- Reported third-quarter earnings of $402 million or $0.91 per
share; adjusted earnings of $1.4 billion or $3.18 per share
- Generated $2.2 billion of operating cash flow; $1.4 billion
excluding working capital
- Delivered strong Midstream, Chemicals, and Marketing and
Specialties earnings
- Significant improvement in Refining realized margins
- Paid off $500 million term loan
- Recently increased quarterly dividend to 92 cents per
share
- Recently announced agreement to acquire all publicly held units
of Phillips 66 Partners
- Announced greenhouse gas emissions reduction targets
- Expanded presence in the battery supply chain through strategic
investment in NOVONIX
Phillips 66 (NYSE: PSX), a diversified energy manufacturing and
logistics company, announces third-quarter 2021 earnings of $402
million, compared with earnings of $296 million in the second
quarter of 2021. Excluding special items of $1.0 billion, primarily
an impairment of the Alliance Refinery following Hurricane Ida, the
company had adjusted earnings of $1.4 billion in the third quarter,
compared with second-quarter adjusted earnings of $329 million.
“In the third quarter, we delivered a significant improvement in
earnings and cash generation,” said Greg Garland, Chairman and CEO
of Phillips 66. “Our Midstream, Chemicals, and Marketing and
Specialties businesses continued to deliver strong results. In
Refining, we saw a notable improvement in realized margins,
operated well and navigated hurricane-related challenges.
“So far this year we have reduced debt by $1 billion, further
strengthening our balance sheet. We recently increased the
dividend, reflecting our confidence in the company’s strategy and
cash flow recovery, as well as our commitment to a secure,
competitive and growing dividend. We will continue to focus on debt
repayment, disciplined capital allocation, and delivering
attractive shareholder returns.
“Earlier this week we announced an agreement to buy-in Phillips
66 Partners. The transaction simplifies our structure and asset
ownership across our integrated portfolio. We believe both PSX
shareholders and PSXP unitholders will benefit from the
combination.
“In addition, we recently announced our greenhouse gas emissions
intensity reduction targets, demonstrating our commitment to
sustainably providing energy today and in the future. Our targets
are measurable, achievable and meaningful. We believe achieving the
targets will drive value for shareholders and other stakeholders.
We are expanding our presence in the battery supply chain through
our investment in NOVONIX and announced a collaboration with Plug
Power to identify and advance green hydrogen opportunities. We will
continue to focus on lower-carbon initiatives that generate strong
returns.”
Midstream
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2021
Q2 2021
Q3 2021
Q2 2021
Transportation
$
244
224
254
224
NGL and Other
354
79
357
83
DCP Midstream
31
9
31
9
Midstream
$
629
312
642
316
Midstream third-quarter 2021 pre-tax income was $629 million,
compared with $312 million in the second quarter of 2021. Midstream
results in the third quarter included a $10 million impairment and
$3 million of pension settlement expense. Second-quarter results
included $4 million of pension settlement expense.
Transportation third-quarter adjusted pre-tax income of $254
million was $30 million higher than the second quarter, primarily
due to higher equity earnings from the Bakken and Gray Oak
pipelines.
NGL and Other adjusted pre-tax income was $357 million in the
third quarter, compared with $83 million in the second quarter. The
increase was primarily due to a $224 million unrealized investment
gain related to NOVONIX, as well as inventory impacts.
The company’s equity investment in DCP Midstream, LLC generated
third-quarter adjusted pre-tax income of $31 million, a $22 million
increase from the prior quarter. The increase was mainly driven by
improved margins and hedging impacts.
Chemicals
Millions of Dollars
Pre-Tax Income (Loss)
Adjusted Pre-Tax Income
(Loss)
Q3 2021
Q2 2021
Q3 2021
Q2 2021
Olefins and Polyolefins
$
611
562
613
593
Specialties, Aromatics and Styrenics
36
79
37
82
Other
(16)
(18)
(16)
(18)
Chemicals
$
631
623
634
657
The Chemicals segment reflects Phillips 66’s equity investment
in Chevron Phillips Chemical Company LLC (CPChem). Chemicals
third-quarter 2021 pre-tax income was $631 million, compared with
$623 million in the second quarter of 2021. Chemicals results in
the third quarter included a $2 million reduction to equity
earnings for pension settlement expense and $1 million of
maintenance and repair costs related to Hurricane Ida.
