- Reported a third-quarter loss of $799 million or $1.82 per
share; adjusted loss of $1 million or $0.01 per share
- Generated operating cash flow of $491 million; $795 million
excluding working capital
- Captured improved market conditions in Midstream, Chemicals and
Marketing & Specialties
- Recently started operations of Sweeny Fracs 2 and 3
- Announced San Francisco Refinery conversion into the world’s
largest renewable fuels plant
Phillips 66 (NYSE: PSX), a diversified energy manufacturing and
logistics company, announces a third-quarter 2020 loss of $799
million, compared with a loss of $141 million in the second quarter
of 2020. Excluding special items of $798 million in the third
quarter, primarily an impairment related to the planned conversion
of the San Francisco Refinery to a renewable fuels plant, the
company had an adjusted loss of $1 million, compared with a
second-quarter adjusted loss of $324 million.
“Our diversified, integrated portfolio helped us navigate a
challenging market environment in the third quarter,” said Greg
Garland, chairman and CEO of Phillips 66. “Our Midstream, Chemicals
and Marketing businesses benefited from improved market conditions,
while Refining continued to be impacted by weak margins. We
advanced our growth strategy with the recent startup of Sweeny
Fracs 2 and 3, marking completion of the Sweeny Hub phase 2
expansion. Also, we announced Rodeo Renewed, a project to
reconfigure our San Francisco Refinery into the world’s largest
renewable fuels plant, making investments that advance a lower
carbon future.
“We are proud of how our employees continue to step up to the
challenges of 2020, from the pandemic to the West Coast fires and
the Gulf Coast hurricanes. Our response to the storms in particular
underscored our commitment to operating excellence, as our
facilities were secured and sustained minimal damage. The people of
Phillips 66 continue to demonstrate our values of providing energy
and improving lives in what has been a very uncertain and
challenging environment.
“Our diversified businesses, strong balance sheet and
disciplined capital allocation enable us to effectively manage
through a low margin environment. We paid $393 million in dividends
in the third quarter and are committed to a secure, competitive and
growing dividend. We remain focused on creating value for
shareholders through operating excellence, financial discipline and
return-enhancing investments.”
Midstream
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2020
Q2 2020
Q3 2020
Q2 2020
Transportation
$
(3)
214
202
130
NGL and Other
99
78
102
83
DCP Midstream
50
32
50
32
Midstream
$
146
324
354
245
Midstream third-quarter pre-tax income was $146 million,
compared with $324 million in the second quarter. Midstream results
in the third quarter included a $120 million impairment of pipeline
and terminal assets related to the planned conversion of the San
Francisco Refinery to a renewable fuels plant, an $84 million
impairment related to the cancellation of the Red Oak Pipeline
project, $3 million of pension settlement expense and $1 million of
hurricane-related costs. Second-quarter results included an $84
million gain related to Phillips 66 Partners’ prior-year sale of an
interest in the Gray Oak Pipeline, as well as $5 million of pension
settlement expense.
Transportation third-quarter adjusted pre-tax income of $202
million was $72 million higher than the second quarter. The
increase was primarily due to higher pipeline and terminal volumes,
including ramp-up of volumes on the Gray Oak Pipeline.
NGL and Other adjusted pre-tax income was $102 million in the
third quarter, compared with $83 million in the second quarter. The
improvement was mainly due to higher Sweeny Hub volumes and
inventory impacts.
The company’s equity investment in DCP Midstream, LLC generated
third-quarter adjusted pre-tax income of $50 million, an $18
million increase from the prior quarter, mainly reflecting hedging
impacts.
Chemicals
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2020
Q2 2020
Q3 2020
Q2 2020
Olefins and Polyolefins
$
241
70
148
106
Specialties, Aromatics and Styrenics
11
—
5
11
Other
(21)
(28)
(21)
(28)
Chemicals
$
231
42
132
89
The Chemicals segment reflects Phillips 66’s equity investment
in Chevron Phillips Chemical Company LLC (CPChem). Chemicals’
third-quarter 2020 pre-tax income was $231 million, compared with
$42 million in the second quarter of 2020. Chemicals results in the
third quarter included a $101 million benefit to equity earnings
from lower-of-cost-or-market inventory adjustments, partially
offset by $2 million of hurricane-related costs. Second-quarter
results included reductions to equity earnings of $32 million in
lower-of-cost-or-market inventory adjustments, as well as a $15
million asset write-off related to an international joint
venture.
