- Reported a first-quarter loss of $2.5 billion or $(5.66) per
share; adjusted earnings of $450 million or $1.02 per share
- Generated strong underlying results in Midstream and Marketing
businesses
- Received industry recognition for exemplary 2019 safety
performance at five refineries
- Secured $3 billion in additional liquidity through term loan
and senior notes
- Announced 2020 capital spending and operating cost
reductions
- Returned $839 million to shareholders in the quarter; suspended
share repurchases in March
- Recently started full operations on the Gray Oak Pipeline
- Contributed $3 million to COVID-19 relief efforts
Phillips 66 (NYSE: PSX), a diversified energy manufacturing and
logistics company, announces a first-quarter 2020 loss of $2.5
billion, compared with earnings of $736 million in the fourth
quarter of 2019. Excluding special items of $2.9 billion in the
first quarter of 2020, primarily impairments related to goodwill
and the company’s investment in DCP Midstream, LLC, adjusted
earnings were $450 million, compared with fourth-quarter 2019
adjusted earnings of $689 million.
“Phillips 66 employees have stepped up to the unprecedented
challenges of the current environment to maintain safe operations,
ensure business continuity and execute our strategy,” said Greg
Garland, chairman and CEO of Phillips 66. “Our top priorities are
protecting the health and safety of our employees, supporting their
families and our communities, and ensuring the financial and
operating strength of the company. We remain focused on providing
the critical energy products and services that are essential to the
global economy.”
“We suspended share repurchases and are reducing capital
spending and operating costs. We also secured a new $2 billion term
loan facility and completed $1 billion in bond issuances. Refining
reduced production in response to lower product demand and weak
margins. These prompt actions enhance liquidity, support the
dividend and protect our strong investment grade credit rating. We
are committed to maintaining our strong balance sheet and a
disciplined approach to capital allocation.”
“During the first quarter, five of our refineries were
recognized by AFPM for exemplary 2019 safety performance. This
strong safety performance continued in the first quarter with a
record-low injury rate. Our first-quarter financial results
benefited from our diversified portfolio, with strong contributions
from the Midstream and Marketing businesses. In Midstream, our NGL
business achieved record results, and the Gray Oak Pipeline
recently commenced full service. In Chemicals, CPChem’s O&P
business ran at 98% utilization, supported by strong demand. We
returned $839 million to shareholders through $443 million of share
repurchases and $396 million of dividends.”
Midstream
Millions of Dollars
Pre-Tax Income (Loss)
Adjusted Pre-Tax
Income
Q1 2020
Q4 2019
Q1 2020
Q4 2019
Transportation
$
200
250
200
250
NGL and Other
179
120
179
120
DCP Midstream
(1,081)
35
81
35
Midstream
$
(702)
405
460
405
Midstream had a first-quarter 2020 pre-tax loss of $702 million,
compared with pre-tax income of $405 million in the fourth quarter
of 2019. Midstream results in the first quarter of 2020 included a
$1.2 billion impairment of Phillips 66’s equity investment in DCP
Midstream, LLC (DCP Midstream), reflecting a significant decline in
DCP Midstream Partners’ unit price in the first quarter.
Transportation first-quarter 2020 adjusted pre-tax income of
$200 million was $50 million lower than the fourth quarter of 2019.
The decrease was due to lower equity affiliate earnings, largely
reflecting reduced volume commitments on the REX Pipeline, and
lower pipeline and terminal volumes driven by decreased refinery
utilization.
NGL and Other adjusted pre-tax income was $179 million in the
first quarter of 2020, compared with $120 million in the fourth
quarter of 2019. The increase was primarily due to propane and
butane trading activity, as well as higher margins at the Sweeny
Hub.
The company’s equity investment in DCP Midstream generated
first-quarter 2020 adjusted pre-tax income of $81 million, a $46
million increase from the prior quarter. The increase was mainly
due to hedging gains, driven by lower commodity prices, as well as
lower operating costs.
