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

Attached files

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EX-99.1 - EXHIBIT 99.1 - Phillips 66	a50362413ex99-1.htm
8-K - PHILLIPS 66 8-K - Phillips 66	a50362413.htm

Exhibit 99.2


Phillips 66 Earnings Release Supplemental Data


CONSOLIDATED INCOME STATEMENT

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

Revenues and Other Income
Sales and other operating revenues*		44,779			52,594			50,610			48,105			196,088			45,783			46,747						92,530
Equity in earnings of affiliates		690			784			856			513			2,843			734			815						1,549
Net gain (loss) on dispositions		3			43			(221	)		1,813			1,638			2			188						190
Other income		1			9			18			17			45			1			77						78
Total Revenues and Other Income		45,473			53,430			51,263			50,448			200,614			46,520			47,827						94,347

Costs and Expenses
Purchased crude oil and products		39,348			46,600			43,905			42,984			172,837			40,328			40,398						80,726
Operating expenses		1,042			1,018			1,027			985			4,072			1,092			984						2,076
Selling, general and administrative expenses		323			347			372			367			1,409			349			480						829
Depreciation and amortization		219			226			222			241			908			216			224						440
Impairments		-			2			486			(16	)		472			43			275						318
Taxes other than income taxes*		3,480			3,631			3,674			3,503			14,288			3,420			3,475						6,895
Accretion on discounted liabilities		5			6			5			5			21			5			6						11
Interest and debt expense		4			3			4			6			17			13			83						96
Foreign currency transaction (gains) losses		(43	)		(31	)		18			22			(34	)		(15	)		8						(7	)
Total Costs and Expenses		44,378			51,802			49,713			48,097			193,990			45,451			45,933						91,384
Income before income taxes		1,095			1,628			1,550			2,351			6,624			1,069			1,894						2,963
Provision for income taxes		418			588			499			339			1,844			431			712						1,143
Net Income		677			1,040			1,051			2,012			4,780			638			1,182						1,820
Less: net income attributable to
noncontrolling interests		1			1			2			1			5			2			1						3
Net Income Attributable to Phillips 66		676			1,039			1,049			2,011			4,775			636			1,181						1,817
*Includes excise taxes on petroleum products sales:		3,383			3,554			3,596			3,422			13,955			3,321			3,389						6,710


Net Income Attributable to Phillips 66
Per Share of Common Stock (dollars)
Basic		1.08			1.66			1.67			3.20			7.61			1.01			1.88						2.89
Diluted		1.07			1.64			1.65			3.17			7.52			1.00			1.86						2.86

Average Common Shares Outstanding (in thousands)
Basic		627,628			627,628			627,628			627,628			627,628			627,628			628,510						628,069
Diluted		634,645			634,645			634,645			634,645			634,645			634,645			635,157						635,051

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

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

R&M		488			774			785			1,801			3,848			400			1,184						1,584

Midstream		61			111			118			113			403			89			(91	)					(2	)

Chemicals		185			190			193			148			716			217			207						424

Corporate and Other		(58	)		(36	)		(47	)		(51	)		(192	)		(70	)		(119	)					(189	)

Consolidated		676			1,039			1,049			2,011			4,775			636			1,181						1,817

SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT

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

R&M		830			1,247			1,173			2,082			5,332			734			1,916						2,650

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

Chemicals		259			264			264			181			968			300			307						607

Corporate and Other		(90	)		(56	)		(73	)		(70	)		(289	)		(105	)		(177	)					(282	)

Consolidated		1,095			1,628			1,550			2,351			6,624			1,069			1,894						2,963

EFFECTIVE TAX RATES

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

R&M		41.1	%		37.9	%		32.9	%		13.4	%		27.7	%		45.2	%		38.2	%					40.1	%

Midstream		36.5	%		35.8	%		36.6	%		28.5	%		34.3	%		36.4	%		40.1	%					83.3	%

Chemicals		28.6	%		28.0	%		26.9	%		18.2	%		26.0	%		27.7	%		32.6	%					30.1	%

Corporate and Other		35.6	%		35.7	%		35.6	%		27.1	%		33.6	%		33.3	%		32.8	%					33.0	%

