Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Phillips 66 | psx-20151231_earningsrelea.htm |
| EX-99.1 - EXHIBIT 99.1 - Phillips 66 | psx-20151231_erxex991.htm |
Exhibit 99.2 | |||||||||||||||
Phillips 66 Earnings Release Supplemental Data | |||||||||||||||
 | |||||||||||||||
CONSOLIDATED INCOME STATEMENT | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
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* | 40,283 | 45,549 | 40,417 | 34,963 | 161,212 | 22,778 | 28,512 | 25,792 | 21,893 | 98,975 | ||||||||||||||
Equity in earnings of affiliates | 778 | 764 | 511 | 413 | 2,466 | 456 | 407 | 583 | 127 | 1,573 | ||||||||||||||
Net gain on dispositions | 7 | 9 | 109 | 170 | 295 | 122 | 139 | 22 | — | 283 | ||||||||||||||
Other income (loss) | 31 | 17 | 11 | 61 | 120 | 70 | 19 | 20 | 9 | 118 | ||||||||||||||
Total Revenues and Other Income | 41,099 | 46,339 | 41,048 | 35,607 | 164,093 | 23,426 | 29,077 | 26,417 | 22,029 | 100,949 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Purchased crude oil and products | 34,381 | 39,316 | 33,602 | 28,449 | 135,748 | 16,695 | 22,253 | 18,580 | 15,871 | 73,399 | ||||||||||||||
Operating expenses | 1,090 | 1,077 | 1,104 | 1,164 | 4,435 | 1,094 | 1,043 | 1,083 | 1,074 | 4,294 | ||||||||||||||
Selling, general and administrative expenses | 402 | 412 | 401 | 448 | 1,663 | 394 | 406 | 437 | 433 | 1,670 | ||||||||||||||
Depreciation and amortization | 234 | 239 | 249 | 273 | 995 | 253 | 274 | 270 | 281 | 1,078 | ||||||||||||||
Impairments | 1 | 3 | 12 | 134 | 150 | — | 2 | 1 | 4 | 7 | ||||||||||||||
Taxes other than income taxes* | 3,638 | 3,832 | 3,874 | 3,696 | 15,040 | 3,462 | 3,549 | 3,610 | 3,456 | 14,077 | ||||||||||||||
Accretion on discounted liabilities | 6 | 6 | 6 | 6 | 24 | 5 | 6 | 5 | 5 | 21 | ||||||||||||||
Interest and debt expense | 68 | 66 | 60 | 73 | 267 | 86 | 79 | 71 | 74 | 310 | ||||||||||||||
Foreign currency transaction (gains) losses | (19 | ) | 29 | 13 | 3 | 26 | 49 | — | 1 | (1 | ) | 49 | ||||||||||||
Total Costs and Expenses | 39,801 | 44,980 | 39,321 | 34,246 | 158,348 | 22,038 | 27,612 | 24,058 | 21,197 | 94,905 | ||||||||||||||
Income from continuing operations before income taxes | 1,298 | 1,359 | 1,727 | 1,361 | 5,745 | 1,388 | 1,465 | 2,359 | 832 | 6,044 | ||||||||||||||
Provision for income taxes | 426 | 487 | 538 | 203 | 1,654 | 391 | 440 | 767 | 166 | 1,764 | ||||||||||||||
Income from continuing operations | 872 | 872 | 1,189 | 1,158 | 4,091 | 997 | 1,025 | 1,592 | 666 | 4,280 | ||||||||||||||
Income from discontinued operations** | 706 | — | — | — | 706 | — | — | — | — | — | ||||||||||||||
Net income | 1,578 | 872 | 1,189 | 1,158 | 4,797 | 997 | 1,025 | 1,592 | 666 | 4,280 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 6 | 9 | 9 | 11 | 35 | 10 | 13 | 14 | 16 | 53 | ||||||||||||||
Net Income Attributable to Phillips 66 | 1,572 | 863 | 1,180 | 1,147 | 4,762 | 987 | 1,012 | 1,578 | 650 | 4,227 | ||||||||||||||
* Includes excise taxes on petroleum products sales: | 3,522 | 3,743 | 3,781 | 3,652 | 14,698 | 3,362 | 3,463 | 3,513 | 3,442 | 13,780 | ||||||||||||||
** Net of provision for income taxes on discontinued operations: | 5 | — | — | — | 5 | — | — | — | — | — | ||||||||||||||
Amounts Attributable to Phillips 66 Common Stockholders: | ||||||||||||||||||||||||
Income from continuing operations | 866 | 863 | 1,180 | 1,147 | 4,056 | 987 | 1,012 | 1,578 | 650 | 4,227 | ||||||||||||||
Income from discontinued operations | 706 | — | — | — | 706 | — | — | — | — | — | ||||||||||||||
Net Income Attributable to Phillips 66 | 1,572 | 863 | 1,180 | 1,147 | 4,762 | 987 | 1,012 | 1,578 | 650 | 4,227 | ||||||||||||||
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars) | ||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||
Continuing operations | 1.48 | 1.52 | 2.11 | 2.07 | 7.15 | 1.80 | 1.85 | 2.92 | 1.21 | 7.78 | ||||||||||||||
Discontinued operations | 1.21 | — | — | — | 1.25 | — | — | — | — | — | ||||||||||||||
Net Income Attributable to Phillips 66 | ||||||||||||||||||||||||
Per Share of Common Stock | 2.69 | 1.52 | 2.11 | 2.07 | 8.40 | 1.80 | 1.85 | 2.92 | 1.21 | 7.78 | ||||||||||||||
Diluted | ||||||||||||||||||||||||
Continuing operations | 1.47 | 1.51 | 2.09 | 2.05 | 7.10 | 1.79 | 1.84 | 2.90 | 1.20 | 7.73 | ||||||||||||||
Discontinued operations | 1.20 | — | — | — | 1.23 | — | — | — | — | — | ||||||||||||||
Net Income Attributable to Phillips 66 | ||||||||||||||||||||||||
Per Share of Common Stock | 2.67 | 1.51 | 2.09 | 2.05 | 8.33 | 1.79 | 1.84 | 2.90 | 1.20 | 7.73 | ||||||||||||||
Average Common Shares Outstanding (in thousands) | ||||||||||||||||||||||||
Basic | 584,053 | 565,799 | 559,492 | 554,617 | 565,902 | 548,200 | 544,617 | 540,357 | 536,399 | 542,355 | ||||||||||||||
Diluted | 589,575 | 571,285 | 564,958 | 559,023 | 571,504 | 552,337 | 548,926 | 544,696 | 540,245 | 546,977 | ||||||||||||||
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | 188 | 108 | 115 | 96 | 507 | 67 | (78 | ) | 101 | (77 | ) | 13 | ||||||||||||
Chemicals | 316 | 324 | 230 | 267 | 1,137 | 203 | 295 | 252 | 212 | 962 | ||||||||||||||
Refining | 306 | 390 | 558 | 517 | 1,771 | 538 | 604 | 1,003 | 410 | 2,555 | ||||||||||||||
Marketing and Specialties | 137 | 162 | 368 | 367 | 1,034 | 304 | 314 | 338 | 231 | 1,187 | ||||||||||||||
Corporate and Other | (81 | ) | (121 | ) | (91 | ) | (100 | ) | (393 | ) | (125 | ) | (123 | ) | (116 | ) | (126 | ) | (490 | ) | ||||
Discontinued Operations | 706 | — | — | — | 706 | — | — | — | — | — | ||||||||||||||
Consolidated | 1,572 | 863 | 1,180 | 1,147 | 4,762 | 987 | 1,012 | 1,578 | 650 | 4,227 | ||||||||||||||
SUMMARY OF INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES BY SEGMENT | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | 302 | 180 | 194 | 175 | 851 | 116 | (99 | ) | 173 | (43 | ) | 147 | ||||||||||||
Chemicals | 442 | 466 | 328 | 396 | 1,632 | 291 | 416 | 360 | 248 | 1,315 | ||||||||||||||
Refining | 508 | 647 | 859 | 453 | 2,467 | 764 | 932 | 1,488 | 475 | 3,659 | ||||||||||||||
Marketing and Specialties | 205 | 248 | 495 | 527 | 1,475 | 406 | 410 | 514 | 322 | 1,652 | ||||||||||||||
Corporate and Other | (159 | ) | (182 | ) | (149 | ) | (190 | ) | (680 | ) | (189 | ) | (194 | ) | (176 | ) | (170 | ) | (729 | ) | ||||
Consolidated | 1,298 | 1,359 | 1,727 | 1,361 | 5,745 | 1,388 | 1,465 | 2,359 | 832 | 6,044 | ||||||||||||||
EFFECTIVE TAX RATES ON INCOME FROM CONTINUING OPERATIONS | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | 35.8 | % | 35.0 | % | 36.1 | % | 38.9 | % | 36.3 | % | 32.8 | % | 37.4 | % | 32.9 | % | -34.9 | % | 49.7 | % | ||||
Chemicals | 28.5 | % | 30.5 | % | 29.9 | % | 32.6 | % | 30.3 | % | 30.2 | % | 29.1 | % | 30.0 | % | 14.5 | % | 26.8 | % | ||||
Refining | 39.8 | % | 39.7 | % | 35.0 | % | -14.1 | % | 28.2 | % | 29.6 | % | 35.2 | % | 32.6 | % | 13.7 | % | 30.2 | % | ||||
Marketing and Specialties | 33.2 | % | 34.7 | % | 25.7 | % | 30.4 | % | 29.9 | % | 25.1 | % | 23.4 | % | 34.2 | % | 28.3 | % | 28.1 | % | ||||
Corporate and Other | 49.1 | % | 33.5 | % | 38.9 | % | 47.4 | % | 42.2 | % | 33.3 | % | 35.1 | % | 33.5 | % | 24.1 | % | 31.7 | % | ||||
Consolidated | 32.8 | % | 35.8 | % | 31.2 | % | 14.9 | % | 28.8 | % | 28.2 | % | 30.0 | % | 32.5 | % | 20.0 | % | 29.2 | % | ||||
SUMMARY OF ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | 188 | 108 | 115 | 97 | 508 | 67 | 48 | 91 | 42 | 248 | ||||||||||||||
