Slide 1: Investor Update August 2020
Investor Update August 2020 South Texas Gateway Terminal INGLESIDE, TX
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: Our Business
Our Business PHILLIPS 66 IS A DIVERSIFIED ENERGY MANUFACTURING AND LOGISTICS COMPANY Integrated Midstream network 50% interest in CPChem Pursue organic and M&A opportunities Location-advantaged asset portfolio PSXP as a growth vehicle New USGC facilities Complex, integrated system Stable, high-retur
Slide 4: Integrated Portfolio
Integrated Portfolio 4 See appendix for footnotes
Slide 5: Executing the Strategy
Executing the Strategy Freeport Freeport MarineMarine Terminal Terminal, FREEPORT, FREEPORT, TX TX 5
Slide 6: Operating Excellence
Operating Excellence Total Recordable Rates Refining Crude Capacity Utilization INCIDENTS PER 200,000 HOURS WORKED % 96% 90% 95% 91% 95% 93% 94% 90% Phillips 66 CPChem DCP Midstream 79% 80% Industry Average 1.03 16 17 18 19 1H20 .91 .83 Phillips 66 U.S. Industry Average .79 Industry Safety Metrics I
Slide 7: Long-Term Capital Allocation Framework
Long-Term Capital Allocation Framework $6-7 B mid-cycle CFO Sources and Uses of Cash $B Sustaining capital for asset integrity, safety ~1 ~1.6 and environmental projects 6 7 1.0 - 2.5 Secure, competitive and growing dividend 1.0 - 2.5 Mid-Cycle Sust. FCF Dividends Growth Share CFO Capex Capex Repurc
Slide 8: Responses to Challenging Business Environment
Responses to Challenging Business Environment Contributed $3 MM in April to COVID-19 relief efforts Reducing 2020 consolidated capital spending by $700 MM Reducing costs by $500 MM Leveraging AdvantEdge66 initiatives Suspended share repurchases Secured additional liquidity while maintaining investme
Slide 9: AdvantEdge66
AdvantEdge66 UNLOCKING VALUE THROUGH BUSINESS TRANSFORMATION $1.2 B total enhancements by 2022 Total Enhancements 50% - 70% value captured as mid-cycle EBITDA uplift End to end value chain optimization Asset Performance Technology-enabled risk reduction Advanced analytics, Artificial Intelligence an
Slide 10: Environmental, Social, Governance
Environmental, Social, Governance $8+ B invested in safety, environmental and reliability from 2012 to 2019 28% decline in SOx, NOx and PM emissions intensity from 2012 to 2019 25x lower total recordable rate in 2019 vs. U.S. manufacturing average 60% lower lost workday case rate in 2019 vs. U.S. re
Slide 11: Energy Transition
Energy Transition POSITIONING PHILLIPS 66 TO BE COMPETITIVE LONG-TERM What we are doing Producing renewable diesel at Humber Refinery Supplying components for lithium ion batteries Marketing low carbon fuels on U.S. West Coast Improving fuel economy through next generation lubricants Installed hydro
Slide 12: High-Performing Organization
High-Performing Organization 14,500 employees live our values, every day VISION 94% retention of all employees, 98% retention of high Providing Energy. Improving Lives. performers 20% women and 27% U.S. minority CORE VALUES 44% employees participate in employee resource groups Safety. Honor. Commitm
Slide 13: Midstream
Midstream Beaumont Terminal NEDERLAND, TX
Slide 14: Midstream Portfolio
Midstream Portfolio Transportation NGL and Other DCP Midstream 22,000 miles of U.S. pipeline systems 200,000+ BPD fractionation capacity 45 natural gas processing facilities 39 product terminals 200,000 BPD LPG export capacity 6.5 BCFD net natural gas processing capacity 20 crude oil terminals 150,0
Slide 15: Building a Premier Midstream Business
