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PHILLIPS 66 Investor Update August 2026 SMOKING
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Cautionary Statement 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 expr essions 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 war and armed hostilities, 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 “sustaining capital,” “growth capital,” “adjusted EBITDA,” “average adjusted EBITDA,” “adjusted ROCE,” “average adjusted ROCE,” “net debt,” “net debt-to-capital ratio,” and “refining adjusted controllable costs”. These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. 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. This presentation also includes the terms “growth capital,” “sustaining capital,” “net debt-to-capital ratio target,” “shareholder distributions” or “return of operating cash to shareholders,” “adjusted EBITDA,” “mid-cycle adjusted EBITDA,” “controllable costs” and “refining adjusted controllable costs,” which, as used in certain places herein, are forward looking non-GAAP financial measures. You can find further discussion of these measures, including the most comparable GAAP financial measures, within or at the end of the presentation materials. Growth capital and sustaining capital are both components of total capital expenditures, which is the most directly comparable GAAP financial measure. Net debt-to-capital ratio represents the ratio between total debt and total equity, exclusive of total cash, that we expect to achieve over time. EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, and depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Mid-cycle adjusted EBITDA is defined as the average adjusted EBITDA targeted over a complete economic cycle. Adjusted EBITDA and mid-cycle adjusted EBITDA estimates or targets that depend on future levels of revenues and/or expenses, including amounts that will be attributable to noncontrolling interests or related to joint ventures, which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation of projected adjusted EBITDA, mid-cycle adjusted EBITDA or run-rate adjusted EBITDA to consolidated net income or segment income before income taxes without unreasonable effort. The 2022 mid-cycle adjusted EBITDA target has not been adjusted to reflect the impact of the recast discussed below in “Basis of Presentation.” References in the presentation to earnings refer to net income attributable to Phillips 66. References in the presentation to shareholder distributions or return of operating cash to shareholders refer to the sum of dividends paid to Phillips 66 stockholders, the amount paid to repurchase shares of Phillips 66 common stock on the open market and the fair value of shares of Phillips 66 common stock acquired in an exchange transaction. References to free cash flow refers to net cash provided by operating activities less capital expenditures. 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 16% 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. 2
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3 Diversification, Execution and Discipline Drive Attractive Returns As of June 30, 2026. | 1. NGL Transport volumes are the same as ‘NGL Pipeline Throughput – Y - grade to Market” volumes disclosed in our Earnings Release | 2. From FY 2012 to June 30, 2026. 2012 dividend shown as 4Q 2012 dividend of $0.25 per share annualized | 3. From FY 2012 to June 30, 2026. Defined as Shareholder distributions through dividends paid on common stock and repurchases of common stock | 4. Average Adjusted ROCE FY 2012 – 2Q 2026 annualized | See Appendix for reconciliation to nearest GAAP measures. Execution Oriented Organic Investment Focus on Core Markets Positioned in Highly Attractive Markets Strategy Drives Opportunity Stable and Through - cycle Shareholder Returns 14 % Annual Dividend CAGR 2 $47 B Returned to Shareholders 3 12 % Average Adjusted ROCE 4 ~1 MMBD of NGL Transport 1 ~1 MMBD of NGL Frac Capacity ~2 MMBD of Refining Crude Capacity
