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: Third-Quarter Highlights
Third-Quarter Highlights Strong Refining Operations Consistent Contributions from Midstream and Marketing & Specialties Segments Generated Solid Chemicals Results in a Challenging Market Executing on Our Strategy and Unlocking New Opportunities 33
Slide 4: Refining: Delivering Continuous Improvement
Refining: Delivering Continuous Improvement Driving performance through a culture focused on operational excellence 99% 87% ~$1/BBL Reduction in Refining Highest quarterly crude Record year-to-date adjusted controllable cost utilization since 2018 clean product yield since 20223 1. Excludes adjusted
Slide 5: Refining: Enhancements Setting Stage for Future Success
Refining: Enhancements Setting Stage for Future Success Organizational and strategic actions enhance supply flexibility, lower costs and capture margin San Francisco Alliance Refinery Refinery Los Angeles WRB 50% Divestment Conversion Refinery Idling Buy-in 2021 2025+ Delivered Future High-graded 30
Slide 6: 3Q 2025 Overview
3Q 2025 Overview $MM (Unless Otherwise Noted) Adjusted Operating Earnings Adjusted Earnings Earnings per Cash Flow Share1 $133 $1.0 B $2.52 $1.2 B Capital Shareholder Net Debt-to- Expenditures and Distributions2 Capital Investments $541 $751 41% 1. Represents dollars per share. 3Q 2025 is based on a
Slide 7: 3Q 2025 Adjusted Earnings (Loss)
3Q 2025 Adjusted Earnings (Loss) 3Q 2025 vs 2Q 2025 ($MM) 2Q 2025 Midstream Chemicals Refining Marketing Renewable Corporate Income Noncontrolling 3Q 2025 Adjusted & Specialties Fuels & Other Taxes Interests Adjusted Earnings 38 Earnings 156 90 19 (31) (3) (34) (183) 973 1,025 697 176 430 477 (43) (
Slide 8: 3Q 2025 Cash Flow
3Q 2025 Cash Flow $B 0.8 1.9 (0.7) (0.8) 0.2 (0.5) 2.0 1.1 June 30, 2025 CFO Working Capital Debt Shareholder Capex Other Sept 30, 2025 Cash (excluding Distributions & Investments Cash Balance 1 working capital) Balance 1 1. Represents Cash and Cash Equivalents and includes cash classified within As
Slide 9: Outlook
Outlook 4Q 2025 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization1 Low to Mid-90% Refining turnaround expense2 $125 MM - $145 MM Corporate & Other costs3 $340 MM - $360 MM 1. Excludes Los Angeles Refinery; includes 100% of Wood River / Borger Refineries. | 2. Includes 100%
Slide 10: World-Class Operations with Commitment to Continuous Improvement
1. World-Class Operations with Commitment to Continuous Improvement through > 86% annual Refining clean product yield, > 2% higher Refining utilization vs. industry-average, and > 99% Midstream asset availability. | 2. Excluding adjusted turnaround expense, post-ceasing 10 10 of operations at Los An
Slide 11: Appendix
Appendix Borger Refinery, / Borger, TX / an
Slide 12: Adjusted Refining and M&S EBITDA ($/BBL)
Adjusted Refining and M&S EBITDA($/BBL)1,2 15.32 15.57 13.29 12.47 9.84 9.51 8.39 6.44 6.58 6.65 5.86 4.91 1.10 0.81 1Q 2Q 3Q 4Q 2023 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 2025 (YTD) 2 Adjusted Refining EBITDA Adjusted Marketing & Specialties EBITDA 1. A combined Refining and Marketing & Specialties presentatio
Slide 13: $/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) Annual $14.30 $10.12 $2.23 $3.52 Adjusted Marketing & Specialties EBITDA ($/BBL) 20
Slide 14: $/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 Annual $6.98 $6.55 $5.90 $6.14 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non-GAAP m
Slide 15: 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. | 4. Represents the annualized
Slide 16: Capital Structure
Capital Structure 44% 41% 42% 40% 38% 34% 41% 41% 39% 38% 34% 24% 34.1 31.7 28.5 28.4 28.6 28.1 20.1 20.9 21.8 19.4 18.8 17.2 6.1 1 3.3 1.7 1.5 1 2.0 1.1 2022 2023 2024 1Q 2025 2Q 2025 3Q 2025 Equity $B Debt $B Cash & Cash Equivalents $B Debt-to-Capital Net Debt-to-Capital 1. Includes cash and cash
Slide 17: 3Q 2025 Refining Adjusted Pre-Tax Income (Loss)
3Q 2025 Refining Adjusted Pre-Tax Income (Loss) 3Q 2025 VS. 2Q 2025 ($MM) 2Q 2025 Atlantic Gulf Central West 3Q 2025 Adjusted Basin / Coast Corridor Coast Adjusted Pre-Tax Income Europe Pre-Tax Income 18 168 • 99% Crude utilization (24) • 86% Clean product yield (124) • 91% Market capture1 430 392 2
Slide 18: 3Q 2025 Realized Refining Margin
