Phillips 66 · NYSE:PSX
Phillips 66 — Investor Presentation (November 2025)
47 slides from Phillips 66's investor presentation, November 2025
Slide 1: Investor Update November 2025
Investor Up November 2025 i iy,“ cant Hh — OY |) Det
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance, including statements regarding our plans, goals, targets, aspirations, commitments, strategies, or expectations with respect to envi
Slide 3: Phillips 66 Infrastructure Offers Unrivaled Opportunities
Phillips 66 Infrastructure Offers Unrivaled Opportunities Avg. Adj. EBITDA (Consensus 2026-2027) >$10B Rodeo Renewable Energy Complex. 2027E EBITDA % by Segment! s-chem iy @-chem 1a Il Refining, 30% Midstream, 39% (-) Chemicals, 13% \iones Creek Renewables, — 1% 1. Bloomberg Consensus as of 10/23/20
Slide 4: Phillips 66 Assets Deliver Ratable Returns of Capital
Phillips 66 Assets Deliver Ratable Returns of Capital V5 + rh = | ooo Focused Strategy Driving Differentiated Portfolio in Operational and Commercial Highly Attractive Markets Consistent and Compelling Shareholder Value Benefits ~~ . . 9 1 MMBD Execution oriented 15 % of NGL Transport! Annual Divide
Slide 5: ¹ ✓ ✓ B ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
¹ ✓ ✓ B ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 73% ✓ ✓ ✓ 53% 66% ✓ ✓ ✓ ✓ ✓ ✓ 44% 232% 166% ✓ ✓ ✓ ✓ ✓ ✓ 69% 98% ✓ ✓ ✓ ✓ ✓
Slide 6: Phillips 66 Assets Generate Significant Cash for Shareholders
Phillips 66 Assets Generate Significant Cash for Shareholders Top-Tier Return Profile Across Industries and Sectors Annual Dividend Growth TTM 2025 Shareholder Distribution Yield? ($ per share) . $4.75 7 33% 3.8% Since 2012 15% CAGR Phillips 66 Dividends Repurchases 72% XLE 71% $45 B Shareholder dis
Slide 7: Global Liquids Demand Projected to Grow Around the World
Global Liquids Demand Projected to Grow Around the World Middle income in developing countries expected to grow... Global liquids consumption expected to grow Forecasted Increase of Middle Class Households vs. 2024 nen near-term 200 ss oan . ificant growth 1D middle cla Our competitive assets and Co
Slide 8: Phillips 66 Supports Energy Equality and Economic Growth
Phillips 66 Supports Energy Equality and Economic Growth U.S. NGLs Growth Exceeds U.S. Crude Oil Growth Global Demand Growth Benefits All Segments 25% U.S. Crude Oil Demand vs. U.S. NGL Demand Change 8 ° (Indexed to 2023) 20% £ 7 @ | 15% 2 a oO 10% 6 . = Phillips 66 5% 5 Growth Hi | gos Midstream &
Slide 9: Phillips 66 Infrastructure is in Advantaged Markets
Phillips 66 Infrastructure is in Advantaged Markets Refining Midstream Chemicals Access to Canadian crude oil is critical, as other heavy barrels available to Gulf Coast are in structural decline Change in Crude Oil Production (Indexed to 2020) 40% 30% 20% - | | | 0% I 2021 2024 Mexico + Venezuela S
Slide 10: Phillips 66 Recent Evolution: Improvement in Focus
Improvement in Focus Since 2022: Strategic Actions Yield Phillips 66 Recent Evolution is Significant; Continuous Significant Changes Made in 3 Years Positive Results Alliance | South Texas| Other Rockies || COOO Gulf Coast | | Sale of 65% - Refinery Gateway || Midstream Express Pt ee Express Interes
Slide 11: Phillips 66 has an Attractive Slate of Investment Opportunities
Phillips 66 has an Attractive Slate of Investment Opportunities Small Organic Projects (Under Evaluation) Large Organic Projects (Sanctioned) Future Strategic Opportunities Midstream >10 Projects focused on debottlenecking and integrating existing infrastructure * Categories: * Increasing NGL and Cl
Slide 12: Returns; Midstream: Focused on Delivering Ratable and Consistent
Returns Quarterly Run-Rate Adjusted EBITDA! ($B) Dos Picos 2 (2025) Coastal Bend Expansions: Pipeline (2026) Potential BTT2 Frac (2027) Iron Mesa Gas Plant (2027) Cost Savings 0.7 0.8 0.9 1.0 Margin Opportunities 2022 2023 2024 3Q25 Organic 2027 Qtr. Avg. Qtr. Avg. Qtr. Avg. Growth Run Rate ~$4.0 B
Slide 13: Midstream: Maximizing Wellhead-to-Market through Targeted Investment
Midstream: Maximizing Wellhead-to-Market through Targeted Investment G&P! - Equity NGLs (MBD) Y-Grade Long Haul Pipe (MBD) Fractionation Capacity (MBD) 2021 - 2025 2026 - 2027 2021 - 2025 2026 - 2027 2021 - 2025 2026 - 2027 DCP Acquisition DCP Acquisition DCP Acquisition Dos Picos Iron Mesa EPIC Acq
