PHILLIPS 66
Supplemental Information
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 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 | 21,627 | 21,627 | 20,878 | 10,913 | 15,929 | 16,409 | 64,129 | ||
| Equity in earnings of affiliates | 285 | 285 | 365 | 157 | 349 | 320 | 1,191 | ||
| Net gain on dispositions | - | - | 1 | 85 | 1 | 21 | 108 | ||
| Other income | 15 | 15 | - | 28 | 20 | 18 | 66 | ||
| Total Revenues and Other Income | 21,927 | 21,927 | 21,244 | 11,183 | 16,299 | 16,768 | 65,494 | ||
| Costs and Expenses | |||||||||
| Purchased crude oil and products | 20,065 | 20,065 | 18,440 | 9,608 | 14,509 | 15,150 | 57,707 | ||
| Operating expenses | 1,380 | 1,380 | 1,341 | 1,026 | 1,016 | 1,180 | 4,563 | ||
| Selling, general and administrative expenses | 408 | 408 | 319 | 409 | 384 | 432 | 1,544 | ||
| Depreciation and amortization | 356 | 356 | 342 | 343 | 352 | 358 | 1,395 | ||
| Impairments | 198 | 198 | 3,006 | - | 1,140 | 106 | 4,252 | ||
| Taxes other than income taxes | 139 | 139 | 157 | 114 | 106 | 87 | 464 | ||
| Accretion on discounted liabilities | 6 | 6 | 6 | 5 | 6 | 5 | 22 | ||
| Interest and debt expense | 146 | 146 | 111 | 117 | 132 | 139 | 499 | ||
| Foreign currency transaction losses | - | - | - | 6 | 4 | 2 | 12 | ||
| Total Costs and Expenses | 22,698 | 22,698 | 23,722 | 11,628 | 17,649 | 17,459 | 70,458 | ||
| Loss before income taxes | (771) | (771) | (2,478) | (445) | (1,350) | (691) | (4,964) | ||
| Income tax benefit | (132) | (132) | (51) | (378) | (624) | (197) | (1,250) | ||
| Net Loss | (639) | (639) | (2,427) | (67) | (726) | (494) | (3,714) | ||
| Less: net income attributable to noncontrolling interests | 15 | 15 | 69 | 74 | 73 | 45 | 261 | ||
| Net Loss Attributable to Phillips 66 | (654) | (654) | (2,496) | (141) | (799) | (539) | (3,975) | ||
| Net Loss Attributable to Phillips 66 Per Share of Common Stock (dollars) | |||||||||
| Basic | (1.49) | (1.49) | (5.66) | (0.33) | (1.82) | (1.23) | (9.06) | ||
| Diluted | (1.49) | (1.49) | (5.66) | (0.33) | (1.82) | (1.23) | (9.06) | ||
| Weighted-Average Common Shares Outstanding (thousands) | |||||||||
| Basic | 439,504 | 439,504 | 441,345 | 438,756 | 438,916 | 439,115 | 439,530 | ||
| Diluted | 439,504 | 439,504 | 441,345 | 438,756 | 438,916 | 439,115 | 439,530 | ||
| Effective tax rate (%) | 17.1 % | 17.1 % | 2.1 % | 84.9 % | 46.2 % | 28.5 % | 25.2 % | ||
| Adjusted effective tax rate (%) | 15.9 % | 15.9 % | 4.4 % | 40.9 % | 125.7 % | 25.6 % | 85.2 % | ||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO | |||||||||
| NET LOSS ATTRIBUTABLE TO PHILLIPS 66 | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Midstream | 76 | 76 | (702) | 324 | 146 | 223 | (9) | ||
| Chemicals | 154 | 154 | 169 | 42 | 231 | 193 | 635 | ||
| Refining | (1,040) | (1,040) | (2,261) | (878) | (1,903) | (1,113) | (6,155) | ||
| Marketing and Specialties | 290 | 290 | 513 | 286 | 415 | 232 | 1,446 | ||
| Corporate and Other | (251) | (251) | (197) | (219) | (239) | (226) | (881) | ||
| Loss before income taxes | (771) | (771) | (2,478) | (445) | (1,350) | (691) | (4,964) | ||
| Less: income tax benefit | (132) | (132) | (51) | (378) | (624) | (197) | (1,250) | ||
| Net Loss | (639) | (639) | (2,427) | (67) | (726) | (494) | (3,714) | ||
| Less: net income attributable to noncontrolling interests | 15 | 15 | 69 | 74 | 73 | 45 | 261 | ||
| Net Loss Attributable to Phillips 66 | (654) | (654) | (2,496) | (141) | (799) | (539) | (3,975) | ||
| RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO | |||||||||
| ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Midstream | |||||||||
| Transportation | 206 | 206 | 200 | 130 | 202 | 196 | 728 | ||
| NGL and Other | 36 | 36 | 179 | 83 | 102 | 86 | 450 | ||
| DCP Midstream | 34 | 34 | 81 | 32 | 50 | 41 | 204 | ||
| Total Midstream | 276 | 276 | 460 | 245 | 354 | 323 | 1,382 | ||
| Chemicals | 184 | 184 | 193 | 89 | 132 | 203 | 617 | ||
| Refining | |||||||||
| Atlantic Basin/Europe | (152) | (152) | (196) | (220) | (197) | (166) | (779) | ||
| Gulf Coast | (247) | (247) | (173) | (356) | (389) | (442) | (1,360) | ||
| Central Corridor | (241) | (241) | 223 | (113) | (129) | (177) | (196) | ||
| West Coast | (386) | (386) | (255) | (178) | (255) | (309) | (997) | ||
| Total Refining | (1,026) | (1,026) | (401) | (867) | (970) | (1,094) | (3,332) | ||
| Marketing and Specialties | |||||||||
| Marketing and Other | 211 | 211 | 434 | 259 | 366 | 181 | 1,240 | ||
| Specialties | 79 | 79 | 54 | 34 | 51 | 40 | 179 | ||
| Total Marketing and Specialties | 290 | 290 | 488 | 293 | 417 | 221 | 1,419 | ||
| Corporate and Other | (251) | (251) | (197) | (224) | (213) | (235) | (869) | ||
| Adjusted income (loss) before income taxes | (527) | (527) | 543 | (464) | (280) | (582) | (783) | ||
| Less: adjusted income tax expense (benefit) | (84) | (84) | 24 | (190) | (352) | (149) | (667) | ||
| Adjusted Net Income (Loss) | (443) | (443) | 519 | (274) | 72 | (433) | (116) | ||
| Less: adjusted net income attributable to noncontrolling interests | 66 | 66 | 69 | 50 | 73 | 74 | 266 | ||
| Adjusted Net Income (Loss) Attributable to Phillips 66 | (509) | (509) | 450 | (324) | (1) | (507) | (382) | ||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT | |||||||||
| AND NET LOSS ATTRIBUTABLE TO PHILLIPS 66 | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Midstream | |||||||||
| Impairments | (198) | (198) | (1,161) | - | (204) | (96) | (1,461) | ||
| Pension settlement expense | - | - | - | (5) | (3) | (1) | (9) | ||
| Hurricane-related costs | - | - | - | - | (1) | (3) | (4) | ||
| Winter-storm-related costs | (2) | (2) | - | - | - | - | - | ||
| Lower-of-cost-or-market inventory adjustments | - | - | (1) | - | - | - | (1) | ||
| Asset dispositions | - | - | - | 84 | - | - | 84 | ||
| Total Midstream | (200) | (200) | (1,162) | 79 | (208) | (100) | (1,391) | ||
| Chemicals | |||||||||
| Impairments by equity affiliates | - | - | - | (15) | - | - | (15) | ||
| Pension settlement expense | - | - | - | - | - | (21) | (21) | ||
| Hurricane-related costs | - | - | - | - | (2) | (1) | (3) | ||
| Winter-storm-related costs | (30) | (30) | - | - | - | - | - | ||
| Lower-of-cost-or-market inventory adjustments | - | - | (24) | (32) | 101 | 12 | 57 | ||
| Total Chemicals | (30) | (30) | (24) | (47) | 99 | (10) | 18 | ||
| Refining | |||||||||
| Impairments | - | - | (1,845) | - | (910) | - | (2,755) | ||
| Certain tax impacts | - | - | - | - | - | 6 | 6 | ||
| Pension settlement expense | - | - | - | (26) | (12) | (3) | (41) | ||
| Hurricane-related costs | - | - | - | - | (11) | (22) | (33) | ||
| Winter-storm-related costs | (14) | (14) | - | - | - | - | - | ||
| Lower-of-cost-or-market inventory adjustments | - | - | (15) | 15 | - | - | - | ||
| Total Refining | (14) | (14) | (1,860) | (11) | (933) | (19) | (2,823) | ||
| Marketing and Specialties | |||||||||
| Pending claims and settlements | - | - | 37 | - | - | - | 37 | ||
| Pension settlement expense | - | - | - | (4) | (1) | (1) | (6) | ||
| Hurricane-related costs | - | - | - | - | (1) | (2) | (3) | ||
| Lower-of-cost-or-market inventory adjustments | - | - | (12) | (3) | - | 14 | (1) | ||
| Total Marketing and Specialties | - | - | 25 | (7) | (2) | 11 | 27 | ||
