Phillips 66, FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income attributable to Phillips 66	3,076)	5,595)	5,106)	1,555)	4,227)
Net income attributable to noncontrolling interests	301)	278)	142)	89)	53)
Net noncash charges	2,261)	1,973)	(1,662)	818)	1,654)
Working capital adjustments	(830)	(273)	62)	501)	(221)
Net cash provided by operating activities	4,808)	7,573)	3,648)	2,963)	5,713)
Capital expenditures and investments	(3,873)	(2,639)	(1,832)	(2,844)	(5,764)
Issuance of debt	1,783)	2,184)	3,508)	2,090)	1,169)
Repayment of debt	(1,307)	(1,144)	(3,678)	(833)	(926)
Free cash flow to equity (FCFE)	1,411)	5,974)	1,646)	1,376)	192)

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

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Phillips 66, current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	439,445,842
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	1,411)
FCFE per share	3.21
Current share price (P)	89.25
Valuation Ratio
P/FCFE	27.80
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	18.08
ConocoPhillips	24.31
Exxon Mobil Corp.	28.01

Based on: 10-K (reporting date: 2019-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Phillips 66, historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
No. shares of common stock outstanding¹	439,445,842	454,913,087	501,237,339	517,816,429	527,459,894
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	1,411)	5,974)	1,646)	1,376)	192)
FCFE per share³	3.21	13.13	3.28	2.66	0.36
Share price^1, 4	89.25	97.36	91.83	78.66	80.09
Valuation Ratio
P/FCFE⁵	27.80	7.41	27.96	29.60	220.02
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	—	—	—	—	—
ConocoPhillips	—	—	—	—	—
Exxon Mobil Corp.	—	—	—	—	—

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,411,000,000 ÷ 439,445,842 = 3.21

⁴ Closing price as at the filing date of Phillips 66 Annual Report.

⁵ 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 89.25 ÷ 3.21 = 27.80

⁶ Click competitor name to see calculations.

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Phillips 66 (NYSE:PSX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical