TIM TAYLOR · lubricant blending plants. 18,000+ pipeline miles 10,000+ rail cars . 115 MBD NGL fractionated . 50/50 DCP JV

$Page 1: TIM TAYLOR · lubricant blending plants. 18,000+ pipeline miles 10,000+ rail cars . 115 MBD NGL fractionated . 50/50 DCP JV$
TIM TAYLOR EVP, Commercial, Marketing, Transportation and Business Development

Executing Growth

Delivering Returns

22

Global Portfolio

Midstream Chemicals

50/50 CPChem JV

35 manufacturing facilities 33.1 BLbs/y petrochemical and

product capacity

Marketing & Specialties

10,000+ global outlets

2,158 MBD marketing petroleum products sales 5 lubricant blending plants

18,000+ pipeline miles

10,000+ rail cars 115 MBD NGL fractionated

50/50 DCP JV

Refining

15 refineries 410 MBD export capacity

65% light-medium crudes

2,246 MBD crude capacity

See appendix for footnotes.

Value Chains

23

Crude pipelines, marine and rail

Crude production

Well Head

Pipelines and terminals

Refineries

Gas production

NGL and natural gas G&P

Fractionation and storage

LPG markets

Refined product markets

Petrochemicals

1.5

2.2

2.9 3.4

2013 2014E 2015E 2016E

Midstream Portfolio

24

NGL Pipelines and fractionation Export terminals

Transportation Crude and product pipelines Terminals and storage Rail, marine and trucks

DCP Midstream Gathering and processing Pipelines and fractionation

Capital Program $B

Chart reflects 100% Phillips 66 Midstream capital expenditures plus 50% of DCP Midstream capital expenditures.

NGL Growth

25

Sweeny Fractionator I 2015

Freeport LPG Export Terminal

2016

Future investments Fractionators Condensate splitters Pipelines

2017+

Transportation

26

0.4

0.5

0.2

0.4

2013 2014E

EBITDA CapEx

EBITDA and CapEx $B

Crude oil logistics

Rail cars

Jones Act ships

Refined product exports

Transportation EBITDA includes noncontrolling interests.

Transportation – Midcon Region

27

Current Capacity (MBD)

Crude Pipelines 30 – 140

Products Pipelines 10 – 130

Terminals 10 – 78

Transportation – Rockies Region

28




Terminals 10 – 41

29

Transportation – West Coast Region



Products Pipeline 26

Terminals 13 – 28


Terminals 17 – 33

Transportation – Gulf Coast Region

30




Terminals 16

Transportation – Rail and Marine

31

Bakersfield, CA

Casper, WY

Clatskanie, OR

Hardisty, AB

Stampede, ND

Albany, NY

Berthold, ND

Chicago, IL Philadelphia, PA

Rail

Rail Crude Rack

Waterborne

Enhancing logistics optionality

2 Jones Act ships

14 crude barges

Freeport crude loading

Increasing crude rail capability

5 rail unloading facilities

1,200 additional rail cars


0.5

~1.5

2013Midstreamexcluding

DCP

Frac ILPG Export

Terminal

Refininglogistics

OtherMidstream

growth

2017E

Midstream and Refining Logistics

32

EBITDA $B

NGL fractionators and pipelines

Crude and product pipelines

Terminals and storage

Truck and rail

2013 Midstream EBITDA includes noncontrolling interests.

Phillips 66 Partners

33

IPO in July 2013

Phillips 66 ownership

73% LP interest

2% GP interest

Top-quartile distribution growth

$700 MM acquisition in March 2014

$140 - 145 MM annualized EBITDA


Phillips 66 Partners Unlocks Value

34

Value uplift for existing portfolio Provides advantaged capital for Midstream growth Increases financial flexibility

Enterprise Value $B

0.9

~3.7

PSX Multiple~6x (consensus)

PSXP LP Multiple~26x (actual)

PSX Ownership

Public

DCP Midstream Financials

35

1.2 1.3

1.5 1.6

2013 2014E 2015E 2016E

EBITDA $B ~$2 B capex total in execution

~$4-6 B self-funded capital program from 2014 – 2016

Goliad In Service

Front Range In Service

O’Connor Plant Expansion In Service

National Helium Plant Expansion 2Q 2014

Keathley Canyon Connector 4Q 2014

New Plants (North and Permian) 2015

Chart reflects 100% DCP Midstream assuming commodity-neutral growth and includes noncontrolling interests.

