Slide 1: Investor Update August 4, 2025
Investor Update August 4, 2025
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: Creating Shareholder Value
8 Creating Shareholder Value Differentiated Portfolio in Highly Attractive Markets Focused Strategy Driving Operational and Commercial Benefits Consistent and Compelling Shareholder Value wad
Slide 4: Integrated crude oil and NGL wellhead-to-market value chains
Integrated crude oil and natural gas liquids wellhead-to- Chemicals and polymers the world needs market value chains • 95% advantaged feedstock portfolio • 70,000+ miles of pipeline systems • Proprietary technology and global marketing network • 889 MBD fractionation capacity • 260 MBD LPG export ca
Slide 5: Sources of Adj. EBITDA
| > $1 @) B rom . ’ ; \ | ee Te yi PNG Sore es Billings Sources of Adj. EBITDA? ‘e . REFINING Rodeo ReneMabi we Pp ° Energy Complex 5 e @ ae 38% ao f Wood River <= MARKETING & \ SPECIALTIES 4 . ® Ss ‘Chem fi Q-Chem 1 & II 19% uno 28% CHEMICALS 15% 1. Non-GAAP financial measure. See appendix for a re
Slide 6: Highly Attractive Global Markets
Highly Attractive Global Markets U.S. NGLs Future Growth Exceeds U.S. Crude Oil Growth Global Demand Growth Benefits All Segments 10,000 6,000 Crude Oil "Gasoline mDiesel Jet ™NGLs =Naphtha —=NGLs E 8,000 —c3 so00 iy a 8.0 a 3 @ — £ 6000 3 = y = 7 8 9 7.0 xe] a 4,000 g = * é 60 PTT 2,000 Phillips 66
Slide 7: Strategic Repositioning for Value Creation
Strategic Repositioning for Value Creation Strategic Actions and Results Significant Changes Made in 3 Years v >$5 B in announced non-core or non-operated asset divestitures Alliance _ | [South Texas| Other Rockies |] COOP Gulf Coast | | Sale of 65% Gateway || Midstream Express , Express Interest in
Slide 8: Strategy Will Continue to Drive Long-Term Shareholder Value
Strategy Will Continue to Drive Long-Term Shareholder Value @ REFINING @ mipstREAM © cuemicats Drive long-term competitiveness Grow NGL value chain Maintain advantaged position * Continuing to reduce Refining costs * — Capturing NGL growth with a balanced * Completing world-scale projects in 2026 5
Slide 9: Our Refining Strategy is Focused on Improving Competitiveness
Our Refining Strategy is Focused on Improving Competitiveness @ Focus oN MAXIMIZING MARGIN * Utilize value chain to enhance margin capture, lower costs and maximize Adjusted EBITDA/bbl * World class operations lead to enhanced margins (2) OPTIMIZE ASSETS TO ALIGN WITH LONG-TERM DEMAND TRENDS Role in
Slide 10: Driving Continuous Operational Improvement in Refining
Driving Continuous Operational Improvement in Refining Clean Product Yield Adjusted Controllable Costs? $7.27 $7.03 1 $7.04 $7.03 —*— Refining Crude Oil Capacity Utilization ‘== Clean Product Yield —— Refining Adjusted Controllable Costs ($/BBL)? Industry-Average Utilization Trend i DTrend ‘> Trend
Slide 11: Developing a Best-in-Class Midstream NGL Wellhead-to-Market Platform
3) Developing a Best-in-Class Midstream NGL Wellhead-to-Market Platform INVEST IN PROFITABLE ORGANIC GROWTH * Expand scale in key geographies to capture larger market share OPTIMIZE PORTFOLIO THROUGH FOCUS ON HIGH RETURN GROWTH OPPORTUNITIES AND DIVESTMENT MSPS PEASE TPS OF NON-CORE ASSETS ¢ Provide
Slide 12: Growing Midstream Adjusted EBITDA to $4.5 B by 2027
Growing Midstream Adjusted EBITDA to $4.5 B by 2027 Quarterly Run-Rate Adjusted EBITDA! ($B) Future Organic Growth Opportunities Balanced NGL Portfolio? (MBD) |] Expansion Opportunities 1200 4 ~5x iz Organic build multiple Y 800 400 Y 0.5 0.7 0.8 0.9 1.0 2021 Qtr. 2022 Qtr. 2023 Qtr. 2024 tr. 2025 O
Slide 13: Marketing & Specialties Provides Stable Cash Flow & Strong Returns
