Phillips 66 · NYSE:PSX
Phillips 66 — Investor Presentation (August 2021)
74 slides from Phillips 66's investor presentation, Aug 9, 2021
Slide 1: Investor Update August 2021
Ld INVESTOR UPDATE San Francisco Refinery ae (Ronee ea se AUGUST 2021
Slide 2: Cautionary Statement
a Cautionary Statement This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby.
Slide 3: Global manufacturing facilities and branded outlets
global manufacturing research and development facilities centers in the U.S. million BPD of crude branded branded throughput capacity U.S. outlets international outlets
Slide 4: Assets Map
Ferndale aff pase ee ee ea (66) Phillips 665 xo; ee ce Xv Partners Billings oe Bayway,, © # g San Francisco \ |. a =g, @ Boraer Fae Mount vermont fettyo. Ponca Above @———————— a) wa seat City Los Angeles aman a uy "ASSETS MAP LEGEND cove Facty @ cectem os) 7 fc Paroes D4 cPchem Facity « Lake Charles
Slide 5: Executing the Strategy
a Executing the Strategy @ Operating Excellence Committed to safety, environmental stewardship, reliability and cost discipline +Tt\ Growth & Oy Enhancing our portfolio by capturing growth in Midstream, Chemicals and lower-carbon opportunities ey Returns Improving returns by maximizing earnings thro
Slide 6: Operating Excellence
a Operating Excellence Total Recordable Rates Industry A e Industry Safety Metrics (Incidents per 200,000 hours worked) neustry Average (Incidents per 200,000 hours worked) Phillips 66 cPChem DCP Midstream Diese ors a i __.. 3G Agricul., Food All 83 Construction Petchem. Prof. Petroleum Phillips 66
Slide 7: Long-Term Capital Allocation Framework
Long-Term Capital Allocation Framework $6-7 B mid-cycle CFO Sustaining capital for asset integrity, safety and environmental projects Strong balance sheet and investment grade credit ratings Near-term debt repayment priority Secure, competitive, and growing dividend Growth investments with attractiv
Slide 8: Incentives Align With Sustainable Value Creation
Incentives Align With Sustainable Value Creation Enhanced 2021 compensation design to increase environment weighting from 5% to 15%, adding two metrics: ° Low-Carbon Priorities: advancing lower-carbon investments, optimization and innovation * Greenhouse Gas Priorities: reducing manufacturing emissi
Slide 9: Sustainability Supports Long-Term Resilience
Sustainability Supports Long-Term Resilience Enhancing Our Business Model for a Sustainable Future Operating Excellence Environmental Stewardship (E) Reducing our environmental footprint and advancing climate change solutions Operating excellence is foundational to sustainability Financial Performan
Slide 10: Emerging Energy
— Emerging Energy Providing Energy and Improving Lives Establishing a lower-carbon business platform Commercializing and implementing emerging energy technology Renewable fuels Batteries Leveraging commercial acumen and leadership in research and innovation Continuing capital discipline with emphasi
Slide 11: Innovation at Phillips 66
a Innovation at Phillips 66 Agile. Efficient. Smart. Capitalizing on research and development capabilities through our Energy Research and Innovation group Advancing solid oxide fuel cells, organic photovoltaic polymers, next-gen batteries and renewable fuels Developing carbon mitigation, hydrogen a
Slide 12: High-Performing Organization
High-Performing Organization Culture. Capability. Performance. Vision Providing Energy. Improving Lives. Values Safety. Honor. Commitment. Data is as of December 31, 2020. Training hours exclude Sentinel Transportation, LLC. 100% 45% 822,000 98% 98% 44% 20% 27% 47% 31% of Board meetings include tale
Slide 13: Making a Difference Where We Live and Work