CPChem’s Olefins and Polyolefins (O&P) business contributed
$148 million of adjusted pre-tax income in the third quarter of
2020, compared with $106 million in the second quarter. The $42
million increase was primarily due to higher polyethylene margins,
driven by improved sales prices, partially offset by lower
polyethylene volumes and higher operating costs. Global O&P
utilization was 94% for the quarter, reflecting downtime at U.S.
Gulf Coast facilities.
CPChem’s Specialties, Aromatics and Styrenics (SA&S)
business contributed third-quarter adjusted pre-tax income of $5
million, compared with $11 million in the second quarter. The
decrease was primarily due to lower margins, partially offset by
higher volumes.
The $7 million decrease in Other adjusted net costs in the third
quarter mainly reflects lower employee-related expenses.
Refining
Millions of Dollars
Pre-Tax Loss
Adjusted Pre-Tax Loss
Q3 2020
Q2 2020
Q3 2020
Q2 2020
Refining
$
(1,903)
(878)
(970)
(867)
Refining had a third-quarter pre-tax loss of $1.9 billion,
compared with a pre-tax loss of $878 million in the second quarter.
Refining results in the third quarter included a $910 million
impairment related to the planned conversion of the San Francisco
Refinery to a renewable fuels plant, $12 million of pension
settlement expense and $11 million of hurricane-related costs.
Second-quarter results included $26 million of pension settlement
expense and a $15 million benefit to equity earnings from a
lower-of-cost-or-market inventory adjustment.
Refining had an adjusted pre-tax loss of $970 million in the
third quarter of 2020, compared with an adjusted pre-tax loss of
$867 million in the second quarter of 2020. The decreased results
were largely driven by lower realized margins, partially offset by
higher volumes. Realized margins were down 32% to $1.78 per barrel
in the third quarter, reflecting tightening crude spreads and lower
secondary product margins. Phillips 66’s worldwide crude
utilization rate was 77% in the third quarter, up from 75% in the
second quarter. Improved third-quarter utilization mainly reflects
increased refining runs in the Central Corridor and West Coast
regions, partially offset by downtime at Gulf Coast refineries,
including the impact of hurricane-related third-party power outages
at the Lake Charles Refinery.
Pre-tax turnaround costs for the third quarter were $41 million,
compared with second-quarter costs of $38 million. Clean product
yield was 85% in the third quarter.
Marketing and Specialties
Millions of Dollars
Pre-Tax Income
Adjusted Pre-Tax
Income
Q3 2020
Q2 2020
Q3 2020
Q2 2020
Marketing and Other
$
365
255
366
259
Specialties
50
31
51
34
Marketing and Specialties
$
415
286
417
293
Marketing and Specialties (M&S) third-quarter pre-tax income
was $415 million, compared with $286 million in the second quarter
of 2020. M&S results in the third quarter included
hurricane-related costs of $1 million and pension settlement
expense of $1 million. Second-quarter results included $4 million
of pension settlement expense and a $3 million reduction to equity
earnings from a lower-of-cost-or-market inventory adjustment.
Adjusted pre-tax income for Marketing and Other was $366 million
in the third quarter of 2020, an increase of $107 million from the
second quarter of 2020. The increase primarily reflects higher
margins and volumes, driven by improved market conditions and
demand recovery. Refined product exports in the third quarter were
139,000 barrels per day (BPD).
Specialties generated third-quarter adjusted pre-tax income of
$51 million, up from $34 million in the second quarter. The
increase was largely due to higher finished lubricant volumes.
Corporate and Other
Millions of Dollars
Pre-Tax Loss
Adjusted Pre-Tax Loss
Q3 2020
Q2 2020
Q3 2020
Q2 2020
Corporate and Other
$
(239)
(219)
(213)
(224)
Corporate and Other third-quarter pre-tax costs were $239
million, compared with pre-tax costs of $219 million in the second
quarter. Pre-tax costs in the third quarter included a $25 million
asset impairment, and second-quarter pre-tax costs included $8
million of net interest benefits related to tax audit adjustments.