Marketing & Specialties Provides Stable Cash Flow & Strong Returns @ secuRE PRODUCT PLACEMENT * Strategically positioned to provide secure refining and renewable diesel offtake into high-value markets Role in the Portfolio * Secure refinery product (2) STRONG BRAND PRESENCE IN HIGH-VALUE MARKETS pla
Slide 14: CPChem's Global Scale and Leading Feedstock Advantage
CPChem’s Has Global Scale and Leading Feedstock Advantage (1) LOWEST COST PRODUCER WITH 95% ADVANTAGED FEEDSTOCK Ethylene Production Cost Curve (Cents per pound) North America Northeast Asia Naphtha z North America 2 Propane Southeast Asia a North America West Europe 5 Butane Naphtha 2 ptigeren € 5
Slide 15: $10 $12 $14 $16 $18 $20 $0 $4 $6 $8 $2 2000 2001 2002
$10 $12 $14 $16 $18 $20 $0 $4 $6 $8 $2 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Slide 16: A Leading Commercial Platform
A Leading Commercial Platform Our Leading Asset-Backed Supply, Trading and Logistics Capabilities 5 CALGARY Global offices 100+ Traders Countries within Commercial network 3,100 Marine Voyages Annually Not an exhaustive illustration of Phillip 66 energy flows. BPD = Barrels Per Day HOUSTON LONDON aN
Slide 17: Integrated Portfolio Provides a Competitive Advantage
Midstream Transportation & Logistics Integration Refining Integration with NGLs Chemicals Integration Marketing Integration Integrated Portfolio Provides a Competitive Advantage Key Advantages * Optimizing asset utilization across commodities * Initiating storage optimization across system * Creatin
Slide 18: Capital Allocation Priorities
Capital Allocation Priorities Capital Allocation Pr Ss 1. 2. Maintain safe and reliable operations Deliver a secure, competitive and growing annual dividend Target >50% of net operating cash flow returned to shareholders' Reduce debt to $17 B, <30% net debt- to-capital ratio by 2027 Prioritize stron
Slide 19: Consistent, Growing Return of Capital
Consistent, Growing Return of Capital Top-Tier Return Profile Across Industries and Sectors Phillips 66 Annual Dividend ($ Per Share) 15% CAGR Increasing Every Year $4.75 T mt iil 12 13 14 15 16 17 18 19 20 21 22 23 24 25E Phillips 66 Cumulative Shareholder Distributions! ($B) 43 44 37 31 26 28 2 24
Slide 20: 2027 Strategic Priorities
& Investment 2027 Strategic Priorities Rationale Targeted Performance World-Class ~ $5.50 > $500 MM Operations! P Annual Refining Adjusted reduction in operating, Differentiated Portfolio Controllable Costs per barrel* SG&A & freight costs® in Highly Attractive § -—-—-_—S cece Markets Disciplined an
Slide 21: Appendix
Appendix Borger Refinery, Borger, TX
Slide 22: Competitive Refining and M&S Adjusted EBITDA per BBL
Competitive Refining and M&S Adjusted EBITDA per BBL!2 mam Refining Marketing & Specialties .——Peer Average*® Ql Q2 Q3 Q4 2023 Ql Q2 Q3 Q4 2024 Ql Q2 2025 (YTD) 1. A combined Refining and Marketing and Specialties presentation of Adjusted EBITDA excluding turnaround expense is for peer comparison on
Slide 23: 2025 Sensitivities
) 2025 Sensitivities Annual EBITDA $MM © Midstream 2) 10¢/Gal Increase in NGL price 11o 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 $1/BBL Increase
Slide 24: Operational Excellence Begins with Our Commitment to Safety
Operational Excellence Begins with Our Commitment to Safety Four refineries earned 2024 AFPM Safety Awards Midstream earned 2024 API Distinguished Pipeline Safety Award Recognized for 2024 safety performance by 4 major railroads Leader in Safety Across Industries Leader in Refining Safety Recordable
Slide 25: $/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 4Q $12.44 $7.13 ($0.98) Annual $14.30 $10.12 $2.23 $2.46 Adjusted Marketing & Specialties EBITDA ($/BBL) 2022 2023
