Phillips 66 · NYSE:PSX
Phillips 66 — Proxy Contest (May 2025)
98 slides from Phillips 66's proxy contest presentation, May 19, 2025
Slide 1: Delivering Value & Demonstrating Commitment
Delivering Value & Demonstrating Commitment April 28, 2025
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains forward-looking statements within the meaning of the federal securities laws relating to Philips 66% operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,”
Slide 3: Phillips 66 Shareholders Have Two Options
Phillips 66 Shareholders Have Two Options Phillips 66’s Proven Results v Consistent and compelling value creation v Reliable, above-market return on and of capital VY Transformative long-term strategy v Bold, value-accretive strategic portfolio actions v Disciplined organic growth plan v Highly enga
Slide 4: Table of Contents
@3}_ Table of Contents Phillips 66’s Strategy and Proven Results * Company and Strategy Overview ° Refining ¢ Midstream * Chemicals ° Value of Integration * Capital Allocation and Returns Pages 5 - 30 Elliott’s Short-Term, Risky Agenda Redundant and Risky Demands Deceitful Engagement Flawed Separati
Slide 5: Phillips 66's Strategy and Proven Results
Phillips 66’s Strategy and Proven Results
Slide 6: Phillips 66's Proven Strategy
Phillips 66’s Strategy and Proven Results COMPANY AND STRATEGY OVERVIEW Phillips 66’s Proven Strategy... Re-Shape Legacy Portfolio to Focus on High-Return, Resilient Assets Proactively divest non-core assets to drive focus and efficient use of capital Enhance portfolio flexibility to adapt to market
Slide 7: Has Driven Outperformance for Our Shareholders
Phillips 66’s Strategy and Proven Results COMPANY AND STRATEGY OVERVIEW att’s Short-Term, Risky Agenda he Right Board and Nomine ...Has Driven Outperformance for Our Shareholders TSR Outperformance Since 2022 CEO Transition’ Key Strategy Highlights 67% ¥ Strong Execution on 2022-2025 Strategic Prior
Slide 8: Integrated Model Results in Higher Returns and Lower Volatility
Phillips 66’s Strategy and Proven Results COMPANY AND STRATEGY OVERVIEW Our Integrated Model Results in Higher Returns and Lower Volatility Through Cycles 39% Higher Return of Capital to Shareholders Unique Intersection of Low Volatility and High Return on Capital Total Return of Capital as % of Cas
Slide 9: Enabling Consistent, Growing Return of Capital
Phillips 66’s Strategy and Proven Results COMPANY AND STRATEGY OVERVIEW ott -Term, Enabling Consistent, Growing Return of Capital Top-Tier Return Profile Across Industries and Sectors ips 66 Cumulative Shareholder Distributions! ($B) 43 37 24 26 78 - 21 15 10 12 sonnl ial 12 3 14 15 "6 17 18 19 '20
Slide 10: Differentiated and Integrated Assets
Phillips 66’s Strategy and Proven Results Proxy Performance Peers Refining & Marketing * CVR Energy * Delek US Holdings * HF Sinclair * Marathon Petroleum * PBF Energy * Valero Energy Midstream * ONEOK * Targa Resources * The Williams Companies Chemicals * Dow * LyondellBasell * Westlake Avg. Adj. E
Slide 11: In Highly Attractive, Global Markets
COMPANY AND STRATEGY OVERVIEW att’s Short-Term, Risky he Right E Phillips 66’s Strategy and Proven Results oard and Nomine ..In Highly Attractive, Global Markets U.S. NGLs Future Growth Exceeds U.S. Crude Oil Growth Global Demand Growth Benefits All Segments 10,000 6,000 Crude Oil "Gasoline mDiesel
Slide 12: Decisive Actions and Results
Phillips 66’s Strategy and Proven Results Decisive Actions and Results v Returned over $14 B to shareholders through share repurchases and dividends $3.5 B in non-core or non-operated asset divestitures Built integrated wellhead-to-market NGL business Expanded NGL value chain with Pinnacle and EPIC
Slide 13: Strategy Will Continue to Drive Long-Term Value
