Slide 1: Lake James Gas Plant
Lake James Gas Plant GOLDSMITH, TX 1
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: Focused on Best-in-Class Operations
Focused on Best-in-Class Operations 1. Rodeo Utilization calculated as Renewable Fuels produced divided by 50 MBD capacity at Rodeo Renewables Energy Complex | 2. 2026 YTD is through June 30, 2026. | 3. During the quarter, we received the American Petroleum Institute Distinguished Pipeline Safety Aw
Slide 4: Integrated Footprint Drives Reliable Product Delivery
Integrated Footprint Drives Reliable Product Delivery Map update pending (to add G&P gathering lines) 4
Slide 5: Shareholder Returns: Focused, Disciplined and Balanced
Shareholder Returns: Focused, Disciplined and Balanced 1. Based on Bloomberg Consensus Estimates as of 07/24/2026 for CFO, excluding working capital of $11.8 B in 2026 | 2. Return of 50% of CFO, excluding working capital through dividends and repurchases of common stock. | See Appendix for reconcili
Slide 6: 2Q 2026 Overview
2Q 2026 Overview $MM (Unless Otherwise Noted) Adjusted Net Debt-to- Earnings Adjusted Earnings Earnings per Capital Share1 $3.8 B $3.8 B $9.41 33% Operating Cash Capital Operating Shareholder Flow, excl. Expenditures and Cash Flow Distributions2 Working Capital Investments $7.3 B $4.3 B $726 $887 1.
Slide 7: 2Q 2026 Adjusted Earnings (Loss)
2Q 2026 Adjusted Earnings (Loss) 2Q 2026 vs 1Q 2026 ($MM) 1Q 2026 Midstream Chemicals Refining Marketing Renewable Corporate Income Noncontrolling 2Q 2026 Adjusted & Specialties Fuels & Other Taxes Interests Adjusted Earnings Earnings 585 44 655 2,878 (1,067) (20) 3,788 319 194 200 785 404 3,086 514
Slide 8: 2Q 2026 Cash Flow
2Q 2026 Cash Flow $B 2.9 4.3 (6.7) (0.7) (0.9) 5.2 4.1 Mar. 31, 2026 CFO Working Capital Debt Capex Shareholder Jun. 30, 2026 Cash (Excl.Working & Investments Distributions Cash Balance 1 Capital) Balance 1 1. Represents Cash and Cash Equivalents 8
Slide 9: Outlook
Outlook 3Q 2026 Global Olefins & Polyolefins utilization Low 90% Refining crude utilization Mid 90% Refining turnaround expense $100 MM - $120 MM Corporate & Other costs1 $325 MM - $350 MM 1. Excludes impacts from our investment in NOVONIX. Effective in the first-quarter of 2026, costs associated wi
Slide 10: 2Q 2026 Earnings Overview
2Q 2026 Earnings Overview "Second quarter results reflect the strength of our operations and value of our integrated portfolio," said Mark Lashier, chairman and CEO of Phillips 66. “We remain committed to our strategic priorities and continuous improvement. Our focus on operating excellence, coupled
Slide 11: Appendix
Appendix Borger Refinery, / Borger, TX / an
Slide 12: World-Class Operations with Commitment to Continuous Improvement
1. World-Class Operations with Commitment to Continuous Improvement through > 86% annual Refining clean product yield, > 2% higher Refining utilization vs. industry-average, and > 99% Midstream asset availability. | 2. Excluding adjusted turnaround expense, post-ceasing of operations at Los Angeles
Slide 13: Refining: Delivering Continuous Improvement
Refining: Delivering Continuous Improvement Driving performance through a culture focused on operational excellence 1. 2026 utilization reflects total Refining capacity increase of 45 MBD effective January 1, 2026. | 2. Excludes adjusted turnaround expense. | See Appendix for reconciliation of Non-G
Slide 14: Adjusted Refining and M&S EBITDA ($/BBL)
Adjusted Refining and M&S EBITDA ($/BBL)1,2 21.46 12.31 9.51 8.39 8.67 7.21 6.44 6.58 5.86 4.91 2.85 0.81 1.10 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 1Q 2Q 2026 YTD 2 Adjusted Refining EBITDA Adjusted Marketing & Specialties EBITDA 1. A combined Refining and Marketing & Specialties presentation of adjust
Slide 15: $/BBL Metrics