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8.1% 6.6% 2.5% Phillips 66 XLE S&P 500 4 Top - Tier Cash Returns Profile Note: Totals may not appear to sum due to rounding 1. From 2012 to June 30, 2026 | 2. Shareholder distributions represent dividends paid on common stock and repurchases of common stock. As of 2Q 2026, Cumulative Dividends Distributed = $20.7 B, Cumulative Share Repurchases = $26.6 B; Cumulative Shareholder Distributions = $47.3 B | 3. 2012 dividend shown as 4Q 2012 dividend of $0.25 per share annualized. | 4 . Average Adjusted ROCE FY 2012 – 2Q 2026 annualized | 5. Source: Factset . Distribution yield defined as 2027 consensus Dividends and Share Repurchases divided by Market Capitalization. XLE is an Exchange Traded Fund that corresponds to the price and yield performance of the Energy sector of the S&P 500 Index. | 6. Source: Factset . Consensus Estimates Free Cash Flow, defined as Consensus CFO less Consensus Capex. As of August 5, 2026. | 7. Rated by S&P and/or Moodys as of August 5, 2026. | 8. Compares PSX TSR p erf ormance against the S&P 500 Index through August 5, 2026. | See Appendix for reconciliation to nearest GAAP measures. $1.00 3 $5.08 Cumulative Shareholder Distributions 2 ($B) Annual Dividend Growth ($ per share) Since 2012 2027E Shareholder Distribution Yield 5 2.7% Dividends 5.5% Repurchases 2027E Free Cash Flow Yield 5,6 1 4 7 10 12 15 21 24 26 28 31 37 43 46 47 Dividends Share Repurchases $27 B Cumulative Share Repurchases 1,2 $21 B Cumulative Dividends Distributed 1,2 14% Dividend CAGR 1,3 Leading position in the S&P 500 Outperformed S&P 500 Across 1, 3, and 5 yr periods 8 Large Cap or Greater, Investment Grade Rating 7 10 years consecutive dividend growth > 8% Distribution Yield (‘27E) 5 PSX 402 73 28 1 12% Average Adjusted ROCE 4 10.5% 8.0% 3.3% Phillips 66 XLE S&P 500
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Portfolio Reduces Volatility; Improving Durability of Cash Flow 1. E&P: Exploration and Production. Select large - cap companies include: COP, CVX, DOW, EOG, EPD, LYB, MPC, VLO, WMB, XOM. | 2. Source: Factset . Capital Intensity defined as 2026 - 2027E average Total Capex divided by Total Adjusted EBITDA over the same period | 3. Source: Factset . Quarterly earnings volatility, defined as standard deviation over period divided by average over period. Both periods end i n Q 1 2026. | 4. Peers include CVI, DK, DINO, MPC, PBF, VLO, EPD, OKE, TRGP, DOW, LYB. 5 Positioned across the energy value chain 1 Company Midstream Downstream Chemicals Upstream E&P Capital Intensity 2 A ✓ 0.86 B ✓ ✓ 0.32 C ✓ 0.11 D ✓ ✓ 0.19 E ✓ 0.43 F ✓ 0.26 G ✓ 0.41 H ✓ 0.42 I ✓ ✓ ✓ ✓ 0.29 J ✓ ✓ ✓ ✓ 0.30 ✓ ✓ ✓ 0.16 Phillips 66’s integrated business has no exposure to capital intensive E&P Adjusted EBITDA Volatility 3 Free Cash Flow Volatility 3 Decreasing Volatility Bar indicates range Peer Group Average Phillips 66 4 41% 62% 55% 76% Since 2022 Since 2019 114% 131% 347% 576% Since 2022 Since 2019
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0 100 200 2026 2027 2028 2029 2030 Forecasted Increase of Middle Class Households vs. 2025 (Millions) 1 Middle Income Upper Income 6 Global Economic Growth Will Drive Increased Demand Sources: Oxford Economics, Phillips 66 Office of the Chief Economist. 1. Lower Income: <$10,000, Middle Income: $10,000 - $70,000, Upper Income: >$70,000. | 2. The “Developed Nations 1 Billion” is t he US, European Union, Canada, Australia, New Zealand, Japan, and S. Korea. | 3. The “Developing Nations 7 Billion” includes India, China, Indonesia, Pakistan, Nigeria, plus 155 more countries | 4. Liquids defined as crude oil, natural gas liquids ( NGL s), and naphtha. … and Middle - Income Households in Those Economies are Expected to Grow… Global Population Growth Predominantly from Developing Economies... 0 100 200 300 400 2026 2027 2028 2029 2030 Developing Nations Population Growth vs. 2025 (Million People) Total OECD Population Growth NonOECD Population, Age 15-64 NonOECD Population, Age 65+ 21.6 9.6 12.1 4.6 1.5 3.4 21.5 9.4 12.5 4.9 1.7 3.4 United States Developed Europe Developed Asia Pacific China India ROW Liquids 4 Consumption, Barrels Per Person Per Year 2025 2030 7 billion people 3 Developing (Non - OECD) Nations 1 billion people 2 Developed (OECD) Nations … Resulting in Growing Global Consumption
