psx-20240426

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

April 26, 2024

Date of Report (date of earliest event reported)

Phillips 66

(Exact name of registrant as specified in its charter)


Delaware	001-35349	45-3779385
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2331 CityWest Boulevard

Houston, Texas 77042

(Address of Principal Executive Offices and Zip Code)

(832) 765-3010

Registrant's telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	PSX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 26, 2024, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended March 31, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

The information in this report and the exhibits attached hereto shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


99.1	—	Press release issued by Phillips 66 on April 26 , 2024
99.2	—	Supplemental financial and operating information.






104	—	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


						PHILLIPS 66

			By:			/s/ J. Scott Pruitt
						J. Scott Pruitt Vice President and Controller

Date: April 26, 2024

Document

Exhibit 99.1

http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.78748552.0001534701-24-000101psxphillips66b.jpg.ashx

Phillips 66 Reports 1Q 2024 Financial Results,

Highlights Strategic Priorities Progress

First-Quarter Results

•First-quarter earnings of $748 million or $1.73 per share; adjusted earnings of $822 million or $1.90 per share

•$1.6 billion returned to shareholders through dividends and share repurchases

•Refining operated at 92% crude utilization

•Recently announced 10% increase to the quarterly dividend to $1.15 per common share

•Earned industry recognition for 2023 exemplary safety performance in Midstream, Refining and Chemicals

Strategic Priorities Highlights

•Returned $9.9 billion to shareholders through dividends and share repurchases since July 2022

•On track to achieve $1.4 billion of business transformation cost and sustaining capital savings by year-end 2024

•Launched process to divest retail marketing assets in Germany and Austria

•Commenced operations at Rodeo Renewable Energy Complex

HOUSTON, April 26, 2024 – Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy company, announced first-quarter earnings of $748 million, compared with earnings of $1.3 billion in the fourth quarter. Excluding special items of $74 million, the company had adjusted earnings of $822 million in the first quarter, compared with fourth-quarter adjusted earnings of $1.4 billion.

“In the first quarter, we progressed our strategic priorities and returned $1.6 billion to shareholders,” said Mark Lashier, president and CEO of Phillips 66. “While our crude utilization rates were strong, our results were affected by maintenance that limited our ability to make higher-value products. We were also impacted by the renewable fuels conversion at Rodeo, as well as the effect of rising commodity prices on our inventory hedge positions. The maintenance is behind us, our assets are currently running near historical highs and we are ready to meet peak summer demand.

“We recently launched a process to sell our retail marketing business in Germany and Austria, consistent with our plan to divest non-core assets. A major milestone was achieved with the startup of our Rodeo Renewable Energy Complex, positioning Phillips 66 as a world leader in renewable fuels.

Page 1

“We remain committed to delivering increased value to our shareholders. We have returned $9.9 billion to shareholders through share repurchases and dividends since July 2022, on pace to meet our target of $13 billion to $15 billion by year-end 2024. Our strategic priorities put us on a clear path to achieve our $14 billion mid-cycle adjusted EBITDA target by 2025 and return over 50% of operating cash flows to shareholders.”

Midstream


	Millions of Dollars


	Pre-Tax Income			Adjusted Pre-Tax Income
	1Q 2024		4Q 2023	1Q 2024	4Q 2023
Transportation	$	243	334	302	334
NGL and Other	306		425	306	423
NOVONIX	5		(3)	5	(3)
Midstream	$	554	756	613	754

Midstream first-quarter 2024 pre-tax income was $554 million, compared with $756 million in the fourth quarter of 2023. Results in the first quarter included a $59 million asset impairment. Fourth - quarter results included a $2 million tax benefit.

Transportation first-quarter adjusted pre-tax income was $302 million, compared with adjusted pre-tax income of $334 million in the fourth quarter. The decline mainly reflects a decrease in throughput and deficiency revenues, partially offset by seasonally lower maintenance costs.

NGL and Other adjusted pre-tax income was $306 million in the first quarter, compared with adjusted pre-tax income of $423 million in the fourth quarter. The decrease was mainly due to a decline in margins, as well as lower volumes reflecting impacts from winter storms.

In the first quarter, the fair value of the company’s investment in NOVONIX, Ltd. increased by $5 million, compared with a $3 million decrease in the fourth quarter.

Chemicals

Millions of Dollars

Pre-Tax Income

Adjusted Pre-Tax Income

1Q 2024

4Q 2023

1Q 2024

4Q 2023

Chemicals

205

106

205

106

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals first-quarter 2024 reported and adjusted pre-tax income was $205 million, compared with fourth-quarter 2023 reported and adjusted pre-tax income of $106 million. The increase was mainly due to higher polyethylene margins driven by improved sales prices and a decline in feedstock costs, as well as lower turnaround costs.

Global olefins and polyolefins utilization was 96% for the quarter.

Page 2

Refining

Millions of Dollars

Pre-Tax Income

Adjusted Pre-Tax Income

1Q 2024

4Q 2023

1Q 2024

4Q 2023

Refining

131

814

228

797

Refining first-quarter 2024 reported pre-tax income was $131 million, compared with pre-tax income of $814 million in the fourth quarter of 2023. Results in the first quarter included a $104 million asset impairment and a $7 million benefit related to a legal settlement. Fourth-quarter results included a $17 million tax benefit.

Adjusted pre-tax income for Refining was $228 million in the first quarter, compared with adjusted pre-tax income of $797 million in the fourth quarter. The decrease was primarily due to a decline in realized margins driven by less favorable commercial results, inventory hedging impacts and lower Gulf Coast clean product realizations.

Refining pre-tax turnaround expense for the first quarter was $160 million, including $36 million related to the Rodeo Renewable Energy Complex. The crude utilization rate was 92%, clean product yield was 84% and market capture was 69%.

Marketing and Specialties

Millions of Dollars

Pre-Tax Income

Adjusted Pre-Tax Income

1Q 2024

4Q 2023

1Q 2024

4Q 2023

Marketing and Specialties

404

432

345

432

Marketing and Specialties first-quarter 2024 pre-tax income was $404 million, compared with $432 million in the fourth quarter of 2023. Results in the first quarter included a $59 million benefit related to a legal settlement.

Adjusted pre-tax income for Marketing and Specialties was $345 million in the first quarter, compared with $432 million in the fourth quarter. The decrease in the first quarter was mainly due to lower domestic marketing and lubricant margins.

Corporate and Other

Millions of Dollars

Pre-Tax Loss

Adjusted Pre-Tax Loss

1Q 2024

4Q 2023

1Q 2024

4Q 2023

Corporate and Other

(330)

(347)

(330)

(297)

Corporate and Other first-quarter 2024 pre-tax costs were $330 million, compared with pre-tax costs of $347 million in the fourth quarter of 2023. Results in the fourth quarter included restructuring costs of $50 million.

Adjusted pre-tax costs were $330 million in the first quarter of 2024, compared with $297 million in the fourth quarter. Increased costs in the first quarter were mainly due to higher net interest expense.

Page 3

Financial Position, Liquidity and Return of Capital

Cash used in operations was $236 million in the first quarter. Operating cash flow was $1.2 billion, excluding $1.4 billion of working capital impacts mainly due to inventory builds. The company had net debt issuances of $802 million.

During the first quarter, Phillips 66 funded $1.2 billion of share repurchases, $448 million in dividends and $628 million of capital expenditures and investments.

As of March 31, 2024, the company had $1.6 billion of cash and cash equivalents and $3.5 billion of committed capacity available under its credit facility. The company’s consolidated debt-to-capital ratio was 40% and its net debt-to-capital ratio was 38%. The company ended the quarter with 424 million shares outstanding.

Strategic Priorities and Business Update

Phillips 66 is executing its strategic priorities to increase mid-cycle adjusted EBITDA to $14 billion by 2025 and return over 50% of operating cash flow to shareholders. Since July 2022, the company has distributed $9.9 billion through share repurchases and dividends and is on pace to achieve its $13 billion to $15 billion target by year-end 2024.

