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PHILLIPS 66 PHILLIPS 66 SECOND - QUARTER EARNINGS RELEASE August 5 , 2026
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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 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, “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted pre-tax costs,” “adjusted earnings (loss) per share,” “realized refining margin,” "net debt," “net debt-to-capital ratio," "adjusted EBITDA," "adjusted controllable cost," and “operating cash flow or CFO, excluding working capital (net CFO)." These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. You can find reconciliations to, or further discussion of, the most comparable GAAP financial measures within or at the end of the presentation materials. References in the presentation to earnings refer to net income attributable to Phillips 66. References in the presentation to shareholder distributions and returns to shareholders refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. References to “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 Focused on Best-in-Class Operations 1. Rodeo Utilization calculated as Renewable Fuels produced divided by 50 MBD capacity at Rodeo Renewables Energy Complex | 2. 2026 YTD is through June 30, 2026. | 3. During the quarter, we received the American Petroleum Institute Distinguished Pipeline Safety Award for 2025 Midstream performance. Additionally, six refineries received awards from the American Fuel & Petrochemical Manufacturers association for 2025 performance.
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4 Integrated Footprint Drives Reliable Product Delivery Map update pending (to add G&P gathering lines)
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5 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.
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6 Earnings Adjusted Earnings Adjusted Earnings per Share1 Net Debt-to- Capital $3.8 B $3.8 B $9.41 33% $MM (Unless Otherwise Noted) 2Q 2026 Overview 1. 2Q 2026 is based on adjusted weighted-average diluted shares of 403 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. Operating Cash Flow Operating Cash Flow, excl. Working Capital Capital Expenditures and Investments Shareholder Distributions2 $7.3 B $4.3 B $726 $887
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7 200 194 319 2,878 655 585 44 (1,067) (20) 3,788 785 404 3,086 514 544 (407) (1,106) (32) 2Q 2026 Adjusted Pre-Tax Earnings (Loss) Corporate & Other Noncontrolling Interests 2Q 2026 Adjusted Earnings Income Taxes 1Q 2026 Adjusted Earnings Midstream Chemicals Refining Marketing & Specialties 2Q 2026 Adjusted Earnings (Loss) 2Q 2026 vs 1Q 2026 ($MM) Renewable Fuels See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure.
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8 5.2 4.3 2.9 (6.7) (0.7) (0.9) 4.1 Mar. 31, 2026 Cash Balance CFO (Excl.Working Capital) Working Capital Debt Capex & Investments Shareholder Distributions Jun. 30, 2026 Cash Balance $B 2Q 2026 Cash Flow 1 1 1. Represents Cash and Cash Equivalents
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9 3Q 2026 Global Olefins & Polyolefins utilization Low 90% Refining crude utilization Mid 90% Refining turnaround expense $100 MM - $120 MM Corporate & Other costs1 $325 MM - $350 MM Outlook 1. Excludes impacts from our investment in NOVONIX. Effective in the first-quarter of 2026, costs associated with decommissioning and redevelopment of our idled Los Angeles Refinery site are included in Corporate and Other.
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10 2Q 2026 Earnings Overview "Second quarter results reflect the strength of our operations and value of our integrated portfolio," said Mark Lashier, chairman and CEO of Phillips 66. “We remain committed to our strategic priorities and continuous improvement. Our focus on operating excellence, coupled with our commercial footprint, enables us to reliably supply energy products across the United States and to global consumers. "Our capital allocation framework is an integral component of the investment opportunity of Phillips 66. We remain committed to creating value for our stakeholders through disciplined capital investment, dividends, share repurchases and debt reduction.” - Mark Lashier, Chairman and CEO Earnings Adjusted Earnings Adjusted Earnings per Share1 $3.8 B $3.8 B $9.41 Debt Reduction Shareholder Distributions2 Net Debt-to- Capital $6.6 B $887 MM 33% 2Q Highlights • Earned industry recognition for 2025 exemplary safety performance in Midstream, Refining and Chemicals • Decreased total debt by $6.6 billion to $20.6 billion; net debt reduced to $16.5 billion • Achieved record NGL fractionation volumes and LPG export volumes • Delivered strong Refining utilization of 96% and clean product yield of 86% 1. 2Q 2026 is based on adjusted weighted-average diluted shares of 403 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.
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12 12 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 $3/MMBtu natural gas price. | 3. Relative to 2024 baseline. | 4. EBITDA growth relative to a 2025 mid-cycle baseline. | 5. Net cash flow from operations reflects cash provided by operating activities, excluding working capital.
