Exhibit



CONSOLIDATED INCOME STATEMENT

	Millions of Dollars
	2017										2016
	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*	22,894		24,087		25,627		29,746		102,354		17,409		21,849		21,624		23,397		84,279
Equity in earnings of affiliates	365		462		530		375		1,732		333		435		391		255		1,414
Net gain on dispositions	1		14		—		—		15		—		6		3		1		10
Other income	452		18		49		2		521		18		17		24		15		74
Total Revenues and Other Income	23,712		24,581		26,206		30,123		104,622		17,760		22,307		22,042		23,668		85,777

Costs and Expenses
Purchased crude oil and products	17,679		18,353		19,463		23,914		79,409		11,930		16,198		15,961		18,379		62,468
Operating expenses	1,270		1,137		1,134		1,158		4,699		1,023		994		1,061		1,197		4,275
Selling, general and administrative expenses	384		439		435		437		1,695		386		421		411		420		1,638
Depreciation and amortization	315		320		337		346		1,318		280		290		293		305		1,168
Impairments	2		15		1		6		24		—		2		2		1		5
Taxes other than income taxes*	3,156		3,356		3,456		3,494		13,462		3,461		3,594		3,424		3,209		13,688
Accretion on discounted liabilities	5		6		5		6		22		5		5		5		6		21
Interest and debt expense	105		107		112		114		438		86		83		81		88		338
Foreign currency transaction (gains) losses	(1	)	—		7		(6	)	—		(7	)	—		(9	)	1		(15	)
Total Costs and Expenses	22,915		23,733		24,950		29,469		101,067		17,164		21,587		21,229		23,606		83,586
Income before income taxes	797		848		1,256		654		3,555		596		720		813		62		2,191
Income tax expense (benefit)	234		267		407		(2,601	)	(1,693	)	198		204		277		(132	)	547
Net Income	563		581		849		3,255		5,248		398		516		536		194		1,644
Less: net income attributable to noncontrolling interests	28		31		26		57		142		13		20		25		31		89
Net Income Attributable to Phillips 66	535		550		823		3,198		5,106		385		496		511		163		1,555
*Includes excise taxes on petroleum product sales:	3,036		3,252		3,376		3,390		13,054		3,360		3,508		3,357		3,156		13,381

Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.02		1.06		1.60		6.29		9.90		0.72		0.94		0.97		0.31		2.94
Diluted	1.02		1.06		1.60		6.25		9.85		0.72		0.93		0.96		0.31		2.92

Weighted-Average Common Shares Outstanding (thousands)
Basic	521,647		517,785		512,923		508,148		515,090		531,739		528,247		525,991		524,200		527,531
Diluted	524,520		520,160		515,960		511,352		518,508		534,709		531,060		528,798		526,279		530,066

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

	Millions of Dollars
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Midstream	112		96		117		139		464		80		62		103		35		280
Chemicals	181		196		121		27		525		156		190		101		136		583
Refining	259		224		550		371		1,404		86		149		177		(38	)	374
Marketing and Specialties	141		214		208		123		686		205		229		267		190		891
Corporate and Other	(130	)	(149	)	(147	)	2,595		2,169		(129	)	(114	)	(112	)	(129	)	(484	)
Net Income	563		581		849		3,255		5,248		398		516		536		194		1,644
Less: net income attributable to noncontrolling interests	28		31		26		57		142		13		20		25		31		89
Net Income Attributable to Phillips 66	535		550		823		3,198		5,106		385		496		511		163		1,555

SUMMARY OF NET INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT

	Millions of Dollars
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Midstream	153		130		166		189		638		121		84		141		56		402
Chemicals	251		294		163		8		716		228		264		176		171		839
Refining	390		307		863		516		2,076		127		207		274		(172	)	436
Marketing and Specialties	208		328		317		167		1,020		315		345		400		201		1,261
Corporate and Other	(205	)	(211	)	(253	)	(226	)	(895	)	(195	)	(180	)	(178	)	(194	)	(747	)
Consolidated	797		848		1,256		654		3,555		596		720		813		62		2,191

EFFECTIVE TAX RATES

	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Midstream	26.8	%	26.2	%	29.5	%	26.5	%	27.3	%	33.9	%	26.2	%	27.0	%	37.5	%	30.3	%
Chemicals	27.9	%	33.3	%	25.8	%	(237.5	)%	26.7	%	31.6	%	28.0	%	42.6	%	20.5	%	30.5	%
Refining	33.6	%	27.0	%	36.3	%	28.1	%	32.4	%	32.3	%	28.0	%	35.4	%	77.9	%	14.2	%
Marketing and Specialties	32.2	%	34.8	%	34.4	%	26.3	%	32.7	%	34.9	%	33.6	%	33.3	%	5.5	%	29.3	%
Corporate and Other	36.6	%	29.4	%	41.9	%	1,248.2	%	342.3	%	33.8	%	36.7	%	37.1	%	33.5	%	35.2	%
Consolidated	29.4	%	31.5	%	32.4	%	(397.7	)%	(47.6	)%	33.2	%	28.3	%	34.1	%	(212.9	)%	25.0	%

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

	Millions of Dollars
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation	78		74		98		108		358		82		80		79		68		309
NGL and Other	17		14		—		20		51		(6	)	(9	)	15		7		7
DCP Midstream	17		13		1		14		45		(21	)	(9	)	9		(6	)	(27	)
Total Midstream	112		101		99		142		454		55		62		103		69		289
Chemicals	201		196		153		121		671		156		190		190		124		660
Refining
Atlantic Basin/Europe	(50	)	109		172		120		351		4		35		5		98		142
Gulf Coast	67		56		77		72		272		68		5		(13	)	(51	)	9
Central Corridor	62		29		198		192		481		20		55		142		19		236
West Coast	(81	)	39		101		(26	)	33		(6	)	57		—		(161	)	(110	)
Total Refining	(2	)	233		548		358		1,137		86		152		134		(95	)	277
Marketing and Specialties
Marketing and Other	124		185		163		87		559		162		199		228		114		703
Specialties	17		33		48		37		135		43		30		39		26		138
Total Marketing and Specialties	141		218		211		124		694		205		229		267		140		841
Corporate and Other	(130	)	(148	)	(127	)	(140	)	(545	)	(129	)	(114	)	(113	)	(124	)	(480	)
Adjusted Net Income	322		600		884		605		2,411		373		519		581		114		1,587
Less: net income attributable to noncontrolling interests	28		31		26		57		142		13		20		25		31		89
Adjusted Net Income Attributable to Phillips 66	294		569		858		548		2,269		360		499		556		83		1,498



SPECIAL ITEMS INCLUDED IN NET INCOME
(AFTER-TAX)

	Millions of Dollars
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Pending claims and settlements	—		—		23		—		23		29		—		—		—		29
Impairments by equity affiliates	—		—		—		—		—		(4	)	—		—		—		(4	)
Hurricane-related costs	—		—		(3	)	(3	)	(6	)	—		—		—		—		—
Certain tax impacts	—		—		—		—		—		—		—		—		(13	)	(13	)
Equity affiliate ownership restructuring	—		—		—		—		—		—		—		—		(21	)	(21	)
Pension settlement expense	—		(5	)	(2	)	—		(7	)	—		—		—		—		—
Total Midstream	—		(5	)	18		(3	)	10		25		—		—		(34	)	(9	)

Chemicals
Impairments by equity affiliates	(20	)	—		—		(19	)	(39	)	—		—		(89	)	—		(89	)
Hurricane-related costs	—		—		(32	)	(75	)	(107	)	—		—		—		—		—
Certain tax impacts	—		—		—		—		—		—		—		—		12		12
Total Chemicals	(20	)	—		(32	)	(94	)	(146	)	—		—		(89	)	12		(77	)

Refining
Pending claims and settlements	—		13		18		—		31		—		—		43		—		43
Certain tax impacts	—		—		—		23		23		—		16		—		82		98
Hurricane-related costs	—		—		(8	)	(7	)	(15	)	—		—		—		—		—
Gain on consolidation of business	261		—		—		—		261		—		—		—		—		—
Recognition of deferred logistics commitments	—		—		—		—		—		—		(19	)	—		—		(19	)
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		(25	)	(25	)
Pension settlement expense	—		(22	)	(8	)	(3	)	(33	)	—		—		—		—		—
Total Refining	261		(9	)	2		13		267		—		(3	)	43		57		97