Phillips 66 plans to monetize assets that no longer fit its long-term strategy. The company is progressing the potential divestiture of its retail marketing business in Germany and Austria. Completion of dispositions is subject to market and other conditions, including customary approvals.

The company achieved $1.24 billion in run-rate cost and sustaining capital savings through business transformation as of March 31, 2024. The company is targeting $1.4 billion in run-rate savings by the end of 2024.

Phillips 66 is capturing value from its Midstream NGL wellhead-to-market strategy. The company’s increased ownership of DCP Midstream has provided an incremental $1.25 billion toward its 2025 mid-cycle adjusted EBITDA target, including approximately $250 million of synergies. The company remains focused on capturing over $400 million of run-rate commercial and operating synergies by the end of 2024.

In Chemicals, CPChem is building world-scale petrochemical facilities with a joint-venture partner on the U.S. Gulf Coast and in Ras Laffan, Qatar. Both projects are expected to start up in 2026.

In Refining, the company continues to invest in high-return, low-capital projects to improve asset reliability and market capture. Since 2022, completed projects have added over 3% to market capture based on mid-cycle pricing.

During the first quarter, Phillips 66 achieved a significant milestone with the startup of the Rodeo Renewed project. The Rodeo Renewable Energy Complex is now producing 30,000 barrels per day of renewable fuels. The facility is on track to produce approximately 50,000 barrels per day (800 million gallons per year) of renewable fuels by the end of the second quarter, positioning Phillips 66 as a leader in renewable fuels.

Page 4

The American Fuel and Petrochemical Manufacturers (AFPM) recognized four Phillips 66 refineries and two CPChem facilities for exemplary safety performance in 2023. The Rodeo and Sweeny facilities both received the Distinguished Safety Award, the highest annual safety award in the industry. This was Sweeny Refinery’s third consecutive year to receive the honor. The Ponca City Refinery earned the Elite Platinum Award, and the Lake Charles Refinery secured the Elite Gold Award. In Midstream, the company received the first-place Division I 2023 GPA Midstream Safety Award for its gathering and processing operations.

Investor Webcast

Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s first-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.


Earnings
	Millions of Dollars
	2024		2023
	1Q			4Q	1Q
Midstream	$	554		756	702
Chemicals	205			106	198
Refining	131			814	1,608
Marketing and Specialties	404			432	426
Corporate and Other	(330)			(347)	(283)
Pre-Tax Income	964			1,761	2,651
Less: Income tax expense	203			476	574
Less: Noncontrolling interests	13			25	116
Phillips 66	$	748		1,260	1,961

Adjusted Earnings
	Millions of Dollars
	2024		2023
	1Q			4Q	1Q
Midstream	$	613		754	678
Chemicals	205			106	198
Refining	228			797	1,608
Marketing and Specialties	345			432	426
Corporate and Other	(330)			(297)	(248)
Pre-Tax Income	1,061			1,792	2,662
Less: Income tax expense	226			405	576
Less: Noncontrolling interests	13			25	121
Phillips 66	$	822		1,362	1,965

Page 5

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading diversified and integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

- # # # -


CONTACTS
Jeff Dietert (investors)	Owen Simpson (investors)	Thaddeus Herrick (media)
832-765-2297	832-765-2297	855-841-2368
jeff.dietert@p66.com	owen.simpson@p66.com	thaddeus.f.herrick@p66.com

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS

OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “adjusted EBITDA,” “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: fluctuations in NGL, crude oil, refined petroleum product and natural gas prices, and refining, marketing and petrochemical margins; changes in governmental policies or laws that relate to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels that regulate profits, pricing, or taxation, or other regulations that limit or restrict refining, marketing and midstream operations or restrict exports; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum products; our ability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; our ability to achieve the expected benefits of the integration of DCP Midstream, LP, including the realization of synergies; the success of the company’s business transformation initiatives and the realization of savings and cost reductions from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, asset dispositions or acquisitions that we may pursue; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Page 6

Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted pre-tax costs,” “adjusted earnings per share,” “operating cash flow, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

This news release also includes the term “mid-cycle adjusted EBITDA,” which is a forward-looking non-GAAP financial measure. EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, and depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Mid-cycle adjusted EBITDA is defined as the average adjusted EBITDA generated over a complete economic cycle. Mid-cycle adjusted EBITDA estimates or targets depend on future levels of revenues and expenses, including amounts that will be attributable to noncontrolling interests, which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation of projected mid-cycle adjusted EBITDA to consolidated net income or segment income before income taxes without unreasonable effort.

References in the release to earnings refer to net income attributable to Phillips 66. References in the release to shareholder distributions refers to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. References to run-rate cost savings includes cost savings and references to run-rate synergies include costs savings and other benefits that will be reflected in the sales and other operating revenues, purchased crude oil and products costs, operating expenses, selling, general and administrative expenses and equity in earnings of affiliates lines on our consolidated statement of income when realized. References to run-rate sustaining capital savings includes savings that will be reflected in the capital expenditures and investments on our consolidated statement of cash flows when realized. References to run-rate savings represent the sum of run-rate cost savings and run-rate sustaining capital savings.

Page 7





	Millions of Dollars
	Except as Indicated
	2024		2023
	1Q			4Q	1Q
Reconciliation of Consolidated Earnings to Adjusted Earnings
Consolidated Earnings	$	748		1,260	1,961
Pre-tax adjustments:
Impairments	163			—	—


Certain tax impacts	—			(19)	—




Net gain on asset disposition	—			—	(36)



Legal settlement	(66)			—	—
Business transformation restructuring costs1	—			50	35




DCP integration restructuring costs2	—			—	12
Tax impact of adjustments3	(23)			(12)	(2)
Other tax impacts	—			83	—
Noncontrolling interests	—			—	(5)
Adjusted earnings	$	822		1,362	1,965
Earnings per share of common stock (dollars)	$	1.73		2.86	4.20
Adjusted earnings per share of common stock (dollars)4	$	1.90		3.09	4.21

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income	$	554		756	702
Pre-tax adjustments:
Impairments	59			—	—

Certain tax impacts	—			(2)	—




Net gain on asset disposition	—			—	(36)




DCP integration restructuring costs2	—			—	12
Adjusted pre-tax income	$	613		754	678
Chemicals Pre-Tax Income	$	205		106	198
Pre-tax adjustments:





None	—			—	—
Adjusted pre-tax income	$	205		106	198
Refining Pre-Tax Income	$	131		814	1,608
Pre-tax adjustments:
Impairments	104			—	—
Certain tax impacts	—			(17)	—








Legal accrual	—			—	—
Legal settlement	(7)			—	—
Adjusted pre-tax income	$	228		797	1,608

Page 8



Marketing and Specialties Pre-Tax Income	$	404	432	426
Pre-tax adjustments:





Legal settlement	(59)		—	—

Adjusted pre-tax income	$	345	432	426
Corporate and Other Pre-Tax Loss	$	(330)	(347)	(283)
Pre-tax adjustments:





Business transformation restructuring costs1	—		50	35
Loss on early redemption of DCP debt	—		—	—
Adjusted pre-tax loss	$	(330)	(297)	(248)


1Restructuring costs, related to Phillips 66’s multi-year business transformation efforts, are primarily due to consulting fees and severance costs.
2Restructuring costs, related to the integration of DCP Midstream, primarily reflect severance costs and consulting fees. A portion of these costs are attributable to noncontrolling interests.
3We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.
4Q1 2024 and Q4 2023 are based on adjusted weighted-average diluted shares of 432,158 thousand and 440,582 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.