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13 Refining: Delivering Continuous Improvement 1. 2026 utilization reflects total Refining capacity increase of 45 MBD effective January 1, 2026. | 2. Excludes adjusted turnaround expense. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. Driving performance through a culture focused on operational excellence
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14 Adjusted Refining and M&S EBITDA ($/BBL)1,2 6.44 6.58 5.86 0.81 4.91 1.10 9.51 8.39 8.67 7.21 2.85 21.46 12.31 Adjusted Refining EBITDAAdjusted Marketing & Specialties EBITDA 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 1Q 2Q 2026 YTD 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is not reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Specialties are reviewed as two separate operating segments. | 2. Excludes adjusted turnaround expense. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 2
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15 $/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/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 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 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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16 $/BBL Metrics 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. Refining Adjusted Controllable Costs ($/BBL)1 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
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17 Refining Outlook by Region Atlantic Basin Gulf Coast Central Corridor West Coast Total 3Q 2026 Crude Utilization (%) Mid 90% Mid 90% Mid 90% Mid 90% Mid 90% 3Q 2026 Turnaround Expense ($MM) 5-10 25-35 65-75 — 100-120 Segment Outlook Company Outlook by Segment Midstream Refining Marketing & Specialties Renewable Fuels Corporate & Other Total Company 3Q 2026 Depreciation and Amortization ($MM) 270-300 215-235 20-30 20-30 25-35 575-625
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18 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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19 1.1 5.0 1.0 (0.2) (1.3) (1.7) 0.2 4.1 Dec. 31, 2025 Cash Balance CFO Debt Acquisitions Capital Expenditures & Investments Shareholder Distributions Other June 30, 2026 Cash Balance 1. Represents Cash and Cash Equivalents. $B 2026 YTD Cash Flow 1 1
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20 31.7 28.5 30.2 29.7 32.7 19.4 20.1 19.7 27.1 20.6 3.3 1.7 1.1 5.2 4.1 38% 41% 39% 48% 39% 34% 39% 38% 43% 33% 2023 2024 2025 1Q 2026 2Q 2026 Debt-to-CapitalCash & Cash Equivalents $BEquity $B Debt $B Net Debt-to-Capital Capital Structure See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure.
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21 208 9 749 2,017 103 3,086 376 953 1,599 158 2Q 2026 Adjusted Pre-Tax Income 1Q 2026 Adjusted Pre-Tax Income Atlantic Basin / Europe Gulf Coast Central Corridor West Coast 2Q 2026 Adjusted Pre-Tax Income 2Q 2026 Refining Adjusted Pre-Tax Income 2Q 2026 VS. 1Q 2026 ($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.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. • 96% Crude utilization • 86% Clean product yield • 98% Market capture1
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22 $10.11 $17.22 $(3.25) $24.08 1Q 2026 Realized Margin Market Indicator Change Change in Capture Impact 2Q 2026 Realized Margin 2Q 2026 Realized Refining Margin 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 2Q 2026 VS. 1Q 2026 ($/BBL) Indicator Drivers: •Stronger gasoline and diesel cracks in all regions •Commodity price benefit (WTI last-day pricing) •Higher RIN costs
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23 24.53 $(0.45) 24.08 2Q 2026 RIN-Adj Market Indicator Capture Impact 2Q 2026 Realized Margin 2Q 2026 Market Indicator vs. Realized Margin 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realized in our reported earnings. The calculation of our Phillips 66 Refining Market Indicator is available on our website at www.phillips66.com/investors. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. ($/BBL) 1 •98% RIN-adjusted market capture •Higher crude cost from market structure •Strong commercial contribution •
