Phillips 66 (PSX) 2013年年度報告「NYSE」.pdf

《Phillips 66 (PSX) 2013年年度報告「NYSE」.pdf》由會員分享，可在線閱讀，更多相關《Phillips 66 (PSX) 2013年年度報告「NYSE」.pdf（48頁珍藏版）》請在三個皮匠報告上搜索。

1、INVESTINGBUILDINGGROWINGPhillips 66 2013 Summary Annual ReportLetter to Shareholders 1Financial Highlights 5Operations Overview 6STRATEGY Ensuring Safe,Reliable Operations 10Accelerating Growth in Midstream and Chemicals 12A Multifaceted Approach to Enhancing Returns 16Growing Shareholder Value 20De

2、veloping a High-Performing Team 21BUILDING A STRONG FOUNDATION FOR A PROMISING FUTUREFinancial Strength Supports Future Growth 24Technology Expertise Addresses Energy Challenges 26Sharing Prosperity 27Providing Energy,Improving Lives 28Financial Summary 30Board of Directors 40Executive Leadership Te

3、am 42Shareholder Information 44UNITS OF MEASUREBLb/Y Billion pounds per yearBPD Barrels per dayLb/MBbl Pounds per thousand barrelsMBD Thousands of barrels per dayMMCFD Millions of cubic feet per dayMMLB Millions of poundsMMLb/Y Millions of pounds per yearTBTUD Trillion British thermal units per dayC

4、OVER:Phillips 66 employees in Old Ocean,Texas,are at the center of the American energy revolution.Old Ocean is home to one of the companys 11 U.S.refineries,as well as a Chevron Phillips Chemical Company(CPChem)facility.It is also where Phillips 66 and CPChem,of which Phillips 66 owns a 50 percent e

5、quity interest,plan to break ground in 2014 on multibillion dollar growth projects that will create thousands of construction jobs and hundreds of long-term energy manufacturing TO OUR SHAREHOLDERSThe people of Phillips 66 performed well in executing our strategy,and we have thoughtfully laid the gr

6、oundwork to capitalize on the opportunities created by the American energy revolution.At Phillips 66,we focus on our opportunities with a commitment to responsibility,safety and operating excellence.Being a leader in personal and process safety,environmental excellence,and reliability is not only co

7、nsistent with our core values,it also protects and enhances shareholder value.We are investing,we are building,and we are growing.We are committed to investing in attractive,value-enhancing growth opportunities.Our planned 2014 total capital program,including our share of spending within our joint v

8、entures,is$4.6 billion,a 26 percent increase over 2013.We plan to grow our portfolio primarily in the higher-valued Midstream and Chemicals segments.Ultimately,the majority of our enterprise value will come from these businesses.A key component of this growth strategy is our newly launched master li

9、mited partnership(MLP),Phillips 66 Partners LP.Although our growth strategy focuses on Midstream and Chemicals,we are also committed to enhancing returns in Refining.We are investing in our refining and logistics infrastructure to improve access to cost-advantaged crude oils and our ability to expor

10、t refined products.We are pleased to report that?full year as an energy manufacturing and logistics company.1Greg C.GarlandChairman,President and Chief Executive OfficerBy investing in our infrastructure,building on our capabilities and growing our company,we are creating value for our shareholders.

11、In 2013,we returned more than$3 billion of capital to our shareholders through dividends and share repurchases.Since May 2012,we have increased the dividend by 95 percent and delivered a total shareholder return of 143 percent.We are excited about the opportunities before us,and we are confident in

12、our people,our portfolio,our projects and our strategy.We are well prepared to execute our plans.OPERATING EXCELLENCEAt Phillips 66,we embrace our responsibility to practice operating excellence.We expect and empower our employees to work safely.We manage our environmental impact.We control our cost

13、s.We run reliably and take care of our employees.We believe these are essential to creating sustainable value.This commitment allows us to meet the long-term expectations of our employees,shareholders,suppliers,customers and communities.In 2013,we were among the top performers in safety compared to

14、our peers and integrated majors,and we are working toward a goal of zero incidents.More than 20 of our company locations have earned Star status under the U.S.Occupational Safety and Health Administrations Voluntary Protection Program.We want our employees and contractors to go home safe every day.W

15、e empower employees and contractors to do the right thing,give them the authority to stop work if they see something unsafe,and celebrate them when they do.We are making progress in reducing our environmental footprint.We have achieved the U.S.Environmental Protection Agencys ENERGY STAR status for

16、our Bayway,Billings,Ferndale and Lake Charles refineries.We also implemented energy efficiency projects to reduce steam usage and venting at the Borger and Rodeo refineries,and put energy dashboards in place at other refineries to manage efficiency.We invested more than$1.5 billion over the past 10

17、years in pollution control projects to decrease criteria pollutant emissions.POSITIONED FOR GROWTHOur portfolio and strategy allow us to take advantage of the opportunities presented by the increasing supply of American energy.In addition to enhancing our position in the refining sector,we are growi

18、ng our investment in the expanding midstream and chemicals sectors.Approximately 70 percent of the 2014 capital program is directed toward these areas.Our Midstream segment gathers and processes natural gas,transports and fractionates natural gas liquids(NGL),and delivers crude oil and products to o

19、ur refineries and marketing network.The segment includes the MLP;our 50 percent ownership of DCP Midstream,LLC,a joint venture with Spectra Energy Corp;as well as our Transportation and NGL Operations businesses.In 2013,we successfully launched Phillips 66 Partners to own,develop and acquire primari

20、ly fee-based transportation and midstream assets.The MLP is actively evaluating strategic acquisitions from Phillips 66 and third parties,as well as other growth opportunities.On March 1,2014,the MLP completed its first acquisition since its initial public offering.The acquisition included an inters

21、tate refined products pipeline system and storage facilities.$250$200$150$1005/1/201212/31/201212/31/2013Cumulative Total Shareholder Return($100 invested May 1,2012)Phillips 66Peer Group*S&P 500S&P 100*Dow,Marathon Petroleum,Tesoro and VOur Midstream business achieved a number of important mile-sto

22、nes in 2013.Commercial operations began at three new DCP Midstream gas processing plants,and transport of NGL products began on the Sand Hills and Southern Hills pipelines,in which we also own a direct one-third interest.DCP Midstream plans to develop approximately$4 billion in growth projects over

23、the next few years in liquids-rich basins in Colorado,Oklahoma and Texas.Outside of DCP Midstream,we have announced investments of more than$3 billion in two major midstream projects in Texas:a 100,000 barrel-per-day(BPD)NGL fractionator to be located near our Sweeny Refinery,and a liquefied petrole

24、um gas export terminal in Freeport where we have an existing marine terminal.We expect the fractionator to start up in 2015 and the export terminal to begin operating a year later.We are improving our logistics infrastructure by building rail offloading facilities at two of our refineries,and we hav

25、e taken delivery of a new fleet of 2,000 crude railcars.We are also enhancing our access to cost-advantaged crude through agreements with third-party logistics companies.Our Chemicals segment,which comprises our 50 percent interest in Chevron Phillips Chemical Company LLC(CPChem),a joint venture wit

26、h Chevron,is our highest returning business.CPChem has a strong growth plan,primarily focused on the advantaged feedstocks of the U.S.Gulf Coast.In 2013,CPChem completed a fractionator expansion project at its Sweeny facility and continued building the worlds largest on-purpose 1-hexene plant at its

27、 Cedar Bayou facility in Baytown,Texas,scheduled to begin operation in the first half of 2014.CPChem has identified approximately$6 billion to$8 billion in potential growth projects over the next five years,including a world-scale ethane cracker and polyethylene facilities that are anticipated to st

28、art up in 2017.ENHANCING RETURNSOur investments in our Refining business focus on enhancing returns by increasing access to cost-advantaged crude oil,improving yields and boosting exports of refined products.Crude oil is our largest cost,and we are implementing plans that deliver advantaged crudes t

29、o our refineries,with the goal of running a 100-percent advantaged crude slate in the United States.We also made improvements at several of our coastal refineries to expand our U.S.refined product export capability from 285,000 BPD in 2012 to approximately 410,000 BPD in 2013.Over the next several y

30、ears,we expect to further increase returns by raising our export capability to more than 500,000 BPD.With our commitment to operating excellence,we ran reliably and efficiently in 2013,with a refinery capacity utilization of 93 percent.FINANCIAL STRENGTH AND FLEXIBILITYWe believe that great companie

31、s are disciplined allocators of capital.We have established a track record of returning capital to our shareholders while delivering earnings growth and maintaining a robust capital investment profile.We intend to continue increasing our dividends to shareholders year-over-year and maintaining our f

32、inancial flexibility to weather the cyclical nature of our business.To further strengthen our balance sheet,we repaid$1 billion of debt in 2013,reducing our total debt to about$6 billion and our debt-to-capital ratio to 22 percent.Since we became an independent,publicly traded company in 2012,we hav

33、e nearly doubled our dividend.Since the share repurchase program was initiated in the third quarter of 2012 through the end of December 2013,the company has repurchased 44.1 million shares of common stock for$2.6 billion,representing more than 7 percent of the shares outstanding at the time Phillips

34、 66 became a stand-alone company.Adjusted Earnings($in millions)3,5485,3393,643Adjusted Return on CapitalEmployed(ROCE)(percent)142214Refinery Capacity Utilization(percent)9293932011201220132011201220132011201220133PHILLIPS 66 2013 SUMMARY ANNUAL REPORTWE ARE PHILLIPS 66We are proud to work at Phill

35、ips 66.Today,13,500 employees share a vision for providing energy and improving lives through safety,honor and commitment.Together,we are building a great place to worka company that develops its employees,mentors them and challenges them.We support the communities where we live and work.When natura