	Millions of Dollars
	Except as Indicated
	March 31, 2024
Debt-to-Capital Ratio
Total Debt	$	20,154
Total Equity	30,793
Debt-to-Capital Ratio	40		%
Total Cash	1,570
Net Debt-to-Capital Ratio	38		%




	Millions of Dollars
	March 31, 2024
Reconciliation of Net Cash Used in Operating Activities to Operating Cash Flow, Excluding Working Capital
Net Cash Used in Operating Activities	$	(236)
Less: Net Working Capital Changes	(1,447)
Operating Cash Flow, Excluding Working Capital	$	1,211

Page 9



	Millions of Dollars
	Except as Indicated
	2024		2023
	1Q		4Q
Reconciliation of Refining Income Before Income Taxes to Realized Refining Margins
Income before income taxes	$	131	814
Plus:
Taxes other than income taxes	86		87
Depreciation, amortization and impairments	321		227
Selling, general and administrative expenses	47		48
Operating expenses	1,021		1,086
Equity in (earnings) loss of affiliates	(108)		85
Other segment expense, net	1		5
Proportional share of refining gross margins contributed by equity affiliates	331		167
Special items:
Certain tax impacts	—		(15)

Legal settlement	(7)		—

Realized refining margins	$	1,823	2,504
Total processed inputs (thousands of barrels)	144,730		156,720
Adjusted total processed inputs (thousands of barrels)*	166,984		173,786
Income before income taxes (dollars per barrel)**	$	0.91	5.19
Realized refining margins (dollars per barrel)*****	$	10.91	14.41
*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
**Income before income taxes divided by total processed inputs.
***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Page 10

Document

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data


CONSOLIDATED INCOME STATEMENT

	Millions of Dollars, Except as Indicated
	2024							2023
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Revenues and Other Income
Sales and other operating revenues	35,811					35,811		34,396		35,090		39,643		38,270		147,399
Equity in earnings of affiliates	528					528		611		563		562		281		2,017
Net gain (loss) on dispositions	—					—		34		(12)		102		(9)		115
Other income**	97					97		48		99		15		197		359
Total Revenues and Other Income	36,436					36,436		35,089		35,740		40,322		38,739		149,890

Costs and Expenses
Purchased crude oil and products	32,386					32,386		29,341		30,571		34,330		33,844		128,086
Operating expenses	1,452					1,452		1,578		1,384		1,633		1,559		6,154
Selling, general and administrative expenses	557					557		605		593		669		658		2,525
Depreciation and amortization	504					504		476		495		488		518		1,977
Impairments	165					165		8		4		3		9		24
Taxes other than income taxes	165					165		207		174		171		155		707
Accretion on discounted liabilities	9					9		6		7		6		10		29
Interest and debt expense	227					227		192		266		221		218		897
Foreign currency transaction (gains) losses	7					7		25		2		(12)		7		22
Total Costs and Expenses	35,472					35,472		32,438		33,496		37,509		36,978		140,421
Income before income taxes	964					964		2,651		2,244		2,813		1,761		9,469
Income tax expense	203					203		574		510		670		476		2,230
Net Income	761					761		2,077		1,734		2,143		1,285		7,239
Less: net income attributable to noncontrolling interests*	13					13		116		37		46		25		224
Net Income Attributable to Phillips 66*	748					748		1,961		1,697		2,097		1,260		7,015


Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.74					1.74		4.21		3.73		4.72		2.87		15.56
Diluted	1.73					1.73		4.20		3.72		4.69		2.86		15.48

Weighted-Average Common Shares Outstanding (thousands)
Basic	428,959					428,959		464,810		454,450		444,283		437,365		450,136
Diluted	431,906					431,906		467,034		456,168		447,258		440,575		453,210






Effective tax rate (%)	21.1	%				21.1	%	21.7	%	22.7	%	23.8	%	27.0	%	23.6	%
Adjusted effective tax rate (%)	21.3	%				21.3	%	21.6	%	22.4	%	24.0	%	22.6	%	22.7	%
* Refer to Change in Basis of Presentation discussion on page 14.
** Includes the unrealized investment loss on our investment in NOVONIX Limited (NOVONIX). See NOVONIX Investment table on page 5 for more details.

Page 1

Phillips 66 Earnings Release Supplemental Data


RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream*	554				554	702	604	712	756	2,774
Chemicals	205				205	198	192	104	106	600
Refining	131				131	1,608	1,134	1,710	814	5,266
Marketing and Specialties	404				404	426	644	633	432	2,135
Corporate and Other	(330)				(330)	(283)	(330)	(346)	(347)	(1,306)
Income before income taxes	964				964	2,651	2,244	2,813	1,761	9,469
Less: income tax expense	203				203	574	510	670	476	2,230
Net Income	761				761	2,077	1,734	2,143	1,285	7,239
Less: net income attributable to noncontrolling interests	13				13	116	37	46	25	224
Net Income Attributable to Phillips 66	748				748	1,961	1,697	2,097	1,260	7,015
* Refer to Change in Basis of Presentation discussion on page 14.


























RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	302				302	270	284	285	334	1,173
NGL and Other	306				306	420	357	293	423	1,493

NOVONIX**	5				5	(12)	(15)	(9)	(3)	(39)
Total Midstream	613				613	678	626	569	754	2,627
Chemicals	205				205	198	192	104	106	600
Refining
Atlantic Basin/Europe	80				80	142	149	444	160	895
Gulf Coast	111				111	705	257	342	348	1,652
Central Corridor	210				210	739	630	361	480	2,210
West Coast	(173)				(173)	22	112	593	(191)	536
Total Refining	228				228	1,608	1,148	1,740	797	5,293



Total Marketing and Specialties	345				345	426	644	633	432	2,135
Corporate and Other	(330)				(330)	(248)	(236)	(295)	(297)	(1,076)
Adjusted income before income taxes	1,061				1,061	2,662	2,374	2,751	1,792	9,579
Less: adjusted income tax expense	226				226	576	532	660	405	2,173
Adjusted Net Income*	835				835	2,086	1,842	2,091	1,387	7,406
Less: adjusted net income attributable to noncontrolling interests	13				13	121	76	21	25	243
Adjusted Net Income Attributable to Phillips 66	822				822	1,965	1,766	2,070	1,362	7,163
* Refer to Change in Basis of Presentation discussion on page 14.
** Represents the change in fair value of our investment in NOVONIX. See NOVONIX Investments table on page 5 for more details.

Page 2

Phillips 66 Earnings Release Supplemental Data









































































SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream








Certain tax impacts	—				—	—	—	—	2	2
Net gain on asset disposition	—				—	36	—	101	—	137

Change in inventory method for acquired business	—				—	—	—	46	—	46
Impairments	(59)				(59)	—	—	—	—	—
DCP integration restructuring costs*	—				—	(12)	(22)	(4)	—	(38)
Total Midstream	(59)				(59)	24	(22)	143	2	147







Chemicals	—				—	—	—	—	—	—

Refining





Certain tax impacts	—				—	—	—	—	17	17



Net loss on asset disposition	—				—	—	(14)	—	—	(14)

Impairments	(104)				(104)	—	—	—	—	—
Legal accrual	—				—	—	—	(30)	—	(30)
Legal settlement	7				7	—	—	—	—	—
Total Refining	(97)				(97)	—	(14)	(30)	17	(27)

Marketing and Specialties




Legal settlement	59				59	—	—	—	—	—

Total Marketing and Specialties	59				59	—	—	—	—	—

Corporate and Other





Business transformation restructuring costs**	—				—	(35)	(41)	(51)	(50)	(177)



Loss on early redemption of DCP debt	—				—	—	(53)	—	—	(53)
Total Corporate and Other	—				—	(35)	(94)	(51)	(50)	(230)

Total Special Items (Pre-tax)	(97)				(97)	(11)	(130)	62	(31)	(110)

Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items***	(23)				(23)	(2)	(22)	10	(12)	(26)
Other tax impacts	—				—	—	—	—	83	83

Total Income Tax Expense (Benefit)	(23)				(23)	(2)	(22)	10	71	57

Less: Income (Loss) Attributable to Noncontrolling Interests


Loss on early redemption of DCP debt	—				—	—	(30)	—	—	(30)
Change in inventory method for acquired business	—				—	—	—	26	—	26
DCP integration restructuring costs*	—				—	(5)	(9)	(1)	—	(15)




