#1F PHILLIPS 66 PHILLIPS 66 PROVIDING ENERGY. IMPROVING LIVES. 24 Investor Update 66 TGRILL 22 MAY 2023 66 66 Flagship marketing station Westheimer RD HOUSTON, TX#2Cautionary Statement This presentation contains forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believe," "continue," "intend," "will," "would," "objective," "goal," "project," "efforts," "strategies" and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this presentation are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; our ability to consummate the pending acquisition of the outstanding public common units of DCP Midstream, LP and the timing and cost associated therewith; our ability to achieve the expected benefits of the integration of DCP Midstream, LP and from the pending acquisition, if consummated; the diversion of management's time on transaction and integration-related matters; the success of the company's business transformation initiatives and the realization of savings from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; current or contemplated changes in governmental policies or laws that relate to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels that regulate profits, pricing, or taxation, or other regulations that limit or restrict refining, marketing and midstream operations or restrict exports; the inability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities (including the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66's businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward- looking statements, whether as a result of new information, future events or otherwise. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. This presentation includes non-GAAP financial measures, including adjusted EBITDA, adjusted earnings per share, adjusted CFO, adjusted capital spending, sustaining capital, growth capital, adjusted ROCE and net debt-to-capital. These non-GAAP financial measures are included to help facilitate comparisons of financial and operating performance across periods and to help facilitate comparisons with other companies in our industry. You can find the reconciliations to the most comparable GAAP financial measures at the end of the presentation materials or on the "Investors" section of our website at phillips66.com/investors. Basis of Presentation- During the fourth quarter of 2022, we changed the internal financial information reviewed by our chief executive officer to evaluate results and al locate resources to reflect the realignment of certain businesses between segments and business lines. We determined this realignment resulted in a change in the composition of our operating segments. Accordingly, prior-period results have been recast for comparability. The primary effects of this realignment included moving the results of certain processing assets at our Sweeny and Lake Charles refineries, located in the Gulf Coast region, from the Midstream segment (NGL and Other) to the Refining segment. Additionally, commissions charged to the Refining segment by the Marketing and Specialties segment related to sales of specialty products were eliminated and the costs of the sales organization were reclassified from the Marketing and Specialties segment to the Refining segment. Additionally, we no longer present disaggregated business line results for our Chemicals and Marketing and Specialties segments. PHILLIPS 2 66#3Integrated Network of Businesses and Assets Midstream 72 thousand miles of U.S. pipeline systems 719 thousand BPD of fractionation capacity Provides crude oil and refined product transportation, terminaling and processing services, as well as natural gas and NGL transportation, storage, fractionation, gathering and processing and marketing services, mainly in the United States. This segment includes our investment in DCP Midstream and our 16% investment in NOVONIX Limited. Chemicals 8) 28 28 global manufacturing facilities 2 research and development centers in the U.S. Consists of our 50% joint venture interest in CPChem, which manufactures and markets petrochemicals and plastics worldwide. CPChem has cost-advantaged assets concentrated in North America and the Middle East. Refining 1.9 million BPD of crude throughput capacity 2 global facilities producing renewable fuels Refines crude oil and other feedstocks into petroleum products such as gasoline, distillates and aviation fuels at 12 refineries in the United States and Europe. Marketing and Specialties. 7,200 branded U.S. outlets 1,670 branded Intl. outlets Markets refined petroleum products and renewable fuels, mainly in the United States and Europe. The segment also includes the manufacturing and marketing of specialty products such as base oils and lubricants. As of January 1, 2023 PHILLIPS 3 66#4Diversified, Integrated Portfolio San Francisco Ferndale 760 Los Angeles 76 76 76 conoco Billings conoco Borger 66 conoco 66 66 76 Wood River Ponca City BB conoco Sweeny Lake Charles Savannah O Bayway JET EUROPE Humber จนรั JET MIRO คน JET MIDDLE EAST S-Chem Q-Chem I & II GLOBAL ASSETS MAP LEGEND Batteries* Coke Facility CPChem CPChem Facility (O&P) Crude Terminal/Pipeline Fractionator Gas Plant Hydrogen Fueling* Lubricants Facility NGL/LPG Terminal/Pipeline NGL/LPG Underground Storage Facility Natural Gas Pipeline Products Terminal/Pipeline Refinery Renewable Fuel Production* Shale