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Fourth Quarter Conference Call – Phillips 66

Phillips 66 · Jan 29, 2015 · 40 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. Fourth Quarter Conference Call – Phillips 66 – slide 1
    PHILLIPS 66 FOURTH QUARTER CONFERENCE CALL January 29, 2015
  2. Fourth Quarter Conference Call – Phillips 66 – slide 2
    EXECUTING STRATEGY 3
  3. Fourth Quarter Conference Call – Phillips 66 – slide 3
    OVERVIEW 2014 4Q 2014 Adjusted Earnings: 913 MM 3.8 B Adjusted EPS: 1.63 6.62 Operating cash flow excluding working capital: 1.1 B 4.5 B Capital expenditures and investments: 1.1 B 3.8 B Shareholder distributions: 807 MM 4.7 B…
  4. Fourth Quarter Conference Call – Phillips 66 – slide 4
    ADJUSTED EARNINGS 2014 VS. 2013 MM 3,643 3,782 Increase Segment 2013 2014 (Decrease) Midstream 469 508 8% Chemicals 986 1,209 23% Refining 1,734 1,576 (9%) M&S 885 882 0% Corporate (431) (393) 9% Phillips 66 3,643 3,782 4%…
  5. Fourth Quarter Conference Call – Phillips 66 – slide 5
    ADJUSTED EARNINGS 4Q 2014 VS. 3Q 2014 MM (18) (29) 65 (9) (236) 1,140 913 3Q 2014 Midstream Chemicals Refining Marketing Corporate 4Q 2014 Adjusted & Specialties & Other Adjusted Earnings Earnings 97 270 322 324 (100) 4Q…
  6. Fourth Quarter Conference Call – Phillips 66 – slide 6
    MIDSTREAM OVERVIEW 4Q 2014 Transportation: Deferred tax asset write-off DCP Midstream: Lower prices NGL: Improved margins 2014 Adjusted ROCE: 13% 7
  7. Fourth Quarter Conference Call – Phillips 66 – slide 7
    MIDSTREAM 4Q 2014 VS. 3Q 2014 MM (5) 29 (42) 115 97 3Q 2014 Transportation DCP NGL 4Q 2014 Adjusted Midstream Adjusted Earnings Earnings 53 (11) 55 4Q 2014 Adjusted Earnings 8
  8. Fourth Quarter Conference Call – Phillips 66 – slide 8
    CHEMICALS OVERVIEW 4Q 2014 Olefins & Polyolefins: Port Arthur resumed operations Specialties, Aromatics & Styrenics: Lower margins and volumes 2014 Adjusted ROCE: 27% 9
  9. Fourth Quarter Conference Call – Phillips 66 – slide 9
    CHEMICALS 4Q 2014 VS. 3Q 2014 MM 1 (11) (19) 299 270 3Q 2014 Olefins & Specialties, Other 4Q 2014 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 248 27 (5) 4Q 2014 Adjusted Earnings 10
  10. Fourth Quarter Conference Call – Phillips 66 – slide 10
    REFINING OVERVIEW 4Q 2014 Realized refining margin: 9.30/BBL Worldwide market capture: 89% Refining crude utilization: 95% Advantaged U.S. crude slate: 95% Clean product yield: 84% 2014 Adjusted ROCE: 12% 11
  11. Fourth Quarter Conference Call – Phillips 66 – slide 11
    REFINING 4Q 2014 VS. 3Q 2014 MM 78 (31) (94) (64) 558 (125) 322 3Q 2014 Atlantic Gulf Coast Central Western / Other 4Q 2014 Adjusted Basin / Corridor Pacific Refining Adjusted Earnings Europe Earnings 203 12 206 (67) (32)…
  12. Fourth Quarter Conference Call – Phillips 66 – slide 12
    REFINING MARGINS MARKET VS. REALIZED 4Q 2014 WORLDWIDE REFINING /BBL 0.14 0.45 1.41 (3.15) 10.45 9.30 Market Configuration Secondary Feedstock Other Realized 3:2:1 Products Margin Avg. Market Crude: 75.39/BBL 95% Crude…
  13. Fourth Quarter Conference Call – Phillips 66 – slide 13
    MARKETING AND SPECIALTIES OVERVIEW 4Q 2014 Marketing & Other: Continued strong margins Specialties: Higher margins 2014 Adjusted ROCE: 32% 14
  14. Fourth Quarter Conference Call – Phillips 66 – slide 14
