Phillips 66 : PDF 2022 (opens in new window)

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED STATEMENT OF OPERATIONS

Millions of Dollars, Except as Indicated

2022	2021
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	36,179	36,179	21,627	27,002	30,243	32,604	111,476
Equity in earnings of affiliates	685	685	285	830	982	807	2,904
Net gain on dispositions	1	1	-	2	9	7	18
Other income (loss)*	(143)	(143)	15	51	238	150	454
Total Revenues and Other Income	36,722	36,722	21,927	27,885	31,472	33,568	114,852
Costs and Expenses
Purchased crude oil and products	33,495	33,495	20,065	25,218	27,529	29,290	102,102
Operating expenses	1,340	1,340	1,380	1,175	1,166	1,426	5,147
Selling, general and administrative expenses	433	433	408	433	424	479	1,744
Depreciation and amortization	338	338	356	364	361	524	1,605
Impairments	-	-	198	-	1,298	2	1,498
Taxes other than income taxes	149	149	139	119	85	67	410
Accretion on discounted liabilities	6	6	6	6	6	6	24
Interest and debt expense	135	135	146	143	151	141	581
Foreign currency transaction (gains) losses	(2)	(2)	-	(9)	4	6	1
Total Costs and Expenses	35,894	35,894	22,698	27,449	31,024	31,941	113,112
Income (loss) before income taxes	828	828	(771)	436	448	1,627	1,740
Income tax expense (benefit)	171	171	(132)	62	(40)	256	146
Net Income (Loss)	657	657	(639)	374	488	1,371	1,594
Less: net income attributable to noncontrolling interests	75	75	15	78	86	98	277
Net Income (Loss) Attributable to Phillips 66	582	582	(654)	296	402	1,273	1,317
Net Income (Loss) Attributable to Phillips 66 Per Share
of Common Stock (dollars)
Basic	1.29	1.29	(1.49)	0.66	0.91	2.89	2.97
Diluted	1.29	1.29	(1.49)	0.66	0.91	2.88	2.97
Weighted-Average Common Shares Outstanding (thousands)
Basic	449,298	449,298	439,504	439,940	440,193	440,469	440,028
Diluted	450,011	450,011	439,504	440,396	440,368	441,584	440,364
Effective tax rate (%)	20.7 %	20.7 %	17.1 %	14.2 %	(8.9)%	15.7 %	8.4 %
Adjusted effective tax rate (%)	20.7 %	20.7 %	15.9 %	18.9 %	16.1 %	20.2 %	18.6 %

* Includes the unrealized investment gain (loss) on our investment in NOVONIX Limited (NOVONIX). See NOVONIX Investment table on page 5 for more details.

Adjusted Net Income (Loss) Attributable to Phillips 66

RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO

ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66

2022

Midstream Chemicals Refining

Marketing and Specialties Corporate and Other

Income (loss) before income taxes Less: income tax expense (benefit) Net Income (Loss)

Less: net income attributable to noncontrolling interests Net Income (Loss) Attributable to Phillips 66

Midstream

Transportation

NGL and Other

DCP Midstream

NOVONIX*

Total Midstream Chemicals Refining

Atlantic Basin/Europe

Gulf Coast

Central Corridor

West Coast

Total Refining Marketing and Specialties

Marketing and Other

Specialties

Total Marketing and Specialties Corporate and Other

Adjusted income (loss) before income taxes Less: adjusted income tax expense (benefit) Adjusted Net Income (Loss)

Less: adjusted net income attributable to noncontrolling interests

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
2022	2021
3rd Qtr	4th Qtr	YTD
629	593	1,610
631	436	1,844
(1,126)	346	(2,549)
545	498	1,809
(231)	(246)	(974)
448	1,627	1,740
(40)	256	146
488	1,371	1,594
86	98	277
402	1,273	1,317
2021
3rd Qtr	4th Qtr	YTD
254	273	957
133	138	390
31	111	185
224	146	370
642	668	1,902
634	424	1,899
93	114	(53)
(31)	80	(451)
232	145	60
(110)	65	(700)
184	404	(1,144)
454	402	1,459
93	97	356
547	499	1,815
(230)	(245)	(970)
1,777	1,750	3,502
286	354	651
1,491	1,396	2,851
88	98	330
1,403	1,298	2,521

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

242

396

123

316

(249)

828

171

657

75

582

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

278

91

31

(158)

242

396

143

21

(135)

111

140

203

113

316

(249)

845

175

670 75 595

* Represents the change in fair value of our investment in NOVONIX. See NOVONIX Investment table on page 5 for more details.

Millions of Dollars

* Costs related to the shutdown of the Alliance Refinery totaled $192 million pre-tax in the fourth quarter of 2021. Shutdown-related costs recorded in the Refining segment include asset

retirements of $91 million pre-tax recorded in depreciation and amortization expense and pre-tax charges for severance and other exit costs of $31 million. Shutdown-related costs in the

Midstream segment include asset retirements of $70 million pre-tax recorded in depreciation and amortization expense.

