Fourth Quarter
- Reported a fourth-quarter loss of $539 million or $1.23 per
share; adjusted loss of $507 million or $1.16 per share
- Generated operating cash flow of $639 million
- Completed Sweeny Hub Phase 2 expansion and the fourth dock at
Beaumont Terminal
- Commissioned second dock and additional storage at South Texas
Gateway Terminal
- Operated at 101% O&P utilization in Chemicals
- Announced 2021 capital budget of $1.7 billion, including
Phillips 66 Partners
Full-Year 2020
- Achieved record safety and environmental performance
- Generated $2.1 billion of operating cash flow
- Responded rapidly to COVID-19 conditions; exceeded $500 million
cost and $700 million capital reduction targets
- Completed major growth projects, including Gray Oak Pipeline
and Sweeny Hub Phase 2 expansion
- Announced San Francisco Refinery conversion into renewable
fuels facility
Phillips 66 (NYSE: PSX), a diversified energy manufacturing and
logistics company, announces a fourth-quarter 2020 loss of $539
million, compared with a loss of $799 million in the third quarter
of 2020. Excluding special items of $32 million, the company had an
adjusted loss of $507 million in the fourth quarter, compared with
a third-quarter adjusted loss of $1 million.
“2020 was a year of unprecedented challenges,” said Greg
Garland, chairman and CEO of Phillips 66. “We took early, decisive
steps to reduce costs and capital spending, secure additional
liquidity and suspend share repurchases. These actions, combined
with cash flow generation from our diversified portfolio, provided
us with financial flexibility to maintain our strong investment
grade credit ratings and sustain the dividend. We are focused on
the health and safety of our employees, their families and our
communities as we deliver products that are essential to the global
economy.
“During the year, we reached major Midstream growth project
milestones. We completed the Gray Oak Pipeline, our largest
pipeline project to date. Gray Oak connects to the South Texas
Gateway Terminal, which began crude oil export operations across
two new docks. At the Sweeny Hub, we finished the Phase 2
expansion, adding two fractionators and storage capacity at Clemens
Caverns. At Beaumont, the fourth dock began operations, and 2.2
million barrels of crude oil storage were placed into service.
“CPChem polyethylene sales volumes set a new record in 2020,
meeting global consumer demand, including for food packaging and
medical supplies. In Refining, we announced the Rodeo Renewed
project to meet the growing demand for renewable energy. Marketing
and Specialties reported one of its strongest financial
performances.
“In 2020, our employees delivered exceptional operating
performance, achieving record results in personal safety, process
safety and environmental performance. We also advanced our digital
transformation efforts, fostered innovation across our company and
implemented new technologies, including digital systems for work
processes and artificial intelligence to predict maintenance
requirements and optimize processing unit performance.
“Looking ahead, we are optimistic about the impact of the
COVID-19 vaccines on the economic recovery, as well as
opportunities for value creation across our portfolio, including
investments in a lower-carbon future. We remain committed to
disciplined capital allocation and a strong balance sheet.”
Midstream
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q4 2020
Q3 2020
Q4 2020
Q3 2020
Transportation
$
97
(3)
196
202
NGL and Other
85
99
86
102
DCP Midstream
41
50
41
50
Midstream
$
223
146
323
354
Midstream fourth-quarter pre-tax income was $223 million,
compared with $146 million in the third quarter. Midstream results
in the fourth quarter included $96 million of impairments related
to Phillips 66 Partners’ investments in two crude oil logistics
joint ventures, as well as $3 million of hurricane-related costs
and $1 million of pension settlement expense. Third-quarter results
included a $120 million impairment of pipeline and terminal assets
related to the planned conversion of the San Francisco Refinery to
a renewable fuels facility, an $84 million impairment related to
the cancellation of the Red Oak Pipeline project, $3 million of
pension settlement expense and $1 million of hurricane-related
costs.
Transportation fourth-quarter adjusted pre-tax income of $196
million was $6 million lower than the third quarter. The decrease
was primarily due to lower pipeline and terminal volumes, driven by
decreased refinery utilization, partially offset by higher equity
earnings from improved Bakken Pipeline volumes.
NGL and Other adjusted pre-tax income was $86 million in the
fourth quarter, compared with $102 million in the third quarter.
