Phillips 66 DCP Merger Proposal

Non-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

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