Marketing and Specialties
Certain tax impacts	—		—		—		—		—		—		—		—		50		50
Hurricane-related costs	—		—		(1	)	—		(1	)	—		—		—		—		—
Pension settlement expense	—		(4	)	(2	)	(1	)	(7	)	—		—		—		—		—
Total Marketing and Specialties	—		(4	)	(3	)	(1	)	(8	)	—		—		—		50		50

Corporate and Other
Pending claims and settlements	—		2		(19	)	—		(17	)	—		—		1		—		1
Certain tax impacts	—		—		—		—		—		—		—		—		(5	)	(5	)
U.S. tax reform	—		—		—		2,735		2,735		—		—		—		—		—
Pension settlement expense	—		(3	)	(1	)	—		(4	)	—		—		—		—		—
Total Corporate and Other	—		(1	)	(20	)	2,735		2,714		—		—		1		(5	)	(4	)

Total Phillips 66	241		(19	)	(35	)	2,650		2,837		25		(3	)	(45	)	80		57

By Business Lines/Regions
Midstream
Transportation	—		—		21		(3	)	18		—		—		—		2		2
NGL and Other	—		(5	)	(3	)	—		(8	)	—		—		—		(5	)	(5	)
DCP Midstream	—		—		—		—		—		25		—		—		(31	)	(6	)
Total Midstream	—		(5	)	18		(3	)	10		25		—		—		(34	)	(9	)

Refining
Atlantic Basin/Europe	—		(2	)	(1	)	22		19		—		(3	)	—		65		62
Gulf Coast	261		(3	)	(10	)	(8	)	240		—		—		43		—		43
Central Corridor	—		(2	)	(1	)	(1	)	(4	)	—		—		—		(2	)	(2	)
West Coast	—		(2	)	14		—		12		—		—		—		(6	)	(6	)
Total Refining	261		(9	)	2		13		267		—		(3	)	43		57		97

Marketing and Specialties
Marketing and Other	—		(4	)	(3	)	(1	)	(8	)	—		—		—		44		44
Specialties	—		—		—		—		—		—		—		—		6		6
Total Marketing and Specialties	—		(4	)	(3	)	(1	)	(8	)	—		—		—		50		50

SPECIAL ITEMS INCLUDED IN INCOME BEFORE INCOME TAXES
(PRE-TAX)

	Millions of Dollars
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Pending claims and settlements	—		—		37		—		37		45		—		—		—		45
Impairments by equity affiliates	—		—		—		—		—		(6	)	—		—		—		(6	)
Hurricane-related costs	—		—		(4	)	(6	)	(10	)	—		—		—		—		—
Equity affiliate ownership restructuring	—		—		—		—		—		—		—		—		(33	)	(33	)
Pension settlement expense	—		(8	)	(3	)	(1	)	(12	)	—		—		—		—		—
Total Midstream	—		(8	)	30		(7	)	15		39		—		—		(33	)	6

Chemicals
Impairments by equity affiliates	(33	)	—		—		(31	)	(64	)	—		—		(89	)	—		(89	)
Hurricane-related costs	—		—		(53	)	(122	)	(175	)	—		—		—		—		—
Total Chemicals	(33	)	—		(53	)	(153	)	(239	)	—		—		(89	)	—		(89	)

Refining
Pending claims and settlements	—		21		30		—		51		—		—		70		—		70
Certain tax impacts	—		—		—		23		23		—		—		—		32		32
Hurricane-related costs	—		—		(12	)	(12	)	(24	)	—		—		—		—		—
Gain on consolidation of business	423		—		—		—		423		—		—		—		—		—
Recognition of deferred logistics commitments	—		—		—		—		—		—		(30	)	—		—		(30	)
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		(40	)	(40	)
Pension settlement expense	—		(35	)	(13	)	(5	)	(53	)	—		—		—		—		—
Total Refining	423		(14	)	5		6		420		—		(30	)	70		(8	)	32

Marketing and Specialties
Hurricane-related costs	—		—		(1	)	—		(1	)	—		—		—		—		—
Pension settlement expense	—		(7	)	(3	)	(1	)	(11	)	—		—		—		—		—
Total Marketing and Specialties	—		(7	)	(4	)	(1	)	(12	)	—		—		—		—		—

Corporate and Other
Pending claims and settlements	—		3		(31	)	—		(28	)	—		—		2		—		2
Pension settlement expense	—		(5	)	(2	)	—		(7	)	—		—		—		—		—
Total Corporate and Other	—		(2	)	(33	)	—		(35	)	—		—		2		—		2

Total Phillips 66	390		(31	)	(55	)	(155	)	149		39		(30	)	(17	)	(41	)	(49	)

By Business Lines/Regions
Midstream
Transportation	—		—		34		(5	)	29		—		—		—		—		—
NGL and Other	—		(8	)	(4	)	(2	)	(14	)	—		—		—		—		—
DCP Midstream	—		—		—		—		—		39		—		—		(33	)	6
Total Midstream	—		(8	)	30		(7	)	15		39		—		—		(33	)	6

Refining
Atlantic Basin/Europe	—		(4	)	(2	)	22		16		—		(30	)	—		27		(3	)
Gulf Coast	423		(5	)	(14	)	(14	)	390		—		—		70		(16	)	54
Central Corridor	—		(3	)	(1	)	(2	)	(6	)	—		—		—		(11	)	(11	)
West Coast	—		(2	)	22		—		20		—		—		—		(8	)	(8	)
Total Refining	423		(14	)	5		6		420		—		(30	)	70		(8	)	32

Marketing and Specialties
Marketing and Other	—		(7	)	(4	)	(1	)	(12	)	—		—		—		—		—
Specialties	—		—		—		—		—		—		—		—		—		—
Total Marketing and Specialties	—		(7	)	(4	)	(1	)	(12	)	—		—		—		—		—



CASH FLOW INFORMATION

	Millions of Dollars
	2017										2016
	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	563		581		849		3,255		5,248		398		516		536		194		1,644
Depreciation and amortization	315		320		337		346		1,318		280		290		293		305		1,168
Impairments	2		15		1		6		24		—		2		2		1		5
Accretion on discounted liabilities	5		6		5		6		22		5		5		5		6		21
Deferred income taxes	493		264		27		(2,670	)	(1,886	)	154		37		276		145		612
Undistributed equity earnings	(212	)	(40	)	(291	)	27		(516	)	(166	)	(349	)	(257	)	(43	)	(815	)
Net gain on dispositions	(1	)	(14	)	—		—		(15	)	—		(6	)	(3	)	(1	)	(10	)
Gain on consolidation of business	(423	)	—		—		—		(423	)	—		—		—		—		—
Other	6		92		(332	)	48		(186	)	51		65		(308	)	29		(163	)
Net working capital changes	(1,297	)	641		(195	)	913		62		(464	)	595		339		31		501
Net Cash Provided by (Used in) Operating Activities	(549	)	1,865		401		1,931		3,648		258		1,155		883		667		2,963

Cash Flows From Investing Activities
Capital expenditures and investments	(470	)	(458	)	(367	)	(537	)	(1,832	)	(750	)	(620	)	(661	)	(813	)	(2,844	)
Proceeds from asset dispositions*	9		42		14		21		86		5		10		144		(3	)	156
Advances/loans—related parties	—		—		(9	)	(1	)	(10	)	(75	)	(107	)	(84	)	(166	)	(432	)
Collection of advances/loans—related parties	325		—		—		1		326		—		—		107		1		108
Restricted cash received from consolidation of business	318		—		—		—		318		—		—		—		—		—
Other	(24	)	(37	)	(19	)	46		(34	)	(42	)	(33	)	(57	)	(14	)	(146	)
Net Cash Provided by (Used in) Investing Activities	158		(453	)	(381	)	(470	)	(1,146	)	(862	)	(750	)	(551	)	(995	)	(3,158	)

Cash Flows From Financing Activities
Issuance of debt	712		1,891		480		425		3,508		50		100		250		1,690		2,090
Repayment of debt	(773	)	(2,137	)	(251	)	(517	)	(3,678	)	(100	)	(66	)	(252	)	(415	)	(833	)
Issuance of common stock**	4		2		17		12		35		4		5		5		20		34
Repurchase of common stock	(285	)	(381	)	(461	)	(463	)	(1,590	)	(391	)	(242	)	(179	)	(230	)	(1,042	)
Dividends paid on common stock	(326	)	(360	)	(356	)	(353	)	(1,395	)	(296	)	(329	)	(329	)	(328	)	(1,282	)
Distributions to noncontrolling interests	(24	)	(30	)	(29	)	(37	)	(120	)	(11	)	(17	)	(17	)	(30	)	(75	)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	40		131		—		1,034		1,205		—		669		303		—		972
Other**	(34	)	(20	)	(12	)	(10	)	(76	)	(39	)	12		(11	)	(4	)	(42	)
Net Cash Provided by (Used in) Financing Activities	(686	)	(904	)	(612	)	91		(2,111	)	(783	)	132		(230	)	703		(178	)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	2		17		(22	)	20		17		36		(28	)	3		(1	)	10

Net Change in Cash, Cash Equivalents and Restricted Cash	(1,075	)	525		(614	)	1,572		408		(1,351	)	509		105		374		(363	)
Cash, cash equivalents and restricted cash at beginning of period	2,711		1,636		2,161		1,547		2,711		3,074		1,723		2,232		2,337		3,074
Cash, Cash Equivalents and Restricted Cash at End of Period	1,636		2,161		1,547		3,119		3,119		1,723		2,232		2,337		2,711		2,711
* Includes return of investments in equity affiliates and working capital true-ups on dispositions.
** Prior periods recasted to conform to the current year presentation.