Chemicals | 316 | 324 | 299 | 270 | 1,209 | 203 | 295 | 272 | 182 | 952 | ||||||||||||||
Refining | 306 | 390 | 558 | 322 | 1,576 | 495 | 604 | 1,052 | 376 | 2,527 | ||||||||||||||
Marketing and Specialties | 137 | 162 | 259 | 324 | 882 | 194 | 182 | 344 | 227 | 947 | ||||||||||||||
Corporate and Other | (81 | ) | (121 | ) | (91 | ) | (100 | ) | (393 | ) | (125 | ) | (127 | ) | (112 | ) | (117 | ) | (481 | ) | ||||
Consolidated | 866 | 863 | 1,140 | 913 | 3,782 | 834 | 1,002 | 1,647 | 710 | 4,193 | ||||||||||||||
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SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66 | ||||||||||||||||||||||||
(AFTER-TAX) | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | ||||||||||||||||||||||||
Asset dispositions | — | — | — | — | — | — | — | 18 | — | 18 | ||||||||||||||
Impairments by equity affiliates | — | — | — | — | — | — | (126 | ) | (2 | ) | (104 | ) | (232 | ) | ||||||||||
Pension settlement expenses | — | — | — | — | — | — | — | (6 | ) | — | (6 | ) | ||||||||||||
Lower-of-cost-or-market inventory adjustments | — | — | — | (1 | ) | (1 | ) | — | — | — | — | — | ||||||||||||
Certain tax impacts | — | — | — | — | — | — | — | — | (15 | ) | (15 | ) | ||||||||||||
Total Midstream | — | — | — | (1 | ) | (1 | ) | — | (126 | ) | 10 | (119 | ) | (235 | ) | |||||||||
Chemicals | ||||||||||||||||||||||||
Impairments by equity affiliates | — | — | (69 | ) | — | (69 | ) | — | — | (20 | ) | (4 | ) | (24 | ) | |||||||||
Lower-of-cost-or-market inventory adjustments | — | — | — | (3 | ) | (3 | ) | — | — | — | — | — | ||||||||||||
Certain tax impacts | — | — | — | — | — | — | — | — | 34 | 34 | ||||||||||||||
Total Chemicals | — | — | (69 | ) | (3 | ) | (72 | ) | — | — | (20 | ) | 30 | 10 | ||||||||||
Refining | ||||||||||||||||||||||||
Asset dispositions | — | — | — | 369 | 369 | 5 | — | — | — | 5 | ||||||||||||||
Impairments | — | — | — | (131 | ) | (131 | ) | — | — | — | — | — | ||||||||||||
Pending claims and settlements | — | — | — | (17 | ) | (17 | ) | 38 | — | (19 | ) | — | 19 | |||||||||||
Lower-of-cost-or-market inventory adjustments | — | — | — | (26 | ) | (26 | ) | — | — | — | (33 | ) | (33 | ) | ||||||||||
Pension settlement expenses | — | — | — | — | — | — | — | (30 | ) | (2 | ) | (32 | ) | |||||||||||
Certain tax impacts | — | — | — | — | — | — | — | — | 69 | 69 | ||||||||||||||
Total Refining | — | — | — | 195 | 195 | 43 | — | (49 | ) | 34 | 28 | |||||||||||||
Marketing and Specialties | ||||||||||||||||||||||||
Asset dispositions | — | — | 109 | 16 | 125 | 110 | 132 | — | — | 242 | ||||||||||||||
Pending claims and settlements | — | — | — | 27 | 27 | — | — | — | — | — | ||||||||||||||
Pension settlement expenses | — | — | — | — | — | — | — | (6 | ) | (1 | ) | (7 | ) | |||||||||||
Certain tax impacts | — | — | — | — | — | — | — | — | 5 | 5 | ||||||||||||||
Total Marketing and Specialties | — | — | 109 | 43 | 152 | 110 | 132 | (6 | ) | 4 | 240 | |||||||||||||
Corporate and Other | ||||||||||||||||||||||||
Pending claims and settlements | — | — | — | — | — | — | 4 | — | — | 4 | ||||||||||||||
Pension settlement expenses | — | — | — | — | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||
Certain tax impacts | — | — | — | — | — | — | — | — | (9 | ) | (9 | ) | ||||||||||||
Total Corporate and Other | — | — | — | — | — | — | 4 | (4 | ) | (9 | ) | (9 | ) | |||||||||||
Discontinued Operations | 706 | — | — | — | 706 | — | — | — | — | — | ||||||||||||||
Total Phillips 66 | 706 | — | 40 | 234 | 980 | 153 | 10 | (69 | ) | (60 | ) | 34 | ||||||||||||
By Business Lines/Regions | ||||||||||||||||||||||||
Midstream | ||||||||||||||||||||||||
Transportation | — | — | — | — | — | — | — | — | 3 | 3 | ||||||||||||||
DCP Midstream | — | — | — | (1 | ) | (1 | ) | — | (126 | ) | 16 | (125 | ) | (235 | ) | |||||||||
NGL | — | — | — | — | — | — | — | (6 | ) | 3 | (3 | ) | ||||||||||||
Total Midstream | — | — | — | (1 | ) | (1 | ) | — | (126 | ) | 10 | (119 | ) | (235 | ) | |||||||||
Refining | ||||||||||||||||||||||||
Atlantic Basin/Europe | — | — | — | (132 | ) | (132 | ) | 38 | — | (13 | ) | 89 | 114 | |||||||||||
Gulf Coast | — | — | — | (3 | ) | (3 | ) | — | — | (16 | ) | (19 | ) | (35 | ) | |||||||||
Central Corridor | — | — | — | (17 | ) | (17 | ) | — | — | (12 | ) | (35 | ) | (47 | ) | |||||||||
Western/Pacific | — | — | — | 347 | 347 | 5 | — | (8 | ) | (1 | ) | (4 | ) | |||||||||||
Total Refining | — | — | — | 195 | 195 | 43 | — | (49 | ) | 34 | 28 | |||||||||||||
Marketing and Specialties | ||||||||||||||||||||||||
Marketing and Other | — | — | 109 | 43 | 152 | 110 | 132 | (6 | ) | 1 | 237 | |||||||||||||
Specialties | — | — | — | — | — | — | — | — | 3 | 3 | ||||||||||||||
Total Marketing and Specialties | — | — | 109 | 43 | 152 | 110 | 132 | (6 | ) | 4 | 240 | |||||||||||||
SPECIAL ITEMS INCLUDED IN INCOME FROM CONTINUING OPERATIONS | ||||||||||||||||||||||||
(PRETAX) | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | ||||||||||||||||||||||||
Transportation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
DCP Midstream | — | — | — | (2 | ) | (2 | ) | — | (194 | ) | 26 | (168 | ) | (336 | ) | |||||||||
NGL | — | — | — | — | — | — | — | (9 | ) | — | (9 | ) | ||||||||||||
Total Midstream | — | — | — | (2 | ) | (2 | ) | — | (194 | ) | 17 | (168 | ) | (345 | ) | |||||||||
Chemicals | — | — | (88 | ) | (3 | ) | (91 | ) | — | — | (20 | ) | (4 | ) | (24 | ) | ||||||||
Refining | ||||||||||||||||||||||||
Atlantic Basin/Europe | — | — | — | (133 | ) | (133 | ) | — | — | (21 | ) | (2 | ) | (23 | ) | |||||||||
Gulf Coast | — | — | — | (5 | ) | (5 | ) | — | — | (26 | ) | (2 | ) | (28 | ) | |||||||||
Central Corridor | — | — | — | (29 | ) | (29 | ) | — | — | (18 | ) | (53 | ) | (71 | ) | |||||||||
Western/Pacific | — | — | — | 118 | 118 | 8 | — | (14 | ) | — | (6 | ) | ||||||||||||
Total Refining | — | — | — | (49 | ) | (49 | ) | 8 | — | (79 | ) | (57 | ) | (128 | ) | |||||||||
Marketing and Specialties | ||||||||||||||||||||||||
Marketing and Other | — | — | 109 | 60 | 169 | 110 | 132 | (10 | ) | (1 | ) | 231 | ||||||||||||
Specialties | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total Marketing and Specialties | — | — | 109 | 60 | 169 | 110 | 132 | (10 | ) | (1 | ) | 231 | ||||||||||||
Corporate and Other | — | — | — | — | — | — | 5 | (7 | ) | 4 | 2 | |||||||||||||
Discontinued Operations | 711 | — | — | — | 711 | — | — | — | — | — | ||||||||||||||
Total Phillips 66 | 711 | — | 21 | 6 | 738 | 118 | (57 | ) | (99 | ) | (226 | ) | (264 | ) | ||||||||||
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CASH FLOW INFORMATION | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
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 | 1,578 | 872 | 1,189 | 1,158 | 4,797 | 997 | 1,025 | 1,592 | 666 | 4,280 | ||||||||||||||
Depreciation and amortization | 234 | 239 | 249 | 273 | 995 | 253 | 274 | 270 | 281 | 1,078 | ||||||||||||||
Impairments | 1 | 3 | 12 | 134 | 150 | — | 2 | 1 | 4 | 7 | ||||||||||||||
Accretion on discounted liabilities | 6 | 6 | 6 | 6 | 24 | 5 | 6 | 5 | 5 | 21 | ||||||||||||||
Deferred taxes | (444 | ) | (11 | ) | (72 | ) | 39 | (488 | ) | (6 | ) | (75 | ) | (44 | ) | 654 | 529 | |||||||
Undistributed equity earnings | 632 | (253 | ) | (19 | ) | (163 | ) | 197 | (337 | ) | 662 | (308 | ) | 168 | 185 | |||||||||
