Slide 1: Investor Update
eves aw | Sime PHILLIPS PROVIDING ENERGY. IMPROVING LIVES. Investor Update | August 2024
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, "project," “efforts,”
Slide 3: Differentiated and Attractive Investment Opportunity
a Differentiated and Attractive Investment Opportunity GROWING MAINTAINING Cash Generation Capital Discipline +$4 B mid-cycle adjusted EBITDA 12% average ROCE since target increase ($14 B) by 2025 as 2012 ap 75% of adjusted EBITDA growth $0.3 B of sustaining capital outside refining efficiencies sin
Slide 4: Cost reductions compared with 2022
• • • • ¹ cost reductions compared with 2022 • • • • • ² • •
Slide 5: Leading Integrated Downstream Energy Provider
Leading Integrated Downstream Energy Provider Positioned for value creation through economic cycles SHAREHOLDER DISTRIBUTIONS OPERATING EXCELLENCE HIGH-PERFORMING ORGANIZATION LOWER-CARBON ra * Natural gas liquids wellhead-to-market value chain. MIDSTREAM Highly integrated with other segments + Crud
Slide 6: Providing Energy. Improving Lives.
Providing Energy. Improving Lives. Our Products Improve Lives and Make Modern Life Possible Transportation Fuels trucks, ships, planes Roads Agriculture fertilizers, insecticide, irrigation pipe Housing roofing, carpet, insulation Electric Vehicles batteries, rubber tires, body parts Personal Care/C
Slide 7: Integration Captures Opportunities Across the Value Chain
Integration Captures Opportunities Across the Value Chain 2025 Mid-Cycle Adjusted EBITDA Target by Segment? ($B) Over 60% of mid-cycle adjusted EBITDA from non refining $14B 2025 Mid-Cycle Adjusted EBITDA Target = Midstream = Chemicals = Refining = Marketing & Specialties = Renewable Fuels Crude e I
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¹ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Slide 9: Edmonton Hardisty Calgary
Edmonton Hardisty Calgary Billings Patoka Houston Cushing New Orleans
Slide 10: Integration: Central Corridor
a Integration: Central Corridor Central Corridor Optimization : @ Optimize Refining feedstock and yields through Crude Oil q Natural Gas / NGLs highest clean product netback market identification v . Crude Gathering & Infrastructure @ ® Processing @ @ Utilization of Midstream assets to maximize 7 Lo
Slide 11: Integration: Sweeny Hub
Integration: Sweeny Hub Sweeny Hub 3 Natural Gas / NGLs Vv ® Gathering & Processing Long Haul Pipelines Chemicals Clean Products Infrastructure Global LPG Markets Global Chemicals Ma Natural Gas Markets Fractionation ® rkets @ Refining light ends sent to fracs enabling high crude rate @ Access to hi
Slide 12: NGL Long-haul Pipelines Outlook
NGL Long-haul Pipelines Outlook 2024 Contract Tenor * 78% of current NGL long-haul volume is under long-term contracts? * Majority of remaining 22% of volume that expires within the next 5 years moves at current market rates * Pinnacle acquisition supports volume stability * At capacity before re-co
Slide 13: Pinnacle Midstream Acquisition Supports Scale in World Class Midland Basin
Pinnacle Midstream Acquisition Supports Scale in World Class Midland Basin • • • • • • • • • • • • LPG DOCK • 13
Slide 14: Renewable feed processing milestones 2021-2024
2021 2022 2023 1Q 2024 2Q 2024 3Q 2024 e e U @ U @ Final ~30 MBD Sustainable Unit 250 investment Unit 250 renewable feed ~50 MBD aviation fuel -7 MBD decision on ~10 MBD processing renewable feed (SAF) capability renewable feed renewable feed renewable feed processing processing processing processin