Pre-tax costs also included pension settlement expense of $1
million and $3 million in the third quarter and second quarter,
respectively.
The $11 million decrease in Corporate and Other adjusted pre-tax
costs in the third quarter was mainly driven by lower
employee-related expenses, partially offset by higher net interest
expense.
Financial Position, Liquidity and Return of Capital
Phillips 66 generated $491 million in cash from operations
during the third quarter, including $305 million of cash
distributions from equity affiliates. Excluding working capital
impacts, operating cash flow was $795 million.
Capital expenditures and investments in the third quarter were
$552 million. Excluding $3 million of capital funded by Gray Oak
joint venture partners, adjusted capital spending was $549 million.
The company expects 2020 consolidated capital expenditures and
investments to be $3 billion, and adjusted capital spending to be
$2.9 billion, net of cash capital contributions from joint venture
partners. Phillips 66 paid $393 million in dividends in the third
quarter.
As of Sept. 30, 2020, Phillips 66 had $7 billion of liquidity,
reflecting $1.5 billion of cash and cash equivalents and
approximately $5.5 billion of total committed capacity under its
revolving credit facilities. Consolidated debt was $14.5 billion at
Sept. 30, 2020, including $3.8 billion at Phillips 66 Partners
(PSXP). The company’s consolidated debt-to-capital ratio was 39%
and its net debt-to-capital ratio was 37%. Excluding PSXP, the
debt-to-capital ratio was 35% and the net debt-to-capital ratio was
32%.
Strategic Update
Phillips 66 has completed the two new 150,000 BPD fractionators
at its Sweeny Hub, bringing the site’s total fractionation capacity
to 400,000 BPD. Frac 2 reached full rates in September, and Frac 3
started operations in October. The fractionators are supported by
long-term customer commitments.
Phillips 66 Partners continued construction of the C2G Pipeline,
a 16 inch ethane pipeline that will connect its Clemens Caverns
storage facility to petrochemical facilities in Gregory, Texas,
near Corpus Christi, Texas. The project is backed by long-term
commitments and is expected to be completed in mid-2021.
At the South Texas Gateway Terminal, which is being constructed
by Buckeye Partners, L.P., the first dock and 5.1 million barrels
of storage capacity have been commissioned. Marine and terminal
operations will continue to ramp up through the end of this year as
additional phases of construction are completed. Upon project
completion in the first quarter of 2021, the marine export terminal
will have two deepwater docks with up to 800,000 BPD of throughput
capacity, along with storage capacity of 8.6 million barrels.
Phillips 66 Partners owns a 25% interest in the terminal.
The company is adding a 200,000 BPD dock at its Beaumont
Terminal, bringing the terminal’s total dock capacity to 800,000
BPD. The new dock is expected to be completed in the fourth quarter
of 2020. The terminal has total crude and product storage capacity
of 16.8 million barrels.
In Chemicals, CPChem and Qatar Petroleum are jointly pursuing
development of petrochemical facilities on the U.S. Gulf Coast and
in Ras Laffan, Qatar. CPChem is closely monitoring economic
developments and has deferred final investment decision for its
U.S. Gulf Coast project.
In October, CPChem announced its first U.S. commercial-scale
production of polyethylene from recycled mixed-waste plastics.
CPChem is using advanced recycling technology to convert plastic
waste to valuable liquids that can become new petrochemicals.
CPChem’s circular polyethylene matches the performance and safety
specifications of traditional polymers.
Phillips 66 announced Rodeo Renewed, a project to reconfigure
its San Francisco Refinery in Rodeo, California, to meet the
growing demand for renewable fuels. The plant would no longer
produce fuels from crude oil, but instead would make fuels from
used cooking oil, fats, greases, soybean oils and other feedstocks.
Upon expected completion in early 2024, the facility would have
over 50,000 BPD, or 800 million gallons per year, of renewable fuel
production capacity, making it the world’s largest facility of its
kind. The conversion is expected to reduce the plant’s greenhouse
gas emissions by 50% and help California meet its low carbon
objectives.
In Marketing, the company continues its program to roll out
updated signature image designs for Phillips 66, 76 and Conoco
branded sites in the United States. During the quarter, 284 sites
were reimaged. Since the program’s inception in 2015, approximately
5,000 sites have been reimaged.
