Phillips 66 DCP Merger Proposal

Non-GAAP Reconciliation Phillips 66 ROCE Millions of Dollars (Except as Indicated) 2019 2020 2021 2022 1Q 2023 Numerator Net income (loss) 3,377 (3,714) After-tax interest expense 362 394 1,594 459 11,391 489 2,077 151 GAAP ROCE earnings (loss) 3,739 (3,320) 2,053 11,880 2,228 After-tax special items 581 3,598 1,257 (2,113) 9 Adjusted ROCE earnings 4,320 278 3,310 9,767 2,237 Denominator GAAP average capital employed* 38,622 38,174 36,751 43,691 52,349 *Total equity plus debt. GAAP ROCE (percent) Adjusted ROCE (percent) 10 % 11 % (9)% 1 % 6 % 27 % 17 % 9% 22 % 17 % PHILLIPS 48 66

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