Phillips 66 DCP Merger Proposal

Chemicals Outlook 2019-2022 Ethylene Production Cost Curve (Cents per pound) CPChem portfolio well-positioned for access to advantaged feedstock with heavy footprint in North America and Middle East Expanding global middle class is increasing demand forecast for polyethylene at a 3.5% CAGR 40 30 Meeting strong demand for food packaging, medical supplies and other consumer products Source: IHS Markit. Conversion; 1 million metric tons = 2.2 million pounds 20 20 10 Middle East 50 60 N.A. Propane N.A. Ethane S.E. Asia N.A. Naphtha N.E. Asia N.A. Butane W. Europe Naphtha 100 Cumulative Production - Million Metric Tons 150 200 PHILLIPS 17 66

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