Slide 1: Letter to Phillips 66 team on definitive proxy
Phillips 66 Team, Today we filed our definitive proxy statement in connection with our 2025 Annual Meeting of Shareholders, which will be held on May 21. At this meeting, shareholders will see the results we have delivered to date and the promise of what we will deliver in the future. Your vote is a
Slide 2: Investor Update April 8, 2025
B Investor Update April 8, 2025
Slide 3: Cautionary Statement
@ Cautionary Statement
Slide 4: Creating Value Now and In the Future
3 Creating Value Now and In the Future Differentiated Portfolio in Highly Attractive Markets Transformational Strategy Driving Clear ® 5 ale A = Leading to Consistent and Compelling Value for Shareholders
Slide 5: Leading Integrated Downstream Energy Provider
@ _ Leading Integrated Downstream Energy Provider Delivering Value Creation Through Economic Cycles — Class = — MIDSTREAM 0) CHEMICALS El Significant EBITDA and Coro wth from pesmioas: toca het vette chelas + 95% advantaged feedstock portfolio Discitined + 719 MBD fractionation capacity netarork + 2
Slide 6: Positioned to Take Advantage of Growing Markets
@ Positioned to Take Advantage of Growing Markets Globat Liquids Demand Growth US.NGLs Future Growth Exceeds US. Crude Oil Growth g ¢ a 8 boom i a 3 3 Sm i zg? oP " 3, ° =i. 20% Si zi + 3. Word 60P vs, ase Chemis Demand change <3 Aindeneato 2025) ei 3 ge Phillis 66 2 2 Core & Refining & 6 Marketing
Slide 7: Strategic Execution in Action: Repositioning for Value Creation
B Strategic Execution in Action: Repositioning for Value Creation Built differentiated, regrated portfolio and drove cost competitiveness fed San Francisco Refinery to renewable fuels 2025 = Acquired EPICNGL Over the last several years, Board and Management team Besa high-grading portfolio superior
Slide 8: Execution Delivered Total Shareholder Return
Execution Delivered Total Shareholder Return TSR Outperformance Since 2022 CEO Transition’ Key Strategy Highlights. ‘Strong Execution on 2022-2025, Strategic Priorities 45% oe Improving Refining Performance and Cost Structure ‘Ongoing Portfolio Optimization Px ‘SEP 500 Energy Synthetic Proxy Peer Me
Slide 9: Strong Execution on Strategic Priorities
@ _ Strong Execution on Strategic Priorities Capture Value from Wellhead to Market Adjusted EBITDA’ Uplit from OCP ($8) Deliver Shareholder Returns Shareholder Disttbutions’ ($8) 2022 Target 2024 Delivered 2022 Target 2024 Delivered Improve Refining Performance Annual Refining Adjusted Controllable
Slide 10: Improving Refining Performance and Cost Structure
@ Improving Refining Performance and Cost Structure Maximizing Runtime Optimizing Output Reducing Costs Crude Capacity Utilization Clean Product Yield Adjusted Controllable Costs! ($/88L) ST pee 90% $698 Boo
Slide 11: Disciplined Refining Investment in Core Geographic Footprint
B Disciplined Refining Investment in Core Geographic Footprint Improving Feedstock and Yield Flexibility GROWTH PROJEC al x IRR ‘Sweeny Crude Flex (2025) Crude Rate/Crude Flexibility Lake Charles HDS Upgrade (2024) Feedstock Flexibility Borger Heater Replacement (2023) Efficiency Wood River Yield Op
Slide 12: Enhancing Midstream with Value Accretive Transactions
@ Enhancing Midstream with Value Accretive Transactions Recent Strategic Actions Have Further Optimized Our Portfolio Divesting non-core and/or non-operated assets with limited growth at attractive transaction multiples... Divestitures (2023 - 2025) deploying proceeds to strengthen our operated inte
Slide 13: Built Fully Integrated NGL Growth Platform