The decrease was mainly due to lower equity earnings, as well as
reduced propane and butane trading results, partially offset by
higher fractionation volumes, reflecting the ramp-up of Sweeny
Fracs 2 and 3.
The company’s equity investment in DCP Midstream, LLC generated
fourth-quarter adjusted pre-tax income of $41 million, a $9 million
decrease from the prior quarter, mainly reflecting lower Sand Hills
Pipeline equity earnings and timing of maintenance costs.
Chemicals
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q4 2020
Q3 2020
Q4 2020
Q3 2020
Olefins and Polyolefins
$
204
241
216
148
Specialties, Aromatics and Styrenics
15
11
13
5
Other
(26)
(21)
(26)
(21)
Chemicals
$
193
231
203
132
The Chemicals segment reflects Phillips 66’s equity investment
in Chevron Phillips Chemical Company LLC (CPChem). Chemicals’
fourth-quarter 2020 pre-tax income was $193 million, compared with
$231 million in the third quarter of 2020. Chemicals results in the
fourth quarter included reductions to equity earnings of $21
million for pension settlement expense and $1 million of
hurricane-related costs, partially offset by a $12 million benefit
from lower-of-cost-or-market inventory adjustments. Third-quarter
results included a $101 million benefit to equity earnings from
lower-of-cost-or-market inventory adjustments, partially offset by
$2 million of hurricane-related costs.
CPChem’s Olefins and Polyolefins (O&P) business contributed
$216 million of adjusted pre-tax income in the fourth quarter of
2020, compared with $148 million in the third quarter. The $68
million increase was primarily due to higher polyethylene margins,
partially offset by higher turnaround and maintenance costs. Global
O&P utilization was 101% for the quarter.
CPChem’s Specialties, Aromatics and Styrenics (SA&S)
business contributed fourth-quarter adjusted pre-tax income of $13
million, compared with $5 million in the third quarter. The
increase primarily reflects higher earnings from international
equity affiliates due to improved margins.
Refining
Millions of Dollars
Pre-Tax Loss
Adjusted Pre-Tax Loss
Q4 2020
Q3 2020
Q4 2020
Q3 2020
Refining
$
(1,113)
(1,903)
(1,094)
(970)
Refining had a fourth-quarter pre-tax loss of $1.1 billion,
compared with a pre-tax loss of $1.9 billion in the third quarter.
Refining results in the fourth quarter included $22 million of
hurricane-related costs and $3 million of pension settlement
expense, partially offset by $6 million of favorable U.K. R&D
credits. Third-quarter results included a $910 million impairment
related to the planned conversion of the San Francisco Refinery to
a renewable fuels facility, $12 million of pension settlement
expense and $11 million of hurricane-related costs.
Refining had an adjusted pre-tax loss of $1.1 billion in the
fourth quarter of 2020, compared with an adjusted pre-tax loss of
$970 million in the third quarter of 2020. Both periods reflect the
continued impact of challenging market conditions. The decreased
results in the fourth quarter were largely driven by higher
turnaround and maintenance activity.
Pre-tax turnaround costs for the fourth quarter were $76
million, compared with third-quarter costs of $41 million. Phillips
66’s worldwide crude utilization rate was 69% in the fourth
quarter, down from 77% in the third quarter. Clean product yield
was 86% in the fourth quarter.
Marketing and Specialties
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q4 2020
Q3 2020
Q4 2020
Q3 2020
Marketing and Other
$
180
365
181
366
Specialties
52
50
40
51
Marketing and Specialties
$
232
415
221
417
Marketing and Specialties (M&S) fourth-quarter pre-tax
income was $232 million, compared with $415 million in the third
quarter of 2020. M&S results in the fourth quarter included a
$14 million benefit to equity earnings from a
lower-of-cost-or-market inventory adjustment, partially offset by
$2 million of hurricane-related costs and $1 million of pension
settlement expense. Third-quarter results included
hurricane-related costs of $1 million and pension settlement
expense of $1 million.
Adjusted pre-tax income for Marketing and Other was $181 million
in the fourth quarter of 2020, a decrease of $185 million from the
third quarter of 2020. The decrease was due to lower realized
margins, largely reflecting the impact of rising prices during the
quarter, as well as reduced volumes, driven by COVID-19-related
demand impacts. Refined product exports in the fourth quarter were
103,000 barrels per day (BPD).
