EX-99.2 3 psx-2019331_erxsuppinfoxex.htm EXHIBIT 99.2

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
				Millions of Dollars, Except as Indicated
				2019								2018
				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				23,103					23,103			23,595		28,980		29,788		29,098		111,461
Equity in earnings of affiliates				516					516			424		743		779		730		2,676
Net gain on dispositions				1					1			17		—		1		1		19
Other income				38					38			10		13		24		14		61
Total Revenues and Other Income				23,658					23,658			24,046		29,736		30,592		29,843		114,217
Costs and Expenses
Purchased crude oil and products				21,055					21,055			21,138		25,747		26,385		24,660		97,930
Operating expenses				1,307					1,307			1,246		1,143		1,206		1,285		4,880
Selling, general and administrative expenses				366					366			386		432		440		419		1,677
Depreciation and amortization				331					331			336		337		346		337		1,356
Impairments				1					1			—		6		1		1		8
Taxes other than income taxes				128					128			110		109		109		97		425
Accretion on discounted liabilities				6					6			6		6		5		6		23
Interest and debt expense				119					119			123		135		125		121		504
Foreign currency transaction (gains) losses				5					5			(16	)	(14	)	—		(1	)	(31	)
Total Costs and Expenses				23,318					23,318			23,329		27,901		28,617		26,925		106,772
Income before income taxes				340					340			717		1,835		1,975		2,918		7,445
Income tax expense				70					70			132		431		407		602		1,572
Net Income				270					270			585		1,404		1,568		2,316		5,873
Less: net income attributable to noncontrolling interests				66					66			61		65		76		76		278
Net Income Attributable to Phillips 66				204					204			524		1,339		1,492		2,240		5,595
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic				0.44					0.44			1.07		2.86		3.20		4.85		11.87
Diluted				0.44					0.44			1.07		2.84		3.18		4.82		11.80
Weighted-Average Common Shares Outstanding (thousands)
Basic				457,599					457,599			487,065		468,331		466,109		461,651		470,708
Diluted				459,289					459,289			489,668		471,638		469,440		464,406		474,047
Effective tax rate (%)				20.6	%				20.6	%		18.4	%	23.5	%	20.6	%	20.6	%	21.1	%

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RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66
				Millions of Dollars
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream				316					316			280		238		284		379		1,181
Chemicals				227					227			286		324		263		152		1,025
Refining				(198	)				(198	)		112		1,190		1,232		2,001		4,535
Marketing and Specialties				205					205			235		310		423		589		1,557
Corporate and Other				(210	)				(210	)		(196	)	(227	)	(227	)	(203	)	(853	)
Income before income taxes				340					340			717		1,835		1,975		2,918		7,445
Less: income tax expense				70					70			132		431		407		602		1,572
Net Income				270					270			585		1,404		1,568		2,316		5,873
Less: net income attributable to noncontrolling interests				66					66			61		65		76		76		278
Net Income Attributable to Phillips 66				204					204			524		1,339		1,492		2,240		5,595
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
				Millions of Dollars
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation				203					203			163		164		209		234		770
NGL and Other				90					90			86		53		74		122		335
DCP Midstream				23					23			31		21		29		53		134
Total Midstream				316					316			280		238		312		409		1,239
Chemicals				227					227			286		324		263		152		1,025
Refining
Atlantic Basin/Europe				(7	)				(7	)		(108	)	164		216		301		573
Gulf Coast				(118	)				(118	)		—		366		221		468		1,055
Central Corridor				56					56			272		521		846		1,188		2,827
West Coast				(150	)				(150	)		(54	)	140		(20	)	51		117
Total Refining				(219	)				(219	)		110		1,191		1,263		2,008		4,572
Marketing and Specialties
Marketing and Other				138					138			163		188		323		528		1,202
Specialties				67					67			59		66		62		64		251
Total Marketing and Specialties				205					205			222		254		385		592		1,453
Corporate and Other				(210	)				(210	)		(212	)	(227	)	(223	)	(201	)	(863	)
Adjusted income before income taxes				319					319			686		1,780		2,000		2,960		7,426
Less: adjusted income tax expense				66					66			120		393		467		624		1,604
Adjusted Net Income				253					253			566		1,387		1,533		2,336		5,822
Less: adjusted net income attributable to noncontrolling interests				66					66			54		65		77		76		272
Adjusted Net Income Attributable to Phillips 66				187					187			512		1,322		1,456		2,260		5,550

