Phillips 66 - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - PHILLIPS 66 8-K - Phillips 66	a50460250.htm
EX-99.1 - EXHIBIT 99.1 - Phillips 66	a50460250ex99_1.htm

Exhibits 99.2

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT

	Millions of Dollars
					2011									2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr		4th Qtr	YTD

Revenues and Other Income
Sales and other operating revenues*	44,779		52,594		50,610		48,105		196,088		45,783		46,747	42,945			135,475
Equity in earnings of affiliates	690		784		856		513		2,843		734		815	959			2,508
Net gain (loss) on dispositions	3		43		(221	)	1,813		1,638		2		188	(1	)		189
Other income	1		9		18		17		45		1		77	4			82
Total Revenues and Other Income	45,473		53,430		51,263		50,448		200,614		46,520		47,827	43,907			138,254

Costs and Expenses
Purchased crude oil and products	39,348		46,600		43,905		42,984		172,837		40,328		40,398	36,189			116,915
Operating expenses	1,042		1,018		1,027		985		4,072		1,092		984	884			2,960
Selling, general and administrative expenses	323		347		372		367		1,409		349		480	432			1,261
Depreciation and amortization	219		226		222		241		908		216		224	229			669
Impairments	-		2		486		(16	)	472		43		275	248			566
Taxes other than income taxes*	3,480		3,631		3,674		3,503		14,288		3,420		3,475	3,410			10,305
Accretion on discounted liabilities	5		6		5		5		21		5		6	7			18
Interest and debt expense	4		3		4		6		17		13		83	74			170
Foreign currency transaction (gains) losses	(43	)	(31	)	18		22		(34	)	(15	)	8	(15	)		(22	)
Total Costs and Expenses	44,378		51,802		49,713		48,097		193,990		45,451		45,933	41,458			132,842
Income before income taxes	1,095		1,628		1,550		2,351		6,624		1,069		1,894	2,449			5,412
Provision for income taxes	418		588		499		339		1,844		431		712	848			1,991
Net Income	677		1,040		1,051		2,012		4,780		638		1,182	1,601			3,421
Less: net income attributable to
noncontrolling interests	1		1		2		1		5		2		1	2			5
Net Income Attributable to Phillips 66	676		1,039		1,049		2,011		4,775		636		1,181	1,599			3,416
* Includes excise taxes on petroleum products sales:	3,383		3,554		3,596		3,422		13,955		3,321		3,389	3,312			10,022


Net Income Attributable to Phillips 66
Per Share of Common Stock (dollars)
Basic	1.08		1.66		1.67		3.20		7.61		1.01		1.88	2.53			5.43
Diluted	1.07		1.64		1.65		3.17		7.52		1.00		1.86	2.51			5.37

Average Common Shares Outstanding (in thousands)
Basic	627,628		627,628		627,628		627,628		627,628		627,628		628,510	630,672			628,940
Diluted	634,645		634,645		634,645		634,645		634,645		634,645		635,157	637,913			636,585

SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT

	Millions of Dollars
					2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

R&M	488		774		785		1,801		3,848		400		1,184		1,648			3,232

Midstream	61		111		118		113		403		89		(91	)	(77	)		(79	)

Chemicals	185		190		193		148		716		217		207		153			577

Corporate and Other	(58	)	(36	)	(47	)	(51	)	(192	)	(70	)	(119	)	(125	)		(314	)

Consolidated	676		1,039		1,049		2,011		4,775		636		1,181		1,599			3,416

SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT

	Millions of Dollars
					2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

R&M	830		1,247		1,173		2,082		5,332		734		1,916		2,486			5,136

Midstream	96		173		186		158		613		140		(152	)	(102	)		(114	)

Chemicals	259		264		264		181		968		300		307		236			843

Corporate and Other	(90	)	(56	)	(73	)	(70	)	(289	)	(105	)	(177	)	(171	)		(453	)

