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OFFON

PHILLIPS 66 PARTNERS LP

(PSXP)
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Phillips 66 Partners LP : Earnings Release Supplemental Data

08/03/2021 | 09:43am EDT
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 27,002 48,629 20,878 10,913 15,929 16,409 64,129
Equity in earnings of affiliates 285 830 1,115 365 157 349 320 1,191
Net gain on dispositions - 2 2 1 85 1 21 108
Other income 15 51 66 - 28 20 18 66
Total Revenues and Other Income 21,927 27,885 49,812 21,244 11,183 16,299 16,768 65,494
Costs and Expenses
Purchased crude oil and products 20,065 25,218 45,283 18,440 9,608 14,509 15,150 57,707
Operating expenses 1,380 1,175 2,555 1,341 1,026 1,016 1,180 4,563
Selling, general and administrative expenses 408 433 841 319 409 384 432 1,544
Depreciation and amortization 356 364 720 342 343 352 358 1,395
Impairments 198 - 198 3,006 - 1,140 106 4,252
Taxes other than income taxes 139 119 258 157 114 106 87 464
Accretion on discounted liabilities 6 6 12 6 5 6 5 22
Interest and debt expense 146 143 289 111 117 132 139 499
Foreign currency transaction (gains) losses - (9) (9) - 6 4 2 12
Total Costs and Expenses 22,698 27,449 50,147 23,722 11,628 17,649 17,459 70,458
Income (loss) before income taxes (771) 436 (335) (2,478) (445) (1,350) (691) (4,964)
Income tax expense (benefit) (132) 62 (70) (51) (378) (624) (197) (1,250)
Net Income (Loss) (639) 374 (265) (2,427) (67) (726) (494) (3,714)
Less: net income attributable to noncontrolling interests 15 78 93 69 74 73 45 261
Net Income (Loss) Attributable to Phillips 66 (654) 296 (358) (2,496) (141) (799) (539) (3,975)
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic (1.49) 0.66 (0.83) (5.66) (0.33) (1.82) (1.23) (9.06)
Diluted (1.49) 0.66 (0.83) (5.66) (0.33) (1.82) (1.23) (9.06)
Weighted-Average Common Shares Outstanding (thousands)
Basic 439,504 439,940 439,722 441,345 438,756 438,916 439,115 439,530
Diluted 439,504 440,396 439,722 441,345 438,756 438,916 439,115 439,530
Effective tax rate (%) 17.1 % 14.2 % 20.9 % 2.1 % 84.9 % 46.2 % 28.5 % 25.2 %
Adjusted effective tax rate (%) 15.9 % 18.9 % (44.0)% 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 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 76 312 388 (702) 324 146 223 (9)
Chemicals 154 623 777 169 42 231 193 635
Refining (1,040) (729) (1,769) (2,261) (878) (1,903) (1,113) (6,155)
Marketing and Specialties 290 476 766 513 286 415 232 1,446
Corporate and Other (251) (246) (497) (197) (219) (239) (226) (881)
Income (loss) before income taxes (771) 436 (335) (2,478) (445) (1,350) (691) (4,964)
Less: income tax expense (benefit) (132) 62 (70) (51) (378) (624) (197) (1,250)
Net Income (Loss) (639) 374 (265) (2,427) (67) (726) (494) (3,714)
Less: net income attributable to noncontrolling interests 15 78 93 69 74 73 45 261
Net Income (Loss) Attributable to Phillips 66 (654) 296 (358) (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 206 224 430 200 130 202 196 728
NGL and Other 36 83 119 179 83 102 86 450
DCP Midstream 34 9 43 81 32 50 41 204
Total Midstream 276 316 592 460 245 354 323 1,382
Chemicals 184 657 841 193 89 132 203 617
Refining
Atlantic Basin/Europe (152) (108) (260) (196) (220) (197) (166) (779)
Gulf Coast (247) (253) (500) (173) (356) (389) (442) (1,360)
Central Corridor (241) (76) (317) 223 (113) (129) (177) (196)
West Coast (386) (269) (655) (255) (178) (255) (309) (997)
Total Refining (1,026) (706) (1,732) (401) (867) (970) (1,094) (3,332)
Marketing and Specialties
Marketing and Other 211 392 603 434 259 366 181 1,240
Specialties 79 87 166 54 34 51 40 179
Total Marketing and Specialties 290 479 769 488 293 417 221 1,419
Corporate and Other (251) (244) (495) (197) (224) (213) (235) (869)
Adjusted income (loss) before income taxes (527) 502 (25) 543 (464) (280) (582) (783)
Less: adjusted income tax expense (benefit) (84) 95 11 24 (190) (352) (149) (667)
Adjusted Net Income (Loss) (443) 407 (36) 519 (274) 72 (433) (116)
Less: adjusted net income attributable to noncontrolling interests 66 78 144 69 50 73 74 266
Adjusted Net Income (Loss) Attributable to Phillips 66 (509) 329 (180) 450 (324) (1) (507) (382)
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
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 - (4) (4) - (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) (4) (204) (1,162) 79 (208) (100) (1,391)
Chemicals
Impairments by equity affiliates - - - - (15) - - (15)
Pension settlement expense - (18) (18) - - - (21) (21)
Hurricane-related costs - - - - - (2) (1) (3)
Winter-storm-related costs (30) (16) (46) - - - - -
Lower-of-cost-or-market inventory adjustments - - - (24) (32) 101 12 57
Total Chemicals (30) (34) (64) (24) (47) 99 (10) 18
Refining
Impairments - - - (1,845) - (910) - (2,755)
Certain tax impacts - - - - - - 6 6
Pension settlement expense - (20) (20) - (26) (12) (3) (41)
Hurricane-related costs - - - - - (11) (22) (33)
Winter-storm-related costs (14) (3) (17) - - - - -
Lower-of-cost-or-market inventory adjustments - - - (15) 15 - - -
Total Refining (14) (23) (37) (1,860) (11) (933) (19) (2,823)
Marketing and Specialties
Pending claims and settlements - - - 37 - - - 37
