Phillips 66 · NYSE:PSX
Phillips 66 — Investor Presentation (March 2026)
44 slides from Phillips 66's investor presentation, Mar 3, 2026
Slide 1: Investor Update
3 Investor Update March 2026
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, including statements regarding our plans, goals, targets, aspirations, commitments, strategies, or expectations
Slide 3: Global Economic Growth Drives Liquids Consumption
Global Economic Growth Drives Liquids Consumption Middle income in developing countries expected to grow… Global liquids 4 consumption growth Forecasted Increase of Middle Class Households vs. 2024 (Millions) 1 200 5 100 0 4 (100) 2025 2026 2027 2028 2029 2030 3 Lower Income Middle Income $35-70K Ho
Slide 4: US and Canada are Reliable Suppliers of Liquid Hydrocarbons
US and Canada are Reliable Suppliers of Liquid Hydrocarbons Permian and Canadian crude supply is a NGL production expected to grow over the next competitive advantage decade Crude Oil Production (in MMBD) NGL Production (in MMBD) (1)% CAGR 0% CAGR 2% 1% 72.6 CAGR CAGR 13.6 13.6 70.0 252 414 68.2 370
Slide 5: We Turn Low Value Feedstock into High Margin, End-Use Products
We Turn Low Value Feedstock into High Margin, End -Use Products US NGL supply growing at accelerating rate Global demand growth benefits all segments US Crude Oil Demand vs. US NGL Demand Change 8 Gasoline Diesel Jet NGLs Naphtha 25% (Indexed to 2023) 20% U.S. Crude Oil U.S. NGL 7 Midstream 15% 10%
Slide 6: Liquids Infrastructure Footprint is Without Equal
Liquids Infrastructure Footprint is Without Equal Central Corridor and Gulf Coast assets enables optionality, flexibility, and resiliency ~$10 B Avg. Adj. EBITDA (Consensus 2027) Sources of Adj. EBITDA 1 2027E EBITDA % by Segment 1 Renewables 2% Chemicals 12% Midstream 39% Refining 30% Marketing & S
Slide 7: Delivering Products Globally; Enabling Economic Growth
Delivering Products Globally; Enabling Economic Growth 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 feedstock Countries within traded Commercial network 3,100 2.5 B+ Cubic feet per day of Marine Voya
Slide 8: Integrated Value Chain Creates Optionality and Opportunity
Integrated Value Chain Creates Optionality and Opportunity Premium Markets Advantaged Supply Clean Products • 1 MMBD gasoline; 0.9 MMBD distillate • 2 MMBD clean products traded Integrated Assets • 7,620 branded US outlets Crude Oil • 20 MBD blended SAF capability • 3 MMBD crude traded and sourced •
Slide 9: Portfolio Delivers Ratable Returns
Portfolio Delivers Ratable Returns Balanced Portfolio in Highly Strategy Drives Operational and Compelling Shareholder Attractive Markets Commercial Benefits Returns ~1 MMBD Execution Oriented 15 % of NGL Transport 1 Annual Dividend CAGR 3 ~1 MMBD Organic Investment $46 B of NGL Frac Capacity 2 Retu
Slide 10: Asset Mix Lowers Volatility Across Cycles; Maximizing Value
Asset Mix Lowers Volatility Across Cycles; Maximizing Value Assets transform abundant supplies of crude oil and NGLs into value - add products Attractively positioned within Energy Decreasing Phillips 66 Company ¹ Midstream Refining Marketing Chemicals Renewables E&P Volatility Peer Group Average 3
Slide 11: Lower Volatility Cash Flows Deliver Attractive Shareholder Returns
Lower Volatility Cash Flows Deliver Attractive Shareholder Returns Top - Tier Cash Return Profile Across Industries and Sectors 2027E Shareholder Distribution Yield 3 Annual Dividend Growth ($ per share) $5.08 3.2% 3.0% Since 2012 Phillips 66 Dividends Repurchases 6.2% $46 B XLE 5.7% Shareholder dis
Slide 12: Assets Positioned to Access Lowest-cost Supply
Assets Positioned to Access Lowest -cost Supply Refining Midstream Chemicals Low break evens and rising gas - oil ratios CP Chem’s low - cost feedstock Canadian crude oil growth is reliable, are constructive to NGL volumes advantage provides resilience at bottom consistent, and economically advantag
Slide 13: Portfolio Evolution Increases Focus