Consolidated	1,095		1,628		1,550		2,351		6,624		1,069		1,894		2,449			5,412

EFFECTIVE TAX RATES

					2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

R&M	41.1	%	37.9	%	32.9	%	13.4	%	27.7	%	45.2	%	38.2	%	33.6	%			37.0	%

Midstream	36.5	%	35.8	%	36.6	%	28.5	%	34.3	%	36.4	%	40.1	%	24.5	%			30.7	%

Chemicals	28.6	%	28.0	%	26.9	%	18.2	%	26.0	%	27.7	%	32.6	%	35.2	%			31.6	%

Corporate and Other	35.6	%	35.7	%	35.6	%	27.1	%	33.6	%	33.3	%	32.8	%	26.9	%			30.7	%

Consolidated	38.2	%	36.1	%	32.2	%	14.4	%	27.8	%	40.3	%	37.6	%	34.6	%			36.8	%

SPECIAL ITEMS INCLUDED IN INCOME FROM CONTINUING OPERATIONS
(AFTER-TAX)

	Millions of Dollars
			2011										2012
	1st Qtr	2nd Qtr	3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
R&M
Gain (loss) on asset sales	2	26	(143	)	1,660		1,545		-		106		-			106
Impairments	-	-	(318	)	-		(318	)	(42	)	-		(27	)		(69	)
Cancelled projects	-	-	-		(28	)	(28	)	-		-		-			-
Pending claims and settlements	-	-	-		-		-		(19	)	(38	)	-			(57	)
Repositioning tax impacts	-	-	-		-		-		(67	)	(69	)	-			(136	)
Severance accrual	-	-	(15	)	-		(15	)	-		-		-			-
Total R&M	2	26	(476	)	1,632		1,184		(128	)	(1	)	(27	)		(156	)

Midstream
Impairments	-	-	-		-		-		-		(170	)	(133	)		(303	)
Total Midstream	-	-	-		-		-		-		(170	)	(133	)		(303	)

Chemicals
Impairments	-	-	-		-		-		-		-		(27	)		(27	)
Premium on early debt retirement	-	-	-		-		-		-		(35	)	(54	)		(89	)
Repositioning tax impacts	-	-	-		-		-		-		-		(41	)		(41	)
Total Chemicals	-	-	-		-		-		-		(35	)	(122	)		(157	)

Corporate and Other
Repositioning costs	-	-	-		-		-		-		(30	)	(13	)		(43	)
Total Corporate and Other	-	-	-		-		-		-		(30	)	(13	)		(43	)

Total Phillips 66	2	26	(476	)	1,632		1,184		(128	)	(236	)	(295	)		(659	)

Refining- Regional Totals
Atlantic Basin/Europe	-	-	(464	)	65		(399	)	(42	)	31		-			(11	)
Gulf Coast	-	-	-		-		-		-		-		-			-
Central Corridor	-	-	-		(28	)	(28	)	-		-		-			-
Western/Pacific	-	-	-		-		-		-		-		-			-
Other Refining	-	-	(15	)	-		(15	)	(19	)	-		-			(19	)
Total Refining	-	-	(479	)	37		(442	)	(61	)	31		-			(30	)
Marketing, Specialties & Other- Regional Totals
Marketing, Specialties & Other- U.S.	2	26	6		1,595		1,629		-		(36	)	(27	)		(63	)
Marketing, Specialties & Other- Int'l	-	-	(3	)	-		(3	)	(67	)	4		-			(63	)
Total Marketing, Specialties & Other	2	26	3		1,595		1,626		(67	)	(32	)	(27	)		(126	)
Total R&M	2	26	(476	)	1,632		1,184		(128	)	(1	)	(27	)		(156	)

SPECIAL ITEMS INCLUDED IN INCOME FROM CONTINUING OPERATIONS
(PRE-TAX)

	Millions of Dollars
			2011										2012
	1st Qtr	2nd Qtr	3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

R&M	3	43	(751	)	1,767		1,062		(73	)	127		(43	)		11

Midstream	-	-	-		-		-		-		(275	)	(205	)		(480	)

Chemicals	-	-	-		-		-		-		(57	)	(130	)		(187	)

Corporate and Other	-	-	-		-		-		-		(46	)	(21	)		(67	)