DCP Midstream Executing Growth

2010 2016E

36

Growth CapEx ~$8 B

~$8 B Assets $16 B+

58 No. of plants 70+

5.1 Processing

volume (BCFD)

6.2+

369 NGL production (MBD)

525+

~1,400 NGL pipeline miles

3,000+ Midstream logistics services leader

2010 2016E

Top-tier gatherer and processor


Chart reflects 100% of CPChem capital expenditures.

1.2

2.1

2.6

2.0

2013 2014E 2015E 2016E

Capital Program $B

Chemicals – Chevron Phillips Chemical Company

37

Market leader

Largest global HDPE producer

2nd largest global alpha olefins producer

4th largest N.A. ethylene producer

Highest returns amongst peer group

Self-funded capital program

Chemicals – CPChem Portfolio

38

50/50 JV with Chevron 11 joint ventures

2 research facilities Sales into 139 countries

2013 Income Before Taxes from Continuing Operations

Total Net Capacity 2013

SA&S

O&P

SA&S

O&P

Int’l

U.S.

1-Hexene Unit 250 kMTA

Sweeny Ethylene 90 kMTA

USGC Petrochemicals 1,500 kMTA (ethylene)

1,000 kMTA (polyethylene)

Chemicals – CPChem Growth Plans

39

2013 2014 2015 2016 2017

Capacity growth 36% U.S. O&P

Estimated growth spending $6.5 – 7 B

Estimated EBITDA generated $1.3 – 1.6 B/year 2017+ NAO Expansion

~100 kMTA

Estimated capital expenditures and EBITDA figures are 100% CPChem. Estimated EBITDA based on 2012 industry margins.

1.2 1.1 1.2 1.2

2013 2014E 2015E 2016E

Refining

40

Germany

Ireland United

Kingdom

Malaysia

Capital Program $B

15 refineries worldwide – 2.2 MMBD crude capacity

Refining Crude Mix

41

Light/ Medium

Heavy Atlantic Basin Central Corridor

Gulf Coast Western Pacific Worldwide


Improving Refining Returns

42

Increasing advantaged crude

Improving yields

Expanding export capacity

Managing costs

11% 15%

5-Yr Avg Adv Crude Yields &Exports

Costs 2018E

Constant Crack Spreads ROCE Improvement

Current 2016E

Capturing Advantaged Crude

43

U.S. Refining Crudes %

WTI/WTS

Heavy

Canadian

Other Light/Medium

Brent


Improving Yields

44

Distillate yield of 41%

Additional improvements

LPG recovery

Technology enhancements

Product optimization

Clean product yield of 85%

East East

Gulf Gulf

West

West

2013 2016E

Growing Exports

45

Export Capacity MBD

410

550

Marketing and Specialties

46

U.S. Marketing

Ensure refinery placement

International Marketing

Retail growth in Europe

Specialties

Selective Lubricants growth

0.2

0.1 0.1 0.1

2013 2014E 2015E 2016E

CapEx $B

Commercial

47

Minimize feedstock costs

Optimize product channel of trade

Capture market opportunities

Ensure compliance

2014 Initiatives

48

Midstream Creating logistics optionality Expanding pipelines Increasing rail capability Advancing Sweeny Hub

Refining Investing in advantaged crude Growing export capacity

Chemicals Advancing USGC projects

GREG MAXWELL Executive Vice President, Finance and Chief Financial Officer

Financial Update

Financial Strategy

50

Dividends and capital funding

Double-digit dividend growth rate

Share repurchase program

PSXP as additional funding source

Investment-grade credit ratings

$76.65

51

3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 12

$2 B Share Repurchase Authorized




Completed PSXP IPO

25% Dividend Increase


PSX Begins Trading

$700 MM PSXP

Acquisition


$32.76

Shareholder Return Growth

6% PSXP Distribution

Increase

PSX Stock Price

PSPI $1.4 B Exchange


19.0

8.0

22.4

6.2

23.8

6.4

Capital Structure

52

2Q 2012 2013 2014E

Equity ($B) Debt ($B) PSXP ($B) Debt-to-Capital (%)