Portfolio Evolution Increases Focus Significant Changes Made in 3 Years Since 2022: Strategic Actions Yield Alliance South Texas Other Midstream Rockies Express Gulf Coast Express Sale of 65% Interest in Gateway Positive Results Attractive Refinery (Belle Chasse) Terminal Assets Pipeline Pipeline Ge
Slide 14: Assets Deliver Attractive Organic Growth Opportunities
Assets Deliver Attractive Organic Growth Opportunities Large Organic Projects Small Organic Projects Future Strategic (Sanctioned) (Under Evaluation) Opportunities Midstream Midstream Western Gateway Iron Mesa • 300 MMCFD Permian Gas Plant >10 projects focused on debottlenecking and integrating exis
Slide 15: Midstream: Built for Future Growth, Optionality, and Opportunity
Midstream: Built for Future Growth, Optionality, and Opportunity Leveraging Attractive Footprint… Billings Organic growth Enhancing base business Coastal Bend pipeline expansion Increasing asset utilization Transportation assets connected to stable demand centers Iron Mesa Gas Plant Synergy capture
Slide 16: Refining: Advantaged Feedstock Position and Flexible Crude Slate
Refining: Advantaged Feedstock Position and Flexible Crude Slate US assets located in the strongest product markets, 2 to run Medium and Heavy grades… Peer - leading position have low - cost supply, and export optionality Bottoms Upgrading Capacity (MBD) 308 307 302 Forecasted Low 349 Change in Prod
Slide 17: Refining: Continuous Improvement; Execution Focused
Refining: Continuous Improvement; Execution Focused Driving performance through operational excellence ~$1/BBL cost reduction since 2022 1,2 Strong operating earnings versus peers R+M&S Adjusted EBITDA 4 per BBL vs Peers Adjusted cost per BBL vs Peers 2 $8.00 $20.00 PSX Peer A Peer B $17.64 3 3 PSX
Slide 18: Chemicals: Asset Location is a Competitive Advantage
Chemicals: Asset Location is a Competitive Advantage Cash generation continues in bottom - cycle environment, Organic growth via Golden Triangle Polymers and Ras by being lowest cost producer with 95% advantaged Laffan Petrochemicals projects feedstock Upside potential to grow partner distributions
Slide 19: Marketing & Specialties and Renewable Fuels
Marketing & Specialties and Renewable Fuels Marketing & Specialties Secures product placement in high -value markets Provides stable annual through - cycle returns and cash flow Strong fuels brand presence enhances margins (Phillips 66®, Conoco®, 76® and JET® brands) JET Germany and Austria transact
Slide 20: Assets Offer Durability and Optionality Across Cycles
Assets Offer Durability and Optionality Across Cycles Ratable Return of Capital with Upside Potential Illustrative Allocation of Cash Flow from Operations ($B) Capital Allocation Targets ✓ Deliver a secure , competitive and growing annual dividend 2027 Share Consensus ✓ >50% of net operating cash fl
Slide 21: Investment Rationale
Investment 2027 Strategic Priorities Rationale Targeted Performance World - Class Operations 1 ~ $5.50 > $500 MM Refining annual adjusted reduction in operating, controllable costs per barrel 2 SG&A & freight costs 3 Differentiated Portfolio in Highly Attractive Markets Disciplined Growth ~ $2.5 B >
Slide 22: Appendix
Appendix Borger Refinery, Borger, TX
Slide 23: Estimated Sensitivities
Estimated Sensitivities Annual Adjusted EBITDA $MM 1 Midstream 2 10¢/Gal Increase in NGL price 105 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 3 $1/
Slide 24: Midstream Covers Dividend and Sustaining Capital
Midstream Covers Dividend and Sustaining Capital Midstream Adjusted EBITDA ($B) Dividends ($B) Total Sustaining Capital ($B) 4.3 4.0 3.8 3.7 3.3 3.1 3.1 2.9 2.7 2.7 2.7 2.7 2022 20222022 2023 20232023 2024 2024 2024 2025 2025 2025 2026 2026E 20261 2027 2027 1 2027E Refining, Marketing & Specialties
Slide 25: Refining: Improved Utilization and Clean Product Yield
Refining: Improved Utilization and Clean Product Yield Peer - leading refinery crude utilization Clean Product Yield – closing the gap to peers 3 consecutive years above industry average Achieved full - year record in 2025 PSX Peer A Peer B 105% PSX Industry-Average Utilization Peer A Peer B 99% 87.
