Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Phillips 66 | psx20131231_er8k.htm |
| EX-99.1 - EXHIBIT 99.1 - Phillips 66 | psx20131231_ex991.htm |
Exhibit 99.2 | |||||||||||||||
Phillips 66 Earnings Release Supplemental Data | |||||||||||||||
 | |||||||||||||||
CONSOLIDATED INCOME STATEMENT | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Revenues and Other Income | ||||||||||||||||||||||||
Sales and other operating revenues* | 45,745 | 46,709 | 42,903 | 43,933 | 179,290 | 41,211 | 43,190 | 44,146 | 43,049 | 171,596 | ||||||||||||||
Equity in earnings of affiliates | 734 | 815 | 959 | 626 | 3,134 | 1,039 | 618 | 647 | 769 | 3,073 | ||||||||||||||
Net gain (loss) on dispositions | 2 | 188 | (1 | ) | 4 | 193 | 1 | 41 | 8 | 5 | 55 | |||||||||||||
Other income | 1 | 77 | 4 | 53 | 135 | 23 | 49 | (7 | ) | 20 | 85 | |||||||||||||
Total Revenues and Other Income | 46,482 | 47,789 | 43,865 | 44,616 | 182,752 | 42,274 | 43,898 | 44,794 | 43,843 | 174,809 | ||||||||||||||
Costs and Expenses | ||||||||||||||||||||||||
Purchased crude oil and products | 40,312 | 40,385 | 36,167 | 37,549 | 154,413 | 35,243 | 37,257 | 38,717 | 37,028 | 148,245 | ||||||||||||||
Operating expenses | 1,092 | 980 | 889 | 1,072 | 4,033 | 978 | 1,032 | 992 | 1,204 | 4,206 | ||||||||||||||
Selling, general and administrative expenses | 345 | 476 | 427 | 455 | 1,703 | 327 | 368 | 349 | 434 | 1,478 | ||||||||||||||
Depreciation and amortization | 215 | 222 | 227 | 242 | 906 | 242 | 229 | 233 | 243 | 947 | ||||||||||||||
Impairments | 43 | 275 | 248 | 592 | 1,158 | 24 | 1 | 1 | 3 | 29 | ||||||||||||||
Taxes other than income taxes* | 3,420 | 3,474 | 3,410 | 3,436 | 13,740 | 3,324 | 3,501 | 3,624 | 3,670 | 14,119 | ||||||||||||||
Accretion on discounted liabilities | 5 | 6 | 7 | 7 | 25 | 6 | 6 | 6 | 6 | 24 | ||||||||||||||
Interest and debt expense | 13 | 83 | 74 | 76 | 246 | 70 | 69 | 68 | 68 | 275 | ||||||||||||||
Foreign currency transaction (gains) losses | (15 | ) | 8 | (13 | ) | (8 | ) | (28 | ) | 2 | (18 | ) | — | (24 | ) | (40 | ) | |||||||
Total Costs and Expenses | 45,430 | 45,909 | 41,436 | 43,421 | 176,196 | 40,216 | 42,445 | 43,990 | 42,632 | 169,283 | ||||||||||||||
Income before income taxes | 1,052 | 1,880 | 2,429 | 1,195 | 6,556 | 2,058 | 1,453 | 804 | 1,211 | 5,526 | ||||||||||||||
Provision for income taxes | 425 | 707 | 842 | 499 | 2,473 | 663 | 507 | 278 | 396 | 1,844 | ||||||||||||||
Income from continuing operations | 627 | 1,173 | 1,587 | 696 | 4,083 | 1,395 | 946 | 526 | 815 | 3,682 | ||||||||||||||
Income from discontinued operations** | 11 | 9 | 14 | 14 | 48 | 15 | 14 | 14 | 18 | 61 | ||||||||||||||
Net Income | 638 | 1,182 | 1,601 | 710 | 4,131 | 1,410 | 960 | 540 | 833 | 3,743 | ||||||||||||||
Less: net income attributable to | ||||||||||||||||||||||||
noncontrolling interests | 2 | 1 | 2 | 2 | 7 | 3 | 2 | 5 | 7 | 17 | ||||||||||||||
Net Income Attributable to Phillips 66 | 636 | 1,181 | 1,599 | 708 | 4,124 | 1,407 | 958 | 535 | 826 | 3,726 | ||||||||||||||
* Includes excise taxes on petroleum products sales: | 3,321 | 3,389 | 3,312 | 3,349 | 13,371 | 3,258 | 3,428 | 3,568 | 3,612 | 13,866 | ||||||||||||||
** Net of provision for income taxes on discontinued operations of: | 6 | 5 | 6 | 10 | 27 | 8 | 7 | 8 | 11 | 34 | ||||||||||||||
Amounts Attributable to Phillips 66 Common Shareholders: | ||||||||||||||||||||||||
Income from continuing operations | 625 | 1,172 | 1,585 | 694 | 4,076 | 1,392 | 944 | 521 | 808 | 3,665 | ||||||||||||||
Income from discontinued operations | 11 | 9 | 14 | 14 | 48 | 15 | 14 | 14 | 18 | 61 | ||||||||||||||
Net Income | 636 | 1,181 | 1,599 | 708 | 4,124 | 1,407 | 958 | 535 | 826 | 3,726 | ||||||||||||||
Net Income Attributable to Phillips 66 | ||||||||||||||||||||||||
Per Share of Common Stock (dollars) | ||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||
Continuing operations | 0.99 | 1.87 | 2.51 | 1.10 | 6.47 | 2.23 | 1.53 | 0.86 | 1.35 | 5.97 | ||||||||||||||
Discontinued operations | 0.02 | 0.01 | 0.02 | 0.02 | 0.08 | 0.02 | 0.02 | 0.02 | 0.03 | 0.10 | ||||||||||||||
Net Income Attributable to Phillips 66 Per Share of Common Stock | 1.01 | 1.88 | 2.53 | 1.12 | 6.55 | 2.25 | 1.55 | 0.88 | 1.38 | 6.07 | ||||||||||||||
Diluted | ||||||||||||||||||||||||
Continuing operations | 0.98 | 1.85 | 2.49 | 1.09 | 6.40 | 2.21 | 1.51 | 0.85 | 1.34 | 5.92 | ||||||||||||||
Discontinued operations | 0.02 | 0.01 | 0.02 | 0.02 | 0.08 | 0.02 | 0.02 | 0.02 | 0.03 | 0.10 | ||||||||||||||
Net Income Attributable to Phillips 66 Per Share of Common Stock | 1.00 | 1.86 | 2.51 | 1.11 | 6.48 | 2.23 | 1.53 | 0.87 | 1.37 | 6.02 | ||||||||||||||
Average Common Shares Outstanding (in thousands) | ||||||||||||||||||||||||
Basic | 627,628 | 628,510 | 630,672 | 628,527 | 628,835 | 625,030 | 619,143 | 608,934 | 598,553 | 612,918 | ||||||||||||||
Diluted | 634,645 | 635,157 | 637,913 | 635,634 | 636,764 | 631,288 | 624,907 | 614,519 | 604,165 | 618,989 | ||||||||||||||
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | 108 | (75 | ) | (72 | ) | 92 | 53 | 110 | 90 | 148 | 121 | 469 | ||||||||||||
Chemicals | 217 | 207 | 153 | 246 | 823 | 282 | 181 | 262 | 261 | 986 | ||||||||||||||
Refining | 393 | 916 | 1,545 | 363 | 3,217 | 922 | 481 | (2 | ) | 450 | 1,851 | |||||||||||||
Marketing and Specialties | (23 | ) | 243 | 84 | 113 | 417 | 173 | 318 | 226 | 73 | 790 | |||||||||||||
Corporate and Other | (70 | ) | (119 | ) | (125 | ) | (120 | ) | (434 | ) | (95 | ) | (126 | ) | (113 | ) | (97 | ) | (431 | ) | ||||
Discontinued Operations | 11 | 9 | 14 | 14 | 48 | 15 | 14 | 14 | 18 | 61 | ||||||||||||||
Consolidated | 636 | 1,181 | 1,599 | 708 | 4,124 | 1,407 | 958 | 535 | 826 | 3,726 | ||||||||||||||
SUMMARY OF INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES BY SEGMENT | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | 174 | (125 | ) | (95 | ) | 135 | 89 | 175 | 142 | 240 | 194 | 751 | ||||||||||||
Chemicals | 300 | 307 | 236 | 346 | 1,189 | 403 | 232 | 367 | 359 | 1,361 | ||||||||||||||
Refining | 616 | 1,546 | 2,351 | 771 | 5,284 | 1,399 | 775 | 36 | 732 | 2,942 | ||||||||||||||
Marketing and Specialties | 67 | 329 | 108 | 163 | 667 | 256 | 490 | 317 | 103 | 1,166 | ||||||||||||||
Corporate and Other | (105 | ) | (177 | ) | (171 | ) | (220 | ) | (673 | ) | (175 | ) | (186 | ) | (156 | ) | (177 | ) | (694 | ) | ||||
Consolidated | 1,052 | 1,880 | 2,429 | 1,195 | 6,556 | 2,058 | 1,453 | 804 | 1,211 | 5,526 | ||||||||||||||
EFFECTIVE TAX RATES ON INCOME FROM CONTINUING OPERATIONS | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | 36.8 | % | 40.8 | % | 26.3 | % | 30.4 | % | 32.6 | % | 35.4 | % | 35.2 | % | 36.3 | % | 34.0 | % | 35.3 | % | ||||
Chemicals | 27.7 | % | 32.6 | % | 35.2 | % | 28.9 | % | 30.8 | % | 30.0 | % | 22.0 | % | 28.6 | % | 27.3 | % | 27.6 | % | ||||
Refining | 36.2 | % | 40.8 | % | 34.3 | % | 52.9 | % | 39.1 | % | 34.1 | % | 37.9 | % | 105.6 | % | 38.5 | % | 37.1 | % | ||||