B Built Fully Integrated NGL Growth Platform BUILT SWEENY GULF COAST NGL HUB (2010-2022) ESTABLISHED PMNS storage. and exports BRISA ACQUIRED DCP MIDSTREAM (2022-2023) TFORM [ia captured syneraies ACQUIRED PINNACLE & EPIC NGL (2024-2025) + Accelerated Permian GEP growth PRIN TTI «_Oevelon additional
Slide 14: Integration Drives Significant Optimization Benefits
B Integration Drives Significant Optimization Benefits cones LBS sens MIDSTREAM LOGISTICS INTEGRATION + Increased refining capacity utilization REFINING INTEGRATION WITH NGLs + Optimize advantaged crude runs tough logistics, CHEMICALS INTEGRATION + Joint operations and infrastructure sharing
Slide 15: Phillips Provides Global Energy via Commercial Platform
B Phillips 66 Provides Global Energy via Commercial Platform Leading Asset-Backed Supply, Trading and Logistics Capabilities Lonoon encany + PO NGL traded States — | — Somntewue 100+ ie O+ us, “a0, 1MM+ <2, Originators 80+ =, 80 M+ 2.5 Bt Cubic fot por day of Marine Voyages natural gastaded ‘Annualy
Slide 16: Advantaged Chemicals Delivers Growth and Returns
@ Advantaged Chemicals Delivers Growth and Returns Lowest Cost Producer with 95% Advantaged Feedstock Ethylene Production Cost Curve (Cents per pound) so oto *° Py z southeast $20 O Midate east SE res ° © oso m0 as “Cumulative Production - Millon Metre Tons Adding Significant Production Capacity at
Slide 17: Durable Cash Flow and Strong Returns
B Durable Cash Flow and Strong Returns Stable Midstream and M&S Adjusted EBITDA Covers Dividends and Total Capital Strong Return of Capital Adjusted EBITDA’ ($8) ‘Total Return of Capital as Net Cosh Provided by Oper eatne aetviess SE? rt cnet _ an PSX Synthetic Prony Peer visa Leading Value Creation
Slide 18: Capital Allocation Strategy Increases Flexibility Across Cycles
B Capital Allocation Strategy Increases Flexibility Across Cycles Capital Allocation Priorities Ratable Return of Capital with Upside Potential Allocation of Cash Flow from Operations ($8) Maintain Best + $18 annual sustaining capital Asset integ + Maintain safe and reliable operations Deliver Secur
Slide 19: Consistent, Growing Return of Capital Through Cycles
@ Consistent, Growing Return of Capital Through Cycles Top-Tier Return Profile Across Industries and Sectors $8) Total Since 2012 Spin nitos 66 12 "3 "14 1S 16 7 1B 9-20-2122: °25 "24 mies we acmpcci woo ‘Annual Dividend ($ Per Share) 35% IS%CAGR ost 0 || ase Inia shares outstanding Increasing Every
Slide 20: Investment Rationale
3 Investment Rationale Differentiated Portfolio in Highly Attractive Markets. Transformational Strategy Driving Clear Operational and Commercial Benefits Leading to Consistent and Compelling Value for Shareholders World-Class Operations Disciplined Shareholder jeturns Financial Strength 2027 Strateg
Slide 21: Appendix
3 Appendix
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations on 202025 ——=2084 iss ast 7289s Me 52082280 500 ses ‘7 29 74s 505 629g? 65 39281605 075-5703 ‘Speci tem Aojutinents HeTDH ‘Cenaintaximsacts o - o> co Net ginen axze aponitons# - - cos) peice 1496 = = "350 Pension settiement. ” 7 a = ur costs recovery) 4s e 7 - ‘winterstormet
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Teatsprcs em Amuatments rete “Cpe Far Vain of NOVONK neste "RITOR Aref Special ems ana Change Far Volo of
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations us 56 299688 3a 380, @ - 0 as = Me «6 - 38 zs we, 3502 566 frneioa to ce es etna et a 8 e 6 rate ot slectesequty totes net nterest 69 19 cee) a
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations tion of Botiare Income below incore toes rete 566006 lesa e600 ‘Speci tem Achstments GOTO Hurneane-eated costs 1 = = = 2 = = ws Total spac tem Adastments ort) ss 7 =a IS EBITDA, Adjusted for Special ems a TT ‘Other Adwstments ret Proportional share of selected equity afiates
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Proportions nae ot ition of Boars 2366) 7978538085) or 960 ast 1077 ae) ease ern ™ = om @® 28 = = we a = = 2 a - es = = 0 - sl - = © @B = = = 2 a 796905 6198 66 snore of eects equity alates corse touet - 2 1 © Proportions snore of sects agit alates net interest ° 6. 8 & a oe
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations 72022 eal 16s 20721897 ton ns 0 v9 zara Tso. - - - - - = a 7 = 479 e382 208 609 os Tessas 39 se
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Income oss) before come taxes om ss a8) eo ‘Speci! Rem Agjustments Grea ‘Renewals I en ‘Omer Agusan (ereta5) searon 2 a
Slide 29: Non-GAAP Reconciliations
@ Non-GAAP Reconciliations Lsstbetore income taxes GoD 8m AKO) 29) ‘Net interest expense se sa was epreition and amortization as 23 ‘Eerporate & Other €81TOA" 2 Ges) 1) aio} “Speco! Rem Acjustments (ore Business transformation estroturing costs = 1% om . in i Value of NOVOND investnet Hoyer = ‘erort
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 31: Updated website content filed April 8, 2025
Also on April 8, 2025, Phillips 66 updated its website https://www.phillips66delivers.com/, which contains information relating to Phillips 66’s 2025 Annual Meeting of Shareholders. A copy of the updated website content (other than that previously filed) is provided below.
Slide 32: Phillips 66 Delivers website: Energy Leadership for Long-term Value
ical DELIVERING VALUE! (urBoard OurNominees Our strategy News & Resources How o Vote Energy Leadership for Long-term Value The Reliable Path for Consistent and Compelling Value ‘VIEW OUR LATEST NEWS
Slide 33: Your Voice Matters in Protecting Your Investment
Your Voice Matters in Protecting Your Investment in Phillips 66 President & CEO in 2022,
Slide 34: Why Your Vote is Important
Why Your Vote is Important
Slide 35: Your Vote Matters
& Your Vote Matters FOR’ all four ofthe
Slide 36: Our Strategy
Our Strategy chemicals, ‘create value both now and in the long-term. Sit DIFFERENTIATED ‘TRANSFORMATIONAL, CONSISTENT & ‘STRATEGY PORTFOLIO ‘COMPELLING. VALUE ano ‘COMMERCIAL BENEFITS, (CREATED FOR OUR SHAREHOLOERS LEARN MORE ABOUT OUR STRATEG!
Slide 37: Our Nominees
Our Nominees Philips 66's Highly Qualifed, Experienced Director Nominees: A. Nigel Hearne (et Operating One, Haroue Ere Howard Ungerleider
Slide 38: Meet Our Nominees. Meet Our Board
MEET OUR NOMINEES. MEET OUR BOARD News and Resources Phillips 66 Files Definitive Proxy sorsicatieo Investor Presentation Proxy Statement ‘Statement and Issues Letter to READ MORE Ef DOWNLOAD J DOWNLOAD
Slide 39: Explore More
EXPLORE MORE Media Contact Investor Contact Investor Contact Jeff Dietert ‘Owen simpson ‘Thaddeus Herrick i Phil Phill Philips 68 mace had 2165-2297 765.2297 me 992.765.2297 Legal Disclaimer Copyright© 2025 Privacy Policy
Slide 40: How to Vote
How to Vote Topol Deamon pill RNS ‘Our Board OurNominees Our Strategy News & Resources How-to. Vote
Slide 41: Your Vote Matters
Your Vote Matters No matter how many shares you own, your vote is extremely important. “FOR all four ofthe YYU intend to attend the Annual Meeting vitually on May 21, 2025. Four Simple Ways to Vote bX)
Slide 42: Four Simple Ways to Vote
Four Simple Ways to Vote Vote by Mail Vote Online p card, Instructions, Ifyou have received proxy materials by ‘e-mail you can simply click the ink and follow the Instructions. Please ensure it pertains to the WHITE proxy card
Slide 43: Vote by Phone / Vote by QR Code
ag al, Vote by Phone Vote by QR Code Instructions.
Slide 44: How to Vote Your Shares and Protect Your Investment
How to Vote Your Shares and Protect Your Investment the WHITE proxy card, Sample Proxy Voting Card Nominees Recommended by the Company: 1a, A Nigel Hearne 2, Declassification of the Board Ib, John E. Lowe 3. Advisory “Say on Pay” Ic. Robert W. Pease 4, Frequency of “Say on Pay” Id. Howard I. Ungerle
Slide 45: Sample Proxy Voting Card
Sample Proxy Voting Card Nominees Recommended by the Company: 1a, A Nigel Hearne 1, John €. Lowe 1c. Robert W. Pease 1d. Howard I. Ungerleider Elliott Nominees Opposed by the Company: te. Brian S. Coffman If, Sigmund L. Cornelius 19. Michael A. Heim th. Stacy D. Nieuwoudt Ke kaxe xs 2. Declassificat
Slide 46: Vote only the four company nominees on the WHITE card
NOTE: the four company nominees, as demonstrated on this card ‘recommend you discard them. or similar. We Stockholders (871) 750.9496 (tol-‘ree from the U.S. and Canada) #1612) 282.9651 (rom other countries)
Slide 47: Voting FAQs
Voting FAQs When is Phillips 66's Annual Meeting? Philips 66 wil hol its 2026 Annual Meeting on May 21, 2025. Who is allowed to vote? How does the Board recommend | vote? Who can | contact if | have questions?
Slide 48: Voting FAQs
Voting FAQs ‘When is Phillips 66’s Annual Meeting? ‘Who is allowed to vote? How does the Board recommend I vote? ‘What happens if | voted using a different colored card? ‘Who can I contact if | have questions?
Slide 49: Voting FAQs
Voting FAQs ‘When is Phillips 66's Annual Meeting? Who is allowed to vote? How does the Board recommend I vote? ‘nominees proposed by the Company and not Eliot's nominees. ‘What happens if I voted using a different colored card?
Slide 50: Voting FAQs
Voting FAQs ‘When is Phillips 66's Annual Meeting? ‘Who is allowed to vote? How does the Board recommend | vote? ‘Only your latest dated vote counts. ‘Who can I contact if | have questions?
Slide 51: Voting FAQs
Voting FAQs ‘When is Phillips 66’s Annual Meeting? Who is allowed to vote? How does the Board recommend | vote? What happens if | voted using a different colored card? ‘Who can I contact if | have questions? ‘and Canada) or +1 (612) 292-3651
Slide 52: Shareholder and Media Contacts
Incorporated, ‘Shareholders may cal (877) 750-9496 (tol-ree from the U.S. and Canada) or +1 (412) 282.3651 Media Contact Investor Contact TevestorConect “Thaddeus Herick Jeff Dietert ‘Owen Simpson Philips 66 Priips 66 Prilips 66 ‘anc028t (832-765-2297 Legal Disciaimer Copyright® 2025 Privacy Policy
Slide 53: Our Strategy: Our Integrated Strategy
Our Strategy Our Integrated Strategy ‘As a leading integrated downstream enorgy - ‘Transition? assets in highly attractive markets, we deliver em. consistent and competing value for ‘shareholders throughout economic and ‘commodity cyces. _ 45% psx Weigmted average SP S00 Energy of Prony Peers! ‘coul
Slide 54: Footnotes and sources
* Caled as he weighted aergeof ering (OV, DINO, OK, MPO, POF LO}. Nsteam (OKE,TRGF, WB), and Chemica (OOM, LB, WLK) ‘Perfomance by Proxy Peers’ TSR based onthe weighing of consensus NTM EBIDTA estimates for PSX's segments 2 Source: FactSet; market data as of March 31,2025, » 2022, + source: Philips
Slide 55: News & Resources
News & Resources DESIMERING ARLE urBoard OurNominees Our Strateoy News & Resources Press Releases
Slide 56: Press Releases
Press Releases April 8, 2025 March 5, 2025 Phillips 66 Files Definitive Proxy Statement and Issues Letter to Shareholders A Letter From Independent Director Bob Pease to Phillips 66 Shareholders Phillips 66 Files Preliminary Proxy Statement for 2025 Annual Meeting Phillips 66 Issues Letter to Shareh
Slide 57: Legal Disclaimer
Legal Disclaimer Legal Disclaimer Forward-Looking Statements strategy and performance. Words such as “anticipated,” “committe,” “estimated,” “expected “planned,” “scheduled. “targeted” believe” “continue, “intend,” wil, would, “objective, “goal, “projec” “efforts,” “strategies” and similar expressio
Slide 58: Legal Disclaimer
Legal Disclaimer fluctuations in NGL, erude. margin: petroleum or {for renewable fuels: pot modifying or operating existing of acquistion, our facies; our or may pursue, telated thereto lack of, disruptions in, adequate 3: our ability to for our products;
Slide 59: Legal Disclaimer
Legal Disclaimer which may also impact our weather events, ‘acts of terrorism or Ukraine war), ‘and other ‘goodwill and asset ‘and regulations: changes in tax business or the operation, business,
Slide 60: Legal Disclaimer
Legal Disclaimer business, flings with the ‘Adgltional Information ‘OnApel 8, 2026, 14 (he 2025 Annual Meeting” for other matters to be voted on, may fle RE STRONGLY ENCOURAGED TO READ PROXY | IMPORTANT INFORMATION. ED WITH THE SECAS THEY CONTAIN
Slide 61: Legal Disclaimer
Legal Disclaimer IMPORTANT INFORMATION. Copies of 2331 Citywest Boulevard, Houston, TX 77042, Attention: Investor Relations. Certain information Regarding Participants Philips 66, its directors, its director ‘Annwal Meeting. Philips 66, cor otherwise, 6, "and “Appendix C Solictation.
Slide 62: Legal Disclaimer
Legal Disclaimer Pr Boulevard, Houston, TX 77042, Attention: Investor Relations. Certain Information Regarding Participants 2331 Citywest Philips 66, ts directors, ts drector Annual Meeting orothenvise, is. Solicitation.” have been Form 4 or at winsee gov
Slide 63: Non-GAAP Reconciliation Hyperlinks
Non-GAAP Reconciliation Hyperlinks Non-GAAP Reconciliations Income before income taxes Merger transaction costs Total Speci tem. 2222982) 050) stream EBITOA,
Slide 64: Merger transaction costs
Merger transaction costs Special tem Tor Midstream Proportional share of selected equity alates income taxes Proportional share o selected equity aiates net interest le tees le ee ee eee ‘Migstream Acjustod "tee croe in “Ba of reset Siston on 06
Slide 65: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 66: Equity affiliate operating and SG&A expenses
Total reportona shore of equity alate operating and SGHA expenses" ‘Speci tem austnents (oe: elated recovery Total processed puts (7B)
Slide 67: Website video transcript
Also on April 8, 2025, Phillips 66 updated its website https://www.phillips66delivers.com/, which contains information relating to Phillips 66’s 2025 Annual Meeting of Shareholder, to include a video. A transcript of video is provided below. VIDEO TRANSCRIPT MARK LASHIER : At Phillips 66, we’re all
Slide 68: Video transcript: $43 billion returned to shareholders
KEVIN MITCHELL : Since the spin off we’ve returned a total of $43 billion to shareholders through dividends and buybacks. Looking ahead, we remain committed to maintaining safe and reliable operations, investing in growth opportunities that exceed hurdle rates, enhancing long term growth, and captur
Slide 69: Video transcript: shareholder returns since 2022
Since I stepped in as president and CEO in July of 2022, we’ve generated 67% of shareholder returns, significantly outperforming the S&P 500, S&P Energy Index and a basket of our peers. We’re committed to delivering significant value to our shareholders through our 2027 strategic priorities: maintai
Slide 70: This annual meeting is important; your vote is crucial
This annual meeting is important. Your vote will be crucial to protect your investment. The reliable value that we create and strive to grow for you, our shareholders, is at risk due to Elliott’s shortsighted, risky proposals. The Phillips 66 board and leadership team has sought to engage constructi
Slide 71: Constructive dialog with Elliott and addition of Bob Pease
Constructive dialog with Elliott resulted in the addition of Bob Pease, an industry veteran who brings deep, valuable refining experience from an extensive career in the industry. Despite this, Elliott is now pushing its activist agenda with public demands that are not in your best interest as a Phi
Slide 72: Board rejects Elliott's nominees and plan
Throughout its material, Elliott cherry-picks peers, makes comparisons to businesses that are not apples-to-apples comparisons, ignores the board’s established history of declassification efforts, and ignores the value that our integrated model provides to shareholders. The board remains open-minded
Slide 73: Mark Lashier: vote to protect long-term approach
MARK LASHIER : Our shareholders need to vote to protect our disciplined, long-term approach to manage our business, that drives sustainable value.