Making a Difference Where We Live and Work 14,000 employees live our values every day 522 00o hours volunteered in local communities 5 since 2012 $52 million in matching gifts and volunteer grants since 2012 organizations received donations 2,543 through matching gifts in 2020 $225 million to organi
Slide 14: Our Energy In Action
— Our Energy In Action
Slide 15: Midstream
PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Midstream |
Slide 16: Midstream Portfolio
| Midstream Portfolio Transportation NGL and Other DCP Midstream 22,000 miles of U.S. pipeline systems 500,000+ BPD fractionation capacity 45 natural gas processing facilities 39 product terminals 200,000 BPD LPG export capacity 4.6 BCFD net natural gas processing 20 crude oil terminals 150,000 BPD
Slide 17: Premier Midstream Business
| Premier Midstream Business Top-quartile safety performance Adjusted EBITDA m PSX & PSXP ($B) =™DCP Diversified portfolio integrated with Refining 19 2.3 241 and Marketing 13 Ll | oo Integrated crude system with optionality for = | 19 20 producers, refiners and exporters Vv ® wat Advantaged USGC st
Slide 18: Phillips 66 Partners
— Phillips 66 Partners Primarily fee-based midstream assets backed by long-term minimum volume commitments Safe and reliable operations Assets highly integrated with Phillips 66 system Optimize existing assets Lake Charles Isomerization Unit WESTLAKE, LA »| B
Slide 19: DCP Midstream
| DCP Midstream Logistics & Marketing and Gathering & Processing North ort! 1.6 BCFD al Wood River Diversified portfolio in premier basins Ponca City Large-scale U.S. NGL producer and gas processor Mid-Continent Permian 11 BCFD 1.2 BCFD Integrated NGL supply feeds Phillips 66 Sweeny Hub al Lake Char
Slide 20: Midstream Organic Growth Projects
Midstream Organic Growth Projects Sweeny Hub Resumed construction on 150 MBD fourth fractionator, which will bring total Sweeny Hub fractionation capacity to 550 MBD by 4Q 2022 Secured y-grade feedstock supply agreements with firm volume commitments Fractionators fully integrated with 200 MBD Freepo
Slide 21: Chemicals
PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Chemicals |
Slide 22: Feedstock Advantaged Chemicals Portfolio
Feedstock Advantaged Chemicals Portfolio . ) | y ~ hal e b Q-Chem | & Il SPCo & S-Chem / Cedar Bayou Orange eee ra a Port Arthur ™sweeny/Old Ocean High density polyethylene (HDPE), Normal alpha olefins (NAO). Metrics shown net of JV capacity and sourced from IHS, Nexant, and company filings. See app
Slide 23: Chemicals Value Chain
| Chemicals Value Chain Ie cost Serve growing low-cost Siebel ethane ; feedstock middle class World-scale manufacturing in-demand facilities and products proprietary technology 70,000+ end-user products 23 PuLIPS
Slide 24: Chevron Phillips Chemical
a Chevron Phillips Chemical Industry-leading safety performance Adjusted EBITDA! . ($B) Proprietary technology Advantaged feedstock portfolio Global marketing network os — 7 18 19 20 Debottleneck opportunities 1H21 Capital Expenditures and Investments! ®= Sustaining Olefins and Polyolefins Capacity
Slide 25: Macro Chemicals Outlook
Macro Chemicals Outlook Well-positioned in North America and Middle East Expanding global middle class is increasing demand Meeting strong polymer demand for food packaging, medical supplies and other consumer products 2018-2020 Ethylene Production Cost Curve (Cents per pound) 40 30 N.A. Naphtha N.A
Slide 26: 2020 CPChem Sustainability Report
2020 CPChem Sustainability Report Enhancing efforts to eliminate plastic pellet spills by joining Operation Clean Sweep Blue and investing in Circulate Capital Ocean Fund Continuing to combat plastic waste and Product communicate value of plastics Sustainability & Circularity Founding member of Alli
