Attached files
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8-K - PHILLIPS 66 8-K - Phillips 66 | psx-2013930er_8k.htm |
EX-99.1 - EXHIBIT 99.1 - Phillips 66 | psx-2013930er_ex991.htm |
Exhibit 99.2 | |||||||||||||||
Phillips 66 Earnings Release Supplemental Data | |||||||||||||||
CONSOLIDATED INCOME STATEMENT | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
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* | 45,783 | 46,747 | 42,945 | 43,985 | 179,460 | 41,263 | 43,240 | 44,201 | 128,704 | ||||||||||||||
Equity in earnings of affiliates | 734 | 815 | 959 | 626 | 3,134 | 1,039 | 618 | 647 | 2,304 | ||||||||||||||
Net gain (loss) on dispositions | 2 | 188 | (1 | ) | 4 | 193 | 1 | 41 | 8 | 50 | |||||||||||||
Other income (loss) | 1 | 77 | 4 | 53 | 135 | 23 | 49 | (7 | ) | 65 | |||||||||||||
Total Revenues and Other Income | 46,520 | 47,827 | 43,907 | 44,668 | 182,922 | 42,326 | 43,948 | 44,849 | 131,123 | ||||||||||||||
Costs and Expenses | |||||||||||||||||||||||
Purchased crude oil and products | 40,328 | 40,398 | 36,189 | 37,568 | 154,483 | 35,264 | 37,277 | 38,746 | 111,287 | ||||||||||||||
Operating expenses | 1,092 | 984 | 884 | 1,072 | 4,032 | 978 | 1,033 | 987 | 2,998 | ||||||||||||||
Selling, general and administrative expenses | 349 | 480 | 432 | 461 | 1,722 | 332 | 374 | 354 | 1,060 | ||||||||||||||
Depreciation and amortization | 216 | 224 | 229 | 244 | 913 | 245 | 231 | 236 | 712 | ||||||||||||||
Impairments | 43 | 275 | 248 | 592 | 1,158 | 24 | 1 | 1 | 26 | ||||||||||||||
Taxes other than income taxes* | 3,420 | 3,475 | 3,410 | 3,436 | 13,741 | 3,324 | 3,502 | 3,624 | 10,450 | ||||||||||||||
Accretion on discounted liabilities | 5 | 6 | 7 | 7 | 25 | 6 | 6 | 6 | 18 | ||||||||||||||
Interest and debt expense | 13 | 83 | 74 | 76 | 246 | 70 | 69 | 68 | 207 | ||||||||||||||
Foreign currency transaction (gains) losses | (15 | ) | 8 | (15 | ) | (7 | ) | (29 | ) | 2 | (19 | ) | 1 | (16 | ) | ||||||||
Total Costs and Expenses | 45,451 | 45,933 | 41,458 | 43,449 | 176,291 | 40,245 | 42,474 | 44,023 | 126,742 | ||||||||||||||
Income before income taxes | 1,069 | 1,894 | 2,449 | 1,219 | 6,631 | 2,081 | 1,474 | 826 | 4,381 | ||||||||||||||
Provision for income taxes | 431 | 712 | 848 | 509 | 2,500 | 671 | 514 | 286 | 1,471 | ||||||||||||||
Net Income | 638 | 1,182 | 1,601 | 710 | 4,131 | 1,410 | 960 | 540 | 2,910 | ||||||||||||||
Less: net income attributable to | |||||||||||||||||||||||
noncontrolling interests | 2 | 1 | 2 | 2 | 7 | 3 | 2 | 5 | 10 | ||||||||||||||
Net Income Attributable to Phillips 66 | 636 | 1,181 | 1,599 | 708 | 4,124 | 1,407 | 958 | 535 | 2,900 | ||||||||||||||
* Includes excise taxes on petroleum products sales: | 3,321 | 3,389 | 3,312 | 3,349 | 13,371 | 3,258 | 3,428 | 3,568 | 10,254 | ||||||||||||||
Net Income Attributable to Phillips 66 | |||||||||||||||||||||||
Per Share of Common Stock (dollars) | |||||||||||||||||||||||
Basic | 1.01 | 1.88 | 2.53 | 1.12 | 6.55 | 2.25 | 1.55 | 0.88 | 4.69 | ||||||||||||||
Diluted | 1.00 | 1.86 | 2.51 | 1.11 | 6.48 | 2.23 | 1.53 | 0.87 | 4.65 | ||||||||||||||
Average Common Shares Outstanding (in thousands) | |||||||||||||||||||||||
Basic | 627,628 | 628,510 | 630,672 | 628,527 | 628,835 | 625,030 | 619,143 | 608,934 | 617,654 | ||||||||||||||
Diluted | 634,645 | 635,157 | 637,913 | 635,634 | 636,764 | 631,288 | 624,907 | 614,519 | 623,846 | ||||||||||||||
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Midstream | 108 | (75 | ) | (72 | ) | 92 | 53 | 110 | 90 | 148 | 348 | ||||||||||||
Chemicals | 217 | 207 | 153 | 246 | 823 | 282 | 181 | 262 | 725 | ||||||||||||||
Refining | 393 | 916 | 1,545 | 363 | 3,217 | 922 | 481 | (2 | ) | 1,401 | |||||||||||||
Marketing and Specialties | (12 | ) | 252 | 98 | 127 | 465 | 188 | 332 | 240 | 760 | |||||||||||||
Corporate and Other | (70 | ) | (119 | ) | (125 | ) | (120 | ) | (434 | ) | (95 | ) | (126 | ) | (113 | ) | (334 | ) | |||||
Consolidated | 636 | 1,181 | 1,599 | 708 | 4,124 | 1,407 | 958 | 535 | 2,900 | ||||||||||||||
SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Midstream | 174 | (125 | ) | (95 | ) | 135 | 89 | 175 | 142 | 240 | 557 | ||||||||||||
Chemicals | 300 | 307 | 236 | 346 | 1,189 | 403 | 232 | 367 | 1,002 | ||||||||||||||
Refining | 616 | 1,546 | 2,351 | 771 | 5,284 | 1,399 | 775 | 36 | 2,210 | ||||||||||||||
Marketing and Specialties | 84 | 343 | 128 | 187 | 742 | 279 | 511 | 339 | 1,129 | ||||||||||||||
Corporate and Other | (105 | ) | (177 | ) | (171 | ) | (220 | ) | (673 | ) | (175 | ) | (186 | ) | (156 | ) | (517 | ) | |||||
Consolidated | 1,069 | 1,894 | 2,449 | 1,219 | 6,631 | 2,081 | 1,474 | 826 | 4,381 | ||||||||||||||
EFFECTIVE TAX RATES | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Midstream | 36.8 | % | 40.8 | % | 26.3 | % | 30.4 | % | 32.6 | % | 35.4 | % | 35.2 | % | 36.3 | % | 35.7 | % | |||||
Chemicals | 27.7 | % | 32.6 | % | 35.2 | % | 28.9 | % | 30.8 | % | 30.0 | % | 22.0 | % | 28.6 | % | 27.6 | % | |||||
Refining | 36.2 | % | 40.8 | % | 34.3 | % | 52.9 | % | 39.1 | % | 34.1 | % | 37.9 | % | 105.6 | % | 36.6 | % | |||||
Marketing and Specialties | 114.3 | % | 26.5 | % | 23.4 | % | 32.1 | % | 37.3 | % | 32.6 | % | 35.0 | % | 29.2 | % | 32.7 | % | |||||
Corporate and Other | 33.3 | % | 32.8 | % | 26.9 | % | 45.5 | % | 35.5 | % | 45.7 | % | 32.3 | % | 27.6 | % | 35.4 | % | |||||
Consolidated | 40.3 | % | 37.6 | % | 34.6 | % | 41.8 | % | 37.7 | % | 32.2 | % | 34.9 | % | 34.6 | % | 33.6 | % | |||||
SUMMARY OF ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Midstream* | 108 | 95 | 88 | 71 | 362 | 110 | 90 | 148 | 348 | ||||||||||||||
Chemicals | 217 | 242 | 275 | 246 | 980 | 282 | 181 | 262 | 725 | ||||||||||||||