36、l disasters strike,our employees are among the first to ask,“How can we help?”They give generously of their time and money.It is in this spirit that our company donated funds and contributed fuel last year to emergency responders and disaster relief organizations in the wake of devastating tornadoes

37、 in Oklahoma and floods in Colorado and Canada.In 2013,we also made meaningful community investments by linking key business objectives to local nonprofit capabilities,enabling us to address specific local needs with measurable results.OUR FUTURE As we reflect on our first full year,its with great p

38、ride that we consider how our company helps the global economy thrivefrom the gasoline people use to get to work,to the aviation fuel that carries travelers and packages,to the natural gas and liquids that power businesses,and the plastic products used every day.We support economic growth by investi

39、ng in the manufacturing fiber of the United States and offering affordable domestic energy to American businesses and consumers.With a proud heritage of 130 years of experience and excellence coupled with the enthusiasm of a new company,we are investing,building and growing in order to capitalize on

40、 the opportunities of the American energy revolution.We hope you are as excited as we are about our future.On behalf of our board of directors,leadership team and employees,thank you for your investment in Phillips 66.Greg C.GarlandChairman,President and Chief Executive OfficerMarch 2014With a proud

41、 heritage of 130 years of experience and excellence coupled with the enthusiasm of a new company,we are investing,building and growing in order to capitalize on the opportunities of the American energy FINANCIAL HIGHLIGHTS2013Millions of Dollars Except Per Share Amounts 2013 2012Sales and other oper

42、ating revenues$171,596 179,290Income from continuing operations 3,682 4,083Income from continuing operations attributable to Phillips 66 3,665 4,076 Per common share Basic 5.97 6.47 Diluted 5.92 6.40Net income 3,743 4,131Net income attributable to Phillips 66 3,726 4,124 Per common share Basic 6.07

43、6.55 Diluted 6.02 6.48Cash and cash equivalents 5,400 3,474Total assets 49,798 48,073Long-term debt 6,131 6,961Total equity 22,392 20,806Cash from operating activities 6,027 4,296Cash dividends declared per common share 1.3275 0.45005PHILLIPS 66 2013 SUMMARY ANNUAL REPORTOPERATIONS OVERVIEW2013MIDST

44、REAMCHEMICALSThrough our 50 percent equity interest in Chevron Phillips Chemical Company LLC(CPChem),we manufacture petrochemicals,polymers and plastics found in cars,electronics and other everyday goods.CPChem is North Americas largest producer of high-density polyethylene and the fourth-largest No

45、rth American ethylene producer.CPChem has a large global presence with 35 manufacturing sites and 33 billion pounds of net annual processing capacity.Our Midstream segment transports crude oil,refined products,natural gas and natural gas liquids(NGL).It also gathers,processes and markets natural gas

46、 and NGL to power businesses,heat homes and provide feedstock to the petrochemical industry.The segment consists of Phillips 66s Transportation business,including operations of Phillips 66 Partners LP,our master limited partnership(MLP)formed in 2013;DCP Midstream,LLC,our 50-50 joint venture with Sp

47、ectra Energy Corp;and NGL Operations.Phillips 66 Transportation Volumes4,441MBDPhillips 66 TransportationTotal Recordable Rate0.14NGL Operations NGL Fractionated115MBDDCP Midstream Natural Gas Throughput*7.1TBTUDPhillips 66 TransportationApproximate Miles of Pipeline18,000CPChem Total Recordable Rat

48、e0.34Externally Marketed Sales Volumes22,301MMLBOlefins and Polyolefins Capacity Utilization88%*Represents 100 percent of DCP MREFININGMARKETING AND SPECIALTIESThe Marketing and Specialties segment includes our global fuel marketing activities and lubricants business.Phillips 66s U.S.Marketing busin

49、ess markets fuels under the brands Phillips 66,Conoco and 76.In Europe,we sell primarily under the JET brand in the United Kingdom,Austria and Germany,and the Coop brand in Switzerland.The company also markets lubricants in 65 countries,and has several other Specialty businesses,including petroleum

50、coke,waxes,solvents and polypropylene.Our Refining segment transforms crude oil and other feedstocks into products such as gasoline,diesel and aviation fuel.Phillips 66 is one of the largest refiners in the United States and worldwide,with 15 refineries and net crude oil and other feedstocks process

51、ing capacity of 2.2 million barrels per day.Crude Oil Processed2,079MBDCrude Oil Capacity Utilization93%Clean Product Yield84%Phillips 66 Refining Total Recordable Rate0.26Phillips 66 M&S Total Recordable Rate0.17Marketing Gasoline Sales1,174MBDMarketing Distillate Sales967MBDWith a portfolio that c

52、ombines high-performing?and Specialties businesses,Phillips 66 is uniquely positioned to capture the opportunities of the changing energy landscape.7PHILLIPS 66 2013 SUMMARY ANNUAL REPORTSTRATEGYThe Clifton Ridge crude oil terminal near Lake Charles,La.,is part of Phillips 66 Partners,an MLP establi

53、shed in 2013 as a vehicle to grow Phillips 66s transportation and midstream infrastructure.?We will achieve these goals through continuously improving?high-performing organization.9PHILLIPS 66 2013 SUMMARY ANNUAL REPORTOperating excellence guides everything we do at Phillips 66.It includes personal

54、and process safety,reliability,and environmental excellence.Safety is the first of our values and is the foundation for our success.We have a reputation for continually improving safety,and we are pleased to be among the safety leaders of our industry and in the top tier of our peer group.We ended 2

55、013 with a combined employee and contractor recordable incident rate of 0.22.We believe having strong leadership and an engaged workforce will allow us to attain our goal of zero injuries,illnesses or incidents.In 2013,we rolled out our improved Health,Safety and Environment(HSE)Management System,a

56、single management system focused on a cycle of continuous improvement in the areas of health and personal safety,process safety,environmental stewardship,and security systems.This systematic approach requires every operating business to review its HSE performance and evaluate system effectiveness to

57、 determine whether enhancements may be required.HSE goals and objectives are established annually by each of our businesses,and performance against these targets is a key success factor.Each refinery we operate is required to implement more than 50 mandatory internal standards.These expansive requir

58、ements cover three areas:mechanical integrity,HSE work practices and operating excellence.These rigorous standards help us deliver operational refinery utilization rates above the industry average,reduce operating risk and lessen our environmental footprint.In 2013,our U.S.refinery capacity utilizat

59、ion was 5 percent above the industry average.Phillips 66 employees at the pipeline control center in Bartlesville,Okla.,monitor the companys pipelines 24-hours a day to ensure refined products and raw materials are being delivered safely and reliably.ENSURING SAFE,RELIABLE OPERATIONSAs part of our c

60、ost-reduction efforts,we have generated savings by increasing energy efficiencies,as energy costs represent a significant portion of a refinerys operating expense.Over the past decade,we have executed business projects that have gone beyond regulatory compliance to reduce energy use and decrease emi

61、ssions.During this period,we have implemented management systems that have helped increase energy efficiency and control project costs,resulting in a decrease in our energy consumption and corresponding expense.Many of these energy efficiency projects also result in lower CO2 emissions.We are focuse

62、d on sustaining our business for the near and long term by monitoring greenhouse gas emissions from our operations,improving our operations and increasing energy efficiency.Ongoing equipment monitoring,inspection and maintenance programs in all of our operations help reduce the risk of spills and re

63、leases.While we continue to strive for zero HSE incidents,we are prepared and capable of responding effectively if an incident occurs.As part of our preparedness,we have developed extensive crisis management/emergency response plans that are directly aligned with our HSE Management System.We exercis

64、e these plans regularly with federal,state and local agencies,along with mutual aid organizations,to enhance our response capabilities.We are committed to protecting the health and safety of everyone who plays a part in our operations,lives in the communities in which we operate,or uses our products

65、.We have implemented management systems that?resulting in a decrease in our energy consumption and corresponding expense.Total Recordable Injury Rate for Combined Workforce(Incidents per 200,000 hours worked)0.80.60.40.204070605100908111213U.S.Refining Emissions*(Lb/MBbl)2001501005001309121110080405

66、0607*Includes criteria pollutant emissions(SOx,NOx and particulate matter).Estimate based on 2012 emissions and 2013 projects.Excludes the Trainer and Wilhelmshaven refineries.11PHILLIPS 66 2013 SUMMARY ANNUAL REPORTWere taking a disciplined approach toward growing our higher-return Midstream and Ch

67、emicals segments while making targeted growth investments in Marketing and Specialties.Our Midstream and Chemicals segments are especially well-positioned to benefit from increasing supplies of advantaged feedstocks created by the American energy revolution.The businesses in our Midstream segment ar

68、e pursuing multiple growth opportunities,and our Chemicals joint venture,CPChem,is developing several projects that build on its strong asset base in the U.S.Gulf Coast region.MIDSTREAMNGL OperationsPhillips 66 has a long history of processing NGL to power businesses,heat homes and provide feedstock

69、s to the petrochemical industry.We operate and own fractionation capacity in Gulf Coast Fractionators in Mont Belvieu,Texas.We also own interests in the Enterprise Mont Belvieu Fractionator in Texas and the Conway Fractionator in Kansas.In 2013,we announced plans for two projects that we expect will

70、 significantly grow the value of our NGL Operations.The 100,000 barrel-per-day(BPD)Sweeny Fractionator One project will be located close to our Sweeny Refinery in Old Ocean,Texas.NGL feedstock for this fractionator project will be supplied by several nearby pipelines,and products manufactured by the

71、 fractionator will be marketed to petrochemical customers in the region and exported globally.Phillips 66 also is planning to develop a liquefied petroleum gas(LPG)export facility at our existing terminal in Freeport,Texas.The new facility is intended to help meet growing global market demand for U.