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7 US and Canada are Reliable Suppliers of Liquid Hydrocarbons Sources: EIA, Canada Energy Regulator, Phillips 66 Office of the Chief Economist. ROW: Rest of the World Crude Oil Production (in MMBD) Permian and Canadian crude supply is ample and growing 2% CAGR 1% CAGR NGL Production (in MMBD) NGL production expected to continue to grow 0.9 6.6 7.1 Permian 2.9 5.6 6.0 Canada (1)% CAGR 66.2 60.5 55.1 ROW 1% CAGR 1% CAGR 2.5 8.6 7.9 10.9 9.7 12.6 US ROW 2010 2025 2035
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0.2 0.8 1.5 2.1 2027 2028 2029 2030 Global Change from 2025 (MMBD) NGLs Naphtha 0.1 1.3 1.9 2.3 2027 2028 2029 2030 Global Change from 2025 (MMBD) Gasoline Diesel Jet 8 Phillips 66 Connects Local Supply With Global Demand Source: Dow Jones CMA, S&P Global, Oxford Economics, Other Consultants, Phillips 66 Office of the Chief Economist. 1. Includes demand for Ethanol, Renewable Diesel, Biodiesel and SAF Core Markets Refining, Marketing & Specialties and Renewable Fuels 1 Global Demand Growth Benefits All Segments Growth Markets Midstream and Chemicals
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1. Bloomberg Consensus as of August 3, 2026. Percentage of Adjusted EBITDA for each segment excludes $ (455) MM of Corporate & O th er EBITDA. Total Adjusted EBITDA of $13.4 B includes Corporate & Other EBITDA 9 Liquids Infrastructure Footprint is Without Equal Central Corridor and Gulf Coast connectivity enables optionality, flexibility, and resiliency Sources of Adj. EBITDA 1 ~$13.4 B Avg. Adj. EBITDA 1 (Consensus 2027) 2027E Adjusted EBITDA % by Segment 1 Midstream 30% Marketing & Specialties 13% Refining 41% Renewable Fuels 4% Chemicals 11%
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Integrated Value Chain Maximizes Margin Capture As of June 30, 2026 unless noted otherwise 1. Achieved in 4Q 2025. | 2. Achieved in 2Q 2026 10 Integrated Assets Crude Oil Mixed NGLs and Gas • 3 MMBD crude traded and sourced • 2 MMBD for refining system • 4.4 BCFD gas gathered and processed • 1 MMBD NGLs transported and traded 1 • 80 MBD feedstocks sourced or traded • 50 MBD feedstocks processing capacity Advantaged Supply Refining Commercial Midstream Chemicals Marketing & Specialties Renewable Fuels Renewable Feedstocks Clean Products Purity NGLs Natural Gas • 1 MMBD gasoline; 0.9 MMBD distillate • 2 MMBD clean products traded • 7,620 branded U.S. outlets • 10 MBD neat SAF capability • 2.5 BCFD marketed • 1 MMBD fractionated 2 • 330 MBD LPGs exported 2 Premium Markets Specialties and Other • 6 MM MT fuel - grade and specialty cokes • 22 MBD base oil capacity • One of the leading U.S. lubricants manufacturers • 5 MM MT U.S. ethylene capacity via CPChem Refining Renewable Fuels NGL Fractionation Gas Processing Chemicals Logistics
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Global Breadth Creates Opportunities As of July 31, 2026. 1. 40 vessels currently being utilized with another 17 vessels on order for forward delivery 11 57 1 Vessels on Time Charter 80+ Countries within Commercial network 3,800+ Marine Voyages Annually 3 MM+ BPD crude 1 MM+ BPD NGL 2.5 B+ CFPD of natural gas 2 MM+ BPD clean products 80 M+ BPD Renewable feedstocks • Supplying West Coast Marketing from U.S. Gulf Coast, leveraging Jones Act waivers • Optimizing Bayway crude by substituting North African grades with domestic • Increased LPG exports into growing demand regions Capturing Value Volumes Traded
