Phillips 66 DCP Merger Proposal
Strategic Priorities
Deliver Shareholder Returns
$
Improve Refining Performance
Capture Value from Wellhead to Market
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First Quarter Highlights
$3.7 B shareholder distributions since July 2022
On track to meet $10 B- $12 B by YE 2024
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Above industry-average crude utilization
93% market capture
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Transitioned DCP employees to Phillips 66
Will acquire DCP public common units 2Q 2023
恩
Execute Business Transformation
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>$400 MM run-rate cost savings as of 1Q 2023
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$200 MM sustaining capital reduction.
$
Maintain Financial Strength and Flexibility
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25% net debt-to-capital ratio
Secured additional liquidity
Drive Disciplined Growth and Returns
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$378 MM capital expenditures in 1Q 2023
100
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Rodeo Renewed on track for 1Q 2024 startup
PHILLIPS
7
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