Pension settlement expense - (3) (3) - (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 - (3) (3) 25 (7) (2) 11 27
Corporate and Other
Impairments - - - - - (25) - (25)
Certain tax impacts - - - - 8 - - 8
Pension settlement expense - (2) (2) - (3) (1) - (4)
Asset dispositions - - - - - - 9 9
Total Corporate and Other - (2) (2) - 5 (26) 9 (12)
Total Special Items (Pre-tax) (244) (66) (310) (3,021) 19 (1,070) (109) (4,181)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items* (48) (16) (64) (75) (208) (262) (23) (568)
Other tax impacts - (17) (17) - 20 (10) (25) (15)
Total Income Tax Expense (Benefit) (48) (33) (81) (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) (33) (178) (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) (4) (5) - (5) (3) (1) (9)
DCP Midstream - - - (1,162) - - - (1,162)
Total Midstream (200) (4) (204) (1,162) 79 (208) (100) (1,391)
Refining
Atlantic Basin/Europe (1) (2) (3) (441) (7) (2) 5 (445)
Gulf Coast (6) (11) (17) (670) (9) (16) (22) (717)
Central Corridor (7) (6) (13) (450) 9 (3) (1) (445)
West Coast - (4) (4) (299) (4) (912) (1) (1,216)
Total Refining (14) (23) (37) (1,860) (11) (933) (19) (2,823)
Marketing and Specialties
Marketing and Other - (3) (3) 37 (4) (1) (1) 31
Specialties - - - (12) (3) (1) 12 (4)
Total Marketing and Specialties - (3) (3) 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 income (loss) (639) 374 (265) (2,427) (67) (726) (494) (3,714)
Depreciation and amortization 356 364 720 342 343 352 358 1,395
Impairments 198 - 198 3,006 - 1,140 106 4,252
Accretion on discounted liabilities 6 6 12 6 5 6 5 22
Deferred income taxes (103) 266 163 (47) 26 23 124 126
Undistributed equity earnings 217 (218) (1) (4) 302 (44) 80 334
Net gain on dispositions - (2) (2) (1) (85) (1) (21) (108)
Other 138 120 258 (139) 146 45 78 130
Net working capital changes 98 833 931 (519) 94 (304) 403 (326)
Net Cash Provided by Operating Activities 271 1,743 2,014 217 764 491 639 2,111
Cash Flows From Investing Activities
Capital expenditures and investments (331) (380) (711) (923) (939) (552) (506) (2,920)
Return of investments in equity affiliates 58 100 158 38 50 51 53 192
Proceeds from asset dispositions - 24 24 1 - 2 48 51
Advances/loans-related parties (155) (90) (245) (8) (223) (20) (65) (316)
Collection of advances/loans-related parties - - - - 44 - - 44
Other (39) (6) (45) 15 (79) (23) (43) (130)
Net Cash Used in Investing Activities (467) (352) (819) (877) (1,147) (542) (513) (3,079)
Cash Flows From Financing Activities
Issuance of debt 450 15 465 1,199 2,031 75 1,873 5,178
Repayment of debt (925) (54) (979) (7) (534) (5) (505) (1,051)
Issuance of common stock 20 4 24 6 - - 2 8
Repurchase of common stock - - - (443) - - - (443)
Dividends paid on common stock (394) (394) (788) (396) (393) (393) (393) (1,575)
Distributions to noncontrolling interests (76) (82) (158) (61) (66) (74) (88) (289)
Repurchase of noncontrolling interests - (24) (24) - - - - -
Other (20) (7) (27) (22) 9 (7) (17) (37)
Net Cash Provided by (Used in) Financing Activities (945) (542) (1,487) 276 1,047 (404) 872 1,791
Effect of Exchange Rate Changes on Cash and Cash Equivalents (22) 7 (15) (9) 5 27 54 77
Net Change in Cash and Cash Equivalents (1,163) 856 (307) (393) 669 (428) 1,052 900
Cash and cash equivalents at beginning of period 2,514 1,351 2,514 1,614 1,221 1,890 1,462 1,614
Cash and Cash Equivalents at End of Period 1,351 2,207 2,207 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 100 141 241 580 597 315 194 1,686
Chemicals - - - - - - - -
Refining 184 186 370 245 164 168 239 816
Marketing and Specialties 22 22 44 25 86 28 34 173
Corporate and Other 25 31 56 50 54 38 42 184
Adjusted Capital Spending 331 380 711 900 901 549 509 2,859
Capital expenditures and investments funded by a joint venture partner (Midstream)* - - - 23 38 3 (3) 61
Consolidated Capital Expenditures and Investments 331 380 711 923 939 552 506 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 14 21 46 44 12 17 119
CPChem (Chemicals) 79 72 151 126 13 65 80 284
WRB (Refining) 59 47 106 37 34 39 65 175
Selected Equity Affiliates 145 133 278 209 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 7 224 231 200 214 (3) 97 508
NGL and Other 35 79 114 179 78 99 85 441
DCP Midstream 34 9 43 (1,081) 32 50 41 (958)
Income (Loss) before Income Taxes 76 312 388 (702) 324 146 223 (9)
Adjusted EBITDA*
PSXP** 289 336 625 322 271 315 317 1,225
Other Midstream 92 110 202 188 75 115 105 483
Transportation and NGL and Other 381 446 827 510 346 430 422 1,708
DCP Midstream 71 46 117 129 66 88 79 362
Adjusted EBITDA 452 492 944 639 412 518 501 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 126 120 246 98 70 103 108 379
NGL and Other 37 44 81 51 49 44 37 181
DCP Midstream 34 8 42 80 32 49 40 201
Total 197 172 369 229 151 196 185 761
Depreciation and Amortization*
Transportation 40 40 80 38 38 41 42 159
NGL and Other 52 52 104 39 39 42 52 172
DCP Midstream - - - - - - - -
Total 92 92 184 77 77 83 94 331
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Transportation 173 189 362 188 186 185 199 758
NGL and Other 122 88 210 68 71 71 84 294
DCP Midstream - - - - - (1) - (1)
Total 295 277 572 256 257 255 283 1,051
* Excludes operating and SG&A expenses of all equity affiliates.
