Slide 1: Investor Update
(ea) 6) Investor Update March 17, 2025
Slide 2: Cautionary Statement
Cautionary Statement resentation contain orwarocing statement ihn the meaniag of he fed sling to Palos 6 operations srateay pie, Serie nd change 72SEC" in connection wih 2025 Anal Mesting of Shareholder (he "2025 Annual Meeting” ands sleeation of ocunests win te SC epost oictton ct eso te 204s annua
Slide 3: Creating Value Now and In the Future
cy Creating Value Now and In the Future o oto Oo Differentiated Portfolio in Highly Attractive Markets Transformational Strategy Driving Clear Operational and Commercial Benefits Leading to Consistent and Compelling Value for Shareholders
Slide 4: • • • • • •• • • • • • As of December
• • • • • •• • • • • • As of December 31, 2024 | BPD: Barrels Per Day | SAF: Sustainable Aviation Fuel | On October 14, 2024, Phillips 66 announced the agreement to sell interest in Switzerland-based joint venture with COOP in the first quarter of 2025. | On October 16, 2024, Phillips 66 announced p
Slide 5: Positioned to Take Advantage of Growing Markets
2030 10.000 U.S. NGLs Exceeds U.S. Crude Oil h =e 33 =i 25% (Indexed to 2023) ad 8 & o rt oO Source: Phillips 66 Economist Office, CMA. Crude Oil (MED) Refining + Marketing change from 2025 (MED) 20 Positioned to Take Advantage of Growing Markets Global Liquids Demand Growth mGasoline mDiesel «Jet m
Slide 6: Execution Delivered Total Shareholder Return
Execution Delivered Total Shareholder Return TSR Outperformance Since 2022 CEO Transition’ Key Strategy Highlights 65% Strong Execution on 2022-2025 Strategic Priorities Improving Refining Performance and Cost Structure Ongoing Portfolio Optimization PSX ‘Synthetic Proxy Peer Median * S&P 500 Energy
Slide 7: Strong Execution on Strategic Priorities
Deliver Shareholder Returns ‘Shareholder Distributions’ ($8) $13.6 2022 Target 2024 Delivered Execute Business Transformation Run-Rate Cost Savings ($B) $1.0 ® CL, a Capital $08 Cost Reduction 2022 Target 2024 Delivered i Strong Execution on Strategic Priorities Capture Value from Wellhead to Market
Slide 8: Improving Refining Performance and Cost Structure
Improving Refining Performance and Cost Structure Maximizing Runtime Optimizing Output Reducing Costs Crude Capacity Utilization Clean Product Yield Adjusted Controllable Costs’ ($/BBL) © 3 ze $6.98 2022 2024 2022 2024 2022 2024 |. Non-GAAP financial measure. See appendix for details,
Slide 9: Enhancing Midstream with Value Accretive Transactions
Enhancing Midstream with Value Accretive Transactions Recent Strategic Actions Have Further Optimized Our Portfolio Divesting non-core and/or non-operated assets with limited growth at attractive transaction multiples... Divestitures (2023 - 2025) ..deploying proceeds to strengthen our operated inte
Slide 10: Integrated Business Model Delivers Value Through the Cycle
1.8 MMBD Refining crude capacity Terminals 70,000 pel les of U. GaP plants 719 MBD Fractionation capaci "260 MBD- LPG export capacity ~50,000 BPD Renewable fuels capacity As of December 31, 2024 Long Haul Pipelines Crude Condensate Integrated Business Model Delivers Value Through the Cycle e | Le v.
Slide 11: Integration Enables Significant Optimization Benefits
‘CENTRAL CORRIDOR/GULF COAST @ Butane Blending Terminal Sweeny jul Wood River Fil ie Integration Enables Significant Optimization Benefits Central Corridor and Gulf Coast n NGL Integration betwee! Refining and Chemicals LOGISTICS OPTIMIZATION . tilizati + Maximize utilization of Freeport Marine Term
Slide 12: Growing Midstream from Wellhead-to-Market
Growing Midstream from Wellhead-to-Market Growing Midstream Adjusted EBITDA’ ($8) Robust & Balanced Wellhead-to-Market NGL Portfolio? (MBD) Permian + Eagle Ford Total Phillips 66 t +$1.9 B Gathering & Projected adjusted EBITDA since 2021 Processing + Long Term 3rd Party Supply 4.0 3.7 3.3 Y-Grade Lo
Slide 13: Lowest Cost Producer with 95% Advantaged Feedstock
Lowest Cost Producer with 95% Advantaged Feedstock Ethylene Production Cost Curve (Cents per pound) Northeast * h Asia merica North ont 40 America Propane z jorth 5 America Southeast 930 Butane Asia & oy West Europe 2 Naptha B20 € 5 a Middle East 70 North ealipe” | America Ethane ° ° 50 100 150 200
Slide 14: Durable Cash Flow and Strong Returns
Durable Cash Flow and Strong Returns Stable Midstream and M&S Adjusted EBITDA movers Dividends and Total Capital Adjusted EBITDA’ ($B) Cgeeactor 0 iearaein Chem m Diidends + Total Capex? : Narketag & Specialties (M&S) $12.7 Psu | '$(0.4) 2024 Company flings, Bloomberg, FactSet. |1. Non-GAAP financia
Slide 15: Capital Allocation Strategy Increases Flexibility Across Cycles
Capital Allocation Strategy Increases Flexibility Across Cycles Capital Allocation Priori Ratable Return of Capital with Upside Potential Allocation of Cash Flow from Operations ($B) VEC Seneecoms ° $1B annual sustaining capital Asset Integrity + Maintain safe and reliable operations Deliver Secure,
