working capital: 1.3 B Capital expenditures and investments: 1.5 B Shareholder distributions: 771 MM Debt-to-Capital ratio: 22% Annualized…
  4. Third Quarter Conference Call – Phillips 66 – slide 4
    ADJUSTED EARNINGS 3Q 2014 VS. 2Q 2014 MM 97 30 168 7 (25) 1,140 863 2Q 2014 Midstream Chemicals Refining Marketing Corporate 3Q 2014 Adjusted & Specialties & Other Adjusted Earnings Earnings 115 299 558 259 (91) 3Q 2014…
  5. Third Quarter Conference Call – Phillips 66 – slide 5
    MIDSTREAM OVERVIEW 3Q 2014 Transportation: Closed Beaumont Terminal acquisition DCP Midstream: Higher volumes offset by lower prices NGL: Improved margins and volumes Annualized YTD ROCE: 14% 6
  6. Third Quarter Conference Call – Phillips 66 – slide 6
    MIDSTREAM 3Q 2014 VS. 2Q 2014 MM 11 (2) (2) 108 115 2Q 2014 Transportation DCP NGL 3Q 2014 Adjusted Midstream Adjusted Earnings Earnings 7
  7. Third Quarter Conference Call – Phillips 66 – slide 7
    CHEMICALS OVERVIEW 3Q 2014 Olefins & Polyolefins: Unplanned downtime Specialties, Aromatics & Styrenics: Lower turnaround activity Annualized Adjusted YTD ROCE: 29% 8
  8. Third Quarter Conference Call – Phillips 66 – slide 8
    CHEMICALS 3Q 2014 VS. 2Q 2014 MM 25 1 (51) 324 299 2Q 2014 Olefins & Specialties, Other 3Q 2014 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 9
  9. Third Quarter Conference Call – Phillips 66 – slide 9
    REFINING OVERVIEW 3Q 2014 Realized refining margin: 10.89/BBL Worldwide market capture: 73% Refining crude utilization: 94% Advantaged U.S. crude slate: 95% Clean product yield: 84% Annualized YTD ROCE: 12% 10
  10. Third Quarter Conference Call – Phillips 66 – slide 10
    REFINING 3Q 2014 VS. 2Q 2014 MM 105 135 71 (75) (68) 558 390 2Q 2014 Atlantic Gulf Coast Central Western / Other 3Q 2014 Adjusted Basin / Corridor Pacific Refining Adjusted Earnings Europe Earnings 11
  11. Third Quarter Conference Call – Phillips 66 – slide 11
    REFINING MARGINS MARKET VS. REALIZED 3Q 2014 WORLDWIDE REFINING /BBL (2.17) 0.98 2.30 14.85 (5.07) 10.89 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg. Market Crude: 100.54/BBL 94%…
  12. Third Quarter Conference Call – Phillips 66 – slide 12
    REFINING U.S. ADVANTAGED CRUDE SLATE QUARTERLY ANNUAL Total 94% 91% 93% 95% 52% 62% 74% 93% Total Other Light/Medium 24% 22% 23% 26% 24% Other Light/Medium 6% Tight Oil* 15% 15% 17% 14% 17% Tight Oil* 19% 7% 3% Other Heavy…
  13. Third Quarter Conference Call – Phillips 66 – slide 13
    MARKETING AND SPECIALTIES OVERVIEW 3Q 2014 Marketing & Other: Higher global marketing margins Specialties: Closed Spectrum acquisition Annualized Adjusted YTD ROCE: 27% 14
  14. Third Quarter Conference Call – Phillips 66 – slide 14
    MARKETING AND SPECIALTIES 3Q 2014 VS. 2Q 2014 MM 97 0 259 162 2Q 2014 Marketing Specialties 3Q 2014 Adjusted & Other Adjusted Earnings Earnings 15
  15. Third Quarter Conference Call – Phillips 66 – slide 15
    CORPORATE AND OTHER 3Q 2014 VS. 2Q 2014 MM 2Q 2014 3Q 2014 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (91) (121) 15 12 3 16
  16. Third Quarter Conference Call – Phillips 66 – slide 16
    CASH FLOW 3Q 2014 B 1.3 (0.8) (0.7) (0.8) (0.3) (0.5) (0.1) 5.0 3.1 June 30 CFO Working Acquisitions Other Capital Dividends Share Other September 30 Cash (excluding Capital Expenditures Repurchases Cash Balance*…
  17. Third Quarter Conference Call – Phillips 66 – slide 17
    OUTLOOK 18
  18. Third Quarter Conference Call – Phillips 66 – slide 18
    PHILLIPS 66 THIRD QUARTER 2014 CONFERENCE CALL Questions and Answers
  19. Third Quarter Conference Call – Phillips 66 – slide 19
    PHILLIPS 66 THIRD QUARTER 2014 CONFERENCE CALL Appendix
  20. Third Quarter Conference Call – Phillips 66 – slide 20
    ESTIMATED SENSITIVITIES 2014 Annual 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,…
  21. Third Quarter Conference Call – Phillips 66 – slide 21
