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 Third-Quarter Highlights Strong Refining Operations Generated Solid Chemicals Results in a Challenging Market Executing on Our Strategy and Unlocking New Opportunities 3 Consistent Contributions from Midstream and Marketing & Specialties Segments
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4 Refining: Delivering Continuous Improvement 1. Excludes adjusted turnaround expense | 2. 3Q 2025 includes $69MM of LAR Environmental accruals, equivalent to ~$0.40/BBL | 3. Compares 3Q 2025 to full-year 2022; excludes adjusted turnaround expense. | See Appendix for reconciliation of Non-GAAP measure to the nearest GAAP measure. Driving performance through a culture focused on operational excellence 99% 87% ~$1/BBL Highest quarterly crude utilization since 2018 Record year-to-date clean product yield Reduction in Refining adjusted controllable cost since 20223
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5 Refining: Enhancements Setting Stage for Future Success 1. YTD, as of 3Q 2025 as compared to 2022. | 2. Costs refer to Refining adjusted controllable costs, excluding adjusted turnaround expense which is a non-GAAP measure. See Appendix for reconciliation of Non-GAAP measure to the nearest GAAP measure. Calculation of cost decrease compares 3Q 2025 to full-year 2022. | 3. Quarterly crude utilization for 3Q 2025 compared to 2018. | 4. $5.50 represents YE 2027 target and excludes adjusted turnaround expense and the Los Angeles Refinery, assumes $3/MMBtu natural gas prices. Organizational and strategic actions enhance supply flexibility, lower costs and capture margin 2021 2025+ Alliance Refinery Divestment San Francisco Refinery Conversion Los Angeles Refinery Idling WRB 50% Buy-in Delivered High-graded 30%+ of Portfolio (Alliance, San Francisco, Los Angeles) + Wood River and Borger Clean Product Yield Increased1 Organizational Changes Centralization to run assets as regional fleets Costs lowered by ~$1/BBL2 & Utilization Increased3 Future Unlock additional value per barrel with crude flexibility Targeting low capital projects that increase yield and market capture Continuous focus on reliability & margin improvement Lowering costs to ~$5.50/BBL4
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6 Earnings Adjusted Earnings Adjusted Earnings per Share1 Operating Cash Flow $133 $1.0 B $2.52 $1.2 B $MM (Unless Otherwise Noted) 3Q 2025 Overview 1. Represents dollars per share. 3Q 2025 is based on adjusted weighted-average diluted shares of 406 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 Shareholder Distributions2 Net Debt-to- Capital $541 $751 41%
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7 973 (34) 156 38 (183) 90 19 (31) (3) 1,025 697 176 430 477 (43) (364) (314) (34) 3Q 2025 Adjusted Pre-Tax Earnings (Loss) Corporate & Other Noncontrolling Interests 3Q 2025 Adjusted Earnings Income Taxes 2Q 2025 Adjusted Earnings Midstream Chemicals Refining Marketing & Specialties 3Q 2025 Adjusted Earnings (Loss) 3Q 2025 vs 2Q 2025 ($MM) Renewable Fuels See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure.
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8 1.1 1.9 (0.7) 0.8 (0.8) (0.5) 0.2 2.0 June 30, 2025 Cash Balance CFO (excluding working capital) Working Capital Debt Shareholder Distributions Capex & Investments Other Sept 30, 2025 Cash Balance $B 3Q 2025 Cash Flow 1 1 1. Represents Cash and Cash Equivalents and includes cash classified within Assets Held for Sale.
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9 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization1 Low to Mid-90% Refining turnaround expense2 $125 MM - $145 MM Corporate & Other costs3 $340 MM - $360 MM Outlook 1. Excludes Los Angeles Refinery; includes 100% of Wood River / Borger Refineries. | 2. Includes 100% of Wood River / Borger Refineries. | 3. Excludes impacts from our investment in NOVONIX. 4Q 2025
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10 10 1. World-Class Operations with Commitment to Continuous Improvement through > 86% annual Refining clean product yield, > 2% higher Refining utilization vs. industry-average, and > 99% Midstream asset availability. | 2. Excluding adjusted turnaround expense, post-ceasing of operations at Los Angeles Refinery, assumes $3/MMBtu natural gas price. | 3. Cost reduction relative to 2024 baseline.