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SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66
				Millions of Dollars
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Pending claims and settlements				—					—			—		—		(21	)	—		(21	)
Impairments by equity affiliates				—					—			—		—		—		(28	)	(28	)
Pension settlement expense				—					—			—		—		(7	)	(2	)	(9	)
Total Midstream				—					—			—		—		(28	)	(30	)	(58	)
Chemicals
None				—					—			—		—		—		—		—
Total Chemicals				—					—			—		—		—		—		—
Refining
Pending claims and settlements				21					21			—		—		—		—		—
Certain tax impacts				—					—			2		(1	)	1		4		6
Pension settlement expense				—					—			—		—		(32	)	(11	)	(43	)
Total Refining				21					21			2		(1	)	(31	)	(7	)	(37	)
Marketing and Specialties
Certain tax impacts				—					—			13		56		44		—		113
Pension settlement expense				—					—			—		—		(6	)	(3	)	(9	)
Total Marketing and Specialties				—					—			13		56		38		(3	)	104
Corporate and Other
U.S. tax reform				—					—			16		—		—		—		16
Pension settlement expense				—					—			—		—		(4	)	(2	)	(6	)
Total Corporate and Other				—					—			16		—		(4	)	(2	)	10
Total Special Items (Pre-tax)				21					21			31		55		(25	)	(42	)	19
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items*				4					4			5		14		(6	)	(12	)	1
Other tax impacts				—					—			—		—		(5	)	(65	)	(70	)
U.S. tax reform				—					—			7		24		(49	)	55		37
Total Income Tax Expense (Benefit)				4					4			12		38		(60	)	(22	)	(32	)
Less: Income (Loss) Attributable to Noncontrolling Interests
Pending claims and settlements				—					—			—		—		(1	)	—		(1	)
U.S. tax reform				—					—			7		—		—		—		7
Total Income (Loss) Attributable to Noncontrolling Interests				—					—			7		—		(1	)	—		6
Total Phillips 66 Special Items (After-tax)				17					17			12		17		36		(20	)	45
* We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 25%. 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
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation				—					—			—		—		—		—		—
NGL and Other				—					—			—		—		(28	)	(2	)	(30	)
DCP Midstream				—					—			—		—		—		(28	)	(28	)
Total Midstream				—					—			—		—		(28	)	(30	)	(58	)
Refining
Atlantic Basin/Europe				—					—			—		—		(7	)	1		(6	)
Gulf Coast				—					—			—		—		(11	)	(4	)	(15	)
Central Corridor				21					21			—		—		(7	)	(3	)	(10	)
West Coast				—					—			2		(1	)	(6	)	(1	)	(6	)
Total Refining				21					21			2		(1	)	(31	)	(7	)	(37	)
Marketing and Specialties
Marketing and Other				—					—			13		56		38		(3	)	104
Specialties				—					—			—		—		—		—		—
Total Marketing and Specialties				—					—			13		56		38		(3	)	104

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CASH FLOW INFORMATION
				Millions of Dollars
				2019								2018
				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				270					270			585		1,404		1,568		2,316		5,873
Depreciation and amortization				331					331			336		337		346		337		1,356
Impairments				1					1			—		6		1		1		8
Accretion on discounted liabilities				6					6			6		6		5		6		23
Deferred income taxes				179					179			101		28		100		23		252
Undistributed equity earnings				95					95			119		(133	)	125		110		221
Net gain on dispositions				(1	)				(1	)		(17	)	—		(1	)	(1	)	(19	)
Other				42					42			173		24		(79	)	14		132
Net working capital changes				(1,401	)				(1,401	)		(815	)	692		(1,483	)	1,333		(273	)
Net Cash Provided by (Used in) Operating Activities				(478	)				(478	)		488		2,364		582		4,139		7,573
Cash Flows From Investing Activities
Capital expenditures and investments				(1,097	)				(1,097	)		(328	)	(538	)	(779	)	(994	)	(2,639	)
Proceeds from asset dispositions*				103					103			17		12		10		18		57
Advances/loans—related parties				—					—			(1	)	—		—		—		(1	)
Other				(18	)				(18	)		(45	)	62		50		45		112
Net Cash Used in Investing Activities				(1,012	)				(1,012	)		(357	)	(464	)	(719	)	(931	)	(2,471	)
Cash Flows From Financing Activities
Issuance of debt				725					725			1,509		—		85		590		2,184
Repayment of debt				(592	)				(592	)		(7	)	(253	)	(114	)	(770	)	(1,144	)
Issuance of common stock				8					8			10		20		9		—		39
Repurchase of common stock				(344	)				(344	)		(3,513	)	(230	)	(405	)	(497	)	(4,645	)
Dividends paid on common stock				(364	)				(364	)		(327	)	(372	)	(370	)	(367	)	(1,436	)
Distributions to noncontrolling interests				(56	)				(56	)		(45	)	(51	)	(50	)	(61	)	(207	)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units				32					32			9		58		47		14		128
Other				307					307			(45	)	(13	)	(21	)	(7	)	(86	)
Net Cash Used in Financing Activities				(284	)				(284	)		(2,409	)	(841	)	(819	)	(1,098	)	(5,167	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents				8					8			1		(17	)	(4	)	(15	)	(35	)
Net Change in Cash and Cash Equivalents				(1,766	)				(1,766	)		(2,277	)	1,042		(960	)	2,095		(100	)
Cash and cash equivalents at beginning of period				3,019					3,019			3,119		842		1,884		924		3,119
Cash and Cash Equivalents at End of Period				1,253					1,253			842		1,884		924		3,019		3,019
* Includes return of investments in equity affiliates.
CAPITAL PROGRAM
				Millions of Dollars
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Consolidated Capital Expenditures and Investments
Midstream				419					419			136		339		503		570		1,548
Chemicals				—					—			—		—		—		—		—
Refining				194					194			172		153		200		301		826
Marketing and Specialties				19					19			13		15		37		60		125
Corporate and Other				43					43			7		31		39		63		140
Adjusted Capital Spending				675					675			328		538		779		994		2,639
Capital expenditures and investments funded by Gray Oak joint venture partners				422					422			—		—		—		—		—
Consolidated Capital Expenditures and Investments				1,097					1,097			328		538		779		994		2,639
Proportional Share of Select Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)				150					150			95		98		149		142		484
CPChem (Chemicals)				103					103			161		63		60		55		339
WRB (Refining)				37					37			40		35		41		40		156
Select Equity Affiliates				290					290			296		196		250		237		979
* Represents 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 (WRB).