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Middle East NA Ethane NA Propane NA Butane NA Naphtha SE Asia Naphtha NE Asia Naphtha W. Europe Naphtha W. Europe Naphtha SE Asia Naphtha NE Asia Naphtha 0 10 20 30 40 50 60 70 80 90 0 50 100 150 200 250 Cents per pound Cumulative Production (Million Metric Tons) Ethylene Production Cost Curve 2 $75/bbl Brent $110/bbl Brent 0 20 40 60 80 Permian SCOOP STACK Mid Con Eagle Ford DJ Powder River Basin Break Even Trends ($/bbl) 2023-2025 Avg. WTI 2025 Avg. Low - cost feedstock advantage provides resilience at bottom of the cycle Low break - evens and rising gas - oil ratios are constructive to NGL volumes Canadian crude oil growth is reliable, consistent, and economically advantaged 12 Assets Positioned to Access Lowest - Cost Supply Sources: BTU Analytics, Phillips 66 Economist Office 1. Green box indicates Oil and Gas Basins where Phillips 66 maintains midstream operations. | 2. Assumes a $75/bbl Brent Crud e a nd $3/MMBTU Henry hub gas price. Sources: CMA and CPChem analysis. Chemicals Midstream Refining See Note 1 0% 10% 20% 30% 40% 2021 2024 2027 2030 Change in Crude Oil Production (Index to 2020) Canada Mexico + Venezuela
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13 Assets Deliver Attractive Organic Growth Opportunities 1. Previously referred to as Coastal Bend BTT2 frac | 2. Gross capacity addition. Midstream Gas Plant Expansions • Iron Mesa: 300 MMCFD Permian Gas Plant • Zeus: 300 MMCFD Permian Gas Plant Coastal Bend Expansions • Y - grade capacity: +125 MBD • CB3 Frac: 100 MBD 1 Western Gateway • Clean Products Capacity: 230 MBD Chemicals Golden Triangle Polymers Facility • 2,000 kTA HDPE 2 Ras Laffan Petrochemicals Complex • 2,000 kTA HDPE 2 Organic capital expenditure is focused on increasing returns on capital, improving flexibility and reliability Refining Humber Gasoline Quality Improvement • Enables production of higher - quality gasoline for domestic and export markets • Lindsey asset acquisition increases UK product placement optionality Expanding Global Commercial Footprint Ratable Midstream Investment Small Organic Projects (Under Evaluation) Large Organic Projects (Sanctioned) Midstream >10 projects focused on debottlenecking and integrating existing infrastructure Refining >100 Projects focused on reliability, margin and cost Future Strategic Opportunities
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Western Gateway: Integration Enhances America’s Energy Security • Joint Venture with Phillips 66, Kinder Morgan and HF Sinclair • ~ 1,300 mile refined products system • Estimated in - service: 2029 • ~230 MBD initial capacity; expandable to ~320 MBD • Connects cost - advantaged supply to growing western markets • Broadens Phillips 66’s integrated value chain advantage Cost advantaged Mid - Continent and Gulf Coast supply Feeds growing demand centers Las Vegas Los Angeles Phoenix Tucson Gulf Coast Refining Complex Gold Line Ponca City Wood River Borger Sweeny Enables reliable West Coast supply Western Gateway 14 Western Gateway New Pipeline (Pending Construction) Western Gateway – Existing KMI Pipeline to be Contributed Phillips 66 Pipeline/Terminal Phillips 66 Refinery KMI Pipeline/Terminal HF Sinclair Refinery Product demand centers
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Western Gateway: Satiating Demand and Supporting Growth 1. SFPP West Line pipeline currently flows from Colton, CA to Phoenix, AZ. SFPP East Line pipeline system consists of two pipeli nes from El Paso, TX to Tucson, AZ and Phoenix, AZ. | 2. Total Cash Contributions: ~$3.50 B, PSX share: ~$2.50 B, HF Sinclair share: ~$0.75 B, Kinder Morgan share: $ 0. 25 B Project Details Asset Scope • Borger to El Paso: 20” new pipeline • El Paso to Phoenix: 24” new pipeline • Reverse Gold Line and Standish • Reverse SFPP West 1 • Supply connections Capital and Contributions • Enterprise Value: ~$5.0 B • Cash Contributions 2 : ~$3.5 B • Asset Contributions: ~$1.5 B Customer Commitments HF Sinclair Phillips 66 Western Gateway JV Western Gateway Pipeline SFPP East 1 SFPP West 1 Kinder Morgan 49.9% Contributed assets JV Structure Partnership of premier operators with proven project execution experience 215 MBD Committed Shipper Volumes ~10 yr Average Shipper Term Operator Operator, Project Manager 15.0% 35.1% 15
