Adjusted earnings of $294 million or $0.56 per share
Highlights
-
Delivered strong results in Chemicals
-
Completed major turnarounds in Refining and Chemicals
-
Returned $611 million to shareholders through dividends and share
repurchases
-
Completed first full quarter of Freeport LPG Export Terminal operations
-
Construction completed on DAPL/ETCOP joint venture pipelines
-
Commissioned additional crude storage at the Beaumont Terminal
HOUSTON--(BUSINESS WIRE)--
Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company,
announces first-quarter earnings of $535 million, compared with $163
million in the fourth quarter of 2016. First-quarter earnings included
the net benefit of a gain on consolidation of a petroleum coking venture
and an impairment taken by an equity affiliate. Excluding these items,
adjusted earnings for the first quarter were $294 million, an increase
of $211 million from the last quarter.
“We have successfully completed several major turnarounds in Refining
and Chemicals,” said Greg Garland, chairman and CEO of Phillips 66.
“First-quarter earnings reflect this downtime and also highlight the
benefit of a diversified portfolio. Our Chemicals business had solid
results on good demand and improved margins. The Freeport LPG Export
Terminal is fully operational, and we have several Midstream and
Chemicals projects nearing completion. Our safety performance did not
meet expectations this quarter. We remain dedicated to operating
excellence, executing our Midstream and Chemicals growth strategy,
enhancing returns in Refining, and returning cash to shareholders."
“We demonstrated our commitment to shareholder distributions, returning
over $600 million in share repurchases and dividends during the quarter.
Since our inception in 2012, we have distributed $14 billion to
shareholders in the form of dividends, share repurchases and exchanges.”
|
|
|
Midstream
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings*
|
|
|
|
|
|
|
Q1 2017
|
|
|
Q4 2016
|
|
|
|
Q1 2017
|
|
|
Q4 2016
|
|
|
Transportation
|
|
|
|
|
$
|
78
|
|
|
70
|
|
|
|
78
|
|
|
68
|
|
|
NGL
|
|
|
|
|
17
|
|
|
2
|
|
|
|
17
|
|
|
7
|
|
|
DCP Midstream
|
|
|
|
|
17
|
|
|
(37
|
)
|
|
|
17
|
|
|
(6
|
)
|
|
Midstream net income
|
|
|
|
|
112
|
|
|
35
|
|
|
|
112
|
|
|
69
|
|
|
Less: Noncontrolling interests**
|
|
|
|
|
35
|
|
|
36
|
|
|
|
35
|
|
|
36
|
|
|
Midstream earnings (loss)
|
|
|
|
|
$
|
77
|
|
|
(1
|
)
|
|
|
77
|
|
|
33
|
|
|
* Excludes special items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Included in Transportation and NGL businesses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midstream's first-quarter earnings were $77 million, compared with a
loss of $1 million in the fourth quarter of 2016. Midstream earnings in
the fourth quarter of 2016 included a $34 million net charge related to
DCP Midstream's restructuring and certain tax adjustments, resulting in
adjusted earnings of $33 million.
Transportation net income for the first quarter of 2017 was $78 million,
improved $10 million from fourth-quarter adjusted net income of $68
million. This was primarily due to seasonally lower maintenance costs
and higher equity earnings.
NGL first-quarter net income of $17 million was $10 million higher than
fourth-quarter adjusted net income of $7 million, mainly due to higher
Freeport LPG Export Terminal earnings, reflecting a full quarter of
operations.