Marketing and Specialties | 134.3 | % | 26.1 | % | 22.2 | % | 30.7 | % | 37.5 | % | 32.4 | % | 35.1 | % | 28.7 | % | 29.1 | % | 32.2 | % | ||||
Corporate and Other | 33.3 | % | 32.8 | % | 26.9 | % | 45.5 | % | 35.5 | % | 45.7 | % | 32.3 | % | 27.6 | % | 45.2 | % | 37.9 | % | ||||
Consolidated | 40.4 | % | 37.6 | % | 34.7 | % | 41.8 | % | 37.7 | % | 32.2 | % | 34.9 | % | 34.6 | % | 32.7 | % | 33.4 | % | ||||
SUMMARY OF ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | 108 | 95 | 88 | 71 | 362 | 110 | 90 | 148 | 121 | 469 | ||||||||||||||
Chemicals | 217 | 242 | 275 | 246 | 980 | 282 | 181 | 262 | 261 | 986 | ||||||||||||||
Refining | 454 | 885 | 1,545 | 960 | 3,844 | 909 | 481 | (2 | ) | 450 | 1,838 | |||||||||||||
Marketing and Specialties | 44 | 275 | 84 | 113 | 516 | 187 | 295 | 226 | 73 | 781 | ||||||||||||||
Corporate and Other | (70 | ) | (89 | ) | (112 | ) | (92 | ) | (363 | ) | (95 | ) | (126 | ) | (113 | ) | (97 | ) | (431 | ) | ||||
Consolidated | 753 | 1,408 | 1,880 | 1,298 | 5,339 | 1,393 | 921 | 521 | 808 | 3,643 | ||||||||||||||
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SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66 | ||||||||||||||||||||||||
(AFTER-TAX) | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | ||||||||||||||||||||||||
Impairments | — | (170 | ) | (160 | ) | — | (330 | ) | — | — | — | — | — | |||||||||||
Pending claims and settlements | — | — | — | 23 | 23 | — | — | — | — | — | ||||||||||||||
Hurricane-related costs | — | — | — | (2 | ) | (2 | ) | — | — | — | — | — | ||||||||||||
Total Midstream | — | (170 | ) | (160 | ) | 21 | (309 | ) | — | — | — | — | — | |||||||||||
Chemicals | ||||||||||||||||||||||||
Impairments | — | — | (27 | ) | — | (27 | ) | — | — | — | — | — | ||||||||||||
Premium on early debt retirement | — | (35 | ) | (54 | ) | — | (89 | ) | — | — | — | — | — | |||||||||||
Repositioning tax impacts | — | — | (41 | ) | — | (41 | ) | — | — | — | — | — | ||||||||||||
Total Chemicals | — | (35 | ) | (122 | ) | — | (157 | ) | — | — | — | — | — | |||||||||||
Refining | ||||||||||||||||||||||||
Gain on asset sales | — | 104 | — | — | 104 | — | — | — | — | — | ||||||||||||||
Impairments | (42 | ) | — | — | (564 | ) | (606 | ) | — | — | — | — | — | |||||||||||
Pending claims and settlements | (19 | ) | — | — | — | (19 | ) | — | — | — | — | — | ||||||||||||
Repositioning tax impacts | — | (73 | ) | — | — | (73 | ) | — | — | — | — | — | ||||||||||||
Tax law impacts | — | — | — | — | — | 13 | — | — | — | 13 | ||||||||||||||
Hurricane-related costs | — | — | — | (33 | ) | (33 | ) | — | — | — | — | — | ||||||||||||
Total Refining | (61 | ) | 31 | — | (597 | ) | (627 | ) | 13 | — | — | — | 13 | |||||||||||
Marketing and Specialties | ||||||||||||||||||||||||
Gain on asset sales | — | 2 | — | — | 2 | — | 23 | — | — | 23 | ||||||||||||||
Pending claims and settlements | — | (38 | ) | — | — | (38 | ) | 16 | — | — | — | 16 | ||||||||||||
Repositioning tax impacts | (67 | ) | 4 | — | — | (63 | ) | — | — | — | — | — | ||||||||||||
Exit of a business line | — | — | — | — | — | (34 | ) | — | — | — | (34 | ) | ||||||||||||
Tax law impacts | — | — | — | — | — | 4 | — | — | — | 4 | ||||||||||||||
Total Marketing and Specialties | (67 | ) | (32 | ) | — | — | (99 | ) | (14 | ) | 23 | — | — | 9 | ||||||||||
Corporate and Other | ||||||||||||||||||||||||
Impairments | — | — | — | (16 | ) | (16 | ) | — | — | — | — | — | ||||||||||||
Repositioning costs | — | (30 | ) | (13 | ) | (12 | ) | (55 | ) | — | — | — | — | — | ||||||||||
Total Corporate and Other | — | (30 | ) | (13 | ) | (28 | ) | (71 | ) | — | — | — | — | — | ||||||||||
Discontinued Operations | 11 | 9 | 14 | 14 | 48 | 15 | 14 | 14 | 18 | 61 | ||||||||||||||
Total Phillips 66 | (117 | ) | (227 | ) | (281 | ) | (590 | ) | (1,215 | ) | 14 | 37 | 14 | 18 | 83 | |||||||||
By Business Lines/Regions | ||||||||||||||||||||||||
Midstream | ||||||||||||||||||||||||
Transportation | — | (170 | ) | (160 | ) | 21 | (309 | ) | — | — | — | — | — | |||||||||||
DCP Midstream | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
NGL Operations and Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total Midstream | — | (170 | ) | (160 | ) | 21 | (309 | ) | — | — | — | — | — | |||||||||||
Refining | ||||||||||||||||||||||||
Atlantic Basin/Europe | (42 | ) | 31 | — | (33 | ) | (44 | ) | 7 | — | — | — | 7 | |||||||||||
Gulf Coast | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Central Corridor | — | — | — | — | — | 3 | — | — | — | 3 | ||||||||||||||
Western/Pacific | — | — | — | (564 | ) | (564 | ) | 2 | — | — | — | 2 | ||||||||||||
Other Refining | (19 | ) | — | — | — | (19 | ) | 1 | — | — | — | 1 | ||||||||||||
Total Refining | (61 | ) | 31 | — | (597 | ) | (627 | ) | 13 | — | — | — | 13 | |||||||||||
Marketing and Specialties | ||||||||||||||||||||||||
Marketing and Other | (67 | ) | (32 | ) | — | — | (99 | ) | 20 | — | — | — | 20 | |||||||||||
Specialties | — | — | — | — | — | (34 | ) | 23 | — | — | (11 | ) | ||||||||||||
Total Marketing and Specialties | (67 | ) | (32 | ) | — | — | (99 | ) | (14 | ) | 23 | — | — | 9 | ||||||||||
SPECIAL ITEMS INCLUDED IN INCOME FROM CONTINUING OPERATIONS | ||||||||||||||||||||||||
(PRE-TAX) | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream | ||||||||||||||||||||||||
Transportation | — | (275 | ) | (248 | ) | 35 | (488 | ) | — | — | — | — | — | |||||||||||
DCP Midstream | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
NGL Operations and Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total Midstream | — | (275 | ) | (248 | ) | 35 | (488 | ) | — | — | — | — | — | |||||||||||
Chemicals | — | (57 | ) | (130 | ) | — | (187 | ) | — | — | — | — | — | |||||||||||
Refining | ||||||||||||||||||||||||
Atlantic Basin/Europe | (42 | ) | 185 | — | (54 | ) | 89 | 12 | — | — | — | 12 | ||||||||||||
Gulf Coast | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Central Corridor | — | — | — | — | — | 5 | — | — | — | 5 | ||||||||||||||
Western/Pacific | — | — | — | (564 | ) | (564 | ) | 3 | — | — | — | 3 | ||||||||||||
Other Refining | (31 | ) | — | — | — | (31 | ) | 2 | — | — | — | 2 | ||||||||||||
Total Refining | (73 | ) | 185 | — | (618 | ) | (506 | ) | 22 | — | — | — | 22 | |||||||||||
Marketing and Specialties | ||||||||||||||||||||||||
Marketing and Other | — | (58 | ) | — | — | (58 | ) | 31 | — | — | — | 31 | ||||||||||||
Specialties | — | — | — | — | — | (54 | ) | 40 | — | — | (14 | ) | ||||||||||||
Total Marketing and Specialties | — | (58 | ) | — | — | (58 | ) | (23 | ) | 40 | — | — | 17 | |||||||||||
Corporate and Other | — | (46 | ) | (21 | ) | (43 | ) | (110 | ) | — | — | — | — | — | ||||||||||
Discontinued Operations | 17 | 14 | 20 | 24 | 75 | 23 | 21 | 22 | 29 | 95 | ||||||||||||||
Total Phillips 66 | (56 | ) | (237 | ) | (379 | ) | (602 | ) | (1,274 | ) | 22 | 61 | 22 | 29 | 134 | |||||||||
