Phillips 66 · NYSE:PSX
Phillips 66 — Investor Presentation (June 2026)
40 slides from Phillips 66's investor presentation, June 2026
Slide 1: Investor Update
Investor Update June 2026
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,” “target ed,” “believe,” “continue
Slide 3: Diversified Portfolio and Discipline Drive Shareholder Returns
Diversified Portfolio and Discipline Drive Shareholder Returns Portfolio Positioned in Strategy Drives Operational Compelling Shareholder Highly Attractive Markets and Commercial Benefits Returns ~1 MMBD Execution Oriented 15 % of NGL Transport 1 Annual Dividend CAGR 2 ~1 MMBD Organic Investment $46
Slide 4: Attractive Cash Returns Differentiates Versus the Market
Attractive Cash Returns Differentiates Versus the Market Since 2012 $26 B 1,2 $20 B 1,2 15% 11% Cumulative Share Repurchases Cumulative Dividends Distributed Dividend CAGR 1,3 Average Adjusted ROCE 4 Annual Dividend Growth 2027E Shareholder Distribution Yield 5 Leading position in the S&P 500 ($ per
Slide 5: Balanced Portfolio Reduces Volatility
Balanced Portfolio Reduces Volatility Assets transform abundant supplies of crude oil and NGLs into high - value products Attractively positioned across the energy value chain 1 Capital Decreasing Phillips 66 Company Midstream Downstream Chemicals Upstream E&P 2 Intensity Volatility Peer Group Avera
Slide 6: Global Economic Growth Will Drive Increased Demand
Global Economic Growth Will Drive Increased Demand Global Population Growth Predominantly from … and Middle Income in those Economies are Developing Economies... Expected to Grow… Developing Nations Population Growth vs. 2025 (Million People) Forecasted Increase of Middle Class Households vs. 2025 (
Slide 7: US and Canada are Reliable Suppliers of Liquid Hydrocarbons
US and Canada are Reliable Suppliers of Liquid Hydrocarbons Permian and Canadian crude supply is ample and growing NGL production expected to continue to grow Crude Oil Production (in MMBD) NGL Production (in MMBD) 2010 2025 2035 1% (1)% CAGR CAGR 1% CAGR 66.2 2% 7.1 CAGR 6.6 60.5 12.6 55.1 10.9 0.9
Slide 8: Phillips Connects Local Supply With Global Demand
Phillips 66 Connects Local Supply With Global Demand Global Demand Growth Benefits All Segments Phillips 66 Core Phillips 66 Growth Refining, Marketing & Specialties and Renewable Fuels 1 Midstream and Chemicals Gasoline Diesel Jet NGLs Naphtha Global Change from 2025 (MMBD) Global Change from 2025
Slide 9: Liquids Infrastructure Footprint is Without Equal
Liquids Infrastructure Footprint is Without Equal Central Corridor and Gulf Coast assets enables optionality, flexibility, and resiliency ~$11.5 B 1 Avg. Adj. EBITDA (Consensus 2027) Sources of Adj. EBITDA 1 2027E Adjusted EBITDA % by Segment 1 Renewables Chemicals 2% 16% Midstream 34% Refining 33%
Slide 10: Integrated Value Chain Maximizes Margin Capture
Integrated Value Chain Maximizes Margin Capture Premium Markets Advantaged Supply Clean Products • 1 MMBD gasoline; 0.9 MMBD distillate • 2 MMBD clean products traded Integrated Assets • 7,620 branded U.S. outlets Crude Oil • 10 MBD neat SAF capability • 3 MMBD crude traded and sourced • 2 MMBD for
Slide 11: Global Breadth Creates Opportunities
Global Breadth Creates Opportunities 80+ 3,800+ 57 1 Countries within Marine Voyages Annually Vessels on Time Charter Commercial network Capturing Value • Supplying West Coast Marketing from U.S. Gulf Coast, leveraging Jones Act waivers • Optimizing Bayway crude by substituting North African grades
Slide 12: Assets Positioned to Access Lowest-Cost Supply
Assets Positioned to Access Lowest -Cost Supply Refining Midstream Chemicals Canadian crude oil growth is reliable, Low break - evens and rising gas - oil ratios Low - cost feedstock advantage provides consistent, and economically advantaged are constructive to NGL volumes resilience at bottom of th
Slide 13: Assets Deliver Attractive Organic Growth Opportunities
Assets Deliver Attractive Organic Growth Opportunities Large Organic Projects Small Organic Projects Future Strategic (Sanctioned) (Under Evaluation) Opportunities Midstream Midstream Gas Plant Expansions >10 projects focused on debottlenecking Western Gateway • Iron Mesa: 300 MMCFD Permian Gas Plan