| Corporate and Other | |||||||||
| Impairments | - | - | - | - | (25) | - | (25) | ||
| Certain tax impacts | - | - | - | 8 | - | - | 8 | ||
| Pension settlement expense | - | - | - | (3) | (1) | - | (4) | ||
| Asset dispositions | - | - | - | - | - | 9 | 9 | ||
| Total Corporate and Other | - | - | - | 5 | (26) | 9 | (12) | ||
| Total Special Items (Pre-tax) | (244) | (244) | (3,021) | 19 | (1,070) | (109) | (4,181) | ||
| Less: Income Tax Benefit | |||||||||
| Tax impact of pre-tax special items* | (48) | (48) | (75) | (208) | (262) | (23) | (568) | ||
| Other tax impacts | - | - | - | 20 | (10) | (25) | (15) | ||
| Total Income Tax Benefit | (48) | (48) | (75) | (188) | (272) | (48) | (583) | ||
| Less: Income (Loss) Attributable to Noncontrolling Interests | |||||||||
| Impairments | (51) | (51) | - | - | - | (28) | (28) | ||
| Hurricane-related costs | - | - | - | - | - | (1) | (1) | ||
| Asset dispositions | - | - | - | 24 | - | - | 24 | ||
| Total Income (Loss) Attributable to Noncontrolling Interests | (51) | (51) | - | 24 | - | (29) | (5) | ||
| Total Phillips 66 Special Items (After-tax) | (145) | (145) | (2,946) | 183 | (798) | (32) | (3,593) | ||
| * 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 | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Midstream | |||||||||
| Transportation | (199) | (199) | - | 84 | (205) | (99) | (220) | ||
| NGL and Other | (1) | (1) | - | (5) | (3) | (1) | (9) | ||
| DCP Midstream | - | - | (1,162) | - | - | - | (1,162) | ||
| Total Midstream | (200) | (200) | (1,162) | 79 | (208) | (100) | (1,391) | ||
| Refining | |||||||||
| Atlantic Basin/Europe | (1) | (1) | (441) | (7) | (2) | 5 | (445) | ||
| Gulf Coast | (6) | (6) | (670) | (9) | (16) | (22) | (717) | ||
| Central Corridor | (7) | (7) | (450) | 9 | (3) | (1) | (445) | ||
| West Coast | - | - | (299) | (4) | (912) | (1) | (1,216) | ||
| Total Refining | (14) | (14) | (1,860) | (11) | (933) | (19) | (2,823) | ||
| Marketing and Specialties | |||||||||
| Marketing and Other | - | - | 37 | (4) | (1) | (1) | 31 | ||
| Specialties | - | - | (12) | (3) | (1) | 12 | (4) | ||
| Total Marketing and Specialties | - | - | 25 | (7) | (2) | 11 | 27 | ||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| CASH FLOW INFORMATION | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Cash Flows From Operating Activities | |||||||||
| Net loss | (639) | (639) | (2,427) | (67) | (726) | (494) | (3,714) | ||
| Depreciation and amortization | 356 | 356 | 342 | 343 | 352 | 358 | 1,395 | ||
| Impairments | 198 | 198 | 3,006 | - | 1,140 | 106 | 4,252 | ||
| Accretion on discounted liabilities | 6 | 6 | 6 | 5 | 6 | 5 | 22 | ||
| Deferred income taxes | (103) | (103) | (47) | 26 | 23 | 124 | 126 | ||
| Undistributed equity earnings | 217 | 217 | (4) | 302 | (44) | 80 | 334 | ||
| Net gain on dispositions | - | - | (1) | (85) | (1) | (21) | (108) | ||
| Other | 138 | 138 | (139) | 146 | 45 | 78 | 130 | ||
| Net working capital changes | 98 | 98 | (519) | 94 | (304) | 403 | (326) | ||
| Net Cash Provided by Operating Activities | 271 | 271 | 217 | 764 | 491 | 639 | 2,111 | ||
| Cash Flows From Investing Activities | |||||||||
| Capital expenditures and investments | (331) | (331) | (923) | (939) | (552) | (506) | (2,920) | ||
| Return of investments in equity affiliates | 58 | 58 | 38 | 50 | 51 | 53 | 192 | ||
| Proceeds from asset dispositions | - | - | 1 | - | 2 | 48 | 51 | ||
| Advances/loans-related parties | (155) | (155) | (8) | (223) | (20) | (65) | (316) | ||
| Collection of advances/loans-related parties | - | - | - | 44 | - | - | 44 | ||
| Other | (39) | (39) | 15 | (79) | (23) | (43) | (130) | ||
| Net Cash Used in Investing Activities | (467) | (467) | (877) | (1,147) | (542) | (513) | (3,079) | ||
| Cash Flows From Financing Activities | |||||||||
| Issuance of debt | 450 | 450 | 1,199 | 2,031 | 75 | 1,873 | 5,178 | ||
| Repayment of debt | (925) | (925) | (7) | (534) | (5) | (505) | (1,051) | ||
| Issuance of common stock | 20 | 20 | 6 | - | - | 2 | 8 | ||
| Repurchase of common stock | - | - | (443) | - | - | - | (443) | ||
| Dividends paid on common stock | (394) | (394) | (396) | (393) | (393) | (393) | (1,575) | ||
| Distributions to noncontrolling interests | (76) | (76) | (61) | (66) | (74) | (88) | (289) | ||
| Other | (20) | (20) | (22) | 9 | (7) | (17) | (37) | ||
| Net Cash Provided by (Used in) Financing Activities | (945) | (945) | 276 | 1,047 | (404) | 872 | 1,791 | ||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (22) | (22) | (9) | 5 | 27 | 54 | 77 | ||
| Net Change in Cash and Cash Equivalents | (1,163) | (1,163) | (393) | 669 | (428) | 1,052 | 900 | ||
| Cash and cash equivalents at beginning of period | 2,514 | 2,514 | 1,614 | 1,221 | 1,890 | 1,462 | 1,614 | ||
| Cash and Cash Equivalents at End of Period | 1,351 | 1,351 | 1,221 | 1,890 | 1,462 | 2,514 | 2,514 | ||
| CAPITAL PROGRAM | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Consolidated Capital Expenditures and Investments | |||||||||
| Midstream | 100 | 100 | 580 | 597 | 315 | 194 | 1,686 | ||
| Chemicals | - | - | - | - | - | - | - | ||
| Refining | 184 | 184 | 245 | 164 | 168 | 239 | 816 | ||
| Marketing and Specialties | 22 | 22 | 25 | 86 | 28 | 34 | 173 | ||
| Corporate and Other | 25 | 25 | 50 | 54 | 38 | 42 | 184 | ||
| Adjusted Capital Spending | 331 | 331 | 900 | 901 | 549 | 509 | 2,859 | ||
| Capital expenditures and investments funded by certain joint venture partners (Midstream)* | - | - | 23 | 38 | 3 | (3) | 61 | ||
| Consolidated Capital Expenditures and Investments | 331 | 331 | 923 | 939 | 552 | 506 | 2,920 | ||
| * Includes previously funded capital returned to our joint venture partner in the fourth quarter of 2020. | |||||||||
| Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments* | |||||||||
| DCP Midstream (Midstream) | 7 | 7 | 46 | 44 | 12 | 17 | 119 | ||
| CPChem (Chemicals) | 79 | 79 | 126 | 13 | 65 | 80 | 284 | ||
| WRB (Refining) | 59 | 59 | 37 | 34 | 39 | 65 | 175 | ||
| Selected Equity Affiliates | 145 | 145 | 209 | 91 | 116 | 162 | 578 | ||
| * 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 | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Income (Loss) before Income Taxes | |||||||||
| Transportation | 7 | 7 | 200 | 214 | (3) | 97 | 508 | ||
| NGL and Other | 35 | 35 | 179 | 78 | 99 | 85 | 441 | ||
| DCP Midstream | 34 | 34 | (1,081) | 32 | 50 | 41 | (958) | ||
| Income (Loss) before Income Taxes | 76 | 76 | (702) | 324 | 146 | 223 | (9) | ||
| Adjusted EBITDA* | |||||||||
| PSXP** | 289 | 289 | 322 | 271 | 315 | 317 | 1,225 | ||
| Other Midstream | 92 | 92 | 188 | 75 | 115 | 105 | 483 | ||
| Transportation and NGL and Other | 381 | 381 | 510 | 346 | 430 | 422 | 1,708 | ||
| DCP Midstream | 71 | 71 | 129 | 66 | 88 | 79 | 362 | ||
| Adjusted EBITDA | 452 | 452 | 639 | 412 | 518 | 501 | 2,070 | ||
| * See reconciliation of income (loss) before income taxes to adjusted EBITDA. | |||||||||
| ** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes. | |||||||||
| Equity in Earnings of Affiliates | |||||||||
| Transportation | 126 | 126 | 98 | 70 | 103 | 108 | 379 | ||
| NGL and Other | 37 | 37 | 51 | 49 | 44 | 37 | 181 | ||
| DCP Midstream | 34 | 34 | 80 | 32 | 49 | 40 | 201 | ||