Net gain on dispositions | (7 | ) | (9 | ) | (109 | ) | (170 | ) | (295 | ) | (122 | ) | (139 | ) | (22 | ) | — | (283 | ) | |||||
Income from discontinued operations | (706 | ) | — | — | — | (706 | ) | — | — | — | — | — | ||||||||||||
Other | (21 | ) | 90 | 1 | (197 | ) | (127 | ) | 90 | 4 | (24 | ) | 47 | 117 | ||||||||||
Net working capital changes | 123 | (107 | ) | (828 | ) | (208 | ) | (1,020 | ) | 472 | (332 | ) | (33 | ) | (328 | ) | (221 | ) | ||||||
Net cash provided by continuing operating activities | 1,396 | 830 | 429 | 872 | 3,527 | 1,352 | 1,427 | 1,437 | 1,497 | 5,713 | ||||||||||||||
Net cash provided by discontinued operations | 2 | — | — | — | 2 | — | — | — | — | — | ||||||||||||||
Net Cash Provided by Operating Activities | 1,398 | 830 | 429 | 872 | 3,529 | 1,352 | 1,427 | 1,437 | 1,497 | 5,713 | ||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||
Capital expenditures and investments | (572 | ) | (561 | ) | (1,514 | ) | (1,126 | ) | (3,773 | ) | (1,081 | ) | (1,213 | ) | (992 | ) | (2,478 | ) | (5,764 | ) | ||||
Proceeds from asset dispositions* | 507 | 150 | 6 | 581 | 1,244 | (9 | ) | 4 | 73 | 2 | 70 | |||||||||||||
Advances/loans—related parties | — | (3 | ) | — | — | (3 | ) | (50 | ) | — | — | — | (50 | ) | ||||||||||
Collection of advances/loans—related parties | — | — | — | — | — | — | 50 | — | — | 50 | ||||||||||||||
Other | 13 | 21 | 127 | 77 | 238 | 102 | (55 | ) | (45 | ) | (46 | ) | (44 | ) | ||||||||||
Net cash used in continuing investing activities | (52 | ) | (393 | ) | (1,381 | ) | (468 | ) | (2,294 | ) | (1,038 | ) | (1,214 | ) | (964 | ) | (2,522 | ) | (5,738 | ) | ||||
Net cash provided by (used in) discontinued operations | (34 | ) | 32 | — | — | (2 | ) | — | — | — | — | — | ||||||||||||
Net Cash Used in Investing Activities | (86 | ) | (361 | ) | (1,381 | ) | (468 | ) | (2,296 | ) | (1,038 | ) | (1,214 | ) | (964 | ) | (2,522 | ) | (5,738 | ) | ||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||
Issuance of debt | — | — | — | 2,487 | 2,487 | 1,169 | — | — | — | 1,169 | ||||||||||||||
Repayment of debt | (8 | ) | (9 | ) | (13 | ) | (19 | ) | (49 | ) | (895 | ) | (9 | ) | (14 | ) | (8 | ) | (926 | ) | ||||
Issuance of common stock | (20 | ) | 8 | 13 | — | 1 | (25 | ) | — | (2 | ) | 8 | (19 | ) | ||||||||||
Repurchase of common stock | (640 | ) | (616 | ) | (494 | ) | (532 | ) | (2,282 | ) | (399 | ) | (334 | ) | (373 | ) | (406 | ) | (1,512 | ) | ||||
Share exchange—PSPI transaction | (450 | ) | — | — | — | (450 | ) | — | — | — | — | — | ||||||||||||
Dividends paid on common stock | (229 | ) | (281 | ) | (277 | ) | (275 | ) | (1,062 | ) | (272 | ) | (302 | ) | (300 | ) | (298 | ) | (1,172 | ) | ||||
Distributions to noncontrolling interests | (4 | ) | (9 | ) | (5 | ) | (12 | ) | (30 | ) | (6 | ) | (14 | ) | (10 | ) | (16 | ) | (46 | ) | ||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | — | — | — | 384 | — | — | — | 384 | ||||||||||||||
Other | (4 | ) | 29 | (2 | ) | — | 23 | (14 | ) | 16 | — | 3 | 5 | |||||||||||
Net cash provided by (used in) continuing financing activities | (1,355 | ) | (878 | ) | (778 | ) | 1,649 | (1,362 | ) | (58 | ) | (643 | ) | (699 | ) | (717 | ) | (2,117 | ) | |||||
Net cash provided by (used in) discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (1,355 | ) | (878 | ) | (778 | ) | 1,649 | (1,362 | ) | (58 | ) | (643 | ) | (699 | ) | (717 | ) | (2,117 | ) | |||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (31 | ) | 39 | (118 | ) | 46 | (64 | ) | (73 | ) | 129 | (41 | ) | (6 | ) | 9 | ||||||||
Net Change in Cash and Cash Equivalents | (74 | ) | (370 | ) | (1,848 | ) | 2,099 | (193 | ) | 183 | (301 | ) | (267 | ) | (1,748 | ) | (2,133 | ) | ||||||
Cash and cash equivalents at beginning of period | 5,400 | 5,326 | 4,956 | 3,108 | 5,400 | 5,207 | 5,390 | 5,089 | 4,822 | 5,207 | ||||||||||||||
Cash and Cash Equivalents at End of Period | 5,326 | 4,956 | 3,108 | 5,207 | 5,207 | 5,390 | 5,089 | 4,822 | 3,074 | 3,074 | ||||||||||||||
*Includes return of investments in equity affiliates. | ||||||||||||||||||||||||
CAPITAL PROGRAM | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Consolidated Capital Expenditures and Investments | ||||||||||||||||||||||||
Midstream | 288 | 298 | 946 | 641 | 2,173 | 769 | 899 | 700 | 2,089 | 4,457 | ||||||||||||||
Chemicals | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Refining | 186 | 215 | 278 | 359 | 1,038 | 274 | 268 | 233 | 294 | 1,069 | ||||||||||||||
Marketing and Specialties | 84 | 26 | 248 | 81 | 439 | 24 | 30 | 32 | 36 | 122 | ||||||||||||||
Corporate and Other | 14 | 22 | 42 | 45 | 123 | 14 | 16 | 27 | 59 | 116 | ||||||||||||||
Total Consolidated from Continuing Operations | 572 | 561 | 1,514 | 1,126 | 3,773 | 1,081 | 1,213 | 992 | 2,478 | 5,764 | ||||||||||||||
Proportional Share of Select Equity Affiliates Capital Expenditures and Investments* | ||||||||||||||||||||||||
DCP Midstream (Midstream) | 178 | 176 | 207 | 215 | 776 | 157 | 149 | 71 | 61 | 438 | ||||||||||||||
CPChem (Chemicals)** | 154 | 220 | 242 | 270 | 886 | 249 | 259 | 331 | 480 | 1,319 | ||||||||||||||
WRB Refining (Refining) | 23 | 38 | 35 | 44 | 140 | 35 | 36 | 47 | 57 | 175 | ||||||||||||||
Select Equity Affiliates | 355 | 434 | 484 | 529 | 1,802 | 441 | 444 | 449 | 598 | 1,932 | ||||||||||||||
**Prior period amounts have been restated. | ||||||||||||||||||||||||
Total Capital Program* | ||||||||||||||||||||||||
Midstream | 466 | 474 | 1,153 | 856 | 2,949 | 926 | 1,048 | 771 | 2,150 | 4,895 | ||||||||||||||
Chemicals | 154 | 220 | 242 | 270 | 886 | 249 | 259 | 331 | 480 | 1,319 | ||||||||||||||
Refining | 209 | 253 | 313 | 403 | 1,178 | 309 | 304 | 280 | 351 | 1,244 | ||||||||||||||
Marketing and Specialties | 84 | 26 | 248 | 81 | 439 | 24 | 30 | 32 | 36 | 122 | ||||||||||||||
Corporate and Other | 14 | 22 | 42 | 45 | 123 | 14 | 16 | 27 | 59 | 116 | ||||||||||||||
Total Capital Program | 927 | 995 | 1,998 | 1,655 | 5,575 | 1,522 | 1,657 | 1,441 | 3,076 | 7,696 | ||||||||||||||
* Includes Phillips 66’s portion of self-funded capital spending by DCP Midstream, LLC (DCP Midstream), Chevron Phillips Chemical Company LLC (CPChem) and WRB Refining. | ||||||||||||||||||||||||
Page 3
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MIDSTREAM | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
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 | 62 | 60 | 58 | 53 | 233 | 65 | 65 | 77 | 81 | 288 | ||||||||||||||
DCP Midstream | 83 | 33 | 31 | (12 | ) | 135 | (12 | ) | (151 | ) | (2 | ) | (159 | ) | (324 | ) | ||||||||
NGL | 43 | 15 | 26 | 55 | 139 | 14 | 8 | 26 | 1 | 49 | ||||||||||||||
Midstream Net Income (Loss) Attributable to Phillips 66 | 188 | 108 | 115 | 96 | 507 | 67 | (78 | ) | 101 | (77 | ) | 13 | ||||||||||||
Midstream Income (Loss) before Income Taxes ($ Millions) | ||||||||||||||||||||||||
Transportation | 101 | 105 | 102 | 108 | 416 | 113 | 115 | 129 | 134 | 491 | ||||||||||||||
DCP Midstream | 130 | 52 | 50 | (18 | ) | 214 | (17 | ) | (233 | ) | (3 | ) | (210 | ) | (463 | ) | ||||||||
NGL | 71 | 23 | 42 | 85 | 221 | 20 | 19 | 47 | 33 | 119 | ||||||||||||||
Midstream Income (Loss) before Income Taxes | 302 | 180 | 194 | 175 | 851 | 116 | (99 | ) | 173 | (43 | ) | 147 | ||||||||||||
Midstream Adjusted EBITDA | 384 | 256 | 273 | 257 | 1,170 | 199 | 177 | 245 | 174 | 795 | ||||||||||||||
