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: 4Q 2025 Highlights
4Q 2025 Highlights Refining had record clean product yield and continued strong utilization Midstream achieved record NGL transportation and fractionation volumes Reduced net debt-to-capital ratio to 38% and progressing toward debt targets Portfolio enhancements and strategic focus delivering result
Slide 4: Strong Execution Delivers Shareholder Value
Strong Execution Delivers Shareholder Value Financial Operational Disciplined Strength and Improvements Growth Flexibility Delivering Attractive Shareholder Returns Phillips 66 highlights reflect full-year 2025, except as indicated. | 1. Compares 2025 full-year volumes for "NGL Pipeline Throughput -
Slide 5: Midstream: Strengthened Wellhead to Market Strategy
Midstream: Strengthened Wellhead to Market Strategy Delivered Portfolio simplification PSXP and DCP buy-ins; Divested non-core assets Platform for future growth Organic opportunities, Pinnacle and Coastal Bend acquisitions Attractive EBITDA growth 1. EPIC NGL was renamed to Coastal Bend in 2Q of 202
Slide 6: Midstream: Disciplined Investment Delivers Ratable Growth
Midstream: Disciplined Investment Delivers Ratable Growth Ongoing Focus Commercial optimization Organic growth Enhancing base business Coastal Bend pipeline expansion Increasing asset utilization (late 2026) Iron Mesa gas plant (2027) Synergy capture Incremental G&P volumes (2026-2027) Cost optimiza
Slide 7: Midstream Covers Dividend and Sustaining Capital
Midstream Covers Dividend and Sustaining Capital Refining, Marketing & Specialties and Chemicals provide capital allocation optionality Chart compares Midstream adjusted EBITDA vs total company's Dividends Paid on Common Stock and Sustaining Capital Expenditures. | 1. Bloomberg estimates as of 01/20
Slide 8: 4Q 2025 Overview
4Q 2025 Overview $MM (Unless Otherwise Noted) Adjusted Operating Earnings Adjusted Earnings Earnings per Cash Flow Share1 $2.9 B $1.0 B $2.47 $2.8 B Capital Shareholder Net Debt-to- Expenditures and Distributions2 Capital Investments $682 $756 38% 1. Represents dollars per share. 4Q 2025 is based on
Slide 9: 4Q 2025 Adjusted Earnings (Loss)
4Q 2025 Adjusted Earnings (Loss) 4Q 2025 vs 3Q 2025 ($MM) 3Q 2025 Midstream Chemicals Refining Marketing Renewable Corporate Income Noncontrolling 4Q 2025 Adjusted & Specialties Fuels & Other Taxes Interests Adjusted Earnings Earnings 20 112 24 1 12 3 (38) (157) 1,025 1,002 717 19 542 439 (19) (363)
Slide 10: 4Q 2025 Cash Flow
4Q 2025 Cash Flow $B 1.5 2.8 (2.3) (1.3) (0.7) 2.0 (0.8) (0.1) 1.1 Sept. 30, 2025 CFO Proceeds Debt Acquisitions Capex Shareholder Other Dec. 31, 2025 Cash from Asset & Investments Distributions Cash Balance 1 Dispositions Balance 1 1. Represents Cash and Cash Equivalents and Sept. 30, 2025 balance
Slide 11: Outlook
Outlook 1Q 2026 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Low-90% Refining turnaround expense $170 MM - $190 MM Corporate & Other costs1 $400 MM - $420 MM Full-year 2026 Refining turnaround expense $550 MM - $600 MM Corporate & Other costs1 $1.5 B - $1.6 B Depreciat
Slide 12: 4Q 2025 Earnings Overview
4Q 2025 Earnings Overview “While enhancing our portfolio to focus on our core assets and geographies, we have also taken a disciplined approach to improving operations, particularly in refining, and upheld our unwavering commitment to safety. As we look to 2026, focused execution of our strategy, di
Slide 13: Appendix
Appendix Borger Refinery, / Borger, TX / 13
Slide 14: 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 15: 2025 Overview
2025 Overview Ponca City Refinery $MM (Unless Otherwise Noted) Earnings 4,403 Adjusted earnings 2,632 Adjusted earnings per share (EPS)1 6.44 Adjusted EBITDA 8,363 Operating cash flow 4,962 Capital expenditures and investments2 2,233 Shareholder distributions3 3,129 Common shares outstanding at Dec.