72、S.-supplied products and will leverage the companys transportation and storage infrastructure.With an expected 4.4 million barrels per month of LPG export capacity,the Freeport terminal will be supplied with LPG from the Mont Belvieu and Sweeny areas.The fractionator is expected to start up in the t

73、hird quarter of 2015,with the export facility following in mid-2016.These two projects,which received board approval in early 2014,represent a total investment of more than$3 billion.TransportationPhillips 66 owns or leases logistics assets to provide valuable,timely and environmentally safe deliver

74、y of crude oil,refined products,natural gas and NGL.These assets include pipeline systems;product,crude oil,marine and LPG storage terminals;a petroleum coke handling facility;a fleet of railcars;and a trucking joint venture,Sentinel Transportation,LLC.Phillips 66 is developing a major LPG export fa

75、cility at its existing terminal in Freeport,Texas.ACCELERATING GROWTH IN MIDSTREAM AND CHEMICALSThe company is investing hundreds of millions of dollars in its Transportation assets to support the future success of our logistics customers as well as Phillips 66s operations.Key among these investment

76、s is the Cross-Channel Connector pipeline,which is targeted to be operational as early as the fourth quarter of 2014.Initially,the pipeline is expected to transport up to 180,000 BPD of refined petroleum products from refineries and terminals on the south side of the Houston Ship Channel to third-pa

77、rty systems on the north side of the channel at Galena Park and East Houston.Additional pumping capability could bring the capacity up to 230,000 BPD.We announced the completion of a successful open season in early 2014.Several notable pipeline expansions began in 2013,including pump station work on

78、 the Pioneer and Amarillo to Lubbock products pipeline systems.Expected completion for these projects is early 2014.Transportation also completed projects to increase capacity of the Powder River and Skelly-Belvieu pipelines in support of our growing NGL business in Texas.We continued to add biodies

79、el and ethanol blending capability at our terminals in response to the Environmental Protection Agencys Renewable Fuel Standards program.Since 2012,we have increased our overall renewable fuel blending capacity by 9 percent,including a 110 percent increase in biodiesel.Phillips 66 PartnersIn July 20

80、13,our MLP,Phillips 66 Partners,successfully conducted an initial public offering of common units.The partnerships units trade on the New York Stock Exchange under the ticker symbol“PSXP.”Phillips 66 Partners initial assets were three domestic transportation systems supporting the Sweeny Refinery in

81、 Texas,the Lake Charles Refinery in Louisiana and the Wood River Refinery in Illinois.In the first quarter of 2014,Phillips 66 Partners acquired additional assets from Phillips 66,including a refined products pipeline system and refinery-grade propylene storage spheres.We believe Phillips 66 Partner

82、s will highlight the value of our Midstream business and be an integral vehicle to support growth in transportation and midstream infrastructure.We will continually evaluate opportunities to grow the partnership through strategic acquisitions from Phillips 66 and third parties,as well as through org

83、anic development.DCP MidstreamAlso included in our Midstream segment is the 50-50 joint venture,DCP Midstream.DCP Midstream is one of the largest natural gas processors and producers of NGL in North America.It has integrated assets with scale and scope in some of the most prolific oil and natural ga

84、s basins.DCP Midstream is following a strategy of using its MLP,DCP Midstream Partners LP(DCP Partners),to fund a significant portion of its growth opportunities.The Hartford Connector refined products system in Illinois was one of the first assets acquired by Phillips 66 Partners in 2013.The Sweeny

85、 Fractionator One is expected to start up in the third quarter of 2015,with the LPG export facility following in mid-2016.These two projects represent a total?13PHILLIPS 66 2013 SUMMARY ANNUAL REPORTIn mid-2013,DCP Midstream began service on the 720-mile Sand Hills Pipeline and the 800-mile Southern

86、 Hills Pipeline,which transport NGL from the Eagle Ford,Permian,and Midcontinent regions to fractionators along the Texas Gulf Coast and the Mont Belvieu market hub.Phillips 66 also owns a direct one-third interest in each of these pipeline entities.DCP Partners began operations at several newly bui

87、lt natural gas processing plants in 2013 including the 200 million cubic-feet-per-day(MMCFD)Eagle Plant near Edna,Texas,and the 110 MMCFD OConnor Plant near Kersey,Colo.One of DCP Partners joint venture assets,the approximately 580-mile Texas Express Pipeline,began operations in late 2013 to deliver

88、 NGL to Mont Belvieu.DCP Midstreams 75 MMCFD Rawhide Plant in Glasscock County,Texas,also began operations in 2013.In the first quarter of 2014,DCP Partners 200 MMCFD Goliad Plant in Goliad,Texas,began operations.Additionally in the first quarter of 2014,an expansion of DCP Partners OConnor Plant in

89、creased the plants capacity to 160 MMCFD.Another of DCP Partners joint venture projects,the 435-mile Front Range Pipeline,started up in the first quarter of 2014.The pipeline transports NGL from the Denver-Julesburg Basin to the Texas Express Pipeline.CHEMICALSThe development of shale gas resources

90、in the United States provides significant opportunities on the U.S.Gulf Coast for our 50-50 joint venture,CPChem.The rise in shale oil and natural gas production is creating cost-advantaged NGL feedstocks and lower energy costs.During 2013,CPChem completed an NGL fractionator expansion at its Sweeny

91、 facility.The project increased capacity by 22,000 BPD or 19 percent.CPChem also received final investment approval to build its world-scale U.S.Gulf Coast Petrochemicals Project.The project includes a 3.3 billion-pound-per-year(BLb/Y)ethane cracker and two 1.1 BLb/Y polyethylene facilities.It will

92、be one of the first major cracker complexes developed on the Gulf Coast since the shale production boom and will utilize lower-priced ethane feedstock.The approximately$6 billion project is scheduled to start up in 2017 and is expected to increase CPChems U.S.ethylene capacity by more than 40 percen

93、t.Another of CPChems projects is the worlds largest on-purpose 1-hexene plant at its Cedar Bayou facility in Baytown,Texas.The plant is expected to have capacity of 550 million pounds per year(MMLb/Y)and is anticipated to begin operations in the second quarter of 2014.The primary product,1-hexene,is

94、 a key component in the manufacturing of polyethylene,a plastic resin commonly converted into film,pipe,detergent bottles,and food and beverage containers.DCP Midstream began service on the Sand Hills pipeline in 2013.Phillips 66 owns a direct one-third interest in the pipeline.ACCELERATING GROWTH I

95、N MIDSTREAM AND CHEMICALSIn October 2013,CPChem completed its study to expand normal alpha olefin capacity at Cedar Bayou and is proceeding with development plans.After achieving 75 MMLb/Y of additional capacity through a number of small projects in 2013,the incremental expansion is expected to add

96、220 MMLb/Y to the current capacity of 1.6 BLb/Y in a phased approach from 2014 to 2015.If approved,the project could be completed as early as 2015.CPChem also announced plans to expand its ethylene production by 200 MMLb/Y by adding a tenth furnace to an ethylene unit at its Sweeny facility.The proj

97、ect is expected to start up in the third quarter of 2014.MARKETING AND SPECIALTIES Phillips 66s Marketing and Specialties segment comprises established,high-returning business lines,including motor and aviation fuels marketing,and lubricants.We plan to invest in targeted growth projects over the nex

98、t few years to grow the value of this segment.Our U.S.-branded marketing includes integrated markets on the West Coast under the 76 brand,and in the Central Corridor region under the Phillips 66 and Conoco brands.The Phillips 66 aviation brand is used at more airports in the United States than any o

99、ther brand.In Europe,we market motor fuels through the JET brand.Over the next five years,the company expects to build approximately 200 new JET retail sites mainly in Germany and Austria.The company also has an equity interest in a joint venture that markets fuel in Switzerland under the Coop brand

100、.In the Lubricants business,we manufacture and market motor oils under four major brands:Phillips 66,Conoco,76 and Kendall.We also market Group II Pure Performance base oils globally,as well as import and market Group III Ultra-S base oils through an agreement with Koreas S-Oil Corporation.We market

101、 in 65 countries,are one of the largest marketers of lubricants in the United States and have increased sales volume more than 35 percent over the last decade.In the second quarter of 2014,CPChem is expected to begin operations at the worlds largest on-purpose 1-hexene plant at its Cedar Bayou facil

102、ity in Baytown,Texas.15PHILLIPS 66 2013 SUMMARY ANNUAL REPORTOur strategy for enhancing returns is focused on increasing the volumes of cost-advantaged crude oil we process in our refineries,improving our capability to export refined products and increasing refinery product yields.We also are contin

103、uously optimizing our asset portfolio to ensure we are investing in strategic,high-return businesses,as well as implementing steps to improve our cost structure.ADVANTAGED CRUDE STRATEGYIn 2013,Phillips 66 continued its strategy of aggressively pursuing increased access to advantaged crude oil by ex

104、panding our own system capabilities and partnering with third-party transportation providers.Increasing our utilization of advantaged crude oil oil that trades at a discount to the global benchmark Brent crudecan result in significant margin enhancement for the company.Our 2013 U.S.refinery crude sl

105、ate was 74 percent advantaged,compared with 62 percent in 2012.This increase was primarily due to processing 239,000 BPD of shale and similar tight oils,118,000 BPD more than in 2012,as well as additional domestic crudes consistently trading at a discount to Brent.Our Refining,Commercial and Transpo

106、rtation businesses work in coordination to develop strategies for accessing advantaged crude with the goal of having our U.S.refineries capable of processing 100 percent advantaged crudes.Increasing our utilization of advantaged crude oiloil that trades at a discount to the global benchmark Brent cr