Refining | 454 | 885 | 1,545 | 960 | 3,844 | 909 | 481 | (2 | ) | 1,388 | |||||||||||||
Marketing and Specialties | 55 | 284 | 98 | 127 | 564 | 202 | 309 | 240 | 751 | ||||||||||||||
Corporate and Other | (70 | ) | (89 | ) | (112 | ) | (92 | ) | (363 | ) | (95 | ) | (126 | ) | (113 | ) | (334 | ) | |||||
Consolidated | 764 | 1,417 | 1,894 | 1,312 | 5,387 | 1,408 | 935 | 535 | 2,878 | ||||||||||||||
*First-quarter 2013 adjusted earnings have been revised to include gains on share issuance by equity affiliates. |
Page 1
SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66 | |||||||||||||||||||||||
(AFTER-TAX) | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Midstream* | |||||||||||||||||||||||
Impairments | — | (170 | ) | (160 | ) | — | (330 | ) | — | — | — | — | |||||||||||
Pending claims and settlements | — | — | — | 23 | 23 | — | — | — | — | ||||||||||||||
Hurricane-related costs | — | — | — | (2 | ) | (2 | ) | — | — | — | — | ||||||||||||
Total Midstream | — | (170 | ) | (160 | ) | 21 | (309 | ) | — | — | — | — | |||||||||||
*First-quarter 2013 special items have been revised to exclude gains on share issuance by equity affiliates. | |||||||||||||||||||||||
Chemicals | |||||||||||||||||||||||
Impairments | — | — | (27 | ) | — | (27 | ) | — | — | — | — | ||||||||||||
Premium on early debt retirement | — | (35 | ) | (54 | ) | — | (89 | ) | — | — | — | — | |||||||||||
Repositioning tax impacts | — | — | (41 | ) | — | (41 | ) | — | — | — | — | ||||||||||||
Total Chemicals | — | (35 | ) | (122 | ) | — | (157 | ) | — | — | — | — | |||||||||||
Refining | |||||||||||||||||||||||
Gain on asset sales | — | 104 | — | — | 104 | — | — | — | — | ||||||||||||||
Impairments | (42 | ) | — | — | (564 | ) | (606 | ) | — | — | — | — | |||||||||||
Pending claims and settlements | (19 | ) | — | — | — | (19 | ) | — | — | — | — | ||||||||||||
Repositioning tax impacts | — | (73 | ) | — | — | (73 | ) | — | — | — | — | ||||||||||||
Tax law impacts | — | — | — | — | — | 13 | — | — | 13 | ||||||||||||||
Hurricane-related costs | — | — | — | (33 | ) | (33 | ) | — | — | — | — | ||||||||||||
Total Refining | (61 | ) | 31 | — | (597 | ) | (627 | ) | 13 | — | — | 13 | |||||||||||
Marketing and Specialties | |||||||||||||||||||||||
Gain on asset sales | — | 2 | — | — | 2 | — | 23 | — | 23 | ||||||||||||||
Pending claims and settlements | — | (38 | ) | — | — | (38 | ) | 16 | — | — | 16 | ||||||||||||
Repositioning tax impacts | (67 | ) | 4 | — | — | (63 | ) | — | — | — | — | ||||||||||||
Exit of a business line | — | — | — | — | — | (34 | ) | — | — | (34 | ) | ||||||||||||
Tax law impacts | — | — | — | — | — | 4 | — | — | 4 | ||||||||||||||
Total Marketing and Specialties | (67 | ) | (32 | ) | — | — | (99 | ) | (14 | ) | 23 | — | 9 | ||||||||||
Corporate and Other | |||||||||||||||||||||||
Impairments | — | — | — | (16 | ) | (16 | ) | — | — | — | — | ||||||||||||
Repositioning costs | — | (30 | ) | (13 | ) | (12 | ) | (55 | ) | — | — | — | — | ||||||||||
Total Corporate and Other | — | (30 | ) | (13 | ) | (28 | ) | (71 | ) | — | — | — | — | ||||||||||
Total Phillips 66 | (128 | ) | (236 | ) | (295 | ) | (604 | ) | (1,263 | ) | (1 | ) | 23 | — | 22 | ||||||||
By Business Lines/Regions | |||||||||||||||||||||||
Midstream* | |||||||||||||||||||||||
Transportation | — | (170 | ) | (160 | ) | 21 | (309 | ) | — | — | — | — | |||||||||||
DCP Midstream | — | — | — | — | — | — | — | — | — | ||||||||||||||
NGL Operations and Other | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total Midstream | — | (170 | ) | (160 | ) | 21 | (309 | ) | — | — | — | — | |||||||||||
*First-quarter 2013 special items have been revised to exclude gains on share issuance by equity affiliates. | |||||||||||||||||||||||
Refining | |||||||||||||||||||||||
Atlantic Basin/Europe | (42 | ) | 31 | — | (33 | ) | (44 | ) | 7 | — | — | 7 | |||||||||||
Gulf Coast | — | — | — | — | — | — | — | — | — | ||||||||||||||
Central Corridor | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||
Western/Pacific | — | — | — | (564 | ) | (564 | ) | 2 | — | — | 2 | ||||||||||||
Other Refining | (19 | ) | — | — | — | (19 | ) | 1 | — | — | 1 | ||||||||||||
Total Refining | (61 | ) | 31 | — | (597 | ) | (627 | ) | 13 | — | — | 13 | |||||||||||
Marketing and Specialties | |||||||||||||||||||||||
Marketing and Other | (67 | ) | (32 | ) | — | — | (99 | ) | 20 | — | — | 20 | |||||||||||
Specialties | — | — | — | — | — | (34 | ) | 23 | — | (11 | ) | ||||||||||||
Total Marketing and Specialties | (67 | ) | (32 | ) | — | — | (99 | ) | (14 | ) | 23 | — | 9 | ||||||||||
SPECIAL ITEMS INCLUDED IN INCOME FROM CONTINUING OPERATIONS | |||||||||||||||||||||||
(PRE-TAX) | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Midstream* | |||||||||||||||||||||||
Transportation | — | (275 | ) | (248 | ) | 35 | (488 | ) | — | — | — | — | |||||||||||
DCP Midstream | — | — | — | — | — | — | — | — | — | ||||||||||||||
NGL Operations and Other | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total Midstream | — | (275 | ) | (248 | ) | 35 | (488 | ) | — | — | — | — | |||||||||||
*First-quarter 2013 special items have been revised to exclude gains on share issuance by equity affiliates. | |||||||||||||||||||||||
Chemicals | — | (57 | ) | (130 | ) | — | (187 | ) | — | — | — | — | |||||||||||
Refining | |||||||||||||||||||||||
Atlantic Basin/Europe | (42 | ) | 185 | — | (54 | ) | 89 | 12 | — | — | 12 | ||||||||||||
Gulf Coast | — | — | — | — | — | — | — | — | — | ||||||||||||||
Central Corridor | — | — | — | — | — | 5 | — | — | 5 | ||||||||||||||
Western/Pacific | — | — | — | (564 | ) | (564 | ) | 3 | — | — | 3 | ||||||||||||
