Adjusted earnings of $710 million or $1.31 per share
Highlights
Fourth Quarter
-
Generated $1.5 billion in cash from operations
-
Refining achieved 94 percent utilization and record 85 percent clean
product yield
-
Sweeny Fractionator One and Clemens Caverns commenced operations
Full-Year 2015
-
Earnings of $4.2 billion; operating cash flow of $5.7 billion
-
Refining generated $2.6 billion of earnings
-
Chemicals delivered $962 million in earnings amid declining commodity
prices
-
Received $1.5 billion from Phillips 66 Partners debt and equity
offerings
-
Capital spending of $4.3 billion, excluding $1.5 billion DCP Midstream
contribution
-
Midstream growth capital of $2.8 billion
-
Increased quarterly dividend 12 percent to $0.56 per common share
-
Returned $2.7 billion of capital to shareholders through dividends and
share repurchases
Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company,
announces fourth-quarter earnings of $650 million, compared with
earnings of $1,578 million in the third quarter of 2015. Adjusted
earnings, excluding special items of $60 million, were $710 million.
“We operated well in the quarter, as refining capacity utilization
remained high and clean product yield increased," said Greg Garland,
Chairman and CEO. "We also reached a significant milestone with the
Sweeny Fractionator One and Clemens Caverns coming online. Solid
execution in the fourth quarter generated $1.5 billion of cash from
operations, and we returned over $700 million to shareholders through
dividends and share repurchases."
"Our financial performance in 2015 demonstrates the resiliency of our
diversified portfolio in a low commodity price environment. We create
value by focusing on operating excellence, enhancing Refining returns,
and delivering on our Midstream and Chemicals growth programs. Our
balance sheet is strong, and we maintain a disciplined approach to
capital allocation. We remain firmly focused on these core priorities in
2016."
Midstream
|
|
|
|
Millions of Dollars
|
|
|
|
|
2015
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings
|
|
|
|
|
Q4
|
|
Q3
|
|
|
Q4
|
|
Q3
|
Transportation
|
|
|
|
$
|
81
|
|
|
77
|
|
|
|
78
|
|
|
77
|
|
NGL
|
|
|
|
1
|
|
|
26
|
|
|
|
(2
|
)
|
|
32
|
|
DCP Midstream
|
|
|
|
(159
|
)
|
|
(2
|
)
|
|
|
(34
|
)
|
|
(18
|
)
|
Midstream
|
|
|
|
$
|
(77
|
)
|
|
101
|
|
|
|
42
|
|
|
91
|
|
Phillips 66's Midstream fourth-quarter adjusted earnings were $42
million, a decrease of $49 million from the third quarter.
Phillips 66’s Transportation business generated adjusted earnings of $78
million during the fourth quarter, consistent with the third quarter.
NGL adjusted losses were $2 million for the fourth quarter. The $34
million decrease from the prior quarter was largely driven by the timing
of adjustments related to the tax extenders bill, signed in December, as
well as additional costs associated with the Sweeny Hub.
Phillips 66 Partners (PSXP) contributed $37 million to the Midstream
segment's fourth-quarter earnings. PSXP's limited partner distribution
increased to $0.458 per unit, a 7 percent increase from the third
quarter. Distributions to Phillips 66 from PSXP increased 14 percent in
the fourth quarter, compared with the prior quarter, reflecting the
impact of incentive distribution rights.
For the fourth quarter of 2015, the company’s equity investment in DCP
Midstream, LLC (DCP Midstream) had an adjusted loss of $34 million,
compared with an $18 million adjusted loss in the prior quarter. DCP
Midstream's lower results were primarily due to lower natural gas and
natural gas liquids marketing margins, as well as the impact of lower
commodity prices.
During the fourth quarter, DCP Midstream recognized asset impairments
primarily as a result of the continuing low commodity price environment.
The impairments negatively impacted earnings from Phillips 66’s equity
investment in DCP Midstream by $104 million after-tax, and were excluded
from adjusted earnings.
Chemicals
|
|
|
|
Millions of Dollars
|
|
|
|
|
2015
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings
|
|
|
|
|
Q4
|
|
Q3
|
|
|
Q4
|
|
Q3
|
Olefins and Polyolefins (O&P)
|
|
|
|
$
|
181
|
|
|
261
|
|
|
|
181
|
|
|
261
|
|
Specialties, Aromatics and Styrenics (SA&S)
|
|
|
|
5
|
|
|
(3
|
)
|
|
|
9
|
|
|
17
|
|
Other
|
|
|
|
26
|
|
|
(6
|
)
|
|
|
(8
|
)
|
|
(6
|
)
|
Chemicals
|
|
|
|
$
|
212
|
|
|
252
|
|
|
|
182
|
|
|
272
|
|
The Chemicals segment reflects Phillips 66's equity investment in
Chevron Phillips Chemical Company LLC (CPChem). Fourth-quarter Chemicals
adjusted earnings were $182 million, compared with adjusted earnings of
$272 million in the third quarter.
