Clayton Reasor SVP, Investor Relations, Strategy and Corporate Affairs
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1 Investing Building Growing Clayton Reasor SVP, Investor Relations, Strategy and Corporate Affairs UBS Global Oil and Gas Conference
2 Cautionary Statement This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as is anticipated, is estimated, is expected, is planned, is scheduled, is targeted, believes, intends, objectives, projects, strategies and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Phillips 66 s operations (including joint venture operations) are based on management s expectations, estimates and projections about the company, its interests and the energy industry in general on the date this presentation was prepared. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include fluctuations in crude oil, NGL, and natural gas prices, and refining and petrochemical margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; lack of, or disruptions in, adequate and reliable transportation for our crude oil, natural gas, NGL, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations, under environmental regulations; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and other economic, business, competitive and/or regulatory factors affecting Phillips 66 s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. This presentation includes non-gaap financial measures. You can find the reconciliations to comparable GAAP financial measures at the end of the presentation materials or in the Investors section of our website. 2
3 Corporate Strategy Operating excellence Enterprise Value Growth Returns Refining Midstream Distributions M&S Chemicals High-performing organization
4 Strategic Drivers North American oil and gas production growth U.S. feedstock and energy cost advantage Developing markets driving global demand Differentiated segment valuations 4
5 Global Portfolio Midstream 18,000+ pipeline miles 10,000+ rail cars 115 MBD NGL fractionated 50/50 DCP JV Chemicals 50/50 CPChem JV 35 manufacturing facilities 33.1 BLbs/y petrochemical and product capacity Refining 15 refineries 410 MBD export capacity 65% light-medium crudes 2,246 MBD crude capacity Marketing & Specialties 10,000+ global outlets 2,158 MBD marketing petroleum products sales 5 lubricant blending plants See appendix for footnotes. 5
6 Industry-Leading Returns on Capital 2013 Midstream Chemicals Refining and M&S PSX 15% PSX 26% PSX 15% OKE 8% LYB 24% MPC 15% WLK 21% VLO 10% EPD 7% XOM Chem 18% CVX 7% KMP 6% DOW 9% TSO 5% See appendix for footnotes. 6
7 Midstream NGL Pipelines and fractionation EBITDA $B Export terminals Transportation Crude and product pipelines ~1.5 Terminals and storage Rail, marine and trucks DCP Midstream Gathering and processing Pipelines and fractionation Midstream excluding DCP Frac I LPG Export Terminal Refining logistics Other Midstream growth 2017E 7
8 Phillips 66 Partners IPO in July 2013 Phillips 66 ownership 73% LP interest 2% GP interest Top-quartile distribution growth $700 MM acquisition in March 2014 $ MM annualized EBITDA 8
9 Chemicals CPChem: 50/50 JV with Chevron Market leader Largest global HDPE producer 2 nd largest global alpha olefins producer 4 th largest N.A. ethylene producer 1.2 Capital Program $B Highest returns amongst peer group Self-funded capital program E 2015E 2016E Chart reflects 100% of CPChem capital expenditures. 9
10 Refining 15 refineries worldwide 2.2 MMBD crude capacity Constant Crack Spreads ROCE Improvement Ireland United Kingdom 10% 14% Malaysia Germany 5-Yr Avg Adv Crude Yields & Exports Costs 2018E The 5-year average adjusted ROCE has been recast to reflect realignment of specific businesses moved from the Refining segment to the Marketing and Specialties segment. 10
11 Marketing and Specialties U.S. Marketing Wholesale business International Marketing Retail in Europe 338 Adjusted EBITDA $MM Specialties Finished lubricants Base oil joint venture Needle and anode coke 1Q Q Q Q Q
12 Disciplined Capital Allocation Investments Sustain operations Fund capacity growth Generate competitive returns Distributions Double-digit dividend growth rate Repurchase shares Capital Structure Maintain financial flexibility Target debt-to-capital 20 30% 12
13 Investments Total Capital Program $B Growth Capital $12 B E 2015E 2016E 2014E 2016E CPChem DCP Midstream Refining WRB M&S Sustaining See appendix for footnotes. 13
14 Distributions Regular dividends Secure Growing Competitive Share repurchase Immediate EPS growth Below intrinsic value Announced $5 B of repurchases Share exchange of $1.4 B Share Exchange Dividends Distributions $B Share Repurchases 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 Total $6.0 B capital returned to shareholders 14
15 Financial Summary Disciplined capital allocation Enhanced financial flexibility 21% 2.5 Adjusted EBITDA and ROCE $B 17% % 14% 13% Growing shareholder distributions Q Q Q Q Q Corporate Marketing & Specialties Midstream Refining Chemicals ROCE 15
16 Key Initiatives Growth Advance infrastructure projects Progress USGC petrochemicals complex Grow Phillips 66 Partners Returns Increase advantaged crude Expand export capability Maintain cost discipline Grow distributions 16
17 Appendix Institutional Investors Contact Rosy Zuklic Manager, Investor Relations
18 Footnotes Slide 5 Midstream list excludes DCP metrics; Chemicals includes CPChem equity interest joint ventures; Refining includes equity interest joint ventures. Rail car count includes 1,200 rail cars managed for CPChem. Slide 6 Data reflects 2013 Return on Capital Employed (ROCE). To facilitate peer comparison, Phillips 66 s Refining and Marketing & Specialties segments were combined for the Refining and M&S ROCE calculation. Refining and M&S ROCE for MPC, VLO, TSO are total company. Refining and M&S ROCE for CVX estimated based on excluding Chemicals. XOM Chem refers to Exxon Mobil s Chemicals segment. Slide 13 Capital program in total and the sustaining category include Phillips 66 proportionate share of DCP, CPChem and WRB, each of which is expected to be self-funding 18
