Slides
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1 Lake James Gas Plant GOLDSMITH, TX
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2 This presentation contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies,” “priorities” and similar expressions that convey the prospective nature of events or outcomes generally indicate 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 presentation are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or 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: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of 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; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; 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. Non-GAAP Measures — This presentation includes non-GAAP financial measures, including, “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted pre-tax costs,” “adjusted earnings (loss) per share,” “realized refining margin per barrel,” “net debt-to-capital ratio," "adjusted EBITDA," "adjusted controllable cost," and “operating cash flow or CFO, excluding working capital (net CFO).” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. You can find reconciliations to, or further discussion of, the most comparable GAAP financial measures within or at the end of the presentation materials. References in the presentation to earnings refer to net income attributable to Phillips 66. References in the presentation to shareholder distributions and returns to shareholders refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. References to run-rate cost savings or run-rate business transformation savings, include cost savings and references to run-rate synergies include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. References to run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized. References to run-rate savings represent the sum of run-rate cost savings and run-rate sustaining capital savings. Basis of Presentation - Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability. In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability. Cautionary Statement
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3 Second Quarter Highlights Strong Refining Operations and Lower Cost Per Barrel Solid Contribution from Stable Midstream and Marketing & Specialties Segments Consistent Shareholder Returns 3
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4 Driving Continuous Operational Improvement in Refining 1. Heavy spring turnarounds reduced volumes. | 2. Excludes adjusted turnaround expense. | See Appendix for reconciliation to nearest GAAP measure.
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5 Midstream Delivers $1 B in 2Q 2025 Adjusted EBITDA 1. Previously referred to as EPIC NGL | 2. Run-rate target | See Appendix for reconciliation to nearest GAAP measure. Quarterly Run-Rate Adjusted EBITDA ($B) 0.5 0.7 0.8 0.9 1.0 1.125 2021 Qtr. Avg. 2022 Qtr. Avg. 2023 Qtr. Avg. 2024 Qtr. Avg. 2Q25 Organic Growth 2027 Qtr. Avg. Growing Midstream Organically: •Growth capital •Includes Iron Mesa, Dos Picos II and Coastal Bend1 expansion •Cost reductions •Additional commercial optimization ~$4.5 B 2027 Target Adjusted EBITDA2 ~$4.0 B 2025E Adjusted EBITDA2
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7 Earnings Adjusted Earnings Adjusted Earnings per Share1 Operating Cash Flow $877 $973 $2.38 $845 $MM (Unless Otherwise Noted) 2Q 2025 Overview 1. Represents dollars per share. 2Q 2025 is based on adjusted weighted-average diluted shares of 408 million. | 2. Represents sum of repurchases of common stock and dividends paid on common stock. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. Capital Expenditures and Investments Acquisitions, Net of Cash Acquired Shareholder Distributions2 Net Debt-to- Capital $587 $2,220 $906 41%
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8 (368) 48 (93) 1,329 395 52 (28) (361) (1) 973 731 20 392 660 (133) (383) (283) (31) 2Q 2025 Adjusted Pre-Tax Income (Loss) Corporate & Other Noncontrolling Interests 2Q 2025 Adjusted Earnings Income Taxes 1Q 2025 Adjusted Loss Midstream Chemicals Refining Marketing & Specialties 2Q 2025 Adjusted Earnings (Loss) 2Q 2025 vs 1Q 2025 ($MM) Renewable Fuels
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9 1.5 1.9 (1.1) 2.4 (2.2) (0.6) (0.9) 0.1 1.1 March 31, 2025 Cash Balance CFO (excluding working capital) Working Capital Debt Acquisitions Capex & Investments Shareholder Distributions Other June 30, 2025 Cash Balance $B 2Q 2025 Cash Flow 1 1. Represents cash and cash equivalents and includes cash classified within Assets held for Sale as of June 30, 2025. 1
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10 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Low to Mid-90% Refining turnaround expense $50 MM - $60 MM Corporate & Other costs1 $350 MM - $370 MM Outlook 1. Excludes impacts from our investment in NOVONIX. 3Q 2025
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13 Adjusted Refining and M&S EBITDA($/BBL)1,2 15.32 12.47 15.57 9.84 13.29 6.44 6.58 5.86 0.81 4.91 1.10 9.51 5.69 Adjusted Refining EBITDA Adjusted Marketing & Specialties EBITDA 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 2025 (YTD) 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is not reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Specialties are reviewed as two separate operating segments. | 2. Excludes adjusted turnaround expense. 2
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14 $/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 2022 2023 2024 YTD 2025 1Q $3.24 $12.71 $4.16 $(1.06) 2Q $21.76 $8.96 $3.80 $5.40 3Q $19.60 $11.80 $1.98 4Q $12.44 $7.13 $(0.98) Annual $14.30 $10.12 $2.23 $2.46 Adjusted Marketing & Specialties EBITDA ($/BBL) 2022 2023 2024 YTD 2025 1Q $2.22 $2.62 $2.27 $2.16 2Q $4.30 $3.50 $2.78 $4.11 3Q $4.24 $3.77 $3.88 4Q $2.56 $2.72 $1.79 Annual $3.33 $3.16 $2.68 $3.22 Adjusted Refining + Marketing & Specialties EBITDA, Excluding Adjusted Turnaround Expense ($/BBL)1 2022 2023 2024 YTD 2025 1Q $5.46 $15.32 $6.44 $1.10 2Q $26.05 $12.47 $6.58 $9.51 3Q $23.84 $15.57 $5.86 4Q $15.00 $9.84 $0.81 Annual $17.64 $13.29 $4.91 $5.69 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is not reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Specialties are reviewed as two separate operating segments.