** We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 25%. Taxable special items attributable to foreign

locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions

legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in

jurisdictions with a valuation allowance.

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS

Total Phillips 66 Special Items (After-tax)

Midstream Impairments

Pension settlement expense Hurricane-related costs Winter-storm-related costs Alliance shutdown-related costs* Total Midstream

Chemicals

Pension settlement expense Hurricane-related costs Winter-storm-related costs Total Chemicals

Refining Impairments Certain tax impacts Pension settlement expense Hurricane-related costs Winter-storm-related costs Alliance shutdown-related costs* Regulatory compliance costs Total Refining

Marketing and Specialties Pension settlement expense

Total Marketing and Specialties

Corporate and Other

Pension settlement expense Total Corporate and Other

Total Special Items (Pre-tax)

Less: Income Tax Benefit

Tax impact of pre-tax special items** Other tax impacts

Total Income Tax Benefit

Less: Income (Loss) Attributable to Noncontrolling Interests Impairments

Total Income (Loss) Attributable to Noncontrolling Interests

Midstream

Transportation

NGL and Other

DCP Midstream

NOVONIX

Total Midstream

Refining

Atlantic Basin/Europe

Gulf Coast

Central Corridor

West Coast

Total Refining

Marketing and Specialties

Marketing and Other

Specialties

Total Marketing and Specialties

Phillips 66 Earnings Release Supplemental Data
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
2022	2021
3rd Qtr	4th Qtr	YTD
(10)	-	(208)
(3)	(1)	(8)
-	(4)	(4)
-	-	(2)
-	(70)	(70)
(13)	(75)	(292)
(2)	(2)	(22)
(1)	-	(1)
-	14	(32)
(3)	12	(55)
(1,288)	-	(1,288)
-	11	11
(12)	(5)	(37)
(10)	(30)	(40)
-	-	(17)
-	(122)	(122)
-	88	88
(1,310)	(58)	(1,405)
(2)	(1)	(6)
(2)	(1)	(6)
(1)	(1)	(4)
(1)	(1)	(4)
(1,329)	(123)	(1,762)
(323)	(33)	(420)
(3)	(65)	(85)
(326)	(98)	(505)
(2)	-	(53)
(2)	-	(53)
(1,001)	(25)	(1,204)
4th Qtr	YTD
(70)	(279)
(5)	(13)
-	-
-	-
(75)	(292)
23	17
(119)	(1,438)
26	10
12	6
(58)	(1,405)
(1)	(6)
-	-
(1)	(6)

Millions of Dollars

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

- - - - - - - - - - - - - (17)

- - - (17)

- -

- -

(17)

(4)

- (4)

- -

(13)

2022

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

- - - - - - (17)

- - (17)

- - -

Phillips 66 Earnings Release Supplemental Data

CASH FLOW INFORMATION

Millions of Dollars

* Represents the unrealized investment gain (loss) on our investment in NOVONIX. See NOVONIX Investment table on page 5

for more details.

2022	2021
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 (loss)	657	657	(639)	374	488	1,371	1,594
Depreciation and amortization	338	338	356	364	361	524	1,605
Impairments	-	-	198	-	1,298	2	1,498
Accretion on discounted liabilities	6	6	6	6	6	6	24
Deferred income taxes	142	142	(103)	266	(453)	18	(272)
Undistributed equity earnings	(100)	(100)	217	(218)	(77)	(50)	(128)
Net gain on dispositions	(1)	(1)	-	(2)	(3)	(2)	(7)
Unrealized investment (gain) loss*	169	169	-	-	(224)	(141)	(365)
Other	40	40	138	120	31	(340)	(51)
Net working capital changes	(115)	(115)	98	833	776	412	2,119
Net Cash Provided by Operating Activities	1,136	1,136	271	1,743	2,203	1,800	6,017
Cash Flows From Investing Activities
Capital expenditures and investments	(370)	(370)	(331)	(380)	(552)	(597)	(1,860)
Return of investments in equity affiliates	15	15	58	100	78	31	267
Proceeds from asset dispositions	1	1	-	24	2	1	27
Advances/loans-related parties	-	-	(155)	(90)	(65)	-	(310)
Collection of advances/loans-related parties	-	-	-	-	1	1	2
Other	(74)	(74)	(39)	(6)	40	7	2
Net Cash Used in Investing Activities	(428)	(428)	(467)	(352)	(496)	(557)	(1,872)
Cash Flows From Financing Activities
Issuance of debt	-	-	450	15	(15)	993	1,443
Repayment of debt	(24)	(24)	(925)	(54)	(506)	(1,469)	(2,954)
Issuance of common stock	23	23	20	4	-	2	26
Dividends paid on common stock	(404)	(404)	(394)	(394)	(394)	(403)	(1,585)
Distributions to noncontrolling interests	(77)	(77)	(76)	(82)	(81)	(85)	(324)
Repurchase of noncontrolling interests	-	-	-	(24)	-	-	(24)
Other	(30)	(30)	(20)	(7)	(9)	(16)	(52)
Net Cash Used in Financing Activities	(512)	(512)	(945)	(542)	(1,005)	(978)	(3,470)
Effect of Exchange Rate Changes on Cash and Cash
Equivalents	(8)	(8)	(22)	7	(12)	(15)	(42)
Net Change in Cash and Cash Equivalents	188	188	(1,163)	856	690	250	633
Cash and cash equivalents at beginning of period	3,147	3,147	2,514	1,351	2,207	2,897	2,514
Cash and Cash Equivalents at End of Period	3,335	3,335	1,351	2,207	2,897	3,147	3,147
2021
2nd Qtr	3rd Qtr	4th Qtr	YTD
141	328	169	738
-	-	-	-
186	158	251	779
22	28	130	202
31	38	47	141
380	552	597	1,860
14	15	19	55
72	88	128	367
47	61	62	229
133	164	209	651

