Phillips 66 DCP Merger Proposal

Footnotes Operating Excellence Industry averages are from: Phillips 66 - American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical LLC (CPChem) - American Fuel & Petrochemical Manufacturers (AFPM) chemicals data, DCP Midstream, LLC (DCP Midstream) - Gas Processors Association (GPA). Phillips 66, CPChem and DCP Midstream safety metrics as of December 31, 2022. Industry safety metrics as of 2021. Source: Bureau of Labor Statistics. Phillips 66 refining crude capacity utilization excludes Alliance Refinery beginning in fourth quarter 2021 Industry refining crude capacity utilization through March 31, 2023. Source: EIA. Value Creation Supports Distributions Mid-cycle adjusted CFO represents estimated cash from operating activities less estimated distributions to noncontrolling interests. The most directly comparable GAAP financial measure is cash from operating activities. Mid-cycle CFO calculated using the following methodology: average adjusted EBITDA from 2012 to 2019 for Refining; Marketing and Specialties, and Corporate. 2020 and 2021 adjusted EBITDA excluded due to COVID-19 impacts. Mid-cycle adjusted EBITDA involves forward-looking estimates and therefore a reconciliation cannot be provided. Value Creation Adjusted EBITDA Growth Mid-cycle adjusted EBITDA represents historical average adjusted EBITDA (2012 to 2019) for our Refining and Chemicals operating segments and adjusted 2021 EBITDA for our Midstream and M&S operating segments and for our corporate expenses. 2020 and 2021 adjusted EBITDA excluded due to COVID-19 impacts. These EBITDA amounts were further adjusted for estimated EBITDA from the completion of operating segment growth projects, expected operating, SG&A and freight cost savings from our Business Transformation, current operating capacities and certain market impacts. The most directly comparable GAAP performance measure for the consolidated company is net income and the most directly comparable GAAP performance measure for a segment is income before income taxes. Sustainably Transform Our Cost Structure Cost Savings Targets are expected to be reflected in either operating expenses, selling, general and administrative expenses, depreciation and amortization expenses or purchased crude oil and products costs line items on our consolidated statement of income. PHILLIPS 35 66

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