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15 $/BBL Metrics 1. Excludes adjusted turnaround expense Refining Adjusted Controllable Costs ($/BBL)1 2022 2023 2024 YTD 2025 1Q $6.94 $7.04 $6.18 $7.03 2Q $6.66 $5.96 $5.68 $5.46 3Q $7.07 $6.42 $5.67 4Q $7.27 $6.79 $6.07 Annual $6.98 $6.55 $5.90 $6.17
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16 2025 Estimated Sensitivities . 1. Sensitivities shown above are independent and only valid within a limited range. | 2. Midstream includes 13% economic interest attributable to noncontrolling interest in DCP Midstream, LP. | 3. Sensitivities relative to 3-2-1 market crack.
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17 34.1 31.7 28.5 28.4 28.6 17.2 19.4 20.1 18.8 20.9 6.1 3.3 1.7 1.5 1.1 34% 38% 41% 40% 42% 24% 34% 39% 38% 41% 2022 2023 2024 1Q 2025 2Q 2025 Debt-to-CapitalCash & Cash Equivalents $BEquity $B Debt $B Net Debt-to-Capital Capital Structure 1. Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 1
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18 (937) 281 434 442 172 392 82 101 392 (183) 2Q 2025 1Q 2025 Adjusted Pre-Tax Loss Atlantic Basin / Europe Gulf Coast Central Corridor West Coast 2Q 2025 Adjusted Pre-Tax Income 2Q 2025 Refining Adjusted Pre-Tax Income (Loss) 2Q 2025 VS. 1Q 2025 ($MM) 1. Capture reflects the percentage of our Refining Margin Indicator realized in our reported Refining margin. | 2. Excludes adjusted turnaround expense. | The calculation of our Refining Margin Indicator is available on our website at www.phillips.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 98% Crude utilization 86% Clean product yield 99% Market capture1 $5.46 Refining adjusted controllable costs2 ($/BBL)
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19 $6.81 $3.53 $0.91 $11.25 1Q 2025 Realized Margin Market Indicator Change Change in Capture Impact 2Q 2025 Realized Margin 2Q 2025 Realized Refining Margin 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 2Q 2025 VS. 1Q 2025 ($/BBL) • 99% Market capture1 vs. 87% in 1Q • 86% Clean product yield vs. 87% in 1Q
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20 11.33 $(0.08) 11.25 2Q 2025 RIN-Adj Market Indicator Capture Impact 2Q 2025 Realized Margin 2Q 2025 - Market Indicator vs. Realized Margin 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. ($/BBL) 1 • 99% Market capture • 98% Utilization • 86% Clean product yield
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21 2Q 2025 1Q 2025 Worldwide Realized Margin ($/BBL) 11.25 6.81 Worldwide Refining Indicator ($/BBL) 11.33 7.80 Worldwide Market Capture (%) 99 % 87 % Atlantic Basin Realized Margin ($/BBL) 8.16 7.08 Atlantic Basin Indicator ($/BBL) 9.06 6.33 Atlantic Basin Market Capture (%) 90 % 112 % Gulf Coast Realized Margin ($/BBL) 8.71 4.43 Gulf Coast Indicator ($/BBL) 8.37 6.42 Gulf Coast Market Capture (%) 104 % 69 % Central Corridor Realized Margin ($/BBL) 15.61 8.29 Central Corridor Indicator ($/BBL) 14.60 9.83 Central Corridor Market Capture (%) 107 % 84 % West Coast Realized Margin ($/BBL) 14.06 7.12 West Coast Indicator ($/BBL) 15.63 9.57 West Coast Market Capture (%) 90 % 74 % Phillips 66 Refining Indicator Market Capture1 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. | The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure.