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CASH FLOW INFORMATION | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||||||
Net income | 638 | 1,182 | 1,601 | 710 | 4,131 | 1,410 | 960 | 540 | 833 | 3,743 | ||||||||||||||
Depreciation and amortization | 215 | 222 | 227 | 242 | 906 | 242 | 229 | 233 | 243 | 947 | ||||||||||||||
Impairments | 43 | 275 | 248 | 592 | 1,158 | 24 | 1 | 1 | 3 | 29 | ||||||||||||||
Accretion on discounted liabilities | 5 | 6 | 7 | 7 | 25 | 6 | 6 | 6 | 6 | 24 | ||||||||||||||
Deferred taxes | 169 | 9 | (67 | ) | 110 | 221 | 82 | 80 | 120 | 312 | 594 | |||||||||||||
Undistributed equity earnings | (349 | ) | (212 | ) | (367 | ) | 56 | (872 | ) | 77 | (98 | ) | (55 | ) | (278 | ) | (354 | ) | ||||||
Net (gain)/loss on dispositions | (2 | ) | (188 | ) | 1 | (4 | ) | (193 | ) | (1 | ) | (41 | ) | (8 | ) | (5 | ) | (55 | ) | |||||
Income from discontinued operations | (11 | ) | (9 | ) | (13 | ) | (15 | ) | (48 | ) | (15 | ) | (14 | ) | (14 | ) | (18 | ) | (61 | ) | ||||
Other | (178 | ) | 164 | 97 | (12 | ) | 71 | (34 | ) | 35 | 33 | 161 | 195 | |||||||||||
Net working capital changes | (899 | ) | (27 | ) | 177 | (391 | ) | (1,140 | ) | 400 | (204 | ) | 1,076 | (392 | ) | 880 | ||||||||
Net cash provided by (used in) continuing operating activities | (369 | ) | 1,422 | 1,911 | 1,295 | 4,259 | 2,191 | 954 | 1,932 | 865 | 5,942 | |||||||||||||
Net cash provided by (used in) discontinued operating activities | 8 | 12 | 7 | 10 | 37 | 22 | 14 | 17 | 32 | 85 | ||||||||||||||
Net Cash Used Provided by (Used in) Operating Activities | (361 | ) | 1,434 | 1,918 | 1,305 | 4,296 | 2,213 | 968 | 1,949 | 897 | 6,027 | |||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||||||
Capital expenditures and investments | (216 | ) | (266 | ) | (334 | ) | (885 | ) | (1,701 | ) | (382 | ) | (366 | ) | (408 | ) | (623 | ) | (1,779 | ) | ||||
Proceeds from asset dispositions | 6 | 234 | 19 | 27 | 286 | 9 | 60 | 1,119 | 26 | 1,214 | ||||||||||||||
Advances/loans—related parties | — | — | (100 | ) | — | (100 | ) | — | — | (65 | ) | — | (65 | ) | ||||||||||
Collection of advances/loans—related parties | — | — | — | — | — | 55 | 45 | — | 65 | 165 | ||||||||||||||
Other | — | — | — | — | — | — | — | — | 48 | 48 | ||||||||||||||
Net cash provided by (used in) continuing investing activities | (210 | ) | (32 | ) | (415 | ) | (858 | ) | (1,515 | ) | (318 | ) | (261 | ) | 646 | (484 | ) | (417 | ) | |||||
Net cash provided by (used in) discontinued investing activities | (2 | ) | (4 | ) | (5 | ) | (9 | ) | (20 | ) | (5 | ) | (5 | ) | (4 | ) | (13 | ) | (27 | ) | ||||
Net Cash Provided by (Used in) Investing Activities | (212 | ) | (36 | ) | (420 | ) | (867 | ) | (1,535 | ) | (323 | ) | (266 | ) | 642 | (497 | ) | (444 | ) | |||||
Cash Flows From Financing Activities | ||||||||||||||||||||||||
Contributions from (distributions to) ConocoPhillips | 891 | (6,146 | ) | — | — | (5,255 | ) | — | — | — | — | — | ||||||||||||
Issuance of debt | 5,794 | 2,000 | — | — | 7,794 | — | — | — | — | — | ||||||||||||||
Repayment of debt | (7 | ) | (191 | ) | (8 | ) | (1,004 | ) | (1,210 | ) | (3 | ) | (502 | ) | (510 | ) | (5 | ) | (1,020 | ) | ||||
Issuance of common stock | — | 2 | 21 | 24 | 47 | (6 | ) | 3 | (1 | ) | 10 | 6 | ||||||||||||
Repurchase of common stock | — | — | (111 | ) | (245 | ) | (356 | ) | (382 | ) | (546 | ) | (674 | ) | (644 | ) | (2,246 | ) | ||||||
Dividends paid on common stock | — | — | (125 | ) | (157 | ) | (282 | ) | (194 | ) | (192 | ) | (189 | ) | (232 | ) | (807 | ) | ||||||
Change in restricted cash | (6,050 | ) | 6,050 | — | — | — | — | — | — | — | — | |||||||||||||
Distributions to noncontrolling interests | — | (1 | ) | — | (4 | ) | (5 | ) | — | (1 | ) | — | (9 | ) | (10 | ) | ||||||||
Net proceeds from issuance of Phillips 66 Partners LP common units | — | — | — | — | — | — | — | 404 | — | 404 | ||||||||||||||
Other | (55 | ) | (11 | ) | 27 | 5 | (34 | ) | — | (3 | ) | (1 | ) | (2 | ) | (6 | ) | |||||||
Net cash provided by (used in) continuing financing activities | 573 | 1,703 | (196 | ) | (1,381 | ) | 699 | (585 | ) | (1,241 | ) | (971 | ) | (882 | ) | (3,679 | ) | |||||||
Net cash provided by (used in) discontinued financing activities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | 573 | 1,703 | (196 | ) | (1,381 | ) | 699 | (585 | ) | (1,241 | ) | (971 | ) | (882 | ) | (3,679 | ) | |||||||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | 3 | 24 | (13 | ) | 14 | (26 | ) | 6 | 102 | (60 | ) | 22 | |||||||||||
Net Change in Cash | ||||||||||||||||||||||||
and Cash Equivalents | — | 3,104 | 1,326 | (956 | ) | 3,474 | 1,279 | (533 | ) | 1,722 | (542 | ) | 1,926 | |||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||
at beginning of period | — | — | 3,104 | 4,430 | — | 3,474 | 4,753 | 4,220 | 5,942 | 3,474 | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
at End of Period | — | 3,104 | 4,430 | 3,474 | 3,474 | 4,753 | 4,220 | 5,942 | 5,400 | 5,400 | ||||||||||||||
CAPITAL PROGRAM | ||||||||||||||||||||||||
Millions of Dollars | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Consolidated Capital Expenditures and Investments | ||||||||||||||||||||||||
Midstream** | 33 | 41 | 62 | 568 | 704 | 110 | 120 | 110 | 188 | 528 | ||||||||||||||
Chemicals | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Refining | 171 | 176 | 149 | 242 | 738 | 136 | 162 | 250 | 341 | 889 | ||||||||||||||
Marketing and Specialties | 12 | 23 | 30 | 54 | 119 | 97 | 42 | 41 | 46 | 226 | ||||||||||||||
Corporate and Other | — | 26 | 93 | 21 | 140 | 39 | 42 | 7 | 48 | 136 | ||||||||||||||
Total Consolidated from Continuing Operations | 216 | 266 | 334 | 885 | 1,701 | 382 | 366 | 408 | 623 | 1,779 | ||||||||||||||
Discontinued Operations | 2 | 4 | 5 | 9 | 20 | 5 | 5 | 4 | 13 | 27 | ||||||||||||||
Proportional Share of Select Equity Affiliates | ||||||||||||||||||||||||
Capital Expenditures and Investments* | ||||||||||||||||||||||||
DCP Midstream (Midstream)** | 225 | 338 | 410 | 351 | 1,324 | 274 | 268 | 218 | 211 | 971 | ||||||||||||||
CPChem (Chemicals) | 75 | 72 | 93 | 131 | 371 | 107 | 142 | 184 | 233 | 666 | ||||||||||||||
WRB Refining (Refining) | 13 | 24 | 36 | 63 | 136 | 29 | 30 | 19 | 31 | 109 | ||||||||||||||
Select Equity Affiliates | 313 | 434 | 539 | 545 | 1,831 | 410 | 440 | 421 | 475 | 1,746 | ||||||||||||||
Total Capital Program* | ||||||||||||||||||||||||
Midstream** | 258 | 379 | 472 | 919 | 2,028 | 384 | 388 | 328 | 399 | 1,499 | ||||||||||||||
Chemicals | 75 | 72 | 93 | 131 | 371 | 107 | 142 | 184 | 233 | 666 | ||||||||||||||
Refining | 184 | 200 | 185 | 305 | 874 | 165 | 192 | 269 | 372 | 998 | ||||||||||||||
Marketing and Specialties | 12 | 23 | 30 | 54 | 119 | 97 | 42 | 41 | 46 | 226 | ||||||||||||||
Corporate and Other | — | 26 | 93 | 21 | 140 | 39 | 42 | 7 | 48 | 136 | ||||||||||||||