In Europe, the company continues its program to update signature
image designs for JET branded sites. During the quarter, 31 sites
were reimaged. Since the program’s inception in 2019, 143 sites
have been reimaged.
Investor Webcast
Later today, members of Phillips 66 executive management will
host a webcast at noon EDT to discuss the company’s third-quarter
performance and provide an update on strategic initiatives. To
access the webcast and view related presentation materials, go to
www.phillips66.com/investors and click
on “Events & Presentations.” For detailed supplemental
information, go to www.phillips66.com/supplemental.
Earnings
(Loss)
Millions of Dollars
2020
2019
Q3
Q2
Sep YTD
Q3
Sep YTD
Midstream
$
146
324
(232)
(460)
279
Chemicals
231
42
442
227
729
Refining
(1,903)
(878)
(5,042)
856
1,641
Marketing and Specialties
415
286
1,214
498
1,056
Corporate and Other
(239)
(219)
(655)
(178)
(593)
Pre-Tax Income (Loss)
(1,350)
(445)
(4,273)
943
3,112
Less: Income tax expense (benefit)
(624)
(378)
(1,053)
150
545
Less: Noncontrolling interests
73
74
216
81
227
Phillips 66
$
(799)
(141)
(3,436)
712
2,340
Adjusted Earnings
(Loss)
Millions of Dollars
2020
2019
Q3
Q2
Sep YTD
Q3
Sep YTD
Midstream
$
354
245
1,059
440
1,179
Chemicals
132
89
414
269
771
Refining
(970)
(867)
(2,238)
839
1,603
Marketing and Specialties
417
293
1,198
498
1,056
Corporate and Other
(213)
(224)
(634)
(178)
(593)
Pre-Tax Income (Loss)
(280)
(464)
(201)
1,868
4,016
Less: Income tax expense (benefit)
(352)
(190)
(518)
385
821
Less: Noncontrolling interests
73
50
192
81
227
Phillips 66
$
(1)
(324)
125
1,402
2,968
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics
company. With a portfolio of Midstream, Chemicals, Refining, and
Marketing and Specialties businesses, the company processes,
transports, stores and markets fuels and products globally.
Phillips 66 Partners, the company’s master limited partnership, is
integral to the portfolio. Headquartered in Houston, the company
has 14,500 employees committed to safety and operating excellence.
Phillips 66 had $54 billion of assets as of Sept. 30, 2020. For
more information, visit www.phillips66.com or follow us on Twitter
@Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This news release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. Words and phrases such as “is anticipated,” “is
estimated,” “is expected,” “is planned,” “is scheduled,” “is
targeted,” “believes,” “continues,” “intends,” “will,” “would,”
“objectives,” “goals,” “projects,” “efforts,” “strategies” and
similar expressions are used to identify such forward-looking
statements. However, the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements
included in this news release are based on management’s
expectations, estimates and projections as of the date they are
made. These statements are not guarantees of future performance and
you should not unduly rely on them as they involve certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecast in such forward-looking statements.
Factors that could cause actual results or events to differ
materially from those described in the forward-looking statements
include: the continuing effects of the COVID-19 pandemic and its
negative impact on commercial activity and demand for refined
petroleum products; the inability to timely obtain or maintain
permits necessary for capital projects; changes to worldwide
government policies relating to renewable fuels and greenhouse gas
emissions that adversely affect programs like the renewable fuel
standards program, low carbon fuel standards and tax credits for
biofuels; fluctuations in NGL, crude oil, and natural gas prices,
and petrochemical and refining margins; unexpected changes in costs
for constructing, modifying or operating our facilities; unexpected
difficulties in manufacturing, refining or transporting our
products; the level and success of drilling and production volumes
around our Midstream assets; risks and uncertainties with respect
to the actions of actual or potential competitive suppliers and
transporters of refined petroleum products, renewable fuels or
specialty products; lack of, or disruptions in, adequate and
reliable transportation for our NGL, crude oil, natural gas, and
refined products; potential liability from litigation or for
