Slide 1: Investor Update May 2021
PHILLIPS 66) cy PROVIDING ENERGY. IMPROVING LIVES. mz Investor Update May 2021 ‘ ‘San Francisco Refinery! RODEO, CA
Slide 2: Cautionary Statement
a 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.
Slide 3: Phillips 66 at a glance
global manufacturing research and development facilities centers in the U.S. million BPD of crude branded branded throughput capacity U.S. outlets international outlets
Slide 4: Global Assets Map
Ferndale “p San Francisco ¢ * @ Los Angeles GLOBAL ASSETS MAP LEGEND coke Facey © cPcrem (oa) fA cPchem Facinty © —crde terminai/npeine DCP Gathering 1 Frectionator 1D Fractionatorn Progress © tuoricants Fecity © —NGt/126 Terminal/Pipotne === NGL/LPG Pipeline in Prosress \¥ _NGL/LPG Undereround stor
Slide 5: Executing the Strategy
a Executing the Strategy @ Operating Excellence Committed to safety, environmental stewardship, reliability and cost discipline +Tt\ Growth & Oy Enhancing our portfolio by capturing growth in Midstream, Chemicals and lower-carbon opportunities ey Returns Improving returns by maximizing earnings thro
Slide 6: Operating Excellence
Operating Excellence Total Recordable Rates (Incidents per 200,000 hours worked) Industry Average @ Industry Safety Metrics Phillips 66 33 32 30 .33 oe 16 #17 18 #19 20 See appendix for footnotes cPChem DCP Midstream 1.03 + 21 83° 79". ° i 6 #17 #18 19 20 (Incidents per 200,000 hours worked) Dies. _
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 and environmental projects Ea Secure, competitive and growing dividend _ Strong balance sheet and investment grade credit merge Capex Duudends Lat i Share Repurc
Slide 8: Incentives Align With Sustainable Value Creation
Incentives Align With Sustainable Value Creation Enhanced 2021 compensation design to increase environment weighting from 5% to 15%, adding two metrics: ° Low-Carbon Priorities: advancing lower-carbon investments, optimization and innovation * Greenhouse Gas Priorities: reducing manufacturing emissi
Slide 9: Sustainability Supports Long-Term Resilience
Sustainability Supports Long-Term Resilience Enhancing Our Business Model for a Sustainable Future Operating Excellence Environmental Stewardship (E) Reducing our environmental footprint and advancing climate change solutions Operating excellence is foundational to sustainability Financial Performan
Slide 10: Emerging Energy
Emerging Energy Providing Energy and Improving Lives Establishing a lower-carbon business platform Commercializing and implementing emerging energy technology Leveraging commercial acumen and leadership in research and innovation Continuing capital discipline and emphasis on returns RENEWABLE BATTER
Slide 11: Innovation at Phillips 66
a Innovation at Phillips 66 Agile. Efficient. Smart. Capitalizing on research and development capabilities through our Energy Research and Innovation group Advancing solid oxide fuel cells, organic photovoltaic polymers, next-gen batteries and renewable fuels Developing carbon mitigation, hydrogen a
Slide 12: AdvantEdge66
a AdvantEdge66 Unlocking value through business transformation See appendix for footnotes $1.2 B total enhancements by 2022 50% - 70% value captured as mid-cycle EBITDA uplift End-to-end value chain optimization Technology-enabled risk reduction Advanced analytics, artificial intelligence and machin
Slide 13: High-Performing Organization
High-Performing Organization Culture. Capability. Performance. Vision Providing Energy. Improving Lives. Values Safety. Honor. Commitment. Data is as of December 31, 2020. Training hours exclude Sentinel Transportation, LLC. 100% 45% 822,000 98% 98% 44% 20% 27% 47% 31% of Board meetings include tale
Slide 14: Making a Difference Where We Live and Work
Making a Difference Where We Live and Work 14,300 employees live our values every day 522 00o hours volunteered in local communities 5 since 2012 $52 million in matching gifts and volunteer grants since 2012 organizations received donations 2,543 through matching gifts in 2020 $225 million to organi
Slide 15: Our Energy In Action
— Our Energy In Action PHILLIPS 66 The 202! Sustainability Report wil be released mid-2021. The 2020 report can be found t 15 The Company’ inaugural 2020 Human Capital Management Report was released in March 2021 The ful report canbe found at The 2020 Veer In Review was veleasea In March 207 res in