| Total | 197 | 197 | 229 | 151 | 196 | 185 | 761 | ||
| Depreciation and Amortization* | |||||||||
| Transportation | 40 | 40 | 38 | 38 | 41 | 42 | 159 | ||
| NGL and Other | 52 | 52 | 39 | 39 | 42 | 52 | 172 | ||
| DCP Midstream | - | - | - | - | - | - | - | ||
| Total | 92 | 92 | 77 | 77 | 83 | 94 | 331 | ||
| * Excludes D&A of all equity affiliates. | |||||||||
| Operating and SG&A Expenses* | |||||||||
| Transportation | 173 | 173 | 188 | 186 | 185 | 199 | 758 | ||
| NGL and Other | 122 | 122 | 68 | 71 | 71 | 84 | 294 | ||
| DCP Midstream | - | - | - | - | (1) | - | (1) | ||
| Total | 295 | 295 | 256 | 257 | 255 | 283 | 1,051 | ||
| * Excludes operating and SG&A expenses of all equity affiliates. | |||||||||
| Transportation Volumes (MB/D) | |||||||||
| Pipelines* | 2,801 | 2,801 | 3,178 | 2,840 | 3,076 | 2,925 | 3,005 | ||
| Terminals** | 2,675 | 2,675 | 3,148 | 2,883 | 2,966 | 2,886 | 2,971 | ||
| * Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment. | |||||||||
| ** Terminals include Bayway and Ferndale crude oil rail rack volumes. | |||||||||
| PSX Other Volumes | |||||||||
| NGL Fractionated (MB/D)* | 363 | 363 | 198 | 170 | 217 | 411 | 249 | ||
| * Excludes DCP Midstream. | |||||||||
| 100% DCP Midstream, LLC Results | |||||||||
| Net Income (Loss) Attributable to Owners* | 27 | 27 | 50 | (348) | 58 | 38 | (202) | ||
| * Includes impairment charges of $159 million and $650 million in the first and second quarters of 2020, respectively. | |||||||||
| Depreciation and Amortization | 91 | 91 | 99 | 93 | 93 | 91 | 376 | ||
| Operating and SG&A Expenses | 189 | 189 | 202 | 212 | 212 | 240 | 866 | ||
| Net Interest Expense* | 77 | 77 | 78 | 71 | 77 | 76 | 302 | ||
| * Net of interest income. | |||||||||
| Capital Expenditures and Investments | 14 | 14 | 92 | 87 | 24 | 35 | 238 | ||
| Selected DCP Operating Statistics | |||||||||
| Wellhead Volume (Bcf/D) | 4.1 | 4.1 | 5.0 | 4.5 | 4.5 | 4.5 | 4.6 | ||
| NGL Production (MB/D) | 356 | 356 | 396 | 374 | 414 | 414 | 399 | ||
| Weighted-Average NGL Price* | |||||||||
| DCP Midstream ($/gal) | 0.69 | 0.69 | 0.39 | 0.32 | 0.44 | 0.49 | 0.41 | ||
| * Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix. | |||||||||
| MLP Distributions* | |||||||||
| LP Distribution from PSXP to Phillips 66 | 148 | 148 | 148 | 149 | 148 | 149 | 594 | ||
| 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. | |||||||||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| MIDSTREAM (continued) | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Reconciliation of Midstream Income (Loss) before Income Taxes to Adjusted EBITDA | |||||||||
| Income (loss) before income taxes | 76 | 76 | (702) | 324 | 146 | 223 | (9) | ||
| Plus: | |||||||||
| Depreciation and amortization | 92 | 92 | 77 | 77 | 83 | 94 | 331 | ||
| EBITDA | 168 | 168 | (625) | 401 | 229 | 317 | 322 | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Impairments | 198 | 198 | 1,161 | - | 204 | 96 | 1,461 | ||
| Pension settlement expense | - | - | - | 5 | 3 | 1 | 9 | ||
| Hurricane-related costs | - | - | - | - | 1 | 3 | 4 | ||
| Winter-storm-related costs | 2 | 2 | - | - | - | - | - | ||
| Lower-of-cost-or-market inventory adjustments | - | - | 1 | - | - | - | 1 | ||
| Asset dispositions | - | - | - | (84) | - | - | (84) | ||
| EBITDA, Adjusted for Special Items | 368 | 368 | 537 | 322 | 437 | 417 | 1,713 | ||
| Other Adjustments (pre-tax): | |||||||||
| Proportional share of selected equity affiliates income taxes | 2 | 2 | 3 | 2 | 3 | 1 | 9 | ||
| Proportional share of selected equity affiliates net interest | 43 | 43 | 39 | 36 | 42 | 44 | 161 | ||
| Proportional share of selected equity affiliates depreciation and amortization | 57 | 57 | 60 | 52 | 56 | 56 | 224 | ||
| Adjusted EBITDA attributable to joint venture partners' noncontrolling interests | (18) | (18) | - | - | (20) | (17) | (37) | ||
| Adjusted EBITDA | 452 | 452 | 639 | 412 | 518 | 501 | 2,070 | ||
| Adjusted EBITDA by Business Line | |||||||||
| 100% PSXP Results | |||||||||
| Income (loss) before income taxes | (11) | (11) | 227 | 255 | 217 | 112 | 811 | ||
| Plus: | |||||||||
| Net interest expense | 33 | 33 | 28 | 29 | 31 | 32 | 120 | ||
| Depreciation and amortization | 34 | 34 | 30 | 31 | 35 | 39 | 135 | ||
| EBITDA | 56 | 56 | 285 | 315 | 283 | 183 | 1,066 | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Impairments | 198 | 198 | - | - | - | 96 | 96 | ||
| Hurricane-related costs* | - | - | - | - | 1 | 2 | 3 | ||
| Asset dispositions | - | - | - | (84) | - | - | (84) | ||
| EBITDA, Adjusted for Special Items** | 254 | 254 | 285 | 231 | 284 | 281 | 1,081 | ||
| Other Adjustments (pre-tax): | |||||||||
| Proportional share of selected equity affiliates income taxes | 2 | 2 | 3 | 2 | 3 | 1 | 9 | ||
| Proportional share of selected equity affiliates net interest | 14 | 14 | 9 | 9 | 13 | 15 | 46 | ||
| Proportional share of selected equity affiliates depreciation and amortization | 33 | 33 | 25 | 29 | 31 | 33 | 118 | ||
| Adjusted EBITDA attributable to joint venture partner's noncontrolling interest | (14) | (14) | - | - | (16) | (13) | (29) | ||
| Adjusted EBITDA** | 289 | 289 | 322 | 271 | 315 | 317 | 1,225 | ||
| * Represents a special item adjustment made for PSX reporting purposes only. | |||||||||
| ** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes. | |||||||||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| MIDSTREAM (continued) | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Total Transportation and NGL and Other | |||||||||
| Income before income taxes | 42 | 42 | 379 | 292 | 96 | 182 | 949 | ||
| Plus: | |||||||||
| Depreciation and amortization | 92 | 92 | 77 | 77 | 83 | 94 | 331 | ||
| EBITDA* | 134 | 134 | 456 | 369 | 179 | 276 | 1,280 | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Impairments | 198 | 198 | - | - | 204 | 96 | 300 | ||
| Pension settlement expense | - | - | - | 5 | 3 | 1 | 9 | ||
| Hurricane-related costs | - | - | - | - | 1 | 3 | 4 | ||
| Winter-storm-related costs | 2 | 2 | - | - | - | - | - | ||
| Asset dispositions | - | - | - | (84) | - | - | (84) | ||
| EBITDA, Adjusted for Special Items* | 334 | 334 | 456 | 290 | 387 | 376 | 1,509 | ||
| Other Adjustments (pre-tax): | |||||||||
| Proportional share of selected equity affiliates income taxes | 2 | 2 | 3 | 2 | 3 | 1 | 9 | ||
| Proportional share of selected equity affiliates net interest | 21 | 21 | 17 | 16 | 20 | 22 | 75 | ||
| Proportional share of selected equity affiliates depreciation and amortization | 42 | 42 | 34 | 38 | 40 | 40 | 152 | ||
| Adjusted EBITDA attributable to joint venture partners' noncontrolling interests | (18) | (18) | - | - | (20) | (17) | (37) | ||
| Adjusted EBITDA* | 381 | 381 | 510 | 346 | 430 | 422 | 1,708 | ||
| * Includes PSXP results. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes. | |||||||||
| DCP Midstream | |||||||||
| Income (loss) before income taxes | 34 | 34 | (1,081) | 32 | 50 | 41 | (958) | ||
| Plus: | |||||||||
| None | - | - | - | - | - | - | - | ||
| EBITDA | 34 | 34 | (1,081) | 32 | 50 | 41 | (958) | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Impairments | - | - | 1,161 | - | - | - | 1,161 | ||