Slide 74: Protect your investment. Vote on the WHITE proxy card
Protect your investment. Vote “FOR” ONLY Phillips 66’s nominees on the WHITE proxy card. / To learn how to vote visit www.phillips66delivers.com / 4
Slide 75: LinkedIn posts filed April 8, 2025
Also on April 8, 2025, Phillips 66 posted the following material on LinkedIn.
Slide 76: Reliable Returns from Phillips 66
Phillips 66 At Phillips 66, we are serious about our commitment to create value for all shareholders. Our track record shows steady, reliable returns - and it's what shareholders can expect in the future. Shareholders, learn how to vote your shares: phillips66.ly/5851 Additional legal information ca
Slide 77: Phillips 66 Delivers: $43 billion returned in 12 years
Phillips 66 264844 At Phillips 66, we are serious about our commitment to create value for all shareholders. Our track record shows steady, reliable returns — and it's what shareholders can expect in the future. Shareholders, learn how to vote your shares: phillips66.ly/2840 Additional legal informa
Slide 78: Advertisements directing to phillips66delivers.com
The following contains statements by Phillips 66 that, from time to time, will be advertised on LinkedIn, and that will direct viewers to its website, https://www.phillips66delivers.com/.
Slide 79: TSR Outperformance Since 2022 CEO Transition
Bm (Our leadership is committed to steady, reliable and sector-leading value creation. (Our bold, deliberate strategy pays off for our shareholders. [Additional legal information can be found at: https://Inkd.in/ghhu. Vw PHILLIPS 66 DELIVERS. TSR Outperformance Since 2022 CEO Transition’ 67% 45% 42%
Slide 80: $43 billion returned in 12 years
@B Philips 66 You can count on Phillips 66. $43 billion returned in 12 years, 43 7 a a — 24 2 15 oH 10 ail I I Make Your Vote Count
Slide 81: LinkedIn ad: Use the WHITE proxy card
Phillips 66 J 2643882 followers Promoted ‘At Philips 66, we are always looking for ways to improve our business and ‘maximize value for our shareholders. Use the WHITE proxy card to cast your vote for steady. reliable value creation. ‘Additional legal information can be found at: https://www-phllips
Slide 82: Continued success depends on your vote
(som) Phillips 66 Continued success at Philips 66 depends on your vote. Use the WHITE proxy card to cast your vote for long-term, reliable value. ‘Additional legal information can be found at: bttps://www.phillips66delivers.com/legal-disclaimer/ VOTE NOW tect value. —— Vote to Protect Value Learn mo
Slide 83: Delivering value every year
Phillips 66 264882 followers Promoted We have a proven, sustainable strategy to create value for all our shareholders. Use the WHITE proxy card to cast your vote today and protect your investment. Additional legal information can be found at: https://wwwphillips66delivers.com/legal-disclaimer/ Deliv
Slide 84: Forward-Looking Statements
Forward-Looking Statements This document 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,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “belie