Slide 27: CPChem Circular Polyethylene
— CPChem Circular Polyethylene Difficult-to-recycle plastic Collection Announced first U.S. commercial-scale production of conte pot circular polyethylene from recycled mixed-waste plastics j ; | Using advanced recycling technology to convert plastic waste to valuable liquids that can become new pet
Slide 28: CPChem Growth Projects
a CPChem Growth Projects U.S. Gulf Coast II CPChem 51% equity interest Final investment decision expected in 2022 2,000 kMTA ethylene cracker Two 1,000 kMTA polyethylene units Ras Laffan Petchem Project CPChem 30% equity interest 1,900 kMTA ethylene cracker CPChem Research Center KINGWOOD, TX Two po
Slide 29: Refining
Refining | a wu 2 a oso = e 6 n” = a. = = = — > = = a wi = wu cs = 2 => o c a
Slide 30: Enhancing Refining Returns
Enhancing Refining Returns Top-quartile HSE performance Capital and cost discipline Selectively investing for clean product yield and crude flexibility Investing in renewable diesel Diverse geographic footprint Adjusted EBITDA ($B) 7 18 19 20 1H21 Capital Expenditures and Investments m Sustaining ($
Slide 31: North America Crude Feedstock Flexibility
— North America Crude Feedstock Flexibility WESTERN CANADIAN CRUDE a4 Ferndale Atlantic Basin / Europe EASTERN 537 MBD ERE West Coast a teensy 364 MBD Crude Feedstock Slate "MA Wood Ri 4 aad (% Total Crude Runs) al San Francisco ( ‘al Gulf Coast 784 MBD } Los Angeles a Lake Charles A r a “¢ > alAlli
Slide 32: Maintain Cost Discipline
a Maintain Cost Discipline Top quartile non-energy operating cost Maintenance and personnel costs trending to top quartile in industry Cost efficiencies and improved productivity via AdvantEdge66 « Artificial intelligence machine learning *« Advanced analytics * Digital optimization 1) Based on Solo
Slide 33: Renewable Fuels
| Renewable Fuels Enhancing Our Business Model for a Sustainable Future Rodeo capacity to produce 8 MBD; full refinery conversion to produce 50+ MBD by 1Q 2024 Humber co-processing capacity to produce 3 MBD from used cooking oil; 5 MBD by 2024 Ryze 11 MBD supply and offtake agreements for two facili
Slide 34: Rodeo Renewed
Rodeo Renewed Transformation to Large-Scale Renewable Transportation Fuels Production Facility Constructing pre-treatment units and repurposing existing hydrocracking units to process renewable feedstocks Capital efficient project that leverages existing units Capable of processing any renewable fee
Slide 35: Marketing & Specialties
PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Marketing & Specialties
Slide 36: Enhancing M&S Returns
— Enhancing M&S Returns Consistent high-return, low-capital business Adjusted EBITDA ($B) Product placement for Refining ae BEE o 7 18 19 20 Site reimaging way Expand U.S. retail presence Capital Expenditures and Investments ($B) Distribution of renewable fuels 0.4 a 0.1 0.1 0.2 0.1 Integrated digit
Slide 37: Secure Product Placement
| Secure Product Placement United States ~5,700 sites reimaged since program inception All eligible sites are mobile enabled Direct consumer engagement Extend participation retail value chain Europe Proven low-cost, high-volume model Reimaging and high-grading the JET brand Adding new sites in Germa
Slide 38: Financial Strategy
PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Financial Strategy Phillips 66 Hea HOUSTON, TX
Slide 39: Financial Strategy
| Financial Strategy Disciplined capital allocation Strong investment grade credit ratings Financial flexibility Secure, competitive and growing dividend Reduce debt as cash flow recovers Share repurchases at appropriate time Phillips 66 Headquarters HOUSTON, TX 39 PuLIPS
Slide 40: Financial Strength