Phillips 66’s Strategy and Proven Results COMPANY AND STRATEGY OVERVIEW ..-And Our Strategy Will Continue to Drive Long-Term Value Transformative Strategy Is in Its Early Innings and Will Continue to Drive Consistent, Compelling Returns @ REFINING © mipstREAm © cHemicats Drive long-term competitiven
Slide 14: Refining Strategy Focused on Improving Competitiveness
Phillips 66’s Strategy and Proven Results REFINING Our Refining Strategy is Focused on Improving Competitiveness @ Focus ON MARGIN OVER OUTPUT * Utilize value chain to enhance margin capture and maximize Adjusted EBITDA/bbl (2) OPTIMIZE ASSETS TO ALIGN WITH LONG-TERM DEMAND TRENDS * Reinvest in proj
Slide 15: Setting the Record Straight on Refining Profitability
Phillips 66’s Strategy and Proven Results REFINING We are Setting the Record Straight on Refining Profitability... On a Like-For-Like Basis, Refining and M&S Profitability is In-Line With Peers We Outperform in the Central Corridor, Ferndale ll Where We Are Most Integrated &, * |.-*. >: Integrated C
Slide 16: Surpassing Peers in Reducing Refining Costs
Phillips 66’s Strategy and Proven Results REFINING tt’s Short-Term, Risk jenda he Right Board and Nomi ...And Surpassing Peers in Reducing Refining Costs... PSX Has Reduced Costs in All Four Regions | Highlights From 2022 to 2024 Central Corrid: Atlantic Basi A entral Corridor antic Basin + Reduced
Slide 17: Continuing to Improve Refining Performance
Phillips 66’s Strategy and Proven Results REFINING att’s Short-Term, Risky Agenda he Right Board and Nomine ..-While Continuing to Improve Refining Performance Reducing Costs Maximizing Runtime and Reliability Refining Adjusted Controllable Costs' ($/bbl) Crude Capacity Utilization Disciplined, High
Slide 18: Midstream Strategy: Best-in-Class NGL Platform
Phillips 66’s Strategy and Proven Results MIDSTREAM oO (2) Our Midstream Strategy is Focused on Developing a Best-in-Class NGL Wellhead-to-Market Platform INVEST IN PROFITABLE GROWTH * Expand scale in key geographies to capture larger market share OPTIMIZE PORTFOLIO THROUGH FOCUS ON HIGH RETURN GROW
Slide 19: Strategically Building an Integrated NGL Business
Phillips 66’s Strategy and Proven Results MIDSTREAM >tt’s Short-Tern he Right Board and No Strategically Building an Integrated NGL Business... Growing Stable Midstream Adjusted EBITDA ($B) +$1.9 B Projected EBITDA growth since 2021! : 18% Incremental Cash Return on Capital Invested since 2021 Wood
Slide 20: Value Accretive Transactions
Phillips 66’s Strategy and Proven Results MIDSTREAM hort-Term, Risk jenda he Right Board and Nomi ... Through Value Accretive Transactions... Recent Strategic Actions Have Further Optimized Our Portfolio Divesting non-core and/or non-operated assets with limited growth at attractive transaction mult
Slide 21: Future Growth Opportunities
Phillips 66’s Strategy and Proven Results MIDSTREAM Future Growth Opportunities Balanced NGL Portfolio! (MBD) YY Expansion Opportunities j ~5x Organic build multiple 1,200 800 400 G&P and Supply —_ Long Haul Pipelines Fractionation Exports .. That Have Positioned Midstream for Robust Growth Capitali
Slide 22: Chemicals Strategy Leverages CPChem's Global Scale
Phillips 66’s Strategy and Proven Results Our Chemicals Strategy Leverages CPChem’s Global Scale and Feedstock Advantages... (1) HISTORY OF INNOVATION AND COLLABORATION ? 2000: CPChem is established 1 e 2001: Q-Chem founded, petrochemical complex Hl opened two years later in Qatar Lowest Cost Produc
Slide 23: Self-Funding JV with Stable, Growing Distributions