Depreciation and Amortization ($ Millions) | ||||||||||||||||||||||||
Transportation | 19 | 20 | 23 | 27 | 89 | 25 | 27 | 31 | 31 | 114 | ||||||||||||||
DCP Midstream | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
NGL | — | 1 | 1 | — | 2 | 1 | — | 2 | 10 | 13 | ||||||||||||||
Total | 19 | 21 | 24 | 27 | 91 | 26 | 27 | 33 | 41 | 127 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | ||||||||||||||||||||||||
Transportation | 96 | 109 | 122 | 134 | 461 | 124 | 117 | 113 | 124 | 478 | ||||||||||||||
DCP Midstream | — | — | — | — | — | — | — | 1 | — | 1 | ||||||||||||||
NGL | 17 | 20 | 20 | 37 | 94 | 32 | 25 | 34 | 36 | 127 | ||||||||||||||
Total | 113 | 129 | 142 | 171 | 555 | 156 | 142 | 148 | 160 | 606 | ||||||||||||||
Transportation Volumes (MB/D) | ||||||||||||||||||||||||
Pipelines* | 3,101 | 3,243 | 3,142 | 3,336 | 3,206 | 3,145 | 3,290 | 3,239 | 3,381 | 3,264 | ||||||||||||||
Terminals** | 1,477 | 1,609 | 1,780 | 1,860 | 1,683 | 1,983 | 1,969 | 2,021 | 1,953 | 1,981 | ||||||||||||||
* Pipelines represent the sum of volumes transported through each separately tariffed pipeline segment, including our share of equity volumes in | ||||||||||||||||||||||||
Yellowstone and Lake Charles pipelines. | ||||||||||||||||||||||||
** Terminals include Bayway and Ferndale crude oil rail rack volumes. | ||||||||||||||||||||||||
PSX Other Volumes | ||||||||||||||||||||||||
NGL Fractionated (MB/D)* | 112 | 117 | 110 | 99 | 109 | 108 | 108 | 110 | 123 | 112 | ||||||||||||||
* Excludes DCP Midstream. | ||||||||||||||||||||||||
100% DCP Midstream Results | ||||||||||||||||||||||||
Net Income Attributable, excludes parent company income tax related to DCP's earnings ($ Millions) | 165 | 89 | 81 | (47 | ) | 288 | (37 | ) | (466 | ) | (6 | ) | (420 | ) | (929 | ) | ||||||||
Depreciation and Amortization ($ Millions) | 85 | 86 | 87 | 90 | 348 | 91 | 94 | 93 | 99 | 377 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | 243 | 283 | 264 | 271 | 1,061 | 236 | 240 | 275 | 277 | 1,028 | ||||||||||||||
Net Interest Expense ($ Millions)* | 72 | 74 | 71 | 70 | 287 | 76 | 79 | 85 | 80 | 320 | ||||||||||||||
* Net of interest income. | ||||||||||||||||||||||||
Capital Expenditures and Investments ($ Millions) | 355 | 353 | 414 | 429 | 1,551 | 314 | 297 | 143 | 121 | 875 | ||||||||||||||
Selected DCP Volumes and Gross Margin | ||||||||||||||||||||||||
by Major Contract Type (excludes current quarter) | ||||||||||||||||||||||||
Percentage of Proceeds (long NGL / long Gas)* | ||||||||||||||||||||||||
Volume (TBtu/d) | 5.3 | 5.6 | 5.8 | 5.9 | 5.7 | 5.6 | 5.6 | 5.7 | ** | 5.6 | ||||||||||||||
Gross Margin ($ Millions) | 265 | 265 | 275 | 215 | 1,020 | 130 | 125 | 120 | ** | 375 | ||||||||||||||
Keep-whole (long NGL / short Gas)* | ||||||||||||||||||||||||
Volume (TBtu/d) | 0.5 | 0.4 | 0.4 | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | ** | 0.3 | ||||||||||||||
Gross Margin ($ Millions) | 35 | 20 | 25 | 20 | 100 | 10 | 10 | 5 | ** | 25 | ||||||||||||||
Fee-based Gas (primarily gathering and transport)* | ||||||||||||||||||||||||
Volume (TBtu/d) | 4.6 | 4.5 | 4.6 | 4.7 | 4.6 | 4.7 | 4.7 | 4.9 | ** | 4.8 | ||||||||||||||
Gross Margin ($ Millions) | 80 | 85 | 90 | 105 | 360 | 95 | 105 | 110 | ** | 310 | ||||||||||||||
Fee-based NGL Transport and Fractionation | ||||||||||||||||||||||||
Volume (MB/d) | 242 | 281 | 325 | 340 | 297 | 320 | 339 | 354 | ** | 338 | ||||||||||||||
Gross Margin ($ Millions) | 26 | 27 | 39 | 39 | 131 | 36 | 44 | 47 | ** | 127 | ||||||||||||||
Other Gross Margin*** | ||||||||||||||||||||||||
Gross Margin ($ Millions) | 205 | 139 | 175 | 139 | 658 | 118 | 94 | 162 | ** | 374 | ||||||||||||||
Total Throughput (TBtu/d) | 7.2 | 7.3 | 7.5 | 7.4 | 7.3 | 7.1 | 7.0 | 7.3 | 7.1 | 7.1 | ||||||||||||||
NGL Production (MB/d) | 445 | 452 | 471 | 447 | 454 | 399 | 408 | 421 | 410 | 410 | ||||||||||||||
* Certain volumes earn duplicate revenue streams (i.e. both fee plus processing economics). | ||||||||||||||||||||||||
** Pending DCP Midstream release. | ||||||||||||||||||||||||
*** Includes NGL/Propane Marketing, MTM, Condensate Sales, Gas Marketing activity and other items. | ||||||||||||||||||||||||
Weighted Average NGL Price* | ||||||||||||||||||||||||
DCP Midstream ($/BBL) | 44.52 | 39.06 | 37.66 | 28.45 | 37.43 | 20.57 | 19.99 | 17.57 | 17.66 | 18.95 | ||||||||||||||
DCP Midstream ($/gal) | 1.06 | 0.93 | 0.90 | 0.68 | 0.89 | 0.49 | 0.48 | 0.42 | 0.42 | 0.45 | ||||||||||||||
* Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix. | ||||||||||||||||||||||||
MLP Distributions ($ Millions)* | ||||||||||||||||||||||||
GP Distribution from PSXP to Phillips 66 | 1 | 1 | 2 | 4 | 8 | 6 | 9 | 11 | 14 | 40 | ||||||||||||||
LP Distribution from PSXP to Phillips 66 | 15 | 17 | 17 | 19 | 68 | 21 | 23 | 25 | 27 | 96 | ||||||||||||||
GP Distribution from DPM to DCP Midstream*** | 26 | 28 | 29 | 31 | 114 | 31 | 31 | 31 | ** | 93 | ||||||||||||||
LP Distribution from DPM to DCP Midstream*** | 18 | 18 | 19 | 19 | 74 | 19 | 19 | 19 | ** | 57 | ||||||||||||||
* Cash distributions declared attributable to general partner interest, common unit ownership and incentive distribution rights. These distributions are | ||||||||||||||||||||||||
eliminated in the respective sponsors consolidated financial statements. | ||||||||||||||||||||||||
** Pending DCP Midstream release. | ||||||||||||||||||||||||
*** Represents 100 percent of DCP Midstream's distributions from DCP Midstream Partners LP (DPM). | ||||||||||||||||||||||||
Page 4
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CHEMICALS | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
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) | 316 | 324 | 230 | 267 | 1,137 | 203 | 295 | 252 | 212 | 962 | ||||||||||||||
Chemicals Adjusted EBITDA | 534 | 557 | 517 | 493 | 2,101 | 380 | 507 | 473 | 341 | 1,701 | ||||||||||||||
100% CPChem Results | ||||||||||||||||||||||||
Net Income (Loss), excludes parent company income tax related to CPChem's earnings ($ Millions) | ||||||||||||||||||||||||
Olefins and Polyolefins | 801 | 903 | 720 | 731 | 3,155 | 530 | 769 | 737 | 499 | 2,535 | ||||||||||||||
Specialties, Aromatics and Styrenics | 97 | 52 | (45 | ) | 74 | 178 | 69 | 93 | 4 | 19 | 185 | |||||||||||||
Corporate and Other | (8 | ) | (15 | ) | (13 | ) | (9 | ) | (45 | ) | (12 | ) | (28 | ) | (11 | ) | (18 | ) | (69 | ) | ||||
Total | 890 | 940 | 662 | 796 | 3,288 | 587 | 834 | 730 | 500 | 2,651 | ||||||||||||||
Income (Loss) before Income Taxes ($ Millions)* | ||||||||||||||||||||||||
Olefins and Polyolefins | 815 | 918 | 735 | 741 | 3,209 | 542 | 780 | 750 | 510 | 2,582 | ||||||||||||||
Specialties, Aromatics and Styrenics | 105 | 60 | (36 | ) | 79 | 208 | 77 | 100 | 10 | 23 | 210 | |||||||||||||
Corporate and Other | (8 | ) | (14 | ) | (12 | ) | (9 | ) | (43 | ) | (12 | ) | (28 | ) | (9 | ) | (18 | ) | (67 | ) | ||||
Total | 912 | 964 | 687 | 811 | 3,374 | 607 | 852 | 751 | 515 | 2,725 | ||||||||||||||
* Excludes CPChem discontinued operations. | ||||||||||||||||||||||||
Depreciation and Amortization ($ Millions) | 69 | 69 | 74 | 84 | 296 | 76 | 74 | 75 | 81 | 306 | ||||||||||||||
Net Interest Expense ($ Millions)* | — | (1 | ) | (1 | ) | — | (2 | ) | — | (1 | ) | (1 | ) | — | (2 | ) | ||||||||
* Net of interest income. | ||||||||||||||||||||||||
Investing Cash Flows ($ Millions) | ||||||||||||||||||||||||