Slide 14: Midstream: Built for Future Growth, Optionality, and Reliability
Midstream: Built for Future Growth, Optionality, and Reliability Leveraging attractive footprint… Billings Organic growth Enhancing base business Transportation assets connected to stable Coastal Bend pipeline and frac Increasing asset utilization demand centers expansion NGLs and crude oil Wood Riv
Slide 15: Refining: Advantaged Feedstock Position and Flexible Crude Slate
Refining: Advantaged Feedstock Position and Flexible Crude Slate US assets located in the strongest product markets, 2 to run Medium and Heavy grades… Peer - leading position have low - cost supply, and export optionality Bottoms Upgrading Capacity (MBD) 308 307 302 Forecasted Low 349 Change in Prod
Slide 16: Refining: Focused on Delivering Continuous Improvement
Refining: Focused on Delivering Continuous Improvement Setting Stage for Future Success Leading Clean Product Yield 2 PSX Peer A Peer B • Peer - leading utilization and clean product yield 87% 87% 87% • Low - capital, high - return projects 85% 84% • Focused on reliability and margin improvement • T
Slide 17: Chemicals: Asset Location is a Competitive Advantage
Chemicals: Asset Location is a Competitive Advantage Chain margin recovery provides upside to cash Organic growth via Golden Triangle Polymers and Ras distributions Laffan Petrochemicals projects Cash generation in bottom - cycle environment supported Assets located in the strongest markets; have lo
Slide 18: Marketing & Specialties and Renewable Fuels
Marketing & Specialties and Renewable Fuels Marketing & 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 transact
Slide 19: Refining and Chemicals Offer Cash Flow Upside
Refining and Chemicals Offer Cash Flow Upside Ratable Return of Capital with Upside Potential Illustrative Allocation of Cash Flow from Operations ($B) Capital Allocation Targets 2027 Consensus ✓ Deliver a secure , competitive and CFO $9 B + growing annual dividend Share Repurchases Debt ✓ >50% of n
Slide 20: Clear Path to Achieve 2027 Year-End Debt Target
Clear Path to Achieve 2027 Year -End Debt Target $B 27 (2) (2) 19 (4) 17 (2) Anticipated Dec, 31 2026 Anticipated Dec, 31 2027 Mar, 1Q2631 2026 Actual 2026 Paydown Change Reverse in Capital Working ExcessExcess Cash-on-hand 2026 YE 2027 Paydown 2027 YE paydown Projected paydown Projected Total Debt
Slide 21: Appendix
Appendix Borger Refinery, Borger, TX
Slide 22: Investment Rationale
Investment 2027 Strategic Priorities Rationale Targeted Performance World - Class Operations 1 ~ $5.50 > $500 MM Refining annual adjusted reduction in operating, controllable costs per barrel 2 SG&A & freight costs 3 Differentiated Portfolio in Highly Attractive Markets Disciplined Growth ~ $2.5 B >
Slide 23: Estimated Sensitivities
Estimated Sensitivities Annual EBITDA $MM 1 Midstream 2 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 $1/BBL Incre
Slide 24: Midstream Covers Dividend and Sustaining Capital
Midstream Covers Dividend and Sustaining Capital Midstream Adjusted EBITDA ($B) Dividends ($B) Total Sustaining Capital ($B) 4.3 4.0 3.7 3.8 3.3 3.1 3.1 2.9 2.7 2.7 2.7 2.7 2022 2023 2024 2025 2026E 1 2027E 1 Refining, Marketing & Specialties and Chemicals provides capital allocation optionality 24
Slide 25: Competitive Refining and M&S Adjusted EBITDA per BBL
Competitive Refining and M&S Adjusted EBITDA per BBL 1,2 3 Refining M&S Peer Average $6.58 $0.81 $5.86 $4.91 $15.32 $12.47 $15.57 $13.29 $1.10 $6.44 $9.84 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 1. A combined Refining and Marketing & Specialties presentation of Adjusted EBITDA excluding turnaround expe
Slide 26: $/BBL Metrics
$/BBL Metrics Adjusted Refining EBITDA, Excluding Adjusted Turnaround Expense ($/BBL) 2023 2024 2025 2026 1Q $12.71 4.16 $(1.06) 3.32 2Q $8.96 $3.80 $5.40 3Q $11.80 $1.98 $5.43 4Q $7.13 ($0.98) $6.09 Annual $10.12 $2.23 $4.23 Adjusted Marketing & Specialties EBITDA ($/BBL) 2023 2024 2025 2026 1Q $2.