20% - 30%

6.0

5.1

2013 2014E

Funding Growth

53

Consensus Cash from Operations $B

Capital Allocation $B

4.8

6.1

1.8

2.7

2013 2014E

Cash Distributions Growth & Investment CapExSustaining CapEx Consolidated CapEx Total

3.7

4.6

5.7 6.0

2013 2014E 2015E 2016E

Capital Program

54

Growth Capital $12 B Total Capital Program $B

CPChem Midstream DCP WRB Sustaining

2014E – 2016E

M&S Refining


625 566

(42) (17)

April2012

ShareRepurchases

Net ofIssuances

PSPIExchange

March2014E

$BEstimate

Share Repurchases

Net of Issuances

Shareholder Distributions

55

Dividend Growth ¢/share

Phillips 66 Common Stock MM shares

20

39

5.00

6.25

7.75

Q3 2012 Q4 2012 Q1 2013 Q4 2013 Q1 2014

95% growth vs. 50% peer average

PSPI Exchange

3.2

1.4

4.6

Common Shares See appendix for footnotes.

Cash from Operations is based on analysts’ consensus.

56

Sources and Uses of Cash

5.4 5.2

5.1

(2.7)

(3.4)

0.8

BeginningCash

Jan 1, 2014

Cashfrom

Operations

CapitalExpenditures

Distributions Other EndingCash

Dec 31, 2014

2014 Outlook $B

5.4

10.6 10.5

4.5 0.7

(0.1)

Cash RevolverFacility

ReceivableSecuritization

Facility

TotalCommittedLiquidity

Letters ofCreditIssued

AvailableCommittedLiquidity

0.8 1.5 2.1 1.5

0.7

4.5

2015 2016 2017 2018 2019-22 2023-50

Undrawn Revolving Credit FacilityUndrawn Receivables Securitization FacilityBonds

Debt Maturity Profile $B

Debt and Liquidity

57

Liquidity $B


Phillips 66 Partners Financial Strategy

58

Investment-grade credit rating

Target 3.0x debt / EBITDA

Top-quartile distributions

Annual coverage ratio 1.1x

Support Phillips 66 Midstream growth

28 29

2013 2014E

59

Financial Performance

Average Capital Employed $B

13.7% $3.6 B

$5.89/share

ROCE

Earnings

EPS

13.7% $4.2 B

$7.20/share

Consensus Adjusted

M&S Refining

Corporate

Chemicals

Midstream

Average Capital Employed by Segment 2014E

Strategic Focus

60

Ensure investment-grade credit ratings

Fund capital program

Increase distributions

Deliver leading total shareholder return

Compelling Investment

61

Shareholder returns

Unique portfolio

EBITDA growth

Disciplined capital allocation

Multiple expansion

-20%

20%

60%

100%

140%

May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14

PSX +142%

S&P 100 +33%


2014 Analyst Meeting April 10, 2014 New York, N.Y.

Appendix

63

Crude and Product Pipelines

Terminals and Storage

NGL and NGL Pipelines

Truck and Rail

Phillips 66 Midstream and Refining Logistics

• 4,100 miles of crude pipelines with ~1,200 MBD capacity • 6,600 miles of product pipelines with ~1,000 MBD capacity • 25% interest in REX natural gas pipeline with 1.8 BCFD capacity

• 33 finished product terminals with ~10 MMBbls storage capacity • 12 crude terminals with 5 MMBbls storage capacity • 5 LPG terminals • 1 coke export facility • ~60 MMBbls refinery tankage

• 3 fractionators with 102 MBD capacity • 33% interest in Sand Hills and Southern Hills pipelines with 375 MBD capacity

• 8,800 owned and leased rail cars • 2,100 crude; 2,100 general service; 2,400 high pressure; 2,200 hoppers • Additional 1,200 newly constructed rail cars for crude service • 17 rail racks in service of Refining, Transportation, and Lubricants • Sentinel trucking venture with 300+ trucks

NGL fractionation capacity of 102 MBD does not include Phillips 66’s 50% share of Borger’s NGL fractionation capacity.