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MIDSTREAM
				Millions of Dollars, Except as Indicated
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before Income Taxes
Transportation				203					203			163		164		209		234		770
NGL and Other				90					90			86		53		46		120		305
DCP Midstream				23					23			31		21		29		25		106
Income before Income Taxes				316					316			280		238		284		379		1,181
Adjusted EBITDA*
PSXP**				273					273			236		263		297		300		1,096
Other Midstream				133					133			127		79		113		176		495
Transportation and NGL and Other				406					406			363		342		410		476		1,591
DCP Midstream				67					67			76		62		72		97		307
Adjusted EBITDA				473					473			439		404		482		573		1,898
* See reconciliation of income before income taxes to Adjusted EBITDA below.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
Equity in Earnings of Affiliates
Transportation				103					103			87		91		106		121		405
NGL and Other				51					51			35		43		48		39		165
DCP Midstream				23					23			30		21		29		26		106
Total				177					177			152		155		183		186		676
Depreciation and Amortization*
Transportation				36					36			36		44		46		41		167
NGL and Other				37					37			38		38		40		37		153
DCP Midstream				—					—			—		—		—		—		—
Total				73					73			74		82		86		78		320
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense*
Transportation				172					172			178		188		178		185		729
NGL and Other				128					128			77		78		101		77		333
DCP Midstream				—					—			—		—		—		—		—
Total				300					300			255		266		279		262		1,062
* Excludes Operating and SG&A Expense of all equity affiliates.
Transportation Volumes (MB/D)
Pipelines*				3,176					3,176			3,209		3,404		3,517		3,627		3,441
Terminals**				3,063					3,063			2,669		3,214		3,179		3,541		3,153
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.
** Terminals include Bayway and Ferndale crude oil rail rack volumes.
PSX Other Volumes
NGL Fractionated (MB/D)*				234					234			184		227		227		223		216
* Excludes DCP Midstream.
100% DCP Midstream Results
Net Income Attributable, excludes parent company income tax related to DCP's earnings				45					45			60		42		57		51		210
Depreciation and Amortization				103					103			94		97		98		99		388
Operating and SG&A Expense				246					246			221		260		275		304		1,060
Net Interest Expense*				70					70			70		69		71		69		279
* Net of interest income.
Capital Expenditures and Investments				300					300			189		196		299		283		967
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)				5.0					5.0			4.5		4.9		4.9		5.0		4.8
NGL Production (MB/D)				428					428			380		430		426		415		413
Weighted-Average NGL Price*
DCP Midstream ($/BBL)				25.33					25.33			29.41		31.83		36.51		28.80		31.64
DCP Midstream ($/gal)				0.60					0.60			0.70		0.76		0.87		0.69		0.75
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
MLP Distributions*
GP Distribution from PSXP to Phillips 66				69					69			51		57		61		67		236
LP Distribution from PSXP to Phillips 66				58					58			50		51		55		58		214
GP Distribution from DCP Midstream, LP to DCP Midstream***				**					**			43		42		43		43		171
LP Distribution from DCP Midstream, LP to DCP Midstream***				**					**			40		41		41		40		162
* 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% of DCP Midstream's distributions from DCP Midstream, LP.

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MIDSTREAM (continued)
				Millions of Dollars
				2019								2018
				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				316					316			280		238		284		379		1,181
Plus:
Depreciation and amortization				73					73			74		82		86		78		320
EBITDA				389					389			354		320		370		457		1,501
Special Item Adjustments (pre-tax):
Pending claims and settlements				—					—			—		—		21		—		21
Impairments by equity affiliates				—					—			—		—		—		28		28
Pension settlement expense				—					—			—		—		7		2		9
EBITDA, Adjusted for Special Items				389					389			354		320		398		487		1,559
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				—					—			—		—		—		1		1
Proportional share of selected equity affiliates net interest				30					30			34		33		32		32		131
Proportional share of selected equity affiliates depreciation and amortization				54					54			51		51		52		53		207
Adjusted EBITDA				473					473			439		404		482		573		1,898
Adjusted EBITDA by Business Line
100% PSXP Results
Income before income taxes				199					199			174		186		217		223		800
Plus:
Net interest expense				27					27			29		29		28		28		114
Depreciation and amortization				29					29			28		29		30		30		117
EBITDA				255					255			231		244		275		281		1,031
Adjustments (pre-tax):
EBITDA attributable to predecessors				—					—			—		—		—		—		—
Special item - pending claims and settlements*				—					—			—		—		3		—		3
Special item - U.S. tax reform*				—					—			(10	)	—		—		—		(10	)
EBITDA, Adjusted for Predecessors and Special Items**				255					255			221		244		278		281		1,024
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				—					—			—		—		—		—		—
Proportional share of selected equity affiliates net interest				7					7			7		8		8		8		31
Proportional share of selected equity affiliates depreciation and amortization				11					11			8		11		11		11		41
Adjusted EBITDA**				273					273			236		263		297		300		1,096
* Represents a special item adjustment made for PSX reporting purposes only.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.

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MIDSTREAM (continued)
				Millions of Dollars
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Total Transportation and NGL and Other
Income before income taxes				293					293			249		217		255		354		1,075
Plus:
Depreciation and amortization				73					73			74		82		86		78		320
EBITDA*				366					366			323		299		341		432		1,395
Special Item Adjustments (pre-tax):
Pending claims and settlements				—					—			—		—		21		—		21
Pension settlement expense				—					—			—		—		7		2		9
EBITDA, Adjusted for Special Items*				366					366			323		299		369		434		1,425
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				—					—			—		—		—		1		1
Proportional share of selected equity affiliates net interest				15					15			18		18		17		16		69
Proportional share of selected equity affiliates depreciation and amortization				25					25			22		25		24		25		96
Adjusted EBITDA*				406					406			363		342		410		476		1,591
* Includes PSXP results above. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
DCP Midstream
Income before income taxes				23					23			31		21		29		25		106
Plus:
None				—					—			—		—		—		—		—
EBITDA				23					23			31		21		29		25		106
Special Item Adjustments (pre-tax):
Impairments by equity affiliates				—					—			—		—		—		28		28
EBITDA, Adjusted for Special Items				23					23			31		21		29		53		134
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				—					—			—		—		—		—		—
Proportional share of selected equity affiliates net interest				15					15			16		15		15		16		62
Proportional share of selected equity affiliates depreciation and amortization				29					29			29		26		28		28		111
Adjusted EBITDA*				67					67			76		62		72		97		307
* Proportional share of selected equity affiliates is net of noncontrolling interests.

