Phillips 66 DCP Merger Proposal

Optimizing 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

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