Total Phillips 66	3	43	(751	)	1,767		1,062		(73	)	(251	)	(399	)		(723	)

Refining- Regional Totals
Atlantic Basin/Europe	-	-	(734	)	(6	)	(740	)	(42	)	185		-			143
Gulf Coast	-	-	-		-		-		-		-		-			-
Central Corridor	-	-	-		(44	)	(44	)	-		-		-			-
Western/Pacific	-	-	-		-		-		-		-		-			-
Other Refining	-	-	(24	)	-		(24	)	(31	)	-		-			(31	)
Total Refining	-	-	(758	)	(50	)	(808	)	(73	)	185		-			112
Marketing, Specialties & Other- Regional Totals
Marketing, Specialties & Other- U.S.	3	43	10		1,817		1,873		-		(58	)	(43	)		(101	)
Marketing, Specialties & Other- Int'l	-	-	(3	)	-		(3	)	-		-		-			-
Total Marketing, Specialties & Other	3	43	7		1,817		1,870		-		(58	)	(43	)		(101	)
Total R&M	3	43	(751	)	1,767		1,062		(73	)	127		(43	)		11

CASH FLOW INFORMATION

	Millions of Dollars
					2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

Cash Flows From Operating Activities
Net income	677		1,040		1,051		2,012		4,780		638		1,182		1,601			3,421
Depreciation and amortization	219		226		222		241		908		216		224		229			669
Impairments	-		2		486		(16	)	472		43		275		248			566
Accretion on discounted liabilities	5		6		5		5		21		5		6		7			18
Deferred taxes	59		326		188		358		931		169		9		(67	)		111
Undistributed equity earnings	(308	)	(500	)	(292	)	149		(951	)	(349	)	(212	)	(367	)		(928	)
Net (gain)/loss on dispositions	(3	)	(43	)	221		(1,813	)	(1,638	)	(2	)	(188	)	1			(189	)
Other	(58	)	136		(61	)	150		167		(178	)	164		95			81
Net working capital changes	(2,091	)	1,845		(1,083	)	1,645		316		(903	)	(26	)	171			(758	)
Net Cash Provided by
(Used in) Operating Activities	(1,500	)	3,038		737		2,731		5,006		(361	)	1,434		1,918			2,991

Cash Flows From Investing Activities
Capital expenditures and investments	(165	)	(228	)	(260	)	(369	)	(1,022	)	(218	)	(270	)	(339	)		(827	)
Proceeds from asset dispositions	31		56		117		2,423		2,627		6		234		19			259
Advances/loans—related parties	-		-		-		-		-		-		-		(100	)		(100	)
Collection of advances/loans—related parties	-		400		150		-		550		-		-		-			-
Other	1		48		7		281		337		-		-		-			-
Net Cash Provided by (Used in) Investing Activities	(133	)	276		14		2,335		2,492		(212	)	(36	)	(420	)		(668	)

Cash Flows From Financing Activities
Contributions from (distributions to) parent company	1,639		(3,306	)	(744	)	(5,060	)	(7,471	)	891		(6,146	)	-			(5,255	)
Issuance of debt	-		-		-		-		-		5,794		2,000		-			7,794
Repayment of debt	(6	)	(7	)	(7	)	(6	)	(26	)	(7	)	(191	)	(8	)		(206	)
Issuance of common stock	-		-		-		-		-		-		2		21			23
Repurchase of common stock	-		-		-		-		-		-		-		(111	)		(111	)
Dividends paid on common stock	-		-		-		-		-		-		-		(125	)		(125	)
Change in restricted cash	-		-		-		-		-		(6,050	)	6,050		-			-
Other	-		(1	)	-		-		(1	)	(55	)	(12	)	27			(40	)
Net Cash Provided by (Used in)
Financing Activities	1,633		(3,314	)	(751	)	(5,066	)	(7,498	)	573		1,703		(196	)		2,080