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16 Midstream: Built for Future Growth, Optionality and Reliability Organic growth Coastal Bend pipeline and frac expansion Iron Mesa and Zeus Gas Plants Incremental G&P volumes High - return, low - capital projects Leveraging attractive footprint… Enhancing base business Increasing asset utilization Synergy capture Cost optimization Accessing new markets … and global commercial reach Sweeny Corpus Christi NGLs and crude oil gathering across multiple high - quality, low - breakeven basins Transportation assets connected to stable demand centers Full NGL value chain control Export Optionality Mt Belvieu Lake Charles Ponca Borger Wood River Billings
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49% 37% 29% 51% 63% 71% Max Light Mode Historical Average Max Medium/Heavy Mode Medium and Heavy Crude Light Crude 17 Refining: Advantaged Feedstock Position and Flexible Crude Slate 1. Source: Phillips 66 Economist Office, Change from 2024 to 2035. | 2. From 2025 Oil and Gas Journal Database. Assumes 100% ownership of Wood River and Borger Refineries and excludes Los Angele s R efinery. Bottoms Upgrading Capacity defined as Fluid Coking, Delayed Coking and Visbreaking capacity. Refining peers include CVX, HF, MPC, PBF, VLO, XOM. | 3. Crude API gravity definitions: Light > 38; 28 =< Medium =< 38 ; Heavy < 28 Permian Bakken DJ Oil Sands Phillips 66 Refinery Low High Forecasted Change in Product Demand 1 US assets located in the strongest product markets, have low - cost supply, and export optionality 349 308 307 302 173 103 50 PSX Peer A Peer B Peer C Peer D Peer E Peer F Peer - leading position 2 to run Medium and Heavy grades… … while retaining crude flexibility Bottoms Upgrading Capacity (MBD) Crude Slate (% of Total Crude Capacity) 3
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6.94 5.57 5.22 5.72 4.73 4.70 $4.00 $5.00 $6.00 $7.00 $8.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Adjusted cost per BBL vs Peers PSX Peer A Peer B 2022 2023 2024 2025 2026 18 Refining: Delivering Continuous Improvement 1. For PSX, this is Refining Adjusted Controllable Costs excluding adjusted turnaround expense | 2. Peers include MPC and VL O. Sources: Bloomberg and Company Filings. | See Appendix for reconciliation of Non - GAAP measure to the nearest GAAP measure. Improving Cost Structure Versus Peers 2 Setting Stage for Future Success • Peer - leading utilization and clean product yield • Low - capital, high - return projects • Focused on reliability and margin improvement • Targeting Adjusted Controllable Cost of ~$5.50/bbl 1 Annual Crude Utilization Leading Industry Average for 3 Consecutive Years 2 Closed th e Gap on Clean Product Yield 2 2022 2023 2024 2025 2026 89% 96% 75% 85% 95% 105% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 84.3% 85.4% 86.5% 87.1% 86.5% 2022 2023 2024 2025 2026 YTD PSX Peer A Peer B
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~ 12 ~ 22 2000 2000-2014 2017-2018 2023 2027E 2027E Adding Significant, Cost Advantaged Production Value Capacity Capacity Additions 19 Chemicals: Asset Location is a Competitive Advantage USGC = United States Gulf Coast Petrochemical I & II; GTP = Golden Triangle Polymers Project; RLP = Ras Laffan Petrochemicals Pr oject 1. 50% of discretionary distributions of ~ $8.5 B attributable to Phillips 66. Excludes tax distributions. 2026 is an estimat e. | 2. 2000 - 2014 Capacity additions include Saudi Chevron Phillips, Q - Chem I JV, Q - Chem II JV, Saudi Polymers Company and 1 - Hexene at CP Chem. $0 $5 $10 $15 $20 Billions of U.S. Dollars Cumulative Distributions to Partners 1 $0 Cash Calls from Partners Self Funding GTP & RLP Growth Projects +3.2 MMTA Self - funded Organic Growth GTP, RLP 1 - Hexene C3 Splitter USGC I 2 Chain margin recovery provides upside to cash distributions Cash generation in bottom - cycle environment supported by low - cost advantage Organic growth via Golden Triangle Polymers and Ras Laffan Petrochemicals projects Assets located in the strongest markets; have low - cost supply and product placement optionality $18 B Cumulative Partner Distributions +7.1 MMTA