Capital Expenditures and Investments* | 307 | 440 | 484 | 540 | 1,771 | 498 | 518 | 661 | 960 | 2,637 | ||||||||||||||
Advances to Equity Companies | 5 | 21 | 18 | 34 | 78 | 10 | 23 | 22 | 20 | 75 | ||||||||||||||
Advance Repayments from Equity Companies | — | — | — | — | — | — | — | — | (18 | ) | (18 | ) | ||||||||||||
*Prior period amounts have been restated. | ||||||||||||||||||||||||
Externally Marketed Sales Volumes (MM Lbs)* | ||||||||||||||||||||||||
Olefins and Polyolefins | 4,302 | 4,395 | 4,067 | 4,051 | 16,815 | 4,019 | 4,258 | 4,446 | 4,193 | 16,916 | ||||||||||||||
Specialties, Aromatics and Styrenics | 1,569 | 1,530 | 1,571 | 1,624 | 6,294 | 1,482 | 1,356 | 1,259 | 1,204 | 5,301 | ||||||||||||||
Total | 5,871 | 5,925 | 5,638 | 5,675 | 23,109 | 5,501 | 5,614 | 5,705 | 5,397 | 22,217 | ||||||||||||||
* Represents 100 percent of CPChem's outside sales of produced petrochemical products, as well as commission sales from equity affiliates. | ||||||||||||||||||||||||
Olefins and Polyolefins Capacity Utilization (%) | 93 | % | 95 | % | 83 | % | 83 | % | 88 | % | 87 | % | 91 | % | 94 | % | 92 | % | 91 | % | ||||
Market Indicators* | ||||||||||||||||||||||||
U.S. Industry Prices | ||||||||||||||||||||||||
Ethylene, Average Acquisition Contract (cents/lb) | 53.49 | 53.03 | 59.95 | 50.26 | 54.18 | 38.04 | 37.88 | 29.18 | 24.44 | 32.39 | ||||||||||||||
HDPE Blow Molding, Domestic Spot (cents/lb) | 70.50 | 71.25 | 74.33 | 68.83 | 71.23 | 52.75 | 58.83 | 58.42 | 54.00 | 56.00 | ||||||||||||||
U.S. Industry Costs | ||||||||||||||||||||||||
Ethylene, Cash Cost Weighted Average Feed (cents/lb) | 20.10 | 16.77 | 14.39 | 10.48 | 15.44 | 10.25 | 9.67 | 9.64 | 10.91 | 10.12 | ||||||||||||||
HDPE Blow Molding, Total Cash Cost (cents/lb) | 67.09 | 66.56 | 73.51 | 63.60 | 67.69 | 50.97 | 50.73 | 41.91 | 36.90 | 45.13 | ||||||||||||||
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb) | 36.80 | 40.95 | 46.38 | 45.01 | 42.28 | 29.57 | 36.31 | 36.05 | 30.63 | 33.14 | ||||||||||||||
* Source: IHS, Inc. | ||||||||||||||||||||||||
Page 5
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REFINING | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
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 | 38 | (37 | ) | 140 | 57 | 198 | 113 | 90 | 180 | 186 | 569 | |||||||||||||
Gulf Coast | 79 | 118 | 66 | (11 | ) | 252 | 71 | 83 | 269 | 128 | 551 | |||||||||||||
Central Corridor | 225 | 232 | 328 | 182 | 967 | 195 | 216 | 360 | 86 | 857 | ||||||||||||||
Western/Pacific | (36 | ) | 77 | 24 | 289 | 354 | 159 | 215 | 194 | 10 | 578 | |||||||||||||
Refining Net Income (Loss) Attributable to Phillips 66 | 306 | 390 | 558 | 517 | 1,771 | 538 | 604 | 1,003 | 410 | 2,555 | ||||||||||||||
Refining Income (Loss) before Income Taxes ($ Millions) | ||||||||||||||||||||||||
Atlantic Basin/Europe | 64 | (24 | ) | 205 | 137 | 382 | 108 | 130 | 228 | 88 | 554 | |||||||||||||
Gulf Coast | 128 | 184 | 100 | (19 | ) | 393 | 109 | 127 | 416 | 237 | 889 | |||||||||||||
Central Corridor | 365 | 373 | 502 | 265 | 1,505 | 301 | 347 | 546 | 132 | 1,326 | ||||||||||||||
Western/Pacific | (49 | ) | 114 | 52 | 70 | 187 | 246 | 328 | 298 | 18 | 890 | |||||||||||||
Refining Income (Loss) before Income Taxes | 508 | 647 | 859 | 453 | 2,467 | 764 | 932 | 1,488 | 475 | 3,659 | ||||||||||||||
Refining Adjusted EBITDA | 722 | 883 | 1,098 | 746 | 3,449 | 996 | 1,176 | 1,816 | 786 | 4,774 | ||||||||||||||
Realized Refining Margins ($/BBL)* | ||||||||||||||||||||||||
Atlantic Basin/Europe | 8.34 | 5.75 | 10.60 | 11.04 | 8.94 | 9.94 | 10.45 | 10.27 | 7.18 | 9.39 | ||||||||||||||
Gulf Coast | 8.80 | 8.22 | 7.35 | 6.33 | 7.64 | 10.59 | 7.38 | 10.72 | 8.59 | 9.29 | ||||||||||||||
Central Corridor | 15.38 | 15.26 | 17.84 | 14.02 | 15.63 | 13.86 | 13.49 | 20.97 | 11.43 | 14.88 | ||||||||||||||
Western/Pacific | 7.58 | 11.11 | 9.87 | 6.92 | 8.89 | 16.54 | 19.87 | 18.29 | 12.51 | 16.86 | ||||||||||||||
Worldwide | 9.88 | 9.66 | 10.89 | 9.30 | 9.93 | 12.26 | 11.70 | 13.96 | 9.41 | 11.84 | ||||||||||||||
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. Realized margin excludes special items. | ||||||||||||||||||||||||
Depreciation and Amortization ($ Millions)* | ||||||||||||||||||||||||
Atlantic Basin/Europe | 47 | 48 | 49 | 48 | 192 | 45 | 48 | 51 | 53 | 197 | ||||||||||||||
Gulf Coast | 50 | 50 | 53 | 54 | 207 | 54 | 56 | 57 | 58 | 225 | ||||||||||||||
Central Corridor | 23 | 24 | 23 | 25 | 95 | 25 | 25 | 25 | 26 | 101 | ||||||||||||||
Western/Pacific | 52 | 52 | 53 | 53 | 210 | 53 | 54 | 54 | 54 | 215 | ||||||||||||||
Total | 172 | 174 | 178 | 180 | 704 | 177 | 183 | 187 | 191 | 738 | ||||||||||||||
* Excludes D&A of all equity affiliates. | ||||||||||||||||||||||||
Operating and SG&A Expense ($ Millions)* | ||||||||||||||||||||||||
Atlantic Basin/Europe | 289 | 259 | 254 | 266 | 1,068 | 261 | 287 | 265 | 249 | 1,062 | ||||||||||||||
Gulf Coast | 365 | 335 | 366 | 401 | 1,467 | 386 | 299 | 320 | 296 | 1,301 | ||||||||||||||
Central Corridor | 117 | 129 | 120 | 134 | 500 | 113 | 108 | 138 | 123 | 482 | ||||||||||||||
Western/Pacific | 233 | 233 | 235 | 251 | 952 | 217 | 244 | 256 | 303 | 1,020 | ||||||||||||||
Total | 1,004 | 956 | 975 | 1,052 | 3,987 | 977 | 938 | 979 | 971 | 3,865 | ||||||||||||||
* Excludes Operating and SG&A Expense of all equity affiliates. | ||||||||||||||||||||||||
Turnaround Expense ($ Millions), included in | ||||||||||||||||||||||||
Operating and SG&A Expense* | ||||||||||||||||||||||||
Atlantic Basin/Europe | 23 | 9 | 16 | 14 | 62 | 36 | 89 | 21 | 15 | 161 | ||||||||||||||
Gulf Coast | 75 | 35 | 67 | 94 | 271 | 114 | 8 | 7 | 16 | 145 | ||||||||||||||
Central Corridor | 5 | 4 | 3 | 6 | 18 | 6 | 1 | 10 | 16 | 33 | ||||||||||||||
Western/Pacific | 22 | 13 | 15 | 23 | 73 | 17 | 46 | 31 | 83 | 177 | ||||||||||||||
Total | 125 | 61 | 101 | 137 | 424 | 173 | 144 | 69 | 130 | 516 | ||||||||||||||
* Excludes Turnaround Expense of all equity affiliates. | ||||||||||||||||||||||||
Taxes Other than Income Taxes, excluding Excise Taxes ($ Millions) | ||||||||||||||||||||||||
Atlantic Basin/Europe | 18 | 15 | 15 | 15 | 63 | 16 | 14 | 14 | 14 | 58 | ||||||||||||||
Gulf Coast | 24 | 21 | 20 | 18 | 83 | 23 | 18 | 18 | 17 | 76 | ||||||||||||||
Central Corridor | 11 | 7 | 9 | 8 | 35 | 11 | 10 | 11 | 10 | 42 | ||||||||||||||
Western/Pacific | 29 | 26 | 26 | 23 | 104 | 23 | 21 | 22 | 20 | 86 | ||||||||||||||
Total | 82 | 69 | 70 | 64 | 285 | 73 | 63 | 65 | 61 | 262 | ||||||||||||||
Foreign Currency Gains (Losses) After-Tax ($ Millions) | 14 | (18 | ) | (6 | ) | 4 | (6 | ) | (37 | ) | 3 | (1 | ) | 1 | (34 | ) | ||||||||
Refining—Equity Affiliate Information | ||||||||||||||||||||||||
Equity in earnings of affiliates | 150 | 173 | 55 | (67 | ) | 311 | 97 | 140 | 112 | (24 | ) | 325 | ||||||||||||
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs* | (352 | ) | (364 | ) | (248 | ) | (172 | ) | (1,136 | ) | (266 | ) | (303 | ) | (298 | ) | (186 | ) | (1,053 | ) | ||||
Equity-affiliate-related expenses not included in Realized Refining Margins | (202 | ) | (191 | ) | (193 | ) | (239 | ) | (825 | ) | (169 | ) | (163 | ) | (186 | ) | (210 | ) | (728 | ) | ||||
Regional Totals | ||||||||||||||||||||||||
Gulf Coast | 11 | 13 | 3 | 1 | 28 | 11 | 3 | 7 | 13 | 34 | ||||||||||||||
Central Corridor | (167 | ) | (156 | ) | (159 | ) | (195 | ) | (677 | ) | (152 | ) | (136 | ) | (174 | ) | (207 | ) | (669 | ) | ||||
