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Phillips 66 (PSX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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Phillips 66

HISTORY TOOLS
CIK: 1534701 Ticker: PSX

Phillips 66 Reports Fourth-Quarter Earnings of $163 Million (Adjusted Earnings of $83 Million)

 
 
 
 
Exhibit 99.1
psxphillips662016.jpg

Phillips 66 Reports Fourth-Quarter Earnings of $163 Million
or $0.31 Per Share
Adjusted earnings of $83 million or $0.16 per share
 
Highlights

Fourth Quarter
•
Generated $667 million in cash from operations
•
Returned $558 million of capital to shareholders
•
Phillips 66 Partners acquired Phillips 66 midstream assets for $1.3 billion and raised $1.1 billion through a debt offering
•
Restructured DCP Midstream
•
Started up Freeport LPG Export Terminal
•
Commissioned 1.2 million barrels of additional crude storage at the Beaumont Terminal

Full-Year 2016
•
Delivered earnings of $1.6 billion; operating cash flow of $3.0 billion
•
Raised $2.1 billion from debt and equity offerings at Phillips 66 Partners
•
Invested $2.8 billion in capital projects, including $461 million at Phillips 66 Partners
•
Increased quarterly dividend 13 percent to $0.63 per common share
•
Returned $2.3 billion of capital to shareholders; $13.4 billion returned to shareholders since July 2012
•
Achieved record Refining capacity utilization of 96 percent


HOUSTON, February 3, 2017 — Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, announces fourth-quarter earnings of $163 million, compared with $511 million in the third quarter of 2016. Adjusted earnings were $83 million, a decrease of $473 million from the previous quarter.

“During 2016, we delivered strong operating performance, advanced our growth projects, managed costs, and rewarded our shareholders,” said Greg Garland, chairman and CEO of Phillips 66. “We achieved record safety performance and refining utilization rates, started up the Freeport LPG export facility and returned $2.3 billion to shareholders through dividends and share repurchases. However, fourth-quarter financial results were disappointing, and reflect challenging market conditions.”

“We expect to generate additional free cash flow and create shareholder value as we complete major growth projects in 2017. Our portfolio of refining, midstream, chemicals and marketing assets positions us to capture opportunities across the value chain. We remain committed to operating excellence and growing our higher-valued businesses, while maintaining a strong balance sheet and disciplined capital allocation.”

Page 1
The following information was filed by Phillips 66 (PSX) on Friday, February 3, 2017 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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Inside Phillips 66's 10-K Annual Report:

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)
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
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 (accumulated Benefit Obligation In Excess Of Plan Assets) (details) (details)
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 (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 (narrative) (details)
Leases (summary Of Future Minimum Lease Payments) (details)
Leases (summary Of Operating Lease Rental Expense) (details)
Leases (tables)
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)
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 (summary Of Sales And Other Operating Revenues By Product Line) (details)
Segment Disclosures And Related Information (tables)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Variable Interest Entities (vies)
Variable Interest Entities (vies) (details)
Variable Interest Entities (vies) (tables)
Variable Interest Entities (vies) Narrative (details)
Ticker: PSX
CIK: 1534701
Form Type: 10-K Annual Report
Accession Number: 0001534701-17-000051
Submitted to the SEC: Fri Feb 17 2017 12:47:19 PM EST
Accepted by the SEC: Fri Feb 17 2017
Period: Saturday, December 31, 2016
Industry: Petroleum Refining

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