Other Refining | (31 | ) | — | — | — | (31 | ) | 2 | — | — | 2 | ||||||||||||
Total Refining | (73 | ) | 185 | — | (618 | ) | (506 | ) | 22 | — | — | 22 | |||||||||||
Marketing and Specialties | |||||||||||||||||||||||
Marketing and Other | — | (58 | ) | — | — | (58 | ) | 31 | — | — | 31 | ||||||||||||
Specialties | — | — | — | — | — | (54 | ) | 40 | — | (14 | ) | ||||||||||||
Total Marketing and Specialties | — | (58 | ) | — | — | (58 | ) | (23 | ) | 40 | — | 17 | |||||||||||
Corporate and Other | — | (46 | ) | (21 | ) | (43 | ) | (110 | ) | — | — | — | — | ||||||||||
Total Phillips 66 | (73 | ) | (251 | ) | (399 | ) | (626 | ) | (1,349 | ) | (1 | ) | 40 | — | 39 |
Page 2
CASH FLOW INFORMATION | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
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 | 638 | 1,182 | 1,601 | 710 | 4,131 | 1,410 | 960 | 540 | 2,910 | ||||||||||||||
Depreciation and amortization | 216 | 224 | 229 | 244 | 913 | 245 | 231 | 236 | 712 | ||||||||||||||
Impairments | 43 | 275 | 248 | 592 | 1,158 | 24 | 1 | 1 | 26 | ||||||||||||||
Accretion on discounted liabilities | 5 | 6 | 7 | 7 | 25 | 6 | 6 | 6 | 18 | ||||||||||||||
Deferred taxes | 169 | 9 | (67 | ) | 110 | 221 | 81 | 80 | 120 | 281 | |||||||||||||
Undistributed equity earnings | (349 | ) | (212 | ) | (367 | ) | 56 | (872 | ) | 77 | (98 | ) | (55 | ) | (76 | ) | |||||||
Net (gain)/loss on dispositions | (2 | ) | (188 | ) | 1 | (4 | ) | (193 | ) | (1 | ) | (41 | ) | (8 | ) | (50 | ) | ||||||
Other | (178 | ) | 164 | 95 | (12 | ) | 69 | (34 | ) | 35 | 33 | 34 | |||||||||||
Net working capital changes | (903 | ) | (26 | ) | 171 | (398 | ) | (1,156 | ) | 405 | (206 | ) | 1,076 | 1,275 | |||||||||
Net Cash Provided by (Used in) Operating Activities | (361 | ) | 1,434 | 1,918 | 1,305 | 4,296 | 2,213 | 968 | 1,949 | 5,130 | |||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||||||||
Capital expenditures and investments | (218 | ) | (270 | ) | (339 | ) | (894 | ) | (1,721 | ) | (387 | ) | (371 | ) | (412 | ) | (1,170 | ) | |||||
Proceeds from asset dispositions | 6 | 234 | 19 | 27 | 286 | 9 | 60 | 1,119 | 1,188 | ||||||||||||||
Advances/loans—related parties | — | — | (100 | ) | — | (100 | ) | — | — | (65 | ) | (65 | ) | ||||||||||
Collection of advances/loans—related parties | — | — | — | — | — | 55 | 45 | — | 100 | ||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (212 | ) | (36 | ) | (420 | ) | (867 | ) | (1,535 | ) | (323 | ) | (266 | ) | 642 | 53 | |||||||
Cash Flows From Financing Activities | |||||||||||||||||||||||
Contributions from (distributions to) ConocoPhillips | 891 | (6,146 | ) | — | — | (5,255 | ) | — | — | — | — | ||||||||||||
Issuance of debt | 5,794 | 2,000 | — | — | 7,794 | — | — | — | — | ||||||||||||||
Repayment of debt | (7 | ) | (191 | ) | (8 | ) | (1,004 | ) | (1,210 | ) | (3 | ) | (502 | ) | (510 | ) | (1,015 | ) | |||||
Issuance of common stock | — | 2 | 21 | 24 | 47 | (6 | ) | 3 | (1 | ) | (4 | ) | |||||||||||
Repurchase of common stock | — | — | (111 | ) | (245 | ) | (356 | ) | (382 | ) | (546 | ) | (674 | ) | (1,602 | ) | |||||||
Dividends paid on common stock | — | — | (125 | ) | (157 | ) | (282 | ) | (194 | ) | (192 | ) | (189 | ) | (575 | ) | |||||||
Change in restricted cash | (6,050 | ) | 6,050 | — | — | — | — | — | — | — | |||||||||||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | — | — | — | — | — | 404 | 404 | ||||||||||||||
Other | (55 | ) | (12 | ) | 27 | 1 | (39 | ) | — | (4 | ) | (1 | ) | (5 | ) | ||||||||
Net Cash Provided by (Used in) | |||||||||||||||||||||||
Financing Activities | 573 | 1,703 | (196 | ) | (1,381 | ) | 699 | (585 | ) | (1,241 | ) | (971 | ) | (2,797 | ) | ||||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | 3 | 24 | (13 | ) | 14 | (26 | ) | 6 | 102 | 82 | ||||||||||||
Net Change in Cash | |||||||||||||||||||||||
and Cash Equivalents | — | 3,104 | 1,326 | (956 | ) | 3,474 | 1,279 | (533 | ) | 1,722 | 2,468 | ||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
at beginning of period | — | — | 3,104 | 4,430 | — | 3,474 | 4,753 | 4,220 | 3,474 | ||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||
at End of Period | — | 3,104 | 4,430 | 3,474 | 3,474 | 4,753 | 4,220 | 5,942 | 5,942 | ||||||||||||||
CAPITAL PROGRAM | |||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Consolidated Capital Expenditures and Investments | |||||||||||||||||||||||
Midstream** | 33 | 41 | 62 | 568 | 704 | 110 | 120 | 110 | 340 | ||||||||||||||
Chemicals | — | — | — | — | — | — | — | — | — | ||||||||||||||
Refining | 171 | 176 | 149 | 242 | 738 | 136 | 162 | 250 | 548 | ||||||||||||||
Marketing and Specialties | 14 | 27 | 35 | 63 | 139 | 102 | 47 | 45 | 194 | ||||||||||||||
Corporate and Other | — | 26 | 93 | 21 | 140 | 39 | 42 | 7 | 88 | ||||||||||||||
Total Consolidated | 218 | 270 | 339 | 894 | 1,721 | 387 | 371 | 412 | 1,170 | ||||||||||||||
Proportional Share of Select Equity Affiliates | |||||||||||||||||||||||
Capital Expenditures and Investments* | |||||||||||||||||||||||
DCP Midstream (Midstream)** | 225 | 338 | 410 | 351 | 1,324 | 274 | 268 | 218 | 760 | ||||||||||||||
CPChem (Chemicals) | 75 | 72 | 93 | 131 | 371 | 107 | 142 | 184 | 433 | ||||||||||||||
WRB Refining (Refining) | 13 | 24 | 36 | 63 | 136 | 29 | 30 | 19 | 78 | ||||||||||||||
Select Equity Affiliates | 313 | 434 | 539 | 545 | 1,831 | 410 | 440 | 421 | 1,271 | ||||||||||||||
Total Capital Program* | |||||||||||||||||||||||
Midstream** | 258 | 379 | 472 | 919 | 2,028 | 384 | 388 | 328 | 1,100 | ||||||||||||||
Chemicals | 75 | 72 | 93 | 131 | 371 | 107 | 142 | 184 | 433 | ||||||||||||||
Refining | 184 | 200 | 185 | 305 | 874 | 165 | 192 | 269 | 626 | ||||||||||||||