Slide 26: Non-GAAP financial measure note
26 This is a non-GAAP financial measure. See Appendix for reconciliation to nearest GAAP measure.
Slide 27: Reconciliation of Consolidated Net Income to Adjusted EBITDA
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Recon ion of Consolidated Net Income to Adjusted EBITDA Net income 1594 11,391 7,239 2175 Plus: Income tax expense 146 3,248 2,230 500 Net interest expense 583 537 629 745 Depreciation and amortization 1,605 1,629 1,977, 2,363 Phillips
Slide 28: Reconciliation of Consolidated Net Income to Adjusted EBITDA (cont'd)
Non-GAAP Reconciliations 2021 Reconciliation of Consolidated Net Income to Adjusted EBITDA (cont'd) Change in Fair Value of NOVONIX Investment! (370) 442 39 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment 5,159 14,493 12,168 Other Adjustments (pre-tax): Proportional
Slide 29: Reconciliation of Midstream Income Before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 2@ 2025 Reconcil ion of Midstream Income Before Income Taxes to Adjusted EBITDA! Income before income taxes 1,131 5,176 2,819 2,638 731 Plus; Depreciation and amortization 426 567 923 920 260 Midstream EBITDA'™ 1,557 5,743 3,742 3,558
Slide 30: Reconciliation of Chemicals Income before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA Income before income taxes 1,844 856 600 876 Plus; None = = = = Chemicals EBITDA 1,844 856 600 876 Special Item Adjustments (pre-tax): Pension settlement expense
Slide 31: Reconciliation of Refining Income (Loss) before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Reconci ‘ion of Refining Income (Loss) before Income Taxes to Adjusted EBITDA! Income (loss) before income taxes (2,366) 7,976 5,340 (365) Plus; Depreciation and amortization 979 860 831 1,077 Refining EBITDA’ (1,387) 8,836 6,171 712 S
Slide 32: Reconciliation of Marketing & Specialties Income before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Reconciliation of Marketing & Specialties Income before Income Taxes to Adjusted EBITDA! Income before income taxes 1,668 2,072 1,897 1,011 Plus: Depreciation and amortization nz uile) 122 179 Marketing & Specialties EBITDA’ 1,781 2,18
Slide 33: Reconciliation of Renewable Fuels Income (Loss) before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted Income (loss) before income taxes 67 71 153 (198) Plus; Depreciation and amortization 5 6 9 64 Renewable Fuels EBITDA! 72 177 162 (134) Special Item Adjust
Slide 34: Reconciliation of Corporate & Other Loss before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Reconciliation of Corporate & Other Loss before Income Taxes to Adjusted EBITDA! Loss before income taxes (603) (1,612) (1,340) (1,287) Plus: Net interest expense 582 538 629 745 Depreciation and amortization 83 85 92 123 Corporate & O
Slide 35: Reconciliation of Refining and Marketing & Specialties Income
Non-GAAP Reconciliations Millions of Dollars 1a 20 30 4Q__2023 10 20 30 4a 2024 10 2@ YTD 2025 Reconciliation of Refining and Marketing & Specialties Income, (Loss) before Income Taxes to Adjusted EBITDA" Income (loss) before income taxes 1957 1,708 2.317 1255 7,237 582 7 30) (623) 646 345 930 1,275
Slide 36: Non-GAAP Reconciliations
‘ules Non-GAAP Reconciliations Million of Dollars 10 20 3a 4Q__ 2023 10 20 30 4a 2024 10 2@ YTD 2025 Taxes to Adjusted EBITDA = ors) Pefore Income Income (loss) before income taxes 1,594 175 riz 859 5,340 216 302 os) 775) 65) (937) 359 (678) Plus:_Depreciation and amortization 201 203 207 220 831 20