The company’s equity investment in DCP Midstream generated net income of
$17 million in the first quarter, compared with a $6 million adjusted
net loss in the prior quarter. DCP benefited from hedging and lower
costs, partially offset by reduced volumes.
|
|
|
Chemicals
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings*
|
|
|
|
|
|
|
Q1 2017
|
|
|
|
Q4 2016
|
|
|
|
Q1 2017
|
|
|
|
Q4 2016
|
|
|
Olefins and Polyolefins (O&P)
|
|
|
|
|
$
|
161
|
|
|
|
115
|
|
|
|
161
|
|
|
|
105
|
|
|
Specialties, Aromatics and Styrenics (SA&S)
|
|
|
|
|
25
|
|
|
|
26
|
|
|
|
45
|
|
|
|
24
|
|
|
Other
|
|
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
Chemicals
|
|
|
|
|
$
|
181
|
|
|
|
136
|
|
|
|
201
|
|
|
|
124
|
|
|
* Excludes special items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Chemicals segment reflects Phillips 66's equity investment in
Chevron Phillips Chemical Company LLC (CPChem). Chemicals' first-quarter
earnings were $181 million, compared with $136 million in the fourth
quarter of 2016. Chemicals' earnings in the first quarter of 2017
included a charge of $20 million related to an impairment of a CPChem
joint venture, while earnings in the fourth quarter included a net
benefit of $12 million for certain tax adjustments.
During the first quarter, CPChem's O&P business contributed $161 million
of earnings to the Chemicals segment. The $56 million increase from the
prior quarter's adjusted earnings was primarily due to improved margins,
higher volumes, and lower operating costs. Global utilization for O&P
was 89 percent.
CPChem's SA&S business contributed $45 million of adjusted earnings in
the first quarter, an increase of $21 million from the prior quarter due
to improved benzene margins and a $10 million gain on the sale of its
K-Resin® SBC business.
|
|
|
Refining
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings*
|
|
|
|
|
|
|
Q1 2017
|
|
|
Q4 2016
|
|
|
|
Q1 2017
|
|
|
|
Q4 2016
|
|
|
Refining
|
|
|
|
|
$
|
259
|
|
|
(38
|
)
|
|
|
(2
|
)
|
|
|
(95
|
)
|
|
* Excludes special items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refining's first-quarter earnings were $259 million, compared with a $38
million loss in the fourth quarter of 2016. Refining's earnings in the
first quarter of 2017 included a $261 million gain resulting from the
consolidation of the MSLP petroleum coking venture following the
resolution of an ownership dispute. Refining's fourth-quarter 2016
earnings included a $57 million net benefit, related to certain tax
adjustments that were partially offset by railcar lease termination
costs.
Refining's adjusted loss was $2 million in the first quarter. The $93
million improvement from the prior quarter was largely driven by higher
realized margins, partially offset by higher costs and lower volumes due
to turnaround activity. Although the global market crack spread was
comparable to the fourth quarter, realized margins improved to $8.55 per
barrel from $6.47 per barrel. This resulted in a capture rate of 70
percent, up from 53 percent in the prior quarter. Realized margins
benefited from lower RIN costs and improved clean product differentials,
including the absence of negative timing impacts incurred in the fourth
quarter.
Phillips 66’s worldwide crude utilization rate was 84 percent and its
clean product yield was 85 percent in the first quarter. Pre-tax
turnaround costs for the first quarter were $299 million, compared with
fourth-quarter costs of $205 million.
|
|
|
Marketing and Specialties
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings*
|
|
|
|
|
|
|
Q1 2017
|
|
|
Q4 2016
|
|
|
|
Q1 2017
|
|
|
Q4 2016
|
|
Marketing and Other
|
|
|
|
|
$
|
124
|
|
|
158
|
|
|
|
124
|
|
|
114
|
|
Specialties
|
|
|
|
|
17
|
|
|
32
|
|
|
|
17
|
|
|
26
|
|
Marketing and Specialties
|
|
|
|
|
$
|
141
|
|
|
190
|
|
|
|
141
|
|
|
140
|
|
* Excludes special items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and Specialties (M&S) first-quarter earnings were $141
million, compared with $190 million in the fourth quarter of 2016. M&S's
fourth-quarter earnings included a net benefit of $50 million related to
certain tax adjustments.