Basin Branded Marketing Footprint 66 conoco 76 JET JET Coop mineraloel *Includes Emerging Energy opportunities projected to begin in marked locations As of March 2023 Lake Charles Coke Handling LCD Storage Orange Cedar Bayou Pasadena Beaumont Sweeny/ Old Ocean Sweeny C2G Westake าย Lake Charles Bayou Bridge Gulf Coast Pecan Grove Clifton Ridge Port Arthur Mont Belvieu Pasadena Freeport San Bernard Clemens Caverns Jones Creek Sweeny 1, 2, 3, 4 South Texas Gateway PHILLIPS 4 66#5Executing the Strategy Enabling Long-Term Value Creation and Positioning for the Future Mission Providing Energy. Improving Lives. Strategy Operating Excellence Committed to safety, environmental stewardship, sustainability, reliability and cost efficiency, while protecting shareholder value Values Safety. Honor. Commitment. Humber Zero Partners NORTH LINCOLNSHIRE, UNITED KINGDOM 88 .8. Growth Enhancing our portfolio by growing our integrated Midstream and Chemicals businesses, as well as executing our returns-focused, low- carbon strategy in Emerging Energy Returns Improving returns by investing to optimize and enhance existing assets Distributions Committed to maintaining our financial strength and disciplined capital allocation to reward shareholders through continued dividend growth and share repurchases High-Performing Organization Building capability, pursuing excellence, and doing the right thing PHILLIPS 5 66#6Operating Excellence Total Recordable Rates (Incidents per 200,000 hours worked) Industry Average Phillips 66 CPChem DCP Midstream .41 .38 .38 .35 .33 .30 32 .31 .79 .23 .66 .65 .36 .37 .14 .15 .11 .12 .11 .15 .10 .05 .10 .12 18 19 20 20 21 22 22 18 19 20 20 21 22 22 18 19 See appendix for footnotes 20 20 Industry Safety Metrics (Incidents per 200,000 hours worked) 0.11 Petroleum Phillips 66 Food Agricul., All Construction Petchem. Manufact. Crop Manufact. Manufact. Prod. Prof. & Bus. Services Refining Refining Crude Capacity Utilization Phillips 66 .55 (%) U.S. Industry Average 95%93% 94%90% 90%92% 84%86% 90%87% 76% 79% .33 34 .34 22 21 22 18 19 20 21 22 22 1Q23 6 PHILLIPS 66#7Strategic Priorities Deliver Shareholder Returns $ Improve Refining Performance Capture Value from Wellhead to Market • . First Quarter Highlights $3.7 B shareholder distributions since July 2022 On track to meet $10 B- $12 B by YE 2024 • • Above industry-average crude utilization 93% market capture • Transitioned DCP employees to Phillips 66 Will acquire DCP public common units 2Q 2023 恩 Execute Business Transformation • >$400 MM run-rate cost savings as of 1Q 2023 . $200 MM sustaining capital reduction. $ Maintain Financial Strength and Flexibility • 25% net debt-to-capital ratio Secured additional liquidity Drive Disciplined Growth and Returns • $378 MM capital expenditures in 1Q 2023 100 • Rodeo Renewed on track for 1Q 2024 startup PHILLIPS 7 66#8Sustainably Transform Our Cost Structure Organization committed to reducing costs Sustainable cost reductions driven to bottom line Lower-cost operating model Empower innovation and agility mindset Establish culture of transformation and cost discipline Continue to identify opportunities Estimated Annualized Run Rate Cost Savings ($MM) Freight Costs Other Operating and SG&A Expenses Refining Operating and SG&A Expenses ■Sustaining Capital ~$600 -$500 -$1,000 See appendix for footnotes YE 2022 1Q 2023 YE 2023 PHILLIPS 8 66#9Adjusted EBITDA Growth 2022 2025 Mid-Cycle Adjusted EBITDA ($B) Mid-cycle EBITDA growth of over $3 B by 2025 Capture value from Wellhead-to-Market through DCP EBITDA uplift and synergies Business Transformation cost savings $10 $13 Rodeo Renewed CPChem debottleneck and optimization projects Mid-Cycle 22 Midstream Cost Savings Rodeo Renewed Chemicals Mid-Cycle 25 Mid-Cycle Commodity Environment (2012-2019 Average) RIN Adjusted Crack WTI less WCS LLS less Maya Natural Gas price NGL price WTI Price Chain Margin $12 / BBL $18 / BBL $9 / BBL $3 / MMBtu 70¢ / Gal $70 / BBL 30¢ / Lb 9 이 PHILLIPS 66 See appendix for footnotes#10Value Creation Supports Distributions Strong balance sheet and investment grade credit ratings Sustaining capital for asset integrity, safety and environmental projects Secure, competitive and growing dividend Intrinsic value approach to share repurchases Continued debt repayment Disciplined growth capital Minimum 40% shareholder distributions See appendix for footnotes Adjusted CFO Capital Allocation ($B) Sustaining Capital Dividends Discretionary $10 $7 Mid-Cycle 22 Mid-Cycle 25 PHILLIPS 10 66#11Beaumont Terminal NEDERLAND, TX 302 PHILLIPS 66 PROVIDING ENERGY. IMPROVING LIVES. Midstream#12Enhanced Midstream Business Top-quartile safety performance DCP assets increase NGL operational size and scale Adjusted EBITDA ($B) 2.2 1.9 2.1 2.7 Transportation NGL & Other 0.8 Extend participation in full NGL value chain Portfolio highly integrated with Refining and Marketing Assets backed by long-term, fee-based contracts 19 20 21 22 22 1Q23 Adjusted Capital Expenditures and Investments ($B) 1.8 1.7 Sustaining Growth 1.0 0.7 0.6 Midstream platform for growth 1) Excludes changes in fair value of our investment in NOVONIX 2) Includes a $150 million investment in NOVONIX 19 20 ང 212 22 22 23B PHILLIPS 12 66#13Economic Interests in DCP Midstream Public buy-in increases Phillips 66 economic interest in DCP to ~87% $1 billion uplift to Phillips 66 adjusted EBITDA Capture at least $300 million in commercial and operating synergies by 2025 Closing expected to occur in the second quarter of 2023, subject to customary closing conditions, at which time DCP common units will be delisted dcp Midstream Economic Interests in DCP Before Transactions Post Realignment Post Public Buy-In 8/17/2022 PHILLIPS 28.26% 66 43.31% 86.80% ENBRIDGE 28.26% 13.20% 13.20% Public Common Units 43.49% 43.49% 0% 100.00% 100.00% 100.00% See appendix for footnotes. 