Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - Phillips 66 | psx-2017630_ex991.htm |
| 8-K - 8-K - Phillips 66 | psx-2017630_erx8xk.htm |
Exhibit 99.2 | |||||||||||||||
Phillips 66 Earnings Release Supplemental Data | |||||||||||||||
 | |||||||||||||||
CONSOLIDATED INCOME STATEMENT | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
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* | 22,894 | 24,087 | 46,981 | 17,409 | 21,849 | 21,624 | 23,397 | 84,279 | ||||||||||||||
Equity in earnings of affiliates | 365 | 462 | 827 | 333 | 435 | 391 | 255 | 1,414 | ||||||||||||||
Net gain on dispositions | 1 | 14 | 15 | — | 6 | 3 | 1 | 10 | ||||||||||||||
Other income | 452 | 18 | 470 | 18 | 17 | 24 | 15 | 74 | ||||||||||||||
Total Revenues and Other Income | 23,712 | 24,581 | 48,293 | 17,760 | 22,307 | 22,042 | 23,668 | 85,777 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||
Purchased crude oil and products | 17,679 | 18,353 | 36,032 | 11,930 | 16,198 | 15,961 | 18,379 | 62,468 | ||||||||||||||
Operating expenses | 1,270 | 1,137 | 2,407 | 1,023 | 994 | 1,061 | 1,197 | 4,275 | ||||||||||||||
Selling, general and administrative expenses | 384 | 439 | 823 | 386 | 421 | 411 | 420 | 1,638 | ||||||||||||||
Depreciation and amortization | 315 | 320 | 635 | 280 | 290 | 293 | 305 | 1,168 | ||||||||||||||
Impairments | 2 | 15 | 17 | — | 2 | 2 | 1 | 5 | ||||||||||||||
Taxes other than income taxes* | 3,156 | 3,356 | 6,512 | 3,461 | 3,594 | 3,424 | 3,209 | 13,688 | ||||||||||||||
Accretion on discounted liabilities | 5 | 6 | 11 | 5 | 5 | 5 | 6 | 21 | ||||||||||||||
Interest and debt expense | 105 | 107 | 212 | 86 | 83 | 81 | 88 | 338 | ||||||||||||||
Foreign currency transaction (gains) losses | (1 | ) | — | (1 | ) | (7 | ) | — | (9 | ) | 1 | (15 | ) | |||||||||
Total Costs and Expenses | 22,915 | 23,733 | 46,648 | 17,164 | 21,587 | 21,229 | 23,606 | 83,586 | ||||||||||||||
Income before income taxes | 797 | 848 | 1,645 | 596 | 720 | 813 | 62 | 2,191 | ||||||||||||||
Provision for income taxes | 234 | 267 | 501 | 198 | 204 | 277 | (132 | ) | 547 | |||||||||||||
Net Income | 563 | 581 | 1,144 | 398 | 516 | 536 | 194 | 1,644 | ||||||||||||||
Less: net income attributable to noncontrolling interests | 28 | 31 | 59 | 13 | 20 | 25 | 31 | 89 | ||||||||||||||
Net Income Attributable to Phillips 66 | 535 | 550 | 1,085 | 385 | 496 | 511 | 163 | 1,555 | ||||||||||||||
* Includes excise taxes on petroleum products sales: | 3,036 | 3,252 | 6,288 | 3,360 | 3,508 | 3,357 | 3,156 | 13,381 | ||||||||||||||
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars) | ||||||||||||||||||||||
Basic | 1.02 | 1.06 | 2.08 | 0.72 | 0.94 | 0.97 | 0.31 | 2.94 | ||||||||||||||
Diluted | 1.02 | 1.06 | 2.07 | 0.72 | 0.93 | 0.96 | 0.31 | 2.92 | ||||||||||||||
Average Common Shares Outstanding (in thousands) | ||||||||||||||||||||||
Basic | 521,647 | 517,785 | 519,706 | 531,739 | 528,247 | 525,991 | 524,200 | 527,531 | ||||||||||||||
Diluted | 524,520 | 520,160 | 522,329 | 534,709 | 531,060 | 528,798 | 526,279 | 530,066 | ||||||||||||||
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Midstream | 77 | 59 | 136 | 65 | 39 | 75 | (1 | ) | 178 | |||||||||||||
Chemicals | 181 | 196 | 377 | 156 | 190 | 101 | 136 | 583 | ||||||||||||||
Refining | 259 | 224 | 483 | 86 | 149 | 177 | (38 | ) | 374 | |||||||||||||
Marketing and Specialties | 141 | 214 | 355 | 205 | 229 | 267 | 190 | 891 | ||||||||||||||
Corporate and Other | (123 | ) | (143 | ) | (266 | ) | (127 | ) | (111 | ) | (109 | ) | (124 | ) | (471 | ) | ||||||
Consolidated | 535 | 550 | 1,085 | 385 | 496 | 511 | 163 | 1,555 | ||||||||||||||
SUMMARY OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Midstream | 153 | 130 | 283 | 121 | 84 | 141 | 56 | 402 | ||||||||||||||
Chemicals | 251 | 294 | 545 | 228 | 264 | 176 | 171 | 839 | ||||||||||||||
Refining | 390 | 307 | 697 | 127 | 207 | 274 | (172 | ) | 436 | |||||||||||||
Marketing and Specialties | 208 | 328 | 536 | 315 | 345 | 400 | 201 | 1,261 | ||||||||||||||
Corporate and Other | (205 | ) | (211 | ) | (416 | ) | (195 | ) | (180 | ) | (178 | ) | (194 | ) | (747 | ) | ||||||
Consolidated | 797 | 848 | 1,645 | 596 | 720 | 813 | 62 | 2,191 | ||||||||||||||
EFFECTIVE TAX RATES | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Midstream | 26.8 | % | 26.2 | % | 26.5 | % | 33.9 | % | 26.2 | % | 27.0 | % | 37.5 | % | 30.3 | % | ||||||
Chemicals | 27.9 | % | 33.3 | % | 30.8 | % | 31.6 | % | 28.0 | % | 42.6 | % | 20.5 | % | 30.5 | % | ||||||
Refining | 33.6 | % | 27.0 | % | 30.7 | % | 32.3 | % | 28.0 | % | 35.4 | % | 77.9 | % | 14.2 | % | ||||||
Marketing and Specialties | 32.2 | % | 34.8 | % | 33.8 | % | 34.9 | % | 33.6 | % | 33.3 | % | 5.5 | % | 29.3 | % | ||||||
Corporate and Other | 36.6 | % | 29.4 | % | 32.9 | % | 33.8 | % | 36.7 | % | 37.1 | % | 33.5 | % | 35.2 | % | ||||||
Consolidated | 29.4 | % | 31.5 | % | 30.5 | % | 33.2 | % | 28.3 | % | 34.1 | % | (212.9 | )% | 25.0 | % | ||||||
SUMMARY OF ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Midstream | ||||||||||||||||||||||
Transportation | 56 | 51 | 107 | 72 | 65 | 63 | 44 | 244 | ||||||||||||||
NGL | 4 | — | 4 | (11 | ) | (17 | ) | 3 | (5 | ) | (30 | ) | ||||||||||
DCP Midstream | 17 | 13 | 30 | (21 | ) | (9 | ) | 9 | (6 | ) | (27 | ) | ||||||||||
Total Midstream | 77 | 64 | 141 | 40 | 39 | 75 | 33 | 187 | ||||||||||||||
Chemicals | 201 | 196 | 397 | 156 | 190 | 190 | 124 | 660 | ||||||||||||||
Refining | ||||||||||||||||||||||
Atlantic Basin/Europe | (50 | ) | 109 | 59 | 4 | 35 | 5 | 98 | 142 | |||||||||||||
Gulf Coast | 67 | 56 | 123 | 68 | 5 | (13 | ) | (51 | ) | 9 | ||||||||||||
Central Corridor | 62 | 29 | 91 | 20 | 55 | 142 | 19 | 236 | ||||||||||||||
West Coast | (81 | ) | 39 | (42 | ) | (6 | ) | 57 | — | (161 | ) | (110 | ) | |||||||||
Total Refining | (2 | ) | 233 | 231 | 86 | 152 | 134 | (95 | ) | 277 | ||||||||||||
Marketing and Specialties | ||||||||||||||||||||||
Marketing and Other | 124 | 185 | 309 | 162 | 199 | 228 | 114 | 703 | ||||||||||||||
Specialties | 17 | 33 | 50 | 43 | 30 | 39 | 26 | 138 | ||||||||||||||
Total Marketing and Specialties | 141 | 218 | 359 | 205 | 229 | 267 | 140 | 841 | ||||||||||||||
Corporate and Other | (123 | ) | (142 | ) | (265 | ) | (127 | ) | (111 | ) | (110 | ) | (119 | ) | (467 | ) | ||||||
Consolidated | 294 | 569 | 863 | 360 | 499 | 556 | 83 | 1,498 | ||||||||||||||
Page 1
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SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66 | ||||||||||||||||||||||
(AFTER-TAX) | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Midstream | ||||||||||||||||||||||
Pending claims and settlements | — | — | — | 29 | — | — | — | 29 | ||||||||||||||
Impairments by equity affiliates | — | — | — | (4 | ) | — | — | — | (4 | ) | ||||||||||||
Certain tax impacts | — | — | — | — | — | — | (13 | ) | (13 | ) | ||||||||||||