Slide 16: Top-Tier Return Profile Across Industries and Sectors
Top-Tier Return Profile Across Industries and Sectors Cumulative Shareholder Distributions ($8) 43 37 28 a 24 26 al il 1111 Arti 12°13 14 15 6 17 8 19 '20 '21 '22 '23 '24 IM Dividends ll Share Repurchases Annual Dividend ($ Per Share) 15% CAGR Increasing Every Year $ $1.00 “el "2.13 14 1S 16 17 18 1
Slide 17: 2027 Strategic Priorities
Investment 2027 Strategic Priorities worwcers ~ $5.50 > $500 MM Operations Ps o Refining annual adjusted reduction in operating, controllable costs er barrel’ SG&A & freight costs’ Differentiated Portfolio in Highly Attractive Markets Disciplined jon 69$2.0B > $1.0B per year in total organic total
Slide 18: Appendix
& Appendix
Slide 19: Phillips 66 Is The Leading Integrated Downstream Energy Provider
Phillips 66 Is The Leading Integrated Downstream Energy Provider GLOBAL ASSETS LEGEND @ Coke Facility @ crchem i CPChem Facility O8P) © /— Crude Terminal / Pipeline a © Lubricants Facility — Natural Gas Pipeline @/— NGL, LPG Terminal / Pipeline VW NGL, LPG Underaround Storage Facility @/— Products T
Slide 20: Phillips 66 Provides Global Energy via Commercial Platform
Phillips 66 Provides Global Energy via Commercial Platform Leading Asset-Backed Supply, Trading and Logistics Capabilities LONDON CALGARY HousTON SINGAPORE Sbltens : Li ties 100+ Traders ’ rebel = ' 7 MM a we Barrels per day of energy trading Countries within Commercial network GLOBAL ASSETS LEGEND
Slide 21: Creating Value Now and in the Future
Creating Value Now and in the Future worl ‘Class Operations ‘ith Commitment to Continuous Improvement + > 86% annual Refining clean product yield + > 2% higher Refinin: utilization vs. industry-average 99% Midstream asset availability + > $500 MM reduction in operating, SG&A & freight costs by 2027!
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2021 2022 2023 2024 Net income 1594 11391 7.239 2175 Plus: Income tax expense 146 3.248 2.230 500 Net interest expense $83 S37 629 745 eprecistion and amortization 1,605 1.629 1977 2363 Phillips 66 EBITDA’ 3,928 16,805 12,075 5,783 ‘Special item Aajustments (pre-tax) Certain
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dolars zozi__2022—=—«2023_——=a02 stents (pretax) Teor 2758) 3 7 ‘Change in Fair Valve of NOVONIX investment (G10) 402 2 Fi EROVONN Investment °* “emsand Change in Fair Valve of siso_ 440s ra68 6.496 Otner Acjustments cpre-tan 122 us od ee 242 5 92 68 amortization
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Income before income taxes 131 5176 2819 2.638 Plus: Depreciation and amortization 426 367 923 Midstream EBITDA’ 1557 5743 3742 3558 Special Item Adjustments (pre-tax): Certain tax impacts - - Net gain on asset dispositions - «37 (38)
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2021 2022 2023 2024 Income before income taxes 1844 856 600 876 Plus: chemicals 1844 856 600 876 ‘Special Item acon (pre-tax: Pension settlement expense 22 - - - Hurricane-related costs 1 - - 32. = = 35) 55 = = fe 1,899 356 ‘600 ‘Other Adjustments (pre-ta
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 2022 2 2021, 1023 «2024 Income (loss) before income taxes 23668) 7976 ©5340 365) Plus: 860 831___.077 0387) 8,836 6,171 72 Special Item Adjustments (pre-tax): Certain tax impacts a ay @ let loss on asset dispositions - 14 - Impairments 1.288 - 104 Pension
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2021 2024 Income before income taxes 668 2,072 1897 yon Plus: ization 13 0 122 9 EBITDA’ 1781 2182 2,019, 1190 ‘Special Item Adjustments (pre-tax): let gain on asset dispositions - - - 2) Pension settlement expense 6 - ~ Legal settlement - - 69) Legal accrual - = 605 6 = = 4
Slide 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2021 2024 Income (loss) before income taxes 67 m 153 age) Plus: \d amortization 5 6 9 64 y 72 w7 162 34) ‘Special Item Adjustments (pre-tax: None. = = = 7 ‘Special Items! 72 w7 162 34) ‘Other Adjustments (pre-tax): None - - - - 72 w7 162 34) Refer to changes in Basis of Pres
Slide 29: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars 20222 2021 023-2024 Loss before income taxes 603) (1612) «340) 4.287) lus: Net interest expense 82 538 629 745 amortization 83 85 92 123 y 62 989) 619) 419), Special Item Adjustments (pre-tax): Pension settlement expense 4 - - - Business transformation re
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations Millions of Dollars —cEacept as ncieated) _ 202: 2028 Turnaround expenses 24 m 32435988 Total operating expences 374780 Seling. general and adrinistrative expenses 209 152 Refining Controllable Costs ¥ax6aaez Pus Propet sre ety fate enon apr 6s 18 expensed 626 m1 Tealoeporir
Slide 31: Forward-Looking Statements
Forward-Looking Statements This document 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,” “commitments,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “bel