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MarketScreener Homepage  >  Equities  >  Nyse  >  Phillips 66    PSX

PHILLIPS 66

(PSX)
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Phillips 66 : Investor Update – November

11/06/2020 | 05:20pm EST

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as "is anticipated," "is estimated," "is expected," "is planned," "is scheduled," "is targeted," "believes," "continues," "intends," "will," "would," "objectives," "goals," "projects," "efforts," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward- looking. Forward-looking statements included in this presentation are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66's businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

This presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures at the end of the presentation

materials or in the "Investors" section of our website.

2

3

As of December 31, 2019, with the exception of crude throughput capacity, which is as of January 1, 2020.

4

As of October 31, 2020. See appendix for additional footnotes.

5

6

See appendix for footnotes

7

See appendix for footnotes

8

9

See appendix for footnotes

10

Sulfur oxides (SOx), nitrous oxides (NOx) and particulate matter (PM).

11

12

Training hours are as of December 31, 2019. All other metrics are as of September 30, 2020

14

Fractionation capacity is as of October 31, 2020. All other data as of December 31, 2019;. DCP Midstream net natural gas processing capacity as of June 30, 2020 is 6.0 BCFD. Statistics include assets owned by Phillips 66 Partners (PSXP). Crude oil terminals includes rail racks.

15

2015 adjusted capital spending excludes $1.5 B investment in DCP Midstream.

16

As of October 31, 2020. See additional appendix for footnotes.

17

18

DCP Midstream net natural gas processing capacity as of June 30, 2020. See appendix for additional footnotes.

19

1) Fracs 1,2, and 3 have 400 MBD total capacity as of October 31, 2020. Frac 2 was operational in 3Q 2020, Frac 3 was operational in October 2020.

21

High density polyethylene (HDPE), Normal alpha olefins (NAO). Metrics shown net of JV capacity and sourced from IHS, Nexant, and company filings. See appendix for additional footnotes.

22

23

1) 50% proportional share to Phillips 66.

24

Source: IHS; Polyethylene demand based on 2021 Edition: Fall 2020 Update. Low density polyethylene (LDPE), Linear-low density polyethylene (LLDPE)

25

26

27

29

30

Capacities as of January 1, 2020. See appendix for additional footnotes.

31

1) Based on Solomon Associates Report

32

33

Information subject to permitting approvals

1) 800 million gallons per year 2) 120 million gallons per year 3) 680 million gallons per year

34

Information subject to permitting approvals

36

2019 capital expenditures includes $260 MM related to the investment in the West Coast Marketing joint venture.

37

39

PSX Debt-to-Capital, excluding PSXP

40

41

Total debt includes capital leases, commercial paper and is net of unamortized discounts and debt issuance costs.

42

See appendix for footnotes

Sustaining

1

43

1) 20E consolidated capital spending inclusive of $0.1 B of cash funded by joint venture partners is expected to be $3.0 B.

44

Dividend CAGR calculated from initial dividend of $0.20 per share in 3Q 2012 to $0.90 per share in 3Q 2020.

45

Share price as of September 30, 2020. See appendix for additional footnotes.

47

As of September 30, 2020. Public also owns 13.8 MM convertible preferred units.

48

Refineries owned by Phillips 66. See appendix for additional footnotes.

49

Adjusted EBITDA as shown is attributable to PSXP. Debt-to-EBITDA ratio is calculated on a credit facility covenant basis, which requires certain adjustments to total debt and EBITDA. Coverage ratio estimated on credit facility covenant basis. 20A coverage ratio represents YTD 3Q20, and Debt-to-EBITDA ratio is as of 3Q20 (not annualized).

50

51

52

53

Weighted average cost excludes revolving credit facility. Total debt is net of $32 MM unamortized discounts and debt issuance costs. At September 30, 2020, borrowings of $290 MM were outstanding and $3 MM in letters of credit had been drawn under our $750 MM revolving credit facility

54

Chart reflects total unitholder return from July 22, 2013, to September 30, 2020. Distributions assumed to be reinvested in units. PSXP compared against Alerian MLP Index (AMZ). Source: Bloomberg.