Effect of Exchange Rate Changes	-		-		-		-		-		-		3		24			27

Net Change in Cash
and Cash Equivalents	-		-		-		-		-		-		3,104		1,326			4,430
Cash and cash equivalents
at beginning of period	-		-		-		-		-		-		-		3,104			-
Cash and Cash Equivalents
at End of Period	-		-		-		-		-		-		3,104		4,430			4,430

CAPITAL PROGRAM

	Millions of Dollars
			2011					2012
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
R&M	158	220	249	361	988	214	240	243		697

Midstream	3	1	5	8	17	4	4	3		11

Chemicals	-	-	-	-	-	-	-	-		-

Corporate and Other	4	7	6	-	17	-	26	93		119

Total Capital Program	165	228	260	369	1,022	218	270	339		827

R&M

					2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD

R&M Net Income (Loss) Attributable to Phillips 66 ($ Millions)
Refining
Atlantic Basin/Europe	6		(45	)	(365	)	68		(336	)	7		108		337		452
Gulf Coast	137		167		238		(53	)	489		(42	)	189		272		419
Central Corridor	285		410		582		185		1,462		357		543		795		1,695
Western/Pacific	28		4		70		(72	)	30		(4	)	(35	)	135		96
Other Refining	(18	)	(38	)	8		(64	)	(112	)	59		77		41		177
Total	438		498		533		64		1,533		377		882		1,580		2,839
Marketing, Specialties & Other
U.S.	9		164		160		1,679		2,012		40		169		32		241
International	41		112		92		58		303		(17	)	133		36		152
Total	50		276		252		1,737		2,315		23		302		68		393
R&M Net Income (Loss) Attributable
to Phillips 66	488		774		785		1,801		3,848		400		1,184		1,648		3,232

R&M Income (Loss) before Income Taxes ($ Millions)
Refining
Atlantic Basin/Europe	37		(53	)	(569	)	13		(572	)	31		273		471		775
Gulf Coast	212		260		348		(77	)	743		(64	)	292		416		644
Central Corridor	454		656		902		316		2,328		535		848		1,222		2,605
Western/Pacific	70		2		114		(102	)	84		13		(23	)	210		200
Other Refining	(20	)	(52	)	25		(82	)	(129	)	85		120		72		277
Total	753		813		820		68		2,454		600		1,510		2,391		4,501
Marketing, Specialties & Other
U.S.	20		272		249		1,915		2,456		68		257		57		382
International	57		162		104		99		422		66		149		38		253
Total	77		434		353		2,014		2,878		134		406		95		635
R&M Income (Loss) before Income Taxes	830		1,247		1,173		2,082		5,332		734		1,916		2,486		5,136

Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	5.94		4.62		6.86		6.55		5.96		6.88		7.76		13.02		9.25
Gulf Coast	9.30		8.69		10.21		4.01		8.01		5.95		9.36		11.42		9.00
Central Corridor	17.12		19.96		26.30		15.02		19.68		17.27		26.34		31.83		25.14
Western/Pacific	10.42		9.34		10.72		6.23		9.13		10.70		7.91		13.30		10.71
Worldwide	9.78		9.49		12.53		6.83		9.70		10.22		12.56		17.05		13.34
* Based on total processed inputs and includes proportional share of refining margin contributed by certain equity affiliates.

Realized Marketing, Specialties & Other Margins
Marketing Fuel Margin ($/BBL)*
U.S.	0.11		1.11		1.09		0.61		0.74		0.22		1.80		0.41		0.83
International	1.48		5.24		5.95		4.40		4.26		2.42		6.36		3.91		4.23
* 3rd Party Petroleum Product Sales
Gross Margins not included in Marketing Fuel Margin ($ Millions)**
U.S.	176		191		217		177		761		208		215		230		653
International	111		131		121		122		485		118		133		56		307
Total	287		322		338		299		1,246		326		348		286		960
** Gross Margin excludes Transportation, Gain on Dispositions and Excise Tax Income