Consolidated		38.2	%		36.1	%		32.2	%		14.4	%		27.8	%		40.3	%		37.6	%					38.6	%





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

	Millions of Dollars
						2011															2012
	1st Qtr		2nd Qtr		3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr		4th Qtr	YTD
R&M
Gain (loss) on asset sales		2		26		(74	)		1,591			1,545			-			106						106
Impairments		-		-		(318	)		-			(318	)		(42	)		-						(42	)
Cancelled projects		-		-		-			(28	)		(28	)		-			-						-
Pending claims and settlements		-		-		-			-			-			(19	)		(38	)					(57	)
Repositioning tax adjustment		-		-		-			-			-			(67	)		(69	)					(136	)
Severance accrual		-		-		(15	)		-			(15	)		-			-						-
Total R&M		2		26		(407	)		1,563			1,184			(128	)		(1	)					(129	)

Midstream
Impairments		-		-		-			-			-			-			(170	)					(170	)
Total Midstream		-		-		-			-			-			-			(170	)					(170	)

Chemicals
Premium on early debt retirement		-		-		-			-			-			-			(35	)					(35	)
Total Chemicals		-		-		-			-			-			-			(35	)					(35	)

Corporate and Other
Repositioning costs		-		-		-			-			-			-			(30	)					(30	)
Total Corporate & Other		-		-		-			-			-			-			(30	)					(30	)

Total Phillips 66		2		26		(407	)		1,563			1,184			(128	)		(236	)					(364	)

Refining- Regional Totals
Atlantic Basin/Europe		-		-		(410	)		(4	)		(414	)		(42	)		31						(11	)
Gulf Coast		-		-		-			-			-			-			-						-
Central Corridor		-		-		-			(28	)		(28	)		-			-						-
Western/Pacific		-		-		-			-			-			-			-						-
Other Refining		-		-		-			-			-			(19	)		-						(19	)
Total Refining		-		-		(410	)		(32	)		(442	)		(61	)		31						(30	)
Marketing, Specialties & Other- Regional Totals
Marketing, Specialties & Other- U.S.		2		26		6			1,595			1,629			-			(36	)					(36	)
Marketing, Specialties & Other- Int'l		-		-		(3	)		-			(3	)		(67	)		4						(63	)
Total Marketing, Specialties & Other		2		26		3			1,595			1,626			(67	)		(32	)					(99	)
Total R&M		2		26		(407	)		1,563			1,184			(128	)		(1	)					(129	)

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

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

R&M		3		43		(751	)		1,767			1,062			(73	)		127						54

Midstream		-		-		-			-			-			-			(275	)					(275	)

Chemicals		-		-		-			-			-			-			(57	)					(57	)

Corporate and Other		-		-		-			-			-			-			(46	)					(46	)

Total Phillips 66		3		43		(751	)		1,767			1,062			(73	)		(251	)					(324	)

Refining- Regional Totals
Atlantic Basin/Europe		-		-		(758	)		(6	)		(764	)		(42	)		185						143
Gulf Coast		-		-		-			-			-			-			-						-
Central Corridor		-		-		-			(44	)		(44	)		-			-						-
Western/Pacific		-		-		-			-			-			-			-						-
Other Refining		-		-		-			-			-			(31	)		-						(31	)
Total Refining		-		-		(758	)		(50	)		(808	)		(73	)		185						112
Marketing, Specialties & Other- Regional Totals
Marketing, Specialties & Other- U.S.		3		43		10			1,817			1,873			-			(58	)					(58	)
Marketing, Specialties & Other- Int'l		-		-		(3	)		-			(3	)		-			-						-
Total Marketing, Specialties &Other		3		43		7			1,817			1,870			-			(58	)					(58	)
Total R&M		3		43		(751	)		1,767			1,062			(73	)		127						54





