EX-99.2 3 psx-2019930_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		27,847		27,218			78,168			23,595		28,980		29,788		29,098		111,461
Equity in earnings of affiliates				516		648		499			1,663			424		743		779		730		2,676
Net gain on dispositions				1		—		18			19			17		—		1		1		19
Other income				38		23		36			97			10		13		24		14		61
Total Revenues and Other Income				23,658		28,518		27,771			79,947			24,046		29,736		30,592		29,843		114,217
Costs and Expenses
Purchased crude oil and products				21,055		24,554		23,806			69,415			21,138		25,747		26,385		24,660		97,930
Operating expenses				1,307		1,165		1,206			3,678			1,246		1,143		1,206		1,285		4,880
Selling, general and administrative expenses				366		408		416			1,190			386		432		440		419		1,677
Depreciation and amortization				331		334		336			1,001			336		337		346		337		1,356
Impairments				1		2		853			856			—		6		1		1		8
Taxes other than income taxes				128		97		105			330			110		109		109		97		425
Accretion on discounted liabilities				6		5		6			17			6		6		5		6		23
Interest and debt expense				119		115		109			343			123		135		125		121		504
Foreign currency transaction (gains) losses				5		9		(9	)		5			(16	)	(14	)	—		(1	)	(31	)
Total Costs and Expenses				23,318		26,689		26,828			76,835			23,329		27,901		28,617		26,925		106,772
Income before income taxes				340		1,829		943			3,112			717		1,835		1,975		2,918		7,445
Income tax expense				70		325		150			545			132		431		407		602		1,572
Net Income				270		1,504		793			2,567			585		1,404		1,568		2,316		5,873
Less: net income attributable to noncontrolling interests				66		80		81			227			61		65		76		76		278
Net Income Attributable to Phillips 66				204		1,424		712			2,340			524		1,339		1,492		2,240		5,595
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic				0.44		3.13		1.58			5.15			1.07		2.86		3.20		4.85		11.87
Diluted				0.44		3.12		1.58			5.13			1.07		2.84		3.18		4.82		11.80
Weighted-Average Common Shares Outstanding (thousands)
Basic				457,599		453,681		449,005			453,398			487,065		468,331		466,109		461,651		470,708
Diluted				459,289		455,585		451,001			455,810			489,668		471,638		469,440		464,406		474,047
Effective tax rate (%)				20.6	%	17.8	%	15.9	%		17.5	%		18.4	%	23.5	%	20.6	%	20.6	%	21.1	%
Adjusted effective tax rate (%)				20.7	%	20.2	%	20.6	%		20.4	%		17.5	%	22.1	%	23.4	%	21.1	%	21.6	%

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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		423		(460	)		279			280		238		284		379		1,181
Chemicals				227		275		227			729			286		324		263		152		1,025
Refining				(198	)	983		856			1,641			112		1,190		1,232		2,001		4,535
Marketing and Specialties				205		353		498			1,056			235		310		423		589		1,557
Corporate and Other				(210	)	(205	)	(178	)		(593	)		(196	)	(227	)	(227	)	(203	)	(853	)
Income before income taxes				340		1,829		943			3,112			717		1,835		1,975		2,918		7,445
Less: income tax expense				70		325		150			545			132		431		407		602		1,572
Net Income				270		1,504		793			2,567			585		1,404		1,568		2,316		5,873
Less: net income attributable to noncontrolling interests				66		80		81			227			61		65		76		76		278
Net Income Attributable to Phillips 66				204		1,424		712			2,340			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		245		248			696			163		164		209		234		770
NGL and Other				90		143		169			402			86		53		74		122		335
DCP Midstream				23		35		23			81			31		21		29		53		134
Total Midstream				316		423		440			1,179			280		238		312		409		1,239
Chemicals				227		275		269			771			286		324		263		152		1,025
Refining
Atlantic Basin/Europe				(7	)	258		279			530			(108	)	164		216		301		573
Gulf Coast				(118	)	222		184			288			—		366		221		468		1,055