13 PHILLIPS 66#14Wellhead to Market Integrated NGL Value Chain Front Range Wattenberg Southern Hills Conway Blue Line Medford Spheres Skelly-Belvieu Southern Hills Texas Express* Sand Hills C2G Panola Black Lake Sorrento Caverns Discovery River Parish Cedar Bayou Southern Hills Skelly-Belvieu Texas Express* Pasadena- Sweeny/ Old Ocean Sand Hills C2G Panola* Black Lake Orange Port Arthur Mont Belvieu* (3) Freeport Clemens Caverns Sweeny (4) DCP Gathering & Processing and Logistics & Marketing system integrated with Phillips 66 NGL value chain Assets located in key growth basins Provides upstream customers with full wellhead to market service Connectivity to major U.S. petrochemical complexes and LPG export facilities LEGEND Phillips 66 Assets Fractionator LPG Export Terminal NGL/LPG Pipeline NGL/LPG Storage Facility Refinery DCP Assets Fractionator Gas Plant NGL Gathering NGL Pipeline DCP/Phillips 66 Assets Fractionator NGL Pipeline-Jointly Owned CPChem Facility *Minority Interest Shale Basin PHILLIPS 14 66#15தே Polyethylene Units OLD OCEAN, TX PHILLIPS 66 PROVIDING ENERGY. IMPROVING LIVES. Chemicals#16Chevron Phillips Chemical Industry-leading safety performance Proprietary technology Advantaged feedstock portfolio Global marketing network Debottleneck opportunities Capital Expenditures and Investments¹ ($B) 1) 0.4 0.4 0.3 0.7 Sustaining Growth 0.9 Adjusted EBITDA¹ ($B) 1.5 1.1 19 2.5 1.4 0.3 20 20 21 22 1Q23 Olefins and Polyolefins Capacity Utilization (%) 99% 97% 95% 94% 91% 19 20 21 22 23B 19 20 21 22 1Q23 50% proportional share to Phillips 66. PHILLIPS 16 66#17Chemicals Outlook 2019-2022 Ethylene Production Cost Curve (Cents per pound) CPChem portfolio well-positioned for access to advantaged feedstock with heavy footprint in North America and Middle East Expanding global middle class is increasing demand forecast for polyethylene at a 3.5% CAGR 40 30 Meeting strong demand for food packaging, medical supplies and other consumer products Source: IHS Markit. Conversion; 1 million metric tons = 2.2 million pounds 20 20 10 Middle East 50 60 N.A. Propane N.A. Ethane S.E. Asia N.A. Naphtha N.E. Asia N.A. Butane W. Europe Naphtha 100 Cumulative Production - Million Metric Tons 150 200 PHILLIPS 17 66#18Demand Growth Drives World-Scale Projects Golden Triangle Polymer Project World-scale ethylene and polyethylene facilities on US Gulf Coast expected to start up in 2026 CPChem 51% equity interest 4.6 B pounds per year ethane cracker; two high-density polyethylene units with a combined capacity of 4.4 B pounds per year Ras Laffan Petchem Project World-scale ethylene and polyethylene facility in Qatar expected start up in 2026 CPChem 30% equity interest 4.6 B pounds per year ethane cracker; two high-density polyethylene units with a combined capacity of 3.7 B pounds per year Other Growth Projects Second world-scale 1-hexene unit expected to start up in 2023 New propylene splitting capacity expected to start up in 2023 Polyethylene Global Demand (Billion pounds) L HDPE LLDPE LDPE 308 299 289 279 269 259 23 24 25 26 25 CAGR 3.5% 27 27 28 PAO production capacity in Belgium expected to increase in 2024 PAO Polyalphaolefins; Growth projects above expected to add over 8.3 million pounds to CPChem net worldwide capacity, a 20% increase from December 31, 2021. Source: IHS Markit Polyethylene Global Demand PHILLIPS 18 66#19Billings Refinery BILLINGS, MT PHILLIPS 66 PROVIDING ENERGY. IMPROVING LIVES. Refining#20Improve Refining Performance Maintain operating excellence Increase asset availability Enhance market capture Reduce operating costs by $0.75/bbl Manage the portfolio Low-capital, high-return projects Adjusted EBITDA ($B) 3.0 0.1 (2.2) 19 20 21 Capital Expenditures and Investments ($B) 8.9 22 22 1.1 0.9 0.9 0.8 19 20 20 21 22 22 1.8 1Q23 Sustaining Return 1.1 23B PHILLIPS 20 66#21Enhance Market Capture Ferndale West Coast 319 MBD San Francisco Los Angeles See appendix for footnotes السلام Western Canadian Crude Billings Bakken Eastern Canadian Crude Ponca City Borgern Permian Sweeny Atlantic Basin Europe: 537 MBD Wood River Central Corridor 531 MBD Gulf Coast 529 MBD Lake Charles Bayway +5% market capture +$400 MM realized margin improvement in mid-cycle conditions PHILLIPS 21 66#22Rodeo Renewed One of the World's Largest Renewable Fuels facilities expected to begin commercial operations in 1Q 2024 Constructing pre-treatment units and repurposing existing hydro-processing units to process renewable feedstocks Capital efficient project that leverages existing units Build on success of current 10+ MBD operation of Unit 250 Capable of processing most renewable feedstock including used cooking oil, fats, greases, tallow and vegetable oils Utilize marine terminal and rail rack for domestic and international feedstock flexibility Upon conversion, the facility will no longer process or ship crude