Slide 1: Investor Update
Beaumont Terminal MAY 2019 INVESTOR UPDATE 1 phillips66.com | NYSE: PSX
Slide 2: Cautionary Statement
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. Wo
Slide 3: Diversified Downstream Company
DIVERSIFIED DOWNSTREAM COMPANY MIDSTREAM CHEMICALS REFINING MARKETING AND SPECIALTIES Integrated Midstream 50% Interest in CPChem Complex Integrated Stable, High-Return Network Refining System Location Advantaged Businesses Pursue Organic and M&A Chemicals Portfolio Investing in Quick Opportunities
Slide 4: Corporate Strategy
CORPORATE STRATEGY GROWTH RETURNS DISTRIBUTIONS Enhancing our portfolio by Improving returns by maximizing Committed to financial strength, capturing growth opportunities earnings from existing assets disciplined capital allocation, dividend in Midstream and Chemicals and investing capital efficient
Slide 5: Executing the Strategy
EXECUTING THE STRATEGY OPERATING EXCELLENCE Safe and reliable operations Technology driven cost efficiencies GROWTH Pipelines from key shale basins to Gulf Coast Crude export capability NGL value chain – transportation, fractionation and exports CPChem USGC ethylene and derivative capacity CPChem de
Slide 6: Operating Excellence
OPERATING EXCELLENCE TOTAL RECORDABLE RATES REFINING TIER 1 PROCESS SAFETY EVENT RATE Incidents per 200,000 Hours Worked Phillips 66 CPChem DCP Midstream 1.15 1.03 0.08 0.08 Industry Average .86 0.02 0.02 0.02 .83 .79 14 15 16 17 18 .74 .76 .66 .66 .58 REFINING CRUDE CAPACITY UTILIZATION .54 .43 .41
Slide 7: Environmental, Social, Governance
ENVIRONMENTAL, SOCIAL, GOVERNANCE INDUSTRY SAFETY METRICS Board engaged in setting company ESG strategy Incidents per 200,000 hours worked 6 Independent lead director 4 Extensive ESG engagement 2 Industry leading safety performance 0 Agricul., Food All Construction Prof. Petroleum Petchem. Phillips
Slide 8: Energy Landscape
E N E R G Y L AN D S C AP E US OIL AND NGL PRODUCTION US OIL, NGL, CLEAN PRODUCT EXPORTS MMBD MMBD 30 10 20 5 10 0 0 12 13 14 15 16 17 18 19 20 21 22 23 12 13 14 15 16 17 18 19 20 21 22 23 Crude NGL Crude NGL Clean Products CRUDE DIFFERENTIALS TO WTI 2019E Average Ethylene Production Cost Curve $/bb
Slide 9: Midstream
Beaumont Terminal M I D S T R E AM phillips66.com | NYSE: PSX
Slide 10: Integrated Midstream Network
INTEGRATED MIDSTREAM NETWORK 10 phillips66.com | NYSE: PSX
Slide 11: Midstream Portfolio
MIDSTREAM PORTFOLIO TRANSPORTATION NGL AND OTHER DCP MIDSTREAM 21,000 miles of U.S. pipeline systems 200,000+ BPD fractionation capacity 49 natural gas processing facilities 39 product terminals 200,000 BPD LPG export capacity 6.7 BCFD net natural gas processing capacity 20 crude oil terminals 125,0
Slide 12: Midstream
MIDSTREAM Integrated with Refining, Marketing and Chemicals ADJUSTED EBITDA $B 1.9 Capital projects delivering EBITDA growth PSXP integral to Midstream strategy 1.0 1.2 1.0 Crude and NGL pipelines from key shale basins to the Gulf Coast 0.5 Export capability from strategic Gulf Coast terminals 15 16
Slide 13: Midstream Growth Projects
M I D S T R E AM G R O W T H P R O J E C T S Gray Oak Pipeline Sweeny fractionators Clemens Caverns Beaumont Terminal South Texas Gateway Terminal Bakken Pipeline Sand Hills Pipeline Bayou Bridge Pipeline Lake Charles products pipeline Lake Charles isom unit 13 phillips66.com | NYSE: PSX
Slide 14: Midstream Organic Growth