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CHEMICALS
				Millions of Dollars, Except as Indicated
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before Income Taxes				227					227			286		324		263		152		1,025
Equity in Earnings of Affiliate				225					225			288		325		261		151		1,025
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings
Olefins and Polyolefins				434					434			535		609		443		315		1,902
Specialties, Aromatics and Styrenics				49					49			57		76		108		28		269
Corporate and Other				(34	)				(34	)		(7	)	(35	)	(20	)	(40	)	(102	)
Total				449					449			585		650		531		303		2,069
Income (Loss) before Income Taxes
Olefins and Polyolefins				446					446			546		618		457		325		1,946
Specialties, Aromatics and Styrenics				57					57			61		83		116		33		293
Corporate and Other				(34	)				(34	)		(7	)	(34	)	(20	)	(41	)	(102	)
Total				469					469			600		667		553		317		2,137
Depreciation and Amortization				146					146			116		153		159		167		595
Net Interest (Income) Expense*				20					20			(3	)	19		18		17		51
* Net of interest income.
Investing Cash Flows
Capital Expenditures and Investments				206					206			322		126		119		111		678
Advances to Equity Companies				—					—			—		—		—		—		—
Advance Repayments from Equity Companies				(26	)				(26	)		(33	)	(35	)	(12	)	(39	)	(119	)
Olefins and Polyolefins Capacity Utilization (%)				98	%				98	%		96	%	95	%	91	%	95	%	94	%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)				22.44					22.44			26.80		20.60		23.61		25.18		24.05
HDPE Blow Molding, Domestic Spot (cents/lb)				52.67					52.67			60.00		61.00		59.58		56.00		59.15
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)				16.43					16.43			14.81		15.47		20.68		17.27		17.06
HDPE Blow Molding, Total Cash Cost (cents/lb)				35.46					35.46			39.81		33.47		36.57		38.30		37.04
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)				23.23					23.23			32.18		32.66		25.94		25.60		29.10
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes				227					227			286		324		263		152		1,025
Plus:
None				—					—			—		—		—		—		—
EBITDA				227					227			286		324		263		152		1,025
Special Item Adjustments (pre-tax):
None				—					—			—		—		—		—		—
EBITDA, Adjusted for Special Items				227					227			286		324		263		152		1,025
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				22					22			23		30		30		17		100
Proportional share of selected equity affiliates net interest				13					13			3		13		11		11		38
Proportional share of selected equity affiliates depreciation and amortization				105					105			92		108		110		112		422
Adjusted EBITDA				367					367			404		475		414		292		1,585

Page 8

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REFINING
				Millions of Dollars, Except as Indicated
				2019								2018
				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				(7	)				(7	)		(108	)	164		209		302		567
Gulf Coast				(118	)				(118	)		—		366		210		464		1,040
Central Corridor				77					77			272		521		839		1,185		2,817
West Coast				(150	)				(150	)		(52	)	139		(26	)	50		111
Income (Loss) before Income Taxes				(198	)				(198	)		112		1,190		1,232		2,001		4,535
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe				(0.17	)				(0.17	)		(2.75	)	3.42		4.62		5.63		3.05
Gulf Coast				(1.80	)				(1.80	)		—		4.76		3.01		6.04		3.55
Central Corridor				3.22					3.22			10.37		19.88		31.33		43.77		26.50
West Coast				(4.89	)				(4.89	)		(1.57	)	3.95		(0.74	)	1.52		0.81
Worldwide				(1.22	)				(1.22	)		0.67		6.39		6.96		10.50		6.29
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe				7.76					7.76			7.17		10.42		11.48		11.54		10.32
Gulf Coast				5.44					5.44			6.75		9.93		9.09		11.84		9.48
Central Corridor				10.23					10.23			16.11		17.51		23.61		30.60		22.22
West Coast				6.25					6.25			8.32		12.77		9.53		14.18		11.20
Worldwide				7.23					7.23			9.29		12.28		13.36		16.53		12.99
* See note on the use of non-GAAP measures below. 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 below.
Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe				(3	)				(3	)		(2	)	(3	)	(2	)	(3	)	(10	)
Gulf Coast				—					—			(1	)	(3	)	(1	)	(1	)	(6	)
Central Corridor				84					84			(61	)	220		300		353		812
West Coast				—					—			—		—		—		—		—
Total				81					81			(64	)	214		297		349		796
Depreciation and Amortization*
Atlantic Basin/Europe				50					50			52		50		50		49		201
Gulf Coast				67					67			66		64		69		69		268
Central Corridor				33					33			35		32		34		34		135
West Coast				62					62			58		59		60		59		236
Total				212					212			211		205		213		211		840
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense*
Atlantic Basin/Europe				240					240			298		240		233		242		1,013
Gulf Coast				382					382			376		305		330		358		1,369
Central Corridor				146					146			115		131		131		145		522
West Coast				254					254			241		240		275		334		1,090
Total				1,022					1,022			1,030		916		969		1,079		3,994
* Excludes Operating and SG&A Expense of all equity affiliates.
Turnaround Expense, included in Operating and SG&A Expense*
Atlantic Basin/Europe				20					20			98		21		4		10		133
Gulf Coast				90					90			105		10		24		44		183
Central Corridor				25					25			2		4		7		7		20
West Coast				13					13			40		25		20		69		154
Total				148					148			245		60		55		130		490
* Excludes Turnaround Expense of all equity affiliates.
Taxes Other than Income Taxes, excluding Excise Taxes
Atlantic Basin/Europe				15					15			15		15		13		13		56
Gulf Coast				23					23			25		23		23		17		88
Central Corridor				13					13			12		9		10		12		43
West Coast				24					24			27		25		26		24		102
Total				75					75			79		72		72		66		289
Foreign Currency Gains (Losses) Pre-Tax				(5	)				(5	)		11		7		(1	)	7		24
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates				81					81			(64	)	214		297		349		796
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity-affiliate-related costs*				(277	)				(277	)		(239	)	(397	)	(469	)	(507	)	(1,612	)
Equity-affiliate-related expenses not included in Realized Refining Margins				(196	)				(196	)		(303	)	(183	)	(172	)	(158	)	(816	)
Regional Totals
Atlantic Basin/Europe				(13	)				(13	)		(43	)	(18	)	—		5		(56	)
Gulf Coast				—					—			(1	)	(3	)	(1	)	(1	)	(6	)
Central Corridor				(183	)				(183	)		(259	)	(162	)	(171	)	(162	)	(754	)
Total				(196	)				(196	)		(303	)	(183	)	(172	)	(158	)	(816	)
* Other costs associated with equity affiliates which do not flow through equity earnings.