Central Corridor				56		520		408			984			272		521		846		1,188		2,827
West Coast				(150	)	(17	)	(32	)		(199	)		(54	)	140		(20	)	51		117
Total Refining				(219	)	983		839			1,603			110		1,191		1,263		2,008		4,572
Marketing and Specialties
Marketing and Other				138		294		440			872			163		188		323		528		1,202
Specialties				67		59		58			184			59		66		62		64		251
Total Marketing and Specialties				205		353		498			1,056			222		254		385		592		1,453
Corporate and Other				(210	)	(205	)	(178	)		(593	)		(212	)	(227	)	(223	)	(201	)	(863	)
Adjusted income before income taxes				319		1,829		1,868			4,016			686		1,780		2,000		2,960		7,426
Less: adjusted income tax expense				66		370		385			821			120		393		467		624		1,604
Adjusted Net Income				253		1,459		1,483			3,195			566		1,387		1,533		2,336		5,822
Less: adjusted net income attributable to noncontrolling interests				66		80		81			227			54		65		77		76		272
Adjusted Net Income Attributable to Phillips 66				187		1,379		1,402			2,968			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				—		—		(853	)		(853	)		—		—		—		—		—
Impairments by equity affiliates				—		—		(47	)		(47	)		—		—		—		(28	)	(28	)
Pension settlement expense				—		—		—			—			—		—		(7	)	(2	)	(9	)
Total Midstream				—		—		(900	)		(900	)		—		—		(28	)	(30	)	(58	)
Chemicals
Lower-of-cost-or-market inventory adjustments				—		—		(42	)		(42	)		—		—		—		—		—
Total Chemicals				—		—		(42	)		(42	)		—		—		—		—		—
Refining
Pending claims and settlements				21		—		—			21			—		—		—		—		—
Certain tax impacts				—		—		—			—			2		(1	)	1		4		6
Asset dispositions				—		—		17			17			—		—		—		—		—
Pension settlement expense				—		—		—			—			—		—		(32	)	(11	)	(43	)
Total Refining				21		—		17			38			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		—		(925	)		(904	)		31		55		(25	)	(42	)	19
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items*				4		—		(235	)		(231	)		5		14		(6	)	(12	)	1
Other tax impacts				—		(45	)	—			(45	)		—		—		(5	)	(65	)	(70	)
U.S. tax reform				—		—		—			—			7		24		(49	)	55		37
Total Income Tax Expense (Benefit)				4		(45	)	(235	)		(276	)		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		45		(690	)		(628	)		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				—		—		(900	)		(900	)		—		—		—		(28	)	(28	)
Total Midstream				—		—		(900	)		(900	)		—		—		(28	)	(30	)	(58	)
Refining
Atlantic Basin/Europe				—		—		17			17			—		—		(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		—		17			38			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		1,504		793			2,567			585		1,404		1,568		2,316		5,873
Depreciation and amortization				331		334		336			1,001			336		337		346		337		1,356
Impairments				1		2		853			856			—		6		1		1		8
Accretion on discounted liabilities				6		5		6			17			6		6		5		6		23
Deferred income taxes				179		74		(138	)		115			101		28		100		23		252
Undistributed equity earnings				95		(139	)	19			(25	)		119		(133	)	125		110		221
Net gain on dispositions				(1	)	—		(18	)		(19	)		(17	)	—		(1	)	(1	)	(19	)
Other				42		(101	)	(38	)		(97	)		173		24		(79	)	14		132
Net working capital changes				(1,401	)	251		(151	)		(1,301	)		(815	)	692		(1,483	)	1,333		(273	)
Net Cash Provided by (Used in) Operating Activities				(478	)	1,930		1,662			3,114			488		2,364		582		4,139		7,573
Cash Flows From Investing Activities
Capital expenditures and investments				(1,097	)	(631	)	(867	)		(2,595	)		(328	)	(538	)	(779	)	(994	)	(2,639	)
Proceeds from asset dispositions*				103		15		21			139			17		12		10		18		57
Advances/loans—related parties				—		(95	)	—			(95	)		(1	)	—		—		—		(1	)
Collection of advances/loans—related parties				—		95		—			95			—		—		—		—		—
Other				(18	)	42		—			24			(45	)	62		50		45		112