| Lower-of-cost-or-market inventory adjustments | - | - | 1 | - | - | - | 1 | ||
| EBITDA, Adjusted for Special Items | 34 | 34 | 81 | 32 | 50 | 41 | 204 | ||
| Other Adjustments (pre-tax): | |||||||||
| Proportional share of selected equity affiliates income taxes | - | - | - | - | - | - | - | ||
| Proportional share of selected equity affiliates net interest | 22 | 22 | 22 | 20 | 22 | 22 | 86 | ||
| Proportional share of selected equity affiliates depreciation and amortization | 15 | 15 | 26 | 14 | 16 | 16 | 72 | ||
| Adjusted EBITDA* | 71 | 71 | 129 | 66 | 88 | 79 | 362 | ||
| * Proportional share of selected equity affiliates is net of noncontrolling interests. | |||||||||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| CHEMICALS | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Income before Income Taxes | 154 | 154 | 169 | 42 | 231 | 193 | 635 | ||
| Equity in Earnings of Affiliate | 152 | 152 | 166 | 39 | 229 | 191 | 625 | ||
| 100% CPChem Results | |||||||||
| Net Income (Loss), excludes parent company income tax related to CPChem's earnings | |||||||||
| Olefins and Polyolefins | 288 | 288 | 354 | 142 | 488 | 410 | 1,394 | ||
| Specialties, Aromatics and Styrenics | 53 | 53 | 9 | - | 23 | 30 | 62 | ||
| Corporate and Other | (37) | (37) | (26) | (59) | (54) | (57) | (196) | ||
| Total | 304 | 304 | 337 | 83 | 457 | 383 | 1,260 | ||
| Income (Loss) before Income Taxes | |||||||||
| Olefins and Polyolefins | 299 | 299 | 360 | 142 | 498 | 416 | 1,416 | ||
| Specialties, Aromatics and Styrenics | 58 | 58 | 10 | 3 | 24 | 33 | 70 | ||
| Corporate and Other | (37) | (37) | (26) | (59) | (54) | (57) | (196) | ||
| Total | 320 | 320 | 344 | 86 | 468 | 392 | 1,290 | ||
| Depreciation and Amortization | 146 | 146 | 148 | 144 | 146 | 155 | 593 | ||
| Net Interest Expense* | 22 | 22 | 16 | 24 | 23 | 21 | 84 | ||
| * Net of interest income. | |||||||||
| Investing Cash Flows-Outflows/(Inflows) | |||||||||
| Capital Expenditures and Investments | 157 | 157 | 252 | 25 | 130 | 161 | 568 | ||
| Repayments from Equity Companies | - | - | (21) | - | - | (29) | (50) | ||
| Return of Investments from Equity Companies | (30) | (30) | (25) | - | - | - | (25) | ||
| Olefins and Polyolefins Capacity Utilization (%) | 79 % | 79 % | 98 % | 103 % | 94 % | 101 % | 99 % | ||
| Market Indicators* | |||||||||
| U.S. Industry Prices | |||||||||
| Ethylene, Average Acquisition Contract (cents/lb) | 41.9 | 41.9 | 19.7 | 17.1 | 23.8 | 27.7 | 22.1 | ||
| HDPE Blow Molding, Domestic Spot (cents/lb) | 71.9 | 71.9 | 40.0 | 35.5 | 45.6 | 53.6 | 43.7 | ||
| U.S. Industry Costs | |||||||||
| Ethylene, Cash Cost Weighted Average Feed (cents/lb) | 13.0 | 13.0 | 8.8 | 11.7 | 13.1 | 12.6 | 11.5 | ||
| HDPE Blow Molding, Total Cash Cost (cents/lb) | 55.7 | 55.7 | 32.9 | 30.2 | 37.1 | 41.2 | 35.3 | ||
| Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb) | 45.1 | 45.1 | 18.0 | 10.7 | 19.2 | 27.5 | 18.9 | ||
| * Source: IHS, Inc. | |||||||||
| Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA | |||||||||
| Income before income taxes | 154 | 154 | 169 | 42 | 231 | 193 | 635 | ||
| Plus: | |||||||||
| None | - | - | - | - | - | - | - | ||
| EBITDA | 154 | 154 | 169 | 42 | 231 | 193 | 635 | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Impairments by equity affiliates | - | - | - | 15 | - | - | 15 | ||
| Pension settlement expense | - | - | - | - | - | 21 | 21 | ||
| Hurricane-related costs | - | - | - | - | 2 | 1 | 3 | ||
| Winter-storm-related costs | 30 | 30 | - | - | - | - | - | ||
| Lower-of-cost-or-market inventory adjustments | - | - | 24 | 32 | (101) | (12) | (57) | ||
| EBITDA, Adjusted for Special Items | 184 | 184 | 193 | 89 | 132 | 203 | 617 | ||
| Other Adjustments (pre-tax): | |||||||||
| Proportional share of selected equity affiliates income taxes | 28 | 28 | 13 | 5 | 14 | 15 | 47 | ||
| Proportional share of selected equity affiliates net interest | 11 | 11 | 9 | 11 | 12 | 12 | 44 | ||
| Proportional share of selected equity affiliates depreciation and amortization | 103 | 103 | 106 | 105 | 104 | 108 | 423 | ||
| Adjusted EBITDA | 326 | 326 | 321 | 210 | 262 | 338 | 1,131 | ||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| REFINING | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Loss before Income Taxes | |||||||||
| Atlantic Basin/Europe | (153) | (153) | (637) | (227) | (199) | (161) | (1,224) | ||
| Gulf Coast | (253) | (253) | (843) | (365) | (405) | (464) | (2,077) | ||
| Central Corridor | (248) | (248) | (227) | (104) | (132) | (178) | (641) | ||
| West Coast | (386) | (386) | (554) | (182) | (1,167) | (310) | (2,213) | ||
| Loss before Income Taxes | (1,040) | (1,040) | (2,261) | (878) | (1,903) | (1,113) | (6,155) | ||
| Loss before Income Taxes ($/BBL) | |||||||||
| Atlantic Basin/Europe | (3.57) | (3.57) | (15.41) | (5.80) | (4.61) | (3.43) | (7.18) | ||
| Gulf Coast | (4.64) | (4.64) | (13.16) | (5.98) | (7.86) | (12.46) | (9.71) | ||
| Central Corridor | (12.55) | (12.55) | (9.72) | (5.01) | (5.35) | (7.66) | (6.96) | ||
| West Coast | (14.89) | (14.89) | (19.87) | (7.07) | (38.12) | (11.75) | (20.01) | ||
| Worldwide | (7.27) | (7.27) | (14.44) | (5.99) | (12.69) | (8.32) | (10.48) | ||
| Realized Refining Margins ($/BBL)* | |||||||||
| Atlantic Basin/Europe | 4.86 | 4.86 | 2.38 | 1.53 | 1.65 | 2.99 | 2.17 | ||
| Gulf Coast | 3.39 | 3.39 | 6.76 | 0.36 | (0.61) | (0.78) | 1.85 | ||
| Central Corridor | 5.97 | 5.97 | 13.50 | 5.78 | 4.46 | 4.27 | 7.17 | ||
| West Coast | 3.33 | 3.33 | 4.80 | 5.05 | 2.23 | 1.79 | 3.43 | ||
| Worldwide | 4.36 | 4.36 | 7.11 | 2.60 | 1.78 | 2.18 | 3.51 | ||
| * See note on the use of non-GAAP measures. Also, reconciliations of loss before income taxes to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section. | |||||||||
| Equity in Earnings (Losses) of Affiliates | |||||||||
| Atlantic Basin/Europe | (2) | (2) | (2) | (3) | (2) | (3) | (10) | ||
| Gulf Coast | (3) | (3) | 1 | 1 | (1) | (4) | (3) | ||
| Central Corridor | (117) | (117) | (51) | (79) | (118) | (115) | (363) | ||
| West Coast | - | - | - | - | - | - | - | ||
| Total | (122) | (122) | (52) | (81) | (121) | (122) | (376) | ||
| Depreciation and Amortization* | |||||||||
| Atlantic Basin/Europe | 52 | 52 | 51 | 49 | 50 | 51 | 201 | ||
| Gulf Coast | 77 | 77 | 71 | 75 | 75 | 75 | 296 | ||
| Central Corridor | 34 | 34 | 34 | 33 | 33 | 33 | 133 | ||
| West Coast | 54 | 54 | 65 | 63 | 64 | 57 | 249 | ||
| Total | 217 | 217 | 221 | 220 | 222 | 216 | 879 | ||
| * Excludes D&A of all equity affiliates. | |||||||||
| Operating and SG&A Expenses* | |||||||||
| Atlantic Basin/Europe | 244 | 244 | 207 | 202 | 186 | 223 | 818 | ||
| Gulf Coast | 331 | 331 | 499 | 287 | 269 | 338 | 1,393 | ||
| Central Corridor | 212 | 212 | 142 | 127 | 118 | 139 | 526 | ||
| West Coast | 393 | 393 | 293 | 225 | 244 | 276 | 1,038 | ||
| Total | 1,180 | 1,180 | 1,141 | 841 | 817 | 976 | 3,775 | ||
| * Excludes operating and SG&A expenses of all equity affiliates. | |||||||||
| Turnaround Expense, included in Operating and SG&A Expenses* | |||||||||
| Atlantic Basin/Europe | 17 | 17 | 16 | 9 | 11 | 12 | 48 | ||
| Gulf Coast | 33 | 33 | 240 | 13 | 8 | 24 | 285 | ||
| Central Corridor | 17 | 17 | 15 | 3 | 6 | 9 | 33 | ||
