Slide 1: Delivering Value & Demonstrating Commitment
Delivering Value & Demonstrating Commitment April 28, 2025
Slide 2: Cautionary Statement
@ Cautionary Statement
Slide 3: Phillips 66 Shareholders Have Two Options
3 Phillips 66 Shareholders Have Two Options Phillips 66’s Proven Results Y Consistent and compelling value creation Y Reliable, above-market return on and of capital Y Transformative long-term strategy Y Bold, value-accretive strategic portfolio actions Y Disciplined organic growth plan V Highly eng
Slide 4: Table of Contents
Table of Contents Phillips 66’s Strategy and Proven Results Company and Strategy Overview Refining Midstream Chemicals Value of integration Capital Allocation and Returns Elliott’s Short-Term, Risky Agenda Redundant and Risky Demands Deceitful Engagement Flawed Separation Analysis Expert Concerns Mi
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 Proven Strategy... Re-Shape Legacy Portfolio Disciplined Growth and Create Additional Value to Focus on High-Return, Returns in Midstream from Existing Assets by Resilient Assets and Chemicals Integrating Platforms Proactively divest r xpan olio in Capture cost and pro assets to drive
Slide 7: Has Driven Outperformance for Our Shareholders
‘Phillips 66's Strategy and Proven Results COMPANY AND STRATEGY OVERVIEW ...Has Driven Outperformance for Our Shareholders TSR Outperf ince 2022 CEO Transition’ Sali ‘SR Outperformance Since 2022 CEO Transition Key Strategy Highlights 67% Y Strong Execution on 2022-2025 Strategic Priorities 45% ax ¥
Slide 8: Integrated Model Results in Higher Returns and Lower Volatility
3% 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 Cash Flow
Slide 9: Enabling Consistent, Growing Return of Capital
COMPANY AND STRATEGY OVERVIEW 3 Enabling Consistent, Growing Return of Capital Top-Tier Return Profile Across Industries and Sectors T str 1 Total 2024 Shareholder Distribution Yield? Phillips 66 Cumulative Shareholder Distributions’ ($8) Since 2012 Spin 10.0% $4 3 B Shareholder distributionst ri »
Slide 10: Differentiated and Integrated Assets
COMPANY AND STRATEGY OVERVIEW 3 _ We Have Differentiated and Integrated Assets... ‘Avg. Adj, EBITDA! prow Perfomance Pers Source ofA EBITDA? Refining Marketing REFINING. + cv Energy + Delek US Holdings 38% + HE Sinclar » onatnon Petrok MARKETING & jarathon Petroleum SPECIALTIES + PBF Eneroy + Valero
Slide 11: In Highly Attractive, Global Markets
Phillips 66's Strategy and Proven Results COMPANY AND STRATEGY OVERVIEW @B In Highly Attractive, Global Markets U.S. NGLs Future Growth Exceeds U.S. Crude Oil Growth Global Demand Growth Benefits All Segments Midstream Refining + Marketing Refining & Marketing Chemicals
Slide 12: Mark Lashier Has Driven Significant Action Since Becoming CEO
Phillips 66's Strategy and Proven Results Mark Lashier Has Driven Significant Action Since Becoming CEO. Decisive Actions and Results Y Returned over $14 B to shareholders through share repurchases and dividends $555 B in non-core or non-operated asset divestitures Built integrated wellhead-to-marke
Slide 13: Our Strategy Will Continue to Drive Long-Term Value
Phillips 66's Strategy and Proven Results COMPANY AND STRATEGY OVERVIEW ...And Our Strategy Will Continue to Drive Long-Term Value Transformative Strategy Is in Its Early Innings and Will Continue to Drive Consistent, Compelling Returns @ REFINING © mipstrEaM (3) CHEMICALS Drive long-term competitiv
Slide 14: Our Refining Strategy is Focused on Improving Competitiveness
@B Our Refining Strategy is Focused on Improving Competitiveness @ Focus oN MARGIN OVER OUTPUT + Utilize value chain to enhance margin capture and maximize Adjusted EBITDA/bbI (2) OPTIMIZE ASSETS TO ALIGN WITH LONG-TERM DEMAND TRENDS + Reinvest in projects with near-term payback and high IRRs + Focu
Slide 15: Setting the Record Straight on Refining Profitability
Phillips 66's Strategy and Proven Results: REFINING We are Setting the Record Straight on Refining Profitability... On a Like-For-Like Basis, Refining and M&S Profitability is In-Line With Peers We Outperform in the Central Corridor, rent Where We Are Most Integrate a Integrated Central Corridor Las
Slide 16: Surpassing Peers in Reducing Refining Costs
Phillips 66's Strategy and Proven Results REFINING .And Surpassing Peers in Reducing Refining Costs. PSX Has Reduced Costs in All Four Regions | Highlights From 2022 to 2024 Central Corridor ‘Adlentie. Beale, + Reduced costs at higher rates than. MPC & VLO in three out of four regions psx ore Peers!