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20 Marketing & Specialties and Renewable Fuels 1. Approximate site counts as of December 31, 2025. Excludes brand license agreement sites in Mexico, Guam and Puerto Rico. B ran ded international sites includes 840 JET sites in Germany and Austria (35% ownership). | 2. On December 1, 2025, Phillips 66 completed the divestment of a 65 percent interest in its Germany and Austria retail marketing business, including JET - branded si tes and will retain a non - operated 35 percent interest in the business through a newly formed joint venture. ~1,160 branded international outlets 1 ~7,620 branded U.S. outlets 1 Secures product placement in high - value markets Provides stable annual through - cycle returns and cash flow Strong fuels brand presence enhances margins (Phillips 66®, Conoco®, 76® and JET® brands) JET Germany and Austria transaction closed in Q4 2025 2 Marketing & Specialties Building a leading sustainable aviation fuel and renewable diesel business Renewable Fuels
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Source: Public disclosures, Bloomberg; market data as of August 3, 2026. | 1. Shareholder distributions through dividends pai d o n common stock plus repurchases of common stock. Net cash flow from operations reflects cash provided by operating activities, excluding working capital. | 2. $1/BBL increase in PSX Refining Market Indicators ~ $700 MM EBITDA uplift, includes 100% of WRB | 3. 1c per pound ( lb ) IHS margin increase results in $65 MM EBITDA uplift . Disciplined Capital Allocation; Refining, Chemicals and Renewable Fuels Offer Upside • Deliver a secure , competitive and growing annual dividend • >50% of net operating cash flow returned to shareholders ¹ • Earnings from Midstream covers Dividend and Sustaining Capital • Reduce debt to $17 B, <30% net debt - to - capital ratio by 2027 • Prioritize strong investment grade credit rating (Baa1 / BBB+) Share Repurchases Debt Reduction Competitive Dividend Illustrative Allocation of Cash Flow from Operations ($B) 2027 Consensus CFO $11 B + 21 Refining Upside 2 Chemicals Upside 3 $15/bbl $16/bbl 30 cpp $2 $2 $2 $2 ~$1.5 Capital Allocation Targets ~$1.5 ~$1.5 ~$1.5 ~$1.0 ~$1.0 ~$1.0 ~$1.0 Growth Capital Sustaining Capital
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Capital Expenditures Share Repurchases Dividends 21 (3) (1) 17 2Q26 Actual Excess Cash - on - hand Additional CFO 2026 YE Estimate Total Debt Estimate 1 ($B) 22 Shareholder Returns: Focused, Disciplined and Balanced 1. Based on Bloomberg Consensus Estimates as of 07/24/2026 for CFO, excluding working capital of $11.8 B in 2026 | 2. Return of 50% of CFO, excluding working capital through dividends and repurchases of common stock. | See Appendix for reconciliation of Non - GAAP measures to the nearest GAAP measure. Net Debt $16.5 B Net Debt < $16.0 B Illustrative Uses of Cash Flow from Operations (CFO) Net Debt reduction On pace to meet $17 B Total Debt target ahead of schedule… …while returning 50% of CFO to shareholders through dividends and share repurchases 1,2 2Q 2026 Actual Excess Cash on Hand Anticipated Paydown from CFO 2026 YE Estimate Dividends Share Repurchases Capital Expenditures Discretionary 2026E 2027E
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World - Class Operations 1 Differentiated Portfolio in Highly Attractive Markets Focused Strategy Driving Clear Operational and Commercial Benefits Consistent and Compelling Value for Shareholders ~ $5.50 Refining annual adjusted controllable costs per barrel 2 > $500 MM reduction in operating, SG&A & freight costs 3 ~ $2.5 B per year in total organic capital spend > $1.0 B total mid - cycle adjusted EBITDA growth in Midstream and Chemicals 4 > 50% net cash flow from operations returned to shareholders 5 < 30% net debt - to - capital ratio $17 B target total debt Secure, competitive & growing dividend 2027 Strategic Priorities Disciplined Growth Shareholder Returns Financial Strength Investment Rationale 24 1. World - Class Operations with Commitment to Continuous Improvement through > 86% annual Refining clean product yield, > 2% hig her 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 Henry Hub 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. Targeted Performance