Total Income (Loss) Attributable to Noncontrolling Interests	—				—	(5)	(39)	25	—	(19)

Total Phillips 66 Special Items (After-tax)	(74)				(74)	(4)	(69)	27	(102)	(148)



* Restructuring costs, related to the integration of DCP Midstream, primarily reflect severance costs and consulting fees. A portion of these costs are attributable to noncontrolling interests.
** Restructuring costs are related to Phillips 66’s multi-year business transformation efforts are primarily due to consulting fees. Additionally, fourth-quarter of 2022 included a held-for-sale asset impairment of $45 million.
*** We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS


	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream
Transportation	(59)				(59)	36	—	101	—	137
NGL and Other	—				—	(12)	(22)	42	2	10

NOVONIX	—				—	—	—	—	—	—
Total Midstream	(59)				(59)	24	(22)	143	2	147

Refining
Atlantic Basin/Europe	—				—	—	—	—	15	15
Gulf Coast	7				7	—	(14)	—	2	(12)
Central Corridor	—				—	—	—	—	—	—
West Coast	(104)				(104)	—	—	(30)	—	(30)
Total Refining	(97)				(97)	—	(14)	(30)	17	(27)

Page 3

Phillips 66 Earnings Release Supplemental Data


CASH FLOW INFORMATION

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Cash Flows From Operating Activities
Net income	761				761	2,077	1,734	2,143	1,285	7,239
Depreciation and amortization	504				504	476	495	488	518	1,977
Impairments	165				165	8	4	3	9	24
Accretion on discounted liabilities	9				9	6	7	6	10	29
Deferred income taxes	(55)				(55)	146	119	408	167	840
Undistributed equity earnings	(180)				(180)	(242)	(324)	(201)	(55)	(822)
Loss on early redemption of debt	2				2	—	53	—	—	53
Net (gain) loss on dispositions	—				—	(34)	12	(102)	9	(115)

Unrealized investment (gain) loss*	(6)				(6)	11	15	8	4	38
Other	11				11	14	(115)	(354)	36	(419)
Net working capital changes	(1,447)				(1,447)	(1,263)	(1,045)	286	207	(1,815)
Net Cash Provided by (Used in) Operating Activities	(236)				(236)	1,199	955	2,685	2,190	7,029

Cash Flows From Investing Activities
Capital expenditures and investments	(628)				(628)	(378)	(551)	(855)	(634)	(2,418)
Return of investments in equity affiliates	41				41	60	59	40	42	201
Proceeds from asset dispositions	2				2	77	13	280	22	392

Collection of advances/loans—related parties	—				—	—	—	1	2	3

Other	(80)				(80)	(24)	47	49	(40)	32
Net Cash Used in Investing Activities	(665)				(665)	(265)	(432)	(485)	(608)	(1,790)

Cash Flows From Financing Activities
Issuance of debt	3,815				3,815	2,488	2,559	678	535	6,260
Repayment of debt	(3,013)				(3,013)	(1,223)	(1,236)	(1,166)	(627)	(4,252)
Issuance of common stock	50				50	10	2	91	20	123
Repurchase of common stock	(1,164)				(1,164)	(800)	(1,309)	(752)	(1,153)	(4,014)
Dividends paid on common stock	(448)				(448)	(486)	(474)	(465)	(457)	(1,882)
Distributions to noncontrolling interests	(13)				(13)	(58)	(67)	(15)	(23)	(163)

Repurchase of noncontrolling interests	—				—	—	(3,957)	—	(110)	(4,067)
Other	(73)				(73)	(48)	(11)	(28)	(10)	(97)
Net Cash Used in Financing Activities	(846)				(846)	(117)	(4,493)	(1,657)	(1,825)	(8,092)

Effect of Exchange Rate Changes on Cash and Cash Equivalents	(6)				(6)	15	34	(33)	27	43

Net Change in Cash and Cash Equivalents	(1,753)				(1,753)	832	(3,936)	510	(216)	(2,810)
Cash and cash equivalents at beginning of period	3,323				3,323	6,133	6,965	3,029	3,539	6,133
Cash and Cash Equivalents at End of Period	1,570				1,570	6,965	3,029	3,539	3,323	3,323
* Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 5 for more details.

CAPITAL PROGRAM

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Consolidated Capital Expenditures and Investments
Midstream	255				255	124	176	160	165	625
Chemicals	—				—	—	—	—	—	—
Refining	351				351	227	329	382	401	1,339
Marketing and Specialties	15				15	11	25	287	41	364
Corporate and Other	7				7	16	21	26	27	90


Consolidated Capital Expenditures and Investments	628				628	378	551	855	634	2,418

Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments
CPChem (Chemicals)	201				201	142	377	254	236	1,009
WRB (Refining)	24				24	45	47	36	61	189
Selected Equity Affiliates	225				225	187	424	290	297	1,198

Page 4

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM

	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income before Income Taxes
Transportation	243				243	306	284	386	334	1,310
NGL and Other	306				306	408	335	335	425	1,503

NOVONIX	5				5	(12)	(15)	(9)	(3)	(39)
Income before Income Taxes	554				554	702	604	712	756	2,774







Equity in Earnings of Affiliates
Transportation	136				136	125	130	131	141	527
NGL and Other	19				19	26	40	26	30	122

NOVONIX	—				—	—	—	—	—	—
Total	155				155	151	170	157	171	649

NOVONIX Investment
Unrealized Investment Gain (Loss)	6				6	(11)	(15)	(8)	(4)	(38)
Unrealized Foreign Currency Transaction Gain (Loss)	(1)				(1)	(1)	—	(1)	1	(1)
Change in Fair Value of NOVONIX Investment	5				5	(12)	(15)	(9)	(3)	(39)


Depreciation and Amortization*
Transportation	43				43	40	40	41	47	168
NGL and Other	186				186	184	194	190	187	755

NOVONIX	—				—	—	—	—	—	—
Total	229				229	224	234	231	234	923
* Excludes D&A of all non-consolidated affiliates.

Operating and SG&A Expenses*
Transportation	182				182	179	178	187	208	752
NGL and Other	334				334	371	373	429	365	1,538

NOVONIX	—				—	—	—	—	—	—
Total	516				516	550	551	616	573	2,290
* Excludes operating and SG&A expenses of all non-consolidated affiliates.




Transportation Volumes (MB/D)
Pipelines*	2,979				2,979	3,039	3,254	3,039	2,945	3,069
Terminals	3,109				3,109	3,203	3,149	3,167	3,464	3,246
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL pipelines.


PSX Other Volumes
NGL Fractionated (MB/D)*	679				679	660	738	703	743	711
NGL Production (MB/D)**	417				417	421	444	432	452	437
NGL Pipelines Throughput (MB/D)***	896				896	918	898	880	892	897
Wellhead Volume (Bcf/D)**	4.4				4.4	4.5	4.5	4.6	4.7	4.6
* Includes 100% of DCP Midstream Class A Segment from August 18, 2022, forward.
** Includes 100% of DCP Midstream Class A Segment.
*** Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills and DCP Southern Hills.

Market Indicator

Weighted-Average NGL Price ($/gal)*	0.70				0.70	0.74	0.61	0.67	0.65	0.67
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.

Page 5

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM (continued)

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes	554				554	702	604	712	756	2,774
Plus:


Depreciation and amortization	229				229	224	234	231	234	923
EBITDA	783				783	926	838	943	990	3,697

Special Item Adjustments (pre-tax):









Certain tax impacts	—				—	—	—	—	(2)	(2)
Net gain on asset disposition	—				—	(36)	—	(101)	—	(137)
Change in inventory method for acquired business	—				—	—	—	(46)	—	(46)
Impairments	59				59	—	—	—	—	—
DCP integration restructuring costs	—				—	12	19	4	—	35
Total Special Item Adjustments (pre-tax)	59				59	(24)	19	(143)	(2)	(150)
Change in Fair Value of NOVONIX Investment*	(5)				(5)	12	15	9	3	39
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	837				837	914	872	809	991	3,586



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3				3	4	5	4	5	18
Proportional share of selected equity affiliates net interest	13				13	13	12	13	13	51
Proportional share of selected equity affiliates depreciation and amortization	38				38	41	39	39	37	156
Adjusted EBITDA attributable to noncontrolling interests	(35)				(35)	(226)	(168)	(47)	(51)	(492)
Adjusted EBITDA	856				856	746	760	818	995	3,319
* See NOVONIX Investment table on page 5 for more details.