CASH FLOW INFORMATION

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

Cash Flows From Operating Activities
Net income		677			1,040			1,051			2,012			4,780			638			1,182						1,820
Depreciation and amortization		219			226			222			241			908			216			224						440
Impairments		-			2			486			(16	)		472			43			275						318
Accretion on discounted liabilities		5			6			5			5			21			5			6						11
Deferred taxes		59			438			76			358			931			169			9						178
Undistributed equity earnings		(308	)		(500	)		(292	)		149			(951	)		(349	)		(212	)					(561	)
Net (gain)/loss on dispositions		(3	)		(43	)		221			(1,813	)		(1,638	)		(2	)		(188	)					(190	)
Other		(58	)		24			51			150			167			(178	)		164						(14	)
Net working capital changes		(2,091	)		1,845			(1,083	)		1,645			316			(903	)		(26	)					(929	)
Net Cash Provided by
(Used in) Operating Activities		(1,500	)		3,038			737			2,731			5,006			(361	)		1,434						1,073

Cash Flows From Investing Activities
Capital expenditures and investments		(165	)		(228	)		(260	)		(369	)		(1,022	)		(218	)		(270	)					(488	)
Proceeds from asset dispositions		31			56			117			2,423			2,627			6			234						240
Long-term advances/loans—related parties		-			-			-			-			-			-			-						-
Collection of advances/loans—related parties		-			400			150			-			550			-			-						-
Other		1			48			7			281			337			-			-						-
Net Cash Provided by (Used in) Investing Activities		(133	)		276			14			2,335			2,492			(212	)		(36	)					(248	)

Cash Flows From Financing Activities
Contributions from (distributions to) parent company		1,639			(3,306	)		(744	)		(5,060	)		(7,471	)		891			(6,146	)					(5,255	)
Issuance of debt		-			-			-			-			-			5,794			2,000						7,794
Repayment of debt		(6	)		(7	)		(7	)		(6	)		(26	)		(7	)		(191	)					(198	)
Issuance of common stock		-			-			-			-			-			-			2						2
Change in restricted cash		-			-			-			-			-			(6,050	)		6,050						-
Other		-			(1	)		-			-			(1	)		(55	)		(12	)					(67	)
Net Cash Provided by (Used in)
Financing Activities		1,633			(3,314	)		(751	)		(5,066	)		(7,498	)		573			1,703						2,276

Effect of Exchange Rate Changes		-			-			-			-			-			-			3						3

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








CAPITAL PROGRAM

	Millions of Dollars
								2011															2012
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr		4th Qtr	YTD
R&M		158			220			249			361			988			214			240						454

Midstream		3			1			5			8			17			4			4						8

Chemicals		-			-			-			-			-			-			-						-

Corporate and Other		4			7			6			-			17			-			26						26

Total Capital Program		165			228			260			369			1,022			218			270						488





R&M

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

R&M Net Income (Loss) Attributable to Phillips 66 ($ Millions)
Refining
Atlantic Basin/Europe		6			(45	)		(365	)		68			(336	)		7			108						115
Gulf Coast		137			167			238			(53	)		489			(42	)		189						147
Central Corridor		285			410			582			185			1,462			357			543						900
Western/Pacific		28			4			70			(72	)		30			(4	)		(35	)					(39	)
Other Refining		(18	)		(38	)		8			(64	)		(112	)		59			77						136
Total		438			498			533			64			1,533			377			882						1,259
Marketing, Specialties & Other
U.S.		9			164			160			1,679			2,012			40			169						209
International		41			112			92			58			303			(17	)		133						116
Total		50			276			252			1,737			2,315			23			302						325
R&M Net Income (Loss) Attributable
to Phillips 66		488			774			785			1,801			3,848			400			1,184						1,584