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25 Estimated Sensitivities 1. Sensitivities shown above are independent and only valid within a limited range. | 2. Midstream includes 13% economic inte res t attributable to noncontrolling interest in DCP Midstream, LP. | 3. Sensitivities relative to 3 - 2 - 1 market crack. Annual EBITDA $MM 1 Midstream 2 10¢/Gal Increase in NGL price 105 10¢/MMBTU Increase in Natural Gas price 7 $1/BBL Increase in WTI price 6 Chemicals - CPChem (net to Phillips 66) 1¢/ Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 65 Worldwide Refining 3 $1/BBL Increase in Gasoline Margin 340 $1/BBL Increase in Distillate Margin 290 Impacts due to Actual Crude Feedstock Differing from Feedstock Assumed in Market Indicators: $1/BBL Widening WTI / WCS Differential (WTI less WCS) 140 $1/BBL Widening WTI / Maya Differential (WTI less Maya) 50 10¢/MMBTU Increase in Natural Gas price (20 )
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Chart compares Midstream adjusted EBITDA vs total company's Dividends Paid on Common Stock and Sustaining Capital Expenditure s. | 1. Bloomberg estimates as of August 3, 2026. | See Appendix for reconciliation of Non - GAAP measures to the nearest GAAP measure. 26 Midstream Covers Dividend and Sustaining Capital 2022 2023 2024 2025 2026E 1 2027E 1 Refining, Marketing & Specialties and Chemicals provide capital allocation optionality 2.7 3.3 3.7 3.8 3.9 4.3 2.7 2.7 2.7 2.9 3.1 3.1 Midstream Adjusted EBITDA ($B) Dividends ($B) Total Sustaining Capital ($B) Actual chart is behind the chart picture
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27 Competitive Refining and M&S Adjusted EBITDA per BBL 1,2 1. A combined Refining and Marketing & Specialties presentation of Adjusted EBITDA excluding turnaround expense is for peer c omp arison only and is not reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refini ng and Marketing & Specialties are reviewed as two separate operating segments. | 2. Excludes adjusted turnaround expense. | 3. Average of refining peers VLO and MPC. | See Appendix for reconciliation of No n - G AAP measures to the nearest GAAP measure. 3 Actual chart is behind the chart picture $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 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 2026 Refining M&S Peer Average
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28 $/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 2023 2024 2025 2026 1Q $12.71 4.16 $(1.06) 3.32 2Q $8.96 $3.80 $5.40 18.36 3Q $11.80 $1.98 $5.43 4Q $7.13 ($0.98) $6.09 Annual $10.12 $2.23 $4.23 10.96 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is n ot reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Specialties are reviewed as two separate operating segments. | See Appendix for reconciliation of Non - GAAP measures to the neare st GAAP measure. | Segments may not sum due to rounding. Adjusted Marketing & Specialties EBITDA ($/BBL) 2023 2024 2025 2026 1Q $2.62 $2.27 $2.16 (0.48) 2Q $3.50 $2.78 $4.11 3.10 3Q $3.77 $3.88 $2.96 4Q $2.72 $1.79 $2.58 Annual $3.16 $2.68 $2.98 1.34 Adjusted Refining + Marketing & Specialties EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 1 2023 2024 2025 2026 1Q $15.32 $6.44 $1.10 2.85 2Q $12.47 $6.58 $9.51 21.46 3Q $15.57 $5.86 $8.39 4Q $9.84 $0.81 $8.67 Annual $13.29 $4.91 $7.21 12.31
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29 $/BBL Metrics Refining Adjusted Controllable Costs ($/BBL) 1 2023 2024 2025 2026 1Q $7.04 $6.18 $7.03 6.21 2Q $5.96 $5.68 $5.46 5.57 3Q $6.42 $5.67 $6.07 4Q $6.79 $6.07 $5.96 Annual $6.55 $5.90 $6.09 5.88 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non - GAAP measures to the nearest GAAP measure.