remedial actions, including removal and reclamation obligations
under environmental regulations; failure to complete construction
of capital projects on time and within budget; the inability to
comply with governmental regulations or make capital expenditures
to maintain compliance; limited access to capital or significantly
higher cost of capital related to illiquidity or uncertainty in the
domestic or international financial markets; potential disruption
of our operations due to accidents, weather events, including as a
result of climate change, terrorism or cyberattacks; general
domestic and international economic and political developments
including armed hostilities, expropriation of assets, and other
political, economic or diplomatic developments, including those
caused by public health issues and international monetary
conditions and exchange controls; changes in governmental policies
relating to NGL, crude oil, natural gas, refined petroleum
products, or renewable fuels pricing, regulation or taxation,
including exports; changes in estimates or projections used to
assess fair value of intangible assets, goodwill and property and
equipment and/or strategic decisions with respect to our asset
portfolio that cause impairment charges; investments required, or
reduced demand for products, as a result of environmental rules and
regulations; changes in tax, environmental and other laws and
regulations (including alternative energy mandates); the operation,
financing and distribution decisions of equity affiliates we do not
control; the impact of adverse market conditions or other similar
risks to those identified herein affecting PSXP, as well as the
ability of PSXP to successfully execute its growth plans; and other
economic, business, competitive and/or regulatory factors affecting
Phillips 66’s businesses generally as set forth in our filings with
the Securities and Exchange Commission. Phillips 66 is under no
obligation (and expressly disclaims any such obligation) to update
or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
Use of Non-GAAP Financial Information—This news release
includes the terms “adjusted earnings (loss),” “adjusted earnings
(loss) per share” and “adjusted pre-tax income (loss).” These are
non-GAAP financial measures that are included to help facilitate
comparisons of operating performance across periods and to help
facilitate comparisons with other companies in our industry, by
excluding items that do not reflect the core operating results of
our businesses in the current period. This release also includes a
“debt-to-capital ratio excluding PSXP.” This non-GAAP measure is
provided to differentiate the capital structure of Phillips 66
compared with that of Phillips 66 Partners. This release includes
“adjusted capital spending,” a non-GAAP financial measure that
demonstrates the portion of total consolidated capital expenditures
and investments funded by Phillips 66. This release also includes
“realized refining margin,” a non-GAAP financial measure that
demonstrates how well we performed relative to benchmark industry
margins.
References in the release to total consolidated earnings (loss)
refer to net income (loss) attributable to Phillips 66.
Millions of Dollars
Except as Indicated
2020
2019
Q3
Q2
Sep YTD
Q3
Sep YTD
Reconciliation of Consolidated Earnings
(Loss) to Adjusted Earnings (Loss)
Consolidated Earnings (Loss)
$
(799)
(141)
(3,436)
712
2,340
Pre-tax adjustments:
Pending claims and settlements
—
—
(37)
—
(21)
Pension settlement expense
17
38
55
—
—
Impairments
1,139
—
4,145
853
853
Impairments by equity affiliates
—
15
15
47
47
Lower-of-cost-or-market inventory
adjustments
(101)
20
(29)
42
42
Certain tax impacts
—
(8)
(8)
—
—
Asset dispositions
—
(84)
(84)
(17)
(17)
Hurricane-related costs
15
—
15
—
—
Tax impact of adjustments*
(262)
(208)
(545)
(235)
(231)
Other tax impacts
(10)
20
10
—
(45)
Noncontrolling interests
—
24
24
—
—
Adjusted earnings (loss)
$
(1)
(324)
125
1,402
2,968
Earnings (loss) per share of common
stock (dollars)
$
(1.82)
(0.33)
(7.83)
1.58
5.13
Adjusted earnings (loss) per share of
common stock (dollars)†
$
(0.01)
(0.74)
0.27
3.11
6.51
Reconciliation of Segment Pre-Tax
Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income (Loss)
$
146
324
(232)
(460)
279
Pre-tax adjustments:
Impairments
204
—
1,365
853
853