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24 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Worldwide Realized Margin ($/BBL) 12.15 12.48 10.11 24.08 Worldwide Refining Indicator ($/BBL) 13.41 12.73 7.31 24.53 Worldwide Market Capture (%) 91 % 98 % 138 % 98 % Atlantic Basin Realized Margin ($/BBL) 11.94 12.60 15.62 14.44 Atlantic Basin Indicator ($/BBL) 12.31 12.23 8.59 18.21 Atlantic Basin Market Capture (%) 97 % 103 % 182 % 79 % Gulf Coast Realized Margin ($/BBL) 8.74 12.48 11.31 24.25 Gulf Coast Indicator ($/BBL) 10.20 11.60 6.24 22.89 Gulf Coast Market Capture (%) 86 % 108 % 181 % 106 % Central Corridor Realized Margin ($/BBL) 15.82 13.06 4.60 29.56 Central Corridor Indicator ($/BBL) 15.68 13.20 6.27 30.26 Central Corridor Market Capture (%) 101 % 99 % 73 % 98 % West Coast Realized Margin ($/BBL) 12.31 8.85 13.12 29.65 West Coast Indicator ($/BBL) 17.86 14.74 13.94 23.09 West Coast Market Capture (%) 69 % 60 % 94 % 128 % 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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25 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 % Non-GAAP Reconciliations
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26 Non-GAAP Reconciliations 1. Net gain on dispositions in the second quarter relates to the post-closing adjustments from the December 2025 sale of 65% of our interest in our Germany and Austria retail marketing business. | 2. Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc. | 3. 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. | 3. When applicable, includes impacts from income allocated to participating securities. Millions of Dollars Except as Indicated 2026 2Q 1Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 3,847 207 Pre-Tax Adjustments: Lower-of-cost-or-market inventory adjustments — (29) Net gain on asset dispositions1 (110) — Legal accrual2 65 20 Tax impact of adjustments3 (14) 2 Adjusted Earnings 3,788 200 Earnings Per Share of Common Stock (dollars) 9.55 0.51 Adjusted Earnings Per Share of Common Stock (dollars)3 9.41 0.49 Adjusted Weighted-Average Diluted Common Shares Outstanding (thousands) 402,618 403,273
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27 Millions of Dollars 2026 2Q 1Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 785 591 Pre-tax adjustments: None — — Adjusted Pre-Tax Income 785 591 Reconciliation of Chemicals Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 404 114 Pre-tax adjustments: Lower-of-cost-or-market inventory adjustments — (29) Adjusted Pre-Tax Income 404 85 Non-GAAP ReconciliationsNon-GAAP Reconciliations
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28 Millions of Dollars 2026 2Q 1Q Reconciliation of Refining Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 3,062 208 Pre-tax adjustments: Legal accrual 24 — Adjusted Pre-Tax Income 3,086 208 Reconciliation of Marketing & Specialties Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax income (loss) 583 (161) Pre-tax adjustments: Gain on asset dispositions1 (110) — Legal accrual2 41 20 Adjusted Pre-Tax Income 514 (141) Non-GAAP Reconciliations 1. Net gain on dispositions in the second quarter relates to the post-closing adjustments from the December 2025 sale of 65% of our interest in our Germany and Austria retail marketing business. | 2. Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc.
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29 Millions of Dollars 2026 2Q 1Q Reconciliation of Renewable Fuels Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax loss 544 (41) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss 544 (41) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (407) (451) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss (407) (451) Non-GAAP Reconciliations
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30 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q YTD 2026 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 270 53 36 135 494 178 123 301 Other operating expenses 804 795 873 1,094 3,566 1,051 1,021 2,072 Total operating expenses 1,074 848 909 1,229 4,060 1,229 1,144 2,373 Selling, general and administrative expenses 46 32 40 52 170 52 25 77 Refining Controllable Costs 1,120 880 949 1,281 4,230 1,281 1,169 2,450 Plus: Proportional share of equity affiliate turnaround expenses1 27 24 23 — 74 — — — Proportional share of equity affiliate other operating and SG&A expenses1 173 161 163 19 516 19 19 38 Total proportional share of equity affiliate operating and SG&A expenses1 200 185 186 19 590 19 19 38 Special item adjustments (pre-tax): Legal accrual — (33) — — (33) — (24) (24) Los Angeles Refinery cessation costs — — — (35) (35) — — — Refining Adjusted Controllable Costs 1,320 1,032 1,135 1,265 4,752 1,300 