Phillips 66 · NYSE:PSX
Phillips 66 — Merger or Acquisition (January 2023)
9 slides from Phillips 66's merger presentation, Jan 6, 2023
Slide 1: DCP Midstream Transactions Overview
w PROVIDING ENERGY. IMPROVING LIVES. DCP Midstream : Transactions \e Overview || January 2023
Slide 2: Cautionary Statement
a Cautionary Statement This presentation contains forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated,” "expected,” "planned," "scheduled,” “targeted,” "believe," "continue," "intend," "will," "would," “objective,” "goal," "project,"
Slide 3: Acquisition of DCP Public Common Units
Acquisition of DCP Public Common Units Phillips 66 has agreed to acquire all publicly held common units of DCP - All cash consideration of $41.75 per common unit - Transaction to be structured as a merger of an indirect subsidiary of Phillips 66 with and into DCP, with DCP as the surviving entity Ag
Slide 4: DCP Transactions Overview
| DCP Transactions Overview Phillips 66 previously realigned economic and governance interests and assumed oversight and management of DCP on August 17, 2022 dcp Midstream. Economic Interests in DCP ; — a . Before Post i Post I Public buy-in increases Phillips 66 economic Transactions OO ae | upc Bu
Slide 5: DCP Assets Strengthen NGL Footprint
a DCP Assets Strengthen NGL Footprint Increases Midstream NGL operational size and scale Extends participation in full NGL value chain Midstream growth platform Simplified structure Unlocks cash flow
Slide 6: Acquisition of DCP Public Common Units
— Acquisition of DCP Public Common Units Additional Information and Where You Can Find It This presentation does not constitute a solicitation of any vote or approval with respect to the proposed transaction. This presentation relates to a proposed business combination between Phillips 66 and DCP. I
Slide 7: Appendix
a Appendix
Slide 8: Legend
— Legend Maps Maps, images and drawings are for informational purposes only and may not be to scale. Phillips 66 Assets — Crude Pipeline all) Fractionator masa LPG Export Terminal — NGL/LPG Pipeline VY _NGL/LPG Storage Facility @ Refinery DEP Assets oll Fractionator & Cas Plant cap NGL Gathering — N
Slide 9: Footnotes
| Footnotes Affiliates of Phillips 66, as the holders of a majority of the outstanding DCP common units, have delivered their consent to approve the transaction. As a result, DCP has not solicited and is not soliciting approval of the transaction by any other holders of DCP common units. The receipt