Chemicals
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q1 2020
Q4 2019
Q1 2020
Q4 2019
Olefins and Polyolefins
$
177
131
193
154
Specialties, Aromatics and Styrenics
4
35
12
35
Other
(12)
(16)
(12)
(16)
Chemicals
$
169
150
193
173
The Chemicals segment reflects Phillips 66’s equity investment
in Chevron Phillips Chemical Company LLC (CPChem). Chemicals’
first-quarter 2020 pre-tax income was $169 million, compared with
$150 million in the fourth quarter of 2019. Chemicals results in
both periods included reductions to equity earnings from
lower-of-cost-or-market inventory adjustments.
CPChem’s Olefins and Polyolefins (O&P) business contributed
$193 million of adjusted pre-tax income in the first quarter of
2020, compared with $154 million in the fourth quarter of 2019. The
$39 million increase was due to higher polyethylene sales volumes,
reflecting increased demand in the first quarter, primarily for
food packaging and medical supplies, following lower fourth-quarter
seasonal demand. Global O&P utilization was 98% for the
quarter.
CPChem’s Specialties, Aromatics and Styrenics (SA&S)
business contributed first-quarter 2020 adjusted pre-tax income of
$12 million, a $23 million decrease from the fourth quarter of
2019, primarily due to lower margins and higher turnaround
activity.
Refining
Millions of Dollars
Pre-Tax Income (Loss)
Adjusted Pre-Tax Income
(Loss)
Q1 2020
Q4 2019
Q1 2020
Q4 2019
Refining
$
(2,261)
345
(401)
345
Refining had a first-quarter 2020 pre-tax loss of $2.3 billion,
compared with pre-tax income of $345 million in the fourth quarter
of 2019. Refining results in the first quarter of 2020 included a
$1.8 billion goodwill impairment, as well as a $15 million
reduction to equity earnings from a lower-of-cost-or-market
inventory adjustment.
Refining had an adjusted pre-tax loss of $401 million in the
first quarter of 2020, compared with adjusted pre-tax income of
$345 million in the fourth quarter of 2019. The decrease was
largely driven by lower realized margins and reduced volumes.
First-quarter realized margins were $7.11 per barrel, down 25% from
the prior quarter. Phillips 66’s worldwide crude utilization rate
was 83% in the first quarter, down from 97% in the fourth quarter,
reflecting maintenance activities and economic run cuts. Clean
product yield was 82% in the first quarter, down from 84% in the
prior quarter, due to downtime on secondary units. Pre-tax
turnaround costs for the first quarter were $329 million, an
increase of $97 million from the fourth quarter of 2019.
Marketing and Specialties
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q1 2020
Q4 2019
Q1 2020
Q4 2019
Marketing and Other
$
471
327
434
237
Specialties
42
50
54
50
Marketing and Specialties
$
513
377
488
287
Marketing and Specialties (M&S) first-quarter 2020 pre-tax
income was $513 million, compared with $377 million in the fourth
quarter of 2019. M&S results in the first quarter of 2020
included a $37 million favorable settlement, partially offset by a
$12 million reduction to equity earnings from a
lower-of-cost-or-market inventory adjustment. Fourth-quarter 2019
results included a $90 million benefit from 2018 biodiesel blender
tax credits.
Adjusted pre-tax income for Marketing and Other was $434 million
in the first quarter of 2020, an increase of $197 million from the
fourth quarter of 2019. The increase was primarily due to higher
realized margins, partially offset by lower volumes. Refined
product exports in the first quarter were 160,000 barrels per day
(BPD).
Specialties generated first-quarter 2020 adjusted pre-tax income
of $54 million, up from $50 million in the fourth quarter of 2019.
The increase was due to higher finished lubricant margins.
Corporate and Other
Millions of Dollars
Pre-Tax Loss
Adjusted Pre-Tax Loss
Q1 2020
Q4 2019
Q1 2020
Q4 2019
Corporate and Other
$
(197)
(211)
(197)
(211)
Corporate and Other first-quarter 2020 pre-tax costs were $197
million, compared with pre-tax costs of $211 million in the fourth
quarter of 2019. The decrease was driven by lower employee-related
expenses, partially offset by higher charitable contributions.
Phillips 66’s first-quarter 2020 effective tax rate decreased to
2%, or 4% on an adjusted basis. The decrease mainly reflects lower
domestic earnings, as well as the impact of noncontrolling
interests, state taxes and the CARES Act.