Building a Premier Midstream Business Top-quartile safety performance Adjusted EBITDA $B 2.3 1.9 Diversified portfolio integrated with Refining and 1.0 1.0 1.2 Marketing 15 16 17 18 19 Integrated crude system with optionality for PSX & PSXP DCP producers, refiners and exporters Advantaged USGC stora
Slide 16: Integrated NGL and Crude Oil System
Integrated NGL and Crude Oil System 16 See appendix for footnotes
Slide 17: Phillips 66 Partners
Phillips 66 Partners Primarily fee-based midstream assets backed by long-term minimum volume commitments Assets highly integrated with Phillips 66 system Backlog of MLP qualified projects at Phillips 66 Lake Charles Isomerization Unit WESTLAKE, LA 17
Slide 18: DCP Midstream
DCP Midstream Logistics & Marketing and Gathering & Processing North 1.6 BCFD Diversified portfolio in premier basins Large-scale U.S. NGL producer and gas processor Mid-Continent Permian 1.1 BCFD 1.2 BCFD Integrated NGL supply for Phillips 66 Sweeny Hub DCP 2.0 transformation South 2.1 BCFD 18 See
Slide 19: Midstream Growth Projects
Midstream Growth Projects Sweeny Hub Expansion1 Adding 300 MBD fractionation capacity in 4Q 2020 Fractionators 2 and 3 Under Construction OLD OCEAN, TX Secured y-grade feedstock supply agreements with firm volume commitments Reduces cost of supply for 200 MBD Freeport LPG Export Terminal Provides et
Slide 20: Chemicals
Chemicals Polyethylene Units OLD OCEAN, TX
Slide 21: Feedstock Advantaged Chemicals Portfolio
Feedstock Advantaged Chemicals Portfolio #2 HDPE producer worldwide #2 NAO producer worldwide #2 Propylene merchant producer In North America 21 High density polyethylene (HDPE), Normal alpha olefins (NAO). Metrics shown net of JV capacity and sourced from IHS, Nexant, and company filings. See appen
Slide 22: Chemicals Value Chain
Chemicals Value Chain Upgrade Serve growing low-cost global ethane middle class feedstock World-scale Produce manufacturing in-demand facilities and products proprietary technology 70,000+ end-user products 22
Slide 23: Chevron Phillips Chemical Company
Chevron Phillips Chemical Company Industry-leading safety performance with focus on Adjusted EBITDA1 $B operating excellence Proprietary technology Advantaged feedstock portfolio 1.7 1.3 1.3 1.6 1.5 Global marketing network 15 16 17 18 19 Debottleneck opportunities Capital Expenditures and Investmen
Slide 24: Macro Chemicals Outlook
Macro Chemicals Outlook Well-positioned in North America and 2017–2019 Ethylene Production Cost Curve CENTS PER POUND 40 Middle East 30 W. Europe Naphtha 20 S.E. Asia N.A. Naphtha N.A. Ethane Expanding global middle class is increasing 10 N.A. Propane N.A. Butane N.E. Asia Middle East demand 0 0 10
Slide 25: Sustainability
Sustainability Enhancing efforts to eliminate plastic pellet spills by joining Operation Clean Sweep Blue and investing in Circulate Capital Ocean Fund Continue to combat plastic waste and communicate value of plastics Founding member of Alliance to End Plastic Waste 25
Slide 26: CPChem Growth Projects
CPChem Growth Projects Jointly pursuing development with Qatar Petroleum on U.S. Gulf Coast II CPChem 51% equity interest 2,000 kMTA ethylene cracker Two 1,000 kMTA polyethylene units Ras Laffan Petrochemicals Project CPChem 30% equity interest 1,900 kMTA ethylene cracker Two polyethylene units with
Slide 27: Refining
Refining Billings Refinery BILLINGS, MT
Slide 28: Enhancing Returns
Enhancing Returns Top-quartile HSE performance Adjusted EBITDA $B Strong cash generation 5.7 4.8 2.7 3.1 1.4 Capital and cost discipline 15 16 17 18 19 High-return capital projects Capital Expenditures and Investments $B 1.1 Advantaged feedstocks 1.1 0.9 0.8 1.0 15 16 17 18 19 Sustaining Return 28