Equity affiliate ownership restructuring | — | — | — | — | — | — | (21 | ) | (21 | ) | ||||||||||||
Pension settlement expense | — | (5 | ) | (5 | ) | — | — | — | — | — | ||||||||||||
Total Midstream | — | (5 | ) | (5 | ) | 25 | — | — | (34 | ) | (9 | ) | ||||||||||
Chemicals | ||||||||||||||||||||||
Impairments by equity affiliates | (20 | ) | — | (20 | ) | — | — | (89 | ) | — | (89 | ) | ||||||||||
Certain tax impacts | — | — | — | — | — | — | 12 | 12 | ||||||||||||||
Total Chemicals | (20 | ) | — | (20 | ) | — | — | (89 | ) | 12 | (77 | ) | ||||||||||
Refining | ||||||||||||||||||||||
Pending claims and settlements | — | 13 | 13 | — | — | 43 | — | 43 | ||||||||||||||
Certain tax impacts | — | — | — | — | 16 | — | 82 | 98 | ||||||||||||||
Gain on consolidation of business | 261 | — | 261 | — | — | — | — | — | ||||||||||||||
Recognition of deferred logistics commitments | — | — | — | — | (19 | ) | — | — | (19 | ) | ||||||||||||
Railcar lease residual value deficiencies and related costs | — | — | — | — | — | — | (25 | ) | (25 | ) | ||||||||||||
Pension settlement expense | — | (22 | ) | (22 | ) | — | — | — | — | — | ||||||||||||
Total Refining | 261 | (9 | ) | 252 | — | (3 | ) | 43 | 57 | 97 | ||||||||||||
Marketing and Specialties | ||||||||||||||||||||||
Certain tax impacts | — | — | — | — | — | — | 50 | 50 | ||||||||||||||
Pension settlement expense | — | (4 | ) | (4 | ) | — | — | — | — | — | ||||||||||||
Total Marketing and Specialties | — | (4 | ) | (4 | ) | — | — | — | 50 | 50 | ||||||||||||
Corporate and Other | ||||||||||||||||||||||
Pending claims and settlements | — | 2 | 2 | — | — | 1 | — | 1 | ||||||||||||||
Certain tax impacts | — | — | — | — | — | — | (5 | ) | (5 | ) | ||||||||||||
Pension settlement expense | — | (3 | ) | (3 | ) | — | — | — | — | — | ||||||||||||
Total Corporate and Other | — | (1 | ) | (1 | ) | — | — | 1 | (5 | ) | (4 | ) | ||||||||||
Total Phillips 66 | 241 | (19 | ) | 222 | 25 | (3 | ) | (45 | ) | 80 | 57 | |||||||||||
By Business Lines/Regions | ||||||||||||||||||||||
Midstream | ||||||||||||||||||||||
Transportation | — | — | — | — | — | — | 2 | 2 | ||||||||||||||
NGL | — | (5 | ) | (5 | ) | — | — | — | (5 | ) | (5 | ) | ||||||||||
DCP Midstream | — | — | — | 25 | — | — | (31 | ) | (6 | ) | ||||||||||||
Total Midstream | — | (5 | ) | (5 | ) | 25 | — | — | (34 | ) | (9 | ) | ||||||||||
Refining | ||||||||||||||||||||||
Atlantic Basin/Europe | — | (2 | ) | (2 | ) | — | (3 | ) | — | 65 | 62 | |||||||||||
Gulf Coast | 261 | (3 | ) | 258 | — | — | 43 | — | 43 | |||||||||||||
Central Corridor | — | (2 | ) | (2 | ) | — | — | — | (2 | ) | (2 | ) | ||||||||||
West Coast | — | (2 | ) | (2 | ) | — | — | — | (6 | ) | (6 | ) | ||||||||||
Total Refining | 261 | (9 | ) | 252 | — | (3 | ) | 43 | 57 | 97 | ||||||||||||
Marketing and Specialties | ||||||||||||||||||||||
Marketing and Other | — | (4 | ) | (4 | ) | — | — | — | 44 | 44 | ||||||||||||
Specialties | — | — | — | — | — | — | 6 | 6 | ||||||||||||||
Total Marketing and Specialties | — | (4 | ) | (4 | ) | — | — | — | 50 | 50 | ||||||||||||
SPECIAL ITEMS INCLUDED IN INCOME BEFORE TAXES | ||||||||||||||||||||||
(PRE-TAX) | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Midstream | ||||||||||||||||||||||
Pending claims and settlements | — | — | — | 45 | — | — | — | 45 | ||||||||||||||
Impairments by equity affiliates | — | — | — | (6 | ) | — | — | — | (6 | ) | ||||||||||||
Equity affiliate ownership restructuring | — | — | — | — | — | — | (33 | ) | (33 | ) | ||||||||||||
Pension settlement expense | — | (8 | ) | (8 | ) | — | — | — | — | — | ||||||||||||
Total Midstream | — | (8 | ) | (8 | ) | 39 | — | — | (33 | ) | 6 | |||||||||||
Chemicals | ||||||||||||||||||||||
Impairments by equity affiliates | (33 | ) | — | (33 | ) | — | — | (89 | ) | — | (89 | ) | ||||||||||
Total Chemicals | (33 | ) | — | (33 | ) | — | — | (89 | ) | — | (89 | ) | ||||||||||
Refining | ||||||||||||||||||||||
Pending claims and settlements | — | 21 | 21 | — | — | 70 | — | 70 | ||||||||||||||
Certain tax impacts | — | — | — | — | — | — | 32 | 32 | ||||||||||||||
Gain on consolidation of business | 423 | — | 423 | — | — | — | — | — | ||||||||||||||
Recognition of deferred logistics commitments | — | — | — | — | (30 | ) | — | — | (30 | ) | ||||||||||||
Railcar lease residual value deficiencies and related costs | — | — | — | — | — | — | (40 | ) | (40 | ) | ||||||||||||
Pension settlement expense | — | (35 | ) | (35 | ) | — | — | — | — | — | ||||||||||||
Total Refining | 423 | (14 | ) | 409 | — | (30 | ) | 70 | (8 | ) | 32 | |||||||||||
Marketing and Specialties | ||||||||||||||||||||||
Pension settlement expense | — | (7 | ) | (7 | ) | — | — | — | — | — | ||||||||||||
Total Marketing and Specialties | — | (7 | ) | (7 | ) | — | — | — | — | — | ||||||||||||
Corporate and Other | ||||||||||||||||||||||
Pending claims and settlements | — | 3 | 3 | — | — | 2 | — | 2 | ||||||||||||||
Pension settlement expense | — | (5 | ) | (5 | ) | — | — | — | — | — | ||||||||||||
Total Corporate and Other | — | (2 | ) | (2 | ) | — | — | 2 | — | 2 | ||||||||||||
Total Phillips 66 | 390 | (31 | ) | 359 | 39 | (30 | ) | (17 | ) | (41 | ) | (49 | ) | |||||||||
By Business Lines/Regions | ||||||||||||||||||||||
Midstream | ||||||||||||||||||||||
Transportation | — | — | — | — | — | — | — | — | ||||||||||||||
NGL | — | (8 | ) | (8 | ) | — | — | — | — | — | ||||||||||||
DCP Midstream | — | — | — | 39 | — | — | (33 | ) | 6 | |||||||||||||
Total Midstream | — | (8 | ) | (8 | ) | 39 | — | — | (33 | ) | 6 | |||||||||||
Refining | ||||||||||||||||||||||
Atlantic Basin/Europe | — | (4 | ) | (4 | ) | — | (30 | ) | — | 27 | (3 | ) | ||||||||||
Gulf Coast | 423 | (5 | ) | 418 | — | — | 70 | (16 | ) | 54 | ||||||||||||
Central Corridor | — | (3 | ) | (3 | ) | — | — | — | (11 | ) | (11 | ) | ||||||||||
West Coast | — | (2 | ) | (2 | ) | — | — | — | (8 | ) | (8 | ) | ||||||||||
Total Refining | 423 | (14 | ) | 409 | — | (30 | ) | 70 | (8 | ) | 32 | |||||||||||
Marketing and Specialties | ||||||||||||||||||||||
Marketing and Other | — | (7 | ) | (7 | ) | — | — | — | — | — | ||||||||||||
Specialties | — | — | — | — | — | — | — | — | ||||||||||||||
Total Marketing and Specialties | — | (7 | ) | (7 | ) | — | — | — | — | — | ||||||||||||
Page 2
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CASH FLOW INFORMATION | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
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 | 563 | 581 | 1,144 | 398 | 516 | 536 | 194 | 1,644 | ||||||||||||||
Depreciation and amortization | 315 | 320 | 635 | 280 | 290 | 293 | 305 | 1,168 | ||||||||||||||
Impairments | 2 | 15 | 17 | — | 2 | 2 | 1 | 5 | ||||||||||||||
Accretion on discounted liabilities | 5 | 6 | 11 | 5 | 5 | 5 | 6 | 21 | ||||||||||||||
Deferred taxes | 493 | 264 | 757 | 154 | 37 | 276 | 145 | 612 | ||||||||||||||