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12 Adjusted Refining and M&S EBITDA($/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 8.39 6.65 Adjusted Refining EBITDA Adjusted Marketing & Specialties EBITDA 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 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. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 2
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13 $/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 2022 2023 2024 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 $5.43 4Q $12.44 $7.13 $(0.98) Annual $14.30 $10.12 $2.23 $3.52 Adjusted Marketing & Specialties EBITDA ($/BBL) 2022 2023 2024 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 $2.96 4Q $2.56 $2.72 $1.79 Annual $3.33 $3.16 $2.68 $3.13 Adjusted Refining + Marketing & Specialties EBITDA, Excluding Adjusted Turnaround Expense ($/BBL)1 2022 2023 2024 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 $8.39 4Q $15.00 $9.84 $0.81 Annual $17.64 $13.29 $4.91 $6.65 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. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. | Segments may not sum due to rounding.
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14 $/BBL Metrics 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. Refining Adjusted Controllable Costs ($/BBL)1 2022 2023 2024 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 $6.07 4Q $7.27 $6.79 $6.07 Annual $6.98 $6.55 $5.90 $6.14
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15 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. | 4. Represents the annualized impact of 4Q 2025 sensitivities adjusted for Wood River / Borger interest at 100% and the cessation of operations at Los Angeles Refinery.
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16 34.1 31.7 28.5 28.4 28.6 28.1 17.2 19.4 20.1 18.8 20.9 21.8 6.1 3.3 1.7 1.5 1.1 2.0 34% 38% 41% 40% 42% 44% 24% 34% 39% 38% 41% 41% 2022 2023 2024 1Q 2025 2Q 2025 3Q 2025 Debt-to-CapitalCash & Cash Equivalents $BEquity $B Debt $B Net Debt-to-Capital Capital Structure 1. Includes cash and cash equivalents classified within Assets held for sale. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 1 1
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17 392 168 18 (24) (124) 430 250 119 368 (307) 3Q 2025 Adjusted Pre-Tax Income (Loss) 2Q 2025 Adjusted Pre-Tax Income Atlantic Basin / Europe Gulf Coast Central Corridor West Coast 3Q 2025 Adjusted Pre-Tax Income 3Q 2025 Refining Adjusted Pre-Tax Income (Loss) 3Q 2025 VS. 2Q 2025 ($MM) 1. Capture reflects the percentage of our Refining Margin Indicator realized in our reported Refining margin. 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. • 99% Crude utilization • 86% Clean product yield • 91% Market capture1
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18 $11.25 $2.08 $(1.18) $12.15 2Q 2025 Realized Margin Market Indicator Change Change in Capture Impact 3Q 2025 Realized Margin 3Q 2025 Realized Refining Margin 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 3Q 2025 VS. 2Q 2025 ($/BBL) • 91% Market capture1 vs. 99% in 2Q • 86% Clean product yield
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19 13.41 $(1.26) 12.15 3Q 2025 RIN-Adj Market Indicator Capture Impact 3Q 2025 Realized Margin 3Q 2025 - Market Indicator vs. Realized Margin 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. ($/BBL) 1 • 91% Market capture1 • 99% Utilization • 86% Clean product yield
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20 3Q 2025 2Q 2025 Worldwide Realized Margin ($/BBL) 12.15 11.25 Worldwide Refining Indicator ($/BBL) 13.41 11.33 Worldwide Market Capture (%) 91 % 99 % Atlantic Basin Realized Margin ($/BBL) 11.94 8.16 Atlantic Basin Indicator ($/BBL) 12.31 9.06 Atlantic Basin Market Capture (%) 97 % 90 % Gulf Coast Realized Margin ($/BBL) 8.74 8.71 Gulf Coast Indicator ($/BBL) 10.20 8.37 Gulf Coast Market Capture (%) 86 % 104 % Central Corridor Realized Margin ($/BBL) 15.82 15.61 Central Corridor Indicator ($/BBL) 15.68 14.60 Central Corridor Market Capture (%) 101 % 107 % West Coast Realized Margin ($/BBL) 12.31 14.06 West Coast Indicator ($/BBL) 17.86 15.63 West Coast Market Capture (%) 69 % 90 % 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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21 Millions of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q YTD 2025 Reconciliation of Refining and Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1,2 Income (loss) before income taxes 582 717 (130) (523) 646 345 930 (267) 1,008 Plus: Depreciation and amortization 244 236 262 514 1,256 476 476 467 1,419 Refining and Marketing & Specialties EBITDA1,2 826 953 132 (9) 1,902 821 1,406 200 2,427 Special Item Adjustments (pre-tax): Certain tax impacts — — — (9) (9) — — — — Net (gain) loss on asset dispositions — — — (67) (67) (1,017) 89 (15) (943) Impairments 104 — — — 104 — — 948 948 Los Angeles Refinery cessation costs — — 41 3 44 — — — — Legal accrual — — 605 22 627 — 33 241 274 Legal settlement (66) — — — (66) — — — — Total Special Items (pre-tax) 38 — 646 (51) 633 (1,017) 122 1,174 279 Refining and Marketing & Specialties EBITDA, Adjusted for Special Items1,2 864 953 778 (60) 2,535 (196) 1,528 1,374 2,706 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 5 6 6 3 20 2 — — 2 Proportional share of selected equity affiliates net interest 9 9 11 11 40 12 13 11 36 Proportional share of selected equity affiliates depreciation and amortization 44 47 49 55 195 45 44 44 133 Refining and Marketing & Specialties Adjusted EBITDA1,2 922 1,015 844 9 2,790 (137) 1,585 1,429 2,877 Turnaround expense, including proportional share of equity affiliates 146 130 146 130 552 297 77 59 433 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1,2 1,068 1,145 990 139 3,342 160 1,662 1,488 3,310 Total processed inputs (MB) 143,700 151,296 145,440 147,880 588,316 124,453 152,005 153,379 429,837 Adjusted total processed inputs (MB)3 165,954 174,107 168,951 171,031 680,043 145,559 174,772 177,393 497,724 Refining and Marketing & Specialties EBITDA ($/BBL)1, 2, 4 5.75 6.30 0.91 (0.06) 3.23 6.60 9.25 1.30 5.65 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,2,5 6.44 6.58 5.86 0.81 4.91 1.10 9.51 8.39 6.65 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 2024 1Q 2Q 2025 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 2025 Income (loss) before income taxes 216 302 (108) (775) (365) (937) 359 (518) (1,096) Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization 208 204 230 435 1,077 456 443 444 1,343 Refining EBITDA1 424 506 122 (340) 712 (481) 802 (74) 247 Special Item Adjustments (pre-tax): Certain tax impacts (9) (9) Net loss on asset dispositions 104 — Impairments 104 948 948 Los Angeles Refinery cessation costs 41 3 44 Regulatory compliance costs — Legal accrual 22 22 33 33 Legal settlement (7) (7) Total Special Items (pre-tax) 97 — 41 16 154 — 33 948 981 Refining EBITDA, Adjusted for Special Items1 521 506 163 (324) 866 (481) 835 874 1,228 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — 1 (1) (1) (1) — — — — Proportional share of selected equity affiliates net interest (1) (2) (1) — (4) 2 3 1 6 Proportional share of selected equity affiliates depreciation and amortization 25 26 27 27 105 27 29 29 85 Refining Adjusted EBITDA 545 531 188 (298) 966 (452) 867 904 1,319 Turnaround expense, including proportional share of equity affiliates 146 130 146 130 552 297 77 59 433 Refining Adjusted EBITDA, Excluding Turnaround Expenses 691 661 334 (168) 1,518 (155) 944 963 1,752 Refining Adjusted EBITDA, Excluding Turnaround Expenses ($/BBL)1,2,5 4.16 3.80 1.98 (0.98) 2.23 (1.06) 5.40 5.43 3.52 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA Income before income taxes 366 415 (22) 252 1,011 1,282 571 251 2,104 Less: Income from discontinued operations Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization 36 32 32 79 179 20 33 23 76 Marketing & Specialties EBITDA1 402 447 10 331 1,190 1,302 604 274 2,180 Special Item Adjustments (pre-tax): Impairments by equity affiliates Premium on early retirement of debt Pending claims and settlements — Repositioning costs Certain tax impacts — Gain on consolidation of business Gain on asset sales Exit of a business line Equity affiliate ownership restructuring Recognition of deferred logistics commitments Railcar lease residual value deficiencies and related costs Net gain on asset dispositions (67) (67) (1,017) 89 (15) (943) Impairments Lower-of-cost-or-market inventory adjustments — Pension settlement expense — Hurricane-related costs — Winter-storm-related costs Alliance shutdown-related costs Regulatory compliance costs Business transformation restructuring costs DCP integration restructuring costs Merger transaction costs Gain related to merger of businesses U.S. tax reform Legal settlement (59) (59) Legal accrual 605 605 241 241 None Total