107、ude?A MULTIFACETED APPROACH TO ENHANCING RETURNSLEFT:The Wood River Refinery in Roxana,Ill.,processed record volumes of heavy Canadian crude oil in 2013.ABOVE:A new rail offloading facility at the Bayway Refinery in New Jersey is expected to begin operation in the second half of 2014.By the end of 2

108、013,we had 2,000 new railcars in service delivering primarily Bakken shale crude oil from North Dakota to our Bayway Refinery in New Jersey and our Ferndale Refinery in Washington.We are building new rail offloading facilities at these refineries that are expected to be operational in 2014.We contin

109、ue to use third-party logistics companies to deliver advantaged crude oil to our refineries,including a third party operating under a multi-year agreement to load railcars with Bakken shale crude oil in Berthold,N.D.U.S.Refining AdvantagedCrude Slate(percent)526274201120122013Refining Adjusted ROCE(

110、percent)13271320112012201317PHILLIPS 66 2013 SUMMARY ANNUAL REPORTA MULTIFACETED APPROACH TO ENHANCING RETURNSAs the traditional supply of crude oil from California fields is declining,Phillips 66 is planning to extend an existing rail spur at our San Francisco Refinerys Santa Maria facility to enab

111、le rail delivery of crude oil from other sources.At our Los Angeles Refinery,we are using an existing rail facility to increase deliveries of advantaged crude oil.A new storage tank project is also under way enabling the delivery of more waterborne crudes.In addition,we have made several arrangement

112、s with third-party logistics providers and are securing another 1,200 railcars in 2014 to further increase deliveries of advantaged crude to our California refineries.Our Ponca City,Okla.,refinery is uniquely positioned near the Mississippian Lime play,and in 2013,the company built several high-capa

113、city truck racks to enable truck delivery of crude oil to the refinery and our local pipeline systems.Additionally,we signed an agreement with a third-party pipeline company to transport advantaged crude to the Ponca City Refinery.A similar third-party The Sweeny Refinery in Texas is receiving incre

114、asing volumes of Eagle Ford crude oil through a new third-party pipeline and waterborne deliveries.agreement is increasing deliveries of Eagle Ford crude oil to our Sweeny Refinery in Old Ocean,Texas,through a new pipeline that started up in early 2014.We also have long-term charter agreements for t

115、wo U.S.-flagged Jones Act medium-range tankers that are delivering Eagle Ford crude oil to our refineries on the Gulf and East Coasts.Other investments are aimed at enhancing our refineries ability to process advantaged crude oil.The Wood River Refinery in Roxana,Ill.,processed record volumes of hea

116、vy Canadian crude oil in 2013,made possible through a major expansion that started up in late 2011.The company is planning further improvements to enhance advantaged crude processing capabilities at Wood River and Ponca City,as well as at our refineries in Louisiana and MEXPORT CAPABILITYAs demand f

117、or motor fuels grows in regions outside the United States,we are serving new markets with our refined products to keep our coastal refineries running at high utilization rates,resulting in lower per-unit costs and sustaining jobs at those facilities.In 2013,we removed constraints at our coastal refi

118、neries to expand their export capabilities.These efforts helped increase our total U.S.export capacity from 285,000 BPD in 2012 to 410,000 BPD in 2013.This represents 32 percent of the clean products produced in our coastal U.S.refineries.Over the next several years,we expect to increase our export

119、capability to more than 500,000 BPD.PRODUCT YIELDSIncreasing clean product yield from our refineries is another opportunity for enhancing returns.Over the last few years,we have improved clean product yield by approximately 2 percent,and we expect to achieve further yield improvements of 1 to 2 perc

120、ent with minimal capital investment.We are specifically focused on increasing yields of diesel because we expect global diesel demand to grow more than gasoline demand.We already have an industry-leading distillate yield at about 40 percent and expect to achieve another 1 percent increase over the n

121、ext few years.PORTFOLIO OPTIMIZATION AND COST MANAGEMENTPhillips 66 continuously reviews its asset portfolio to ensure we are investing in businesses that have long-term strategic value and provide desired levels of returns.In 2013,Phillips 66 sold its Immingham Combined Heat and Power Plant in the

122、United Kingdom and announced the planned divestiture of its flow improvers business;that transaction closed in the first quarter of 2014.In 2013,we continued our focus on cost management,including improvements in energy consumption and refinery turnarounds.A successful energy reduction program pilot

123、ed at two refineries in 2012 was expanded to all Phillips 66 refineries in 2013.The program also identified opportunities to increase recovery of LPG from refinery fuel gas.This resulted in an additional improvement of approximately$32 million in 2013.Exporting products from coastal refineries such

124、as the Alliance Refinery in Belle Chasse,La.,helps ensure the refineries continue to operate at high utilization rates and sustains jobs at those facilities.Export Capability(MBD)Distillate Yield(percent)26028541039.740.239.520112012201320112012201319PHILLIPS 66 2013 SUMMARY ANNUAL REPORTGROWING SHA

125、REHOLDER VALUEPhillips 66 is committed to growing shareholder value through disciplined investments in our businesses and increasing our distributions in the form of dividends and share repurchases.Since forming Phillips 66 in 2012,we have increased our dividend by 25 percent on three separate occas

126、ions,raising our quarterly dividend to$0.39 per share($1.56 annualized)in the fourth quarter of 2013.Dividends reflect our confidence in the underlying performance of our business,reinforce our financial discipline and appeal to investors looking for an attractive yield on their investments.We belie

127、ve annual increases in our dividend are an important part of our commitment to returning capital to our shareholders.Share repurchases funded by cash from operations positively impact earnings per share,increase the relative value of the remaining outstanding shares and reduce the dilutive effect of

128、 stock-based compensation.Our board of directors has authorized share repurchases totaling$5 billion since July 2012,and on a cumulative basis through the end of 2013,we have repurchased 44.1 million shares totaling$2.6 billion.We plan to continue to utilize share repurchases as the variable compone

129、nt of our distributions,growth and return improvement strategies.Together,dividends and share repurchases helped support our total shareholder return of 48 percent in 2013.We believe annual increases in our dividend are an important part of our commitment to returning capital to our shareholders.1,0

130、0060040080020003Q 124Q 121Q 132Q 133Q 134Q 13Total Capital Returned to Shareholders($in millions)DividendsShare RPhillips 66 is building a workforce capable of quickly adapting to the changing energy landscape and delivering on its plans for growth.We continue to develop a high-performing organizati

131、on that creates sustainable,differentiated results.We believe success comes from what we do and how we do it.We hold ourselves accountable for both.When we are equally focused on achieving results and modeling the right behaviors,we demonstrate our commitment to our companys values of safety,honor a

132、nd commitment.We are focusing on achievement,collaboration,empowerment and agility.To accomplish this,employees need a great place to worka place to be challenged professionallywith opportunities to lead and grow.When the company launched in 2012,we implemented plans to turn our strong workforce int

133、o an even higher-performing team.First,we improved our programs and benefits.Then,we engaged company leaders to develop a vision for the organization.This vision includes emphasizing personal accountability,optimizing the general interest of the company,and creating a culture of learning and develop

134、ment.We will continue to enhance training and establish robust career development programs that motivate employees at all levels of the company.Phillips 66 has a strong emphasis on succession planning and recruitment.We value varied backgrounds,diversity of thought and global experiences.We aspire t

135、o be a great place to work today and in the future.New hire programs like the one at the Bayway Refinery in New Jersey are part of the culture of learning and development that will ensure Phillips 66 continues to have a high-performing organization.DEVELOPING A HIGH-PERFORMING TEAM21PHILLIPS 66 2013

136、 SUMMARY ANNUAL REPORTBUILDING A STRONG FOUNDATION FOR A PROMISING FUTUREPhillips 66 is committed to efforts that help ensure the long-term sustainability of assets like the Sweeny Refinery in Texas.Underpinning our core strategy is our commitment to?These efforts help ensure that Phillips 66 will b

137、e providing energy and improving lives for decades to 23PHILLIPS 66 2013 SUMMARY ANNUAL REPORTWith an integrated portfolio spanning the full downstream value chain,we have distinctive investment opportunities.A strong balance sheet supported by significant operating cash flows provides Phillips 66 t

138、he flexibility to invest in our most attractive projects throughout the business cycle.CAPITAL ALLOCATIONWe maintain a balanced and disciplined approach to capital allocation.Investments are first directed toward sustaining capital to ensure the safety and viability of our operations.In 2014,we inte

139、nd to spend approximately$1.1 billion in sustaining capital related to safety,maintenance,reliability and environmental projects.Sustaining capital helps ensure the operating integrity of our facilities and is consistent with our focus on operating excellence.The remainder of our capital program is

140、directed toward growth projects and enhancing returns in our existing businesses.We place a high priority on our quarterly dividend payments,with a goal of annually increasing the dividend.Share repurchases provide the opportunity to return additional capital to shareholders.CAPITAL PROGRAMOur 2014

141、planned capital expenditures are$2.7 billion,approximately 40 percent higher than our 2013 capital spending target.Including our share of expected capital spending by joint ventures DCP Midstream,CPChem and WRB Refining,all of which are expected to be self-funding,our total 2014 capital program is e

142、xpected to be$4.6 billion.The increased spending reflects our strategy to significantly grow our higher-valued businesses.In Midstream,we are planning$1.4 billion of investment in our NGL Operations and Transportation business lines.This represents an increase of more than$800 million over 2013,prim