56

Sensitivities above are independent and are only valid within a limited price range

Gross Capital attributable to incremental EBITDA based on previously disclosed build multiples.

57

  1. Capacity expanded from 600 MBD to 800 MBD 2) Sweeny Fractionators 2 and 3 completed as of October 31, 2020 3) 300 MB storage and 80 MBD pipeline capacity expansion 4) Completed expansion from 9 MMB to 16.5 MMB 5) 8.6 MMB storage and up to 800 MBD export capacity, includes two deepwater VLCC docks, the first dock and 5.1 MMB of storage commissioned as of 3Q 2020, project expected to be fully completed in 1Q 2021

58

59

General

Information disclosed is as of September 30, 2020, unless noted otherwise.

Numbers may not appear to tie due to rounding.

Chevron Phillips Chemical Company may be abbreviated as CPChem.

Date Conventions

19 is as of December 31, 2019; or the twelve-month period ended December 31, 2019, as applicable; except as otherwise noted. 20 is as of September 30, 2020, or the nine-month period ended September 30, 2020 as applicable; except as otherwise noted 3Q20 is as of September 30, 2020, or the nine-month period ended September 30, 2020 as applicable; except as otherwise noted. 20A represents 3Q20 annualized.

20E represents previously announced guidance.

60

Maps

Maps, images and drawings are for informational purposes only and may not be to scale.

61

Slide 6

Industry averages are from: Phillips 66 - American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical Company LLC (CPChem) - American Fuel & Petrochemical Manufacturers (AFPM) chemicals data, DCP Midstream, LLC (DCP Midstream) - Gas Processors Association (GPA).

2020 TRR for Phillips 66, CPChem, and DCP Midstream through September 30, 2020.

Phillips 66 safety metrics as of September 30, 2020. Industry safety metrics as of 2018. Source: Bureau of Labor Statistics.

Phillips 66 Refining crude capacity utilization through September 30, 2020. Industry refining crude capacity utilization through August 2020. Source: EIA.

Slides 7

Mid-cycle CFO calculated using the following methodology: average adjusted EBITDA from 2012 to 2019 for Refining; Marketing and Specialties, and Corporate;

2019 exit run-rate excluding market impacts plus estimated completed growth projects for Midstream; average adjusted EBITDA from 2012-2019 plus 50% proportional share of estimated EBITDA from U.S. Gulf Coast I project for Chemicals.

Midstream growth EBITDA calculated using project timeline, capital expenditures, and 6-8x build multiples.

Marketing and Specialties EBITDA calculated using West Coast Marketing joint venture incremental EBITDA and assuming 30% returns.

Mid-cycle CFO calculated using mid-cycle adjusted EBITDA for the respective year and adjusted for estimated interest, taxes and noncontrolling interest for growth projects.

These forecasted annual EBITDA contributions cannot be reconciled to net income, the nearest GAAP measure, because certain elements of net income, such as interest, depreciation and taxes, were not used in developing the forecasts and therefore are not readily available. Together, these items generally result in EBITDA being significantly greater than net income.

Total Distributions include 2014 PSPI share exchange and are through December 31, 2019.

JV Capital includes Phillips 66 share of DCP Midstream's, CPChem's and WRB's self-funded capital spending.

62

Slide 9

The "Total Enhancements" amount represents estimated EBITDA uplift versus a baseline year of 2017. The "Mid-Cycle EBITDA Uplift" amount represents estimated actual mid-cycle EBITDA uplift after consideration for inflation and market movements in a mid-cycle environment through 2019.

Slides 42

Adjusted ROCE is defined as (Adjusted NI + after-tax interest expense + minority interest) / (Average total debt + average equity). Peer ROCE calculations are based on the simple average of 2017 ROCE, 2018 ROCE, and 2019 ROCE. Source: Company filings adjusted to facilitate comparisons of operating performance.