Discontinued Operations | 2 | 4 | 5 | 9 | 20 | 5 | 5 | 4 | 13 | 27 | ||||||||||||||
Total Capital Program | 531 | 704 | 878 | 1,439 | 3,552 | 797 | 811 | 833 | 1,111 | 3,552 | ||||||||||||||
* Includes Phillips 66’s portion of self-funded capital spending by WRB Refining, DCP Midstream and Chevron Phillips Chemical Company (CPChem). | ||||||||||||||||||||||||
** 4th quarter 2012 consolidated amount includes acquisition of a one-third interest in the Sand Hills and Southern Hills pipeline projects from DCP Midstream for $459 million. This amount is also included in DCP Midstream's capital spending through 2012. | ||||||||||||||||||||||||
Page 3
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MIDSTREAM | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Midstream Net Income (Loss) Attributable to Phillips 66 | ||||||||||||||||||||||||
($ Millions)* | ||||||||||||||||||||||||
Transportation | 29 | (146 | ) | (128 | ) | 35 | (210 | ) | 46 | 50 | 54 | 50 | 200 | |||||||||||
DCP Midstream | 60 | 42 | 39 | 38 | 179 | 56 | 30 | 87 | 37 | 210 | ||||||||||||||
NGL Operations and Other | 19 | 29 | 17 | 19 | 84 | 8 | 10 | 7 | 34 | 59 | ||||||||||||||
Midstream Net Income (Loss) Attributable | ||||||||||||||||||||||||
to Phillips 66 | 108 | (75 | ) | (72 | ) | 92 | 53 | 110 | 90 | 148 | 121 | 469 | ||||||||||||
Midstream Income (Loss) before Income Taxes | ||||||||||||||||||||||||
($ Millions)* | ||||||||||||||||||||||||
Transportation | 50 | (236 | ) | (185 | ) | 54 | (317 | ) | 75 | 81 | 87 | 84 | 327 | |||||||||||
DCP Midstream | 93 | 66 | 62 | 58 | 279 | 87 | 46 | 136 | 63 | 332 | ||||||||||||||
NGL Operations and Other | 31 | 45 | 28 | 23 | 127 | 13 | 15 | 17 | 47 | 92 | ||||||||||||||
Midstream Income (Loss) before Income Taxes | 174 | (125 | ) | (95 | ) | 135 | 89 | 175 | 142 | 240 | 194 | 751 | ||||||||||||
Midstream Adjusted EBITDA | 269 | 207 | 216 | 171 | 863 | 242 | 214 | 323 | 289 | 1,068 | ||||||||||||||
Depreciation and Amortization ($ Millions)* | ||||||||||||||||||||||||
Transportation | 18 | 21 | 19 | 24 | 82 | 18 | 19 | 19 | 30 | 86 | ||||||||||||||
DCP Midstream | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
NGL Operations and Other | — | 1 | — | — | 1 | 1 | — | — | 1 | 2 | ||||||||||||||
Total | 18 | 22 | 19 | 24 | 83 | 19 | 19 | 19 | 31 | 88 | ||||||||||||||
Operating and SG&A Expense ($ Millions)* | ||||||||||||||||||||||||
Transportation | 100 | 98 | 97 | 110 | 405 | 94 | 104 | 111 | 104 | 413 | ||||||||||||||
DCP Midstream | (2 | ) | 1 | (1 | ) | — | (2 | ) | — | — | — | 2 | 2 | |||||||||||
NGL Operations and Other | 19 | 16 | 9 | 12 | 56 | 14 | 22 | 13 | 19 | 68 | ||||||||||||||
Total | 117 | 115 | 105 | 122 | 459 | 108 | 126 | 124 | 125 | 483 | ||||||||||||||
* Prior period amounts have been recast to reflect the realignment of Sand Hills and Southern Hills pipelines from "Transportation" to "NGL Operations and Other." | ||||||||||||||||||||||||
Transportation Volumes (MB/D) | ||||||||||||||||||||||||
Pipelines* | 2,834 | 2,870 | 3,011 | 2,875 | 2,898 | 3,052 | 3,191 | 3,246 | 3,176 | 3,167 | ||||||||||||||
Terminals | 1,134 | 1,181 | 1,221 | 1,141 | 1,169 | 1,041 | 1,194 | 1,419 | 1,435 | 1,274 | ||||||||||||||
* Pipelines represents the sum of volumes transported through each separately tariffed pipeline segment, including our share of equity volumes in Yellowstone and Lake Charles pipelines. | ||||||||||||||||||||||||
PSX Other Volumes | ||||||||||||||||||||||||
NGL Fractionated (MB/D)* | 105 | 93 | 113 | 110 | 105 | 117 | 113 | 123 | 109 | 115 | ||||||||||||||
* Excludes DCP Midstream. | ||||||||||||||||||||||||
100% DCP Midstream Results | ||||||||||||||||||||||||
Capital Expenditures and Investments ($ Millions) | 450 | 676 | 820 | 701 | 2,647 | 547 | 537 | 435 | 422 | 1,941 | ||||||||||||||
Selected DCP Volumes and Gross Margin | ||||||||||||||||||||||||
by Major Contract Type (excludes current quarter) | ||||||||||||||||||||||||
Percentage of Proceeds (long NGL / long Gas)* | ||||||||||||||||||||||||
Volume (TBtu/d) | 4.8 | 4.7 | 4.9 | 4.9 | 4.8 | 4.8 | 5.0 | 5.3 | ** | 5.0 | ||||||||||||||
Gross Margin ($ Millions) | 225 | 170 | 180 | 210 | 785 | 185 | 220 | 230 | ** | 635 | ||||||||||||||
Keep-whole (long NGL / short Gas)* | ||||||||||||||||||||||||
Volume (TBtu/d) | 0.8 | 0.8 | 0.8 | 0.6 | 0.8 | 0.6 | 0.6 | 0.6 | ** | 0.6 | ||||||||||||||
Gross Margin ($ Millions) | 105 | 80 | 60 | 50 | 295 | 45 | 35 | 45 | ** | 125 | ||||||||||||||
Fee-based Gas (primarily gathering and transport)* | ||||||||||||||||||||||||
Volume (TBtu/d) | 4.7 | 4.7 | 4.7 | 4.6 | 4.7 | 4.5 | 4.7 | 4.7 | ** | 4.6 | ||||||||||||||
Gross Margin ($ Millions) | 60 | 62 | 60 | 70 | 252 | 65 | 75 | 75 | ** | 215 | ||||||||||||||
Fee-based NGL Transport and Fractionation | ||||||||||||||||||||||||
Volume (MB/D) | 214 | 163 | 175 | 192 | 186 | 202 | 201 | 209 | ** | 204 | ||||||||||||||
Gross Margin ($ Millions) | 19 | 15 | 15 | 19 | 68 | 19 | 19 | 25 | ** | 63 | ||||||||||||||
Other Gross Margin*** | ||||||||||||||||||||||||
Gross Margin ($ Millions) | 152 | 178 | 140 | 163 | 633 | 153 | 160 | 186 | ** | 499 | ||||||||||||||
Total Throughput (TBtu/d) | 7.2 | 7.0 | 7.2 | 6.9 | 7.1 | 6.9 | 7.1 | 7.4 | 7.2 | 7.1 | ||||||||||||||
NGL Production (MB/D) | 412 | 392 | 398 | 405 | 402 | 396 | 412 | 442 | 452 | 426 | ||||||||||||||
* 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 ($/BBL) | 42.10 | 32.48 | 30.21 | 32.18 | 34.24 | 31.09 | 29.77 | 32.66 | 33.86 | 31.84 | ||||||||||||||
DCP Midstream ($/gal) | 1.00 | 0.77 | 0.72 | 0.77 | 0.82 | 0.74 | 0.71 | 0.78 | 0.81 | 0.76 | ||||||||||||||
* Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix. | ||||||||||||||||||||||||
Page 4
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CHEMICALS | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Chemicals Net Income Attributable | ||||||||||||||||||||||||
to Phillips 66 ($ Millions) | 217 | 207 | 153 | 246 | 823 | 282 | 181 | 262 | 261 | 986 | ||||||||||||||
Chemicals Adjusted EBITDA | 373 | 436 | 441 | 431 | 1,681 | 482 | 320 | 454 | 454 | 1,710 | ||||||||||||||
100% CPChem Results | ||||||||||||||||||||||||
Investing Cash Flows ($ Millions) | ||||||||||||||||||||||||
Capital Expenditures and Investments | 149 | 144 | 186 | 262 | 741 | 214 | 284 | 367 | 466 | 1,331 | ||||||||||||||
Advances to Equity Companies | 35 | 70 | 44 | 66 | 215 | 45 | 19 | 5 | 98 | 167 | ||||||||||||||
Advance Repayments from Equity Companies | (103 | ) | (63 | ) | (54 | ) | (83 | ) | (303 | ) | (43 | ) | (12 | ) | — | — | (55 | ) | ||||||
Externally Marketed Sales Volumes (MM Lbs) | ||||||||||||||||||||||||
Olefins and Polyolefins | 3,640 | 3,510 | 3,811 | 4,006 | 14,967 | 4,036 | 3,862 | 3,927 | 4,246 | 16,071 | ||||||||||||||
Specialties, Aromatics and Styrenics | 1,793 | 1,811 | 1,545 | 1,570 | 6,719 | 1,496 | 1,485 | 1,577 | 1,672 | 6,230 | ||||||||||||||