Specialties generated fourth-quarter adjusted pre-tax income of
$40 million, down from $51 million in the third quarter, largely
due to lower finished lubricant margins.
Corporate and Other
Millions of Dollars
Pre-Tax Loss
Adjusted Pre-Tax Loss
Q4 2020
Q3 2020
Q4 2020
Q3 2020
Corporate and Other
$
(226)
(239)
(235)
(213)
Corporate and Other fourth-quarter pre-tax costs were $226
million, compared with pre-tax costs of $239 million in the third
quarter. Pre-tax costs in the fourth quarter included a $9 million
gain on an asset sale. Third-quarter pre-tax costs included a $25
million asset impairment and $1 million of pension settlement
expense.
The $22 million increase in Corporate and Other adjusted pre-tax
costs in the fourth quarter was mainly driven by lower capitalized
interest and higher employee-related expenses.
Financial Position, Liquidity and Return of Capital
Phillips 66 generated $639 million in cash from operations
during the fourth quarter, including $400 million of cash
distributions from equity affiliates. Excluding working capital
impacts, operating cash flow was $236 million. The company issued
$1.75 billion of senior notes and repaid $500 million of its term
loan in the quarter.
During the quarter, Phillips 66 funded $506 million of capital
expenditures and investments and $393 million in dividends.
As of Dec. 31, 2020, Phillips 66 had $7.8 billion of liquidity,
reflecting $2.5 billion of cash and cash equivalents and
approximately $5.3 billion of total committed capacity under
revolving credit facilities. Consolidated debt was $15.9 billion at
Dec. 31, 2020, including $3.9 billion at Phillips 66 Partners
(PSXP). The company’s consolidated debt-to-capital ratio was 42%
and its net debt-to-capital ratio was 38%. Excluding PSXP, the
debt-to-capital ratio was 39% and the net debt-to-capital ratio was
33%.
Strategic Update
Phillips 66 completed two new 150,000 BPD fractionators at its
Sweeny Hub, bringing the site’s total fractionation capacity to
400,000 BPD. Frac 2 commenced commercial operations in September,
and Frac 3 started operations in October. Phillips 66 plans to
resume construction of the fourth fractionator in the second half
of 2021. Upon completion of Frac 4, the Sweeny Hub will have
550,000 BPD of fractionation capacity. The fractionators are
supported by long-term customer commitments.
At the South Texas Gateway Terminal, which is being constructed
by Buckeye Partners, L.P., the second dock commenced crude oil
export operations in the fourth quarter. Upon completion in the
first quarter of 2021, the marine export terminal will have storage
capacity of 8.6 million barrels and up to 800,000 BPD of dock
throughput capacity. Phillips 66 Partners owns a 25% interest in
the terminal.
Phillips 66 Partners continued construction of the C2G Pipeline,
a 16 inch ethane pipeline that will connect its Clemens Caverns
storage facility to petrochemical facilities in Gregory, Texas,
near Corpus Christi, Texas. The project is backed by long-term
commitments and is expected to be completed in mid-2021.
At Beaumont Terminal, the company completed the addition of a
new 200,000 BPD dock in the fourth quarter, bringing the terminal’s
total dock capacity to 800,000 BPD. The terminal has total crude
and product storage capacity of 16.8 million barrels.
In Chemicals, CPChem and Qatar Petroleum are jointly pursuing
development of petrochemical facilities on the U.S. Gulf Coast and
in Ras Laffan, Qatar. CPChem is closely monitoring economic
developments and has deferred final investment decision for its
U.S. Gulf Coast project until 2022.
CPChem is advancing optimization and debottleneck opportunities.
This includes recently approved projects at its Cedar Bayou
facility in Baytown, Texas, that will increase capacity of ethylene
and polyethylene. In addition, CPChem is pursuing expansion of its
normal alpha olefins production.
In October, CPChem announced its first U.S. commercial-scale
production of circular polyethylene from recycled mixed-waste
plastics at its Cedar Bayou facility and received International
Sustainability and Carbon Certification PLUS (ISCC PLUS)
certification for this location in November. CPChem is using
advanced recycling technology to convert plastic waste to valuable
liquids that can become new petrochemicals. CPChem’s circular
polyethylene matches the performance and safety specifications of
traditional polymers.