Second-quarter results included an $18 million reduction to equity
earnings for pension settlement expense and $16 million of
winter-storm-related maintenance and repair costs.
CPChem’s Olefins and Polyolefins (O&P) business contributed
$613 million of adjusted pre-tax income in the third quarter,
compared with $593 million in the second quarter. The $20 million
increase was primarily due to higher polyethylene sales volumes
driven by continued strong demand, partially offset by higher
utility costs. Global O&P utilization was 102% for the
quarter.
CPChem’s Specialties, Aromatics and Styrenics (SA&S)
business contributed third-quarter adjusted pre-tax income of $37
million, compared with $82 million in the second quarter. The
decrease was driven by lower margins.
Refining
Millions of Dollars
Pre-Tax (Loss)
Adjusted Pre-Tax Income
(Loss)
Q3 2021
Q2 2021
Q3 2021
Q2 2021
Refining
$
(1,126)
(729)
184
(706)
Refining had a third-quarter 2021 pre-tax loss of $1.1 billion,
compared with a pre-tax loss of $729 million in the second quarter
of 2021. Refining results in the third quarter included a $1.3
billion impairment of the Alliance Refinery, as well as $12 million
of pension settlement expense and $10 million of hurricane-related
costs. Second-quarter results included $20 million of pension
settlement expense and $3 million of winter-storm-related
costs.
Refining had adjusted pre-tax income of $184 million in the
third quarter, compared with an adjusted pre-tax loss of $706
million in the second quarter. The improvement was primarily due to
higher realized margins. Third-quarter realized margins were $8.57
per barrel, up from $3.92 per barrel mainly due to higher market
crack spreads, lower RIN costs and improved product
differentials.
Pre-tax turnaround costs for the third quarter were $81 million,
compared with second-quarter costs of $118 million. Crude
utilization rate was 86% in the third quarter, down from 88% in the
second quarter due to hurricane impacts. Clean product yield was
84% in the third quarter, up 2% from the second quarter.
Marketing and Specialties
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2021
Q2 2021
Q3 2021
Q2 2021
Marketing and Other
$
452
389
454
392
Specialties
93
87
93
87
Marketing and Specialties
$
545
476
547
479
Marketing and Specialties (M&S) third-quarter 2021 pre-tax
income was $545 million, compared with $476 million in the second
quarter of 2021. M&S results included $2 million and $3 million
of pension settlement expense in the third quarter and second
quarter, respectively.
Adjusted pre-tax income for Marketing and Other was $454 million
in the third quarter, an increase of $62 million from the second
quarter. The increase was primarily due to higher international
margins and volumes driven by the easing of COVID-19 restrictions.
Refined product exports in the third quarter were 209,000 barrels
per day (BPD).
Specialties generated third-quarter adjusted pre-tax income of
$93 million, up from $87 million in the prior quarter, largely due
to improved base oil margins.
Corporate and Other
Millions of Dollars
Pre-Tax Loss
Adjusted Pre-Tax Loss
Q3 2021
Q2 2021
Q3 2021
Q2 2021
Corporate and Other
$
(231)
(246)
(230)
(244)
Corporate and Other third-quarter 2021 pre-tax costs were $231
million, compared with pre-tax costs of $246 million in the second
quarter of 2021. Pre-tax costs included $1 million and $2 million
of pension settlement expense in the third quarter and second
quarter, respectively.
In Corporate and Other, the $14 million decrease in adjusted
pre-tax loss was driven by lower environmental and employee-related
costs, partially offset by higher net interest expense.
Financial Position, Liquidity and Return of Capital
Phillips 66 generated $2.2 billion in cash from operations in
the third quarter of 2021, including cash distributions from equity
affiliates of $905 million. Excluding working capital impacts,
operating cash flow was $1.4 billion.