Marketing and Specialties | 14 | 27 | 35 | 63 | 139 | 102 | 47 | 45 | 194 | ||||||||||||||
Corporate and Other | — | 26 | 93 | 21 | 140 | 39 | 42 | 7 | 88 | ||||||||||||||
Total Capital Program | 531 | 704 | 878 | 1,439 | 3,552 | 797 | 811 | 833 | 2,441 | ||||||||||||||
* 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 $459 million. This amount is also included in DCP Midstream's capital spending through 2012. |
Page 3
MIDSTREAM | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Midstream Net Income (Loss) Attributable to Phillips 66 | |||||||||||||||||||||||
($ Millions)* | |||||||||||||||||||||||
Transportation | 29 | (146 | ) | (128 | ) | 35 | (210 | ) | 46 | 50 | 54 | 150 | |||||||||||
DCP Midstream | 60 | 42 | 39 | 38 | 179 | 56 | 30 | 87 | 173 | ||||||||||||||
NGL Operations and Other | 19 | 29 | 17 | 19 | 84 | 8 | 10 | 7 | 25 | ||||||||||||||
Midstream Net Income (Loss) Attributable | |||||||||||||||||||||||
to Phillips 66 | 108 | (75 | ) | (72 | ) | 92 | 53 | 110 | 90 | 148 | 348 | ||||||||||||
Midstream Income (Loss) before Income Taxes | |||||||||||||||||||||||
($ Millions)* | |||||||||||||||||||||||
Transportation | 50 | (236 | ) | (185 | ) | 54 | (317 | ) | 75 | 81 | 87 | 243 | |||||||||||
DCP Midstream | 93 | 66 | 62 | 58 | 279 | 87 | 46 | 136 | 269 | ||||||||||||||
NGL Operations and Other | 31 | 45 | 28 | 23 | 127 | 13 | 15 | 17 | 45 | ||||||||||||||
Midstream Income (Loss) before Income Taxes | 174 | (125 | ) | (95 | ) | 135 | 89 | 175 | 142 | 240 | 557 | ||||||||||||
Depreciation and Amortization ($ Millions)* | |||||||||||||||||||||||
Transportation | 18 | 21 | 19 | 24 | 82 | 18 | 19 | 19 | 56 | ||||||||||||||
DCP Midstream | — | — | — | — | — | — | — | — | — | ||||||||||||||
NGL Operations and Other | — | 1 | — | — | 1 | 1 | — | — | 1 | ||||||||||||||
Total | 18 | 22 | 19 | 24 | 83 | 19 | 19 | 19 | 57 | ||||||||||||||
Operating and SG&A Expense ($ Millions)* | |||||||||||||||||||||||
Transportation | 100 | 98 | 97 | 110 | 405 | 94 | 104 | 111 | 309 | ||||||||||||||
DCP Midstream | (2 | ) | 1 | (1 | ) | — | (2 | ) | — | — | — | — | |||||||||||
NGL Operations and Other | 19 | 16 | 9 | 12 | 56 | 14 | 22 | 13 | 49 | ||||||||||||||
Total | 117 | 115 | 105 | 122 | 459 | 108 | 126 | 124 | 358 | ||||||||||||||
* Prior period amounts have been recast to reflect the realignment of Sand Hills and Southern Hills pipelines from "Transportation" to "NGL Operations and Other." | |||||||||||||||||||||||
Transportation Volumes (MB/D) | |||||||||||||||||||||||
Pipelines* | 2,834 | 2,870 | 3,011 | 2,875 | 2,898 | 3,052 | 3,191 | 3,246 | 3,164 | ||||||||||||||
Terminals | 1,134 | 1,181 | 1,221 | 1,141 | 1,169 | 1,041 | 1,194 | 1,419 | 1,219 | ||||||||||||||
* Pipelines represents the sum of volumes transported through each separately tariffed pipeline segment, including our share of equity volumes in Yellowstone and Lake Charles pipelines. | |||||||||||||||||||||||
PSX Other Volumes | |||||||||||||||||||||||
NGL Fractionated (MB/D)* | 105 | 93 | 113 | 110 | 105 | 117 | 113 | 123 | 117 | ||||||||||||||
* Excludes DCP Midstream. | |||||||||||||||||||||||
100% DCP Midstream Results | |||||||||||||||||||||||
Net Income, excludes parent company income tax | |||||||||||||||||||||||
related to DCP's earnings ($ Millions) | 144 | 132 | 95 | 115 | 486 | 91 | 78 | 191 | 360 | ||||||||||||||
Depreciation and Amortization ($ Millions) | 120 | 37 | 68 | 66 | 291 | 69 | 76 | 82 | 227 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | 226 | 236 | 258 | 244 | 964 | 228 | 236 | 223 | 687 | ||||||||||||||
Net Interest Expense ($ Millions)* | 56 | 47 | 43 | 47 | 193 | 50 | 52 | 75 | 177 | ||||||||||||||
* Net of interest income. | |||||||||||||||||||||||
Capital Expenditures and Investments ($ Millions) | 450 | 676 | 820 | 701 | 2,647 | 547 | 537 | 435 | 1,519 | ||||||||||||||
Selected DCP Volumes and Gross Margin | |||||||||||||||||||||||
by Major Contract Type (excludes current quarter) | |||||||||||||||||||||||
Percentage of Proceeds (long NGL / long Gas)* | |||||||||||||||||||||||
Volume (TBtu/d) | 4.8 | 4.7 | 4.9 | 4.9 | 4.8 | 4.8 | 5.0 | ** | 4.9 | ||||||||||||||
Gross Margin ($ Millions) | 225 | 170 | 180 | 210 | 785 | 185 | 220 | ** | 405 | ||||||||||||||
Keep-whole (long NGL / short Gas)* | |||||||||||||||||||||||
Volume (TBtu/d) | 0.8 | 0.8 | 0.8 | 0.6 | 0.8 | 0.6 | 0.6 | ** | 0.6 | ||||||||||||||
Gross Margin ($ Millions) | 105 | 80 | 60 | 50 | 295 | 45 | 35 | ** | 80 | ||||||||||||||
Fee-based Gas (primarily gathering and transport)* | |||||||||||||||||||||||
Volume (TBtu/d) | 4.7 | 4.7 | 4.7 | 4.6 | 4.7 | 4.5 | 4.7 | ** | 4.6 | ||||||||||||||
Gross Margin ($ Millions) | 60 | 62 | 60 | 70 | 252 | 65 | 75 | ** | 140 | ||||||||||||||
Fee-based NGL Transport and Fractionation | |||||||||||||||||||||||
Volume (MB/D) | 214 | 163 | 175 | 192 | 186 | 202 | 201 | ** | 202 | ||||||||||||||
Gross Margin ($ Millions) | 19 | 15 | 15 | 19 | 68 | 19 | 19 | ** | 38 | ||||||||||||||
Other Gross Margin*** | |||||||||||||||||||||||
Gross Margin ($ Millions) | 152 | 178 | 140 | 163 | 633 | 153 | 160 | ** | 313 | ||||||||||||||
Total Throughput (TBtu/d) | 7.2 | 7.0 | 7.2 | 6.9 | 7.1 | 6.9 | 7.1 | 7.4 | 7.1 | ||||||||||||||
NGL Production (MB/D) | 412 | 392 | 398 | 405 | 402 | 396 | 412 | 442 | 417 | ||||||||||||||
* Certain volumes earn duplicate revenue streams (i.e. both fee plus processing economics). | |||||||||||||||||||||||
** Pending DCP release. | |||||||||||||||||||||||
*** Includes NGL/Propane Marketing, MTM, Condensate Sales, Gas Marketing activity and other items. | |||||||||||||||||||||||
Weighted Average NGL Price* | |||||||||||||||||||||||