143、arily to support the development of the Sweeny Fractionator One and LPG export facility projects on the U.S.Gulf Coast.In addition,we plan to invest in a number of transportation assets to further increase our access to advantaged refining feedstocks,grow pipeline capacity and allow for greater refi

144、ned product exports.Phillips 66s share of DCP Midstreams 2014 planned capital expenditures is$750 million.The joint ventures capital program is designed to leverage its existing NGL infrastructure to initiate new gathering and processing growth projects,and increase natural gas processing capacity.P

145、hillips 66s share of CPChems 2014 planned capital expenditures is expected to be$1 billion,representing a substantial increase over 2013.CPChem intends to invest in domestic growth projects,capturing cost-advantaged petrochemical feedstocks on the U.S.Gulf Coast.The increase primarily reflects advan

146、cement of its U.S.Gulf Coast Petrochemicals Project and 1-hexene plant.FINANCIAL STRENGTH SUPPORTS FUTURE GROWTHDuring 2013,Phillips 66 strengthened its balance sheet through$1 billion of debt repayments.This improved the companys debt-to-capital ratio to 22 percent at the end of the We plan to dire

147、ctly make$1 billion of investment in Refining,approximately 70 percent of which will be sustaining capital.Other Refining capital investments will be directed toward relatively small,high-return projects,primarily to enhance use of advantaged crudes,as well as to improve product yields,increase ener

148、gy efficiency and expand export capability.In Marketing and Specialties,we plan to invest$126 million in growth and sustaining capital.The growth investment reflects Phillips 66s intent to expand its international fuel marketing business.BALANCE SHEET STRENGTHDuring 2013,Phillips 66 strengthened its

149、 balance sheet through$1 billion of debt repayments.This improved the companys debt-to-capital ratio to 22 percent at the end of the year.Phillips 66s solid capital structure is a key differentiator for the company.It promotes long-term stability despite market volatility and provides a platform to

150、accelerate growth and increase shareholder distributions.Debt-to-Capital Ratio(percent)22223Q 124Q 12$1,417$1,002$126$136$750$1,046$145$2,167$1,046$1,147$126$136Phillips 66 Consolidated($in millions)Selected Equity Affiliates*($in millions)Total Capital Program($in millions)2014 CAPITAL PROGRAM*Incl

151、udes Phillips 66s share of capital spending by DCP Midstream,Chevron Phillips Chemical Company and WRB Refining,which are expected to be self-funded in 2014.*Excludes$15 million of capital spending allocated to discontinued operations.Midstream Chemicals Refining Marketing and Specialties*Corporate

152、and Other 1Q 132Q 133Q 134Q 1323252528$4.6B$1.9B$2.7B25PHILLIPS 66 2013 SUMMARY ANNUAL REPORTIn todays energy revolution,companies must adapt to rapidly changing crude slate alternatives while also researching and developing new avenues for future growth.The Technology team of dedicated researchers

153、and technicians at Phillips 66 offers solutions for the opportunities created by the rise of oil and gas production in North America.Comprehensive research and development helps the company find new ways to transport and process a variety of crudes safely and efficiently.In addition,our researchers

154、are engaged in developing technologies to convert NGL into more conventional motor vehicle fuels.Our scientists and engineers perform laboratory experiments,mimic refinery trials to consider the potential effects of corrosion when using new,varied crudes and develop advanced corrosion models to simu

155、late optimal utilization.At the Wood River Refinery in Illinois,we are testing real-time monitoring of refinery crudes for comparison with our proprietary,predictive models.This allows our refineries to select advantaged crudes with confidence that our operations will remain safe and processing unit

156、s will be efficient.While solving for the near-and mid-term issues of today,Technology also helps prepare Phillips 66 for the future with research in alternative energy areas like natural gas-powered fuel cells and flexible solar cells made from organic materials.We are conducting novel research in

157、converting an array of bio-feedstocks into transportation fuels to address one of the key challenges of the industry,renewable fuels standards.In 2013,we partnered with Sapphire Energy,Inc.,to progress algae crude oil production toward commercialization.The company will work with Sapphire Energy to

158、collect and analyze data from co-processing of algae and conventional crude oil into fuels.Our goal is to complete fuel certifications to ready Sapphire Energys renewable crude oil,called Green Crude,for wide-scale oil refining.Phillips 66s technical expertise in hydroprocessing combined with Sapphi

159、re Energys experience in algae cultivation could yield promising results.The Technology group is researching methods to reduce operational risks,and to meet the stringent requirements of water availability,usage and discharge in our businesses.Research is being conducted in relation to future water

160、use to reduce operating costs and improve throughput in our Refining and Midstream operations,which will enhance the long-term sustainability of those businesses.In addition,we are actively developing processes to remove trace impurities from wastewater.For example,at our Borger Refinery in Texas,we

161、 have successfully demonstrated an in-house sorption technology that could help refineries meet ultra-pure wastewater requirements.Biological processes for the removal of excess nutrients are being investigated in our laboratories and are achieving excellent results.Phillips 66 is conducting researc

162、h to develop oil from algae that can be processed in refineries to produce renewable fuels.TECHNOLOGY EXPERTISE ADDRESSES ENERGY CHALLENGESSHARING PROSPERITYAs Phillips 66 develops projects to utilize domestic advantaged crudes,natural gas and NGL,we unlock our companys potential while improving the

163、 American economy.Americas energy revolution continues to add new jobs;according to IHS CERA,unconventional energy employed 2.1 million people in 2012,with 3.3 million jobs expected in 2020.Our planned capital projects bolster manufacturing activity and encourage job growth and creation.Together wit

164、h our joint ventures,Phillips 66 supports nearly 100,000 quality American jobs directly at our companies and indirectly in the community.We will be creating thousands of new construction jobs and hundreds more permanent positions as we develop our growth projects over the coming years.Phillips 66 is

165、 moving quickly to capture opportunities created by the changing energy landscape.As a result,we are providing quality jobs,fueling the economy and helping communities prospernow,and in the future.Facilities like the Alliance Refinery in Louisiana provide hundreds of jobs in local communities.Togeth

166、er with our joint ventures,Phillips 66 supports nearly 100,000 quality?directly at our companies and indirectly in the community.27PHILLIPS 66 2013 SUMMARY ANNUAL REPORTPROVIDING ENERGY,IMPROVING LIVESWe have a long history of providing energy products safely and sustainably around the globe.This st

167、rong foundation enables us to improve lives where we operate through philanthropic investments,community involvement and job creation.Our community investments are made through charitable contributions,volunteerism,sponsorships and civic leadership.We focus our giving efforts primarily in three area

168、s:education,health and safety,and the environment.Phillips 66 believes that an educated workforce drives the worlds economic future.We partner with the National Energy Education Development Project to provide Americas teachers with training and resources on key energy topics.Through these teachers,w

169、e aim to instill in young students a desire to learn and be proactive about energy issues.Additionally,the company contributed$6.3 million to U.S.colleges and universities in 2013.These funds help prepare students for careers in energy and business and ultimately improve lives.At the University of C

170、olorado Boulder,for example,our support helps train students to be licensed tax preparers,who then volunteer to prepare tax returns for families needing assistance.We invest in health and safety because these are the foundation of productive lives.In 2013,Phillips 66 marked its 40th year sponsoring

171、USA Swimming.Since 2009,the company has also supported the USA Swimming Foundations Make a Splash Tour.The tour is designed to raise awareness about water safety and the importance of learning how to swim,especially among minority children.More than 2.5 million children have learned to swim under th

172、is nationwide program.Phillips 66 invests in the preservation of the worlds natural resources.In 2013,we supported Ducks Unlimited with a grant for coastal wetland preservation to protect the habitat of millions of migratory birds.Their wintering resting place was improved through the construction o

173、f 4,300 linear feet of breakwaters in the San Bernard National Wildlife Refuge in Texas near our Sweeny Refinery.We also engage with the communities where we operate.Each of our U.S.refineries and our Humber Refinery in the United Kingdom has a long-standing commitment to foster and strengthen our r

174、elationships with neighbors through citizen advisory panels.These panels include community representatives and refinery management team members who meet regularly to listen to community concerns and input,and discuss refinery plans.We connect with neighbors,keeping them informed on special issues an

175、d gathering feedback on our performance.Phillips 66 believes local philanthropic efforts can address specific community needs and achieve measurable results.In 2013,we introduced our Signature Community Initiative,an innovative program that focuses on the development of strategic local partnerships

176、to address a high-priority need identified in consultation with key stakeholders.We awarded$1 million in grants during our first year across six projects in the United States and the United Kingdom.We are committed to helping our communities rebuild after natural disasters.In addition to providing a

177、id after the 2013 flooding in Colorado and Alberta,Canada,Phillips 66 donated$1 million to the American Red Cross to aid the Oklahoma tornado relief efforts.We also donated thousands of pounds of supplies and fuel for first Around the world,Phillips 66 employees,retirees and families improve lives t

178、hrough volunteerism and charitable contributions.In 2013,they donated more than 30,000 hours to their local communities through the Phillips 66 Volunteer Grant Program,and the company made an additional$791,000 in donations to these efforts.Through the companys matching gift program,Phillips 66 cont

179、ributed$1.9 million in support of the charitable organizations that are important to our employees,retirees and families.We also are proud to partner with the Center for America as the lead corporate sponsor of American Jobs for Americas Heroes,a campaign aimed at connecting unemployed National Guar

180、d members,veterans and spouses with skilled jobs in the private sector.These individuals are rich in experience,quality skills and training,making them valuable employees.We are pleased to promote their transition into civilian life and offer the support they need.Twenty-two percent of the hourly em

181、ployees hired across our U.S.refining system in 2013 were veterans.Schoolchildren in South Killingholme,United Kingdom,near our Humber Refinery,celebrate their schools award of a Phillips 66 Signature Community Initiative grant that will be used to develop an enterprise skills program.In 2013,we int