Total | 5,433 | 5,321 | 5,356 | 5,576 | 21,686 | 5,532 | 5,347 | 5,504 | 5,918 | 22,301 | ||||||||||||||
Olefins and Polyolefins Capacity Utilization (%) | 94 | % | 92 | % | 97 | % | 90 | % | 93 | % | 91 | % | 78 | % | 87 | % | 95 | % | 88 | % | ||||
Market Indicators | ||||||||||||||||||||||||
U.S. Industry Prices* | ||||||||||||||||||||||||
Ethylene, Net Transaction Price (cents/lb) | 55.17 | 46.83 | 45.42 | 45.67 | 48.27 | 48.00 | 46.33 | 45.83 | 46.50 | 46.67 | ||||||||||||||
HDPE Blow Molding (cents/lb) | 92.00 | 88.00 | 84.33 | 84.67 | 87.25 | 91.67 | 93.67 | 96.67 | 100.00 | 95.50 | ||||||||||||||
U.S. Industry Costs* | ||||||||||||||||||||||||
Ethylene, Cash Cost Weighted Average Feed (cents/lb) | 28.25 | 18.47 | 19.72 | 18.62 | 21.22 | 13.80 | 15.66 | 16.47 | 18.60 | 16.13 | ||||||||||||||
HDPE, Total Cash Cost (cents/lb) | 72.74 | 64.81 | 62.04 | 63.22 | 65.71 | 69.26 | 65.55 | 63.71 | 64.52 | 65.76 | ||||||||||||||
* Released by IHS. Reflect the IHS analysis of historical market indicators. | ||||||||||||||||||||||||
Page 5
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REFINING | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Refining Net Income (Loss) Attributable to Phillips 66 | ||||||||||||||||||||||||
($ Millions) | ||||||||||||||||||||||||
Atlantic Basin/Europe | (10 | ) | 137 | 321 | 117 | 565 | 98 | 29 | 50 | (135 | ) | 42 | ||||||||||||
Gulf Coast | (45 | ) | 183 | 266 | 175 | 579 | 44 | (65 | ) | (58 | ) | 209 | 130 | |||||||||||
Central Corridor | 405 | 574 | 773 | 511 | 2,263 | 589 | 396 | 120 | 379 | 1,484 | ||||||||||||||
Western/Pacific | (1 | ) | (34 | ) | 136 | (486 | ) | (385 | ) | 62 | 33 | (93 | ) | 43 | 45 | |||||||||
Other Refining | 44 | 56 | 49 | 46 | 195 | 129 | 88 | (21 | ) | (46 | ) | 150 | ||||||||||||
Refining Net Income Attributable | ||||||||||||||||||||||||
to Phillips 66 | 393 | 916 | 1,545 | 363 | 3,217 | 922 | 481 | (2 | ) | 450 | 1,851 | |||||||||||||
Refining Income (Loss) before Income Taxes ($ Millions) | ||||||||||||||||||||||||
Atlantic Basin/Europe | 7 | 312 | 451 | 124 | 894 | 141 | 48 | 64 | (186 | ) | 67 | |||||||||||||
Gulf Coast | (70 | ) | 283 | 408 | 250 | 871 | 57 | (82 | ) | (86 | ) | 320 | 209 | |||||||||||
Central Corridor | 602 | 891 | 1,194 | 783 | 3,470 | 925 | 627 | 195 | 590 | 2,337 | ||||||||||||||
Western/Pacific | 18 | (21 | ) | 212 | (444 | ) | (235 | ) | 94 | 60 | (123 | ) | 74 | 105 | ||||||||||
Other Refining | 59 | 81 | 86 | 58 | 284 | 182 | 122 | (14 | ) | (66 | ) | 224 | ||||||||||||
Refining Income before Income Taxes | 616 | 1,546 | 2,351 | 771 | 5,284 | 1,399 | 775 | 36 | 732 | 2,942 | ||||||||||||||
Refining Adjusted EBITDA | 876 | 1,553 | 2,547 | 1,592 | 6,568 | 1,588 | 977 | 243 | 935 | 3,743 | ||||||||||||||
Realized Refining Margins ($/BBL)* | ||||||||||||||||||||||||
Atlantic Basin/Europe | 6.43 | 7.98 | 12.88 | 9.85 | 9.28 | 8.61 | 6.83 | 6.59 | 5.12 | 6.87 | ||||||||||||||
Gulf Coast | 5.95 | 9.36 | 11.42 | 9.08 | 9.02 | 8.54 | 4.45 | 3.95 | 9.84 | 6.63 | ||||||||||||||
Central Corridor | 19.22 | 26.72 | 31.82 | 27.85 | 26.37 | 27.29 | 19.45 | 9.80 | 18.50 | 18.62 | ||||||||||||||
Western/Pacific | 10.70 | 7.91 | 13.30 | 12.01 | 11.04 | 9.64 | 8.80 | 4.77 | 9.51 | 8.20 | ||||||||||||||
Worldwide | 10.39 | 12.85 | 16.97 | 13.99 | 13.59 | 13.94 | 9.88 | 6.14 | 10.75 | 10.10 | ||||||||||||||
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. | ||||||||||||||||||||||||
Depreciation and Amortization ($ Millions)* | ||||||||||||||||||||||||
Atlantic Basin/Europe | 39 | 40 | 41 | 45 | 165 | 42 | 43 | 43 | 42 | 170 | ||||||||||||||
Gulf Coast | 49 | 51 | 50 | 51 | 201 | 52 | 54 | 50 | 50 | 206 | ||||||||||||||
Central Corridor | 21 | 21 | 21 | 22 | 85 | 27 | 22 | 21 | 23 | 93 | ||||||||||||||
Western/Pacific | 49 | 48 | 52 | 49 | 198 | 53 | 50 | 51 | 52 | 206 | ||||||||||||||
Other Refining | 1 | 1 | 1 | 3 | 6 | 3 | (1 | ) | 5 | 3 | 10 | |||||||||||||
Total | 159 | 161 | 165 | 170 | 655 | 177 | 168 | 170 | 170 | 685 | ||||||||||||||
* Excludes D&A of all equity affiliates. | ||||||||||||||||||||||||
Operating and SG&A Expense ($ Millions)* | ||||||||||||||||||||||||
Atlantic Basin/Europe | 237 | 225 | 203 | 285 | 950 | 257 | 272 | 234 | 349 | 1,112 | ||||||||||||||
Gulf Coast | 332 | 271 | 286 | 322 | 1,211 | 327 | 295 | 306 | 325 | 1,253 | ||||||||||||||
Central Corridor | 113 | 135 | 97 | 103 | 448 | 98 | 97 | 114 | 116 | 425 | ||||||||||||||
Western/Pacific | 257 | 230 | 198 | 228 | 913 | 185 | 200 | 199 | 221 | 805 | ||||||||||||||
Other Refining | 40 | 5 | 17 | 27 | 89 | 23 | 35 | 30 | 80 | 168 | ||||||||||||||
Total | 979 | 866 | 801 | 965 | 3,611 | 890 | 899 | 883 | 1,091 | 3,763 | ||||||||||||||
* Excludes Operating and SG&A Expense of all equity affiliates. | ||||||||||||||||||||||||
Turnaround Expense ($ Millions), included in | ||||||||||||||||||||||||
Operating and SG&A Expense* | ||||||||||||||||||||||||
Atlantic Basin/Europe | 14 | 5 | 1 | 13 | 33 | 12 | 35 | 15 | 108 | 170 | ||||||||||||||
Gulf Coast | 65 | 14 | 12 | 35 | 126 | 64 | 12 | 18 | 28 | 122 | ||||||||||||||
Central Corridor | 21 | 43 | 3 | 2 | 69 | 6 | 4 | 16 | 11 | 37 | ||||||||||||||
Western/Pacific | 76 | 52 | 18 | 34 | 180 | 4 | 11 | 7 | 12 | 34 | ||||||||||||||
Total | 176 | 114 | 34 | 84 | 408 | 86 | 62 | 56 | 159 | 363 | ||||||||||||||
* Excludes Turnaround Expense of all equity affiliates. | ||||||||||||||||||||||||
Taxes Other than Income Taxes, excluding Excise Taxes ($ Millions) | ||||||||||||||||||||||||
Atlantic Basin/Europe | 18 | 14 | 20 | 14 | 66 | 18 | 15 | 14 | 15 | 62 | ||||||||||||||
Gulf Coast | 22 | 17 | 17 | 16 | 72 | 22 | 19 | 14 | 14 | 69 | ||||||||||||||
Central Corridor | 10 | 8 | 7 | 8 | 33 | 9 | 9 | 8 | 8 | 34 | ||||||||||||||
Western/Pacific | 27 | 27 | 28 | 26 | 108 | 27 | 26 | 26 | 26 | 105 | ||||||||||||||
Other Refining | 2 | 1 | 2 | 1 | 6 | (3 | ) | (4 | ) | (3 | ) | 1 | (9 | ) | ||||||||||
Total | 79 | 67 | 74 | 65 | 285 | 73 | 65 | 59 | 64 | 261 | ||||||||||||||
Foreign Currency Gains | ||||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | 15 | (3 | ) | 3 | 2 | 17 | 16 | 9 | (2 | ) | 18 | 41 | ||||||||||||
Refining—Equity Affiliate Information ($ Millions) | ||||||||||||||||||||||||
Equity in earnings of affiliates | 313 | 410 | 628 | 191 | 1,542 | 517 | 300 | 98 | 298 | 1,213 | ||||||||||||||
Less: Share of equity affiliate gross margin included in Realized | ||||||||||||||||||||||||
Refining Margin and other equity affiliate-related costs* | (517 | ) | (564 | ) | (812 | ) | (440 | ) | (2,333 | ) | (719 | ) | (466 | ) | (263 | ) | (436 | ) | (1,884 | ) | ||||
Equity-affiliate-related expenses | ||||||||||||||||||||||||
not included in Realized Refining Margins | (204 | ) | (154 | ) | (184 | ) | (249 | ) | (791 | ) | (202 | ) | (166 | ) | (165 | ) | (138 | ) | (671 | ) | ||||
Regional Totals | ||||||||||||||||||||||||