Peer average includes Delek US Holdings, Inc., HollyFrontier Corporation, Marathon Petroleum Corporation, PBF Energy Inc., Valero Energy Corporation, Enterprise Products Partners L.P., ONEOK, Inc., Targa Resources Corp., Celanese Corporation, Eastman Chemical Company, Huntsman Corporation and Westlake Chemical Corporation.

Slide 45

Chart reflects total shareholder return May 1, 2012, to September 30, 2020. Dividends assumed to be reinvested in stock. Source: Bloomberg.

Peer average includes Delek US Holdings, Inc., HollyFrontier Corporation, Marathon Petroleum Corporation, PBF Energy Inc., Valero Energy Corporation, Enterprise Products Partners L.P., ONEOK, Inc., Targa Resources Corp., Celanese Corporation, Eastman Chemical Company, Huntsman Corporation, LyondellBasell Industries, and Westlake Chemical Corporation.

63

Millions of Dollars

Except as Indicated

2015

2016

2017

2018

2019

Reconciliation of Consolidated Earnings to Adjusted Earnings

Consolidated Earnings

$

4,227

1,555

5,106

5,595

3,076

Pre-tax adjustments:

Pending claims and settlements

30

(117)

(60)

21

(21)

Pension settlement expense

80

-

83

67

-

Equity affiliate ownership restructuring

-

33

-

-

-

Impairments

-

-

-

-

853

Impairments by equity affiliates

390

95

64

28

47

Lower-of-cost-or-market inventory adjustments

53

-

-

-

65

Certain tax impacts

(9)

(32)

(23)

(119)

(90)

Recognition of deferred logistics commitments

-

30

-

-

-

Gain on consolidation of business

-

-

(423)

-

-

Railcar lease residual value deficiencies and related costs

-

40

-

-

-

Asset dispositions

(280)

-

-

-

(17)

Hurricane-related costs

-

-

210

-

-

Tax impact of adjustments*

(181)

4

47

(1)

(214)

U.S. tax reform

-

-

(2,735)

23

-

Other tax impacts

(117)

(110)

-

(70)

(42)

Noncontrolling interests

-

-

-

6

-

Adjusted earnings

$

4,193

1,498

2,269

5,550

3,657

Earnings per share of common stock (dollars)

$

7.73

2.92

9.85

11.80

6.77

Adjusted earnings per share of common stock (dollars)

$

7.67

2.82

4.38

11.71

8.05

  • We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 25% beginning in 2018, and approximately 38% for periods prior to 2018. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include,

but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed

64

earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

† Weighted-average diluted shares outstanding and income allocated to participating securities, if applicable, in the adjusted earnings per share calculation are the same as those used in the GAAP diluted earnings per share calculation.

Millions of Dollars

2012

2013

2014

2015

2016

2017

2018

2019

Reconciliation of Phillips 66 Net Income to Adjusted EBITDA

Phillips 66 net income

$

4,131

3,743

4,797

4,280

1,644

5,248

5,873

3,377

Less:

Income from discontinued operations

48

61

706

-

-

-

-

-

Plus:

Income tax expense (benefit)

2,473

1,844

1,654

1,764

547

(1,693)

1,572

801

Net interest expense

231

258

246

283

321

407

459

415

Depreciation and amortization

906

947

995

1,078

1,168

1,318

1,356

1,341

Phillips 66 EBITDA

7,693

6,731

6,986

7,405

3,680

5,280

9,260

5,934

Special Item Adjustments (pre-tax):

Impairments by equity affiliates

-

-

88

390

95

64

28

47

Premium on early retirement of debt

144

-

-

-

-

-

-

-

Pending claims and settlements

56

(25)

(21)

30

(115)

(57)

21

(21)

Repositioning costs

85

-

-

-

-

-

-

-

Tax law impacts

-

(28)

