Phillips 66 DCP Merger Proposal

Enhanced Midstream Business Top-quartile safety performance DCP assets increase NGL operational size and scale Adjusted EBITDA ($B) 2.2 1.9 2.1 2.7 Transportation NGL & Other 0.8 Extend participation in full NGL value chain Portfolio highly integrated with Refining and Marketing Assets backed by long-term, fee-based contracts 19 20 21 22 22 1Q23 Adjusted Capital Expenditures and Investments ($B) 1.8 1.7 Sustaining Growth 1.0 0.7 0.6 Midstream platform for growth 1) Excludes changes in fair value of our investment in NOVONIX 2) Includes a $150 million investment in NOVONIX 19 20 ང 212 22 22 23B PHILLIPS 12 66

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