Phillips 66 · NYSE:PSX
Phillips 66 — Investor Presentation (September 2026)
23 slides from Phillips 66's investor presentation, September 2026
Slide 1: Wood River Refinery Investor Tour
Wood River Refinery Investor Tour September 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,” “targeted,” “believe,” “continue,
Slide 3: Focus Sets the Stage for Continued Success
Focus Sets the Stage for Continued Success Increased supply flexibility, margin capture and lower costs Delivered Net Crude Throughput Capacity (MBD) High - graded portfolio 45 1,993 247 Improved clean product yield, costs and utilization 1,2,3 1,841 Centralization promotes best practices across sys
Slide 4: Continuous Improvement Mindset
Continuous Improvement Mindset Driving performance through a culture focused on operational excellence 1 2 Refinery Utilization Clean Product Yield Adjusted Controllable Costs Refining Crude Utilization 85% 85% 87% 86% PSX Peer A Peer B 84% Industry-Average Utilization $6.94 96% Large turnaround qua
Slide 5: Business Transformation: Deliberate Action Delivered Durable Results
Business Transformation: Deliberate Action Delivered Durable Results SIGNIFICANT CHANGE: THE BEGINNING · 2022 –2024 SUSTAINABILITY · 2025 - 2026 FUTURE 2022 2023 2024 2025 2026 2027+ • Higher operating • Run - rate savings goal • Achieved $1.4 B run - • New workstream • In - person Lean • Continuous
Slide 6: A Century of History – Now Phillips 66
WOOD RIVER REFINERY | ROXANA, ILLINOIS A Century of History – Now Phillips 66 Established 1917 Distillate Built by Roxana Tosco acquires Wood Phillips + Conoco Coker & Refinery Phillips 66 + COP Maximization Petroleum (Shell) River merge Expansion (CORE) spin Projects 1917 2000 2002 2007 –11 2012 20
Slide 7: Central Corridor
Central Corridor 1 Central Corridor Utilization Clean Product Yield Adjusted Controllable Costs 7.62 Large 101% turnaround quarter Large 83% turnaround quarter 89% 90% 87% 87% 5.85 86% Central Corridor Crude Utilization Industry-Average Utilization 2Q26 2Q26 1Q22 2Q26 2022 2023 2024 2025 2026 1Q22 2
Slide 8: Wood River Value Chain Optimization
Wood River Value Chain Optimization Enhancing the benefits of integration REFINING • Operational excellence Prioritize company over function to • Cost/margin focus maximize Phillips 66 profitability • License to operate COMMERCIAL MIDSTREAM • Trading and Grow the pie vs. split the pie scheduling • F
Slide 9: Supply Logistics: Optimizing Crude Cost Per Barrel Drives Material Value Creation
Supply Logistics: Optimizing Crude Cost Per Barrel Drives Material Value Creation Crude gathering and delivery network serving Wood River via the Patoka hub Crude Rate excl. Turnarounds (MBD) 2022 2023 2024 2025 1H26 Other Processed Inputs (MBD) Wood River 1 Central Corridor 1 Nameplate Capacity: 34
Slide 10: Product Logistics
Alkylate Production 1 (MBD) Product Logistics Optimizes value of every barrel 2022 2023 2024 2025 1H26 Alkylation debottleneck projects Distillate Production 1 (MBD) 2022 2023 2024 2025 1H26 Distillate Maximization Projects Fuel Oil Production (MBD) 2022 2023 2024 2025 1H26 10 1. Excluding major TA
Slide 11: WRB Transaction Fortified Phillips 66 Central Corridor
WRB Transaction Fortified Phillips 66 Central Corridor Strategic Consolidation Increased Mid - Con Refining and Clean Product Asset Map Presence • October 2025: PSX acquired the remaining 50% equity interest in WRB Refining LP (WRB) for total cash consideration of $1.3 B • Added 247 MBD of refining
Slide 12: Synergies Captured from WRB Transaction
Synergies Captured from WRB Transaction Delivered >$50 MM/year of near - term synergies Advantaged Crude • Prioritized P66 proprietary pipelines to reduce variable cost for Wood River • Optimized intermediate streams across the Central Corridor • Secured new marketing contracts • Further optimize cr
Slide 13: Western Gateway: Integration Enhances America's Energy Security
Western Gateway: Integration Enhances America’s Energy Security Regional Gasoline Prices $/bbl 1 CBOB (Gulf Coast) Unleaded (Central Corridor) CARBOB (West Coast) 138 131 Enables reliable 116 118 118 Cost advantaged Gold Line 109 West Coast Mid - Continent and 102 103 104 supply Feeds growing Wood R
Slide 14: Wood River Refinery Community Impact
Wood River Refinery Community Impact Gasoline, Diesel and Jet fuel supply to 345 MBD local STL markets, Missouri, Chicago, Crude Throughput and Indianapolis ~840 $175 MM Payroll Employees $9 MM Payroll Taxes $28 MM Property Taxes ~500 Routine Contractors 1 Refining Job = 14 Community Jobs 1 $1.3 MM
Slide 15: Appendix
Appendix, / 15
Slide 16: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars (Except as Indicated) YTD 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 1Q 2Q 2026 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 124 100 137 123 484 270 53 36 135 494 178 123 301 Other operating ex
Slide 17: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 100 221 221 230 772 230 104 119 85 538 Other operating expenses 997 958 984 1,019 3
Slide 18: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q YTD 2026 Reconciliation of Refining Central Corridor Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 2 2 10 77 91 105 81 186 Other operating expenses 146 144 152
Slide 19: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 Reconciliation of Refining Central Corridor Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 12 12 57 40 121 1 3 8 9 21 Other operating expenses 154 145
Slide 20: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining Atlantic Basin Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 13 22 44 52 131 Other operating expenses 296 280 264 270 1,110 Total operating
Slide 21: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining Gulf Coast Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 31 40 53 101 225 Other operating expenses 286 280 220 219 1,005 Total operating ex
Slide 22: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining Central Corridor Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 26 116 17 18 177 Other operating expenses 158 148 162 165 633 Total operatin
Slide 23: Non-GAAP Reconciliations
Non -GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining West Coast Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 30 41 108 60 239 Other operating expenses 270 258 334 348 1,210 Total operating ex