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REFINING (continued)
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (loss) before income taxes				(198	)				(198	)		112		1,190		1,232		2,001		4,535
Plus:
Depreciation and amortization				212					212			211		205		213		211		840
EBITDA				14					14			323		1,395		1,445		2,212		5,375
Special Item Adjustments (pre-tax):
Pending claims and settlements				(21	)				(21	)		—		—		—		—		—
Certain tax impacts				—					—			(2	)	1		(1	)	(4	)	(6	)
Pension settlement expense				—					—			—		—		32		11		43
EBITDA, Adjusted for Special Items				(7	)				(7	)		321		1,396		1,476		2,219		5,412
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				—					—			—		—		1		—		1
Proportional share of selected equity affiliates net interest				(1	)				(1	)		(2	)	(1	)	(2	)	(1	)	(6	)
Proportional share of selected equity affiliates depreciation and amortization				71					71			68		68		68		68		272
Adjusted EBITDA				63					63			387		1,463		1,543		2,286		5,679
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)				427					427			419		495		465		526		477
Total Processed Inputs (MB/D)				463					463			436		527		492		583		510
Crude Oil Capacity Utilization (%)				80	%				80	%		78	%	92	%	87	%	98	%	89	%
Clean Product Yield (%)				86	%				86	%		84	%	86	%	85	%	90	%	86	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)				654					654			696		767		656		751		717
Total Processed Inputs (MB/D)				727					727			769		845		759		835		802
Crude Oil Capacity Utilization (%)				85	%				85	%		93	%	102	%	87	%	100	%	95	%
Clean Product Yield (%)				80	%				80	%		76	%	80	%	79	%	81	%	79	%
Central Corridor*
Crude Oil Charge Input (MB/D)				445					445			458		513		531		524		507
Total Processed Inputs (MB/D)				466					466			475		531		548		544		525
Crude Oil Capacity Utilization (%)				86	%				86	%		93	%	104	%	108	%	106	%	103	%
Clean Product Yield (%)				90	%				90	%		90	%	88	%	88	%	91	%	89	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)				307					307			340		362		354		316		343
Total Processed Inputs (MB/D)				341					341			367		387		382		358		373
Crude Oil Capacity Utilization (%)				84	%				84	%		93	%	100	%	97	%	87	%	94	%
Clean Product Yield (%)				88	%				88	%		86	%	86	%	87	%	88	%	87	%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)				1,833					1,833			1,913		2,137		2,006		2,117		2,044
Total Processed Inputs (MB/D)				1,997					1,997			2,047		2,290		2,181		2,320		2,210
Crude Oil Capacity Utilization (%)				84	%				84	%		89	%	100	%	93	%	99	%	95	%
Clean Product Yield (%)				85	%				85	%		83	%	84	%	84	%	86	%	84	%

Page 10

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REFINING (continued)
				2019								2018
				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				202					202			172		222		203		258		213
Distillates				185					185			185		218		202		248		214
Other				80					80			81		92		89		85		87
Total				467					467			438		532		494		591		514
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline				296					296			303		337		307		344		323
Distillates				261					261			260		315		266		300		285
Other				165					165			212		198		192		195		200
Total				722					722			775		850		765		839		808
Central Corridor*
Gasoline				244					244			242		263		269		280		264
Distillates				175					175			181		201		210		212		201
Other				49					49			56		73		74		57		65
Total				468					468			479		537		553		549		530
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline				165					165			180		190		180		168		179
Distillates				136					136			136		143		150		147		144
Other				41					41			53		54		51		44		50
Total				342					342			369		387		381		359		373
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline				907					907			897		1,012		959		1,050		979
Distillates				757					757			762		877		828		907		844
Other				335					335			402		417		406		381		402
Total				1,999					1,999			2,061		2,306		2,193		2,338		2,225
Market Indicators
Crude and Crude Differentials ($/BBL)
WTI				54.87					54.87			62.88		67.99		69.71		59.09		64.92
Brent				63.20					63.20			66.76		74.35		75.27		67.76		71.04
LLS				62.40					62.40			65.79		73.11		74.31		66.55		69.94
ANS				64.50					64.50			66.96		74.10		75.55		68.65		71.31
WTI less Maya				(3.91	)				(3.91	)		5.16		5.83		3.57		(4.73	)	2.46
WTI less WCS				10.56					10.56			25.78		18.04		27.88		33.25		26.23
Natural Gas ($/MMBtu)
Henry Hub				2.89					2.89			3.01		2.82		2.90		3.74		3.12
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent				1.79					1.79			9.23		13.36		12.73		1.32		9.16
East Coast Distillate less Brent				18.05					18.05			16.35		15.83		16.20		19.13		16.88
Gulf Coast
Gulf Coast Gasoline less LLS				1.58					1.58			8.65		9.44		8.63		(0.70	)	6.51
Gulf Coast Distillate less LLS				16.41					16.41			15.15		15.28		15.54		16.82		15.70
Central Corridor
Central Gasoline less WTI				9.72					9.72			13.57		16.04		16.68		8.53		13.71
Central Distillate less WTI				24.92					24.92			19.85		22.03		22.77		26.64		22.82
West Coast
West Coast Gasoline less ANS				11.83					11.83			16.40		18.76		14.13		9.69		14.74
West Coast Distillate less ANS				16.20					16.20			17.28		18.69		17.85		18.60		18.11
Worldwide Market Crack Spread ($/BBL)*				9.77					9.77			13.12		14.86		14.21		9.11		12.83
* Weighted average based on Phillips 66 crude capacity.