182、roduced our Signature Community Initiative,an innovative program that focuses on the development of strategic local partnerships?consultation with key stakeholders.29PHILLIPS 66 2013 SUMMARY ANNUAL REPORTFINANCIAL SUMMARY2013Consolidated Statement of Income 31Consolidated Statement of Comprehensive

183、Income 32Consolidated Balance Sheet 33Consolidated Statement of Cash Flows 34Selected Financial Data and Segment Profile 35Operating Overview 36Non-GAAP Reconciliations 38REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON CONDENSED FINANCIAL STATEMENTSThe Board of Directors and StockholdersP

184、hillips 66We have audited,in accordance with the standards of the Public Company Accounting Oversight Board(United States),the consolidated balance sheet of Phillips 66 at December 31,2013 and 2012 and the related consolidated statements of income,comprehensive income,changes in equity,and cash flow

185、s for each of the three years in the period ended December 31,2013(not presented separately herein)and in our report dated February 21,2014,we expressed an unqualified opinion on those consolidated financial statements.In our opinion,the information set forth in the accompanying condensed consolidat

186、ed financial statements as of December 31,2013 and 2012 and for each of the three years in the period ended December 31,2013(presented on pages 31 through 34)is fairly stated,in all material respects,in relation to the consolidated financial statements from which it has been derived.We also have aud

187、ited,in accordance with the standards of the Public Company Accounting Oversight Board(United States),the effectiveness of Phillips 66s internal control over financial reporting as of December 31,2013,based on criteria established in Internal ControlIntegrated Framework issued by the Committee of Sp

188、onsoring Organizations of the Treadway Commission(1992 framework)and our report dated February 21,2014(not presented separately herein)expressed an unqualified opinion thereon.Houston,TexasFebruary 21,PHILLIPS 66CONSOLIDATED STATEMENT OF INCOMEMillions of DollarsYears Ended December 31 2013 2012 201

189、1Revenues and Other IncomeSales and other operating revenues*$171,596 179,290 195,931Equity in earnings of affiliates 3,073 3,134 2,843Net gain on dispositions 55 193 1,638Other income 85 135 45 Total Revenues and Other Income 174,809 182,752 200,457Costs and ExpensesPurchased crude oil and products

190、 148,245 154,413 172,768Operating expenses 4,206 4,033 4,071Selling,general and administrative expenses 1,478 1,703 1,394Depreciation and amortization 947 906 902Impairments 29 1,158 472Taxes other than income taxes*14,119 13,740 14,287Accretion on discounted liabilities 24 25 21Interest and debt ex

191、pense 275 246 17Foreign currency transaction gains (40)(28)(34)Total Costs and Expenses 169,283 176,196 193,898Income from continuing operations before income taxes 5,526 6,556 6,559Provision for income taxes 1,844 2,473 1,822Income from Continuing Operations 3,682 4,083 4,737Income from discontinue

192、d operations*61 48 43Net income 3,743 4,131 4,780Less:net income attributable to noncontrolling interests 17 7 5Net Income Attributable to Phillips 66$3,726 4,124 4,775Amounts Attributable to Phillips 66 Common Stockholders:Income from continuing operations$3,665 4,076 4,732Income from discontinued

193、operations 61 48 43Net Income Attributable to Phillips 66$3,726 4,124 4,775Net Income Attributable to Phillips 66 Per Share of Common Stock(dollars)Basic Continuing operations$5.97 6.47 7.54 Discontinued operations 0.10 0.08 0.07Net Income Attributable to Phillips 66 Per Share of Common Stock$6.07 6

194、.55 7.61Diluted Continuing operations$5.92 6.40 7.45 Discontinued operations 0.10 0.08 0.07Net Income Attributable to Phillips 66 Per Share of Common Stock$6.02 6.48 7.52Dividends Paid Per Share of Common Stock(dollars)$1.3275 0.4500 Average Common Shares Outstanding(in thousands)Basic 612,918 628,8

195、35 627,628Diluted 618,989 636,764 634,645*Includes excise taxes on petroleum product sales:$13,866 13,371 13,955*Net of provision for income taxes on discontinued operations:$34 27 22For Phillips 66s complete consolidated financial statements,including notes,as well as Managements Discussion and Ana

196、lysis of Financial Condition and Results of Operations and other financial information,please refer to Appendix A of the companys 2014 Proxy Statement.Certain prior period financial information has been recast to reflect discontinued operations and realignment of operating segments.31PHILLIPS 66 201

197、3 SUMMARY ANNUAL REPORTPHILLIPS 66CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEMillions of DollarsYears Ended December 31 2013 2012 2011Net Income$3,743 4,131 4,780Other comprehensive income(loss)Defined benefit plans Prior service cost/credit:Prior service credit arising during the period 18 Amort

198、ization to net income of prior service cost 1 Actuarial gain/loss:Actuarial gain(loss)arising during the period 401(152)(8)Amortization to net income of net actuarial loss 96 55 3 Plans sponsored by equity affiliates 88(33)(41)Income taxes on defined benefit plans (211)18 17 Defined benefit plans,ne

199、t of tax 374(93)(29)Foreign currency translation adjustments (21)148 28 Income taxes on foreign currency translation adjustments (2)48(92)Foreign currency translation adjustments,net of tax (23)196(64)Hedging activities by equity affiliates 1 1 2 Income taxes on hedging activities by equity affiliat

200、es (1)(1)Hedging activities by equity affiliates,net of tax 1 1Other Comprehensive Income(Loss),Net of Tax 351 104(92)Comprehensive Income 4,094 4,235 4,688Less:comprehensive income attributable to noncontrolling interests 17 7 5Comprehensive Income Attributable to Phillips 66$4,077 4,228 4,683For P

201、hillips 66s complete consolidated financial statements,including notes,as well as Managements Discussion and Analysis of Financial Condition and Results of Operations and other financial information,please refer to Appendix A of the companys 2014 Proxy SPHILLIPS 66 CONSOLIDATED BALANCE SHEETMillions

202、 of DollarsAt December 31 2013 2012AssetsCash and cash equivalents$5,400 3,474Accounts and notes receivable(net of allowance of$47 million in 2013 and$50 million in 2012)7,900 8,593Accounts and notes receivable related parties 1,732 1,810Inventories 3,354 3,430Prepaid expenses and other current asse

203、ts 851 655 Total Current Assets 19,237 17,962Investments and long-term receivables 11,220 10,471Net properties,plants and equipment 15,398 15,407Goodwill 3,096 3,344Intangibles 698 724Other assets 149 165Total Assets$49,798 48,073LiabilitiesAccounts payable$9,948 9,731Accounts payable related partie

204、s 1,142 979Short-term debt 24 13Accrued income and other taxes 872 901Employee benefit obligations 476 441Other accruals 469 417 Total Current Liabilities 12,931 12,482Long-term debt 6,131 6,961Asset retirement obligations and accrued environmental costs 700 740Deferred income taxes 6,125 5,444Emplo

205、yee benefit obligations 921 1,325Other liabilities and deferred credits 598 315Total Liabilities 27,406 27,267EquityCommon stock(2,500,000,000 shares authorized at$.01 par value)Issued(2013 634,285,955 shares;2012 631,149,613 shares)Par value 6 6 Capital in excess of par 18,887 18,726 Treasury stock

206、(at cost:2013 44,106,380 shares;2012 7,603,896 shares)(2,602)(356)Retained earnings 5,622 2,713Accumulated other comprehensive income(loss)37(314)Total Stockholders Equity 21,950 20,775Noncontrolling interests 442 31Total Equity 22,392 20,806Total Liabilities and Equity$49,798 48,073For Phillips 66s

207、 complete consolidated financial statements,including notes,as well as Managements Discussion and Analysis of Financial Condition and Results of Operations and other financial information,please refer to Appendix A of the companys 2014 Proxy Statement.33PHILLIPS 66 2013 SUMMARY ANNUAL REPORTPHILLIPS

208、 66CONSOLIDATED STATEMENT OF CASH FLOWSMillions of DollarsYears Ended December 31 2013 2012 2011Cash Flows From Operating ActivitiesNet income$3,743 4,131 4,780Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 947 906 902 Impairments 29 1,

209、158 472 Accretion on discounted liabilities 24 25 21 Deferred taxes 594 221 929 Undistributed equity earnings (354)(872)(951)Net gain on dispositions (55)(193)(1,638)Income from discontinued operations (61)(48)(43)Other 195 71 167 Working capital adjustments Decrease(increase)in accounts and notes r

210、eceivable 481(132)(189)Decrease(increase)in inventories 38 60 620 Decrease(increase)in prepaid expenses and other current assets 20(48)28 Increase(decrease)in accounts payable 360(985)55 Increase(decrease)in taxes and other accruals (19)(35)(200)Net cash provided by continuing operating activities 5

211、,942 4,259 4,953Net cash provided by discontinued operations 85 37 53Net Cash Provided by Operating Activities 6,027 4,296 5,006Cash Flows From Investing ActivitiesCapital expenditures and investments (1,779)(1,701)(1,016)Proceeds from asset dispositions 1,214 286 2,627Advances/loans related parties

212、 (65)(100)Collection of advances/loans related parties 165 550Other 48 337Net cash provided by(used in)continuing investing activities (417)(1,515)2,498Net cash used in discontinued operations (27)(20)(6)Net Cash Provided by(Used in)Investing Activities (444)(1,535)2,492Cash Flows From Financing Act

