Phillips 66 · NYSE:PSX
Phillips 66 — Q3 2026 Earnings Presentation
41 slides from Phillips 66's earnings presentation, Oct 28, 2026
Slide 1: Lake James Gas Plant, Goldsmith, TX
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: Positioned to Deliver into the Future
Positioned to Deliver into the Future 1. EPIC NGL was renamed to Coastal Bend. | 2. Capacity increases are effective January 1, 2026 and are a result of projects completed in 2025. Refining crude capacity increased because of optimization and debottlenecking projects at Bayway, Billings, Ponca City
Slide 4: Disciplined Capital Allocation Drives Returns
Disciplined Capital Allocation Drives Returns Multiple Levers of Value Creation by Growing Earnings and Reducing Capital Employed 1. Net operating cash flow is Cash Flow from Operations (CFO), excluding changes in working capital. | 2. FY 2026E cash uses are estimated using CFO, excluding Working Ca
Slide 5: 3Q 2026 Overview
3Q 2026 Overview $MM (Unless Otherwise Noted) Adjusted Net Debt-to- Earnings Adjusted Earnings Earnings per Capital Share1 $5.6 B $5.6 B $14.08 26% Operating Cash Capital Operating Shareholder Flow, excl. Expenditures and Cash Flow Distributions2 Working Capital Investments $7.3 B $6.2 B $680 $2.8 B
Slide 6: Outlook
Outlook 4Q 2026 Global Olefins & Polyolefins utilization Mid 80% Refining crude utilization Mid 90% Refining turnaround expense $140 MM - $170 MM Corporate & Other costs1 $350 MM - $380 MM 1. Excludes impacts from our investment in NOVONIX. Effective in the first quarter of 2026, costs associated wi
Slide 7: 3Q 2026 Earnings Overview
3Q 2026 Earnings Overview “Phillips 66 delivered strong operating performance in the third quarter and is executing on its financial and operating commitments,” said Mark Lashier, chairman and CEO of Phillips 66. “Our integrated portfolio, commercial capabilities and focus on continuous improvement
Slide 8: Appendix
Appendix Borger Refinery, / Borger, TX /
Slide 9: 3Q 2026 Adjusted Earnings (Loss)
3Q 2026 Adjusted Earnings (Loss) 3Q 2026 vs 2Q 2026 ($MM) 2Q 2026 Midstream Chemicals Refining Marketing Renewable Corporate Income Noncontrolling 3Q 2026 Adjusted & Specialties Fuels & Other Taxes Interests Adjusted Earnings Earnings 2,974 35 (269) 9 (353) (389) (83) (93) 5,619 3,788 702 311 6,060
Slide 10: 3Q 2026 Cash Flow
3Q 2026 Cash Flow $B 1.1 6.2 (2.8) (2.1) (0.7) 5.8 4.1 Jun. 30, 2026 CFO Working Capital Shareholder Debt Capex Sept. 30, 2026 Cash (Excl.Working Distributions & Investments Cash Balance 1 Capital) Balance 1 1. Represents Cash and Cash Equivalents 10
Slide 11: Refining: Delivering Continuous Improvement
Refining: Delivering Continuous Improvement Driving performance through a culture focused on operational excellence 1. 2026 utilization reflects total Refining capacity increase of 45 MBD effective January 1, 2026. | 2. Excludes adjusted turnaround expense. | See Appendix for reconciliation of Non-G
Slide 12: Adjusted Refining and M&S EBITDA ($/BBL)
Adjusted Refining and M&S EBITDA ($/BBL)1,2 34.05 21.46 19.87 9.51 8.39 8.67 6.58 7.21 6.44 5.86 4.91 2.85 0.81 1.10 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 1Q 2Q 3Q 2026 YTD 2 Adjusted Refining EBITDA ($/BBL) Adjusted Marketing & Specialties EBITDA ($/BBL) 1. A combined Refining and Marketing & Specialti
Slide 13: $/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 32.42 4Q 7.13 (0.98) 6.09 Annual 10.12 2.23 4.23 18.43 Adjusted Marketing & Specialties EBITDA ($/BBL) 2023 2024 2025 2026 1Q
Slide 14: $/BBL Metrics: Refining Adjusted Controllable Costs
$/BBL Metrics Refining Adjusted Controllable Costs ($/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 5.92 4Q 6.79 6.07 5.96 Annual 6.55 5.90 6.09 5.90 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non-GAAP measures to the near
Slide 15: Segment Outlook
Segment Outlook Atlantic Central Refining Outlook by Region Basin Gulf Coast Corridor West Coast Total 4Q 2026 Crude Utilization (%) Mid 90% Mid 90% Mid 90% Mid 90% Mid 90% 4Q 2026 Turnaround Expense ($MM) 10 30-40 100-110 10 140-170 Marketing & Renewable Corporate & Total Company Outlook by Segment
Slide 16: 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. 16
Slide 17: 2026 YTD Cash Flow
2026 YTD Cash Flow $B 1.1 11.2 (4.4) (2.0) 0.1 (1.1) (0.2) 5.8 1.1 Dec. 31, 2025 CFO (Excl. Working Shareholder Capital Debt Acquisitions Other Sept. 30, 2026 Cash Working Capital Distributions Expenditures Cash Balance 1 Capital) & Investments Balance 1 1. Represents Cash and Cash Equivalents. 17
Slide 18: Capital Structure