| West Coast | 125 | 125 | 58 | 13 | 16 | 31 | 118 | ||
| Total | 192 | 192 | 329 | 38 | 41 | 76 | 484 | ||
| * Excludes turnaround expense of all equity affiliates. | |||||||||
| Taxes Other than Income Taxes | |||||||||
| Atlantic Basin/Europe | 20 | 20 | 19 | 15 | 14 | 13 | 61 | ||
| Gulf Coast | 27 | 27 | 37 | 25 | 30 | 15 | 107 | ||
| Central Corridor | 15 | 15 | 17 | 14 | 11 | 9 | 51 | ||
| West Coast | 23 | 23 | 31 | 22 | 16 | 20 | 89 | ||
| Total | 85 | 85 | 104 | 76 | 71 | 57 | 308 | ||
| Foreign Currency Gains (Losses) Pre-Tax | 1 | 1 | 1 | (5) | 1 | (1) | (4) | ||
| Refining-Equity Affiliate Information | |||||||||
| Equity in losses of affiliates | (122) | (122) | (52) | (81) | (121) | (122) | (376) | ||
| Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs* | (129) | (129) | (156) | (72) | (70) | (54) | (352) | ||
| Equity affiliate-related expenses not included in Realized Refining Margins | (251) | (251) | (208) | (153) | (191) | (176) | (728) | ||
| Regional Totals | |||||||||
| Atlantic Basin/Europe | (45) | (45) | (11) | (16) | (28) | (9) | (64) | ||
| Gulf Coast | (3) | (3) | 2 | - | (1) | (4) | (3) | ||
| Central Corridor | (203) | (203) | (199) | (137) | (162) | (163) | (661) | ||
| Total | (251) | (251) | (208) | (153) | (191) | (176) | (728) | ||
| * Other costs associated with equity affiliates which do not flow through equity earnings (losses). | |||||||||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| REFINING (continued) | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Reconciliation of Refining Loss before Income Taxes to Adjusted EBITDA ($ Millions) | |||||||||
| Loss before income taxes | (1,040) | (1,040) | (2,261) | (878) | (1,903) | (1,113) | (6,155) | ||
| Plus: | |||||||||
| Depreciation and amortization | 217 | 217 | 221 | 220 | 222 | 216 | 879 | ||
| EBITDA | (823) | (823) | (2,040) | (658) | (1,681) | (897) | (5,276) | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Impairments | - | - | 1,845 | - | 910 | - | 2,755 | ||
| Certain tax impacts | - | - | - | - | - | (6) | (6) | ||
| Pension settlement expense | - | - | - | 26 | 12 | 3 | 41 | ||
| Hurricane-related costs | - | - | - | - | 11 | 22 | 33 | ||
| Winter-storm-related costs | 14 | 14 | - | - | - | - | - | ||
| Lower-of-cost-or-market inventory adjustments | - | - | 15 | (15) | - | - | - | ||
| EBITDA, Adjusted for Special Items | (809) | (809) | (180) | (647) | (748) | (878) | (2,453) | ||
| Other Adjustments (pre-tax): | |||||||||
| Proportional share of selected equity affiliates income taxes | (2) | (2) | - | (1) | - | (1) | (2) | ||
| Proportional share of selected equity affiliates net interest | 2 | 2 | - | 1 | 1 | 1 | 3 | ||
| Proportional share of selected equity affiliates depreciation and amortization | 25 | 25 | 32 | 26 | 23 | 24 | 105 | ||
| Adjusted EBITDA | (784) | (784) | (148) | (621) | (724) | (854) | (2,347) | ||
| Operating Statistics | |||||||||
| Atlantic Basin/Europe* | |||||||||
| Crude Oil Charge Input (MB/D) | 438 | 438 | 437 | 402 | 432 | 466 | 434 | ||
| Total Processed Inputs (MB/D) | 476 | 476 | 454 | 430 | 469 | 510 | 466 | ||
| Crude Oil Capacity Utilization (%) | 82 % | 82 % | 81 % | 75 % | 81 % | 87 % | 81 % | ||
| Clean Product Yield (%) | 86 % | 86 % | 83 % | 82 % | 83 % | 87 % | 84 % | ||
| * Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | |||||||||
| Gulf Coast | |||||||||
| Crude Oil Charge Input (MB/D) | 553 | 553 | 645 | 609 | 506 | 371 | 533 | ||
| Total Processed Inputs (MB/D) | 606 | 606 | 704 | 671 | 560 | 404 | 584 | ||
| Crude Oil Capacity Utilization (%) | 71 % | 71 % | 84 % | 79 % | 66 % | 48 % | 69 % | ||
| Clean Product Yield (%) | 73 % | 73 % | 71 % | 79 % | 82 % | 79 % | 77 % | ||
| Central Corridor* | |||||||||
| Crude Oil Charge Input (MB/D) | 384 | 384 | 471 | 386 | 455 | 414 | 431 | ||
| Total Processed Inputs (MB/D) | 397 | 397 | 487 | 396 | 467 | 428 | 445 | ||
| Crude Oil Capacity Utilization (%) | 72 % | 72 % | 89 % | 73 % | 86 % | 78 % | 81 % | ||
| Clean Product Yield (%) | 86 % | 86 % | 88 % | 87 % | 89 % | 89 % | 89 % | ||
| * Includes our proportionate share of the Borger Refinery and Wood River Refinery. | |||||||||
| West Coast | |||||||||
| Crude Oil Charge Input (MB/D) | 268 | 268 | 279 | 263 | 311 | 263 | 279 | ||
| Total Processed Inputs (MB/D) | 288 | 288 | 306 | 283 | 333 | 287 | 302 | ||
| Crude Oil Capacity Utilization (%) | 74 % | 74 % | 77 % | 72 % | 85 % | 72 % | 77 % | ||
| Clean Product Yield (%) | 86 % | 86 % | 93 % | 87 % | 89 % | 91 % | 90 % | ||
| Worldwide-Including Proportionate Share of Equity Affiliates | |||||||||
| Crude Oil Charge Input (MB/D) | 1,643 | 1,643 | 1,832 | 1,660 | 1,704 | 1,514 | 1,677 | ||
| Total Processed Inputs (MB/D) | 1,767 | 1,767 | 1,951 | 1,780 | 1,829 | 1,629 | 1,797 | ||
| Crude Oil Capacity Utilization (%) | 74 % | 74 % | 83 % | 75 % | 77 % | 69 % | 76 % | ||
| Clean Product Yield (%) | 82 % | 82 % | 82 % | 83 % | 85 % | 86 % | 84 % | ||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| REFINING (continued) | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Refined Petroleum Products Production (MB/D) | |||||||||
| Atlantic Basin/Europe* | |||||||||
| Gasoline | 220 | 220 | 191 | 178 | 207 | 241 | 204 | ||
| Distillates | 175 | 175 | 174 | 160 | 168 | 187 | 172 | ||
| Other | 87 | 87 | 91 | 95 | 98 | 89 | 94 | ||
| Total | 482 | 482 | 456 | 433 | 473 | 517 | 470 | ||
| * Includes our proportionate share of a refinery complex in Karlsruhe, Germany. | |||||||||
| Gulf Coast | |||||||||
| Gasoline | 219 | 219 | 234 | 277 | 247 | 157 | 229 | ||
| Distillates | 201 | 201 | 248 | 231 | 187 | 147 | 203 | ||
| Other | 183 | 183 | 221 | 167 | 129 | 100 | 154 | ||
| Total | 603 | 603 | 703 | 675 | 563 | 404 | 586 | ||
| Central Corridor* | |||||||||
| Gasoline | 191 | 191 | 245 | 183 | 241 | 214 | 221 | ||
| Distillates | 149 | 149 | 183 | 161 | 173 | 166 | 171 | ||
| Other | 58 | 58 | 60 | 52 | 55 | 50 | 54 | ||
| Total | 398 | 398 | 488 | 396 | 469 | 430 | 446 | ||
| * Includes our proportionate share of the Borger Refinery and Wood River Refinery. | |||||||||
| West Coast | |||||||||
| Gasoline | 138 | 138 | 151 | 126 | 159 | 144 | 145 | ||
| Distillates | 110 | 110 | 134 | 121 | 137 | 117 | 127 | ||
| Other | 40 | 40 | 21 | 33 | 38 | 24 | 29 | ||
| Total | 288 | 288 | 306 | 280 | 334 | 285 | 301 | ||
| Worldwide-Including Proportionate Share of Equity Affiliates | |||||||||
| Gasoline | 768 | 768 | 821 | 764 | 854 | 756 | 799 | ||
| Distillates | 635 | 635 | 739 | 673 | 665 | 617 | 673 | ||
| Other | 368 | 368 | 393 | 347 | 320 | 263 | 331 | ||
| Total | 1,771 | 1,771 | 1,953 | 1,784 | 1,839 | 1,636 | 1,803 | ||
| Market Indicators* | |||||||||
| Crude and Crude Differentials ($/BBL) | |||||||||
| WTI | 57.84 | 57.84 | 45.97 | 27.80 | 40.91 | 42.56 | 39.31 | ||
| Brent | 60.90 | 60.90 | 50.26 | 29.20 | 43.00 | 44.23 | 41.67 | ||
| LLS | 59.98 | 59.98 | 48.30 | 30.07 | 42.46 | 44.05 | 41.22 | ||
| ANS | 60.76 | 60.76 | 51.40 | 30.37 | 42.74 | 44.82 | 42.33 | ||
| WTI less Maya | 1.44 | 1.44 | 4.81 | 3.40 | 1.72 | 2.02 | 2.99 | ||
| WTI less WCS (settlement differential) | 12.47 | 12.47 | 20.53 | 11.47 | 9.09 | 9.31 | 12.60 | ||
| Natural Gas ($/MMBtu) | |||||||||