213、ivitiesDistributions to ConocoPhillips (5,255)(7,471)Issuance of debt 7,794 Repayment of debt (1,020)(1,210)(26)Issuance of common stock 6 47 Repurchase of common stock (2,246)(356)Dividends paid on common stock (807)(282)Distributions to noncontrolling interests (10)(5)(1)Net proceeds from issuance

214、 of Phillips 66 Partners LP common units 404 Other (6)(34)Net cash provided by(used in)continuing financing activities (3,679)699(7,498)Net cash provided by(used in)discontinued operations Net Cash Provided by(Used in)Financing Activities (3,679)699(7,498)Effect of Exchange Rate Changes on Cash and

215、Cash Equivalents 22 14 Net Change in Cash and Cash Equivalents 1,926 3,474 Cash and cash equivalents at beginning of year 3,474 Cash and Cash Equivalents at End of Year$5,400 3,474 For Phillips 66s complete consolidated financial statements,including notes,as well as Managements Discussion and Analy

216、sis of Financial Condition and Results of Operations and other financial information,please refer to Appendix A of the companys 2014 Proxy SPHILLIPS 66SEGMENT PROFILEMillions of Dollars Except Per Share Amounts 2013 2012 2011 2010 2009Sales and other operating revenues$171,596 179,290 195,931 146,43

217、3 112,601Income from continuing operations 3,682 4,083 4,737 710 460Income from continuing operations attributable to Phillips 66 3,665 4,076 4,732 705 457 Per common share Basic 5.97 6.47 7.54 1.13 0.73 Diluted 5.92 6.40 7.45 1.12 0.72Net income 3,743 4,131 4,780 740 479Net income attributable to P

218、hillips 66 3,726 4,124 4,775 735 476 Per common share Basic 6.07 6.55 7.61 1.17 0.76 Diluted 6.02 6.48 7.52 1.16 0.75Total assets 49,798 48,073 43,211 44,955 42,880Long-term debt 6,131 6,961 361 388 403Cash dividends declared per common share 1.3275 0.4500 Millions of Dollars Sales and Income from C

219、ontinuing Operations Capital Expenditures Other Operating Revenues Attributable to Phillips 66 and Investments 2013 2012 2011 2013 2012 2011 2013 2012 2011Midstream$5,544 6,237 8,370 469 53 2,149 528 704 122Chemicals 9 11 11 986 823 716 Refining 52,076 57,761 67,092 1,851 3,217 1,529 889 738 771Mark

220、eting and Specialties 113,937 115,268 120,455 790 417 530 226 119 106Corporate and Other 30 13 3(431)(434)(192)136 140 17Total$171,596 179,290 195,931 3,665 4,076 4,732 1,779 1,701 1,016PHILLIPS 66SELECTED FINANCIAL DATA35PHILLIPS 66 2013 SUMMARY ANNUAL REPORTPHILLIPS 66OPERATING OVERVIEWMidstreamYe

221、ars Ended December 31 2013 2012 2011Dollars Per GallonWeighted Average NGL Price*DCP Midstream$0.76 0.82 1.21*Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix.Thousands of Barrels DailyTransportation VolumesPipelines*3,167 2,898 2

222、,981Terminals 1,274 1,169 1,173Operating StatisticsNGL extracted*213 201 192NGL fractionated*115 105 112 *Pipelines represent the sum of volumes transported through each separately tariffed pipeline segment,including our share of equity volumes from Yellowstone Pipe Line Company and Lake Charles Pip

223、e Line Company.*Includes our share of equity affiliates.*Excludes DCP Midstream.ChemicalsYears Ended December 31 2013 2012 2011Millions of PoundsCPChem Externally Marketed Sales Volumes*Olefins and polyolefins 16,071 14,967 14,305Specialties,aromatics and styrenics 6,230 6,719 6,704 22,301 21,686 21

224、,009*Represents 100 percent of CPChems outside sales of produced petrochemical products,as well as commission sales from equity affiliates.Marketing and SpecialtiesYears Ended December 31 2013 2012 2011Dollars Per GallonU.S.Average Wholesale Prices*Gasoline$2.88 3.00 2.94Distillates 3.10 3.19 3.12*E

225、xcludes excise taxes.Thousands of Barrels DailyMarketing Petroleum Products SalesGasoline 1,174 1,101 1,204Distillates 967 985 1,039Other 17 17 18 2,158 2,103 2,PHILLIPS 66OPERATING OVERVIEWRefiningYears Ended December 31 2013 2012 2011Dollars Per BarrelRefining MarginsAtlantic Basin/Europe$6.87 9.2

226、8 5.93Gulf Coast 6.63 9.02 8.01Central Corridor 18.62 26.37 19.87Western/Pacific 8.20 11.04 9.13Worldwide 10.10 13.59 9.79Thousands of Barrels DailyOperating StatisticsRefining operations*Atlantic Basin/Europe Crude oil capacity 588 588 726 Crude oil processed 546 555 682 Capacity utilization(percen

227、t)93%94 94 Refinery production 578 599 736 Gulf Coast Crude oil capacity 733 733 733 Crude oil processed 651 657 658 Capacity utilization(percent)89%90 90 Refinery production 736 743 748 Central Corridor Crude oil capacity 477 470 471 Crude oil processed 472 454 433 Capacity utilization(percent)99%9

228、7 92 Refinery production 489 471 448 Western/Pacific Crude oil capacity 440 439 435 Crude oil processed 410 398 393 Capacity utilization(percent)93%91 91 Refinery production 445 419 419 Worldwide Crude oil capacity 2,238 2,230 2,365 Crude oil processed 2,079 2,064 2,166 Capacity utilization(percent)

229、93%93 92 Refinery production 2,248 2,232 2,351*Includes our share of equity affiliates.37PHILLIPS 66 2013 SUMMARY ANNUAL REPORTPHILLIPS 66NON-GAAP RECONCILIATIONSMillions of DollarsYears Ended December 31 2013 2012 2011Reconciliation of Earnings to Adjusted EarningsConsolidated Earnings$3,726 4,124

230、4,775Adjustments:Net gain on asset sales (23)(106)(1,545)Impairments 979 318 Canceled projects 28 Severance accruals 15 Exit of business line 34 Tax law impacts (17)Pending claims and settlements (16)34 Premium on early debt retirement 89 Repositioning costs 55 Repositioning tax impacts 177 Hurrican

231、e-related costs 35 Discontinued operations (61)(48)(43)Adjusted earnings$3,643 5,339 3,PHILLIPS 66NON-GAAP RECONCILIATIONSMillions of Dollars 2013 2012 2011Consolidated ROCENumeratorNet income$3,743 4,131 4,780After-tax interest expense 178 160 11GAAP ROCE earnings 3,921 4,291 4,791Special items (83

232、)1,215(1,227)Adjusted ROCE earnings$3,838 5,506 3,564DenominatorGAAP average capital employed*$28,163 25,732 25,064Discontinued operations (191)(176)(163)Adjusted average capital employed$27,972 25,556 24,901Adjusted ROCE(percent)14%22 14GAAP ROCE(percent)14%17 19Refining ROCENumeratorNet income$1,8

233、51 3,217 1,529After-tax interest expense GAAP ROCE earnings 1,851 3,217 1,529Special items (13)627 453Adjusted ROCE earnings$1,838 3,844 1,982DenominatorGAAP average capital employed*$14,252 14,331 15,160Adjusted ROCE(percent)13%27 13GAAP ROCE(percent)13%22 10*Total equity plus total debt.39PHILLIPS

234、 66 2013 SUMMARY ANNUAL REPORTBOARD OF DIRECTORSJohn E.Lowe,55 Mr.Lowe served as assistant to the chief executive officer of ConocoPhillips,a position he held from 2008 until May 2012.He previously held a series of executive positions with ConocoPhillips,including executive vice president,Exploratio

235、n and Production,from 2007 to 2008,and executive vice president,Commercial,from 2006 to 2007.He is a former board member of CPChem and DCP Midstream.Mr.Lowe is a special executive advisor to Tudor,Pickering,Holt&Co.and serves on the boards of Agrium Inc.and Apache Corporation.(5)J.Brian Ferguson,59

236、Mr.Ferguson retired as chairman of Eastman Chemical Company(Eastman)in 2010 and as chief executive officer of Eastman in 2009.He became the chairman and CEO of Eastman in 2002.He was chairman of the American Chemistry Council in 2010,and was a member of the Business Roundtable and the board of the N

237、ational Association of Manufacturers prior to his retirement from Eastman.Mr.Ferguson serves as a director of Owens Corning and is a member of The University of Tennessee Board of Trustees.(2,3,4)William R.Loomis,Jr.,65 Mr.Loomis has been an independent financial advisor since 2009.He was a general

238、partner and managing director of Lazard Freres&Co.from 1984 to 2002,the chief executive officer of Lazard LLC from 2000 to 2001,and a limited managing director of Lazard LLC from 2002 to 2004.He currently serves on the board of L Brands,Inc.,and is also a senior advisor to Lazard LLC.(1,2,5)Greg C.G

239、arland,56Mr.Garland is chairman,president and chief executive officer of Phillips 66.Previously,he served as senior vice president,Exploration and Production Americas for ConocoPhillips beginning in 2010.Mr.Garland was president and chief executive officer of Chevron Phillips Chemical Company(CPChem

240、)from 2008 to 2010,having served as senior vice president,Planning and Specialty Products,CPChem,from 2000 to 2008.Mr.Garland currently serves on the boards of Amgen Inc.and Phillips 66 Partners GP LLC,the general partner of Phillips 66 Partners LP(Phillips 66 Partners GP),as well as on the board of

241、 DCP Midstream.(2)Harold W.McGraw III,65 Mr.McGraw has been chairman of the board of McGraw Hill Financial since 1999.He also served as chief executive officer for McGraw Hill Financial from 1998 to November 2013 and as president and chief operating officer from 1993 to 1998.Mr.McGraw became the cha

