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UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66

Phillips 66 · May 22, 2014 · 23 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. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 1
    Investing Building Growing Clayton Reasor SVP, Investor Relations, Strategy and Corporate Affairs UBS Global Oil and Gas Conference
  2. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 2
    Corporate Strategy Operating excellence Enterprise Value Growth Refining Returns Midstream Distributions M&S Chemicals High-performing organization 2013 2018 3
  3. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 3
    Strategic Drivers North American oil and gas production growth U.S. feedstock and energy cost advantage Developing markets driving global demand Differentiated segment valuations 4
  4. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 4
    Global Portfolio Midstream Chemicals Refining Marketing & Specialties 18,000+ pipeline miles 50/50 CPChem JV 15 refineries 10,000+ global outlets 10,000+ rail cars 35 manufacturing facilities 410 MBD export capacity 2,158 MBD…
  5. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 5
    Industry-Leading Returns on Capital 2013 Midstream Chemicals Refining and M&S PSX PSX 15% PSX PSX 26% PSX 15% LYB 24% MPC 15% OKE 8% WLK 21% VLO 10% EPD 7% XOM 18% CVX 7% Chem KMP 6% DOW 9% TSO 5% See appendix for…
  6. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 6
    Midstream EBITDA NGL B Pipelines and fractionation Export terminals Transportation Crude and product pipelines 1.5 Terminals and storage Rail, marine and trucks 0.5 DCP Midstream 2013 Frac I Refining Other 2017E Gathering and…
  7. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 7
    Phillips 66 Partners IPO in July 2013 Phillips 66 ownership 73% LP interest 2% GP interest Top-quartile distribution growth 700 MM acquisition in March 2014 140 - 145 MM annualized EBITDA 8
  8. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 8
    Chemicals CPChem: 50/50 JV with Chevron Capital Program B Market leader 2.6 Largest global HDPE producer 2.1 2.0 2nd largest global alpha olefins producer 1.2 4th largest N.A. ethylene producer Highest returns amongst peer…
  9. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 9
    Refining 15 refineries worldwide 2.2 MMBD crude capacity Constant Crack Spreads ROCE Improvement 14% Ireland 10% United Kingdom 5-Yr Avg Adv Yields & Costs 2018E Malaysia Germany Crude Exports The 5-year average adjusted…
  10. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 10
    Marketing and Specialties U.S. Marketing Adjusted EBITDA MM Wholesale business 516 International Marketing 384 338 Retail in Europe 226 Specialties 175 Finished lubricants Base oil joint venture 1Q 2013 2Q 2013 3Q 2013 4Q…
  11. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 11
    Disciplined Capital Allocation Investments Sustain operations Fund capacity growth Generate competitive returns Distributions Double-digit dividend growth rate Repurchase shares Capital Structure Maintain financial flexibility…
  12. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 12
    Investments Total Capital Program Growth Capital 12 B B 5.7 6.0 4.6 3.7 2013 2014E 2015E 2016E 2014E 2016E CPChem DCP Midstream Refining WRB M&S Sustaining See appendix for footnotes. 13
  13. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 13
    Distributions Distributions Regular dividends B Secure 6.0 Share Exchange Growing Dividends Share Repurchases Competitive 4.0 Share repurchase Immediate EPS growth 2.0 Below intrinsic value 0.0 Announced 5 B of repurchases…
  14. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 14
    Financial Summary Adjusted EBITDA and ROCE 21% B 2.5 17% Disciplined capital allocation 14% 14% 13% 1.9 1.8 1.7 1.3 Enhanced financial flexibility Growing shareholder distributions Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014…
  15. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 15
    Key Initiatives Growth Advance infrastructure projects Progress USGC petrochemicals complex Grow Phillips 66 Partners Returns Increase advantaged crude Expand export capability Maintain cost discipline Grow distributions 16
  16. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 16
    Appendix Institutional Investors Contact Rosy Zuklic Manager, Investor Relations Rosy.Zuklicp66.com 832-765-2297
  17. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 17
    Non-GAAP Reconciliations Millions of Dollars Year Ended December 31, 2013 Refining Midstream Chemicals and M&S Numerator Net income 486 986 2,641 After-tax interest expense - - - GAAP ROCE earnings 486 986 2,641 Special items - -…
  18. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 18
    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…
  19. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 19
    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…
  20. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 20
    Non-GAAP Reconciliations Millions of Dollars 2013 2014 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr Phillips 66 Net Income Attributable to Phillips 66 1,407 958 535 826 3,726 1,572 Less: Income from discontinued operations 15 14 14 18…
  21. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 21
    Non-GAAP Reconciliations Millions of Dollars 2013 2014 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr Midstream Midstream Net Income Attributable to Phillips 66 111 90 147 121 469 188 Plus: Net income attributable to noncontrolling…
  22. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 22
    Non-GAAP Reconciliations Millions of Dollars 2013 2014 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr Refining Refining Net Income (Loss) 904 455 (30) 418 1,747 306 Plus: Provision for income taxes 467 280 22 266 1,035 202 Depreciation…
  23. UBS GLOBAL OIL AND GAS CONFERENCE – Phillips 66 – slide 23
    Non-GAAP Reconciliations Millions of Dollars 2013 2014 1st Qtr 2nd Qtr YTD 3rd Qtr YTD 4th Qtr YTD 1st Qtr Phillips 66 - ROCE Numerator Net Income 1,410 2,370 2,910 3,743 1,578 After-tax interest expense 45 90 134 178 44 GAAP ROCE…

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