Earnings for Marketing and Other were $124 million in the first quarter,
an increase of $10 million from the prior quarter's adjusted earnings,
largely due to higher realized margins. Refined product exports in the
first quarter were 144,000 barrels per day (BPD), versus 175,000 BPD in
the prior quarter.
Phillips 66’s Specialties businesses generated earnings of $17 million
during the first quarter. The $9 million decrease from the prior
quarter's adjusted earnings was mainly due to turnaround activity at the
Excel Paralubes joint venture.
|
|
|
Corporate and Other
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
Earnings
|
|
|
Adjusted Earnings*
|
|
|
|
|
|
|
Q1 2017
|
|
|
|
Q4 2016
|
|
|
|
Q1 2017
|
|
|
|
Q4 2016
|
|
|
Corporate and Other
|
|
|
|
|
$
|
(123
|
)
|
|
|
(124
|
)
|
|
|
(123
|
)
|
|
|
(119
|
)
|
|
* Excludes special items.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other’s first-quarter net costs were in line with the
prior quarter.
Financial Position, Liquidity and Return of Capital
During the first quarter, cash used in operations was $549 million,
including the impact of a seasonal inventory build. Excluding working
capital impacts, operating cash flow was $748 million.
During the quarter, Phillips 66 funded $470 million of capital
expenditures and investments, and distributed $326 million in dividends
and $285 million in share repurchases. Phillips 66 ended the quarter
with 516 million shares outstanding.
As of March 31, 2017, cash and cash equivalents were $1.5 billion, and
debt was $10.2 billion, including $2.4 billion of debt at PSXP. The
company's consolidated debt-to-capital ratio and net-debt-to-capital
ratio were 30 percent and 27 percent, respectively.
Strategic Update
Phillips 66 continues to advance its growth projects in Midstream and
Chemicals and invest in return-enhancing projects in Refining.
In Midstream, the Freeport LPG Export Terminal was completed and became
fully operational late in the fourth quarter of 2016. The export
terminal has a capacity of 150,000 BPD that is being utilized for term
and spot cargos. The facility demonstrated its ability to operate at
design capacity in the first quarter.
Phillips 66 has a 25 percent interest in joint ventures to develop the
470,000 BPD Dakota Access Pipeline (DAPL) and Energy Transfer Crude Oil
Pipeline (ETCOP). Construction on both pipelines has been completed.
Commercial operations are expected to begin by June 1.
The company continues to expand its Beaumont Terminal, which now has 9
million barrels of crude and product storage capacity. An additional 1.2
million barrels of product storage is planned to be in service by
mid-2017. The facility is capable of exporting 400,000 BPD of crude or
products, and this capacity is being expanded to 600,000 BPD.
Phillips 66 Partners continues to advance its organic growth program.
Progress continues on the Bayou Bridge Pipeline segment from Lake
Charles to St. James, Louisiana, with commercial operations expected to
begin in the fourth quarter of 2017. In addition, the Partnership is
developing a new isomerization unit at Phillips 66’s Lake Charles
Refinery to increase production of higher octane gasoline blend
components. Final project approval is expected in the first half of 2018.
DCP Midstream recently simplified its structure, which better positions
it for growth and improved capital allocation. Phillips 66 expects to
receive distributions from DCP in 2017. DCP is expanding the Sand Hills
Pipeline capacity to 365,000 BPD, with an expected in-service date in
the fourth quarter of 2017. DCP is also expanding its DJ Basin footprint
with construction of the new 200 million cubic feet per day Mewbourn 3
gas processing plant, which is expected to be in service in the fourth
quarter of 2018.
CPChem continues to progress its U.S. Gulf Coast Petrochemicals Project,
which consists of a world-scale ethane cracker and two polyethylene
derivative units. The polyethylene units are expected to be completed in
mid-2017, and the cracker is expected to be complete in the fourth
quarter of 2017. This project will increase CPChem's global ethylene and
polyethylene capacity by approximately one-third.