R&M Income (Loss) before Income Taxes ($ Millions)
Refining
Atlantic Basin/Europe		37			(53	)		(569	)		13			(572	)		31			273						304
Gulf Coast		212			260			348			(77	)		743			(64	)		292						228
Central Corridor		454			656			902			316			2,328			535			848						1,383
Western/Pacific		70			2			114			(102	)		84			13			(23	)					(10	)
Other Refining		(20	)		(52	)		25			(82	)		(129	)		85			120						205
Total		753			813			820			68			2,454			600			1,510						2,110
Marketing, Specialties & Other
U.S.		20			272			249			1,915			2,456			68			257						325
International		57			162			104			99			422			66			149						215
Total		77			434			353			2,014			2,878			134			406						540
R&M Income (Loss) before Income Taxes		830			1,247			1,173			2,082			5,332			734			1,916						2,650

Realized Refining Margins*
Refining Crack Margin ($/BBL**)
Atlantic Basin/Europe		5.94			4.62			6.86			6.55			5.96			6.88			7.76						7.32
Gulf Coast		9.30			8.69			10.21			4.01			8.01			5.95			9.36						7.75
Central Corridor		17.12			19.96			26.30			15.02			19.68			17.27			26.34						21.64
Western/Pacific		10.42			9.34			10.72			6.23			9.13			10.70			7.91						9.29
Worldwide		9.78			9.49			12.53			6.83			9.70			10.22			12.56						11.40
* Includes proportional share of refining margin contributed by certain equity affiliates
** Total processed inputs

Realized Marketing, Specialties & Other Margins
Marketing Fuel Margin ($/BBL*)
U.S.		0.11			1.11			1.09			0.61			0.74			0.22			1.80						1.04
International		1.48			5.24			5.95			4.40			4.26			2.42			6.36						4.40
*3rd Party Petroleum Product Sales
Gross Margins not included in Marketing Fuel Margin ($ Millions)
U.S.		176			191			217			177			761			208			215						423
International		111			131			121			122			485			118			133						251
Total		287			322			338			299			1,246			326			348						674


Depreciation and Amortization ($ Millions)*
Refining
Atlantic Basin/Europe		44			47			45			38			174			39			40						79
Gulf Coast		47			48			49			50			194			49			51						100
Central Corridor		20			20			20			21			81			21			21						42
Western/Pacific		50			51			47			63			211			49			48						97
Other Refining		1			1			1			1			4			1			1						2
Total		162			167			162			173			664			159			161						320
Marketing, Specialties & Other**
U.S.		11			11			11			12			45			12			11						23
International		27			29			29			29			114			27			27						54
Total		38			40			40			41			159			39			38						77
* Excludes D&A of all equity affiliates
** Excludes Transportation D&A totaling:		18			18			19			25			80			18			21						39
Proportionate share of WRB D&A:		41			43			46			54			184			60			59						119

Operating and SG&A Expense ($ Millions)*
Refining
Atlantic Basin/Europe		311			327			316			254			1,208			251			228						479
Gulf Coast		291			264			286			279			1,120			332			271						603
Central Corridor		111			104			110			138			463			113			135						248
Western/Pacific		194			230			182			216			822			257			230						487
Other Refining		2			9			30			1			42			22			(4	)					18
Total		909			934			924			888			3,655			975			860						1,835
Marketing, Specialties & Other**
U.S.		184			182			191			189			746			178			271						449
International		92			93			106			108			399			85			102						187
Total		276			275			297			297			1,145			263			373						636
* Excludes Operating and SG&A Expense of all equity affiliates
** Excludes Transportation
Proportionate share of WRB Operating and SG&A Expense:		109			97			103			115			424			113			106						219

Turnaround Expense ($ Millions), included in Operating and SG&A Expense*
Atlantic Basin/Europe		13			14			4			5			36			14			5						19
Gulf Coast		32			5			20			25			82			65			14						79
Central Corridor		22			10			15			46			93			21			43						64
Western/Pacific		15			53			4			14			86			76			52						128
Total		82			82			43			90			297			176			114						290
* Excludes Turnaround Expense of all equity affiliates
Proportionate share of WRB Turnaround Expense:		12			1			1			7			21			1			6						7