Slide 15: Delivering on Non-Core Asset Divestitures
a Delivering on Non-Core Asset Divestitures 1Q 2023 3Q 2023 1Q 2024 2Q 2024 3Q 2024 T $0.3 B T $0.7B T $0.1B South Texas Announced Rockies Express $0.2B Belle Chasse jateway Germany & Austria Ipelne Gulf Coast Terminal Jet Marketing G&P Assets Divestiture Process >$1.3 B cash generated from divestit
Slide 16: World's Premier Chemical Company
World’s Premier Chemical Company • • • Capacity Capacity Additions Aromatics $18 Industry Solutions $16 Drilling Specialties Automotive $14 Energy & Chemical Normal Alpha Olefins $12 Food & Agriculture $10 Olefins & Polyalphaolefins Home and Electronics $8 $6 Medical & Pharmaceutical Performance Pip
Slide 17: Renewable Fuels, Refining, M&S, Chemicals, Midstream
¹ Renewable Fuels Refining M&S Chemicals Midstream
Slide 18: Refining Controllable Costs Run-Rate
Freight and Other Costs Controllable Costs Refining JV Controllable Costs Run-Rate
Slide 19: Refining controllable cost reductions 2022 to 1H 2024
0.39 8.27 (0.48) 1.29 (0.40) (0.21) 6.74 (0.83) 0.81 6.98 5.93 1 1 2022 Inflation Turnaround Expense Market San Francisco Refinery Cost Reduction 1H 2024 2 Adjusted Controllable Costs, Excl Turnaround Expense Adjusted Turnaround Expense 3 19
Slide 20: Improving Refining Performance to Capture Additional Value
a Improving Refining Performance to Capture Additional Value Assets Positioned to Ensure Long-Term Competitiveness Refining Crude Capacity Utilization vs. Industry Average Planned Market Capture Improvement from 2022-2025 10% Post Investor Day Commitment: Over 60 high-return, low-capital projects to
Slide 21: Growing Midstream Earnings: Wellhead-to-Market Integration
Growing Midstream Earnings: Wellhead-to-Market Integration Midstream Mid-Cycle Adjusted EBITDA ($B) Balanced Wellhead-to-Market NGL Portfolio +$1.0B | +$0.4B Gathering & DCP ADJUSTED SYNERGIES Processing EBITDA $3.8 y-grade Long Haul Pipelines $2.3 2022 Mid-Cycle 2025 Mid-Cycle Exports Adjusted EBIT
Slide 22: Delivering Durable Returns through Capital Discipline
a Delivering Durable Returns through Capital Discipline Steady Investments Drive Strong Returns Adjusted ROCE (% After-Tax) 2024 Capital Budget ($B) $1.3 B Growth 22% ; $0.6 Midstream " 1e% ° Wellhead-to-Market bs es & JV debt repayment? 2021 2022 2023 1H 2024 $0.35 Renewable Fuels - Rodeo Renewed .
Slide 23: Debt maturity profile
² 4.7 3.2 2.7 ¹ 1.6 1.7 1.0 1.3 1.5 1.5 2024 2025 2026 2027 28-32 33-37 38-42 43-47 48+
Slide 24: Improved Cash Generation for Increased Shareholder Returns
a Improved Cash Generation for Increased Shareholder Returns Mid-Cycle Adjusted CFO Capital Allocation ($B) m™Sustaining Capital wowvidends " >$10 Expect to return (o) = Discretionary more than half of > % operating cash to shareholders 2022 Mid-Cycle 2025 Mid-Cycle Adjusted CFO Target Adjusted CFO
Slide 25: Integrated Portfolio Provides Excess Cash Flow Through the Economic Cycles
Integrated Portfolio Provides Excess Cash Flow Through the Economic Cycles Adjusted EBITDA by Segment!? ($B) Cash from Operating Activities vs Select Cash Uses ($B) Stable, growing earnings from non-refining segments (2) 2017 2018 2019 20208 2021 2022 2023 mMidstream =Chemicals =M&S =Refining = Rene
Slide 26: Compelling Value Proposition
Compelling Value Proposition Competitive Return Profile Across Industries Cumulative Shareholder Distributions ($B) Total Shareholder Distribution Yield! Bl pividends Share Repurchases & Share Exchange As Annual Dividend ($ per share) Increasing Every Year i “Tr 2013 2014 2015 2016 2017 2018 2019 20