a Financial Strength Flexibility to execute strategy through the cycle 42% 43% 27% 29% ~ 39% 39% Investment grade credit ratings 25% 25% + PSX: A3 (Moody's), BBB+ (S&P) aaa ° 2 * PSXP: Baa3 (Moody’s), BBB (S&P) 215 20.6 . ee 15.9 Opportunity to efficiently reduce debt na hid 10.1 11.2 “ $7.9 B total
Slide 41: Consolidated Debt and Liquidity
— Consolidated Debt and Liquidity Debt Maturity Profile as of June 30, 2021 m™ PSX Senior Notes ($B) PSX Term Loan = PSX Revolving Credit Facility mPSXP Senior Notes =PSXP Revolving Credit Facility 2021 2023 2025 2027 2029 2031 2033 2035 Phillips 66, excluding PSXP $11.5 B Total Debt as of June 30,
Slide 42: Adjusted EBITDA and Returns
Adjusted EBITDA and Returns Adjusted EBITDA ($B) | . Ps 7 18 19 20 Adjusted ROCE (% After-Tax) Peer Avg 1% 7 18 19 20 See appendix for footnotes 1H21 1H21 Adjusted Earnings ($ per share) 11.71 7 18 19 Peer ROCE 2018-2020 Average (% After-Tax) Peer Avg 5% | Midstream Peers Refining Peers
Slide 43: Sustaining Midstream, Refining & Marketing, PSXP
Sustaining Midstream Refining & PSXP Marketing
Slide 44: Distributions
| Distributions Secure and competitive dividend * 19% CAGR with nine increases!2 Committed to shareholder distributions * Returned $2 B in 2020 through dividends and share repurchases * Repurchased / exchanged 34% of shares initially outstanding2 Returned over $28 B to shareholders through dividends
Slide 45: Total Shareholder Return
Total Shareholder Return Operating Excellence ap Growth Returns Distributions (oy) High-Performing Organization — “2v-2 May-13 May-14 May-15. May-16 May-17, May-18 May-19 May-20. Jun-21 e5 Share price as of June 30, 2021. See appendix for additional footnotes. Total Shareholder Return Since IPO (%)
Slide 46: Phillips 66 and Phillips 66 Partners
Phillips 66) hillips 66) renners —_ Phillips 66 Partners Spheres
Slide 47: Phillips 66 Partners ownership as of June 30, 2021
As of June 30, 2021. Public also owns 13.4 MM convertible preferred units.
Slide 48: Phillips 66 Partners Assets Map
— Phillips 66 Partners Ferndale ill 3 ase leceasiteety PHILLIPS 66 PARTNERS ASSETS MAP LEGEND @ — Crude Terminal/Pipeline @ = Fractionator @ —NGL/LPG Terminal/Pipelixe --- NGL/LPG Pipeline in Progress VV __NGL/LPG Underground Storage Facility @ — Products Terminal/Pipeline gi) Refinery Shale Basin L
Slide 49: Phillips 66 Partners Financial Strength and Flexibility
— Phillips 66 Partners Financial Strength and Flexibility Maintain strong leverage and coverage ratios Adlusted EBITDA * Target up to 3.5x Debt / EBITDA ($B) 13 12 * Target greater than 1.2x coverage ratio 11 Investment grade credit ratings 0.8 06 * BBB (S&P) * Baa3 (Moody’s) 7 18 $750 MM revolving
Slide 50: Phillips 66 Partners Growth Projects
— Phillips 66 Partners 7 7 7 7 = Bakken Pipeline optimization SRE Supported by minimum volume commitments from long-term contracts Incremental capacity began service in August 2021 C2G Pipeline New 16-inch ethane pipeline from Sweeny Hub to Gregory, Texas Expected to be operational in 4Q 2021 Suppli
Slide 51: Phillips 66 Partners Debt Profile
— Phillips 66 Partners Debt Profile Debt Maturity Profile as of June 30, 2021 ™ PSXP Term Loan |=PSXP Revolving Credit Facility ($B) ™PSXP Senior Notes 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 $3.9 B Total Debt Senior Notes Year Due Principal Coupon $3.5 B Senior Notes, weigh
Slide 52: Total Unitholder Return Since IPO
— Phillips 66 Partners Total Unitholder Return Since IPO (%) 300% 200% 100% PSXP +132% 0% AMZ = -27% -100% Jul-13 Jul-14 Jul-I5 Jul-16 Jul-17 Jul-is Jul-19 Jul-20 Jun-21 Chart reflects total unitholder return from July 22, 2018, to June 30, 2021. Distributions assumed to be reinvested in units. PSXP
Slide 53: Beaumont Terminal
Beaumont Terminal NEDERLAND, TX.