Phillips 66’s Strategy and Proven Results CHEMICALS t's Short-Term, Risky Self-Funding JV with Stable, Growing Distributions Self Funding GTP & Cumulative Distributions to Partners ($B)! F RLPP Growth Projects $17 B Partner Distributions $0 - 20 $10 $: Cash Calls from > Partners | | oooh $0 PD HM Pm
Slide 24: Our Integration is a Competitive Advantage
Phillips 66’s Strategy and Proven Results Midstream Transportation & Logistics Integration Refining Integration with NGLs Chemicals Integration Marketing Integration VALUE OF INTEGRATION Our Integration is a Competitive Advantage... Key Advantages * Optimizing asset utilization across commodities *
Slide 25: $500 Million in Annual Operating Synergies
Phillips 66’s Strategy and Proven Results Existing Annual Operating Synergies Generated by Optimizing: Operations ~$200+ mm Product Placement ~$200+ mm 1. $50 MM attributable toCPChem and $450 MM attributable to Midstream operations. VALUE OF INTEGRATION Increased crude run rates at Sweeny, Ponca Ci
Slide 26: Enhanced by a Leading Commercial Platform
Phillips 66’s Strategy and Proven Results VALUE OF INTEGRATION ..And is Enhanced by a Leading Commercial Platform Our Leading Asset-Backed Supply, Trading and Logistics Capabilities 5 CALGARY Global offices 100+ Traders Countries within Commercial network 3,100 Marine Voyages Annually Not an exhaust
Slide 27: Capital Allocation Priorities
Phillips 66’s Strategy and Proven Results Capital Allocation Pr Ss Maintain safe and reliable operations Continue to deliver annual dividend growth Target >50% of net operating cash flow returned to shareholders’ Reduce debt to $17 B, <30% net debt- to-capital ratio by 2027 Prioritize strong investm
Slide 28: Operational Excellence Begins with Safety
Phillips 66’s Strategy and Proven Results COMMITMENT TO SAFETY he Right Board and Nomine Operational Excellence Begins with Our Commitment to Safety Four refineries earned 2024 AFPM Safety Awards Midstream earned 2024 API Distinguished Pipeline Safety Award Recognized for 2024 safety performance by
Slide 29: 2027 Strategic Priorities
3 Investment 2027 Strategic Priorities Rationale Targeted Performance worltciss ~ $5.50 > $500 MM Operations! Annual Refining Adjusted reduction in operating, Controllable Costs per barrel* SG&A & freight costs® Differentiated Portfolio in Highly Attractive § -—-—-_—S cece Markets Disciplined and Re
Slide 30: The Right Option For Long-Term Value Creation
The Right Option For Long-Term Value Creation Phillips 66’s Proven Results Y Consistent and compelling value creation v Reliable, above-market return on and of capital VY Transformative long-term strategy v Bold, value-accretive strategic portfolio actions v Disciplined organic growth plan v Highly
Slide 31: Elliott's Short-Term, Risky Agenda
Elliott’s Short-Term, Risky Agenda
Slide 32: Elliott's Proposals Introduce Undue Risk and Disruption
Elliott’s Proposals Introduce Undue Risk and Disruption Elliott’s Short-Term, Risky Agenda X Short-sighted perspective with significant risks X Disrupts long-term returns for shareholders X Ignores progress made under current strategy X Disingenuous and deceptive valuations X Erratic pattern of enga
Slide 33: Value Enhancing Actions Preceded Elliott's Demands
Elliott’s Short-Term, Risky Agenda REDUNDANT AND RISKY DEMANDS Value Enhancing Actions Preceded Elliott’s Demands Elliott’s Proposals: Redundant or Risky Phillips 66: Transformative Strategy In Action Proposal to declassify our board for the sixth time over the past un 3 “The Company should commit t
Slide 34: Phillips 66 Has Tried to Engage Openly with Elliott
ill s Strate nd Proven Result: Elliott’s Short-Term, Risky Agenda DECEITFUL ENGAGEMENT he Right Board and Nomi Phillips 66 Has Tried to Engage Openly with Elliott Y Committed to constructive investor engagement (>20 meetings with Elliott since October 2023) Our Good : ' Faith Y Added Bob Pease to th