Undistributed equity earnings | (212 | ) | (40 | ) | (252 | ) | (166 | ) | (349 | ) | (257 | ) | (43 | ) | (815 | ) | ||||||
Net gain on dispositions | (1 | ) | (14 | ) | (15 | ) | — | (6 | ) | (3 | ) | (1 | ) | (10 | ) | |||||||
Gain on consolidation of business | (423 | ) | — | (423 | ) | — | — | — | — | — | ||||||||||||
Other | 6 | 92 | 98 | 51 | 65 | (308 | ) | 29 | (163 | ) | ||||||||||||
Net working capital changes | (1,297 | ) | 641 | (656 | ) | (464 | ) | 595 | 339 | 31 | 501 | |||||||||||
Net Cash Provided by (Used in) Operating Activities | (549 | ) | 1,865 | 1,316 | 258 | 1,155 | 883 | 667 | 2,963 | |||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||
Capital expenditures and investments | (470 | ) | (458 | ) | (928 | ) | (750 | ) | (620 | ) | (661 | ) | (813 | ) | (2,844 | ) | ||||||
Proceeds from asset dispositions* | 9 | 42 | 51 | 5 | 10 | 144 | (3 | ) | 156 | |||||||||||||
Advances/loans—related parties | — | — | — | (75 | ) | (107 | ) | (84 | ) | (166 | ) | (432 | ) | |||||||||
Collection of advances/loans—related parties | 325 | — | 325 | — | — | 107 | 1 | 108 | ||||||||||||||
Restricted cash received from consolidation of business | 318 | — | 318 | — | — | — | — | — | ||||||||||||||
Other | (24 | ) | (37 | ) | (61 | ) | (42 | ) | (33 | ) | (57 | ) | (14 | ) | (146 | ) | ||||||
Net Cash Provided by (Used in) Investing Activities | 158 | (453 | ) | (295 | ) | (862 | ) | (750 | ) | (551 | ) | (995 | ) | (3,158 | ) | |||||||
Cash Flows From Financing Activities | ||||||||||||||||||||||
Issuance of debt | 712 | 1,891 | 2,603 | 50 | 100 | 250 | 1,690 | 2,090 | ||||||||||||||
Repayment of debt | (773 | ) | (2,137 | ) | (2,910 | ) | (100 | ) | (66 | ) | (252 | ) | (415 | ) | (833 | ) | ||||||
Issuance of common stock** | 4 | 2 | 6 | 4 | 5 | 5 | 20 | 34 | ||||||||||||||
Repurchase of common stock | (285 | ) | (381 | ) | (666 | ) | (391 | ) | (242 | ) | (179 | ) | (230 | ) | (1,042 | ) | ||||||
Dividends paid on common stock | (326 | ) | (360 | ) | (686 | ) | (296 | ) | (329 | ) | (329 | ) | (328 | ) | (1,282 | ) | ||||||
Distributions to noncontrolling interests | (24 | ) | (30 | ) | (54 | ) | (11 | ) | (17 | ) | (17 | ) | (30 | ) | (75 | ) | ||||||
Net proceeds from issuance of Phillips 66 Partners LP common units | 40 | 131 | 171 | — | 669 | 303 | — | 972 | ||||||||||||||
Other** | (34 | ) | (20 | ) | (54 | ) | (39 | ) | 12 | (11 | ) | (4 | ) | (42 | ) | |||||||
Net Cash Provided by (Used in) Financing Activities | (686 | ) | (904 | ) | (1,590 | ) | (783 | ) | 132 | (230 | ) | 703 | (178 | ) | ||||||||
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 2 | 17 | 19 | 36 | (28 | ) | 3 | (1 | ) | 10 | ||||||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | (1,075 | ) | 525 | (550 | ) | (1,351 | ) | 509 | 105 | 374 | (363 | ) | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 2,711 | 1,636 | 2,711 | 3,074 | 1,723 | 2,232 | 2,337 | 3,074 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | 1,636 | 2,161 | 2,161 | 1,723 | 2,232 | 2,337 | 2,711 | 2,711 | ||||||||||||||
* Includes return of investments in equity affiliates and working capital true-ups on dispositions. | ||||||||||||||||||||||
** Prior periods recasted to conform to the current year presentation. | ||||||||||||||||||||||
CAPITAL PROGRAM | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Consolidated Capital Expenditures and Investments | ||||||||||||||||||||||
Midstream | 182 | 199 | 381 | 446 | 284 | 315 | 408 | 1,453 | ||||||||||||||
Chemicals | — | — | — | — | — | — | — | — | ||||||||||||||
Refining | 259 | 216 | 475 | 261 | 277 | 289 | 322 | 1,149 | ||||||||||||||
Marketing and Specialties | 15 | 23 | 38 | 15 | 22 | 26 | 35 | 98 | ||||||||||||||
Corporate and Other | 14 | 20 | 34 | 28 | 37 | 31 | 48 | 144 | ||||||||||||||
Total Consolidated | 470 | 458 | 928 | 750 | 620 | 661 | 813 | 2,844 | ||||||||||||||
Proportional Share of Select Equity Affiliates Capital Expenditures and Investments* | ||||||||||||||||||||||
DCP Midstream (Midstream) | 44 | 60 | 104 | 35 | 20 | 21 | 23 | 99 | ||||||||||||||
CPChem (Chemicals) | 256 | 131 | 387 | 247 | 294 | 205 | 241 | 987 | ||||||||||||||
WRB Refining (Refining) | 42 | 22 | 64 | 37 | 43 | 36 | 48 | 164 | ||||||||||||||
Select Equity Affiliates | 342 | 213 | 555 | 319 | 357 | 262 | 312 | 1,250 | ||||||||||||||
Total Capital Program* | ||||||||||||||||||||||
Midstream | 226 | 259 | 485 | 481 | 304 | 336 | 431 | 1,552 | ||||||||||||||
Chemicals | 256 | 131 | 387 | 247 | 294 | 205 | 241 | 987 | ||||||||||||||
Refining | 301 | 238 | 539 | 298 | 320 | 325 | 370 | 1,313 | ||||||||||||||
Marketing and Specialties | 15 | 23 | 38 | 15 | 22 | 26 | 35 | 98 | ||||||||||||||
Corporate and Other | 14 | 20 | 34 | 28 | 37 | 31 | 48 | 144 | ||||||||||||||
Total Capital Program | 812 | 671 | 1,483 | 1,069 | 977 | 923 | 1,125 | 4,094 | ||||||||||||||
* 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 LP. | ||||||||||||||||||||||
Page 3
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MIDSTREAM | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
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 | 56 | 51 | 107 | 72 | 65 | 63 | 46 | 246 | ||||||||||||||
NGL | 4 | (5 | ) | (1 | ) | (11 | ) | (17 | ) | 3 | (10 | ) | (35 | ) | ||||||||
DCP Midstream | 17 | 13 | 30 | 4 | (9 | ) | 9 | (37 | ) | (33 | ) | |||||||||||
Midstream Net Income (Loss) Attributable to Phillips 66 | 77 | 59 | 136 | 65 | 39 | 75 | (1 | ) | 178 | |||||||||||||
Midstream Income (Loss) before Income Taxes ($ Millions) | ||||||||||||||||||||||
Transportation | 107 | 102 | 209 | 123 | 116 | 112 | 90 | 441 | ||||||||||||||
NGL | 19 | 6 | 25 | (9 | ) | (18 | ) | 15 | 7 | (5 | ) | |||||||||||
DCP Midstream | 27 | 22 | 49 | 7 | (14 | ) | 14 | (41 | ) | (34 | ) | |||||||||||
Midstream Income (Loss) before Income Taxes | 153 | 130 | 283 | 121 | 84 | 141 | 56 | 402 | ||||||||||||||
Midstream Adjusted EBITDA ($ Millions)* | ||||||||||||||||||||||
PSXP** | 147 | 154 | 301 | 69 | 90 | 108 | 144 | 411 | ||||||||||||||
Other Midstream | 46 | 31 | 77 | 93 | 58 | 75 | 14 | 240 | ||||||||||||||
EBITDA attributable to Phillips 66 noncontrolling interests | (44 | ) | (45 | ) | (89 | ) | (18 | ) | (28 | ) | (35 | ) | (43 | ) | (124 | ) | ||||||
Transportation and NGL | 149 | 140 | 289 | 144 | 120 | 148 | 115 | 527 | ||||||||||||||
DCP Midstream | 71 | 65 | 136 | 44 | 64 | 97 | 69 | 274 | ||||||||||||||
Midstream Adjusted EBITDA | 220 | 205 | 425 | 188 | 184 | 245 | 184 | 801 | ||||||||||||||
* See reconciliation of net income to adjusted EBITDA on next page. | ||||||||||||||||||||||
** PSXP at 100%. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes. | ||||||||||||||||||||||
Depreciation and Amortization ($ Millions) | ||||||||||||||||||||||
Transportation | 33 | 35 | 68 | 30 | 32 | 36 | 33 | 131 | ||||||||||||||