402 500 525

2012 2014E 2016E

5.3 5.9 6.2

2012 2014E 2016E

DCP Midstream Regional Growth

64

2013 NGL Production

MBD

Processing Capacity

BCFD

CapEx 2014E-2016E

$B

Permian ~130 1.4 1.0 - 1.5

South ~130 3.2 .50 - 1.0

North ~ 49 0.9 1.0 - 1.5

Midcon ~120 2.0 .75 - 1.0

Logistics N/A N/A .75 - 1.0

Plant Throughput Volume BCFD

NGL Production MBD

Footnotes

Slide 3 Injury statistics do not include major projects. Industry Averages are from: Phillips 66 – American Fuel & Petrochemical Manufacturers (AFPM) refining data, CPChem – American Chemistry Council (XCC), DCP – Gas Processors Association (GPA). Slide 4 Refining capacity utilization data excludes Wilhelmshaven and Trainer; costs include discontinued operations. Slide 5 Phillips 66 closing stock price May 1, 2012 to March 28, 2014. Slide 7 Source: Historical – EIA, Forecast – Industry Consultants (production), Phillips 66 internal analysis (demand). Slide 8 Source: U.S. Ethane Historical – EIA; U.S. Ethane Forecast – Industry Consultants (production), Phillips 66 internal analysis (demand); Ethylene Production Cost Curve – Wood Mackenzie 2012 estimated data using Brent Crude $112/bbl and Henry Hub $3/mmbtu. Slide 9 Both charts include crude and condensate. Source: Historical – EIA/CAPP; Forecast – Phillips 66 internal analysis. Slide 11 Both charts exclude Corporate and include Phillips 66’s share of DCP, CPChem and WRB capital employed. See non-GAAP reconciliations.

65

Footnotes

Slide 14 70% of capital program invested in growth based on 2014E – 2016E. Capital program in total and the “sustaining” category include Phillips 66 proportionate share of DCP, CPChem and WRB, each of which is expected to be self-funding. All periods include capital leases. Slide 15 Chart reflects total unit holder return July 23, 2013 to March 28, 2014. Phillips 66 Partners dividends assumed to be reinvested in units on payment date. Source: Bloomberg. Slide 16 Data reflects 2013 Return on Capital Employed (ROCE). To facilitate peer comparison, Phillips 66’s Refining and Marketing & Specialties segments were combined for the Refining and M&S ROCE calculation. Refining and M&S ROCE for MPC, VLO, TSO are total company. Refining and M&S ROCE for CVX estimated based on excluding Chemicals. XOM Chem refers to Exxon Mobil’s Chemicals segment. Slide 17 Chart reflects total shareholder return May 1, 2012 to March 28, 2014. Phillips 66 dividends assumed to be reinvested in stock on payment date. Slide 22 Midstream list excludes DCP metrics; Chemicals includes CPChem equity interest joint ventures; Refining includes equity interest joint ventures. Rail car count includes 1,200 rail cars managed for CPChem.

66

Footnotes

Slide 31 Five crude rail unloading facilities includes Santa Maria, for which construction has not yet begun. Slide 34 Phillips 66 ownership consists of ~75% of the total LP and GP units; Phillips 66 multiple of 6x is based on consensus; Phillips 66 Partners multiple is based on actuals as of 3/28/2014. Slide 36 NGL pipeline miles reflect partial ownership. Slide 41 Heavy: API<28 and Sulfur >0.50wt%; Light/Medium: API>28 with Sulfur >0.50wt%. Slide 43 Current refers to 2014 YTD through February 28, 2014. Slide 51 Phillips 66 closing stock price May 1, 2012 to March 28, 2014. Slide 54 Capital program in total and the “sustaining” category include Phillips 66 proportionate share of DCP, CPChem and WRB, each of which is expected to be self-funding. Slide 55 Peer average includes DOW, MPC, TSO and VLO.