Slide 35: How the Board Approaches Reviewing the Portfolio
ill s Strate ind Proven Result: Elliott’s Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS he Right Board and Nomi How the Board Approaches Reviewing the Portfolio (1) Regularly and aggressively evaluate the portfolio and alternatives with a view toward maximizing long-term shareholder value The
Slide 36: Directors' Transaction Experience
Howard Ungerleider Greg Hayes Glenn Tilton Asset(s): Asset(s): Asset(s): John Lowe Charles Holley Denise Singleton Asset(s): Asset(s): Asset(s): Global Access Commercial Industrial Solutions Refrigeration Fire Unit Unit Unit $28 B $17 B $11 B LNG Tech & $2 B acquisition of Transaction merger with Tr
Slide 37: Now is Not the Right Time to Monetize CPChem
ill s Strate ind Proven Result: Elliott’s Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS he Right Board and Nomi Now is Not the Right Time to Monetize CPChem Elliott’s Views are Intentionally Deceptive What’s Ahead for CPChem Elliott first privately introduced the idea to sell Phillips 66’s sta
Slide 38: Flawed Assumptions about CPChem
Elliott’s Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS Elliott’s Overly Simplistic and Flawed Assumptions about CPChem Elliott’s Words: Phillips 66’s View: “Our view has been, and it is, that Chevron, their JV partner in the chems business, very much wants to grow in that space. They want to
Slide 39: Midstream Separation Dis-Synergies Reduce Value
d Proven Results Elliott’s Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS Midstream Separation Dis-Synergies Significantly Reduce Value Sale: ~$450 MM! Sale: ~$10.0 B of tax leakage® Spin: ~$450 MM! + $300 MM2= $750 MM2 Spin: >$500 MM4 Lost profitability Duplicate operating Capital structure fr
Slide 40: Midstream Sale: ~$28 / Share in Value Leakage
Elliott’s Short-Term, Risky Agenda / ~(4.9x) Multiple Degradation FLAWED SEPARATION ANALYSIS Midstream Sale: ~$28 / Share in Value Leakage Elliott Overestimates Value Realization and Significantly Understates Value Leakage ~($28) / Share Value Leakage! Multiple Implied EV / 2026E Elliott’s Estimated
Slide 41: Lack of Midstream Cash Buyers Makes Sale Unrealistic
iillips 66's Strategy and Proven Result: Highly Unlikely For A $50 B Cash Buyer For PSX Midstream * Limited debt capacity in buyer universe would reduce cash consideration * Transaction potentially requires PSX taking significant buyer equity ~$25 / Share Tax Leakage? Using Elliott’s Sale Price * Ex
Slide 42: Midstream Spin: ~$17 / Share in Value Leakage
's Strategy and Proven Results Elliott’s Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS he Right Board and Nominee Midstream Spin: ~$17 / Share in Value Leakage Elliott Overestimates Value Realization and Significantly Understates Value Leakage ~(1.7X) Multiple Degradation / ~($17) / Share Valu
Slide 43: Analyst Views on Separating Midstream and Selling CPChem
On Separating Midstream and Selling CPChem... “PSX Midstream is not Speedway [...] It is not at all clear whether, even if PSX did sell or spin off its Midstream business, its buyback path would be similar to that of MPC.” - Barclays (2/11/2025) “..PSX's Gulf Coast Refining, Midstream and Chemicals
Slide 44: Misleading Comparisons Are a Core Part of Elliott's Campaign
Elliott’s Short-Term, Risky Agenda MISLEADING CLAIMS Misleading Comparisons Are a Core Part of Elliott’s Campaign Shareholders Should Know the Facts and Not Be Tricked by Elliott’s Manipulative Narrative Elliott’s Deceptive Narrative Fake Quotes: Elliott alleges Mark Lashier is “telling investors an
Slide 45: Correcting the Narrative on Valuation