In Refining, Phillips 66 is advancing its plans at the San
Francisco Refinery in Rodeo, California, to meet the growing demand
for renewable fuels. The company will complete its diesel
hydrotreater conversion in mid-2021, which will produce 8,000 BPD
(120 million gallons per year) of renewable diesel. Upon expected
completion of the full conversion in early 2024, the facility will
have over 50,000 BPD (800 million gallons per year) of renewable
fuel production capacity. The conversion is expected to reduce the
plant’s greenhouse gas emissions by 50% and help California meet
its low-carbon objectives.
In Marketing, 106 retail sites in the Central region were
acquired in January through a joint venture. This will enable
long-term placement of Phillips 66 refinery production and extend
participation in the retail value chain.
Recently, Phillips 66 announced the formation of an Emerging
Energy organization. This group is charged with establishing a
lower-carbon business platform that delivers attractive returns. It
will focus on opportunities within our portfolio, such as Rodeo
Renewed, as well as commercializing emerging energy technologies
for a sustainable future. Combined with the company’s research and
innovation efforts, the Emerging Energy organization uniquely
positions Phillips 66 to develop and deploy technologies and
products to support a lower-carbon future.
In collaboration with Georgia Institute of Technology, Phillips
66 received a U.S. Department of Energy grant for improving the
costs, performance and reliability of an electrolysis technology
that has the potential to convert carbon dioxide to clean
fuels.
A field demonstration of a proprietary Phillips 66 solid oxide
fuel technology was installed at a Phillips 66 facility to provide
power generation for pipeline integrity.
Investor Webcast
Later today, members of Phillips 66 executive management will
host a webcast at noon EST to discuss the company’s fourth-quarter
performance and provide an update on strategic initiatives. To
access the webcast and view related presentation materials, go to
www.phillips66.com/investors and click
on “Events & Presentations.” For detailed supplemental
information, go to www.phillips66.com/supplemental.
Earnings (Loss)
Millions of Dollars
2020
2019
Q4
Q3
Year
Q4
Year
Midstream
$
223
146
(9
)
405
684
Chemicals
193
231
635
150
879
Refining
(1,113
)
(1,903
)
(6,155
)
345
1,986
Marketing and Specialties
232
415
1,446
377
1,433
Corporate and Other
(226
)
(239
)
(881
)
(211
)
(804
)
Pre-Tax Income (Loss)
(691
)
(1,350
)
(4,964
)
1,066
4,178
Less: Income tax expense (benefit)
(197
)
(624
)
(1,250
)
256
801
Less: Noncontrolling interests
45
73
261
74
301
Phillips 66
$
(539
)
(799
)
(3,975
)
736
3,076
Adjusted Earnings (Loss)
Millions of Dollars
2020
2019
Q4
Q3
Year
Q4
Year
Midstream
$
323
354
1,382
405
1,584
Chemicals
203
132
617
173
944
Refining
(1,094
)
(970
)
(3,332
)
345
1,948
Marketing and Specialties
221
417
1,419
287
1,343
Corporate and Other
(235
)
(213
)
(869
)
(211
)
(804
)
Pre-Tax Income (Loss)
(582
)
(280
)
(783
)
999
5,015
Less: Income tax expense (benefit)
(149
)
(352
)
(667
)
236
1,057
Less: Noncontrolling interests
74
73
266
74
301
Phillips 66
$
(507
)
(1
)
(382
)
689
3,657
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics
company. With a portfolio of Midstream, Chemicals, Refining, and
Marketing and Specialties businesses, the company processes,
transports, stores and markets fuels and products globally.
Phillips 66 Partners, the company’s master limited partnership, is
integral to the portfolio. Headquartered in Houston, the company
has 14,300 employees committed to safety and operating excellence.
Phillips 66 had $55 billion of assets as of Dec. 31, 2020. For more
information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This news release 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. Words and phrases such as “is anticipated,” “is
estimated,” “is expected,” “is planned,” “is scheduled,” “is
targeted,” “believes,” “continues,” “intends,” “will,” “would,”
“objectives,” “goals,” “projects,” “efforts,” “strategies” and
similar expressions are used to identify such forward-looking
statements. However, the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements
included in this news release are based on management’s
expectations, estimates and projections as of the date they are
made. These statements are not guarantees of future performance and
you should not unduly rely on them as they involve certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecast in such forward-looking statements.
