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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," “operating cash flow or CFO, excluding working capital (net CFO)" "return of capital employed "ROCE" and "sustaining capital." 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 “net operating cash flow” or “net cash flow from operations” returned to shareholders refers to cash provided by operating activities, excluding working capital. 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. Phillips 66 and Refining results included herein through September 30, 2025, includes our proportional share of WRB Refining LP equity earnings and beginning October 1, 2025, includes 100% of Borger Refinery and Wood River Refinery consolidated due to the acquisition of the remaining 50% of WRB. Cautionary Statement
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3 4Q 2025 Highlights Refining had record clean product yield and continued strong utilization Reduced net debt-to-capital ratio to 38% and progressing toward debt targets Portfolio enhancements and strategic focus delivering results 3 Midstream achieved record NGL transportation and fractionation volumes See Appendix for reconciliation of Non-GAAP measure to the nearest GAAP measure.
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4 Strong Execution Delivers Shareholder Value Phillips 66 highlights reflect full-year 2025, except as indicated. | 1. Compares 2025 full-year volumes for "NGL Pipeline Throughput - Y-Grade to Market" vs prior year. | 2. Net Operating Cash Flow reflects cash provided by operating activities, excluding working capital. | See Appendix for reconciliation of Non-GAAP measure to the nearest GAAP measure. Operational Improvements Financial Strength and Flexibility Disciplined Growth Delivering Attractive Shareholder Returns
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5 Delivered Portfolio simplification PSXP and DCP buy-ins; Divested non-core assets Platform for future growth Organic opportunities, Pinnacle and Coastal Bend acquisitions Attractive EBITDA growth Midstream: Strengthened Wellhead to Market Strategy 1. EPIC NGL was renamed to Coastal Bend in 2Q of 2025. | See Appendix for reconciliation of Non-GAAP measure to the nearest GAAP measure.
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6 Midstream: Disciplined Investment Delivers Ratable Growth Ongoing Focus Commercial optimization Organic growth Enhancing base business Coastal Bend pipeline expansion (late 2026) Increasing asset utilization Iron Mesa gas plant (2027) Synergy capture Incremental G&P volumes (2026-2027) Cost optimization High-return, low-capital projects (2026-2027) Accessing new markets Generating mid-single digit EBITDA growth ~$4.5 B 2027 YE Run-Rate Adjusted EBITDA Target
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7 Midstream Covers Dividend and Sustaining Capital Chart compares Midstream adjusted EBITDA vs total company's Dividends Paid on Common Stock and Sustaining Capital Expenditures. | 1. Bloomberg estimates as of 01/20/2026. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. Refining, Marketing & Specialties and Chemicals provide capital allocation optionality
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8 Earnings Adjusted Earnings Adjusted Earnings per Share1 Operating Cash Flow $2.9 B $1.0 B $2.47 $2.8 B $MM (Unless Otherwise Noted) 4Q 2025 Overview 1. Represents dollars per share. 4Q 2025 is based on adjusted weighted-average diluted shares of 405 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 $682 $756 38%
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9 1,025 20 (157) 112 (38) 24 1 12 3 1,002 717 19 542 439 (19) (363) (302) (31) 4Q 2025 Adjusted Pre-Tax Earnings (Loss) Corporate & Other Noncontrolling Interests 4Q 2025 Adjusted Earnings Income Taxes 3Q 2025 Adjusted Earnings Midstream Chemicals Refining Marketing & Specialties 4Q 2025 Adjusted Earnings (Loss) 4Q 2025 vs 3Q 2025 ($MM) Renewable Fuels See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure.
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10 2.0 2.8 1.5 (2.3) (1.3) (0.7) (0.8) (0.1) 1.1 Sept. 30, 2025 Cash Balance CFO Proceeds from Asset Dispositions Debt Acquisitions Capex & Investments Shareholder Distributions Other Dec. 31, 2025 Cash Balance $B 4Q 2025 Cash Flow 1 1 1. Represents Cash and Cash Equivalents and Sept. 30, 2025 balance also includes cash classified within Assets Held for Sale.
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11 1Q 2026 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Low-90% Refining turnaround expense $170 MM - $190 MM Corporate & Other costs1 $400 MM - $420 MM Full-year 2026 Refining turnaround expense $550 MM - $600 MM Corporate & Other costs1 $1.5 B - $1.6 B Depreciation and amortization $2.1 B - $2.3 B Outlook 1.. Excludes impacts from our investment in NOVONIX. Effective in the first-quarter of 2026, costs associated with decommissioning and redeveloping our idled Los Angeles Refinery will be included in Corporate and Other.
