Slide 1: Investor Presentation
,19(6725PRESENTATION
Slide 2: Elliott Streamline 66 - Wolfe Refining Conference March 2025
ELLIOTT® STREAMLINE 66 WOLFE REFINING CONFERENCE March 2025
Slide 3: Elliott disclaimer
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Slide 4: Phillips 66 refining assets have substantial scale and flexibility
WŚŝůůŝƉƐ͛ƌĞĨŝŶŝŶŐĂƐƐĞƚƐŚĂǀĞƐƵďƐƚĂŶƚŝĂůƐĐĂůĞĂŶĚĨůĞdžŝďŝůŝƚLJ͕ĂĨĨŽƌĚŝŶŐŝƚŚŝŐŚƌĞůŝĂďŝůŝƚLJĂŶĚƐƚƌŽŶŐĞĂƌŶŝŶŐƐƉŽƚĞŶƚŝĂů ƵŶĚĞƌƚŚĞƉƌŽƉĞƌŵĂŶĂŐĞŵĞŶƚ භ WŚŝůůŝƉƐ,ĂƐŶƚƚƌĂĐƚŝǀĞ^ĞƚKĨZĞĨŝŶŝŶŐƐƐĞƚƐ͗ ‒ ΕϮDDďďůͬĚƌĞĨŝŶŝŶŐƐLJƐƚĞŵǁŝƚŚϭϭƌĞĨŝŶĞƌŝĞƐ ‒ 'ĞŽŐƌĂƉŚŝĐĂŶĚƉƌŽĚƵĐƚĚŝǀĞƌƐŝƚLJ͕ĂůůŽǁŝŶŐĨŽƌƌĞƐŝůŝĞŶĐLJĂĐƌŽƐƐĂůůŵĂƌŬĞƚĞŶǀŝƌŽŶŵĞŶƚ
Slide 5: Phillips 66 refining kit exhibits similar capabilities to Marathon and Valero
WŚŝůůŝƉƐ͛ƌĞĨŝŶŝŶŐŬŝƚĞdžŚŝďŝƚƐƐŝŵŝůĂƌĐĂƉĂďŝůŝƚŝĞƐƚŽDĂƌĂƚŚŽŶĂŶĚsĂůĞƌŽ /ŶĐůƵĚĞƐŚŝŐŚůLJ ŽŬŝŶŐĂƉĂĐŝƚLJ &ůƵŝĚĂƚĂůLJƚŝĐƌĂĐŬŝŶŐĂƉĂĐŝƚLJ ƉƌŽĨŝƚĂďůĞƐƉĞĐŝĂůƚLJ ĐŽŬĞĐĂƉĂĐŝƚLJ 19% 31% 32% 27% 13% 11% PSX VLO MPC PSX VLO MPC ,LJĚƌŽĐƌĂĐŬŝŶŐнŝƐƚŝůůĂƚĞ,LJĚƌŽƚƌĞĂƚŝŶŐĂƉĂĐŝƚLJ KĐƚĂŶĞĂƉĂĐŝƚLJ ;ůŬLJůнZĞĨŽƌŵŝŶŐн/ƐŽŵͿ Distillate Hydro
Slide 6: Phillips 66 loads a higher percentage of discounted crude vs peers
WŚŝůůŝƉƐůŽĂĚƐĂŚŝŐŚĞƌƉĞƌĐĞŶƚĂŐĞŽĨĚŝƐĐŽƵŶƚĞĚĐƌƵĚĞǀƐƉĞĞƌƐ͕ŐŝǀŝŶŐŝƚĂŶŝŶƉƵƚĐŽƐƚĂĚǀĂŶƚĂŐĞ йŽĨƌƵĚĞ&ĞĚ WŚŝůůŝƉƐŶŽƚŽŶůLJůŽĂĚƐŵŽƌĞĚŝƐĐŽƵŶƚĞĚĐƌƵĚĞƐ ƚŚĂŶƉĞĞƌƐ͕ďƵƚĂůƐŽƌĞĐĞŝǀĞƐůŽǁĞƌƉƌŝĐŝŶŐŽŶŝƚƐ San Juan Valley t^ĚƵĞƚŽĞŶƚƌĂůŽƌƌŝĚŽƌƉŽƐŝƚŝŽŶŝŶŐǀƐ͘ƉĞĞƌƐ Maya & LatAm Heavy ƉƌŝŵĂƌŝůLJƌƵŶŶŝŶŐt^ŝŶƚŚĞh^' WCS 32% 8% 22% 1% 9
Slide 7: Phillips 66 remains the clear laggard versus peers VLO and MPC
WŚŝůůŝƉƐƌĞŵĂŝŶƐƚŚĞĐůĞĂƌůĂŐŐĂƌĚǀĞƌƐƵƐƉĞĞƌƐs>KĂŶĚDW͕ǁŝƚŚƌĞĐĞŶƚYϰ͚Ϯϰ/dƉĞƌďĂƌƌĞůĞdžĐĞƉƚŝŽŶĂůůLJǁĞĂŬ ŽŶĂƌĞůĂƚŝǀĞďĂƐŝƐ KƉĞƌĂƚŝŶŐdžƉĞŶƐĞƉĞƌĂƌƌĞů;ĞdžĐů͘dZͿ;ΨͬďďůͿ /dƉĞƌĂƌƌĞů;ĞdžĐů͘dZͿ^ƉƌĞĂĚƚŽs>K;ΨͬďďůͿ PSX VLO MPC $2.00 $8.00 ĞƐƉŝƚĞĐůĂŝŵƐŽĨƐƵĐĐĞƐƐ͕WŚŝůůŝƉƐŚĂƐŶŽƚ ĐůŽƐĞĚƚŚĞƉƌŽĨŝƚĂďŝůŝƚLJŐĂƉƚŽs>K $1.00 $7.00 $0.00 (
