Phillips 66 DCP Merger Proposal

Non-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

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