Phillips 66 DCP Merger Proposal
Non-GAAP Reconciliation
Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted EBITDA
Refining pre-tax income (loss)
Plus:
Depreciation and amortization
Refining EBITDA*
Special Item Adjustments (pre-tax):
Pending claims and settlements
Certain tax impacts
Hurricane-related costs (recovery)
Winter-storm-related costs
Asset dispositions
Impairments
Pension settlement expense
Alliance shutdown-related costs1
Regulatory compliance costs
Refining EBITDA, Adjusted for Special Items*
Other Adjustments (pre-tax)+:
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest
Proportional share of selected equity affiliates depreciation and amortization
Refining Adjusted EBITDA*
Millions of Dollars
2019
2020
2021
2022
1Q 2023
$
2,132
(6,022)
(2,353)
7,816
1,608
867
2,999
896
984
866
202
(5,126) (1,369) 8,682
1,810
8། ། |
(21)
(17)
2,755
1,288
33
ཚ། ། 8⊕|
(6)
(11)
40
(21)
17
41
37
31
20
(88)
70
2,961
(2,303)
(55)
8,751
1,810
2
9
6
1
92
23
57
8,851
1,834
(2)
-
(3)
97
105
3
103
$
3,055
(2,197)
1 Costs related to the shutdown of the Alliance Refinery totaled $192 in 2021. Shutdown-related costs recorded in the Refining segment include pre-tax charges for asset retirements of $91 million recorded in depreciation and amortization
expense, and severance and other exit costs of $31 million. Shutdown-related costs in the Midstream segment include asset retirements of $70 million pre-tax recorded in depreciation and amortization expense. Costs related to the shutdown
of the Alliance Refinery totaled $26 million pre-tax in 2022. Shutdown-related costs recorded in the Refining segment include pre-tax charges for the disposal of materials and supplies of $20 million, and asset retirements of $6 million
recorded in depreciation and amortization expense.
* Refer to changes in "Basis of Presentation" discussion on pg 2.
+ Prior period information has been recast to include adjustments for basis difference amortization.
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