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12 4Q 2025 Earnings Overview “While enhancing our portfolio to focus on our core assets and geographies, we have also taken a disciplined approach to improving operations, particularly in refining, and upheld our unwavering commitment to safety. As we look to 2026, focused execution of our strategy, disciplined capital allocation and world-class operations will enable further debt reduction and our continuing commitment to return cash flow to shareholders.” - Mark Lashier, Chairman and CEO Earnings Adjusted Earnings Adjusted Earnings per Share1 $2.9 B $1.0 B $2.47 Operating Cash Flow Shareholder Distributions2 Net Debt-to- Capital $2.8 B $756 MM 38% 4Q Highlights • Delivered record clean product yield of 88% and operated at 99% capacity utilization in Refining • Achieved record NGL transportation3 and fractionation volumes of over 1 MMBD each in Midstream • Progressed Strategic Priorities: Reduced debt, closed WRB transaction, partially divested Germany and Austria retail marketing business 1. Represents dollars per share. 4Q 2025 is based on adjusted weighted-average diluted shares of 405 million. | 2. Represents sum of repurchases of common stock and dividends paid on common stock. | 3. NGL transportation volumes reflect "NGL Pipeline Throughput - Y-Grade to Market." | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure.
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14 14 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. Relative to 2024 baseline. | 4. EBITDA growth relative to a 2025 mid-cycle baseline. | 5. Net cash flow from operations reflects cash provided by operating activities, excluding working capital.
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15 Earnings 4,403 Adjusted earnings 2,632 Adjusted earnings per share (EPS)1 6.44 Adjusted EBITDA 8,363 Operating cash flow 4,962 Capital expenditures and investments2 2,233 Shareholder distributions3 3,129 Common shares outstanding at Dec. 31 401 MM Net debt-to-capital ratio 38% Adjusted ROCE4 7% $MM (Unless Otherwise Noted) 2025 Overview Ponca City Refinery 1. Represents dollars per share. 2025 is based on weighted-average diluted shares of 408 MM. | 2. Excludes acquisitions of $3.5 B. | 3. Shareholder distributions include repurchases of common stock and dividends paid on common stock. | 4. After-tax; includes $964 million of pre-tax accelerated depreciation on Los Angeles Refinery. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure.
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16 Refining: Delivering Continuous Improvement 1. Effective January 1, 2026 | 2. Excludes adjusted turnaround expense. | 3. Compares 4Q 2025 to full-year 2022; excludes adjusted turnaround expense. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. Driving performance through a culture focused on operational excellence
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17 Adjusted Refining and M&S EBITDA($/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 8.67 7.21 Adjusted Refining EBITDA Adjusted Marketing & Specialties EBITDA 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 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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18 $/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/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) 6.09 Annual 14.30 10.12 2.23 4.23 Adjusted Marketing & Specialties EBITDA ($/BBL) 2022 2023 2024 2025 1Q 2.22 2.62 2.27 2.16 2Q 4.30 3.50 2.78 4.11 3Q 4.24 3.77 3.88 2.96 4Q 2.56 2.72 1.79 2.58 Annual 3.33 3.16 2.68 2.98 Adjusted Refining + Marketing & Specialties EBITDA, Excluding Adjusted Turnaround Expense ($/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 8.67 Annual 17.64 13.29 4.91 7.21 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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19 $/BBL Metrics 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. Refining Adjusted Controllable Costs ($/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 5.96 Annual 6.98 6.55 5.90 6.09
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20 Refining Outlook by Region Atlantic Basin Gulf Coast Central Corridor West Coast Total 1Q 2026 Crude Utilization (%) Low to Mid-90% Low to Mid-90% Low-90% Low-90% Low-90% 1Q 2026 Turnaround Expense ($MM) ~25 50-60 90-100 ~0 170-190 FY 2026 Turnaround Expense ($MM) 550-600 Segment Outlook Company Outlook by Segment Midstream Refining Marketing & Specialties Renewable Fuels Corporate & Other Total Company 1Q 2026 Depreciation and Amortization ($MM) 260-290 200-220 15-25 20-30 30-35 525-575 FY Depreciation ($B) 2.1-2.3