Correcting the Narrative on Valuation Elliott’s Short-Term, Risky Agenda MISLEADING CLAIMS Elliott Seeks to Confuse Investors with a Misleading Analyst Quote WHAT AN ANALYST SAID HOW ELLIOTT IS SPINNING IT WHAT MARK ACTUALLY SAID “In a somewhat surprising tactic, PSX management talked down the poten
Slide 46: Phillips 66 is NOT a Conglomerate
ill s Strategy and Proven Result: Elliott’s Short-Term, Risky Agenda Phillips 66 is NOT a Conglomerate MISLEADING CLAIMS he Right Board and Nomi Elliott Seeks To Portray Our Business as a “Conglomerate” to Push Their Short-sighted Break-up Thesis What a Conglomerate Looks Like... Berxsuire Hatuaway
Slide 47: PSX Does Not Trade Like a Pure Play Refiner
Elliott’s Short-Term, Risky Agenda MISLEADING CLAIMS Elliott’s Claim that PSX “Trades Like a Pure Play Refiner” is Not True PSX Trades Like Marathon, Which Has Similar Midstream Exposure Average Adjusted EBITDA by 80% Segment (2023 - 2024) Indexed Share Price Performance since initial Elliott Letter
Slide 48: Elliott is Misleading Shareholders on Corporate Governance
Elliott’s Short-Term, Risky Agenda DISREGARD FOR CORPORATE GOVERNANCE Elliott is Misleading Shareholders on Corporate Governance Topics Shareholders Should Know the Facts and Not Be Tricked by Elliott’s Manipulative Narrative Elliott’s Deceptive Narrative Hidden Fact: Does not clearly mention its af
Slide 49: Elliott is Pursuing a Competitor While Influencing Our Strategy
oven Result: Elliott’s Short-Term, Risky Agenda DISREGARD FOR CORPORATE GOVERNANCE Elliott is Pursuing a Competitor While Trying to Influence Our Strategy... Four Indisputable Facts CITGO is a direct competitor of Phillips 66 ina core operational corridor Elliott has a clear conflict of interest wit
Slide 50: Elliott's Web of Deception and Lies
oven Result: Elliott’s Short-Term, Risky Agenda Elliott’s Web of Deception and Lies DISREGARD FOR CORPORATE GOVERNANCE Elliott Management $$$ Amber Energy is fully owned by funds affiliated with Elliott regarding his solicitation “During our joi Elliott --- Elliott about Greg Goffin its April 9 lett
Slide 51: Board is Committed to Declassifying
ill s Strate nd Proven Result: Six Attempts to Declassify Since 2012 Spin 2015 2016 2018 2021 2023 * This year’s annual meeting Source: Company filings Elliott’s Short-Term, Risky Agenda DISREGARD FOR CORPORATE GOVERNANCE he Right Board and Nomi Phillips 66 Board is Committed to Declassifying Philli
Slide 52: Elliott's Proposals Introduce Undue Risk and Disruption
@3}_ Elliott’s Proposals Introduce Undue Risk and Disruption Phillips 66’s Proven Results Y Consistent and compelling value creation v Reliable, above-market return on and of capital VY Transformative long-term strategy v Bold, value-accretive strategic portfolio actions v Disciplined organic growth
Slide 53: The Right Board and Nominees
The Right Board and Nominees
Slide 54: Board Composition Aligned with Strategic Priorities
ill s Strate nd Proven Result: liott's Short-Term, Risk jenda The Right Board and Nominees HIGHLY SKILLED AND REFRESHED BOARD Board Composition Aligned with Our Strategic Priorities Relevant Experience! Current Board Composition Highlights? C-Suite Experience Director Independence Average Tenure (ye
Slide 55: Refreshed Board With Pertinent Perspectives
The Right Board and Nominees Refreshed Board With Pertinent Perspectives HIGHLY SKILLED AND REFRESHED BOARD PSX’s Board of Directors and Nominees for Election Directors & New Nominees Up for Election Julie L. Bushman Former EVP of International Operations, 3M Tenure 5 Years ro ro Grace Puma Former E
Slide 56: Board Values Shareholder Feedback and Takes Action
