Financial News

Strategy Execution and Strong Operations Drive Phillips 66 Second-Quarter Results

  • Second-quarter earnings of $1.0 billion or $2.38 per share; adjusted earnings of $984 million or $2.31 per share
  • $1.3 billion returned to shareholders through dividends and share repurchases
  • Record Midstream NGL pipeline and fractionation volumes; synergy capture driving lower costs
  • Strong Refining operations with 98% crude utilization, 86% clean product yield and lower costs

Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy provider, announced second-quarter earnings.

"We are systematically executing on our strategic priorities, which is reflected in our second-quarter results," said Mark Lashier, chairman and CEO of Phillips 66. “Refining crude utilization was our highest in five years and we lowered our costs by nearly a dollar per barrel, reflecting the success of our business transformation efforts. In Midstream, strong results reflect record NGL volumes and increased synergy capture.”

Lashier added, “We continue to increase shareholder value through strong operating performance, disciplined capital allocation and asset portfolio optimization.”

Financial Results Summary

(in millions of dollars, except as indicated)

 

2Q 2024

1Q 2024

Earnings

$

1,015

 

748

 

Adjusted Earnings1

 

984

 

822

 

Adjusted EBITDA1

 

2,183

 

1,943

 

Earnings Per Share

 

 

 

 

 

Earnings Per Share - Diluted

 

2.38

 

1.73

 

Adjusted Earnings Per Share - Diluted1

 

2.31

 

1.90

 

Cash Flow From Operations

 

2,097

 

(236

)

Cash Flow From Operations, Excluding Working Capital1

 

1,181

 

1,211

 

Capital Expenditures

 

367

 

628

 

Return of Capital to Shareholders

 

1,325

 

1,612

 

Share repurchases

 

840

 

1,164

 

Dividends paid

 

485

 

448

 

Cash

 

2,444

 

1,570

 

Debt

 

19,960

 

20,154

 

Debt-to-capital ratio

 

40

%

40

%

Net debt-to-capital ratio1

 

36

%

38

%

1Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Segment Financial and Operating Highlights

(in millions of dollars, except as indicated)

 

2Q 2024

1Q 2024

Change

Earnings1

$

1,015

 

748

 

267

 

Midstream

 

767

 

554

 

213

 

Chemicals

 

222

 

205

 

17

 

Refining

 

302

 

216

 

86

 

Marketing and Specialties

 

415

 

366

 

49

 

Renewable Fuels

 

(55

)

(55

)

 

Corporate and Other

 

(340

)

(322

)

(18

)

Income tax expense

 

(291

)

(203

)

(88

)

Noncontrolling interests

 

(5

)

(13

)

8

 

 

 

 

 

Adjusted Earnings1,2

$

984

 

822

 

162

 

Midstream

 

753

 

613

 

140

 

Chemicals

 

222

 

205

 

17

 

Refining

 

302

 

313

 

(11

)

Marketing and Specialties

 

415

 

307

 

108

 

Renewable Fuels

 

(55

)

(55

)

 

Corporate and Other

 

(340

)

(322

)

(18

)

Income tax expense

 

(278

)

(226

)

(52

)

Noncontrolling interests

 

(35

)

(13

)

(22

)

 

 

 

 

Adjusted EBITDA2

$

2,183

 

1,943

 

240

 

Midstream

 

971

 

861

 

110

 

Chemicals

 

348

 

325

 

23

 

Refining

 

531

 

545

 

(14

)

Marketing and Specialties

 

484

 

377

 

107

 

Renewable Fuels

 

(43

)

(49

)

6

 

Corporate and Other

 

(108

)

(116

)

8

 

 

 

 

 

Operating Highlights

 

 

 

Midstream NGL Fractionated Volumes (MBD)

 

744

 

679

 

65

 

Chemicals Global O&P Utilization

 

98

%

96

%

2

%

Refining

 

 

 

Turnaround Expense ($)

 

100

 

124

 

(24

)

Realized Margin ($/BBL)

 

10.01

 

11.01

 

(1.00

)

Market Capture

 

64

%

70

%

(6

)%

Crude Capacity Utilization

 

98

%

92

%

6

%

Clean Product Yield

 

86

%

84

%

2

%

Renewable Fuels Produced (MBD)

 

31

 

9

 

22

 

1Segment reporting is pre-tax.

2Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Second-Quarter 2024 Financial Results

  • Midstream second-quarter 2024 adjusted pre-tax income increased compared with the first quarter, primarily due to higher NGL volumes and margins, as well as lower costs.
  • Chemicals adjusted pre-tax income increased compared with the first quarter, mainly due to higher margins, partially offset by turnaround costs.
  • Refining adjusted pre-tax income decreased slightly compared with the first quarter, primarily due to lower market crack spreads, partially offset by higher volumes and lower costs.
  • Marketing and Specialties adjusted pre-tax income increased compared with the first quarter, mainly due to higher realized margins.
  • Renewable Fuels reporting segment established; the Rodeo Renewable Energy Complex reached full processing rates of approximately 50,000 barrels per day.
  • As of June 30, 2024, the company had $2.4 billion of cash and cash equivalents and $4.1 billion of committed capacity available under a credit facility.

Business Highlights and Strategic Priorities Progress

  • Distributed $11.2 billion through share repurchases and dividends since July 2022 and on pace to achieve the company’s $13 billion to $15 billion target by year end.
  • Achieved $1.3 billion in run-rate business transformation savings as of June 30, nearing the $1.4 billion target.
  • Progressed asset dispositions with the sale of the company’s 25% non-operated interest in Rockies Express Pipeline LLC, generating cash proceeds of $685 million. Since 2022, total proceeds from asset dispositions are $1.1 billion toward the company’s previously announced target of over $3 billion.
  • Advanced NGL wellhead-to-market strategy with the acquisition of Pinnacle Midstream on July 1, 2024.
  • Completed conversion of Rodeo Renewable Energy Complex, expanding commercial-scale production and positioning the company as a leader in renewable fuels.

Investor Webcast

Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s second-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading diversified and integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.





CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS

OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate 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, refined petroleum and renewable fuels product and natural gas prices, and refining, marketing and petrochemical margins; changes in governmental policies or laws that relate to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels that regulate profits, pricing, or taxation, or other regulations that limit or restrict refining, marketing and midstream operations or restrict exports; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; our ability 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 including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; our ability to achieve the expected benefits of the integration of DCP Midstream, LP, including the realization of synergies; the success of the company’s business transformation initiatives and the realization of savings and cost reductions from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, asset dispositions or acquisitions that we may pursue; 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 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; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; 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); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; 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,” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “cash from operations, excluding working capital,” and “net debt-to-capital ratio.” 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. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

References in the release to earnings refer to net income attributable to Phillips 66. References to run-rate business transformation savings include cost savings and other benefits that will be captured in the sales and other operating revenues; purchased crude oil and products costs; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. Run-rate savings include run-rate sustaining capital savings. Run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized.

Basis of Presentation - Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our 16% investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.

Earnings

 

 

 

 

 

 

 

Millions of Dollars

 

2024

 

2023

 

2Q

 

1Q

 

Jun YTD

 

2Q

 

Jun YTD

Midstream

$

767

 

554

 

1,321

 

 

620

 

1,336

 

Chemicals

 

222

 

205

 

427

 

 

192

 

390

 

Refining

 

302

 

216

 

518

 

 

1,175

 

2,769

 

Marketing and Specialties

 

415

 

366

 

781

 

 

533

 

896

 

Renewable Fuels

 

(55

)

(55

)

(110

)

 

68

 

142

 

Corporate and Other

 

(340

)

(322

)

(662

)

 

(344

)

(638

)

Pre-Tax Income

 

1,311

 

964

 

2,275

 

 

2,244

 

4,895

 

Less: Income tax expense

 

291

 

203

 

494

 

 

510

 

1,084

 

Less: Noncontrolling interests

 

5

 

13

 

18

 

 

37

 

153

 

Phillips 66

$

1,015

 

748

 

1,763

 

 

1,697

 

3,658

 

 

 

 

 

 

 

 

Adjusted Earnings

 

 

 

 

 

 

 

Millions of Dollars

 

2024

 

2023

 

2Q

 

1Q

 

Jun YTD

 

2Q

 