Slide 16: Midstream
PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Midstream |
Slide 17: Midstream Portfolio
| Midstream Portfolio Transportation NGL and Other DCP Midstream 22,000 miles of U.S. pipeline systems 500,000+ BPD fractionation capacity 45 natural gas processing facilities 39 product terminals 200,000 BPD LPG export capacity 4.6 BCFD net natural gas processing 20 crude oil terminals 150,000 BPD
Slide 18: Building a Premier Midstream Business
— Building a Premier Midstream Business Top-quartile safety performance Adjusted EBITDA m PSX & PSXP ($B) =™DCP Diversified portfolio integrated with Refining 25 24 19 and Marketing 10 13 Ol Integrated crude system with optionality for | | _ 16 7 18 producers, refiners and exporters ® 7 Advantaged U
Slide 19: 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 »| B
Slide 20: DCP Midstream
| DCP Midstream Logistics & Marketing and Gathering & Processing North ort! 1.6 BCFD al Wood River Diversified portfolio in premier basins Ponca City Large-scale U.S. NGL producer and gas processor Mid-Continent Permian 11 BCFD 1.2 BCFD Integrated NGL supply feeds Phillips 66 Sweeny Hub al Lake Char
Slide 21: Midstream Organic Growth Projects
a Midstream Organic Growth Projects Sweeny Hub Expanded fractionation capacity to 400 MBD Plan to add fourth fractionator with 150 MBD Secured y-grade feedstock supply agreements with firm volume commitments Fractionators fully integrated with 200 MBD Freeport LPG Export Terminal Provides ethane sup
Slide 22: Chemicals
PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Chemicals |
Slide 23: Feedstock Advantaged Chemicals Portfolio
Feedstock Advantaged Chemicals Portfolio . ) | y ~ hal e b Q-Chem | & Il SPCo & S-Chem / Cedar Bayou Orange eee ra a Port Arthur ™sweeny/Old Ocean High density polyethylene (HDPE), Normal alpha olefins (NAO). Metrics shown net of JV capacity and sourced from IHS, Nexant, and company filings. See app
Slide 24: Chemicals Value Chain
| Chemicals Value Chain Ie cost Serve growing low-cost Siebel ethane ; feedstock middle class World-scale manufacturing in-demand facilities and products proprietary technology 70,000+ end-user products 24 PuLIPS
Slide 25: Chevron Phillips Chemical
Chevron Phillips Chemical Industry-leading safety performance Proprietary technology Advantaged feedstock portfolio Global marketing network Debottleneck opportunities Adjusted EBITDA! ($B) 16 7 18 19 20 Capital Expenditures and Investments! ®= Sustaining Olefins and Polyolefins Capacity Utilization
Slide 26: Macro Chemicals Outlook
Macro Chemicals Outlook Well-positioned in North America and Middle East Expanding global middle class is increasing demand Meeting strong polymer demand for food packaging, medical supplies and other consumer products 2018-2020 Ethylene Production Cost Curve (Cents per pound) 40 S.E. Asia> 30 N.A.
Slide 27: Sustainability
a Sustainability Enhancing efforts to eliminate plastic pellet spills CPCHEM PLASTIC PELLET STATISTICS 2019 by joining Operation Clean Sweep Blue and es : . . . . LE: THAN investing in Circulate Capital Ocean Fund .O2\:es RELEASED Continuing to combat plastic waste and 7.515 j j BILLION LBS communic
Slide 28: CPChem Circular Polyethylene
CPChem Circular Polyethylene Announced first U.S. commercial-scale production of circular polyethylene from recycled mixed-waste plastics Received International Sustainability and Carbon Certification PLUS certification for its Cedar Bayou facility in November 2020 Using advanced recycling technolog
Slide 29: CPChem Potential Growth Projects
a CPChem Potential Growth Projects U.S. Gulf Coast II CPChem 51% equity interest 2,000 kMTA ethylene cracker Two 1,000 kMTA polyethylene units Ras Laffan Petchem Project CPChem 30% equity interest 1,900 kMTA ethylene cracker Two polyethylene units; 1,680 kMTA combined capacity
Slide 30: Refining
Refining | a wu 2 a s = e 5s « n a a = = = = > = os = co a wi 2 wu Ss = 2 > o a
Slide 31: Enhancing Refining Returns
— Enhancing Refining Returns Top-quartile HSE performance Adusted EBITDA Capital and cost discipline = | | | am [a 2 | Investing for clean product yield and | an | crude flexibility 16 v7 18 19 20 Diver r hi f rin Capital Expenditures and Investments m Sustaining erse geographic footprint GE ial 11
Slide 32: North America Crude Feedstock Flexibility