In Refining, the company is nearing completion of the project to
increase heavy crude processing capability at the Billings Refinery to
100 percent, with start-up expected in June. At both the Bayway and Wood
River refineries, the company is modernizing fluid catalytic cracking
units to increase clean product yield. Both projects are expected to be
complete in the first half of 2018. Phillips 66 is also implementing
yield improvement efforts at several other refineries, including Ponca
City, where a diesel recovery project is expected to be complete in the
second half of 2017.
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
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
Q1
|
|
|
Q4
|
|
|
Q1
|
|
Midstream
|
|
|
|
|
$
|
77
|
|
|
|
(1
|
)
|
|
|
65
|
|
|
Chemicals
|
|
|
|
|
181
|
|
|
|
136
|
|
|
|
156
|
|
|
Refining
|
|
|
|
|
259
|
|
|
|
(38
|
)
|
|
|
86
|
|
|
Marketing and Specialties
|
|
|
|
|
141
|
|
|
|
190
|
|
|
|
205
|
|
|
Corporate and Other
|
|
|
|
|
(123
|
)
|
|
|
(124
|
)
|
|
|
(127
|
)
|
|
Phillips 66
|
|
|
|
|
$
|
535
|
|
|
|
163
|
|
|
|
385
|
|
|
|
|
Adjusted Earnings
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
Q1
|
|
|
Q4
|
|
|
Q1
|
|
Midstream
|
|
|
|
|
$
|
77
|
|
|
|
33
|
|
|
|
40
|
|
|
Chemicals
|
|
|
|
|
201
|
|
|
|
124
|
|
|
|
156
|
|
|
Refining
|
|
|
|
|
(2
|
)
|
|
|
(95
|
)
|
|
|
86
|
|
|
Marketing and Specialties
|
|
|
|
|
141
|
|
|
|
140
|
|
|
|
205
|
|
|
Corporate and Other
|
|
|
|
|
(123
|
)
|
|
|
(119
|
)
|
|
|
(127
|
)
|
|
Phillips 66
|
|
|
|
|
$
|
294
|
|
|
|
83
|
|
|
|
360
|
|
|
|
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 14,600 employees committed to
safety and operating excellence. Phillips 66 had $51 billion of assets
as of March 31, 2017. 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, 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; 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, and
adjusted net income. These are non-GAAP financial measures that are
included to help facilitate comparisons of company operating performance
across periods and with peer companies, by excluding items that don't
reflect the core operating results of our businesses in the current
period.
References in the release to earnings refer to net income
attributable to Phillips 66.
|
|
|
|
|
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
Except as Indicated
|
|
|
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
Q1
|
|
|
Q4
|
|
|
Q1
|
|
Reconciliation of Earnings to Adjusted Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Earnings
|
|
|
|
|
$
|
535
|
|
|
|
163
|
|
|
|
385
|
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments by equity affiliates
|
|
|
|
|
33
|
|
|
|
—
|
|
|
|
6
|
|
|
Pending claims and settlements
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(45
|
)
|
|
Equity affiliate ownership restructuring
|
|
|
|
|
—
|
|
|
|
33
|
|
|
|
—
|
|
|
Railcar lease residual value deficiencies and related costs
|
|
|
|
|
—
|
|
|
|
40
|
|
|
|
—
|
|
|
Gain on consolidation of business
|
|
|
|
|
(423
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Certain tax impacts*
|
|
|
|
|
—
|
|
|
|
(32
|
)
|
|
|
—
|
|
|
Tax impact of adjustments**
|
|
|
|
|
149
|
|
|
|
(27
|
)
|
|
|
14
|
|
|
Other tax impacts
|
|
|
|
|
—
|
|
|
|
(94
|
)
|
|
|
—
|
|