$/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 2023 2024 2025 2026 1Q 12.71 4.16 (1.06) 3.32 2Q 8.96 3.80 5.40 18.36 3Q 11.80 1.98 5.43 4Q 7.13 (0.98) 6.09 Annual 10.12 2.23 4.23 10.96 Adjusted Marketing & Specialties EBITDA ($/BBL) 2023 2024 2025 2026 1Q 2.62
Slide 16: $/BBL Metrics
$/BBL Metrics Refining Adjusted Controllable Costs ($/BBL)1 2023 2024 2025 2026 1Q 7.04 6.18 7.03 6.21 2Q 5.96 5.68 5.46 5.57 3Q 6.42 5.67 6.07 4Q 6.79 6.07 5.96 Annual 6.55 5.90 6.09 5.88 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non-GAAP measures to the nearest G
Slide 17: Segment Outlook
Segment Outlook Atlantic Central Refining Outlook by Region Basin Gulf Coast Corridor West Coast Total 3Q 2026 Crude Utilization (%) Mid 90% Mid 90% Mid 90% Mid 90% Mid 90% 3Q 2026 Turnaround Expense ($MM) 5-10 25-35 65-75 — 100-120 Marketing & Renewable Corporate & Total Company Outlook by Segment
Slide 18: Estimated Sensitivities
Estimated Sensitivities . 1. Sensitivities shown above are independent and only valid within a limited range. | 2. Midstream includes 13% economic interest attributable to noncontrolling interest in DCP Midstream, LP. | 3. Sensitivities relative to 3-2-1 market crack. 18
Slide 19: 2026 YTD Cash Flow
2026 YTD Cash Flow $B 1.0 (0.2) 5.0 (1.3) 0.2 (1.7) 4.1 1.1 Dec. 31, 2025 CFO Debt Acquisitions Capital Shareholder Other June 30, 2026 Cash Expenditures Distributions Cash Balance1 & Investments Balance 1 1. Represents Cash and Cash Equivalents. 19
Slide 20: Capital Structure
Capital Structure 48% 41% 38% 39% 39% 43% 39% 38% 34% 33% 31.7 32.7 28.5 30.2 29.7 27.1 19.4 20.1 19.7 20.6 3.3 5.2 4.1 1.7 1.1 2023 2024 2025 1Q 2026 2Q 2026 Equity $B Debt $B Cash & Cash Equivalents $B Debt-to-Capital Net Debt-to-Capital See Appendix for reconciliation of Non-GAAP measures to the
Slide 21: 2Q 2026 Refining Adjusted Pre-Tax Income
2Q 2026 Refining Adjusted Pre-Tax Income 2Q 2026 VS. 1Q 2026 ($MM) 1Q 2026 Atlantic Gulf Central West 2Q 2026 Adjusted Basin / Coast Corridor Coast Adjusted Pre-Tax Europe Pre-Tax Income Income 103 2,017 • 96% Crude utilization • 86% Clean product yield • 98% Market capture1 3,086 749 9 208 376 953
Slide 22: 2Q 2026 Realized Refining Margin
2Q 2026 Realized Refining Margin 2Q 2026 VS. 1Q 2026 ($/BBL) $17.22 $(3.25) Indicator Drivers: •Stronger gasoline and diesel cracks in all regions $24.08 •Commodity price benefit (WTI last-day pricing) $10.11 •Higher RIN costs 1Q 2026 Market Change in 2Q 2026 Realized Indicator Capture Realized Marg
Slide 23: 2Q 2026 Market Indicator vs. Realized Margin
2Q 2026 Market Indicator vs. Realized Margin ($/BBL) $(0.45) •98% RIN-adjusted market capture •Higher crude cost from market structure 24.53 24.08 •Strong commercial contribution • 2Q 2026 Capture Impact 2Q 2026 RIN-Adj Market Realized Margin Indicator1 1. Capture reflects the percentage of our Phil
Slide 24: Phillips 66 Refining Indicator Market Capture
Phillips 66 Refining Indicator Market Capture1 3Q 2025 4Q 2025 1Q 2026 2Q 2026 Worldwide Realized Margin ($/BBL) 12.15 12.48 10.11 24.08 Worldwide Refining Indicator ($/BBL) 13.41 12.73 7.31 24.53 Worldwide Market Capture (%) 91 % 98 % 138 % 98 % Atlantic Basin Realized Margin ($/BBL) 11.94 12.60 15
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2Q 2026 Total Debt 20,565 Total Equity 32,703 Debt-to-Capital Ratio 39 % Total Debt 20,565 Less: Cash and Cash Equivalents 4,099 Net Debt $ 16,466 Net Debt-to-Capital Ratio 33 % 25
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2026 2Q 1Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 3,847 207 Pre-Tax Adjustments: Lower-of-cost-or-market inventory adjustments — (29) Net gain on asset dispositions1 (110) — Legal accrual2 65