Special Items (pre-tax) (59) — 605 (67) 479 (1,017) 89 226 (702) Marketing & Specialties EBITDA, Adjusted for Special Items1 343 447 615 264 1,669 285 693 500 1,478 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 5 5 7 4 21 2 0 0 2 Proportional share of selected equity affiliates net interest 10 11 12 11 44 10 10 10 30 Proportional share of selected equity affiliates depreciation and amortization 19 21 22 28 90 18 15 15 48 Marketing & Specialties Adjusted EBITDA1 377 484 656 307 1,824 315 718 525 1,558 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Turnaround Expenses ($/BBL)1,2,5 56,210.53 54,523.81 45,000.00 4,964.29 37,133.33 Non-GAAP Reconciliations
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22 Million of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q YTD 2025 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 216 302 (108) (775) (365) (937) 359 (518) (1,096) Plus: Depreciation and amortization 208 204 230 435 1,077 456 443 444 1,343 Refining EBITDA1 424 506 122 (340) 712 (481) 802 (74) 247 Special Item Adjustments (pre-tax): Certain tax impacts — — — (9) (9) — — — — Impairments2 104 — — — 104 — — 948 948 Los Angeles Refinery cessation costs — — 41 3 44 — — — — Legal accrual — — — 22 22 — 33 — 33 Legal settlement (7) — — — (7) — — — — Total Special Items (pre-tax) 97 — 41 16 154 — 33 948 981 Refining EBITDA, Adjusted for Special Items1 521 506 163 (324) 866 (481) 835 874 1,228 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — 1 (1) (1) (1) — — — — Proportional share of selected equity affiliates net interest (1) (2) (1) — (4) 2 3 1 6 Proportional share of selected equity affiliates depreciation and amortization 25 26 27 27 105 27 29 29 85 Refining Adjusted EBITDA1 545 531 188 (298) 966 (452) 867 904 1,319 Turnaround expense, including proportional share of equity affiliates 146 130 146 130 552 297 77 59 433 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1 691 661 334 (168) 1,518 (155) 944 963 1,752 Total processed inputs (MB) 143,700 151,296 145,440 147,880 588,316 124,453 152,005 153,379 429,837 Adjusted total processed inputs (MB)2 165,954 174,107 168,951 171,031 680,043 145,559 174,772 177,393 497,724 Refining EBITDA ($/BBL)1,4 2.95 3.34 0.84 (2.30) 1.21 (3.86) 5.28 (0.48) 0.57 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/ BBL)1,5 4.16 3.80 1.98 (0.98) 2.23 (1.06) 5.40 5.43 3.52 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Impairments recorded in the third quarter 2025 are related to our 50% equity investment in WRB Refining LP as a result of the definitive agreement entered into in September 2025, and closed on October 1, 2025. | 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. Non-GAAP Reconciliations
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23 Millions of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q YTD 2025 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1 Income before income taxes 366 415 (22) 252 1,011 1,282 571 251 2,104 Plus: Depreciation and amortization 36 32 32 79 179 20 33 23 76 Marketing & Specialties EBITDA1 402 447 10 331 1,190 1,302 604 274 2,180 Special Item Adjustments (pre-tax): Net (gain) loss on asset dispositions2 — — — (67) (67) (1,017) 89 (15) (943) Legal settlement (59) — — — (59) — — — — Legal accrual3 — — 605 — 605 — — 241 241 Total Special Items (pre-tax) (59) — 605 (67) 479 (1,017) 89 226 (702) Marketing & Specialties EBITDA, Adjusted for Special Items1 343 447 615 264 1,669 285 693 500 1,478 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 5 5 7 4 21 2 — — 2 Proportional share of selected equity affiliates net interest 10 11 12 11 44 10 10 10 30 Proportional share of selected equity affiliates depreciation and amortization 19 21 22 28 90 18 15 15 48 Marketing & Specialties Adjusted EBITDA1 377 484 656 307 1,824 315 718 525 1,558 Total processed inputs (MB) 143,700 151,296 145,440 147,880 588,316 124,453 152,005 153,379 429,837 Adjusted total processed inputs (MB)4 165,954 174,107 168,951 171,031 680,043 145,559 174,772 177,393 497,724 Marketing & Specialties EBITDA, ($/BBL)1,5 2.80 2.95 0.07 2.24 2.02 10.46 3.97 1.79 5.07 Marketing & Specialties Adjusted EBITDA, ($/BBL)1,6 2.27 2.78 3.88 1.79 2.68 2.16 4.11 2.96 3.13 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Net gain on asset dispositions of our 49% non-operated equity interest in COOP Mineraloel AG in the first quarter 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second and third quarters of 2025, we recognized before-tax unrealized gain from foreign currency derivatives. In the first quarter 2025, there was a gain on disposition of DCP Midstream, LP's 25% interest in Gulf Coast Express Pipeline LLC. | 3. Legal accrual related to ongoing litigation with Propel Fuels, Inc. | 4. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 5. Denominator is total processed inputs. | 6. Denominator is adjusted total processed inputs. Non-GAAP Reconciliations