Factors that could cause actual results or events to differ
materially from those described in the forward-looking statements
include: the continuing effects of the COVID-19 pandemic and its
negative impact on commercial activity and demand for refined
petroleum products; the inability to timely obtain or maintain
permits necessary for capital projects; changes to worldwide
government policies relating to renewable fuels and greenhouse gas
emissions that adversely affect programs like the renewable fuel
standards program, low carbon fuel standards and tax credits for
biofuels; fluctuations in NGL, crude oil, and natural gas prices,
and petrochemical and refining margins; unexpected changes in costs
for constructing, modifying or operating our facilities; unexpected
difficulties in manufacturing, refining or transporting our
products; the level and success of drilling and production volumes
around our Midstream assets; risks and uncertainties with respect
to the actions of actual or potential competitive suppliers and
transporters of refined petroleum products, renewable fuels or
specialty products; lack of, or disruptions in, adequate and
reliable transportation for our NGL, crude oil, natural gas, and
refined products; potential liability from litigation or for
remedial actions, including removal and reclamation obligations
under environmental regulations; failure to complete construction
of capital projects on time and within budget; the inability to
comply with governmental regulations or make capital expenditures
to maintain compliance; limited access to capital or significantly
higher cost of capital related to illiquidity or uncertainty in the
domestic or international financial markets; potential disruption
of our operations due to accidents, weather events, including as a
result of climate change, terrorism or cyberattacks; general
domestic and international economic and political developments
including armed hostilities, expropriation of assets, and other
political, economic or diplomatic developments, including those
caused by public health issues and international monetary
conditions and exchange controls; changes in governmental policies
relating to NGL, crude oil, natural gas, refined petroleum
products, or renewable fuels pricing, regulation or taxation,
including exports; changes in estimates or projections used to
assess fair value of intangible assets, goodwill and property and
equipment and/or strategic decisions with respect to our asset
portfolio that cause impairment charges; investments required, or
reduced demand for products, as a result of environmental rules and
regulations; changes in tax, environmental and other laws and
regulations (including alternative energy mandates); the operation,
financing and distribution decisions of equity affiliates we do not
control; the impact of adverse market conditions or other similar
risks to those identified herein affecting PSXP, as well as the
ability of PSXP to successfully execute its growth plans; and other
economic, business, competitive and/or regulatory factors affecting
Phillips 66’s businesses generally as set forth in our filings with
the Securities and Exchange Commission. Phillips 66 is under no
obligation (and expressly disclaims any such obligation) to update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
Use of Non-GAAP Financial Information—This news release
includes the terms “adjusted earnings (loss),” “adjusted earnings
(loss) per share” and “adjusted pre-tax income (loss).” These are
non-GAAP financial measures that are included to help facilitate
comparisons of operating performance across periods and to help
facilitate comparisons with other companies in our industry, by
excluding items that do not reflect the core operating results of
our businesses in the current period. This release also includes a
“debt-to-capital ratio excluding PSXP.” This non-GAAP measure is
provided to differentiate the capital structure of Phillips 66
compared with that of Phillips 66 Partners.
References in the release to total consolidated earnings (loss)
refer to net income (loss) attributable to Phillips 66.