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2026 2Q 1Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 785 591 Pre-tax adjustments: None — — Adjusted Pre-Tax Income 785 591 Reconciliation of Chemicals Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 404
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2026 2Q 1Q Reconciliation of Refining Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 3,062 208 Pre-tax adjustments: Legal accrual 24 — Adjusted Pre-Tax Income 3,086 208 Reconciliation of Marketing & Specialties Pre-Tax Income (Loss) to Adjusted
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2026 2Q 1Q Reconciliation of Renewable Fuels Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax loss 544 (41) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss 544 (41) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) YTD 1Q 2Q 3Q 4Q 2025 1Q 2Q 2026 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 270 53 36 135 494 178 123 301 Other operating expenses 804 795 873 1,094 3,566 1,051 1
Slide 31: 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 Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 230 104 119 85 538 124 100 137 123 484 Other operating expenses 926 829 989 963 3,70
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 100 221 221 230 772 Other operating expenses 997 958 984 1,019 3,958 Total operating expenses 1,097 1
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q YTD 2026 Reconciliation of Refining and Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 345 930 (267) 3,218 4,226 47 3,645 3,692 Plus: Depreciatio
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q YTD 2026 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes (937) 359 (518) 822 (274) 208 3,062 3,270 Plus: Depreciation and amortization 456 443 4
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) YTD 1Q 2Q 3Q 4Q 2025 1Q 2Q 2026 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes 1,282 571 251 2,396 4,500 (161) 583 422 Plus: Depreciation and amortizat
Slide 36: 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 and Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1 Income (loss) before income taxes 1,957 1,708 2,317 1,255 7,237 582 717 (130) (523) 646 Pl
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations Million of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes 1,594 1,175 1,712 859 5,340 216 302 (108) (775) (365) Plus: Depreciation and amortizat
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes 363 533 605 396 1,897 366 415 (22) 252 1,011 Plus: Depreciation and am
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2Q 2026 Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income $ 352 Pre-tax adjustments: Legal Accrual 24 Adjusted Pre-Tax Income $ 376 Reconciliation of Refining - Gulf Coast Pre-Tax Income to Adjus
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2Q 2026 Atlantic Basin/ Central Reconciliation of Refining Income Before Income Taxes to Realized Refining Margins Worldwide Europe Gulf Coast Corridor West Coast Income before income taxes 3,062 352 953 1,599 158 Plus: Taxes other t
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2026 Atlantic Basin/ Central Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins Worldwide Europe Gulf Coast Corridor West Coast Income (loss) before income taxes 208 367 204 (418) 55 Plus: Ta
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 4Q 2025 Atlantic Basin/ Central Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins Worldwide Europe Gulf Coast Corridor West Coast Income (loss) before income taxes 822 302 252 671 (403) Plus: T
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 3Q 2025 Atlantic Basin/ Central Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins Worldwide Europe Gulf Coast Corridor West Coast Income (loss) before income taxes (518) 250 119 (580) (307) Plu