Depreciation and Amortization ($ Millions)*
Refining
Atlantic Basin/Europe	44		47		45		38		174		39		40		41		120
Gulf Coast	47		48		49		50		194		49		51		50		150
Central Corridor	20		20		20		21		81		21		21		21		63
Western/Pacific	50		51		47		63		211		49		48		52		149
Other Refining	1		1		1		1		4		1		1		1		3
Total	162		167		162		173		664		159		161		165		485
Marketing, Specialties & Other**
U.S.	11		11		11		12		45		12		11		11		34
International	27		29		29		29		114		27		27		26		80
Total	38		40		40		41		159		39		38		37		114
* Excludes D&A of all equity affiliates
** Excludes Transportation D&A totaling:	18		18		19		25		80		18		21		19		58
Proportionate share of WRB D&A:	41		43		46		54		184		60		59		58		177

Operating and SG&A Expense ($ Millions)*
Refining
Atlantic Basin/Europe	311		327		316		254		1,208		251		228		214		693
Gulf Coast	291		264		286		279		1,120		332		271		286		889
Central Corridor	111		104		110		138		463		113		135		97		345
Western/Pacific	194		230		182		216		822		257		230		198		685
Other Refining	2		9		30		1		42		22		(4	)	2		20
Total	909		934		924		888		3,655		975		860		797		2,632
Marketing, Specialties & Other**
U.S.	184		182		191		189		746		178		271		214		663
International	92		93		106		108		399		85		102		99		286
Total	276		275		297		297		1,145		263		373		313		949
* Excludes Operating and SG&A Expense of all equity affiliates
** Excludes Transportation
Proportionate share of WRB Operating and SG&A Expense:	109		97		103		115		424		113		106		119		338

Turnaround Expense ($ Millions), included in Operating and SG&A Expense*
Atlantic Basin/Europe	13		14		4		5		36		14		5		1		20
Gulf Coast	32		5		20		25		82		65		14		12		91
Central Corridor	22		10		15		46		93		21		43		3		67
Western/Pacific	15		53		4		14		86		76		52		18		146
Total	82		82		43		90		297		176		114		34		324
* Excludes Turnaround Expense of all equity affiliates
Proportionate share of WRB Turnaround Expense:	12		1		1		7		21		1		6		22		29

Foreign Currency Gains
(Losses) After-Tax ($ Millions)	31		22		(16	)	(13	)	24		16		(10	)	12		18

R&M (continued)

					2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD

Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	722		715		719		572		682		573		561		587			574
Total Charge Input (MB/D)	780		784		768		608		734		621		612		625			619
Crude Oil Capacity Utilization (%)	93	%	93	%	93	%	97	%	94	%	98	%	95	%	100	%		98	%
Clean Product Yield (%)	85	%	84	%	84	%	86	%	85	%	85	%	85	%	84	%		85	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Crude Oil Charge Input (MB/D)	614		664		668		684		658		600		670		649			640
Total Charge Input (MB/D)	685		757		754		759		739		672		749		730			717
Crude Oil Capacity Utilization (%)	84	%	91	%	91	%	93	%	90	%	82	%	91	%	88	%		87	%
Clean Product Yield (%)	80	%	82	%	82	%	82	%	82	%	80	%	84	%	80	%		81	%

Central Corridor*
Crude Oil Charge Input (MB/D)	413		447		442		429		433		479		446		478			467
Total Charge Input (MB/D)	430		461		455		445		448		494		459		494			483
Crude Oil Capacity Utilization (%)	88	%	95	%	94	%	91	%	92	%	102	%	95	%	102	%		99	%
Clean Product Yield (%)	85	%	87	%	86	%	88	%	87	%	88	%	87	%	87	%		88	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

Western/Pacific*
Crude Oil Charge Input (MB/D)	396		370		394		416		393		375		391		424			397
Total Charge Input (MB/D)	420		396		416		438		417		401		409		439			416
Crude Oil Capacity Utilization (%)	91	%	85	%	91	%	96	%	91	%	85	%	89	%	97	%		90	%
Clean Product Yield (%)	83	%	79	%	83	%	83	%	82	%	86	%	80	%	83	%		83	%
* Includes our proportionate share of a refinery in Melaka, Malaysia.