During the fourth quarter, CPChem's Olefins and Polyolefins business
contributed $181 million to Phillips 66's Chemicals earnings. This was a
decrease of $80 million compared with the prior quarter largely due to
reduced margins, as well as decreased equity earnings. Turnaround and
maintenance activity in the fourth quarter increased operating costs and
decreased global utilization for O&P to 92 percent compared with 94
percent in the third quarter.
CPChem's Specialties, Aromatics and Styrenics business contributed $9
million of adjusted earnings in the fourth quarter, a decrease of $8
million from the prior quarter primarily due to lower earnings at
CPChem's SA&S equity affiliates as a result of planned turnarounds and
lower margins.
Chemicals earnings for the fourth quarter were positively impacted by a
$34 million tax adjustment. This item was excluded from adjusted
earnings.
Refining
|
|
|
|
Millions of Dollars
|
|
|
|
|
2015
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings
|
|
|
|
|
Q4
|
|
Q3
|
|
|
Q4
|
|
Q3
|
Refining
|
|
|
|
$
|
410
|
|
|
1,003
|
|
|
|
376
|
|
|
1,052
|
Refining adjusted earnings were $376 million in the fourth quarter,
compared with $1,052 million in the third quarter.
The decrease in earnings was largely driven by lower realized margins
due to a 35 percent decline in global market cracks compared to the
third quarter. Fourth-quarter gasoline market cracks dropped to $12.72
per barrel, compared with $21.44 per barrel during the third quarter,
while distillate cracks declined from $15.67 per barrel to $12.86 per
barrel for the same period.
Market capture increased to 74 percent, compared with 72 percent in the
prior quarter. Phillips 66's refining utilization and worldwide clean
product yield were 94 percent and 85 percent, respectively, in the
fourth quarter. Turnaround costs for the fourth quarter were $130
million pre-tax, primarily relating to the Western/Pacific Region.
Refining's earnings in the fourth quarter were impacted by certain tax
impacts, including a $91 million benefit resulting from a change in
German tax law. Additionally, the WRB joint venture recognized a
lower-of-cost-or-market inventory adjustment resulting from declining
commodity prices, which negatively impacted earnings from Phillips 66’s
equity investment in WRB Refining LP by $33 million after-tax. These
items were excluded from adjusted earnings.
Marketing and Specialties
|
|
|
|
Millions of Dollars
|
|
|
|
|
2015
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings
|
|
|
|
|
Q4
|
|
Q3
|
|
|
Q4
|
|
Q3
|
Marketing and Other
|
|
|
|
$
|
199
|
|
|
285
|
|
|
|
198
|
|
|
291
|
Specialties
|
|
|
|
32
|
|
|
53
|
|
|
|
29
|
|
|
53
|
Marketing and Specialties
|
|
|
|
$
|
231
|
|
|
338
|
|
|
|
227
|
|
|
344
|
Marketing and Specialties (M&S) fourth-quarter adjusted earnings were
$227 million, compared with $344 million in the third quarter.
Adjusted earnings for Marketing and Other were $198 million, a decrease
of $93 million from the prior quarter. The decrease in earnings was
largely due to lower realized margins driven by less favorable market
conditions relative to the third quarter. Refined product exports in the
fourth quarter were 127,000 barrels per day (BPD), compared with 118,000
BPD in the prior quarter.
Phillips 66’s Specialties businesses generated adjusted earnings of $29
million during the fourth quarter. The $24 million decrease from the
prior quarter was mainly due to reduced base oil margins, as well as
lower finished lubricants margins and volumes.
Corporate and Other
|
|
|
|
Millions of Dollars
|
|
|
|
|
2015
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings
|
|
|
|
|
Q4
|
|
Q3
|
|
|
Q4
|
|
Q3
|
Corporate and Other
|
|
|
|
$
|
(126
|
)
|
|
(116
|
)
|
|
|
(117
|
)
|
|
(112
|
)
|
Corporate and Other adjusted costs were $117 million after-tax in the
fourth quarter, an increase of $5 million compared with the prior
quarter.
