Phillips 66 DCP Merger Proposal

Wellhead 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

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