CAPITAL PROGRAM

	Millions of Dollars
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Consolidated Capital Expenditures and Investments
Midstream	182		199		178		212		771		446		284		315		408		1,453
Chemicals	—		—		—		—		—		—		—		—		—		—
Refining	259		216		148		230		853		261		277		289		322		1,149
Marketing and Specialties	15		23		27		43		108		15		22		26		35		98
Corporate and Other	14		20		14		52		100		28		37		31		48		144
Total Consolidated	470		458		367		537		1,832		750		620		661		813		2,844

Proportional Share of Select Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)	44		60		62		102		268		35		20		21		23		99
CPChem (Chemicals)	256		131		119		270		776		247		294		205		241		987
WRB Refining (Refining)	42		22		27		35		126		37		43		36		48		164
Select Equity Affiliates	342		213		208		407		1,170		319		357		262		312		1,250

Total Capital Program*
Midstream	226		259		240		314		1,039		481		304		336		431		1,552
Chemicals	256		131		119		270		776		247		294		205		241		987
Refining	301		238		175		265		979		298		320		325		370		1,313
Marketing and Specialties	15		23		27		43		108		15		22		26		35		98
Corporate and Other	14		20		14		52		100		28		37		31		48		144
Total Capital Program	812		671		575		944		3,002		1,069		977		923		1,125		4,094
* Includes Phillips 66’s portion of self-funded capital spending by DCP Midstream, LLC (DCP Midstream), Chevron Phillips Chemical Company LLC (CPChem)
and WRB Refining LP.



MIDSTREAM

	2017								2016
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream Net Income (Loss) ($ Millions)
Transportation	78	74		119		105	376		82		80		79		70		311
NGL and Other	17	9		(3	)	20	43		(6	)	(9	)	15		2		2
DCP Midstream	17	13		1		14	45		4		(9	)	9		(37	)	(33	)
Midstream Net Income (Loss)	112	96		117		139	464		80		62		103		35		280

Midstream Income (Loss) before Income Taxes ($ Millions)
Transportation	107	102		174		147	530		123		116		112		90		441
NGL and Other	19	6		(9	)	16	32		(9	)	(18	)	15		7		(5	)
DCP Midstream	27	22		1		26	76		7		(14	)	14		(41	)	(34	)
Midstream Income (Loss) before Income Taxes	153	130		166		189	638		121		84		141		56		402

Midstream Adjusted EBITDA ($ Millions)*
PSXP**	149	157		154		240	700		71		92		111		147		421
Other Midstream	70	54		107		55	286		116		81		98		37		332
Transportation and NGL and Other	219	211		261		295	986		187		173		209		184		753
DCP Midstream	71	65		42		70	248		44		64		97		69		274
Midstream Adjusted EBITDA	290	276		303		365	1,234		231		237		306		253		1,027
* See reconciliation of net income to Adjusted EBITDA on next page.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.

Depreciation and Amortization ($ Millions)
Transportation	33	35		46		44	158		30		32		36		33		131
NGL and Other	35	34		35		37	141		18		18		20		28		84
DCP Midstream	—	—		—		—	—		—		—		—		—		—
Total	68	69		81		81	299		48		50		56		61		215

Operating and SG&A Expense ($ Millions)
Transportation	161	177		187		185	710		122		136		145		153		556
NGL and Other	57	63		65		70	255		45		45		38		49		177
DCP Midstream	—	(1	)	—		—	(1	)	(1	)	—		(1	)	(1	)	(3	)
Total	218	239		252		255	964		166		181		182		201		730

Transportation Volumes (MB/D)
Pipelines*	3,469	3,430		3,447		3,658	3,501		3,488		3,638		3,495		3,424		3,511
Terminals**	2,395	2,581		2,675		3,008	2,665		2,209		2,442		2,417		2,619		2,422
* Pipelines represent the sum of volumes transported through each separately tariffed pipeline segment, including our share of equity volumes in Yellowstone and Lake Charles pipelines.
** Terminals include Bayway and Ferndale crude oil rail rack volumes.

PSX Other Volumes
NGL Fractionated (MB/D)*	175	177		177		215	186		161		174		173		172		170
* Excludes DCP Midstream.

100% DCP Midstream Results
Net Income Attributable, excludes parent company income tax related to DCP's earnings ($ Millions)*	53	42		3		49	147		24		(29	)	25		(83	)	(63	)

Depreciation and Amortization ($ Millions)	94	94		94		97	379		95		95		94		94		378

Operating and SG&A Expense ($ Millions)	240	254		226		234	954		245		241		204		281		971

Net Interest Expense ($ Millions)*	76	73		77		72	298		79		79		78		86		322
* Net of interest income.

Capital Expenditures and Investments ($ Millions)	87	121		124		204	536		69		41		41		46		197

Selected DCP Operating Statistics
Total Throughput (TBtu/D)	5.7	5.7		5.7		5.8	5.7		6.9		6.7		6.4		6.1		7.1
NGL Production (MB/D)	341	367		378		411	374		382		416		403		371		393

Weighted Average NGL Price*
DCP Midstream ($/BBL)	25.31	22.94		26.12		30.39	26.19		15.34		19.26		18.98		23.19		19.19
DCP Midstream ($/gal)	0.60	0.55		0.62		0.72	0.62		0.37		0.46		0.45		0.55		0.46
* Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix.

MLP Distributions ($ Millions)*
GP Distribution from PSXP to Phillips 66	32	36		43		47	158		16		21		26		28		91
LP Distribution from PSXP to Phillips 66	37	40		44		46	167		28		30		34		36		128
GP Distribution from DCP Midstream, LP to DCP Midstream***	23	23		43		**	89		31		31		31		31		124
LP Distribution from DCP Midstream, LP to DCP Midstream***	41	40		42		**	123		19		19		19		19		76
* Cash distributions declared attributable to general partner interest, common unit ownership and incentive distribution rights. These distributions are eliminated in the respective sponsors consolidated financial statements.
** Pending DCP Midstream release.
*** Represents 100 percent of DCP Midstream's distributions from DCP Midstream, LP (formerly DCP Midstream Partners, LP).



MIDSTREAM (continued)

	Millions of Dollars
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Midstream Net Income to Adjusted EBITDA
Midstream net income	112		96		117		139		464		80		62		103		35		280
Plus:
Income tax expense	41		34		49		50		174		41		22		38		21		122
Interest revenue	(1	)	—		—		—		(1	)	—		—		—		—		—
Depreciation and amortization	68		69		81		81		299		48		50		56		61		215
Midstream EBITDA	220		199		247		270		936		169		134		197		117		617

Special Item Adjustments (pre-tax):
Pending claims and settlements	—		—		(37	)	—		(37	)	(45	)	—		—		—		(45	)
Impairments by equity affiliates	—		—		—		—		—		6		—		—		—		6
Hurricane-related costs	—		—		4		6		10		—		—		—		—		—
Equity affiliate ownership restructuring	—		—		—		—		—		—		—		—		33		33
Pension settlement expense	—		8		3		1		12		—		—		—		—		—
Midstream EBITDA, Adjusted for Special Items	220		207		217		277		921		130		134		197		150		611

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		1		1		(1	)	1		1		1		—		—		2
Proportional share of selected equity affiliates net interest	27		26		31		37		121		42		43		43		42		170
Proportional share of selected equity affiliates depreciation and amortization	43		42		54		52		191		58		59		66		61		244
Midstream Adjusted EBITDA	290		276		303		365		1,234		231		237		306		253		1,027

Midstream Adjusted EBITDA by Business Line
100% PSXP Results
PSXP net income	110		119		131		164		524		94		100		112		102		408
Plus:
Income tax expense	—		1		1		2		4		—		1		—		1		2
Net interest expense	23		23		24		29		99		10		11		10		21		52
Depreciation and amortization	28		28		32		28		116		23		23		25		25		96
PSXP EBITDA*	161		171		188		223		743		127		135		147		149		558

Adjustments (pre-tax):
EBITDA attributable to predecessors	(14	)	(17	)	(36	)	(2	)	(69	)	(58	)	(45	)	(39	)	(5	)	(147	)
PSXP EBITDA, Adjusted for Predecessors**	147		154		152		221		674		69		90		108		144		411

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—		—		1		1		—		—		—		—		—
Proportional share of selected equity affiliates net interest	—		—		—		7		7		—		—		—		—		—
Proportional share of selected equity affiliates depreciation and amortization	2		3		2		11		18		2		2		3		3		10
PSXP Adjusted EBITDA***	149		157		154		240		700		71		92		111		147		421
* Prior-period information has been retrospectively adjusted for acquisitions of businesses under common control.
** Prior-period information has been retrospectively adjusted for acquisitions of businesses under common control. Also, does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
*** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.