Net Cash Used in Investing Activities				(1,012	)	(574	)	(846	)		(2,432	)		(357	)	(464	)	(719	)	(931	)	(2,471	)
Cash Flows From Financing Activities
Issuance of debt				725		135		898			1,758			1,509		—		85		590		2,184
Repayment of debt				(592	)	(5	)	(407	)		(1,004	)		(7	)	(253	)	(114	)	(770	)	(1,144	)
Issuance of common stock				8		1		6			15			10		20		9		—		39
Repurchase of common stock				(344	)	(455	)	(439	)		(1,238	)		(3,513	)	(230	)	(405	)	(497	)	(4,645	)
Dividends paid on common stock				(364	)	(406	)	(402	)		(1,172	)		(327	)	(372	)	(370	)	(367	)	(1,436	)
Distributions to noncontrolling interests				(56	)	(61	)	(59	)		(176	)		(45	)	(51	)	(50	)	(61	)	(207	)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units				32		10		91			133			9		58		47		14		128
Other				307		(6	)	(19	)		282			(45	)	(13	)	(21	)	(7	)	(86	)
Net Cash Used in Financing Activities				(284	)	(787	)	(331	)		(1,402	)		(2,409	)	(841	)	(819	)	(1,098	)	(5,167	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents				8		(3	)	(36	)		(31	)		1		(17	)	(4	)	(15	)	(35	)
Net Change in Cash and Cash Equivalents				(1,766	)	566		449			(751	)		(2,277	)	1,042		(960	)	2,095		(100	)
Cash and cash equivalents at beginning of period				3,019		1,253		1,819			3,019			3,119		842		1,884		924		3,119
Cash and Cash Equivalents at End of Period				1,253		1,819		2,268			2,268			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		359		524			1,302			136		339		503		570		1,548
Chemicals				—		—		—			—			—		—		—		—		—
Refining				194		197		254			645			172		153		200		301		826
Marketing and Specialties				19		23		34			76			13		15		37		60		125
Corporate and Other				43		52		55			150			7		31		39		63		140
Adjusted Capital Spending				675		631		867			2,173			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		631		867			2,595			328		538		779		994		2,639
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)				150		128		77			355			95		98		149		142		484
CPChem (Chemicals)				103		72		77			252			161		63		60		55		339
WRB (Refining)				37		44		54			135			40		35		41		40		156
Selected Equity Affiliates				290		244		208			742			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 (Loss) before Income Taxes
Transportation				203		245		248			696			163		164		209		234		770
NGL and Other				90		143		169			402			86		53		46		120		305
DCP Midstream				23		35		(877	)		(819	)		31		21		29		25		106
Income (Loss) before Income Taxes				316		423		(460	)		279			280		238		284		379		1,181
Adjusted EBITDA*
PSXP**				273		306		312			891			236		263		297		300		1,096
Other Midstream				133		196		222			551			127		79		113		176		495
Transportation and NGL and Other				406		502		534			1,442			363		342		410		476		1,591
DCP Midstream				67		81		79			227			76		62		72		97		307
Adjusted EBITDA				473		583		613			1,669			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 (Losses) of Affiliates
Transportation				103		124		128			355			87		91		106		121		405
NGL and Other				51		53		51			155			35		43		48		39		165
DCP Midstream				23		34		(23	)		34			30		21		29		26		106
Total				177		211		156			544			152		155		183		186		676
Depreciation and Amortization*
Transportation				36		37		40			113			36		44		46		41		167
NGL and Other				37		38		38			113			38		38		40		37		153
DCP Midstream				—		—		—			—			—		—		—		—		—
Total				73		75		78			226			74		82		86		78		320
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Transportation				172		173		183			528			178		188		178		185		729
NGL and Other				128		76		76			280			77		78		101		77		333
DCP Midstream				—		—		—			—			—		—		—		—		—
Total				300		249		259			808			255		266		279		262		1,062
* Excludes operating and SG&A expenses of all equity affiliates.