CAPITAL PROGRAM

Consolidated Capital Expenditures and Investments Midstream

Chemicals Refining

Marketing and Specialties Corporate and Other

Consolidated Capital Expenditures and Investments

Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*

DCP Midstream (Midstream) CPChem (Chemicals)

WRB (Refining) Selected Equity Affiliates

2022

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

164 -

171

370

11 113 42 166

11

24

* Represents 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 (WRB).

Phillips 66 Earnings Release Supplemental Data

MIDSTREAM

Millions of Dollars, Except as Indicated

NGL Fractionated (MB/D)*	452
* Excludes DCP Midstream.
Market Indicator
Weighted-Average NGL Price ($/gal)*	1.10

* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.

PSX Other Volumes

2022
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
Income (Loss) before Income Taxes
Transportation	278
NGL and Other	91
DCP Midstream	31
NOVONIX	(158)
Income (Loss) before Income Taxes	242
Equity in Earnings of Affiliates
Transportation	154
NGL and Other	42
DCP Midstream	31
NOVONIX	-
Total	227
NOVONIX Investment
Unrealized Investment Gain (Loss)	(169)
Unrealized Foreign Currency Transaction Gain	11
Change in Fair Value of NOVONIX Investment	(158)
Depreciation and Amortization*
Transportation	39
NGL and Other	55
DCP Midstream	-
NOVONIX	-
Total	94
* Excludes D&A of all non-consolidated affiliates.
Operating and SG&A Expenses*
Transportation	186
NGL and Other	107
DCP Midstream	-
NOVONIX	-
Total	293
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
Transportation Volumes (MB/D)
Pipelines*	3,099
Terminals	2,900

* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.

100% DCP Midstream, LLC Results

2021
YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
278	7	224	244	203	678
91	35	79	130	133	377
31	34	9	31	111	185
(158)	-	-	224	146	370
242	76	312	629	593	1,610
154	126	120	140	142	528
42	37	44	40	42	163
31	34	8	32	112	186
-	-	-	-	-	-
227	197	172	212	296	877
(169)	-	-	224	141	365
11	-	-	-	5	5
(158)	-	-	224	146	370
39	40	40	45	109	234
55	52	52	52	53	209
-	-	-	-	-	-
-	-	-	-	-	-
94	92	92	97	162	443
186	173	189	188	209	759
107	122	88	85	113	408
-	-	-	1	1	2
-	-	-	-	-	-
293	295	277	274	323	1,169
3,099	2,801	3,424	3,483	3,370	3,271
2,900	2,675	2,786	2,771	2,927	2,790
452	363	401	420	454	410
1.10	0.69	0.71	0.91	1.00	0.83
Net Income (Loss) Attributable to Owners*	1	1	27	(35)	23	199	214
Depreciation and Amortization	89	89	91	92	90	91	364
Operating and SG&A Expenses	205	205	189	222	230	250	891
Net Interest Expense*	70	70	77	77	73	72	299
* Net of interest income.
Capital Expenditures and Investments	22	22	14	28	30	38	110
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)	4.1	4.1	4.1	4.4	4.2	4.2	4.2
NGL Production (MB/D)	400	400	356	406	398	416	394
MLP Distributions*
LP Distribution from DCP Midstream, LP to DCP
Midstream**	***	***	46	46	46	46	184

* Cash distributions declared attributable to common unit ownership. These distributions are eliminated in the respective sponsors consolidated financial statements. ** Represents 100% of DCP Midstream's distributions from DCP Midstream, LP (DCP Partners).

*** Pending DCP Midstream release.