Financial Position, Liquidity and Return of Capital
Phillips 66 generated $217 million in cash from operations
during the first quarter. Excluding working capital impacts,
operating cash flow was $736 million.
Phillips 66 secured a new $1 billion, 364-day term loan facility
in the quarter, which was fully drawn as of March 31, 2020. On
April 6, Phillips 66 increased the size of the facility to $2
billion, with $1 billion of capacity remaining undrawn.
Additionally, the company issued $1 billion of senior unsecured
notes on April 9.
Capital expenditures and investments in the first quarter were
$923 million. Excluding $23 million of capital funded by Gray Oak
joint venture partners, adjusted capital spending was $900 million.
Phillips 66 funded $443 million of share repurchases and $396
million of dividends in the quarter. The company ended the quarter
with 437 million shares outstanding.
As of March 31, 2020, cash and cash equivalents were $1.2
billion, and consolidated debt was $13 billion, including $3.5
billion at Phillips 66 Partners (PSXP). The company’s consolidated
debt-to-capital ratio was 35% and its net debt-to-capital ratio was
33%. Excluding PSXP, the debt-to-capital ratio was 31% and the net
debt-to-capital ratio was 28%.
Strategic Update
On April 1, the Gray Oak Pipeline commenced full operations from
West Texas to Texas Gulf Coast destinations. The Eagle Ford segment
of the pipeline recently started operations, marking the completion
of the project. Phillips 66 Partners has a 42.25% effective
ownership in the 900,000 BPD pipeline.
The Gray Oak Pipeline connects to multiple terminals in Corpus
Christi, Texas, including the South Texas Gateway Terminal being
constructed by Buckeye Partners, L.P. The marine export terminal
will have two deepwater docks, with storage capacity of 8.5 million
barrels and up to 800,000 BPD of throughput capacity. Phillips 66
Partners owns a 25% interest in the terminal, which is expected to
start up in the third quarter of 2020.
Phillips 66 is expanding the Sweeny Hub with the addition of two
150,000 BPD fractionators. The fractionators are anticipated to
start up in the fourth quarter of 2020. The new fractionators are
supported by long-term customer commitments. Upon completion, the
Sweeny Hub will have 400,000 BPD of fractionation capacity.
Also at the Sweeny Hub, Phillips 66 Partners is adding 7.5
million barrels of storage capacity at Clemens Caverns. Upon
completion in the fourth quarter of 2020, Clemens Caverns will have
16.5 million barrels of storage capacity. Phillips 66 Partners is
also constructing the C2G Pipeline, a 16 inch ethane pipeline that
will connect Clemens Caverns to petrochemical facilities in
Gregory, Texas, near Corpus Christi. The project is backed by
long-term commitments and is expected to be completed in
mid-2021.
Phillips 66 added 2.2 million barrels of crude oil storage
capacity at its Beaumont Terminal, increasing the terminal’s total
crude and product storage capacity to 16.8 million barrels. In
addition, the company is adding a 200,000 BPD dock, bringing the
terminal’s total dock capacity to 800,000 BPD. The new dock is
expected to be completed in the third quarter of 2020.
The company previously announced its plan to defer the Red Oak
Pipeline and Sweeny Frac 4 projects, as well as Phillips 66
Partners’ Liberty Pipeline. Phillips 66 Partners has also postponed
final investment decision on the ACE Pipeline.
In Chemicals, CPChem and Qatar Petroleum are jointly pursuing
development of petrochemical facilities on the U.S. Gulf Coast and
in Qatar. CPChem continued front-end engineering design for its
U.S. Gulf Coast project and continued to advance joint venture
discussions with its partner. CPChem is closely monitoring economic
developments and has deferred final investment decision. In
addition, CPChem and Qatar Petroleum are pursuing the development
of a petrochemicals complex in Ras Laffan, Qatar.
In Refining, the company completed the fluid catalytic cracking
(FCC) unit upgrade at the Sweeny Refinery to increase yield of
higher-value petrochemical products and higher-octane gasoline. The
company is deferring the FCC unit upgrade project at the Ponca City
Refinery.