Page 6

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM (continued)

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Transportation
Income before income taxes	243				243	306	284	386	334	1,310
Plus:


Depreciation and amortization	43				43	40	40	41	47	168
EBITDA	286				286	346	324	427	381	1,478

Special Item Adjustments (pre-tax):







Net gain on asset disposition	—				—	(36)	—	(101)	—	(137)
Impairments	59				59	—	—	—	—	—
EBITDA, Adjusted for Special Items	345				345	310	324	326	381	1,341



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3				3	4	5	4	5	18
Proportional share of selected equity affiliates net interest	13				13	13	12	13	13	51
Proportional share of selected equity affiliates depreciation and amortization	26				26	27	27	26	25	105
Adjusted EBITDA attributable to noncontrolling interests	(5)				(5)	(4)	(3)	(5)	(5)	(17)
Adjusted EBITDA	382				382	350	365	364	419	1,498





NGL and Other
Income before income taxes	306				306	408	335	335	425	1,503
Plus:
Depreciation and amortization	186				186	184	194	190	187	755
EBITDA	492				492	592	529	525	612	2,258

Special Item Adjustments (pre-tax):




Certain tax impacts	—				—	—	—	—	(2)	(2)
Change in inventory method for acquired business	—				—	—	—	(46)	—	(46)
DCP integration restructuring costs	—				—	12	19	4	—	35
EBITDA, Adjusted for Special Items	492				492	604	548	483	610	2,245

Other Adjustments (pre-tax):


Proportional share of selected equity affiliates income taxes	—				—	—	—	—	—	—
Proportional share of selected equity affiliates net interest	—				—	—	—	—	—	—
Proportional share of selected equity affiliates depreciation and amortization	12				12	14	12	13	12	51
Adjusted EBITDA attributable to noncontrolling interests	(30)				(30)	(222)	(165)	(42)	(46)	(475)
Adjusted EBITDA	474				474	396	395	454	576	1,821

Page 7

Phillips 66 Earnings Release Supplemental Data


CHEMICALS

	Millions of Dollars, Except as Indicated
	2024							2023
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Income before Income Taxes	205					205		198		192		104		106		600

Equity in Earnings of Affiliate	201					201		195		189		101		101		586

100% CPChem Results




Net Income, excludes parent company income tax related to CPChem's earnings	402					402		390		377		202		204		1,173





Income before Income Taxes	413					413		401		389		217		214		1,221

Depreciation and Amortization	153					153		142		141		143		184		610

Net Interest Expense*	7					7		6		2		2		3		13
* Net of interest income.

Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments	401					401		283		755		507		473		2,018


Return of Investments from Equity Companies	—					—		—		—		—		—		—







Olefins and Polyolefins Capacity Utilization (%)	96	%				96	%	94	%	98	%	99	%	94	%	96	%

Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)	24.1					24.1		26.0		22.7		24.3		24.6		24.4
HDPE Blow Molding, Domestic Spot (cents/lb)	42.7					42.7		45.8		45.2		43.2		42.9		44.3

U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	11.7					11.7		14.6		12.1		16.5		12.9		14.0
HDPE Blow Molding, Total Cash Cost (cents/lb)	38.5					38.5		40.1		36.4		38.1		38.5		38.3

Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	16.6					16.6		17.1		19.4		12.9		16.1		16.4
* Source: IHS, Inc.

Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes	205					205		198		192		104		106		600
Plus:
None	—					—		—		—		—		—		—
EBITDA	205					205		198		192		104		106		600

Special Item Adjustments (pre-tax):

None	—					—		—		—		—		—		—



EBITDA, Adjusted for Special Items	205					205		198		192		104		106		600

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	13					13		20		26		24		9		79
Proportional share of selected equity affiliates net interest	1					1		1		—		(1)		2		2
Proportional share of selected equity affiliates depreciation and amortization	106					106		102		101		103		126		432
Adjusted EBITDA	325					325		321		319		230		243		1,113

Page 8

Phillips 66 Earnings Release Supplemental Data


REFINING

	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe	80				80	142	149	444	175	910
Gulf Coast	118				118	705	243	342	350	1,640
Central Corridor	210				210	739	630	361	480	2,210
West Coast	(277)				(277)	22	112	563	(191)	506
Income before Income Taxes	131				131	1,608	1,134	1,710	814	5,266









Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	1.70				1.70	3.60	3.33	9.50	3.42	4.99
Gulf Coast	2.49				2.49	13.73	4.83	6.44	6.78	7.95
Central Corridor	8.20				8.20	28.42	23.02	14.89	19.08	21.50
West Coast	(11.24)				(11.24)	0.77	3.58	17.48	(6.65)	4.20
Worldwide	0.91				0.91	11.07	7.38	10.94	5.19	8.61

Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	9.55				9.55	16.13	10.94	16.85	9.95	13.30
Gulf Coast	10.91				10.91	21.28	11.84	13.58	13.96	15.17
Central Corridor	13.27				13.27	26.86	22.62	18.05	23.45	22.67
West Coast	8.89				8.89	16.53	16.27	32.23	9.89	19.07
Worldwide	10.91				10.91	20.72	15.32	18.96	14.41	17.32
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) before income taxes to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.

Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe	(1)				(1)	(2)	(2)	(2)	(2)	(8)
Gulf Coast	1				1	1	—	1	—	2
Central Corridor	108				108	200	119	209	(83)	445
West Coast	—				—	—	—	—	—	—
Total	108				108	199	117	208	(85)	439

Depreciation and Amortization*
Atlantic Basin/Europe	52				52	50	52	52	53	207
Gulf Coast	61				61	60	60	61	62	243
Central Corridor	44				44	38	38	42	45	163
West Coast	57				57	54	55	53	64	226
Total	214				214	202	205	208	224	839
* Excludes D&A of all equity affiliates.


Operating and SG&A Expenses*
Atlantic Basin/Europe	257				257	375	243	260	257	1,135
Gulf Coast	307				307	290	253	291	289	1,123
Central Corridor	167				167	187	174	240	213	814
West Coast	337				337	360	308	389	376	1,433
Total	1,068				1,068	1,212	978	1,180	1,135	4,505
* Excludes operating and SG&A expenses of all equity affiliates.


Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe	19				19	124	38	21	12	195
Gulf Coast	83				83	56	23	28	19	126
Central Corridor	1				1	12	12	57	40	121
West Coast**	57				57	42	29	42	29	142
Total	160				160	234	102	148	100	584
* Excludes turnaround expense of all equity affiliates.
** 2024 includes first quarter turnaround costs of $36 million related to renewable fuels activity at Rodeo Renewable Energy Complex (RREC), previously known as the San Francisco Refinery (SFR) prior to March 1, 2024. 2023 includes third quarter and fourth quarter turnaround costs of $37 million and $14 million, respectively, related to renewable fuels activity at SFR.

Taxes Other than Income Taxes
Atlantic Basin/Europe	23				23	22	17	12	18	69
Gulf Coast	38				38	33	25	28	20	106
Central Corridor	28				28	25	26	23	20	94
West Coast	(3)				(3)	33	31	30	29	123
Total	86				86	113	99	93	87	392


Foreign Currency Gains (Losses) Pre-Tax	1				1	(21)	(1)	9	(6)	(19)

Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates	108				108	199	117	208	(85)	439
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*	(331)				(331)	(428)	(335)	(416)	(167)	(1,346)
Equity affiliate-related expenses not included in Realized Refining Margins	(223)				(223)	(229)	(218)	(208)	(252)	(907)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).