67

Footnotes

Slide 57 Charts are as of Dec. 31, 2013. Debt maturity profile excludes capital leases. Slide 61 Chart reflects total shareholder return May 1, 2012 to March 28, 2014. Phillips 66 dividends assumed to be reinvested in stock on payment date.

68

2014 Sensitivities

69

Net Income $MMMidstream

1¢/Gal Increase in NGL price 4 10¢/MMBtu Increase in Natural Gas price 2 $1/BBL Increase in WTI price 2

Chemicals1¢/Lb Increase in Olefins Chain Margin (Ethylene, Polyethylene, NAO) 35

Worldwide Refining (assuming 94% refining utilization)$1/BBL Increase in Refining Margin 440

Impacts due to Actual Crude Feedstock Differing from Feedstock Assumed in Market Indicators:$1/BBL Widening LLS / Maya Differential (LLS less Maya) 50 $1/BBL Widening WTI / WCS Differential (WTI less WCS) 40 $1/BBL Widening WTI / WTS Differential (WTI less WTS) 15 $1/BBL Widening LLS / WCS Differential (LLS less WCS) 10 $1/BBL Widening ANS / WCS Differential (ANS less WCS) 10

$0.10/MMBtu Increase in Natural Gas price (10)

Sensitivities shown above are independent and are only valid within a limited price range.

2014 Guidance

70

After-Tax Corporate Segment Net Income Losses $0.4 B

Pre-Tax Turnaround Costs $0.4 B

Pre-Tax Depreciation and Amortization Expense $1.0 B

Effective Tax Rate Mid-30's

Capital Program

71

Years Ended December 31 2013 2014E 2015E 2016ECapital Expenditures and Investments*ConsolidatedMidstream

Transportation 226$ 388 385 400 NGL 302 1,029 2,027 2,537

528$ 1,417 2,412 2,937 Chemicals - - - - Refining 1,066 1,002 1,032 1,067 Marketing and Specialties 226 126 123 125 Corporate 150 136 214 224

1,970$ 2,681 3,781 4,353

Selected Equity AffiliatesDCP 971$ 750 500 454 CPChem 613 1,046 1,301 979 WRB 109 145 165 175

1,693$ 1,941 1,966 1,608

Capital Program**Midstream

Transportation 226$ 388 385 400 DCP 971 750 500 454 NGL 302 1,029 2,027 2,537

1,499$ 2,167 2,912 3,391 Chemicals 613 1,046 1,301 979 Refining 1,175 1,147 1,197 1,242 Marketing and Specialties 226 126 123 125 Corporate 150 136 214 224

3,663$ 4,622 5,747 5,961 *Includes non-cash capital leases of $191 million in 2013.**Includes Phillips 66's share of capital spending by DCP, CPChem and WRB, which are expected to be self-funded.

Millions of Dollars

Capital Program

72

Years Ended December 31 2013 2014E 2015E 2016E Years Ended December 31 2013 2014E 2015E 2016EGrowth Capital Sustaining Capital*Consolidated ConsolidatedMidstream Midstream

Transportation 76$ 238 235 250 Transportation 150$ 150 150 150 NGL 301 1,024 2,021 2,533 NGL 1 5 6 4

377$ 1,262 2,256 2,783 151$ 155 156 154 Chemicals - - - - Chemicals - - - - Refining 216 268 289 290 Refining 850 734 743 777 Marketing and Specialties 140 65 68 74 Marketing and Specialties 86 61 55 51 Corporate 11 12 14 12 Corporate 139 124 200 212

744$ 1,607 2,627 3,159 1,226$ 1,074 1,154 1,194

Selected Equity Affiliates Selected Equity AffiliatesDCP 849$ 600 349 299 DCP 122$ 150 151 155 CPChem 354 852 1,115 837 CPChem 259 194 186 142 WRB 18 28 52 41 WRB 91 117 113 134

