Phillips 66 · NYSE:PSX
Phillips 66 — Q2 2020 Earnings Presentation
10 slides from Phillips 66's earnings presentation, Jul 31, 2020
Slide 1: Second Quarter 2020 Earnings Call and Webcast
SECOND QUARTER 2020 EARNINGS CALL AND WEBCAST July 31, 2020 Sweeny Fractionator OLD OCEAN, TX
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains certain forward-looking statements as defined under the federal securities laws. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,
Slide 3: Executing the Strategy
Executing the Strategy South Texas Gateway Terminal INGLESIDE, TX 3
Slide 4: Financial Highlights
Financial Highlights ADJUSTED EBITDA DISTRIBUTABLE CASH FLOW $MM $MM (20) (32) (30) 321 (21) 269 269 218 1Q Wholly Owned Joint 2Q 1Q Wholly Owned Joint 2Q 2020 Assets Ventures 2020 2020 Assets Venture 2020 Distributions 4
Slide 5: 2Q 2020 Overview
2Q 2020 Overview $MM (UNLESS OTHERWISE NOTED) Gray Oak Pipeline Storage Facility TAFT, TX Cash and cash equivalents $ 7 Total debt 3,707 Revolving credit facility availability 532 Debt-to-EBITDA ratio1 3.1 Coverage ratio 1.09 5 1) Leverage ratio estimated on credit facility covenant basis.
Slide 6: Projects Update
Projects Update Clemens Caverns Expansion BRAZORIA CO, TX 6
Slide 7: Appendix
Appendix
Slide 8: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Q2 2020 Q1 2020 Net income 255 226 Plus: Depreciation 31 30 Net interest expense 29 28 Income tax expense — 1 EBITDA 315 285 Proportional share of equity affiliates’ net interest, taxes and depreciation and amortization 38 35 Expenses indemnified or prefu
Slide 9: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Q2 2020 Q1 2020 Net cash provided by operating activities 215 274 Plus: Net interest expense 29 28 Income tax expense — 1 Changes in working capital (3) (12) Undistributed equity earnings (5) (4) Gain from equity interest transfer 84 — Deferred revenues a
Slide 10: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Q2 2020 Capital Expenditures and Investments Expansion/Growth 311 Maintenance 28 Adjusted capital spending 339 Capital expenditures and investments funded by certain joint venture partners 38 Capital expenditures and investments 377 10