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

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 - Phillips 66	a50546460ex99_1.htm
8-K - PHILLIPS 66 8-K - Phillips 66	a50546460.htm

Exhibit 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			43,985			179,460
Equity in earnings of affiliates		690			784			856			513			2,843			734			815		959			626			3,134
Net gain (loss) on dispositions		3			43			(221	)		1,813			1,638			2			188		(1	)		4			193
Other income		1			9			18			17			45			1			77		4			53			135
Total Revenues and Other Income		45,473			53,430			51,263			50,448			200,614			46,520			47,827		43,907			44,668			182,922

Costs and Expenses
Purchased crude oil and products		39,348			46,600			43,905			42,984			172,837			40,328			40,398		36,189			37,568			154,483
Operating expenses		1,042			1,018			1,027			985			4,072			1,092			984		884			1,072			4,032
Selling, general and administrative expenses		323			347			372			367			1,409			349			480		432			461			1,722
Depreciation and amortization		219			226			222			241			908			216			224		229			244			913
Impairments		-			2			486			(16	)		472			43			275		248			592			1,158
Taxes other than income taxes*		3,480			3,631			3,674			3,503			14,288			3,420			3,475		3,410			3,436			13,741
Accretion on discounted liabilities		5			6			5			5			21			5			6		7			7			25
Interest and debt expense		4			3			4			6			17			13			83		74			76			246
Foreign currency transaction (gains) losses		(43	)		(31	)		18			22			(34	)		(15	)		8		(15	)		(7	)		(29	)
Total Costs and Expenses		44,378			51,802			49,713			48,097			193,990			45,451			45,933		41,458			43,449			176,291
Income before income taxes		1,095			1,628			1,550			2,351			6,624			1,069			1,894		2,449			1,219			6,631
Provision for income taxes		418			588			499			339			1,844			431			712		848			509			2,500
Net Income		677			1,040			1,051			2,012			4,780			638			1,182		1,601			710			4,131
Less: net income attributable to
noncontrolling interests		1			1			2			1			5			2			1		2			2			7
Net Income Attributable to Phillips 66		676			1,039			1,049			2,011			4,775			636			1,181		1,599			708			4,124
* Includes excise taxes on petroleum products sales:		3,383			3,554			3,596			3,422			13,955			3,321			3,389		3,312			3,349			13,371


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			1.12			6.55
Diluted		1.07			1.64			1.65			3.17			7.52			1.00			1.86		2.51			1.11			6.48

Average Common Shares Outstanding (in thousands)
Basic		627,628			627,628			627,628			627,628			627,628			627,628			628,510		630,672			628,527			628,835
Diluted		634,645			634,645			634,645			634,645			634,645			634,645			635,157		637,913			635,634			636,764

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			497			3,729

Midstream		61			111			118			113			403			89			(91	)		(77	)		85			6

Chemicals		185			190			193			148			716			217			207			153			246			823

Corporate and Other		(58	)		(36	)		(47	)		(51	)		(192	)		(70	)		(119	)		(125	)		(120	)		(434	)

Consolidated		676			1,039			1,049			2,011			4,775			636			1,181			1,599			708			4,124

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			967			6,103

Midstream		96			173			186			158			613			140			(152	)		(102	)		126			12

Chemicals		259			264			264			181			968			300			307			236			346			1,189

Corporate and Other		(90	)		(56	)		(73	)		(70	)		(289	)		(105	)		(177	)		(171	)		(220	)		(673	)

Consolidated		1,095			1,628			1,550			2,351			6,624			1,069			1,894			2,449			1,219			6,631

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	%		48.4	%		38.8	%

Midstream		36.5	%		35.8	%		36.6	%		28.5	%		34.3	%		36.4	%		40.1	%		24.5	%		32.5	%		50.0	%

Chemicals		28.6	%		28.0	%		26.9	%		18.2	%		26.0	%		27.7	%		32.6	%		35.2	%		28.9	%		30.8	%

Corporate and Other		35.6	%		35.7	%		35.6	%		27.1	%		33.6	%		33.3	%		32.8	%		26.9	%		45.5	%		35.5	%

Consolidated		38.2	%		36.1	%		32.2	%		14.4	%		27.8	%		40.3	%		37.6	%		34.6	%		41.8	%		37.7	%

SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66
(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	)		(564	)		(633	)
Canceled projects		-		-		-			(28	)		(28	)		-			-			-			-			-
Pending claims and settlements		-		-		-			-			-			(19	)		(38	)		-			-			(57	)
Repositioning tax impacts		-		-		-			-			-			(67	)		(69	)		-			-			(136	)
Severance accrual		-		-		(15	)		-			(15	)		-			-			-			-			-
Hurricane-related costs		-		-		-			-			-			-			-			-			(35	)		(35	)
Total R&M		2		26		(476	)		1,632			1,184			(128	)		(1	)		(27	)		(599	)		(755	)

Midstream
Impairments		-		-		-			-			-			-			(170	)		(133	)		-			(303	)
Pending claims and settlements		-		-		-			-			-			-			-			-			23			23
Total Midstream		-		-		-			-			-			-			(170	)		(133	)		23			(280	)

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
Impairments		-		-		-			-			-			-			-			-			(16	)		(16	)
Repositioning costs		-		-		-			-			-			-			(30	)		(13	)		(12	)		(55	)
Total Corporate and Other		-		-		-			-			-			-			(30	)		(13	)		(28	)		(71	)

Total Phillips 66		2		26		(476	)		1,632			1,184			(128	)		(236	)		(295	)		(604	)		(1,263	)

Refining- Regional Totals
Atlantic Basin/Europe		-		-		(464	)		65			(399	)		(42	)		31			-			(33	)		(44	)
Gulf Coast		-		-		-			-			-			-			-			-			-			-
Central Corridor		-		-		-			(28	)		(28	)		-			-			-			-			-
Western/Pacific		-		-		-			-			-			-			-			-			(564	)		(564	)
Other Refining		-		-		(15	)		-			(15	)		(19	)		-			-			-			(19	)
Total Refining		-		-		(479	)		37			(442	)		(61	)		31			-			(597	)		(627	)
Marketing, Specialties & Other- Regional Totals
Marketing, Specialties & Other- U.S.		2		26		6			1,595			1,629			-			(36	)		(27	)		(2	)		(65	)
Marketing, Specialties & Other- Int'l		-		-		(3	)		-			(3	)		(67	)		4			-			-			(63	)
Total Marketing, Specialties & Other		2		26		3			1,595			1,626			(67	)		(32	)		(27	)		(2	)		(128	)
Total R&M		2		26		(476	)		1,632			1,184			(128	)		(1	)		(27	)		(599	)		(755	)

SPECIAL ITEMS INCLUDED IN INCOME BEFORE INCOME TAXES
(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	)		(620	)		(609	)

Midstream		-		-		-			-			-			-			(275	)		(205	)		37			(443	)

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

Corporate and Other		-		-		-			-			-			-			(46	)		(21	)		(43	)		(110	)

Total Phillips 66		3		43		(751	)		1,767			1,062			(73	)		(251	)		(399	)		(626	)		(1,349	)

Refining- Regional Totals
Atlantic Basin/Europe		-		-		(734	)		(6	)		(740	)		(42	)		185			-			(54	)		89
Gulf Coast		-		-		-			-			-			-			-			-			-			-
Central Corridor		-		-		-			(44	)		(44	)		-			-			-			-			-
Western/Pacific		-		-		-			-			-			-			-			-			(564	)		(564	)
Other Refining		-		-		(24	)		-			(24	)		(31	)		-			-			-			(31	)
Total Refining		-		-		(758	)		(50	)		(808	)		(73	)		185			-			(618	)		(506	)
Marketing, Specialties & Other- Regional Totals
Marketing, Specialties & Other- U.S.		3		43		10			1,817			1,873			-			(58	)		(43	)		(2	)		(103	)
Marketing, Specialties & Other- Int'l		-		-		(3	)		-			(3	)		-			-			-			-			-
Total Marketing, Specialties & Other		3		43		7			1,817			1,870			-			(58	)		(43	)		(2	)		(103	)
Total R&M		3		43		(751	)		1,767			1,062			(73	)		127			(43	)		(620	)		(609	)