1,221$ 1,480 1,516 1,177 472$ 461 450 431

Growth Capital Program** Sustaining Capital Program**Midstream Midstream

Transportation 76$ 238 235 250 Transportation 150$ 150 150 150 DCP 849 600 349 299 DCP 122 150 151 155 NGL 301 1,024 2,021 2,533 NGL 1 5 6 4

1,226$ 1,862 2,605 3,082 273$ 305 307 309 Chemicals 354 852 1,115 837 Chemicals 259 194 186 142 Refining 234 296 341 331 Refining 941 851 856 911 Marketing and Specialties 140 65 68 74 Marketing and Specialties 86 61 55 51 Corporate 11 12 14 12 Corporate 139 124 200 212

1,965$ 3,087 4,143 4,336 1,698$ 1,535 1,604 1,625

*Includes non-cash capital leases of $191 million in 2013.

**Includes Phillips 66's share of capital spending by DCP, CPChem and WRB, which are expected to be self-funded.

Millions of Dollars Millions of Dollars

Non-GAAP Reconciliations

73

Use of Non-GAAP Financial Information – This presentation includes the terms adjusted earnings, adjusted earnings per share, EBITDA and return on capital employed. These are non-GAAP financial measures. Adjusted earnings, adjusted earnings per share, EBITDA and return on capital employed are included to help facilitate comparisons of company operating performance across periods. References in the presentation to earnings refer to net income attributable to Phillips 66.


74

Average Capital

Employed in Millions of

Dollars

Percent of Average Capital

EmployedReconciliation of Capital Employed*MidstreamGAAP Average Capital Employed 3,158$ 13%Plus:

Proportional share of select equity affiliates debt 2,414 Midstream Adjusted Average Capital Employed 5,572$ 18%

ChemicalsGAAP Average Capital Employed 3,823$ 16%Plus:

Proportional share of equity affiliates debt 1,062 Chemicals Adjusted Average Capital Employed 4,885$ 16%

RefiningGAAP Average Capital Employed 14,252$ 59%Plus:

Basis difference of select equity affiliates 2,973 Proportional share of select equity affiliates debt 13

Refining Adjusted Average Capital Employed 17,238$ 56%

Marketing and Specialties GAAP Average Capital Employed 2,882$ 12%Marketing and Specialties Adjusted Average Capital Employed 2,882$ 10%*Total equity plus debt.

2013


75

Average Capital

Employed in Millions of

Dollars


Employed

Average Capital

Employed in Millions of Dollars


EmployedReconciliation of Capital Employed*North America Middle EastGAAP Average Capital Employed GAAP Average Capital Employed

Midstream 3,158 Chemicals 1,287 Chemicals 2,318 Refining - Refining 11,886 Middle East GAAP Average Capital Employed 1,287 5%Marketing and Specialties 2,156 Plus:Corporate 3,857 Proportional share of select equity affiliates debt 1,032 Discontinued operations 191 Middle East Adjusted Average Capital Employed 2,319 8%

North America GAAP Average Capital Employed 23,566 84%Plus: Asia

Basis difference of select equity affiliates 2,973 GAAP Average Capital EmployedProportional share of select equity affiliates debt 2,433 Chemicals 52

Less: Refining 618 Corporate 3,857 Asia GAAP Average Capital Employed 670 2%Discontinued operations 191 Plus:

North America Adjusted Average Capital Employed 24,924 81% Proportional share of select equity affiliates debt 24 Asia Adjusted Average Capital Employed 694 2%

Europe *Total equity plus debt.GAAP Average Capital Employed

Chemicals 166 Refining 1,748 Marketing and Specialties 726

Europe GAAP Average Capital Employed 2,640 9%Europe Adjusted Average Capital Employed 2,640 9%

2013 2013


76

Midstream ChemicalsRefining

and M&SNumeratorNet income 486$ 986 2,641

After-tax interest expense - - - GAAP ROCE earnings 486 986 2,641

Special items - - (22) Adjusted ROCE earnings 486$ 986 2,619

DenominatorGAAP average capital employed* 3,158$ 3,823 17,134

Adjusted ROCE (percent) 15% 26 15GAAP ROCE (percent) 15% 26 15*Total equity plus debt.