1,164 2,464 Total processed inputs (MB) 124,453 152,005 153,379 189,465 619,302 180,801 186,860 367,661 Adjusted total processed inputs (MB)2 145,559 174,772 177,393 189,465 687,189 180,801 186,860 367,661 Refining Controllable Costs per Barrel ($/BBL)3 9.00 5.79 6.18 6.76 6.83 7.08 6.26 6.67 Refining turnaround expense ($/BBL)3 2.17 0.35 0.23 0.71 0.80 0.98 0.66 0.82 Refining controllable costs, excluding turnaround expense ($/BBL)3 6.83 5.44 5.95 6.05 6.03 6.10 5.60 5.85 Refining Adjusted Controllable Costs ($/BBL)4 9.07 5.90 6.40 6.67 6.92 7.19 6.23 6.70 Refining adjusted turnaround expense ($/BBL)4 2.04 0.44 0.33 0.71 0.83 0.98 0.66 0.82 Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4 7.03 5.46 6.07 5.96 6.09 6.21 5.57 5.88 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. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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31 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 230 104 119 85 538 124 100 137 123 484 Other operating expenses 926 829 989 963 3,707 829 784 785 845 3,243 Total operating expenses 1,156 933 1,108 1,048 4,245 953 884 922 968 3,727 Selling, general and administrative expenses 44 37 33 55 169 38 51 60 60 209 Refining Controllable Costs 1,200 970 1,141 1,103 4,414 991 935 982 1,028 3,936 Plus: Proportional share of equity affiliate turnaround expenses1 16 22 16 39 93 22 30 9 7 68 Proportional share of equity affiliate other operating and SG&A expenses1 174 160 152 155 641 159 154 154 159 626 Total proportional share of equity affiliate operating and SG&A expenses1 190 182 168 194 734 181 184 163 166 694 Special item adjustments (pre-tax): Legal accrual — — (30) — (30) — — — (22) (22) Los Angeles Refinery cessation costs — — — — — — — (41) (3) (44) Refining Adjusted Controllable Costs 1,390 1,152 1,279 1,297 5,118 1,172 1,119 1,104 1,169 4,564 Total processed inputs (MB) 144,135 152,571 155,597 155,655 607,958 143,700 151,296 145,440 147,880 588,316 Adjusted total processed inputs (MB)2 162,446 172,042 178,226 172,721 685,435 165,954 174,107 168,951 171,031 680,043 — Refining Controllable Costs per Barrel ($/BBL)3 8.33 6.36 7.33 7.09 7.26 6.89 6.18 6.75 6.95 6.69 Refining turnaround expense ($/BBL)3 1.60 0.68 0.76 0.55 0.88 0.86 0.66 0.94 0.83 0.82 Refining controllable costs, excluding turnaround expense ($/BBL)3 6.73 5.68 6.57 6.54 6.38 6.03 5.52 5.81 6.12 5.87 Refining Adjusted Controllable Costs ($/BBL)4 8.55 6.69 7.18 7.51 7.47 7.06 6.43 6.53 6.84 6.71 Refining adjusted turnaround expense ($/BBL)4 1.51 0.73 0.76 0.72 0.92 0.88 0.75 0.86 0.76 0.81 Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4 7.04 5.96 6.42 6.79 6.55 6.18 5.68 5.67 6.07 5.90 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. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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32 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 100 221 221 230 772 Other operating expenses 997 958 984 1,019 3,958 Total operating expenses 1,097 1,179 1,205 1,249 4,730 Selling, general and administrative expenses 30 32 43 46 152 Refining Controllable Costs 1,127 1,211 1,248 1,295 4,882 Plus: Proportional share of equity affiliate turnaround expenses1 34 51 22 10 118 Proportional share of equity affiliate other operating and SG&A expenses1 172 177 185 189 721 Total proportional share of equity affiliate operating and SG&A expenses1 206 228 207 199 839 Special item adjustments (pre-tax): Hurricane-related costs (recovery) (17) — 24 14 21 Alliance shutdown-related costs — (20) — — (20) Refining Adjusted Controllable Costs 1,316 1,419 1,479 1,508 5,722 Total processed inputs (MB) 151,862 154,285 153,105 153,489 612,741 Adjusted total processed inputs (MB)2 170,438 172,279 174,795 174,342 691,855 Refining Controllable Costs per Barrel ($/BBL)3 7.42 7.85 8.15 8.44 7.97 Refining turnaround expense ($/BBL)3 0.66 1.43 1.44 1.50 1.26 Refining controllable costs, excluding turnaround expense ($/BBL)3 6.76 6.42 6.71 6.94 6.71 Refining Adjusted Controllable Costs ($/BBL)4 7.73 8.24 8.46 8.65 8.27 Refining adjusted turnaround expense ($/BBL)4 0.79 1.58 1.39 1.38 1.29 Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4 6.94 6.66 7.07 7.27 6.98 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. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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33 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q YTD 2026 Reconciliation of Refining and Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 345 930 (267) 3,218 4,226 47 3,645 3,692 Plus: Depreciation and amortization 476 476 467 498 1,917 235 247 482 Refining and Marketing & Specialties EBITDA1 821 1,406 200 3,716 6,143 282 3,892 4,174 Special Item Adjustments (pre-tax): Certain tax impacts — — — (11) (11) — — — Net (gain) loss on asset dispositions (1,017) 89 (15) (1,978) (2,921) — (110) (110) Impairments — — 948 — 948 — — — Los Angeles Refinery cessation costs — — — 35 35 — — — Legal accrual — 33 241 21 295 20 65 85 Legal settlement — — — (181) (181) — — — Pending claims and settlements — — — (123) (123) — — — Total Special Items (pre-tax) (1,017) 122 1,174 (2,237) (1,958) 20 (45) (25) Refining and Marketing & Specialties EBITDA, Adjusted for Special Items1 (196) 1,528 1,374 1,479 4,185 302 3,847 4,149 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 2 — — — 2 3 10 13 Proportional share of selected equity affiliates net interest 12 13 11 10 46 9 8 17 Proportional share of selected equity affiliates depreciation and amortization 45 44 44 18 151 23 22 45 Refining and Marketing & Specialties Adjusted EBITDA1 (137) 1,585 1,429 1,507 4,384 337 3,887 4,224 Turnaround expense, including proportional share of equity affiliates 297 77 59 135 568 178 123 301 Refining and Marketing & Specialties Adjusted EBITDA, Excl. Adjusted Turnaround Expenses1 160 1,662 1,488 1,642 4,952 515 4,010 4,525 Total processed inputs (MB) 124,453 152,005 153,379 189,465 619,302 180,801 186,860 367,661 Adjusted total processed inputs (MB)2 145,559 174,772 177,393 189,465 687,189 180,801 186,860 367,661 Refining and Marketing & Specialties EBITDA ($/BBL)1,3 6.60 9.25 1.30 19.61 9.92 1.56 20.83 11.35 Refining and Marketing & Specialties Adj. EBITDA, Excl. Adj. Turnaround Expenses ($/BBL)1,4 1.10 9.51 8.39 8.67 7.21 2.85 21.46 12.31 1Q 2Q 3Q 4Q 2025 1Q 2Q 2026 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes (937) 359 (518) 822 (274) 208 3,062 3,270 Plus: Depreciation and amortization 456 443 444 477 1,820 215 221 436 Refining EBITDA1 (481) 802 (74) 1,299 1,546 423 3,283 3,706 Special Item Adjustments (pre-tax): Certain tax impacts — — — (11) (11) — — — Impairments2 — — 948 — 948 — — — Los Angeles Refinery cessation costs — — — 35 35 — — — Legal accrual — 33 — — 33 — 24 24 Legal settlement — — — (181) (181) — — — Pending Claims and Settlements — — — (123) (123) — — — Total Special Items (pre-tax) — 33 948 (280) 701 — 24 24 Refining EBITDA, Adjusted for Special Items1 (481) 835 874 1,019 2,247 423 3,307 3,730 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — — — — — — — — Proportional share of selected equity affiliates net interest 2 3 1 — 6 — — — Proportional share of selected equity affiliates depreciation and amortization 27 29 29 — 85 — — — Refining Adjusted EBITDA1 (452) 867 904 1,019 2,338 423 3,307 3,730 Turnaround expense, including proportional share of equity affiliates 297 77 59 135 568 178 123 301 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1 (155) 944 963 1,154 2,906 601 3,430 4,031 Total processed inputs (MB) 124,453 152,005 153,379 189,465 619,302 180,801 186,860 367,661 Adjusted total processed inputs (MB)2 145,559 174,772 177,393 189,465 687,189 180,801 186,860 367,661 Refining EBITDA ($/BBL)1,4 (3.86) 5.28 (0.48) 6.86 2.50 2.34 17.57 10.08 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,5 (1.06) 5.40 5.43 6.09 4.23 3.32 18.36 10.96 1Q 2Q 3Q 4Q 2025 1Q 2Q 2026 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 1,282 571 251 2,396 4,500 (161) 583 422 Plus: Depreciation and amortization 20 33 23 21 97 20 26 46 Marketing & Specialties EBITDA1 1,302 604 274 2,417 4,597 (141) 609 468 Special Item Adjustments (pre-tax): Net (gain) loss on asset dispositions2 (1,017) 89 (15) (1,978) (2,921) — (110) (110) Legal settlement — — — — — — — Legal accrual3 — — 241 21 262 20 41 61 None Total Special Items (pre-tax) (1,017) 89 226 (1,957) (2,659) 20 (69) (49) Marketing & Specialties EBITDA, Adjusted for Special Items1 285 693 500 460 1,938 (121) 540 419 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 2 — — — 2 3 10 13 Proportional share of selected equity affiliates net interest 10 10 10 10 40 9 8 17 Proportional share of selected equity affiliates depreciation and amortization 18 15 15 18 66 23 22 45 Marketing & Specialties Adjusted EBITDA1 315 718 525 488 2,046 (86) 580 494 Total processed inputs (MB) 124,453 152,005 153,379 189,465 619,302 180,801 186,860 367,661 Adjusted total processed inputs (MB)4 145,559 174,772 177,393 189,465 687,189 180,801 186,860 367,661 Marketing & Specialties EBITDA, ($/BBL)1,5 10.46 3.97 1.79 12.76 7.42 (0.78) 3.26 1.27 Marketing & Specialties Adjusted EBITDA, ($/BBL)1,6 2.16 4.11 2.96 2.58 2.98 (0.48) 3.10 1.34 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. 