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22 Millions of Dollars 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q YTD 2025 Reconciliation of Refining and Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1,2 Income (loss) before income taxes 1,957 1,708 2,317 1,255 7,237 582 717 (130) (523) 646 345 930 1,275 Plus: Depreciation and amortization 228 233 237 255 953 244 236 262 514 1,256 476 476 952 Refining and Marketing & Specialties EBITDA1,2 2,185 1,941 2,554 1,510 8,190 826 953 132 (9) 1,902 821 1,406 2,227 Special Item Adjustments (pre-tax): Certain tax impacts — — — (17) (17) — — — (9) (9) — — — Net (gain) loss on asset dispositions — 14 — — 14 — — — (67) (67) (1,017) 89 (928) Impairments — — — — — 104 — — — 104 — — — Los Angeles Refinery cessation costs — — — — — — — 41 3 44 — — — Legal accrual — — 30 — 30 — — 605 22 627 — 33 33 Legal settlement — — — — — (66) — — — (66) — — — Total Special Items (pre-tax) — 14 30 (17) 27 38 — 646 (51) 633 (1,017) 122 (895) Refining and Marketing & Specialties EBITDA, Adjusted for Special Items1,2 2,185 1,955 2,584 1,493 8,217 864 953 778 (60) 2,535 (196) 1,528 1,332 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 5 7 7 6 25 5 6 6 3 20 2 — 2 Proportional share of selected equity affiliates net interest 10 13 6 10 39 9 9 11 11 40 12 13 25 Proportional share of selected equity affiliates depreciation and amortization 43 44 43 67 197 44 47 49 55 195 45 44 89 Refining and Marketing & Specialties Adjusted EBITDA1,2 2,243 2,019 2,640 1,576 8,478 922 1,015 844 9 2,790 (137) 1,585 1,448 Turnaround expense, including proportional share of equity affiliates 246 126 135 124 631 146 130 146 130 552 297 77 374 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1,2 2,489 2,145 2,775 1,700 9,109 1,068 1,145 990 139 3,342 160 1,662 1,822 Total processed inputs (MB) 144,135 152,571 155,597 155,655 607,958 143,700 151,296 145,440 147,880 588,316 124,453 152,005 276,458 Adjusted total processed inputs (MB)3 162,446 172,042 178,226 172,721 685,435 165,954 174,107 168,951 171,031 680,043 145,559 174,772 320,331 Refining and Marketing & Specialties EBITDA ($/BBL)1, 2, 4 15.16 12.72 16.41 9.70 13.47 5.75 6.30 0.91 (0.06) 3.23 6.60 9.25 8.06 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,2,5 15.32 12.47 15.57 9.84 13.29 6.44 6.58 5.86 0.81 4.91 1.10 9.51 5.69 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is not reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Specialties are reviewed as two separate operating segments. | 2. Refer to changes in Basis of Presentation discussion on pg 2. | 3. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 4. Denominator is total processed inputs. | 5. Denominator is adjusted total processed inputs. Millions of Dollars 2023 2024 1Q 2Q 2025 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 2025 Income (loss) before income taxes 1,594 1,175 1,712 859 5,340 216 302 (108) (775) (365) (937) 359 (578) Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization 201 203 207 220 831 208 204 230 435 1,077 456 443 899 Refining EBITDA1 1,795 1,378 1,919 1,079 6,171 424 506 122 (340) 712 (481) 802 321 Special Item Adjustments (pre-tax): Certain tax impacts (17) (17) (9) (9) Net loss on asset dispositions 14 14 104 — Impairments — 104 Los Angeles Refinery cessation costs — 41 3 44 Regulatory compliance costs — — Legal accrual 30 30 22 22 33 33 Legal settlement — (7) (7) Total Special Items (pre-tax) — 14 30 (17) 27 97 — 41 16 154 — 33 33 Refining EBITDA, Adjusted for Special Items1 1,795 1,392 1,949 1,062 6,198 521 506 163 (324) 866 (481) 835 354 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — 1 — — 1 — 1 (1) (1) (1) — — — Proportional share of selected equity affiliates net interest 1 (2) (4) (1) (6) (1) (2) (1) — (4) 2 3 5 Proportional share of selected equity affiliates depreciation and amortization 22 25 23 46 116 25 26 27 27 105 27 29 56 Refining Adjusted EBITDA 1,818 1,416 1,968 1,107 6,309 545 531 188 (298) 966 (452) 867 415 Turnaround expense, including proportional share of equity affiliates 246 126 135 124 631 146 130 146 130 552 297 77 374 Refining Adjusted EBITDA, Excluding Turnaround Expenses 2,064 1,542 2,103 1,231 6,940 691 661 334 (168) 1,518 (155) 944 789 Refining Adjusted EBITDA, Excluding Turnaround Expenses ($/BBL)1,2,5 12.71 8.96 11.80 7.13 10.12 4.16 3.80 1.98 (0.98) 2.23 (1.06) 5.40 2.46 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA Income before income taxes 363 533 605 396 1,897 366 415 (22) 252 1,011 1,282 571 1,853 Less: Income from discontinued operations Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization 27 30 30 35 122 36 32 32 79 179 20 33 53 Marketing & Specialties EBITDA1 390 563 635 431 2,019 402 447 10 331 1,190 1,302 604 1,906 Special Item Adjustments (pre-tax): Impairments by equity affiliates Premium on early retirement of debt Pending claims and settlements — — Repositioning costs Certain tax impacts — — Gain on consolidation of business Gain on asset sales Exit of a business line Equity affiliate ownership restructuring Recognition of deferred logistics commitmentsRailcar lease residual value deficiencies and related costs Net gain on asset dispositions — (67) (67) (1,017) 89 (928) Impairments Lower-of-cost-or-market inventory adjustments — — Pension settlement expense — — Hurricane-related costs — — Winter-storm-related costs Alliance shutdown-related costs Regulatory compliance costs Business transformation restructuring costs DCP integration restructuring costs Merger transaction costs Gain related to merger of businesses U.S. tax reform Legal settlement — (59) (59) Legal accrual — 605 605 None — Total Special Items (pre-tax) — — — — — (59) — 605 (67) 479 (1,017) 89 (928) Marketing & Specialties EBITDA, Adjusted for Special Items1 390 563 635 431 2,019 343 447 615 264 1,669 285 693 978 Other Adjustments (pre-tax):Proportional share of selected equity affiliates income taxes 5 6 7 6 24 5 5 7 4 21 2 0 2Proportional share of selected equity affiliates net interest 9 15 10 11 45 10 11 12 11 44 10 10 20 Proportional share of selected equity affiliates depreciation and amortization 21 19 20 21 81 19 21 22 28 90 18 15 33 Marketing & Specialties Adjusted EBITDA1 425 603 672 469 2,169 377 484 656 307 1,824 315 718 1,033 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Turnaround Expenses ($/BBL)1,2,5 5,856.47 112,894.74 138,750.00 80,952.38 112,456.79 56,210.53 54,523.81 45,000.00 4,964.29 37,133.33 Non-GAAP Reconciliations
