Phillips 66 · NYSE:PSX
Phillips 66 — Merger or Acquisition (August 2022)
9 slides from Phillips 66's merger presentation, Aug 18, 2022
Slide 1: Restructuring of Strategic Joint Ventures
Exhibit 99.1 PROVIDING ENERGY. IMPROVING LIVES. Restructuring of EX Strategic Joint cg ; Ventures AUGUST 2022
Slide 2: Cautionary Statement
| Cautionary Statement ti Words and phi h ipated,” “estimated,” “expected,” “planned, irgeted,’ "believes, "continues" “intends,” “will” “would,” “objectives.” "goals." ‘projects ‘efforts, “strategies” and ‘similar expressions are used to identity sch forward Hocking: ‘tatemen er, t is release are b
Slide 3: Restructuring of Strategic Joint Ventures: Transaction Overview
| Restructuring of Strategic Joint Ventures Transaction Overview Restructured and merged strategic joint ventures to dcp Economic Interests in DCP realign economic and governance interests Before Transaction Transaction 28.26% 43.31% Transaction entered into and closed on August 17, 2022 CENBRIDGE —
Slide 4: Strategic NGL Position
| Strategic NGL Position Increases Midstream NGL business operational size and scale Enables value creation through operating and commercial synergies Enhances existing NGL platform - Extends value chain - Strengthens Sweeny Hub NGL Value Chain © | @- Gas Gathering Gas Processing Pipelines Fractiona
Slide 5: Integrated NGL Value Chain from Wellhead to Market
| Integrated NGL Value Chain from Wellhead to Market DCP Gathering & Processing and Logistics & Marketing system integrated with Phillips 66 NGL value chain Assets located in key growth basins Provides upstream customers with full wellhead to market service Freeport Clemens Caverns Connectivity to m
Slide 6: Offer to Acquire DCP Midstream Public Units
| Offer to Acquire DCP Midstream Public Units Phillips 66 offered to acquire all publicly held common units of DCP Midstream, LP - Proposed cash consideration of $34.75 per common unit - Transaction would be structured as a merger of DCP Midstream with an indirect subsidiary of Phillips 66 with DCP
Slide 7: Offer to Acquire DCP Midstream Public Units
| Offer to Acquire DCP Midstream Public Units Additional Information and Where You Can Find It This communication does not constitute a solicitation of fan vote or approval with respect to the proposed transaction. Thi a transaction is agreed, Phillips 66 and D« r documents with the US. Securties an
Slide 8: Appendix
a Appendix
Slide 9: Restructuring of Strategic Joint Ventures: Corporate Structure
ss Restructuring of Strategic Joint Ventures Transaction Overview Merged joint venture holds Phillips 66’s and Enbridge’s interests in DCP Midstream, LP and Gray Oak Pipeline, LLC Corporate Structure CENBRIDGE nomic interests 13. 20% DCP Midstream, LP 58.50% Gray Oak Pipeline, LLC Econo! rests, 43.3