Phillips € The Board Values Shareholder Feedback and Takes Action 2024 Track Record of Shareholder Engagement 100% 400+ >60% 22% 140+ ~3O of top 25 shareholders Investor Meetings & of total O/S of total O/S engaged Sell-Side Analyst Investor / Industry contacted Calls engaged with Board Meetings Eve
Slide 57: Nominees' Experience Ties Directly to Strategy
The Right Board and Nominees OUR NOMINEES VS. THEIRS Nominees’ Experience Ties Directly to Company’s Strategy Incumbent Directors Seeking Re-Election at the Upcoming Annual Meeting | John Lowe Executive Experience Robert W. Pease Executive Experience Former Executive Vice Former Executive Vice Presi
Slide 58: New Independent Directors Nominated
The Right Board and Nominees OUR NOMINEES VS. THEIRS Nominees’ Experience Ties Directly to Company’s Strategy New Independent Directors Nominated for Election at the Upcoming Annual Meeting A. Nigel Hearne Chief Operating Officer Executive Experience : b Chevron = harbour =i ea of Harbour Energy How
Slide 59: Elliott's Nominees Pose a Risk
Stacy Nieuwoudt Age: 45 liott's Short-Term, Served as a director at Independence Contract Drilling and resigned only months before the company filed for Chapter 11 bankruptcy Michael Heim Age: 76 As Stonepeak’s designated director on Evolve Transition Infrastructure’s board, oversaw a (93%)! TSR dec
Slide 60: Experience Aligned with the Company's Strategy
ill and Proven Result: liott's Short-Term, Risky Experience Aligned with the Company’s Strategy Track Records of Value Creation » 30+ years of experience in the energy industry * Deep expertise in business transformation, capital allocation, M&A and governance + Extensive board experience across ups
Slide 61: Phillips 66 Shareholders Have Two Options
Phillips 66 Shareholders Have Two Options Phillips 66’s Proven Results Elliott’s Short-Term, Risky Agenda Y Consistent and compelling value creation X Short-sighted perspective with significant risks v Reliable, above-market return on and of capital X Disrupts long-term returns for shareholders VY T
Slide 62: Appendix: Myths vs Facts & Engagement History
APPENDIX: MYTHS VS FACTS & ENGAGEMENT HISTORY
Slide 63: Myths vs Facts
Myths Elliott’s Campaign is Dishonest and Deceptive Facts Maximum value for Phillips 66 shareholders will only The market is beginning to appreciate the breadth and depth of our Midstream business; Elliott’s analysis ignores: been accretive i 1 \ 1 Midstream ‘ ‘ , | Midstream Sale: Ongoing dis-syner
Slide 64: Myths vs Facts
Myths Elliott’s Campaign is Dishonest and Deceptive Facts Diffused Management Focus Management focus is clearly on the Midstream business - leaving the improvement opportunity in Refining as an afterthought We have led peers in Refining cost reduction! over the last 2 years; announced plans to cease
Slide 65: Engagement History with Elliott
Engagement History with Elliott! Date Pl ips 66 Initiatives Elliott’s Responses oct 9 Our CEO, CFO and Senior VP of Corporate Strategy met with Elliott in a Showed us a presentation outlining perspectives on value creation response to a request for a meeting opportunities Demanded to inspect certain
Slide 66: Engagement History with Elliott
Engagement History with Elliott! Date Phillips 66 Initiatives Elliott’s Responses Feb 4 Demanded to inspect certain books and records under Sect. 220 of Delaware General Corporation Law ‘ Published public letter to our Board and accompanying investor presentation Feb 11 Responded to 220 Demand, faci
Slide 67: Appendix: Non-GAAP Reconciliations
APPENDIX: NON-GAAP RECONCILIATIONS
Slide 68: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Reconciliation of Consolidated Net Income to Adjusted EBITDA Net income 1594 11,391 7,239 2075 Plus: Income tax expense 146 3,248 2,230 500 Net interest expense 583 537 629 745 Depreciation and amortization 1,605 1,629 1977 2,363 Phill