| Henry Hub | 3.51 | 3.51 | 1.88 | 1.65 | 1.95 | 2.47 | 1.99 | ||
| Product Margins ($/BBL) | |||||||||
| Atlantic Basin/Europe | |||||||||
| East Coast Gasoline less Brent | 11.73 | 11.73 | 4.84 | 7.87 | 9.52 | 7.48 | 7.43 | ||
| East Coast Distillate less Brent | 12.09 | 12.09 | 14.93 | 10.95 | 7.17 | 9.51 | 10.64 | ||
| Gulf Coast | |||||||||
| Gulf Coast Gasoline less LLS | 11.22 | 11.22 | 4.97 | 3.66 | 5.88 | 5.10 | 4.90 | ||
| Gulf Coast Distillate less LLS | 11.30 | 11.30 | 13.86 | 8.04 | 6.10 | 8.14 | 9.03 | ||
| Central Corridor | |||||||||
| Central Gasoline less WTI | 14.90 | 14.90 | 7.70 | 6.18 | 8.15 | 5.76 | 6.95 | ||
| Central Distillate less WTI | 17.24 | 17.24 | 17.34 | 11.41 | 8.55 | 11.21 | 12.13 | ||
| West Coast | |||||||||
| West Coast Gasoline less ANS | 16.88 | 16.88 | 13.32 | 9.36 | 13.12 | 10.76 | 11.64 | ||
| West Coast Distillate less ANS | 14.14 | 14.14 | 17.22 | 10.36 | 9.34 | 12.74 | 12.42 | ||
| Worldwide Market Crack Spread ($/BBL)** | 13.23 | 13.23 | 9.82 | 7.47 | 8.17 | 7.84 | 8.33 | ||
| * Based on daily spot prices, unless otherwise noted. | |||||||||
| ** Weighted average based on Phillips 66 crude capacity. | |||||||||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| MARKETING AND SPECIALTIES | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Income before Income Taxes | |||||||||
| Marketing and Other | 211 | 211 | 471 | 255 | 365 | 180 | 1,271 | ||
| Specialties | 79 | 79 | 42 | 31 | 50 | 52 | 175 | ||
| Income before Income Taxes | 290 | 290 | 513 | 286 | 415 | 232 | 1,446 | ||
| Income before Income Taxes ($/BBL) | |||||||||
| U.S. | 1.36 | 1.36 | 1.79 | 1.24 | 1.74 | 0.83 | 1.42 | ||
| International | 2.24 | 2.24 | 6.58 | 3.48 | 5.01 | 3.91 | 4.84 | ||
| Realized Marketing Fuel Margins ($/BBL)* | |||||||||
| U.S. | 1.94 | 1.94 | 2.08 | 1.75 | 2.23 | 1.37 | 1.87 | ||
| International | 4.01 | 4.01 | 8.53 | 5.07 | 6.28 | 5.07 | 6.34 | ||
| * See note on the use of non-GAAP measures. Also, reconciliations of income before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section. | |||||||||
| Other Realized Margins and Revenues not included in Marketing Fuel Margins* | |||||||||
| Marketing and Other | 104 | 104 | 117 | 123 | 107 | 104 | 451 | ||
| Specialties | 84 | 84 | 81 | 56 | 83 | 64 | 284 | ||
| Total | 188 | 188 | 198 | 179 | 190 | 168 | 735 | ||
| * Excludes gain on dispositions and excise taxes on sales of refined petroleum products. | |||||||||
| Equity in Earnings of Affiliates | |||||||||
| Marketing and Other | 26 | 26 | 22 | 38 | 42 | 37 | 139 | ||
| Specialties | 32 | 32 | - | 10 | 3 | 29 | 42 | ||
| Total | 58 | 58 | 22 | 48 | 45 | 66 | 181 | ||
| Depreciation and Amortization* | |||||||||
| Marketing and Other | 23 | 23 | 20 | 21 | 21 | 22 | 84 | ||
| Specialties | 4 | 4 | 5 | 4 | 5 | 5 | 19 | ||
| Total | 27 | 27 | 25 | 25 | 26 | 27 | 103 | ||
| * Excludes D&A of all equity affiliates. | |||||||||
| Operating and SG&A Expenses* | |||||||||
| Marketing and Other | 258 | 258 | 211 | 232 | 259 | 263 | 965 | ||
| Specialties | 29 | 29 | 31 | 30 | 30 | 35 | 126 | ||
| Total | 287 | 287 | 242 | 262 | 289 | 298 | 1,091 | ||
| * Excludes operating and SG&A expenses of all equity affiliates. | |||||||||
| Refined Petroleum Products Sales (MB/D) | |||||||||
| U.S. Marketing | |||||||||
| Gasoline | 960 | 960 | 984 | 881 | 997 | 922 | 946 | ||
| Distillates | 660 | 660 | 854 | 707 | 698 | 667 | 731 | ||
| Other | - | - | - | - | - | - | - | ||
| Total | 1,620 | 1,620 | 1,838 | 1,588 | 1,695 | 1,589 | 1,677 | ||
| International Marketing | |||||||||
| Gasoline | 63 | 63 | 82 | 60 | 83 | 74 | 75 | ||
| Distillates | 158 | 158 | 183 | 140 | 165 | 168 | 164 | ||
| Other | 18 | 18 | 20 | 15 | 15 | 20 | 17 | ||
| Total | 239 | 239 | 285 | 215 | 263 | 262 | 256 | ||
| Worldwide Marketing | |||||||||
| Gasoline | 1,023 | 1,023 | 1,066 | 941 | 1,080 | 996 | 1,021 | ||
| Distillates | 818 | 818 | 1,037 | 847 | 863 | 835 | 895 | ||
| Other | 18 | 18 | 20 | 15 | 15 | 20 | 17 | ||
| Total | 1,859 | 1,859 | 2,123 | 1,803 | 1,958 | 1,851 | 1,933 | ||
| Foreign Currency Gains (Losses) Pre-Tax | - | - | 1 | - | (1) | - | - | ||
| Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA | |||||||||
| Income before income taxes | 290 | 290 | 513 | 286 | 415 | 232 | 1,446 | ||
| Plus: | |||||||||
| Depreciation and amortization | 27 | 27 | 25 | 25 | 26 | 27 | 103 | ||
| EBITDA | 317 | 317 | 538 | 311 | 441 | 259 | 1,549 | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Pending claims and settlements | - | - | (37) | - | - | - | (37) | ||
| Pension settlement expense | - | - | - | 4 | 1 | 1 | 6 | ||
| Hurricane-related costs | - | - | - | - | 1 | 2 | 3 | ||
| Lower-of-cost-or-market inventory adjustments | - | - | 12 | 3 | - | (14) | 1 | ||
| EBITDA, Adjusted for Special Items | 317 | 317 | 513 | 318 | 443 | 248 | 1,522 | ||
| Other Adjustments (pre-tax): | |||||||||
| Proportional share of selected equity affiliates income taxes | 5 | 5 | 4 | 6 | 7 | 6 | 23 | ||
| Proportional share of selected equity affiliates net interest | 4 | 4 | 6 | 5 | 4 | 3 | 18 | ||
| Proportional share of selected equity affiliates depreciation and amortization | 17 | 17 | 17 | 14 | 16 | 17 | 64 | ||
| Adjusted EBITDA | 343 | 343 | 540 | 343 | 470 | 274 | 1,627 | ||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| CORPORATE AND OTHER | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Loss before Income Taxes | (251) | (251) | (197) | (219) | (239) | (226) | (881) | ||
| Detail of Loss before Income Taxes | |||||||||
| Net interest expense | (143) | (143) | (103) | (114) | (131) | (137) | (485) | ||
| Corporate overhead and other | (108) | (108) | (94) | (105) | (108) | (89) | (396) | ||
| Total | (251) | (251) | (197) | (219) | (239) | (226) | (881) | ||
| Net Interest Expense | |||||||||
| Interest expense | (150) | (150) | (137) | (139) | (150) | (148) | (574) | ||
| Capitalized interest | 4 | 4 | 26 | 22 | 18 | 9 | 75 | ||
| Interest income | 3 | 3 | 8 | 3 | 1 | 2 | 14 | ||
| Total | (143) | (143) | (103) | (114) | (131) | (137) | (485) | ||
| Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA | |||||||||
| Loss before income taxes | (251) | (251) | (197) | (219) | (239) | (226) | (881) | ||
| Plus: | |||||||||
| Net interest expense | 143 | 143 | 103 | 114 | 131 | 137 | 485 | ||
| Depreciation and amortization | 20 | 20 | 19 | 21 | 21 | 21 | 82 | ||
| EBITDA | (88) | (88) | (75) | (84) | (87) | (68) | (314) | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Impairments | - | - | - | - | 25 | - | 25 | ||
| Pension settlement expense | - | - | - | 3 | 1 | - | 4 | ||
| Asset dispositions | - | - | - | - | - | (9) | (9) | ||
| EBITDA, Adjusted for Special Items | (88) | (88) | (75) | (81) | (61) | (77) | (294) | ||
| Other Adjustments (pre-tax): | |||||||||
| None | - | - | - | - | - | - | - | ||
| Adjusted EBITDA | (88) | (88) | (75) | (81) | (61) | (77) | (294) | ||
| Foreign Currency Losses Pre-Tax | (1) | (1) | (2) | (1) | (4) | (1) | (8) | ||
| Phillips 66 Total Company Debt | |||||||||
| Total Debt | 15,422 | 15,422 | 12,963 | 14,446 | 14,526 | 15,893 | 15,893 | ||
| Debt-to-Capital Ratio (%) | 43 % | 43 % | 35 % | 38 % | 39 % | 42 % | 42 % | ||
| Total Equity | 20,457 | 20,457 | 23,639 | 23,295 | 22,305 | 21,523 | 21,523 | ||