    MARKETING AND SPECIALTIES 4Q 2014 VS. 3Q 2014 MM 25 40 324 259 3Q 2014 Marketing Specialties 4Q 2014 Adjusted & Other Adjusted Earnings Earnings 256 68 4Q 2014 Adjusted Earnings 15
  15. Fourth Quarter Conference Call – Phillips 66 – slide 15
    CORPORATE AND OTHER 4Q 2014 VS. 3Q 2014 MM 3Q 2014 4Q 2014 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (91) (100) 7 (8) (8) 16
  16. Fourth Quarter Conference Call – Phillips 66 – slide 16
    CAPITAL STRUCTURE 2012 4Q 2014 28% 25% 20% - 30% 22% 22% 22% 22% 22.4 21.8 22.0 22.2 22.0 20.8 8.7 7.0 6.2 6.2 6.2 6.2 5.4 5.3 5.0 5.2 3.5 3.1 2012 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 Equity B Debt B Cash & Cash…
  17. Fourth Quarter Conference Call – Phillips 66 – slide 17
    CASH FLOW 4Q 2014 B 0.6 2.5 (1.1) (0.3) (0.5) 1.1 (0.2) 5.2 3.1 September 30 CFO Working Debt Asset Capital Dividends Share December 31 Cash (excluding Capital Issuance Dispositions Expenditures Repurchases Cash…
  18. Fourth Quarter Conference Call – Phillips 66 – slide 18
    SOURCES AND USES 2014 Cash Draw & Other Debt Capital Cash From Cash Sources Operations Expenditures Cash Uses Distributions & 7.6 B Investments 7.6 B Asset Sales Debt Cash From Operations Capex & Investments…
  19. Fourth Quarter Conference Call – Phillips 66 – slide 19
    OUTLOOK 20
  20. Fourth Quarter Conference Call – Phillips 66 – slide 20
    PHILLIPS 66 FOURTH QUARTER 2014 CONFERENCE CALL Questions and Answers
  21. Fourth Quarter Conference Call – Phillips 66 – slide 21
    PHILLIPS 66 FOURTH QUARTER 2014 CONFERENCE CALL Appendix
  22. Fourth Quarter Conference Call – Phillips 66 – slide 22
    ESTIMATED SENSITIVITIES 2015 Annual Net Income MM Midstream - DCP (net to Phillips 66) 10/Gal Increase in NGL price 40 1/MMBtu Increase in Natural Gas price 30 10/BBL Increase in WTI price 20 Chemicals - CPChem (net to Phillips…
  23. Fourth Quarter Conference Call – Phillips 66 – slide 23
    REFINING MARGINS MARKET VS. REALIZED 4Q 2014 ATLANTIC BASIN / EUROPE /BBL Brent: 76.27/BBL 96% Crude Capacity Utilization 84% Market Capture (0.27) 0.16 (1.30) (0.69) 13.14 11.04 Market Configuration Secondary Feedstock…
  24. Fourth Quarter Conference Call – Phillips 66 – slide 24
    REFINING MARGINS MARKET VS. REALIZED 4Q 2014 GULF COAST /BBL LLS: 76.38/BBL 97% Crude Capacity Utilization 122% Market Capture 3.56 0.70 1.33 6.58 5.37 (4.38) Market Configuration Secondary Feedstock Other Realized 3:2:1…
  25. Fourth Quarter Conference Call – Phillips 66 – slide 25
    REFINING MARGINS MARKET VS. REALIZED 4Q 2014 CENTRAL CORRIDOR /BBL WTI: 73.41/BBL 96% Crude Capacity Utilization 106% Market Capture 0.25 1.02 2.91 (3.45) 13.28 14.01 Market Configuration Secondary Feedstock Other Realized…
  26. Fourth Quarter Conference Call – Phillips 66 – slide 26
    REFINING MARGINS MARKET VS. REALIZED 4Q 2014 WESTERN / PACIFIC /BBL ANS: 74.76BBL 92% Crude Capacity Utilization 53% Market Capture 0.42 3.07 (3.58) 12.21 (5.60) 6.52 Market Configuration Secondary Feedstock Other Realized…
  27. Fourth Quarter Conference Call – Phillips 66 – slide 27
    ADJUSTED EARNINGS 4Q 2014 VS. 4Q 2013 MM 219 9 (3) (24) (96) 913 808 4Q 2013 Midstream Chemicals Refining Marketing Corporate 4Q 2014 Adjusted & Specialties & Other Adjusted Earnings Earnings 97 270 322 324 (100) 4Q 2014…
  28. Fourth Quarter Conference Call – Phillips 66 – slide 28
    MIDSTREAM 4Q 2014 VS. 4Q 2013 MM 3 21 (48) 121 97 4Q 2013 Transportation DCP NGL 4Q 2014 Adjusted Midstream Adjusted Earnings Earnings 53 (11) 55 4Q 2014 Adjusted Earnings 29
