Phillips 66 · NYSE:PSX

Phillips 66 — Q2 2025 Earnings Presentation

43 slides from Phillips 66's earnings presentation, Jul 25, 2025

  1. Slide 1: Lake James Gas Plant

    Lake James Gas Plant GOLDSMITH, TX 1

  2. Slide 2: Cautionary Statement

    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,

  3. Slide 3: Second Quarter Highlights

    Second Quarter Highlights Strong Refining Operations and Lower Cost Per Barrel Solid Contribution from Stable Midstream and Marketing & Specialties Segments Consistent Shareholder Returns 33

  4. Slide 4: Driving Continuous Operational Improvement in Refining

    Driving Continuous Operational Improvement in Refining 1. Heavy spring turnarounds reduced volumes. | 2. Excludes adjusted turnaround expense. | See Appendix for reconciliation to nearest GAAP measure. 4

  5. Slide 5: Midstream Delivers $1 B in 2Q 2025 Adjusted EBITDA

    Midstream Delivers $1 B in 2Q 2025 Adjusted EBITDA Quarterly Run-Rate Adjusted EBITDA ($B) Growing Midstream Organically: •Growth capital •Includes Iron Mesa, Dos Picos II and Coastal Bend1 expansion •Cost reductions •Additional commercial optimization 0.5 0.7 0.8 0.9 1.0 1.125 2021 Qtr. 2022 Qtr. 2

  6. Slide 6: PHILLIPS

    PHILLIPS [2 o & o x a g 3 G is e) @ x © a

  7. Slide 7: 2Q 2025 Overview

    2Q 2025 Overview $MM (Unless Otherwise Noted) Adjusted Operating Cash Earnings Adjusted Earnings Earnings per Flow Share1 $877 $973 $2.38 $845 Capital Acquisitions, Net Shareholder Net Debt-to- Expenditures Distributions2 and Investments of Cash Acquired Capital $587 $2,220 $906 41% 1. Represents do

  8. Slide 8: 2Q 2025 Adjusted Earnings (Loss)

    2Q 2025 Adjusted Earnings (Loss) 2Q 2025 vs 1Q 2025 ($MM) 1Q 2025 Adjusted Midstream Chemicals Refining Marketing Renewable Corporate Income Noncontrolling 2Q 2025 & Specialties Fuels & Other Taxes Interests Adjusted Loss Earnings 52 395 (28) 1,329 (361) (1) 973 (368) 48 (93) 731 20 392 660 (133) (3

  9. Slide 9: 2Q 2025 Cash Flow

    2Q 2025 Cash Flow $B 2.4 1.9 (2.2) (1.1) (0.6) 0.1 1.5 (0.9) 1.1 March 31, CFO Working Debt Acquisitions Capex Shareholder Other June 30, 2025 2025 (excluding Capital & Investments Distributions Cash 1 Cash 1 working Balance Balance capital) 1. Represents Cash and Cash Equivalents and includes cash

  10. Slide 10: Outlook

    Outlook 3Q 2025 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Low to Mid-90% Refining turnaround expense $50 MM - $60 MM Corporate & Other costs1 $350 MM - $370 MM 1. Excludes impacts from our investment in NOVONIX. 10

  11. Slide 11: Investment 2027 Strategic Priorities

    3) Investment 2027 Strategic Priorities Rationale raeemereetete World-Class re $5.5 > $500 MM Operations! Refining annual adjusted reduction in operating, controllable costs per barrel SG&A & freight costs’ Differentiated Portfolio in Highly Attractive sce went ~$2 B > $1B per year in total organic

  12. Slide 12: Appendix

    Appendix Borger Refinery, / Borger, TX / 12

  13. Slide 13: Adjusted Refining and M&S EBITDA ($/BBL)

    Adjusted Refining and M&S EBITDA($/BBL)1,2 15.32 15.57 13.29 12.47 9.84 9.51 6.44 6.58 5.86 5.69 4.91 1.10 0.81 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 2025 (YTD) 2 Adjusted Refining EBITDA Adjusted Marketing & Specialties EBITDA 1. A combined Refining and Marketing & Specialties presentation of adj

  14. Slide 14: $/BBL Metrics

    $/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 2022 2023 2024 2025 1Q $3.24 $12.71 $4.16 $(1.06) 2Q $21.76 $8.96 $3.80 $5.40 3Q $19.60 $11.80 $1.98 4Q $12.44 $7.13 $(0.98) Annual $14.30 $10.12 $2.23 $2.46 Adjusted Marketing & Specialties EBITDA ($/BBL) 2022 202

  15. Slide 15: $/BBL Metrics

    $/BBL Metrics Refining Adjusted Controllable Costs ($/BBL)1 2022 2023 2024 2025 1Q $6.94 $7.04 $6.18 $7.03 2Q $6.66 $5.96 $5.68 $5.46 3Q $7.07 $6.42 $5.67 4Q $7.27 $6.79 $6.07 Annual $6.98 $6.55 $5.90 $6.17 1. Excludes adjusted turnaround expense 15

  16. Slide 16: 2025 Estimated Sensitivities

    2025 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. 16

  17. Slide 17: Capital Structure

    Capital Structure 41% 42% 40% 38% 34% 41% 39% 38% 34% 24% 34.1 31.7 28.5 28.4 28.6 19.4 20.1 20.9 17.2 18.8 6.1 3.3 1.7 1.5 1 1.1 2022 2023 2024 1Q 2025 2Q 2025 Equity $B Debt $B Cash & Cash Equivalents $B Debt-to-Capital Net Debt-to-Capital 1. Includes cash and cash equivalents of $92 million class

  18. Slide 18: 2Q 2025 Refining Adjusted Pre-Tax Income (Loss)

    2Q 2025 Refining Adjusted Pre-Tax Income (Loss) 2Q 2025 VS. 1Q 2025 ($MM) 1Q 2025 Atlantic Gulf Central West 2Q 2025 Adjusted Basin / Coast Corridor Coast Adjusted Pre-Tax Loss Europe Pre-Tax Income 172 442 98% Crude utilization 392 86% Clean product yield 434 99% Market capture1 (937) 281 $5.46 Ref

  19. Slide 19: 2Q 2025 Realized Refining Margin

    2Q 2025 Realized Refining Margin 2Q 2025 VS. 1Q 2025 ($/BBL) $0.91 $3.53 • 99% Market capture1 vs. 87% in 1Q • 86% Clean product yield vs. 87% in 1Q $11.25 $6.81 1Q 2025 Market Change in 2Q 2025 Realized Indicator Capture Realized Margin Change Impact Margin 1. Capture reflects the percentage of our

  20. Slide 20: 2Q 2025 - Market Indicator vs. Realized Margin

    2Q 2025 - Market Indicator vs. Realized Margin ($/BBL) $(0.08) • 99% Market capture • 98% Utilization 11.33 11.25 • 86% Clean product yield 2Q 2025 Capture Impact 2Q 2025 RIN-Adj Market Realized Margin Indicator1 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realize

  21. Slide 21: Phillips Refining Indicator Market Capture

    Phillips 66 Refining Indicator Market Capture1 2Q 2025 1Q 2025 Worldwide Realized Margin ($/BBL) 11.25 6.81 Worldwide Refining Indicator ($/BBL) 11.33 7.80 Worldwide Market Capture (%) 99 % 87 % Atlantic Basin Realized Margin ($/BBL) 8.16 7.08 Atlantic Basin Indicator ($/BBL) 9.06 6.33 Atlantic Basi

  22. Slide 22: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q YTD 2025 Reconciliation of Refining and Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1,2 Income (loss) before income taxes 1,957 1,708 2,317 1,255 7,237 582 717 (130) (523) 646 345 930

  23. Slide 23: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Million of Dollars YTD 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 2025 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 1,594 1,175 1,712 859 5,340 216 302 (108) (775) (365) (937) 359 (578) Plus: Depreciation and

  24. Slide 24: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q YTD 2025 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 363 533 605 396 1,897 366 415 (22) 252 1,011 1,282 571 1,853 Plus: Depreciation and amorti

  25. Slide 25: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 1 Reconciliation of Consolidated Income before Income Taxes to Adjusted EBITDA Attributable to Phillips 66 Income before income taxes 657 3,182 5,540 2,012 11,391 Plus: Income tax expense 171 924 1,618 535 3,248 Net interest expense 132 1