Slide 54: 2021 Sensitivities
| 2021 Sensitivities Annual EBITDA $MM Midstream - DCP (net to Phillips 66) 10¢/Gal Increase in NGL price 14 Chemicals - CPChem (net to Phillips 66) 1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 65 Worldwide Refining $1/BBL Increase in Gasoline Margin 350 $1/BBL Increase in Distillate
Slide 55: Value Chain
| Value Chain Liquids and Natural Gas NGL and Natural Gas aneli Fractionation Gathering and Pipelines and Storage Processing Wellhead Crude Pipelines, Product Pipelines, Marine, Shipping J} )) Refineries » Terminals and . and Rail Marine Crude Oil Used Oils, Animal Renewable Fats and Greases Raw Mat
Slide 56: 3Q 2021 Outlook
— 3Q 2021 Outlook ee Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Market Conditions Refining turnaround expenses (pre-tax) $120 MM - $150 MM Corporate & Other costs (pre-tax) $240 MM - $250 MM
Slide 57: General Information
General Information disclosed is as of June 30, 2021, unless noted otherwise. Numbers may not appear to tie due to rounding. Chevron Phillips Chemical may be abbreviated as CPChem. Marketing and Specialties may be abbreviated as M&S. Date Conventions 20 is as of December 31, 2020, or the twelve-mont
Slide 58: Slide Sources and Assumptions
Slide 6 Industry averages are from: Phillips 66 – American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical LLC (CPChem) – American Fuel & Petrochemical Manufacturers (AFPM) chemicals data, DCP Midstream, LLC (DCP Midstream) – Gas Processors Association (GPA). Phill
Slide 59: Slide Sources and Assumptions (continued)
Slide 42 Adjusted ROCE is defined as (Adjusted Net Income + after-tax interest expense + minority interest) / (Average total debt + average equity). Peer ROCE calculations are based on the simple average of 2018 - 2020 ROCE. Source: Company filings adjusted to facilitate comparisons of operating per
Slide 60: Reconciliation of Consolidated Earnings to Adjusted Earnings
Millions of Dollars Except as Indicated 2017 2018 2019 2020 1H 2021 Reconciliation of Consolidated Earnings (Loss) to Adjusted Earnings (Loss) Consolidated Earnings (Loss) 5,106 5,595 3,076 (3,975) (358) Pre-tax adjustments: Pending claims and settlements (60) 21 (21) (37) — Pension settlement expen
Slide 61: Reconciliation of Phillips 66 Net Income to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H 2021 Reconciliation of Phillips 66 Net Income (Loss) to Adjusted EBITDA Phillips 66 net income (loss) $ 4,131 3,743 4,797 4,280 1,644 5,248 5,873 3,377 (3,714) (265) Less: Income from discontinued operations 48 61 706 — — — — — — —
Slide 62: Reconciliation of Midstream Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2017 2018 2019 2020 1H 2021 Reconciliation of Midstream Pre-Tax Income (Loss) to Adjusted EBITDA Midstream pre-tax income (loss) 638 1,181 684 (9) 388 Plus: Interest revenue (1) — — — — Depreciation and amortization 299 320 304 331 184 Midstream EBITDA 936 1,501 988 322 572 Speci
Slide 63: Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2017 2018 2019 2020 1H 2021 Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA Chemicals pre-tax income 716 1,025 879 635 777 Plus: None — — — — — Chemicals EBITDA 716 1,025 879 635 777 Special Item Adjustments (pre-tax): Impairments by equity affiliates 64 — — 15 — Pe
Slide 64: Reconciliation of Refining Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H 2021 Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted EBITDA Refining pre-tax income (loss) $ 5,089 2,782 2,467 3,659 436 2,076 4,535 1,986 (6,155) (1,769) Plus: Depreciation and amortization 655 685 704 738 769 821 840
