Slide 1: First-Quarter Earnings Release April 25, 2025
PHILLIPS 66 FIRST - QUARTER EARNINGS RELEASE APRIL 25, 2025 Lake James Gas Plant GOLDSMITH, TX -2-
Slide 2: Cautionary Statement
PHILLIPS (66) 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,” “believ
Slide 3: Creating Value Now and In the Future
PHILLIPS (66) Creating Value Now and In the Future Differentiated Portfolio in Highly Attractive Markets Transformational Strategy Driving Clear Operational and Commercial Benefits Leading to Consistent and Compelling Value for Shareholders
Slide 4: Continued Focus on Refining
PHILLIPS 66 Continued Focus on Refining Improving Utilization, Feedstock Flexibility and Yield Utilization Clean Product Yield Market Capture Project Spotlight: Sweeny Crude Flex Project Completed during 1Q 2025 Turnaround -40MBD of additional heavy/light switching capability¹ Higher utilization & h
Slide 5: Advancing Wellhead-to-Market Strategy
PHILLIPS 66 Advancing Wellhead-to-Market Strategy (66) 1Q 2022 2Q 2023 2Q 2024 3Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 PSXP Buy-In Completed DCP Transaction Completed Rockies Express Pipeline Sale Pinnacle Acquisition MIDSTREAM ADJUSTED EBITDA GROWTH ($B) 2.1 2.7 2021 Exceeded DCP Synergy Ta
Slide 6: Delivering Long-Term Value for Shareholders
PHILLIPS 66 Delivering Long-Term Value for Shareholders Highlights Since July 2022 Returned over $14 B to shareholders through share repurchases and dividends as of March 31, 2025 $3.5 B in non-core or non-operated asset divestitures Completed conversion of San Francisco Refinery Announced plan to c
Slide 7: 1Q 2025 Overview
PHILLIPS (66) 1Q 2025 Overview $MM (Unless otherwise Noted) Earnings $487 Capital Expenditures and Investments $423 Adjusted Loss Adjusted Loss per Share¹ $(368) $(0.90) Operating Cash Flow $187 Shareholder Distributions² $716 Net Debt-to- Capital 38% 1. Represents dollars per share. 1Q 2025 is base
Slide 8: 1Q 2025 Adjusted Earnings (Loss)
PHILLIPS 66 1Q 2025 Adjusted Earnings (Loss) 1Q 2025 vs 4Q 2024 ($MM) 1Q 2025 4Q 2024 Change Midstream $ 683 708 (25) Chemicals 113 72 41 Refining Marketing and Specialties Renewable Fuels (937) (759) (178) 265 185 80 (185) 28 (213) Corporate and Other (355) (294) (61) Adjusted loss before income ta
Slide 9: 1Q 2025 Cash Flow
PHILLIPS 66 1Q 2025 Cash Flow $B 1.7 2.0 (1.3) 0.2 Dec. 31, 2024 Cash Balance CFO 1 1. Includes cash and cash equivalents Proceeds from Asset Dispositions (0.7) (0.4) Debt Shareholder Distributions 1.5 Capex & Investments Mar. 31, 2025 Cash 1 Balance 9
Slide 10: Outlook
PHILLIPS 66 Outlook 2Q 2025 Global Olefins & Polyolefins utilization Mid 90% Refining crude utilization Mid 90% Refining turnaround expense Corporate & Other costs¹ $65 MM - $75 MM $340 MM - $360 MM 1. Excludes impacts from our investment in NOVONIX. 10
Slide 11: Investment Rationale
PHILLIPS 66 Investment Rationale World-Class Operations¹ 2027 Strategic Priorities Targeted Performance - $5.50 Refining annual adjusted controllable costs per barrel² > $500 MM reduction in operating, SG&A & freight costs³ Differentiated Portfolio VE in Highly Attractive Markets Disciplined Growth
Slide 12: Appendix
Appendix Borger Refinery, Borger, TX PHILLIPS 66 12
Slide 13: 2025 Estimated Sensitivities
PHILLIPS 66 2025 Estimated Sensitivities Midstream2 10¢/Gal Increase in NGL price 10¢/MMBtu Increase in Natural Gas price $1/BBL Increase in WTI price Chemicals - CPChem (net to Phillips 66) 1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) Worldwide Refining³ $1/BBL Increase in Gasoline
Slide 14: Capital Structure
PHILLIPS 66 Capital Structure 34.1 34% 24% 17.2 2022 6.1 31.7 41% 40% 38% 39% 38% 34% 19.4 3.3 2023 28.5 28.4 20.1 18.8 Equity $B Debt $B Cash & Cash Equivalents $B See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 1.7 1.5 2024 1Q 2025 Debt-to-Capital Net Debt-to-Capi
Slide 15: Non-GAAP Reconciliations
PHILLIPS 66 Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA Income before income taxes $ 1,131 5,176 2,819 2,638 Plus: Depreciation and amortization Midstream EBITDA Special Item Adjustments (pre-tax): Certain
Slide 16: Non-GAAP Reconciliations
PHILLIPS 66 Non-GAAP Reconciliations Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings Pre-Tax Adjustments: Impairments Los Angeles Refinery cessation costs Certain tax impacts Winter-storm-related costs (recovery) Net (gain)/loss on asset disposition’ Legal accrual
Slide 17: Non-GAAP Reconciliations
PHILLIPS (66 Non-GAAP Reconciliations Millions of Dollars 2025 2024 1Q 4Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income $ 751 673 Pre-tax adjustments: Impairments 35 Net gain on asset disposition (68) Adjusted Pre-Tax Income Reconciliation of Chemicals Pre-Tax
Slide 18: Non-GAAP Reconciliations
PHILLIPS 66 Non-GAAP Reconciliations Millions of Dollars 2025 2024 1Q 4Q Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax income (loss) $ (937) (775) Pre-tax adjustments: Los Angeles Refinery cessation costs 3 Certain tax impacts (9) Legal accrual 22 Adjuste
Slide 19: Non-GAAP Reconciliations
PHILLIPS 66 Non-GAAP Reconciliations Millions of Dollars 2025 2024 1Q 4Q Reconciliation of Renewable Fuels Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax income (loss) $ (185) 28 Pre-tax adjustments: None Adjusted Pre-Tax Income (Loss) $ (185) 28 Reconciliation of Corporate and Othe
Slide 20: Non-GAAP Reconciliations
PHILLIPS 66 Non-GAAP Reconciliations Millions of Dollars Except as Indicated 1Q 2025 18,803 Total Debt Total Equity Debt-to-Capital Ratio $ 28,353 40 % Total Cash $ Net Debt-to-Capital Ratio 1,489 38% 24
Slide 21: Non-GAAP Reconciliations
PHILLIPS (66 Non-GAAP Reconciliations Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Loss to Adjusted Pre-Tax Loss Pre-tax loss Pre-tax adjustments: None Adjusted Pre-Tax Loss Reconciliation of Refining - Gulf Coast Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss Pre-tax adjustments
Slide 22: Non-GAAP Reconciliations
PHILLIPS 66 Non-GAAP Reconciliations Reconciliation of Refining Loss Before Income Taxes to Realized Refining Margins Loss before income taxes Plus: Taxes other than income taxes Depreciation, amortization and impairments Selling, general and administrative expenses Operating expenses Equity in loss