DCP Midstream ($/BBL) | 42.10 | 32.48 | 30.21 | 32.18 | 34.24 | 31.09 | 29.77 | 32.66 | 31.17 | ||||||||||||||
DCP Midstream ($/gal) | 1.00 | 0.77 | 0.72 | 0.77 | 0.82 | 0.74 | 0.71 | 0.78 | 0.74 | ||||||||||||||
* Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix. |
Page 4
CHEMICALS | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
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) | 217 | 207 | 153 | 246 | 823 | 282 | 181 | 262 | 725 | ||||||||||||||
100% CPChem Results | |||||||||||||||||||||||
Net Income, excludes parent company income tax related to CPChem's earnings ($ Millions) | |||||||||||||||||||||||
Olefins and Polyolefins | 559 | 681 | 693 | 665 | 2,598 | 726 | 411 | 677 | 1,814 | ||||||||||||||
Specialties, Aromatics and Styrenics | 59 | 75 | (10 | ) | 80 | 204 | 56 | 73 | 72 | 201 | |||||||||||||
Corporate and Other | (10 | ) | (134 | ) | (210 | ) | (45 | ) | (399 | ) | 29 | (14 | ) | (11 | ) | 4 | |||||||
Total | 608 | 622 | 473 | 700 | 2,403 | 811 | 470 | 738 | 2,019 | ||||||||||||||
Income (Loss) before Income Taxes ($ Millions)* | |||||||||||||||||||||||
Olefins and Polyolefins | 567 | 692 | 700 | 675 | 2,634 | 736 | 421 | 688 | 1,845 | ||||||||||||||
Specialties, Aromatics and Styrenics | 66 | 86 | 28 | 89 | 269 | 60 | 83 | 81 | 224 | ||||||||||||||
Corporate and Other | (9 | ) | (133 | ) | (210 | ) | (45 | ) | (397 | ) | 30 | (14 | ) | (11 | ) | 5 | |||||||
Total | 624 | 645 | 518 | 719 | 2,506 | 826 | 490 | 758 | 2,074 | ||||||||||||||
* Excludes CPChem discontinued operations. | |||||||||||||||||||||||
Depreciation and Amortization ($ Millions) | 64 | 64 | 155 | 73 | 356 | 64 | 66 | 66 | 196 | ||||||||||||||
Net Interest Expense ($ Millions)* | 7 | 3 | — | (1 | ) | 9 | (1 | ) | — | (1 | ) | (2 | ) | ||||||||||
* Net of interest income. | |||||||||||||||||||||||
Investing Cash Flows ($ Millions) | |||||||||||||||||||||||
Capital Expenditures and Investments | 149 | 144 | 186 | 262 | 741 | 214 | 284 | 367 | 865 | ||||||||||||||
Advances to Equity Companies | 35 | 70 | 44 | 66 | 215 | 45 | 19 | 5 | 69 | ||||||||||||||
Advance Repayments from Equity Companies | (103 | ) | (63 | ) | (54 | ) | (83 | ) | (303 | ) | (43 | ) | (12 | ) | — | (55 | ) | ||||||
Externally Marketed Sales Volumes (MM Lbs) | |||||||||||||||||||||||
Olefins and Polyolefins | 3,640 | 3,510 | 3,811 | 4,006 | 14,967 | 4,036 | 3,862 | 3,927 | 11,825 | ||||||||||||||
Specialties, Aromatics and Styrenics | 1,793 | 1,811 | 1,545 | 1,570 | 6,719 | 1,496 | 1,485 | 1,577 | 4,558 | ||||||||||||||
Total | 5,433 | 5,321 | 5,356 | 5,576 | 21,686 | 5,532 | 5,347 | 5,504 | 16,383 | ||||||||||||||
Olefins and Polyolefins Capacity Utilization (%) | 94 | % | 92 | % | 97 | % | 90 | % | 93 | % | 91 | % | 78 | % | 87 | % | 85 | % | |||||
Market Indicators | |||||||||||||||||||||||
Industry Prices* | |||||||||||||||||||||||
Ethylene, Net Transaction Price (cents/lb) | 55.17 | 46.83 | 45.42 | 45.67 | 48.27 | 48.00 | 46.33 | 45.83 | 46.72 | ||||||||||||||
HDPE Blow Molding (cents/lb) | 92.00 | 88.00 | 84.33 | 84.67 | 87.25 | 91.67 | 93.67 | 96.67 | 94.00 | ||||||||||||||
Industry Costs* | |||||||||||||||||||||||
Ethylene, Cash Cost Weighted Average Feed (cents/lb) | 28.25 | 18.47 | 19.72 | 18.62 | 21.22 | 13.80 | 15.66 | 16.47 | 15.31 | ||||||||||||||
HDPE, Total Cash Cost (cents/lb) | 72.74 | 64.81 | 62.04 | 63.22 | 65.71 | 69.26 | 65.55 | 63.71 | 66.17 | ||||||||||||||
* Released by IHS. Reflect the IHS analysis of historical market indicators. | |||||||||||||||||||||||
Page 5
REFINING | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Refining Net Income (Loss) Attributable to Phillips 66 | |||||||||||||||||||||||
($ Millions) | |||||||||||||||||||||||
Atlantic Basin/Europe | (10 | ) | 137 | 321 | 117 | 565 | 98 | 29 | 50 | 177 | |||||||||||||
Gulf Coast | (45 | ) | 183 | 266 | 175 | 579 | 44 | (65 | ) | (58 | ) | (79 | ) | ||||||||||
Central Corridor | 405 | 574 | 773 | 511 | 2,263 | 589 | 396 | 120 | 1,105 | ||||||||||||||
Western/Pacific | (1 | ) | (34 | ) | 136 | (486 | ) | (385 | ) | 62 | 33 | (93 | ) | 2 | |||||||||
Other Refining | 44 | 56 | 49 | 46 | 195 | 129 | 88 | (21 | ) | 196 | |||||||||||||
Refining Net Income (Loss) Attributable | |||||||||||||||||||||||
to Phillips 66 | 393 | 916 | 1,545 | 363 | 3,217 | 922 | 481 | (2 | ) | 1,401 | |||||||||||||
Refining Income (Loss) before Income Taxes ($ Millions) | |||||||||||||||||||||||
Atlantic Basin/Europe | 7 | 312 | 451 | 124 | 894 | 141 | 48 | 64 | 253 | ||||||||||||||
Gulf Coast | (70 | ) | 283 | 408 | 250 | 871 | 57 | (82 | ) | (86 | ) | (111 | ) | ||||||||||
Central Corridor | 602 | 891 | 1,194 | 783 | 3,470 | 925 | 627 | 195 | 1,747 | ||||||||||||||
Western/Pacific | 18 | (21 | ) | 212 | (444 | ) | (235 | ) | 94 | 60 | (123 | ) | 31 | ||||||||||
Other Refining | 59 | 81 | 86 | 58 | 284 | 182 | 122 | (14 | ) | 290 | |||||||||||||
Refining Income before Income Taxes | 616 | 1,546 | 2,351 | 771 | 5,284 | 1,399 | 775 | 36 | 2,210 | ||||||||||||||
Realized Refining Margins ($/BBL)* | |||||||||||||||||||||||
Atlantic Basin/Europe | 6.43 | 7.98 | 12.88 | 9.85 | 9.28 | 8.61 | 6.83 | 6.59 | 7.34 | ||||||||||||||
Gulf Coast | 5.95 | 9.36 | 11.42 | 9.08 | 9.02 | 8.54 | 4.45 | 3.95 | 5.48 | ||||||||||||||
Central Corridor | 19.22 | 26.72 | 31.82 | 27.85 | 26.37 | 27.29 | 19.45 | 9.80 | 18.65 | ||||||||||||||
Western/Pacific | 10.70 | 7.91 | 13.30 | 12.01 | 11.04 | 9.64 | 8.80 | 4.77 | 7.75 | ||||||||||||||
Worldwide | 10.39 | 12.85 | 16.97 | 13.99 | 13.59 | 13.94 | 9.88 | 6.14 | 9.88 | ||||||||||||||
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. | |||||||||||||||||||||||
Depreciation and Amortization ($ Millions)* | |||||||||||||||||||||||