Total Transportation and NGL and Other
Total Transportation and NGL and Other net income	95		83		116		125		419		76		71		94		72		313
Plus:
Income tax expense	31		25		49		38		143		38		27		33		25		123
Interest revenue	(1	)	—		—		—		(1	)	—		—		—		—		—
Depreciation and amortization	68		69		81		81		299		48		50		56		61		215
Total Transportation and NGL and Other EBITDA*	193		177		246		244		860		162		148		183		158		651

Special Item Adjustments (pre-tax):
Pension settlement expense	—		8		3		1		12		—		—		—		—		—
Pending claims and settlements	—		—		(37	)	—		(37	)	—		—		—		—		—
Hurricane-related costs	—		—		4		6		10		—		—		—		—		—
Total Transportation and NGL and Other EBITDA, Adjusted for Special Items*	193		185		216		251		845		162		148		183		158		651

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—		—		1		1		—		—		—		—		—
Proportional share of selected equity affiliates net interest	10		10		18		18		56		10		10		11		10		41
Proportional share of selected equity affiliates depreciation and amortization	16		16		27		25		84		15		15		15		16		61
Total Transportation and NGL and Other Adjusted EBITDA*	219		211		261		295		986		187		173		209		184		753
* Includes PSXP results above. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.

DCP Midstream
DCP Midstream net income	17		13		1		14		45		4		(9	)	9		(37	)	(33	)
Plus:
Income tax expense (benefit)	10		9		—		12		31		3		(5	)	5		(4	)	(1	)
DCP Midstream EBITDA	27		22		1		26		76		7		(14	)	14		(41	)	(34	)

Special Item Adjustments (pre-tax):
Pending claims and settlements	—		—		—		—		—		(45	)	—		—		—		(45	)
Impairments by equity affiliates	—		—		—		—		—		6		—		—		—		6
Equity affiliate ownership restructuring	—		—		—		—		—		—		—		—		33		33
DCP Midstream EBITDA, Adjusted for Special Items	27		22		1		26		76		(32	)	(14	)	14		(8	)	(40	)

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		1		1		(2	)	—		1		1		—		—		2
Proportional share of selected equity affiliates net interest	17		16		13		19		65		32		33		32		32		129
Proportional share of selected equity affiliates depreciation and amortization	27		26		27		27		107		43		44		51		45		183
DCP Midstream Adjusted EBITDA*	71		65		42		70		248		44		64		97		69		274
* Proportional share of selected equity affiliates is net of noncontrolling interests.



CHEMICALS

	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Chemicals Net Income ($ Millions)	181		196		121		27		525		156		190		101		136		583

100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings ($ Millions)
Olefins and Polyolefins	461		537		295		27		1,320		422		478		460		290		1,650
Specialties, Aromatics and Styrenics	53		61		46		9		169		49		64		(90	)	63		86
Corporate and Other	(11	)	(8	)	(10	)	(14	)	(43	)	(12	)	(13	)	(15	)	(9	)	(49	)
Total	503		590		331		22		1,446		459		529		355		344		1,687

Income (Loss) before Income Taxes ($ Millions)
Olefins and Polyolefins	470		546		304		35		1,355		432		493		471		291		1,687
Specialties, Aromatics and Styrenics	62		65		51		13		191		56		72		(86	)	71		113
Corporate and Other	(11	)	(8	)	(10	)	(13	)	(42	)	(12	)	(13	)	(13	)	(9	)	(47	)
Total	521		603		345		35		1,504		476		552		372		353		1,753

Depreciation and Amortization ($ Millions)	73		75		85		118		351		77		77		79		83		316

Net Interest Expense ($ Millions)*	(1	)	(1	)	(3	)	(3	)	(8	)	—		—		(1	)	—		(1	)
* Net of interest income.

Investing Cash Flows ($ Millions)
Capital Expenditures and Investments	512		262		238		540		1,552		493		588		411		482		1,974
Advances to Equity Companies	6		2		3		—		11		14		23		10		6		53
Advance Repayments from Equity Companies	(7	)	—		—		(52	)	(59	)	—		(6	)	(26	)	(31	)	(63	)

Externally Marketed Sales Volumes (MM Lbs)*
Olefins and Polyolefins	4,016		4,137		3,842		3,875		15,870		4,002		4,139		4,155		3,715		16,011
Specialties, Aromatics and Styrenics	1,206		1,175		1,095		1,142		4,618		1,254		1,212		1,284		1,161		4,911
Total	5,222		5,312		4,937		5,017		20,488		5,256		5,351		5,439		4,876		20,922
* Represents 100 percent of CPChem's outside sales of produced petrochemical products, as well as commission sales from equity affiliates.

Olefins and Polyolefins Capacity Utilization (%)*	89	%	98	%	83	%	79	%	87	%	94	%	92	%	93	%	86	%	91	%
* Revised to exclude polyethylene pipe operations.

Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)	31.87		29.61		28.21		30.84		30.13		23.95		27.99		33.11		30.11		28.79
HDPE Blow Molding, Domestic Spot (cents/lb)	55.83		58.00		58.67		60.75		58.31		47.42		52.58		54.17		54.67		52.21

U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	11.80		12.54		16.14		16.22		14.18		9.80		12.04		10.59		14.31		11.69
HDPE Blow Molding, Total Cash Cost (cents/lb)	44.90		42.59		41.13		43.78		43.10		36.50		40.60		45.95		42.96		41.50

Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	31.00		32.48		29.61		31.59		31.17		25.07		27.93		30.74		27.51		27.81
* Source: IHS, Inc.

Reconciliation of Chemicals Net Income to Adjusted EBITDA ($ Millions)
Chemicals net income	181		196		121		27		525		156		190		101		136		583
Plus:
Income tax expense (benefit)	70		98		42		(19	)	191		72		74		75		35		256
Chemicals EBITDA	251		294		163		8		716		228		264		176		171		839

Special Item Adjustments (pre-tax):
Impairments by equity affiliates	33		—		—		31		64		—		—		89		—		89
Hurricane-related costs	—		—		53		122		175		—		—		—		—		—
Chemicals EBITDA, Adjusted for Special Items	284		294		216		161		955		228		264		265		171		928

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	20		14		18		16		68		18		26		20		13		77
Proportional share of selected equity affiliates net interest	1		2		1		—		4		2		3		1		2		8
Proportional share of selected equity affiliates depreciation and amortization	69		70		76		92		307		71		70		70		74		285
Chemicals Adjusted EBITDA	374		380		311		269		1,334		319		363		356		260		1,298



REFINING

	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Refining Net Income (Loss) ($ Millions)
Atlantic Basin/Europe	(50	)	107		171		142		370		4		32		5		163		204
Gulf Coast	328		53		67		64		512		68		5		30		(51	)	52
Central Corridor	62		27		197		191		477		20		55		142		17		234
West Coast	(81	)	37		115		(26	)	45		(6	)	57		—		(167	)	(116	)
Refining Net Income (Loss)	259		224		550		371		1,404		86		149		177		(38	)	374

Refining Income (Loss) before Income Taxes ($ Millions)
Atlantic Basin/Europe	(98	)	120		247		179		448		3		14		4		166		187
Gulf Coast	521		86		109		93		809		107		7		51		(95	)	70
Central Corridor	97		42		317		299		755		32		96		220		19		367
West Coast	(130	)	59		190		(55	)	64		(15	)	90		(1	)	(262	)	(188	)
Refining Income (Loss) before Income Taxes	390		307		863		516		2,076		127		207		274		(172	)	436