| RECONCILIATION OF CONSOLIDATED NET LOSS TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66 | |||||||||
| Millions of Dollars | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| Net loss | (639) | (639) | (2,427) | (67) | (726) | (494) | (3,714) | ||
| Plus: | |||||||||
| Income tax benefit | (132) | (132) | (51) | (378) | (624) | (197) | (1,250) | ||
| Net interest expense | 143 | 143 | 103 | 114 | 131 | 137 | 485 | ||
| Depreciation and amortization | 356 | 356 | 342 | 343 | 352 | 358 | 1,395 | ||
| Phillips 66 EBITDA | (272) | (272) | (2,033) | 12 | (867) | (196) | (3,084) | ||
| Special Item Adjustments (pre-tax): | |||||||||
| Impairments | 198 | 198 | 3,006 | - | 1,139 | 96 | 4,241 | ||
| Impairments by equity affiliates | - | - | - | 15 | - | - | 15 | ||
| Pending claims and settlements | - | - | (37) | - | - | - | (37) | ||
| Certain tax impacts | - | - | - | - | - | (6) | (6) | ||
| Pension settlement expense | - | - | - | 38 | 17 | 26 | 81 | ||
| Hurricane-related costs | - | - | - | - | 15 | 28 | 43 | ||
| Winter-storm-related costs | 46 | 46 | - | - | - | - | - | ||
| Lower-of-cost-or-market inventory adjustments | - | - | 52 | 20 | (101) | (26) | (55) | ||
| Asset dispositions | - | - | - | (84) | - | (9) | (93) | ||
| Phillips 66 EBITDA, Adjusted for Special Items | (28) | (28) | 988 | 1 | 203 | (87) | 1,105 | ||
| Other Adjustments (pre-tax): | |||||||||
| Proportional share of selected equity affiliates income taxes | 33 | 33 | 20 | 12 | 24 | 21 | 77 | ||
| Proportional share of selected equity affiliates net interest | 60 | 60 | 54 | 53 | 59 | 60 | 226 | ||
| Proportional share of selected equity affiliates depreciation and amortization | 202 | 202 | 215 | 197 | 199 | 205 | 816 | ||
| Adjusted EBITDA attributable to joint venture partners' noncontrolling interests | (18) | (18) | - | - | (20) | (17) | (37) | ||
| Adjusted EBITDA attributable to public ownership interest in PSXP | (83) | (83) | (95) | (80) | (87) | (91) | (353) | ||
| Phillips 66 Adjusted EBITDA | 166 | 166 | 1,182 | 183 | 378 | 91 | 1,834 | ||
| Use of Non-GAAP Financial Information-This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," "realized marketing fuel margin per barrel," and "adjusted capital spending." These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP measures most directly comparable to EBITDA and adjusted EBITDA are net income for consolidated company information and income before income taxes for segment information. Reconciliations of net income (loss) and income (loss) before income taxes to EBITDA and adjusted EBITDA are included in this earnings release supplemental data. Realized refining margin per barrel is calculated on a similar basis as industry crack spreads and we believe it provides a useful measure of how well we performed relative to benchmark industry margins. Realized marketing fuel margin per barrel demonstrates the value uplift our marketing operations provide by optimizing the placement and ultimate sale of our refineries' fuel production. The GAAP measure most directly comparable to both realized margin per barrel measures is income before income taxes per barrel. Reconciliations of income (loss) before income taxes per barrel to realized refining margin and realized marketing fuel margin are included in this earnings release supplemental data. Adjusted capital spending is a non-GAAP financial measure that demonstrates the portion of total consolidated capital expenditures and investments funded by Phillips 66. The GAAP financial measure most comparable to adjusted capital spending is capital expenditures and investments. A reconciliation of capital expenditures and investments to adjusted capital spending is included in this earnings release supplemental data. Adjusted effective tax rate demonstrates the effective tax rate with the consideration of the tax effect on special items. The GAAP financial measure most comparable to adjusted effective tax rate is effective tax rate. A reconciliation of effective tax rate to adjusted effective tax rate is included in this earnings release supplemental data. | |||||||||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| REALIZED MARGIN NON-GAAP RECONCILIATIONS | |||||||||
| RECONCILIATION OF LOSS BEFORE INCOME TAXES TO REALIZED REFINING MARGINS | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| ATLANTIC BASIN/EUROPE | |||||||||
| Loss before income taxes | (153) | (153) | (637) | (227) | (199) | (161) | (1,224) | ||
| Plus: | |||||||||
| Taxes other than income taxes | 20 | 20 | 19 | 15 | 14 | 13 | 61 | ||
| Depreciation, amortization and impairments | 52 | 52 | 492 | 49 | 50 | 52 | 643 | ||
| Selling, general and administrative expenses | 14 | 14 | 13 | 12 | 6 | 13 | 44 | ||
| Operating expenses | 230 | 230 | 194 | 190 | 180 | 210 | 774 | ||
| Equity in losses of affiliates | 2 | 2 | 2 | 3 | 2 | 3 | 10 | ||
| Other segment (income) expense, net | - | - | (2) | 3 | - | - | 1 | ||
| Proportional share of refining gross margins contributed by equity affiliates | 43 | 43 | 16 | 16 | 18 | 17 | 67 | ||
| Special items: | |||||||||
| Certain tax impacts | - | - | - | - | - | (6) | (6) | ||
| Realized refining margins | 208 | 208 | 97 | 61 | 71 | 141 | 370 | ||
| Total processed inputs (MB) | 42,826 | 42,826 | 41,335 | 39,121 | 43,176 | 46,904 | 170,536 | ||
| Adjusted total processed inputs (MB) | 42,826 | 42,826 | 41,335 | 39,121 | 43,176 | 46,904 | 170,536 | ||
| Loss before income taxes ($/BBL)** | (3.57) | (3.57) | (15.41) | (5.80) | (4.61) | (3.43) | (7.18) | ||
| Realized refining margins ($/BBL)*** | 4.86 | 4.86 | 2.38 | 1.53 | 1.65 | 2.99 | 2.17 | ||
| GULF COAST | |||||||||
| Loss before income taxes | (253) | (253) | (843) | (365) | (405) | (464) | (2,077) | ||
| Plus: | |||||||||
| Taxes other than income taxes | 27 | 27 | 37 | 25 | 30 | 15 | 107 | ||
| Depreciation, amortization and impairments | 77 | 77 | 741 | 75 | 75 | 77 | 968 | ||
| Selling, general and administrative expenses | 10 | 10 | 7 | 10 | 11 | 11 | 39 | ||
| Operating expenses | 321 | 321 | 492 | 277 | 258 | 327 | 1,354 | ||
| Equity in (earnings) losses of affiliates | 3 | 3 | (1) | (1) | 1 | 4 | 3 | ||
| Other segment (income) expense, net | - | - | 1 | - | (1) | 1 | 1 | ||
| Proportional share of refining gross margins contributed by equity affiliates | - | - | - | - | - | - | - | ||
| Realized refining margins | 185 | 185 | 434 | 21 | (31) | (29) | 395 | ||
| Total processed inputs (MB) | 54,560 | 54,560 | 64,066 | 61,032 | 51,543 | 37,230 | 213,871 | ||
| Adjusted total processed inputs (MB) | 54,560 | 54,560 | 64,066 | 61,032 | 51,543 | 37,230 | 213,871 | ||
| Loss before income taxes ($/BBL)** | (4.64) | (4.64) | (13.16) | (5.98) | (7.86) | (12.46) | (9.71) | ||
| Realized refining margins ($/BBL)*** | 3.39 | 3.39 | 6.76 | 0.36 | (0.61) | (0.78) | 1.85 | ||
| CENTRAL CORRIDOR | |||||||||
| Loss before income taxes | (248) | (248) | (227) | (104) | (132) | (178) | (641) | ||
| Plus: | |||||||||
| Taxes other than income taxes | 15 | 15 | 17 | 14 | 11 | 9 | 51 | ||
| Depreciation, amortization and impairments | 34 | 34 | 469 | 33 | 33 | 36 | 571 | ||
| Selling, general and administrative expenses | 7 | 7 | 6 | 7 | 7 | 8 | 28 | ||