Proportional Share of Certain* Equity Affiliate Operating and SG&A Expenses	181				181	190	182	168	194	734

Proportional Share of Certain* Equity Affiliate Turnaround Expense, included in Equity Affiliate Operating and SG&A Expenses	22				22	16	22	16	39	93
* Includes WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).

Page 9

Phillips 66 Earnings Release Supplemental Data


REFINING (continued)

	2024							2023
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA ($ Millions)
Income before income taxes	131					131		1,608		1,134		1,710		814		5,266
Plus:

Depreciation and amortization	214					214		202		205		208		224		839
EBITDA	345					345		1,810		1,339		1,918		1,038		6,105

Special Item Adjustments (pre-tax):





Certain tax impacts	—					—		—		—		—		(17)		(17)



Net loss on asset disposition	—					—		—		14		—		—		14

Impairments	104					104		—		—		—		—		—
Legal accrual	—					—		—		—		30		—		30
Legal settlement	(7)					(7)		—		—		—		—		—
EBITDA, Adjusted for Special Items	442					442		1,810		1,353		1,948		1,021		6,132

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—					—		—		1		—		—		1
Proportional share of selected equity affiliates net interest	(1)					(1)		1		(3)		(3)		(1)		(6)
Proportional share of selected equity affiliates depreciation and amortization	25					25		23		24		24		46		117
Adjusted EBITDA	466					466		1,834		1,375		1,969		1,066		6,244



Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	472					472		443		464		492		518		479
Total Processed Inputs (MB/D)	516					516		438		492		509		557		499
Crude Oil Capacity Utilization (%)	88	%				88	%	82	%	86	%	92	%	97	%	89	%
Clean Product Yield (%)	87	%				87	%	84	%	85	%	86	%	86	%	86	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Crude Oil Charge Input (MB/D)	475					475		519		498		519		508		511
Total Processed Inputs (MB/D)	522					522		571		553		577		561		566
Crude Oil Capacity Utilization (%)	90	%				90	%	98	%	94	%	98	%	96	%	97	%
Clean Product Yield (%)	76	%				76	%	77	%	80	%	80	%	84	%	80	%

Central Corridor*
Crude Oil Charge Input (MB/D)	509					509		475		498		492		441		477
Total Processed Inputs (MB/D)	527					527		492		515		509		459		494
Crude Oil Capacity Utilization (%)	96	%				96	%	89	%	94	%	93	%	83	%	90	%
Clean Product Yield (%)	90	%				90	%	89	%	89	%	87	%	92	%	89	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast*
Crude Oil Charge Input (MB/D)	244					244		281		314		323		279		299
Total Processed Inputs (MB/D)	271					271		316		343		350		312		330
Crude Oil Capacity Utilization (%)	100	%				100	%	88	%	98	%	101	%	94	%	95	%
Clean Product Yield (%)	83	%				83	%	86	%	90	%	89	%	88	%	88	%
* See SFR Update on page 14.

Worldwide*—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,700					1,700		1,718		1,774		1,826		1,746		1,766
Total Processed Inputs (MB/D)	1,836					1,836		1,817		1,903		1,945		1,889		1,889
Crude Oil Capacity Utilization (%)	92	%				92	%	90	%	93	%	95	%	92	%	92	%
Clean Product Yield (%)	84	%				84	%	83	%	86	%	85	%	87	%	85	%
* See SFR Update on page 14.

Page 10

Phillips 66 Earnings Release Supplemental Data


REFINING (continued)

	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	227				227	170	210	213	235	207
Distillates	206				206	187	198	214	232	208
Other	89				89	81	87	84	95	87
Total	522				522	438	495	511	562	502
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Gasoline	193				193	222	230	246	240	234
Distillates	192				192	205	201	207	219	208
Other	141				141	153	131	134	108	132
Total	526				526	580	562	587	567	574

Central Corridor*
Gasoline	258				258	245	253	247	235	245
Distillates	212				212	191	202	196	185	194
Other	57				57	58	64	71	38	58
Total	527				527	494	519	514	458	497
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast
Gasoline*	126				126	165	175	182	154	169
Distillates*	99				99	106	133	127	119	121
Other	41				41	43	35	39	38	39
Total	266				266	314	343	348	311	329
* Gasoline production has not been presented related to SFR, effective January 1,2024. Distillate production has not been presented related to SFR or the RREC, effective January 1, 2024.

Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline*	804				804	802	868	888	864	855
Distillates*	709				709	689	734	744	755	731
Other	328				328	335	317	328	279	316
Total	1,841				1,841	1,826	1,919	1,960	1,898	1,902
* Gasoline production has not been presented related to SFR, effective January 1,2024. Distillate production has not been presented related to SFR or the RREC, effective January 1, 2024.

Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI	77.07				77.07	76.11	73.78	82.49	78.36	77.69
Brent	83.24				83.24	81.27	78.39	86.76	84.05	82.62
LLS	79.76				79.76	79.00	75.85	84.83	80.96	80.16
ANS	81.47				81.47	79.14	78.60	87.96	83.95	82.41
WTI less Maya	7.51				7.51	13.28	10.11	5.07	6.47	8.73
WTI less WCS (settlement differential)	19.33				19.33	24.77	15.06	12.89	21.88	18.65

Natural Gas ($/MMBtu)
Henry Hub	2.41				2.41	2.67	2.12	2.58	2.74	2.53

Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	11.11				11.11	20.45	30.79	30.08	9.01	22.58
East Coast Distillate less Brent	30.47				30.47	42.42	24.62	40.76	36.76	36.14
Gulf Coast
Gulf Coast Gasoline less LLS	13.88				13.88	21.42	22.79	23.47	4.13	17.96
Gulf Coast Distillate less LLS	30.36				30.36	41.66	24.45	39.64	31.01	34.19
Central Corridor
Central Gasoline less WTI	12.91				12.91	26.02	31.35	32.51	8.82	24.67
Central Distillate less WTI	26.54				26.54	42.25	32.59	44.44	37.79	39.27
West Coast
West Coast Gasoline less ANS	26.77				26.77	35.35	37.20	50.81	19.89	35.81
West Coast Distillate less ANS	30.64				30.64	43.08	21.86	53.07	40.43	39.61

Composite Market Crack Spread ($/BBL)**	19.45				19.45	30.59	28.65	36.06	18.18	28.37

Renewable Volume Obligation (RVO) Cost in Crack ($/BBL)	3.68				3.68	8.20	7.69	7.42	4.77	7.02
* Based on daily spot prices, unless otherwise noted.
** Weighted average based on Phillips 66 crude capacity.

Page 11

Phillips 66 Earnings Release Supplemental Data


MARKETING AND SPECIALTIES

	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD



Income before Income Taxes	404				404	426	644	633	432	2,135







Income before Income Taxes ($/BBL)
U.S.	1.38				1.38	1.79	2.45	2.60	1.09	1.97
International	5.08				5.08	4.93	5.67	4.14	4.73	4.87

Realized Marketing Fuel Margins ($/BBL)*
U.S.	1.60				1.60	2.30	2.88	3.03	1.62	2.45
International	6.92				6.92	6.45	7.28	5.27	5.00	6.00
* See note on the use of non-GAAP measures. Also, reconciliations of income before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.





Other Realized Margins and Revenues not included in Marketing Fuel Margins*	290				290	211	244	269	318	1,042
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.




Equity in Earnings of Affiliates	64				64	66	87	96	94	343




Depreciation and Amortization*	36				36	27	30	29	35	121
* Excludes D&A of all equity affiliates.




Operating and SG&A Expenses*	333				333	321	340	376	362	1,399
* Excludes operating and SG&A expenses of all equity affiliates.


Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	1,111				1,111	1,021	1,131	1,136	1,218	1,127
Distillates	797				797	675	808	814	853	788
Other	18				18	—	—	—	—	—
Total	1,926				1,926	1,696	1,939	1,950	2,071	1,915

International Marketing
Gasoline	85				85	90	94	88	91	91
Distillates	173				173	173	167	170	165	169
Other	25				25	19	20	18	18	18
Total	283				283	282	281	276	274	278

Worldwide Marketing
Gasoline	1,196				1,196	1,111	1,225	1,224	1,309	1,218
Distillates	970				970	848	975	984	1,018	957
Other	43				43	19	20	18	18	18
Total	2,209				2,209	1,978	2,220	2,226	2,345	2,193

Foreign Currency Gains (Losses) Pre-Tax	(7)				(7)	(4)	(2)	4	(2)	(4)

Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes	404				404	426	644	633	432	2,135
Plus:

Depreciation and amortization	36				36	27	30	29	35	121
EBITDA	440				440	453	674	662	467	2,256

Special Item Adjustments (pre-tax):


Legal settlement	(59)				(59)	—	—	—	—	—



EBITDA, Adjusted for Special Items	381				381	453	674	662	467	2,256

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	5				5	5	6	7	6	24
Proportional share of selected equity affiliates net interest	11				11	9	14	11	10	44
Proportional share of selected equity affiliates depreciation and amortization	19				19	20	18	21	20	79
Adjusted EBITDA	416				416	487	712	701	503	2,403

Page 12

Phillips 66 Earnings Release Supplemental Data


CORPORATE AND OTHER

	Millions of Dollars, Except as Indicated
	2024							2023
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Loss before Income Taxes	(330)					(330)		(283)		(330)		(346)		(347)		(1,306)

Detail of Loss before Income Taxes
Net interest expense	(185)					(185)		(124)		(182)		(163)		(159)		(628)
Corporate overhead and other	(145)					(145)		(159)		(148)		(183)		(188)		(678)



Total	(330)					(330)		(283)		(330)		(346)		(347)		(1,306)

Net Interest Expense
Interest expense	(238)					(238)		(198)		(273)		(229)		(228)		(928)
Capitalized interest	10					10		6		7		8		10		31

Interest income	43					43		68		84		58		59		269
Total	(185)					(185)		(124)		(182)		(163)		(159)		(628)




Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes	(330)					(330)		(283)		(330)		(346)		(347)		(1,306)
Plus:

Net interest expense	185					185		124		182		163		159		628
Depreciation and amortization	25					25		23		26		20		25		94
EBITDA	(120)					(120)		(136)		(122)		(163)		(163)		(584)

Special Item Adjustments (pre-tax):







Business transformation restructuring costs	—					—		35		41		51		50		177

EBITDA, Adjusted for Special Items	(120)					(120)		(101)		(81)		(112)		(113)		(407)

Other Adjustments (pre-tax):
None	—					—		—		—		—		—		—
Adjusted EBITDA	(120)					(120)		(101)		(81)		(112)		(113)		(407)

Foreign Currency Gains (Losses) Pre-Tax	—					—		1		1		—		—		2

Phillips 66 Total Company Debt
Total Debt	20,154					20,154		18,485		19,866		19,444		19,359		19,359
Debt-to-Capital Ratio (%)	40	%				40	%	35	%	39	%	38	%	38	%	38	%

Total Equity	30,794					30,794		34,916		31,060		31,989		31,650		31,650

Page 13

Phillips 66 Earnings Release Supplemental Data




























































RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Net income	761				761	2,077	1,734	2,143	1,285	7,239
Plus:
Income tax expense	203				203	574	510	670	476	2,230
Net interest expense	185				185	124	182	163	159	628
Depreciation and amortization	504				504	476	495	488	518	1,977
Phillips 66 EBITDA	1,653				1,653	3,251	2,921	3,464	2,438	12,074

Special Item Adjustments (pre-tax):






Certain tax impacts	—				—	—	—	—	(19)	(19)


Net (gain) loss on asset disposition	—				—	(36)	14	(101)	—	(123)

Change in inventory method for acquired business	—				—	—	—	(46)	—	(46)
DCP integration restructuring costs	—				—	12	19	4	—	35
Business transformation restructuring costs	—				—	35	41	51	50	177

Impairments	163				163	—	—	—	—	—
Legal accrual	—				—	—	—	30	—	30
Legal settlement	(66)				(66)	—	—	—	—	—
Total Special Item Adjustments (pre-tax)	97				97	11	74	(62)	31	54
Change in Fair Value of NOVONIX Investment*	(5)				(5)	12	15	9	3	39
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	1,745				1,745	3,274	3,010	3,411	2,472	12,167



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	21				21	29	38	35	20	122
Proportional share of selected equity affiliates net interest	24				24	24	23	20	24	91
Proportional share of selected equity affiliates depreciation and amortization	188				188	186	182	187	229	784
Adjusted EBITDA attributable to noncontrolling interests	(35)				(35)	(226)	(168)	(47)	(51)	(492)
Phillips 66 Adjusted EBITDA	1,943				1,943	3,287	3,085	3,606	2,694	12,672



* See NOVONIX Investment table on page 5 for more details.


Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," and "realized marketing fuel margin per barrel." These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP measures most directly comparable to EBITDA and adjusted EBITDA are net income for consolidated company information and income before income taxes for segment information. Reconciliations of net income (loss) and income (loss) before income taxes to EBITDA and adjusted EBITDA are included in this earnings release supplemental data. Realized refining margin per barrel is calculated on a similar basis as industry crack spreads and we believe it provides a useful measure of how well we performed relative to benchmark industry margins. Realized marketing fuel margin per barrel demonstrates the value uplift our marketing operations provide by optimizing the placement and ultimate sale of our refineries' fuel production. The GAAP measure most directly comparable to both realized margin per barrel measures is income before income taxes per barrel. Reconciliations of income (loss) before income taxes per barrel to realized refining margin and realized marketing fuel margin are included in this earnings release supplemental data. Adjusted effective tax rate demonstrates the effective tax rate with the consideration of the tax effect on special items. The GAAP financial measure most comparable to adjusted effective tax rate is effective tax rate. A reconciliation of effective tax rate to adjusted effective tax rate is included in this earnings release supplemental data.
Changes in Basis of Presentation—We completed the acquisition of all publicly held common units of DCP Midstream, LP (DCP LP) on June 15, 2023, resulting in an increase in our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%, and an increase in our aggregate direct and indirect economic interests in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC from 62.2% to 91.2%.
San Francisco Refinery (SFR) Update— As part of our plans to convert the San Francisco Refinery into a renewable fuels facility, in the first quarter of 2023, we ceased operations at the Santa Maria facility in Arroyo Grande, California, which reduced net crude throughput capacity from 120 MBD to 75 MBD. In October 2023, we further reduced net crude throughput capacity from 75 MBD to 52 MBD as we shut down one of the two crude units at the Rodeo facility. Effective January 1, 2024, net crude throughput capacity was 52 MBD. The remaining net crude throughput capacity came offline upon the shutdown of the Rodeo facility’s second crude unit in February 2024. Accordingly, effective January 1, 2024, we have excluded the Rodeo facility from the net throughput capacity and clean product yield statistics.