Jun YTD

Midstream

$

753

 

613

 

1,366

 

 

642

 

1,334

 

Chemicals

 

222

 

205

 

427

 

 

192

 

390

 

Refining

 

302

 

313

 

615

 

 

1,189

 

2,783

 

Marketing and Specialties

 

415

 

307

 

722

 

 

533

 

896

 

Renewable Fuels

 

(55

)

(55

)

(110

)

 

68

 

142

 

Corporate and Other

 

(340

)

(322

)

(662

)

 

(250

)

(509

)

Pre-Tax Income

 

1,297

 

1,061

 

2,358

 

 

2,374

 

5,036

 

Less: Income tax expense

 

278

 

226

 

504

 

 

532

 

1,108

 

Less: Noncontrolling interests

 

35

 

13

 

48

 

 

76

 

197

 

Phillips 66

$

984

 

822

 

1,806

 

 

1,766

 

3,731

 

 

 

 

 

 

 

 

 

Millions of Dollars

 

Except as Indicated

 

2024

 

2023

 

2Q

 

1Q

 

Jun YTD

 

2Q

 

Jun YTD

Reconciliation of Consolidated Earnings to Adjusted Earnings

 

 

 

 

 

 

Consolidated Earnings

$

1,015

 

748

 

1,763

 

 

1,697

 

3,658

 

Pre-tax adjustments:

 

 

 

 

 

 

Impairments1

 

224

 

163

 

387

 

 

 

 

Net (gain) loss on asset dispositions2

 

(238

)

 

(238

)

 

14

 

(22

)

Legal settlement

 

 

(66

)

(66

)

 

 

 

Business transformation restructuring costs3

 

 

 

 

 

41

 

76

 

Loss on early redemption of DCP debt

 

 

 

 

 

53

 

53

 

DCP integration restructuring costs4

 

 

 

 

 

22

 

34

 

Tax impact of adjustments5

 

13

 

(23

)

(10

)

 

(22

)

(24

)

Noncontrolling interests

 

(30

)

 

(30

)

 

(39

)

(44

)

Adjusted earnings

$

984

 

822

 

1,806

 

 

1,766

 

3,731

 

Earnings per share of common stock (dollars)

$

2.38

 

1.73

 

4.10

 

 

3.72

 

7.92

 

Adjusted earnings per share of common stock (dollars)6

$

2.31

 

1.90

 

4.21

 

 

3.87

 

8.08

 

 

 

 

 

 

 

 

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

Midstream Pre-Tax Income

$

767

 

554

 

1,321

 

 

620

 

1,336

 

Pre-tax adjustments:

 

 

 

 

 

 

Impairments1

 

224

 

59

 

283

 

 

 

 

Net gain on asset disposition2

 

(238

)

 

(238

)

 

 

(36

)

DCP integration restructuring costs4

 

 

 

 

 

22

 

34

 

Adjusted pre-tax income

$

753

 

613

 

1,366

 

 

642

 

1,334

 

Chemicals Pre-Tax Income

$

222

 

205

 

427

 

 

192

 

390

 

Pre-tax adjustments:

 

 

 

 

 

 

None

 

 

 

 

 

 

 

Adjusted pre-tax income

$

222

 

205

 

427

 

 

192

 

390

 

Refining Pre-Tax Income

$

302

 

216

 

518

 

 

1,175

 

2,769

 

Pre-tax adjustments:

 

 

 

 

 

 

Impairments1

 

 

104

 

104

 

 

 

 

Net loss on asset disposition

 

 

 

 

 

14

 

14

 

Legal settlement

 

 

(7

)

(7

)

 

 

 

Adjusted pre-tax income

$

302

 

313

 

615

 

 

1,189

 

2,783

 

Marketing and Specialties Pre-Tax Income

$

415

 

366

 

781

 

 

533

 

896

 

Pre-tax adjustments:

 

 

 

 

 

 

Legal settlement

 

 

(59

)

(59

)

 

 

 

Adjusted pre-tax income

$

415

 

307

 

722

 

 

533

 

896

 

Renewable Fuels Pre-Tax Loss

$

(55

)

(55

)

(110

)

 

68

 

142

 

Pre-tax adjustments:

 

 

 

 

 

 

None

 

 

 

 

 

 

 

Adjusted pre-tax loss

$

(55

)

(55

)

(110

)

 

68

 

142

 

Corporate and Other Pre-Tax Loss

$

(340

)

(322

)

(662

)

 

(344

)

(638

)

Pre-tax adjustments:

 

 

 

 

 

 

Business transformation restructuring costs3

 

 

 

 

 

41

 

76

 

Loss on early redemption of DCP debt

 

 

 

 

 

53

 

53

 

Adjusted pre-tax loss

$

(340

)

(322

)

(662

)

 

(250

)

(509

)

1Impairment, related to certain gathering and processing assets in the Midstream segment, as well as certain crude oil processing and logistics assets in California, reported in the Refining segment.

2(Gain)/loss from asset dispositions, primarily reflect a gain from the sale of the company’s 25% interest in Rockies Express Pipeline LLC.

3Restructuring costs, related to Phillips 66’s multi-year business transformation efforts, are primarily due to consulting fees.

4Restructuring costs, related to the integration of DCP Midstream, primarily reflect severance costs, consulting fees and contract exit costs. A portion of these costs are attributable to noncontrolling interests.

5We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. 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.

6Q1 2024 and Q2 2023 are based on adjusted weighted-average diluted shares of 432,158 thousand and 456,173 thousand, respectively. 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

 

2024

 

2Q

 

1Q

 

Reconciliation of Consolidated Net Income to Adjusted EBITDA

 

 

Net Income

$

1,020

 

761

 

Plus:

 

 

Income tax expense

 

291

 

203

 

Net interest expense

 

200

 

186

 

Depreciation and amortization

 

497

 

504

 

Phillips 66 EBITDA

 

2,008

 

1,654

 

Special Item Adjustments (pre-tax):

 

 

Impairments

 

224

 

163

 

Net gain on asset disposition

 

(238

)

 

Legal settlement

 

 

(66

)

Total Special Item Adjustments (pre-tax)

 

(14

)

97

 

Change in Fair Value of NOVONIX Investment

 

7

 

(5

)

Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

2,001

 

1,746

 

Other Adjustments (pre-tax):

 

 

Proportional share of selected equity affiliates income taxes

 

26

 

21

 

Proportional share of selected equity affiliates net interest

 

19

 

23

 

Proportional share of selected equity affiliates depreciation and amortization

 

195

 

188

 

Adjusted EBITDA attributable to noncontrolling interests

 

(58

)

(35

)

Phillips 66 Adjusted EBITDA

$

2,183

 

1,943

 

 

Reconciliation of Segment Income (Loss) before Income Taxes to Adjusted EBITDA

 

 

Midstream Income before income taxes

$

767

 

554

 

Plus:

 

 

Depreciation and amortization

 

224

 

229

 

Midstream EBITDA

$

991

 

783

 

Special Item Adjustments (pre-tax):

 

 

Net gain on asset disposition

 

(238

)

 

Impairments

 

224

 

59

 

Midstream EBITDA, Adjusted for Special Items

$

977

 

842

 

Other Adjustments (pre-tax):

 

 

Proportional share of selected equity affiliates income taxes

 

5

 

3

 

Proportional share of selected equity affiliates net interest

 

10

 

13

 

Proportional share of selected equity affiliates depreciation and amortization

 

37

 

38

 

Adjusted EBITDA attributable to noncontrolling interests

 

(58

)

(35

)

Midstream Adjusted EBITDA

$

971

 

861

 

Chemicals Income before income taxes

$

222

 

205

 

Plus:

 

 

None

 

 

 

Chemicals EBITDA

$

222

 

205

 

Special Item Adjustments (pre-tax):

 

 

None

 

 

 

Chemicals EBITDA, Adjusted for Special Items

$

222

 

205

 

Other Adjustments (pre-tax):

 

 

Proportional share of selected equity affiliates income taxes

 

15

 

13

 

Proportional share of selected equity affiliates net interest

 

 

1

 

Proportional share of selected equity affiliates depreciation and amortization

 

111

 

106

 

Chemicals Adjusted EBITDA

$

348

 

325

 