During the quarter, Phillips 66 funded $552 million of capital
expenditures and investments and paid $394 million in dividends.
Additionally, Phillips 66 repaid its $500 million term loan due
November 2023.
As of Sept. 30, 2021, Phillips 66 had $8.6 billion of liquidity,
reflecting $2.9 billion of cash and cash equivalents and
approximately $5.7 billion of total committed capacity under
revolving credit facilities. Consolidated debt was $14.9 billion at
Sept. 30, 2021, including $3.9 billion at Phillips 66 Partners. The
company’s consolidated debt-to-capital ratio was 42% and its net
debt-to-capital ratio was 37%.
Merger Agreement with Phillips 66 Partners
On Oct. 27, 2021, the company announced it has entered into an
agreement to acquire all of the publicly held common units
representing limited partner interest in Phillips 66 Partners not
already owned by Phillips 66 and its affiliates. The agreement
provides for 0.50 shares of Phillips 66 common stock to be issued
for each Phillips 66 Partners common unit. Phillips 66 Partners’
preferred units will be converted into common units at a premium to
the original issuance price prior to exchange for Phillips 66
common stock. The value of the transaction, which is expected to
close in the first quarter of 2022, is $3.4 billion based on Oct.
26, 2021, market closing prices of both companies. Upon closing,
the Partnership will be a wholly owned subsidiary of Phillips 66
and will no longer be a publicly traded partnership.
Strategic Update
In Midstream, Phillips 66 Partners recently completed
construction of the C2G Pipeline, a 16 inch ethane pipeline that
connects its Clemens Caverns storage facility to petrochemical
facilities in Gregory, Texas, near Corpus Christi, Texas. The
pipeline is expected to begin commercial operations in the fourth
quarter of 2021 and is backed by long-term commitments.
At the Sweeny Hub, Phillips 66 resumed construction of Frac 4 in
July. The 150,000-BPD fractionator is expected to be completed in
the fourth quarter of 2022 and will increase Sweeny Hub
fractionation capacity to 550,000 BPD. The fractionators are
supported by long-term commitments.
In Chemicals, CPChem and Qatar Energy are jointly pursuing
development of petrochemical facilities on the U.S. Gulf Coast and
in Ras Laffan, Qatar. CPChem expects to make a final investment
decision for its U.S. Gulf Coast project in 2022.
CPChem is expanding its alpha olefins business with a second
world-scale unit to produce 1-hexene, a critical component in
high-performance polyethylene. The 266,000 metric tons per year
unit will be located in Old Ocean, Texas, near its Sweeny facility.
The project will utilize CPChem’s proprietary technology and is
expected to start up in 2023.
In August, CPChem received 24 safety awards from the Texas
Chemical Council for excellence in safety performance across eight
of its sites. The awards reaffirm CPChem’s longstanding commitment
to operating excellence.
Phillips 66 is advancing its plans at the San Francisco Refinery
in Rodeo, California, to meet the growing demand for renewable
fuels. The hydrotreater feedstock flexibility project reached full
rates of 8,000 BPD (120 million gallons per year) of renewable
diesel in July. Separately, subject to permitting and approvals,
the Rodeo Renewed refinery conversion project is expected to be
finished in early 2024. Upon completion, the facility will
initially have over 50,000 BPD (800 million gallons per year) of
renewable fuel production capacity. The conversion will reduce
emissions from the facility and produce lower-carbon transportation
fuels.
The Alliance Refinery sustained significant impacts from
Hurricane Ida and is expected to remain shut down through the
fourth quarter of 2021. The company continues to assess future
strategic options for the refinery.
In Marketing, Phillips 66 is converting 600 branded retail sites
in California to sell renewable diesel produced by the Rodeo
facility. In Switzerland, the Phillips 66 COOP retail joint venture
is adding hydrogen fueling stations. Phillips 66 is exploring
additional opportunities with hydrogen and electric vehicle
charging to support European low-carbon goals and growing demand
for sustainable fuels.