oil Ideal location for product placement into Marketing distribution channels Enable product distribution through integrated logistics network of marine and product terminals Conversion will reduce emissions from the facility and produce lower-carbon transportation fuels PHILLIPS 22 66#23Phillips 66 Marketing Site HOUSTON, TX PHILLIPS 66 PHILLIP PHILLIPS 66 PHILLIPS 66 PROVIDING ENERGY. IMPROVING LIVES. Marketing & Specialties phillips66gas.com#24Optimizing M&S Returns Consistent high-return, low-capital business Product placement for Refining Expanded U.S. retail presence through JV's Distribution of renewable fuels Leverage brand strength. Reimaged sites Integrated digital platform Adjusted EBITDA ($B) 2.6 2.0 1.5 1.6 19 20 21 Capital Expenditures and Investments ($B) 0.5 22 22 1Q23 0.4 0.2 0.2 0.1 0.1 19 20 20 21 21 22 22 23B PHILLIPS 66 conoco 76 76 Renewable Diesel JET Coop mineraloel HIGH CETANE 2019 capital expenditures includes $260 MM related to the investment in the West Coast Marketing joint venture. PHILLIPS 24 66#25Phillips 66 Headquarters HOUSTON, TX PHILLIPS 66 PHILLIPS 66 PROVIDING ENERGY. IMPROVING LIVES. Financial Strategy#26Financial Strength and Flexibility Peer-leading investment grade credit rating Disciplined capital allocation Secure, competitive and growing dividend Intrinsic value approach to share repurchases Well-laddered debt maturities Target net debt-to-capital ratio of 25-30% Consolidated PSX Capital Structure ($B) 42% 40% Equity $B Debt $B Cash & Cash Equivalents $B Debt to Capital Net Debt to Capital 35% 38% 34% 30% 34% 27% 34.1 24% 34.9 25% 27.2 21.5 21.6 18.5 17.2 15.9 14.4 11.8 1.6 2.5 19 20 3.1 21 22 6.1 1Q23 7.0 PHILLIPS 26 66#27Consolidated Debt and Liquidity $18.5 B Total Debt as of March 31, 2023 $14.7 B in available liquidity $7.0 B Cash $6.2 B capacity on credit facilities $1.5 B capacity on delayed draw term agreement Peer leading A3/BBB+ Credit Rating Debt Maturity Profile as of March 31, 2023 ($B) 7.9 1.4 4.1 5.0 DCP Junior Subordinated Debt DCP Credit and AR Facility PSX Revolving Credit Facility DCP Bonds PSX Bonds 3.7 Total debt includes capital leases, commercial paper and is net of unamortized discounts and debt issuance costs. $1.5 B capacity on delayed draw term loan is conditioned upon the closing of the DCP buy-in transaction 1.5 2.0 2.3 1.5 1.0 - - 0.4 1.0 0.7 0.8 2024 2025 2026 2027 28-32 33-37 38-42 43-47 48+ PHILLIPS 27 66#28Disciplined Approach to Capital Spending Capital Expenditures and Investments ($B) 3.5 2.9 19 1.9 Sustaining Growth Adjusted ROCE (% After-Tax) 2.2 2.0 11% 9% 1% 19 20 21 22 23B 19 20 21 See appendix for footnotes 22% 17% 22 22 1Q23 PHILLIPS 28 66#29Distributions Progressing toward its target of $10 B to $12 B in the 10-quarter period ending 2024 . $3.7 B returned to shareholders through 3 quarters Secure, competitive and growing dividend • 17% CAGR with twelve increases 1,2 • Increased quarterly dividend by 8% in 1Q Committed to shareholder distributions Repurchased / exchanged 27% of shares initially outstanding² Returned over $34 B to shareholders through dividends, share repurchases and exchanges Annual Dividend ($ per share) 4.20 3.50 3.60 3.62 3.83 3.10 1.89 2.18 2.45 2.73 1.33 13 14 15 16 17 18 19 20 21 22 22 Cumulative Distributions ($B) Share Repurchases and Exchanges Dividends 22 222 16 8 11 13 23E 40-42 33 34 28 29 26 13 14 15 16 17 18 19 20 21 22 22 1Q23 24E 1) Dividend CAGR calculated from initial dividend of $0.20 per share in 3Q 2012 to $1.05 per share in 1Q 2023. 2) Since May 2012. Net of shares issued for compensation and PSXP transaction. PHILLIPS 29 66#30Sustainable Business Practices Environmental Targets to lower GHG emissions intensity from 2019 baseline 30% scope 1 and 2 by 2030 15% scope 3 by 2030 50% scope 1 and 2 by 2050 imn Social 680,000 hours volunteered since 2012 $280 MM invested in our communities since 2012 42% of our U.S. hires were from underrepresented groups in 2022 1000 Governance Active shareholder engagement program 85% independent directors 38% diverse board based on gender See appendix for footnotes PHILLIPS 30 66#31TARGET SPIRIT MINERVA CORALIA VALLETTA IMO 9728239 Beaumont Terminal NEDERLAND, TX#32Annual Adjusted EBITDA $MM (1) 2023 Sensitivities Midstream DCP (net to Phillips 66) (2) - 10¢/Gal Increase in NGL price 10¢/MMBtu Increase in Natural Gas price $1/BBL Increase in WTI price Chemicals - CPChem (net to Phillips 66) 1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) Worldwide Refining $1/BBL Increase in Gasoline Margin $1/BBL Increase in Distillate Margin Impacts due to Actual Crude Feedstock Differing from Feedstock Assumed in Market Indicators: $1/BBL Widening WTI / WCS Differential (WTI less WCS) $1/BBL Widening LLS / Maya Differential (LLS less Maya) $1/BBL Widening LLS/WTI Differential (LLS less WTI) $1/BBL Widening WTI / WTS Differential (WTI less WTS) 10¢/MMBtu Increase in Natural Gas price 1) Sensitivities shown above are independent and are only valid within a limited range 2) Annualized sensitivity of $45 MM based on current 43% economic interest and $85 MM based on post-public unit buy-in of 87% economic interest 45/85 3/5 2/4 65 320 285 100 75 25 30 (15) PHILLIPS 32 66#33Our Energy In Action PHILLIPS 66 Sustainability 2022 REPORT ENERGY 2022 Human Capital Management PHILLIPS 66 PROVIDING ENERGY IMPROVING LIVES. Our people 2022 REPORT HUMAN CAPITAL MANAGEMENT GOOD ENER PHILLIPS 66 PROVIDING ENERGY IMPROVING LIVES. our company 2022 REPORT YEAR IN REVIEW 2023 Proxy Statement PHILLIPS 66 PROVIDING ENERGY IMPROVING LIVES proxy 2023 PROXY STATEMENT 2022 Sustainability Report OOD ENEP 2022 Year In Review 33 PHILLIPS 66#34Footnotes General Information disclosed is as of March 31, 2023, unless noted otherwise. Numbers may not appear to tie due to rounding. Chevron Phillips Chemical may be abbreviated as CPChem. Marketing and Specialties may be abbreviated as M&S. Date Conventions 22 is as of December 31, 2022, or the twelve-month period ended December 31, 2022, as applicable; except as otherwise noted. 