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23 Million of Dollars 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q YTD 2025 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 1,594 1,175 1,712 859 5,340 216 302 (108) (775) (365) (937) 359 (578) Plus: Depreciation and amortization 201 203 207 220 831 208 204 230 435 1,077 456 443 899 Refining EBITDA1 1,795 1,378 1,919 1,079 6,171 424 506 122 (340) 712 (481) 802 321 Special Item Adjustments (pre-tax): Certain tax impacts — — — (17) (17) — — — (9) (9) — — — Net loss on asset dispositions — 14 — — 14 0 — — — — — — — Impairments — — — — — 104 — — — 104 — — — Los Angeles Refinery cessation costs — — — — — — — 41 3 44 — — — Legal accrual — — 30 — 30 — — — 22 22 — 33 33 Legal settlement — — — — — (7) — — — (7) — — — Total Special Items (pre-tax) — 14 30 (17) 27 97 — 41 16 154 — 33 33 Refining EBITDA, Adjusted for Special Items1 1,795 1,392 1,949 1,062 6,198 521 506 163 (324) 866 (481) 835 354 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — 1 — — 1 — 1 (1) (1) (1) — — — Proportional share of selected equity affiliates net interest 1 (2) (4) (1) (6) (1) (2) (1) — (4) 2 3 5 Proportional share of selected equity affiliates depreciation and amortization 22 25 23 46 116 25 26 27 27 105 27 29 56 Refining Adjusted EBITDA1 1,818 1,416 1,968 1,107 6,309 545 531 188 (298) 966 (452) 867 415 Turnaround expense, including proportional share of equity affiliates 246 126 135 124 631 146 130 146 130 552 297 77 374 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1 2,064 1,542 2,103 1,231 6,940 691 661 334 (168) 1,518 (155) 944 789 Total processed inputs (MB) 144,135 152,571 155,597 155,655 607,958 143,700 151,296 145,440 147,880 588,316 124,453 152,005 276,458 Adjusted total processed inputs (MB)2 162,446 172,042 178,226 172,721 685,435 165,954 174,107 168,951 171,031 680,043 145,559 174,772 320,331 Refining EBITDA ($/BBL)1,3 12.45 9.03 12.33 6.93 10.15 2.95 3.34 0.84 (2.30) 1.21 (3.86) 5.28 1.16 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,4 12.71 8.96 11.80 7.13 10.12 4.16 3.80 1.98 (0.98) 2.23 (1.06) 5.40 2.46 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. Non-GAAP Reconciliations
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24 Millions of Dollars 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q YTD 2025 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 363 533 605 396 1,897 366 415 (22) 252 1,011 1,282 571 1,853 Plus: Depreciation and amortization 27 30 30 35 122 36 32 32 79 179 20 33 53 Marketing & Specialties EBITDA1 390 563 635 431 2,019 402 447 10 331 1,190 1,302 604 1,906 Special Item Adjustments (pre-tax): Net gain on asset dispositions — — — — — — — — (67) (67) (1,017) 89 (928) Legal settlement — — — — — (59) — — — (59) — — — Legal accrual — — — — — — — 605 — 605 — — — Total Special Items (pre-tax) — — — — — (59) — 605 (67) 479 (1,017) 89 (928) Marketing & Specialties EBITDA, Adjusted for Special Items1 390 563 635 431 2,019 343 447 615 264 1,669 285 693 978 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 5 6 7 6 24 5 5 7 4 21 2 0 2 Proportional share of selected equity affiliates net interest 9 15 10 11 45 10 11 12 11 44 10 10 20 Proportional share of selected equity affiliates depreciation and amortization 21 19 20 21 81 19 21 22 28 90 18 15 33 Marketing & Specialties Adjusted EBITDA1 425 603 672 469 2,169 377 484 656 307 1,824 315 718 1,033 Total processed inputs (MB) 144,135 152,571 155,597 155,655 607,958 143,700 151,296 145,440 147,880 588,316 124,453 152,005 276,458 Adjusted total processed inputs (MB)2 162,446 172,042 178,226 172,721 685,435 165,954 174,107 168,951 171,031 680,043 145,559 174,772 320,331 Marketing & Specialties EBITDA, ($/BBL)1,3 2.71 3.69 4.08 2.77 3.32 2.80 2.95 0.07 2.24 2.02 10.46 3.97 6.89 Marketing & Specialties Adjusted EBITDA, ($/BBL)1,3 2.62 3.50 3.77 2.72 3.16 2.27 2.78 3.88 1.79 2.68 2.16 4.11 3.22 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. Non-GAAP Reconciliations
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25 Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Consolidated Income before Income Taxes to Adjusted EBITDA1 Attributable to Phillips 66 Income before income taxes 657 3,182 5,540 2,012 11,391 Plus: Income tax expense 171 924 1,618 535 3,248 Net interest expense 132 127 136 142 537 Depreciation and amortization 338 359 430 502 1,629 Consolidated EBITDA1 1,298 4,592 7,724 3,191 16,805 Special Item Adjustments (pre-tax): Hurricane-related costs (recovery) 17 — (24) (14) (21) Alliance shutdown-related costs — 20 — — 20 Regulatory compliance costs — 70 — — 70 Business transformation restructuring costs — 25 74 60 159 DCP integration restructuring costs — — — 18 18 Merger transaction costs — — 13 — 13 Gain related to merger of businesses — — (3,013) — (3,013) Total Special Items (pre-tax) 17 115 (2,950) 64 (2,754) Change in Fair Value of NOVONIX Investment 158 240 33 11 442 Consolidated EBITDA, Adjusted for Special Items1 1,473 4,947 4,807 3,266 14,493 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 37 48 37 21 143 Proportional share of selected equity affiliates net interest 59 53 38 25 175 Proportional share of selected equity affiliates depreciation and amortization 201 201 194 192 788 Adjusted EBITDA attributable to joint venture partners' noncontrolling interests (24) (21) (206) (176) (427) Adjusted EBITDA attributable to public ownership interest in PSXP2 (82) — — — (82) Consolidated Adjusted EBITDA1 1,664 5,228 4,870 3,328 15,090 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. On March 9, 2022, Phillips 66 Partners LP became a wholly owned subsidiary of Phillips 66. Non-GAAP Reconciliations