Slide 17: Continuing to Improve Refining Performance
Phillips 66's Strategy and Proven Results While Continuing to Improve Refi Reducing Costs Refining Adjusted Controllable Costs’ ($/bb!) $6.98 72022 2024 Maximizing Runtime and Reliability Crude Capacity Utilization SEF os 90% 2022 2024 Optimizing Output Clean Product Yield ST, 84% 2022 ing Performan
Slide 18: Midstream Strategy: Best-in-Class NGL Platform
Phillips 66's Strategy and Proven Results MIDSTREAM @ oO 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 GROWTH
Slide 19: Strategically Building an Integrated NGL Business
66's Strategy and Proven Results MIDSTREAM Strategically Building an Integrated NGL Business... Growing Stable Midstream Adjusted EBITDA ($8) $1819 B 18% Projected EBITDA growth since 2021" Incremental Cash Return on Capital Invested since 2021 zl 27 33 37 4.0 $ 4 5 B 2021 2022-2028 «2024 Projected
Slide 20: Value Accretive Transactions
Phillips 66's Strategy and Proven Results MIDSTREAM @ ‘Through Value Accretive Transactions. Recent Strategic Actions Have Further Optimized Our Portfolio Divesting non-core and/or non-operated assets with limited ~9.3x DCP Acquisition Case Study growth at attractive transaction pete eet multiples..
Slide 21: Positioned Midstream for Robust Growth
Phillips 66's Strategy and Proven Results (MIDSTREAM 3 -..That Have Positioned Midstream for Robust Growth Future Growth Opportunities Balanced NGL Portfolio!(MBD) @ exoansion opportunities ~5x Organic build multiple ~- Zag Capitalizing On Our NGL Value Chain ¥$975 MM in projected Midstream capital
Slide 22: Chemicals Strategy Leverages CPChem's Scale
Phillips 66's Strategy and Proven Results @B Our Chemicals Strategy Leverages CPChem’s Global Scale and Feedstock Advantages... (1) HISTORY OF INNOVATION AND COLLABORATION 2000: CPChem is established 2001: @-Chem founded, petrochemical complex ‘opened two years later in Qatar Wewenlcnrrpredicer 2014
Slide 23: Poised to Generate Significant Growth and Cash Flow
Phillips 66's Strategy and Proven Results CHEMICALS And is Poised to Generate Signi ‘ant Growth and Cash Flow Self-Funding JV with Stable, Growing Distributions Significant Upside From Chain Margin Recovery ‘Cumulative Distributions to Partners ($8)! ie $17B —a istibutions ao occa Adding Significant
Slide 24: Our Integration is a Competitive Advantage
Phillips 66's Strategy and Proven Results VALUE OF INTEGRATION Our Integration is a Competitive Advantage. Key Advantages 1.8 MMBD + Optimizing asset utilization across commodities Refining crude capacity Midstream Se ae + Initiating storage optimization across system Logistics Integration _- Creati
Slide 25: Creates $500 Million in Annual Operating Synergies
Phillips 66's Strategy and Proven Results VALUE OF INTEGRATION @ .That Creates $500 Million’ in Annual Operating Synergies. Existing Annual Operating Synergies Generated by Optimizin: Selected Examples Operation: Increased crude run rates __atearated operations Ability to control crude at Sweeny, Po
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 sas ane hie 20% Reale = = 3,100 Marine Voyages chon ates eee ‘Annually 3 MM+ BPD crude traded 2 MM+ BPD clean produc
Slide 27: Integrated Strategy Provides Consistency and Upside
Phillips 66's Strategy and Proven Results Our Integrated Strategy Provides Consistency and Meaningful Upside 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-capit
Slide 28: Operational Excellence Begins with Safety
Phillips 66's Strategy and Proven Results COMMITMENT TO SAFETY 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 4 major railroads Leader i
Slide 29: 2027 Strategic Priorities
3 Investment 2027 Strategic Prior Rationale Targeted Performance SS > $500 MM Ahaha reduction in operating, Differentiated Portfolio a ee i hly Attractive Markets Disciplined and Returns > $1.0B Focused total mid-cycle adjusted EBITDA Transformational Gini growth in Midstream and Chemicals Strategy