NGL | 35 | 34 | 69 | 18 | 18 | 20 | 28 | 84 | ||||||||||||||
DCP Midstream | — | — | — | — | — | — | — | — | ||||||||||||||
Total | 68 | 69 | 137 | 48 | 50 | 56 | 61 | 215 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | ||||||||||||||||||||||
Transportation | 161 | 177 | 338 | 122 | 136 | 145 | 153 | 556 | ||||||||||||||
NGL | 57 | 63 | 120 | 45 | 45 | 38 | 49 | 177 | ||||||||||||||
DCP Midstream | — | (1 | ) | (1 | ) | (1 | ) | — | (1 | ) | (1 | ) | (3 | ) | ||||||||
Total | 218 | 239 | 457 | 166 | 181 | 182 | 201 | 730 | ||||||||||||||
Transportation Volumes (MB/D) | ||||||||||||||||||||||
Pipelines* | 3,469 | 3,430 | 3,449 | 3,488 | 3,638 | 3,495 | 3,424 | 3,511 | ||||||||||||||
Terminals** | 2,395 | 2,581 | 2,489 | 2,209 | 2,442 | 2,417 | 2,619 | 2,422 | ||||||||||||||
* 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)* | 175 | 177 | 176 | 161 | 174 | 173 | 172 | 170 | ||||||||||||||
* Excludes DCP Midstream. | ||||||||||||||||||||||
100% DCP Midstream Results | ||||||||||||||||||||||
Net Income Attributable, excludes parent company income tax related to DCP's earnings ($ Millions)* | 53 | 42 | 95 | 24 | (29 | ) | 25 | (83 | ) | (63 | ) | |||||||||||
Depreciation and Amortization ($ Millions) | 94 | 94 | 188 | 95 | 95 | 94 | 94 | 378 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | 240 | 254 | 494 | 245 | 241 | 204 | 281 | 971 | ||||||||||||||
Net Interest Expense ($ Millions)* | 76 | 73 | 149 | 79 | 79 | 78 | 86 | 322 | ||||||||||||||
* Net of interest income. | ||||||||||||||||||||||
Capital Expenditures and Investments ($ Millions) | 87 | 121 | 208 | 69 | 41 | 41 | 46 | 197 | ||||||||||||||
Selected DCP Operating Statistics | ||||||||||||||||||||||
Total Throughput (TBtu/D) | 5.7 | 5.7 | 5.7 | 6.9 | 6.7 | 6.4 | 6.1 | 7.1 | ||||||||||||||
NGL Production (MB/D) | 341 | 367 | 354 | 382 | 416 | 403 | 371 | 393 | ||||||||||||||
Weighted Average NGL Price* | ||||||||||||||||||||||
DCP Midstream ($/BBL) | 25.31 | 22.94 | 24.13 | 15.34 | 19.26 | 18.98 | 23.19 | 19.19 | ||||||||||||||
DCP Midstream ($/gal) | 0.60 | 0.55 | 0.57 | 0.37 | 0.46 | 0.45 | 0.55 | 0.46 | ||||||||||||||
* 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 | 32 | 36 | 68 | 16 | 21 | 26 | 28 | 91 | ||||||||||||||
LP Distribution from PSXP to Phillips 66 | 37 | 40 | 77 | 28 | 30 | 34 | 36 | 128 | ||||||||||||||
GP Distribution from DCP Midstream, LP to DCP Midstream*** | 23 | ** | 23 | 31 | 31 | 31 | 31 | 124 | ||||||||||||||
LP Distribution from DCP Midstream, LP to DCP Midstream*** | 41 | ** | 41 | 19 | 19 | 19 | 19 | 76 | ||||||||||||||
* 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, LP | ||||||||||||||||||||||
(formerly DCP Midstream Partners, LP). | ||||||||||||||||||||||
Page 4
| |||||||||||||||
MIDSTREAM (continued) | ||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
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 | 112 | 96 | 208 | 80 | 62 | 103 | 35 | 280 | ||||||||||||||
Plus: | ||||||||||||||||||||||
Provision for income taxes | 41 | 34 | 75 | 41 | 22 | 38 | 21 | 122 | ||||||||||||||
Interest revenue | (1 | ) | — | (1 | ) | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 68 | 69 | 137 | 48 | 50 | 56 | 61 | 215 | ||||||||||||||
Midstream EBITDA | 220 | 199 | 419 | 169 | 134 | 197 | 117 | 617 | ||||||||||||||
Special Item Adjustments (pre-tax): | ||||||||||||||||||||||
Pending claims and settlements | — | — | — | (45 | ) | — | — | — | (45 | ) | ||||||||||||
Impairments by equity affiliates | — | — | — | 6 | — | — | — | 6 | ||||||||||||||
Equity affiliate ownership restructuring | — | — | — | — | — | — | 33 | 33 | ||||||||||||||
Pension settlement expense | — | 8 | 8 | — | — | — | — | — | ||||||||||||||
Midstream EBITDA, Adjusted for Special Items | 220 | 207 | 427 | 130 | 134 | 197 | 150 | 611 | ||||||||||||||
Other Adjustments (pre-tax): | ||||||||||||||||||||||
EBITDA attributable to Phillips 66 noncontrolling interests | (44 | ) | (45 | ) | (89 | ) | (18 | ) | (28 | ) | (35 | ) | (43 | ) | (124 | ) | ||||||
Proportional share of selected equity affiliates income taxes | — | 1 | 1 | 1 | 1 | — | — | 2 | ||||||||||||||
Proportional share of selected equity affiliates net interest | 17 | 16 | 33 | 32 | 33 | 32 | 32 | 129 | ||||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 27 | 26 | 53 | 43 | 44 | 51 | 45 | 183 | ||||||||||||||
Midstream Adjusted EBITDA* | 220 | 205 | 425 | 188 | 184 | 245 | 184 | 801 | ||||||||||||||
* Proportional share of selected equity affiliates is net of noncontrolling interests. | ||||||||||||||||||||||
Midstream Adjusted EBITDA by Business Line | ||||||||||||||||||||||
100% PSXP Results | ||||||||||||||||||||||
PSXP net income | 97 | 103 | 200 | 94 | 100 | 112 | 102 | 408 | ||||||||||||||
Plus: | ||||||||||||||||||||||
Provision for income taxes | — | 1 | 1 | — | 1 | — | 1 | 2 | ||||||||||||||
Net interest expense | 24 | 24 | 48 | 10 | 11 | 10 | 21 | 52 | ||||||||||||||
Depreciation and amortization | 26 | 26 | 52 | 23 | 23 | 25 | 25 | 96 | ||||||||||||||
PSXP EBITDA | 147 | 154 | 301 | 127 | 135 | 147 | 149 | 558 | ||||||||||||||
Adjustments (pre-tax): | ||||||||||||||||||||||
EBITDA attributable to predecessors | — | — | — | (58 | ) | (45 | ) | (39 | ) | (5 | ) | (147 | ) | |||||||||
PSXP Adjusted EBITDA* | 147 | 154 | 301 | 69 | 90 | 108 | 144 | 411 | ||||||||||||||
* Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes. | ||||||||||||||||||||||
Total Transportation and NGL | ||||||||||||||||||||||
Total Transportation and NGL net income | 95 | 83 | 178 | 76 | 71 | 94 | 72 | 313 | ||||||||||||||
Plus: | ||||||||||||||||||||||
Provision for income taxes | 31 | 25 | 56 | 38 | 27 | 33 | 25 | 123 | ||||||||||||||
Interest revenue | (1 | ) | — | (1 | ) | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 68 | 69 | 137 | 48 | 50 | 56 | 61 | 215 | ||||||||||||||
Total Transportation and NGL EBITDA* | 193 | 177 | 370 | 162 | 148 | 183 | 158 | 651 | ||||||||||||||
Special Item Adjustments (pre-tax): | ||||||||||||||||||||||
Pension settlement expense | — | 8 | 8 | — | — | — | — | — | ||||||||||||||
Total Transportation and NGL EBITDA, Adjusted for Special Items* | 193 | 185 | 378 | 162 | 148 | 183 | 158 | 651 | ||||||||||||||
* Includes PSXP at 100%. | ||||||||||||||||||||||
Other Adjustments (pre-tax): | ||||||||||||||||||||||
EBITDA attributable to Phillips 66 noncontrolling interests | (44 | ) | (45 | ) | (89 | ) | (18 | ) | (28 | ) | (35 | ) | (43 | ) | (124 | ) | ||||||
Total Transportation and NGL Adjusted EBITDA | 149 | 140 | 289 | 144 | 120 | 148 | 115 | 527 | ||||||||||||||
DCP Midstream | ||||||||||||||||||||||
DCP Midstream net income | 17 | 13 | 30 | 4 | (9 | ) | 9 | (37 | ) | (33 | ) | |||||||||||
Plus: | ||||||||||||||||||||||
Provision for income taxes | 10 | 9 | 19 | 3 | (5 | ) | 5 | (4 | ) | (1 | ) | |||||||||||
DCP Midstream EBITDA | 27 | 22 | 49 | 7 | (14 | ) | 14 | (41 | ) | (34 | ) | |||||||||||