Slide 69: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Aye tear Reconciliation of Consolidated Net Income to Adjusted EBITDA (cont'd) Change in Fair Value of NOVONIX Investment’ (370) 442 39 3 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment 5,159 14,493 12
Slide 70: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 4-Year 2-Year 2021 2022 2023 2024 Average Average 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 426 567 923 920 Midstream EBITDA’ 1,557 5,7
Slide 71: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2024 Reconciliation of Midstream - Transportation Income Before Income Taxes to Adjusted EBITDA Income before income taxes 1,292 Plus: Depreciation and amortization 172 Midstream - Transportation EBITDA’ 1,464 Special Item Adjustments (pre-tax): Net gain
Slide 72: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of lars 2024 Reconciliation of Midstream - NGL Income Before Income Taxes to Adjusted EBITDA Income before income taxes 1,346 Plus: Depreciation and amortization 748 Midstream - NGL EBITDA’ 2,094 Special Item Adjustments (pre-tax): Impairments 224 Total Special Item
Slide 73: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 4-Year 2-Year 2021 2022 2023 2024 Average Average Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA Income before income taxes 1,844 856 600 876 Plus: None = = = = Chemicals EBITDA 1,844 856 600 876 Special Item Adjustments (pre-ta
Slide 74: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 4-Year 2-Year 2021 2022 2023 2024 Average Average Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA' Income (loss) before income taxes (2,366) 7,976 5,340 (365) Plus: Depreciation and amortization 979 860 831 1,077 Refining E
Slide 75: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 4-Year 2-Year 2021 2022 2023 2024 Average Average Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA’ Income before income taxes 1,668 2,072 1,897 1,01 Plus: Depreciation and amortization n3 no 122 179 Marketing & Spec
Slide 76: Non-GAAP Reconciliations
Non-GAAP Reconciliations 4-Year 2-Year 2021 2022 2023 2024 Average Average Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted EBITDA" Income (loss) before income taxes 67 m 153 198) Plus: Depreciation and amortization 5 6 9 64 Renewable Fuels EBITDA’ 72 177 162 (134) Spe
Slide 77: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 4-Year 2-Year 2021 2022 2023 2024 Average Average Reconciliation of Corporate & Other Loss before Income Taxes to Adjusted EBITDA’ Loss before income taxes (603) (1,612) 4,340) (1,287) Plus: Net interest expense 582 538 629 745 Depreciation and amorti ion
Slide 78: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2024 2022 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 484 72 Other operating expenses 3,243 3,958 Total operating expenses 3,727 4,730 Selling, general and admini
Slide 79: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2024 2022 Reconciliation of Refining Atlantic Basin Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 102 131 Other operating expenses 922 10 Total operating expenses 1,024 1,241 Selling,
Slide 80: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2024 Reconciliation of Refining Gulf Coast Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 282 225 Other operating expenses 888 1,005 Total operating expenses 1,170 1,230 Selling, genera
Slide 81: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2024 Reconciliation of Refining Central Corridor Region Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 2 7 Other operating expenses 536 633 Total operating expenses 557 810 Selling, general an
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