Transportation Volumes (MB/D)
Pipelines*				3,176		3,417		3,443			3,346			3,209		3,404		3,517		3,627		3,441
Terminals**				3,063		3,261		3,381			3,236			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		232		203			223			184		227		227		223		216
* Excludes DCP Midstream.
100% DCP Midstream, LLC Results
Net Income (Loss) Attributable to Owners				45		68		(47	)		66			60		42		57		51		210
Depreciation and Amortization				103		101		100			304			94		97		98		99		388
Operating and SG&A Expenses				246		257		257			760			221		260		275		304		1,060
Net Interest Expense*				70		75		79			224			70		69		71		69		279
* Net of interest income.
Capital Expenditures and Investments				300		256		154			710			189		196		299		283		967
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)				5.0		4.9		5.0			5.0			4.5		4.9		4.9		5.0		4.8
NGL Production (MB/D)				428		423		409			420			380		430		426		415		413
Weighted-Average NGL Price*
DCP Midstream ($/BBL)				25.33		21.28		18.31			21.64			29.41		31.83		36.51		28.80		31.64
DCP Midstream ($/gal)				0.60		0.51		0.44			0.52			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		70		—			139			51		57		61		67		236
LP Distribution from PSXP to Phillips 66				58		58		147			263			50		51		55		58		214
GP Distribution from DCP Midstream, LP to DCP Midstream****				43		43		***			86			43		42		43		43		171
LP Distribution from DCP Midstream, LP to DCP Midstream****				41		41		***			82			41		41		41		41		164
* 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.
** On August 1, 2019, PSXP eliminated its incentive distributions rights and 2% economic general partner interest, therefore, no distributions will be made to the general partner interest after August 1, 2019.
*** 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 (Loss) before Income Taxes to Adjusted EBITDA
Income (loss) before income taxes				316		423		(460	)		279			280		238		284		379		1,181
Plus:
Depreciation and amortization				73		75		78			226			74		82		86		78		320
EBITDA				389		498		(382	)		505			354		320		370		457		1,501
Special Item Adjustments (pre-tax):
Pending claims and settlements				—		—		—			—			—		—		21		—		21
Impairments				—		—		853			853			—		—		—		—		—
Impairments by equity affiliates				—		—		47			47			—		—		—		28		28
Pension settlement expense				—		—		—			—			—		—		7		2		9
EBITDA, Adjusted for Special Items				389		498		518			1,405			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		36			96			34		33		32		32		131
Proportional share of selected equity affiliates depreciation and amortization				54		55		59			168			51		51		52		53		207
Adjusted EBITDA				473		583		613			1,669			439		404		482		573		1,898
Adjusted EBITDA by Business Line
100% PSXP Results
Income before income taxes				199		234		238			671			174		186		217		223		800
Plus:
Net interest expense				27		26		25			78			29		29		28		28		114
Depreciation and amortization				29		29		30			88			28		29		30		30		117
EBITDA				255		289		293			837			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		289		293			837			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		6		7			20			7		8		8		8		31
Proportional share of selected equity affiliates depreciation and amortization				11		11		12			34			8		11		11		11		41
Adjusted EBITDA**				273		306		312			891			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		388		417			1,098			249		217		255		354		1,075
Plus:
Depreciation and amortization				73		75		78			226			74		82		86		78		320
EBITDA*				366		463		495			1,324			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		463		495			1,324			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		14		14			43			18		18		17		16		69