M I D S T R E AM O R G AN I C G R O W T H EXPECTED GROSS CAPITAL OWNERSHIP PSX PROJECT COMPLETION CAPACITY ($MM) (%) Beaumont Terminal expansion phase IV 1Q 2020 2.2 MMB 80 100 Sweeny fractionators 2 and 3 4Q 2020 2 x 150 MBD 1,320 100 EXPECTED GROSS CAPITAL OWNERSHIP PSXP PROJECT COMPLETION CAPACIT
Slide 15: Sweeny Hub Expansion
S W E E N Y H U B E X P AN S I O N $1.5 B capital expansion 2 x 150 MBD NGL fractionators 6 MM bbls expansion of PSXP’s NGL storage capacity Y-grade NGL feedstock supply agreements with firm volume commitments secured LPGs marketed via Freeport LPG Terminal New assets leverage and enhance existing i
Slide 16: Projects Under Development
PROJECTS UNDER DEVELOPMENT Liberty Pipeline (PSX) Rockies and Bakken production areas to Corpus Christi ~ 350,000 BPD Red Oak Pipeline (PSX) Cushing to Corpus Christi, Houston, and Beaumont ~400,000 BPD ACE Pipeline (PSXP) St. James to Clovelly and connect to CAM Pipeline ~400,000 BPD Sweeny Fractio
Slide 17: Phillips Partners
PHILLIPS 66 PARTNERS Premier MLP with strong portfolio of organic growth projects ADJUSTED EBITDA $MM Strong alignment with Phillips 66 1,137 Highly integrated assets 754 Stable and predictable cash flows 471 Delivered highest distribution growth in industry since IPO 285 281 Strong ROCE 15 16 17 18
Slide 18: DCP Midstream
D C P M I D S T R E AM Integrated midstream business with competitive DJ Basin 1.0 BCFD footprint and geographic diversity processing capacity One of the largest U.S. gas processors and NGL producers Mid-Continent 1.8 BCFD Balanced portfolio comprised of 50% Logistics & processing Marketing and 50%
Slide 19: Chemicals
Lake Charles Refinery Cedar Bayou Ethane Cracker C H E M I C AL S phillips66.com | NYSE: PSX
Slide 20: Feedstock Advantaged Chemicals Portfolio
FEEDSTOCK ADVANTAGED CHEMICALS PORTFOLIO U.S. Gulf Coast U.S. Worldwide Net Ethylene Net Ethylene Capacity: Capacity: 5,410 kMTA 6,535 kMTA Middle East Saudi Qatar Net Ethylene Arabia Capacity: 1,125 kMTA 20 phillips66.com | NYSE: PSX As of January 1, 2019. Reflects new Cedar Bayou ethane cracker at
Slide 21: CPChem Portfolio
CPCHEM PORTFOLIO Olefins and Polyolefins 11,370 kMTA North America capacity 2,510 kMTA Middle East capacity Specialties, Aromatics and Styrenics 2,255 kMTA North America capacity 1,050 kMTA Middle East capacity 16 North American and 5 Middle East facilities #1 global high-density polyethylene produc
Slide 22: Chemicals
CHEMICALS CPChem has a leading position in olefins and polyolefins with ADJUSTED EBITDA a feedstock advantaged portfolio $B Operating excellence focus Strong free cash flow generation 1.7 1.6 1.3 1.3 USGC petrochemical assets operating above design capacity 0.4 Developing second USGC project for inc
Slide 23: Refining and Marketing
Bayway Refinery R E F I N I N G AN D M AR K E T I N G phillips66.com | NYSE: PSX
Slide 24: Enhancing Returns in Refining and Marketing
ENHANCING RETURNS IN REFINING AND MARKETING Central Corridor 515 MBD West Coast Atlantic 364 MBD Basin/Europe 537 MBD Gulf Coast 24 phillips66.com | NYSE: PSX As of January 1, 2019 764 MBD
Slide 25: Refining and Marketing Portfolio
REFINING AND MARKETING PORTFOLIO Refining 13 refineries in U.S. and Europe In all 5 U.S. PADDs 2,180 MBD crude capacity 35% heavy, 35% medium, 30% light crude Marketing 9,000+ global sites, including 5,600 wholesale outlets ~2,900 re-imaged sites1 Sweeny Refinery Sweeny, TX 25 phillips66.com | NYSE:
