Visibility to Growth and Disciplined Capital Management
Non-GAAP Disclosures:
Adjusted Earnings Per Share and Free Cash Flow
RECONCILIATION OF EARNINGS PER COMMON SHARE - ASSUMING DILUTION, TO ADJUSTED EARNINGS PER COMMON SHARE -
ASSUMING DILUTION
Earnings per common share - assuming dilution
Exclude adjustments:
Lower of cost or market inventory valuation adjustment, net of taxes
Asset impairment loss
Income tax benefit on Aruba Disposition
Total adjustments
Adjusted earnings per common share – assuming dilution
(Unaudited)
Year Ended
December 31, 2016
$
4.94
1.25
(0.12)
0.09
1.22
3.72
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES UNDER GAAP TO FREE CASH FLOW
(Unaudited, in Millions)
Less: Capital expenditures
Net cash provided by operating activities
Less: Deferred turnaround and catalyst cost expenditures
2012
$ 5,270
2,931
2013
$ 5,564
2,121
Year Ended December 31,
2014
2015
$ 4,241 $ 5,611
2016
2017
2018
$
479
634
2,153
649
1,618
4,820
1,278
$ 5,482
$ 4,371
1,353
1,628
673
718
523
915
Less: Investments in joint ventures
57
76
14
141
4
406
181
Less: Changes in current assets and current liabilities
Free cash flow
(302)
922
(1,810)
(1,306)
976
1,289
(1,297)
$ 2,105
$
1,811
$ 3,235
$ 4,485
$
1,844
$
1,911
$ 2,944
Total free cash flow, 2012 - 2018
$18,335
Number of years
Average free cash flow, 2012 - 2018
41
$ 2,619
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