Phillips 66 DCP Merger Proposal

Disciplined Approach to Capital Spending Capital Expenditures and Investments ($B) 3.5 2.9 19 1.9 Sustaining Growth Adjusted ROCE (% After-Tax) 2.2 2.0 11% 9% 1% 19 20 21 22 23B 19 20 21 See appendix for footnotes 22% 17% 22 22 1Q23 PHILLIPS 28 66

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