Transportation Volumes (MB/D)
Pipelines* 2,801 3,424 3,114 3,178 2,840 3,076 2,925 3,005
Terminals 2,675 2,786 2,731 3,148 2,883 2,966 2,886 2,971
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.
PSX Other Volumes
NGL Fractionated (MB/D)* 363 401 382 198 170 217 411 249
* Excludes DCP Midstream.
100% DCP Midstream, LLC Results
Net Income (Loss) Attributable to Owners* 27 (35) (8) 50 (348) 58 38 (202)
* Includes impairment charges of $159 million and $650 million in the first and second quarters of 2020, respectively.
Depreciation and Amortization 91 92 183 99 93 93 91 376
Operating and SG&A Expenses 189 222 411 202 212 212 240 866
Net Interest Expense* 77 77 154 78 71 77 76 302
* Net of interest income.
Capital Expenditures and Investments 14 28 42 92 87 24 35 238
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D) 4.1 4.4 4.2 5.0 4.5 4.5 4.5 4.6
NGL Production (MB/D) 356 406 381 396 374 414 414 399
Weighted-Average NGL Price*
DCP Midstream ($/gal) 0.69 0.71 0.70 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 66 148 148 296 148 149 148 149 594
LP Distribution from DCP Midstream, LP to DCP Midstream** 46 *** 46 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 76 312 388 (702) 324 146 223 (9)
Plus:
Depreciation and amortization 92 92 184 77 77 83 94 331
EBITDA 168 404 572 (625) 401 229 317 322
Special Item Adjustments (pre-tax):
Impairments 198 - 198 1,161 - 204 96 1,461
Pension settlement expense - 4 4 - 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 368 408 776 537 322 437 417 1,713
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes 2 4 6 3 2 3 1 9
Proportional share of selected equity affiliates net interest 43 43 86 39 36 42 44 161
Proportional share of selected equity affiliates depreciation and amortization 57 57 114 60 52 56 56 224
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests (18) (20) (38) - - (20) (17) (37)
Adjusted EBITDA 452 492 944 639 412 518 501 2,070
Adjusted EBITDA by Business Line
100% PSXP Results
Income (loss) before income taxes (11) 235 224 227 255 217 112 811
Plus:
Net interest expense 33 32 65 28 29 31 32 120
Depreciation and amortization 34 34 68 30 31 35 39 135
EBITDA 56 301 357 285 315 283 183 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** 254 301 555 285 231 284 281 1,081
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes 2 4 6 3 2 3 1 9
Proportional share of selected equity affiliates net interest 14 14 28 9 9 13 15 46
Proportional share of selected equity affiliates depreciation and amortization 33 33 66 25 29 31 33 118
Adjusted EBITDA attributable to joint venture partner's noncontrolling interest (14) (16) (30) - - (16) (13) (29)
Adjusted EBITDA** 289 336 625 322 271 315 317 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 42 303 345 379 292 96 182 949
Plus:
Depreciation and amortization 92 92 184 77 77 83 94 331
EBITDA* 134 395 529 456 369 179 276 1,280
Special Item Adjustments (pre-tax):
Impairments 198 - 198 - - 204 96 300
Pension settlement expense - 4 4 - 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* 334 399 733 456 290 387 376 1,509
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes 2 4 6 3 2 3 1 9
Proportional share of selected equity affiliates net interest 21 21 42 17 16 20 22 75
Proportional share of selected equity affiliates depreciation and amortization 42 42 84 34 38 40 40 152
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests (18) (20) (38) - - (20) (17) (37)
Adjusted EBITDA* 381 446 827 510 346 430 422 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 9 43 (1,081) 32 50 41 (958)
Plus:
None - - - - - - - -
EBITDA 34 9 43 (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 9 43 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 44 22 20 22 22 86
Proportional share of selected equity affiliates depreciation and amortization 15 15 30 26 14 16 16 72
Adjusted EBITDA* 71 46 117 129 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 154 623 777 169 42 231 193 635
Equity in Earnings of Affiliate 152 620 772 166 39 229 191 625
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings
Olefins and Polyolefins 288 1,124 1,412 354 142 488 410 1,394
Specialties, Aromatics and Styrenics 53 157 210 9 - 23 30 62
Corporate and Other (37) (41) (78) (26) (59) (54) (57) (196)
Total 304 1,240 1,544 337 83 457 383 1,260
Income (Loss) before Income Taxes
Olefins and Polyolefins 299 1,143 1,442 360 142 498 416 1,416
Specialties, Aromatics and Styrenics 58 164 222 10 3 24 33 70
Corporate and Other (37) (41) (78) (26) (59) (54) (57) (196)
Total 320 1,266 1,586 344 86 468 392 1,290
Depreciation and Amortization 146 144 290 148 144 146 155 593
Net Interest Expense* 22 24 46 16 24 23 21 84
* Net of interest income.