Slide 26: Competitive Refining and M&S Adjusted EBITDA per BBL
Competitive Refining and M&S Adjusted EBITDA per BBL 1,2 3 Refining M&S Peer Average $15.32 $15.57 $13.29 $12.47 $9.84 $9.51 $8.67 $8.39 $7.21 $6.44 $6.58 $5.86 $4.91 $1.10 $0.81 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 1. A combined Refining and Marketing & Specialties presentation of Adj
Slide 27: $/BBL Metrics
$/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 2022 2023 2024 2025 1Q $3.24 $12.71 4.16 $(1.06) 2Q $21.76 $8.96 $3.80 $5.40 3Q $19.60 $11.80 $1.98 $5.43 4Q $12.44 $7.13 ($0.98) $6.09 Annual $14.30 $10.12 $2.23 $4.23 Adjusted Marketing & Specialties EBITDA ($/BB
Slide 28: $/BBL Metrics
$/BBL Metrics 1 Refining Adjusted Controllable Costs ($/BBL) 2022 2023 2024 2025 1Q $6.94 $7.04 $6.18 $7.03 2Q $6.66 $5.96 $5.68 $5.46 3Q $7.07 $6.42 $5.67 $6.07 4Q $7.27 $6.79 $6.07 $5.96 Annual $6.98 $6.55 $5.90 $6.09 28 1. Excludes adjusted turnaround expense. | See Appendix for reconciliation of
Slide 29: Operational Excellence Begins with Our 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 5 major railroads Leader in Safety Across Industries Leader in Safety Recordable Injury R
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations 30 * Capital employed is total equity plus total debt
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations 31
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations 32 1. Refer to changes in Basis of Presentation discussion on pg 2.
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2022 1Q 2Q 3Q 4Q 2025 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 772 270 53 36 135 494 Other operating expenses 3,958 804 795 873 1,094 3,566 Total operating exp
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 Reconciliation of Refining and Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA 1,2 Income (loss) before income taxes 582 717 (130) (523) 646 345 930 (267) 3,218 4,226 Plus: Depreciation and am
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Million of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA 1 Income (loss) before income taxes 216 302 (108) (775) (365) (937) 359 (518) 822 (274) Plus: Depreciation and amortization 208 204 230 435 1,
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA 1 Income (loss) before income taxes 366 415 (22) 252 1,011 1,282 571 251 2,396 4,500 Plus: Depreciation and amortization 36 32
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations 37 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. On March 9, 2022, Phillips 66 Partners LP became a wholly owned subsidiary of Phillips 66.
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is n ot reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and 38 Marketing & Specialties are review
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations 39 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Annual totals may not add across quarters due to rounding.
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations 40
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denom in ator is total processed inputs. | 4. Denominator is adjusted 41 total processed inpu
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations 1. Refer to changes in Basis of Presentation discussion on pg 2. | 2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 3. Denom in ator is total processed inputs. | 4. Denominator is 42 adjusted total processed inpu
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations 43 1. Refer to changes in Basis of Presentation discussion on pg 2.
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations 44 1. Refer to changes in Basis of Presentation discussion on pg 2.