Millions of Dollars
Except as Indicated
2020
2019
Q4
Q3
Year
Q4
Year
Reconciliation of Consolidated Earnings
(Loss) to Adjusted Earnings (Loss)
Consolidated Earnings (Loss)
$
(539
)
(799
)
(3,975
)
736
3,076
Pre-tax adjustments:
Pending claims and settlements
—
—
(37
)
—
(21
)
Pension settlement expense
26
17
81
—
—
Impairments
96
1,139
4,241
—
853
Impairments by equity affiliates
—
—
15
—
47
Lower-of-cost-or-market inventory
adjustments
(26
)
(101
)
(55
)
23
65
Certain tax impacts
(6
)
—
(14
)
(90
)
(90
)
Asset dispositions
(9
)
—
(93
)
—
(17
)
Hurricane-related costs
28
15
43
—
—
Tax impact of adjustments*
(23
)
(262
)
(568
)
17
(214
)
Other tax impacts
(25
)
(10
)
(15
)
3
(42
)
Noncontrolling interests
(29
)
—
(5
)
—
—
Adjusted earnings (loss)
$
(507
)
(1
)
(382
)
689
3,657
Earnings (loss) per share of common
stock (dollars)
$
(1.23
)
(1.82
)
(9.06
)
1.64
6.77
Adjusted earnings (loss) per share of
common stock (dollars)†
$
(1.16
)
(0.01
)
(0.89
)
1.54
8.05
Reconciliation of Segment Pre-Tax
Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income (Loss)
$
223
146
(9
)
405
684
Pre-tax adjustments:
Impairments
96
204
1,461
—
853
Pension settlement expense
1
3
9
—
—
Lower-of-cost-or-market inventory
adjustments
—
—
1
—
—
Impairments by equity affiliates
—
—
—
—
47
Asset dispositions
—
—
(84
)
—
—
Hurricane-related costs
3
1
4
—
—
Adjusted pre-tax income
$
323
354
1,382
405
1,584
Chemicals Pre-Tax Income
$
193
231
635
150
879
Pre-tax adjustments:
Lower-of-cost-or-market inventory
adjustments
(12
)
(101
)
(57
)
23
65
Pension settlement expense
21
—
21
—
—
Impairments by equity affiliates
—
—
15
—
—
Hurricane-related costs
1
2
3
—
—
Adjusted pre-tax income
$
203
132
617
173
944
Refining Pre-Tax Income (Loss)
$
(1,113
)
(1,903
)
(6,155
)
345
1,986
Pre-tax adjustments:
Pending claims and settlements
—
—
—
—
(21
)
Asset dispositions
—
—
—
—
(17
)
Pension settlement expense
3
12
41
—
—
Impairments
—
910
2,755
—
—
Certain tax impacts
(6
)
—
(6
)
—
—
Hurricane-related costs
22
11
33
—
—
Adjusted pre-tax income (loss)
$
(1,094
)
(970
)
(3,332
)
345
1,948
Marketing and Specialties Pre-Tax
Income
$
232
415
1,446
377
1,433
Pre-tax adjustments:
Lower-of-cost-or-market inventory
adjustments
(14
)
—
1
—
—
Certain tax impacts
—
—
—
(90
)
(90
)
Pending claims and settlements
—
—
(37
)
—
—
Pension settlement expense
1
1
6
—
—
Hurricane-related costs
2
1
3
—
—
Adjusted pre-tax income
$
221
417
1,419
287
1,343
Corporate and Other Pre-Tax
Loss
$
(226
)
(239
)
(881
)
(211
)
(804
)
Pre-tax adjustments:
Asset dispositions
(9
)
—
(9
)
—
—
Impairments
—
25
25
—
—
Pension settlement expense
—
1
4
—
—
Certain tax impacts
—
—
(8
)
—
—
Adjusted pre-tax loss
$
(235
)
(213
)
(869
)
(211
)
(804
)
*We generally tax effect taxable
U.S.-based special items using a combined federal and state annual
statutory income tax rate of approximately 25%. Taxable special
items attributable to foreign locations likewise use a local
statutory income tax rate. Nontaxable events reflect zero income
tax. These events include, but are not limited to, most goodwill
impairments, transactions legislatively exempt from income tax,
transactions related to entities for which we have made an
assertion that the undistributed earnings are permanently
reinvested, or transactions occurring in jurisdictions with a
valuation allowance.
†Weighted-average diluted shares
outstanding and income allocated to participating securities, if
applicable, in the adjusted earnings per share calculation are the
same as those used in the GAAP diluted earnings per share
calculation.
Millions of Dollars
Except as Indicated
Dec. 31, 2020
Debt-to-Capital Ratio
Phillips 66
Consolidated
PSXP*
Phillips 66 Excluding
PSXP
Total Debt
$
15,893
3,909
11,984
Total Equity
21,523
2,512
19,011
Debt-to-Capital Ratio
42
%
39
%
Total Cash
$
2,514
7
2,507
Net Debt-to-Capital Ratio
38
%
33
%
*PSXP’s third-party debt and Phillips 66’s
noncontrolling interests attributable to PSXP.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210129005061/en/
CONTACTS Jeff Dietert (investors) 832-765-2297
jeff.dietert@p66.com
Shannon Holy (investors) 832-765-2297 shannon.m.holy@p66.com
Thaddeus Herrick (media) 855-841-2368
thaddeus.f.herrick@p66.com
Phillips 66 (NYSE:PSX)
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