Investing Cash Flows-Outflows/(Inflows)
Capital Expenditures and Investments 157 144 301 252 25 130 161 568
Repayments from Equity Companies - - - (21) - - (29) (50)
Return of Investments from Equity Companies (30) (107) (137) (25) - - - (25)
Olefins and Polyolefins Capacity Utilization (%) 79 % 102 % 88 % 98 % 103 % 94 % 101 % 99 %
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb) 41.9 41.1 41.5 19.7 17.1 23.8 27.7 22.1
HDPE Blow Molding, Domestic Spot (cents/lb) 71.9 88.3 80.1 40.0 35.5 45.6 53.6 43.7
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb) 13.4 12.5 12.9 8.8 11.7 13.1 12.6 11.5
HDPE Blow Molding, Total Cash Cost (cents/lb) 55.7 54.9 55.3 32.9 30.2 37.1 41.2 35.3
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb) 44.8 62.0 53.4 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 154 623 777 169 42 231 193 635
Plus:
None - - - - - - - -
EBITDA 154 623 777 169 42 231 193 635
Special Item Adjustments (pre-tax):
Impairments by equity affiliates - - - - 15 - - 15
Pension settlement expense - 18 18 - - - 21 21
Hurricane-related costs - - - - - 2 1 3
Winter-storm-related costs 30 16 46 - - - - -
Lower-of-cost-or-market inventory adjustments - - - 24 32 (101) (12) (57)
EBITDA, Adjusted for Special Items 184 657 841 193 89 132 203 617
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes 28 48 76 13 5 14 15 47
Proportional share of selected equity affiliates net interest 11 12 23 9 11 12 12 44
Proportional share of selected equity affiliates depreciation and amortization 103 102 205 106 105 104 108 423
Adjusted EBITDA 326 819 1,145 321 210 262 338 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) (110) (263) (637) (227) (199) (161) (1,224)
Gulf Coast (253) (264) (517) (843) (365) (405) (464) (2,077)
Central Corridor (248) (82) (330) (227) (104) (132) (178) (641)
West Coast (386) (273) (659) (554) (182) (1,167) (310) (2,213)
Loss before Income Taxes (1,040) (729) (1,769) (2,261) (878) (1,903) (1,113) (6,155)
Loss before Income Taxes ($/BBL)
Atlantic Basin/Europe (3.57) (2.20) (2.83) (15.41) (5.80) (4.61) (3.43) (7.18)
Gulf Coast (4.64) (3.81) (4.17) (13.16) (5.98) (7.86) (12.46) (9.71)
Central Corridor (12.55) (3.49) (7.64) (9.72) (5.01) (5.35) (7.66) (6.96)
West Coast (14.89) (9.70) (12.19) (19.87) (7.07) (38.12) (11.75) (20.01)
Worldwide (7.27) (4.26) (5.63) (14.44) (5.99) (12.69) (8.32) (10.48)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe 4.86 4.63 4.73 2.38 1.53 1.65 2.99 2.17
Gulf Coast 3.39 2.10 2.67 6.76 0.36 (0.61) (0.78) 1.85
Central Corridor 5.97 6.40 6.21 13.50 5.78 4.46 4.27 7.17
West Coast 3.33 3.37 3.35 4.80 5.05 2.23 1.79 3.43
Worldwide 4.36 3.92 4.12 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) (4) (2) (3) (2) (3) (10)
Gulf Coast (3) - (3) 1 1 (1) (4) (3)
Central Corridor (117) (65) (182) (51) (79) (118) (115) (363)
West Coast - - - - - - - -
Total (122) (67) (189) (52) (81) (121) (122) (376)
Depreciation and Amortization*
Atlantic Basin/Europe 52 52 104 51 49 50 51 201
Gulf Coast 77 77 154 71 75 75 75 296
Central Corridor 34 34 68 34 33 33 33 133
West Coast 54 57 111 65 63 64 57 249
Total 217 220 437 221 220 222 216 879
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe 244 235 479 207 202 186 223 818
Gulf Coast 331 313 644 499 287 269 338 1,393
Central Corridor 212 132 344 142 127 118 139 526
West Coast 393 291 684 293 225 244 276 1,038
Total 1,180 971 2,151 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 13 30 16 9 11 12 48
Gulf Coast 33 9 42 240 13 8 24 285
Central Corridor 17 36 53 15 3 6 9 33
West Coast 125 60 185 58 13 16 31 118
Total 192 118 310 329 38 41 76 484
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe 20 18 38 19 15 14 13 61
Gulf Coast 27 25 52 37 25 30 15 107
Central Corridor 15 11 26 17 14 11 9 51
West Coast 23 22 45 31 22 16 20 89
Total 85 76 161 104 76 71 57 308
Foreign Currency Gains (Losses) Pre-Tax 1 9 10 1 (5) 1 (1) (4)
Refining-Equity Affiliate Information
Equity in losses of affiliates (122) (67) (189) (52) (81) (121) (122) (376)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs* (129) (167) (296) (156) (72) (70) (54) (352)
Equity affiliate-related expenses not included in Realized Refining Margins (251) (234) (485) (208) (153) (191) (176) (728)
Regional Totals
Atlantic Basin/Europe (45) (44) (89) (11) (16) (28) (9) (64)
Gulf Coast (3) - (3) 2 - (1) (4) (3)