Capital Structure 48% 41% 38% 39% 39% 43% 34% 39% 38% 34% 33% 26% 35.5 31.7 32.7 28.5 30.2 29.7 27.1 19.4 20.1 19.7 20.6 18.5 5.2 4.1 5.8 3.3 1.7 1.1 2023 2024 2025 1Q 2026 2Q 2026 3Q 2026 Equity $B Debt $B Cash & Cash Equivalents $B Debt-to-Capital Net Debt-to-Capital See Appendix for reconciliatio
Slide 19: 3Q 2026 Refining Adjusted Pre-Tax Income
3Q 2026 Refining Adjusted Pre-Tax Income 3Q 2026 VS. 2Q 2026 ($MM) 2Q 2026 Atlantic Gulf Central West 3Q 2026 Adjusted Basin / Coast Corridor Coast Adjusted Pre-Tax Europe Pre-Tax Income Income 969 129 • 98% Crude utilization 778 1,098 • 86% Clean product yield • 100% Market capture1 6,060 3,086 1,4
Slide 20: 3Q 2026 Realized Refining Margin
3Q 2026 Realized Refining Margin 3Q 2026 VS. 2Q 2026 ($/BBL) $13.62 $0.30 Indicator Drivers $38.00 • Stronger diesel and gasoline cracks in all regions $24.08 • Lower benchmark crude costs 2Q 2026 Market Change in 3Q 2026 Realized Indicator Capture Realized Margin Change Impact Margin Capture reflec
Slide 21: 3Q 2026 Market Indicator vs. Realized Margin
3Q 2026 Market Indicator vs. Realized Margin ($/BBL) $(0.15) Market Capture Drivers (-) Higher crude pricing from market structure $38.15 $38.00 (+) Higher distillate yield versus indicator (+) Freight contribution + (+) Billings small refinery exemption 3Q 2026 Capture Impact 3Q 2026 RIN-Adj Market
Slide 22: Phillips 66 Refining Indicator Market Capture
Phillips 66 Refining Indicator Market Capture1 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Worldwide Realized Margin ($/BBL) 12.48 10.11 24.08 38.00 Worldwide Refining Indicator ($/BBL) 12.73 7.31 24.53 38.15 Worldwide Market Capture (%) 98 % 138 % 98 % 100 % Atlantic Basin Realized Margin ($/BBL) 12.60 15.62 1
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 3Q 2026 4Q 2025 Total Debt 18,530 19,716 Total Equity 35,503 30,241 Debt-to-Capital Ratio 34 % 39 % Total Debt 18,530 19,716 Less: Cash and Cash Equivalents 5,848 1,116 Net Debt 12,682 18,600 Net Debt-to-Capital Ratio 26 % 38 % 23
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2026 3Q 2Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 5,616 3,847 Pre-Tax Adjustments: Impairments 29 — Net gain on asset dispositions1 — (110) Legal accrual2 — 65 Tax impact of adjustments3 (7
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2026 3Q 2Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 702 785 Pre-tax adjustments: None — — Adjusted Pre-Tax Income 702 785 Reconciliation of Chemicals Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 311
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2026 3Q 2Q Reconciliation of Refining Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 6,031 3,062 Pre-tax adjustments: Impairments 29 — Legal accrual — 24 Adjusted Pre-Tax Income 6,060 3,086 Reconciliation of Marketing & Specialties Pre-Tax Incom
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2026 3Q 2Q Reconciliation of Renewable Fuels Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 191 544 Pre-tax adjustments: None — — Adjusted Pre-Tax Income 191 544 Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) YTD 1Q 2Q 3Q 4Q 2025 1Q 2Q 3Q 2026 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 270 53 36 135 494 178 123 79 380 Other operating expenses 804 795 873 1,094 3,566 1
Slide 29: 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 30: 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 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) YTD 1Q 2Q 3Q 4Q 2025 1Q 2Q 3Q 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 6,276 9,968 Plus: De
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q 3Q 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 6,031 9,301 Plus: Depreciation and amortization
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2Q 3Q YTD 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) 583 245 667 Plus: Depreciation and am
Slide 34: 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 35: 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 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 amortiza
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 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 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 3Q 2026 Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income 1,474 Pre-tax adjustments: None — Adjusted Pre-Tax Income 1,474 Reconciliation of Refining - Gulf Coast Pre-Tax Income to Adjusted Pre-Ta
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 3Q 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 6,031 1,474 1,702 2,568 287 Plus: Taxes oth
Slide 39: 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 40: 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 41: 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