Phillips 66 · NYSE:PSX
Phillips 66 — Investor Presentation (April 2025)
30 slides from Phillips 66's investor presentation, Apr 8, 2025
Slide 1: Investor Update
Investor Update April 8, 2025 Sweeny Refinery OLD OCEAN, TX
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,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe
Slide 3: Creating Value Now and In the Future
Creating Value Now and In the Future Differentiated Portfolio in Highly Attractive Markets Transformational Strategy Driving Clear Operational and Commercial Benefits Leading to Consistent and Compelling Value for Shareholders 3
Slide 4: Leading Integrated Downstream Energy Provider
Leading Integrated Downstream Energy Provider High-Performing Organization Delivering Value Creation Through Economic Cycles MIDSTREAM CHEMICALS Integrated crude oil and natural gas liquids Chemicals and polymers the world needs wellhead-to-market value chains • 95% advantaged feedstock portfolio •
Slide 5: Positioned to Take Advantage of Growing Markets
Positioned to Take Advantage of Growing Markets 10,000 U.S. NGLs Future Growth Exceeds U.S. Crude Oil Growth 16,000 Global Liquids Demand Growth Crude Oil Gasoline Diesel Jet NGLs Naphtha NGLs 8,000 C3+ 12,000 Midstream 8.0 NGL/ C3+ (MBD) Crude Oil (MBD) 6,000 8,000 7.0 4,000 Refining + Marketing 4,
Slide 6: Strategic Execution in Action: Repositioning for Value Creation
Strategic Execution in Action: Repositioning for Value Creation Built differentiated, integrated portfolio and drove cost competitiveness 2022 • Acquired PSXP • Acquired DCP GP • Launched Business Transformation • Sold Alliance Refinery (Belle Chase Terminal) 2023 • Acquired DCP public units • Sold
Slide 7: Execution Delivered Total Shareholder Return
Execution Delivered Total Shareholder Return TSR Outperformance Since 2022 CEO Transition1 Key Strategy Highlights 67% Strong Execution on 2022-2025 Strategic Priorities 45% 42% Improving Refining Performance and Cost Structure Ongoing Portfolio Optimization PSX S&P 500 Energy Synthetic Proxy Peer M
Slide 8: Strong Execution on Strategic Priorities
Strong Execution on Strategic Priorities Deliver Shareholder Returns Capture Value from Wellhead to Market Shareholder Distributions¹ ($B) Adjusted EBITDA³ Uplift from DCP ($B) +24%² $ 13.6 $ 12.0 $ 1.5 +50% Target Range $ 1.0 $ 10.0 2022 Target 2024 Delivered 2022 Target 2024 Delivered Execute Busi
Slide 9: Improving Refining Performance and Cost Structure
Improving Refining Performance and Cost Structure Maximizing Runtime Optimizing Output Reducing Costs Crude Capacity Utilization Clean Product Yield Adjusted Controllable Costs¹ ($/BBL) $ 8.27 95 % +5% 90 % -19% +3% 87 % $ 6.71 84 % -15% $ 6.98 5.90 $5.50 5.90 2022 2024 2022 2024 2022 2024 Incl. Tur
Slide 10: Disciplined Refining Investment in Core Geographic Footprint
Disciplined Refining Investment in Core Geographic Footprint Improving Feedstock and Yield Flexibility KEY GROWTH PROJECTS ~40% after-tax IRR estimate Sweeny Crude Flex (2025) Crude Rate/Crude Flexibility Lake Charles HDS Upgrade (2024) Feedstock Flexibility Borger Heater Replacement (2023) Crude Ra
Slide 11: Enhancing Midstream with Value Accretive Transactions
Enhancing Midstream with Value Accretive Transactions Recent Strategic Actions Have Further Optimized Our Portfolio ~9.3x Divesting non-core and/or non-operated assets with limited growth at attractive transaction DCP Acquisition Case Study blended multiple multiples… Realizing Significant Synergies
Slide 12: Built Fully Integrated NGL Growth Platform
Built Fully Integrated NGL Growth Platform BUILT SWEENY GULF COAST NGL HUB (2010-2022) ESTABLISHED • Downstream NGL infrastructure, including pipelines, fractionation, WELLHEAD- storage, and exports TO-MARKET ACQUIRED DCP MIDSTREAM (2022-2023) PLATFORM • Linked G&P and Pipeline assets to downstream
Slide 13: Integration Drives Significant Optimization Benefits
Integration Drives Significant Optimization Benefits MIDSTREAM LOGISTICS INTEGRATION • Optimize asset utilization across commodities • Storage optimization across system • Joint operations synergies MARKETING INTEGRATION • Commercial placement optionality • Secure retail and branded placement • Incr
Slide 14: Phillips 66 Provides Global Energy via Commercial Platform
Phillips 66 Provides Global Energy via Commercial Platform Leading Asset-Backed Supply, Trading and Logistics Capabilities 5 3 MM+ Global offices BPD crude traded 100+ 2 MM+ Traders BPD clean products traded 20+ 1 MM+ Originators BPD NGL traded 80+ 80 M+ BPD Renewable Fuels Countries within traded C
Slide 15: Advantaged Chemicals Delivers Growth and Returns
Advantaged Chemicals Delivers Growth and Returns Lowest Cost Producer with 95% Advantaged Feedstock Adding Significant Production Capacity at Lowest End of the Cost Curve Ethylene Production Cost Curve (Cents per pound) (MMTA) Capacity Capacity Additions ~ 22 Northeast 3.2MMTA 50 North Asia Capacity
Slide 16: Durable Cash Flow and Strong Returns
Durable Cash Flow and Strong Returns Stable Midstream and M&S Adjusted EBITDA Covers Dividends and Total Capital Strong Return of Capital Adjusted EBITDA¹ ($B) Total Return of Capital as % of Net Cash Provided by Operating Activities3 (2021 - 2024) Renewable Fuels Midstream Chemicals Corporate 57 %
Slide 17: Capital Allocation Strategy Increases Flexibility Across Cycles
Capital Allocation Strategy Increases Flexibility Across Cycles Capital Allocation Priorities Ratable Return of Capital with Upside Potential Allocation of Cash Flow from Operations ($B) Maintain Best-In-Class • $1B annual sustaining capital Asset Integrity • Maintain safe and reliable operations De
Slide 18: Consistent, Growing Return of Capital Through Cycles
Consistent, Growing Return of Capital Through Cycles Top-Tier Return Profile Across Industries and Sectors Cumulative Shareholder Distributions ($B) Total 2024 Shareholder Distribution Yield1 43 Since 2012 Spin 37 $43 B 3.5% 6.5% Share 31 Phillips 66 Dividends Repurchases 10.0% 28 24 26 21 Sharehold
Slide 19: Investment Rationale and 2027 Strategic Priorities
Investment 2027 Strategic Priorities Rationale Targeted Performance World-Class Operations1 ~ $5.50 > $500 MM Refining annual adjusted reduction in operating, controllable costs per barrel2 SG&A & freight costs3 Differentiated Portfolio in Highly Attractive Markets Disciplined Growth $2.0 B > $1.0 B
Slide 20: Appendix
3 Appendix
Slide 21: Non-GAAP Reconciliations
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