In September 2021, Phillips 66 announced a set of company-wide
greenhouse gas emissions reduction targets that are impactful,
attainable and measurable. By 2030, the company expects to reduce
GHG emissions intensity by 30% for Scope 1 and 2 emissions from its
operations and by 15% for Scope 3 emissions from its energy
products, below 2019 levels.
The targets build on the company’s lower-carbon strategy and
leverage its Emerging Energy business platform, through which
Phillips 66 continues to advance its efforts in renewable fuels,
batteries, carbon capture and hydrogen. Recent announcements
include:
- Expanding its presence in the battery supply chain. In
September 2021, Phillips 66 acquired a 16% stake in NOVONIX Ltd.,
an ASX-listed company with operations in the United States and
Canada that develops technology and supplies materials for
lithium-ion batteries. The investment by Phillips 66 supports an
expansion of 30,000 metric tons per year of additional synthetic
graphite production capacity at NOVONIX’s Chattanooga, Tennessee
plant, bringing the plant’s total capacity to 40,000 metric tons
per year. The expansion is expected to be completed in 2025.
- Collaborating on the development of low-carbon hydrogen
opportunities. In October 2021, Phillips 66 signed a memorandum of
understanding with Plug Power Inc., a leading provider of global
green hydrogen solutions. The companies will focus on scaling
low-carbon hydrogen throughout the industrial and mobility sectors,
while advancing the development of hydrogen-related infrastructure.
They will also explore ways to deploy Plug Power’s technology and
equipment within Phillips 66’s operations.
Investor Webcast
Later today, members of Phillips 66 executive management will
host a webcast at noon EDT to discuss the company’s third-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
2021
2020
Q3
Q2
Sep YTD
Q3
Sep YTD
Midstream
$
629
312
1,017
146
(232)
Chemicals
631
623
1,408
231
442
Refining
(1,126)
(729)
(2,895)
(1,903)
(5,042)
Marketing and Specialties
545
476
1,311
415
1,214
Corporate and Other
(231)
(246)
(728)
(239)
(655)
Pre-Tax Income (Loss)
448
436
113
(1,350)
(4,273)
Less: Income tax expense (benefit)
(40)
62
(110)
(624)
(1,053)
Less: Noncontrolling interests
86
78
179
73
216
Phillips 66
$
402
296
44
(799)
(3,436)
Adjusted Earnings
(Loss)
Millions of Dollars
2021
2020
Q3
Q2
Sep YTD
Q3
Sep YTD
Midstream
$
642
316
1,234
354
1,059
Chemicals
634
657
1,475
132
414
Refining
184
(706)
(1,548)
(970)
(2,238)
Marketing and Specialties
547
479
1,316
417
1,198
Corporate and Other
(230)
(244)
(725)
(213)
(634)
Pre-Tax Income (Loss)
1,777
502
1,752
(280)
(201)
Less: Income tax expense (benefit)
286
95
297
(352)
(518)
Less: Noncontrolling interests
88
78
232
73
192
Phillips 66
$
1,403
329
1,223
(1)
125
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.