Slide 27: Outlook
| Outlook 3Q 2024 Global Olefins & Polyolefins utilization Refining crude utilization Refining turnaround expense* Corporate & Other costs Full-year 2024 Refining turnaround expense* Corporate & Other costs Depreciation and amortization Effective income tax rate *Excludes Rodeo renewables facility B
Slide 28: Phillips 66 Refining Market Indicators
Phillips 66 Refining Market Indicators PSX Central Worldwide Atlantic Basin Gulf Coast Corridor West Coast Indicator Indicator Indicator Indicator Indicator Jan-23 21.55 18.52 19.19 29.67 17.06 Feb-23 18.90 11.18 17.98 25.89 21.76 Mar-23 18.95 12.79 17.59 26.34 19.25 Apr-23 13.42 9.19 12.20 19.56 12
Slide 29: Midstream Guidance
a Midstream Guidance Financial Guidance 2024 Estimated Mid-Cycle Adjusted Commodity sensitive EBITDA' ~$3,600 MM Estimated Synergies? Included in ~$300 MM ~80% Adjusted EBITDA Fee based 2024 Sustaining Capital Budget $392 MM 2024 Growth Capital Budget* $593 MM Fee based Mid-Cycle Commodity Price Ass
Slide 30: Segment overview
2s x) c 7) 2. 2. <
Slide 31: Uniquely Integrated and Diversified Asset Portfolio
Uniquely Integrated and Diversified Asset Portfolio Rodeo Renewable Energy Complex Los Angeles eee ee \ ‘Clemens Caverns: sor Sea brown GLOBAL ASSETS MAP LEGEND @ Batteries @ Coke Facility @ cPchem fi] CPChem Facility (oaP) @/— Crude Terminal / Pipeline @ Decarbonization* @ EV charging @ Fractionato
Slide 32: Midstream Provides Connectivity Across the Value Chain
a Midstream Provides Connectivity Across the Value Chain With Crude, Clean Products, and NGL Infrastructure, Midstream is Linked to our Refining, Marketing and Chemicals Businesses Adjusted EBITDA ($B) 70 Wi ——————— 3.3 Thousand miles of U.S. pipeline 21 27 systems . 18 71 9 2021 2022 2023! 1H2024,
Slide 33: Chemicals Positioned to Perform in any Market
Chemicals Positioned to Perform in any Market Leading Feedstock Positions in North America and the Middle East Ensure Competitiveness Olefins and Polyolefins Capacity Utilization (%) 2019-2023 Ethylene Production Cost Curve (Cents per pound) NAA. = North America 95% 96% 97% | : a 2021 2022 2023 1H 2
Slide 34: Refining Maintains Competitive Positions with Market Access
a Refining Maintains Competitive Positions with Market Access Adjusted EBITDA ($B) sin | BD : ut ae West Coast 244 MBD \) 2025 7 Angeles 2021 2022 2023 1H 2024 Mid-Cycle Target Capital Expenditures and Investments ($B) 0.7 0.7 i 0.6 0.6 i 0.2 : Refines crude oil and other feedstocks into H Million B
Slide 35: Refinery Capacity, Complexity
a Refinery Capacity, Complexity ep -anes Net Clean Preeyct Capacity? Nelson Complexity” Crude Throughput Gasoline Distillate 2 while { Bayway 258 300 155 130 77 Humber 221 245 95 15 11.8 MiRO 58 61 25 27 8.9 [Atlantic Basin/Europe 537 606 275 272 9.5% Lake Charles 264 285 105 15 9.0 Sweeny 265 314 1
Slide 36: Marketing & Specialties: Stable Cash Flow, Strong Returns
Marketing & Specialties: Stable Cash Flow, Strong Returns Optimizes Refined Product Placement Domestic Marketing Asset Map Adjusted EBITDA ($B) © Phillips 66 © Conoco @76 | ag Purchases for resale and markets refined 7, 260 Branded ¢ petroleum products and renewable fuels, 5 mainly in the United Sta
Slide 37: Renewable Fuels for the Next Generation of Energy