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21 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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22 1.7 6.1 (1.2) 3.5 (3.5) (2.2) (3.1) (0.4) 0.2 1.1 Dec. 31, 2024 Cash Balance CFO (excluding Working Capital) Working Capital Proceeds from Asset Dispositions Acquisitions Capital Expenditures & Investments Shareholder Distributions Debt Other Dec. 31, 2025 Cash Balance 1. Represents Cash and Cash Equivalents. $B 2025 Cash Flow 1 1
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23 31.7 28.5 28.4 28.6 28.1 30.2 19.4 20.1 18.8 20.9 21.8 19.7 3.3 1.7 1.5 1.1 2.0 1.1 38% 41% 40% 42% 44% 39% 34% 39% 38% 41% 41% 38% 2023 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Debt-to-CapitalCash & Cash Equivalents $BEquity $B Debt $B Net Debt-to-Capital Capital Structure 1. Includes cash and cash equivalents classified within Assets held for sale. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 11
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24 430 41 133 (1) (61) 542 291 252 367 (368) 4Q 2025 Adjusted Pre-Tax Income (Loss) 3Q 2025 Adjusted Pre-Tax Income Atlantic Basin / Europe Gulf Coast Central Corridor West Coast 4Q 2025 Adjusted Pre-Tax Income 4Q 2025 Refining Adjusted Pre-Tax Income (Loss) 4Q 2025 VS. 3Q 2025 ($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 • 88% Clean product yield • 98% Market capture1
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25 $12.15 $(0.68) $1.01 $12.48 3Q 2025 Realized Margin Market Indicator Change Change in Capture Impact 4Q 2025 Realized Margin 4Q 2025 Realized Refining Margin 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 4Q 2025 VS. 3Q 2025 ($/BBL) • 98% Market capture1 vs. 91% in 3Q • 88% Clean product yield
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26 12.73 $(0.25) 12.48 4Q 2025 RIN-Adj Market Indicator Capture Impact 4Q 2025 Realized Margin 4Q 2025 - Market Indicator vs. Realized Margin 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. ($/BBL) 1 • 98% Market capture1 • 99% Utilization • 88% Clean product yield
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27 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Worldwide Realized Margin ($/BBL) 6.81 11.25 12.15 12.48 Worldwide Refining Indicator ($/BBL) 7.80 11.33 13.41 12.73 Worldwide Market Capture (%) 87 % 99 % 91 % 98 % Atlantic Basin Realized Margin ($/BBL) 7.08 8.16 11.94 12.60 Atlantic Basin Indicator ($/BBL) 6.33 9.06 12.31 12.23 Atlantic Basin Market Capture (%) 112 % 90 % 97 % 103 % Gulf Coast Realized Margin ($/BBL) 4.43 8.71 8.74 12.48 Gulf Coast Indicator ($/BBL) 6.42 8.37 10.20 11.60 Gulf Coast Market Capture (%) 69 % 104 % 86 % 108 % Central Corridor Realized Margin ($/BBL) 8.29 15.61 15.82 13.06 Central Corridor Indicator ($/BBL) 9.83 14.60 15.68 13.20 Central Corridor Market Capture (%) 84 % 107 % 101 % 99 % West Coast Realized Margin ($/BBL) 7.12 14.06 12.31 8.85 West Coast Indicator ($/BBL) 9.57 15.63 17.86 14.74 West Coast Market Capture (%) 74 % 90 % 69 % 60 % 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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28 Millions of Dollars Except as Indicated 2025 Total Debt 19,716 Total Equity 30,241 Debt-to-Capital Ratio 39 % Total Cash 1,116 Net Debt-to-Capital Ratio 38 % Non-GAAP Reconciliations
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29 Millions of Dollars 2022 2023 2024 2025 Operating expenses 1,401 1,844 1,876 2,021 Selling, general and administrative expenses (SG&A) 255 441 213 217 Total Operating and SG&A Expenses 1,656 2,285 2,089 2,238 Non-GAAP Reconciliations
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30 Non-GAAP Reconciliations Millions of Dollars 2022 2023 2024 2025 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 5,176 2,819 2,638 2,817 Plus: Depreciation and amortization 567 923 920 1,030 Midstream EBITDA1 5,743 3,742 3,558 3,847 Special Item Adjustments (pre-tax): Certain tax impacts — (2) — — Net gain on asset dispositions — (137) (238) (68) Impairments — — 346 79 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) (2,982) (150) 108 11 Midstream EBITDA, Adjusted for Special Items1 2,761 3,592 3,666 3,858 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 13 18 16 13 Proportional share of selected equity affiliates net interest 119 51 29 12 Proportional share of selected equity affiliates depreciation and amortization 209 156 129 101 Adjusted EBITDA attributable to joint venture partners' noncontrolling interests (427) (493) (178) (211) Midstream Adjusted EBITDA1 2,675 3,324 3,662 3,773 1. Refer to changes in Basis of Presentation discussion on pg 2.