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24 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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25 Millions of Dollars 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 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 1,957 1,708 2,317 1,255 7,237 Plus: Depreciation and amortization 228 244 246 252 970 228 233 237 255 953 Refining and Marketing & Specialties EBITDA1,2 722 4,070 3,893 2,332 11,018 2,185 1,941 2,554 1,510 8,190 Special Item Adjustments (pre-tax): Certain tax impacts — — — — — — — — (17) (17) Net loss on asset dispositions — — — — — — 14 — — 14 Hurricane-related costs (recovery) 17 — (24) (14) (21) — — — — — Alliance shutdown-related costs — 20 — — 20 — — — — — Regulatory compliance costs — 70 — — 70 — — — — — Legal accrual — — — — — — — 30 — 30 Total Special Items (pre-tax) 17 90 (24) (14) 69 — 14 30 (17) 27 Refining and Marketing & Specialties EBITDA, Adjusted for Special Items1,2 739 4,160 3,869 2,318 11,087 2,185 1,955 2,584 1,493 8,217 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 6 7 7 6 26 5 7 7 6 25 Proportional share of selected equity affiliates net interest 8 7 7 8 30 10 13 6 10 39 Proportional share of selected equity affiliates depreciation and amortization 43 42 41 43 169 43 44 43 67 197 Refining and Marketing & Specialties Adjusted EBITDA1,2 796 4,216 3,924 2,375 11,312 2,243 2,019 2,640 1,576 8,478 Turnaround expense, including proportional share of equity affiliates 134 272 243 240 889 246 126 135 124 631 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1,2 930 4,488 4,167 2,615 12,201 2,489 2,145 2,775 1,700 9,109 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 144,135 152,571 155,597 155,655 607,958 Adjusted total processed inputs (MB)3 170,438 172,279 174,795 174,342 691,855 162,446 172,042 178,226 172,721 685,435 Refining and Marketing & Specialties EBITDA ($/BBL)1,2,4 4.75 26.38 25.43 15.19 17.98 15.16 12.72 16.41 9.70 13.47 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,2,5 5.46 26.05 23.84 15.00 17.64 15.32 12.47 15.57 9.84 13.29 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 1Q 2Q 3Q 4Q 2023 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 1,594 1,175 1,712 859 5,340 Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization 201 215 219 225 860 201 203 207 220 831 Refining EBITDA1 376 3,360 3,182 1,918 8,836 1,795 1,378 1,919 1,079 6,171 Special Item Adjustments (pre-tax): Impairments by equity affiliates Premium on early retirement of debt Pending claims and settlements — Repositioning costs Certain tax impacts — — — — — — — — (17) (17) Gain on consolidation of business — — — — — Asset dispositions — — — — — Gain on asset sales — — — — Exit of a business line — — — — Equity affiliate ownership restructuring — — — 0 Recognition of deferred logistics commitments — — — — Railcar lease residual value deficiencies and related costs — — — 0 Net loss on asset dispositions — — — — — — 14 — — 14 Impairments — — — — — Lower-of-cost-or-market inventory adjustments — — — — Pension settlement expense — — — — — 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 Legal accrual — — — 30 — 30 Legal settlement — Business transformation restructuring costs — DCP integration restructuring costs — Merger transaction costs — Gain related to merger of businesses U.S. tax reform Total Special Items (pre-tax) 17 90 (24) (14) 69 — 14 30 (17) 27 Refining EBITDA, Adjusted for Special Items1 393 3,450 3,158 1,904 8,905 1,795 1,392 1,949 1,062 6,198 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — — 1 1 2 — 1 — — 1 Proportional share of selected equity affiliates net interest 2 3 1 — 6 1 (2) (4) (1) (6) Proportional share of selected equity affiliates depreciation and amortization 23 23 23 24 93 22 25 23 46 116 Refining Adjusted EBITDA 418 3,476 3,183 1,929 9,006 1,818 1,416 1,968 1,107 6,309 Turnaround expense, including proportional share of equity affiliates 134 272 