Refining Net Income (Loss) ($/BBL)
Atlantic Basin/Europe	(1.25	)	2.07		3.27		2.59		1.86		0.07		0.56		0.09		3.11		0.93
Gulf Coast	4.91		0.73		0.95		0.84		1.79		1.00		0.07		0.42		(0.72	)	0.18
Central Corridor	2.52		1.21		8.37		8.83		5.18		0.84		2.19		5.92		0.67		2.38
West Coast	(2.95	)	1.05		3.14		(0.75	)	0.34		(0.19	)	1.69		—		(6.32	)	(0.92	)
Worldwide	1.63		1.23		3.01		1.98		1.97		0.48		0.79		0.96		(0.22	)	0.51

Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	6.29		7.90		10.02		8.32		8.25		5.79		6.15		5.04		8.19		6.26
Gulf Coast	8.03		6.74		7.26		6.38		7.07		6.76		5.18		5.47		4.61		5.49
Central Corridor	10.54		9.96		14.04		15.16		12.44		7.41		8.65		11.18		7.50		8.70
West Coast	9.95		10.83		12.95		7.96		10.49		9.70		10.94		9.07		6.30		9.15
Worldwide	8.55		8.44		10.49		8.98		9.13		7.11		7.13		7.23		6.47		6.99
* See note on the use of non-GAAP measures below. Also, reconciliations of net income to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section below.

Depreciation and Amortization ($ Millions)*
Atlantic Basin/Europe	49		47		47		49		192		47		54		46		52		199
Gulf Coast	65		68		68		70		271		57		58		58		61		234
Central Corridor	27		27		32		33		119		26		26		26		28		106
West Coast	58		62		58		61		239		56		58		58		58		230
Total	199		204		205		213		821		186		196		188		199		769
* Excludes D&A of all equity affiliates.

Operating and SG&A Expense ($ Millions)*
Atlantic Basin/Europe	271		213		201		223		908		236		223		215		207		881
Gulf Coast	350		308		312		297		1,267		286		311		344		344		1,285
Central Corridor	144		191		131		161		627		114		119		126		137		496
West Coast	324		234		224		248		1,030		250		202		233		343		1,028
Total	1,089		946		868		929		3,832		886		855		918		1,031		3,690
* Excludes Operating and SG&A Expense of all equity affiliates.

Turnaround Expense ($ Millions), included in Operating and SG&A Expense*
Atlantic Basin/Europe	83		19		7		16		125		26		10		17		20		73
Gulf Coast	72		23		11		19		125		23		26		55		51		155
Central Corridor	27		79		14		47		167		10		17		18		15		60
West Coast	117		33		11		17		178		56		16		27		119		218
Total	299		154		43		99		595		115		69		117		205		506
* Excludes Turnaround Expense of all equity affiliates.

Taxes Other than Income Taxes, excluding Excise Taxes ($ Millions)
Atlantic Basin/Europe	16		13		14		13		56		17		15		13		13		58
Gulf Coast	27		23		23		23		96		23		21		12		17		73
Central Corridor	14		13		9		10		46		13		12		7		10		42
West Coast	20		21		—		23		64		22		20		21		19		82
Total	77		70		46		69		262		75		68		53		59		255

Foreign Currency Gains (Losses) After-Tax ($ Millions)	—		1		(5	)	5		1		5		—		5		—		10

Refining—Equity Affiliate Information ($ Millions)
Equity in earnings of affiliates	(6	)	22		144		162		322		(9	)	80		68		24		163
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity-affiliate-related costs*	239		(191	)	(262	)	(306	)	(520	)	(146	)	(229	)	(145	)	(165	)	(685	)
Equity-affiliate-related expenses not included in Realized Refining Margins	233		(169	)	(118	)	(144	)	(198	)	(155	)	(149	)	(77	)	(141	)	(522	)
Regional Totals
Atlantic Basin/Europe	(17	)	(18	)	25		17		7		(18	)	(17	)	(16	)	(12	)	(63	)
Gulf Coast	428		(2	)	1		(1	)	426		14		17		77		15		123
Central Corridor	(178	)	(149	)	(144	)	(160	)	(631	)	(151	)	(149	)	(138	)	(144	)	(582	)
Total	233		(169	)	(118	)	(144	)	(198	)	(155	)	(149	)	(77	)	(141	)	(522	)
* Other costs associated with equity affiliates which do not flow through equity earnings.



REFINING (continued)

	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Refining Net Income to Adjusted EBITDA ($ Millions)
Refining net income	259		224		550		371		1,404		86		149		177		(38	)	374
Plus:
Income tax expense (benefit)	131		83		313		145		672		41		58		97		(134	)	62
Depreciation and amortization	199		204		205		213		821		186		196		188		199		769
Refining EBITDA	589		511		1,068		729		2,897		313		403		462		27		1,205

Special Item Adjustments (pre-tax):
Pending claims and settlements	—		(21	)	(30	)	—		(51	)	—		—		(70	)	—		(70	)
Certain tax impacts	—		—		—		(23)		(23	)	—		—		—		(32	)	(32	)
Hurricane-related costs	—		—		12		12		24		—		—		—		—		—
Gain on consolidation of business	(423	)	—		—		—		(423	)	—		—		—		—		—
Recognition of deferred logistics commitments	—		—		—		—		—		—		30		—		—		30
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		40		40
Pension settlement expense	—		35		13		5		53		—		—		—		—		—
Refining EBITDA, Adjusted for Special Items	166		525		1,063		723		2,477		313		433		392		35		1,173

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	)	—		—		—		—		—
Proportional share of selected equity affiliates depreciation and amortization	65		65		68		70		268		63		64		65		65		257
Refining Adjusted EBITDA	231		589		1,130		793		2,743		376		497		457		100		1,430

Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	366		533		536		543		494		577		594		573		529		568
Total Processed Inputs (MB/D)	446		569		569		597		546		607		626		607		570		602
Crude Oil Capacity Utilization (%)	70	%	103	%	103	%	104	%	95	%	98	%	101	%	100	%	102	%	100	%
Clean Product Yield (%)	88	%	87	%	88	%	89	%	88	%	83	%	84	%	85	%	89	%	85	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Crude Oil Charge Input (MB/D)	668		715		694		758		709		679		738		701		701		704
Total Processed Inputs (MB/D)	743		795		767		828		784		748		807		770		775		775
Crude Oil Capacity Utilization (%)	90	%	96	%	93	%	102	%	95	%	91	%	99	%	94	%	94	%	95	%
Clean Product Yield (%)	80	%	81	%	80	%	81	%	81	%	79	%	80	%	81	%	82	%	80	%

Central Corridor*
Crude Oil Charge Input (MB/D)	470		465		480		452		467		472		500		487		479		485
Total Processed Inputs (MB/D)	488		480		497		472		484		491		514		505		498		502
Crude Oil Capacity Utilization (%)	95	%	94	%	97	%	92	%	95	%	96	%	101	%	99	%	97	%	98	%
Clean Product Yield (%)	90	%	88	%	88	%	91	%	89	%	88	%	89	%	86	%	89	%	88	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast
Crude Oil Charge Input (MB/D)	279		366		368		353		342		323		348		344		257		318
Total Processed Inputs (MB/D)	304		388		398		378		367		351		370		372		287		345
Crude Oil Capacity Utilization (%)	78	%	102	%	102	%	98	%	95	%	90	%	97	%	96	%	71	%	88	%
Clean Product Yield (%)	87	%	87	%	86	%	89	%	87	%	81	%	87	%	88	%	86	%	85	%

Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,783		2,079		2,078		2,106		2,012		2,051		2,180		2,105		1,966		2,075
Total Processed Inputs (MB/D)	1,981		2,232		2,231		2,275		2,181		2,197		2,317		2,254		2,130		2,224
Crude Oil Capacity Utilization (%)	84	%	98	%	98	%	100	%	95	%	94	%	100	%	97	%	93	%	96	%
Clean Product Yield (%)	85	%	85	%	85	%	87	%	86	%	82	%	84	%	84	%	86	%	84	%

Refined Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	213		252		252		260		244		249		256		252		250		252
Distillates	163		228		230		254		219		241		250		246		239		244
Other	81		95		92		90		90		121		123		113		89		111
Total	457		575		574		604		553		611		629		611		578		607
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Gasoline	296		324		310		333		316		286		321		309		321		309
Distillates	275		292		286		311		291		277		306		291		293		292
Other	178		185		175		191		182		192		190		176		169		182
Total	749		801		771		835		789		755		817		776		783		783