242、irman of the International Chamber of Commerce in July 2013.In addition to McGraw Hill Financial,Mr.McGraw is also a director of United Technologies Corporation.(2,3,4)Marna C.Whittington,66 Dr.Whittington was chief executive officer of Allianz Global Investors Capital from 2002 until her retirement

243、 in 2012.She was chief operating officer of Allianz Global Investors,the parent company of Allianz Global Investors Capital,from 2001 to 2011.Prior to that,Dr.Whittington was managing director and chief operating officer of Morgan Stanley Asset Management.She was executive vice president and chief f

244、inancial officer of The University of Pennsylvania from 1984 to 1992.Earlier,she served as budget director,and,subsequently,Secretary of Finance for the state of Delaware.She currently serves on the boards of Macys,Inc.and Oaktree Capital Group,LLC.(1,5)Victoria J.Tschinkel,66 Ms.Tschinkel currently

245、 serves on the executive committee of 1000 Friends of Florida and was previously its chairwoman.In addition,Ms.Tschinkel is a director of the National Fish and Wildlife Foundation,serving on the Gulf Benefits Committee.She served as state director of the Florida Nature Conservancy from 2003 to 2006,

246、was the senior environmental consultant to the law firm Landers&Parsons from 1987 to 2002,and was the Secretary of the Florida Department of Environmental Regulation from 1981 to 1987.(1,2,5)Glenn F.Tilton,65Mr.Tilton currently serves as chairman of the Midwest of JPMorgan Chase&Co.From 2002 to 2010

247、,he served as chairman,president and chief executive officer of UAL Corporation,a holding company,and United Air Lines Inc.,an air transportation company and wholly owned subsidiary of UAL Corporation.He previously spent more than 30 years in increasingly senior roles with Texaco Inc.,including chai

248、rman and chief executive officer in 2001.He currently serves on the boards of Abbott Laboratories and AbbVie Inc.(as lead director).(3,4)(1)Member of the Audit and Finance Committee.(2)Member of the Executive Committee.(3)Member of the Human Resources and Compensation Committee.(4)Member of the Nomi

249、nating and Governance Committee.(5)Member of the Public Policy Committee.As of Feb.28,2014.41PHILLIPS 66 2013 SUMMARY ANNUAL REPORTEXECUTIVE LEADERSHIP TEAMPaula JohnsonExecutive Vice President,Legal,General Counsel and Corporate SecretaryJohnson has more than 25 years of legal experience.Before ass

250、uming her current role,Johnson was deputy general counsel,Corporate,and chief compliance officer for ConocoPhillips.Prior roles with ConocoPhillips included managing counsel for litigation and claims.Bob HermanSenior Vice President,Health,Safety and Environment,Projects and ProcurementHerman has mor

251、e than 30 years of experience in various technical and leadership roles within the energy industry.Herman was vice president,HSE for ConocoPhillips.He also served ConocoPhillips as president,Refining,Marketing and Transportation for Europe.Herman currently serves on the board of CPChem.Phillip Brady

252、Senior Vice President,Government AffairsBrady has more than 30 years of experience serving in government and related positions in Washington,D.C.Before joining Phillips 66,Brady served as president of the National Automobile Dealers Association.Greg GarlandChairman,President and Chief Executive Offi

253、cer Garland has more than 30 years of industry experience in technical and executive leadership positions within the energy and chemical industries.Merl LindstromVice President,TechnologyLindstrom has more than 35 years of experience in research and development roles focusing on the downstream busin

254、ess.Before assuming his current role,he was senior vice president,Technology,for ConocoPhillips.He served as a manager in a number of technological and research and development roles with ConocoPLarry ZiembaExecutive Vice President,RefiningZiemba has more than 35 years of experience in the energy in

255、dustry.Before assuming his current role,Ziemba served ConocoPhillips as president,Global Refining,a role he took on after serving as president,U.S.Refining.Chantal VeevaeteSenior Vice President,Human ResourcesVeevaete has more than 30 years of experience in human resources roles.Prior to her current

256、 role,Veevaete served as vice president,Human Resources,for CPChem and as vice president,Human Resources,for the Accredo division of Medco Health Solutions.Greg MaxwellExecutive Vice President,Finance and Chief Financial OfficerMaxwell has more than 35 years of experience in various financial roles

257、within the chemical and energy industries.Prior to his current role,Maxwell served as senior vice president,chief financial officer and controller for CPChem.Maxwell currently serves on the boards of DCP Midstream and Phillips 66 Partners GP.Tim TaylorExecutive Vice President,Commercial,Marketing,Tr

258、ansportation and Business DevelopmentTaylor has more than 35 years of experience in the chemical and energy industries.Before being named to his current role,Taylor served as chief operating officer of CPChem.Taylor currently serves on the boards of CPChem and Phillips 66 Partners GP.Clayton ReasorS

259、enior Vice President,Investor Relations,Strategy and Corporate AffairsReasor has more than 30 years of experience in the energy industry.Before assuming his current role,he was vice president,Corporate and Investor Relations for ConocoPhillips.Reasor currently serves on the boards of Stage Stores In

260、c.and Phillips 66 Partners GP.OTHER CORPORATE OFFICERS Joe Frana,General Auditor Doug Johnson,Vice President and Controller Audrey Miller,General Tax Officer Brian Wenzel,Vice President and Treasurer OPERATIONAL AND FUNCTIONAL ORGANIZATIONS Debbie Adams,President,Transportation Rex Bennett,President

261、,Specialties and Business DevelopmentMaria Hooper,Vice President,Global Trading Mike Kenney,Vice President,Regional Manager-Refineries Kay Sallee,Chief Information OfficerAndy Viens,President,Global Marketing John Wright,Senior Vice President,CommercialAs of Feb.28,2014.43PHILLIPS 66 2013 SUMMARY AN

262、NUAL REPORTSHAREHOLDER INFORMATIONANNUAL MEETING Phillips 66s annual meeting of stockholders will be held:Wednesday,May 7,2014Westin Houston,Memorial City 945 Gessner Road Houston,TX 77024Notice of the meeting and proxy materials are being provided to all shareholders.DIRECT STOCK PURCHASE AND DIVID

263、END REINVESTMENT PLAN Phillips 66s Investor Services Program is a direct stock purchase and dividend reinvestment plan that offers shareholders a convenient way to buy additional shares and reinvest their common stock dividends.Purchases of company stock through direct cash payment are commission-fr

264、ee.Please call Computershare to request an enrollment package:Toll-free number:1-866-437-0009You may also enroll online at shareholders can access important investor communications online and sign up to receive future shareholder materials electronically by going to and following the enrollment inst

265、ructions.PRINCIPAL AND REGISTERED OFFICES Phillips 66P.O.Box 4428Houston,TX 77210 2711 Centerville Road Wilmington,DE 19808 STOCK TRANSFER AGENT AND REGISTRAR Computershare 250 Royall StreetCanton,MA INFORMATION REQUESTS For information about dividends and certificates,or to request a change of addr

266、ess form,shareholders may contact:Computershare P.O.Box 30170College Station,TX 77842-3170Toll-free number:1-866-437-0009 Outside the U.S.:201-680-6578 TDD for hearing impaired:800-231-5469 TDD outside the U.S.:201-680-6610 Personnel in the following offices also can answer investors questions about

267、 the company:INSTITUTIONAL INVESTORS Phillips 66 Investor Relations 3010 Briarpark DriveHouston,TX 77042800-624-INDIVIDUAL INVESTORS Phillips 66 Shareholder Relations 3250 Briarpark Drive RW 1053EHouston,TX 77042832-765- COMPLIANCE AND ETHICS For guidance,to express concerns,or to ask questions abou

268、t compliance and ethics issues,call Phillips 66s Ethics Helpline toll-free:855-318-5390,available 24 hours a day,seven days a week.The ethics office also may be contacted via email at ,the Internet at or by writing:Attn:Global Ethics Office Phillips 66 3010 Briarpark Drive Houston,TX 77042COPIES OF

269、FORM 10-K,PROXY STATEMENT AND SUMMARY ANNUAL REPORT Copies of the Annual Report on Form 10-K and the Proxy Statement,as filed with the U.S.Securities and Exchange Commission,are available free by making a request on the companys website,calling 918-977-4133 or writing:Phillips 66 2013 Form 10-K 310

270、W 5th PRN-252 Bartlesville,OK 74003Additional copies of this Summary Annual Report may be obtained by calling 918-977-4133 or writing:Phillips 66 2013 Summary Annual Report 310 W 5thPRN-252Bartlesville,OK 74003INTERNET WEBSITE: The site includes resources of interest to investors,including news rele

271、ases and presentations to securities analysts;copies of Phillips 66s Annual Report and Proxy Statement;reports to the U.S.Securities and Exchange Commission;and data on Phillips 66s health,safety and environmental performance.Other websites with information on topics included in this summary annual

272、report include: DISCLOSURE STATEMENTSCertain disclosures in this Summary Annual Report may be considered“forward-looking”statements.These are made pursuant to“safe harbor”provisions of the Private Securities Litigation Reform Act of 1995.The“Cautionary Statement”in Managements Discussion and Analysi

273、s in Appendix A of Phillips 66s 2014 Proxy Statement should be read in conjunction with such statements.“Phillips 66,”“the company,”“we,”“us”and“our”are used interchangeably in this report to refer to the businesses of Phillips 66 and its consolidated subsidiaries.45PHILLIPS 66 2013 SUMMARY ANNUAL REPORTPhillips 66 P.O.Box 4428Houston,TX