Proportional share of selected equity affiliates depreciation and amortization				25		25		25			75			22		25		24		25		96
Adjusted EBITDA*				406		502		534			1,442			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 (loss) before income taxes				23		35		(877	)		(819	)		31		21		29		25		106
Plus:
None				—		—		—			—			—		—		—		—		—
EBITDA				23		35		(877	)		(819	)		31		21		29		25		106
Special Item Adjustments (pre-tax):
Impairments				—		—		853			853			—		—		—		—		—
Impairments by equity affiliates				—		—		47			47			—		—		—		28		28
EBITDA, Adjusted for Special Items				23		35		23			81			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		16		22			53			16		15		15		16		62
Proportional share of selected equity affiliates depreciation and amortization				29		30		34			93			29		26		28		28		111
Adjusted EBITDA*				67		81		79			227			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		275		227			729			286		324		263		152		1,025
Equity in Earnings of Affiliate				225		274		224			723			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		525		417			1,376			535		609		443		315		1,902
Specialties, Aromatics and Styrenics				49		70		73			192			57		76		108		28		269
Corporate and Other				(34	)	(36	)	(34	)		(104	)		(7	)	(35	)	(20	)	(40	)	(102	)
Total				449		559		456			1,464			585		650		531		303		2,069
Income (Loss) before Income Taxes
Olefins and Polyolefins				446		536		430			1,412			546		618		457		325		1,946
Specialties, Aromatics and Styrenics				57		78		78			213			61		83		116		33		293
Corporate and Other				(34	)	(36	)	(33	)		(103	)		(7	)	(34	)	(20	)	(41	)	(102	)
Total				469		578		475			1,522			600		667		553		317		2,137
Depreciation and Amortization				146		139		140			425			116		153		159		167		595
Net Interest (Income) Expense*				20		17		19			56			(3	)	19		18		17		51
* Net of interest income.
Investing Cash Flows
Capital Expenditures and Investments				206		144		153			503			322		126		119		111		678
Advances to Equity Companies				—		—		—			—			—		—		—		—		—
Advance Repayments from Equity Companies				(26	)	(28	)	(9	)		(63	)		(33	)	(35	)	(12	)	(39	)	(119	)
Olefins and Polyolefins Capacity Utilization (%)				98	%	95	%	97	%		97	%		96	%	95	%	91	%	95	%	94	%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)				22.44		19.14		19.33			20.30			26.80		20.60		23.61		25.18		24.05
HDPE Blow Molding, Domestic Spot (cents/lb)				52.67		51.08		45.42			49.72			60.00		61.00		59.58		56.00		59.15
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)				16.43		11.89		9.46			12.59			14.81		15.47		20.68		17.27		17.06
HDPE Blow Molding, Total Cash Cost (cents/lb)				35.46		31.97		32.13			33.19			39.81		33.47		36.57		38.30		37.04
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)				23.23		26.36		23.16			24.25			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		275		227			729			286		324		263		152		1,025
Plus:
None				—		—		—			—			—		—		—		—		—
EBITDA				227		275		227			729			286		324		263		152		1,025
Special Item Adjustments (pre-tax):
Lower-of-cost-or-market inventory adjustments				—		—		42			42			—		—		—		—		—
EBITDA, Adjusted for Special Items				227		275		269			771			286		324		263		152		1,025
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				22		24		23			69			23		30		30		17		100
Proportional share of selected equity affiliates net interest				13		8		10			31			3		13		11		11		38
Proportional share of selected equity affiliates depreciation and amortization				105		106		104			315			92		108		110		112		422
Adjusted EBITDA				367		413		406			1,186			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	)	258		296			547			(108	)	164		209		302		567