  26. Slide 26: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 1,2 Reconciliation of Refining and Marketing & Specialties Income before Income Taxes to Adjusted EBITDA Income before income taxes 494 3,826 3,647 2,080 10,048 Plus: Depreciation and amortization 228 244 246 252 970 Refining and Marketin

  27. Slide 27: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Milliions of Dollars 1Q 2Q 3Q 4Q 2022 2 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 370 497 3,642 668 5,176 Plus: Depreciation and amortization 89 93 160 225 567 1 Midstream EBITDA 459 590 3,802 893 5,743 Special Item

  28. Slide 28: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA Income before income taxes 396 273 135 52 856 Plus: None — — — — — Chemicals EBITDA 396 273 135 52 856 Special Item Adjustments (pre-tax): None — — — — — Total Spec

  29. Slide 29: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 1 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA Income before income taxes 175 3,145 2,963 1,693 7,976 Plus: Depreciation and amortization 201 215 219 225 860 1 Refining EBITDA 376 3,360 3,182 1,918 8,836 Specia

  30. Slide 30: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 1 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA Income before income taxes 319 681 684 387 2,072 Plus: Depreciation and amortization 27 29 27 27 110 1 Marketing & Specialties EBITDA 346 710 711 41

  31. Slide 31: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 1 Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes (24) 9 87 99 171 Plus: Depreciation and amortization 1 2 2 2 7 1 Renewable Fuels EBITDA (23) 11 89 101 178 Special

  32. Slide 32: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 1 Reconciliation of Corporate & Other Loss before Income Taxes to Adjusted EBITDA Loss before income taxes (407) (500) (353) (351) (1,611) Plus: Net interest expense 132 126 136 144 538 Depreciation and amortization 19 20 22 24 85 1 Corpo

  33. Slide 33: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) YTD 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 2025 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 230 104 119 85 538 124 100 137 123 484 270 53 323 Other operating exp

  34. Slide 34: Non-GAAP Reconciliations

    Non-GAAP Reconciliations 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

  35. Slide 35: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 2Q 2025 1 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA Income before income taxes 1,131 5,176 2,819 2,638 731 Plus: Depreciation and amortization 426 567 923 920 260 1 Midstream EBITDA 1,557 5,743 3,742 3,5

  36. Slide 36: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 2025 2Q 1Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 877 487 Pre-Tax Adjustments: Impairments — 21 1 Net (gain) loss on asset dispositions 89 (1,085) Professional advisory fees 45 — Legal accrual 33 — 2 Tax impact

  37. Slide 37: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 2025 2Q 1Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 731 751 Pre-tax adjustments: Net gain on asset dispositions1 — (68) Adjusted Pre-Tax Income 731 683 Reconciliation of Chemicals Pre-Tax Income to Adjusted Pre-

  38. Slide 38: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 2025 2Q 1Q Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax income (loss) 359 (937) Pre-tax adjustments: Legal accrual 33 — Adjusted Pre-Tax Income (Loss) 392 (937) Reconciliation of Marketing & Specialties Pre-Ta

  39. Slide 39: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 2025 2Q 1Q Reconciliation of Renewable Fuels Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (133) (185) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss (133) (185) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax

  40. Slide 40: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2Q 2025 Debt-to-Capital Ratio Total Debt 20,935 Total Equity 28,626 Debt-to-Capital Ratio 42 % Cash and Cash Equivalents, including cash classified within Assets held for sale1 1,144 Net Debt-to-Capital Ratio 41 % 1. Includes cash an

  41. Slide 41: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars 2025 2Q Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income 49 Pre-tax adjustments: Legal Accrual 33 Adjusted Pre-Tax Income 82 Reconciliation of Refining - Gulf Coast Pre-Tax Income to Adjusted Pr

  42. Slide 42: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2Q 2025 Atlantic Basin/ Central Reconciliation of Refining Income Before Income Taxes to Realized Refining Margins Worldwide Europe Gulf Coast Corridor West Coast Income (loss) before income taxes 359 49 101 392 (183) Plus: Taxes oth

  43. Slide 43: Non-GAAP Reconciliations

    Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2025 Atlantic Basin/ Central Reconciliation of Refining Loss Before Income Taxes to Realized Refining Margins Worldwide Europe Gulf Coast Corridor West Coast Loss before income taxes (937) (199) (333) (50) (355) Plus: Taxes other

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