-

-

-

-

-

-

Certain tax impacts

-

-

-

-

(32)

(23)

(119)

(90)

Gain on consolidation of business

-

-

-

-

-

(423)

-

-

Gain on asset sales

(189)

(40)

-

-

-

-

-

-

Exit of a business line

-

54

-

-

-

-

-

-

Equity affiliate ownership restructuring

-

-

-

-

33

-

-

-

Recognition of deferred logistics commitments

-

-

-

-

30

-

-

-

Railcar lease residual value deficiencies and related costs

-

-

-

-

40

-

-

-

Asset dispositions

-

-

(270)

(280)

-

-

-

(17)

Impairments

1,197

-

131

-

-

-

-

853

Lower-of-cost-or-market inventory adjustments

-

-

45

53

-

-

-

65

Pension settlement expense

-

-

-

80

-

83

67

-

Hurricane-related costs

56

-

-

-

-

210

-

-

U.S. tax reform

-

-

-

-

-

-

(16)

-

Phillips 66 EBITDA, Adjusted for Special Items

9,042

6,692

6,959

7,678

3,731

5,134

9,241

6,771

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

84

93

117

86

79

70

102

79

Proportional share of selected equity affiliates net interest

38

80

161

189

178

123

167

178

Proportional share of selected equity affiliates depreciation and amortization

641

689

721

752

798

777

912

945

EBITDA attributable to Phillips 66 noncontrolling interests

(13)

(24)

(45)

(73)

(132)

(229)

(361)

(391)

Phillips 66 Adjusted EBITDA

$

9,792

7,530

7,913

8,632

4,654

5,875

10,061

7,582

65

Millions of Dollars

2012

2013

2014

2015

2016

2017

2018

2019

Reconciliation of Midstream Pre-Tax Income to Adjusted EBITDA

Midstream pre-tax income

$

88

750

851

147

402

638

1,181

684

Plus:

Interest revenue

-

-

-

-

-

(1)

-

-

Depreciation and amortization

83

88

91

127

215

299

320

304

Midstream EBITDA

171

838

942

274

617

936

1,501

988

Special Item Adjustments (pre-tax):

Pending claims and settlements

(37)

-

-

-

(45)

(37)

21

-

Impairments

523

-

-

-

-

-

-

853

Impairments by equity affiliates

-

-

-

366

6

-

28

47

Hurricane-related costs

2

-

-

-

-

10

-

-

Lower-of-cost-or-market inventory adjustments

-

-

2

-

-

-

-

-

Asset disposition

-

-

-

(30)

-

-

-

-

Equity affiliate ownership restructuring

-

-

-

-

33

-

-

-

Pension settlement expense

-

-

-

9

-

12

9

-

Midstream EBITDA, Adjusted for Special Items

659

838

944

619

611

921

1,559

1,888

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

-

4

3

(2)

2

1

1

-

Proportional share of selected equity affiliates net interest

132

156

165

176

170

121

131

135

Proportional share of selected equity affiliates depreciation and amortization

181

194

207

225

244

191

207

238

Midstream Adjusted EBITDA

$

972

1,192

1,319

1,018

1,027

1,234

1,898

2,261

66

Millions of Dollars

2012

2013

2014

2015

2016

2017

2018

2019

Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA

Chemicals pre-tax income

$

1,189

1,361

1,632

1,315

839

716

1,025

879

Plus:

None

-

-

-

-

-

-

-

-

Chemicals EBITDA

1,189

1,361

1,632

1,315

839

716

1,025

879

Special Item Adjustments (pre-tax):