Financial Position, Liquidity and Return of Capital
During the fourth quarter, Phillips 66 generated $1.5 billion of cash
from operations. Operating cash flow excluding working capital changes
was $1.8 billion. Capital expenditures and investments totaled $2.5
billion, supporting execution of the company's Midstream growth
strategy, as well as the DCP Midstream recapitalization. The
recapitalization, which included the company's $1.5 billion contribution
to DCP Midstream, provides DCP Midstream with a stronger balance sheet
and increased financial flexibility through the commodity cycle.
Phillips 66 returned $704 million to shareholders during the quarter,
consisting of $298 million in dividends and the repurchase of 4.7
million shares of common stock for $406 million. For the year, the
company repurchased 19.3 million shares of common stock for $1.5
billion, paid $1.2 billion in dividends, and increased the quarterly
dividend by 12 percent. Since July 2012, the company has repurchased
92.5 million shares for $6.4 billion. Phillips 66 ended the quarter with
529 million shares outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2015
|
|
|
|
|
Adjusted Phillips 66
|
|
Phillips 66 Partners
|
|
Phillips 66 Consolidated
|
Total Debt, $MM
|
|
|
|
7,796
|
|
|
1,091
|
|
|
8,887
|
|
Total Equity, $MM
|
|
|
|
23,129
|
|
|
809
|
|
|
23,938
|
|
Debt-to-capital ratio
|
|
|
|
25
|
%
|
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
Total Cash, $MM
|
|
|
|
3,026
|
|
|
48
|
|
|
3,074
|
|
Net-debt-to-capital ratio
|
|
|
|
17
|
%
|
|
|
|
20
|
%
|
As of Dec. 31, 2015, cash and cash equivalents were $3.1 billion and
debt was $8.9 billion, including $1.1 billion at Phillips 66 Partners.
The company's consolidated debt-to-capital ratio was 27 percent.
Excluding Phillips 66 Partners, the debt-to-capital ratio was 25
percent. Additionally, Phillips 66 reported a 2015 return on capital
employed (ROCE) of 14 percent.
Strategic Update
The company continues to execute on its plan to grow the Midstream and
Chemicals businesses, while maintaining commitments to shareholder
distributions, financial flexibility and a strong balance sheet.
Midstream growth is fueled in part by robust operating cash flows
generated by the company’s Refining and M&S operations. In addition,
PSXP provides a cost-efficient vehicle to fund that growth and invest in
fee-based infrastructure, as demonstrated by the $1.5 billion raised by
PSXP in debt and equity offerings in the first quarter of 2015.
The company continued development of the Sweeny Hub with the 100,000 BPD
Sweeny Fractionator One and Clemens Caverns projects, which came online
in the fourth quarter. Construction of the 150,000 BPD Freeport LPG
Export Terminal is on schedule and on budget with startup expected in
the second half of 2016.
The company is participating in joint ventures to develop the
approximately 470,000 BPD Dakota Access Pipeline (DAPL) and Energy
Transfer Crude Oil Pipeline (ETCOP) system. Phillips 66 has a 25 percent
interest in these joint ventures with Energy Transfer Partners and
Sunoco Logistics Partners. Commercial operations are expected to begin
in the fourth quarter of 2016.
In the fourth quarter of 2015, Phillips 66 Partners acquired Phillips
66's interest in the Bayou Bridge Pipeline joint venture. The joint
venture was created to develop a pipeline from the Phillips 66 and
Sunoco Logistics terminals in Nederland, Texas, to St. James, Louisiana.
Construction is underway on the first segment of the pipeline, which
will deliver crude oil from Nederland to Lake Charles, Louisiana.
Commercial operations on this segment are expected to begin by the end
of first-quarter 2016.
In Chemicals, overall progress on CPChem's world-scale U.S. Gulf Coast
Petrochemicals Project is now approaching 70 percent completion, with
startup expected in mid-2017. This project consists of an ethane cracker
and related polyethylene facilities that will increase CPChem's U.S.
ethylene and polyethylene capacity by more than 40 percent.