Central Corridor (203) (190) (393) (199) (137) (162) (163) (661)
Total (251) (234) (485) (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) (729) (1,769) (2,261) (878) (1,903) (1,113) (6,155)
Plus:
Depreciation and amortization 217 220 437 221 220 222 216 879
EBITDA (823) (509) (1,332) (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 - 20 20 - 26 12 3 41
Hurricane-related costs - - - - - 11 22 33
Winter-storm-related costs 14 3 17 - - - - -
Lower-of-cost-or-market inventory adjustments - - - 15 (15) - - -
EBITDA, Adjusted for Special Items (809) (486) (1,295) (180) (647) (748) (878) (2,453)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes (2) (1) (3) - (1) - (1) (2)
Proportional share of selected equity affiliates net interest 2 2 4 - 1 1 1 3
Proportional share of selected equity affiliates depreciation and amortization 25 26 51 32 26 23 24 105
Adjusted EBITDA (784) (459) (1,243) (148) (621) (724) (854) (2,347)
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D) 438 513 476 437 402 432 466 434
Total Processed Inputs (MB/D) 476 549 513 454 430 469 510 466
Crude Oil Capacity Utilization (%) 82 % 96 % 89 % 81 % 75 % 81 % 87 % 81 %
Clean Product Yield (%) 86 % 83 % 84 % 83 % 82 % 83 % 87 % 84 %
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D) 553 687 620 645 609 506 371 533
Total Processed Inputs (MB/D) 606 762 684 704 671 560 404 584
Crude Oil Capacity Utilization (%) 71 % 88 % 79 % 84 % 79 % 66 % 48 % 69 %
Clean Product Yield (%) 73 % 78 % 76 % 71 % 79 % 82 % 79 % 77 %
Central Corridor*
Crude Oil Charge Input (MB/D) 384 462 423 471 386 455 414 431
Total Processed Inputs (MB/D) 397 475 436 487 396 467 428 445
Crude Oil Capacity Utilization (%) 72 % 87 % 80 % 89 % 73 % 86 % 78 % 81 %
Clean Product Yield (%) 86 % 87 % 87 % 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) 268 286 278 279 263 311 263 279
Total Processed Inputs (MB/D) 288 309 299 306 283 333 287 302
Crude Oil Capacity Utilization (%) 74 % 79 % 76 % 77 % 72 % 85 % 72 % 77 %
Clean Product Yield (%) 86 % 83 % 85 % 93 % 87 % 89 % 91 % 90 %
Worldwide-Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D) 1,643 1,948 1,797 1,832 1,660 1,704 1,514 1,677
Total Processed Inputs (MB/D) 1,767 2,095 1,932 1,951 1,780 1,829 1,629 1,797
Crude Oil Capacity Utilization (%) 74 % 88 % 81 % 83 % 75 % 77 % 69 % 76 %
Clean Product Yield (%) 82 % 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 220 242 231 191 178 207 241 204
Distillates 175 197 186 174 160 168 187 172
Other 87 113 100 91 95 98 89 94
Total 482 552 517 456 433 473 517 470
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline 219 310 265 234 277 247 157 229
Distillates 201 257 229 248 231 187 147 203
Other 183 196 189 221 167 129 100 154
Total 603 763 683 703 675 563 404 586
Central Corridor*
Gasoline 191 227 209 245 183 241 214 221
Distillates 149 183 166 183 161 173 166 171
Other 58 65 61 60 52 55 50 54
Total 398 475 436 488 396 469 430 446
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline 138 138 138 151 126 159 144 145
Distillates 110 118 114 134 121 137 117 127
Other 40 51 46 21 33 38 24 29
Total 288 307 298 306 280 334 285 301
Worldwide-Including Proportionate Share of Equity Affiliates
Gasoline 768 917 843 821 764 854 756 799
Distillates 635 755 695 739 673 665 617 673
Other 368 425 396 393 347 320 263 331
Total 1,771 2,097 1,934 1,953 1,784 1,839 1,636 1,803
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI 57.84 66.09 61.96 45.97 27.80 40.91 42.56 39.31
Brent 60.90 68.83 64.86 50.26 29.20 43.00 44.23 41.67
LLS 59.98 67.95 63.97 48.30 30.07 42.46 44.05 41.22
ANS 60.76 68.44 64.60 51.40 30.37 42.74 44.82 42.33
WTI less Maya 1.44 3.21 2.33 4.81 3.40 1.72 2.02 2.99
WTI less WCS (settlement differential) 12.47 11.49 11.98 20.53 11.47 9.09 9.31 12.60
Natural Gas ($/MMBtu)
Henry Hub 3.51 2.88 3.19 1.88 1.65 1.95 2.47 1.99
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent 11.73 18.61 15.17 4.84 7.87 9.52 7.48 7.43
East Coast Distillate less Brent 12.09 15.24 13.66 14.93 10.95 7.17 9.51 10.64
Gulf Coast
Gulf Coast Gasoline less LLS 11.22 15.47 13.35 4.97 3.66 5.88 5.10 4.90
Gulf Coast Distillate less LLS 11.30 14.03 12.66 13.86 8.04 6.10 8.14 9.03
Central Corridor
Central Gasoline less WTI 14.90 19.96 17.43 7.70 6.18 8.15 5.76 6.95
Central Distillate less WTI 17.24 18.40 17.82 17.34 11.41 8.55 11.21 12.13
West Coast
West Coast Gasoline less ANS 16.88 24.76 20.82 13.32 9.36 13.12 10.76 11.64