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 Y Transformative long-term strategy Y Bold, value-accretive strategic portfolio actions Y Disciplined organic growth plan V Highly e
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 Disrupts long-term returns for shareholders &X Ignores progress made under current strategy X Disingenuous and deceptive valuations X Erratic pattern of engag
Slide 33: Value Enhancing Actions Preceded Elliott's Demands
@ Elliott's Short-Term, Risky Agenda Value Enhancing Actions Preceded Elliott’s Demands Proposal to declassify our board for the sixth time over the past Elliott’s Proposals: Redundant or Risky Phillips 66: Transformative Strategy In Action 3 -tne company should commit to ambitious Refring targets t
Slide 34: Phillips 66 Has Tried to Engage Openly with Elliott
Elliott's Short-Term, Risky Agenda DECEITFUL ENGAGEMENT Phillips 66 Has Tried to Engage Openly with Elliott Our Good Faith Approach Elliott’s Dec ful Approach Elliott’s Misguided and Erratic Proposals ¥ Committed to constructive investor engagement (>20 meetings with Elliott since October 2023) Y Ad
Slide 35: How the Board Approaches Reviewing the Portfolio
Elliott's Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS. How the Board Approaches Reviewing the Portfolio @ Regularly and aggressively evaluate the portfolio and alternatives with a toward maximizing long-term shareholder value The Board has assessed the ideas put forth by Elliott many times b
Slide 36: Board's Track Record of Decisive Action
Elliot's Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS. Board’s Track Record of Decisive Action When it Makes Sense 's Directors and Nominees Have Overseen More Than $300 B in “Breakup” or Major Divestiture Transactions Howard Ungerleidor Greg Hayes <o D «= RG tae, Transaction Glenn Tilton $12
Slide 37: Now is Not the Right Time to Monetize CPChem
Elliott's Short-Term, Risky Agenda Now is Not the Right Time to Monetize CPChem Elliott’s Views are Intentionally Deceptive Elliott first privately introduced the idea to sell Phillips 66’s stake in CPChem in 2023 at a $10 B valuation In its most recent material, Elliott uses a $15 B valuation, impl
Slide 38: Elliott's Flawed Assumptions about CPChem
Elliot'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 itis, that Chevron, their JV partner in the chems business, very much wants to grow in that space. They want to g
Slide 39: Midstream Separation Dis-Synergies Significantly Reduce Value
Elliot's Short-Term, Risky Agenda @B Midstream Separation Dis-Synergies Significantly Reduce Value Ongoing Annual Costs One: |e Sale: -$450 MM! Spin: ~$450 MM! + $300 MM?= $750 MM? Sale: ~$10.0 B of tax leakage* Spin: >$500 MM* Lost profitability from separating integrated value chain Duplicate oper
Slide 40: Midstream Sale: Value Leakage
Elliot's Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS Midstream Sale: ~$28 / Share in Value Leakage Elliott Overestimates Value Realization and Significantly Understates Value Leakage ~(4.9x) Multiple Degradation / ~($28) / Share Value Leakage’ implied EV/2026E _Eliotts Estimated ~ Eliot asse
Slide 41: Lack of Midstream Cash Buyers Makes Sale Unrealistic
Elliott's Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS: Lack of Midstream Cash Buyers Makes Sale Unrealistic PSX Midstream Peers Would Need to Use Significant Stock in a Transaction Mustrative Ability to Pay at Target Leverage Ratios'($B) Highly Unlikely For A $50 B Cash Buyer For PSX Midstre
Slide 42: Midstream Spin: Value Leakage
Elliot's Short-Term, Risky Agenda FLAWED SEPARATION ANALYSIS Midstream Spin: ~$17 / Share in Value Leakage Elliott Overestimates Value Realization and Significantly Understates Value Leakage ~(1.7x) Multiple Degradation ~($17) / Share Value Leakage? La ltnie "WBiroampe, Gross mitra: $41.8 B " futile
Slide 43: Wall Street Analysts Agree with Our Assessment
Elliott's Short-Term, Risky Agenda Wall Street Analysts Agree with Our Assessment 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.