Impairments by equity affiliates

-

-

88

24

89

64

-

-

Impairments

43

-

-

-

-

-

-

-

Premium on early retirement of debt

144

-

-

-

-

-

-

-

Hurricane-related costs

-

-

-

-

-

175

-

-

Lower-of-cost-or-market inventory adjustments

-

-

3

-

-

-

-

65

Chemicals EBITDA, Adjusted for Special Items

1,376

1,361

1,723

1,339

928

955

1,025

944

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

79

93

111

91

77

68

100

79

Proportional share of selected equity affiliates net interest

13

10

9

7

8

4

38

40

Proportional share of selected equity affiliates depreciation and amortization

213

246

258

264

285

307

422

415

Chemicals Adjusted EBITDA

$

1,681

1,710

2,101

1,701

1,298

1,334

1,585

1,478

67

Millions of Dollars

2012

2013

2014

2015

2016

2017

2018

2019

Reconciliation of Refining Pre-Tax Income to Adjusted EBITDA

Refining pre-tax income

$

5,089

2,782

2,467

3,659

436

2,076

4,535

1,986

Plus:

Depreciation and amortization

655

685

704

738

769

821

840

854

Refining EBITDA

5,744

3,467

3,171

4,397

1,205

2,897

5,375

2,840

Special Item Adjustments (pre-tax):

Pending claims and settlements

31

-

23

30

(70)

(51)

-

(21)

Tax law impacts

-

(22)

-

-

-

-

-

-

Certain tax impacts

-

-

-

-

(32)

(23)

(6)

-

Hurricane-related costs

54

-

-

-

-

24

-

-

Gain on consolidation of business

-

-

-

-

-

(423)

-

-

Recognition of deferred logistics commitments

-

-

-

-

30

-

-

-

Railcar lease residual value deficiencies and related costs

-

-

-

-

40

-

-

-

Asset dispositions

-

-

(145)

(8)

-

-

-

(17)

Gain on asset sales

(185)

-

-

-

-

-

-

-

Impairments

606

-

131

-

-

-

-

-

Lower-of-cost-or-market inventory adjustments

-

-

40

53

-

-

-

-

Pension settlement expense

-

-

-

53

-

53

43

-

Refining EBITDA, Adjusted for Special Items

6,250

3,445

3,220

4,525

1,173

2,477

5,412

2,802

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

5

(4)

3

(3)

-

1

1

-

Proportional share of selected equity affiliates net interest

(118)

(95)

(19)

-

-

(3)

(6)

(3)

Proportional share of selected equity affiliates depreciation and amortization

236

237

245

252

257

268

272

281

68

Refining Adjusted EBITDA

$

6,373

3,583

3,449

4,774

1,430

2,743

5,679

3,080

Millions of Dollars

2012

2013

2014

2015

2016

2017

2018

2019

Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted

EBITDA

Marketing and Specialties pre-tax income

$

863

1,327

1,475

1,652

1,261

1,020

1,557

1,433

Plus:

Interest revenue

-

-

-

(2)

-

-

-

-

Depreciation and amortization

147

103

95

97

107

112

114

103

Marketing & Specialties EBITDA

1,010

1,430

1,570

1,747

1,368

1,132

1,671

1,536

Special Item Adjustments (pre-tax):

Asset dispositions

-

-

(125)

(242)

-

-

-

-

Gain on asset sales

(4)

(40)

-

-

-

-

-

-

Pending claims and settlements

62

(25)

(44)

-

-

-

-

-

Exit of a business line

-

54

-

-

-

-

-

-

Tax law impacts

-

(6)

-

-

-

-

-

-

Certain tax impacts

-

-

-

-

-

-

(113)

(90)

Hurricane-related costs

-

-

-

-

-

1

-

-

Pension settlement expense

-

-

-

11

-

11

9

-

Marketing & Specialties EBITDA, Adjusted for Special Items

1,068

1,413

1,401

1,516

1,368

1,144

1,567

1,446

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

-

-

-

-

-

-

-

-

Proportional share of selected equity affiliates net interest

11

9

6

6

-

1

4

6

Proportional share of selected equity affiliates depreciation and amortization

11

12

11

11

12

11

11

11

Marketing & Specialties Adjusted EBITDA

$

1,090

1,434

1,418

1,533

1,380

1,156

1,582

1,463

69

Millions of Dollars

2012

2013

2014

2015

2016

2017

2018

2019

Reconciliation of Corporate & Other Pre-Tax Loss to Adjusted EBITDA

Corporate and Other pre-tax loss

$

(673)