— North America Crude Feedstock Flexibility WESTERN CANADIAN CRUDE a4 Ferndale Atlantic Basin / Europe eae 537 MBD CRUDE West Coast 364 MBD "eras, Crude Feedstock Slate "MA Wood Ri 4 ag (% Total Crude Runs) al San Francisco ( ‘al Gulf Coast 784 MBD } Los Angeles 2 Lake Charles sel pp alliance > aw =
Slide 33: Maintain Cost Discipline
a Maintain Cost Discipline Top quartile non-energy operating cost Maintenance and personnel costs trending to top quartile in industry Cost efficiencies and improved productivity via AdvantEdge66 « Artificial intelligence machine learning *« Advanced analytics * Digital optimization 1) Based on Solo
Slide 34: Renewable Fuels
| Renewable Fuels Enhancing our business model for a sustainable future Rodeo capacity to produce 8 MBD; full refinery conversion to produce 50+ MBD by 1Q 2024 Humber co-processing capacity to produce 3 MBD from used cooking oil; 5 MBD by 2024 Ryze 11 MBD supply and offtake agreements for two facili
Slide 35: Rodeo Renewed
| Rodeo Renewed Transformation to large-scale renewable transportation fuels production facility Constructing pre-treatment units and repurposing existing hydrocracking units to process renewable feedstocks Capital efficient project that leverages existing units Capable of processing any renewable f
Slide 36: Marketing & Specialties
PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Marketing & Specialties
Slide 37: Enhancing M&S Returns
— Enhancing M&S Returns High-return, low-capital business Adjusted EBITDA ($B) Product placement for Refining Leverage brand strength | poe 16 7 18 19 20 Site reimaging Expand U.S. retail presence Capital Expenditures and Investments ($B) Renewable fuels 0.4 0.2 Integrated digital platform a ° a ||
Slide 38: Secure Product Placement
| Secure Product Placement United States ~5,500 sites reimaged since program inception All eligible sites are mobile enabled Direct consumer engagement Extend participation retail value chain Europe Proven low-cost, high-volume model Reimaging and high-grading the JET brand Adding new sites in Germa
Slide 39: Financial Strategy
Phillips 66 Hea HOUSTON, TX PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Financial Strategy
Slide 40: Financial Strategy
| Financial Strategy Disciplined capital allocation Strong investment grade credit ratings Financial flexibility Secure, competitive and growing dividend Reduce debt as cash flow recovers Share repurchases at appropriate time = 40 PuLIPS
Slide 41: Financial Strength
a Financial Strength Flexibility to execute strategy through the cycle 42% 43% 27% 29% 50% 39% 39% Investment grade credit ratings 25% 25% + PSX: A3 (Moody’s), BBB+ (S&P) ana ny . oa * PSXP: Baa3 (Moody’s), BBB (S&P) 215 20.5 . ee 15.9 Opportunity to efficiently reduce debt na 64 10.1 11.2 . $6.7 B
Slide 42: Consolidated Debt and Liquidity
— Consolidated Debt and Liquidity Debt Maturity Profile as of March 31, 2021 mPSX Senior Notes ($B) PSX Term Loan |= PSX Revolving Credit Facility mPSXP Senior Notes |=PSXP Revolving Credit Facility 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Phillips 66, excluding PSXP $11.5 B
Slide 43: Adjusted EBITDA and Returns
Adjusted EBITDA and Returns Adjusted EBITDA ($B) | +s | jo | 5 . 16 7 18 19 Ps | 20 Adjusted ROCE (% After-Tax) Peer Avg 1% 5% as 16 7 18 19 20 See appendix for footnotes Adjusted Earnings ($ per share) 16 7 18 19 20 Peer ROCE 2018-2020 Average (% After-Tax) Peer Avg go 43 am Peers Refining Peers
Slide 44: Sustaining Refining & Marketing
Sustaining Midstream Refining & PSXP Marketing
Slide 45: Distributions
| Distributions Secure, competitive and growing dividend * 20% CAGR with nine increases!” Committed to shareholder distributions * Returned $2 B in 2020 through dividends and share repurchases * Repurchased / exchanged 34% of shares initially outstanding2 Returned over $28 B to shareholders through
Slide 46: Total Shareholder Return Since IPO
| Total Shareholder Return 2 Total Shareholder Return Since IPO Operating Excellence (%) PSX +245% 340% 300% mn le Growth 260% 220% 180% Returns Distributions 140% 100% 60% 20% -20% (oy) High-Performing Organization — “2v-2 May-13 May-14 May-15. May-16 May-17, May-18 May-I9. May-20 May-21 e5 46 Shar
Slide 47: Phillips 66 Partners
Phillips 66) hillips 66) renners —_ Phillips 66 Partners Spheres
Slide 48: Phillips 66 Partners ownership
As of December 31, 2020. Public also owns 13.8 MM convertible preferred units.