Special Item Adjustments (pre-tax): | ||||||||||||||||||||||
Pending claims and settlements | — | — | — | (45 | ) | — | — | — | (45 | ) | ||||||||||||
Impairments by equity affiliates | — | — | — | 6 | — | — | — | 6 | ||||||||||||||
Equity affiliate ownership restructuring | — | — | — | — | — | — | 33 | 33 | ||||||||||||||
DCP Midstream EBITDA, Adjusted for Special Items | 27 | 22 | 49 | (32 | ) | (14 | ) | 14 | (8 | ) | (40 | ) | ||||||||||
Other Adjustments (pre-tax): | ||||||||||||||||||||||
Proportional share of selected equity affiliates income taxes | — | 1 | 1 | 1 | 1 | — | — | 2 | ||||||||||||||
Proportional share of selected equity affiliates net interest | 17 | 16 | 33 | 32 | 33 | 32 | 32 | 129 | ||||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 27 | 26 | 53 | 43 | 44 | 51 | 45 | 183 | ||||||||||||||
DCP Midstream Adjusted EBITDA* | 71 | 65 | 136 | 44 | 64 | 97 | 69 | 274 | ||||||||||||||
* Proportional share of selected equity affiliates is net of noncontrolling interests. | ||||||||||||||||||||||
Page 5
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CHEMICALS | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
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) | 181 | 196 | 377 | 156 | 190 | 101 | 136 | 583 | ||||||||||||||
100% CPChem Results | ||||||||||||||||||||||
Net Income (Loss), excludes parent company income tax related to CPChem's earnings ($ Millions) | ||||||||||||||||||||||
Olefins and Polyolefins | 461 | 537 | 998 | 422 | 478 | 460 | 290 | 1,650 | ||||||||||||||
Specialties, Aromatics and Styrenics | 53 | 61 | 114 | 49 | 64 | (90 | ) | 63 | 86 | |||||||||||||
Corporate and Other | (11 | ) | (8 | ) | (19 | ) | (12 | ) | (13 | ) | (15 | ) | (9 | ) | (49 | ) | ||||||
Total | 503 | 590 | 1,093 | 459 | 529 | 355 | 344 | 1,687 | ||||||||||||||
Income (Loss) before Income Taxes ($ Millions) | ||||||||||||||||||||||
Olefins and Polyolefins | 470 | 546 | 1,016 | 432 | 493 | 471 | 291 | 1,687 | ||||||||||||||
Specialties, Aromatics and Styrenics | 62 | 65 | 127 | 56 | 72 | (86 | ) | 71 | 113 | |||||||||||||
Corporate and Other | (11 | ) | (8 | ) | (19 | ) | (12 | ) | (13 | ) | (13 | ) | (9 | ) | (47 | ) | ||||||
Total | 521 | 603 | 1,124 | 476 | 552 | 372 | 353 | 1,753 | ||||||||||||||
Depreciation and Amortization ($ Millions) | 73 | 75 | 148 | 77 | 77 | 79 | 83 | 316 | ||||||||||||||
Net Interest Expense ($ Millions)* | (1 | ) | (1 | ) | (2 | ) | — | — | (1 | ) | — | (1 | ) | |||||||||
* Net of interest income. | ||||||||||||||||||||||
Investing Cash Flows ($ Millions) | ||||||||||||||||||||||
Capital Expenditures and Investments | 512 | 262 | 774 | 493 | 588 | 411 | 482 | 1,974 | ||||||||||||||
Advances to Equity Companies | 6 | 2 | 8 | 14 | 23 | 10 | 6 | 53 | ||||||||||||||
Advance Repayments from Equity Companies | (7 | ) | — | (7 | ) | — | (6 | ) | (26 | ) | (31 | ) | (63 | ) | ||||||||
Externally Marketed Sales Volumes (MM Lbs)* | ||||||||||||||||||||||
Olefins and Polyolefins | 4,016 | 4,137 | 8,153 | 4,002 | 4,139 | 4,155 | 3,715 | 16,011 | ||||||||||||||
Specialties, Aromatics and Styrenics | 1,206 | 1,175 | 2,381 | 1,254 | 1,212 | 1,284 | 1,161 | 4,911 | ||||||||||||||
Total | 5,222 | 5,312 | 10,534 | 5,256 | 5,351 | 5,439 | 4,876 | 20,922 | ||||||||||||||
* 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 (%)* | 89 | % | 98 | % | 93 | % | 94 | % | 92 | % | 93 | % | 86 | % | 91 | % | ||||||
* Revised to exclude polyethylene pipe operations. | ||||||||||||||||||||||
Market Indicators* | ||||||||||||||||||||||
U.S. Industry Prices | ||||||||||||||||||||||
Ethylene, Average Acquisition Contract (cents/lb) | 31.87 | 29.61 | 30.74 | 23.95 | 27.99 | 33.11 | 30.11 | 28.79 | ||||||||||||||
HDPE Blow Molding, Domestic Spot (cents/lb) | 55.83 | 58.00 | 56.92 | 47.42 | 52.58 | 54.17 | 54.67 | 52.21 | ||||||||||||||
U.S. Industry Costs | ||||||||||||||||||||||
Ethylene, Cash Cost Weighted Average Feed (cents/lb) | 11.80 | 12.54 | 12.17 | 9.80 | 12.04 | 10.59 | 14.31 | 11.69 | ||||||||||||||
HDPE Blow Molding, Total Cash Cost (cents/lb) | 44.90 | 42.59 | 43.75 | 36.50 | 40.60 | 45.95 | 42.96 | 41.50 | ||||||||||||||
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb) | 31.00 | 32.48 | 31.74 | 25.07 | 27.93 | 30.74 | 27.51 | 27.81 | ||||||||||||||
* Source: IHS, Inc. | ||||||||||||||||||||||
Reconciliation of Chemicals Net Income to Adjusted EBITDA ($ Millions) | ||||||||||||||||||||||
Chemicals net income | 181 | 196 | 377 | 156 | 190 | 101 | 136 | 583 | ||||||||||||||
Plus: | ||||||||||||||||||||||
Provision for income taxes | 70 | 98 | 168 | 72 | 74 | 75 | 35 | 256 | ||||||||||||||
Chemicals EBITDA | 251 | 294 | 545 | 228 | 264 | 176 | 171 | 839 | ||||||||||||||
Special Item Adjustments (pre-tax): | ||||||||||||||||||||||
Impairments by equity affiliates | 33 | — | 33 | — | — | 89 | — | 89 | ||||||||||||||
Chemicals EBITDA, Adjusted for Special Items | 284 | 294 | 578 | 228 | 264 | 265 | 171 | 928 | ||||||||||||||
Other Adjustments (pre-tax): | ||||||||||||||||||||||
Proportional share of selected equity affiliates income taxes | 20 | 14 | 34 | 18 | 26 | 20 | 13 | 77 | ||||||||||||||
Proportional share of selected equity affiliates net interest | 1 | 2 | 3 | 2 | 3 | 1 | 2 | 8 | ||||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 69 | 70 | 139 | 71 | 70 | 70 | 74 | 285 | ||||||||||||||
Chemicals Adjusted EBITDA | 374 | 380 | 754 | 319 | 363 | 356 | 260 | 1,298 | ||||||||||||||
Page 6
| |||||||||||||||
REFINING | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
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 | (50 | ) | 107 | 57 | 4 | 32 | 5 | 163 | 204 | |||||||||||||
Gulf Coast | 328 | 53 | 381 | 68 | 5 | 30 | (51 | ) | 52 | |||||||||||||
Central Corridor | 62 | 27 | 89 | 20 | 55 | 142 | 17 | 234 | ||||||||||||||
West Coast | (81 | ) | 37 | (44 | ) | (6 | ) | 57 | — | (167 | ) | (116 | ) | |||||||||
Refining Net Income (Loss) Attributable to Phillips 66 | 259 | 224 | 483 | 86 | 149 | 177 | (38 | ) | 374 | |||||||||||||
Refining Income (Loss) before Income Taxes ($ Millions) | ||||||||||||||||||||||
Atlantic Basin/Europe | (98 | ) | 120 | 22 | 3 | 14 | 4 | 166 | 187 | |||||||||||||
Gulf Coast | 521 | 86 | 607 | 107 | 7 | 51 | (95 | ) | 70 | |||||||||||||
Central Corridor | 97 | 42 | 139 | 32 | 96 | 220 | 19 | 367 | ||||||||||||||
West Coast | (130 | ) | 59 | (71 | ) | (15 | ) | 90 | (1 | ) | (262 | ) | (188 | ) | ||||||||
Refining Income (Loss) before Income Taxes | 390 | 307 | 697 | 127 | 207 | 274 | (172 | ) | 436 | |||||||||||||
Realized Refining Margins ($/BBL)* | ||||||||||||||||||||||
Atlantic Basin/Europe | 6.29 | 7.90 | 7.20 | 5.79 | 6.15 | 5.04 | 8.19 | 6.26 | ||||||||||||||
Gulf Coast | 8.03 | 6.74 | 7.36 | 6.76 | 5.18 | 5.47 | 4.61 | 5.49 | ||||||||||||||
Central Corridor | 10.54 | 9.96 | 10.25 | 7.41 | 8.65 | 11.18 | 7.50 | 8.70 | ||||||||||||||