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26 Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining and Marketing & Specialties Income before Income Taxes to Adjusted EBITDA1,2 Income before income taxes 494 3,826 3,647 2,080 10,048 Plus: Depreciation and amortization 228 244 246 252 970 Refining and Marketing & Specialties EBITDA1,2 722 4,070 3,893 2,332 11,018 Special Item Adjustments (pre-tax): Hurricane-related costs (recovery) 17 — (24) (14) (21) Alliance shutdown-related costs — 20 — — 20 Regulatory compliance costs — 70 — — 70 Total Special Items (pre-tax) 17 90 (24) (14) 69 Refining and Marketing & Specialties EBITDA, Adjusted for Special Items1,2 739 4,160 3,869 2,318 11,087 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 6 7 7 6 26 Proportional share of selected equity affiliates net interest 8 7 7 8 30 Proportional share of selected equity affiliates depreciation and amortization 43 42 41 43 169 Refining and Marketing & Specialties Adjusted EBITDA1,2 796 4,216 3,924 2,375 11,312 Turnaround expense, including proportional share of equity affiliates 134 272 243 240 890 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1,2 930 4,488 4,167 2,615 12,202 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 Adjusted total processed inputs (MB)3 170,438 172,279 174,795 174,342 691,855 Refining and Marketing & Specialties EBITDA ($/BBL)1, 2, 4 4.75 26.38 25.43 15.19 17.98 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,2,5 5.46 26.05 23.84 15.00 17.64 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is not reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Specialties are reviewed as two separate operating segments. | 2. Refer to changes in Basis of Presentation discussion on pg 2. | 3. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 4. Denominator is total processed inputs. | 5. Denominator is adjusted total processed inputs. Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes 175 3,145 2,963 1,693 7,976 Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization 201 215 219 225 860 Refining EBITDA1 376 3,360 3,182 1,918 8,836 Special Item Adjustments (pre-tax): Hurricane-related costs (recovery) 17 (24) (14) (21) Winter-storm-related costs — — — — — Alliance shutdown-related costs — 20 — — 20 Los Angeles Refinery cessation costs — Regulatory compliance costs — 70 — — 70 Total Special Items (pre-tax) 17 90 (24) (14) 69 Refining EBITDA, Adjusted for Special Items1 393 3,450 3,158 1,904 8,905 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — — 1 1 2 Proportional share of selected equity affiliates net interest 2 3 1 — 6 Proportional share of selected equity affiliates depreciation and amortization 23 23 23 24 93 Refining Adjusted EBITDA 418 3,476 3,183 1,929 9,006 Turnaround expense, including proportional share of equity affiliates 134 272 243 240 890 Refining Adjusted EBITDA, Excluding Turnaround Expenses Refining Adjusted EBITDA, Excluding Turnaround Expenses ($/BBL)1,2,5 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA 1Q 2Q 3Q 4Q 2022 Income before income taxes 319 681 684 387 2,072 Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization 27 29 27 27 110 Marketing & Specialties EBITDA1 346 710 711 414 2,182 Special Item Adjustments (pre-tax): None Total Special Items (pre-tax) — — — — — Marketing & Specialties EBITDA, Adjusted for Special Items1 346 710 711 414 2,182 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 6 7 6 5 24 Proportional share of selected equity affiliates net interest 6 4 6 8 24 Proportional share of selected equity affiliates depreciation and amortization 20 19 18 19 76 Marketing & Specialties Adjusted EBITDA1 378 740 741 446 2,306 378 740 741 446 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Turnaround Expenses ($/BBL)1,2,5 Non-GAAP Reconciliations
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27 Non-GAAP Reconciliations Milliions of Dollars 1Q 2Q 3Q 4Q 2022 2 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 370 497 3,642 668 5,176 Plus: Depreciation and amortization 89 93 160 225 567 Midstream EBITDA1 459 590 3,802 893 5,743 Special Item Adjustments (pre-tax): DCP integration restructuring costs — — — 18 18 Merger transaction costs — — 13 — 13 Gain related to merger of businesses — — (3,013) — (3,013) Total Special Item Adjustments (pre-tax) — — (3,000) 18 (2,982) Midstream EBITDA, Adjusted for Special Items1 459 591 802 910 2,761 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 2 3 4 4 13 Proportional share of selected equity affiliates net interest 41 39 26 13 119 Proportional share of selected equity affiliates depreciation and amortization 56 58 50 45 209 Adjusted EBITDA attributable to joint venture partners' noncontrolling interests (24) (21) (206) (176) (427) Midstream Adjusted EBITDA1 534 670 676 796 2,675 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Annual totals may not add across quarters due to rounding.
