Phillips 66 DCP Merger Proposal

Adjusted 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

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