Phillips 66 Capital Programs

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Conoco and Phillips 66 announced on November 18, 2001 that their boards of directors had unanimously approved a definitive agreement for a "merger of equals". The merged company, ConocoPhillips, became the third-largest integrated U.S. energy company based on market capitalization and oil and gas reserves and production. On November 11, 2011 ConocoPhillips announced that Phillips 66 would be the name of a new independent oil and gasoline refining and marketing firm, created as ConocoPhillips split into two companies. ConocoPhillips kept the current name of the company and concentrated on oil exploration and production side while Phillips 66 included refining, marketing, midstream, and chemical portions of the company. Photo: Hugh Pickens all rights reserved.

by Hugh Pickens, Ponca City Oklahoma

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The purpose of this report is to provide a comprehensive overview of Phillips 66 that documents and explains the company's business strategy and execution of that strategy.

Major Sections of this report on Phillips 66 include:

Safety, Environment, Legal <html>
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Corporate

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Strategic and Financial

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Business Segments

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Stock Market

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Reference

Refining Business Segment

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Increasing Profitability in Refining Business Segment

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Detailed Look at Ponca City Refinery

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Other Phillips Refineries

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Other Locations


Contents

Master Index of Articles about Phillips 66

File:Refinery crane.jpg
The 587 foot tall Mammoet PTC 140 crane, seen here from North First Street, towers over the Refinery Complex in Ponca City. The supercrane was used to move two new 232 ton coker reactor units within the refinery on September 29, 2013. Phillips was willing to invest $70 million in the two new coker reactor units because the Ponca City Refinery is one of the best run, safest, and most profitable of Phillips' fifteen worldwide refineries and Garland wants the refinery in Ponca City to continue to run smoothly and profitably. This photograph of the supercrane in Ponca City was taken from almost two miles away from the crane. Photo: Hugh Pickens All Rights Reserved.
File:Pickens and Garland.jpg
Hugh Pickens, an analyst who closely follows Phillips 66, speaks with Phillips CEO Greg Garland (right) about the disposition of the North Tower, South Tower, and Research West at Phillips' Ponca City Refinery after Garland's speech to the Bartlesville Chamber of Commerce on August 13, 2014.

by Hugh Pickens, Ponca City Oklahoma

<html>
</html>

The purpose of this report is to provide a comprehensive overview of Phillips 66 that documents and explains the company's business strategy and execution of that strategy.

Major Sections of this report on Phillips 66 include:

Safety, Environment, Legal <html>
</html>

Corporate

<html>
</html>

Strategic and Financial

<html>
</html>

Business Segments

<html>
</html>

Stock Market

<html>
</html>

Reference

Refining Business Segment

<html>
</html>

Increasing Profitability in Refining Business Segment

<html>
</html>

Detailed Look at Ponca City Refinery

<html>
</html>

Other Phillips Refineries

<html>
</html>

Other Locations


Phillips Capital Programs

File:Refining capital program.jpg
Capital Program for Refining and Marketing Business Segment. Greg Garland told security analysts at the Credit Suisse Global Energy Summit on February 12, 2014 that Phillips wants to try to hold sustaining capital in the Refining Business Segment to depreciation or less, or about $700 million a year. "We've got about a $1 billion program in 2014. So we've got about $300 million of high return, quick hit, fast payout projects that we're going to do. These are 40% type return projects. So these are the, what I would call, is a value accretive project that we're going to do in refining. Around export facilities, increasing yields, it's around incremental investments to process more light sweet crude. It's around capturing more LPG streams and upgrading the value of LPG streams."[1] Graphic from Phillips Presentation to USB Global Oil and Gas Conference May 21, 2013.
File:Midstream capital program.jpg
Capital Program for Midstream Business Segment. Phillips reported on December 6, 2013 that they plan to invest $2.167 Billion in 2014 in their Midstream Business Segment including $1.417 in direct investment and $0.750 Billion in investment with affiliate groups. Phillips expects to begin construction of a 100,000 barrel-per-day NGL fractionator and a 4.4 million-barrel-per-month liquefied petroleum gas export terminal on the U.S. Gulf Coast. In addition, several rail offloading facilities and other crude handling projects will increase the company’s access to advantaged refining feedstocks. Phillips 66 Transportation is also developing pipeline expansion and connection projects that will grow capacity and allow for greater refined product exports.[2] Graphic from Phillips Presentation to USB Global Oil and Gas Conference May 21, 2013.
File:Chemical capital progam.jpg
Capital Program for Chemical Business Segment. Phillips reported on December 6, 2013 that they plan to invest $1.0 Billion in 2014 in their Refining and Marketing Business Segment down from $1.149 in 2013. Approximately 70 percent of the investment will be for sustaining capital related to reliability and maintenance, safety and environmental projects, including those to comply with Tier 3 emission standards. Other Refining capital investments will be directed toward relatively small, high-return projects, primarily to enhance use of advantaged crudes, as well as to improve product yields, increase energy efficiency and expand export capability.[3] Graphic from Phillips Presentation to USB Global Oil and Gas Conference May 21, 2013.
File:Refining capital program.jpg
Capital Program for Refining and Marketing Business Segment. Greg Garland told security analysts at the Credit Suisse Global Energy Summit on February 12, 2014 that Phillips wants to try to hold sustaining capital in the Refining Business Segment to depreciation or less, or about $700 million a year. "We've got about a $1 billion program in 2014. So we've got about $300 million of high return, quick hit, fast payout projects that we're going to do. These are 40% type return projects. So these are the, what I would call, is a value accretive project that we're going to do in refining. Around export facilities, increasing yields, it's around incremental investments to process more light sweet crude. It's around capturing more LPG streams and upgrading the value of LPG streams."[4] Graphic from Phillips Presentation to USB Global Oil and Gas Conference May 21, 2013.
File:Midstream capital program.jpg
Capital Program for Midstream Business Segment. Phillips reported on December 6, 2013 that they plan to invest $2.167 Billion in 2014 in their Midstream Business Segment including $1.417 in direct investment and $0.750 Billion in investment with affiliate groups. Phillips expects to begin construction of a 100,000 barrel-per-day NGL fractionator and a 4.4 million-barrel-per-month liquefied petroleum gas export terminal on the U.S. Gulf Coast. In addition, several rail offloading facilities and other crude handling projects will increase the company’s access to advantaged refining feedstocks. Phillips 66 Transportation is also developing pipeline expansion and connection projects that will grow capacity and allow for greater refined product exports.[5] Graphic from Phillips Presentation to USB Global Oil and Gas Conference May 21, 2013.
File:Chemical capital progam.jpg
Capital Program for Chemical Business Segment. Phillips reported on December 6, 2013 that they plan to invest $1.0 Billion in 2014 in their Refining and Marketing Business Segment down from $1.149 in 2013. Approximately 70 percent of the investment will be for sustaining capital related to reliability and maintenance, safety and environmental projects, including those to comply with Tier 3 emission standards. Other Refining capital investments will be directed toward relatively small, high-return projects, primarily to enhance use of advantaged crudes, as well as to improve product yields, increase energy efficiency and expand export capability.[6] Graphic from Phillips Presentation to USB Global Oil and Gas Conference May 21, 2013.

October 12, 2015: Phillips Capital Program for 2016

Phillips 66 announced on October 12, 2015 that Phillips 2016 capital budget will be $3.6 billion, excluding Phillips 66 Partners’ capital program. The board of directors of Phillips 66 also approved a $2.0 billion increase to the company’s share repurchase program. “The 2016 capital budget will fund Midstream growth and enhance returns in Refining,” said chairman and CEO Greg Garland. “Cash from operating activities, our MLP and a strong balance sheet allow us to fund business growth while returning capital to shareholders.”

Capital spending plans for 2016 for Phillips 66 Partners and for self-funded joint ventures DCP Midstream, Chevron Phillips Chemical Company, and WRB Refining will be announced later this year.