3Q 2025 Realized Refining Margin 3Q 2025 VS. 2Q 2025 ($/BBL) $2.08 $(1.18) • 91% Market capture1 vs. 99% in 2Q $12.15 • 86% Clean product yield $11.25 2Q 2025 Market Change in 3Q 2025 Realized Indicator Capture Realized Margin Change Impact Margin 1. Capture reflects the percentage of our Phillips 6
Slide 19: 3Q 2025 - Market Indicator vs. Realized Margin
3Q 2025 - Market Indicator vs. Realized Margin ($/BBL) $(1.26) • 91% Market capture1 • 99% Utilization 13.41 • 86% Clean product yield 12.15 3Q 2025 Capture Impact 3Q 2025 RIN-Adj Market Realized Margin Indicator1 1. Capture reflects the percentage of our Phillips 66 Refining Market indicator realiz
Slide 20: Phillips 66 Refining Indicator Market Capture
Phillips 66 Refining Indicator Market Capture1 3Q 2025 2Q 2025 Worldwide Realized Margin ($/BBL) 12.15 11.25 Worldwide Refining Indicator ($/BBL) 13.41 11.33 Worldwide Market Capture (%) 91 % 99 % Atlantic Basin Realized Margin ($/BBL) 11.94 8.16 Atlantic Basin Indicator ($/BBL) 12.31 9.06 Atlantic
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q YTD 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) 1,008 Plus: Depreciation and amortiza
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations 1Q 2Q 3Q Million of Dollars 4Q 2024 1Q 2Q 3Q YTD 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) (1,096) Plus: Depreciation and amortization 208 204 230 435 1,07
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars YTD 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 2025 Reconciliation of Marketing & Specialties Income (Loss) before Income Taxes to Adjusted EBITDA1 Income before income taxes 366 415 (22) 252 1,011 1,282 571 251 2,104 Plus: Depreciation and amortization 36 32 32 79 179 20
Slide 24: 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 66 1 Income before income taxes 657 3,182 5,540 2,012 11,391 Plus: Income tax expense 171 924 1,618 535 3,248 Net interest expense 132 1
Slide 25: 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 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Milliions of Dollars 1Q 2Q 3Q 4Q 2022 2 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA1 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) YTD 1Q 2Q 3Q 4Q 2024 1Q 2Q 3Q 2025 Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 124 100 137 123 484 270 53 36 359 Other operating expenses 829 784 785 845 3,243 80
Slide 33: 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 34: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 3Q 2Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings 133 877 Pre-Tax Adjustments: Impairments1 948 — Net (gain) loss on asset dispositions 2 (15) 89 Professional advisory fees — 45 Legal accrual 3 241 33 Tax impact
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 3Q 2Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 697 731 Pre-tax adjustments: None — — Adjusted Pre-Tax Income 697 731 Reconciliation of Chemicals Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income 176
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 2025 3Q 2Q Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted Pre-Tax Income Pre-tax income (loss) (518) 359 Pre-tax adjustments: Impairments 948 — Legal accrual — 33 Adjusted Pre-Tax Income 430 392 Reconciliation of Marketin
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 3Q 2Q Reconciliation of Renewable Fuels Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax loss (43) (133) Pre-tax adjustments: None — — Adjusted Pre-Tax Loss (43) (133) Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted Pre-Tax Loss Pre-tax l
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 3Q 2025 Debt-to-Capital Ratio Total Debt 21,755 Total Equity 28,077 Debt-to-Capital Ratio 44 % Cash and Cash Equivalents, including cash classified within Assets held for sale1 1,950 Net Debt-to-Capital Ratio 41 % 1. Includes cash an
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 3Q 2025 Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Income to Adjusted Pre-Tax Income Pre-tax income 250 Pre-tax adjustments: Legal Accrual Adjusted Pre-Tax Income 250 Reconciliation of Refining - Gulf Coast Pre-Tax Income to Adjusted Pre
Slide 40: 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 41: 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