Slide 37: Reconciliation of Marketing & Specialties Income before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 10 2a 3a 4a 2023 10 2a 3a 4Q 2024 10 2@ YTD 2025 Reconciliation of Marketing & Specialties |ncome before Income Taxes to Adjusted EBITDA’ Income before income taxes 363 533 605 396 1,897 366 415 (22) 252 on 1,282 s71 1,853 Plus: Depreciation and amortizat
Slide 38: Reconciliation of Consolidated Income before Income EBITDA
Non-GAAP Reconciliations 1a 2a 3Q 4Q 2022 Peampeesne of Consolidated Income before Income Taxes to Adjusted EBITDA! Attributable to Income before income taxes 657 3,182 5,540 2,012 11,391 Plus; Income tax expense 71 924 1,618 535 3,248 Net interest expense 132 127 136 142 537 Depreciation and amorti
Slide 39: Reconciliation of Refining and Marketing & Specialties Income
Non-GAAP Reconciliations 1a 2a 3a 4Q 2022 ig and Marketing & Specialties Income before Income Taxes to Adjusted Income before income taxes 494 3,826 3,647 2,080 10,048 Plus: Depreciation and amortization 228 244 246 252 970 Refining and Marketing & Specialties EBITDA! 722 4,070 3,893 2,332 11,018 Sp
Slide 40: Reconciliation of Chemicals Income before Income EBITDA
Non-GAAP Reconciliations lions of Dollars 1a 3a 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 Special I
Slide 41: Reconciliation of Midstream Income before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 1a 2a 3a 4Q 20222 Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA' Income before income taxes 370 497 3,642 668 5,176 Plus: Depreciation and amortization 89 93 160 225 567 Midstream EBITDA! 459 590 3,802 893 5,743 Special Item Ad
Slide 42: Reconciliation of Refining Income before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 1a 2a 3Q 4Q 20225 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA' Income before income taxes 175 3,145 2,963 1,693 7,976 Plus: Depreciation and amortization 201 215 219 225 860 Refining EBITDA’ 376 3,360 3,182 1,918 8,836 Special
Slide 43: Reconciliation of Marketing & Specialties Income before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 1a 2a 3a 4Q 20222 Reconci ation of Marketing & Specialties Income before Income Taxes to Adjusted Income before income taxes 319 681 684 387 2,072 Plus: Depreciation and amortization 27 29 27 27 uile) Marketing & Specialties EBITDA" 346 710 7 414 2,182 Sp
Slide 44: Reconciliation of Renewable Fuels Income (Loss) before Income
Non-GAAP Reconciliations Millions of Dollars 1a 2a 3Q 4Q 2022 Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted Income (loss) before income taxes (24) 9 87 99 vA) Plus: Depreciation and amortization 1 2 2 2 7 Renewable Fuels EBITDA’ (23) 1 89 101 178 Special Item Adjust
Slide 45: Reconciliation of Corporate & Other Loss before Income EBITDA
Non-GAAP Reconciliations Millions of Dollars 1a 2a 3a 4a 2022 Reconciliation of Corporate & Other Loss before Income Taxes to Adjusted EBITDA! Loss before income taxes (407) (S00) (353) (351) (1,611) Plus: Net interest expense 132 126 136 144 538 Depreciation and amortization 19 20 22 24 85 Corporat
Slide 46: Reconciliation of Refining and Marketing & Specialties Operating Expenses
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1a 2a 3a 4Q___ 2023 1a 2a 3a 4@__ 2024 1a 2@_YTD 2025 Turnaround expenses 230 104 ng 85 538 124 100 137 123 484270 53 323 Other operating expenses 926829989963 3,707_~—S 829784 785 84S 8,243 804795, 1,599 Total operating expenses M56
Slide 47: Reconciliation of Refining Operating and SG&A Expenses
Non-GAAP Reconciliations Millions of Dollars (Except as Indicated) 1a 20 3a 4a 2022° Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs Turnaround expenses 100 22 221 230 772 Other operating expenses 997 958 984 1,019 3,958 Total operating expenses 1,097 1