“Shareholder distributions are important to value creation,” said Garland. “During 2016, we plan to increase regular dividends while continuing to buy back PSX shares. Since 2012, we have increased quarterly dividends by 180 percent while reducing share count by close to 15 percent.”

The Phillips 66 Board of Directors has authorized an additional $2 billion for share repurchase, bringing total authorizations to $9 billion. Shares will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. [7]

Phillips to Invest $1.2 Billion in 2016 in Refining Business Segment

Phillips 66 plans $1.2 billion of capital expenditures in Refining, with approximately 70 percent to be invested in reliability, safety and environmental projects, including compliance with the new Tier 3 gasoline specifications. Discretionary Refining capital of about $400 million will improve product yields and lower feedstock costs. These investments include a modernization of the FCC at Bayway, and an upgrade of the vacuum tower at Billings.

Phillips to Invest $135 Million in 2016 in Marketing and Specialities Business Segment

In Marketing and Specialties, the company plans to invest about $135 million of growth and sustaining capital. This furthers Phillips 66’s plans to expand and enhance its fuel marketing business, including new retail sites in Europe.

Phillips to Invest $2.0 Billion in 2016 in Midstream Business Segment

Phillips 66 plans to invest $2.0 billion in its Midstream business lines. In Natural Gas Liquids (NGL), the company continues construction of the 4.4 million-barrel-per-month Freeport LPG Export Terminal on the U.S. Gulf Coast, with completion expected in the second half of 2016. In addition, the budget includes spending associated with expansion of the Sweeny NGL midstream hub.

December 5, 2014: Phillips Capital Progam for 2015

Phillips 66 announced on December 5, 2014 that Phillips plans a 2015 capital budget of $4.6 billion. “The 2015 capital program reflects our commitment to grow our higher-value businesses while enhancing returns in Refining,” said chairman and CEO Greg Garland. “We are executing a portfolio of major Midstream and Chemicals projects while evaluating a significant backlog of investment opportunities. We remain committed to returning capital to shareholders through dividend growth and our share repurchase program. During the year we increased our dividend 28 percent, and through Sept. 30, 2014, we returned $3.9 billion of capital to shareholders through dividends, share repurchases and the PSPI exchange. We expect double-digit increases in dividends for the next two years, and $2.6 billion remained available at the end of the third quarter under our share repurchase authorization. Our capital structure and financial flexibility allow us to fund shareholder distributions while investing in the growth of our businesses, even in this lower commodity price environment. Sources of capital include our strong balance sheet, debt and equity issuances by our MLP, and operating cash flows from a high-returning portfolio of businesses."[8]

Phillips to Invest $1.1 Billion in 2015 in Refining and Marketing Business Segment

Phillips 66 plans $1.1 billion of capital expenditures in Refining, approximately 75 percent of which will be sustaining capital. These investments are related to reliability and maintenance, safety and environmental projects, including compliance with the new EPA Tier 3 gasoline specifications. Discretionary Refining capital investments will be directed toward small, high-return, quick pay-out projects, primarily to enhance use of advantaged crudes and improve product yields.

Phillips to Invest $3.750 Billion in 2015 in Midstream Business Segment

In Midstream, excluding DCP, Phillips 66 plans to invest $3.2 billion in its Natural Gas Liquids (NGL) and Transportation business lines. Midstream capital includes approximately $200 million expected to be spent by Phillips 66 Partners to support organic growth projects. In NGL, the company continues construction of the 100,000 barrel-per-day Sweeny Fractionator One and the 4.4 million-barrel-per-month Freeport LPG Export Terminal on the U.S. Gulf Coast. In Transportation, the company is investing in pipeline and rail infrastructure projects to move crude oil from the Bakken/Three Forks production area of North Dakota to market centers throughout the U.S. In addition, expansion of the Beaumont Terminal and related infrastructure opportunities are being pursued.