Other Regions** | (46 | ) | (48 | ) | (37 | ) | (45 | ) | (176 | ) | (28 | ) | (30 | ) | (19 | ) | (16 | ) | (93 | ) | ||||
Total | (202 | ) | (191 | ) | (193 | ) | (239 | ) | (825 | ) | (169 | ) | (163 | ) | (186 | ) | (210 | ) | (728 | ) | ||||
* 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
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REFINING (continued) | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
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) | 551 | 562 | 538 | 563 | 554 | 514 | 475 | 570 | 596 | 539 | ||||||||||||||
Total Charge Input (MB/D) | 585 | 612 | 588 | 616 | 600 | 567 | 524 | 611 | 627 | 583 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 94 | % | 96 | % | 92 | % | 96 | % | 94 | % | 87 | % | 81 | % | 97 | % | 101 | % | 92 | % | ||||
Clean Product Yield (%) | 84 | % | 83 | % | 86 | % | 85 | % | 85 | % | 86 | % | 84 | % | 84 | % | 86 | % | 85 | % | ||||
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | ||||||||||||||||||||||||
Gulf Coast | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 613 | 673 | 710 | 708 | 676 | 528 | 662 | 735 | 688 | 654 | ||||||||||||||
Total Charge Input (MB/D) | 705 | 771 | 794 | 779 | 763 | 590 | 738 | 816 | 756 | 726 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 84 | % | 92 | % | 97 | % | 97 | % | 92 | % | 72 | % | 90 | % | 100 | % | 93 | % | 89 | % | ||||
Clean Product Yield (%) | 81 | % | 79 | % | 79 | % | 77 | % | 79 | % | 77 | % | 80 | % | 81 | % | 83 | % | 80 | % | ||||
Central Corridor* | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 466 | 493 | 476 | 466 | 475 | 460 | 495 | 448 | 456 | 465 | ||||||||||||||
Total Charge Input (MB/D) | 481 | 511 | 492 | 481 | 491 | 483 | 512 | 465 | 476 | 484 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 96 | % | 102 | % | 98 | % | 96 | % | 98 | % | 94 | % | 101 | % | 91 | % | 93 | % | 95 | % | ||||
Clean Product Yield (%) | 88 | % | 88 | % | 90 | % | 90 | % | 89 | % | 87 | % | 90 | % | 88 | % | 89 | % | 89 | % | ||||
* Includes our proportionate share of the Borger Refinery and Wood River Refinery. | ||||||||||||||||||||||||
Western/Pacific* | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 395 | 424 | 390 | 403 | 403 | 327 | 337 | 346 | 312 | 330 | ||||||||||||||
Total Charge Input (MB/D) | 427 | 450 | 423 | 435 | 434 | 357 | 358 | 375 | 343 | 358 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 90 | % | 96 | % | 89 | % | 92 | % | 92 | % | 91 | % | 94 | % | 96 | % | 87 | % | 92 | % | ||||
Clean Product Yield (%) | 84 | % | 85 | % | 83 | % | 87 | % | 85 | % | 87 | % | 84 | % | 86 | % | 84 | % | 85 | % | ||||
* Includes our proportionate share of a refinery in Melaka, Malaysia. | ||||||||||||||||||||||||
Worldwide—Including Proportionate Share of Equity Affiliates | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 2,025 | 2,152 | 2,114 | 2,140 | 2,108 | 1,829 | 1,969 | 2,099 | 2,052 | 1,988 | ||||||||||||||
Total Charge Input (MB/D) | 2,198 | 2,344 | 2,297 | 2,311 | 2,288 | 1,997 | 2,132 | 2,267 | 2,202 | 2,151 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 90 | % | 96 | % | 94 | % | 95 | % | 94 | % | 84 | % | 90 | % | 96 | % | 94 | % | 91 | % | ||||
Clean Product Yield (%) | 84 | % | 83 | % | 84 | % | 84 | % | 84 | % | 84 | % | 84 | % | 84 | % | 85 | % | 84 | % | ||||
Refined Products Production (MB/D) | ||||||||||||||||||||||||
Atlantic Basin/Europe* | ||||||||||||||||||||||||
Gasoline | 231 | 244 | 247 | 247 | 242 | 235 | 224 | 248 | 251 | 239 | ||||||||||||||
Distillates | 245 | 248 | 240 | 262 | 249 | 238 | 200 | 251 | 271 | 240 | ||||||||||||||
Other | 112 | 123 | 106 | 113 | 114 | 100 | 102 | 115 | 112 | 108 | ||||||||||||||
Total | 588 | 615 | 593 | 622 | 605 | 573 | 526 | 614 | 634 | 587 | ||||||||||||||
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | ||||||||||||||||||||||||
Gulf Coast | ||||||||||||||||||||||||
Gasoline | 276 | 300 | 296 | 275 | 287 | 217 | 299 | 328 | 313 | 289 | ||||||||||||||
Distillates | 270 | 286 | 299 | 293 | 287 | 216 | 271 | 302 | 288 | 270 | ||||||||||||||
Other | 171 | 197 | 203 | 218 | 197 | 168 | 172 | 196 | 161 | 174 | ||||||||||||||
Total | 717 | 783 | 798 | 786 | 771 | 601 | 742 | 826 | 762 | 733 | ||||||||||||||
Central Corridor* | ||||||||||||||||||||||||
Gasoline | 247 | 262 | 256 | 251 | 254 | 241 | 269 | 238 | 246 | 249 | ||||||||||||||
Distillates | 173 | 187 | 181 | 181 | 181 | 178 | 189 | 169 | 174 | 177 | ||||||||||||||
Other | 63 | 64 | 57 | 53 | 59 | 68 | 55 | 58 | 58 | 60 | ||||||||||||||
Total | 483 | 513 | 494 | 485 | 494 | 487 | 513 | 465 | 478 | 486 | ||||||||||||||
* Includes our proportionate share of the Borger Refinery and Wood River Refinery. | ||||||||||||||||||||||||
Western/Pacific* | ||||||||||||||||||||||||
Gasoline | 181 | 198 | 182 | 194 | 188 | 169 | 173 | 184 | 160 | 172 | ||||||||||||||
Distillates | 179 | 186 | 167 | 186 | 179 | 140 | 129 | 137 | 129 | 134 | ||||||||||||||
Other | 69 | 70 | 76 | 56 | 68 | 52 | 54 | 54 | 54 | 53 | ||||||||||||||
Total | 429 | 454 | 425 | 436 | 435 | 361 | 356 | 375 | 343 | 359 | ||||||||||||||
* Includes our proportionate share of a refinery in Melaka, Malaysia. | ||||||||||||||||||||||||
Worldwide—Including Proportionate Share of Equity Affiliates | ||||||||||||||||||||||||
Gasoline | 935 | 1,004 | 981 | 967 | 971 | 862 | 965 | 998 | 970 | 949 | ||||||||||||||
Distillates | 867 | 907 | 887 | 922 | 896 | 772 | 789 | 859 | 862 | 821 | ||||||||||||||
Other | 415 | 454 | 442 | 440 | 438 | 388 | 383 | 423 | 385 | 395 | ||||||||||||||
Total | 2,217 | 2,365 | 2,310 | 2,329 | 2,305 | 2,022 | 2,137 | 2,280 | 2,217 | 2,165 | ||||||||||||||
Market Indicators | ||||||||||||||||||||||||
Crude and Crude Differentials ($/BBL) | ||||||||||||||||||||||||
WTI | 98.75 | 103.05 | 97.48 | 73.41 | 93.17 | 48.55 | 57.84 | 46.37 | 42.10 | 48.72 | ||||||||||||||
Brent | 108.22 | 109.63 | 101.85 | 76.27 | 98.99 | 53.97 | 61.92 | 50.26 | 43.69 | 52.46 | ||||||||||||||
LLS | 104.43 | 105.55 | 100.95 | 76.38 | 96.83 | 52.83 | 62.95 | 50.13 | 43.57 | 52.37 | ||||||||||||||
ANS | 105.74 | 109.23 | 101.51 | 74.76 | 97.81 | 53.68 | 62.91 | 51.44 | 43.79 | 52.96 | ||||||||||||||
WTI less Maya | 9.41 | 7.27 | 6.64 | 6.21 | 7.38 | 4.43 | 2.52 | 3.81 | 7.73 | 4.62 | ||||||||||||||
WTI less WCS | 20.83 | 19.15 | 18.22 | 15.63 | 18.46 | 13.66 | 9.74 | 15.06 | 14.45 | 13.23 | ||||||||||||||
Natural Gas ($/MCF) | ||||||||||||||||||||||||
Henry Hub | 5.08 | 4.58 | 3.94 | 3.75 | 4.34 | 2.87 | 2.72 | 2.74 | 2.08 | 2.61 | ||||||||||||||
Product Margins ($/BBL) | ||||||||||||||||||||||||
Atlantic Basin/Europe | ||||||||||||||||||||||||
East Coast Gasoline less Brent | 5.12 | 15.23 | 15.44 | 8.69 | 11.12 | 9.19 | 20.92 | 19.77 | 11.92 | 15.45 | ||||||||||||||
East Coast Distillate less Brent | 22.28 | 14.30 | 16.63 | 22.06 | 18.82 | 23.22 | 17.74 | 15.41 | 12.49 | 17.22 | ||||||||||||||
Gulf Coast | ||||||||||||||||||||||||
Gulf Coast Gasoline less LLS | 5.25 | 11.53 | 8.54 | (0.03 | ) | 6.32 | 9.99 | 13.31 | 13.44 | 7.62 | 11.09 | |||||||||||||
Gulf Coast Distillate less LLS | 18.63 | 17.00 | 16.26 | 16.17 | 17.02 | 18.03 | 13.96 | 13.13 | 10.45 | 13.89 | ||||||||||||||
Central Corridor | ||||||||||||||||||||||||
Central Gasoline less WTI | 13.15 | 16.09 | 14.05 | 6.12 | 12.35 | 14.88 | 19.90 | 22.85 | 13.22 | 17.71 | ||||||||||||||