Phillips 66 is developing renewable fuel projects that leverage
existing infrastructure. Waste fats, recycled cooking oils and
other renewable feedstocks will be used for diesel production that
complies with low-carbon fuel standards. The company is producing
renewable diesel at its Humber Refinery with plans to further
increase capacity. In addition, Phillips 66 is developing a
renewable diesel project at the San Francisco Refinery and has
supply and offtake agreements for two third-party renewable diesel
facilities under construction in Nevada.
In Marketing, the U.S. West Coast retail joint venture is
expected to close on the previously announced acquisition of
approximately 100 sites in the second quarter of 2020. Upon
closing, the joint venture will operate a network that includes
approximately 680 sites. This joint venture enables increased
long-term placement of Phillips 66 refinery production and
increases the company’s exposure to retail margins.
In the U.S., the company continues its program to roll out
updated signature image designs for Phillips 66, 76 and Conoco
branded sites. During the quarter, 258 sites were reimaged. Since
the program’s inception in 2015, approximately 4,440 sites have
been reimaged.
In Europe, the company continues its program to update signature
image designs for JET branded sites. During the quarter, 11 sites
were reimaged. Since the program’s inception in 2019, approximately
90 sites have been reimaged.
Five Phillips 66 refineries were recognized by the American Fuel
and Petrochemical Manufacturers (AFPM) for exemplary 2019 safety
performance. The Ferndale, Santa Maria, Borger, Lake Charles and
Bayway refineries received Distinguished Safety Awards. This is the
highest annual safety award the industry recognizes, and the fourth
year in a row that the company's refineries have received this
recognition.
In Chemicals, AFPM recognized the CPChem Borger, Conroe, Orange
and Port Arthur facilities for exemplary 2019 safety
performance.
Investor Webcast
Later today, members of Phillips 66 executive management will
host a webcast at noon EDT to discuss the company’s first-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
Q1
Q4
Q1
Midstream
$
(702)
405
316
Chemicals
169
150
227
Refining
(2,261)
345
(198)
Marketing and Specialties
513
377
205
Corporate and Other
(197)
(211)
(210)
Pre-Tax Income (Loss)
(2,478)
1,066
340
Less: Income tax expense (benefit)
(51)
256
70
Less: Noncontrolling interests
69
74
66
Phillips 66
$
(2,496)
736
204
Adjusted
Earnings
Millions of Dollars
2020
2019
Q1
Q4
Q1
Midstream
$
460
405
316
Chemicals
193
173
227
Refining
(401)
345
(219)
Marketing and Specialties
488
287
205
Corporate and Other
(197)
(211)
(210)
Pre-Tax Income
543
999
319
Less: Income tax expense
24
236
66
Less: Noncontrolling interests
69
74
66
Phillips 66
$
450
689
187
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 14,600 employees committed to safety and operating excellence.
Phillips 66 had $53 billion of assets as of March 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 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; 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; 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 economic and political developments
including: armed hostilities; expropriation of assets; changes in
governmental policies relating to NGL, crude oil, natural gas or
refined petroleum products pricing, regulation or taxation; and
other political, economic and diplomatic developments, including
those caused by public health issues and outbreaks; 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. This release includes
“adjusted capital spending,” a non-GAAP financial measure that
demonstrates the portion of total consolidated capital expenditures
and investments funded by Phillips 66. This release also includes
“realized refining margin,” a non-GAAP financial measure that
demonstrates how well we performed relative to benchmark industry
margins. Additionally, this release includes an “adjusted effective
tax rate,” a non-GAAP financial measure that demonstrates the
effective tax rate with the consideration of the tax effect on
special items.