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28 Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA Income before income taxes 396 273 135 52 856 Plus: None — — — — — Chemicals EBITDA 396 273 135 52 856 Special Item Adjustments (pre-tax): None — — — — — Total Special Items (pre-tax) — — — — — Chemicals EBITDA, Adjusted for Special Items 396 273 135 52 856 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 29 38 25 12 104 Proportional share of selected equity affiliates net interest 11 6 5 4 26 Proportional share of selected equity affiliates depreciation and amortization 101 103 103 104 411 Chemicals Adjusted EBITDA 537 420 268 172 1,397 Non-GAAP Reconciliations
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29 Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 175 3,145 2,963 1,693 7,976 Plus: Depreciation and amortization 201 215 219 225 860 Refining EBITDA1 376 3,360 3,182 1,918 8,836 Special Item Adjustments (pre-tax): Hurricane-related costs (recovery) 17 — (24) (14) (21) Alliance shutdown-related costs — 20 — — 20 Regulatory compliance costs — 70 — — 70 Total Special Items (pre-tax) 17 90 (24) (14) 69 Refining EBITDA, Adjusted for Special Items1 393 3,450 3,158 1,904 8,905 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — — 1 1 2 Proportional share of selected equity affiliates net interest 2 3 1 — 6 Proportional share of selected equity affiliates depreciation and amortization 23 23 23 24 93 Refining Adjusted EBITDA1 418 3,476 3,183 1,929 9,006 Turnaround expense, including proportional share of equity affiliates 134 272 243 240 890 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1 552 3,748 3,426 2,169 9,896 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 Adjusted total processed inputs (MB)3 170,438 172,279 174,795 174,342 691,855 Refining EBITDA ($/BBL)1,3 2.48 21.78 20.78 12.50 14.42 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,4 3.24 21.76 19.60 12.44 14.30 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. Non-GAAP Reconciliations
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30 Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 319 681 684 387 2,072 Plus: Depreciation and amortization 27 29 27 27 110 Marketing & Specialties EBITDA1 346 710 711 414 2,182 Special Item Adjustments (pre-tax): None Total Special Items (pre-tax) — — — — — Marketing & Specialties EBITDA, Adjusted for Special Items1 346 710 711 414 2,182 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 6 7 6 5 24 Proportional share of selected equity affiliates net interest 6 4 6 8 24 Proportional share of selected equity affiliates depreciation and amortization 20 19 18 19 76 Marketing & Specialties Adjusted EBITDA1 378 740 741 446 2,306 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 Marketing & Specialties EBITDA, ($/BBL)1,3 2.28 4.60 4.64 2.70 3.56 Marketing & Specialties Adjusted EBITDA, ($/BBL)1,3 2.22 4.30 4.24 2.56 3.33 1. Refer to changes in Basis of Presentation discussion on pg 2.. Non-GAAP Reconciliations
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31 Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes (24) 9 87 99 171 Plus: Depreciation and amortization 1 2 2 2 7 Renewable Fuels EBITDA1 (23) 11 89 101 178 Special Item Adjustments (pre-tax): None — — — — — Total Special Items (pre-tax) — — — — — Renewable Fuels EBITDA, Adjusted for Special Items1 (23) 11 89 101 178 Other Adjustments (pre-tax): None — — — — — Renewable Fuels Adjusted EBITDA1 (23) 11 89 101 178 1. Refer to changes in Basis of Presentation discussion on pg 2. Non-GAAP Reconciliations
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32 Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Corporate & Other Loss before Income Taxes to Adjusted EBITDA1 Loss before income taxes (407) (500) (353) (351) (1,611) Plus: Net interest expense 132 126 136 144 538 Depreciation and amortization 19 20 22 24 85 Corporate & Other EBITDA1 (256) (354) (195) (183) (988) Business transformation restructuring costs — 25 74 60 159 Total Special Items (pre-tax) — 25 74 60 159 Corporate & Other EBITDA, Adjusted for Special Items1 (256) (329) (121) (123) (829) Change in Fair Value of NOVONIX Investment 158 240 33 11 442 Corporate & Other EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment1 (98) (89) (88) (112) (387) 1. Refer to changes in Basis of Presentation discussion on pg 2. Non-GAAP Reconciliations
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33 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q YTD 2025 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 230 104 119 85 538 124 100 137 123 484 270 53 323 Other operating expenses 926 829 989 963 3,707 829 784 785 845 3,243 804 795 1,599 Total operating expenses 1,156 933 1,108 1,048 4,245 953 884 922 968 3,727 1,074 848 1,922 Selling, general and administrative expenses 44 37 33 55 169 38 51 60 60 209 46 32 78 Refining Controllable Costs 1,200 970 1,141 1,103 4,414 991 935 982 1,028 3,936 1,120 880 2,000 Plus: Proportional share of equity affiliate turnaround expenses1 16 22 16 39 93 22 30 9 7 68 27 24 51 Proportional share of equity affiliate other operating and SG&A expenses1 174 160 152 155 641 159 154 154 159 626 173 161 334 Total proportional share of equity affiliate