Phillips 66 (PSX) Earnings Call Presentation

Strategy and Performance - Phillips 66's TSR outperformed its synthetic proxy peer median by 22% (67% vs 45%) since the 2022 CEO transition[18] - The company's integrated model results in a 39% higher return of capital to shareholders compared to its weighted proxy peer average over the last 10 years (646% vs 465%)[20, 21] - Phillips 66's average return on capital employed is 44% higher than its weighted proxy peer average over the last 10 years (107% vs 74%)[22, 23] - The company has a 15% compound annual growth rate (CAGR) in dividends[32, 36] - Phillips 66 has repurchased 35% of its initial shares outstanding since the 2012 spin-off[36] Refining - Phillips 66 aims to reduce refining costs to $550 per barrel by 2027[51] - The company reduced refining costs from $698 per barrel to $590 per barrel[50] - Every $050 per barrel of cost reduction is expected to improve adjusted EBITDA by approximately $315 million[66] Midstream - Phillips 66 projects Midstream adjusted EBITDA growth since 2021[78] - The company is projecting $975 million in Midstream capital spend in 2025[90] Chemicals - CPChem is expected to add approximately 7 million metric tons per annum (MMTA) of capacity through self-funded organic growth from 2017 to 2027[101, 143] - CPChem anticipates a 19% chain margin recovery by 2027[143] Synergies and Capital Allocation - Phillips 66 generates over $500 million in annual operating synergies through integration[106] - The company targets returning over 50% of net operating cash flow to shareholders[53, 114, 119]