Worldwide - Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	2,145		2,196		2,223		2,101		2,166		2,027		2,068		2,138			2,078
Total Charge Input (MB/D)	2,315		2,398		2,393		2,250		2,338		2,188		2,229		2,288			2,235
Crude Oil Capacity Utilization (%)	89	%	91	%	92	%	94	%	92	%	91	%	93	%	96	%		93	%
Clean Product Yield (%)	83	%	83	%	84	%	84	%	84	%	84	%	84	%	83	%		84	%

Refined Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	336		331		324		238		307		243		251		244			246
Distillates	311		311		306		267		298		269		253		268			263
Other	136		142		139		109		131		115		112		116			114
Total	783		784		769		614		736		627		616		628			623
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Gasoline	251		283		273		269		269		228		298		271			266
Distillates	279		310		316		325		308		275		305		290			290
Other	166		172		172		173		171		179		155		175			170
Total	696		765		761		767		748		682		758		736			726

Central Corridor*
Gasoline	209		231		225		225		223		250		231		248			243
Distillates	154		168		165		163		163		183		168		179			177
Other	67		63		63		56		62		63		63		68			65
Total	430		462		453		444		448		496		462		495			485
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

Western/Pacific*
Gasoline	190		168		181		192		183		176		162		186			175
Distillates	159		143		163		173		159		168		164		176			169
Other	73		86		71		78		77		59		86		75			73
Total	422		397		415		443		419		403		412		437			417
* Includes our proportionate share of a refinery in Melaka, Malaysia.

Worldwide - Including Proportionate Share of Equity Affiliates
Gasoline	986		1,013		1,003		924		982		897		942		949			930
Distillates	903		932		950		928		928		895		890		913			899
Other	442		463		445		416		441		416		416		434			422
Total	2,331		2,408		2,398		2,268		2,351		2,208		2,248		2,296			2,251


Petroleum Products Sales (MB/D)
Total U.S.
Gasoline	1,099		1,218		1,134		1,066		1,129		958		1,088		1,019			1,021
Distillates	852		861		907		914		884		837		857		826			841
Other	437		385		402		381		401		298		318		319			311
Total	2,388		2,464		2,443		2,361		2,414		2,093		2,263		2,164			2,173

Total International
Gasoline	171		191		166		190		180		173		195		192			187
Distillates	351		316		343		331		335		298		305		335			312
Other	150		183		237		226		199		154		214		167			179
Total	672		690		746		747		714		625		714		694			678

Worldwide
Gasoline	1,270		1,409		1,300		1,256		1,309		1,131		1,283		1,211			1,208
Distillates	1,203		1,177		1,250		1,245		1,219		1,135		1,162		1,161			1,153
Other	587		568		639		607		600		452		532		486			490
Total	3,060		3,154		3,189		3,108		3,128		2,718		2,977		2,858			2,851

R&M (continued)

				2011										2012
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
Market Indicators
Crude and Crude Differentials ($/BBL)
WTI	93.98	102.44		89.70		94.07		95.05		102.99		93.44		92.11			96.18
Brent	104.97	117.36		113.46		109.31		111.27		118.49		108.19		109.61			112.09
LLS	107.15	118.55		112.61		110.83		112.28		119.60		108.47		109.40			112.49
ANS	102.53	115.41		111.74		110.36		110.01		118.31		110.01		109.08			112.47
WTI less Maya	4.67	(0.65	)	(8.88	)	(9.35	)	(3.55	)	(5.94	)	(5.58	)	(5.38	)		(5.63	)
WTI less WCS	22.51	17.56		14.32		12.43		16.71		27.00		19.80		15.30			20.70

Natural Gas ($/MCF)
Henry Hub	4.16	4.35		4.13		3.31		3.99		2.46		2.27		2.87			2.53

Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	3.96	13.55		10.92		2.10		7.63		6.18		17.28		19.31			14.26
East Coast Distillate less Brent	15.50	13.77		14.69		17.25		15.30		15.72		16.87		21.03			17.87
Gulf Coast
Gulf Coast Gasoline less LLS	3.34	9.79		7.54		(1.97	)	4.68		5.06		11.44		12.35			9.62
Gulf Coast Distillate less LLS	11.46	10.89		13.75		13.60		12.43		12.99		15.13		19.68			15.93
Central Corridor
Central Gasoline less WTI	16.01	26.37		31.91		15.13		22.36		18.32		27.23		34.24			26.60
Central Distillate less WTI	25.12	28.86		38.31		31.99		31.07		27.86		30.38		39.47			32.57
Western/Pacific
West Coast Gasoline less ANS	14.11	14.43		9.88		7.05		11.37		15.91		17.11		18.56			17.19
West Coast Distillate less ANS	19.42	18.82		15.62		18.13		18.00		17.66		14.68		22.63			18.32

Worldwide Market Crack Spread ($/BBL)*	10.92	15.63		15.60		9.44		12.91		12.78		17.85		21.61			17.41
* Weighted average based on Phillips 66 crude capacity.

MIDSTREAM

			2011						2012
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr	YTD
Midstream Net Income Attributable
to Phillips 66 ($ Millions)*	61	111	118	113	403	89	(91	)	(77	)		(79	)
* Includes DCP Midstream-related earnings:	51	90	87	59	287	60	42		39			141

Capex and Investments ($ Millions)	3	1	5	8	17	4	4		3			11

D&A ($ Millions)	1	-	-	1	2	-	1		-			1

100% DCP Midstream Results
Net Income, excludes parent company income tax
related to DCP's earnings ($ Millions)	133	277	266	187	863	144	132		95			371

Capex and Investments ($ Millions)	229	298	246	785	1,558	450	676		820			1,946

D&A ($ Millions)	105	110	116	118	449	120	37		68			225

Net Interest Expense ($ Millions)*	53	52	55	53	213	56	47		43			146
* Net of interest income

Selected DCP Volumes and Gross Margin by Major Contract Type (excludes current quarter)
Percentage of Proceeds (long NGL / long Gas)*
Volume (TBtu/d)	4.3	4.6	4.7	4.8	4.6	4.8	4.7		**			**
Gross Margin ($ Millions)	265	320	320	285	1,190	225	170		**			**

Keep-whole (long NGL / short Gas)*
Volume (TBtu/d)	0.6	0.7	0.8	0.7	0.7	0.8	0.8		**			**
Gross Margin ($ Millions)	80	105	115	110	410	105	80		**			**

Fee-based Gas (primarily gathering & transport)*
Volume (TBtu/d)	4.6	4.6	4.6	4.6	4.6	4.7	4.7		**			**
Gross Margin ($ Millions)	55	60	59	64	238	60	62		**			**

Fee-based NGL Transport and Fractionation
Volume (MB/D)	165	179	174	186	176	214	163		**			**
Gross Margin ($ Millions)	11	13	14	14	52	19	15		**			**

Total Throughput (TBtu/d)	6.7	6.9	7.1	7.1	7.0	7.2	7.0		7.2			7.1
NGL Production (MB/D)	358	377	392	406	383	412	392		398			401
* Certain volumes earn duplicate revenue streams (i.e. both fee plus processing economics)
** Pending DCP release

Weighted Average NGL Price ($/BBL)*
DCP Midstream	47.64	52.24	52.09	50.60	50.64	42.10	32.48		30.21			34.93
* Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix.


PSX Other Volumes
NGL Fractionated (MB/D)	106	115	116	112	112	105	93		113			104

CHEMICALS

					2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
Chemicals Net Income Attributable
to Phillips 66 ($ Millions)	185		190		193		148		716		217		207		153			577

100% CPChem Results
Net Income, excludes parent company income tax
related to CPChem's earnings ($ Millions)
Olefins and Polyolefins	418		508		497		367		1,790		559		681		693			1,933
Specialties, Aromatics and Styrenics	101		62		64		46		273		59		75		(10	)		124
Corporate and Other	9		(33	)	(27	)	(42	)	(93	)	(10	)	(134	)	(210	)		(354	)
Total	528		537		534		371		1,970		608		622		473			1,703