West Coast | 9.95 | 10.83 | 10.44 | 9.70 | 10.94 | 9.07 | 6.30 | 9.15 | ||||||||||||||
Worldwide | 8.55 | 8.44 | 8.49 | 7.11 | 7.13 | 7.23 | 6.47 | 6.99 | ||||||||||||||
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. Realized margin excludes special items. | ||||||||||||||||||||||
Depreciation and Amortization ($ Millions)* | ||||||||||||||||||||||
Atlantic Basin/Europe | 49 | 47 | 96 | 47 | 54 | 46 | 52 | 199 | ||||||||||||||
Gulf Coast | 65 | 68 | 133 | 57 | 58 | 58 | 61 | 234 | ||||||||||||||
Central Corridor | 27 | 27 | 54 | 26 | 26 | 26 | 28 | 106 | ||||||||||||||
West Coast | 58 | 62 | 120 | 56 | 58 | 58 | 58 | 230 | ||||||||||||||
Total | 199 | 204 | 403 | 186 | 196 | 188 | 199 | 769 | ||||||||||||||
* Excludes D&A of all equity affiliates. | ||||||||||||||||||||||
Operating and SG&A Expense ($ Millions)* | ||||||||||||||||||||||
Atlantic Basin/Europe | 271 | 213 | 484 | 236 | 223 | 215 | 207 | 881 | ||||||||||||||
Gulf Coast | 350 | 308 | 658 | 286 | 311 | 344 | 344 | 1,285 | ||||||||||||||
Central Corridor | 144 | 191 | 335 | 114 | 119 | 126 | 137 | 496 | ||||||||||||||
West Coast | 324 | 234 | 558 | 250 | 202 | 233 | 343 | 1,028 | ||||||||||||||
Total | 1,089 | 946 | 2,035 | 886 | 855 | 918 | 1,031 | 3,690 | ||||||||||||||
* Excludes Operating and SG&A Expense of all equity affiliates. | ||||||||||||||||||||||
Turnaround Expense ($ Millions), included in | ||||||||||||||||||||||
Operating and SG&A Expense* | ||||||||||||||||||||||
Atlantic Basin/Europe | 83 | 19 | 102 | 26 | 10 | 17 | 20 | 73 | ||||||||||||||
Gulf Coast | 72 | 23 | 95 | 23 | 26 | 55 | 51 | 155 | ||||||||||||||
Central Corridor | 27 | 79 | 106 | 10 | 17 | 18 | 15 | 60 | ||||||||||||||
West Coast | 117 | 33 | 150 | 56 | 16 | 27 | 119 | 218 | ||||||||||||||
Total | 299 | 154 | 453 | 115 | 69 | 117 | 205 | 506 | ||||||||||||||
* Excludes Turnaround Expense of all equity affiliates. | ||||||||||||||||||||||
Taxes Other than Income Taxes, excluding Excise Taxes ($ Millions) | ||||||||||||||||||||||
Atlantic Basin/Europe | 16 | 13 | 29 | 17 | 15 | 13 | 13 | 58 | ||||||||||||||
Gulf Coast | 27 | 23 | 50 | 23 | 21 | 12 | 17 | 73 | ||||||||||||||
Central Corridor | 14 | 13 | 27 | 13 | 12 | 7 | 10 | 42 | ||||||||||||||
West Coast | 20 | 21 | 41 | 22 | 20 | 21 | 19 | 82 | ||||||||||||||
Total | 77 | 70 | 147 | 75 | 68 | 53 | 59 | 255 | ||||||||||||||
Foreign Currency Gains (Losses) After-Tax ($ Millions) | — | 1 | 1 | 5 | — | 5 | — | 10 | ||||||||||||||
Refining—Equity Affiliate Information ($ Millions) | ||||||||||||||||||||||
Equity in earnings of affiliates | (6 | ) | 22 | 16 | (9 | ) | 80 | 68 | 24 | 163 | ||||||||||||
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity-affiliate-related costs* | 239 | (191 | ) | 48 | (146 | ) | (229 | ) | (145 | ) | (165 | ) | (685 | ) | ||||||||
Equity-affiliate-related expenses not included in Realized Refining Margins | 233 | (169 | ) | 64 | (155 | ) | (149 | ) | (77 | ) | (141 | ) | (522 | ) | ||||||||
Regional Totals | ||||||||||||||||||||||
Atlantic Basin/Europe | (17 | ) | (18 | ) | (35 | ) | (18 | ) | (17 | ) | (16 | ) | (12 | ) | (63 | ) | ||||||
Gulf Coast | 428 | (2 | ) | 426 | 14 | 17 | 77 | 15 | 123 | |||||||||||||
Central Corridor | (178 | ) | (149 | ) | (327 | ) | (151 | ) | (149 | ) | (138 | ) | (144 | ) | (582 | ) | ||||||
Total | 233 | (169 | ) | 64 | (155 | ) | (149 | ) | (77 | ) | (141 | ) | (522 | ) | ||||||||
* Other costs associated with equity affiliates which do not flow through equity earnings. | ||||||||||||||||||||||
Page 7
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REFINING (continued) | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Reconciliation of Refining Net Income to Adjusted EBITDA ($ Millions) | ||||||||||||||||||||||
Refining net income | 259 | 224 | 483 | 86 | 149 | 177 | (38 | ) | 374 | |||||||||||||
Plus: | ||||||||||||||||||||||
Provision for income taxes | 131 | 83 | 214 | 41 | 58 | 97 | (134 | ) | 62 | |||||||||||||
Depreciation and amortization | 199 | 204 | 403 | 186 | 196 | 188 | 199 | 769 | ||||||||||||||
Refining EBITDA | 589 | 511 | 1,100 | 313 | 403 | 462 | 27 | 1,205 | ||||||||||||||
Special Item Adjustments (pre-tax): | ||||||||||||||||||||||
Pending claims and settlements | — | (21 | ) | (21 | ) | — | — | (70 | ) | — | (70 | ) | ||||||||||
Certain tax impacts | — | — | — | — | — | — | (32 | ) | (32 | ) | ||||||||||||
Gain on consolidation of business | (423 | ) | — | (423 | ) | — | — | — | — | — | ||||||||||||
Recognition of deferred logistics commitments | — | — | — | — | 30 | — | — | 30 | ||||||||||||||
Railcar lease residual value deficiencies and related costs | — | — | — | — | — | — | 40 | 40 | ||||||||||||||
Pension settlement expense | — | 35 | 35 | — | — | — | — | — | ||||||||||||||
Refining EBITDA, Adjusted for Special Items | 166 | 525 | 691 | 313 | 433 | 392 | 35 | 1,173 | ||||||||||||||
Other Adjustments (pre-tax): | ||||||||||||||||||||||
Proportional share of selected equity affiliates income taxes | — | — | — | — | — | — | — | — | ||||||||||||||
Proportional share of selected equity affiliates net interest | — | (1 | ) | (1 | ) | — | — | — | — | — | ||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 65 | 65 | 130 | 63 | 64 | 65 | 65 | 257 | ||||||||||||||
Refining Adjusted EBITDA | 231 | 589 | 820 | 376 | 497 | 457 | 100 | 1,430 | ||||||||||||||
Operating Statistics | ||||||||||||||||||||||
Atlantic Basin/Europe* | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 366 | 533 | 450 | 577 | 594 | 573 | 529 | 568 | ||||||||||||||
Total Charge Input (MB/D) | 446 | 569 | 508 | 607 | 626 | 607 | 570 | 602 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 70 | % | 103 | % | 87 | % | 98 | % | 101 | % | 100 | % | 102 | % | 100 | % | ||||||
Clean Product Yield (%) | 88 | % | 87 | % | 88 | % | 83 | % | 84 | % | 85 | % | 89 | % | 85 | % | ||||||
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | ||||||||||||||||||||||
Gulf Coast | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 668 | 715 | 691 | 679 | 738 | 701 | 701 | 704 | ||||||||||||||
Total Charge Input (MB/D) | 743 | 795 | 769 | 748 | 807 | 770 | 775 | 775 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 90 | % | 96 | % | 93 | % | 91 | % | 99 | % | 94 | % | 94 | % | 95 | % | ||||||
Clean Product Yield (%) | 80 | % | 81 | % | 81 | % | 79 | % | 80 | % | 81 | % | 82 | % | 80 | % | ||||||
Central Corridor* | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 470 | 465 | 468 | 472 | 500 | 487 | 479 | 485 | ||||||||||||||
Total Charge Input (MB/D) | 488 | 480 | 484 | 491 | 514 | 505 | 498 | 502 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 95 | % | 94 | % | 95 | % | 96 | % | 101 | % | 99 | % | 97 | % | 98 | % | ||||||
Clean Product Yield (%) | 90 | % | 88 | % | 89 | % | 88 | % | 89 | % | 86 | % | 89 | % | 88 | % | ||||||