| Operating expenses | 205 | 205 | 136 | 120 | 111 | 131 | 498 | ||
| Equity in losses of affiliates | 117 | 117 | 51 | 79 | 118 | 115 | 363 | ||
| Other segment (income) expense, net | (2) | (2) | (3) | 3 | (1) | (1) | (2) | ||
| Proportional share of refining gross margins contributed by equity affiliates | 86 | 86 | 113 | 92 | 45 | 48 | 298 | ||
| Special items: | |||||||||
| Lower-of-cost-or-market inventory adjustments | - | - | 35 | (35) | - | - | - | ||
| Realized refining margins | 214 | 214 | 597 | 209 | 192 | 168 | 1,166 | ||
| Total processed inputs (MB) | 19,754 | 19,754 | 23,345 | 20,778 | 24,682 | 23,245 | 92,050 | ||
| Adjusted total processed inputs (MB)* | 35,711 | 35,711 | 44,291 | 36,067 | 42,979 | 39,356 | 162,693 | ||
| Loss before income taxes ($/BBL)** | (12.55) | (12.55) | (9.72) | (5.01) | (5.35) | (7.66) | (6.96) | ||
| Realized refining margins ($/BBL)*** | 5.97 | 5.97 | 13.50 | 5.78 | 4.46 | 4.27 | 7.17 | ||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| RECONCILIATION OF LOSS BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued) | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| WEST COAST | |||||||||
| Loss before income taxes | (386) | (386) | (554) | (182) | (1,167) | (310) | (2,213) | ||
| Plus: | |||||||||
| Taxes other than income taxes | 23 | 23 | 31 | 22 | 16 | 20 | 89 | ||
| Depreciation, amortization and impairments | 54 | 54 | 364 | 63 | 974 | 59 | 1,460 | ||
| Selling, general and administrative expenses | 11 | 11 | 10 | 9 | 9 | 10 | 38 | ||
| Operating expenses | 382 | 382 | 283 | 216 | 235 | 266 | 1,000 | ||
| Other segment expense, net | 2 | 2 | 1 | 1 | 1 | 2 | 5 | ||
| Realized refining margins | 86 | 86 | 135 | 129 | 68 | 47 | 379 | ||
| Total processed inputs (MB) | 25,917 | 25,917 | 27,877 | 25,737 | 30,615 | 26,373 | 110,602 | ||
| Adjusted total processed inputs (MB) | 25,917 | 25,917 | 27,877 | 25,737 | 30,615 | 26,373 | 110,602 | ||
| Loss before income taxes ($/BBL)** | (14.89) | (14.89) | (19.87) | (7.07) | (38.12) | (11.75) | (20.01) | ||
| Realized refining margins ($/BBL)*** | 3.33 | 3.33 | 4.80 | 5.05 | 2.23 | 1.79 | 3.43 | ||
| WORLDWIDE | |||||||||
| Loss before income taxes | (1,040) | (1,040) | (2,261) | (878) | (1,903) | (1,113) | (6,155) | ||
| Plus: | |||||||||
| Taxes other than income taxes | 85 | 85 | 104 | 76 | 71 | 57 | 308 | ||
| Depreciation, amortization and impairments | 217 | 217 | 2,066 | 220 | 1,132 | 224 | 3,642 | ||
| Selling, general and administrative expenses | 42 | 42 | 36 | 38 | 33 | 42 | 149 | ||
| Operating expenses | 1,138 | 1,138 | 1,105 | 803 | 784 | 934 | 3,626 | ||
| Equity in losses of affiliates | 122 | 122 | 52 | 81 | 121 | 122 | 376 | ||
| Other segment (income) expense, net | - | - | (3) | 7 | (1) | 2 | 5 | ||
| Proportional share of refining gross margins contributed by equity affiliates | 129 | 129 | 129 | 108 | 63 | 65 | 365 | ||
| Special items: | |||||||||
| Certain tax impacts | - | - | - | - | - | (6) | (6) | ||
| Lower-of-cost-or-market inventory adjustments | - | - | 35 | (35) | - | - | - | ||
| Realized refining margins | 693 | 693 | 1,263 | 420 | 300 | 327 | 2,310 | ||
| Total processed inputs (MB) | 143,057 | 143,057 | 156,623 | 146,668 | 150,016 | 133,752 | 587,059 | ||
| Adjusted total processed inputs (MB)* | 159,014 | 159,014 | 177,569 | 161,957 | 168,313 | 149,863 | 657,702 | ||
| Loss before income taxes ($/BBL)** | (7.27) | (7.27) | (14.44) | (5.99) | (12.69) | (8.32) | (10.48) | ||
| Realized refining margins ($/BBL)*** | 4.36 | 4.36 | 7.11 | 2.60 | 1.78 | 2.18 | 3.51 | ||
| * Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | |||||||||
| ** Loss before income taxes divided by total processed inputs. | |||||||||
| *** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. | |||||||||
| Phillips 66 Earnings Release Supplemental Data | |||||||||
| RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| UNITED STATES | |||||||||
| Income before income taxes | 199 | 199 | 299 | 179 | 271 | 121 | 870 | ||
| Plus: | |||||||||
| Taxes other than income taxes | 4 | 4 | 2 | 2 | - | (3) | 1 | ||
| Depreciation and amortization | 3 | 3 | 3 | 3 | 3 | 3 | 12 | ||
| Selling, general and administrative expenses | 165 | 165 | 127 | 151 | 174 | 171 | 623 | ||
| Equity in earnings of affiliates | (2) | (2) | - | (11) | (10) | (10) | (31) | ||
| Other operating revenues* | (86) | (86) | (84) | (71) | (90) | (82) | (327) | ||
| Realized marketing fuel margins | 283 | 283 | 347 | 253 | 348 | 200 | 1,148 | ||
| Total fuel sales volumes (MB) | 145,794 | 145,794 | 167,178 | 144,517 | 155,948 | 146,226 | 613,869 | ||
| Income before income taxes ($/BBL) | 1.36 | 1.36 | 1.79 | 1.24 | 1.74 | 0.83 | 1.42 | ||
| Realized marketing fuel margins ($/BBL)** | 1.94 | 1.94 | 2.08 | 1.75 | 2.23 | 1.37 | 1.87 | ||
| INTERNATIONAL | |||||||||
| Income before income taxes | 48 | 48 | 171 | 68 | 121 | 94 | 454 | ||
| Plus: | |||||||||
| Taxes other than income taxes | 2 | 2 | 1 | 2 | 1 | 1 | 5 | ||
| Depreciation and amortization | 19 | 19 | 17 | 16 | 18 | 19 | 70 | ||
| Selling, general and administrative expenses | 60 | 60 | 63 | 57 | 62 | 64 | 246 | ||
| Equity in earnings of affiliates | (24) | (24) | (22) | (28) | (31) | (27) | (108) | ||
| Other operating revenues* | (5) | (5) | 2 | (4) | (7) | (18) | (27) | ||
| Other segment (income) expense, net | (1) | (1) | - | 1 | (1) | 1 | 1 | ||
| Marketing margins | 99 | 99 | 232 | 112 | 163 | 134 | 641 | ||
| Less: margin for nonfuel related sales | 13 | 13 | 10 | 13 | 11 | 12 | 46 | ||
| Realized marketing fuel margins | 86 | 86 | 222 | 99 | 152 | 122 | 595 | ||
| Total fuel sales volumes (MB) | 21,474 | 21,474 | 25,979 | 19,583 | 24,164 | 24,047 | 93,773 | ||
| Income before income taxes ($/BBL) | 2.24 | 2.24 | 6.58 | 3.48 | 5.01 | 3.91 | 4.84 | ||
| Realized marketing fuel margins ($/BBL)** | 4.01 | 4.01 | 8.53 | 5.07 | 6.28 | 5.07 | 6.34 | ||
| * Includes other nonfuel revenues. | |||||||||
| ** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. | |||||||||
| ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION | |||||||||
| RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE | |||||||||
| Millions of Dollars, Except as Indicated | |||||||||
| 2021 | 2020 | ||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD |
| EFFECTIVE TAX RATES | |||||||||
| Loss before income taxes | (771) | (771) | (2,478) | (445) | (1,350) | (691) | (4,964) | ||
| Special items | 244 | 244 | 3,021 | (19) | 1,070 | 109 | 4,181 | ||
| Adjusted income (loss) before income taxes | (527) | (527) | 543 | (464) | (280) | (582) | (783) | ||
| Income tax benefit | (132) | (132) | (51) | (378) | (624) | (197) | (1,250) | ||
| Special items | 48 | 48 | 75 | 188 | 272 | 48 | 583 | ||
| Adjusted income tax expense (benefit) | (84) | (84) | 24 | (190) | (352) | (149) | (667) | ||
| Effective tax rate (%) | 17.1 % | 17.1 % | 2.1 % | 84.9 % | 46.2 % | 28.5 % | 25.2 % | ||
| Adjusted effective tax rate (%) | 15.9 % | 15.9 % | 4.4 % | 40.9 % | 125.7 % | 25.6 % | 85.2 % |
&"Times New Roman,Regular"&10&P
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Phillips 66 Company published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 16:00:07 UTC.