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
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
Q4
|
YTD
|
|
Q4
|
YTD
|
Midstream
|
|
|
|
$
|
(77
|
)
|
13
|
|
|
96
|
|
507
|
|
Chemicals
|
|
|
|
212
|
|
962
|
|
|
267
|
|
1,137
|
|
Refining
|
|
|
|
410
|
|
2,555
|
|
|
517
|
|
1,771
|
|
Marketing and Specialties
|
|
|
|
231
|
|
1,187
|
|
|
367
|
|
1,034
|
|
Corporate and Other
|
|
|
|
(126
|
)
|
(490
|
)
|
|
(100
|
)
|
(393
|
)
|
Discontinued Operations
|
|
|
|
-
|
|
-
|
|
|
-
|
|
706
|
|
Phillips 66
|
|
|
|
$
|
650
|
|
4,227
|
|
|
1,147
|
|
4,762
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
Q4
|
YTD
|
|
Q4
|
YTD
|
Midstream
|
|
|
|
$
|
42
|
|
248
|
|
|
97
|
|
508
|
|
Chemicals
|
|
|
|
182
|
|
952
|
|
|
270
|
|
1,209
|
|
Refining
|
|
|
|
376
|
|
2,527
|
|
|
322
|
|
1,576
|
|
Marketing and Specialties
|
|
|
|
227
|
|
947
|
|
|
324
|
|
882
|
|
Corporate and Other
|
|
|
|
(117
|
)
|
(481
|
)
|
|
(100
|
)
|
(393
|
)
|
Phillips 66
|
|
|
|
$
|
710
|
|
4,193
|
|
|
913
|
|
3,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 an integral asset in the portfolio.
Headquartered in Houston, the company has 14,000 employees committed to
safety and operating excellence. Phillips 66 had $49 billion of assets
as of Dec. 31, 2015. 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,”
“intends,” “objectives,” “projects,” “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 relating to Phillips
66’s operations (including joint venture operations) are based on
management’s expectations, estimates and projections about the company,
its interests and the energy industry in general on the date this news
release was prepared. These statements are not guarantees of future
performance and 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, petroleum products
and natural gas prices, and refining, marketing and petrochemical
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; 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 earnings per share,
operating cash flow excluding working capital, adjusted debt-to-capital,
and adjusted ROCE. These are non-GAAP financial measures that are
included to help facilitate comparisons of company operating performance
across periods.
References in the release to earnings refer to net income
attributable to Phillips 66.
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
Except as Indicated
|
|
|
|
2015
|
|
2014
|
|
|
|
Q4
|
|
Q3
|
|
Year
|
|
Q4
|
|
Year
|
Reconciliation of Earnings to Adjusted Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
|
$
|
650
|
|
|
1,578
|
|
|
4,227
|
|
|
1,147
|
|
|
4,762
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Asset dispositions
|
|
|
-
|
|
|
(18
|
)
|
|
(265
|
)
|
|
(385
|
)
|
|
(494
|
)
|
Impairments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
131
|
|
|
131
|
|
Impairments by equity affiliates
|
|
|
108
|
|
|
22
|
|
|
256
|
|
|
-
|
|
|
69
|
|
Pending claims and settlements
|
|
|
-
|
|
|
19
|
|
|
(23
|
)
|
|
(10
|
)
|
|
(10
|
)
|
Lower-of-cost-or-market inventory adjustments
|
|
|
33
|
|
|
-
|
|
|
33
|
|
|
30
|
|
|
30
|
|
Pension settlement expenses
|
|
|
3
|
|
|
46
|
|
|
49
|
|
|
-
|
|
|
-
|
|
Certain tax impacts
|
|
|
(84
|
)
|
|
-
|
|
|
(84
|
)
|
|
-
|
|
|
-
|
|
Discontinued operations
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(706
|
)
|
Adjusted earnings
|
|
|
$
|
710
|
|
|
1,647
|
|
|
4,193
|
|
|
913
|
|
|
3,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share of common stock (dollars)
|
|
|
$
|
1.20
|
|
|
2.90
|
|
|
7.73
|
|
|
2.05
|
|
|
8.33
|
|
Adjusted earnings per share of common stock (dollars)
|
|
|
$
|
1.31
|
|
|
3.02
|
|
|
7.67
|
|
|
1.63
|
|
|
6.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
|
|
|
$
|
(77
|
)
|
|
101
|
|
|
13
|
|
|
96
|
|
|
507
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Asset dispositions
