Phillips 66 DCP Merger Proposal

Value Creation Supports Distributions Strong balance sheet and investment grade credit ratings Sustaining capital for asset integrity, safety and environmental projects Secure, competitive and growing dividend Intrinsic value approach to share repurchases Continued debt repayment Disciplined growth capital Minimum 40% shareholder distributions See appendix for footnotes Adjusted CFO Capital Allocation ($B) Sustaining Capital Dividends Discretionary $10 $7 Mid-Cycle 22 Mid-Cycle 25 PHILLIPS 10 66

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