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Phillips 66 (PSX) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

SEC Filings

Phillips 66

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CIK: 1534701 Ticker: PSX

 
 
 
 
Exhibit 99.1

Phillips 66 Reports Fourth-Quarter Earnings of $1.1 Billion
or $2.05 Per Share
Adjusted earnings of $913 million or $1.63 per share


Highlights

Fourth Quarter
•
Advanced Midstream growth plans with formation of transportation joint ventures
•
Port Arthur ethylene plant resumed operations
•
Solid operating performance enabled 89 percent market capture in Refining
•
Strong earnings contribution from Marketing and Specialties

Full-Year 2014
•
Record Chemicals earnings
•
Earnings of $4.8 billion; adjusted earnings of $3.8 billion
•
Return on capital employed (ROCE) of 17 percent, and adjusted ROCE of 14 percent
•
Returned $4.7 billion of capital to shareholders

HOUSTON, Jan. 29, 2015 — Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, announces fourth-quarter earnings of $1.1 billion, compared with earnings of $1.2 billion in the third quarter of 2014. Adjusted earnings, excluding special items of $234 million, were $913 million in the fourth quarter, compared with adjusted earnings of $1.1 billion in the third quarter of 2014.

"Our solid fourth quarter was the result of our diversified asset portfolio and operational excellence, even as commodity prices declined," said Greg Garland, chairman and CEO of Phillips 66. "During the quarter, we generated more than $1 billion in cash flow and returned over $800 million of capital to shareholders, while continuing to fund value-enhancing growth projects."

"We are making prudent capital allocation decisions to drive Phillips 66's continued success, and the recently announced 2015 capital budget underscores our commitment to value creation. Investments in Midstream and Chemicals should result in more consistent earnings and a higher valuation. Our strong balance sheet and financial flexibility allow us to maintain a disciplined approach to reinvestment and distributions throughout the commodity price cycle," said Garland.