* Includes our proportionate share of the Borger Refinery and Wood River Refinery. | ||||||||||||||||||||||
West Coast | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 279 | 366 | 323 | 323 | 348 | 344 | 257 | 318 | ||||||||||||||
Total Charge Input (MB/D) | 304 | 388 | 346 | 351 | 370 | 372 | 287 | 345 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 78 | % | 102 | % | 90 | % | 90 | % | 97 | % | 96 | % | 71 | % | 88 | % | ||||||
Clean Product Yield (%) | 87 | % | 87 | % | 87 | % | 81 | % | 87 | % | 88 | % | 86 | % | 85 | % | ||||||
Worldwide—Including Proportionate Share of Equity Affiliates | ||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 1,783 | 2,079 | 1,932 | 2,051 | 2,180 | 2,105 | 1,966 | 2,075 | ||||||||||||||
Total Charge Input (MB/D) | 1,981 | 2,232 | 2,107 | 2,197 | 2,317 | 2,254 | 2,130 | 2,224 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 84 | % | 98 | % | 91 | % | 94 | % | 100 | % | 97 | % | 93 | % | 96 | % | ||||||
Clean Product Yield (%) | 85 | % | 85 | % | 85 | % | 82 | % | 84 | % | 84 | % | 86 | % | 84 | % | ||||||
Refined Products Production (MB/D) | ||||||||||||||||||||||
Atlantic Basin/Europe* | ||||||||||||||||||||||
Gasoline | 213 | 252 | 233 | 249 | 256 | 252 | 250 | 252 | ||||||||||||||
Distillates | 163 | 228 | 195 | 241 | 250 | 246 | 239 | 244 | ||||||||||||||
Other | 81 | 95 | 88 | 121 | 123 | 113 | 89 | 111 | ||||||||||||||
Total | 457 | 575 | 516 | 611 | 629 | 611 | 578 | 607 | ||||||||||||||
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | ||||||||||||||||||||||
Gulf Coast | ||||||||||||||||||||||
Gasoline | 296 | 324 | 309 | 286 | 321 | 309 | 321 | 309 | ||||||||||||||
Distillates | 275 | 292 | 284 | 277 | 306 | 291 | 293 | 292 | ||||||||||||||
Other | 178 | 185 | 182 | 192 | 190 | 176 | 169 | 182 | ||||||||||||||
Total | 749 | 801 | 775 | 755 | 817 | 776 | 783 | 783 | ||||||||||||||
Central Corridor* | ||||||||||||||||||||||
Gasoline | 253 | 241 | 247 | 254 | 270 | 250 | 260 | 258 | ||||||||||||||
Distillates | 181 | 180 | 180 | 175 | 185 | 183 | 183 | 181 | ||||||||||||||
Other | 59 | 64 | 62 | 65 | 65 | 77 | 59 | 67 | ||||||||||||||
Total | 493 | 485 | 489 | 494 | 520 | 510 | 502 | 506 | ||||||||||||||
* Includes our proportionate share of the Borger Refinery and Wood River Refinery. | ||||||||||||||||||||||
West Coast | ||||||||||||||||||||||
Gasoline | 154 | 197 | 176 | 161 | 185 | 189 | 142 | 169 | ||||||||||||||
Distillates | 110 | 141 | 126 | 123 | 137 | 137 | 105 | 126 | ||||||||||||||
Other | 41 | 50 | 45 | 66 | 49 | 48 | 38 | 50 | ||||||||||||||
Total | 305 | 388 | 347 | 350 | 371 | 374 | 285 | 345 | ||||||||||||||
Worldwide—Including Proportionate Share of Equity Affiliates | ||||||||||||||||||||||
Gasoline | 916 | 1,014 | 965 | 950 | 1,032 | 1,000 | 973 | 988 | ||||||||||||||
Distillates | 729 | 841 | 785 | 816 | 878 | 857 | 820 | 843 | ||||||||||||||
Other | 359 | 394 | 377 | 444 | 427 | 414 | 355 | 410 | ||||||||||||||
Total | 2,004 | 2,249 | 2,127 | 2,210 | 2,337 | 2,271 | 2,148 | 2,241 | ||||||||||||||
Page 8
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REFINING (continued) | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||
Market Indicators | ||||||||||||||||||||||
Crude and Crude Differentials ($/BBL) | ||||||||||||||||||||||
WTI | 51.83 | 48.24 | 50.04 | 33.27 | 45.48 | 44.88 | 49.18 | 43.20 | ||||||||||||||
Brent | 53.78 | 49.83 | 51.80 | 33.89 | 45.57 | 45.85 | 49.46 | 43.69 | ||||||||||||||
LLS | 53.51 | 50.31 | 51.91 | 35.14 | 47.34 | 46.53 | 50.54 | 44.88 | ||||||||||||||
ANS | 53.83 | 50.68 | 52.26 | 34.46 | 45.72 | 44.78 | 50.14 | 43.77 | ||||||||||||||
WTI less Maya | 7.10 | 4.29 | 5.69 | 7.21 | 7.70 | 5.86 | 6.38 | 6.79 | ||||||||||||||
WTI less WCS | 13.79 | 9.99 | 11.89 | 13.63 | 12.92 | 14.22 | 15.02 | 13.95 | ||||||||||||||
Natural Gas ($/MMBtu) | ||||||||||||||||||||||
Henry Hub | 3.00 | 3.05 | 3.02 | 1.98 | 2.10 | 2.85 | 2.99 | 2.48 | ||||||||||||||
Product Margins ($/BBL) | ||||||||||||||||||||||
Atlantic Basin/Europe | ||||||||||||||||||||||
East Coast Gasoline less Brent | 9.46 | 15.53 | 12.50 | 11.54 | 17.92 | 13.37 | 13.44 | 14.07 | ||||||||||||||
East Coast Distillate less Brent | 12.93 | 13.29 | 13.11 | 10.79 | 12.54 | 12.59 | 15.67 | 12.89 | ||||||||||||||
Gulf Coast | ||||||||||||||||||||||
Gulf Coast Gasoline less LLS | 9.92 | 10.86 | 10.39 | 7.81 | 11.05 | 10.17 | 8.58 | 9.40 | ||||||||||||||
Gulf Coast Distillate less LLS | 12.26 | 11.59 | 11.92 | 7.92 | 9.07 | 11.01 | 13.39 | 10.35 | ||||||||||||||
Central Corridor | ||||||||||||||||||||||
Central Gasoline less WTI | 12.77 | 14.11 | 13.44 | 10.24 | 13.67 | 14.16 | 9.40 | 11.87 | ||||||||||||||
Central Distillate less WTI | 14.00 | 14.59 | 14.29 | 11.08 | 11.75 | 15.38 | 14.03 | 13.06 | ||||||||||||||
West Coast | ||||||||||||||||||||||
West Coast Gasoline less ANS | 17.28 | 21.08 | 19.18 | 17.66 | 20.15 | 16.08 | 13.26 | 16.79 | ||||||||||||||
West Coast Distillate less ANS | 14.84 | 14.32 | 14.58 | 11.19 | 14.70 | 14.82 | 17.34 | 14.51 | ||||||||||||||
Worldwide Market Crack Spread ($/BBL)* | 12.24 | 14.06 | 13.15 | 10.64 | 13.84 | 12.96 | 12.10 | 12.39 | ||||||||||||||
* Weighted average based on Phillips 66 crude capacity. | ||||||||||||||||||||||
Page 9
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MARKETING AND SPECIALTIES | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
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 | 124 | 181 | 305 | 162 | 199 | 228 | 158 | 747 | ||||||||||||||
Specialties | 17 | 33 | 50 | 43 | 30 | 39 | 32 | 144 | ||||||||||||||
Marketing and Specialties Net Income Attributable to Phillips 66 | 141 | 214 | 355 | 205 | 229 | 267 | 190 | 891 | ||||||||||||||
Marketing and Specialties Income before Income Taxes ($ Millions) | ||||||||||||||||||||||
Marketing and Other | 181 | 275 | 456 | 246 | 298 | 339 | 161 | 1,044 | ||||||||||||||
Specialties | 27 | 53 | 80 | 69 | 47 | 61 | 40 | 217 | ||||||||||||||
Marketing and Specialties Income before Income Taxes | 208 | 328 | 536 | 315 | 345 | 400 | 201 | 1,261 | ||||||||||||||
Realized Marketing Fuel Margin ($/BBL)* | ||||||||||||||||||||||
U.S. | 1.47 | 1.74 | 1.61 | 1.83 | 1.79 | 1.88 | 1.10 | 1.64 | ||||||||||||||
International | 3.70 | 4.95 | 4.33 | 3.16 | 4.16 | 5.19 | 3.68 | 4.05 | ||||||||||||||
* On third-party petroleum products sales. | ||||||||||||||||||||||
Realized Margins not included in Marketing Fuel Margin ($ Millions)* | ||||||||||||||||||||||
Marketing and Other | 133 | 142 | 275 | 123 | 147 | 143 | 129 | 542 | ||||||||||||||
Specialties | 72 | 97 | 169 | 112 | 92 | 104 | 88 | 396 | ||||||||||||||
Total | 205 | 239 | 444 | 235 | 239 | 247 | 217 | 938 | ||||||||||||||
* Excludes Gain on Dispositions and Excise Tax Income. | ||||||||||||||||||||||
Depreciation and Amortization ($ Millions) | ||||||||||||||||||||||
Marketing and Other | 22 | 21 | 43 | 20 | 22 | 24 | 21 | 87 | ||||||||||||||