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			710			4,131
Depreciation and amortization		219			226			222			241			908			216			224			229			244			913
Impairments		-			2			486			(16	)		472			43			275			248			592			1,158
Accretion on discounted liabilities		5			6			5			5			21			5			6			7			7			25
Deferred taxes		59			326			188			358			931			169			9			(67	)		110			221
Undistributed equity earnings		(308	)		(500	)		(292	)		149			(951	)		(349	)		(212	)		(367	)		56			(872	)
Net (gain)/loss on dispositions		(3	)		(43	)		221			(1,813	)		(1,638	)		(2	)		(188	)		1			(4	)		(193	)
Other		(58	)		136			(61	)		150			167			(178	)		164			95			(12	)		69
Net working capital changes		(2,091	)		1,845			(1,083	)		1,645			316			(903	)		(26	)		171			(398	)		(1,156	)
Net Cash Provided by
(Used in) Operating Activities		(1,500	)		3,038			737			2,731			5,006			(361	)		1,434			1,918			1,305			4,296

Cash Flows From Investing Activities
Capital expenditures and investments		(165	)		(228	)		(260	)		(369	)		(1,022	)		(218	)		(270	)		(339	)		(894	)		(1,721	)
Proceeds from asset dispositions		31			56			117			2,423			2,627			6			234			19			27			286
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	)		(867	)		(1,535	)

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	)		(1,004	)		(1,210	)
Issuance of common stock		-			-			-			-			-			-			2			21			24			47
Repurchase of common stock		-			-			-			-			-			-			-			(111	)		(245	)		(356	)
Dividends paid on common stock		-			-			-			-			-			-			-			(125	)		(157	)		(282	)
Change in restricted cash		-			-			-			-			-			(6,050	)		6,050			-			-			-
Other		-			(1	)		-			-			(1	)		(55	)		(12	)		27			1			(39	)
Net Cash Provided by (Used in)
Financing Activities		1,633			(3,314	)		(751	)		(5,066	)		(7,498	)		573			1,703			(196	)		(1,381	)		699

Effect of Exchange Rate Changes		-			-			-			-			-			-			3			24			(13	)		14

Net Change in Cash
and Cash Equivalents		-			-			-			-			-			-			3,104			1,326			(956	)		3,474
Cash and cash equivalents
at beginning of period		-			-			-			-			-			-			-			3,104			4,430			-
Cash and Cash Equivalents
at End of Period		-			-			-			-			-			-			3,104			4,430			3,474			3,474

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

Consolidated Capital Expenditures and Investments
R&M		158		220		249		361		988		214		240		243		357		1,054
Midstream**		3		1		5		8		17		4		4		3		516		527
Chemicals		-		-		-		-		-		-		-		-		-		-
Corporate and Other		4		7		6		-		17		-		26		93		21		140
Total Consolidated		165		228		260		369		1,022		218		270		339		894		1,721

Proportional Share of Select Equity Affiliates Capital Expenditures and Investments*
WRB Refining (R&M)		104		121		106		83		414		13		24		36		63		136
DCP Midstream (Midstream)**		115		149		123		392		779		225		338		410		351		1,324
CPChem (Chemicals)		41		59		49		73		222		75		72		102		133		382
Select Equity Affiliates		260		329		278		548		1,415		313		434		548		547		1,842


Total Capital Program*
R&M		262		341		355		444		1,402		227		264		279		420		1,190
Midstream**		118		150		128		400		796		229		342		413		867		1,851
Chemicals		41		59		49		73		222		75		72		102		133		382
Corporate and Other		4		7		6		-		17		-		26		93		21		140
Total Capital Program		425		557		538		917		2,437		531		704		887		1,441		3,563
* Includes Phillips 66’s portion of self-funded capital spending by WRB Refining, DCP Midstream, and Chevron Phillips Chemical Company.
** 4th quarter 2012 consolidated amount includes acquisition of a one-third interest in the Sand Hills and Southern Hills pipeline
projects from DCP Midstream for $459 million. This amount is also included in DCP Midstream's capital spending, primarily in 2012.