1Q23 is as of March 31, 2023, or the three-month period ended March 31, 2023, as applicable; except as otherwise noted. 23B represents previously announced Budget. 23E represents 2023 Estimate 24E represents 2024 Estimate Maps Maps, images and drawings are for informational purposes only and may not be to scale. PHILLIPS 34 66#35Footnotes Operating Excellence Industry averages are from: Phillips 66 - American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical LLC (CPChem) - American Fuel & Petrochemical Manufacturers (AFPM) chemicals data, DCP Midstream, LLC (DCP Midstream) - Gas Processors Association (GPA). Phillips 66, CPChem and DCP Midstream safety metrics as of December 31, 2022. Industry safety metrics as of 2021. Source: Bureau of Labor Statistics. Phillips 66 refining crude capacity utilization excludes Alliance Refinery beginning in fourth quarter 2021 Industry refining crude capacity utilization through March 31, 2023. Source: EIA. Value Creation Supports Distributions Mid-cycle adjusted CFO represents estimated cash from operating activities less estimated distributions to noncontrolling interests. The most directly comparable GAAP financial measure is cash from operating activities. Mid-cycle CFO calculated using the following methodology: average adjusted EBITDA from 2012 to 2019 for Refining; Marketing and Specialties, and Corporate. 2020 and 2021 adjusted EBITDA excluded due to COVID-19 impacts. Mid-cycle adjusted EBITDA involves forward-looking estimates and therefore a reconciliation cannot be provided. Value Creation Adjusted EBITDA Growth Mid-cycle adjusted EBITDA represents historical average adjusted EBITDA (2012 to 2019) for our Refining and Chemicals operating segments and adjusted 2021 EBITDA for our Midstream and M&S operating segments and for our corporate expenses. 2020 and 2021 adjusted EBITDA excluded due to COVID-19 impacts. These EBITDA amounts were further adjusted for estimated EBITDA from the completion of operating segment growth projects, expected operating, SG&A and freight cost savings from our Business Transformation, current operating capacities and certain market impacts. The most directly comparable GAAP performance measure for the consolidated company is net income and the most directly comparable GAAP performance measure for a segment is income before income taxes. Sustainably Transform Our Cost Structure Cost Savings Targets are expected to be reflected in either operating expenses, selling, general and administrative expenses, depreciation and amortization expenses or purchased crude oil and products costs line items on our consolidated statement of income. PHILLIPS 35 66#36Footnotes Economic Interests in DCP Midstream Affiliates of Phillips 66, as the holders of a majority of the outstanding DCP common units, have delivered their consent to approve the transaction. As a result, DCP has not solicited and is not soliciting approval of the transaction by any other holders of DCP common units. The receipt of cash for DCP common units pursuant to the transaction will be a taxable transaction to U.S. Holders for U.S. federal income tax purposes. DCP Midstream adjusted EBITDA assumes the acquisition of all outstanding public common units of DCP Midstream, LP plus our increased economic interest in DCP Midstream as a result of the merger of DCP Midstream, LLC and Gray Oak Holdings, LLC, excluding the impact from decreased ownership in Gray Oak Pipeline. Synergy capture expected on a run-rate basis. Additional Information and Where You Can Find It This presentation does not constitute a solicitation of any vote or approval with respect to the proposed transaction. This presentation relates to a proposed business combination between Phillips 66 and DCP. In connection with the proposed transaction, Phillips 66 and DCP expect to file an information statement and other documents with the U.S. Securities and Exchange Commission ("SEC"). INVESTORS AND SECURITYHOLDERS OF PHILLIPS 66 AND DCP ARE ADVISED TO CAREFULLY READ ANY INFORMATION STATEMENT AND ANY OTHER DOCUMENTS THAT HAVE BEEN FILED OR MAY BE FILED WITH THE SEC (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. The definitive information statement, when available, will be sent to securityholders of DCP relating to the proposed transaction. Investors and securityholders may obtain a free copy of such documents and other relevant documents (if and when available) filed by Phillips 66 or DCP with the SEC from the SEC's website at www.sec.gov. Securityholders and other interested parties will also be able to obtain, without charge, a copy of such documents and other relevant documents (if and when available) from