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. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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34 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q YTD 2026 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes (937) 359 (518) 822 (274) 208 3,062 3,270 Plus: Depreciation and amortization 456 443 444 477 1,820 215 221 436 Refining EBITDA (481) 802 (74) 1,299 1,546 423 3,283 3,706 Special Item Adjustments (pre-tax): Certain tax impacts — — — (11) (11) — — — Impairments1 — — 948 — 948 — — — Los Angeles Refinery cessation costs — — — 35 35 — — — Legal accrual — 33 — — 33 — 24 24 Legal settlement — — — (181) (181) — — — Pending Claims and Settlements — — — (123) (123) — — — Total Special Items (pre-tax) — 33 948 (280) 701 — 24 24 Refining EBITDA, Adjusted for Special Items (481) 835 874 1,019 2,247 423 3,307 3,730 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — — — — — — — — Proportional share of selected equity affiliates net interest 2 3 1 — 6 — — — Proportional share of selected equity affiliates depreciation and amortization 27 29 29 — 85 — — 0 Refining Adjusted EBITDA (452) 867 904 1,019 2,338 423 3,307 3,730 Turnaround expense, including proportional share of equity affiliates 297 77 59 135 568 178 123 301 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses (155) 944 963 1,154 2,906 601 3,430 4,031 Total processed inputs (MB) 124,453 152,005 153,379 189,465 619,302 180,801 186,860 367,661 Adjusted total processed inputs (MB)2 145,559 174,772 177,393 189,465 687,189 180,801 186,860 367,661 Refining EBITDA ($/BBL)3 (3.86) 5.28 (0.48) 6.86 2.50 2.34 17.57 10.08 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)4 (1.06) 5.40 5.43 6.09 4.23 3.32 18.36 10.96 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. Denominator is adjusted total processed inputs. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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35 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q YTD 2026 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes 1,282 571 251 2,396 4,500 (161) 583 422 Plus: Depreciation and amortization 20 33 23 21 97 20 26 46 Marketing & Specialties EBITDA 1,302 604 274 2,417 4,597 (141) 609 468 Special Item Adjustments (pre-tax): Net (gain) loss on asset dispositions1 (1,017) 89 (15) (1,978) (2,921) — (110) (110) Legal accrual2 — — 241 21 262 20 41 61 Total Special Items (pre-tax) (1,017) 89 226 (1,957) (2,659) 20 (69) (49) Marketing & Specialties EBITDA, Adjusted for Special Items 285 693 500 460 1,938 (121) 540 419 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 2 — — — 2 3 10 13 Proportional share of selected equity affiliates net interest 10 10 10 10 40 9 8 17 Proportional share of selected equity affiliates depreciation and amortization 18 15 15 18 66 23 22 45 Marketing & Specialties Adjusted EBITDA 315 718 525 488 2,046 (86) 580 494 Total processed inputs (MB) 124,453 152,005 153,379 189,465 619,302 180,801 186,860 367,661 Adjusted total processed inputs (MB)3 145,559 174,772 177,393 189,465 687,189 180,801 186,860 367,661 Marketing & Specialties EBITDA, ($/BBL)4 10.46 3.97 1.79 12.76 7.42 (0.78) 3.26 1.27 Marketing & Specialties Adjusted EBITDA, ($/BBL)5 2.16 4.11 2.96 2.58 2.98 (0.48) 3.10 1.34 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 Marketing & 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 include our proportional share of processed inputs of an equity affiliate. | 4. Denominator is total processed inputs. | 5. 