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: Macro Tailwinds, Advantaged Assets and Strategic Mindset
Macro Tailwinds, Advantaged Assets and Strategic Mindset 3
Slide 4: Global Breadth Creates Opportunities
Global Breadth Creates Opportunities As of April 15, 2026 4
Slide 5: Commercial Strategy Enhances Long-term Value
Commercial Strategy Enhances Long-term Value Maximizes Wellhead-to-Consumer Margins 5
Slide 6: 1Q 2026 Overview
1Q 2026 Overview $MM (Unless Otherwise Noted) Adjusted Net Debt-to- Earnings Adjusted Earnings Earnings per Capital Share1 $207 $200 $0.49 43% Operating Cash Capital Operating Shareholder Flow, excl. Expenditures and Cash Flow Distributions2 Working Capital Investments $(2.3) B $699 $582 $778 1. Rep
Slide 7: 1Q 2026 Adjusted Earnings (Loss)
1Q 2026 Adjusted Earnings (Loss) 1Q 2026 vs 4Q 2025 ($MM) 4Q 2025 Midstream Chemicals Refining Marketing Renewable Corporate Income Noncontrolling 1Q 2026 Adjusted & Specialties Fuels & Other Taxes Interests Adjusted Earnings Earnings 66 (126) (334) 1,002 263 19 200 (580) (22) (88) 591 85 208 (141)
Slide 8: 1Q 2026 Cash Flow
1Q 2026 Cash Flow $B 7.7 0.1 (0.6) (0.8) 0.7 5.2 1.1 (3.0) Dec. 31, 2025 CFO Working Capital Debt Capex Shareholder Other Mar. 31, 2026 Cash (Excl.Working & Investments Distributions Cash Balance1 Capital) Balance1 1. Represents Cash and Cash Equivalents 8
Slide 9: Debt Target Remains Unchanged
Debt Target Remains Unchanged $B (2) (2) (4) (2) 27 19 17 Mar. 31, 2026 Anticipated Change in Excess Dec. 31, 2026 Anticipated Dec. 31, 2027 Total Debt Paydown from Working Capital Cash-on-Hand Projected Total Paydown from Projected Total CFO1 Debt CFO 1 Debt 1. Consensus CFO estimates from Bloomber
Slide 10: Outlook
Outlook 2Q 2026 Global Olefins & Polyolefins utilization Low 80% Refining crude utilization Low-to-Mid 90% Refining turnaround expense $120 MM - $150 MM Corporate & Other costs1 $430 MM - $450 MM 1. Excludes impacts from our investment in NOVONIX. Effective in the first-quarter of 2026, costs associ
Slide 11: 1Q 2026 Earnings Overview
1Q 2026 Earnings Overview “We are confident in our ability to navigate market volatility due to our integrated business and the strength of our balance sheet. Backed by disciplined execution and strong operating performance, we remain well positioned to provide energy to the global market,” said Mar
Slide 12: Appendix
Appendix Borger Refinery, / Borger, TX / 12
Slide 13: World-Class Operations with Commitment to Continuous Improvement
1. World-Class Operations with Commitment to Continuous Improvement through > 86% annual Refining clean product yield, > 2% higher Refining utilization vs. industry-average, and > 99% Midstream asset availability. | 2. Excluding adjusted turnaround expense, post-ceasing of operations at Los Angeles
Slide 14: Refining: Delivering Continuous Improvement
Refining: Delivering Continuous Improvement Driving performance through a culture focused on operational excellence 1. First quarter utilization reflects total Refining capacity increase of 45 MBD effective January 1, 2026. | 2. Excludes adjusted turnaround expense. | See Appendix for reconciliation
Slide 15: Adjusted Refining and M&S EBITDA
Adjusted Refining and M&S EBITDA($/BBL)1,2 9.51 8.67 8.39 7.21 6.44 6.58 5.86 4.91 2.85 1.10 0.81 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 1Q 2026 2 Adjusted Refining EBITDA Adjusted Marketing & Specialties EBITDA 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown f
Slide 16: $/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 3Q 11.80 1.98 5.43 4Q 7.13 (0.98) 6.09 Annual 10.12 2.23 4.23 Adjusted Marketing & Specialties EBITDA ($/BBL) 2023 2024 2025 2026 1Q 2.62 2.27 2.16 (0
Slide 17: $/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 3Q 6.42 5.67 6.07 4Q 6.79 6.07 5.96 Annual 6.55 5.90 6.09 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measur
Slide 18: Segment Outlook
Segment Outlook Atlantic Central Refining Outlook by Region Basin Gulf Coast Corridor West Coast Total Low-to-Mid 2Q 2026 Crude Utilization (%) Low 90% Mid 90% Mid 90% Mid 90% 90% 2Q 2026 Turnaround Expense ($MM) 25-35 10-20 85-95 — 120-150 Marketing & Renewable Corporate & Total Company Outlook by
Slide 19: 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. 19
Slide 20: Capital Structure
Capital Structure 48% 41% 38% 39% 43% 39% 38% 34% 31.7 30.2 29.7 28.5 27.1 19.4 20.1 19.7 3.3 5.2 1.7 1.1 2023 2024 2025 1Q 2026 Equity $B Debt $B Cash & Cash Equivalents $B Debt-to-Capital Net Debt-to-Capital See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 20