Slide 49: Phillips 66 Partners Assets Map
— Phillips 66 Partners Ferndale ill 3 ase leceasiteety PHILLIPS 66 PARTNERS ASSETS MAP LEGEND @ — Crude Terminal/Pipeline @ = Fractionator @ —NGL/LPG Terminal/Pipelixe --- NGL/LPG Pipeline in Progress VV __NGL/LPG Underground Storage Facility @ — Products Terminal/Pipeline gi) Refinery Shale Basin L
Slide 50: Financial Strength and Flexibility
— Phillips 66 Partners Financial Strength and Flexibility Maintain strong leverage and coverage ratios Adjusted EBITDA * Target up to 3.5x Debt / EBITDA ($B) is ; * Target greater than 1.2x coverage ratio 11 1. Investment grade credit rating 0.8 * BBB (S&P) 0.5 * Baa3 (Moody’s) || $750 MM revolving
Slide 51: Pipeline and Terminal Projects
Phillips 66 Partners Pipeline and Terminal Projects South Texas Gateway Terminal Completed two deep water docks with up to 800 MBD throughput capacity South Texas Gateway Terminal INGLESIDE, TX 8.6 MMB storage capacity completed in 1Q 2021 25% PSXP ownership C2G Pipeline New 16-inch ethane pipeline
Slide 52: Debt Profile
— Phillips 66 Partners Debt Profile Debt Maturity Profile as of March 31, 2021 |PSXP Revolving Credit Facility ($B) ™PSXP Senior Notes rot ; ! 0.8 ! 10.8) ||" of f 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 $3.9 B Total Debt $3.5 B Senior Notes, weighted-average cost of 3.81% $
Slide 53: Total Unitholder Return Since IPO
— Phillips 66 Partners Total Unitholder Return Since IPO (%) 300% 200% 100% PSXP = +132% 0% AMZ -27% “100% Jul-13 Jul-14 Jul-1S Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 May-21 Chart reflects total unitholder return from July 22, 2013, to May 7, 2021. Distributions assumed to be reinvested in units. PSXP c
Slide 54: Beaumont Terminal
Beaumont Terminal NEDERLAND, TX.
Slide 55: 2021 Sensitivities
| 2021 Sensitivities Annual EBITDA $MM Midstream - DCP (net to Phillips 66) 10¢/Gal Increase in NGL price 14 Chemicals - CPChem (net to Phillips 66) 1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 65 Worldwide Refining $1/BBL Increase in Gasoline Margin 350 $1/BBL Increase in Distillate
Slide 56: Value Chain
| 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 57: 2Q 2021 Outlook
— 2Q 2021 Outlook ee Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Market Conditions Refining turnaround expenses (pre-tax) $110 MM - $140 MM Corporate & Other costs (pre-tax) $240 MM - $250 MM
Slide 58: General
General Information disclosed is as of March 31, 2021, unless noted otherwise. Numbers may not appear to tie due to rounding. Chevron Phillips Chemical may be abbreviated as CPChem. Marketing and Specialties may be abbreviated as M&S. Date Conventions 20 is as of December 31, 2020, or the twelve-mon
Slide 59: Footnotes
Slide 6 Industry averages are from: Phillips 66 – American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical LLC (CPChem) – American Fuel & Petrochemical Manufacturers (AFPM) chemicals data, DCP Midstream, LLC (DCP Midstream) – Gas Processors Association (GPA). Phill
Slide 60: Footnotes
Slide 12 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 4
Slide 61: Reconciliation of Consolidated Earnings to Adjusted Earnings
Millions of Dollars Except as Indicated 2016 2017 2018 2019 2020 Reconciliation of Consolidated Earnings (Loss) to Adjusted Earnings (Loss) Consolidated Earnings (Loss) $ 1,555 5,106 5,595 3,076 (3,975) Pre-tax adjustments: Pending claims and settlements (117) (60) 21 (21) (37) Pension settlement ex
Slide 62: Reconciliation of Phillips 66 Net Income to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Reconciliation of Phillips 66 Net Income (Loss) to Adjusted EBITDA Phillips 66 net income (loss) $ 4,131 3,743 4,797 4,280 1,644 5,248 5,873 3,377 (3,714) Less: Income from discontinued operations 48 61 706 — — — — — — Plus: Income tax
