Phillips 66 DCP Merger Proposal

Sustainably Transform Our Cost Structure Organization committed to reducing costs Sustainable cost reductions driven to bottom line Lower-cost operating model Empower innovation and agility mindset Establish culture of transformation and cost discipline Continue to identify opportunities Estimated Annualized Run Rate Cost Savings ($MM) Freight Costs Other Operating and SG&A Expenses Refining Operating and SG&A Expenses ■Sustaining Capital ~$600 -$500 -$1,000 See appendix for footnotes YE 2022 1Q 2023 YE 2023 PHILLIPS 8 66

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