Gulf Coast | (30 | ) | (14 | ) | (5 | ) | (17 | ) | (66 | ) | (36 | ) | (12 | ) | 4 | 21 | (23 | ) | ||||||
Central Corridor | (108 | ) | (101 | ) | (117 | ) | (177 | ) | (503 | ) | (120 | ) | (111 | ) | (108 | ) | (114 | ) | (453 | ) | ||||
Other Regions** | (66 | ) | (39 | ) | (62 | ) | (55 | ) | (222 | ) | (46 | ) | (43 | ) | (61 | ) | (45 | ) | (195 | ) | ||||
Total | (204 | ) | (154 | ) | (184 | ) | (249 | ) | (791 | ) | (202 | ) | (166 | ) | (165 | ) | (138 | ) | (671 | ) | ||||
* 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) | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Atlantic Basin/Europe* | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 573 | 561 | 587 | 497 | 555 | 571 | 555 | 574 | 483 | 546 | ||||||||||||||
Total Charge Input (MB/D) | 621 | 612 | 625 | 523 | 595 | 614 | 597 | 606 | 489 | 576 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 98 | % | 95 | % | 100 | % | 84 | % | 94 | % | 97 | % | 94 | % | 98 | % | 82 | % | 93 | % | ||||
Clean Product Yield (%) | 85 | % | 85 | % | 84 | % | 82 | % | 84 | % | 85 | % | 84 | % | 84 | % | 79 | % | 83 | % | ||||
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | ||||||||||||||||||||||||
Gulf Coast | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 600 | 670 | 649 | 709 | 657 | 584 | 664 | 671 | 682 | 651 | ||||||||||||||
Total Charge Input (MB/D) | 672 | 749 | 730 | 785 | 734 | 643 | 741 | 767 | 762 | 729 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 82 | % | 91 | % | 88 | % | 97 | % | 90 | % | 80 | % | 91 | % | 92 | % | 93 | % | 89 | % | ||||
Clean Product Yield (%) | 80 | % | 84 | % | 80 | % | 81 | % | 81 | % | 81 | % | 83 | % | 82 | % | 82 | % | 82 | % | ||||
Central Corridor* | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 479 | 446 | 478 | 413 | 454 | 457 | 474 | 480 | 479 | 472 | ||||||||||||||
Total Charge Input (MB/D) | 494 | 459 | 494 | 428 | 469 | 473 | 488 | 495 | 494 | 488 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 102 | % | 95 | % | 102 | % | 88 | % | 97 | % | 96 | % | 100 | % | 101 | % | 100 | % | 99 | % | ||||
Clean Product Yield (%) | 88 | % | 87 | % | 87 | % | 88 | % | 88 | % | 87 | % | 86 | % | 88 | % | 88 | % | 87 | % | ||||
* Includes our proportionate share of the Borger Refinery and Wood River Refinery. | ||||||||||||||||||||||||
Western/Pacific* | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 375 | 391 | 424 | 401 | 398 | 401 | 417 | 403 | 419 | 410 | ||||||||||||||
Total Charge Input (MB/D) | 401 | 409 | 439 | 423 | 418 | 441 | 448 | 430 | 450 | 442 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 85 | % | 89 | % | 97 | % | 91 | % | 91 | % | 91 | % | 95 | % | 91 | % | 95 | % | 93 | % | ||||
Clean Product Yield (%) | 86 | % | 80 | % | 83 | % | 85 | % | 83 | % | 83 | % | 86 | % | 84 | % | 85 | % | 85 | % | ||||
* Includes our proportionate share of a refinery in Melaka, Malaysia. | ||||||||||||||||||||||||
Worldwide—Including Proportionate Share of Equity Affiliates | ||||||||||||||||||||||||
Crude Oil Charge Input (MB/D) | 2,027 | 2,068 | 2,138 | 2,020 | 2,064 | 2,013 | 2,110 | 2,128 | 2,063 | 2,079 | ||||||||||||||
Total Charge Input (MB/D) | 2,188 | 2,229 | 2,288 | 2,159 | 2,216 | 2,171 | 2,274 | 2,298 | 2,195 | 2,235 | ||||||||||||||
Crude Oil Capacity Utilization (%) | 91 | % | 93 | % | 96 | % | 91 | % | 93 | % | 90 | % | 94 | % | 95 | % | 92 | % | 93 | % | ||||
Clean Product Yield (%) | 84 | % | 84 | % | 83 | % | 83 | % | 84 | % | 84 | % | 85 | % | 84 | % | 84 | % | 84 | % | ||||
Refined Products Production (MB/D) | ||||||||||||||||||||||||
Atlantic Basin/Europe* | ||||||||||||||||||||||||
Gasoline | 243 | 251 | 244 | 196 | 233 | 240 | 239 | 241 | 175 | 224 | ||||||||||||||
Distillates | 269 | 253 | 268 | 218 | 252 | 264 | 249 | 252 | 204 | 242 | ||||||||||||||
Other | 115 | 112 | 116 | 113 | 114 | 114 | 110 | 116 | 107 | 112 | ||||||||||||||
Total | 627 | 616 | 628 | 527 | 599 | 618 | 598 | 609 | 486 | 578 | ||||||||||||||
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | ||||||||||||||||||||||||
Gulf Coast | ||||||||||||||||||||||||
Gasoline | 228 | 298 | 271 | 289 | 272 | 252 | 292 | 304 | 293 | 285 | ||||||||||||||
Distillates | 275 | 305 | 290 | 315 | 296 | 247 | 292 | 295 | 297 | 283 | ||||||||||||||
Other | 179 | 155 | 175 | 190 | 175 | 147 | 164 | 175 | 184 | 168 | ||||||||||||||
Total | 682 | 758 | 736 | 794 | 743 | 646 | 748 | 774 | 774 | 736 | ||||||||||||||
Central Corridor* | ||||||||||||||||||||||||
Gasoline | 250 | 231 | 248 | 222 | 238 | 242 | 242 | 257 | 254 | 249 | ||||||||||||||
Distillates | 183 | 168 | 179 | 153 | 171 | 168 | 175 | 174 | 179 | 174 | ||||||||||||||
Other | 63 | 63 | 68 | 55 | 62 | 65 | 71 | 66 | 63 | 66 | ||||||||||||||
Total | 496 | 462 | 495 | 430 | 471 | 475 | 488 | 497 | 496 | 489 | ||||||||||||||
* Includes our proportionate share of the Borger Refinery and Wood River Refinery. | ||||||||||||||||||||||||
Western/Pacific* | ||||||||||||||||||||||||
Gasoline | 176 | 162 | 186 | 183 | 177 | 188 | 198 | 188 | 191 | 191 | ||||||||||||||
Distillates | 168 | 164 | 176 | 176 | 171 | 177 | 189 | 173 | 193 | 183 | ||||||||||||||
Other | 59 | 86 | 75 | 66 | 71 | 80 | 65 | 71 | 69 | 71 | ||||||||||||||
Total | 403 | 412 | 437 | 425 | 419 | 445 | 452 | 432 | 453 | 445 | ||||||||||||||
* Includes our proportionate share of a refinery in Melaka, Malaysia. | ||||||||||||||||||||||||
Worldwide—Including Proportionate Share of Equity Affiliates | ||||||||||||||||||||||||
Gasoline | 897 | 942 | 949 | 890 | 920 | 922 | 971 | 990 | 913 | 949 | ||||||||||||||
Distillates | 895 | 890 | 913 | 862 | 890 | 856 | 905 | 894 | 873 | 882 | ||||||||||||||
Other | 416 | 416 | 434 | 424 | 422 | 406 | 410 | 428 | 423 | 417 | ||||||||||||||
Total | 2,208 | 2,248 | 2,296 | 2,176 | 2,232 | 2,184 | 2,286 | 2,312 | 2,209 | 2,248 | ||||||||||||||
Market Indicators | ||||||||||||||||||||||||
Crude and Crude Differentials ($/BBL) | ||||||||||||||||||||||||
WTI | 102.99 | 93.44 | 92.11 | 88.09 | 94.16 | 94.29 | 94.12 | 105.80 | 97.38 | 97.90 | ||||||||||||||
Brent | 118.49 | 108.19 | 109.61 | 110.02 | 111.58 | 112.55 | 102.44 | 110.36 | 109.27 | 108.66 | ||||||||||||||
LLS | 119.60 | 108.47 | 109.40 | 109.43 | 111.72 | 113.92 | 104.63 | 109.89 | 100.94 | 107.34 | ||||||||||||||
ANS | 118.31 | 110.01 | 109.08 | 107.04 | 111.11 | 111.02 | 104.52 | 110.52 | 104.67 | 107.68 | ||||||||||||||
WTI less Maya | (5.94 | ) | (5.58 | ) | (5.38 | ) | (4.73 | ) | (5.41 | ) | (8.54 | ) | (3.55 | ) | 6.47 | 8.12 | 0.63 | |||||||
WTI less WCS | 27.00 | 19.80 | 15.30 | 27.55 | 22.41 | 27.02 | 16.71 | 23.07 | 31.23 | 24.51 | ||||||||||||||
Natural Gas ($/MCF) | ||||||||||||||||||||||||
Henry Hub | 2.46 | 2.27 | 2.87 | 3.39 | 2.75 | 3.48 | 4.01 | 3.55 | 3.84 | 3.72 | ||||||||||||||
Product Margins ($/BBL) | ||||||||||||||||||||||||
Atlantic Basin/Europe | ||||||||||||||||||||||||
East Coast Gasoline less Brent | 6.18 | 17.28 | 19.31 | 8.43 | 12.80 | 9.70 | 14.83 | 13.05 | 2.95 | 10.13 | ||||||||||||||