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MARKETING AND SPECIALTIES
				Millions of Dollars, Except as Indicated
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before Income Taxes
Marketing and Other				138					138			176		244		361		525		1,306
Specialties				67					67			59		66		62		64		251
Income before Income Taxes				205					205			235		310		423		589		1,557
Income before Income Taxes ($/BBL)
U.S.				0.60					0.60			0.85		1.05		1.48		1.40		1.21
International				2.25					2.25			1.51		3.32		4.80		10.05		5.00
Realized Marketing Fuel Margins ($/BBL)*
U.S.**				1.06					1.06			1.39		1.30		1.80		1.95		1.62
International				3.80					3.80			3.32		5.25		6.58		11.99		6.87
* See note on the use of non-GAAP measures below. 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 below.
** U.S. realized marketing fuel margins for Q2 and Q3 2018 have been revised to exclude the effects of special items on fuel margins.
Other Realized Margins and Revenues not included in Marketing Fuel Margins*
Marketing and Other				131					131			127		183		185		143		638
Specialties				100					100			82		86		89		90		347
Total				231					231			209		269		274		233		985
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates
Marketing and Other				22					22			20		27		25		27		99
Specialties				11					11			12		22		14		17		65
Total				33					33			32		49		39		44		164
Depreciation and Amortization*
Marketing and Other				21					21			24		24		22		24		94
Specialties				5					5			5		5		5		5		20
Total				26					26			29		29		27		29		114
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense*
Marketing and Other				261					261			266		294		303		298		1,161
Specialties				36					36			36		36		34		37		143
Total				297					297			302		330		337		335		1,304
* Excludes Operating and SG&A Expense of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline				1,063					1,063			1,024		1,110		1,102		1,204		1,111
Distillates				759					759			706		843		780		873		801
Other				—					—			1		—		—		—		—
Total				1,822					1,822			1,731		1,953		1,882		2,077		1,912
International Marketing
Gasoline				88					88			81		86		85		87		84
Distillates				181					181			173		169		175		179		174
Other				18					18			19		17		17		20		18
Total				287					287			273		272		277		286		276
Worldwide Marketing
Gasoline				1,151					1,151			1,105		1,196		1,187		1,291		1,195
Distillates				940					940			879		1,012		955		1,052		975
Other				18					18			20		17		17		20		18
Total				2,109					2,109			2,004		2,225		2,159		2,363		2,188
Foreign Currency Gains (Losses) Pre-Tax				2					2			4		—		1		(6	)	(1	)
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes				205					205			235		310		423		589		1,557
Plus:
Depreciation and amortization				26					26			29		29		27		29		114
EBITDA				231					231			264		339		450		618		1,671
Special Item Adjustments (pre-tax):
Certain tax impacts				—					—			(13	)	(56	)	(44	)	—		(113	)
Pension settlement expense				—					—			—		—		6		3		9
EBITDA, Adjusted for Special Items				231					231			251		283		412		621		1,567
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				—					—			—		—		—		—		—
Proportional share of selected equity affiliates net interest				1					1			—		2		1		1		4
Proportional share of selected equity affiliates depreciation and amortization				3					3			3		2		3		3		11
Adjusted EBITDA				235					235			254		287		416		625		1,582