Atlantic Basin/Europe | 39 | 40 | 41 | 45 | 165 | 42 | 43 | 43 | 128 | ||||||||||||||
Gulf Coast | 49 | 51 | 50 | 51 | 201 | 52 | 54 | 50 | 156 | ||||||||||||||
Central Corridor | 21 | 21 | 21 | 22 | 85 | 27 | 22 | 21 | 70 | ||||||||||||||
Western/Pacific | 49 | 48 | 52 | 49 | 198 | 53 | 50 | 51 | 154 | ||||||||||||||
Other Refining | 1 | 1 | 1 | 3 | 6 | 3 | (1 | ) | 5 | 7 | |||||||||||||
Total | 159 | 161 | 165 | 170 | 655 | 177 | 168 | 170 | 515 | ||||||||||||||
* Excludes D&A of all equity affiliates. | |||||||||||||||||||||||
Operating and SG&A Expense ($ Millions)* | |||||||||||||||||||||||
Atlantic Basin/Europe | 237 | 225 | 203 | 285 | 950 | 257 | 272 | 234 | 763 | ||||||||||||||
Gulf Coast | 332 | 271 | 286 | 322 | 1,211 | 327 | 295 | 306 | 928 | ||||||||||||||
Central Corridor | 113 | 135 | 97 | 103 | 448 | 98 | 97 | 114 | 309 | ||||||||||||||
Western/Pacific | 257 | 230 | 198 | 228 | 913 | 185 | 200 | 199 | 584 | ||||||||||||||
Other Refining | 40 | 5 | 17 | 27 | 89 | 23 | 35 | 30 | 88 | ||||||||||||||
Total | 979 | 866 | 801 | 965 | 3,611 | 890 | 899 | 883 | 2,672 | ||||||||||||||
* Excludes Operating and SG&A Expense of all equity affiliates. | |||||||||||||||||||||||
Turnaround Expense ($ Millions), included in | |||||||||||||||||||||||
Operating and SG&A Expense* | |||||||||||||||||||||||
Atlantic Basin/Europe | 14 | 5 | 1 | 13 | 33 | 12 | 35 | 15 | 62 | ||||||||||||||
Gulf Coast | 65 | 14 | 12 | 35 | 126 | 64 | 12 | 18 | 94 | ||||||||||||||
Central Corridor | 21 | 43 | 3 | 2 | 69 | 6 | 4 | 16 | 26 | ||||||||||||||
Western/Pacific | 76 | 52 | 18 | 34 | 180 | 4 | 11 | 7 | 22 | ||||||||||||||
Total | 176 | 114 | 34 | 84 | 408 | 86 | 62 | 56 | 204 | ||||||||||||||
* Excludes Turnaround Expense of all equity affiliates. | |||||||||||||||||||||||
Taxes Other than Income Taxes, excluding Excise Taxes ($ Millions) | |||||||||||||||||||||||
Atlantic Basin/Europe | 18 | 14 | 20 | 14 | 66 | 18 | 15 | 14 | 47 | ||||||||||||||
Gulf Coast | 22 | 17 | 17 | 16 | 72 | 22 | 19 | 14 | 55 | ||||||||||||||
Central Corridor | 10 | 8 | 7 | 8 | 33 | 9 | 9 | 8 | 26 | ||||||||||||||
Western/Pacific | 27 | 27 | 28 | 26 | 108 | 27 | 26 | 26 | 79 | ||||||||||||||
Other Refining | 2 | 1 | 2 | 1 | 6 | (3 | ) | (4 | ) | (3 | ) | (10 | ) | ||||||||||
Total | 79 | 67 | 74 | 65 | 285 | 73 | 65 | 59 | 197 | ||||||||||||||
Foreign Currency Gains | |||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | 15 | (3 | ) | 3 | 2 | 17 | 16 | 9 | (2 | ) | 23 | ||||||||||||
Refining—Equity Affiliate Information | |||||||||||||||||||||||
Equity in earnings of affiliates | 313 | 410 | 628 | 191 | 1,542 | 517 | 300 | 98 | 915 | ||||||||||||||
Less: Share of equity affiliate gross margin included in Realized | |||||||||||||||||||||||
Refining Margin and other equity affiliate-related costs* | (517 | ) | (564 | ) | (812 | ) | (440 | ) | (2,333 | ) | (719 | ) | (466 | ) | (263 | ) | (1,448 | ) | |||||
Equity-affiliate-related expenses | |||||||||||||||||||||||
not included in Realized Refining Margins | (204 | ) | (154 | ) | (184 | ) | (249 | ) | (791 | ) | (202 | ) | (166 | ) | (165 | ) | (533 | ) | |||||
Regional Totals | |||||||||||||||||||||||
Gulf Coast | (30 | ) | (14 | ) | (5 | ) | (17 | ) | (66 | ) | (36 | ) | (12 | ) | 4 | (44 | ) | ||||||
Central Corridor | (108 | ) | (101 | ) | (117 | ) | (177 | ) | (503 | ) | (120 | ) | (111 | ) | (108 | ) | (339 | ) | |||||
Other Regions** | (66 | ) | (39 | ) | (62 | ) | (55 | ) | (222 | ) | (46 | ) | (43 | ) | (61 | ) | (150 | ) | |||||
Total | (204 | ) | (154 | ) | (184 | ) | (249 | ) | (791 | ) | (202 | ) | (166 | ) | (165 | ) | (533 | ) | |||||
* Other costs associated with equity affiliates which do not flow through equity earnings. | |||||||||||||||||||||||
** Combined equity affiliates reported in Atlantic Basin/Europe and Western/Pacific. |
Page 6
REFINING (continued) | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
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) | 573 | 561 | 587 | 497 | 555 | 571 | 555 | 574 | 567 | ||||||||||||||
Total Charge Input (MB/D) | 621 | 612 | 625 | 523 | 595 | 614 | 597 | 606 | 605 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 98 | % | 95 | % | 100 | % | 84 | % | 94 | % | 97 | % | 94 | % | 98 | % | 96 | % | |||||
Clean Product Yield (%) | 85 | % | 85 | % | 84 | % | 82 | % | 84 | % | 85 | % | 84 | % | 84 | % | 85 | % | |||||
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | |||||||||||||||||||||||
Gulf Coast | |||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 600 | 670 | 649 | 709 | 657 | 584 | 664 | 671 | 640 | ||||||||||||||
Total Charge Input (MB/D) | 672 | 749 | 730 | 785 | 734 | 643 | 741 | 767 | 717 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 82 | % | 91 | % | 88 | % | 97 | % | 90 | % | 80 | % | 91 | % | 92 | % | 87 | % | |||||
Clean Product Yield (%) | 80 | % | 84 | % | 80 | % | 81 | % | 81 | % | 81 | % | 83 | % | 82 | % | 82 | % | |||||
Central Corridor* | |||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 479 | 446 | 478 | 413 | 454 | 457 | 474 | 480 | 470 | ||||||||||||||
Total Charge Input (MB/D) | 494 | 459 | 494 | 428 | 469 | 473 | 488 | 495 | 486 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 102 | % | 95 | % | 102 | % | 88 | % | 97 | % | 96 | % | 100 | % | 101 | % | 99 | % | |||||
Clean Product Yield (%) | 88 | % | 87 | % | 87 | % | 88 | % | 88 | % | 87 | % | 86 | % | 88 | % | 87 | % | |||||
* Includes our proportionate share of the Borger Refinery and Wood River Refinery. | |||||||||||||||||||||||
Western/Pacific* | |||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 375 | 391 | 424 | 401 | 398 | 401 | 417 | 403 | 407 | ||||||||||||||