Income (Loss) before Income Taxes ($ Millions)
Olefins and Polyolefins	425		518		505		369		1,817		567		692		700			1,959
Specialties, Aromatics and Styrenics	109		69		74		52		304		66		83		(2	)		147
Corporate and Other	8		(32	)	(28	)	(42	)	(94	)	(9	)	(133	)	(210	)		(352	)
Total	542		555		551		379		2,027		624		642		488			1,754

Investing Cash Flows ($ Millions)
Capex and Investments	81		117		98		148		444		149		144		204			497
Advances to Equity Companies	69		30		-		-		99		35		70		44			149
Advance Repayments from Equity Companies	-		-		-		-		-		(103	)	(63	)	(54	)		(220	)

D&A ($ Millions)	66		63		63		66		258		64		64		155			283

Net Interest Expense ($ Millions)*	(6	)	9		9		7		19		7		3		-			10
* Net of interest income

Externally Marketed Sales Volumes (MM Lbs)
Olefins & Polyolefins	3,362		3,473		3,758		3,712		14,305		3,640		3,510		3,811			10,961
Specialties, Aromatics, & Styrenics	1,687		1,732		1,722		1,563		6,704		1,793		1,811		1,545			5,149
Total	5,049		5,205		5,480		5,275		21,009		5,433		5,321		5,356			16,110

Market Indicators
Industry Prices*
Ethylene, Net Transaction Price (cents/lb)	49.33		57.50		55.58		54.58		54.25		55.17		46.83		45.42			49.14
HDPE Blow Molding (cents/lb)	87.67		95.00		89.00		85.67		89.33		92.00		88.00		84.33			88.11

Industry Costs*
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	32.68		33.84		34.45		41.00		35.49		28.25		18.47		19.72			22.15
HDPE, Total Cash Cost (cents/lb)	62.57		74.21		71.08		66.00		68.47		72.74		64.81		62.04			66.53
* Released by IHS. Reflect the IHS analysis of historical market indicators.

CORPORATE AND OTHER

					2011										2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD
Corporate and Other Net Income (Loss)
Attributable to Phillips 66 ($ Millions)	(58	)	(36	)	(47	)	(51	)	(192	)	(70	)	(119	)	(125	)		(314	)

Detail of Net Income (Loss)
Attributable to Phillips 66 ($ Millions)
Net interest expense	(2	)	(3	)	(2	)	(4	)	(11	)	(9	)	(45	)	(47	)		(101	)
Corporate overhead	(22	)	(14	)	(17	)	(23	)	(76	)	(28	)	(21	)	(30	)		(79	)
Technology	(13	)	(11	)	(14	)	(15	)	(53	)	(13	)	(11	)	(11	)		(35	)
Repositioning Costs	-		-		-		-		-		-		(30	)	(13	)		(43	)
Other	(21	)	(8	)	(14	)	(9	)	(52	)	(20	)	(12	)	(24	)		(56	)
Total	(58	)	(36	)	(47	)	(51	)	(192	)	(70	)	(119	)	(125	)		(314	)

Before-Tax Net Interest Expense ($ Millions)
Interest expense	(4	)	(4	)	(4	)	(5	)	(17	)	(13	)	(83	)	(74	)		(170	)
Capitalized interest	-		-		-		-		-		-		-		-			-
Interest revenue	-		-		-		-		-		-		12		2			14
Premium on early debt retirement	-		-		-		-		-		-		-		-			-
Total	(4	)	(4	)	(4	)	(5	)	(17	)	(13	)	(71	)	(72	)		(156	)

Foreign Currency Gains
(Losses) After-Tax ($ Millions)	-		-		-		-		-		-		(1	)	1			-

Phillips 66 Total Company
Debt
Total Debt ($ Millions)	411		403		397		391		391		6,178		7,986		7,978			7,978
Debt-to-Capital Ratio (%)	1	%	2	%	1	%	2	%	2	%	20	%	30	%	28	%		28	%

Total Equity ($ Millions)	28,416		26,176		26,372		23,293		23,293		24,943		18,979		20,606			20,606

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Phillips 66 - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 31, 2012

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