|
|
|
-
|
|
|
(18
|
)
|
|
(18
|
)
|
|
-
|
|
|
-
|
|
Impairments by equity affiliates
|
|
|
104
|
|
|
2
|
|
|
232
|
|
|
-
|
|
|
-
|
|
Pension settlement expenses
|
|
|
-
|
|
|
6
|
|
|
6
|
|
|
-
|
|
|
-
|
|
Lower-of-cost-or-market inventory adjustments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
1
|
|
Certain tax impacts
|
|
|
15
|
|
|
-
|
|
|
15
|
|
|
-
|
|
|
-
|
|
Adjusted earnings
|
|
|
$
|
42
|
|
|
91
|
|
|
248
|
|
|
97
|
|
|
508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
|
$
|
212
|
|
|
252
|
|
|
962
|
|
|
267
|
|
|
1,137
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Impairments by equity affiliates
|
|
|
4
|
|
|
20
|
|
|
24
|
|
|
-
|
|
|
69
|
|
Lower-of-cost-or-market inventory adjustments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
3
|
|
Certain tax impacts
|
|
|
(34
|
)
|
|
-
|
|
|
(34
|
)
|
|
-
|
|
|
-
|
|
Adjusted earnings
|
|
|
$
|
182
|
|
|
272
|
|
|
952
|
|
|
270
|
|
|
1,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refining
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
|
$
|
410
|
|
|
1,003
|
|
|
2,555
|
|
|
517
|
|
|
1,771
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Asset dispositions
|
|
|
-
|
|
|
-
|
|
|
(5
|
)
|
|
(369
|
)
|
|
(369
|
)
|
Impairments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
131
|
|
|
131
|
|
Pending claims and settlements
|
|
|
-
|
|
|
19
|
|
|
(19
|
)
|
|
17
|
|
|
17
|
|
Lower-of-cost-or-market inventory adjustments
|
|
|
33
|
|
|
-
|
|
|
33
|
|
|
26
|
|
|
26
|
|
Pension settlement expenses
|
|
|
2
|
|
|
30
|
|
|
32
|
|
|
-
|
|
|
-
|
|
Certain tax impacts
|
|
|
(69
|
)
|
|
-
|
|
|
(69
|
)
|
|
-
|
|
|
-
|
|
Adjusted earnings
|
|
|
$
|
376
|
|
|
1,052
|
|
|
2,527
|
|
|
322
|
|
|
1,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and Specialties
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
|
|
|
$
|
231
|
|
|
338
|
|
|
1,187
|
|
|
367
|
|
|
1,034
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Asset dispositions
|
|
|
-
|
|
|
-
|
|
|
(242
|
)
|
|
(16
|
)
|
|
(125
|
)
|
Pending claims and settlements
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(27
|
)
|
|
(27
|
)
|
Pension settlement expenses
|
|
|
1
|
|
|
6
|
|
|
7
|
|
|
-
|
|
|
-
|
|
Certain tax impacts
|
|
|
(5
|
)
|
|
-
|
|
|
(5
|
)
|
|
-
|
|
|
-
|
|
Adjusted earnings
|
|
|
$
|
227
|
|
|
344
|
|
|
947
|
|
|
324
|
|
|
882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
|
|
|
$
|
(126
|
)
|
|
(116
|
)
|
|
(490
|
)
|
|
(100
|
)
|
|
(393
|
)
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Pending claims and settlements
|
|
|
-
|
|
|
-
|
|
|
(4
|
)
|
|
-
|
|
|
-
|
|
Pension settlement expenses
|
|
|
-
|
|
|
4
|
|
|
4
|
|
|
-
|
|
|
-
|
|
Certain tax impacts
|
|
|
9
|
|
|
-
|
|
|
9
|
|
|
-
|
|
|
-
|
|
Adjusted earnings (loss)
|
|
|
$
|
(117
|
)
|
|
(112
|
)
|
|
(481
|
)
|
|
(100
|
)
|
|
(393
|
)
|
|
|
|
|
|
Millions of Dollars
|
|
|
Q4
|
|
|
2015
|
Cash Flows from Operating Activities
|
|
|
|
|
|
Net Cash Provided by Operating Activities, excluding working
capital
|
|
$
|
1,825
|
|
Changes in working capital
|
|
(328
|
)
|
Net Cash Provided by Operating Activities
|
|
$
|
1,497
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
2015
|
|
|
Growth
|
|
Sustaining
|
|
Total
|
Capital expenditures and investments
|
|
|
|
|
|
|
Midstream1
|
|
$
|
2,801
|
|
|
1,656
|
|
|
4,457
|
|
Chemicals
|
|
-
|
|
|
-
|
|
|
-
|
|
Refining
|
|
201
|
|
|
868
|
|
|
1,069
|
|
Marketing & Specialties
|
|
66
|
|
|
56
|
|
|
122
|
|
Corporate and Other
|
|
10
|
|
|
106
|
|
|
116
|
|
Total
|
|
$
|
3,078
|
|
|
2,686
|
|
|
5,764
|
|
1 Midstream sustaining expenditure includes DCP
equity contribution of $1.5 billion
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160129005224/en/
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