Slide 26: Refining
REFINING Complex, integrated refining system focused on safe and ADJUSTED EBITDA $B reliable operations Infrastructure network enables strong market capture; access to advantaged inland crude feedstocks 5.7 Cost and capital discipline; robust free cash flow 4.8 2.7 Investing in high-return capital p
Slide 27: Refining Portfolio Competitiveness
REFINING PORTFOLIO COMPETITIVENESS Industry leading coking capacity and heavy crude processing DISTILLATE PRODUCTION capability % TOTAL THROUGHPUT Largest purchaser of advantaged Canadian crude oils High distillate yield 38.2% 37.9% 37.0% 34.0% 32.0% Low yield of high-sulfur fuel oil PSX VLO HFC MPC
Slide 28: Refining Returns
REFINING RETURNS Bayway Refinery FCC modernization Wood River Refinery FCC modernization Lake Charles Refinery crude flexibility Sweeny FCC upgrade Renewable fuels partnerships Sweeny Refinery SWEENY, TX 28 phillips66.com | NYSE: PSX
Slide 29: Renewable Fuels
RENEWABLE FUELS Partnership with Ryze Renewables Renewable diesel plant at Ferndale Refinery with Renewable Energy Group Co-processing used cooking oil at Humber Refinery Evaluating renewable diesel projects in California 29 phillips66.com | NYSE: PSX Ryze renewable diesel facility under constructio
Slide 30: Marketing and Specialties
MARKETING AND SPECIALTIES High-return, low capital intensity business; optimize ADJUSTED EBITDA $B placement of Refining production $1.4 B Average Enhancing U.S. fuels brands; growing and re-imaging European sites 1.5 1.6 1.4 1.2 Pursuing renewable fuels opportunities 0.2 Lubricants increasing value
Slide 31: Marketing: Enhancing the Brands
MARKETING: ENHANCING THE BRANDS U.S. Re-imaged ~2,900 sites since program inception in 2015 through 1Q19 Plan to re-image 1,800 sites in total during 2019 Industry leading technology; ~5,400 sites implementing mobile pay Europe Proven low-cost high-volume model built on brand image, reputation, and
Slide 32: Earnings and Capital Structure
EARNINGS AND CAPITAL STRUCTURE ADJUSTED EBITDA EQUITY AND DEBT $B 30% 30% 27% 27% 29% 10.1 25% 26% 25% 25% 8.6 22% 27.4 27.2 26.7 5.9 4.7 23.9 23.7 1.0 15 16 17 18 1Q19 10.1 11.2 11.3 10.1 ADJUSTED RETURN ON CAPITAL EMPLOYED 8.9 % AFTER-TAX 15 16 17 18 1Q19 PSX Equity $B PSX Debt $B 14 16 PSX Noncon
Slide 33: Capital Allocation
CAPITAL ALLOCATION Disciplined capital allocation SOURCES AND USES OF CASH $B Fund sustaining capital to maintain asset integrity ~1 ~1.5 Committed to a secure, competitive and growing dividend 6.5 5.5 1-2 Investing in growth projects with attractive returns 1-2 Intrinsic value approach to share rep
Slide 34: Distributions
DISTRIBUTIONS ANNUAL DIVIDEND $/share Creates shareholder value 3.10 3.50 2.45 2.73 Secure, competitive and growing dividend 2.18 12.5% increase in 2Q19 to $0.90 per quarter 15 16 17 18 19 25% CAGR with nine increases since May 2012 TOTAL DISTRIBUTIONS $B Committed to share repurchases 6.1 Repurchas
Slide 35: Capital Expenditures and Investments
C AP I T AL E X P E N D I T U R E S 2019E Consolidated - $2.9 B CAPITAL EXPENDITURES AND INVESTMENTS $B Phillips 66 2019E - $2.3 B $1.4 B Growth $0.9 B Sustaining 5.8 Phillips 66 Partners 2019E - $0.6 B Major JV’s (CPChem, DCP and WRB) are self-funded 2019E CONSOLIDATED CAPITAL PROGRAM 2.8 2.9 $B 2.