Foreign Currency Gains
(Losses) After-Tax ($ Millions)		31			22			(16	)		(14	)		23			16			(10	)					6





R&M (continued)

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

Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)		722			715			719			572			682			573			561						567
Total Charge Input (MB/D)		780			784			768			608			734			621			612						616
Crude Oil Capacity Utilization (%)		93	%		93	%		93	%		97	%		94	%		98	%		95	%					96	%
Clean Product Yield (%)		85	%		84	%		84	%		86	%		85	%		85	%		85	%					85	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Crude Oil Charge Input (MB/D)		614			664			668			684			658			600			670						635
Total Charge Input (MB/D)		685			757			754			759			739			672			749						710
Crude Oil Capacity Utilization (%)		84	%		91	%		91	%		93	%		90	%		82	%		91	%					87	%
Clean Product Yield (%)		80	%		82	%		82	%		82	%		82	%		80	%		84	%					82	%

Central Corridor*
Crude Oil Charge Input (MB/D)		413			447			442			429			433			479			446						462
Total Charge Input (MB/D)		430			461			455			445			448			494			459						477
Crude Oil Capacity Utilization (%)		88	%		95	%		94	%		91	%		92	%		102	%		95	%					98	%
Clean Product Yield (%)		85	%		87	%		86	%		88	%		87	%		88	%		87	%					88	%
*Includes our proportionate share of the Borger Refinery and Wood River Refinery.

Western/Pacific*
Crude Oil Charge Input (MB/D)		396			370			394			416			393			375			391						383
Total Charge Input (MB/D)		420			396			416			438			417			401			409						405
Crude Oil Capacity Utilization (%)		91	%		85	%		91	%		96	%		91	%		85	%		89	%					87	%
Clean Product Yield (%)		83	%		79	%		83	%		83	%		82	%		86	%		80	%					83	%
*Includes our proportionate share of a refinery in Melaka, Malaysia.

Worldwide - Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)		2,145			2,196			2,223			2,101			2,166			2,027			2,068						2,047
Total Charge Input (MB/D)		2,315			2,398			2,393			2,250			2,338			2,188			2,229						2,208
Crude Oil Capacity Utilization (%)		89	%		91	%		92	%		94	%		92	%		91	%		93	%					92	%
Clean Product Yield (%)		83	%		83	%		84	%		84	%		84	%		84	%		84	%					84	%

Refined Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline		336			331			324			238			307			243			251						247
Distillates		311			311			306			267			298			269			253						261
Other		136			142			139			109			131			115			112						113
Total		783			784			769			614			736			627			616						621
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Gasoline		251			283			273			269			269			228			298						263
Distillates		279			310			316			325			308			275			305						290
Other		166			172			172			173			171			179			155						167
Total		696			765			761			767			748			682			758						720

Central Corridor*
Gasoline		209			231			225			225			223			250			231						241
Distillates		154			168			165			163			163			183			168						175
Other		67			63			63			56			62			63			63						63
Total		430			462			453			444			448			496			462						479
*Includes our proportionate share of the Borger Refinery and Wood River Refinery.

Western/Pacific*
Gasoline		190			168			181			192			183			176			162						169
Distillates		159			143			163			173			159			168			164						166
Other		73			86			71			78			77			59			86						73
Total		422			397			415			443			419			403			412						408
*Includes our proportionate share of a refinery in Melaka, Malaysia.