243 240 889 246 126 135 124 631 Refining Adjusted EBITDA, Excluding Turnaround Expenses 2064 1542 2103 1231 6940 Refining Adjusted EBITDA, Excluding Turnaround Expenses ($/BBL)1,2,5 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Income before income taxes 319 681 684 387 2,072 363 533 605 396 1,897 Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization 27 29 27 27 110 27 30 30 35 122 Marketing & Specialties EBITDA1 346 710 711 414 2,182 390 563 635 431 2,019 Special Item Adjustments (pre-tax): None Total Special Items (pre-tax) — — — — — — — — — — Marketing & Specialties EBITDA, Adjusted for Special Items1 346 710 711 414 2,182 390 563 635 431 2,019 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 6 7 6 5 24 5 6 7 6 24 Proportional share of selected equity affiliates net interest 6 4 6 8 24 9 15 10 11 45 Proportional share of selected equity affiliates depreciation and amortization 20 19 18 19 76 21 19 20 21 81 Marketing & Specialties Adjusted EBITDA1 378 740 741 446 2,306 425 603 672 469 2,169 378 740 741 446 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Turnaround Expenses ($/BBL)1,2,5 Non-GAAP Reconciliations
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26 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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27 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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28 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 175 3,145 2,963 1,693 7,976 1,594 1,175 1,712 859 5,340 Plus: Depreciation and amortization 201 215 219 225 860 201 203 207 220 831 Refining EBITDA1 376 3,360 3,182 1,918 8,836 1,795 1,378 1,919 1,079 6,171 Special Item Adjustments (pre-tax): Certain tax impacts — — — — — — — — (17) (17) Net loss on asset disposition — — — — — — 14 — — 14 Hurricane-related costs (recovery) 17 — (24) (14) (21) — — — — — Alliance shutdown-related costs — 20 — — 20 — — 30 — 30 Regulatory compliance costs — 70 — — 70 — — — — — Total Special Items (pre-tax) 17 90 (24) (14) 69 — 14 30 (17) 27 Refining EBITDA, Adjusted for Special Items1 393 3,450 3,158 1,904 8,905 1,795 1,392 1,949 1,062 6,198 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — — 1 1 2 — 1 — — 1 Proportional share of selected equity affiliates net interest 2 3 1 — 6 1 (2) (4) (1) (6) Proportional share of selected equity affiliates depreciation and amortization 23 23 23 24 93 22 25 23 46 116 Refining Adjusted EBITDA1 418 3,476 3,183 1,929 9,006 1,818 1,416 1,968 1,107 6,309 Turnaround expense, including proportional share of equity affiliates 134 272 243 240 889 246 126 135 124 631 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1 552 3,748 3,426 2,169 9,896 2,064 1,542 2,103 1,231 6,940 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 144,135 152,571 155,597 155,655 607,958 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 162,446 172,042 178,226 172,721 685,435 Refining EBITDA ($/BBL)1,3 2.48 21.78 20.78 12.50 14.42 12.45 9.03 12.33 6.93 10.15 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,4 3.24 21.76 19.60 12.44 14.30 12.71 8.96 11.80 7.13 10.12 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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29 Millions of Dollars 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 319 681 684 387 2,071 363 533 605 396 1,897 Plus: Depreciation and amortization 27 29 27 27 110 27 30 30 35 122 Marketing & Specialties EBITDA1 346 710 711 414 2,181 390 563 635 431 2,019 Special Item Adjustments (pre-tax): None — — — — — — — — — — Total Special Items (pre-tax) — — — — — — — — — — Marketing & Specialties EBITDA, Adjusted for Special Items1 346 710 711 414 2,181 390 563 635 431 2,019 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 6 7 6 5 24 5 6 7 6 24 Proportional share of selected equity affiliates net interest 6 4 6 8 24 9 15 10 11 45 Proportional share of selected equity affiliates depreciation and amortization 20 19 18 19 76 21 19 20 21 81 Marketing & Specialties Adjusted EBITDA1 378 740 741 446 2,305 425 603 672 469 2,169 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 144,135 152,571 155,597 155,655 607,958 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 162,446 172,042 178,226 172,721 685,435 Marketing & Specialties EBITDA, ($/BBL)1,3 2.28 4.60 4.64 2.70 3.56 2.71 3.69 4.08 2.77 3.32 Marketing & Specialties Adjusted EBITDA, ($/BBL)1,4 2.22 4.30 4.24 2.56 3.33 2.62 3.50 3.77 2.72 3.16 