Slide 29: North America Crude Feedstock Flexibility
North America Crude Feedstock Flexibility Atlantic Basin / Europe 537 MBD West Coast 364 MBD Central Crude Feedstock Slate Corridor % TOTAL CRUDE RUNS 530 MBD 22% 22% 22% 22% 23% 21% 17% 23% 23% 24% 27% 24% 24% 27% 18% 16% Gulf Coast 20% 19% 17% 17% 18% 36% 37% 37% 40% 769 MBD 35% 34% 35% 13 14 15 1
Slide 30: Maintain Cost Discipline
Maintain Cost Discipline U.S. Industry Benchmarking Performance1 EFFICIENCY POSITION Top quartile non-energy operating cost Maintenance and personnel costs trending to top 1st Quartile quartile in industry 2nd Quartile Cost efficiencies and improved productivity via AdvantEdge66 Artificial Intellige
Slide 31: AdvantEdge66
AdvantEdge66 BUSINESS TRANSFORMATION End-to-end value chain optimization Deploying digital technology to provide real-time information Leveraging advanced analytics to enable agile decision making Empowering our people to improve value generation Optimizing long-term value capture across the entire
Slide 32: Enhancing Returns Through Capital Investments
Enhancing Returns THROUGH CAPITAL INVESTMENTS High-return, quick payout Completed 2019-2020 YTD projects Lake Charles isomerization unit Borger diesel recovery Wood River LSFO hydrotreater Target returns > 30% Bayway LSFO hydrotreater Sweeny FCC modernization Executing/Developing Yield enhancing and
Slide 33: Rodeo Renewed
Rodeo Renewed TRANSFORMATION TO LARGEST RENEWABLE TRANSPORTATION FUELS PRODUCTION FACILITY IN THE WORLD On August 12, 2020, Phillips 66 50+ MBD1 Total Renewable Diesel production announced Rodeo Renewed, a project expected by 1Q 2024 to reconfigure its San Francisco 8 MBD2 Refinery in Rodeo, Califor
Slide 34: Rodeo Renewed
Rodeo Renewed TRANSFORMATION TO LARGEST RENEWABLE TRANSPORTATION FUELS PRODUCTION FACILITY IN THE WORLD Anticipate 50% reduction in greenhouse gas emissions Generate California Low Carbon Fuel Standard credits Constructing pre-treatment units and repurposing existing hydrocracking units to process r
Slide 35: Marketing & Specialties
Marketing & Specialties Phillips 66 Branded Marketing Site ST. LOUIS, MO
Slide 36: Enhancing Returns
Enhancing Returns Adjusted EBITDA High-return, low-capital business $B Refining product placement 1.5 1.6 1.4 1.5 1.2 Fuel brands reimaging 15 16 17 18 19 Integration through equity partnerships Capital Expenditures and Investments $B Renewable diesel 0.4 Integrated digital platform 0.1 0.1 0.1 0.1
Slide 37: Secure Product Placements
Secure Product Placements United States ~4,720 sites reimaged since program inception All eligible sites are mobile enabled Direct consumer engagement Expanding partnerships with private labels Europe Proven low-cost, high-volume model Reimaging and high-grading the JET brand Adding 20 - 30 new JET
Slide 38: U.S. West Coast Retail Marketing Joint Venture
U.S. West Coast Retail Marketing Joint Venture Formed joint venture with large wholesale / retail operator Proven retail operational expertise Increases long-term placement of Phillips 66 refinery production Participates in retail fuel margins and store sales $50 - $60 MM incremental adjusted EBITDA
Slide 39: Renewable Diesel
Renewable Diesel Portfolio approach for renewable diesel production Humber UCO renewable diesel project San Francisco renewable diesel production Offtake agreement with Ryze Renewables Pursuing opportunities to leverage existing infrastructure Leverage Marketing position to capture full value chain
Slide 40: AdvantEdge66
