Phillips 66 DCP Merger Proposal

Enhance Market Capture Ferndale West Coast 319 MBD San Francisco Los Angeles See appendix for footnotes السلام Western Canadian Crude Billings Bakken Eastern Canadian Crude Ponca City Borgern Permian Sweeny Atlantic Basin Europe: 537 MBD Wood River Central Corridor 531 MBD Gulf Coast 529 MBD Lake Charles Bayway +5% market capture +$400 MM realized margin improvement in mid-cycle conditions PHILLIPS 21 66

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