Phillips 66 · NYSE:PSX
Phillips 66 — Q1 2020 Earnings Presentation
10 slides from Phillips 66's earnings presentation, May 1, 2020
Slide 1: First Quarter 2020 Earnings Call and Webcast
FIRST QUARTER 2020 EARNINGS CALL AND WEBCAST May 1, 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 Gray Oak Pipeline Storage Facility, CRANE TX 3
Slide 4: Financial Highlights
Financial Highlights ADJUSTED EBITDA DISTRIBUTABLE CASH FLOW $MM $MM — (24) 24 (9) 345 321 254 269 4Q Wholly Owned Joint 1Q 4Q Wholly Owned Joint 1Q 2019 Assets Ventures 2020 2019 Assets Venture 2020 Distributions 4
Slide 5: 1Q 2020 Overview
1Q 2020 Overview $MM (UNLESS OTHERWISE NOTED) Cash and cash equivalents $ 92 Total debt 3,516 Revolving credit facility availability 747 Debt-to-EBITDA ratio1 2.9 Coverage ratio 1.35 South Texas Gateway Terminal INGLESIDE, TX 5 1) Leverage ratio estimated on credit facility covenant basis.
Slide 6: Organic Growth
Organic Growth PROJECT START-UP GROSS CAPITAL PSXP OWNERSHIP ($MM) (%) Sweeny to Pasadena capacity expansion 2Q 2020 95 100 South Texas Gateway Terminal 3Q 2020 625 25 Clemens Caverns expansion 4Q 2020 150 100 C2G Pipeline Mid 2021 335 100 Liberty Pipeline Deferred 1,600 50 6
Slide 7: Appendix
Appendix
Slide 8: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Q1 2020 Q4 2019 Net income 226 255 Plus: Depreciation 30 32 Net interest expense 28 27 Income tax expense 1 — EBITDA 285 314 Proportional share of equity affiliates’ net interest, taxes and depreciation and amortization 35 31 Expenses indemnified or prefu
Slide 9: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Q1 2020 Q4 2019 Net cash provided by operating activities 274 259 Plus: Net interest expense 28 27 Income tax expense 1 — Changes in working capital (12) 20 Undistributed equity earnings (4) 10 Deferred revenues and other liabilities — 1 Other (2) (3) EBI
Slide 10: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Q1 2020 2020 Guidance Capital Expenditures and Investments Expansion/Growth 196 731 Maintenance 15 132 Adjusted capital spending 211 863 Capital expenditures and investments funded by certain joint venture partners 23 69 Capital expenditures and investmen