Slide 21: 1Q 2026 Refining Pre-Tax Income (Loss)
1Q 2026 Refining Pre-Tax Income (Loss) 1Q 2026 VS. 4Q 2025 ($MM) 4Q 2025 Atlantic Gulf Central West 1Q 2026 Adjusted Basin / Coast Corridor Coast Pre-Tax Pre-Tax Europe Income Income 76 • 95% Crude utilization (48) • 87% Clean product yield 542 423 • 138% Market capture1 208 (785) 367 204 (418) 55 1
Slide 22: 1Q 2026 Realized Refining Margin
1Q 2026 Realized Refining Margin 1Q 2026 VS. 4Q 2025 ($/BBL) Indicator Drivers: $3.05 • Commodity price headwinds (WTI last-day pricing and pipeline timing) $12.48 $(5.42) • Weaker gasoline and secondary $10.11 product cracks • Higher freight rates • Offset by stronger diesel cracks 4Q 2025 Market C
Slide 23: 1Q 2026 Market Indicator vs. Realized Margin
1Q 2026 Market Indicator vs. Realized Margin ($/BBL) $2.80 • Commercial optimization (RINs, placement, crude costs) 10.11 • Inventory impacts 7.31 • Improved product differentials 1Q 2026 Capture Impact 1Q 2026 RIN-Adj Market Realized Margin Indicator1 1. Capture reflects the percentage of our Phill
Slide 24: Phillips 66 Refining Indicator Market Capture
Phillips 66 Refining Indicator Market Capture1 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Worldwide Realized Margin ($/BBL) 11.25 12.15 12.48 10.11 Worldwide Refining Indicator ($/BBL) 11.33 13.41 12.73 7.31 Worldwide Market Capture (%) 99 % 91 % 98 % 138 % Atlantic Basin Realized Margin ($/BBL) 8.16 11.94 12.
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 1Q 2026 Total Debt 27,124 Total Equity 29,681 Debt-to-Capital Ratio 48 % Total Cash 5,150 Net Debt-to-Capital Ratio 43 % 25
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2026 2025 1Q 4Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 207 2,906 Pre-Tax Adjustments: Impairments — 79 Los Angeles Refinery cessation costs — 35 Interest expense — 9 Pending claims and settle
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2026 2025 1Q 4Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 591 638 Pre-tax adjustments: Impairments — 79 Adjusted Pre-Tax Income 591 717 Reconciliation of Chemicals Pre-Tax Income (Loss) to Adj
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2026 2025 1Q 4Q Reconciliation of Refining Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 208 822 Pre-tax adjustments: Los Angeles Refinery cessation costs — 35 Pending claims and settlements — (123) Certain tax impacts — (11
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2026 2025 1Q 4Q Reconciliation of Renewable Fuels Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (41) (19) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss (41) (19) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-ta
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2025 1Q 2026 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 270 53 36 135 494 178 Other operating expenses 804 795 873 1,094 3,566 1,051 Total operating
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 1Q 2Q 3Q 4Q 2025 1Q 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 Plus: Depreciation and amortization 476 476 467 498 1,917
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2025 1Q 2026 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA Income (loss) before income taxes (937) 359 (518) 822 (274) 208 Plus: Depreciation and amortization 456 443 444 477 1,820 215 Refining EBITDA (481) 80
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2025 1Q 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) Plus: Depreciation and amortization 20 33 23 21 97 20 Marketing & Specialt
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 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 Plus: Depreciation and a
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations Million of Dollars 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 amortization 201 203 207 220 83
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 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 amortization 27 30 30 35
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 4Q 2025 Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income $ 302 Pre-tax adjustments: Certain tax impacts (11) Adjusted Pre-Tax Income $ 291 Reconciliation of Refining - Gulf Coast Pre-Tax Income
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
Slide 42: 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
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 2Q 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 359 49 101 392 (183) Plus: Ta