Central Distillate less WTI | 25.94 | 21.07 | 21.85 | 27.60 | 24.12 | 22.63 | 18.21 | 20.40 | 15.03 | 19.06 | ||||||||||||||
Western/Pacific | ||||||||||||||||||||||||
West Coast Gasoline less ANS | 11.75 | 20.88 | 16.59 | 7.46 | 14.17 | 20.21 | 32.95 | 38.61 | 23.82 | 28.90 | ||||||||||||||
West Coast Distillate less ANS | 17.55 | 17.16 | 20.19 | 21.69 | 19.15 | 19.17 | 18.16 | 14.84 | 15.45 | 16.91 | ||||||||||||||
Worldwide Market Crack Spread ($/BBL)* | 12.44 | 15.94 | 14.85 | 10.45 | 13.42 | 15.26 | 18.94 | 19.51 | 12.77 | 16.62 | ||||||||||||||
* Weighted average based on Phillips 66 crude capacity. | ||||||||||||||||||||||||
Page 7
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MARKETING AND SPECIALTIES | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Marketing and Specialties Net Income Attributable to Phillips 66 ($ Millions) | ||||||||||||||||||||||||
Marketing and Other | 93 | 119 | 325 | 299 | 836 | 254 | 266 | 285 | 199 | 1,004 | ||||||||||||||
Specialties | 44 | 43 | 43 | 68 | 198 | 50 | 48 | 53 | 32 | 183 | ||||||||||||||
Marketing and Specialties Net Income Attributable to Phillips 66 | 137 | 162 | 368 | 367 | 1,034 | 304 | 314 | 338 | 231 | 1,187 | ||||||||||||||
Marketing and Specialties Income before Income Taxes ($ Millions) | ||||||||||||||||||||||||
Marketing and Other | 135 | 179 | 425 | 423 | 1,162 | 325 | 335 | 430 | 276 | 1,366 | ||||||||||||||
Specialties | 70 | 69 | 70 | 104 | 313 | 81 | 75 | 84 | 46 | 286 | ||||||||||||||
Marketing and Specialties Income before Income Taxes | 205 | 248 | 495 | 527 | 1,475 | 406 | 410 | 514 | 322 | 1,652 | ||||||||||||||
Marketing and Specialties Adjusted EBITDA ($ Millions) | 226 | 271 | 410 | 494 | 1,401 | 320 | 299 | 549 | 348 | 1,516 | ||||||||||||||
Realized Marketing Fuel Margin ($/BBL)* | ||||||||||||||||||||||||
U.S. | 1.19 | 1.17 | 1.78 | 1.87 | 1.51 | 1.46 | 1.46 | 2.26 | 1.37 | 1.65 | ||||||||||||||
International | 3.72 | 4.52 | 6.10 | 6.48 | 5.22 | 3.85 | 2.98 | 5.94 | 4.74 | 4.40 | ||||||||||||||
* On third-party petroleum products sales. | ||||||||||||||||||||||||
Realized Margins not included in Marketing Fuel Margin ($ Millions)* | ||||||||||||||||||||||||
Marketing and Other | 139 | 160 | 169 | 135 | 603 | 165 | 158 | 159 | 125 | 607 | ||||||||||||||
Specialties | 106 | 102 | 108 | 146 | 462 | 122 | 117 | 122 | 92 | 453 | ||||||||||||||
Total | 245 | 262 | 277 | 281 | 1,065 | 287 | 275 | 281 | 217 | 1,060 | ||||||||||||||
* Excludes Gain on Dispositions and Excise Tax Income. | ||||||||||||||||||||||||
Depreciation and Amortization ($ Millions) | ||||||||||||||||||||||||
Marketing and Other | 20 | 21 | 21 | 21 | 83 | 19 | 19 | 20 | 21 | 79 | ||||||||||||||
Specialties | 1 | 2 | 3 | 6 | 12 | 5 | 4 | 5 | 4 | 18 | ||||||||||||||
Total | 21 | 23 | 24 | 27 | 95 | 24 | 23 | 25 | 25 | 97 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | ||||||||||||||||||||||||
Marketing and Other | 274 | 284 | 295 | 281 | 1,134 | 254 | 270 | 292 | 267 | 1,083 | ||||||||||||||
Specialties | 32 | 30 | 35 | 34 | 131 | 34 | 35 | 34 | 38 | 141 | ||||||||||||||
Total | 306 | 314 | 330 | 315 | 1,265 | 288 | 305 | 326 | 305 | 1,224 | ||||||||||||||
Marketing Petroleum Products Sales (MB/D) | ||||||||||||||||||||||||
U.S. Marketing | ||||||||||||||||||||||||
Gasoline | 1,030 | 1,142 | 1,093 | 1,142 | 1,102 | 974 | 1,174 | 1,158 | 1,143 | 1,113 | ||||||||||||||
Distillates | 748 | 784 | 750 | 864 | 787 | 689 | 775 | 792 | 788 | 761 | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total | 1,778 | 1,926 | 1,843 | 2,006 | 1,889 | 1,663 | 1,949 | 1,950 | 1,931 | 1,874 | ||||||||||||||
International Marketing | ||||||||||||||||||||||||
Gasoline | 89 | 95 | 95 | 95 | 93 | 88 | 94 | 95 | 93 | 92 | ||||||||||||||
Distillates | 196 | 186 | 190 | 196 | 192 | 193 | 185 | 193 | 194 | 192 | ||||||||||||||
Other | 16 | 19 | 17 | 17 | 17 | 16 | 14 | 15 | 18 | 16 | ||||||||||||||
Total | 301 | 300 | 302 | 308 | 302 | 297 | 293 | 303 | 305 | 300 | ||||||||||||||
Worldwide Marketing | ||||||||||||||||||||||||
Gasoline | 1,119 | 1,237 | 1,188 | 1,237 | 1,195 | 1,062 | 1,268 | 1,253 | 1,236 | 1,205 | ||||||||||||||
Distillates | 944 | 970 | 940 | 1,060 | 979 | 882 | 960 | 985 | 982 | 953 | ||||||||||||||
Other | 16 | 19 | 17 | 17 | 17 | 16 | 14 | 15 | 18 | 16 | ||||||||||||||
Total | 2,079 | 2,226 | 2,145 | 2,314 | 2,191 | 1,960 | 2,242 | 2,253 | 2,236 | 2,174 | ||||||||||||||
Foreign Currency Gains (Losses) After-Tax ($ Millions) | — | (3 | ) | (3 | ) | (2 | ) | (8 | ) | (1 | ) | (3 | ) | — | — | (4 | ) | |||||||
Page 8
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CORPORATE AND OTHER | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
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) | (81 | ) | (121 | ) | (91 | ) | (100 | ) | (393 | ) | (125 | ) | (123 | ) | (116 | ) | (126 | ) | (490 | ) | ||||
Detail of Net Income (Loss) Attributable to Phillips 66 ($ Millions) | ||||||||||||||||||||||||
Net interest expense | (41 | ) | (39 | ) | (36 | ) | (44 | ) | (160 | ) | (53 | ) | (46 | ) | (43 | ) | (44 | ) | (186 | ) | ||||
Corporate overhead | (40 | ) | (44 | ) | (32 | ) | (40 | ) | (156 | ) | (45 | ) | (36 | ) | (37 | ) | (39 | ) | (157 | ) | ||||
Technology | (13 | ) | (14 | ) | (14 | ) | (17 | ) | (58 | ) | (14 | ) | (15 | ) | (15 | ) | (16 | ) | (60 | ) | ||||
Other | 13 | (24 | ) | (9 | ) | 1 | (19 | ) | (13 | ) | (26 | ) | (21 | ) | (27 | ) | (87 | ) | ||||||
Total | (81 | ) | (121 | ) | (91 | ) | (100 | ) | (393 | ) | (125 | ) | (123 | ) | (116 | ) | (126 | ) | (490 | ) | ||||
Before-Tax Net Interest Expense ($ Millions) | ||||||||||||||||||||||||
Interest expense | (69 | ) | (69 | ) | (66 | ) | (83 | ) | (287 | ) | (102 | ) | (105 | ) | (105 | ) | (104 | ) | (416 | ) | ||||
Capitalized interest | 1 | 3 | 6 | 10 | 20 | 16 | 26 | 34 | 30 | 106 | ||||||||||||||
Interest revenue | 5 | 6 | 5 | 5 | 21 | 5 | 9 | 5 | 6 | 25 | ||||||||||||||
Total | (63 | ) | (60 | ) | (55 | ) | (68 | ) | (246 | ) | (81 | ) | (70 | ) | (66 | ) | (68 | ) | (285 | ) | ||||
Foreign Currency Gains (Losses) After-Tax ($ Millions) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Phillips 66 Total Company Debt | ||||||||||||||||||||||||
Total Debt ($ Millions)* | 6,188 | 6,183 | 6,183 | 8,635 | 8,635 | 8,892 | 8,909 | 8,897 | 8,887 | 8,887 | ||||||||||||||
Debt-to-Capital Ratio (%) | 22 | % | 22 | % | 22 | % | 28 | % | 28 | % | 28 | % | 28 | % | 27 | % | 27 | % | 27 | % | ||||
*Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03. | ||||||||||||||||||||||||
Total Equity ($ Millions) | 21,829 | 21,955 | 22,194 | 22,037 | 22,037 | 22,595 | 23,223 | 24,032 | 23,938 | 23,938 | ||||||||||||||
Page 9
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NON-GAAP FINANCIAL MEASURES RECONCILIATION | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2014 | 2015 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Reconciliation of Midstream Net Income to Adjusted EBITDA | ||||||||||||||||||||||||
Midstream net income | 194 | 117 | 124 | 107 | 542 | 78 | (62 | ) | 116 | (58 | ) | 74 | ||||||||||||
Plus: | ||||||||||||||||||||||||
Provision for income taxes | 108 | 63 | 70 | 68 | 309 | 38 | (37 | ) | 57 | 15 | 73 | |||||||||||||
Depreciation and amortization | 19 | 21 | 24 | 27 | 91 | 26 | 27 | 33 | 41 | 127 | ||||||||||||||
Midstream EBITDA | 321 | 201 | 218 | 202 | 942 | 142 | (72 | ) | 206 | (2 | ) | 274 | ||||||||||||
