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: Creating Value Now and In the Future
8 Creating Value Now and In the Future Differentiated Portfolio in Highly Attractive Markets Transformational Strategy Driving Clear Operational and Commercial Benefits Leading to Consistent and Compelling Value for Shareholders Oo oto Oo
Slide 4: Continued Focus on Refining
Continued Focus on Refining Improving Utilization, Feedstock Flexibility and Yield 1. Based on forward projections 4
Slide 5: Advancing Wellhead-to-Market Strategy
Advancing Wellhead-to-Market Strategy See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 55
Slide 6: Delivering Long-Term Value for Shareholders
Delivering Long-Term Value for Shareholders Dates shown as of announcement | 1. Since 1/1/2022. | See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 6
Slide 7: 1Q 2025 Overview
1Q 2025 Overview $MM (Unless Otherwise Noted) Adjusted Operating Cash Earnings Adjusted Loss Loss per Share1 Flow $487 $(368) $(0.90) $187 Capital Shareholder Net Debt-to- Expenditures and Distributions2 Capital Investments $423 $716 38% 1. Represents dollars per share. 1Q 2025 is based on adjusted
Slide 8: 1Q 2025 Adjusted Earnings (Loss)
1Q 2025 Adjusted Earnings (Loss) 1Q 2025 vs 4Q 2024 ($MM) 1Q 2025 4Q 2024 Change •Midstream - Lower volumes, Midstream $ 683 708 (25) higher Gathering and Processing results Chemicals 113 72 41 •Chemicals - Higher volumes, Refining (937) (759) (178) lower costs Marketing and Specialties 265 185 80 •
Slide 9: 1Q 2025 Cash Flow
1Q 2025 Cash Flow $B 2.0 (1.3) 0.2 (0.7) (0.4) 1.7 1.5 Dec. 31, 2024 CFO Proceeds from Debt Shareholder Capex Mar. 31, 2025 Cash 1 Asset Distributions & Investments Cash 1 Balance Dispositions Balance 1. Includes cash and cash equivalents 9
Slide 10: Outlook
Outlook 2Q 2025 Global Olefins & Polyolefins utilization Mid 90% Refining crude utilization Mid 90% Refining turnaround expense $65 MM - $75 MM Corporate & Other costs1 $340 MM - $360 MM 1. Excludes impacts from our investment in NOVONIX. 10
Slide 11: Investment 2027 Strategic Priorities
3 Investment 2027 Strategic Priorities Rationale Targeted Performance World-Class ~ $55 > $500 MM Operations! Refining annual adjusted reduction in operating, controllable costs per barrel SG&A & freight costs Differentiated Portfolio [xx vossnseannnnnevnntnannnnnneenee in Highly Attractive Markets
Slide 12: Appendix
Appendix Borger Refinery, / Borger, TX / 12
Slide 13: 2025 Estimated Sensitivities
2025 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. 13
Slide 14: Capital Structure
Capital Structure 41% 40% 38% 34% 39% 38% 34% 24% 34.1 31.7 28.5 28.4 19.4 20.1 18.8 17.2 6.1 3.3 1.7 1.5 2022 2023 2024 1Q 2025 Equity $B Debt $B Cash & Cash Equivalents $B Debt-to-Capital Net Debt-to-Capital See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure. 14
Slide 15: 1Q 2025 Refining Adjusted Pre-Tax Loss
1Q 2025 Refining Adjusted Pre-Tax Loss 1Q 2025 VS. 4Q 2024 ($MM) 4Q 2024 Atlantic Gulf Central West 1Q 2025 Adjusted Basin / Coast Corridor Coast Adjusted Pre-Tax Loss Europe Pre-Tax Loss 80% crude utilization 87% clean product yield (759) (937) 87% market capture1 (99) 82 44 (205) (199) (333) (50)
Slide 16: 1Q 2025 Realized Refining Margin
1Q 2025 Realized Refining Margin 1Q 2025 VS. 4Q 2024 ($/BBL) $2.01 $(1.28) • 87% Market capture1 vs. 105% in 4Q • 87% Clean product yield vs. 88% in 4Q 6.81 6.08 4Q 2024 Market Change in 1Q 2025 Realized Indicator Capture Realized Margin Change Impact Margin See Appendix for reconciliation of Non-GA
Slide 17: 1Q 2025 - Market Indicator vs. Realized Margin
1Q 2025 - Market Indicator vs. Realized Margin ($/BBL) $(0.99) • Seasonally lower butane blending • Impacts of turnaround activity 7.80 6.81 1Q 2025 Capture Impact 1Q 2025 RIN-Adj Market Realized Margin 1 Indicator See Appendix for reconciliation of Non-GAAP measures to the nearest GAAP measure | 1.
Slide 18: Phillips 66 Refining Indicator Market Capture
Phillips 66 Refining Indicator Market Capture1 1Q 2025 4Q 2024 Worldwide Realized Margin ($/BBL) 6.81 6.08 Worldwide Refining Indicator ($/BBL) 7.80 5.79 Worldwide Market Capture (%) 87 % 105 % Atlantic Basin Realized Margin ($/BBL) 7.08 6.09 Atlantic Basin Indicator ($/BBL) 6.33 5.06 Atlantic Basin
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA Income before income taxes $ 1,131 5,176 2,819 2,638 Plus: Depreciation and amortization 426 567 923 920 Midstream EBITDA $ 1,557 5,743 3,742 3,558 Special Item
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 2024 1Q 4Q Reconciliation of Consolidated Earnings to Adjusted Earnings Consolidated Earnings $ 487 8 Pre-Tax Adjustments: Impairments 21 35 Los Angeles Refinery cessation costs — 7 Certain tax impacts — (9) Winter-storm-related costs (recovery) — (3
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 2024 1Q 4Q Reconciliation of Midstream Pre-Tax Income to Adjusted Pre-Tax Income Pre-tax income $ 751 673 Pre-tax adjustments: Impairments — 35 Net gain on asset disposition (68) — Adjusted Pre-Tax Income $ 683 708 Reconciliation of Chemicals Pre-Tax
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 2024 1Q 4Q Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax income (loss) $ (937) (775) Pre-tax adjustments: Los Angeles Refinery cessation costs — 3 Certain tax impacts — (9) Legal accrual — 22 Adjusted Pre-
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 2024 1Q 4Q Reconciliation of Renewable Fuels Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) Pre-tax income (loss) $ (185) 28 Pre-tax adjustments: None — — Adjusted Pre-Tax Income (Loss) $ (185) 28 Reconciliation of Corporate and Other Pre-Ta
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars Except as Indicated 1Q 2025 Total Debt $ 18,803 Total Equity 28,353 Debt-to-Capital Ratio 40 % Total Cash $ 1,489 Net Debt-to-Capital Ratio 38 % 24
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2025 1Q Reconciliation of Refining - Atlantic Basin / Europe Pre-tax Loss to Adjusted Pre-Tax Loss Pre-tax loss $ (199) Pre-tax adjustments: None — Adjusted Pre-Tax Loss $ (199) Reconciliation of Refining - Gulf Coast Pre-Tax Loss to Adjusted Pre-Tax Loss
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1Q 2025 4Q 2024 Reconciliation of Refining Loss Before Income Taxes to Realized Refining Margins Loss before income taxes $ (937) (775) Plus: Taxes other than income taxes 110 92 Depreciation, amortization and impairments 456 436 Sel