Phillips 66 DCP Merger Proposal

Economic Interests in DCP Midstream Public buy-in increases Phillips 66 economic interest in DCP to ~87% $1 billion uplift to Phillips 66 adjusted EBITDA Capture at least $300 million in commercial and operating synergies by 2025 Closing expected to occur in the second quarter of 2023, subject to customary closing conditions, at which time DCP common units will be delisted dcp Midstream Economic Interests in DCP Before Transactions Post Realignment Post Public Buy-In 8/17/2022 PHILLIPS 28.26% 66 43.31% 86.80% ENBRIDGE 28.26% 13.20% 13.20% Public Common Units 43.49% 43.49% 0% 100.00% 100.00% 100.00% See appendix for footnotes. 13 PHILLIPS 66

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