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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36 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 Reconciliation of Refining and Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 1,957 1,708 2,317 1,255 7,237 582 717 (130) (523) 646 Plus: Depreciation and amortization 228 233 237 255 953 244 236 262 514 1,256 Refining and Marketing & Specialties EBITDA1 2,185 1,941 2,554 1,510 8,190 826 953 132 (9) 1,902 Special Item Adjustments (pre-tax): Certain tax impacts — — — (17) (17) — — — (9) (9) Net (gain) loss on asset dispositions — 14 — — 14 — — — (67) (67) Impairments — — — — — 104 — — — 104 Los Angeles Refinery cessation costs — — — — — — — 41 3 44 Legal accrual — — 30 — 30 — — 605 22 627 Legal settlement — — — — — (66) — — — (66) Total Special Items (pre-tax) — 14 30 (17) 27 38 — 646 (51) 633 Refining and Marketing & Specialties EBITDA, Adjusted for Special Items1 2,185 1,955 2,584 1,493 8,217 864 953 778 (60) 2,535 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 5 7 7 6 25 5 6 6 3 20 Proportional share of selected equity affiliates net interest 10 13 6 10 39 9 9 11 11 40 Proportional share of selected equity affiliates depreciation and amortization 43 44 43 67 197 44 47 49 55 195 Refining and Marketing & Specialties Adjusted EBITDA1 2,243 2,019 2,640 1,576 8,478 922 1,015 844 9 2,790 Turnaround expense, including proportional share of equity affiliates 246 126 135 124 631 146 130 146 130 552 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses1 2,489 2,145 2,775 1,700 9,109 1,068 1,145 990 139 3,342 Total processed inputs (MB) 144,135 152,571 155,597 155,655 607,958 143,700 151,296 145,440 147,880 588,316 Adjusted total processed inputs (MB)2 162,446 172,042 178,226 172,721 685,435 165,954 174,107 168,951 171,031 680,043 Refining and Marketing & Specialties EBITDA ($/BBL)1,3 15.16 12.72 16.41 9.70 13.47 5.75 6.30 0.91 (0.06) 3.23 Refining and Marketing & Specialties Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)1,4 15.32 12.47 15.57 9.84 13.29 6.44 6.58 5.86 0.81 4.91 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. 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. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding.
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37 Million of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes 1,594 1,175 1,712 859 5,340 216 302 (108) (775) (365) Plus: Depreciation and amortization 201 203 207 220 831 208 204 230 435 1,077 Refining EBITDA 1,795 1,378 1,919 1,079 6,171 424 506 122 (340) 712 Special Item Adjustments (pre-tax): Certain tax impacts — — — (17) (17) — — — (9) (9) Net loss on asset dispositions — 14 — — 14 — — — — — Impairments — — — — — 104 — — — 104 Los Angeles Refinery cessation costs — — — — — — — 41 3 44 Legal accrual — — 30 — 30 — — — 22 22 Legal settlement — — — — — (7) — — — (7) Total Special Items (pre-tax) — 14 30 (17) 27 97 — 41 16 154 Refining EBITDA, Adjusted for Special Items 1,795 1,392 1,949 1,062 6,198 521 506 163 (324) 866 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — 1 — — 1 — 1 (1) (1) (1) Proportional share of selected equity affiliates net interest 1 (2) (4) (1) (6) (1) (2) (1) — (4) Proportional share of selected equity affiliates depreciation and amortization 22 25 23 46 116 25 26 27 27 105 Refining Adjusted EBITDA 1,818 1,416 1,968 1,107 6,309 545 531 188 (298) 966 Turnaround expense, including proportional share of equity affiliates 246 126 135 124 631 146 130 146 130 552 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses 2,064 1,542 2,103 1,231 6,940 691 661 334 (168) 1,518 Total processed inputs (MB) 144,135 152,571 155,597 155,655 607,958 143,700 151,296 145,440 147,880 588,316 Adjusted total processed inputs (MB)1 162,446 172,042 178,226 172,721 685,435 165,954 174,107 168,951 171,031 680,043 Refining EBITDA ($/BBL)2 12.45 9.03 12.33 6.93 10.15 2.95 3.34 0.84 (2.30) 1.21 Refining Adjusted EBITDA, Excluding Adjusted Turnaround Expenses ($/BBL)3 12.71 8.96 11.80 7.13 10.12 4.16 3.80 1.98 (0.98) 2.23 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Denominator is 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. Non-GAAP Reconciliations
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38 Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes 363 533 605 396 1,897 366 415 (22) 252 1,011 Plus: Depreciation and amortization 27 30 30 35 122 36 32 32 79 179 Marketing & Specialties EBITDA 390 563 635 431 2,019 402 447 10 331 1,190 Special Item Adjustments (pre-tax): Net gain on asset dispositions — — — — — — — — (67) (67) Legal settlement — — — — — (59) — — — (59) Legal accrual1 — — — — — — — 605 — 605 Total Special Items (pre-tax) — — — — — (59) — 605 (67) 479 Marketing & Specialties EBITDA, Adjusted for Special Items 390 563 635 431 2,019 343 447 615 264 1,669 Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 5 6 7 6 24 5 5 7 4 21 Proportional share of selected equity affiliates net interest 9 15 10 11 45 10 11 12 11 44 Proportional share of selected equity affiliates depreciation and amortization 21 19 20 21 81 19 21 22 28 90 Marketing & Specialties Adjusted EBITDA 425 603 672 469 2,169 377 484 656 307 1,824 Total processed inputs (MB) 144,135 152,571 155,597 155,655 607,958 143,700 151,296 145,440 147,880 588,316 Adjusted total processed inputs (MB)2 162,446 172,042 178,226 172,721 685,435 165,954 174,107 168,951 171,031 680,043 Marketing & Specialties EBITDA, ($/BBL)3 2.71 3.69 4.08 2.77 3.32 2.80 2.95 0.07 2.24 2.02 Marketing & Specialties Adjusted EBITDA, ($/BBL)4 2.62 3.50 3.77 2.72 3.16 2.27 2.78 3.88 1.79 2.68 1. Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc. | 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. | Refer to changes in Basis of Presentation discussion on pg 2. | Totals may not sum due to rounding. Non-GAAP Reconciliations
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39 Millions of Dollars 2Q 2026 Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income $ 352 Pre-tax adjustments: Legal Accrual 24 Adjusted Pre-Tax Income $ 376 Reconciliation of Refining - Gulf Coast Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income $ 953 Pre-tax adjustments: None — Adjusted Pre-Tax Income $ 953 Reconciliation of Refining - Central Corridor Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income $ 1,599 Pre-tax adjustments: None — Adjusted Pre-Tax Income $ 1,599 Reconciliation of Refining - West Coast Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income $ 158 Pre-tax adjustments: None — Adjusted Pre-Tax Income $ 158 Total Refining Adjusted Pre-Tax Income $ 3,086 Non-GAAP Reconciliations
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40 Millions of Dollars (Except as Indicated) 2Q 2026 Reconciliation of Refining Income Before Income Taxes to Realized Refining Margins Worldwide Atlantic Basin/ Europe Gulf Coast Central Corridor West Coast Income before income taxes 3,062 352 953 1,599 158 Plus: Taxes other than income taxes 88 16 25 41 6 Depreciation, amortization and impairments 222 58 67 81 16 Selling, general and administrative expenses 25 12 8 (5) 10 Operating expenses 1,144 314 247 530 53 Equity in losses of affiliates 1 1 — — — Other segment (income) expense, net (63) (66) (2) (3) 8 Proportional share of refining gross margins contributed by equity affiliates 20 20 — — — Special items: None — — — — — Realized Refining Margins 4,499 707 1,298 2,243 251 Total processed inputs (MB) 186,860 48,969 53,522 75,902 8,467 Income before income taxes ($/BBL)1 16.39 7.20 17.80 21.07 18.69 Realized refining margins ($/BBL)2 24.08 14.44 24.25 29.56 29.65 1. Income (loss) before income taxes divided by total processed inputs. | 2. Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. Non-GAAP Reconciliations
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41 Millions of Dollars (Except as Indicated) 1Q 2026 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 208 367 204 (418) 55 Plus: Taxes other than income taxes 106 20 29 42 15 Depreciation, amortization and impairments 217 59 66 76 16 Selling, general and administrative expenses 52 9 1 39 3 Operating expenses 1,229 308 298 574 49 Other segment (income) expense, net (11) 9 — 3 (23) Proportional share of refining gross margins contributed by equity affiliates 26 26 — — — Special items: None — — — — — Realized Refining Margins 1,827 798 598 316 115 Total processed inputs (MB) 180,801 50,907 52,864 68,400 8,630 Income (loss) before income taxes ($/BBL)1 1.15 7.21 3.87 (6.12) 6.41 Realized refining margins ($/BBL)2 10.11 15.62 11.31 4.60 13.12 1. Income (loss) before income taxes divided by total processed inputs. | 2. Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by 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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42 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 1 3 6 Proportional share of refining gross margins contributed by equity affiliates 25 25 — — — 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 Income (loss) before income taxes ($/BBL)1 4.34 5.65 5.10 8.74 (41.08) Realized refining margins ($/BBL)2 12.48 12.60 12.48 13.06 8.85 1. Income (loss) before income taxes divided by total processed inputs. | 2. Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts. ` Non-GAAP Reconciliations
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43 Millions of Dollars (Except as Indicated) 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 — Special Items: None — — — — — 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