Central Corridor*
Gasoline	253		241		253		251		249		254		270		250		260		258
Distillates	181		180		182		178		180		175		185		183		183		181
Other	59		64		68		48		60		65		65		77		59		67
Total	493		485		503		477		489		494		520		510		502		506
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast
Gasoline	154		197		198		189		185		161		185		189		142		169
Distillates	110		141		142		144		135		123		137		137		105		126
Other	41		50		58		44		48		66		49		48		38		50
Total	305		388		398		377		368		350		371		374		285		345

Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	916		1,014		1,013		1,033		994		950		1,032		1,000		973		988
Distillates	729		841		840		887		825		816		878		857		820		843
Other	359		394		393		373		380		444		427		414		355		410
Total	2,004		2,249		2,246		2,293		2,199		2,210		2,337		2,271		2,148		2,241



REFINING (continued)

	2017					2016
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Market Indicators
Crude and Crude Differentials ($/BBL)
WTI	51.83	48.24	48.16	55.35	50.90	33.27	45.48	44.88	49.18	43.20
Brent	53.78	49.83	52.08	61.39	54.27	33.89	45.57	45.85	49.46	43.69
LLS	53.51	50.31	51.65	61.05	54.13	35.14	47.34	46.53	50.54	44.88
ANS	53.83	50.68	52.20	61.52	54.56	34.46	45.72	44.78	50.14	43.77
WTI less Maya	7.10	4.29	1.62	2.21	3.80	7.21	7.70	5.86	6.38	6.79
WTI less WCS	13.79	9.99	10.49	16.82	12.77	13.63	12.92	14.22	15.02	13.95

Natural Gas ($/MMBtu)
Henry Hub	3.00	3.05	2.93	2.86	2.96	1.98	2.10	2.85	2.99	2.48

Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	9.46	15.53	19.17	11.26	13.85	11.54	17.92	13.37	13.44	14.07
East Coast Distillate less Brent	12.93	13.29	17.18	17.77	15.29	10.79	12.54	12.59	15.67	12.89
Gulf Coast
Gulf Coast Gasoline less LLS	9.92	10.86	14.90	8.95	11.16	7.81	11.05	10.17	8.58	9.40
Gulf Coast Distillate less LLS	12.26	11.59	16.44	15.48	13.94	7.92	9.07	11.01	13.39	10.35
Central Corridor
Central Gasoline less WTI	12.77	14.11	19.32	16.43	15.66	10.24	13.67	14.16	9.40	11.87
Central Distillate less WTI	14.00	14.59	21.98	23.43	18.50	11.08	11.75	15.38	14.03	13.06
West Coast
West Coast Gasoline less ANS	17.28	21.08	20.83	11.76	17.74	17.66	20.15	16.08	13.26	16.79
West Coast Distillate less ANS	14.84	14.32	20.45	18.81	17.10	11.19	14.70	14.82	17.34	14.51

Worldwide Market Crack Spread ($/BBL)*	12.24	14.06	18.19	13.98	14.62	10.64	13.84	12.96	12.10	12.39
* Weighted average based on Phillips 66 crude capacity.



MARKETING AND SPECIALTIES

	2017							2016
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr		YTD
Marketing and Specialties Net Income ($ Millions)
Marketing and Other	124	181	160	86		551		162		199	228	158		747
Specialties	17	33	48	37		135		43		30	39	32		144
Marketing and Specialties Net Income	141	214	208	123		686		205		229	267	190		891

Marketing and Specialties Income before Income Taxes ($ Millions)
Marketing and Other	181	275	242	110		808		246		298	339	161		1,044
Specialties	27	53	75	57		212		69		47	61	40		217
Marketing and Specialties Income before Income Taxes	208	328	317	167		1,020		315		345	400	201		1,261

Marketing Net Income ($/BBL)
U.S.	0.52	0.75	0.65	0.34		0.56		0.82		0.81	0.86	0.49		0.74
International	1.59	2.31	1.79	1.54		1.81		1.24		2.04	2.77	2.86		2.21

Realized Marketing Fuel Margins ($/BBL)*
U.S.	1.47	1.74	1.63	1.09		1.48		1.83		1.79	1.88	1.10		1.64
International	3.70	4.95	4.45	3.72		4.21		3.16		4.16	5.19	3.68		4.05
* See note on the use of non-GAAP measures below. Also, reconciliations of net income to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section below.

Realized Margins not included in Marketing Fuel Margin ($ Millions)*
Marketing and Other	133	142	160	130		565		123		147	143	129		542
Specialties	72	97	120	103		392		112		92	104	88		396
Total	205	239	280	233		957		235		239	247	217		938
* Excludes Gain on Dispositions and Excise Tax Income.

Depreciation and Amortization ($ Millions)
Marketing and Other	22	21	24	25		92		20		22	24	21		87
Specialties	5	5	5	5		20		5		5	5	5		20
Total	27	26	29	30		112		25		27	29	26		107

Operating and SG&A Expense ($ Millions)
Marketing and Other	245	283	292	284		1,104		244		271	261	262		1,038
Specialties	38	37	39	39		153		35		38	38	41		152
Total	283	320	331	323		1,257		279		309	299	303		1,190

Marketing Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	1,073	1,188	1,188	1,197		1,162		1,086		1,171	1,158	1,183		1,150
Distillates	667	751	780	866		766		706		782	780	773		760
Other	—	—	1	1		1		—		1	—	—		—
Total	1,740	1,939	1,969	2,064		1,929		1,792		1,954	1,938	1,956		1,910

International Marketing
Gasoline	82	87	84	83		84		90		90	89	82		88
Distillates	168	161	166	165		165		197		193	189	168		187
Other	15	18	17	20		17		15		18	17	17		16
Total	265	266	267	268		266		302		301	295	267		291

Worldwide Marketing
Gasoline	1,155	1,275	1,272	1,280		1,246		1,176		1,261	1,247	1,265		1,238
Distillates	835	912	946	1,031		931		903		975	969	941		947
Other	15	18	18	21		18		15		19	17	17		16
Total	2,005	2,205	2,236	2,332		2,195		2,094		2,255	2,233	2,223		2,201

Foreign Currency Gains (Losses) After-Tax ($ Millions)	1	—	1	(3	)	(1	)	(1	)	1	—	(1	)	(1	)

Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA ($ Millions)
Marketing and Specialties net income	141	214	208	123		686		205		229	267	190		891
Plus:
Income tax expense	67	114	109	44		334		110		116	133	11		370
Depreciation and amortization	27	26	29	30		112		25		27	29	26		107
Marketing and Specialties EBITDA	235	354	346	197		1,132		340		372	429	227		1,368

Special Item Adjustments (pre-tax):
Hurricane-related costs	—	—	1	—		1		—		—	—	—		—
Pension settlement expense	—	7	3	1		11		—		—	—	—		—
Marketing and Specialties EBITDA, Adjusted for Special Items	235	361	350	198		1,144		340		372	429	227		1,368

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—	—		—		—		—	—	—		—
Proportional share of selected equity affiliates net interest	—	—	1	—		1		—		—	—	—		—
Proportional share of selected equity affiliates depreciation and amortization	3	3	2	3		11		3		3	3	3		12
Marketing and Specialties Adjusted EBITDA	238	364	353	201		1,156		343		375	432	230		1,380



CORPORATE AND OTHER

	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Corporate and Other Net Income (Loss) ($ Millions)	(130	)	(149	)	(147	)	2,595		2,169		(129	)	(114	)	(112	)	(129	)	(484	)

Detail of Net Income (Loss) ($ Millions)
Net interest expense	(65	)	(65	)	(68	)	(68	)	(266	)	(54	)	(52	)	(49	)	(55	)	(210	)
Corporate overhead	(39	)	(47	)	(45	)	(44	)	(175	)	(42	)	(40	)	(39	)	(40	)	(161	)
Technology	(15	)	(14	)	(16	)	(17	)	(62	)	(14	)	(14	)	(15	)	(15	)	(58	)
U.S. tax reform	—		—		—		2,735		2,735		—		—		—		—		—
Other	(11	)	(23	)	(18	)	(11	)	(63	)	(19	)	(8	)	(9	)	(19	)	(55	)
Total	(130	)	(149	)	(147	)	2,595		2,169		(129	)	(114	)	(112	)	(129	)	(484	)