Slide 16: Refining: Delivering Continuous Improvement
Refining: Delivering Continuous Improvement Driving performance through a culture focused on operational excellence 1. Effective January 1, 2026 | 2. Excludes adjusted turnaround expense. | 3. Compares 4Q 2025 to full-year 2022; excludes adjusted turnaround expense. | See Appendix for reconciliation
Slide 17: Adjusted Refining and M&S EBITDA
Adjusted Refining and M&S EBITDA($/BBL)1,2 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 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 2 Adjusted Refining EBITDA Adjusted Marketing & Specialties EBITDA 1. A combined Refining and Marketing & Specialties presentat
Slide 18: $/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 ($/BBL) 2022 2023 2024 2
Slide 19: $/BBL Metrics
$/BBL Metrics Refining Adjusted Controllable Costs ($/BBL)1 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 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non-GAAP measures to the
Slide 20: Segment Outlook
Segment Outlook Atlantic Central Refining Outlook by Region Basin Gulf Coast Corridor West Coast Total Low to Low to 1Q 2026 Crude Utilization (%) Mid-90% Mid-90% Low-90% Low-90% Low-90% 1Q 2026 Turnaround Expense ($MM) ~25 50-60 90-100 ~0 170-190 FY 2026 Turnaround Expense ($MM) 550-600 Marketing &
Slide 21: 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. 21
Slide 22: 2025 Cash Flow
2025 Cash Flow $B 3.5 6.1 (1.2) (3.5) (2.2) 1.7 (3.1) 0.2 (0.4) 1.1 Dec. 31, 2024 CFO Working Proceeds Acquisitions Capital Shareholder Debt Other Dec. 31, 2025 Cash (excluding Capital from Asset Expenditures Distributions Cash Balance 1 Working Dispositions & Balance 1 Capital) Investments 1. Repre
Slide 23: Capital Structure
Capital Structure 42% 44% 41% 40% 38% 39% 41% 41% 39% 38% 38% 34% 31.7 30.2 28.5 28.4 28.6 28.1 20.1 20.9 21.8 19.4 18.8 19.7 3.3 1.7 1.5 1 2.01 1.1 1.1 2023 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Equity $B Debt $B Cash & Cash Equivalents $B Debt-to-Capital Net Debt-to-Capital 1. Includes cash and cas
Slide 24: 4Q 2025 Refining Adjusted Pre-Tax Income (Loss)
4Q 2025 Refining Adjusted Pre-Tax Income (Loss) 4Q 2025 VS. 3Q 2025 ($MM) 3Q 2025 Atlantic Gulf Central West 4Q 2025 Adjusted Basin / Coast Corridor Coast Adjusted Pre-Tax Income Europe Pre-Tax Income 133 (1) • 99% Crude utilization 41 (61) • 88% Clean product yield • 98% Market capture1 542 430 291
Slide 25: 4Q 2025 Realized Refining Margin
4Q 2025 Realized Refining Margin 4Q 2025 VS. 3Q 2025 ($/BBL) $1.01 $(0.68) • 98% Market capture1 vs. 91% in 3Q $12.15 $12.48 • 88% Clean product yield 3Q 2025 Market Change in 4Q 2025 Realized Indicator Capture Realized Margin Change Impact Margin 1. Capture reflects the percentage of our Phillips 6
Slide 26: 4Q 2025 - Market Indicator vs. Realized Margin
4Q 2025 - Market Indicator vs. Realized Margin ($/BBL) $(0.25) • 98% Market capture1 • 99% Utilization 12.73 12.48 • 88% Clean product yield 4Q 2025 Capture Impact 4Q 2025 RIN-Adj Market Realized Margin Indicator1 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realiz
Slide 27: Phillips 66 Refining Indicator Market Capture
Phillips 66 Refining Indicator Market Capture1 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Worldwide Realized Margin ($/BBL) 6.81 11.25 12.15 12.48 Worldwide Refining Indicator ($/BBL) 7.80 11.33 13.41 12.73 Worldwide Market Capture (%) 87 % 99 % 91 % 98 % Atlantic Basin Realized Margin ($/BBL) 7.08 8.16 11.94
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2025 Total Debt 19,716 Total Equity 30,241 Debt-to-Capital Ratio 39 % Total Cash 1,116 Net Debt-to-Capital Ratio 38 % 28
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2022 2023 2024 2025 Operating expenses 1,401 1,844 1,876 2,021 Selling, general and administrative expenses (SG&A) 255 441 213 217 Total Operating and SG&A Expenses 1,656 2,285 2,089 2,238 29
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2022 2023 2024 2025 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA 1 Income before income taxes 5,176 2,819 2,638 2,817 Plus: Depreciation and amortization 567 923 920 1,030 Midstream EBITDA 1 5,743 3,742 3,558 3,847 Special Ite
Slide 31: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2022 2023 2024 2025 Capital Expenditures and Investments 1 Growth 970 1,304 1,034 1,229 Sustaining 918 851 825 1,004 Total Capital Expenditures and Investments1 1,888 2,155 1,859 2,233 Dividends Paid on Common Stock 1,793 1,882 1,882 1,922 Total Sustainin
Slide 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2025 Year 4Q 3Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 4,403 2,906 133 Pre-Tax Adjustments: Impairments1 1,048 79 948 Los Angeles Refinery cessation costs 35 35 — Interest expense 9 9 — Pendi
Slide 33: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2025 4Q 3Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 638 697 Pre-tax adjustments: Impairments 79 — Adjusted Pre-Tax Income 717 697 Reconciliation of Chemicals Pre-Tax Income (Loss) to Adjusted
