Phillips 66 DCP Merger Proposal

Financial Strength and Flexibility Peer-leading investment grade credit rating Disciplined capital allocation Secure, competitive and growing dividend Intrinsic value approach to share repurchases Well-laddered debt maturities Target net debt-to-capital ratio of 25-30% Consolidated PSX Capital Structure ($B) 42% 40% Equity $B Debt $B Cash & Cash Equivalents $B Debt to Capital Net Debt to Capital 35% 38% 34% 30% 34% 27% 34.1 24% 34.9 25% 27.2 21.5 21.6 18.5 17.2 15.9 14.4 11.8 1.6 2.5 19 20 3.1 21 22 6.1 1Q23 7.0 PHILLIPS 26 66

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