Slide 65: Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H 2021 Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted EBITDA Marketing and Specialties pre-tax income $ 863 1,327 1,475 1,652 1,261 1,020 1,557 1,433 1,446 766 Plus: Interest revenue — — — (2) — — — — — — Depreci
Slide 66: Reconciliation of Corporate & Other Pre-Tax Loss to Adjusted EBITDA
Millions of Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Reconciliation of Corporate & Other Pre-Tax Loss to Adjusted EBITDA Corporate and Other pre-tax loss $ (673) (694) (680) (729) (747) (895) (853) (804) (881) Plus: Net interest expense 231 258 246 285 321 408 459 415 485 Depreciation an
Slide 67: Reconciliation of DCP Midstream Pre-Tax Income to Adjusted EBITDA
Millions of Dollars 2017 2018 2019 2020 1H 2021 Reconciliation of DCP Midstream Pre-Tax Income (Loss) to Adjusted EBITDA DCP Midstream pre-tax income (loss) 76 106 (784) (958) 43 Plus: None — — — — — DCP Midstream EBITDA 76 106 (784) (958) 43 Special Item Adjustments (pre-tax): Impairments — — 853 1
Slide 68: Reconciliation of Adjusted EBITDA and Distributable Cash Flow
Millions of Dollars 2017 2018 2019 2020 1H 2021 Phillips 66 Partners Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Income Net income attributable to the Partnership 461 796 923 791 207 Plus: Net income attributable to Predecessors 63 — — — — Net income attributable to noncontr
Slide 69: Reconciliation of Adjusted EBITDA and Distributable Cash Flow
Millions of Dollars 2017 2018 2019 2020 1H 2021 Phillips 66 Partners Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Cash Provided by Operating Activities Net cash provided by operating activities* 724 892 1,016 955 513 Plus: Net interest expense 99 114 105 120 65 Income tax exp
Slide 70: Phillips 66 Capital Expenditures and Investments
Millions of Dollars 2017 2018 2019 2020 Phillips 66 Capital Expenditures and Investments Midstream Growth 597 1,360 1,605 $ 1,470 Sustaining 174 188 264 216 Total 771 1,548 1,869 1,686 Refining Growth 323 267 409 329 Sustaining 530 559 592 487 Total 853 826 1,001 816 Marketing & Specialties Growth 6
Slide 71: Proportional Share of Select Equity Affiliates
Millions of Dollars 2017 2018 2019 2020 Proportional Share of Select Equity Affiliates Capital Expenditures and Investments* DCP Midstream (Midstream) 268 484 472 119 CPChem (Chemicals) Growth 571 131 155 104 Sustaining 205 208 227 180 Total 776 339 382 284 WRB (Refining) 126 156 175 175 Select Equi
Slide 72: Total Debt
Millions of Dollars Except as Indicated Debt-to-Capital Debt-to-Capital Ratio Total Debt Total Equity Ratio June 30, 2021 Phillips 66 Consolidated $ 15,413 20,602 43 % PSXP* 3,910 2,426 Phillips 66 Excluding PSXP $ 11,503 18,176 39 % December 31, 2020 Phillips 66 Consolidated $ 15,893 21,523 42 % PS
Slide 73: Phillips 66 ROCE
Millions of Dollars (Except as Indicated) 2017 2018 2019 2020 1H 2021 Phillips 66 ROCE Numerator Net income (loss) 5,248 5,873 3,377 (3,714) (265) After-tax interest expense 285 398 362 394 228 GAAP ROCE earnings (loss) 5,533 6,271 3,739 (3,320) (37) Special items (2,837) (51) 581 3,598 229 Adjusted
Slide 74: 2021 Guidance
Millions of Dollars 2021 Guidance1 Sustaining Growth Total Capital Spending Midstream Phillips 662 $ 160 150 310 Phillips 66 Partners3 135 170 305 295 320 615 Chemicals — — — Refining 521 255 776 Marketing & Specialties 65 51 116 Corporate & Other 166 — 166 Phillips 66 Consolidated 1,047 626 1,673 L