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31 Millions of Dollars 2022 2023 2024 2025 Capital Expenditures and Investments1 Growth 970 1,304 1,034 1,229 Sustaining 918 851 825 1,004 Total Capital Expenditures and Investments1 1,888 2,155 1,859 2,233 Dividends Paid on Common Stock 1,793 1,882 1,882 1,922 Total Sustaining Capital Expenditures and Dividends Paid on Common Stock 2,711 2,733 2,707 2,926 Non-GAAP Reconciliations 1. Refer to changes in Basis of Presentation discussion on pg 2.
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32 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. Net gain on asset dispositions includes the sale of a 65% interest in our Germany and Austria retail marketing business in the fourth-quarter 2025. In connection with this sale, in the third quarter of 2025, we recognized before-tax unrealized gain from foreign currency derivatives impacting the Marketing & Specialties segment. | 3. Legal accrual primarily 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, but certain transactions may be partially exempt, which could result in a lower overall effective tax rate on these items. 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 Except as Indicated 2025 Year 4Q 3Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 4,403 2,906 133 Pre-Tax Adjustments: Impairments1 1,048 79 948 Los Angeles Refinery cessation costs 35 35 — Interest expense 9 9 — Pending claims and settlements (123) (123) — Certain tax impacts (11) (11) — Lower-of-cost-or-market inventory adjustments 31 31 — Net gain on asset dispositions2 (2,989) (1,978) (15) Professional advisory fees 45 — — Legal accrual3 295 21 241 Legal settlement (181) (181) — Tax impact of adjustments4 (103) 19 (282) Other tax impacts 174 205 — Noncontrolling interests (1) (10) — Adjusted Earnings 2,632 1,002 1,025 Earnings Per Share of Common Stock (dollars) 10.79 7.17 0.32 Adjusted Earnings Per Share of Common Stock (dollars) 6.44 2.47 2.52 Adjusted Weighted-Average Diluted Common Shares Outstanding (thousands) 407,605 404,733 406,045
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33 Millions of Dollars Except as Indicated 2025 4Q 3Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 638 697 Pre-tax adjustments: Impairments 79 — Adjusted Pre-Tax Income 717 697 Reconciliation of Chemicals Pre-Tax Income (Loss) to Adjusted Pre-Tax Income Pre-tax income (loss) (12) 176 Pre-tax adjustments: Lower-of-cost-or-market inventory adjustments 31 — Adjusted Pre-Tax Income 19 176 Non-GAAP Reconciliations
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34 Millions of Dollars Except as Indicated 2025 4Q 3Q Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted Pre-Tax Income Pre-tax income (loss) 822 (518) Pre-tax adjustments: Los Angeles Refinery cessation costs 35 — Pending claims and settlements (123) — Certain tax impacts (11) — Legal settlement (181) — Adjusted Pre-Tax Income 542 430 Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 2,396 251 Pre-tax adjustments: Gain on asset dispositions (1,978) (15) Legal accrual 21 241 Adjusted Pre-Tax Income 439 477 Non-GAAP Reconciliations
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35 Millions of Dollars 2025 4Q 3Q Reconciliation of Renewable Fuels Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (19) (43) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss (19) (43) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (372) (364) Pre-tax adjustments: Interest expense 9 — Adjusted Pre-Tax Loss (363) (364) Non-GAAP Reconciliations
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36 Millions of Dollars 2025 Reconciliation of Income Tax Expense to Adjusted Income Tax Expense 4Q 3Q Income tax expense 526 32 Special items (224) 282 Adjusted income tax expense 302 314 Non-GAAP Reconciliations
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37 Millions of Dollars Except as Indicated 2025 Numerator Net Income1 4,528 After-tax interest expense 821 GAAP ROCE earnings 5,349 After-tax special items (1,771) Adjusted ROCE earnings 3,578 Denominator GAAP average capital employed2 49,241 2025 GAAP ROCE 11 % 2025 Adjusted ROCE 7 % Non-GAAP Reconciliations 1. Includes $964 million of pre-tax accelerated depreciation on Los Angeles Refinery. | 2. Capital employed is total equity plus total debt.
