Phillips 66 DCP Merger Proposal
Non-GAAP Reconciliation
Reconciliation of Phillips 66 Net Income (Loss) to Adjusted EBITDA
Phillips 66 net income (loss)
Plus:
Income tax expense (benefit)
Net interest expense
Depreciation and amortization
Phillips 66 EBITDA*
Special Item Adjustments (pre-tax):
Impairments by equity affiliates
Millions of Dollars
2019
2020
2021
2022
1Q 2023
$
3,377
(3,714)
1,594
11,391
2,077
801
(1,250)
146
3,248
574
415
485
583
537
124
1,341
1,395
1,605
1,629
476
5,934
(3,084)
3,928
16,805
3,251
47
15
Pending claims and settlements
(21)
(37)
Certain tax impacts
(90)
(6)
(11)
Net gain on asset dispositions
(17)
(93)
Impairments
853
4,241
1,496
Lower-of-cost-or-market inventory adjustments
65
(55)
Pension settlement expense
81
0
Hurricane-related costs (recovery)
43
1874
(36)
77
45
(21)
Winter-storm-related costs
51
20
Alliance shutdown-related costs 1
31
70
Regulatory compliance costs
Business transformation restructuring costs²
DCP integration restructuring costs³
Merger transaction costs
Gain related to merger of businesses
(88)
221
159
35
18
12
13
(3,013)
Total Special Item Adjustments (pre-tax)
837
4,189
1,601
(2,754)
11
Change in Fair Value of NOVONIX Investment
(370)
442
12
PHILLIPS
37
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