West Coast Distillate less ANS 14.14 15.28 14.71 17.22 10.36 9.34 12.74 12.42
Worldwide Market Crack Spread ($/BBL)** 13.23 17.76 15.49 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 211 389 600 471 255 365 180 1,271
Specialties 79 87 166 42 31 50 52 175
Income before Income Taxes 290 476 766 513 286 415 232 1,446
Income before Income Taxes ($/BBL)
U.S. 1.36 2.15 1.79 1.79 1.24 1.74 0.83 1.42
International 2.24 1.96 2.09 6.58 3.48 5.01 3.91 4.84
Realized Marketing Fuel Margins ($/BBL)*
U.S. 1.94 2.62 2.31 2.08 1.75 2.23 1.37 1.87
International 4.01 2.89 3.41 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 104 138 242 117 123 107 104 451
Specialties 84 64 148 81 56 83 64 284
Total 188 202 390 198 179 190 168 735
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates
Marketing and Other 26 46 72 22 38 42 37 139
Specialties 32 59 91 - 10 3 29 42
Total 58 105 163 22 48 45 66 181
Depreciation and Amortization*
Marketing and Other 23 24 47 20 21 21 22 84
Specialties 4 6 10 5 4 5 5 19
Total 27 30 57 25 25 26 27 103
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other 258 284 542 211 232 259 263 965
Specialties 29 30 59 31 30 30 35 126
Total 287 314 601 242 262 289 298 1,091
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline 960 1,095 1,028 984 881 997 922 946
Distillates 660 776 718 854 707 698 667 731
Other - - - - - - - -
Total 1,620 1,871 1,746 1,838 1,588 1,695 1,589 1,677
International Marketing
Gasoline 63 81 72 82 60 83 74 75
Distillates 158 171 164 183 140 165 168 164
Other 18 18 18 20 15 15 20 17
Total 239 270 254 285 215 263 262 256
Worldwide Marketing
Gasoline 1,023 1,176 1,100 1,066 941 1,080 996 1,021
Distillates 818 947 882 1,037 847 863 835 895
Other 18 18 18 20 15 15 20 17
Total 1,859 2,141 2,000 2,123 1,803 1,958 1,851 1,933
Foreign Currency Gains (Losses) Pre-Tax - 1 1 1 - (1) - -
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes 290 476 766 513 286 415 232 1,446
Plus:
Depreciation and amortization 27 30 57 25 25 26 27 103
EBITDA 317 506 823 538 311 441 259 1,549
Special Item Adjustments (pre-tax):
Pending claims and settlements - - - (37) - - - (37)
Pension settlement expense - 3 3 - 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 317 509 826 513 318 443 248 1,522
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes 5 6 11 4 6 7 6 23
Proportional share of selected equity affiliates net interest 4 4 8 6 5 4 3 18
Proportional share of selected equity affiliates depreciation and amortization 17 17 34 17 14 16 17 64
Adjusted EBITDA 343 536 879 540 343 470 274 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) (246) (497) (197) (219) (239) (226) (881)
Detail of Loss before Income Taxes
Net interest expense (143) (141) (284) (103) (114) (131) (137) (485)
Corporate overhead and other (108) (105) (213) (94) (105) (108) (89) (396)
Total (251) (246) (497) (197) (219) (239) (226) (881)
Net Interest Expense
Interest expense (150) (148) (298) (137) (139) (150) (148) (574)
Capitalized interest 4 5 9 26 22 18 9 75
Interest income 3 2 5 8 3 1 2 14
Total (143) (141) (284) (103) (114) (131) (137) (485)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes (251) (246) (497) (197) (219) (239) (226) (881)
Plus:
Net interest expense 143 141 284 103 114 131 137 485
Depreciation and amortization 20 22 42 19 21 21 21 82
EBITDA (88) (83) (171) (75) (84) (87) (68) (314)
Special Item Adjustments (pre-tax):
Impairments - - - - - 25 - 25
Pension settlement expense - 2 2 - 3 1 - 4
Asset dispositions - - - - - - (9) (9)
EBITDA, Adjusted for Special Items (88) (81) (169) (75) (81) (61) (77) (294)
Other Adjustments (pre-tax):
None - - - - - - - -
Adjusted EBITDA (88) (81) (169) (75) (81) (61) (77) (294)
Foreign Currency Losses Pre-Tax (1) (1) (2) (2) (1) (4) (1) (8)
Phillips 66 Total Company Debt
Total Debt 15,422 15,413 15,413 12,963 14,446 14,526 15,893 15,893
Debt-to-Capital Ratio (%) 43 % 43 % 43 % 35 % 38 % 39 % 42 % 42 %
Total Equity 20,457 20,602 20,602 23,639 23,295 22,305 21,523 21,523
RECONCILIATION OF CONSOLIDATED NET INCOME (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 income (loss) (639) 374 (265) (2,427) (67) (726) (494) (3,714)
Plus:
Income tax expense (benefit) (132) 62 (70) (51) (378) (624) (197) (1,250)
Net interest expense 143 141 284 103 114 131 137 485
Depreciation and amortization 356 364 720 342 343 352 358 1,395