Pre-Tax Net Interest Expense ($ Millions)
Interest expense	(114	)	(113	)	(112	)	(114	)	(453	)	(105	)	(104	)	(103	)	(107	)	(419	)
Capitalized interest	9		6		—		—		15		19		21		22		19		81
Interest revenue	5		7		8		10		30		4		3		7		4		18
Premium on early debt retirement	—		—		—		—		—		(1	)	—		—		—		(1	)
Total	(100	)	(100	)	(104	)	(104	)	(408	)	(83	)	(80	)	(74	)	(84	)	(321	)

Reconciliation of Corporate and Other Net Income (Loss) to Adjusted EBITDA ($ Millions)
Corporate and Other net income (loss)	(130	)	(149	)	(147	)	2,595		2,169		(129	)	(114	)	(112	)	(129	)	(484	)
Plus:
Income tax benefit	(75	)	(62	)	(106	)	(2,821	)	(3,064	)	(66	)	(66	)	(66	)	(65	)	(263	)
Net interest expense	100		100		104		104		408		83		80		74		84		321
Depreciation and amortization	21		21		22		22		86		21		17		20		19		77
Corporate and Other EBITDA	(84	)	(90	)	(127	)	(100	)	(401	)	(91	)	(83	)	(84	)	(91	)	(349	)

Special Item Adjustments (pre-tax):
Pension settlement expense	—		5		2		—		7		—		—		—		—		—
Pending claims and settlements	—		—		31		—		31		—		—		—		—		—
Corporate and Other EBITDA, Adjusted for Special Items	(84	)	(85	)	(94	)	(100	)	(363	)	(91	)	(83	)	(84	)	(91	)	(349	)

Other Adjustments (pre-tax):
None	—		—		—		—		—		—		—		—		—		—
Corporate and Other Adjusted EBITDA	(84	)	(85	)	(94	)	(100	)	(363	)	(91	)	(83	)	(84	)	(91	)	(349	)

Foreign Currency Gains (Losses) After-Tax ($ Millions)	—		(1	)	(1	)	2		—		1		—		—		1		2

Phillips 66 Total Company Debt
Total Debt ($ Millions)	10,210		9,965		10,201		10,110		10,110		8,835		8,862		8,858		10,138		10,138
Debt-to-Capital Ratio (%)	30	%	30	%	30	%	27	%	27	%	27	%	27	%	27	%	30	%	30	%

Total Equity ($ Millions)	23,725		23,806		23,959		27,428		27,428		23,643		24,066		24,311		23,725		23,725

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

	Millions of Dollars
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Net income	563		581		849		3,255		5,248		398		516		536		194		1,644
Plus:
Income tax expense (benefit)	234		267		407		(2,601	)	(1,693	)	198		204		277		(132	)	547
Net interest expense	99		100		104		104		407		83		80		74		84		321
Depreciation and amortization	315		320		337		346		1,318		280		290		293		305		1,168
Phillips 66 EBITDA	1,211		1,268		1,697		1,104		5,280		959		1,090		1,180		451		3,680

Special Item Adjustments (pre-tax):
Impairments by equity affiliates	33		—		—		31		64		6		—		89		—		95
Pending claims and settlements	—		(21	)	(36	)	—		(57	)	(45	)	—		(70	)	—		(115	)
Certain tax impacts	—		—		—		(23	)	(23	)	—		—		—		(32	)	(32	)
Gain on consolidation of business	(423	)	—		—		—		(423	)	—		—		—		—		—
Equity affiliate ownership restructuring	—		—		—		—		—		—		—		—		33		33
Recognition of deferred logistics commitments	—		—		—		—		—		—		30		—		—		30
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		40		40
Pension settlement expense	—		55		21		7		83		—		—		—		—		—
Hurricane-related costs	—		—		70		140		210		—		—		—		—		—
Phillips 66 EBITDA, Adjusted for Special Items	821		1,302		1,752		1,259		5,134		920		1,120		1,199		492		3,731

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	20		15		19		16		70		19		27		20		13		79
Proportional share of selected equity affiliates net interest	28		27		32		36		123		44		46		44		44		178
Proportional share of selected equity affiliates depreciation and amortization	180		180		200		217		777		195		196		204		203		798
EBITDA attributable to Phillips 66 noncontrolling interests	(46	)	(47	)	(49	)	(87	)	(229	)	(20	)	(30	)	(37	)	(45	)	(132	)
Phillips 66 Adjusted EBITDA	1,003		1,477		1,954		1,441		5,875		1,158		1,359		1,430		707		4,654

Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms EBITDA and Adjusted EBITDA and Realized refining margins per barrel and Realized marketing fuel margins 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 measure most directly comparable to EBITDA and Adjusted EBITDA is net income. 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 most directly comparable GAAP measure to both realized margin per barrel measures is net income per barrel. Reconciliations of net income to realized refining margin and realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section below. Recast of Financial Information—Effective in Q4 2017, we changed our segment performance measure to net income from net income attributable to Phillips 66. The supplemental data by segment included herein has been recast for all periods presented to conform with this change. As a result of this change, segment EBITDA and Adjusted EBITDA are before the allocation of EBITDA and Adjusted EBITDA to noncontrolling interests.



REALIZED MARGIN NON-GAAP RECONCILIATIONS

RECONCILIATION OF NET INCOME (LOSS) TO REALIZED REFINING MARGINS

	$ Millions, Except as Indicated
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

ATLANTIC BASIN/EUROPE
Net income (loss)	(50	)	107		171		142		370		4		32		5		163		204
Plus:
Income tax expense (benefit)	(48	)	13		76		37		78		(1	)	(18	)	(1	)	3		(17	)
Taxes other than income taxes	16		13		14		13		56		17		15		13		13		58
Depreciation, amortization and impairments	49		47		47		49		192		47		54		46		53		200
Selling, general and administrative expenses	14		15		16		16		61		15		16		16		17		64
Operating expenses	257		198		185		207		847		221		207		199		190		817
Equity in losses of affiliates	4		2		3		2		11		2		2		2		2		8
Other segment (income) expense, net	(3	)	(3	)	(2	)	(2	)	(10	)	(1	)	(2	)	(12	)	4		(11	)
Proportional share of refining gross margins contributed by equity affiliates	14		16		15		14		59		17		14		14		10		55
Special items:
Certain tax impacts	—		—		—		(23	)	(23	)	—		—		—		(32	)	(32	)
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		5		5
Recognition of deferred logistics commitments	—		—		—		—		—		—		30		—		—		30
Realized refining margins	253		408		525		455		1,641		321		350		282		428		1,381

Total processed inputs (thousands of barrels)	40,116		51,749		52,306		54,897		199,068		55,277		56,955		55,854		52,433		220,519
Adjusted total processed inputs (thousands of barrels)*	40,116		51,749		52,306		54,897		199,068		55,277		56,955		55,854		52,433		220,519

Net income (loss) (dollars per barrel)**	(1.25	)	2.07		3.27		2.59		1.86		0.07		0.56		0.09		3.11		0.93
Realized refining margins (dollars per barrel)***	6.29		7.90		10.02		8.32		8.25		5.79		6.15		5.04		8.19		6.26

GULF COAST
Net income (loss)	328		53		67		64		512		68		5		30		(51	)	52
Plus:
Income tax expense (benefit)	193		33		42		29		297		39		2		21		(45	)	17
Taxes other than income taxes	27		23		24		23		97		23		21		12		17		73
Depreciation, amortization and impairments	67		68		68		70		273		57		58		58		61		234
Selling, general and administrative expenses	12		14		14		15		55		9		13		14		15		51
Operating expenses	338		294		298		282		1,212		277		298		330		329		1,234
Equity in (earnings) losses of affiliates	(7	)	2		(1	)	2		(4	)	(10	)	(15	)	(8	)	(17	)	(50	)
Other segment (income) expense, net	(422	)	1		—		—		(421	)	1		—		—		2		3
Proportional share of refining gross margins contributed by equity affiliates	1		—		—		—		1		(4	)	(2	)	1		1		(4	)
Special items:
Pending claims and settlements	—		—		—		—		—		—		—		(70	)	—		(70	)
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		16		16
Realized refining margins	537		488		512		485		2,022		460		380		388		328		1,556

Total processed inputs (thousands of barrels)	66,848		72,346		70,544		76,213		285,951		68,034		73,439		70,814		71,287		283,574
Adjusted total processed inputs (thousands of barrels)*	66,848		72,346		70,544		76,213		285,951		68,034		73,439		70,814		71,287		283,574