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
Q1
Q4
Q1
Reconciliation of Consolidated Earnings
(Loss) to Adjusted Earnings
Consolidated Earnings (Loss)
$
(2,496
)
736
204
Pre-tax adjustments:
Pending claims and settlements
(37
)
—
(21)
Impairments
3,006
—
—
Lower-of-cost-or-market inventory
adjustments
52
23
—
Certain tax impacts
—
(90)
—
Tax impact of adjustments*
(75
)
17
4
Other tax impacts
—
3
—
Adjusted earnings
$
450
689
187
Earnings (loss) per share of common
stock (dollars)
$
(5.66
)
1.64
0.44
Adjusted earnings per share of common
stock (dollars)†
$
1.02
1.54
0.40
Reconciliation of Segment Pre-Tax
Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income (Loss)
$
(702
)
405
316
Pre-tax adjustments:
Impairments
1,161
—
—
Lower-of-cost-or-market inventory
adjustments
1
—
—
Adjusted pre-tax income
$
460
405
316
Chemicals Pre-Tax Income
$
169
150
227
Pre-tax adjustments:
Lower-of-cost-or-market inventory
adjustments
24
23
—
Adjusted pre-tax income
$
193
173
227
Refining Pre-Tax Income (Loss)
$
(2,261
)
345
(198)
Pre-tax adjustments:
Pending claims and settlements
—
—
(21)
Impairments
1,845
—
—
Lower-of-cost-or-market inventory
adjustments
15
—
—
Adjusted pre-tax income (loss)
$
(401
)
345
(219)
Marketing and Specialties Pre-Tax
Income
$
513
377
205
Pre-tax adjustments:
Lower-of-cost-or-market inventory
adjustments
12
—
—
Pending claims and settlements
(37
)
—
—
Certain tax impacts
—
(90)
—
Adjusted pre-tax income
$
488
287
205
Corporate and Other Pre-Tax
Loss
$
(197
)
(211)
(210)
Pre-tax adjustments:
None
—
—
—
Adjusted pre-tax loss
$
(197
)
(211)
(210)
*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.
† Q1 2020 is based on adjusted
weighted-average diluted shares outstanding of 442,302 thousand,
and other periods are based on the same weighted-average diluted
shares outstanding as that used in the GAAP diluted earnings per
share calculation. Income allocated to participating securities, if
applicable, in the adjusted earnings per share calculation is the
same as that used in the GAAP diluted earnings per share
calculation.
Millions of Dollars
Except as Indicated
March 31, 2020
Debt-to-Capital Ratio
Phillips 66
Consolidated
PSXP*
Phillips 66
Excluding PSXP
Total Debt
$
12,963
3,516
9,447
Total Equity
23,639
2,233
21,406
Debt-to-Capital Ratio
35
%
31
%
Total Cash
$
1,221
92
1,129
Net Debt-to-Capital Ratio
33
%
28
%
*PSXP’s third-party debt and Phillips 66’s
noncontrolling interests attributable to PSXP.
Millions of Dollars
Except as Indicated
Q1 2020
Effective Tax Rates
Loss Before Income Taxes
$
(2,478
)
Special items
3,021
Adjusted income before income
taxes
$
543
Income Tax Benefit
$
(51
)
Special items
75
Adjusted income tax expense
$
24
Effective Tax Rate
2.1
%
Adjusted effective tax rate
4.4
%
Millions of Dollars
Except as Indicated
Q1 2020
Q4 2019
Realized Refining Margins
Income (loss) before income taxes
$
(2,261)
345
Plus:
Taxes other than income taxes
104
49
Depreciation, amortization and
impairments
2,066
216
Selling, general and administrative
expenses
36
40
Operating expenses
1,105
1,128
Equity in (earnings) losses of
affiliates
52
(42)
Other segment income, net
(3)
—
Proportional share of refining gross
margins contributed by equity affiliates
129
253
Special items:
Lower-of-cost-or-market inventory
adjustments
35
—
Realized refining margins
$
1,263
1,989
Total processed inputs (thousands of
barrels)
156,623
187,400
Adjusted total processed inputs (thousands
of barrels)*
177,569
209,347
Income (loss) before income taxes
(dollars per barrel)**
$
(14.44)
1.84
Realized refining margins (dollars per
barrel)***
$
7.11
9.50
*Adjusted total processed inputs
include our proportional share of processed inputs of an equity
affiliate.
**Income (loss) before income
taxes divided by total processed inputs.
***Realized refining margins per
barrel, as presented, are calculated using the underlying realized
refining margin amounts, in dollars, divided by adjusted total
processed inputs, in barrels. As such, recalculated per barrel
amounts using the rounded margins and barrels presented may differ
from the presented per barrel amounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200501005110/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Brent Shaw (investors) 832-765-2297 brent.d.shaw@p66.com
Dennis Nuss (media) 855-841-2368 dennis.h.nuss@p66.com
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