Total Charge Input (MB/D) | 401 | 409 | 439 | 423 | 418 | 441 | 448 | 430 | 440 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 85 | % | 89 | % | 97 | % | 91 | % | 91 | % | 91 | % | 95 | % | 91 | % | 92 | % | |||||
Clean Product Yield (%) | 86 | % | 80 | % | 83 | % | 85 | % | 83 | % | 83 | % | 86 | % | 84 | % | 84 | % | |||||
* Includes our proportionate share of a refinery in Melaka, Malaysia. | |||||||||||||||||||||||
Worldwide—Including Proportionate Share of Equity Affiliates | |||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 2,027 | 2,068 | 2,138 | 2,020 | 2,064 | 2,013 | 2,110 | 2,128 | 2,084 | ||||||||||||||
Total Charge Input (MB/D) | 2,188 | 2,229 | 2,288 | 2,159 | 2,216 | 2,171 | 2,274 | 2,298 | 2,248 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 91 | % | 93 | % | 96 | % | 91 | % | 93 | % | 90 | % | 94 | % | 95 | % | 93 | % | |||||
Clean Product Yield (%) | 84 | % | 84 | % | 83 | % | 83 | % | 84 | % | 84 | % | 85 | % | 84 | % | 84 | % | |||||
Refined Products Production (MB/D) | |||||||||||||||||||||||
Atlantic Basin/Europe* | |||||||||||||||||||||||
Gasoline | 243 | 251 | 244 | 196 | 233 | 240 | 239 | 241 | 240 | ||||||||||||||
Distillates | 269 | 253 | 268 | 218 | 252 | 264 | 249 | 252 | 255 | ||||||||||||||
Other | 115 | 112 | 116 | 113 | 114 | 114 | 110 | 116 | 114 | ||||||||||||||
Total | 627 | 616 | 628 | 527 | 599 | 618 | 598 | 609 | 609 | ||||||||||||||
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | |||||||||||||||||||||||
Gulf Coast | |||||||||||||||||||||||
Gasoline | 228 | 298 | 271 | 289 | 272 | 252 | 292 | 304 | 283 | ||||||||||||||
Distillates | 275 | 305 | 290 | 315 | 296 | 247 | 292 | 295 | 278 | ||||||||||||||
Other | 179 | 155 | 175 | 190 | 175 | 147 | 164 | 175 | 162 | ||||||||||||||
Total | 682 | 758 | 736 | 794 | 743 | 646 | 748 | 774 | 723 | ||||||||||||||
Central Corridor* | |||||||||||||||||||||||
Gasoline | 250 | 231 | 248 | 222 | 238 | 242 | 242 | 257 | 247 | ||||||||||||||
Distillates | 183 | 168 | 179 | 153 | 171 | 168 | 175 | 174 | 173 | ||||||||||||||
Other | 63 | 63 | 68 | 55 | 62 | 65 | 71 | 66 | 67 | ||||||||||||||
Total | 496 | 462 | 495 | 430 | 471 | 475 | 488 | 497 | 487 | ||||||||||||||
* Includes our proportionate share of the Borger Refinery and Wood River Refinery. | |||||||||||||||||||||||
Western/Pacific* | |||||||||||||||||||||||
Gasoline | 176 | 162 | 186 | 183 | 177 | 188 | 198 | 188 | 191 | ||||||||||||||
Distillates | 168 | 164 | 176 | 176 | 171 | 177 | 189 | 173 | 179 | ||||||||||||||
Other | 59 | 86 | 75 | 66 | 71 | 80 | 65 | 71 | 72 | ||||||||||||||
Total | 403 | 412 | 437 | 425 | 419 | 445 | 452 | 432 | 442 | ||||||||||||||
* Includes our proportionate share of a refinery in Melaka, Malaysia. | |||||||||||||||||||||||
Worldwide—Including Proportionate Share of Equity Affiliates | |||||||||||||||||||||||
Gasoline | 897 | 942 | 949 | 890 | 920 | 922 | 971 | 990 | 961 | ||||||||||||||
Distillates | 895 | 890 | 913 | 862 | 890 | 856 | 905 | 894 | 885 | ||||||||||||||
Other | 416 | 416 | 434 | 424 | 422 | 406 | 410 | 428 | 415 | ||||||||||||||
Total | 2,208 | 2,248 | 2,296 | 2,176 | 2,232 | 2,184 | 2,286 | 2,312 | 2,261 | ||||||||||||||
Page 7
REFINING (continued) | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Market Indicators | |||||||||||||||||||||||
Crude and Crude Differentials ($/BBL) | |||||||||||||||||||||||
WTI | 102.99 | 93.44 | 92.11 | 88.09 | 94.16 | 94.29 | 94.12 | 105.80 | 98.07 | ||||||||||||||
Brent | 118.49 | 108.19 | 109.61 | 110.02 | 111.58 | 112.55 | 102.44 | 110.36 | 108.45 | ||||||||||||||
LLS | 119.60 | 108.47 | 109.40 | 109.43 | 111.72 | 113.92 | 104.63 | 109.89 | 109.48 | ||||||||||||||
ANS | 118.31 | 110.01 | 109.08 | 107.04 | 111.11 | 111.02 | 104.52 | 110.52 | 108.69 | ||||||||||||||
WTI less Maya | (5.94 | ) | (5.58 | ) | (5.38 | ) | (4.73 | ) | (5.41 | ) | (8.54 | ) | (3.55 | ) | 6.47 | (1.87 | ) | ||||||
WTI less WCS | 27.00 | 19.80 | 15.30 | 27.55 | 22.41 | 27.02 | 16.71 | 23.07 | 22.26 | ||||||||||||||
Natural Gas ($/MCF) | |||||||||||||||||||||||
Henry Hub | 2.46 | 2.27 | 2.87 | 3.39 | 2.75 | 3.48 | 4.01 | 3.55 | 3.68 | ||||||||||||||
Product Margins ($/BBL) | |||||||||||||||||||||||
Atlantic Basin/Europe | |||||||||||||||||||||||
East Coast Gasoline less Brent | 6.18 | 17.28 | 19.31 | 8.43 | 12.80 | 9.70 | 14.83 | 13.05 | 12.52 | ||||||||||||||
East Coast Distillate less Brent | 15.72 | 16.87 | 21.03 | 23.14 | 19.19 | 18.78 | 19.09 | 17.43 | 18.43 | ||||||||||||||
Gulf Coast | |||||||||||||||||||||||
Gulf Coast Gasoline less LLS | 5.06 | 11.44 | 12.35 | (1.34 | ) | 6.88 | 3.41 | 9.14 | 5.86 | 6.14 | |||||||||||||
Gulf Coast Distillate less LLS | 12.99 | 15.13 | 19.68 | 18.03 | 16.46 | 15.67 | 15.52 | 16.66 | 15.95 | ||||||||||||||
Central Corridor | |||||||||||||||||||||||
Central Gasoline less WTI | 18.32 | 27.23 | 34.24 | 21.58 | 25.34 | 24.04 | 26.18 | 14.55 | 21.59 | ||||||||||||||
Central Distillate less WTI | 27.86 | 30.38 | 39.47 | 42.30 | 35.00 | 35.72 | 29.35 | 22.95 | 29.34 | ||||||||||||||
Western/Pacific | |||||||||||||||||||||||
West Coast Gasoline less ANS | 15.91 | 17.11 | 18.56 | 12.94 | 16.13 | 18.34 | 20.59 | 12.39 | 17.11 | ||||||||||||||
West Coast Distillate less ANS | 17.66 | 14.68 | 22.63 | 22.80 | 19.44 | 20.67 | 16.84 | 18.42 | 18.65 | ||||||||||||||
Worldwide Market Crack Spread ($/BBL)* | 12.78 | 17.85 | 21.61 | 14.39 | 16.66 | 15.50 | 17.56 | 13.44 | 15.50 | ||||||||||||||
* Weighted average based on Phillips 66 crude capacity. | |||||||||||||||||||||||
Page 8
MARKETING AND SPECIALTIES | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||