Gulf Coast				(118	)	222		184			288			—		366		210		464		1,040
Central Corridor				77		520		408			1,005			272		521		839		1,185		2,817
West Coast				(150	)	(17	)	(32	)		(199	)		(52	)	139		(26	)	50		111
Income (Loss) before Income Taxes				(198	)	983		856			1,641			112		1,190		1,232		2,001		4,535
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe				(0.17	)	5.04		5.93			3.83			(2.75	)	3.42		4.62		5.63		3.05
Gulf Coast				(1.80	)	2.88		2.46			1.32			—		4.76		3.01		6.04		3.55
Central Corridor				3.22		19.81		15.26			13.07			10.37		19.88		31.33		43.77		26.50
West Coast				(4.89	)	(0.52	)	(0.93	)		(2.03	)		(1.57	)	3.95		(0.74	)	1.52		0.81
Worldwide				(1.22	)	5.25		4.60			3.07			0.67		6.39		6.96		10.50		6.29
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe				7.76		10.85		11.48			10.17			7.17		10.42		11.48		11.54		10.32
Gulf Coast				5.44		8.20		8.34			7.42			6.75		9.93		9.09		11.84		9.48
Central Corridor				10.23		17.84		15.99			14.91			16.11		17.51		23.61		30.60		22.22
West Coast				6.25		9.94		10.11			8.84			8.32		12.77		9.53		14.18		11.20
Worldwide				7.23		11.37		11.18			10.06			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	)	(3	)		(9	)		(2	)	(3	)	(2	)	(3	)	(10	)
Gulf Coast				—		(2	)	1			(1	)		(1	)	(3	)	(1	)	(1	)	(6	)
Central Corridor				84		133		69			286			(61	)	220		300		353		812
West Coast				—		—		—			—			—		—		—		—		—
Total				81		128		67			276			(64	)	214		297		349		796
Depreciation and Amortization*
Atlantic Basin/Europe				50		49		49			148			52		50		50		49		201
Gulf Coast				67		68		66			201			66		64		69		69		268
Central Corridor				33		34		34			101			35		32		34		34		135
West Coast				62		63		66			191			58		59		60		59		236
Total				212		214		215			641			211		205		213		211		840
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe				240		211		218			669			298		240		233		242		1,013
Gulf Coast				382		330		352			1,064			376		305		330		358		1,369
Central Corridor				146		141		131			418			115		131		131		145		522
West Coast				254		257		290			801			241		240		275		334		1,090
Total				1,022		939		991			2,952			1,030		916		969		1,079		3,994
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe				20		13		17			50			98		21		4		10		133
Gulf Coast				90		29		44			163			105		10		24		44		183
Central Corridor				25		8		9			42			2		4		7		7		20
West Coast				13		17		50			80			40		25		20		69		154
Total				148		67		120			335			245		60		55		130		490
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes, excluding Excise Taxes
Atlantic Basin/Europe				15		11		12			38			15		15		13		13		56
Gulf Coast				23		16		23			62			25		23		23		17		88
Central Corridor				13		10		10			33			12		9		10		12		43
West Coast				24		21		23			68			27		25		26		24		102
Total				75		58		68			201			79		72		72		66		289
Foreign Currency Gains (Losses) Pre-Tax				(5	)	(7	)	10			(2	)		11		7		(1	)	7		24
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates				81		128		67			276			(64	)	214		297		349		796
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity-affiliate-related costs*				(277	)	(309	)	(273	)		(859	)		(239	)	(397	)	(469	)	(507	)	(1,612	)
Equity-affiliate-related expenses not included in Realized Refining Margins				(196	)	(181	)	(206	)		(583	)		(303	)	(183	)	(172	)	(158	)	(816	)
Regional Totals
Atlantic Basin/Europe				(13	)	(14	)	(7	)		(34	)		(43	)	(18	)	—		5		(56	)
Gulf Coast				—		(2	)	1			(1	)		(1	)	(3	)	(1	)	(1	)	(6	)
Central Corridor				(183	)	(165	)	(200	)		(548	)		(259	)	(162	)	(171	)	(162	)	(754	)
Total				(196	)	(181	)	(206	)		(583	)		(303	)	(183	)	(172	)	(158	)	(816	)
* Other costs associated with equity affiliates which do not flow through equity earnings.