Slide 36: Financial Flexibility
F I N AN C I AL F L E X I B I L I T Y SOURCES AND USES OF CASH $B Maintain financial strength, strong investment- ~1 grade credit rating ~1.5 6.5 5.5 1-2 Pay secure, competitive, and growing dividend 1-2 1 Mid-Cycle Sust. FCF Dividends Growth Share Growth / 60% reinvestment and 40% shareholder CFO C
Slide 37: Total Shareholder Return
TOTAL SHAREHOLDER RETURN 340% PSX +244% 300% Peers +145% 260% S&P 100 +139% 220% 180% 140% 100% 60% 20% -20% May-12 May-13 May-14 May-15 May-16 May-17 May-18 Apr-19 37 phillips66.com | NYSE: PSX Vacuum Tower, Billings Refinery, Billings, MT See appendix for footnotes
Slide 38: Investor Update
Lake Charles Refinery MAY 2019 INVESTOR R E F I N I N G AN D M AR K E T I N G UPDATE phillips66.com | NYSE: phillips66partners.com PSX PSXP I NYSE:
Slide 39: Phillips Partners Ownership Structure
P H I L L I P S 6 6 P AR T N E R S O W N E R S H I P S T R U C T U R E 100% ownership interest Phillips 66 Partners GP LLC PSXP Public (PSXP General Partner) 54% limited Common General Partner Units partner interest Unitholders IDRs 2% general 44% limited partner partner interest interest (NYSE: PSX
Slide 40: Phillips Partners
PHILLIPS 66 PARTNERS Premier MLP with strong portfolio of organic growth projects Strong alignment with Phillips 66 Highly integrated assets Maintaining stable and predictable cash flows Competitive and growing distribution Scale and financial strength enable further organic growth 40 phillips66.com
Slide 41: Phillips Partners
PHILLIPS 66 PARTNERS 41 phillips66.com | NYSE: phillips66partners.com PSX PSXP I NYSE:
Slide 42: Financial Highlights
FINANCIAL HIGHLIGHTS Operated safely and reliably ADJUSTED EBITDA ($MM) Reached $1.2 B run-rate adjusted EBITDA in 2018 1,137 754 Achieved 30% LP distribution CAGR goal in 2018 471 Focused on organic growth 285 281 Progressing construction Gray Oak Pipeline project 15 16 17 18 1Q19 EARNINGS DISTRIBU
Slide 43: Distribution Growth
DISTRIBUTION GROWTH DISTRIBUTION / COMMON LP UNIT (CENTS) 83.5 84.5 75.2 79.2 67.8 71.4 61.5 64.6 55.8 58.6 50.5 53.1 45.8 48.1 40.0 42.8 34.0 37.0 27.4 30.2 31.7 22.5 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 Coverage Ratio 1.10 1.