Additional Midstream investments are planned within DCP, a 50-50 joint venture with Spectra Energy that also includes DCP Midstream Partners. DCP will leverage its infrastructure to launch new gathering, processing, and NGL growth projects, mainly in the Niobrara, Denver-Julesburg, Eagle Ford and Permian basins. DCP also expects to increase natural gas processing capacity in these basins and complete other gathering system expansions during 2015. Phillips 66’s share of DCP’s 2015 planned capital expenditures is $550 million.

Phillips to Invest $1.4 Billion in 2015 in Chemical Business Segment

In Chemicals, CPChem, a 50-50 joint venture with Chevron, is investing in projects aimed at capturing cost-advantaged petrochemical feedstocks on the U.S. Gulf Coast. Phillips 66’s share of CPChem’s 2015 capital expenditures is expected to be $1.4 billion. Funding supports advancement of CPChem’s 3.3 billion-pound-per-year ethane cracker and two 1.1 billion-pound-per-year polyethylene facilities. The expected start-up for these facilities is mid-2017. In addition, the 220 million-pound-per-year expansion of CPChem’s normal alpha olefins production capacity at Cedar Bayou continues, with estimated completion in mid-2015.

Phillips to Invest $170 Million in 2014 in Marketing and Specialties

In Marketing and Specialties, the company plans to invest $170 million for growth and sustaining capital. The growth investment reflects Phillips 66’s continued plans to expand and enhance its fuel marketing business.

Phillips to Invest $155 Million at Corporate Level Primarily in IT and Facilities

In Corporate and Other, Phillips 66 plans to fund $155 million in projects primarily related to information technology and facilities.

December 6, 2014: Phillips Capital Program for 2014

On December 6, 2013 Phillips announced their plans for capital expenditures in 2014 at a level of $2.7 billion, approximately 40 percent higher than its 2013 capital target. Phillips total 2014 capital program including investments in joint ventures with DCP Midstream (DCP), Chevron Phillips Chemical Company (CPChem) and WRB Refining is expected to be $4.6 billion. “The 2014 capital program is consistent with our plans to significantly grow our Midstream and Chemicals segments,” said Chairman and CEO Greg Garland. “These are businesses that can directly capitalize on North America’s energy renaissance. Our disciplined approach to capital allocation balances reinvestment in higher-valued businesses along with growing shareholder distributions. We continue to focus on funding the most attractive growth opportunities across our portfolio.”[9]

Phillips to Invest $1.0 Billion in 2014 in Refining and Marketing Business Segment

Phillips reported on December 6, 2013 that they plan to invest $1.0 Billion in 2014 in their Refining and Marketing Business Segment down from $1.149 in 2013. Approximately 70 percent of the investment will be for sustaining capital related to reliability and maintenance, safety and environmental projects, including those to comply with Tier 3 emission standards. Other Refining capital investments will be directed toward relatively small, high-return projects, primarily to enhance use of advantaged crudes, as well as to improve product yields, increase energy efficiency and expand export capability.[10]

Greg Garland told security analysts at the Credit Suisse Global Energy Summit on February 12, 2014 that Phillips wants to try to hold sustaining capital in the Refining Business Segment to depreciation or less, or about $700 million a year. "We've got about a $1 billion program in 2014. So we've got about $300 million of high return, quick hit, fast payout projects that we're going to do. These are 40% type return projects. So these are the, what I would call, is a value accretive project that we're going to do in refining. Around export facilities, increasing yields, it's around incremental investments to process more light sweet crude. It's around capturing more LPG streams and upgrading the value of LPG streams."[11]

Phillips to Invest $2.167 Billion in 2014 in Midstream Business Segment

Phillips reported on December 6, 2013 that they plan to invest $2.167 Billion in 2014 in their Midstream Business Segment including $1.417 in direct investment and $0.750 Billion in investment with affiliate groups. Phillips expects to begin construction of a 100,000 barrel-per-day NGL fractionator and a 4.4 million-barrel-per-month liquefied petroleum gas export terminal on the U.S. Gulf Coast. In addition, several rail offloading facilities and other crude handling projects will increase the company’s access to advantaged refining feedstocks. Phillips 66 Transportation is also developing pipeline expansion and connection projects that will grow capacity and allow for greater refined product exports.[12]