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 a
Slide 45: Correcting the Narrative on Valuation
Elliott's Short-Term, Risky Agenda MISLEADING CLAIMS, @B Correcting the Narrative on Valuation 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 “Now, the CEO is talking “If you look at where we'
Slide 46: Phillips 66 is NOT a Conglomerate
Elliott's Short-Term, Risky Agenda Phi ips 66 is NOT a Conglomerate MISLEADING CLAIMS, Elliott Seeks To Portray Our Business as a “Conglomerate” to Push Their Short-sighted Break-up Thesis What a Conglomerate Looks Like... Berxsuire Harnaway inc BE) By omico 22° $e, oumcer QD) ABoatus C7 Conglomerat
Slide 47: Claim that PSX Trades Like a Pure Play Refiner is Not True
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 20% - Indexed Share Price Performance since initial Elliott Letter (Nov 2023) 60% 40% 20% om rsx ec Jon-26— Mar2
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 Trying to Influence Our Strategy
Elliott's Short-Term, Risky Agenda DISREGARD FOR CORPORATE GOVERNANCE @B Elliott is Pursuing a Competitor While Trying to Influence Our Strategy... Four indisputable Facts @ airc0 is. direct competitor of Phillips 66 ina core operational corridor © cricts is actively trying to influence Phillips 66'
Slide 50: Elliott and Its Nominees Have Different Financial Interests
Elliot's Short-Term, Risky Agenda 3 Elliott and Its Nominees Have Different Financial Interests Than Yours Elliott’s Web of Deception and Lies $$ Elliott M for Goff expenses roy is tulle owned by Tok See as eet ae Bon ke @anmseR mbes “eocused.on pesenteda nisin strengtheniag ontereneeson ‘nai oft t
Slide 51: Phillips 66 Board is Committed to Declassifying
x Attempts to Declassify Since 2012 Spin 2015 2016 2018 2021 2023 + This year’s annual meeting Elliott's Short-Term, Risky Agenda DISREGARD FOR CORPORATE GOVERNANCE ps 66 Board is Committed to Declassifying Phillips 66's Proposal: Seeking to declassify the Board in accordance with the Company's gove
Slide 52: Phillips 66's Proven Results
Phillips 66’s Proven Results Y Consistent and compelling value creation Y Reliable, above-market return on and of capital VY Transformative long-term strategy Y Bold, value-accretive strategic portfolio actions Y Disciplined organic growth plan Y Highly engaged and refreshed Board Y Board nominees w
Slide 53: The Right Board and Nominees
The Right Board and Nominees
Slide 54: Board Composition Aligned with Strategic Priorities
The Right Board and Nominees, HIGHLY SKILLED AND REFRESHED BOARD Board Composition Aligned with Our Strategic Priorities Current Board Compos C-Suite Experience Director Independence Average Tenure (years) Diversity j64%| Industry Experience 13 of 14 43% Finance Experience PSX S&P 500° in Highlights
Slide 55: Refreshed Board With Pertinent Perspectives
‘The Right Board and Nominees HIGHLY SKILLED AND REFRESHED BOARD Refreshed Board With Pertinent Perspectives PSX’s Board of Directors and Nominees for Election ‘A. Nigel Hearne: John E. Lowe Directors & foment on ‘ice Prestne a Products & Gon, Chevron Conocopniing New Nominees Up for Election tenure
Slide 56: The Board Values Shareholder Feedback and Takes Action
‘The Right Board and Nominees PROVEN TRACK RECORD OF ENGAGEMENT The Board Values Shareholder Feedback and Takes Action 2024 Track Record of Shareholder Engagement 100% 400+ >60% 22% 140+ ~30 of top 25 shareholders | Investor Meetings & of total 0/S of total 0/s engaged | Sell-Side Analyst Investor /
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 ConocoPhillips (Relbins W. PESO Executive Experience cenovus moriva @shell In his over
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 2 | A. Nigel Hearne Executive Experience aor & Howard I. Ungerleider Executive Experience <>< OUPONT> During
Slide 59: Elliott's Nominees Pose a Risk to Your Investment
The Right Board and Nominees, OUR NOMINEES VS. THEIRS Elliott’s Nominees Pose a Risk to Your Investment Track Records of Destroying Value Stacy Nieuwoudt Age: 45 Served as a director at Independence Contract Drilling and resigned only months before the company filed for Chapter 11 bankruptcy Michael
Slide 60: Phillips 66's Nominees Are Stronger than Elliott's