Phillips 66's website at www.phillips66.com under the "Investors" tab under the heading "SEC Filings" under the "Financial Information" sub-tab or from DCP's website at www.dcpmidstream.com under the "Investors" tab and the "SEC Filings" sub-tab. Participants in the Solicitation Phillips 66, DCP and their respective directors, executive officers and certain other members of management may be deemed to be participants in the solicitation of consents in respect of the transaction. Information about these persons is set forth in Phillips 66's proxy statement relating to its 2023 Annual Meeting of Stockholders, which was filed with the SEC on March 30, 2023; Phillips 66's Annual Report on Form 10-K, which was filed with the SEC on February 22, 2023; certain of Phillips 66's Current Reports on Form 8-K; DCP's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 17, 2023, and subsequent statements of changes in beneficial ownership on file with the SEC. Securityholders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies' securityholders generally, by reading the information statement and other relevant documents regarding the transaction (if and when available), which may be filed with the SEC. PHILLIPS 36 66#37Non-GAAP Reconciliation Reconciliation of Phillips 66 Net Income (Loss) to Adjusted EBITDA Phillips 66 net income (loss) Plus: Income tax expense (benefit) Net interest expense Depreciation and amortization Phillips 66 EBITDA* Special Item Adjustments (pre-tax): Impairments by equity affiliates Millions of Dollars 2019 2020 2021 2022 1Q 2023 $ 3,377 (3,714) 1,594 11,391 2,077 801 (1,250) 146 3,248 574 415 485 583 537 124 1,341 1,395 1,605 1,629 476 5,934 (3,084) 3,928 16,805 3,251 47 15 Pending claims and settlements (21) (37) Certain tax impacts (90) (6) (11) Net gain on asset dispositions (17) (93) Impairments 853 4,241 1,496 Lower-of-cost-or-market inventory adjustments 65 (55) Pension settlement expense 81 0 Hurricane-related costs (recovery) 43 1874 (36) 77 45 (21) Winter-storm-related costs 51 20 Alliance shutdown-related costs 1 31 70 Regulatory compliance costs Business transformation restructuring costs² DCP integration restructuring costs³ Merger transaction costs Gain related to merger of businesses (88) 221 159 35 18 12 13 (3,013) Total Special Item Adjustments (pre-tax) 837 4,189 1,601 (2,754) 11 Change in Fair Value of NOVONIX Investment (370) 442 12 PHILLIPS 37 66#38Non-GAAP Reconciliation 2019 Millions of Dollars 2020 2021 2022 1Q 2023 Reconciliation of Phillips 66 Net Income (Loss) to Adjusted EBITDA (cont'd) Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*, 4 6,771 1,105 5,159 14,493 3,274 Other Adjustments (pre-tax) 5: Proportional share of selected equity affiliates income taxes 114 77 182 143 29 Proportional share of selected equity affiliates net interest 182 226 242 175 24 Proportional share of selected equity affiliates depreciation and amortization 799 816 812 788 186 Adjusted EBITDA attributable to joint venture partners' noncontrolling interests Adjusted EBITDA attributable to public ownership interest in PSXP+ Phillips 66 Adjusted EBITDA* (37) (81) (427) (226) (413) (353) (393) (82) $ 7,453 1,834 5,921 15,090 3,287 *Refer to changes in "Basis of Presentation" on pg. 2. + On March 9, 2022, Phillips 66 Partners, LP, became a wholly owned subsidiary of Phillips 66 1 Costs related to the shutdown of the Alliance Refinery totaled $192 in 2021. Shutdown-related costs recorded in the Refining segment include pre-tax charges for asset retirements of $91 million recorded in depreciation and amortization expense, and severance and other exit costs of $31 million. Shutdown-related costs in the Midstream segment include asset retirements of $70 million pre-tax recorded in depreciation and amortization expense. Costs related to the shutdown of the Alliance Refinery totaled $26 million pre-tax in 2022. Shutdown-related costs recorded in the Refining segment include pre-tax charges for the disposal of materials and supplies of $20 million, and asset retirements of $6 million recorded in depreciation and amortization expense. 2 Restructuring costs, related to Phillips 66's multi-year business transformation efforts, are primarily due to consulting fees. Additionally, 2022 included a held-for-sale asset impairment of $45 million. 3 Restructuring costs, related to the integration of DCP Midstream, primarily reflect severance costs and consulting fees. A portion of these costs are attributable to noncontrolling interests. 42021 information has been recast to exclude the change in fair value of our investment in NOVONIX. 5 Prior period information has been recast to include additional equity affiliates and for adjustments to basis difference amortization. 