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 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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31 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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32 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q YTD 2025 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 124 100 137 123 484 270 53 36 359 Other operating expenses 829 784 785 845 3,243 804 795 873 2,472 Total operating expenses 953 884 922 968 3,727 1,074 848 909 2,831 Selling, general and administrative expenses 38 51 60 60 209 46 32 40 118 Refining Controllable Costs 991 935 982 1,028 3,936 1,120 880 949 2,949 Plus: Proportional share of equity affiliate turnaround expenses 22 30 9 7 68 27 24 23 74 Proportional share of equity affiliate other operating and SG&A expenses1 159 154 154 159 626 173 161 163 497 Total proportional share of equity affiliate operating and SG&A expenses1 181 184 163 166 694 200 185 186 571 Special item adjustments (pre-tax): Legal accrual — — — (22) (22) — (33) — (33) Los Angeles Refinery cessation costs — — (41) (3) (44) — — — — Refining Adjusted Controllable Costs 1,172 1,119 1,104 1,169 4,564 1,320 1,032 1,135 3,487 Total processed inputs (MB) 143,700 151,296 145,440 147,880 588,316 124,453 152,005 153,379 429,837 Adjusted total processed inputs (MB)2 165,954 174,107 168,951 171,031 680,043 145,559 174,772 177,393 497,724 Refining turnaround expense ($/BBL)3 0.86 0.66 0.94 0.83 0.82 2.17 0.35 0.23 0.84 Refining controllable costs, excluding turnaround expense ($/BBL)3 6.03 5.52 5.81 6.12 5.87 6.83 5.44 5.95 6.03 Refining Controllable Costs per Barrel ($/BBL)3 6.89 6.18 6.75 6.95 6.69 9.00 5.79 6.18 6.87 Refining adjusted turnaround expense ($/BBL)4 0.88 0.75 0.86 0.76 0.81 2.04 0.44 0.33 0.87 Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4 6.18 5.68 5.67 6.07 5.90 7.03 5.46 6.07 6.14 Refining Adjusted Controllable Costs ($/BBL)4 7.06 6.43 6.53 6.84 6.71 9.07 5.90 6.40 7.01 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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33 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 100 221 221 230 772 230 104 119 85 538 Other operating expenses 997 958 984 1,019 3,958 926 829 989 963 3,707 Total operating expenses 1,097 1,179 1,205 1,249 4,730 1,156 933 1,108 1,048 4,245 Selling, general and administrative expenses 30 32 43 46 152 44 37 33 55 169 Refining Controllable Costs 1,127 1,211 1,248 1,295 4,882 1,200 970 1,141 1,103 4,414 Plus: Proportional share of equity affiliate turnaround expenses 34 51 22 10 118 16 22 16 39 93 Proportional share of equity affiliate other operating and SG&A expenses1 172 177 185 189 721 174 160 152 155 641 Total proportional share of equity affiliate operating and SG&A expenses1 206 228 207 199 839 190 182 168 194 734 Special item adjustments (pre-tax): Hurricane-related costs (recovery) (17) — 24 14 21 — — — — — Alliance shutdown-related costs — (20) — — (20) — — — — — Legal accrual — — — — — — — (30) — (30) Refining Adjusted Controllable Costs 1,316 1,419 1,479 1,508 5,722 1,390 1,152 1,279 1,297 5,118 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 144,135 152,571 155,597 155,655 607,958 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 162,446 172,042 178,226 172,721 685,435 — Refining turnaround expense ($/BBL)3 0.66 1.43 1.44 1.50 1.26 1.60 0.68 0.76 0.55 0.88 Refining controllable costs, excluding turnaround expense ($/BBL)3 6.76 6.42 6.71 6.94 6.71 6.73 5.68 6.57 6.54 6.38 Refining Controllable Costs per Barrel ($/BBL)3 7.42 7.85 8.15 8.44 7.97 8.33 6.36 7.33 7.09 7.26 Refining adjusted turnaround expense ($/BBL)4 0.79 1.58 1.39 1.38 1.29 1.51 0.73 0.76 0.72 0.92 Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4 6.94 6.66 7.07 7.27 6.98 7.04 5.96 6.42 6.79 6.55 Refining Adjusted Controllable Costs ($/BBL)4 7.73 8.24 8.46 8.65 8.27 8.55 6.69 7.18 7.51 7.47 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 Non-GAAP Reconciliations 1. Impairments recorded in the third quarter 2025 are related to our 50% equity investment in WRB Refining LP as a result of the definitive agreement entered into in September 2025, and closed on October 1, 2025 in the Refining segment.| 2. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second and third quarters of 2025, we recognized before-tax unrealized gain (loss) from foreign currency derivatives impacting the Marketing & Specialties segment. | 3. Legal accrual related to ongoing litigation with Propel Fuels, Inc. impacting the Marketing & Specialties segment. | 4. 