|
Adjusted earnings
|
|
|
|
|
$
|
294
|
|
|
|
83
|
|
|
|
360
|
|
|
Earnings per share of common stock (dollars)
|
|
|
|
|
$
|
1.02
|
|
|
|
0.31
|
|
|
|
0.72
|
|
|
Adjusted earnings per share of common stock (dollars)†
|
|
|
|
|
$
|
0.56
|
|
|
|
0.16
|
|
|
|
0.67
|
|
|
Midstream Earnings
|
|
|
|
|
$
|
77
|
|
|
|
(1
|
)
|
|
|
65
|
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Pending claims and settlements
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(45
|
)
|
|
Impairments by equity affiliates
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6
|
|
|
Equity affiliate ownership restructuring
|
|
|
|
|
—
|
|
|
|
33
|
|
|
|
—
|
|
|
Tax impact of adjustments**
|
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
14
|
|
|
Other tax impacts
|
|
|
|
|
—
|
|
|
|
13
|
|
|
|
—
|
|
|
Adjusted earnings
|
|
|
|
|
$
|
77
|
|
|
|
33
|
|
|
|
40
|
|
|
Chemicals Earnings
|
|
|
|
|
$
|
181
|
|
|
|
136
|
|
|
|
156
|
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments by equity affiliates
|
|
|
|
|
33
|
|
|
|
—
|
|
|
|
—
|
|
|
Tax impact of adjustments**
|
|
|
|
|
(13
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Other tax impacts
|
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
—
|
|
|
Adjusted earnings
|
|
|
|
|
$
|
201
|
|
|
|
124
|
|
|
|
156
|
|
|
Refining Earnings
|
|
|
|
|
$
|
259
|
|
|
|
(38
|
)
|
|
|
86
|
|
|
Pre-tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain tax impacts*
|
|
|
|
|
—
|
|
|
|
(32
|
)
|
|
|
—
|
|
|
Gain on consolidation of business
|
|
|
|
|
(423
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Railcar lease residual value deficiencies and related costs
|
|
|
|
|
—
|
|
|
|
40
|
|
|
|
—
|
|
|
Tax impact of adjustments**
|
|
|
|
|
162
|
|
|
|
(15
|
)
|
|
|
—
|
|
|
Other tax impacts
|
|
|
|
|
—
|
|
|
|
(50
|
)
|
|
|
—
|
|
|
Adjusted earnings
|
|
|
|
|
$
|
(2
|
)
|
|
|
(95
|
)
|
|
|
86
|
|
|
Marketing and Specialties Earnings
|
|
|
|
|
$
|
141
|
|
|
|
190
|
|
|
|
205
|
|
|
Other tax impacts
|
|
|
|
|
—
|
|
|
|
(50
|
)
|
|
|
—
|
|
|
Adjusted earnings
|
|
|
|
|
$
|
141
|
|
|
|
140
|
|
|
|
205
|
|
|
Corporate and Other Earnings (loss)
|
|
|
|
|
$
|
(123
|
)
|
|
|
(124
|
)
|
|
|
(127
|
)
|
|
Other tax impacts
|
|
|
|
|
—
|
|
|
|
5
|
|
|
|
—
|
|
|
Adjusted earnings (loss)
|
|
|
|
|
$
|
(123
|
)
|
|
|
(119
|
)
|
|
|
(127
|
)
|
*Pre-tax impact only. Tax-only adjusting items included in "other tax
impacts."
**We generally tax effect taxable U.S.-based special items using a
combined federal and state statutory income tax rate of approximately 38
percent. 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.
†Weighted-average diluted shares outstanding and income allocated to
participating securities, if applicable, in the adjusted earnings per
share calculation are the same as those used in the GAAP diluted
earnings per share calculation.
|
|
|
|
|
|
|
|
Millions of Dollars
|
|
|
|
|
|
|
Q1 2017
|
|
Debt-to-Capital Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt
|
|
|
|
|
$
|
10,210
|
|
|
Total Equity
|
|
|
|
|
23,725
|
|
|
Debt-to-Capital Ratio
|
|
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
Total Cash
|
|
|
|
|
$
|
1,513
|
|
|
Net-Debt-to-Capital Ratio
|
|
|
|
|
27
|
%
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170428005175/en/
Source: Phillips 66