Phillips 66 DCP Merger Proposal
Non-GAAP Reconciliation
Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted EBITDA
Marketing and Specialties pre-tax income
Plus:
Depreciation and amortization
Marketing & Specialties EBITDA*
Special Item Adjustments (pre-tax):
Pending claims and settlements
Lower-of-cost-or-market inventory adjustments
Certain tax impacts
Hurricane-related costs
Pension settlement expense
Marketing & Specialties EBITDA, Adjusted for Special Items*
Other Adjustments (pre-tax)+:
Millions of Dollars
2019
2020
2021
2022
1Q 2023
$
1,374
1,421
1,723
2,402
426
103
103
113
110
27
1,477
1,524
1,836
2,512
453
(37)
(90)
3
6
1,387
1,497
6
1,842
2,512
453
Proportional share of selected equity affiliates income taxes
23
23
24
24
5
сл
Proportional share of selected equity affiliates net interest
7
18
16
24
Proportional share of selected equity affiliates depreciation and amortization
Marketing & Specialties Adjusted EBITDA*
40
64
69
76
20
$
1,457
1,602
1,951
2,636
487
*Refer to changes in "Basis of Presentation" on pg. 2.
† Prior period information has been recast to include additional equity affiliates and for adjustments to basis difference amortization.
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PHILLIPS
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