operating and SG&A expenses1 190 182 168 194 734 181 184 163 166 694 200 185 385 Special item adjustments (pre-tax): Legal accrual — — (30) — (30) — — — (22) (22) — (33) (33) Los Angeles Refinery cessation costs — — — — — — — (41) (3) (44) — — — Refining Adjusted Controllable Costs 1,390 1,152 1,279 1,297 5,118 1,172 1,119 1,104 1,169 4,564 1,320 1,032 2,352 Total processed inputs (MB) 144,135 152,571 155,597 155,655 607,958 143,700 151,296 145,440 147,880 588,316 124,453 152,005 276,458 Adjusted total processed inputs (MB)2 162,446 172,042 178,226 172,721 685,435 165,954 174,107 168,951 171,031 680,043 145,559 174,772 320,331 Refining turnaround expense ($/BBL)3 1.60 0.68 0.76 0.55 0.88 0.86 0.66 0.94 0.83 0.82 2.17 0.35 1.17 Refining controllable costs, excluding turnaround expense ($/BBL)3 6.73 5.68 6.57 6.54 6.38 6.03 5.52 5.81 6.12 5.87 6.83 5.44 6.07 Refining Controllable Costs per Barrel ($/BBL)3 8.33 6.36 7.33 7.09 7.26 6.89 6.18 6.75 6.95 6.69 9.00 5.79 7.23 Refining adjusted turnaround expense ($/BBL)4 1.51 0.73 0.76 0.72 0.92 0.88 0.75 0.86 0.76 0.81 2.04 0.44 1.17 Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4 7.04 5.96 6.42 6.79 6.55 6.18 5.68 5.67 6.07 5.90 7.03 5.46 6.17 Refining Adjusted Controllable Costs ($/BBL)4 8.55 6.69 7.18 7.51 7.47 7.06 6.43 6.53 6.84 6.71 9.07 5.90 7.34 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. Non-GAAP Reconciliations
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34 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 100 221 221 230 772 Other operating expenses 997 958 984 1,019 3,958 Total operating expenses 1,097 1,179 1,205 1,249 4,730 Selling, general and administrative expenses 30 32 43 46 152 Refining Controllable Costs 1,127 1,211 1,248 1,295 4,882 Plus: Proportional share of equity affiliate turnaround expenses1 34 51 22 10 118 Proportional share of equity affiliate other operating and SG&A expenses1 172 177 185 189 721 Total proportional share of equity affiliate operating and SG&A expenses1 206 228 207 199 839 Special item adjustments (pre-tax): Hurricane-related recovery (17) — 24 14 21 Alliance shutdown-related costs — (20) — — (20) Refining Adjusted Controllable Costs 1,316 1,419 1,479 1,508 5,722 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 Refining turnaround expense ($/BBL)3 0.66 1.43 1.44 1.50 1.26 Refining controllable costs, excluding turnaround expense ($/BBL)3 6.76 6.42 6.71 6.94 6.71 Refining Controllable Costs per Barrel ($/BBL)3 7.42 7.85 8.15 8.44 7.97 Refining adjusted turnaround expense ($/BBL)4 0.79 1.58 1.39 1.38 1.29 Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4 6.94 6.66 7.07 7.27 6.98 Refining Adjusted Controllable Costs ($/BBL)4 7.73 8.24 8.46 8.65 8.27 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. Non-GAAP Reconciliations
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35 Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 2Q 2025 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 1,131 5,176 2,819 2,638 731 Plus: Depreciation and amortization 426 567 923 920 260 Midstream EBITDA1 1,557 5,743 3,742 3,558 991 Special Item Adjustments (pre-tax): Certain tax impacts — — (2) — — Net gain on asset dispositions — — (137) (238) — Impairments 208 — — 346 — Pension settlement expense 8 — — — — Hurricane-related costs 4 — — — — Winter-storm-related costs 2 — — — — Change in inventory method for acquired business — — (46) — — DCP integration restructuring costs — 18 35 — — Merger transaction costs — 13 — — — Gain related to merger of businesses — (3,013) — — — Total Special Item Adjustments (pre-tax) 222 (2,982) (150) 108 — Midstream EBITDA, Adjusted for Special Items1 1,779 2,761 3,592 3,666 991 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 14 13 18 16 4 Proportional share of selected equity affiliates net interest 169 119 51 29 3 Proportional share of selected equity affiliates depreciation and amortization 229 209 156 129 24 Adjusted EBITDA attributable to joint venture partners' noncontrolling interests (82) (427) (493) (178) (50) Midstream Adjusted EBITDA1 2,109 2,675 3,324 3,662 972 Quarterly Average 527 669 831 916 1. Refer to changes in Basis of Presentation discussion on pg 2
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36 Non-GAAP Reconciliations 1. Gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG in 1Q 2025. There was also a gain on the disposition of DCP Midstream, LP’s 25% interest in Gulf Coast Express Pipeline LLC, recognized in our Midstream segment. | 2. We generally tax effect taxable U.S.- based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally 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. | 3. 2Q 2025 and 1Q 2025 are based on adjusted weighted-average diluted shares of 407,934 thousand and 409,182 thousand, respectively. 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 2025 2Q 1Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 877 487 Pre-Tax Adjustments: Impairments — 21 Net (gain) loss on asset dispositions1 89 (1,085) Professional advisory fees 45 — Legal accrual 33 — Tax impact of adjustments2 (40) 200 Other tax impacts (31) — Noncontrolling interests — 9 Adjusted Earnings (Loss) 973 (368) Earnings Per Share of Common Stock (dollars) 2.15 1.18 Adjusted Earnings (Loss) Per Share of Common Stock (dollars)3 2.38 (0.90)