(694)

(680)

(729)

(747)

(895)

(853)

(804)

Plus:

Net interest expense

231

258

246

285

321

408

459

415

Depreciation and amortization

21

71

105

116

77

86

82

80

Corporate & Other EBITDA

(421)

(365)

(329)

(328)

(349)

(401)

(312)

(309)

Special Item Adjustments (pre-tax):

Impairments

25

-

-

-

-

-

-

-

Repositioning costs

85

-

-

-

-

-

-

-

Pending claims and settlements

-

-

-

-

-

31

-

-

U.S. tax reform

-

-

-

-

-

-

(16)

-

Pension settlement expense

-

-

-

7

-

7

6

-

Corporate & Other EBITDA, Adjusted for Special Items

(311)

(365)

(329)

(321)

(349)

(363)

(322)

(309)

Other Adjustments (pre-tax):

None

-

-

-

-

-

-

-

-

Corporate & Other Adjusted EBITDA

$

(311)

(365)

(329)

(321)

(349)

(363)

(322)

(309)

70

Millions of Dollars

2015

2016

2017

2018

2019

Reconciliation of DCP Midstream Pre-Tax Income (Loss) to Adjusted

EBITDA

DCP Midstream pre-tax income (loss)

$

(463)

(34)

76

106

(784)

Plus:

None

-

-

-

-

-

DCP Midstream EBITDA

(463)

(34)

76

106

(784)

Special Item Adjustments (pre-tax):

Pending claims and settlements

-

(45)

-

-

-

Impairments

-

-

-

-

853

Impairments by equity affiliates

366

6

-

28

47

Equity affiliate ownership restructuring

-

33

-

-

-

Asset disposition

(30)

-

-

-

-

DCP Midstream EBITDA, Adjusted for Special Items

(127)

(40)

76

134

116

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

(2)

2

-

-

-

Proportional share of selected equity affiliates net interest

133

129

65

62

77

Proportional share of selected equity affiliates depreciation and amortization

166

183

107

111

130

DCP Midstream Adjusted EBITDA

$

170

274

248

307

323

71

Millions of Dollars

2015

2016

2017

2018

2019

Phillips 66 Partners Reconciliation of Adjusted EBITDA and Distributable Cash Flow

to Net Income

Net income attributable to Phillips 66 Partners

$

194

301

461

796

923

Plus:

Net income attributable to Predecessors

112

107

63

-

-

Net income

306

408

524

796

923

Plus:

Depreciation

61

96

116

117

120

Net interest expense

34

52

99

114

105

Income tax expense

-

2

4

4

3

EBITDA

401

558

743

1,031

1,151

Proportional share of equity affiliates' net interest, taxes and depreciation and amortization

31

45

66

101

116

Expenses indemnified or prefunded by Phillips 66

2

6

8

1

1

Transaction costs associated with acquisitions

2

4

4

4

-

EBITDA attributable to Predecessors

(151)

(142)

(67)

-

-

Adjusted EBITDA

285

471

754

1,137

1,268

Plus:

Deferred revenue impacts*

4

11

6

(6)

(6)

Less:

Equity affiliate distributions less than proportional EBITDA

19

28

29

64

56

Maintenance capital expenditures

8

22

50

62

74

Net interest expense

34

52

100

114

105

Preferred unit distributions

-

-

9

37

37

Income taxes paid

-

-

-

-

1

Distributable cash flow

$

228

380

572

854

989

72

* Difference between cash receipts and revenue recognition

† Excludes Merey Sweeny capital reimbursements and turnaround impacts

Millions of Dollars

2015

2016

2017

2018

2019

Phillips 66 Partners Reconciliation of Adjusted EBITDA and Distributable Cash Flow

to Net Cash Provided by Operating Activities

Net cash provided by operating activities*

$

392

492

724

892

1,016

Plus:

Net interest expense

34

52

99

114

105

Income tax expense

-

2

4

4

3

Changes in working capital

(12)

28

(30)

(20)

34

Undistributed equity earnings

-

(1)

1

5

3

Deferred revenues and other liabilities

(11)

(9)

(43)

42

(5)

Other

(2)

(6)

(12)

(6)

(5)

EBITDA

401

558

743

1,031

1,151

Proportional share of equity affiliates' net interest, taxes and depreciation and amortization

31

45

66

101

116

Expenses indemnified or prefunded by Phillips 66

2

6

8

1

1

Transaction costs associated with acquisitions

2

4

4

4

-

EBITDA attributable to Predecessors

(151)

(142)

(67)

-

-

Adjusted EBITDA

285

471

754

1,137

1,268

Plus:

Deferred revenue impacts**

4

11

6

(6)

(6)

Less:

Equity affiliate distributions less than proportional EBITDA

19

28

29

64

56

Maintenance capital expenditures

8

22

50

62

74

Net interest expense

34

52

100

114

105

Preferred unit distributions

-

-

9

37

37

Income taxes paid

-

-

-

-

1

Distributable cash flow

$

228

380

572

854

989

* Phillips 66 Partners' coverage ratio is calculated as distributable cash flow divided by total cash distributions and is used to indicate Phillips 66 Partners' ability to pay cash distributions from current earnings. Net cash

73

provided by operating activities divided by total cash distributions was 2.24x, 1.66x, 1.61x, 1.44x and 1.36x at 2015, 2016, 2017, 2018 and 2019, respectively.

** Difference between cash receipts and revenue recognition

† Excludes Merey Sweeny capital reimbursements and turnaround impacts

Millions of Dollars

2012

2013

2014

2015

2016

2017

2018

2019

Phillips 66 Capital Expenditures and Investments

Midstream

Growth

$

548

429

2,021

2,801

1,267

597

1,360

1,605

Sustaining

159

168

152

1,656

186

174

188

264

Total

707

597

2,173

4,457

1,453

771

1,548

1,869

Refining

Growth

85

164

255

201

344

323

267

409

Sustaining

650

656

783

868

805

530

559

592

Total

735

820

1,038

1,069

1,149

853

826

1,001

Marketing & Specialties

Growth

47

139

375

66

47

62

71

299

Sustaining

72

87

64

56

51

46

54

75

Total

119

226

439

122

98

108

125

374

Corporate & Other

Growth

-

11

13

10

3

-

6

7

Sustaining

140

125

110

106

141

100

134

199

Total

140

136

123

116

144

100

140

206

Total Consolidated

Growth

680

743

2,664

3,078

1,661

982

1,704

2,320

Sustaining

1,021

1,036

1,109

2,686

1,183

850

935

1,130

Adjusted Capital Spending

1,701

1,779

3,773

5,764

2,844

1,832

2,639

3,450

Capital Spending Funded by Certain Joint Venture Partners

-

-

-

-

-

-

-

423

74

Total

$ 1,701

1,779

3,773

5,764

2,844

1,832

2,639

3,873

Millions of Dollars

2012

2013

2014

2015

2016

2017

2018

2019

Proportional Share of Select Equity Affiliates

Capital Expenditures and Investments*

DCP Midstream (Midstream)

$

1,324

971

776

438

99

268

484

472

CPChem (Chemicals)

Growth

239

403

726

1,136

743

571

131

155

Sustaining

132

210

160

183

244

205

208

227

Total

371

613

886

1,319

987

776

339

382

WRB (Refining)

136

109

140

175

164

126

156

175

Select Equity Affiliates

$

1,831

1,693

1,802

1,932

1,250

1,170

979

1,029

Millions of Dollars

2015

2016

2017

2018

2019

2020 Guidance1

Phillips 66 Partners Capital Expenditures and Investments

Capital Expenditures and Investments

$

895

557

434

776

1,082

932

Capital Expenditures Attributable to Predecessors

(690)