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38 Millions of Dollars 2025 Reconciliation of Consolidated Income before Income Taxes to Adjusted EBITDA Attributable to Phillips 66 Net income 4,528 Plus: Income tax expense 892 Net interest expense 898 Depreciation and amortization 3,251 Consolidated EBITDA 9,569 Special Item Adjustments (pre-tax): Certain tax impacts (11) Net gain on asset dispositions (2,989) Impairments 1,048 Los Angeles Refinery cessation costs 35 Legal accrual 295 Legal settlement (181) Professional advisory fees 45 Pending claims and settlements (123) Lower of cost or market inventory adjustment 31 Total Special Items (pre-tax) (1,850) Change in Fair Value of NOVONIX Investment 13 Consolidated EBITDA, Adjusted for Special Items 7,732 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 54 Proportional share of selected equity affiliates net interest 56 Proportional share of selected equity affiliates depreciation and amortization 732 Adjusted EBITDA attributable to joint venture partners' noncontrolling interests (211) Consolidated Adjusted EBITDA 8,363 Non-GAAP Reconciliations
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39 Millions of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 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) 3,218 4,226 Plus: Depreciation and amortization 244 236 262 514 1,256 476 476 467 498 1,917 Refining and Marketing & Specialties EBITDA1,2 826 953 132 (9) 1,902 821 1,406 200 3,716 6,143 Special Item Adjustments (pre-tax): Certain tax impacts — — — (9) (9) — — — (11) (11) Net (gain) loss on asset dispositions — — — (67) (67) (1,017) 89 (15) (1,978) (2,921) Impairments 104 — — — 104 — — 948 — 948 Los Angeles Refinery cessation costs — — 41 3 44 — — — 35 35 Legal accrual — — 605 22 627 — 33 241 21 295 Legal settlement (66) — — — (66) — — — (181) (181) Pending claims and settlements — — — — — — — — (123) (123) Total Special Items (pre-tax) 38 — 646 (51) 633 (1,017) 122 1,174 (2,237) (1,958) Refining and Marketing & Specialties EBITDA, Adjusted for Special Items1,2 864 953 778 (60) 2,535 (196) 1,528 1,374 1,479 4,185 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 10 46 Proportional share of selected equity affiliates depreciation and amortization 44 47 49 55 195 45 44 44 18 151 Refining and Marketing & Specialties Adjusted EBITDA1,2 922 1,015 844 9 2,790 (137) 1,585 1,429 1,507 4,384 Turnaround expense, including proportional share of equity affiliates 146 130 146 130 552 297 77 59 135 568 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1,2 1,068 1,145 990 139 3,342 160 1,662 1,488 1,642 4,952 Total processed inputs (MB) 143,700 151,296 145,440 147,880 588,316 124,453 152,005 153,379 189,465 619,302 Adjusted total processed inputs (MB)3 165,954 174,107 168,951 171,031 680,043 145,559 174,772 177,393 189,465 687,189 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 19.61 9.92 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 8.67 7.21 Non-GAAP Reconciliations 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. | Totals may not sum due to rounding.
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40 Million of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 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) 822 (274) Plus: Depreciation and amortization 208 204 230 435 1,077 456 443 444 477 1,820 Refining EBITDA1 424 506 122 (340) 712 (481) 802 (74) 1,299 1,546 Special Item Adjustments (pre-tax): Certain tax impacts — — — (9) (9) — — — (11) (11) Impairments2 104 — — — 104 — — 948 — 948 Los Angeles Refinery cessation costs — — 41 3 44 — — — 35 35 Legal accrual — — — 22 22 — 33 — — 33 Legal settlement (7) — — — (7) — — — (181) (181) Pending Claims and Settlements — — — — — — — — (123) (123) Total Special Items (pre-tax) 97 — 41 16 154 — 33 948 (280) 701 Refining EBITDA, Adjusted for Special Items1 521 506 163 (324) 866 (481) 835 874 1,019 2,247 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 1,019 2,338 Turnaround expense, including proportional share of equity affiliates 146 130 146 130 552 297 77 59 135 568 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1 691 661 334 (168) 1,518 (155) 944 963 1,154 2,906 Total processed inputs (MB) 143,700 151,296 145,440 147,880 588,316 124,453 152,005 153,379 189,465 619,302 Adjusted total processed inputs (MB)2 165,954 174,107 168,951 171,031 680,043 145,559 174,772 177,393 189,465 687,189 Refining EBITDA ($/BBL)1,4 2.95 3.34 0.84 (2.30) 1.21 (3.86) 5.28 (0.48) 6.86 2.50 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 6.09 4.23 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. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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41 Millions of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 366 415 (22) 252 1,011 1,282 571 251 2,396 4,500 Plus: Depreciation and amortization 36 32 32 79 179 20 33 23 21 97 Marketing & Specialties EBITDA1 402 447 10 331 1,190 1,302 604 274 2,417 4,597 Special Item Adjustments (pre-tax): Net (gain) loss on asset dispositions2 — — — (67) (67) (1,017) 89 (15) (1,978) (2,921) Legal settlement (59) — — — (59) — — — — — Legal accrual3 — — 605 — 605 — — 241 21 262 Total Special Items (pre-tax) (59) — 605 (67) 479 (1,017) 89 226 (1,957) (2,659) Marketing & Specialties EBITDA, Adjusted for Special Items1 343 447 615 264 1,669 285 693 500 460 1,938 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 10 40 Proportional share of selected equity affiliates depreciation and amortization 19 21 22 28 90 18 15 15 18 66 Marketing & Specialties Adjusted EBITDA1 377 484 656 307 1,824 315 718 525 488 2,046 Total processed inputs (MB) 143,700 151,296 145,440 147,880 588,316 124,453 152,005 153,379 189,465 619,302 Adjusted total processed inputs (MB)4 165,954 174,107 168,951 171,031 680,043 145,559 174,772 177,393 189,465 687,189 Marketing & Specialties EBITDA, ($/BBL)1,5 2.80 2.95 0.07 2.24 2.02 10.46 3.97 1.79 12.76 7.42 Marketing & Specialties Adjusted EBITDA, ($/BBL)1,6 2.27 2.78 3.88 1.79 2.68 2.16 4.11 2.96 2.58 2.98 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Net gain on asset dispositions includes the sale of a 65% interest in our Germany and Austria retail marketing business in the fourth-quarter 2025. In connection with this sale, in the second and third quarters of 2025, we recognized before-tax unrealized (gain) loss from foreign currency derivatives impacting the Marketing & Specialties segment. In the first-quarter of 2025, we sold our 49% non-operated equity interest in Coop Mineraloel AG. Also in the first quarter 2025, was a gain on disposition of DCP Midstream, LP’s 25% interest in Gulf Coast Express Pipeline LLC. | 3. Legal accrual primarily 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. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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42 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. | Totals may not sum due to rounding. 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 ($/BBL)1,2,5 Non-GAAP Reconciliations
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43 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 175 3,145 2,963 1,693 7,976 1,594 1,175 1,712 859 5,340 Plus: Depreciation and amortization 201 215 219 225 860 201 203 207 220 831 Refining EBITDA1 376 3,360 3,182 1,918 8,836 1,795 1,378 1,919 1,079 6,171 Special Item Adjustments (pre-tax): Certain tax impacts — — — — — — — — (17) (17) Net loss on asset disposition — — — — — — 14 — — 14 Hurricane-related costs (recovery) 17 — (24) (14) (21) — — — — — Alliance shutdown-related costs — 20 — — 20 — — 30 — 30 Regulatory compliance costs — 70 — — 70 — — — — — Total Special Items (pre-tax) 17 90 (24) (14) 69 — 14 30 (17) 27 Refining EBITDA, Adjusted for Special Items1 393 3,450 3,158 1,904 8,905 1,795 1,392 1,949 1,062 6,198 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — — 1 1 2 — 1 — — 1 Proportional share of selected equity affiliates net interest 2 3 1 — 6 1 (2) (4) (1) (6) Proportional share of selected equity affiliates depreciation and amortization 23 23 23 24 93 22 25 23 46 116 Refining Adjusted EBITDA1 418 3,476 3,183 1,929 9,006 1,818 1,416 1,968 1,107 6,309 Turnaround expense, including proportional share of equity affiliates 134 272 243 240 889 246 126 135 124 631 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1 552 3,748 3,426 2,169 9,896 2,064 1,542 2,103 1,231 6,940 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 144,135 152,571 155,597 155,655 607,958 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 162,446 172,042 178,226 172,721 685,435 Refining EBITDA ($/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 ($/BBL)1,4 3.24 21.76 19.60 12.44 14.30 12.71 8.96 11.80 7.13 10.12 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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44 Millions of Dollars 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 319 681 684 387 2,071 363 533 605 396 1,897 Plus: Depreciation and amortization 27 29 27 27 110 27 30 30 35 122 Marketing & Specialties EBITDA1 346 710 711 414 2,181 390 563 635 431 2,019 Special Item Adjustments (pre-tax): None — — — — — — — — — — Total Special Items (pre-tax) — — — — — — — — — — Marketing & Specialties EBITDA, Adjusted for Special Items1 346 710 711 414 2,181 390 563 635 431 2,019 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 6 7 6 5 24 5 6 7 6 24 Proportional share of selected equity affiliates net interest 6 4 6 8 24 9 15 10 11 45 Proportional share of selected equity affiliates depreciation and amortization 20 19 18 19 76 21 19 20 21 81 Marketing & Specialties Adjusted EBITDA1 378 740 741 446 2,305 425 603 672 469 2,169 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 144,135 152,571 155,597 155,655 607,958 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 162,446 172,042 178,226 172,721 685,435 Marketing & Specialties EBITDA, ($/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. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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45 Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Consolidated Income before Income Taxes to Adjusted EBITDA1 Attributable to Phillips 66 Net income 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. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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46 Non-GAAP Reconciliations Milliions of Dollars 1Q 2Q 3Q 4Q 2022 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. | Totals may not sum due to rounding.