Slide 27: $/BBL Metrics
$/BBL Metrics 1 Refining Adjusted Controllable Costs ($/BBL) 2023 2024 2025 2026 1Q $7.04 $6.18 $7.03 6.21 2Q $5.96 $5.68 $5.46 3Q $6.42 $5.67 $6.07 4Q $6.79 $6.07 $5.96 Annual $6.55 $5.90 $6.09 27 1. Excludes adjusted turnaround expense | See Appendix for reconciliation of Non - GAAP measures to th
Slide 28: Portfolio Evolution Increases Focus
Portfolio Evolution Increases Focus Significant Changes Made in 3+ Years Since 2022: Alliance South 65% Interest Other Rockies Coop Gulf Coast Strategic Actions Yield Attractive Refinery Texas Midstream Express Mineraloel Express in Germany Gateway & Austria Positive Results Divestitures 1 (Belle Ch
Slide 29: Operational Excellence Begins with Our Commitment to Safety
Operational Excellence Begins with Our Commitment to Safety Six refineries earned 2025 AFPM Safety Awards Midstream earned 2025 API Distinguished Pipeline Safety Award Recognized for 2024 safety performance by 5 major railroads Leader in Safety Across Industries Leader in Safety Recordable Injury Ra
Slide 30: A.I. Enables Reliability, Productivity, and Margin Improvements
A.I. Enables Reliability, Productivity , and Margin Improvements Selected Use Cases Operations Commercial & Marketing Margin optimization • Synthesize internal and external data to identify • Identify real - time margin opportunities arbitrage opportunities in real time • Optimize blending decisions
Slide 31: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is n ot reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Spec ial ties 31 are rev
Slide 32: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Impairments recorded in the third quarter 2025 are related to our 50% equity investment in WRB Refining LP as a result of the definitive agreement entered into in September 2025, and closed on October 1, 2025. | 2. Adjusted total processed inputs include our 32 proportio
Slide 33: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Net gain on asset dispositions includes the sale of a 65% interest in our Germany and Austria retail marketing business in th e fourth - quarter 2025. In connection with this sale, in the second and third quarters of 2025, we recognized before - tax unrealiz ed (gain) lo
Slide 34: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. A combined Refining and Marketing & Specialties presentation of adjusted EBITDA is shown for peer comparison only and is n ot reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Spec ial ties 34 are rev
Slide 35: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate. | 2. Denominato r i s total processed inputs. | 3. Denominator is adjusted total processed inputs. | Refer to changes in Basis of Presentation 35 discussion on pg 2
Slide 36: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc. | 2. Adjusted total processed inputs includ e o ur proportional share of processed inputs of an equity affiliate. | 3. Denominator is total processed inputs. | 4. Denominato r i s adjusted tota
Slide 37: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a com ponent of equity in earnings of affiliates on our consolidated statement of income. | 2. Adjusted total processed inputs incl ude our 37 proporti
Slide 38: Non-GAAP Reconciliations
Non -GAAP Reconciliations 1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a com ponent of equity in earnings of affiliates on our consolidated statement of income. | 2. Adjusted total processed inputs incl ude our 38 proporti
Slide 39: Non-GAAP Reconciliations
Non -GAAP Reconciliations 39 Refer to changes in Basis of Presentation discussion on pg 2 | Total may not sum due to rounding.
Slide 40: Non-GAAP Reconciliations
Non -GAAP Reconciliations 40 1. Capital employed is total equity plus total debt