Phillips 66 · NYSE:PSX
Phillips 66 — Investor Presentation (August 2026)
43 slides from Phillips 66's investor presentation, August 2026
Slide 1: Investor Update August 2026
3 Investor Update August 2026
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,” “target ed,” “believe,” “continue
Slide 3: Diversification, Execution and Discipline Drive Attractive Returns
Diversification, Execution and Discipline Drive Attractive Returns Positioned in Highly Strategy Drives Stable and Through - cycle Attractive Markets Opportunity Shareholder Returns ~1 MMBD Execution Oriented 14 % of NGL Transport 1 Annual Dividend CAGR 2 ~1 MMBD Organic Investment $47 B of NGL Frac
Slide 4: Top-Tier Cash Returns Profile
Top -Tier Cash Returns Profile Since 2012 $27 B 1,2 $21 B 1,2 14% 12% Cumulative Share Repurchases Cumulative Dividends Distributed Dividend CAGR 1,3 Average Adjusted ROCE 4 Annual Dividend Growth 2027E Shareholder Distribution Yield 5 Leading position in the S&P 500 ($ per share) $5.08 Phillips 2.7
Slide 5: Portfolio Reduces Volatility; Improving Durability of Cash Flow
Portfolio Reduces Volatility; Improving Durability of Cash Flow Positioned across the energy value chain 1 Capital Decreasing Phillips 66 Company Midstream Downstream Chemicals Upstream E&P 2 Intensity Volatility Peer Group Average 4 Bar indicates range A ✓ 0.86 B ✓ ✓ 0.32 C ✓ 0.11 D ✓ ✓ 0.19 E ✓ 0.
Slide 6: Global Economic Growth Will Drive Increased Demand
Global Economic Growth Will Drive Increased Demand Global Population Growth Predominantly from … and Middle - Income Households in Those Developing Economies... Economies are Expected to Grow… Developing Nations Population Growth vs. 2025 (Million People) Forecasted Increase of Middle Class Househol
Slide 7: US and Canada are Reliable Suppliers of Liquid Hydrocarbons
US and Canada are Reliable Suppliers of Liquid Hydrocarbons Permian and Canadian crude supply is ample and growing NGL production expected to continue to grow Crude Oil Production (in MMBD) NGL Production (in MMBD) 2010 2025 2035 1% (1)% CAGR CAGR 1% CAGR 66.2 2% 7.1 CAGR 6.6 60.5 12.6 55.1 10.9 0.9
Slide 8: Phillips Connects Local Supply With Global Demand
Phillips 66 Connects Local Supply With Global Demand Global Demand Growth Benefits All Segments Core Markets Growth Markets Refining, Marketing & Specialties and Renewable Fuels 1 Midstream and Chemicals Gasoline Diesel Jet NGLs Naphtha Global Change from 2025 (MMBD) Global Change from 2025 (MMBD) 2
Slide 9: Liquids Infrastructure Footprint is Without Equal
Liquids Infrastructure Footprint is Without Equal Central Corridor and Gulf Coast connectivity enables optionality, flexibility, and resiliency ~$13.4 B 1 Avg. Adj. EBITDA (Consensus 2027) Sources of Adj. EBITDA 1 2027E Adjusted EBITDA % by Segment 1 Renewable Chemicals Fuels 4% 11% Midstream 30% Re
Slide 10: Integrated Value Chain Maximizes Margin Capture
Integrated Value Chain Maximizes Margin Capture Premium Markets Advantaged Supply Clean Products • 1 MMBD gasoline; 0.9 MMBD distillate • 2 MMBD clean products traded Integrated Assets • 7,620 branded U.S. outlets Crude Oil • 10 MBD neat SAF capability • 3 MMBD crude traded and sourced • 2 MMBD for
Slide 11: Global Breadth Creates Opportunities
Global Breadth Creates Opportunities 80+ 3,800+ 57 1 Countries within Marine Voyages Annually Vessels on Time Charter Commercial network Capturing Value • Supplying West Coast Marketing from U.S. Gulf Coast, leveraging Jones Act waivers • Optimizing Bayway crude by substituting North African grades
Slide 12: Assets Positioned to Access Lowest-Cost Supply
Assets Positioned to Access Lowest -Cost Supply Refining Midstream Chemicals Canadian crude oil growth is reliable, Low break - evens and rising gas - oil ratios Low - cost feedstock advantage provides consistent, and economically advantaged are constructive to NGL volumes resilience at bottom of th
Slide 13: Assets Deliver Attractive Organic Growth Opportunities
Assets Deliver Attractive Organic Growth Opportunities Large Organic Projects Small Organic Projects (Sanctioned) (Under Evaluation) Midstream Refining Gas Plant Expansions Humber Gasoline Quality Improvement Midstream • Iron Mesa: 300 MMCFD Permian Gas Plant • Enables production of higher - quality
Slide 14: Western Gateway: Integration Enhances America's Energy Security
