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Phillips 66 (PSX) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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Phillips 66

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CIK: 1534701 Ticker: PSX

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

 
 
 
 
Exhibit 99.1

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million
or $1.20 Per Share
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


HOUSTON, Jan. 29, 2016 — 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."

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The following information was filed by Phillips 66 (PSX) on Friday, January 29, 2016 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)
Business Combinations
Business Combinations (narrative) (details)
Cash Flow Information
Cash Flow Information (narrative) (details)
Cash Flow Information (summary Of Cash Flow Information) (details)
Cash Flow Information (tables)
Changes In Accounting Principles
Changes In Accounting Principles (narrative) (details)
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 (summary Of Earnings Per Share Calculation) (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (fair Value Assumptions) (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)
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 (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)
Variable Interest Entities (vies)
Variable Interest Entities (vies) (narrative) (details)
Ticker: PSX
CIK: 1534701
Form Type: 10-K Annual Report
Accession Number: 0001534701-16-000119
Submitted to the SEC: Fri Feb 19 2016 3:39:55 PM EST
Accepted by the SEC: Fri Feb 19 2016
Period: Thursday, December 31, 2015
Industry: Petroleum Refining

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