Slide 14: Midstream: NGL Logistics Have Unequalled Connectivity
Midstream: NGL Logistics Have Unequalled Connectivity Our assets and operations connect NGLs to growing demand markets globally DJ 1.5 BCF Permian. 1.7 BCF 200 MBD 160 MBD Eagle Ford 0.6 BCF 65 MBD Wood River ¢ Established wellhead-to-market platform integrating our G&P footprint with our domestic a
Slide 15: Refining: Delivering Continuous Improvement
Refining: Delivering Continuous Improvement Delivering performance through a culture focused on operational excellence 3Q 2025 Highlights Go Forward Priorities 99% Highest quarterly crude utilization since (0) Improve reliability, efficiency, and cost-structure 2018 87% Record YTD clean product yiel
Slide 16: 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 Los Angeles Alliance Refinery Refinery Refinery WRB 50% Divestment Conversion Idling Buy-in High-graded 30%+ of Portfolio Unlock addit
Slide 17: Refining: Advantaged Position in Central Corridor
Our U.S. assets are located in the strongest product markets, have low-cost supply, and export optionality Forecasted Change in Product Demand! Wd Phillips 66 Refinery Refining: Advantaged Position in Central Corridor Peer-leading ‘bottoms upgrading’ capacity’, positions us favorably to run Medium a
Slide 18: Chemicals: CPChem Asset Location is a Competitive Advantage
Chemicals: CPChem Asset Location is a Competitive Advantage Cash generation continues despite low-margin, bottom of Organic growth via Golden Triangle Polymers and Ras the cycle environment, by being lowest cost producer Laffan Petrochemicals Projects. with 95% advantaged feedstock. Assets located i
Slide 19: Marketing & Specialties and Renewable Fuels
Marketing & Specialties and Renewable Fuels Marketing and Specialties Secures product placement in high-value markets Provides stable annual through-cycle returns and cash flow Strong fuels brand presence enhances margins (Phillips 66°, Conoco®, 76° and JET® brands) JET Germany and Austria transacti
Slide 20: Our Leading Asset-Backed Supply, Trading and Logistics Capabilities
Our Leading Asset-Backed Supply, Trading and Logistics Capabilities
Slide 21: Flexibility and Reliability will Deliver Attractive Cash Flow
Flexibility and Reliability will Deliver Attractive Cash Flow Ratable Return of Capital with Upside Potential Illustrative Allocation of Cash Flow from Operations ($B) Y Deliver a secure, competitive and growing annual dividend Y Target >50% of net operating con cus Share cash flow returned to CFO $
Slide 22: Targeted Performance: 2027 Strategic Priorities
Investment Rationale Differentiated Portfolio in Highly Attractive Markets Focused Strategy Driving Clear Operational and Commercial Benefits Consistent and Compelling Value for Shareholders World-Class Operations! Disciplined Growth Shareholder Returns Financial Strength 2027 Strategic Priorities T
Slide 23: Appendix
Appendix Borger Refinery, Borger, TX
Slide 24: Estimated Sensitivities
Estimated Sensitivities Annual EBITDA $MM! 10¢/Gal Increase in NGL price 105 10¢/MMBtu Increase in Natural Gas price 7 $1/BBL Increase in WTI price 6 Chemicals - CPChem (net to Phillips 66) 1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 65 Worldwide Refining 3:4 $1/BBL Increase in Gaso
Slide 25: P66 Refining vs US Refining Industry
P66 Refining US Refining Industry 0.12
Slide 26: Midstream, Marketing and Specialties Deliver Durability
Midstream, Marketing and Specialties Deliver Durability Total Adjusted EBITDA! ($B) Durable and growing EBITDA to support capital allocation framework Adjusted EBITDA’ versus Dividends and Sustaining Capex’ ($B) 15.1 12.7 73 27 27 27 = — 2022 2023 2024 m Midstream eM&S = Chemicals Refining ™ Renewab
Slide 27: Competitive Refining and M&S Adjusted EBITDA per BBL
mag Refining M&S === Peer Average® Competitive Refining and M&S Adjusted EBITDA per BBL?2 N $15.32, $15.57 \ aa. “sre. 47 _« \ Noe? *\ $9.84 $9.51 7 NY 29839, [a "$6.65 $5.86 a -°$4.9T~~~ eee i a _ | ms al a2 a3 a4 2023 al a2 a3 a4 2024 al a2 a3 2025 (YTD) 1LA combined Refing nd Marketing & Speciate
Slide 28: $/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) 202
Slide 29: $/BBL Metrics
$/BBL Metrics Refining Adjusted Controllable Costs ($/BBL)' 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
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