AdvantEdge66 BUSINESS TRANSFORMATION Go-to-Market Value Enablers Efficiency Enhanced Mobile Pay platform Develop Artificial Intelligence Enhance optimization tools machine learning Improved digital customer Automate the back-office experience Optimized payment systems 40
Slide 41: Financial Strategy
Financial Strategy Phillips 66 Headquarters HOUSTON, TX
Slide 42: Financial Strategy
Financial Strategy Disciplined capital allocation Strong investment grade credit rating Financial flexibility Secure, competitive and growing dividend Reduce debt as cash flow recovers Share repurchases at appropriate time Phillips 66 Headquarters HOUSTON, TX 42
Slide 43: Financial Strength
Financial Strength Flexibility to execute strategy through the cycle 38% 30% 29% 30% 27% 34% Investment grade credit ratings 26% 25% 25% 22% PSX: A3 (Moody’s), BBB+ (S&P) 27.4 27.2 27.2 PSXP: Baa3 (Moody’s), BBB (S&P) 23.7 23.3 Well-laddered debt maturities 14.4 11.2 11.8 10.1 10.1 ~$8.4 B total liq
Slide 44: Consolidated Debt and Liquidity
Consolidated Debt and Liquidity Debt Maturity Profile as of June 30, 2020 $B PSX Senior Notes PSXP Senior Notes 5.0 PSX Term Loan PSXP Revolving Credit Facility PSX Revolving Credit Facility PSX Term Loan Capacity 1.0 1.0 2.0 0.5 0.5 1.5 1.7 0.8 0.8 0.9 1.0 0.5 0.5 0.7 0.5 0.6 0.5 0.6 0.3 2020 2022
Slide 45: Adjusted EBITDA and Returns
Adjusted EBITDA and Returns Adjusted EBITDA Adjusted Earnings $B $ PER SHARE 10.1 11.71 8.6 7.6 7.67 8.05 4.7 5.9 4.38 2.82 15 16 17 18 19 15 16 17 18 19 Adjusted ROCE Peer ROCE 2017-2019 Average 18% % AFTER-TAX % AFTER-TAX Midstream Peers Refining Peers Chemical Peers 13% 12% Peer Avg 10% 10% 10% 1
Slide 46: Long-Term Capital Allocation Framework
Long-Term Capital Allocation Framework $6-7 B mid-cycle CFO Sources and Uses of Cash $B Sustaining capital for asset integrity, safety ~1 ~1.6 and environmental projects 6 7 1.0 - 2.5 Secure, competitive and growing dividend 1.0 - 2.5 Mid-Cycle Sust. FCF Dividends Growth Share CFO Capex Capex Repurc
Slide 47: Adjusted Capital Spending
Adjusted Capital Spending Adjusted Capital Spending $B Fractionators 2 and 3 Under Construction OLD OCEAN, TX 3.5 2.8 2.9 2.6 Sustaining 1.8 Midstream Refining & PSXP Marketing 16 17 18 19 20E 1 Sustaining Growth 47 1) 20E consolidated capital spending inclusive of $0.1 B of cash funded by joint ven
Slide 48: Distributions
Distributions Annual Dividend $ PER SHARE Secure, competitive and growing dividend 21% CAGR with nine increases since May 2012 3.10 3.50 3.60 2.45 2.73 Committed to shareholder distributions 16 17 18 19 20A Repurchased / exchanged 34% of shares initially outstanding Cumulative Distributions $B 26.9
Slide 49: Compelling Investment
Compelling Investment Total Shareholder Return Since IPO % Operating Excellence 340% PSX +177% 300% S&P 100 +168% Growth 260% Peers +65% 220% Returns 180% 140% Distributions 100% 60% High-Performing Organization 20% -20% May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 Jun-20 May-20 49 Share
Slide 50: Phillips 66 Partners
Phillips 66 Partners Medford Spheres MEDFORD, OK
Slide 51: Phillips 66 Partners Ownership Structure
Phillips 66 Partners OWNERSHIP STRUCTURE PSXP Public Non-economic general Common partner interest and 74% Unitholders limited partner interest 26% limited partner interest (NYSE: PSXP) Operating Subsidiaries Joint Ventures 51 As of June 30, 2020. Public also owns 13.8 MM convertible preferred units.
Slide 52: Phillips 66 Partners
Phillips 66 Partners 52 Refineries owned by Phillips 66. See appendix for additional footnotes.