Worldwide - Including Proportionate Share of Equity Affiliates
Gasoline		986			1,013			1,003			924			982			897			942						920
Distillates		903			932			950			928			928			895			890						892
Other		442			463			445			416			441			416			416						416
Total		2,331			2,408			2,398			2,268			2,351			2,208			2,248						2,228


Petroleum Products Sales (MB/D)
Total U.S.
Gasoline		1,099			1,218			1,134			1,066			1,129			958			1,088						1,023
Distillates		852			861			907			914			884			837			857						847
Other		437			385			402			381			401			298			318						308
Total		2,388			2,464			2,443			2,361			2,414			2,093			2,263						2,178

Total International
Gasoline		171			191			166			190			180			173			195						184
Distillates		351			316			343			331			335			298			305						301
Other		150			183			237			226			199			154			214						185
Total		672			690			746			747			714			625			714						670

Worldwide
Gasoline		1,270			1,409			1,300			1,256			1,309			1,131			1,283						1,207
Distillates		1,203			1,177			1,250			1,245			1,219			1,135			1,162						1,148
Other		587			568			639			607			600			452			532						493
Total		3,060			3,154			3,189			3,108			3,128			2,718			2,977						2,848





R&M (continued)

							2011															2012
	1st Qtr		2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr		4th Qtr	YTD
Market Indicators
Crude and Crude Differentials ($/BBL)
WTI		93.98		102.44			89.70			94.07			95.05			102.99			93.44						98.21
Brent		104.97		117.36			113.46			109.31			111.27			118.49			108.19						113.34
LLS		107.15		118.55			112.61			110.83			112.28			119.60			108.47						114.03
ANS		102.53		115.41			111.74			110.36			110.01			118.31			110.01						114.16
WTI less Maya		4.67		(0.65	)		(8.88	)		(9.35	)		(3.55	)		(5.94	)		(5.58	)					(5.76	)
WTI less WCS		22.51		17.56			14.32			12.43			16.71			27.00			19.80						23.40

Natural Gas ($/MCF)
Henry Hub		4.16		4.35			4.13			3.31			3.99			2.46			2.27						2.37

Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent		3.96		13.55			10.92			2.10			7.63			6.18			17.28						11.73
East Coast Distillate less Brent		15.50		13.77			14.69			17.25			15.30			15.72			16.87						16.29
Gulf Coast
Gulf Coast Gasoline less LLS		3.34		9.79			7.54			(1.97	)		4.68			5.06			11.44						8.25
Gulf Coast Distillate less LLS		11.46		10.89			13.75			13.60			12.43			12.99			15.13						14.06
Central Corridor
Central Gasoline less WTI		16.01		26.37			31.91			15.13			22.36			18.32			27.23						22.78
Central Distillate less WTI		25.12		28.86			38.31			31.99			31.07			27.86			30.38						29.12
Western/Pacific
West Coast Gasoline less ANS		14.11		14.43			9.88			7.05			11.37			15.91			17.11						16.51
West Coast Distillate less ANS		19.42		18.82			15.62			18.13			18.00			17.66			14.68						16.17





MIDSTREAM

						2011											2012
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr			3rd Qtr		4th Qtr	YTD
Midstream Net Income Attributable
to Phillips 66 ($ Millions)*		61		111		118		113		403		89		(91	)					(2	)
*Includes DCP Midstream-related earnings:		51		90		87		59		287		60		42						102

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

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

100% DCP Midstream Results
Net Income, excludes parent company income tax
related to DCP's earnings ($ Millions)		133		277		266		187		863		144		132						276

Capex and Investments ($ Millions)		228		287		246		779		1,540		450		676						1,126

D&A ($ Millions)		105		110		116		118		449		120		36						156

Interest Expense ($ Millions)*		53		52		55		53		213		56		48						104
* Net of minority interest

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

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

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

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

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

Weighted Average NGL Price ($/gal)*
DCP Midstream		47.64		52.24		52.09		50.60		50.64		42.10		32.48						37.29
*Prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by natural gas liquids component and location mix.