Adjustments (pretax): | ||||||||||||||||||||||||
EBITDA attributable to Phillips 66 noncontrolling interests | (8 | ) | (12 | ) | (13 | ) | (12 | ) | (45 | ) | (16 | ) | (17 | ) | (20 | ) | (20 | ) | (73 | ) | ||||
Proportional share of selected equity affiliates income taxes | 2 | — | 2 | (1 | ) | 3 | 1 | (2 | ) | — | (49 | ) | (50 | ) | ||||||||||
Proportional share of selected equity affiliates net interest | 30 | 31 | 29 | 28 | 118 | 32 | 33 | 34 | 34 | 133 | ||||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 39 | 36 | 37 | 38 | 150 | 40 | 41 | 42 | 43 | 166 | ||||||||||||||
Lower-of-cost-or-market inventory adjustments | — | — | — | 2 | 2 | — | — | — | — | — | ||||||||||||||
Impairments by equity affiliates | — | — | — | — | — | — | 194 | 4 | 168 | 366 | ||||||||||||||
Asset disposition | — | — | — | — | — | — | — | (30 | ) | — | (30 | ) | ||||||||||||
Pension settlement expenses | — | — | — | — | — | — | — | 9 | — | 9 | ||||||||||||||
Midstream Adjusted EBITDA* | 384 | 256 | 273 | 257 | 1,170 | 199 | 177 | 245 | 174 | 795 | ||||||||||||||
* Proportional share of selected equity affiliates is net of noncontrolling interests. | ||||||||||||||||||||||||
Reconciliation of Chemicals Net Income to Adjusted EBITDA | ||||||||||||||||||||||||
Chemicals net income | 316 | 324 | 230 | 267 | 1,137 | 203 | 295 | 252 | 212 | 962 | ||||||||||||||
Plus: | ||||||||||||||||||||||||
Provision for income taxes | 126 | 142 | 98 | 129 | 495 | 88 | 121 | 108 | 36 | 353 | ||||||||||||||
Chemicals EBITDA | 442 | 466 | 328 | 396 | 1,632 | 291 | 416 | 360 | 248 | 1,315 | ||||||||||||||
Adjustments (pretax): | ||||||||||||||||||||||||
Proportional share of selected equity affiliates income taxes | 27 | 28 | 35 | 21 | 111 | 22 | 25 | 26 | 18 | 91 | ||||||||||||||
Proportional share of selected equity affiliates net interest | 3 | 1 | 2 | 3 | 9 | 2 | 1 | 2 | 2 | 7 | ||||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 62 | 62 | 64 | 70 | 258 | 65 | 65 | 65 | 69 | 264 | ||||||||||||||
Impairments by equity affiliates | — | — | 88 | — | 88 | — | — | 20 | 4 | 24 | ||||||||||||||
Lower-of-cost-or-market inventory adjustments | — | — | — | 3 | 3 | — | — | — | — | — | ||||||||||||||
Chemicals Adjusted EBITDA | 534 | 557 | 517 | 493 | 2,101 | 380 | 507 | 473 | 341 | 1,701 | ||||||||||||||
Reconciliation of Refining Net Income to Adjusted EBITDA | ||||||||||||||||||||||||
Refining net income | 306 | 390 | 558 | 517 | 1,771 | 538 | 604 | 1,003 | 410 | 2,555 | ||||||||||||||
Plus: | ||||||||||||||||||||||||
Provision for income taxes | 202 | 257 | 301 | (64 | ) | 696 | 226 | 328 | 485 | 65 | 1,104 | |||||||||||||
Depreciation and amortization | 172 | 174 | 178 | 180 | 704 | 177 | 183 | 187 | 191 | 738 | ||||||||||||||
Refining EBITDA | 680 | 821 | 1,037 | 633 | 3,171 | 941 | 1,115 | 1,675 | 666 | 4,397 | ||||||||||||||
Adjustments (pretax): | ||||||||||||||||||||||||
Proportional share of selected equity affiliates income taxes | — | 1 | — | 2 | 3 | — | (2 | ) | — | (1 | ) | (3 | ) | |||||||||||
Proportional share of selected equity affiliates net interest | (19 | ) | — | — | — | (19 | ) | — | — | — | — | — | ||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 61 | 61 | 61 | 62 | 245 | 63 | 63 | 62 | 64 | 252 | ||||||||||||||
Asset dispositions | — | — | — | (145 | ) | (145 | ) | (8 | ) | — | — | — | (8 | ) | ||||||||||
Impairments | — | — | — | 131 | 131 | — | — | — | — | — | ||||||||||||||
Pending claims and settlements | — | — | — | 23 | 23 | — | — | 30 | — | 30 | ||||||||||||||
Lower-of-cost-or-market inventory adjustments | — | — | — | 40 | 40 | — | — | — | 53 | 53 | ||||||||||||||
Pension settlement expenses | — | — | — | — | — | — | — | 49 | 4 | 53 | ||||||||||||||
Refining Adjusted EBITDA | 722 | 883 | 1,098 | 746 | 3,449 | 996 | 1,176 | 1,816 | 786 | 4,774 | ||||||||||||||
Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA | ||||||||||||||||||||||||
Marketing and Specialties net income | 137 | 162 | 368 | 367 | 1,034 | 304 | 314 | 338 | 231 | 1,187 | ||||||||||||||
Plus: | ||||||||||||||||||||||||
Provision for income taxes | 68 | 86 | 127 | 160 | 441 | 102 | 96 | 176 | 91 | 465 | ||||||||||||||
Interest revenue | — | — | — | — | — | — | (2 | ) | — | — | (2 | ) | ||||||||||||
Depreciation and amortization | 21 | 23 | 24 | 27 | 95 | 24 | 23 | 25 | 25 | 97 | ||||||||||||||
Marketing and Specialties EBITDA | 226 | 271 | 519 | 554 | 1,570 | 430 | 431 | 539 | 347 | 1,747 | ||||||||||||||
Adjustments (pretax): | ||||||||||||||||||||||||
Asset dispositions | — | — | (109 | ) | (16 | ) | (125 | ) | (110 | ) | (132 | ) | — | — | (242 | ) | ||||||||
Pending claims and settlements | — | — | — | (44 | ) | (44 | ) | — | — | — | — | — | ||||||||||||
Pension settlement expenses | — | — | — | — | — | — | — | 10 | 1 | 11 | ||||||||||||||
Marketing and Specialties Adjusted EBITDA | 226 | 271 | 410 | 494 | 1,401 | 320 | 299 | 549 | 348 | 1,516 | ||||||||||||||
Reconciliation of Phillips 66 Net Income to Adjusted EBITDA | ||||||||||||||||||||||||
Net income | 1,578 | 872 | 1,189 | 1,158 | 4,797 | 997 | 1,025 | 1,592 | 666 | 4,280 | ||||||||||||||
Less: | ||||||||||||||||||||||||
Income from discontinued operations | 706 | — | — | — | 706 | — | — | — | — | — | ||||||||||||||
Plus: | ||||||||||||||||||||||||
Provision for income taxes | 426 | 487 | 538 | 203 | 1,654 | 391 | 440 | 767 | 166 | 1,764 | ||||||||||||||
Net interest expense | 63 | 60 | 55 | 68 | 246 | 81 | 67 | 66 | 69 | 283 | ||||||||||||||
Depreciation and amortization | 234 | 239 | 249 | 273 | 995 | 253 | 274 | 270 | 281 | 1,078 | ||||||||||||||
Phillips 66 EBITDA | 1,595 | 1,658 | 2,031 | 1,702 | 6,986 | 1,722 | 1,806 | 2,695 | 1,182 | 7,405 | ||||||||||||||
Adjustments (pretax): | ||||||||||||||||||||||||
EBITDA attributable to Phillips 66 noncontrolling interests | (8 | ) | (12 | ) | (13 | ) | (12 | ) | (45 | ) | (16 | ) | (17 | ) | (20 | ) | (20 | ) | (73 | ) | ||||
Proportional share of selected equity affiliates income taxes | 29 | 29 | 37 | 22 | 117 | 23 | 21 | 26 | (32 | ) | 38 | |||||||||||||
Proportional share of selected equity affiliates net interest | 14 | 32 | 31 | 31 | 108 | 34 | 34 | 36 | 36 | 140 | ||||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 162 | 159 | 162 | 170 | 653 | 168 | 169 | 169 | 176 | 682 | ||||||||||||||
Asset dispositions | — | — | (109 | ) | (161 | ) | (270 | ) | (118 | ) | (132 | ) | (30 | ) | — | (280 | ) | |||||||
Impairments | — | — | — | 131 | 131 | — | — | — | — | — | ||||||||||||||
Impairments by equity affiliates | — | — | 88 | — | 88 | — | 194 | 24 | 172 | 390 | ||||||||||||||
Pending claims and settlements | — | — | — | (21 | ) | (21 | ) | — | — | 30 | — | 30 | ||||||||||||
Lower-of-cost-or-market inventory adjustments | — | — | — | 45 | 45 | — | — | — | 53 | 53 | ||||||||||||||
Pension settlement expenses | — | — | — | — | — | — | — | 75 | 5 | 80 | ||||||||||||||
Phillips 66 Adjusted EBITDA | 1,792 | 1,866 | 2,227 | 1,907 | 7,792 | 1,813 | 2,075 | 3,005 | 1,572 | 8,465 | ||||||||||||||
Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms EBITDA and adjusted EBITDA. These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP measure most directly comparable to EBITDA and adjusted EBITDA is net income. | ||||||||||||||||||||||||
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