Slide 8: Phillips 66 quality assets are operated inefficiently
WŚŝůůŝƉƐ͛ƋƵĂůŝƚLJĂƐƐĞƚƐĂƌĞŽƉĞƌĂƚĞĚŝŶĞĨĨŝĐŝĞŶƚůLJ භ ŚĂƌŐĞΘLJŝĞůĚĂƌĞŶŽƚŽƉƚŝŵŝnjĞĚƚŽŵĂƚĐŚƚŚĞŵĂƌŬĞƚ͖ĐůĞĂŶƉƌŽĚƵĐƚĂŶĚŽƚŚĞƌƉƌŽĚƵĐƚŝŽŶĚŽĞƐŶŽƚƐĞĞŵƚŽ ĨůƵĐƚƵĂƚĞǁŝƚŚƐƉĞĐŝĂůƚLJƉƌŽĚƵĐƚ;ŶĞĞĚůĞĐŽŬĞ͕ůƵďĞƐ͕ĞƚĐ͘ͿŵĂƌŐŝŶƐ භ /ŶĞĨĨĞĐƚŝǀĞĐŽŵŵĞƌĐŝĂůůĞĂĚĞƌƐŚŝƉĂŶĚƐƵďŽƉƚŝŵĂůŽƌŐĂŶŝnjĂƚŝŽŶĂůƐƚƌƵĐƚƵƌĞ ĐŽŶƐƚƌĂŝŶĂďŝůŝƚLJƚŽĂĚũƵƐƚŽƉĞƌĂƚŝŽŶƐ
Slide 9: PSX refinery assets are best-in-class vs overall industry
dŚĞŶĂƌƌĂƚŝǀĞƚŚĂƚWŚŝůůŝƉƐŚĂƐƐƵďͲƉĂƌĂƐƐĞƚƐŝƐƚŚĞƌĞƐƵůƚŽĨƌĞĐĞŶƚŽƉĞƌĂƚŝŽŶĂůƐŚŽƌƚĐŽŵŝŶŐƐ͕ǁŝƚŚƚŚĞŵĂƌŬĞƚ ƉƌĞǀŝŽƵƐůLJǀŝĞǁŝŶŐƚŚĞĂƐƐĞƚƐĂƐďĞƐƚͲŝŶͲĐůĂƐƐ Furthermore, PSX’s refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1 UBS, January 26, 2021 Relative to our
Slide 10: Streamline Portfolio Operating Review Enhanced Oversight
Streamline Portfolio Operating Review Enhanced Oversight >>/Kdd 9 ϵ
Slide 11: Appendix
Appendix ELLIOTT 10 STREAMLINE 66
Slide 12: Central Corridor, Atlantic Basin/Europe and USGC assets are fundamentally attractive
ĞŶƚƌĂůŽƌƌŝĚŽƌ͕ƚůĂŶƚŝĐĂƐŝŶͬƵƌŽƉĞĂŶĚh^'ƵůĨŽĂƐƚĂƐƐĞƚƐĂƌĞĨƵŶĚĂŵĞŶƚĂůůLJĂƚƚƌĂĐƚŝǀĞĂŶĚƐŚŽƵůĚĚƌŝǀĞ ĞƋƵŝǀĂůĞŶƚƉƌŽĨŝƚĂďŝůŝƚLJǁŝƚŚƉĞĞƌƐŽŶĂĐŽŶƐƚĂŶƚĂĐĐŽƵŶƚŝŶŐďĂƐŝƐ ^ŽƵƌĐĞ͗ŽŵƉĂŶLJƉƌĞƐĞŶƚĂƚŝŽŶƐ͘ >>/Kdd ϭϭ
Slide 13: Crude differentials and slate by refiner
ϮϬϮϰǀŐ ŝĨĨǀƐtd/ W^y s>K DW (1) t^ ΨϲϬ͘ϵϵ ;Ψϭϰ͘ϴϰͿ ϭϱй Ϯй ϴй ĚǀĂŶƚĂŐĞĚ DĂLJĂΘ>Ăƚŵ,ĞĂǀLJ Ψϲϴ͘ϯϱ ;Ψϳ͘ϰϴͿ ϵй ϭϵй ϯй ƌƵĚĞƐ ^ĂŶ:ƵĂŶsĂůůĞLJ Ψϲϵ͘ϮϬ ;Ψϲ͘ϲϯͿ ϴй ϭй ϰй dŽƚĂů ϯϮй ϮϮй ϭϱй td/ƵƐŚŝŶŐ Ψϳϱ͘ϴϯ ʹ ϭϮй ϭϬй ϵй td/DŝĚůĂŶĚ Ψϳϲ͘ϴϭ ΨϬ͘ϵϴ ϱй ϴй ϲй WĂƌΘEĞĂƌͲ ĂŬŬĞŶΘĂŶĂĚŝĂŶ>ŝŐŚƚ Ψϳϰ͘ϰϭ ;Ψϭ͘ϰϮͿ ϱй ϯй Ϯϯй (2) WĂƌƌƵĚĞ
Slide 14: Elliott proxy solicitation notice