Marketing and Specialties Net Income (Loss) Attributable to Phillips 66 ($ Millions) | |||||||||||||||||||||||
Marketing and Other | (67 | ) | 201 | 46 | 83 | 263 | 173 | 255 | 195 | 623 | |||||||||||||
Specialties | 55 | 51 | 52 | 44 | 202 | 15 | 77 | 45 | 137 | ||||||||||||||
Marketing and Specialties | |||||||||||||||||||||||
Net Income (Loss) Attributable to Phillips 66 | (12 | ) | 252 | 98 | 127 | 465 | 188 | 332 | 240 | 760 | |||||||||||||
Marketing and Specialties Income (Loss) before Income Taxes ($ Millions) | |||||||||||||||||||||||
Marketing and Other | (3 | ) | 261 | 47 | 114 | 419 | 254 | 385 | 268 | 907 | |||||||||||||
Specialties | 87 | 82 | 81 | 73 | 323 | 25 | 126 | 71 | 222 | ||||||||||||||
Marketing and Specialties | |||||||||||||||||||||||
Income before Income Taxes | 84 | 343 | 128 | 187 | 742 | 279 | 511 | 339 | 1,129 | ||||||||||||||
Realized Marketing Fuel Margin ($/BBL)* | |||||||||||||||||||||||
U.S. | 0.22 | 1.80 | 0.41 | 0.99 | 0.87 | 1.02 | 1.77 | 1.25 | 1.36 | ||||||||||||||
International | 2.42 | 6.36 | 3.91 | 3.99 | 4.17 | 3.16 | 4.93 | 5.55 | 4.56 | ||||||||||||||
* On third-party petroleum products sales. | |||||||||||||||||||||||
Realized Margins not included in Marketing Fuel Margin | |||||||||||||||||||||||
($ Millions)** | |||||||||||||||||||||||
Marketing and Other | 178 | 165 | 189 | 157 | 689 | 210 | 184 | 141 | 535 | ||||||||||||||
Specialties | 122 | 122 | 122 | 120 | 486 | 92 | 129 | 103 | 324 | ||||||||||||||
Total | 300 | 287 | 311 | 277 | 1,175 | 302 | 313 | 244 | 859 | ||||||||||||||
** Excludes Gain on Dispositions and Excise Tax Income. | |||||||||||||||||||||||
Depreciation and Amortization ($ Millions) | |||||||||||||||||||||||
Marketing and Other | 34 | 34 | 33 | 35 | 136 | 30 | 23 | 21 | 74 | ||||||||||||||
Specialties | 5 | 4 | 4 | 4 | 17 | 6 | 4 | 5 | 15 | ||||||||||||||
Total | 39 | 38 | 37 | 39 | 153 | 36 | 27 | 26 | 89 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | |||||||||||||||||||||||
Marketing and Other | 236 | 332 | 282 | 276 | 1,126 | 194 | 236 | 225 | 655 | ||||||||||||||
Specialties | 28 | 34 | 37 | 39 | 138 | 40 | 37 | 35 | 112 | ||||||||||||||
Total | 264 | 366 | 319 | 315 | 1,264 | 234 | 273 | 260 | 767 | ||||||||||||||
Marketing Petroleum Products Sales (MB/D) | |||||||||||||||||||||||
U.S. Marketing | |||||||||||||||||||||||
Gasoline | 933 | 1,067 | 998 | 1,036 | 1,009 | 1,016 | 1,138 | 1,111 | 1,088 | ||||||||||||||
Distillates | 820 | 845 | 813 | 771 | 812 | 763 | 817 | 761 | 781 | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total | 1,753 | 1,912 | 1,811 | 1,807 | 1,821 | 1,779 | 1,955 | 1,872 | 1,869 | ||||||||||||||
International Marketing | |||||||||||||||||||||||
Gasoline | 91 | 94 | 93 | 90 | 92 | 89 | 95 | 95 | 93 | ||||||||||||||
Distillates | 168 | 164 | 175 | 185 | 173 | 193 | 190 | 190 | 191 | ||||||||||||||
Other | 15 | 18 | 19 | 18 | 17 | 16 | 18 | 18 | 17 | ||||||||||||||
Total | 274 | 276 | 287 | 293 | 282 | 298 | 303 | 303 | 301 | ||||||||||||||
Worldwide Marketing | |||||||||||||||||||||||
Gasoline | 1,024 | 1,161 | 1,091 | 1,126 | 1,101 | 1,105 | 1,233 | 1,206 | 1,181 | ||||||||||||||
Distillates | 988 | 1,009 | 988 | 956 | 985 | 956 | 1,007 | 951 | 972 | ||||||||||||||
Other | 15 | 18 | 19 | 18 | 17 | 16 | 18 | 18 | 17 | ||||||||||||||
Total | 2,027 | 2,188 | 2,098 | 2,100 | 2,103 | 2,077 | 2,258 | 2,175 | 2,170 | ||||||||||||||
Foreign Currency Gains | |||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | 1 | (7 | ) | 8 | 5 | 7 | 3 | 1 | 1 | 5 | |||||||||||||
Page 9
CORPORATE AND OTHER | |||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||
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) | (70 | ) | (119 | ) | (125 | ) | (120 | ) | (434 | ) | (95 | ) | (126 | ) | (113 | ) | (334 | ) | |||||
Detail of Net Income (Loss) | |||||||||||||||||||||||
Attributable to Phillips 66 ($ Millions) | |||||||||||||||||||||||
Net interest expense | (9 | ) | (45 | ) | (47 | ) | (47 | ) | (148 | ) | (43 | ) | (42 | ) | (41 | ) | (126 | ) | |||||
Corporate overhead | (28 | ) | (21 | ) | (30 | ) | (37 | ) | (116 | ) | (34 | ) | (36 | ) | (32 | ) | (102 | ) | |||||
Technology | (13 | ) | (11 | ) | (11 | ) | (14 | ) | (49 | ) | (12 | ) | (12 | ) | (12 | ) | (36 | ) | |||||
Repositioning costs | — | (30 | ) | (13 | ) | (12 | ) | (55 | ) | — | — | — | — | ||||||||||
Other | (20 | ) | (12 | ) | (24 | ) | (10 | ) | (66 | ) | (6 | ) | (36 | ) | (28 | ) | (70 | ) | |||||
Total | (70 | ) | (119 | ) | (125 | ) | (120 | ) | (434 | ) | (95 | ) | (126 | ) | (113 | ) | (334 | ) | |||||
Before-Tax Net Interest Expense ($ Millions) | |||||||||||||||||||||||
Interest expense | (13 | ) | (83 | ) | (74 | ) | (76 | ) | (246 | ) | (70 | ) | (69 | ) | (68 | ) | (207 | ) | |||||
Capitalized interest | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest revenue | — | 12 | 2 | 4 | 18 | 5 | 4 | 5 | 14 | ||||||||||||||
Premium on early debt retirement | — | — | — | (3 | ) | (3 | ) | — | (1 | ) | (2 | ) | (3 | ) | |||||||||
Total | (13 | ) | (71 | ) | (72 | ) | (75 | ) | (231 | ) | (65 | ) | (66 | ) | (65 | ) | (196 | ) | |||||
Foreign Currency Gains | |||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | — | (1 | ) | 1 | — | — | (1 | ) | — | (1 | ) | (2 | ) | ||||||||||
Phillips 66 Total Company | |||||||||||||||||||||||
Debt | |||||||||||||||||||||||
Total Debt ($ Millions) | 6,178 | 7,986 | 7,978 | 6,974 | 6,974 | 6,971 | 6,469 | 6,156 | 6,156 | ||||||||||||||
Debt-to-Capital Ratio (%) | 20 | % | 30 | % | 28 | % | 25 | % | 25 | % | 25 | % | 23 | % | 22 | % | 22 | % | |||||
Total Equity ($ Millions) | 24,943 | 18,979 | 20,606 | 20,806 | 20,806 | 21,378 | 21,690 | 21,994 | 21,994 | ||||||||||||||
Page 10