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		103			555
Gulf Coast		137			167			238			(53	)		489			(42	)		189			272		177			596
Central Corridor		285			410			582			185			1,462			357			543			795		429			2,124
Western/Pacific		28			4			70			(72	)		30			(4	)		(35	)		135		(488	)		(392	)
Other Refining		(18	)		(38	)		8			(64	)		(112	)		59			77			41		98			275
Total		438			498			533			64			1,533			377			882			1,580		319			3,158
Marketing, Specialties & Other
U.S.		9			164			160			1,679			2,012			40			169			32		80			321
International		41			112			92			58			303			(17	)		133			36		98			250
Total		50			276			252			1,737			2,315			23			302			68		178			571
R&M Net Income Attributable
to Phillips 66		488			774			785			1,801			3,848			400			1,184			1,648		497			3,729

R&M Income (Loss) before Income Taxes ($ Millions)
Refining
Atlantic Basin/Europe		37			(53	)		(569	)		13			(572	)		31			273			471		104			879
Gulf Coat		212			260			348			(77	)		743			(64	)		292			416		253			897
Central Corridor		454			656			902			316			2,328			535			848			1,222		669			3,274
Western/Pacific		70			2			114			(102	)		84			13			(23	)		210		(448	)		(248	)
Other Refining		(20	)		(52	)		25			(82	)		(129	)		85			120			72		137			414
Total		753			813			820			68			2,454			600			1,510			2,391		715			5,216
Marketing, Specialties & Other
U.S.		20			272			249			1,915			2,456			68			257			57		124			506
International		57			162			104			99			422			66			149			38		128			381
Total		77			434			353			2,014			2,878			134			406			95		252			887
R&M Income before Income Taxes		830			1,247			1,173			2,082			5,332			734			1,916			2,486		967			6,103

Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe		5.94			4.62			6.86			6.55			5.96			6.88			7.76			13.02		9.73			9.36
Gulf Coast		9.30			8.69			10.21			4.01			8.01			5.95			9.36			11.42		9.08			9.02
Central Corridor		17.12			19.96			26.30			15.02			19.68			17.27			26.34			31.83		24.80			25.06
Western/Pacific		10.42			9.34			10.72			6.23			9.13			10.70			7.91			13.30		12.01			11.04
Worldwide		9.78			9.49			12.53			6.83			9.70			10.22			12.56			17.05		13.67			13.42
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates.

Realized Marketing, Specialties & Other Margins
Marketing Fuel Margin ($/BBL)*
U.S.		0.11			1.11			1.09			0.61			0.74			0.22			1.80			0.41		0.99			0.87
International		1.48			5.24			5.95			4.40			4.26			2.42			6.36			3.91		3.99			4.17
* 3rd Party Petroleum Products Sales
Gross Margins not included in Marketing Fuel Margin ($ Millions)**
U.S.		176			191			217			177			761			208			215			230		187			840
International		111			131			121			122			485			118			133			56		149			456
Total		287			322			338			299			1,246			326			348			286		336			1,296
** 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		45			165
Gulf Coast		47			48			49			50			194			49			51			50		51			201
Central Corridor		20			20			20			21			81			21			21			21		22			85
Western/Pacific		50			51			47			63			211			49			48			52		49			198
Other Refining		1			1			1			1			4			1			1			1		3			6
Total		162			167			162			173			664			159			161			165		170			655
Marketing, Specialties & Other**
U.S.		11			11			11			12			45			12			11			11		12			46
International		27			29			29			29			114			27			27			26		27			107
Total		38			40			40			41			159			39			38			37		39			153
* Excludes D&A of all equity affiliates
** Excludes Transportation D&A totaling:		18			18			19			25			80			18			21			19		24			82
Proportionate share of WRB D&A:		41			43			46			54			184			60			59			58		59			236

Operating and SG&A Expense ($ Millions)*
Refining
Atlantic Basin/Europe		311			327			316			254			1,208			251			228			214		300			993
Gulf Coast		291			264			286			279			1,120			332			271			286		322			1,211
Central Corridor		111			104			110			138			463			113			135			97		103			448
Western/Pacific		194			230			182			216			822			257			230			198		228			913
Other Refining		2			9			30			1			42			22			(4	)		2		5			25
Total		909			934			924			888			3,655			975			860			797		958			3,590
Marketing, Specialties & Other**
U.S.		184			182			191			189			746			178			271			214		218			881
International		92			93			106			108			399			85			102			99		100			386
Total		276			275			297			297			1,145			263			373			313		318			1,267
* 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		182			520