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. Millions of Dollars 2025 3Q 2Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 133 877 Pre-Tax Adjustments: Impairments1 948 — Net (gain) loss on asset dispositions2 (15) 89 Professional advisory fees — 45 Legal accrual3 241 33 Tax impact of adjustments4 (282) (40) Other tax impacts — (31) Adjusted Earnings 1,025 973 Earnings Per Share of Common Stock (dollars) 0.32 2.15 Adjusted Earnings Per Share of Common Stock (dollars) 2.52 2.38 Adjusted Weighted Average Diluted Common Shares Outstanding (thousands) 406,045 407,934
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35 Millions of Dollars 2025 3Q 2Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 697 731 Pre-tax adjustments: None — — Adjusted Pre-Tax Income 697 731 Reconciliation of Chemicals Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 176 20 Pre-tax adjustments: None — — Adjusted Pre-Tax Income 176 20 Non-GAAP Reconciliations
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36 Millions of Dollars Except as Indicated 2025 3Q 2Q Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted Pre-Tax Income Pre-tax income (loss) (518) 359 Pre-tax adjustments: Impairments 948 — Legal accrual — 33 Adjusted Pre-Tax Income 430 392 Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 251 571 Pre-tax adjustments: Loss on asset dispositions (15) 89 Legal accrual 241 — Adjusted Pre-Tax Income 477 660 Non-GAAP Reconciliations
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37 Millions of Dollars 2025 3Q 2Q Reconciliation of Renewable Fuels Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (43) (133) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss (43) (133) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (364) (428) Pre-tax adjustments: Professional advisory fees — 45 Adjusted Pre-Tax Loss (364) (383) Non-GAAP Reconciliations
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38 Millions of Dollars (Except as Indicated) 3Q 2025 Debt-to-Capital Ratio Total Debt 21,755 Total Equity 28,077 Debt-to-Capital Ratio 44 % Cash and Cash Equivalents, including cash classified within Assets held for sale1 1,950 Net Debt-to-Capital Ratio 41 % 1. Includes cash and cash equivalents classified within Assets held for sale. Non-GAAP Reconciliations
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39 Millions of Dollars 3Q 2025 Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income 250 Pre-tax adjustments: Legal Accrual Adjusted Pre-Tax Income 250 Reconciliation of Refining - Gulf Coast Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 119 Pre-tax adjustments: None — Adjusted Pre-Tax Income 119 Refining - Central Corridor Pre-Tax Loss to Adjusted Pre-Tax Income Pre-tax loss (580) Pre-tax adjustments: Impairments 948 Adjusted Pre-Tax Income 368 Refining - West Coast Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (307) Pre-tax adjustments: None — Adjusted Pre-Tax Loss (307) Total Refining Adjusted Pre-Tax Income 430 Non-GAAP Reconciliations
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40 Millions of Dollars (Except as Indicated) 3Q 2025 Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins Worldwide Atlantic Basin/ Europe Gulf Coast Central Corridor West Coast Income (loss) before income taxes (518) 250 119 (580) (307) Plus: Taxes other than income taxes 90 17 26 26 21 Depreciation, amortization and impairments 1,395 56 66 992 281 Selling, general and administrative expenses 40 7 7 18 8 Operating expenses 909 249 256 162 242 Equity in (earnings) losses of affiliates (31) 2 — (33) — Other segment (income) expense, net 7 (1) — 1 7 Proportional share of refining gross margins contributed by equity affiliates 262 24 — 238 — Realized Refining Margins 2,154 604 474 824 252 Total processed inputs (MB) 153,379 50,624 54,239 28,113 20,403 Adjusted total processed inputs (MB)1 177,393 50,624 54,239 52,127 20,403 Income (loss) before income taxes ($/BBL)2 (3.38) 4.94 2.19 (20.61) (15.06) Realized refining margins ($/BBL)3 12.15 11.94 8.74 15.82 12.31 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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41 Millions of Dollars (Except as Indicated) 2Q 2025 Reconciliation of Refining Income (Loss) 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