Millions of DollarsYear Ended December 31, 2013


77

Millions of DollarsFirst Year

Sweeny Fractionator and Freeport Export FacilityEstimated net income 210$

Plus:Estimated income taxes 135Estimated net interest expense 5Estimated depreciation and amortization 140

Estimated EBITDA 490$


78

Years Ended December 31 2013 2014ETransportationNet Income Attributable to Phillips 66 200$ 222

Plus:Net income attributable to noncontrolling interests 17 41 Income taxes 110 148 Depreciation and amortization 86 83

EBITDA* 413$ 494 *Includes noncontrolling interests.

Millions of Dollars


79

Millions of DollarsYear Ended December 31 2013Transportation and NGLNet Income Attributable to Phillips 66 259$

Plus:Net income attributable to noncontrolling interests 17 Income taxes 143 Depreciation and amortization 88

EBITDA* 507$ *Includes noncontrolling interests.

Midstream and Refining Logistics forecasts were derived on an EBITDA-only basis. Accordingly, elements of net income including tax and depreciation information are not available. Together, these items generally result in a significant uplift in EBITDA over net income.


80

Millions of DollarsYears Ended December 31 2014EPhillips 66 Partners LPNet Income $ 119.0 - 124.0Plus:

Depreciation 15.0 Net interest expense 5.4 Amortization of deferred rentals 0.4 Provision for income taxes 0.4

EBITDA $ 140.2 - 145.2


81

Years Ended December 31 2013 2014E 2015E 2016E100% DCP MidstreamNet Income Attributable to Members' Interest 491$ 510 545 555

Plus:Net income attributable to noncontrolling interests 93 135 245 255 Income taxes 10 10 10 10 Net interest expense 249 315 330 345 Depreciation and amortization 314 360 405 430

EBITDA* 1,157$ 1,330 1,535 1,595 *Includes noncontrolling interests.

Millions of Dollars


82

Low High100% CPChem Incremental Project Earnings ProjectionsEstimated incremental net income 1,000$ 1,313

Plus:Estimated income taxes 20 27 Estimated net interest expense - - Estimated depreciation 280 260

Estimated EBITDA 1,300$ 1,600

Millions of Dollars


83

Millions of DollarsExcept as Indicated

Years Ended December 31 5-Year Average

Refining - ROCENumerator Average 2009 - 2013 net income 1,103$ After-tax interest expense - GAAP ROCE earnings 1,103 Special Items 452 Adjusted ROCE earnings 1,555$

DenominatorGAAP average capital employed* 14,252$

Adjusted ROCE (percent) 11%GAAP ROCE (percent) 8%*2013 average total equity plus debt.


84

Millions of DollarsYear Ended December 31 2013

Net Income Attributable to Phillips 66 3,726$

Adjustments:Net gain on asset sales (23) Exit of business line 34 Tax law impacts (17) Pending claims and settlements (16)

Discontinued operations (61)

Adjusted Net Income Attributable to Phillips 66 3,643$

Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars) 6.02$

Adjusted Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars) 5.89$


85

Millions of DollarsExcept as Indicated

Year Ended December 31 2013Phillips 66 - ROCENumerator Net Income 3,743$ After-tax interest expense 178 GAAP ROCE earnings 3,921 Special Items (83)Adjusted ROCE earnings 3,838$

DenominatorGAAP average capital employed* 28,163$ Discontinued Operations (191) Adjusted average capital employed* 27,972$

Adjusted ROCE (percent) 13.7%GAAP ROCE (percent) 13.9%*Total equity plus debt.

Millions of DollarsYears Ended December 31 5-Year AverageMarketing and SpecialtiesNet Income Attributable to Phillips 66 558$

Income taxes 343 Net interest expense (23) Depreciation and amortization 135 Average 2009 - 2013 EBITDA 1,013$

Documents

TIM TAYLOR · lubricant blending plants. 18,000+ pipeline miles 10,000+ rail cars . 115 MBD NGL fractionated . 50/50 DCP JV