Slide 44: PSXP Organic Growth
P S X P O R G AN I C G R O W T H EXPECTED GROSS CAPITAL OWNERSHIP PSXP PROJECT COMPLETION CAPACITY ($MM) (%) Lake Charles products pipeline 2Q 2019 50 MBD 25 100 Lake Charles isomerization unit 3Q 2019 25 MBD 200 99 Gray Oak Pipeline 4Q 2019 900 MBD 2,700 42.25 Sweeny to Pasadena products expansion1
Slide 45: Gray Oak Pipeline
GRAY OAK PIPELINE Crude oil pipeline from West Texas to Corpus Christi and Sweeny Expected in service by end of 2019 900 MBD capacity 42.25% PSXP ownership Operated by Phillips 66 45 phillips66.com | NYSE: phillips66partners.com PSX PSXP I NYSE:
Slide 46: PSXP Debt Profile
PSXP DEBT PROFILE MATURITY PROFILE $B PSXP Revolving Credit Facility PSXP Term Loan PSXP Bonds 0.3 0.8 0.6 0.5 0.5 0.5 0.5 0.3 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 SENIOR NOTES $MM $3.2 B Total Debt as of March 31, 2019 YEAR DUE PRINCIPAL COUPON $2.9 B Senior No
Slide 47: Financial Flexibility
FINANCIAL FLEXIBILITY TOTAL RETURN SINCE IPO Investment-grade credit rating 300% PSXP +169% BBB (S&P), Baa3 (Moody’s) Alerian MLP Index (19%) 250% Fund 2019 capital program with cash, debt, and selective use of ATM 200% Long term targets 150% Distribution coverage over 1.2x 100% 3.5x debt / EBITDA 5
Slide 48: Safety. Honor. Commitment.
Lake Charles FreeportRefinery Clipper S AF E T Y . H O N O R . C O M M I T M E N T . phillips66.com | NYSE: PSX
Slide 49: 2019 Sensitivities
2019 SENSITIVITIES Annual EBITDA ($MM) Midstream - DCP (net to Phillips 66) 10 ¢/Gal Increase in NGL price 6 10 ¢/MMBtu Increase in Natural Gas price 1 $1/BBL Increase in WTI price 1 Chemicals - CPChem (net to Phillips 66) 1 ¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 65 Worldwide Re
Slide 50: Value Chain
VALUE CHAIN 50 phillips66.com | NYSE: PSX
Slide 51: West Coast
WEST COAST 51 phillips66.com | NYSE: PSX
Slide 52: Gulf Coast
GULF COAST 52 phillips66.com | NYSE: PSX
Slide 53: Midcontinent
MIDCONTINENT 53 phillips66.com | NYSE: PSX
Slide 54: Atlantic Basin
ATLANTIC BASIN 54 phillips66.com | NYSE: PSX
Slide 55: Consolidated Debt and Liquidity
C O N S O L I D AT E D D E B T AN D L I Q U I D I T Y SENIOR NOTES MATURITY PROFILE $B PSX Senior Notes PSXP Senior Notes PSX Term Loan PSXP Term Loan PSXP Revolving Credit Facility PSX Revolving Credit Facility 5.0 1.1 0.5 0.8 2.0 1.5 1.7 0.8 1.0 0.5 0.5 0.5 0.5 0.6 2018 2020 2022 2024 2026 2028 20
Slide 56: Phillips Outlook
PHILLIPS 66 OUTLOOK 2Q 2019 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) $70 MM - $90 MM Corporate & other costs (pre-tax) $210 MM - $240 MM 2019 Refining turnaround expenses (pre-tax) $550 MM - $600 MM Corporate & Other c
Slide 57: 2019 Capital Budget
2019 CAPITAL BUDGET Millions of Dollars Sustaining Growth Capital Capital Capital Program Adjusted Capital Program Midstream* $ 185 847 1,032 Chemicals - - - Refining 512 411 923 Marketing and Specialties 64 97 161 Corporate and Other 177 - 177 Phillips 66* 938 1,355 2,293 Phillips 66 Partners** 78
Slide 58: Coking Capacity
Coking Capacity 2,695 TOTAL U.S. COKING CAPACITY MBD 346 335 304 281 177 176 163 150 146 131 90 65 54 51 41 39 36 36 29 23 18 6 5,483 TOTAL GLOBAL COKING CAPACITY MBD 465 420 335 304 281 263 252 237 198 191 177 155 150 146 135 125 115 98 92 90 84 79 72 65 61 56 56 55 54 51 50 48 44 43 41 41 40 39 39
Slide 59: Footnotes
FOOTNOTES General Information disclosed is as of December 31 unless otherwise noted. “Mid-Cycle CFO” is defined as 2014-2017 average operating cash flow plus run-rate operating cash flow from growth projects coming online in 2017 and 2018 and estimated benefit from 2017 tax rate change. 18 18 is as