Page 14

Phillips 66 Earnings Release Supplemental Data


REALIZED MARGIN NON-GAAP RECONCILIATIONS

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS

	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

ATLANTIC BASIN/EUROPE
Income before income taxes	80				80	142	149	444	175	910
Plus:

Taxes other than income taxes	23				23	22	17	12	18	69
Depreciation, amortization and impairments	52				52	50	53	53	53	209
Selling, general and administrative expenses	7				7	10	8	9	11	38
Operating expenses	250				250	365	235	252	245	1,097
Equity in losses of affiliates	1				1	2	2	2	2	8
Other segment (income) expense, net	2				2	20	4	(7)	2	19
Proportional share of refining gross margins contributed by equity affiliates	33				33	26	22	22	19	89
Special items:
Certain tax impacts	—				—	—	—	—	(15)	(15)
Realized refining margins	448				448	637	490	787	510	2,424

Total processed inputs (MB)	46,911				46,911	39,472	44,781	46,731	51,229	182,213
Adjusted total processed inputs (MB)	46,911				46,911	39,472	44,781	46,731	51,229	182,213

Income before income taxes ($/BBL)**	1.70				1.70	3.60	3.33	9.50	3.42	4.99
Realized refining margins ($/BBL)***	9.55				9.55	16.13	10.94	16.85	9.95	13.30

GULF COAST
Income before income taxes	118				118	705	243	342	350	1,640
Plus:

Taxes other than income taxes	38				38	33	25	28	20	106
Depreciation, amortization and impairments	62				62	60	63	61	62	246
Selling, general and administrative expenses	6				6	4	4	5	6	19
Operating expenses	301				301	286	249	286	283	1,104
Equity in earnings of affiliates	(1)				(1)	(1)	—	(1)	—	(2)
Other segment expense, net	1				1	5	12	—	—	17
Proportional share of refining gross margins contributed by equity affiliates	—				—	—	—	—	—	—
Special items:
Legal settlement	(7)				(7)	—	—	—	—	—
Realized refining margins	518				518	1,092	596	721	721	3,130

Total processed inputs (MB)	47,492				47,492	51,349	50,266	53,120	51,621	206,356
Adjusted total processed inputs (MB)	47,492				47,492	51,349	50,266	53,120	51,621	206,356

Income before income taxes ($/BBL)**	2.49				2.49	13.73	4.83	6.44	6.78	7.95
Realized refining margins ($/BBL)***	10.91				10.91	21.28	11.84	13.58	13.96	15.17

CENTRAL CORRIDOR
Income (loss) before income taxes	210				210	739	630	361	480	2,210
Plus:

Taxes other than income taxes	28				28	25	26	23	20	94
Depreciation, amortization and impairments	44				44	38	38	42	45	163
Selling, general and administrative expenses	24				24	21	17	17	21	76
Operating expenses	143				143	166	157	223	192	738
Equity in (earnings) losses of affiliates	(108)				(108)	(200)	(119)	(209)	83	(445)
Other segment (income) expense, net	(2)				(2)	(1)	(3)	(4)	1	(7)
Proportional share of refining gross margins contributed by equity affiliates	298				298	402	313	394	148	1,257
Special items:


None	—				—	—	—	—	—	—
Realized refining margins	637				637	1,190	1,059	847	990	4,086

Total processed inputs (MB)	25,658				25,658	26,004	27,370	24,242	25,158	102,774
Adjusted total processed inputs (MB)*	47,912				47,912	44,315	46,841	46,871	42,224	180,251

Income before income taxes ($/BBL)**	8.20				8.20	28.42	23.02	14.89	19.08	21.50
Realized refining margins ($/BBL)***	13.27				13.27	26.86	22.62	18.05	23.45	22.67

Page 15

Phillips 66 Earnings Release Supplemental Data


RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)

	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

WEST COAST
Income (loss) before income taxes	(277)				(277)	22	112	563	(191)	506
Plus:

Taxes other than income taxes	(3)				(3)	33	31	30	29	123
Depreciation, amortization and impairments	163				163	54	55	55	67	231
Selling, general and administrative expenses	10				10	10	8	8	10	36
Operating expenses	327				327	350	300	381	366	1,397

Other segment expense, net	—				—	1	2	1	2	6

Special items:
None	—				—	—	—	—	—	—
Realized refining margins	220				220	470	508	1,038	283	2,299

Total processed inputs (MB)	24,669				24,669	28,416	31,246	32,207	28,712	120,581
Adjusted total processed inputs (MB)	24,669				24,669	28,416	31,246	32,207	28,712	120,581

Income (loss) before income taxes ($/BBL)**	(11.24)				(11.24)	0.77	3.58	17.48	(6.65)	4.20
Realized refining margins ($/BBL)***	8.89				8.89	16.53	16.27	32.23	9.89	19.07

WORLDWIDE
Income before income taxes	131				131	1,608	1,134	1,710	814	5,266
Plus:

Taxes other than income taxes	86				86	113	99	93	87	392
Depreciation, amortization and impairments	321				321	202	209	211	227	849
Selling, general and administrative expenses	47				47	45	37	39	48	169
Operating expenses	1,021				1,021	1,167	941	1,142	1,086	4,336
Equity in (earnings) losses of affiliates	(108)				(108)	(199)	(117)	(208)	85	(439)
Other segment (income) expense, net	1				1	25	15	(10)	5	35
Proportional share of refining gross margins contributed by equity affiliates	331				331	428	335	416	167	1,346
Special items:
Certain tax impacts	—				—	—	—	—	(15)	(15)



Legal settlement	(7)				(7)	—	—	—	—	—
Realized refining margins	1,823				1,823	3,389	2,653	3,393	2,504	11,939

Total processed inputs (MB)	144,730				144,730	145,241	153,663	156,300	156,720	611,924
Adjusted total processed inputs (MB)*	166,984				166,984	163,552	173,134	178,929	173,786	689,401

Income before income taxes ($/BBL)**	0.91				0.91	11.07	7.38	10.94	5.19	8.61
Realized refining margins ($/BBL)***	10.91				10.91	20.72	15.32	18.96	14.41	17.32

* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
** Income (loss) before income taxes divided by total processed inputs.
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Page 16

Phillips 66 Earnings Release Supplemental Data


RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS

	Millions of Dollars, Except as Indicated
	2024							2023
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

UNITED STATES
Income before income taxes	241					241		273		432		466		207		1,378
Plus:


Depreciation and amortization	10					10		3		3		5		12		23
Selling, general and administrative expenses	186					186		181		204		217		212		814
Equity in earnings of affiliates	(2)					(2)		(3)		(12)		(19)		(20)		(54)
Other operating revenues*	(108)					(108)		(108)		(122)		(134)		(113)		(477)
Other expense, net	12					12		5		4		8		11		28
Special items:
Legal settlement	(59)					(59)		—		—		—		—		—
Realized marketing fuel margins	280					280		351		509		543		309		1,712



Total fuel sales volumes (MB)	175,269					175,269		152,662		176,349		179,432		190,518		698,961

Income before income taxes ($/BBL)	1.38					1.38		1.79		2.45		2.60		1.09		1.97
Realized marketing fuel margins ($/BBL)**	1.60					1.60		2.30		2.88		3.03		1.62		2.45

INTERNATIONAL
Income before income taxes	131					131		125		145		105		119		494
Plus:


Depreciation and amortization	18					18		18		21		18		18		75
Selling, general and administrative expenses	64					64		62		63		65		63		253
Equity in earnings of affiliates	(25)					(25)		(22)		(30)		(32)		(29)		(113)
Other operating revenues*	(9)					(9)		(13)		(2)		(8)		(40)		(63)
Other (income) expense, net	12					12		6		5		(2)		6		15
Marketing margins	191					191		176		202		146		137		661
Less: margin for nonfuel related sales	13					13		12		16		13		11		52
Realized marketing fuel margins	178					178		164		186		133		126		609

Total fuel sales volumes (MB)	25,781					25,781		25,380		25,569		25,352		25,165		101,466

Income before income taxes ($/BBL)	5.08					5.08		4.93		5.67		4.14		4.73		4.87
Realized marketing fuel margins ($/BBL)**	6.92					6.92		6.45		7.28		5.27		5.00		6.00


* Includes other nonfuel revenues and expenses.
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION

RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE

	Millions of Dollars, Except as Indicated
	2024							2023
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

EFFECTIVE TAX RATES
Income before income taxes	964					964		2,651		2,244		2,813		1,761		9,469
Special items	97					97		11		130		(62)		31		110
Adjusted income before income taxes	1,061					1,061		2,662		2,374		2,751		1,792		9,579

Income tax expense	203					203		574		510		670		476		2,230
Special items	23					23		2		22		(10)		(71)		(57)
Adjusted income tax expense	226					226		576		532		660		405		2,173

Effective tax rate (%)	21.1	%				21.1	%	21.7	%	22.7	%	23.8	%	27.0	%	23.6	%
Adjusted effective tax rate (%)	21.3	%				21.3	%	21.6	%	22.4	%	24.0	%	22.6	%	22.7	%

Page 17