    REFINING MARGINS MARKET VS. REALIZED 3Q 2014 ATLANTIC BASIN / EUROPE /BBL Brent: 101.85/BBL 92% Crude Capacity Utilization 63% Market Capture (2.58) 1.34 (2.63) 15.84 (1.98) 9.99 Market Configuration Secondary Feedstock…
  22. Third Quarter Conference Call – Phillips 66 – slide 22
    REFINING MARGINS MARKET VS. REALIZED 3Q 2014 GULF COAST /BBL LLS: 100.95/BBL 97% Crude Capacity Utilization 61% Market Capture (1.81) 1.93 11.11 1.49 6.80 (5.92) Market Configuration Secondary Feedstock Other Realized 3:2:1…
  23. Third Quarter Conference Call – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 3Q 2014 CENTRAL CORRIDOR /BBL WTI: 97.48/BBL 98% Crude Capacity Utilization 101% Market Capture 7.11 (0.23) (1.25) (5.41) 16.65 16.87 Market Configuration Secondary Feedstock Other…
  24. Third Quarter Conference Call – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 3Q 2014 WESTERN / PACIFIC /BBL ANS: 101.51/BBL 89% Crude Capacity Utilization 49% Market Capture (2.69) 4.17 17.79 (6.71) (3.85) 8.71 Market Configuration Secondary Feedstock Other…
  25. Third Quarter Conference Call – Phillips 66 – slide 25
    ADJUSTED EARNINGS 3Q 2014 VS. 3Q 2013 MM 588 4 22 37 1,140 (32) 521 3Q 2013 Midstream Chemicals Refining Marketing Corporate 3Q 2014 Adjusted & Specialties & Other Adjusted Earnings Earnings 115 299 558 259 (91) 3Q 2014…
  26. Third Quarter Conference Call – Phillips 66 – slide 26
    MIDSTREAM 3Q 2014 VS. 3Q 2013 MM 4 20 (56) 147 115 3Q 2013 Transportation DCP NGL 3Q 2014 Adjusted Midstream Adjusted Earnings Earnings 27
  27. Third Quarter Conference Call – Phillips 66 – slide 27
    CHEMICALS 3Q 2014 VS. 3Q 2013 MM 12 0 25 299 262 3Q 2013 Olefins & Specialties, Other 3Q 2014 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 28
  28. Third Quarter Conference Call – Phillips 66 – slide 28
    REFINING 3Q 2014 VS. 3Q 2013 MM 116 91 181 558 122 78 (30) 3Q 2013 Atlantic Gulf Central Western / Other 3Q 2014 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings 29
  29. Third Quarter Conference Call – Phillips 66 – slide 29
    MARKETING AND SPECIALTIES 3Q 2014 VS. 3Q 2013 MM 17 (13) 255 259 3Q 2013 Marketing Specialties 3Q 2014 Adjusted & Other Adjusted Earnings Earnings 30
  30. Third Quarter Conference Call – Phillips 66 – slide 30
    CORPORATE AND OTHER 3Q 2014 VS. 3Q 2013 MM 3Q 2013 3Q 2014 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (91) (113) 19 5 (2) 31
  31. Third Quarter Conference Call – Phillips 66 – slide 31
    CAPITAL STRUCTURE 1Q 2013 3Q 2014 25% 23% 20% - 30% 22% 22% 22% 22% 22% 21.4 21.7 22.0 22.4 21.8 22.0 22.2 7.0 6.5 6.2 6.2 6.2 6.2 6.2 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 Equity B Debt B Debt to…
  32. Third Quarter Conference Call – Phillips 66 – slide 32
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Sep YTD 3Q 2Q Sep YTD 3Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 3,615 1,180 863 2,900 535 Adjustments: Net (gain) loss on asset sales…
  33. Third Quarter Conference Call – Phillips 66 – slide 33
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Sep YTD 3Q 2Q Sep YTD 3Q Midstream Net Income (Loss) Attributable to Phillips 66 411 115 108 348 147 Adjustments: Impairments - - - - - Pending claims and…
  34. Third Quarter Conference Call – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Sep YTD 3Q 2Q Sep YTD 3Q Refining Net Income (Loss) Attributable to Phillips 66 1,254 558 390 1,329 (30) Adjustments: Net (gain) loss on asset sales - - - -…
  35. Third Quarter Conference Call – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Marketing 2014 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 3,639 435 870 1,254 667 After-tax interest expense 126 - - - - GAAP ROCE earnings 3,765 435 870 1,254…
  36. Third Quarter Conference Call – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars First Year Sweeny Fractionator One, Two & Export Facility Estimated net income 370 Plus: Estimated income taxes 230 Estimated net interest expense 10 Estimated depreciation and…

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