Page 1
The following information was filed by Phillips 66 (PSX) on Thursday, January 29, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Changes In Equity
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Consolidated Statement Of Income (parenthetical)
Accounting Policies
Accounting Policies (narrative) (details)
Accounting Policies (policies)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (summary Of The Components Of Accumulated Other Comprehensive Income (loss) And Detail On Reclassifications) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Asset Retirement Obligations And Accrued Environmental Costs
Asset Retirement Obligations And Accrued Environmental Costs (narrative) (details)
Asset Retirement Obligations And Accrued Environmental Costs (schedule Of Change In Overall Asset Retirement Obligation) (details)
Asset Retirement Obligations And Accrued Environmental Costs (summary Of Asset Retirement Obligations And Accrued Environmental Costs) (details)
Asset Retirement Obligations And Accrued Environmental Costs (tables)
Assets Held For Sale Or Sold
Assets Held For Sale Or Sold (narrative) (details)
Assets Held For Sale Or Sold (summary Of Assets And Liabilities And Sales, Revenues And Income Of Assets Held For Sale)(details)
Assets Held For Sale Or Sold (tables)
Business Combinations
Business Combinations (narrative) (details)
Cash Flow Information
Cash Flow Information (summary Of Cash Flow Information) (details)
Cash Flow Information (tables)
Cash Flow Information Cash Flow Information (narrative) (details)
Changes In Accounting Principles
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (balance Sheet) (details)
Condensed Consolidating Financial Information (cash Flow) (details)
Condensed Consolidating Financial Information (income Statement) (details)
Condensed Consolidating Financial Information (narrative) (details)
Condensed Consolidating Financial Information (tables)
Contingencies And Commitments
Contingencies And Commitments (narrative) (details)
Debt
Debt (narrative) (details)
Debt (summary Of Long-term Debt) (details)
Debt (tables)
Derivatives And Financial Instruments
Derivatives And Financial Instruments (narrative) (details)
Derivatives And Financial Instruments (summary Of Commodity Derivative Assets And Liabilities) (details)
Derivatives And Financial Instruments (summary Of Gains/(losses) From Commodity Derivatives) (details)
Derivatives And Financial Instruments (summary Of Outstanding Commodity Derivative Contracts) (details)
Derivatives And Financial Instruments (tables)
Earnings Per Share
Earnings Per Share (narrative) (details)
Earnings Per Share (summary Of Earnings Per Share Calculation) (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (fair Value Assumption And Assumption Ranges) (details)
Employee Benefit Plans (narrative) (details)
Employee Benefit Plans (reconciliation Of Projected Benefit Obligations And Plan Assets) (details)
Employee Benefit Plans (summary Of Amounts Recognized In Other Comprehensive Income (loss)) (details)
Employee Benefit Plans (summary Of Amounts Recognized In The Consolidated Balance Sheet (details)
Employee Benefit Plans (summary Of Compensation Expense And Tax Benefit) (details)
Employee Benefit Plans (summary Of Components Of Net Periodic Benefit Cost) (details)
Employee Benefit Plans (summary Of Future Service Benefit Payments) (details)
Employee Benefit Plans (summary Of Net Periodic Benefit Cost) (details)
Employee Benefit Plans (summary Of Pension Plan Asset Fair Values) (details)
Employee Benefit Plans (summary Of Performance Share Activity) (details)
Employee Benefit Plans (summary Of Stock Option Activity) (details)
Employee Benefit Plans (summary Of Stock Unit Activity) (details)
Employee Benefit Plans (summary Of Weighted-average Assumptions) (details)
Employee Benefit Plans (tables)
Equity
Equity (narrative) (details)
Fair Value Measurements
Fair Value Measurements (narrative) (details)
Fair Value Measurements (summary Of Fair Value Of Derivative Assets And Liabilities And Effect Of Counterparty Netting) (details)
Fair Value Measurements (summary Of Nonrecurring Fair Value Measurements) (details)
Fair Value Measurements (tables)
Goodwill And Intangibles
Goodwill And Intangibles (goodwill) (details)
Goodwill And Intangibles (intangible Assets) (details)
Goodwill And Intangibles (narrative) (details)
Goodwill And Intangibles (tables)
Guarantees
Guarantees (narrative) (details)
Impairments
Impairments (narrative) (details)
Impairments (summary Of Before-tax Impairment Charges) (details)
Impairments (tables)
Income Taxes
Income Taxes (components Of Income Tax Expense) (details)
Income Taxes (deferred Tax Liabilities And Assets) (details)
Income Taxes (income Tax Reconciliation) (details)
Income Taxes (narrative) (details)
Income Taxes (tables)
Income Taxes (unrecognized Tax Benefits) (details)
Inventories
Inventories (narrative) (details)
Inventories (summary Of Inventory) (details)
Inventories (tables)
Investments, Loans And Long-term Receivables
Investments, Loans And Long-term Receivables (narrative) (details)
Investments, Loans And Long-term Receivables (summary Of Components Of Investments, Loans, And Long-term Receivables) (details)
Investments, Loans And Long-term Receivables (summary Of Financial Information For Equity Method Investments) (details)
Investments, Loans And Long-term Receivables (tables)
Leases
Leases (summary Of Future Minimum Lease Payments) (details)
Leases (summary Of Operating Lease Rental Expense) (details)
Leases (tables)
Leases Leases (narrative) (details)
New Accounting Standards
Other Financial Information
Other Financial Information (details 1)
Other Financial Information (details)
Other Financial Information (tables)
Phillips 66 Partners Lp
Phillips 66 Partners Lp (narrative)(details)
Properties, Plants And Equipment
Properties, Plants And Equipment (narrative) (details)
Properties, Plants And Equipment (summary Of Investment In Property, Plant, And Equipment) (details)
Properties, Plants And Equipment (tables)
Related Party Transactions
Related Party Transactions (narrative) (details)
Related Party Transactions (summary Of Significant Related Party Transactions) (details)
Related Party Transactions (tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Segment Disclosures And Related Information
Segment Disclosures And Related Information (narrative) (details)
Segment Disclosures And Related Information (summary Of Equity In Earnings Of Affiliates, Income Taxes, And Net Income) (details)
Segment Disclosures And Related Information (summary Of Geographic Information) (details)
Segment Disclosures And Related Information (summary Of Investments In And Advances To Affiliates, Total Assets, Capital Expenditures And Investments, Interest Income And Expense) (details)
Segment Disclosures And Related Information (summary Of Sales And Other Operating Revenues And Depreciation, Amortization, And Impairments) (details)
Segment Disclosures And Related Information (tables)
Segment Disclosures And Related Information Segment Disclosures And Related Information (summary Of Sales And Other Operating Revenues By Product Line) (details)
Separation And Basis Of Presentation
Separation And Basis Of Presentation (narrative) (details)
Variable Interest Entities (vies)
Variable Interest Entities (vies) (narrative) (details)
Ticker: PSX
CIK: 1534701
Form Type: 10-K Annual Report
Accession Number: 0001534701-15-000038
Submitted to the SEC: Fri Feb 20 2015 11:58:29 AM EST
Accepted by the SEC: Fri Feb 20 2015
Period: Wednesday, December 31, 2014
Industry: Petroleum Refining

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