Phillips expects to invest $750 Million in DCP, a 50/50 joint venture with Spectra Energy. DCP anticipates leveraging its existing NGL infrastructure to initiate new gathering and processing growth projects, mainly in the North and Permian regions. DCP also expects to increase natural gas processing capacity in the Denver-Julesburg Basin and complete other gathering system expansions during 2014.[13]

Phillips to Invest $1.046 Billion in 2014 in Chemical Business Segment

Phillips reported on December 6, 2013 that they plan to invest $1.046 Billion in their 50/50 joint venture with Chevron, representing a substantial increase over 2013. The increase primarily reflects advancement of CPChem’s 3.3 billion-pound-per-year ethane cracker and two 1.1 billion-pound-per-year polyethylene facilities. The facilities are expected to start up in 2017. Additionally, CPChem plans to complete and start up its 550 million-pound-per-year 1-hexene plant in Baytown, Texas, in the first half of next year.[14]

Phillips to Invest $140 Million in 2014 in Marketing and Specialties

Phillips reported on December 6, 2013 that they plan to invest $140 Million in 2014 in Marketing and Specialties growth and sustaining capital. The growth investment reflects Phillips 66’s intent to expand its international fuel marketing business. The company plans to add approximately 200 new retail sites in Europe over the next five years.[15]

July 10, 2014: Phillips to Increase 2014 Budget for $1.2 Billion

FueldFix reported on July 10, 2014 that Phillips will increase its 2014 capital budget by $1.2 billion for 2014 in order to fund its liquefied petroleum gas project as well as a recent acquisition. The increase will allow the company to put more cash towards the development of a new fractionator at its Sweeny refinery and a liquid petroleum gas export terminal in Freeport, among other projects. The fractionator is expected to come online in the third quarter of 2015, and the export terminal is expected to be operational in mid-2016. The fracionator will separate natural gas liquids into components including ethane, propane and butane. Some of those products will then be exported as liquefied petroleum gas from Freeport. The entire project is slated to cost $3 billion.[16]

Phillips Capital Program for 2013

Phillips reported on December 13, 2012 that they had hosted their inaugural Analyst Meeting in New York to discuss their capital program of $3.7 billion for 2013, a 6 percent increase over the $3.5 billion capital spend for 2012, and how it will to enhance returns, deliver profitable growth and increase distributions to shareholders.[17]

Phillips to Invest $1.149 Billion in 2013 in Refining and Marketing Business Segment

Phillips 66 reported at their inaugural Analyst Meeting on December 13, 2013 that they intend to invest $1.149 Billion in 2013 in their Refining and Marketing Business Segment to improve capital efficiency. The company has identified sources of additional advantaged crudes and is taking steps to move these lower cost feedstocks to its refineries and expects to replace 500,000 BPD of higher cost feedstocks with new or advantaged crudes over the next few years.[18]

Other initiatives to improve margins in the R&M Business Segment include increasing clean product yields in refining and controlling costs, targeting cost reductions and value capture in excess of $200 million before-tax by the end of 2013. “Our ability to capture advantaged feedstocks, coupled with the growing international demand for refined products, enables us to maintain high utilization rates and reduce costs per unit,” said Garland. “We will continue to primarily serve domestic markets and will explore opportunities to meet growing demand overseas. Export markets support a more positive balance of trade and promote economic benefits, and jobs, here in the United States.”[19]

Phillips to Invest $2.2 Billion in 2013 in Midstream Business Segment

Phillips 66 reported at their inaugural Analyst Meeting on December 13, 2013 that DCP Midstream plans to invest $2.2 billion primarily for new logistics infrastructure and NGL production during 2013.[20]

Phillips to Invest $1.1 Billion in 2013 in Chemical Business Segment

Phillips 66 reported at their inaugural Analyst Meeting on December 13, 2013 that CPChem plans $1.1 billion of investment including several growth projects planned or under construction, such as its U.S. Gulf Coast petrochemicals complex and 1-hexene plant.[21]