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37 Millions of Dollars 2025 2Q 1Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 731 751 Pre-tax adjustments: Net gain on asset dispositions1 — (68) Adjusted Pre-Tax Income 731 683 Reconciliation of Chemicals Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 20 113 Pre-tax adjustments: None — — Adjusted Pre-Tax Income 20 113 1. Gain on disposition of DCP Midstream, LPs 25% interest in Gulf Coast Express Pipeline LLC. Non-GAAP Reconciliations
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38 Millions of Dollars 2025 2Q 1Q Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax income (loss) 359 (937) Pre-tax adjustments: Legal accrual 33 — Adjusted Pre-Tax Income (Loss) 392 (937) Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 571 1,282 Pre-tax adjustments: (Gain) loss on asset dispositions1 89 (1,017) Adjusted Pre-Tax Income 660 265 1. Net gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG (Coop) which closed in January 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 we recognized a before-tax unrealized loss from a foreign currency derivatives. Non-GAAP Reconciliations
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39 Millions of Dollars 2025 2Q 1Q Reconciliation of Renewable Fuels Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (133) (185) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss (133) (185) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (428) (376) Pre-tax adjustments: Impairment — 21 Professional advisory fees 45 — Adjusted Pre-Tax Loss (383) (355) Non-GAAP Reconciliations
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40 Millions of Dollars (Except as Indicated) 2Q 2025 Debt-to-Capital Ratio Total Debt 20,935 Total Equity 28,626 Debt-to-Capital Ratio 42 % Cash and Cash Equivalents, including cash classified within Assets held for sale1 1,144 Net Debt-to-Capital Ratio 41 % 1. Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025. Non-GAAP Reconciliations
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41 Millions of Dollars 2025 2Q Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income 49 Pre-tax adjustments: Legal Accrual 33 Adjusted Pre-Tax Income 82 Reconciliation of Refining - Gulf Coast Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 101 Pre-tax adjustments: None — Adjusted Pre-Tax Income 101 Refining - Central Corridor Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 392 Pre-tax adjustments: None — Adjusted Pre-Tax Income 392 Refining - West Coast Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (183) Pre-tax adjustments: None — Adjusted Pre-Tax Loss (183) Total Refining Adjusted Pre-Tax Income 392 Non-GAAP Reconciliations
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42 Millions of Dollars (Except as Indicated) 2Q 2025 Reconciliation of Refining Income Before Income Taxes to Realized Refining Margins Worldwide Atlantic Basin/ Europe Gulf Coast Central Corridor West Coast Income (loss) before income taxes 359 49 101 392 (183) Plus: Taxes other than income taxes 94 20 24 25 25 Depreciation, amortization and impairments 446 53 67 44 282 Selling, general and administrative expenses 32 8 5 13 6 Operating expenses 848 281 257 146 164 Equity in losses of affiliates 2 2 — — — Other segment (income) expense, net (47) (33) — (28) 14 Proportional share of refining gross margins contributed by equity affiliates 234 22 — 212 — Realized Refining Margins 1,968 402 454 804 308 Total processed inputs (MB) 152,005 49,270 52,111 28,710 21,914 Adjusted total processed inputs (MB)1 174,772 49,270 52,111 51,477 21,914 Income (loss) before income taxes ($/BBL)2 2.36 1.00 1.93 13.67 (8.37) Realized refining margins ($/BBL)3 11.25 8.16 8.71 15.61 14.06 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Income (loss) before income taxes divided by total processed inputs. | 3. Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. Non-GAAP Reconciliations
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43 Millions of Dollars (Except as Indicated) 1Q 2025 Reconciliation of Refining Loss Before Income Taxes to Realized Refining Margins Worldwide Atlantic Basin/ Europe Gulf Coast Central Corridor West Coast Loss before income taxes (937) (199) (333) (50) (355) Plus: Taxes other than income taxes 110 22 35 26 27 Depreciation, amortization and impairments 457 56 72 41 288 Selling, general and administrative expenses 46 6 9 23 8 Operating expenses 1,074 373 381 148 172 Equity in losses of affiliates 105 2 — 103 — Other segment (income) expense, net (5) (6) 1 (12) 12 Proportional share of refining gross margins contributed by equity affiliates 141 21 — 120 — Realized Refining Margins 991 275 165 399 152 Total processed inputs (MB) 124,453 38,716 37,206 27,169 21,362 Adjusted total processed inputs (MB)1 145,559 38,716 37,206 48,275 21,362 Loss before income taxes ($/BBL)2 (7.53) (5.15) (8.95) (1.85) (16.60) Realized refining margins ($/BBL)3 6.81 7.08 4.43 8.29 7.12 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Loss before income taxes divided by total processed inputs. | 3. 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. Non-GAAP Reconciliations