Slide 53: Phillips 66 Partners Financial Strength and Flexibility
Phillips 66 Partners FINANCIAL STRENGTH AND FLEXIBILITY Maintain strong leverage and coverage ratios, Distribution Per Common LP Unit $ with long-term targets: Up to 3.5x Debt / EBITDA 3.09 3.44 3.50 2.08 2.53 Greater than 1.2x coverage ratio Investment grade credit rating BBB (S&P) 16 17 18 19 20A
Slide 54: Phillips 66 Partners Organic Projects
Phillips 66 Partners Organic Projects Adjusted Capital Spending Gray Oak Pipeline $B South Texas Gateway Terminal 0.9 C2G Pipeline 0.8 0.7 Clemens Caverns expansion 0.5 Sweeny to Pasadena capacity expansion 0.4 Backlog of MLP qualified projects at Phillips 66 16 17 18 19 20E Sustaining Growth 54
Slide 55: Pipeline and Terminal Projects
Phillips 66 Partners South Texas Gateway Terminal INGLESIDE, TX PIPELINE AND TERMINAL PROJECTS Gray Oak Pipeline – 42.25% PSXP effective ownership Crude oil pipeline from Permian and Eagle Ford to Texas Gulf Coast Achieved full operations in 2Q 2020 900 MBD West Texas crude capacity South Texas Gate
Slide 56: Sweeny Hub Projects
Phillips 66 Partners 100% PSXP OWNERSHIP SWEENY HUB PROJECTS C2G Pipeline New 16 inch ethane pipeline to Gregory, Texas, near Corpus Christi, Texas Expected startup in mid-2021 Supplies Corpus Christi area petrochemical facilities Clemens Caverns Expansion Recently increased Clemens Storage from 9 M
Slide 57: Phillips 66 Partners Debt Profile
Phillips 66 Partners DEBT PROFILE Debt Maturity Profile $B PSXP Revolving Credit Facility PSXP Senior Notes 0.8 0.6 0.6 0.5 0.5 0.5 0.5 0.3 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 $3.7 B Total Debt as of June 30, 2020 Senior Notes $MM $3.5 B Senior Notes, weighted-avera
Slide 58: Total Unitholder Return Since IPO
Phillips 66 Partners Total Unitholder Return Since IPO % PSXP +109% 300% AMZ -52% 200% 100% 0% -100% Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jun-20 58 Chart reflects total unitholder return from July 22, 2013, to June 30, 2020. Distributions assumed to be reinvested in units. PSXP compared
Slide 59: Appendix
Beaumont Terminal NEDERLAND, TX
Slide 60: 2020 Sensitivities
2020 Sensitivities Annual EBITDA $MM Midstream - DCP (net to Phillips 66) 10¢/Gal Increase in NGL price 9 10¢/MMBtu Increase in Natural Gas price 2 $1/BBL Increase in WTI price 1 Chemicals - CPChem (net to Phillips 66) 1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 65 Worldwide Refinin
Slide 61: Midstream Organic Growth
Midstream Organic Growth PSX PROJECT START-UP CAPACITY GROSS CAPITAL OWNERSHIP ($MM) (%) Beaumont Terminal Dock IV1 4Q 2020 200 MBD 70 100 Sweeny Fractionators 2 and 3 4Q 2020 2 x 150 MBD 1,300 100 Red Oak Pipeline Deferred 1,000 MBD 2,500 50 Sweeny Fractionator 4 Deferred 1 x 150 MBD 500 100 PSXP P
Slide 62: Value Chain
a Value Chain Global Markets Crude Oil — Crude Pipelines, Product Pipelines, )) Marine, Shipping Refineries Terminals and and Rail Marine Petrochemicals Wellhead NGL and Natural Gas ioeli Fractionation LPG Export » Gathering and Pipelines and Storage and Marketing Liquids and Processing Natural Gas
Slide 63: Gray Oak Pipeline Ownership Structure
Gray Oak Pipeline Ownership Structure PSXP HAS A 42.25% EFFECTIVE OWNERSHIP IN THE GRAY OAK PIPELINE (NYSE: PSXP) (NYSE: ENB) 65% 35% Gray Oak Holdings, LLC 65% (NYSE: MPC) (NYSE: FANG) 25% 10% Gray Oak Pipeline, LLC 63
Slide 64: 3Q 2020 Phillips 66 Outlook
3Q 2020 Phillips 66 Outlook Los Angeles Refinery, WILMINGTON, CA Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Market Conditions Refining turnaround expenses (pre-tax) $50 MM - $70 MM Corporate & Other costs (pre-tax) $220 MM - $230 MM 64
Slide 65: Footnotes
Footnotes General Information disclosed is as of June 30, 2020, unless noted otherwise. Numbers may not appear to tie due to rounding. AdvantEdge66 may be abbreviated as AE66. Chevron Phillips Chemical Company may be abbreviated as CPChem. Date Conventions 19 is as of December 31, 2019; or the twelv
Slide 66: Footnotes
Footnotes Maps Maps, images and drawings are for informational purposes only and may not be to scale. 66
Slide 67: Footnotes
Footnotes Slide 6 Industry averages are from: Phillips 66 – American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical Company LLC (CPChem) – American Fuel & Petrochemical Manufacturers (AFPM) chemicals data, DCP Midstream, LLC (DCP Midstream) – Gas Processors Associ