Phillips 66 EBITDA (272) 941 669 (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 - 47 47 - 38 17 26 81
Hurricane-related costs - - - - - 15 28 43
Winter-storm-related costs 46 19 65 - - - - -
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) 1,007 979 988 1 203 (87) 1,105
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes 33 57 90 20 12 24 21 77
Proportional share of selected equity affiliates net interest 60 61 121 54 53 59 60 226
Proportional share of selected equity affiliates depreciation and amortization 202 202 404 215 197 199 205 816
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests (18) (20) (38) - - (20) (17) (37)
Adjusted EBITDA attributable to public ownership interest in PSXP (83) (95) (178) (95) (80) (87) (91) (353)
Phillips 66 Adjusted EBITDA 166 1,212 1,378 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) (110) (263) (637) (227) (199) (161) (1,224)
Plus:
Taxes other than income taxes 20 18 38 19 15 14 13 61
Depreciation, amortization and impairments 52 52 104 492 49 50 52 643
Selling, general and administrative expenses 14 18 32 13 12 6 13 44
Operating expenses 230 217 447 194 190 180 210 774
Equity in losses of affiliates 2 2 4 2 3 2 3 10
Other segment (income) expense, net - (8) (8) (2) 3 - - 1
Proportional share of refining gross margins contributed by equity affiliates 43 42 85 16 16 18 17 67
Special items:
Certain tax impacts - - - - - - (6) (6)
Realized refining margins 208 231 439 97 61 71 141 370
Total processed inputs (MB) 42,826 49,979 92,805 41,335 39,121 43,176 46,904 170,536
Adjusted total processed inputs (MB) 42,826 49,979 92,805 41,335 39,121 43,176 46,904 170,536
Loss before income taxes ($/BBL)** (3.57) (2.20) (2.83) (15.41) (5.80) (4.61) (3.43) (7.18)
Realized refining margins ($/BBL)*** 4.86 4.63 4.73 2.38 1.53 1.65 2.99 2.17
GULF COAST
Loss before income taxes (253) (264) (517) (843) (365) (405) (464) (2,077)
Plus:
Taxes other than income taxes 27 25 52 37 25 30 15 107
Depreciation, amortization and impairments 77 77 154 741 75 75 77 968
Selling, general and administrative expenses 10 14 24 7 10 11 11 39
Operating expenses 321 299 620 492 277 258 327 1,354
Equity in (earnings) losses of affiliates 3 - 3 (1) (1) 1 4 3
Other segment (income) expense, net - (6) (6) 1 - (1) 1 1
Proportional share of refining gross margins contributed by equity affiliates - - - - - - - -
Realized refining margins 185 145 330 434 21 (31) (29) 395
Total processed inputs (MB) 54,560 69,364 123,924 64,066 61,032 51,543 37,230 213,871
Adjusted total processed inputs (MB) 54,560 69,364 123,924 64,066 61,032 51,543 37,230 213,871
Loss before income taxes ($/BBL)** (4.64) (3.81) (4.17) (13.16) (5.98) (7.86) (12.46) (9.71)
Realized refining margins ($/BBL)*** 3.39 2.10 2.67 6.76 0.36 (0.61) (0.78) 1.85
CENTRAL CORRIDOR
Loss before income taxes (248) (82) (330) (227) (104) (132) (178) (641)
Plus:
Taxes other than income taxes 15 11 26 17 14 11 9 51
Depreciation, amortization and impairments 34 34 68 469 33 33 36 571
Selling, general and administrative expenses 7 7 14 6 7 7 8 28
Operating expenses 205 125 330 136 120 111 131 498
Equity in losses of affiliates 117 65 182 51 79 118 115 363
Other segment (income) expense, net (2) (8) (10) (3) 3 (1) (1) (2)
Proportional share of refining gross margins contributed by equity affiliates 86 125 211 113 92 45 48 298
Special items:
Lower-of-cost-or-market inventory adjustments - - - 35 (35) - - -
Realized refining margins 214 277 491 597 209 192 168 1,166
Total processed inputs (MB) 19,754 23,466 43,220 23,345 20,778 24,682 23,245 92,050
Adjusted total processed inputs (MB)* 35,711 43,189 78,900 44,291 36,067 42,979 39,356 162,693
Loss before income taxes ($/BBL)** (12.55) (3.49) (7.64) (9.72) (5.01) (5.35) (7.66) (6.96)
Realized refining margins ($/BBL)*** 5.97 6.40 6.21 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) (273) (659) (554) (182) (1,167) (310) (2,213)
Plus:
Taxes other than income taxes 23 22 45 31 22 16 20 89
Depreciation, amortization and impairments 54 57 111 364 63 974 59 1,460
Selling, general and administrative expenses 11 10 21 10 9 9 10 38
Operating expenses 382 281 663 283 216 235 266 1,000
Other segment (income) expense, net 2 (2) - 1 1 1 2 5
Realized refining margins 86 95 181 135 129 68 47 379
Total processed inputs (MB) 25,917 28,158 54,075 27,877 25,737 30,615 26,373 110,602