a Renewable Fuels for the Next Generation of Energy ~800 2 Our Renewable Fuels segment includes the Million gallons of operations and assets of the RREC, as well as the en Go global activities to secure feedstock, manage regulatory credits, and market renewable fuels. The Global Facilities RREC adva
Slide 38: Executing the Strategy
a Executing the Strategy Transformational Efforts Increase Cash Flow, Earnings, and Value Adjusted EBITDA by Segment ($B) $0.6 $0.2 $14.0 $0.7 es $11 a $7.7 2017-2019" 2022 Mid-Cycle? DCP Business Renewable Commercial Chemicals 2025 Mid-Cycle Average Adjusted Adjusted EBITDA Transformation Fuels Adj
Slide 39: Operating Excellence
a Operating Excellence Safety Improves Availability, Utilization and Market Capture Total Recordable Rates Industry Safety Metrics? (Incidents per 200,000 hours worked) (Incidents per 200,000 hours worked) _ _ I | UJ 0.12 LJ L| = Industry Average @ Food Agricul., All Construction Petchem. Prof. Petr
Slide 40: Strong ESG Oversight and Performance Leads to Sustainable Results
Strong ESG Oversight and Performance Leads to Sustainable Results Q @ 2 Progressing our GHG goals Achieved an 8% reduction in Scope 1 & 2 emissions intensity and 3% reduction in Scope 3 emissions intensity from 2019 levels in 2022 Delivering competitive returns in lower-carbon investments Our Rodeo
Slide 41: 2024 Sensitivities
2024 Sensitivities Annual EBITDA $MM © 10¢/Gal Increase in NGL price 11o 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 $1/BBL Increase in Gasoline Mar
Slide 42: Publications
a Publications Providing Energy and Improving Lives; Strong ESG Oversight YEAR IN REVIEW SUSTAINABILITY AND PEOPLE 2024 Sustainability and People 2023 Year In Review PROXY STATEMENT 2024 Proxy Statement 42
Slide 43: Footnotes
a Footnotes General Information disclosed is as of June 30, 2024, unless noted otherwise. Numbers may not appear to tie due to rounding. Chevron Phillips Chemical may be abbreviated as CPChem. Marketing and Specialties may be abbreviated as M&S. Effective January 1, 2024, Phillips 66 net crude throu
Slide 44: Footnotes
a Footnotes Mid-Cycle Adjusted EBITDA by Segment 2022 mid-cycle adjusted EBITDA represented targeted mid-cycle adjusted EBITDA that we presented at our November 2022 Investor Day. This mid-cycle adjusted EBITDA target was based on historical average adjusted EBITDA for our Refining and Chemicals ope
Slide 45: Footnotes
a Footnotes Reducing Costs to Sustain Higher Cash Generation Cost Savings Targets are expected to be reflected in either operating expenses, selling, general and administrative expenses, depreciation and amortization expenses, purchased crude oil and products costs or equity in earnings of affiliate
Slide 46: Non-GAAP Reconciliations
a Non-GAAP Reconciliations 2017 2018 2019 2020 2021 2022 2023 1H 2024 Reconciliation of Consolidated Net Income to Adjusted EBITDA Net income $ 5,248 5,873 3,377 (714) 1,594 1,391 7,239 1,781 Plus: Income tax expense (benefit) (1,693) 1,972 801 250) 146 3,248 2,230 494 Net interest expense 407 459 4
Slide 47: Non-GAAP Reconciliations
a Non-GAAP Reconciliations Millions of Dollars 2017 2018 2019 2020 2021 2022 2023 1H 2024 Reconciliation of Consolidated Net Income to Adjusted EBITDA (cont'd) Change in Fair Value of NOVONIX Investment” - - - - (370) 442 39 2 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX In
Slide 48: Non-GAAP Reconciliations
a Non-GAAP Reconciliations ns of Dollars 2017 2018 2019 2020 2021 2022 2023 1H 2024 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA Income before income taxes $ 615 1,088 597 (6) 1,131 5,176 2,819 1,321 Plus: Interest Revenue a - - - = _ - Depreciation and amortization 298