Slide 68: Footnotes
Footnotes Slide 9 The “Total Enhancements” amount represents estimated EBITDA uplift versus a baseline year of 2017. The “Mid-Cycle EBITDA Uplift” amount represents estimated actual mid-cycle EBITDA uplift after consideration for inflation and market movements in a mid-cycle environment through 2019
Slide 69: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars Except as Indicated 2015 2016 2017 2018 2019 Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings $ 4,227 1,555 5,106 5,595 3,076 Pre-tax adjustments: Pending claims and settlements 30 (117) (60) 21 (21) Pension settlement exp
Slide 70: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 Reconciliation of Phillips 66 Net Income to Adjusted EBITDA Phillips 66 net income $ 4,131 3,743 4,797 4,280 1,644 5,248 5,873 3,377 Less: Income from discontinued operations 48 61 706 — — — — — Plus: Income tax expe
Slide 71: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 Reconciliation of Midstream Pre-Tax Income to Adjusted EBITDA Midstream pre-tax income $ 88 750 851 147 402 638 1,181 684 Plus: Interest revenue — — — — — (1) — — Depreciation and amortization 83 88 91 127 215 299 32
Slide 72: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA Chemicals pre-tax income $ 1,189 1,361 1,632 1,315 839 716 1,025 879 Plus: None — — — — — — — — Chemicals EBITDA 1,189 1,361 1,632 1,315 839 716 1,025 879
Slide 73: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 Reconciliation of Refining Pre-Tax Income to Adjusted EBITDA Refining pre-tax income $ 5,089 2,782 2,467 3,659 436 2,076 4,535 1,986 Plus: Depreciation and amortization 655 685 704 738 769 821 840 854 Refining EBITDA
Slide 74: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted EBITDA Marketing and Specialties pre-tax income $ 863 1,327 1,475 1,652 1,261 1,020 1,557 1,433 Plus: Interest revenue — — — (2) — — — — Depreciati
Slide 75: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 Reconciliation of Corporate & Other Pre-Tax Loss to Adjusted EBITDA Corporate and Other pre-tax loss $ (673) (694) (680) (729) (747) (895) (853) (804) Plus: Net interest expense 231 258 246 285 321 408 459 415 Deprec
Slide 76: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2015 2016 2017 2018 2019 Reconciliation of DCP Midstream Pre-Tax Income (Loss) to Adjusted EBITDA DCP Midstream pre-tax income (loss) $ (463) (34) 76 106 (784) Plus: None — — — — — DCP Midstream EBITDA (463) (34) 76 106 (784) Special Item Adjustments (pre-
Slide 77: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2015 2016 2017 2018 2019 Phillips 66 Partners Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Income Net income attributable to Phillips 66 Partners $ 194 301 461 796 923 Plus: Net income attributable to Predecessors 112 107 63 — — Net
Slide 78: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2015 2016 2017 2018 2019 Phillips 66 Partners Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Cash Provided by Operating Activities Net cash provided by operating activities* $ 392 492 724 892 1,016 Plus: Net interest expense 34 52 99
Slide 79: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 Phillips 66 Capital Expenditures and Investments Midstream Growth $ 548 429 2,021 2,801 1,267 597 1,360 1,605 Sustaining 159 168 152 1,656 186 174 188 264 Total 707 597 2,173 4,457 1,453 771 1,548 1,869 Refining Grow
Slide 80: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 Proportional Share of Select Equity Affiliates Capital Expenditures and Investments* DCP Midstream (Midstream) $ 1,324 971 776 438 99 268 484 472 CPChem (Chemicals) Growth 239 403 726 1,136 743 571 131 155 Sustaining
Slide 81: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars Except as Indicated Debt-to-Capital Debt-to-Capital Ratio Total Debt Total Equity Ratio June 30, 2020 Phillips 66 Consolidated $ 14,446 23,295 38 % PSXP* 3,707 2,550 Phillips 66 Excluding PSXP $ 10,739 20,745 34 % December 31, 2019 Phillips 66 Consolidated
Slide 82: Non-GAAP Reconciliation
Non-GAAP Reconciliation Millions of Dollars (Except as Indicated) 2015 2016 2017 2018 2019 Phillips 66 ROCE Numerator Net income $ 4,280 1,644 5,248 5,873 3,377 After-tax interest expense 201 220 285 398 362 GAAP ROCE earnings 4,481 1,864 5,533 6,271 3,739 Special items (34) (57) (2,837) (51) 581 Ad