Phillips 66 DCP Merger Proposal

Demand Growth Drives World-Scale Projects Golden Triangle Polymer Project World-scale ethylene and polyethylene facilities on US Gulf Coast expected to start up in 2026 CPChem 51% equity interest 4.6 B pounds per year ethane cracker; two high-density polyethylene units with a combined capacity of 4.4 B pounds per year Ras Laffan Petchem Project World-scale ethylene and polyethylene facility in Qatar expected start up in 2026 CPChem 30% equity interest 4.6 B pounds per year ethane cracker; two high-density polyethylene units with a combined capacity of 3.7 B pounds per year Other Growth Projects Second world-scale 1-hexene unit expected to start up in 2023 New propylene splitting capacity expected to start up in 2023 Polyethylene Global Demand (Billion pounds) L HDPE LLDPE LDPE 308 299 289 279 269 259 23 24 25 26 25 CAGR 3.5% 27 27 28 PAO production capacity in Belgium expected to increase in 2024 PAO Polyalphaolefins; Growth projects above expected to add over 8.3 million pounds to CPChem net worldwide capacity, a 20% increase from December 31, 2021. Source: IHS Markit Polyethylene Global Demand PHILLIPS 18 66

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