East Coast Distillate less Brent | 15.72 | 16.87 | 21.03 | 23.14 | 19.19 | 18.78 | 19.09 | 17.43 | 16.35 | 17.91 | ||||||||||||||
Gulf Coast | ||||||||||||||||||||||||
Gulf Coast Gasoline less LLS | 5.06 | 11.44 | 12.35 | (1.34 | ) | 6.88 | 3.41 | 9.14 | 5.86 | 2.89 | 5.33 | |||||||||||||
Gulf Coast Distillate less LLS | 12.99 | 15.13 | 19.68 | 18.03 | 16.46 | 15.67 | 15.52 | 16.66 | 21.48 | 17.33 | ||||||||||||||
Central Corridor | ||||||||||||||||||||||||
Central Gasoline less WTI | 18.32 | 27.23 | 34.24 | 21.58 | 25.34 | 24.04 | 26.18 | 14.55 | 3.23 | 17.00 | ||||||||||||||
Central Distillate less WTI | 27.86 | 30.38 | 39.47 | 42.30 | 35.00 | 35.72 | 29.35 | 22.95 | 25.52 | 28.39 | ||||||||||||||
Western/Pacific | ||||||||||||||||||||||||
West Coast Gasoline less ANS | 15.91 | 17.11 | 18.56 | 12.94 | 16.13 | 18.34 | 20.59 | 12.39 | 8.71 | 15.01 | ||||||||||||||
West Coast Distillate less ANS | 17.66 | 14.68 | 22.63 | 22.80 | 19.44 | 20.67 | 16.84 | 18.42 | 19.60 | 18.89 | ||||||||||||||
Worldwide Market Crack Spread ($/BBL)* | 12.78 | 17.85 | 21.61 | 14.39 | 16.66 | 15.50 | 17.56 | 13.44 | 9.62 | 14.03 | ||||||||||||||
* Weighted average based on Phillips 66 crude capacity. | ||||||||||||||||||||||||
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MARKETING AND SPECIALTIES | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Marketing and Specialties Net Income (Loss) Attributable to Phillips 66 ($ Millions) | ||||||||||||||||||||||||
Marketing and Other | (67 | ) | 201 | 46 | 83 | 263 | 173 | 255 | 195 | 50 | 673 | |||||||||||||
Specialties | 44 | 42 | 38 | 30 | 154 | — | 63 | 31 | 23 | 117 | ||||||||||||||
Marketing and Specialties | ||||||||||||||||||||||||
Net Income (Loss) Attributable to Phillips 66 | (23 | ) | 243 | 84 | 113 | 417 | 173 | 318 | 226 | 73 | 790 | |||||||||||||
Marketing and Specialties Income (Loss) before Income Taxes ($ Millions) | ||||||||||||||||||||||||
Marketing and Other | (3 | ) | 261 | 47 | 114 | 419 | 254 | 385 | 268 | 66 | 973 | |||||||||||||
Specialties | 70 | 68 | 61 | 49 | 248 | 2 | 105 | 49 | 37 | 193 | ||||||||||||||
Marketing and Specialties | ||||||||||||||||||||||||
Income before Income Taxes | 67 | 329 | 108 | 163 | 667 | 256 | 490 | 317 | 103 | 1,166 | ||||||||||||||
Marketing and Specialties Adjusted EBITDA | 103 | 424 | 144 | 201 | 872 | 312 | 475 | 339 | 126 | 1,252 | ||||||||||||||
Realized Marketing Fuel Margin ($/BBL)* | ||||||||||||||||||||||||
U.S. | 0.22 | 1.80 | 0.41 | 0.99 | 0.87 | 1.02 | 1.77 | 1.25 | 0.74 | 1.21 | ||||||||||||||
International | 2.42 | 6.36 | 3.91 | 3.99 | 4.17 | 3.16 | 4.93 | 5.55 | 3.76 | 4.36 | ||||||||||||||
* On third-party petroleum products sales. | ||||||||||||||||||||||||
Realized Margins not included in Marketing Fuel Margin | ||||||||||||||||||||||||
($ Millions)* | ||||||||||||||||||||||||
Marketing and Other | 178 | 165 | 189 | 157 | 689 | 210 | 184 | 141 | 121 | 656 | ||||||||||||||
Specialties | 95 | 98 | 94 | 86 | 373 | 57 | 96 | 70 | 64 | 287 | ||||||||||||||
Total | 273 | 263 | 283 | 243 | 1,062 | 267 | 280 | 211 | 185 | 943 | ||||||||||||||
* Excludes Gain on Dispositions and Excise Tax Income. | ||||||||||||||||||||||||
Depreciation and Amortization ($ Millions) | ||||||||||||||||||||||||
Marketing and Other | 34 | 34 | 33 | 35 | 136 | 30 | 23 | 21 | 21 | 95 | ||||||||||||||
Specialties | 2 | 3 | 3 | 3 | 11 | 3 | 2 | 1 | 2 | 8 | ||||||||||||||
Total | 36 | 37 | 36 | 38 | 147 | 33 | 25 | 22 | 23 | 103 | ||||||||||||||
Operating and SG&A Expense ($ Millions) | ||||||||||||||||||||||||
Marketing and Other | 236 | 332 | 282 | 276 | 1,126 | 194 | 236 | 225 | 278 | 933 | ||||||||||||||
Specialties | 22 | 27 | 29 | 32 | 110 | 32 | 28 | 26 | 27 | 113 | ||||||||||||||
Total | 258 | 359 | 311 | 308 | 1,236 | 226 | 264 | 251 | 305 | 1,046 | ||||||||||||||
Marketing Petroleum Products Sales (MB/D) | ||||||||||||||||||||||||
U.S. Marketing | ||||||||||||||||||||||||
Gasoline | 933 | 1,067 | 998 | 1,036 | 1,009 | 1,016 | 1,138 | 1,111 | 1,059 | 1,081 | ||||||||||||||
Distillates | 820 | 845 | 813 | 771 | 812 | 763 | 817 | 761 | 759 | 775 | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total | 1,753 | 1,912 | 1,811 | 1,807 | 1,821 | 1,779 | 1,955 | 1,872 | 1,818 | 1,856 | ||||||||||||||
International Marketing | ||||||||||||||||||||||||
Gasoline | 91 | 94 | 93 | 90 | 92 | 89 | 95 | 95 | 92 | 93 | ||||||||||||||
Distillates | 168 | 164 | 175 | 185 | 173 | 193 | 190 | 190 | 192 | 192 | ||||||||||||||
Other | 15 | 18 | 19 | 18 | 17 | 16 | 18 | 18 | 17 | 17 | ||||||||||||||
Total | 274 | 276 | 287 | 293 | 282 | 298 | 303 | 303 | 301 | 302 | ||||||||||||||
Worldwide Marketing | ||||||||||||||||||||||||
Gasoline | 1,024 | 1,161 | 1,091 | 1,126 | 1,101 | 1,105 | 1,233 | 1,206 | 1,151 | 1,174 | ||||||||||||||
Distillates | 988 | 1,009 | 988 | 956 | 985 | 956 | 1,007 | 951 | 951 | 967 | ||||||||||||||
Other | 15 | 18 | 19 | 18 | 17 | 16 | 18 | 18 | 17 | 17 | ||||||||||||||
Total | 2,027 | 2,188 | 2,098 | 2,100 | 2,103 | 2,077 | 2,258 | 2,175 | 2,119 | 2,158 | ||||||||||||||
Foreign Currency Gains | ||||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | 1 | (7 | ) | 6 | 5 | 5 | 3 | 1 | 1 | — | 5 | |||||||||||||
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CORPORATE AND OTHER | ||||||||||||||||||||||||
2012 | 2013 | |||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||
Corporate and Other Net Income (Loss) | ||||||||||||||||||||||||
Attributable to Phillips 66 ($ Millions) | (70 | ) | (119 | ) | (125 | ) | (120 | ) | (434 | ) | (95 | ) | (126 | ) | (113 | ) | (97 | ) | (431 | ) | ||||
Detail of Net Income (Loss) | ||||||||||||||||||||||||
Attributable to Phillips 66 ($ Millions) | ||||||||||||||||||||||||
Net interest expense | (9 | ) | (45 | ) | (47 | ) | (47 | ) | (148 | ) | (43 | ) | (42 | ) | (41 | ) | (40 | ) | (166 | ) | ||||
Corporate overhead | (28 | ) | (21 | ) | (30 | ) | (37 | ) | (116 | ) | (34 | ) | (36 | ) | (32 | ) | (43 | ) | (145 | ) | ||||
Technology | (13 | ) | (11 | ) | (11 | ) | (14 | ) | (49 | ) | (12 | ) | (12 | ) | (12 | ) | (14 | ) | (50 | ) | ||||
Repositioning costs | — | (30 | ) | (13 | ) | (12 | ) | (55 | ) | — | — | — | — | — | ||||||||||
Other | (20 | ) | (12 | ) | (24 | ) | (10 | ) | (66 | ) | (6 | ) | (36 | ) | (28 | ) | — | (70 | ) | |||||
Total | (70 | ) | (119 | ) | (125 | ) | (120 | ) | (434 | ) | (95 | ) | (126 | ) | (113 | ) | (97 | ) | (431 | ) | ||||
Before-Tax Net Interest Expense ($ Millions) | ||||||||||||||||||||||||
Interest expense | (13 | ) | (83 | ) | (74 | ) | (76 | ) | (246 | ) | (70 | ) | (69 | ) | (68 | ) | (68 | ) | (275 | ) | ||||
Capitalized interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest revenue | — | 12 | 2 | 4 | 18 | 5 | 4 | 5 | 6 | 20 | ||||||||||||||
Premium on early debt retirement | — | — | — | (3 | ) | (3 | ) | — | (1 | ) | (2 | ) | — | (3 | ) | |||||||||