PSX Other Volumes
NGL Fractionated (MB/D)		106		115		116		112		112		105		93						99






CHEMICALS

								2011															2012
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr		4th Qtr	YTD
Chemicals Net Income Attributable
to Phillips 66 ($ Millions)		185			190			193			148			716			217			207						424

100% CPChem Results
Net Income, excludes parent company income tax
related to CPChem's earnings ($ Millions)
Olefins and Polyolefins		418			508			497			367			1,790			559			681						1,240
Specialties, Aromatics and Styrenics		101			62			64			46			273			59			75						134
Corporate & Other		9			(33	)		(27	)		(42	)		(93	)		(10	)		(134	)					(144	)
Total		528			537			534			371			1,970			608			622						1,230

Income (Loss) before Income Taxes ($ Millions)
Olefins and Polyolefins		425			518			505			369			1,817			567			692						1,259
Specialties, Aromatics and Styrenics		109			69			74			52			304			66			83						149
Corporate & Other		8			(32	)		(28	)		(42	)		(94	)		(9	)		(133	)					(142	)
Total		542			555			551			379			2,027			624			642						1,266

Capex and Investments ($ Millions)		150			141			98			148			537			81			152						233

D&A ($ Millions)		66			63			128			1			258			64			64						128

Interest Expense ($ Millions)		(5	)		10			10			8			23			8			4						12

Externally Marketed Sales Volumes (MM Lbs)
Olefins & Polyolefins		3,362			3,473			3,758			3,712			14,305			3,640			3,510						7,150
Specialties, Aromatics, & Styrenics		1,687			1,732			1,722			1,563			6,704			1,793			1,811						3,604
		5,049			5,205			5,480			5,275			21,009			5,433			5,321						10,754

Market Indicators
Industry Prices*
Ethylene, Net Transaction Price (cents/lb)		49.33			57.50			55.58			54.58			54.25			55.17			46.83						51.00
HDPE Blow Molding (cents/lb)		87.67			95.00			89.00			85.67			89.33			92.00			88.00						90.00

Industry Costs*
Ethylene, Cash Cost Weighted Average Feed (cents/lb)		32.65			33.84			34.45			41.00			35.49			28.30			18.46						23.38
HDPE, Total Cash Cost (cents/lb)		62.57			74.21			71.08			66.00			68.47			72.74			64.81						68.77
* Released by IHS. Reflect the IHS analysis of historical market indicators.





CORPORATE AND OTHER

								2011															2012
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD			1st Qtr			2nd Qtr			3rd Qtr		4th Qtr	YTD
Corporate and Other Net Income (Loss)
Attributable to Phillips 66 ($ Millions)		(58	)		(36	)		(47	)		(51	)		(192	)		(70	)		(119	)					(189	)

Detail of Net Income (Loss)
Attributable to Phillips 66 ($ Millions)
Net interest expense		(2	)		(3	)		(2	)		(4	)		(11	)		(9	)		(45	)					(54	)
Corporate overhead		(22	)		(14	)		(17	)		(23	)		(76	)		(28	)		(21	)					(49	)
Technology		(13	)		(11	)		(14	)		(15	)		(53	)		(13	)		(11	)					(24	)
Repositioning Costs		-			-			-			-			-			-			(30	)					(30	)
Other		(21	)		(8	)		(14	)		(9	)		(52	)		(20	)		(12	)					(32	)
Total		(58	)		(36	)		(47	)		(51	)		(192	)		(70	)		(119	)					(189	)

Before-Tax Net Interest Expense ($ Millions)
Interest expense		(4	)		(4	)		(4	)		(5	)		(17	)		(13	)		(83	)					(96	)
Capitalized interest		-			-			-			-			-			-			-						-
Interest revenue		-			-			-			-			-			-			12						12
Premium on early debt retirement		-			-			-			-			-			-			-						-
Total		(4	)		(4	)		(4	)		(5	)		(17	)		(13	)		(71	)					(84	)

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

Phillips 66 Total Company
Debt
Total Debt ($ Millions)		411			403			397			390			391			6,178			7,986						7,986
Debt-to-Capital Ratio (%)		1	%		2	%		1	%		2	%		2	%		20	%		30	%					30	%

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

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Phillips 66 - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - August 1, 2012

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