38 PHILLIPS 66#39Non-GAAP Reconciliation Reconciliation of Midstream Pre-Tax Income (Loss) to Adjusted EBITDA Midstream pre-tax income (loss) Plus: Millions of Dollars 2019 2020 2021 2022 1Q 2023 $ 597 (116) 1,500 4,734 702 Depreciation and amortization Midstream EBITDA* Special Item Adjustments (pre-tax): Impairments Impairments by equity affiliates Hurricane-related costs Winter-storm-related costs Lower-of-cost-or-market inventory adjustments Net gain on asset dispositions Pension settlement expense Merger transaction costs Gain related to merger of business 291 313 425 568 224 888 197 1,925 5,302 926 853 1,461 208 47 ☑│ L 4 (84) (36) 8 13 (3,013) DCP integration restructuring costs¹ 18 12 Total Special Item Adjustments (pre-tax) 900 1,391 222 (2,982) (24) Change in Fair Value of NOVONIX Investment (370) 442 12 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*, 2 1,788 1,588 1,777 2,762 914 Other Adjustments (pre-tax)³: Proportional share of selected equity affiliates income taxes Proportional share of selected equity affiliates net interest Proportional share of selected equity affiliates depreciation and amortization Adjusted EBITDA attributable to joint venture partners' noncontrolling interests, excluding PSXP Midstream Adjusted EBITDA* - $ 2,175 12 9 14 13 4 138 161 169 119 13 237 224 229 209 41 (37) (81) (427) (226) 1,945 2,108 2,676 746 * Refer to changes in "Basis of Presentation" discussion on pg 2. 1 Restructuring costs, related to the integration of DCP Midstream, primarily reflect severance costs and consulting fees. A portion of these costs are attributable to noncontrolling interests. 22021 information has been recast to exclude the change in fair value of our investment in NOVONIX. 3 Prior period information has been recast to include additional equity affiliates and for adjustments to basis difference amortization. PHILLIPS 39 66#40Non-GAAP Reconciliation Reconciliation of Midstream - Transportation Pre-Tax Income to Adjusted EBITDA Midstream pre-tax income Plus: Depreciation and amortization Midstream EBITDA* Special Item Adjustments (pre-tax): Impairments Hurricane-related costs Winter-storm-related costs Net gain on asset dispositions Gain related to merger of business Total Special Item Adjustments (pre-tax) EBITDA, Adjusted for Special Items* Other Adjustments (pre-tax)1: Proportional share of selected equity affiliates income taxes Proportional share of selected equity affiliates net interest Proportional share of selected equity affiliates depreciation and amortization Adjusted EBITDA attributable to joint venture partners' noncontrolling interests, excluding PSXP Midstream Adjusted EBITDA* Millions of Dollars 2019 2020 2021 2022 1Q 2023 $ 947 508 678 1,176 306 152 159 234 174 40 1,099 667 912 1,350 346 300 208 4 - 1 (84) (36) (182) 220 209 (182) (36) 1,099 887 1,121 1,168 310 12 9 14 12 4 61 161 84 69 13 118 224 150 136 27 (37) (81) (59) (4) $ 1,290 1,244 1,288 1,326 350 * Refer to changes in "Basis of Presentation" discussion on pg 2. 1 Prior period information has been recast to include additional equity affiliates and for adjustments to basis difference amortization. PHILLIPS 40 66#41Non-GAAP Reconciliation Reconciliation of Midstream - NGL & Other Pre-Tax Income (Loss) to Adjusted EBITDA Midstream pre-tax income (loss) Plus: Depreciation and amortization Midstream EBITDA* Special Item Adjustments (pre-tax): Impairments Impairments by equity affiliates Hurricane-related costs Winter-storm-related costs Lower-of-cost-or-market inventory adjustments Net gain on asset dispositions Pension settlement expense Merger transaction costs Gain related to merger of business DCP integration restructuring costs 1 Total Special Item Adjustments (pre-tax) EBITDA, Adjusted for Special Items* Other Adjustments (pre-tax)2: 2019 Millions of Dollars 2020 2021 2022 1Q 2023 (350) (624) 452 4,000 408 139 154 191 394 184 (211) (470) 643 4,394 592 853 1,161 47 1 9 4 13 (2,831) 18 12 900 1,171 13 (2,800) 12 689 701 656 1,594 604 Proportional share of selected equity affiliates income taxes 9 1 Proportional share of selected equity affiliates net interest 77 161 85 50 Proportional share of selected equity affiliates depreciation and amortization 119 224 79 73 14 Adjusted EBITDA attributable to joint venture partners' noncontrolling interests, excluding PSXP Midstream Adjusted EBITDA* (37) (368) (222) $ 885 1,058 820 1,350 396 * Refer to changes in "Basis of Presentation" discussion on pg 2. 1 Restructuring costs, related to the integration of DCP Midstream, primarily reflect severance costs and consulting fees. A portion of these costs are attributable to noncontrolling interests. 2 Prior period information has been recast to include additional equity affiliates and for adjustments to basis difference amortization. 41 PHILLIPS 66#42Non-GAAP Reconciliation Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA Chemicals pre-tax income Plus: None Chemicals EBITDA Special Item Adjustments (pre-tax): Impairments by equity affiliates Pension settlement expense Hurricane-related costs Winter-storm-related costs Lower-of-cost-or-market inventory adjustments Chemicals EBITDA, Adjusted for Special Items Other Adjustments (pre-tax)+: Millions of Dollars 2019 2020 2021 2022 1Q 2023 $ 879 635 1,844 856 198 - — 879 635 1,844 856 198 21 15 I w ~ G - 22 1 32 65 (57) ― 944 617 1,899 856 198 Proportional share of selected equity affiliates income taxes 79 47 144 104 20 20 Proportional share of selected equity affiliates net interest 40 44 48 26 1 Proportional share of selected equity affiliates depreciation and amortization Chemicals Adjusted EBITDA 425 423 411 411 102 $ 1,488 1,131 2,502 1,397 321 + Prior period information has been recast to include adjustments for basis difference amortization. PHILLIPS 42 66#43Non-GAAP Reconciliation Reconciliation of Refining Pre-Tax Income (Loss) to Adjusted EBITDA Refining pre-tax income (loss) Plus: Depreciation and amortization