Specialties | 5 | 5 | 10 | 5 | 5 | 5 | 5 | 20 | ||||||||||||||
Total | 27 | 26 | 53 | 25 | 27 | 29 | 26 | 107 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | ||||||||||||||||||||||
Marketing and Other | 245 | 283 | 528 | 244 | 271 | 261 | 262 | 1,038 | ||||||||||||||
Specialties | 38 | 37 | 75 | 35 | 38 | 38 | 41 | 152 | ||||||||||||||
Total | 283 | 320 | 603 | 279 | 309 | 299 | 303 | 1,190 | ||||||||||||||
Marketing Petroleum Products Sales (MB/D) | ||||||||||||||||||||||
U.S. Marketing | ||||||||||||||||||||||
Gasoline | 1,073 | 1,188 | 1,131 | 1,086 | 1,171 | 1,158 | 1,183 | 1,150 | ||||||||||||||
Distillates | 667 | 751 | 709 | 706 | 782 | 780 | 773 | 760 | ||||||||||||||
Other | — | — | — | — | 1 | — | — | — | ||||||||||||||
Total | 1,740 | 1,939 | 1,840 | 1,792 | 1,954 | 1,938 | 1,956 | 1,910 | ||||||||||||||
International Marketing | ||||||||||||||||||||||
Gasoline | 82 | 87 | 84 | 90 | 90 | 89 | 82 | 88 | ||||||||||||||
Distillates | 168 | 161 | 165 | 197 | 193 | 189 | 168 | 187 | ||||||||||||||
Other | 15 | 18 | 16 | 15 | 18 | 17 | 17 | 16 | ||||||||||||||
Total | 265 | 266 | 265 | 302 | 301 | 295 | 267 | 291 | ||||||||||||||
Worldwide Marketing | ||||||||||||||||||||||
Gasoline | 1,155 | 1,275 | 1,215 | 1,176 | 1,261 | 1,247 | 1,265 | 1,238 | ||||||||||||||
Distillates | 835 | 912 | 874 | 903 | 975 | 969 | 941 | 947 | ||||||||||||||
Other | 15 | 18 | 16 | 15 | 19 | 17 | 17 | 16 | ||||||||||||||
Total | 2,005 | 2,205 | 2,105 | 2,094 | 2,255 | 2,233 | 2,223 | 2,201 | ||||||||||||||
Foreign Currency Gains (Losses) After-Tax ($ Millions) | 1 | — | 1 | (1 | ) | 1 | — | (1 | ) | (1 | ) | |||||||||||
Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA ($ Millions) | ||||||||||||||||||||||
Marketing and Specialties net income | 141 | 214 | 355 | 205 | 229 | 267 | 190 | 891 | ||||||||||||||
Plus: | ||||||||||||||||||||||
Provision for income taxes | 67 | 114 | 181 | 110 | 116 | 133 | 11 | 370 | ||||||||||||||
Depreciation and amortization | 27 | 26 | 53 | 25 | 27 | 29 | 26 | 107 | ||||||||||||||
Marketing and Specialties EBITDA | 235 | 354 | 589 | 340 | 372 | 429 | 227 | 1,368 | ||||||||||||||
Special Item Adjustments (pre-tax): | ||||||||||||||||||||||
Pension settlement expense | — | 7 | 7 | — | — | — | — | — | ||||||||||||||
Marketing and Specialties EBITDA, Adjusted for Special Items | 235 | 361 | 596 | 340 | 372 | 429 | 227 | 1,368 | ||||||||||||||
Other Adjustments (pre-tax): | ||||||||||||||||||||||
None | — | — | — | — | — | — | — | — | ||||||||||||||
Marketing and Specialties Adjusted EBITDA | 235 | 361 | 596 | 340 | 372 | 429 | 227 | 1,368 | ||||||||||||||
Page 10
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CORPORATE AND OTHER | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
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) | (123 | ) | (143 | ) | (266 | ) | (127 | ) | (111 | ) | (109 | ) | (124 | ) | (471 | ) | ||||||
Detail of Net Income (Loss) Attributable to Phillips 66 ($ Millions) | ||||||||||||||||||||||
Net interest expense | (65 | ) | (65 | ) | (130 | ) | (54 | ) | (52 | ) | (49 | ) | (55 | ) | (210 | ) | ||||||
Corporate overhead | (39 | ) | (47 | ) | (86 | ) | (42 | ) | (40 | ) | (39 | ) | (40 | ) | (161 | ) | ||||||
Technology | (15 | ) | (14 | ) | (29 | ) | (14 | ) | (14 | ) | (15 | ) | (15 | ) | (58 | ) | ||||||
Other | (4 | ) | (17 | ) | (21 | ) | (17 | ) | (5 | ) | (6 | ) | (14 | ) | (42 | ) | ||||||
Total | (123 | ) | (143 | ) | (266 | ) | (127 | ) | (111 | ) | (109 | ) | (124 | ) | (471 | ) | ||||||
Pre-Tax Net Interest Expense ($ Millions) | ||||||||||||||||||||||
Interest expense | (114 | ) | (113 | ) | (227 | ) | (105 | ) | (104 | ) | (103 | ) | (107 | ) | (419 | ) | ||||||
Capitalized interest | 9 | 6 | 15 | 19 | 21 | 22 | 19 | 81 | ||||||||||||||
Interest revenue | 5 | 7 | 12 | 4 | 3 | 7 | 4 | 18 | ||||||||||||||
Premium on early debt retirement | — | — | — | (1 | ) | — | — | — | (1 | ) | ||||||||||||
Total | (100 | ) | (100 | ) | (200 | ) | (83 | ) | (80 | ) | (74 | ) | (84 | ) | (321 | ) | ||||||
Foreign Currency Gains (Losses) After-Tax ($ Millions) | — | (1 | ) | (1 | ) | 1 | — | — | 1 | 2 | ||||||||||||
Phillips 66 Total Company Debt | ||||||||||||||||||||||
Total Debt ($ Millions) | 10,210 | 9,965 | 9,965 | 8,835 | 8,862 | 8,858 | 10,138 | 10,138 | ||||||||||||||
Debt-to-Capital Ratio (%) | 30 | % | 30 | % | 30 | % | 27 | % | 27 | % | 27 | % | 30 | % | 30 | % | ||||||
Total Equity ($ Millions) | 23,725 | 23,806 | 23,806 | 23,643 | 24,066 | 24,311 | 23,725 | 23,725 | ||||||||||||||
Reconciliation of Phillips 66 Net Income to Adjusted EBITDA ($ Millions) | ||||||||||||||||||||||
Net income | 563 | 581 | 1,144 | 398 | 516 | 536 | 194 | 1,644 | ||||||||||||||
Plus: | ||||||||||||||||||||||
Provision for income taxes | 234 | 267 | 501 | 198 | 204 | 277 | (132 | ) | 547 | |||||||||||||
Net interest expense | 99 | 100 | 199 | 83 | 80 | 74 | 84 | 321 | ||||||||||||||
Depreciation and amortization | 315 | 320 | 635 | 280 | 290 | 293 | 305 | 1,168 | ||||||||||||||
Phillips 66 EBITDA | 1,211 | 1,268 | 2,479 | 959 | 1,090 | 1,180 | 451 | 3,680 | ||||||||||||||
Special Item Adjustments (pre-tax): | ||||||||||||||||||||||
Impairments by equity affiliates | 33 | — | 33 | 6 | — | 89 | — | 95 | ||||||||||||||
Pending claims and settlements | — | (21 | ) | (21 | ) | (45 | ) | — | (70 | ) | — | (115 | ) | |||||||||
Certain tax impacts | — | — | — | — | — | — | (32 | ) | (32 | ) | ||||||||||||
Gain on consolidation of business | (423 | ) | — | (423 | ) | — | — | — | — | — | ||||||||||||
Equity affiliate ownership restructuring | — | — | — | — | — | — | 33 | 33 | ||||||||||||||
Recognition of deferred logistics commitments | — | — | — | — | 30 | — | — | 30 | ||||||||||||||
Railcar lease residual value deficiencies and related costs | — | — | — | — | — | — | 40 | 40 | ||||||||||||||
Pension settlement expense | — | 55 | 55 | — | — | — | — | — | ||||||||||||||
Phillips 66 EBITDA, Adjusted for Special Items | 821 | 1,302 | 2,123 | 920 | 1,120 | 1,199 | 492 | 3,731 | ||||||||||||||
Other Adjustments (pre-tax): | ||||||||||||||||||||||
EBITDA attributable to Phillips 66 noncontrolling interests | (44 | ) | (45 | ) | (89 | ) | (18 | ) | (28 | ) | (35 | ) | (43 | ) | (124 | ) | ||||||
Proportional share of selected equity affiliates income taxes | 20 | 15 | 35 | 19 | 27 | 20 | 13 | 79 | ||||||||||||||
Proportional share of selected equity affiliates net interest | 18 | 17 | 35 | 34 | 36 | 33 | 34 | 137 | ||||||||||||||
Proportional share of selected equity affiliates depreciation and amortization | 161 | 161 | 322 | 177 | 178 | 186 | 184 | 725 | ||||||||||||||
Phillips 66 Adjusted EBITDA | 976 | 1,450 | 2,426 | 1,132 | 1,333 | 1,403 | 680 | 4,548 | ||||||||||||||
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. | ||||||||||||||||||||||
Page 11