Slide 63: Reconciliation of Midstream Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Reconciliation of Midstream Pre-Tax Income (Loss) to Adjusted EBITDA Midstream pre-tax income (loss) $ 88 750 851 147 402 638 1,181 684 (9) Plus: Interest revenue — — — — — (1) — — — Depreciation and amortization 83 88 91 127 215 299 3
Slide 64: Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA Chemicals pre-tax income $ 1,189 1,361 1,632 1,315 839 716 1,025 879 635 Plus: None — — — — — — — — — Chemicals EBITDA 1,189 1,361 1,632 1,315 839 716 1,025 879 635 Special
Slide 65: Reconciliation of Refining Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted EBITDA Refining pre-tax income (loss) $ 5,089 2,782 2,467 3,659 436 2,076 4,535 1,986 (6,155) Plus: Depreciation and amortization 655 685 704 738 769 821 840 854 879 Refining
Slide 66: Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 1,446 Plus: Interest revenue — — — (2) — — — — — Depreciation and amor
Slide 67: Reconciliation of Corporate & Other Pre-Tax Loss to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Reconciliation of Corporate & Other Pre-Tax Loss to Adjusted EBITDA Corporate and Other pre-tax loss $ (673) (694) (680) (729) (747) (895) (853) (804) (881) Plus: Net interest expense 231 258 246 285 321 408 459 415 485 Depreciation an
Slide 68: Reconciliation of DCP Midstream Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2016 2017 2018 2019 2020 Reconciliation of DCP Midstream Pre-Tax Income (Loss) to Adjusted EBITDA DCP Midstream pre-tax income (loss) $ (34) 76 106 (784) (958) Plus: None — — — — — DCP Midstream EBITDA (34) 76 106 (784) (958) Special Item Adjustments (pre-tax): Pending claims and
Slide 69: Phillips 66 Partners Reconciliation to Net Income
Millions of Dollars 2016 2017 2018 2019 2020 Phillips 66 Partners Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Income Net income attributable to the Partnership $ 301 461 796 923 791 Plus: Net income attributable to Predecessors 107 63 — — — Net income attributable to noncont
Slide 70: Phillips 66 Partners Reconciliation to Net Cash
Millions of Dollars 2016 2017 2018 2019 2020 Phillips 66 Partners Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Cash Provided by Operating Activities Net cash provided by operating activities* $ 492 724 892 1,016 955 Plus: Net interest expense 52 99 114 105 120 Income tax expe
Slide 71: Phillips 66 Capital Expenditures and Investments
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Phillips 66 Capital Expenditures and Investments Midstream Growth $ 548 429 2,021 2,801 1,267 597 1,360 1,605 1,470 Sustaining 159 168 152 1,656 186 174 188 264 216 Total 707 597 2,173 4,457 1,453 771 1,548 1,869 1,686 Refining Growth
Slide 72: Proportional Share of Select Equity Affiliates
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Proportional Share of Select Equity Affiliates Capital Expenditures and Investments* DCP Midstream (Midstream) $ 1,324 971 776 438 99 268 484 472 119 CPChem (Chemicals) Growth 239 403 726 1,136 743 571 131 155 104 Sustaining 132 210 16
Slide 73: Total Debt
Millions of Dollars Except as Indicated Debt-to-Capital Debt-to-Capital Ratio Total Debt Total Equity Ratio March 31, 2021 Phillips 66 Consolidated $ 15,422 20,457 43 % PSXP* 3,944 2,447 Phillips 66 Excluding PSXP $ 11,478 18,010 39 % December 31, 2020 Phillips 66 Consolidated $ 15,893 21,523 42 % P
Slide 74: Phillips 66 ROCE Numerator
Millions of Dollars (Except as Indicated) 2016 2017 2018 2019 2020 Phillips 66 ROCE Numerator Net income (loss) $ 1,644 5,248 5,873 3,377 (3,714) After-tax interest expense 220 285 398 362 394 GAAP ROCE earnings (loss) 1,864 5,533 6,271 3,739 (3,320) Special items (57) (2,837) (51) 581 3,598 Adjuste