Turnaround Expense ($ Millions), included in Operating and SG&A Expense*
Atlantic Basin/Europe		13			14			4			5			36			14			5			1		13			33
Gulf Coast		32			5			20			25			82			65			14			12		35			126
Central Corridor		22			10			15			46			93			21			43			3		2			69
Western/Pacific		15			53			4			14			86			76			52			18		34			180
Total		82			82			43			90			297			176			114			34		84			408
* Excludes Turnaround Expense of all equity affiliates
Proportionate share of WRB Turnaround Expense:		12			1			1			7			21			1			6			22		73			102

Foreign Currency Gains
(Losses) After-Tax ($ Millions)		31			22			(16	)		(13	)		24			16			(10	)		12		6			24

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			497			555
Total Charge Input (MB/D)		780			784			768			608			734			621			612			625			523			595
Crude Oil Capacity Utilization (%)		93	%		93	%		93	%		97	%		94	%		98	%		95	%		100	%		84	%		94	%
Clean Product Yield (%)		85	%		84	%		84	%		86	%		85	%		85	%		85	%		84	%		82	%		84	%
* 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			709			657
Total Charge Input (MB/D)		685			757			754			759			739			672			749			730			785			734
Crude Oil Capacity Utilization (%)		84	%		91	%		91	%		93	%		90	%		82	%		91	%		88	%		97	%		90	%
Clean Product Yield (%)		80	%		82	%		82	%		82	%		82	%		80	%		84	%		80	%		81	%		81	%

Central Corridor*
Crude Oil Charge Input (MB/D)		413			447			442			429			433			479			446			478			413			454
Total Charge Input (MB/D)		430			461			455			445			448			494			459			494			428			469
Crude Oil Capacity Utilization (%)		88	%		95	%		94	%		91	%		92	%		102	%		95	%		102	%		88	%		97	%
Clean Product Yield (%)		85	%		87	%		86	%		88	%		87	%		88	%		87	%		87	%		88	%		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			401			398
Total Charge Input (MB/D)		420			396			416			438			417			401			409			439			423			418
Crude Oil Capacity Utilization (%)		91	%		85	%		91	%		96	%		91	%		85	%		89	%		97	%		91	%		91	%
Clean Product Yield (%)		83	%		79	%		83	%		83	%		82	%		86	%		80	%		83	%		85	%		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			2,020			2,064
Total Charge Input (MB/D)		2,315			2,398			2,393			2,250			2,338			2,188			2,229			2,288			2,159			2,216
Crude Oil Capacity Utilization (%)		89	%		91	%		92	%		94	%		92	%		91	%		93	%		96	%		91	%		93	%
Clean Product Yield (%)		83	%		83	%		84	%		84	%		84	%		84	%		84	%		83	%		83	%		84	%

Refined Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline		336			331			324			238			307			243			251			244			196			233
Distillates		311			311			306			267			298			269			253			268			218			252
Other		136			142			139			109			131			115			112			116			113			114
Total		783			784			769			614			736			627			616			628			527			599
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Gasoline		251			283			273			269			269			228			298			271			289			272
Distillates		279			310			316			325			308			275			305			290			315			296
Other		166			172			172			173			171			179			155			175			190			175
Total		696			765			761			767			748			682			758			736			794			743

Central Corridor*
Gasoline		209			231			225			225			223			250			231			248			222			238
Distillates		154			168			165			163			163			183			168			179			153			171
Other		67			63			63			56			62			63			63			68			55			62
Total		430			462			453			444			448			496			462			495			430			471
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

Western/Pacific*
Gasoline		190			168			181			192			183			176			162			186			183			177
Distillates		159			143			163			173			159			168			164			176			176			171
Other		73			86			71			78			77			59			86			75			66			71
Total		422			397			415			443			419			403			412			437			425			419
* 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			890			920
Distillates		903			932			950			928			928			895			890			913			862			890
Other		442			463			445			416			441			416			416			434			424			422
Total		2,331			2,408			2,398			2,268			2,351			2,208			2,248			2,296			2,176			2,232