Pension settlement expense
3
5
8
—
—
Lower-of-cost-or-market inventory
adjustments
—
—
1
—
—
Impairments by equity affiliates
—
—
—
47
47
Asset dispositions
—
(84)
(84)
—
—
Hurricane-related costs
1
—
1
—
—
Adjusted pre-tax income
$
354
245
1,059
440
1,179
Chemicals Pre-Tax Income
$
231
42
442
227
729
Pre-tax adjustments:
Lower-of-cost-or-market inventory
adjustments
(101)
32
(45)
42
42
Impairments by equity affiliates
—
15
15
—
—
Hurricane-related costs
2
—
2
—
—
Adjusted pre-tax income
$
132
89
414
269
771
Refining Pre-Tax Income (Loss)
$
(1,903)
(878)
(5,042)
856
1,641
Pre-tax adjustments:
Pending claims and settlements
—
—
—
—
(21)
Asset dispositions
—
—
—
(17)
(17)
Pension settlement expense
12
26
38
—
—
Impairments
910
—
2,755
—
—
Lower-of-cost-or-market inventory
adjustments
—
(15)
—
—
—
Hurricane-related costs
11
—
11
—
—
Adjusted pre-tax income (loss)
$
(970)
(867)
(2,238)
839
1,603
Marketing and Specialties Pre-Tax
Income
$
415
286
1,214
498
1,056
Pre-tax adjustments:
Lower-of-cost-or-market inventory
adjustments
—
3
15
—
—
Pending claims and settlements
—
—
(37)
—
—
Pension settlement expense
1
4
5
—
—
Hurricane-related costs
1
—
1
—
—
Adjusted pre-tax income
$
417
293
1,198
498
1,056
Corporate and Other Pre-Tax
Loss
$
(239)
(219)
(655)
(178)
(593)
Pre-tax adjustments:
Impairments
25
—
25
—
—
Pension settlement expense
1
3
4
—
—
Certain tax impacts
—
(8)
(8)
—
—
Adjusted pre-tax loss
$
(213)
(224)
(634)
(178)
(593)
*We generally tax effect taxable
U.S.-based special items using a combined federal and state annual
statutory income tax rate of approximately 25%. Taxable special
items attributable to foreign locations likewise use a local
statutory income tax rate. Nontaxable events reflect zero income
tax. These events include, but are not limited to, most goodwill
impairments, transactions legislatively exempt from income tax,
transactions related to entities for which we have made an
assertion that the undistributed earnings are permanently
reinvested, or transactions occurring in jurisdictions with a
valuation allowance.
†YTD 2020 is based on adjusted
weighted-average diluted shares outstanding of 440,156 thousand,
and other periods are based on the same weighted-average diluted
shares outstanding as that used in the GAAP diluted earnings per
share calculation. Income allocated to participating securities, if
applicable, in the adjusted earnings per share calculation is the
same as that used in the GAAP diluted earnings per share
calculation.
Millions of Dollars
Except as Indicated
Sept. 30, 2020
Debt-to-Capital Ratio
Phillips 66
Consolidated
PSXP*
Phillips 66 Excluding
PSXP
Total Debt
$
14,526
3,783
10,743
Total Equity
22,305
2,549
19,756
Debt-to-Capital Ratio
39
%
35
%
Total Cash
$
1,462
2
1,460
Net Debt-to-Capital Ratio
37
%
32
%
*PSXP’s third-party debt and Phillips 66’s
noncontrolling interests attributable to PSXP.
Millions of Dollars
Except as Indicated
2020
Q3
Q2
Realized Refining Margins
Loss before income taxes
$
(1,903)
(878)
Plus:
Taxes other than income taxes
71
76
Depreciation, amortization and
impairments
1,132
220
Selling, general and administrative
expenses
33
38
Operating expenses
784
803
Equity in losses of affiliates
121
81
Other segment (income) expense, net
(1)
7
Proportional share of refining gross
margins contributed by equity affiliates
63
108
Special items:
Lower-of-cost-or-market inventory
adjustments
—
(35)
Realized refining margins
$
300
420
Total processed inputs (thousands of
barrels)
150,016
146,668
Adjusted total processed inputs (thousands
of barrels)*
168,313
161,957
Loss before income taxes (dollars per
barrel)**
$
(12.69)
(5.99)
Realized refining margins (dollars per
barrel)***
$
1.78
2.60
*Adjusted total processed inputs include
our proportional share of processed inputs of an equity
affiliate.
**Loss before income taxes divided by
total processed inputs.
***Realized refining margins per barrel,
as presented, are calculated using the underlying realized refining
margin amounts, in dollars, divided by adjusted total processed
inputs, in barrels. As such, recalculated per barrel amounts using
the rounded margins and barrels presented may differ from the
presented per barrel amounts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201030005131/en/
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