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Source: Company filings | 1. Announced date. | 2. Pinnacle Midstream was renamed to Dos Picos and EPIC NGL was renamed to Co ast al Bend. 30 Portfolio Evolution Increases Focus Alliance Refinery Sale Converted San Francisco Refinery to Rodeo Renewables Energy Complex Ceased Operations at Los Angeles Refinery Refining Rationalization July 2022 2023 2024 2025 Since 2022: Strategic Actions Yield Positive Results ✓ >$5 B in non - core asset divestitures ✓ Sold, repurposed or idled 3 non - core refineries ✓ Purchased remaining 50% of Wood River and Borger at an attractive price ✓ Expanding NGL value chain with Dos Picos 2 and Coastal Bend 2 acquisitions & organic growth Significant Changes Made in 3+ Years Aug. 2022 Strategic Acquisitions 1 May 2024 Jan. 2025 NGL 2 Attractive Divestitures 1 Alliance Refinery (Belle Chasse) $0.1 B Dec. 2022 Other Midstream Assets ~$0.4 B 2023 – 2024 Rockies Express Pipeline $0.7 B Jun. 2024 $1.2 B Oct. 2024 Gulf Coast Express Pipeline $0.9 B Dec. 2024 65% Interest in Germany & Austria Retail $1.6 B May 2025 South Texas Gateway Terminal $0.3 B Jun. 2023 3 Sep . 2025 Wood River / Borger 2 2026 Coop Mineraloel JV stake 3 Jan . 2026 Lindsey Oil Refinery Assets
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0.12 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2Q 2026 Source: 2024 U.S. Bureau of Labor Statistics; 2025 Phillips 66 Data | 1. Incidents per 200,000 hours worked. Phillips 66 data as of June 30, 2026 31 Operational Excellence Begins with Our Commitment to Safety 31 0.12 Agriculture Crop Production Food Manufacturing All Manufacturing Construction Chemical Manufacturing Natural Gas Extraction Professional & Business Services Petroleum Refining Leader in Safety Across Industries U.S. 2024 Industry Average = 2.6 Recordable Injury Rate 1 Leader in Safety Recordable Injury Rate 1 Six refineries earned 2025 AFPM Safety Awards Midstream earned 2025 API Distinguished Pipeline Safety Award
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32 A.I. Enables Reliability, Productivity, and Margin Improvements Operations Enterprise Commercial & Marketing Selected Use Cases Margin optimization • Identify real - time margin opportunities • Optimize blending decisions to improve product mix • Identify lost - profit opportunities through knowledge assistant Operational availability • Enable predictive, condition - based maintenance to improve reliability and reduce downtime • Improve troubleshooting through AI - assisted issue identification Safe operations • Enhance work planning through improved access to historical field incidents • Detect methane leaks earlier and accelerate response actions • Synthesize internal and external data to identify arbitrage opportunities in real time • Deliver near real - time visual insights for new gas station proposals to accelerate speed - to - deal • Improve customer service through an AI - enabled assistant • Increase productivity through workflow automation agents that reduce manual work • Improve access to enterprise knowledge and intelligence through an enterprise - wide AI platform
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33 Non - GAAP Reconciliations 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is n ot 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. Adjusted total processed inputs include our proportional sh are of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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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. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. D eno minator is adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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35 Non - GAAP Reconciliations 1. Net gain on dispositions in the second quarter of 2026 relates to the post - closing adjustments from the December 2025 sale of 65% of our interest in our Germany and Austria retail marketing business. 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 Marketin g & Specialties segment. In the first - quarter of 2025, we sold our 49% non - operated equity interest in Coop Mineraloel AG. | 2. Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc. | 3. Adjusted total processed inputs inclu de our proportional share of processed inputs of an equity affiliate. | 4. Denominator is total processed inputs. | 5. Denominat or is adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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36 Non - GAAP Reconciliations 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is n ot 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. Adjusted total processed inputs include our proportional sha re of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominator is adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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37 Non - GAAP Reconciliations 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Denominato r i s total processed inputs. | 3. Denominator is adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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38 Non - GAAP Reconciliations 1. Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc. | 2. Adjusted total processed inputs includ e o ur proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominato r i s adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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39 Non - GAAP Reconciliations 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a com ponent 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. D eno minator is adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2.
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40 Non - GAAP Reconciliations 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a com ponent 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 process ed inputs. | 4. Denominator is adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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41 Non - GAAP Reconciliations Refer to changes in Basis of Presentation discussion on pg 2 | Total may not sum due to rounding.
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42 Non - GAAP Reconciliations 1. Capital employed is total equity plus total debt
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43 Non - GAAP Reconciliations Millions of Dollars Except as Indicated 2Q 2026 Total Debt 20,565 Total Equity 32,703 Debt - to - Capital Ratio 39 % Total Debt 20,565 Less: Cash and Cash Equivalents 4,099 Net Debt 16,466 Net Debt - to - Capital Ratio 33 %