19 Non-GAAP Reconciliations Millions of Dollars Year Ended December 31, 2013 Refining Midstream Chemicals and M&S Numerator Net income $ ,641 After-tax interest expense GAAP ROCE earnings ,641 Special items - - (22) Adjusted ROCE earnings $ ,619 Denominator GAAP average capital employed* $ 3,191 3,825 17,100 Adjusted ROCE (percent) 15% 26% 15% GAAP ROCE (percent) 15% 26% 15% *Total equity plus debt. 19
20 Non-GAAP Reconciliations Millions of Dollars Year Ended December Transportation and NGL Net Income Attributable to Phillips 66 $ 259 Plus: Net income attributable to noncontrolling interests 17 Income taxes 142 Depreciation and amortization 88 EBITDA* $ 506 *Includes noncontrolling interests. Midstream and Refining Logistics forecasts were derived on an EBITDA-only basis. Accordingly, elements of net income including tax and depreciation information are not available. Together, these items generally result in a significant uplift in EBITDA over net income. 20
21 Non-GAAP Reconciliations Millions of Dollars Low High 100% CPChem Incremental Project Earnings Projections Estimated incremental net income $ 1,000 1,313 Plus: Estimated income taxes Estimated net interest expense - - Estimated depreciation Estimated EBITDA $ 1,300 1,600 Millions of Dollars Years Ended December E Phillips 66 Partners LP Net Income $ Plus: Depreciation 15.0 Net interest expense 5.4 Amortization of deferred rentals 0.4 Provision for income taxes 0.4 EBITDA $ Millions of Dollars First Year Sweeny Fractionator and Freeport Export Facility Estimated net income $ 210 Plus: Estimated income taxes 135 Estimated net interest expense 5 Estimated depreciation and amortization 140 Estimated EBITDA $
22 Non-GAAP Reconciliations Millions of Dollars st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr Phillips 66 Net Income Attributable to Phillips 66 $ 1, ,726 1,572 Less: Income from discontinued operations Plus: Net income attributable to noncontrolling interests Income taxes , Net interest expense Depreciation and amortization Phillips 66 EBITDA $ 2,365 1,748 1,102 1,516 6,731 1,595 Adjustments (pre-tax): EBITDA attributable to Phillips 66 noncontrolling interests (5) (4) (7) (8) (24) (8) Proportional share of select equity affiliates income taxes Proportional share of select equity affiliates net interest (2) Proportional share of select equity affiliates depreciation and amortization Gain on asset dispositions - (40) - - (40) - Exit of business line Tax law impacts (28) (28) - Pending claims and settlements (25) (25) - Phillips 66 Adjusted EBITDA $ 2,527 1,883 1,290 1,708 7,408 1,792 22
23 Non-GAAP Reconciliations Millions of Dollars st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr Midstream Midstream Net Income Attributable to Phillips 66 $ Plus: Net income attributable to noncontrolling interests Provision for income taxes Depreciation and amortization Midstream EBITDA $ Adjustments (pre-tax): EBITDA attributable to Phillips 66 noncontrolling interests (5) (4) (7) (8) (24) (8) Proportional share of select equity affiliates income taxes Proportional share of select equity affiliates net interest Proportional share of select equity affiliates depreciation and amortization Midstream Adjusted EBITDA* $ , * Proportional share of select equity affiliates is net of noncontrolling interests. Chemicals Chemicals Net Income $ Plus: Provision for income taxes Chemicals EBITDA $ , Adjustments (pre-tax): Proportional share of equity affiliates income taxes Proportional share of equity affiliates net interest Proportional share of equity affiliates depreciation and amortization Chemicals Adjusted EBITDA $ ,
24 Non-GAAP Reconciliations Millions of Dollars st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr Refining Refining Net Income (Loss) $ (30) 418 1, Plus: Provision for income taxes , Depreciation and amortization Refining EBITDA $ 1, , Adjustments (pre-tax): Proportional share of select equity affiliates income taxes (7) (4) - Proportional share of select equity affiliates net interest (26) (24) (23) (22) (95) (19) Proportional share of select equity affiliates depreciation and amortization Tax law impacts (22) (22) - Refining Adjusted EBITDA $ 1, , Marketing and Specialties Marketing and Specialties Net Income $ Plus: Provision for income taxes Depreciation and amortization Marketing and Specialties EBITDA $ , Adjustments (pre-tax): Gain on asset dispositions - (40) - - (40) - Pending claims and settlements (25) (25) - Exit of a business line Tax law impacts (6) (6) - Marketing and Specialties Adjusted EBITDA $ , Corporate Corporate Net Income (Loss) $ (95) (126) (113) (97) (431) (81) Plus: Income taxes (80) (60) (43) (80) (263) (78) Net interest expense Depreciation and amortization Corporate EBITDA $ (97) (103) (69) (96) (365) (74) 24
25 Non-GAAP Reconciliations st Qtr 2nd Qtr YTD 3rd Qtr YTD 4th Qtr YTD 1st Qtr Phillips 66 - ROCE Numerator Net Income $ 1,410 2,370 2,910 3,743 1,578 After-tax interest expense GAAP ROCE earnings 1,455 2,460 3,044 3,921 1,622 Special Items (14) (51) (65) (83) (706) Adjusted ROCE earnings $ 1,441 2,409 2,979 3, Millions of Dollars Denominator GAAP average capital employed* $ 28,065 27,969 27,965 28,163 28,296 Discontinued Operations (189) (191) (192) (191) (96) Adjusted average capital employed* $ 27,876 27,778 27,773 27,972 28,200 Annualized Adjusted ROCE (percent) 21% 17% 14% 14% 13% Annualized GAAP ROCE (percent) 21% 18% 15% 14% 23% *Total equity plus debt. 25
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