Slide 49: Non-GAAP Reconciliations
a Non-GAAP Reconciliations 2017 2018 2021 2022 2023 1H 2024 Recon ion of Midstream Income before Income Taxes to Adjusted EBITDA (cont'd) Midstream EBITDA, Adjusted for Special Items’ $ 897 1,456 1,788 1,588 1,779 2,761 3,592 1,819 Proportional share of selected equity affiliates income taxes 1S 4 1
Slide 50: Non-GAAP Reconciliations
a Non-GAAP Reconciliations Millions of Dollars 2017 2018 2019 2020 2021 2022 2023 1H 24 Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA Income before income taxes $ 716 1,025 879 635 1,844 856 600 427 Plus: None = = = = = = = = Chemicals EBITDA $ 716 1,025 879 635 1,844 856
Slide 51: Non-GAAP Reconciliations
a Non-GAAP Reconciliations 2017 2018 2019 2020 2021 2022 2023 1H 2024 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA Income before income taxes $ 2,076 4,628 2132 (6,022) (2,366) 7,976 5,340 518 Plus: Depreciation and amortization 823 849 867 896 979 860 831 412 Refining EB
Slide 52: Non-GAAP Reconciliations
a Non-GAAP Reconciliations ions of Dollars 2017 2018 2020 2021 2022 2023 TH 2024 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA (cont'd) Refining EBITDA, Adjusted for Special Items! $2,479 5,514 2,961 (2,303) (73) 8,905 6,198 1,027 Other Adjustments (pre-tax): Proportional
Slide 53: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2017 2018 2019 2020 2021 2022 2023 1H 2024 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA Income before income taxes 1,020 1,556 1374 1421 1,668 2,072 1,897 781 Plus: Depreciation and amortization 12 14 103 103 113
Slide 54: Non-GAAP Reconciliations
a Non-GAAP Reconciliations 2027 2022 20235 TH 2024 Reconciliation of Renewable Fuels Income before Income Taxes to Adjusted EBITDA Income before income taxes 67 1” 153 io) Plus: Depreciation and amortization 5 6 9 18 Renewable Fuels EBITDAT 72 177 162 (92) Special Item Adjustments (pre-tax): None =
Slide 55: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2017 2018 2021 2022 2023 1H 2024 Recon ition of Corporate & Other Loss before Income Taxes to Adjusted EBITDA Loss before income taxes $ (895) (853) (804) (881) (233) (2,054) (1,340) (662) Plus: Net interest expense 408 459 415 485 582 538 629 386 Depreciation and amortizati
Slide 56: Non-GAAP Reconciliations
a Non-GAAP Reconciliations Millions of Dollars Except as Indicated 1H 2024 2022 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses $ 224 772 Other operating expenses 1,613 3,995 Total operating expenses 1,837 4,767 Selling, general and
Slide 57: Non-GAAP Reconciliations
a Non-GAAP Reconciliations ns of Dollars (Except as Indicated) 2012 2013 2014 2015 2016 2017 2018 2019-2020 2021 2022 2023 1H 2024 Reconciliation of Return on Capital Employed (ROCE) to Adjusted ROCE Numerator $4131 3,743 4,797 4,280 1,644 5,248 5,873 3377 (374) 1,94 1,391 7,239 1,781 Net income (lo
Slide 58: Non-GAAP Reconciliations
a Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2Q 2024 Total Debt $ 19,960 Total Equity 30,507 Debt-to-Capital Ratio 40% Total Cash $ 2,444 Net Debt-to-Capital Ratio 36%
Slide 59: Non-GAAP Reconciliations
a Non-GAAP Reconciliations 2021 2022 2023 2024 2024 Budget Phillips 66 Capital Expenditures and Investments Midstream'2 Growth 351 744 282 244 594 Sustaining 232 299 343 107 392 Total 583 1,043 625 351 986 Refining? Growth 280 160 220 1 299 Sustaining 505 447 366 150 394 Total 785 607, 586 2a 693 Ma