Net income (loss) (dollars per barrel)**	4.91		0.73		0.95		0.84		1.79		1.00		0.07		0.42		(0.72	)	0.18
Realized refining margins (dollars per barrel)***	8.03		6.74		7.26		6.38		7.07		6.76		5.18		5.47		4.61		5.49

CENTRAL CORRIDOR
Net income	62		27		197		191		477		20		55		142		17		234
Plus:
Income tax expense	35		15		120		108		278		12		41		78		2		133
Taxes other than income taxes	14		13		9		10		46		13		12		7		10		42
Depreciation, amortization and impairments	27		37		32		33		129		26		26		26		28		106
Selling, general and administrative expenses	8		8		8		10		34		7		8		8		8		31
Operating expenses	136		183		123		151		593		107		111		118		129		465
Equity in (earnings) losses of affiliates	9		(26	)	(146	)	(166	)	(329	)	17		(67	)	(62	)	(10	)	(122	)
Other segment (income) expense, net	2		4		8		(1	)	13		(5	)	2		2		(5	)	(6	)
Proportional share of refining gross margins contributed by equity affiliates	169		175		290		325		959		134		217		199		155		705
Special items:
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		11		11
Realized refining margins	462		436		641		661		2,200		331		405		518		345		1,599

Total processed inputs (thousands of barrels)	24,647		22,331		23,525		21,643		92,146		23,794		25,067		23,977		25,379		98,217
Adjusted total processed inputs (thousands of barrels)*	43,921		43,718		45,733		43,451		176,823		44,639		46,774		46,420		45,858		183,691

Net income (dollars per barrel)**	2.52		1.21		8.37		8.83		5.18		0.84		2.19		5.92		0.67		2.38
Realized refining margins (dollars per barrel)***	10.54		9.96		14.04		15.16		12.44		7.41		8.65		11.18		7.50		8.70



RECONCILIATION OF NET INCOME (LOSS) TO REALIZED REFINING MARGINS (continued)

	$ Millions, Except as Indicated
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

WEST COAST
Net income (loss)	(81	)	37		115		(26	)	45		(6	)	57		—		(167	)	(116	)
Plus:
Income tax expense (benefit)	(49	)	22		75		(29	)	19		(9	)	33		(1	)	(95	)	(72	)
Taxes other than income taxes	20		21		—		23		64		17		24		20		19		80
Depreciation, amortization and impairments	58		67		58		61		244		56		58		58		58		230
Selling, general and administrative expenses	11		12		12		13		48		10		13		12		14		49
Operating expenses	313		222		212		235		982		240		189		221		329		979
Other segment (income) expense, net	1		1		2		1		5		1		(5	)	—		2		(2	)
Special items:
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		8		8
Realized refining margins	273		382		474		278		1,407		309		369		310		168		1,156

Total processed inputs (thousands of barrels)	27,414		35,304		36,635		34,736		134,089		31,981		33,688		34,251		26,409		126,329
Adjusted total processed inputs (thousands of barrels)*	27,414		35,304		36,635		34,736		134,089		31,981		33,688		34,251		26,409		126,329

Net income (loss) (dollars per barrel)**	(2.95	)	1.05		3.14		(0.75	)	0.34		(0.19	)	1.69		—		(6.32	)	(0.92	)
Realized refining margins (dollars per barrel)***	9.95		10.83		12.95		7.96		10.49		9.70		10.94		9.07		6.30		9.15

WORLDWIDE
Net income (loss)	259		224		550		371		1,404		86		149		177		(38	)	374
Plus:
Income tax expense (benefit)	131		83		313		145		672		41		58		97		(135	)	61
Taxes other than income taxes	77		70		47		69		263		70		72		52		59		253
Depreciation, amortization and impairments	201		219		205		213		838		186		196		188		200		770
Selling, general and administrative expenses	45		49		50		54		198		41		50		50		54		195
Operating expenses	1,044		897		818		875		3,634		845		805		868		977		3,495
Equity in (earnings) losses of affiliates	6		(22	)	(144	)	(162	)	(322	)	9		(80	)	(68	)	(25	)	(164	)
Other segment (income) expense, net	(422	)	3		8		(2	)	(413	)	(4	)	(5	)	(10	)	3		(16	)
Proportional share of refining gross margins contributed by equity affiliates	184		191		305		339		1,019		147		229		214		166		756
Special items:
Certain tax impacts	—		—		—		(23	)	(23	)	—		—		—		(32	)	(32	)
Recognition of deferred logistics commitments	—		—		—		—		—		—		30		—		—		30
Pending claims and settlements	—		—		—		—		—		—		—		(70	)	—		(70	)
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		40		40
Realized refining margins	1,525		1,714		2,152		1,879		7,270		1,421		1,504		1,498		1,269		5,692

Total processed inputs (thousands of barrels)	159,025		181,730		183,010		187,489		711,254		179,086		189,149		184,896		175,508		728,639
Adjusted total processed inputs (thousands of barrels)*	178,299		203,117		205,218		209,297		795,931		199,931		210,856		207,339		195,987		814,113

Net income (loss) (dollars per barrel)**	1.63		1.23		3.01		1.98		1.97		0.48		0.79		0.96		(0.22	)	0.51
Realized refining margins (dollars per barrel)***	8.55		8.44		10.49		8.98		9.13		7.11		7.13		7.23		6.47		6.99
* Adjusted total processed inputs include our proportional share of processed inputs of equity affiliates.
** Net income 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 due to rounding.



RECONCILIATION OF NET INCOME TO REALIZED MARKETING FUEL MARGINS

	$ Millions, Except as Indicated
	2017										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

UNITED STATES
Net income	81		132		118		64		395		133		144		153		89		519
Plus:
Income tax expense	48		79		73		33		233		79		83		90		33		285
Taxes other than income taxes	1,278		1,375		1,409		1,419		5,481		1,260		1,319		1,330		1,278		5,187
Depreciation and amortization	4		3		3		4		14		3		3		3		3		12
Selling, general and administrative expenses	174		193		193		191		751		160		181		185		182		708
Equity in earnings of affiliates	—		(2	)	(2	)	(1	)	(5	)	(1	)	(2	)	(1	)	—		(4	)
Other operating revenues*	(1,354	)	(1,459	)	(1,499	)	(1,503	)	(5,815	)	(1,336	)	(1,410	)	(1,425	)	(1,387	)	(5,558	)
Other segment income	(1	)	(14	)	—		—		(15	)	—		—		—		—		—
Realized marketing fuel margins	230		307		295		207		1,039		298		318		335		198		1,149

Total fuel sales volumes (thousands of barrels)	156,548		176,419		181,110		189,851		703,928		163,019		177,767		178,343		179,982		699,111

Net income (dollars per barrel)	0.52		0.75		0.65		0.34		0.56		0.82		0.81		0.86		0.49		0.74
Realized marketing fuel margins (dollars per barrel)**	1.47		1.74		1.63		1.09		1.48		1.83		1.79		1.88		1.10		1.64

INTERNATIONAL
Net income	38		56		44		38		176		34		56		75		70		235
Plus:
Income tax expense (benefit)	10		19		14		(2	)	41		7		16		23		(29	)	17
Taxes other than income taxes	1,756		1,881		1,970		1,972		7,579		2,093		2,175		2,019		1,845		8,132
Depreciation and amortization	15		16		17		19		67		15		16		15		17		63
Selling, general and administrative expenses	60		63		70		71		264		59		68		66		66		259
Equity in earnings of affiliates	(19	)	(22	)	(22	)	(20	)	(83	)	(15	)	(20	)	(21	)	(19	)	(75	)
Other operating revenues*	(1,760	)	(1,883	)	(1,973	)	(1,978	)	(7,594	)	(2,097	)	(2,186	)	(2,024	)	(1,850	)	(8,157	)
Other segment (income) expense, net	(1	)	1		(1	)	3		2		2		—		—		1		3
Marketing Margins	99		131		119		103		452		98		125		153		101		477
Less: Margin for non-fuel related sales	11		11		10		10		42		11		11		12		11		45
Realized marketing fuel margins	88		120		109		93		410		87		114		141		90		432

Total fuel sales volumes (thousands of barrels)	23,885		24,229		24,596		24,636		97,346		27,497		27,437		27,124		24,516		106,574

Net income (dollars per barrel)	1.59		2.31		1.79		1.54		1.81		1.24		2.04		2.77		2.86		2.21
Realized marketing fuel margins (dollars per barrel)**	3.70		4.95		4.45		3.72		4.21		3.16		4.16		5.19		3.68		4.05
* Primarily excise taxes and other non-fuel revenues.
** 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 due to rounding.