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CORPORATE AND OTHER
				Millions of Dollars, Except as Indicated
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Loss before Income Taxes				(210	)				(210	)		(196	)	(227	)	(227	)	(203	)	(853	)
Detail of Loss before Income Taxes
Net interest expense				(108	)				(108	)		(112	)	(128	)	(114	)	(105	)	(459	)
Corporate overhead and other*				(102	)				(102	)		(84	)	(99	)	(113	)	(98	)	(394	)
Total				(210	)				(210	)		(196	)	(227	)	(227	)	(203	)	(853	)
* First-quarter 2018 equity earnings reflect a tax benefit from an equity affiliate as a result of U.S. tax reform.
Net Interest Expense
Interest expense				(132	)				(132	)		(123	)	(136	)	(131	)	(131	)	(521	)
Capitalized interest				13					13			—		1		6		10		17
Interest income				11					11			11		7		11		16		45
Total				(108	)				(108	)		(112	)	(128	)	(114	)	(105	)	(459	)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes				(210	)				(210	)		(196	)	(227	)	(227	)	(203	)	(853	)
Plus:
Net interest expense				108					108			112		128		114		105		459
Depreciation and amortization				20					20			22		21		20		19		82
EBITDA				(82	)				(82	)		(62	)	(78	)	(93	)	(79	)	(312	)
Special Item Adjustments (pre-tax):
U.S. tax reform				—					—			(16	)	—		—		—		(16	)
Pension settlement expense				—					—			—		—		4		2		6
EBITDA, Adjusted for Special Items				(82	)				(82	)		(78	)	(78	)	(89	)	(77	)	(322	)
Other Adjustments (pre-tax):
None				—					—			—		—		—		—		—
Adjusted EBITDA				(82	)				(82	)		(78	)	(78	)	(89	)	(77	)	(322	)
Foreign Currency Gains (Losses) Pre-Tax				(1	)				(1	)		—		8		—		—		8
Phillips 66 Total Company Debt
Total Debt				11,298					11,298			11,621		11,364		11,337		11,160		11,160
Debt-to-Capital Ratio (%)				30	%				30	%		32	%	31	%	31	%	29	%	29	%
Total Equity				26,745					26,745			24,300		24,960		25,795		27,153		27,153
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
				Millions of Dollars
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Net income				270					270			585		1,404		1,568		2,316		5,873
Plus:
Income tax expense				70					70			132		431		407		602		1,572
Net interest expense				108					108			112		128		114		105		459
Depreciation and amortization				331					331			336		337		346		337		1,356
Phillips 66 EBITDA				779					779			1,165		2,300		2,435		3,360		9,260
Special Item Adjustments (pre-tax):
Impairments by equity affiliates				—					—			—		—		—		28		28
Pending claims and settlements				(21	)				(21	)		—		—		21		—		21
Certain tax impacts				—					—			(15	)	(55	)	(45	)	(4	)	(119	)
Pension settlement expense				—					—			—		—		49		18		67
U.S. tax reform				—					—			(16	)	—		—		—		(16	)
Phillips 66 EBITDA, Adjusted for Special Items				758					758			1,134		2,245		2,460		3,402		9,241
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				22					22			23		30		31		18		102
Proportional share of selected equity affiliates net interest				43					43			35		47		42		43		167
Proportional share of selected equity affiliates depreciation and amortization				233					233			214		229		233		236		912
EBITDA attributable to Phillips 66 noncontrolling interests				(89	)				(89	)		(80	)	(87	)	(97	)	(97	)	(361	)
Phillips 66 Adjusted EBITDA				967					967			1,326		2,464		2,669		3,602		10,061
Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," "realized marketing fuel margin per barrel," and "adjusted capital spending." 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 and income 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 before income taxes per barrel to realized refining margin and realized marketing fuel margin are included in this earnings release supplemental data. Adjusted capital spending is a non-GAAP financial measure that demonstrates the portion of total consolidated capital expenditures and investments funded by Phillips 66. The GAAP financial measure most comparable to adjusted capital spending is capital expenditures and investments. A reconciliation of capital expenditures and investments to adjusted capital spending is included in this earnings release supplemental data.

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REALIZED MARGIN NON-GAAP RECONCILIATIONS
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS
				Millions of Dollars, Except as Indicated
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
ATLANTIC BASIN/EUROPE
Income (loss) before income taxes				(7	)				(7	)		(108	)	164		209		302		567
Plus:
Taxes other than income taxes				15					15			15		15		13		13		56
Depreciation, amortization and impairments				50					50			52		50		50		49		201
Selling, general and administrative expenses				7					7			13		15		16		19		63
Operating expenses				233					233			285		225		217		223		950
Equity in losses of affiliates				3					3			2		3		2		3		10
Other segment income (expense)				6					6			(7	)	—		(3	)	(1	)	(11	)
Proportional share of refining gross margins contributed by equity affiliates				17					17			29		28		16		14		87
Special items:
Certain tax impacts				—					—			—		—		(1	)	(4	)	(5	)
Realized refining margins				324					324			281		500		519		618		1,918
Total processed inputs (thousands of barrels)				41,682					41,682			39,218		47,978		45,233		53,613		186,042
Adjusted total processed inputs (thousands of barrels)				41,682					41,682			39,218		47,978		45,233		53,613		186,042
Income (loss) before income taxes (dollars per barrel)**				(0.17	)				(0.17	)		(2.75	)	3.42		4.62		5.63		3.05
Realized refining margins (dollars per barrel)***				7.76					7.76			7.17		10.42		11.48		11.54		10.32
GULF COAST
Income (loss) before income taxes				(118	)				(118	)		—		366		210		464		1,040
Plus:
Taxes other than income taxes				23					23			25		23		23		17		88
Depreciation, amortization and impairments				67					67			66		64		69		69		268
Selling, general and administrative expenses				(2	)				(2	)		10		13		13		21		57
Operating expenses				384					384			366		292		317		337		1,312
Equity in losses of affiliates				—					—			1		3		1		1		6
Other segment (income) expense, net				1					1			(1	)	3		1		—		3
Proportional share of refining gross margins contributed by equity affiliates				—					—			—		—		—		—		—
Realized refining margins				355					355			467		764		634		909		2,774
Total processed inputs (thousands of barrels)				65,434					65,434			69,207		76,875		69,745		76,838		292,665
Adjusted total processed inputs (thousands of barrels)				65,434					65,434			69,207		76,875		69,745		76,838		292,665
Income (loss) before income taxes (dollars per barrel)**				(1.80	)				(1.80	)		—		4.76		3.01		6.04		3.55
Realized refining margins (dollars per barrel)***				5.44					5.44			6.75		9.93		9.09		11.84		9.48
CENTRAL CORRIDOR
Income before income taxes				77					77			272		521		839		1,185		2,817
Plus:
Taxes other than income taxes				13					13			12		9		10		12		43
Depreciation, amortization and impairments				33					33			35		32		34		34		135
Selling, general and administrative expenses				1					1			7		7		7		13		34
Operating expenses				145					145			108		124		124		132		488
Equity in (earnings) losses of affiliates				(84	)				(84	)		61		(220	)	(300	)	(353	)	(812	)
Other segment (income) expense, net				(2	)				(2	)		(4	)	(8	)	4		(5	)	(13	)
Proportional share of refining gross margins contributed by equity affiliates				267					267			198		381		472		514		1,565
Special items:
Pending claims and settlements				(21	)				(21	)		—		—		—		—		—
Realized refining margins				429					429			689		846		1,190		1,532		4,257
Total processed inputs (thousands of barrels)				23,893					23,893			26,236		26,209		26,778		27,076		106,299
Adjusted total processed inputs (thousands of barrels)*				41,896					41,896			42,765		48,347		50,410		50,039		191,561
Income before income taxes (dollars per barrel)**				3.22					3.22			10.37		19.88		31.33		43.77		26.50
Realized refining margins (dollars per barrel)***				10.23					10.23			16.11		17.51		23.61		30.60		22.22