Total | (13 | ) | (71 | ) | (72 | ) | (75 | ) | (231 | ) | (65 | ) | (66 | ) | (65 | ) | (62 | ) | (258 | ) | ||||
Foreign Currency Gains | ||||||||||||||||||||||||
(Losses) After-Tax ($ Millions) | — | (1 | ) | 1 | — | — | (1 | ) | — | (1 | ) | — | (2 | ) | ||||||||||
Phillips 66 Total Company | ||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Total Debt ($ Millions) | 6,178 | 7,986 | 7,978 | 6,974 | 6,974 | 6,971 | 6,469 | 6,156 | 6,155 | 6,155 | ||||||||||||||
Debt-to-Capital Ratio (%) | 20 | % | 30 | % | 28 | % | 25 | % | 25 | % | 25 | % | 23 | % | 22 | % | 22 | % | 22 | % | ||||
Total Equity ($ Millions) | 24,943 | 18,979 | 20,606 | 20,806 | 20,806 | 21,378 | 21,690 | 21,994 | 22,392 | 22,392 | ||||||||||||||
Page 9
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NON-GAAP FINANCIAL MEASURES RECONCILIATION | |||||||||||||||||||||||||
Millions of Dollars | |||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||
1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | ||||||||||||||||
Reconciliation of Midstream Adjusted EBITDA to Net Income | |||||||||||||||||||||||||
Midstream Net Income Attributable to Phillips 66 | 108 | (75 | ) | (72 | ) | 92 | 53 | 110 | 90 | 148 | 121 | 469 | |||||||||||||
Plus: | |||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 2 | 1 | 2 | 2 | 7 | 3 | 2 | 5 | 7 | 17 | |||||||||||||||
Provision for income taxes | 64 | (51 | ) | (25 | ) | 41 | 29 | 62 | 50 | 87 | 66 | 265 | |||||||||||||
Depreciation and amortization | 18 | 22 | 19 | 24 | 83 | 19 | 19 | 19 | 31 | 88 | |||||||||||||||
Midstream EBITDA | 192 | (103 | ) | (76 | ) | 159 | 172 | 194 | 161 | 259 | 225 | 839 | |||||||||||||
Adjustments (pre-tax): | |||||||||||||||||||||||||
EBITDA attributable to Phillips 66 noncontrolling interests | (4 | ) | (2 | ) | (3 | ) | (4 | ) | (13 | ) | (5 | ) | (4 | ) | (7 | ) | (8 | ) | (24 | ) | |||||
Proportional share of select equity affiliates income taxes | 2 | (1 | ) | (1 | ) | — | — | — | 2 | 1 | 1 | 4 | |||||||||||||
Proportional share of select equity affiliates net interest | 24 | 21 | 19 | 21 | 85 | 22 | 22 | 33 | 33 | 110 | |||||||||||||||
Proportional share of select equity affiliates depreciation and amortization | 55 | 17 | 29 | 30 | 131 | 31 | 33 | 37 | 38 | 139 | |||||||||||||||
Impairments | — | 275 | 248 | — | 523 | — | — | — | — | — | |||||||||||||||
Pending claims and settlements | — | — | — | (37 | ) | (37 | ) | — | — | — | — | — | |||||||||||||
Hurricane-related costs | — | — | — | 2 | 2 | — | — | — | — | — | |||||||||||||||
Midstream Adjusted EBITDA* | 269 | 207 | 216 | 171 | 863 | 242 | 214 | 323 | 289 | 1,068 | |||||||||||||||
*Proportional share of select equity affiliates is net of noncontrolling interests. | |||||||||||||||||||||||||
Reconciliation of Chemicals Adjusted EBITDA to Net Income | |||||||||||||||||||||||||
Chemicals Net Income | 217 | 207 | 153 | 246 | 823 | 282 | 181 | 262 | 261 | 986 | |||||||||||||||
Plus: | |||||||||||||||||||||||||
Provision for income taxes | 83 | 100 | 83 | 100 | 366 | 121 | 51 | 105 | 98 | 375 | |||||||||||||||
Chemicals EBITDA | 300 | 307 | 236 | 346 | 1,189 | 403 | 232 | 367 | 359 | 1,361 | |||||||||||||||
Adjustments (pre-tax): | |||||||||||||||||||||||||
Proportional share of equity affiliates income taxes | 17 | 21 | 22 | 19 | 79 | 19 | 25 | 25 | 24 | 93 | |||||||||||||||
Proportional share of equity affiliates net interest | 5 | 3 | 2 | 3 | 13 | 2 | 3 | 2 | 3 | 10 | |||||||||||||||
Proportional share of equity affiliates depreciation and amortization | 51 | 48 | 51 | 63 | 213 | 58 | 60 | 60 | 68 | 246 | |||||||||||||||
Impairments | — | — | 43 | — | 43 | — | — | — | — | — | |||||||||||||||
Premium on early debt retirement | — | 57 | 87 | — | 144 | — | — | — | — | — | |||||||||||||||
Chemicals Adjusted EBITDA | 373 | 436 | 441 | 431 | 1,681 | 482 | 320 | 454 | 454 | 1,710 | |||||||||||||||
Reconciliation of Refining Adjusted EBITDA to Net Income | |||||||||||||||||||||||||
Refining Net Income | 393 | 916 | 1,545 | 363 | 3,217 | 922 | 481 | (2 | ) | 450 | 1,851 | ||||||||||||||
Plus: | |||||||||||||||||||||||||
Provision for income taxes | 223 | 630 | 806 | 408 | 2,067 | 477 | 294 | 38 | 282 | 1,091 | |||||||||||||||
Depreciation and amortization | 159 | 161 | 165 | 170 | 655 | 177 | 168 | 170 | 170 | 685 | |||||||||||||||
Refining EBITDA | 775 | 1,707 | 2,516 | 941 | 5,939 | 1,576 | 943 | 206 | 902 | 3,627 | |||||||||||||||
Adjustments (pre-tax): | |||||||||||||||||||||||||
Proportional share of select equity affiliates income taxes | — | 2 | 2 | 1 | 5 | 2 | 1 | — | (7 | ) | (4 | ) | |||||||||||||
Proportional share of select equity affiliates net interest | (32 | ) | (30 | ) | (29 | ) | (27 | ) | (118 | ) | (26 | ) | (24 | ) | (23 | ) | (22 | ) | (95 | ) | |||||
Proportional share of select equity affiliates depreciation and amortization | 60 | 59 | 58 | 59 | 236 | 58 | 57 | 60 | 62 | 237 | |||||||||||||||
Gain on asset sales | — | (185 | ) | — | — | (185 | ) | — | — | — | — | — | |||||||||||||
Impairments | 42 | — | — | 564 | 606 | — | — | — | — | — | |||||||||||||||
Pending claims and settlements | 31 | — | — | — | 31 | — | — | — | — | — | |||||||||||||||
Tax law impacts | — | — | — | — | — | (22 | ) | — | — | — | (22 | ) | |||||||||||||
Hurricane-related costs | — | — | — | 54 | 54 | — | — | — | — | — | |||||||||||||||
Refining Adjusted EBITDA | 876 | 1,553 | 2,547 | 1,592 | 6,568 | 1,588 | 977 | 243 | 935 | 3,743 | |||||||||||||||
Reconciliation of Marketing and Specialties Adjusted EBITDA to Net Income | |||||||||||||||||||||||||
Marketing and Specialties Net Income | (23 | ) | 243 | 84 | 113 | 417 | 173 | 318 | 226 | 73 | 790 | ||||||||||||||
Plus: | |||||||||||||||||||||||||
Provision for income taxes | 90 | 86 | 24 | 50 | 250 | 83 | 172 | 91 | 30 | 376 | |||||||||||||||
Depreciation and amortization | 36 | 37 | 36 | 38 | 147 | 33 | 25 | 22 | 23 | 103 | |||||||||||||||
Marketing and Specialties EBITDA | 103 | 366 | 144 | 201 | 814 | 289 | 515 | 339 | 126 | 1,269 | |||||||||||||||
Adjustments (pre-tax): | |||||||||||||||||||||||||
Gain on asset sales | — | (4 | ) | — | — | (4 | ) | — | (40 | ) | — | — | (40 | ) | |||||||||||
Pending claims and settlements | — | 62 | — | — | 62 | (25 | ) | — | — | — | (25 | ) | |||||||||||||
Exit of a business line | — | — | — | — | — | 54 | — | — | — | 54 | |||||||||||||||
Tax law impacts | — | — | — | — | — | (6 | ) | — | — | — | (6 | ) | |||||||||||||
Marketing and Specialties Adjusted EBITDA | 103 | 424 | 144 | 201 | 872 | 312 | 475 | 339 | 126 | 1,252 | |||||||||||||||
Note: Certain prior period financial and operating information in this report has been recast to reflect the reclassification of the company’s flow improver business as discontinued operations. This business was previously included in the Marketing and Specialties segment. | |||||||||||||||||||||||||
Page 10