Headquartered in Houston, the company has 14,100 employees
committed to safety and operating excellence. Phillips 66 had $56
billion of assets as of Sept. 30, 2021. 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, 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
2021
2020
Q3
Q2
Sep YTD
Q3
Sep YTD
Reconciliation of Consolidated Earnings
(Loss) to Adjusted Earnings (Loss)
Consolidated Earnings (Loss)
$
402
296
44
(799)
(3,436)
Pre-tax adjustments:
Impairments
1,298
—
1,496
1,139
4,145
Impairments by equity affiliates
—
—
—
—
15
Pending claims and settlements
—
—
—
—
(37)
Certain tax impacts
—
—
—
—
(8)
Pension settlement expense
20
47
67
17
55
Hurricane-related costs
11
—
11
15
15
Winter-storm-related costs
—
19
65
—
—
Lower-of-cost-or-market inventory
adjustments
—
—
—
(101)
(29)
Asset dispositions
—
—
—
—
(84)
Tax impact of adjustments*
(323)
(16)
(387)
(262)
(545)
Other tax impacts
(3)
(17)
(20)
(10)
10
Noncontrolling interests
(2)
—
(53)
—
24
Adjusted earnings (loss)
$
1,403
329
1,223
(1)
125
Earnings (loss) per share of common
stock (dollars)
$
0.91
0.66
0.08
(1.82)
(7.83)
Adjusted earnings (loss) per share of
common stock (dollars)†
$
3.18
0.74
2.76
(0.01)
0.27
Reconciliation of Segment Pre-Tax
Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income (Loss)
$
629
312
1,017
146
(232)
Pre-tax adjustments:
Impairments
10
—
208
204
1,365
Pension settlement expense
3
4
7
3
8
Hurricane-related costs
—
—
—
1
1
Winter-storm-related costs
—
—
2
—
—
Lower-of-cost-or-market inventory
adjustments
—
—
—
—
1
Asset dispositions
—
—
—
—
(84)
Adjusted pre-tax income
$
642
316
1,234
354
1,059
Chemicals Pre-Tax Income
$
631
623
1,408
231
442
Pre-tax adjustments:
Impairments by equity affiliates
—
—
—
—
15
Pension settlement expense
2
18
20
—
—
Hurricane-related costs
1
—
1
2
2
Winter-storm-related costs
—
16
46
—
—
Lower-of-cost-or-market inventory
adjustments
—
—
—
(101)
(45)
Adjusted pre-tax income
$
634
657
1,475
132
414
Refining Pre-Tax Loss
$
(1,126)
(729)
(2,895)
(1,903)
(5,042)
Pre-tax adjustments:
Impairments
1,288
—
1,288
910
2,755
Pension settlement expense
12
20
32
12
38
Hurricane-related costs
10
—
10
11
11
Winter-storm-related costs
—
3
17
—
—
Adjusted pre-tax income (loss)
$
184
(706)
(1,548)
(970)
(2,238)
Marketing and Specialties Pre-Tax
Income
$
545
476
1,311
415
1,214
Pre-tax adjustments:
Pending claims and settlements
—
—
—
—
(37)
Pension settlement expense
2
3
5
1
5
Lower-of-cost-or-market inventory
adjustments
—
—
—
—
15
Hurricane-related costs
—
—
—
1
1
Adjusted pre-tax income
$
547
479
1,316
417
1,198
Corporate and Other Pre-Tax
Loss
$
(231)
(246)
(728)
(239)
(655)
Pre-tax adjustments:
Impairments
—
—
—
—
25
Certain tax impacts
—
—
—
—
(8)
Pension settlement expense
1
2
3
1
4
Adjusted pre-tax loss
$
(230)
(244)
(725)
(238)
(634)
*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.
†QTD 2021 and YTD 2021 are based on
adjusted weighted-average diluted shares of 441,454 thousand
440,263 thousand, respectively. YTD 2020 is based on adjusted
weighted-average diluted shares outstanding of 440,156 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
September 30, 2021
Debt-to-Capital Ratio
Total Debt
$
14,910
Total Equity
20,597
Debt-to-Capital Ratio
42
%
Total Cash
$
2,897
Net Debt-to-Capital Ratio
37
%
Millions of Dollars
Except as Indicated
2021
Q3
Q2
Realized Refining Margins
Loss before income taxes
$
(1,126)
(729)
Plus:
Taxes other than income taxes
44
76
Depreciation, amortization and
impairments
1,504
220
Selling, general and administrative
expenses
55
49
Operating expenses
943
922
Equity in (earnings) losses of
affiliates
(27)
67
Other segment (income) expense, net
7
(24)
Proportional share of refining gross
margins contributed by equity affiliates
220
167
Realized refining margins
$
1,620
748
Total processed inputs (thousands of
barrels)
168,739
170,967
Adjusted total processed inputs (thousands
of barrels)*
188,958
190,690
Loss before income taxes (dollars per
barrel)**
$
(6.67)
(4.26)
Realized refining margins (dollars per
barrel)***
$
8.57
3.92
*Adjusted total processed inputs include
our proportional share of processed inputs of an equity
affiliate.
**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/20211029005084/en/
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