Western Gateway: Integration Enhances America’s Energy Security • Joint Venture with Phillips 66, Cost advantaged Kinder Morgan and HF Sinclair Mid - Continent and Gold Line Enables reliable Feeds growing Gulf Coast supply West Coast Las Vegas demand Wood River • ~1,300 mile refined products supply
Slide 15: Western Gateway: Satiating Demand and Supporting Growth
Western Gateway: Satiating Demand and Supporting Growth Project Details JV Structure • Borger to El Paso: 20” new pipeline Kinder Morgan Phillips 66 HF Sinclair Asset • El Paso to Phoenix: 24” new pipeline Operator Operator, Project Manager • Reverse Gold Line Scope • Reverse SFPP West 1 35.1% 49.9%
Slide 16: Midstream: Built for Future Growth, Optionality and Reliability
Midstream: Built for Future Growth, Optionality and Reliability Leveraging attractive footprint… Billings Organic growth Enhancing base business Transportation assets connected to stable Coastal Bend pipeline and frac Increasing asset utilization demand centers expansion NGLs and crude oil Wood Rive
Slide 17: Refining: Advantaged Feedstock Position and Flexible Crude Slate
Refining: Advantaged Feedstock Position and Flexible Crude Slate US assets located in the strongest product markets, 2 to run Medium and Heavy grades… Peer - leading position have low - cost supply, and export optionality Bottoms Upgrading Capacity (MBD) 308 307 302 Forecasted Low 349 Change in Prod
Slide 18: Refining: Delivering Continuous Improvement
Refining: Delivering Continuous Improvement Setting Stage for Future Success Closed th e Gap on Clean Product Yield 2 PSX Peer A Peer B • Peer - leading utilization and clean product yield 87.1% 86.5% 86.5% • Low - capital, high - return projects 85.4% • Focused on reliability and margin improvement
Slide 19: Chemicals: Asset Location is a Competitive Advantage
Chemicals: Asset Location is a Competitive Advantage Chain margin recovery provides upside to cash Organic growth via Golden Triangle Polymers and Ras distributions Laffan Petrochemicals projects Cash generation in bottom - cycle environment supported Assets located in the strongest markets; have lo
Slide 20: Marketing & Specialties and Renewable Fuels
Marketing & Specialties and Renewable Fuels Marketing & Specialties Secures product placement in high -value markets Provides stable annual through - cycle returns and cash flow Strong fuels brand presence enhances margins (Phillips 66®, Conoco®, 76® and JET® brands) JET Germany and Austria transact
Slide 21: Disciplined Capital Allocation; Refining, Chemicals and Renewable Fuels Offer Upside
Disciplined Capital Allocation; Refining, Chemicals and Renewable Fuels Offer Upside Illustrative Allocation of Cash Flow from Operations ($B) Capital Allocation Targets 2027 Consensus • Deliver a secure , competitive and CFO $11 B + growing annual dividend • >50% of net operating cash flow Share Re
Slide 22: Shareholder Returns: Focused, Disciplined and Balanced
Shareholder Returns: Focused, Disciplined and Balanced On pace to meet $17 B Total Debt target …while returning 50% of CFO to shareholders ahead of schedule… through dividends and share repurchases 1,2 Total Debt Estimate 1 ($B) Illustrative Uses of Cash Flow from Operations (CFO) 21 17 2026E 2027E
Slide 23: Appendix
Appendix
Slide 24: Investment Rationale
Investment 2027 Strategic Priorities Rationale Targeted Performance World - Class Operations 1 ~ $5.50 > $500 MM Refining annual adjusted reduction in operating, controllable costs per barrel 2 SG&A & freight costs 3 Differentiated Portfolio in Highly Attractive Markets Disciplined Growth ~ $2.5 B >
Slide 25: Estimated Sensitivities
Estimated Sensitivities Annual EBITDA $MM 1 Midstream 2 10¢/Gal Increase in NGL price 105 10¢/MMBTU Increase in Natural Gas price 7 $1/BBL Increase in WTI price 6 Chemicals - CPChem (net to Phillips 66) 1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 65 Worldwide Refining 3 $1/BBL Incre
Slide 26: Midstream Covers Dividend and Sustaining Capital
Midstream Covers Dividend and Sustaining Capital Midstream Adjusted EBITDA ($B) Dividends ($B) Total Sustaining Capital ($B) 4.3 3.9 3.7 3.8 3.3 3.1 3.1 2.9 2.7 2.7 2.7 2.7 2022 2023 2024 2025 2026E 1 2027E 1 Refining, Marketing & Specialties and Chemicals provide capital allocation optionality 26 C
Slide 27: Competitive Refining and M&S Adjusted EBITDA per BBL