Refining EBITDA* Special Item Adjustments (pre-tax): Pending claims and settlements Certain tax impacts Hurricane-related costs (recovery) Winter-storm-related costs Asset dispositions Impairments Pension settlement expense Alliance shutdown-related costs1 Regulatory compliance costs Refining EBITDA, Adjusted for Special Items* Other Adjustments (pre-tax)+: Proportional share of selected equity affiliates income taxes Proportional share of selected equity affiliates net interest Proportional share of selected equity affiliates depreciation and amortization Refining Adjusted EBITDA* Millions of Dollars 2019 2020 2021 2022 1Q 2023 $ 2,132 (6,022) (2,353) 7,816 1,608 867 2,999 896 984 866 202 (5,126) (1,369) 8,682 1,810 8། ། | (21) (17) 2,755 1,288 33 ཚ། ། 8⊕| (6) (11) 40 (21) 17 41 37 31 20 (88) 70 2,961 (2,303) (55) 8,751 1,810 2 9 6 1 92 23 57 8,851 1,834 (2) - (3) 97 105 3 103 $ 3,055 (2,197) 1 Costs related to the shutdown of the Alliance Refinery totaled $192 in 2021. Shutdown-related costs recorded in the Refining segment include pre-tax charges for asset retirements of $91 million recorded in depreciation and amortization expense, and severance and other exit costs of $31 million. Shutdown-related costs in the Midstream segment include asset retirements of $70 million pre-tax recorded in depreciation and amortization expense. Costs related to the shutdown of the Alliance Refinery totaled $26 million pre-tax in 2022. Shutdown-related costs recorded in the Refining segment include pre-tax charges for the disposal of materials and supplies of $20 million, and asset retirements of $6 million recorded in depreciation and amortization expense. * Refer to changes in "Basis of Presentation" discussion on pg 2. + Prior period information has been recast to include adjustments for basis difference amortization. PHILLIPS 43 66#44Non-GAAP Reconciliation Reconciliation of Marketing & Specialties Pre-Tax Income to Adjusted EBITDA Marketing and Specialties pre-tax income Plus: Depreciation and amortization Marketing & Specialties EBITDA* Special Item Adjustments (pre-tax): Pending claims and settlements Lower-of-cost-or-market inventory adjustments Certain tax impacts Hurricane-related costs Pension settlement expense Marketing & Specialties EBITDA, Adjusted for Special Items* Other Adjustments (pre-tax)+: Millions of Dollars 2019 2020 2021 2022 1Q 2023 $ 1,374 1,421 1,723 2,402 426 103 103 113 110 27 1,477 1,524 1,836 2,512 453 (37) (90) 3 6 1,387 1,497 6 1,842 2,512 453 Proportional share of selected equity affiliates income taxes 23 23 24 24 5 сл Proportional share of selected equity affiliates net interest 7 18 16 24 Proportional share of selected equity affiliates depreciation and amortization Marketing & Specialties Adjusted EBITDA* 40 64 69 76 20 $ 1,457 1,602 1,951 2,636 487 *Refer to changes in "Basis of Presentation" on pg. 2. † Prior period information has been recast to include additional equity affiliates and for adjustments to basis difference amortization. 44 PHILLIPS 66#45Non-GAAP Reconciliation Proportional Share of Select Equity Affiliates Capital Expenditures and Investments* CPChem (Chemicals) Growth Sustaining Total WRB (Refining) Select Equity Affiliates * SA EA Millions of Dollars 2019 2020 2021 2022 2023 Budget 155 104 191 499 702 227 180 176 202 223 382 284 367 701 925 175 175 229 177 216 557 459 596 878 1,141 Represents Phillips 66's portion of self-funded capital spending by DCP Midstream, LLC (DCP Midstream), Chevron Phillips Chemical Company LLC (CPChem) and WRB Refining LP (WRB). PHILLIPS 45 66#46Non-GAAP Reconciliation 2019 2020 Millions of Dollars 2021 Phillips 66 Capital Expenditures and Investments* Midstream Growth Sustaining Total Refining Growth Sustaining Total 2022 2023 Budget 1,549 1,471 501 744 310 251 204 232 299 329 1,800 1,675 733 1,043 639 464 328 280 477 729 606 499 504 451 389 1,070 827 784 928 1,118 Marketing & Specialties Growth 299 114 147 48 95 Sustaining 75 59 55 41 39 Total 374 173 202 89 134 Corporate & Other Growth Sustaining Total Total Consolidated 7 4 1 199 180 140 127 108 206 184 141 134 108 Growth 2,319 1,917 929 1,276 1,134 Sustaining 1,131 942 931 918 865 Adjusted Capital Spending 3,450 2,859 1,860 2,194 1,999 Capital Spending Funded by Certain Joint Venture Partners 423 61 _ ― Total Capital Spending 3,873 2,920 1,860 2,194 1,999 * Refer to changes in "Basis of Presentation" discussion on pg 2 PHILLIPS 46 66#47Non-GAAP Reconciliation 2019 Millions of Dollars (Except as Indicated) 2020 2021 2022 1Q 2023 Total Debt 11,763 15,893 14,448 17,190 Total Equity 27,169 21,523 21,637 34,106 18,485 34,916 Debt-to-Capital Ratio 30 % 42 % 40 % 34 % 35 % Total Cash 1,614 2,514 3,147 6,133 Net Debt-to-Capital Ratio 27 % 38 % 34 % 24 % 6,965 25 % PHILLIPS 47 66#48Non-GAAP Reconciliation Phillips 66 ROCE Millions of Dollars (Except as Indicated) 2019 2020 2021 2022 1Q 2023 Numerator Net income (loss) 3,377 (3,714) After-tax interest expense 362 394 1,594 459 11,391 489 2,077 151 GAAP ROCE earnings (loss) 3,739 (3,320) 2,053 11,880 2,228 After-tax special items 581 3,598 1,257 (2,113) 9 Adjusted ROCE earnings 4,320 278 3,310 9,767 2,237 Denominator GAAP average capital employed* 38,622 38,174 36,751 43,691 52,349 *Total equity plus debt. GAAP ROCE (percent) Adjusted ROCE (percent) 10 % 11 % (9)% 1 % 6 % 27 % 17 % 9% 22 % 17 % PHILLIPS 48 66