(96)

(82)

-

-

-

Capital Spending Funded by Certain Joint Venture Partners

-

-

-

-

(423)

(69)

Adjusted Capital Spending

$

205

461

352

776

659

863

Expansion/Growth

$

197

439

300

710

579

731

Maintenance/Sustaining

8

22

52

66

80

132

75

  • Represents Phillips 66's portion of self-funded capital spending by DCP Midstream, LLC (DCP Midstream), Chevron Phillips Chemical Company LLC (CPChem) and WRB Refining LP (WRB). 1) Phillips 66 Partners capital spending guidance excludes amounts associated with acquisition of assets from Phillips 66

Millions of Dollars

Except as Indicated

Debt-to-Capital

Debt-to-Capital Ratio

Total Debt

Total Equity

Ratio

September 30, 2020

Phillips 66 Consolidated

$

14,526

22,305

39

%

PSXP*

3,783

2,549

Phillips 66 Excluding PSXP

$

10,743

19,756

35

%

December 31, 2019

Phillips 66 Consolidated

$

11,763

27,169

30

%

PSXP*

3,516

2,229

Phillips 66 Excluding PSXP

$

8,247

24,940

25

%

December 31, 2018

Phillips 66 Consolidated

$

11,160

27,153

29

%

PSXP*

3,048

2,469

Phillips 66 Excluding PSXP

$

8,112

24,684

25

%

December 31, 2017

Phillips 66 Consolidated

$

10,110

27,428

27

%

PSXP*

2,945

2,314

Phillips 66 Excluding PSXP

$

7,165

25,114

22

%

December 31, 2016

Phillips 66 Consolidated

$

10,138

23,725

30

%

PSXP*

2,411

1,306

Phillips 66 Excluding PSXP

$

7,727

22,419

26

%

76

* PSXP's third-party debt and Phillips 66's noncontrolling interests attributable to PSXP.

Millions of Dollars (Except as Indicated)

2015

2016

2017

2018

2019

Phillips 66 ROCE

Numerator

Net income

$

4,280

1,644

5,248

5,873

3,377

After-tax interest expense

201

220

285

398

362

GAAP ROCE earnings

4,481

1,864

5,533

6,271

3,739

Special items

(34)

(57)

(2,837)

(51)

581

Adjusted ROCE earnings

$

4,447

1,807

2,696

6,220

4,320

Denominator

GAAP average capital employed*

$

31,749

33,344

35,700

37,925

38,622

*Total equity plus debt.

GAAP ROCE (percent)

14%

6%

15%

17%

10%

Adjusted ROCE (percent)

14%

5%

8%

16%

11%

77

Disclaimer

Phillips 66 Company published this content on 05 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2020 22:19:03 UTC


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Financials (USD)
Sales 2020 64 683 M - -
Net income 2020 -3 747 M - -
Net Debt 2020 13 495 M - -
P/E ratio 2020 -8,62x
Yield 2020 4,89%
Capitalization 31 956 M 31 956 M -
EV / Sales 2020 0,70x
EV / Sales 2021 0,55x
Nbr of Employees 14 500
Free-Float 67,1%
Chart PHILLIPS 66
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Phillips 66 Technical Analysis Chart | PSX | US7185461040 | MarketScreener
Technical analysis trends PHILLIPS 66
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Average target price 79,79 $
Last Close Price 73,16 $
Spread / Highest target 35,3%
Spread / Average Target 9,06%
Spread / Lowest Target -13,9%
EPS Revisions
Managers and Directors
NameTitle
Greg C. Garland Chairman & Chief Executive Officer
Timothy D. Roberts Chief Operating Officer & Vice President
Kevin J. Mitchell Chief Financial Officer & Executive VP-Finance
Victoria J. Tschinkel Independent Director
Harold W. McGraw Independent Director
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