Slide 60: Footnotes
FOOTNOTES Slide 6 Industry averages are from: Phillips 66 – American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical Company LLC (CPChem) – American Chemistry Council (ACC), DCP Midstream, LLC (DCP Midstream) – Gas Processors Association (GPA). Industry refining cr
Slide 61: Footnotes
FOOTNOTES Slide 33 PSXP 2019 Adjusted Capital Budget excludes $303 MM of growth capital expected to be cash funded by noncontrolling interests and reflects JV-level financing to fund a portion of the Gray Oak Pipeline construction. Capital expenditures are attributable to the Partnership and exclude
Slide 62: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 1 2 ) Millions of Dollars 2015 2016 2017 2018 1Q 2019 Reconciliation of Midstream Pre-Tax Income to Adjusted EBITDA Midstream pre-tax income $ 147 402 638 1,181 316 Plus: Interest revenue — — (1) — — Depreciation and amortization 127 215 299 320
Slide 63: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E S 1 7 a n d 4 2 ) Millions of Dollars 2015 2016 2017 2018 1Q 2019 Reconciliation to Net Income Attributable to the Partnership Net income attributable to the Partnership $ 194 301 461 796 198 Plus: Net income attributable to Predecessors 112 107
Slide 64: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E S 1 7 a n d 4 2 ) Millions of Dollars 2015 2016 2017 2018 1Q 2019 Reconciliation to Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities $ 392 492 724 892 205 Plus: Net interest expense 34 52 99 114 27 Income tax e
Slide 65: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 2 2 ) Millions of Dollars 2015 2016 2017 2018 1Q 2019 Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA Chemicals pre-tax income $ 1,315 839 716 1,025 227 Plus: None — — — — — Chemicals EBITDA 1,315 839 716 1,025 227 Special Item Adj
Slide 66: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 2 6 ) Millions of Dollars 2015 2016 2017 2018 1Q 2019 Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted EBITDA Refining pre-tax income (loss) $ 3,659 436 2,076 4,535 (198) Plus: Depreciation and amortization 738 769 821 840 212 Refini
Slide 67: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 3 0 ) Millions of Dollars 2015 2016 2017 2018 1Q 2019 Reconciliation of Marketing and Specialties Pre-Tax Income to Adjusted EBITDA Marketing and Specialties pre-tax income $ 1,652 1,261 1,020 1,557 205 Plus: Interest revenue (2) — — — — Depreci
Slide 68: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 3 2 ) Millions of Dollars 2015 2016 2017 2018 1Q 2019 Reconciliation of Phillips 66 Net Income to Adjusted EBITDA Phillips 66 net income $ 4,280 1,644 5,248 5,873 270 Plus: Income tax expense (benefit) 1,764 547 (1,693) 1,572 70 Net interest exp
Slide 69: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 3 2 ) Millions of Dollars 2015 2016 2017 2018 1Q 2019 Phillips 66 ROCE Numerator Net income $ 4,280 1,644 5,248 5,873 270 After-tax interest expense 201 220 285 398 94 GAAP ROCE earnings 4,481 1,864 5,533 6,271 364 Special items (34) (57) (2,837
Slide 70: Non-GAAP Reconciliation
N O N - G A A P R E C O N C I L I AT I O N ( S L I D E 3 2 ) Millions of Dollars Except as Indicated Debt-to-Capital Debt-to-Capital Ratio Total Debt Total Equity Ratio March 31, 2019 Phillips 66 Consolidated $ 11,298 26,745 30% PSXP* 3,188 2,494 Phillips 66 Excluding PSXP $ 8,110 24,251 25% Decembe