Petroleum Products Sales (MB/D)
Total U.S.
Gasoline		1,099			1,218			1,134			1,066			1,129			958			1,088			1,019			1,055			1,030
Distillates		852			861			907			914			884			837			857			826			787			827
Other		437			385			402			381			401			298			318			319			338			318
Total		2,388			2,464			2,443			2,361			2,414			2,093			2,263			2,164			2,180			2,175

Total International
Gasoline		171			191			166			190			180			173			195			192			191			188
Distillates		351			316			343			331			335			298			305			335			318			314
Other		150			183			237			226			199			154			214			167			200			184
Total		672			690			746			747			714			625			714			694			709			686

Worldwide
Gasoline		1,270			1,409			1,300			1,256			1,309			1,131			1,283			1,211			1,246			1,218
Distillates		1,203			1,177			1,250			1,245			1,219			1,135			1,162			1,161			1,105			1,141
Other		587			568			639			607			600			452			532			486			538			502
Total		3,060			3,154			3,189			3,108			3,128			2,718			2,977			2,858			2,889			2,861

			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			88.09			94.16
Brent		104.97		117.36			113.46			109.31			111.27			118.49			108.19			109.61			110.02			111.58
LLS		107.15		118.55			112.61			110.83			112.28			119.60			108.47			109.40			109.43			111.72
ANS		102.53		115.41			111.74			110.36			110.01			118.31			110.01			109.08			107.04			111.11
WTI less Maya		4.67		(0.65	)		(8.88	)		(9.35	)		(3.55	)		(5.94	)		(5.58	)		(5.38	)		(4.73	)		(5.41	)
WTI less WCS		22.51		17.56			14.32			12.43			16.71			27.00			19.80			15.30			27.55			22.41

Natural Gas ($/MCF)
Henry Hub		4.16		4.35			4.13			3.31			3.99			2.46			2.27			2.87			3.39			2.75

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			8.43			12.80
East Coast Distillate less Brent		15.50		13.77			14.69			17.25			15.30			15.72			16.87			21.03			23.14			19.19
Gulf Coast
Gulf Coast Gasoline less LLS		3.34		9.79			7.54			(1.97	)		4.68			5.06			11.44			12.35			(1.34	)		6.88
Gulf Coast Distillate less LLS		11.46		10.89			13.75			13.60			12.43			12.99			15.13			19.68			18.03			16.46
Central Corridor
Central Gasoline less WTI		16.01		26.37			31.91			15.13			22.36			18.32			27.23			34.24			21.58			25.34
Central Distillate less WTI		25.12		28.86			38.31			31.99			31.07			27.86			30.38			39.47			42.30			35.00
Western/Pacific
West Coast Gasoline less ANS		14.11		14.43			9.88			7.05			11.37			15.91			17.11			18.56			12.94			16.13
West Coast Distillate less ANS		19.42		18.82			15.62			18.13			18.00			17.66			14.68			22.63			22.80			19.44

Worldwide Market Crack Spread ($/BBL)*		10.92		15.63			15.60			9.44			12.91			12.78			17.85			21.61			14.39			16.66
* 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 (Loss) Attributable
to Phillips 66 ($ Millions)*		61		111		118		113		403		89		(91	)		(77	)		85		6
* Includes DCP Midstream-related earnings:		51		90		87		59		287		60		42			39			38		179

Capex and Investments ($ Millions)		3		1		5		8		17		4		4			3			516		527

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			115		486

Capex and Investments ($ Millions)		229		298		246		785		1,558		450		676			820			701		2,647

D&A ($ Millions)		105		110		116		118		449		120		37			68			66		291

Net Interest Expense ($ Millions)*		53		52		55		53		213		56		47			43			46		192
* 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			4.9			**		**
Gross Margin ($ Millions)		265		320		320		285		1,190		225		170			180			**		**

Keep-whole (long NGL / short Gas)*
Volume (TBtu/d)		0.6		0.7		0.8		0.7		0.7		0.8		0.8			0.8			**		**
Gross Margin ($ Millions)		80		105		115		110		410		105		80			60			**		**

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

Fee-based NGL Transport and Fractionation
Volume (MB/D)		165		179		174		186		176		214		163			175			**		**
Gross Margin ($ Millions)		11		13		14		14		52		19		15			15			**		**

Total Throughput (TBtu/d)		6.7		6.9		7.1		7.1		7.0		7.2		7.0			7.2			6.9		7.1
NGL Production (MB/D)		358		377		392		406		383		412		392			398			405		402
* 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			32.18		34.24
* 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			110		105