The Right Board and Nominees, OUR NOMINEES VS. THEIRS Phillips 66’s Nominees Are Stronger than Elliott’s Experience Aligned with the Company’s Strategy Less Relevant (or Redundant) Expertise Track Records of Value Creation Mixed Value Creation Track Records 430+ years of experience inthe energy indu
Slide 61: Phillips 66 Shareholders Have Two Options
ips 66 Shareholders Have Two Options PI ps 66’s Proven Results Elliott’s Short-Term, Risky Agenda Y Consistent and compelling value creation X Short-sighted perspective with significant risks Y Reliable, above-market return on and of capital X Disrupts long-term returns for shareholders V Transforma
Slide 62: Appendix: Myths vs Facts & Engagement History
APPENDIX: MYTHS VS FACTS & ENGAGEMENT HISTORY
Slide 63: Elliott's Campaign is Dishonest and Deceptive
Elliott’s Campaign is Dishonest and Deceptive Myths Facts Midstream Separation Mea ‘cPchem ‘Ownership Profitability ‘Operational Execution, ‘Moximum value for Philips 65 shoreholders will only ‘be captured with a Midstream separation via a Sale for >$50 B cash oF 8 Spin There Is unrealized valve in
Slide 64: Elliott's Campaign is Dishonest and Deceptive
Elliott’s Campaign is Dishonest and Deceptive Myths i Facts Leadership and Governance Diffused Management Focus Cooperation Re. Board Composition Declassitying 0D. Directors in Relation to Caweuit Quality of Disclosure Consultants sore Discount ‘Management focus is clearly onthe Midstream ‘business
Slide 65: Engagement History with Elliott
(amy iheianaiiai History with Elliott! 3) Philips 66 Initiatives Elliot's Responses fon OUF CEO, CFO and Senior VP of Corporate Strategy met with Eliott in @ Showed us a presentation outlining perspectives on value creation response to a request for a meeting opportunities ‘Demanded to inspect certa
Slide 66: Engagement History with Elliott
G 6: bate gs» Engagement History with Elliott! Philips 66 Initiatives Elliot's Responses Responded to 220 Demand, faciltated exchange of books and records ‘Scheduled in-person meeting with Eliott representatives ‘Our CEO, CFO and General Counsel traveled to New York City to meet with Elliot. Discuss
Slide 67: Appendix: Non-GAAP Reconciliations
APPENDIX: NON-GAAP RECONCILIATIONS
Slide 68: Non-GAAP Reconciliations
Non-GAAP Reconciliations Mitions of Dollars on 20222028 =o Reconciliation of Consolidated Net income to Adjusted EBITDA Net income 1594 ms 7289 205 Income tax expense we 32482280 500 Net interest expense 583 ‘7 629 4s Deprecition and amortization 1605, 1629, 19772365 Philips 66 ESITDA 392816805 12.0
Slide 69: Non-GAAP Reconciliations
Non-GAAP Reconciliations sitions of Dollars ee ee ee ‘Reconciliation of Consolidated Net Income to Adjusted EBITDA (cont'd) ‘Change n Fair Vale of NOVOND investment em aa 2 z [EBITDA Adjusted for Special items and Change in Far Value Gf NOVONDX investment 5,58 W4a93_—aea =a ‘Other Adjustments (orete
Slide 70: Non-GAAP Reconciliations
Non-GAAP Reconciliations “Year 2-¥ear 202120222023 2024 Average ‘Reconcilation of Midstream Income Before income Taxes to Adjusted EBITDA! Income before income taxes us 51762892638 Plus: Depreciation and amortization 426 _s67__923 920 Midstream EBITDA’ 1s57__5743__5742_3,558 ‘Special tem Adjustrnent
Slide 71: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Midstream - Transportation Income Before Income Taxes to Adjusted EBITDA Income before income taxes 1292 Plus: Depreciation and amortization 2 Midstream - Transportation EBITDA’ 1.464 ‘Special item Adjustments (pre-tax): Net gain on asset dispositions (238)
Slide 72: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2024 Reconciliation of Midstream - NGL Income Before Income Taxes to Adjusted EBITDA. Income before income taxes 1346 Plus: Depreciation and amortization 748 Midstream - NGL EBITDA’ 2,094 ‘Special Item Adjustments (pre-tax): Impairments 224 Total Special
Slide 73: Non-GAAP Reconciliations
Non-GAAP Reconciliations Milions of Dolars ‘Eveor Year zon 202220282024 _Average_ Average Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA, Income before income taxes nese 856600 276 Plus None - 7 7 7 Chemicals EBITDA eae 56600 we ‘Special tem Adjustments (Breton: Pension se
Slide 74: Non-GAAP Reconciliations