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47 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 Totals may not sum due to rounding.
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48 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 Non-GAAP Reconciliations 1. Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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49 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) Non-GAAP Reconciliations 1. Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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50 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q YTD 2025 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 124 100 137 123 484 270 53 36 135 494 Other operating expenses 829 784 785 845 3,243 804 795 873 1,094 3,566 Total operating expenses 953 884 922 968 3,727 1,074 848 909 1,229 4,060 Selling, general and administrative expenses 38 51 60 60 209 46 32 40 52 170 Refining Controllable Costs 991 935 982 1,028 3,936 1,120 880 949 1,281 4,230 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 19 516 Total proportional share of equity affiliate operating and SG&A expenses1 181 184 163 166 694 200 185 186 19 590 Special item adjustments (pre-tax): Legal accrual — — — (22) (22) — (33) — — (33) Los Angeles Refinery cessation costs — — (41) (3) (44) — — — (35) (35) Refining Adjusted Controllable Costs 1,172 1,119 1,104 1,169 4,564 1,320 1,032 1,135 1,265 4,752 Total processed inputs (MB) 143,700 151,296 145,440 147,880 588,316 124,453 152,005 153,379 189,465 619,302 Adjusted total processed inputs (MB)2 165,954 174,107 168,951 171,031 680,043 145,559 174,772 177,393 189,465 687,189 Refining turnaround expense ($/BBL)3 0.86 0.66 0.94 0.83 0.82 2.17 0.35 0.23 0.71 0.80 Refining controllable costs, excluding turnaround expense ($/BBL)3 6.03 5.52 5.81 6.12 5.87 6.83 5.44 5.95 6.05 6.03 Refining Controllable Costs per Barrel ($/BBL)3 6.89 6.18 6.75 6.95 6.69 9.00 5.79 6.18 6.76 6.83 Refining adjusted turnaround expense ($/BBL)4 0.88 0.75 0.86 0.76 0.81 2.04 0.44 0.33 0.71 0.83 Refining adjusted controllable costs, excluding adjusted turnaround expense ($/ BBL)4 6.18 5.68 5.67 6.07 5.90 7.03 5.46 6.07 5.96 6.09 Refining Adjusted Controllable Costs ($/BBL)4 7.06 6.43 6.53 6.84 6.71 9.07 5.90 6.40 6.67 6.92 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. Non-GAAP Reconciliations
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51 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 100 221 221 230 772 230 104 119 85 538 Other operating expenses 997 958 984 1,019 3,958 926 829 989 963 3,707 Total operating expenses 1,097 1,179 1,205 1,249 4,730 1,156 933 1,108 1,048 4,245 Selling, general and administrative expenses 30 32 43 46 152 44 37 33 55 169 Refining Controllable Costs 1,127 1,211 1,248 1,295 4,882 1,200 970 1,141 1,103 4,414 Plus: Proportional share of equity affiliate turnaround expenses 34 51 22 10 118 16 22 16 39 93 Proportional share of equity affiliate other operating and SG&A expenses1 172 177 185 189 721 174 160 152 155 641 Total proportional share of equity affiliate operating and SG&A expenses1 206 228 207 199 839 190 182 168 194 734 Special item adjustments (pre-tax): Hurricane-related costs (recovery) (17) — 24 14 21 — — — — — Alliance shutdown-related costs — (20) — — (20) — — — — — Legal accrual — — — — — — — (30) — (30) Refining Adjusted Controllable Costs 1,316 1,419 1,479 1,508 5,722 1,390 1,152 1,279 1,297 5,118 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 144,135 152,571 155,597 155,655 607,958 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 162,446 172,042 178,226 172,721 685,435 — Refining turnaround expense ($/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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52 Millions of Dollars 2025 4Q 2025 Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income 302 Pre-tax adjustments: Certain tax impacts (11) Adjusted Pre-Tax Income 291 Reconciliation of Refining - Gulf Coast Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 252 Pre-tax adjustments: None — Adjusted Pre-Tax Income 252 Refining - Central Corridor Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 671 Pre-tax adjustments: Pending claims and settlements (123) Legal settlement (181) Adjusted Pre-Tax Income 367 Refining - West Coast Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (403) Pre-tax adjustments: Los Angeles Refinery cessation costs 35 Adjusted Pre-Tax Loss (368) Total Refining Adjusted Pre-Tax Income 542 Non-GAAP Reconciliations