Phillips to Transfer Transportation Assets To A Master Limited Partnership

Marketwatch reported on Decemeber 13, 2012 that Phillips will transfer transportation assets to a master limited partnership that will debut in the stock market in 2013. The assets could include crude and product pipelines and terminals, natural gas liquids assets, or rail cars and infrastructure, but it was unclear what portion of Phillips 66's business would go to the MPL, analysts at Simmons said in a note.[22] “We expect to use the master limited partnership as an efficient vehicle to fund growth investments in the transportation and midstream sectors,” said Phillips 66 Chairman and CEO Greg Garland. “We believe the proposed MLP will enable us to enhance value for our shareholders and increase the transparency of our business.”[23]

References

  1. ↑ Credit Suisse Global Energy Summit. "Transcript of Phillips 66 Presentation" by Greg Garland. February 12, 2014
  2. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  3. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  4. ↑ Credit Suisse Global Energy Summit. "Transcript of Phillips 66 Presentation" by Greg Garland. February 12, 2014
  5. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  6. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  7. ↑ Businesswire. "Phillips 66 Announces 2016 Capital Budget and Increases Share Repurchase Program" October 12, 2015.
  8. ↑ Phillips 66 Press Release. "Phillips Announces 2015 Capital Program" December 5, 2014.
  9. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  10. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  11. ↑ Credit Suisse Global Energy Summit. "Transcript of Phillips 66 Presentation" by Greg Garland. February 12, 2014
  12. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  13. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  14. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  15. ↑ Business Wire. "Phillips 66 Announces 2014 Capital Program" December 6, 2013.
  16. ↑ Fuelfix. "Phillips 66 increases capital budget, approves more buybacks" July 10, 2014
  17. ↑ Phillips 66. "Phillips 66 Announces 2013 Capital Program and Intent to Form MLP" December 13. 2012.
  18. ↑ Phillips 66. "Phillips 66 Announces 2013 Capital Program and Intent to Form MLP" December 13, 2012.
  19. ↑ Phillips 66. "Phillips 66 Announces 2013 Capital Program and Intent to Form MLP" December 13, 2012.
  20. ↑ Phillips 66. "Phillips 66 Announces 2013 Capital Program and Intent to Form MLP" December 13, 2012.
  21. ↑ Phillips 66. "Phillips 66 Announces 2013 Capital Program and Intent to Form MLP" December 13, 2012.
  22. ↑ Marketwatch. "Phillips 66 down 3.3%; announces new entity" December 13, 2012.
  23. ↑ Phillips 66. "Phillips 66 Announces 2013 Capital Program and Intent to Form MLP" December 13, 2012.
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Master Index of Articles about Phillips 66

The North Tower and the South Tower, part of Phillips 66's Refinery Complex in Ponca City, contain over 250,000 square feet of Class A office space that is essentially unused. Research West contains another 230,000 square feet of unused Class A office space. Photo: Hugh Pickens
Ponca: A Core Asset. Phillips CEO Greg Garland told members of the Bartlesville Chamber of Commerce on August 27, 2013 that the refinery at Ponca is a 'core asset' of Phillips 66. The refinery in Ponca City "is making very good money for us," Garland told his Bartlesville audience. Garland added that he expects gas demands in the U.S. to decline by 20 percent in the next 10 years, but that demand for refined products in South America and Africa will more than offset that decline.

by Hugh Pickens, Ponca City Oklahoma

<html>
</html>

The purpose of this report is to provide a comprehensive overview of Phillips 66 that documents and explains the company's business strategy and execution of that strategy.

Major Sections of this report on Phillips 66 include:

Safety, Environment, Legal <html>
</html>

Corporate

<html>
</html>

Strategic and Financial

<html>
</html>

Business Segments

<html>
</html>

Stock Market

<html>
</html>

Reference

Refining Business Segment

<html>
</html>

Increasing Profitability in Refining Business Segment

<html>
</html>

Detailed Look at Ponca City Refinery

<html>
</html>

Other Phillips Refineries

<html>
</html>

Other Locations

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