  29. Fourth Quarter Conference Call – Phillips 66 – slide 29
    CHEMICALS 4Q 2014 VS. 4Q 2013 MM 18 5 (14) 261 270 4Q 2013 Olefins & Specialties, Other 4Q 2014 Adjusted Polyolefins Aromatics & Adjusted Earnings Styrenics Earnings 248 27 (5) 4Q 2014 Adjusted Earnings 30
  30. Fourth Quarter Conference Call – Phillips 66 – slide 30
    REFINING 4Q 2014 VS. 4Q 2013 MM 342 (173) (173) 17 (109) 418 322 4Q 2013 Atlantic Gulf Central Western / Other 4Q 2014 Adjusted Basin / Coast Corridor Pacific Refining Adjusted Earnings Europe Earnings 203 12 206 (67)…
  31. Fourth Quarter Conference Call – Phillips 66 – slide 31
    MARKETING AND SPECIALTIES 4Q 2014 VS. 4Q 2013 MM 17 202 324 105 4Q 2013 Marketing Specialties 4Q 2014 Adjusted & Other Adjusted Earnings Earnings 256 68 4Q 2014 Adjusted Earnings 32
  32. Fourth Quarter Conference Call – Phillips 66 – slide 32
    CORPORATE AND OTHER 4Q 2014 VS. 4Q 2013 MM 4Q 2013 4Q 2014 Adjusted Net Interest Corporate Adjusted Net Loss Expense Overhead Other Net Loss (97) (100) 3 (4) (2) 33
  33. Fourth Quarter Conference Call – Phillips 66 – slide 33
    REFINING U.S. ADVANTAGED CRUDE SLATE QUARTERLY ANNUAL Total 91% 93% 95% 95% 52% 62% 74% 94% Total Other Light/Medium 23% 26% 23% 24% Other Light/Medium 22% 6% Tight Oil* 15% 17% 19% 21% 7% 14% 18% Tight Oil* 3% Other Heavy…
  34. Fourth Quarter Conference Call – Phillips 66 – slide 34
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Year 4Q 3Q Year 4Q Phillips 66 Net Income (Loss) Attributable to Phillips 66 4,762 1,147 1,180 3,726 826 Adjustments: Asset dispositions (494) (385) (109)…
  35. Fourth Quarter Conference Call – Phillips 66 – slide 35
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Year 4Q 3Q Year 4Q Midstream Net Income (Loss) Attributable to Phillips 66 507 96 115 469 121 Adjustments: Lower-of-cost-or-market inventory adjustments 1 1…
  36. Fourth Quarter Conference Call – Phillips 66 – slide 36
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Year 4Q 3Q Year 4Q Refining Net Income (Loss) Attributable to Phillips 66 1,771 517 558 1,747 418 Adjustments: Asset dispositions (369) (369) - - -…
  37. Fourth Quarter Conference Call – Phillips 66 – slide 37
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Year 4Q 3Q Year 4Q Refining - Atlantic Basin/Europe Net Income (Loss) Attributable to Phillips 66 203 72 125 27 (139) Adjustments: Impairments 131 131 - -…
  38. Fourth Quarter Conference Call – Phillips 66 – slide 38
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Year 4Q 3Q Year 4Q Refining - Western/Pacific Net Income (Loss) Attributable to Phillips 66 306 291 (3) 44 42 Adjustments: Asset dispositions (369) (369) -…
  39. Fourth Quarter Conference Call – Phillips 66 – slide 39
    NON-GAAP RECONCILIATIONS Millions of Dollars Except as Indicated 2014 2013 Year 4Q 3Q Year 4Q Marketing & Specialties - Marketing & Other Net Income (Loss) Attributable to Phillips 66 836 299 325 688 54 Adjustments: Asset…
  40. Fourth Quarter Conference Call – Phillips 66 – slide 40
    NON-GAAP RECONCILIATIONS Marketing 2014 YTD Phillips 66 Midstream Chemicals Refining & Specialties Numerator (MM) Net Income 4,797 541 1,137 1,771 1,034 After-tax interest expense 173 - - - - GAAP ROCE earnings 4,970 541 1,137…

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