Phillips 66 DCP Merger Proposal
Annual Adjusted EBITDA $MM (1)
2023 Sensitivities
Midstream DCP (net to Phillips 66) (2)
-
10¢/Gal Increase in NGL price
10¢/MMBtu Increase in Natural Gas price
$1/BBL Increase in WTI price
Chemicals - CPChem (net to Phillips 66)
1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO)
Worldwide Refining
$1/BBL Increase in Gasoline Margin
$1/BBL Increase in Distillate Margin
Impacts due to Actual Crude Feedstock Differing from Feedstock Assumed in Market Indicators:
$1/BBL Widening WTI / WCS Differential (WTI less WCS)
$1/BBL Widening LLS / Maya Differential (LLS less Maya)
$1/BBL Widening LLS/WTI Differential (LLS less WTI)
$1/BBL Widening WTI / WTS Differential (WTI less WTS)
10¢/MMBtu Increase in Natural Gas price
1) Sensitivities shown above are independent and are only valid within a limited range
2)
Annualized sensitivity of $45 MM based on current 43% economic interest and $85 MM based on post-public unit buy-in of 87% economic interest
45/85
3/5
2/4
65
320
285
100
75
25
30
(15)
PHILLIPS
32
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