Adjusted total processed inputs (MB) 25,917 28,158 54,075 27,877 25,737 30,615 26,373 110,602
Loss before income taxes ($/BBL)** (14.89) (9.70) (12.19) (19.87) (7.07) (38.12) (11.75) (20.01)
Realized refining margins ($/BBL)*** 3.33 3.37 3.35 4.80 5.05 2.23 1.79 3.43
WORLDWIDE
Loss before income taxes (1,040) (729) (1,769) (2,261) (878) (1,903) (1,113) (6,155)
Plus:
Taxes other than income taxes 85 76 161 104 76 71 57 308
Depreciation, amortization and impairments 217 220 437 2,066 220 1,132 224 3,642
Selling, general and administrative expenses 42 49 91 36 38 33 42 149
Operating expenses 1,138 922 2,060 1,105 803 784 934 3,626
Equity in losses of affiliates 122 67 189 52 81 121 122 376
Other segment (income) expense, net - (24) (24) (3) 7 (1) 2 5
Proportional share of refining gross margins contributed by equity affiliates 129 167 296 129 108 63 65 365
Special items:
Certain tax impacts - - - - - - (6) (6)
Lower-of-cost-or-market inventory adjustments - - - 35 (35) - - -
Realized refining margins 693 748 1,441 1,263 420 300 327 2,310
Total processed inputs (MB) 143,057 170,967 314,024 156,623 146,668 150,016 133,752 587,059
Adjusted total processed inputs (MB)* 159,014 190,690 349,704 177,569 161,957 168,313 149,863 657,702
Loss before income taxes ($/BBL)** (7.27) (4.26) (5.63) (14.44) (5.99) (12.69) (8.32) (10.48)
Realized refining margins ($/BBL)*** 4.36 3.92 4.12 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 199 366 565 299 179 271 121 870
Plus:
Taxes other than income taxes 4 2 6 2 2 - (3) 1
Depreciation and amortization 3 5 8 3 3 3 3 12
Selling, general and administrative expenses 165 198 363 127 151 174 171 623
Equity in earnings of affiliates (2) (15) (17) - (11) (10) (10) (31)
Other operating revenues* (86) (110) (196) (84) (71) (90) (82) (327)
Realized marketing fuel margins 283 446 729 347 253 348 200 1,148
Total fuel sales volumes (MB) 145,794 170,228 316,022 167,178 144,517 155,948 146,226 613,869
Income before income taxes ($/BBL) 1.36 2.15 1.79 1.79 1.24 1.74 0.83 1.42
Realized marketing fuel margins ($/BBL)** 1.94 2.62 2.31 2.08 1.75 2.23 1.37 1.87
INTERNATIONAL
Income before income taxes 48 48 96 171 68 121 94 454
Plus:
Taxes other than income taxes 2 1 3 1 2 1 1 5
Depreciation and amortization 19 19 38 17 16 18 19 70
Selling, general and administrative expenses 60 60 120 63 57 62 64 246
Equity in earnings of affiliates (24) (31) (55) (22) (28) (31) (27) (108)
Other operating revenues* (5) (10) (15) 2 (4) (7) (18) (27)
Other segment (income) expense, net (1) (1) (2) - 1 (1) 1 1
Marketing margins 99 86 185 232 112 163 134 641
Less: margin for nonfuel related sales 13 15 28 10 13 11 12 46
Realized marketing fuel margins 86 71 157 222 99 152 122 595
Total fuel sales volumes (MB) 21,474 24,539 46,013 25,979 19,583 24,164 24,047 93,773
Income before income taxes ($/BBL) 2.24 1.96 2.09 6.58 3.48 5.01 3.91 4.84
Realized marketing fuel margins ($/BBL)** 4.01 2.89 3.41 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
Income (loss) before income taxes (771) 436 (335) (2,478) (445) (1,350) (691) (4,964)
Special items 244 66 310 3,021 (19) 1,070 109 4,181
Adjusted income (loss) before income taxes (527) 502 (25) 543 (464) (280) (582) (783)
Income tax expense (benefit) (132) 62 (70) (51) (378) (624) (197) (1,250)
Special items 48 33 81 75 188 272 48 583
Adjusted income tax expense (benefit) (84) 95 11 24 (190) (352) (149) (667)
Effective tax rate (%) 17.1 % 14.2 % 20.9 % 2.1 % 84.9 % 46.2 % 28.5 % 25.2 %
Adjusted effective tax rate (%) 15.9 % 18.9 % (44.0)% 4.4 % 40.9 % 125.7 % 25.6 % 85.2 %

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Phillips 66 Partners LP published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 13:42:02 UTC.


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Sales 2021 1 644 M - -
Net income 2021 636 M - -
Net Debt 2021 4 216 M - -
P/E ratio 2021 14,4x
Yield 2021 8,85%
Capitalization 9 035 M 9 035 M -
EV / Sales 2021 8,06x
EV / Sales 2022 7,53x
Nbr of Employees -
Free-Float 24,2%
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Greg C. Garland Chairman & Chief Executive Officer
Kevin J. Mitchell Chief Financial Officer, Director & Vice President
Timothy D. Roberts Chief Operating Officer, Vice President & Director
Joseph W. O'Toole Independent Director
David Bairrington Independent Director
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