Competitive Refining and M&S Adjusted EBITDA per BBL 1,2 3 Refining M&S Peer Average $9.51 $8.39 $6.58 $5.86 $0.81 $4.91 $15.32 $12.47 $15.57 $13.29 $1.10 $9.84 $6.44 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 2026 1. A combined Refining and Marketing & Specialties presentation of Adjusted EBITDA exclu
Slide 28: $/BBL Metrics
$/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 2023 2024 2025 2026 1Q $12.71 4.16 $(1.06) 3.32 2Q $8.96 $3.80 $5.40 18.36 3Q $11.80 $1.98 $5.43 4Q $7.13 ($0.98) $6.09 Annual $10.12 $2.23 $4.23 10.96 Adjusted Marketing & Specialties EBITDA ($/BBL) 2023 2024 2025
Slide 29: $/BBL Metrics
$/BBL Metrics 1 Refining Adjusted Controllable Costs ($/BBL) 2023 2024 2025 2026 1Q $7.04 $6.18 $7.03 6.21 2Q $5.96 $5.68 $5.46 5.57 3Q $6.42 $5.67 $6.07 4Q $6.79 $6.07 $5.96 Annual $6.55 $5.90 $6.09 5.88 29 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non - GAAP meas
Slide 30: Portfolio Evolution Increases Focus
Portfolio Evolution Increases Focus Significant Changes Made in 3+ Years Since 2022: Alliance South 65% Interest Other Rockies Coop Gulf Coast Strategic Actions Yield Attractive Refinery Texas Midstream Express Mineraloel Express in Germany Gateway & Austria Positive Results Divestitures 1 (Belle Ch
Slide 31: Operational Excellence Begins with Our Commitment to Safety
Operational Excellence Begins with Our Commitment to Safety Six refineries earned 2025 AFPM Safety Awards Midstream earned 2025 API Distinguished Pipeline Safety Award Leader in Safety Across Industries Leader in Safety Recordable Injury Rate 1 Recordable Injury Rate 1 U.S. 2024 Industry Average = 2
Slide 32: A.I. Enables Reliability, Productivity, and Margin Improvements
A.I. Enables Reliability, Productivity, and Margin Improvements Selected Use Cases Operations Commercial & Marketing Margin optimization • Synthesize internal and external data to identify • Identify real - time margin opportunities arbitrage opportunities in real time • Optimize blending decisions
Slide 33: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is n ot reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Specialties are reviewed
Slide 34: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Impairments recorded in the third quarter 2025 are related to our 50% equity investment in WRB Refining LP as a result of the definitive agreement entered into in September 2025, and closed on October 1, 2025. | 2. Adjusted total processed inputs 34 include our proportio
Slide 35: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Net gain on dispositions in the second quarter of 2026 relates to the post - closing adjustments from the December 2025 sale of 65% of our interest in our Germany and Austria retail marketing business. In connection with this sale, in the second and third quarters of 202
Slide 36: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is n ot reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing 36 & Specialties are revie
Slide 37: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Denominato r i s total processed inputs. | 3. Denominator is adjusted total processed inputs. | Refer to changes in Basis of 37 Presentation discussion on pg 2
Slide 38: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc. | 2. Adjusted total processed inputs includ e o ur proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominato ris 38 adjusted tot
Slide 39: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a com ponent of equity in earnings of affiliates on our consolidated statement of income. | 2. Adjusted total processed inputs 39 include our proportio
Slide 40: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a com ponent of equity in earnings of affiliates on our consolidated statement of income. | 2. Adjusted total 40 processed inputs include our proportio
Slide 41: Non-GAAP Reconciliations
Non -GAAP Reconciliations 41 Refer to changes in Basis of Presentation discussion on pg 2 | Total may not sum due to rounding.
Slide 42: Non-GAAP Reconciliations
Non -GAAP Reconciliations 42 1. Capital employed is total equity plus total debt
Slide 43: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars Except as Indicated 2Q 2026 Total Debt 20,565 Total Equity 32,703 Debt - to - Capital Ratio 39 % Total Debt 20,565 Less: Cash and Cash Equivalents 4,099 Net Debt 16,466 Net Debt - to - Capital Ratio 33 % 43