Slide 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2025 4Q 3Q Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted Pre-Tax Income Pre-tax income (loss) 822 (518) Pre-tax adjustments: Los Angeles Refinery cessation costs 35 — Pending claims and settlements (123) — Certain tax im
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 4Q 3Q Reconciliation of Renewable Fuels Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (19) (43) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss (19) (43) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax los
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 Reconciliation of Income Tax Expense to Adjusted Income Tax Expense 4Q 3Q Income tax expense 526 32 Special items (224) 282 Adjusted income tax expense 302 314 36
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2025 Numerator Net Income1 4,528 After-tax interest expense 821 GAAP ROCE earnings 5,349 After-tax special items (1,771) Adjusted ROCE earnings 3,578 Denominator GAAP average capital employed2 49,241 2025 GAAP ROCE 11 % 2025 Adjusted R
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 Reconciliation of Consolidated Income before Income Taxes to Adjusted EBITDA Attributable to Phillips 66 Net income 4,528 Plus: Income tax expense 892 Net interest expense 898 Depreciation and amortization 3,251 Consolidated EBITDA 9,569 Special Item
Slide 39: 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 EBITDA1,2 Income (loss) before income taxes 582 717 (130) (523) 646 345 930 (267) 3,218 4,226 Plus: Depreciation and amo
Slide 40: 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 EBITDA1 Income (loss) before income taxes 216 302 (108) (775) (365) (937) 359 (518) 822 (274) Plus: Depreciation and amortization 208 204 230 435 1,0
Slide 41: 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 EBITDA1 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 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Refining and Marketing & Specialties Income before Income Taxes to Adjusted EBITDA1,2 Income before income taxes 494 3,826 3,647 2,080 10,048 1,957 1,708 2,317 1,255 7,237 Plus: Depreciation and amortiza
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA 1 Income before income taxes 175 3,145 2,963 1,693 7,976 1,594 1,175 1,712 859 5,340 Plus: Depreciation and amortization 201 215 219 225 860 201 203 207 220 831 Refinin
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA1 Income before income taxes 319 681 684 387 2,071 363 533 605 396 1,897 Plus: Depreciation and amortization 27 29 27 27 110 27 30 30
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Consolidated Income before Income Taxes to Adjusted EBITDA Attributable to Phillips 661 Net income 657 3,182 5,540 2,012 11,391 Plus: Income tax expense 171 924 1,618 535 3,248 Net interest expense 132 127 136 142 537 De
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations Milliions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA 1 Income before income taxes 370 497 3,642 668 5,176 Plus: Depreciation and amortization 89 93 160 225 567 Midstream EBITDA 1 459 590 3,802 893 5,743 Special Item
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA Income before income taxes 396 273 135 52 856 Plus: None — — — — — Chemicals EBITDA 396 273 135 52 856 Special Item Adjustments (pre-tax): None — — — — — Total Spec
Slide 48: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted EBITDA 1 Income (loss) before income taxes (24) 9 87 99 171 Plus: Depreciation and amortization 1 2 2 2 7 Renewable Fuels EBITDA 1 (23) 11 89 101 178 Special
Slide 49: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2022 Reconciliation of Corporate & Other Loss before Income Taxes to Adjusted EBITDA 1 Loss before income taxes (407) (500) (353) (351) (1,611) Plus: Net interest expense 132 126 136 144 538 Depreciation and amortization 19 20 22 24 85 Corpora
Slide 50: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) YTD 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 4Q 2025 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 124 100 137 123 484 270 53 36 135 494 Other operating expenses 829 784 785 845 3
Slide 51: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2Q 3Q 4Q 2022 1Q 2Q 3Q 4Q 2023 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 100 221 221 230 772 230 104 119 85 538 Other operating expenses 997 958 984 1,019 3,
Slide 52: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 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 53: 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 54: 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 55: 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
Slide 56: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2025 Atlantic Basin/ Central Reconciliation of Refining Loss Before Income Taxes to Realized Refining Margins Worldwide Europe Gulf Coast Corridor West Coast Loss before income taxes (937) (199) (333) (50) (355) Plus: Taxes other