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RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
				Millions of Dollars, Except as Indicated
				2019								2018
				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				(150	)				(150	)		(52	)	139		(26	)	50		111
Plus:
Taxes other than income taxes				24					24			25		25		26		24		100
Depreciation, amortization and impairments				62					62			58		60		60		59		237
Selling, general and administrative expenses				5					5			11		12		11		16		50
Operating expenses				249					249			230		228		264		318		1,040
Other segment (income) expense				2					2			3		(14	)	—		2		(9	)
Realized refining margins				192					192			275		450		335		469		1,529
Total processed inputs (thousands of barrels)				30,703					30,703			33,051		35,195		35,132		32,954		136,332
Adjusted total processed inputs (thousands of barrels)				30,703					30,703			33,051		35,195		35,132		32,954		136,332
Income (loss) before income taxes (dollars per barrel)**				(4.89	)				(4.89	)		(1.57	)	3.95		(0.74	)	1.52		0.81
Realized refining margins (dollars per barrel)***				6.25					6.25			8.32		12.77		9.53		14.18		11.20
WORLDWIDE
Income (loss) before income taxes				(198	)				(198	)		112		1,190		1,232		2,001		4,535
Plus:
Taxes other than income taxes				75					75			77		72		72		66		287
Depreciation, amortization and impairments				212					212			211		206		213		211		841
Selling, general and administrative expenses				11					11			41		47		47		69		204
Operating expenses				1,011					1,011			989		869		922		1,010		3,790
Equity in (earnings) losses of affiliates				(81	)				(81	)		64		(214	)	(297	)	(349	)	(796	)
Other segment (income) expense, net				7					7			(9	)	(19	)	2		(4	)	(30	)
Proportional share of refining gross margins contributed by equity affiliates				284					284			227		409		488		528		1,652
Special items:
Certain tax impacts				—					—			—		—		(1	)	(4	)	(5	)
Pending claims and settlements				(21	)				(21	)		—		—		—		—		—
Realized refining margins				1,300					1,300			1,712		2,560		2,678		3,528		10,478
Total processed inputs (thousands of barrels)				161,712					161,712			167,712		186,257		176,888		190,481		721,338
Adjusted total processed inputs (thousands of barrels)*				179,715					179,715			184,241		208,395		200,520		213,444		806,600
Income (loss) before income taxes (dollars per barrel)**				(1.22	)				(1.22	)		0.67		6.39		6.96		10.50		6.29
Realized refining margins (dollars per barrel)***				7.23					7.23			9.29		12.28		13.36		16.53		12.99
* 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 due to rounding.

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RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
				Millions of Dollars, Except as Indicated
				2019								2018
				1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
UNITED STATES
Income before income taxes				98					98			132		187		256		268		843
Plus:
Taxes other than income taxes*				2					2			(10	)	3		3		2		(2	)
Depreciation and amortization				2					2			4		3		3		3		13
Selling, general and administrative expenses				155					155			176		193		201		193		763
Equity in earnings of affiliates				(1	)				(1	)		(2	)	(2	)	(3	)	(1	)	(8	)
Other operating revenues*				(82	)				(82	)		(84	)	(98	)	(104	)	(93	)	(379	)
Other segment income				—					—			—		—		—		—		—
Special items:
Certain tax impacts				—					—			—		(56	)	(44	)	—		(100	)
Realized marketing fuel margins				174					174			216		230		312		372		1,130
Total fuel sales volumes (thousands of barrels)				164,058					164,058			155,780		177,725		173,072		191,119		697,696
Income before income taxes (dollars per barrel)				0.60					0.60			0.85		1.05		1.48		1.40		1.21
Realized marketing fuel margins (dollars per barrel)**				1.06					1.06			1.39		1.30		1.80		1.95		1.62
INTERNATIONAL
Income before income taxes				58					58			37		82		122		264		505
Plus:
Taxes other than income taxes*				2					2			(2	)	2		1		1		2
Depreciation and amortization				16					16			18		18		17		18		71
Selling, general and administrative expenses				62					62			70		71		66		73		280
Equity in earnings of affiliates				(22	)				(22	)		(18	)	(25	)	(22	)	(26	)	(91	)
Other operating revenues*				(6	)				(6	)		(7	)	(6	)	(7	)	(12	)	(32	)
Other segment (income) expense, net				(2	)				(2	)		(5	)	2		—		5		2
Marketing margins				108					108			93		144		177		323		737
Less: Margin for non-fuel related sales				10					10			12		14		10		8		44
Realized marketing fuel margins				98					98			81		130		167		315		693
Total fuel sales volumes (thousands of barrels)				25,796					25,796			24,534		24,717		25,441		26,257		100,949
Income before income taxes (dollars per barrel)				2.25					2.25			1.51		3.32		4.80		10.05		5.00
Realized marketing fuel margins (dollars per barrel)**				3.80					3.80			3.32		5.25		6.58		11.99		6.87
* Includes 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.

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