ůůŝŽƚƚ/ŶǀĞƐƚŵĞŶƚDĂŶĂŐĞŵĞŶƚ>͘W͕͘ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŽƚŚĞƌƉĂƌƚŝĐŝƉĂŶƚƐŶĂŵĞĚŚĞƌĞŝŶ;ĐŽůůĞĐƚŝǀĞůLJ͕͞ůůŝŽƚƚ͟Ϳ͕ŚĂƐĨŝůĞĚĂƉƌĞůŝŵŝŶĂƌLJƉƌŽdžLJƐƚĂƚĞŵĞŶƚĂŶĚĂĐĐŽŵƉĂŶLJŝŶŐ'K>ƵŶŝǀĞƌƐĂůƉƌŽdžLJĐĂƌĚǁŝƚŚƚŚĞ^ĞĐƵƌŝƚŝĞƐ ĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ;͞^͟ͿƚŽďĞƵƐĞĚƚŽƐŽůŝĐŝƚƉƌŽdžŝĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĞůĞĐƚŝŽŶŽĨůůŝŽƚƚ͛ƐƐůĂƚĞŽĨŚŝŐŚůLJƋƵĂůŝĨŝĞĚĚŝƌĞĐƚŽƌĐĂ
Slide 15: Website Materials
WEBSITE MATERIALS
Slide 16: Streamline 66 website presentations page
STREAMLINE 66 Nominees Presentations Press Releases About Elliott Contact PRESENTATIONS STREAMLINE66 PRESENTATION FOR THE ELLIOTT’S STREAMLINEG6 PRESENTATION WOLFE REFINING CONFERENCE February 11, 2025 March 6, 2025 SUBSCRIBE TO RECEIVE UPDATES =— emai acaress a STREAMLINE 166] Media Contact Investo
Slide 17: Participants in the solicitation
The participants in the solicitation are Elliott Investment Management L.P. (“Elliott Management"), Elliott Associates, LP. ("Elliott Associates’), Elliott International, L.P. (“Elliott International’), The Liverpool Limited Partnership (“Liverpool”), Elliott Investment Management GP LLC ("EIM GP”),
Slide 18: About Elliott
STREAMLINE 66 ims isis «= Roce «= Oa ame ABOUT. ELLIOTT ELLIOTT INVESTMENT MANAGEMENT L.P. Founded in 1977, Elliott Investment Management L.P. (together with its affiliates, “Elliott”) is one of the oldest investment managers of its kind under continuous management. Elliott manages multi-strategy in
Slide 19: Elliott holdings and derivative agreements
International (together, the “Elliott Funds”) with respect to investments in the Company by the Elliott Funds and/or their respective subsidiaries, beneficially owns 16,925,000 shares of the Company's Common Stock, $0.01 par value per share (the “Common Stock’), including 14,425,000 shares of Common