Non-GAAP Reconciliations Milions of Dollars ‘Rear 202120222028 2024 average ‘Reconcllation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes 2365) 7976 5340 (865) Depreciation and amortization 979860, as__1077 [Refining EBITDA’ 0.387) 8836 ——6.171 72
Slide 75: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars “avear —_ 2¥ear 20m __2022__2025__-2024_Average_Aversge Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA’ Income before income taxes 1ees 207218970 Pus Depreciation and amortization us 10 22 v9 Marketing & Specialtie
Slide 76: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars “avear 2¥ear zon 202220252024 Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted EBITDA" Income (loss) before income taxes o m 15388) Pus: Depreciation and amortization s 6 9 64 Renewable Fuels EBITDA 727716238) ‘Special tem A
Slide 77: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dolars “avear 2¥ear average Average, 20m 20222025 2024 Reconciliation of Corporate & Other Loss before income Taxes to Adjusted EBITDA’ Loss before income taxes, (603) aus) 340) 0287) Plus [Net interest expense sez S38 629745, Depreciation and amortization 83 as
Slide 78: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Refining Operating and SGBA Expenses to Refining Adjusted Controlable Costs _otver operating expenses 52455958 Total operating expenses 3774730 Seling general and administrative expenses 209 152 Refining Controllable Costs 3936 asa Proportions share of equi
Slide 79: Non-GAAP Reconciliations
Non-GAAP Reconciliations ‘Reconciliation of Refining Atlantic Basin Region Operating and SGBA Expenses to Refining Adjusted Controllable Cé Turnaround expenses v2 8 ‘other operating expenses ox 110, “otal operating expenses Voz Taa1 Seling. general and administrative expenses, 43 43 ‘Refining Atlant
Slide 80: Non-GAAP Reconciliations
Non-GAAP Reconciliations tions of Dotars Grcopt as indicated) "2024 72082 ‘Reconclation of Refining Gulf Coast Region Operating and SGA Expenses to Refining Adjusted Controllable Costs Turnaround expenses 22 2s other operating expenses 88 1005 Total operating expenses T1709 1280) Seling. general and
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Slide 98: Website update and video transcripts
Also on April 28, 2025, Phillips 66 updated its website https://www.phillips66delivers.com/ and uploaded two videos to the website. A copy of the updated website content (other than that previously filed) and transcripts of the videos are provided below.
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Slide 107: Video Transcript
VIDEO TRANSCRIPT AL ORTIZ : So let’s start from the beginning here. What was your key takeaway from your interview with the Phillips 66 Nominating and Governance committee? HOWARD UNGERLEIDER : Yeah, look, I had several I mean, I thought each one of those conversations were tremendous. Each one of t
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Slide 110: Video Transcript
VIDEO TRANSCRIPT CHUCK MORAN : So you had the opportunity to meet with members of the Nominations and Governance Committee of Phillips 66’s board. What were some of the key takeaways that you brought from those meetings? A. NIGEL HEARNE : Well, I spoke to several of the board members over a series o
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Slide 115: Video Transcript
VIDEO TRANSCRIPT AL ORTIZ : As a person who has served on boards before, how do you balance long-term strategy and short-term financial performance? HOWARD UNGERLEIDER : Yeah. Look, I’m a big believer that, you know, you have to keep you have to keep both the long term and the short term in your min
Slide 116: Fellow Employees
Fellow Employees, With our Annual Meeting just under a month away, we would like to share additional information on how you can vote your proxy. By now, most of you should have received your WHITE proxy card, which contains specific instructions on how to vote your shares. If you have not received a
Slide 117: Voting information and earnings call transcript
You can find out more information on voting and our nominees here. Thank you, Vanessa Also on April 28, 2025, Phillips 66 uploaded a transcript of Phillips 66’s earnings call to its investor relations website at https://www.phillips66.com/investors. A copy of the transcript is provided below. OPERAT