							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			246			823

100% CPChem Results
Net Income, excludes parent company income tax
related to CPChem's earnings ($ Millions)
Olefins & Polyolefins		418			508			497			367			1,790			559			681			693			665			2,598
Specialties, Aromatics and Styrenics		101			62			64			46			273			59			75			(10	)		80			204
Corporate and Other		9			(33	)		(27	)		(42	)		(93	)		(10	)		(134	)		(210	)		(45	)		(399	)
Total		528			537			534			371			1,970			608			622			473			700			2,403

Income (Loss) before Income Taxes ($ Millions)
Olefins & Polyolefins		425			518			505			369			1,817			567			692			700			675			2,634
Specialties, Aromatics and Styrenics		109			69			74			52			304			66			83			(2	)		86			233
Corporate and Other		8			(32	)		(28	)		(42	)		(94	)		(9	)		(133	)		(210	)		(45	)		(397	)
Total		542			555			551			379			2,027			624			642			488			716			2,470

Investing Cash Flows ($ Millions)
Capex and Investments		81			117			98			148			444			149			144			204			267			764
Advances to Equity Companies		69			30			-			-			99			35			70			44			66			215
Advance Repayments from Equity Companies		-			-			-			-			-			(103	)		(63	)		(54	)		(83	)		(303	)

D&A ($ Millions)		66			63			63			66			258			64			64			155			73			356

Net Interest Expense ($ Millions)*		(6	)		9			9			7			19			7			3			-			(1	)		9
* 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			4,006			14,967
Specialties, Aromatics, and Styrenics		1,687			1,732			1,722			1,563			6,704			1,793			1,811			1,545			1,570			6,719
Total		5,049			5,205			5,480			5,275			21,009			5,433			5,321			5,356			5,576			21,686

Olefins & Polyolefins Capacity Utilization (%)		94	%		92	%		97	%		96	%		94	%		94	%		92	%		97	%		90	%		93	%

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			45.67			48.27
HDPE Blow Molding (cents/lb)		87.67			95.00			89.00			85.67			89.33			92.00			88.00			84.33			84.67			87.25

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			18.62			21.22
HDPE, Total Cash Cost (cents/lb)		62.57			74.21			71.08			66.00			68.47			72.74			64.81			62.04			63.22			65.71
* 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	)		(120	)		(434	)

Detail of Net Income (Loss)
Attributable to Phillips 66 ($ Millions)
Net interest expense		(2	)		(3	)		(2	)		(4	)		(11	)		(9	)		(45	)		(47	)		(47	)		(148	)
Corporate overhead		(22	)		(14	)		(17	)		(23	)		(76	)		(28	)		(21	)		(30	)		(37	)		(116	)
Technology		(13	)		(11	)		(14	)		(15	)		(53	)		(13	)		(11	)		(11	)		(14	)		(49	)
Repositioning Costs		-			-			-			-			-			-			(30	)		(13	)		(12	)		(55	)
Other		(21	)		(8	)		(14	)		(9	)		(52	)		(20	)		(12	)		(24	)		(10	)		(66	)
Total		(58	)		(36	)		(47	)		(51	)		(192	)		(70	)		(119	)		(125	)		(120	)		(434	)

Before-Tax Net Interest Expense ($ Millions)
Interest expense		(4	)		(4	)		(4	)		(5	)		(17	)		(13	)		(83	)		(74	)		(76	)		(246	)
Capitalized interest		-			-			-			-			-			-			-			-			-			-
Interest revenue		-			-			-			-			-			-			12			2			4			18
Premium on early debt retirement		-			-			-			-			-			-			-			-			(3	)		(3	)
Total		(4	)		(4	)		(4	)		(5	)		(17	)		(13	)		(71	)		(72	)		(75	)		(231	)

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			6,974			6,974
Debt-to-Capital Ratio (%)		1	%		2	%		1	%		2	%		2	%		20	%		30	%		28	%		25	%		25	%

Total Equity ($ Millions)		28,416			26,176			26,372			23,293			23,293			24,943			18,979			20,606			20,806			20,806

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Phillips 66 - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - January 30, 2013

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