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53 Millions of Dollars (Except as Indicated) 4Q 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 822 302 252 671 (403) Plus: Taxes other than income taxes 63 18 23 19 3 Depreciation, amortization and impairments 477 53 66 79 279 Selling, general and administrative expenses 52 10 7 26 9 Operating expenses 1,229 270 268 496 195 Equity in losses of affiliates 3 3 — — — Other segment expense, net 11 1 — 3 6 Proportional share of refining gross margins contributed by equity affiliates 25 25 1 — — Special items: Certain tax impacts (11) (11) — — — Legal settlement (181) — — (181) — Pending claims and settlements (123) — — (123) — Realized Refining Margins 2,367 671 617 990 89 Total processed inputs (MB) 189,465 53,499 49,459 76,703 9,804 Adjusted total processed inputs (MB)1 189,465 53,499 49,459 76,703 9,804 Income (loss) before income taxes ($/BBL)2 4.34 5.65 5.10 8.74 (41.08) Realized refining margins ($/BBL)3 12.48 12.60 12.48 13.06 8.85 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Income (loss) before income taxes divided by total processed inputs. | 3. Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. Non-GAAP Reconciliations
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54 Millions of Dollars (Except as Indicated) 3Q 2025 Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins Worldwide Atlantic Basin/ Europe Gulf Coast Central Corridor West Coast Income (loss) before income taxes (518) 250 119 (580) (307) Plus: Taxes other than income taxes 90 17 26 26 21 Depreciation, amortization and impairments 1,395 56 66 992 281 Selling, general and administrative expenses 40 7 7 18 8 Operating expenses 909 249 256 162 242 Equity in (income) losses of affiliates (31) 2 — (33) — Other segment (income) expense, net 7 (1) — 1 7 Proportional share of refining gross margins contributed by equity affiliates 262 24 — 238 — Realized Refining Margins 2,154 604 474 824 252 Total processed inputs (MB) 153,379 50,624 54,239 28,113 20,403 Adjusted total processed inputs (MB)1 177,393 50,624 54,239 52,127 20,403 Income (loss) before income taxes ($/BBL)2 (3.38) 4.94 2.19 (20.61) (15.06) Realized refining margins ($/BBL)3 12.15 11.94 8.74 15.82 12.31 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Income (loss) before income taxes divided by total processed inputs. | 3. Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. Non-GAAP Reconciliations
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55 Millions of Dollars (Except as Indicated) 2Q 2025 Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins Worldwide Atlantic Basin/ Europe Gulf Coast Central Corridor West Coast Income (loss) before income taxes 359 49 101 392 (183) Plus: Taxes other than income taxes 94 20 24 25 25 Depreciation, amortization and impairments 446 53 67 44 282 Selling, general and administrative expenses 32 8 5 13 6 Operating expenses 848 281 257 146 164 Equity in losses of affiliates 2 2 — — — Other segment (income) expense, net (47) (33) — (28) 14 Proportional share of refining gross margins contributed by equity affiliates 234 22 — 212 — Realized Refining Margins 1,968 402 454 804 308 Total processed inputs (MB) 152,005 49,270 52,111 28,710 21,914 Adjusted total processed inputs (MB)1 174,772 49,270 52,111 51,477 21,914 Income (loss) before income taxes ($/BBL)2 2.36 1.00 1.93 13.67 (8.37) Realized refining margins ($/BBL)3 11.25 8.16 8.71 15.61 14.06 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Income (loss) before income taxes divided by total processed inputs. | 3. Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. Non-GAAP Reconciliations
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56 Millions of Dollars (Except as Indicated) 1Q 2025 Reconciliation of Refining Loss Before Income Taxes to Realized Refining Margins Worldwide Atlantic Basin/ Europe Gulf Coast Central Corridor West Coast Loss before income taxes (937) (199) (333) (50) (355) Plus: Taxes other than income taxes 110 22 35 26 27 Depreciation, amortization and impairments 457 56 72 41 288 Selling, general and administrative expenses 46 6 9 23 8 Operating expenses 1,074 373 381 148 172 Equity in losses of affiliates 105 2 — 103 — Other segment (income) expense, net (5) (6) 1 (12) 12 Proportional share of refining gross margins contributed by equity affiliates 141 21 — 120 — Realized Refining Margins 991 275 165 399 152 Total processed inputs (MB) 124,453 38,716 37,206 27,169 21,362 Adjusted total processed inputs (MB)1 145,559 38,716 37,206 48,275 21,362 Loss before income taxes ($/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