Refining Income before income taxes

$

302

 

216

 

Plus:

 

 

Depreciation and amortization

 

204

 

208

 

Refining EBITDA

$

506

 

424

 

Special Item Adjustments (pre-tax):

 

 

Impairments

 

 

104

 

Legal settlement

 

 

(7

)

Refining EBITDA, Adjusted for Special Items

$

506

 

521

 

Other Adjustments (pre-tax):

 

 

Proportional share of selected equity affiliates income taxes

 

1

 

 

Proportional share of selected equity affiliates net interest

 

(2

)

(1

)

Proportional share of selected equity affiliates depreciation and amortization

 

26

 

25

 

Refining Adjusted EBITDA

$

531

 

545

 

Marketing and Specialties Income before income taxes

$

415

 

366

 

Plus:

 

 

Depreciation and amortization

 

32

 

36

 

Marketing and Specialties EBITDA

$

447

 

402

 

Special Item Adjustments (pre-tax):

 

 

Legal settlement

 

 

(59

)

Marketing and Specialties EBITDA, Adjusted for Special Items

$

447

 

343

 

Other Adjustments (pre-tax):

 

 

Proportional share of selected equity affiliates income taxes

 

5

 

5

 

Proportional share of selected equity affiliates net interest

 

11

 

10

 

Proportional share of selected equity affiliates depreciation and amortization

 

21

 

19

 

Marketing and Specialties Adjusted EBITDA

$

484

 

377

 

Renewable Fuels Loss before income taxes

$

(55

)

(55

)

Plus:

 

 

Depreciation and amortization

 

12

 

6

 

Renewable Fuels EBITDA

 

(43

)

(49

)

Special Item Adjustments (pre-tax):

 

 

None

 

 

 

Renewable Fuels EBITDA, Adjusted for Special Items

$

(43

)

(49

)

Corporate and Other Loss before income taxes

$

(340

)

(322

)

Plus:

 

 

Net interest expense

 

200

 

186

 

Depreciation and amortization

 

25

 

25

 

Corporate & Other EBITDA

$

(115

)

(111

)

Special Item Adjustments (pre-tax):

 

 

None

 

 

 

Total Special Item Adjustments (pre-tax)

 

 

 

Change in Fair Value of NOVONIX Investment

 

7

 

(5

)

Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

(108

)

(116

)

 

 

 

Millions of Dollars

 

Except as Indicated

 

June 30, 2024

Debt-to-Capital Ratio

 

Total Debt

$

19,960

 

Total Equity

 

30,507

 

Debt-to-Capital Ratio

 

40

%

Total Cash

 

2,444

 

Net Debt-to-Capital Ratio

 

36

%

 

 

 

 

Millions of Dollars

 

June 30, 2024

Reconciliation of Net Cash Used in Operating Activities to Operating Cash Flow, Excluding Working Capital

 

Net Cash Used in Operating Activities

$

2,097

 

Less: Net Working Capital Changes

 

916

 

Operating Cash Flow, Excluding Working Capital

$

1,181

 

 

Millions of Dollars

 

Except as Indicated

 

2024

 

2Q

 

1Q

 

Reconciliation of Refining Income Before Income Taxes to Realized Refining Margins

 

 

 

 

Income before income taxes

$

302

 

216

 

Plus:

 

 

 

 

Taxes other than income taxes

 

74

 

121

 

Depreciation, amortization and impairments

 

203

 

314

 

Selling, general and administrative expenses

 

51

 

38

 

Operating expenses

 

884

 

953

 

Equity in earnings of affiliates

 

(33

)

(108

)

Other segment expense, net

 

(1

)

(30

)

Proportional share of refining gross margins contributed by equity affiliates

 

260

 

331

 

Special items:

 

 

 

 

Legal settlement

 

 

(7

)

Realized refining margins

$

1,740

 

1,828

 

Total processed inputs (thousands of barrels)

 

151,296

 

143,700

 

Adjusted total processed inputs (thousands of barrels)*

 

174,107

 

165,954

 

Income before income taxes (dollars per barrel)**

$

2.00

 

1.50

 

Realized refining margins (dollars per barrel)***

$

10.01

 

11.01

 

*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

**Income 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.

 

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