Phillips 66 DCP Merger Proposal

Improve Refining Performance Maintain operating excellence Increase asset availability Enhance market capture Reduce operating costs by $0.75/bbl Manage the portfolio Low-capital, high-return projects Adjusted EBITDA ($B) 3.0 0.1 (2.2) 19 20 21 Capital Expenditures and Investments ($B) 8.9 22 22 1.1 0.9 0.9 0.8 19 20 20 21 22 22 1.8 1Q23 Sustaining Return 1.1 23B PHILLIPS 20 66

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