Page 9

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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	)	983		856			1,641			112		1,190		1,232		2,001		4,535
Plus:
Depreciation and amortization				212		214		215			641			211		205		213		211		840
EBITDA				14		1,197		1,071			2,282			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	)
Asset dispositions				—		—		(17	)		(17	)		—		—		—		—		—
Pension settlement expense				—		—		—			—			—		—		32		11		43
EBITDA, Adjusted for Special Items				(7	)	1,197		1,054			2,244			321		1,396		1,476		2,219		5,412
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				—		—		1			1			—		—		1		—		1
Proportional share of selected equity affiliates net interest				(1	)	(1	)	(1	)		(3	)		(2	)	(1	)	(2	)	(1	)	(6	)
Proportional share of selected equity affiliates depreciation and amortization				71		69		70			210			68		68		68		68		272
Adjusted EBITDA				63		1,265		1,124			2,452			387		1,463		1,543		2,286		5,679
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)				427		519		509			485			419		495		465		526		477
Total Processed Inputs (MB/D)				463		562		542			523			436		527		492		583		510
Crude Oil Capacity Utilization (%)				80	%	97	%	95	%		90	%		78	%	92	%	87	%	98	%	89	%
Clean Product Yield (%)				86	%	88	%	87	%		87	%		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		757		729			714			696		767		656		751		717
Total Processed Inputs (MB/D)				727		849		815			797			769		845		759		835		802
Crude Oil Capacity Utilization (%)				85	%	99	%	95	%		93	%		93	%	102	%	87	%	100	%	95	%
Clean Product Yield (%)				80	%	81	%	78	%		80	%		76	%	80	%	79	%	81	%	79	%
Central Corridor*
Crude Oil Charge Input (MB/D)				445		521		517			495			458		513		531		524		507
Total Processed Inputs (MB/D)				466		538		531			512			475		531		548		544		525
Crude Oil Capacity Utilization (%)				86	%	101	%	100	%		96	%		93	%	104	%	108	%	106	%	103	%
Clean Product Yield (%)				90	%	88	%	88	%		89	%		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		317		351			325			340		362		354		316		343
Total Processed Inputs (MB/D)				341		359		375			358			367		387		382		358		373
Crude Oil Capacity Utilization (%)				84	%	87	%	97	%		89	%		93	%	100	%	97	%	87	%	94	%
Clean Product Yield (%)				88	%	81	%	85	%		85	%		86	%	86	%	87	%	88	%	87	%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)				1,833		2,114		2,106			2,019			1,913		2,137		2,006		2,117		2,044
Total Processed Inputs (MB/D)				1,997		2,308		2,263			2,190			2,047		2,290		2,181		2,320		2,210
Crude Oil Capacity Utilization (%)				84	%	97	%	97	%		93	%		89	%	100	%	93	%	99	%	95	%
Clean Product Yield (%)				85	%	84	%	84	%		84	%		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		240		230			223			172		222		203		258		213
Distillates				185		241		227			218			185		218		202		248		214
Other				80		89		88			86			81		92		89		85		87
Total				467		570		545			527			438		532		494		591		514
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline				296		348		312			319			303		337		307		344		323
Distillates				261		310		297			289			260		315		266		300		285
Other				165		192		208			189			212		198		192		195		200
Total				722		850		817			797			775		850		765		839		808
Central Corridor*
Gasoline				244		260		256			254			242		263		269		280		264
Distillates				175		214		208			199			181		201		210		212		201
Other				49		67		71			62			56		73		74		57		65
Total				468		541		535			515			479		537		553		549		530
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline				165		167		170			167			180		190		180		168		179
Distillates				136		124		148			137			136		143		150		147		144
Other				41		66		53			53			53		54		51		44		50
Total				342		357		371			357			369		387		381		359		373
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline				907		1,015		968			963			897		1,012		959		1,050		979
Distillates				757		889		880			843			762		877		828		907		844
Other				335		414		420			390			402		417		406		381		402
Total				1,999		2,318		2,268			2,196			2,061		2,306		2,193		2,338		2,225
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI				54.87		59.80		56.44			57.04			62.88		67.99		69.71		59.09		64.92
Brent				63.20		68.82		61.94			64.65			66.76		74.35		75.27		67.76		71.04
LLS				62.40		66.92		60.64			63.32			65.79		73.11		74.31		66.55		69.94
ANS				64.50		68.18		63.07			65.25			66.96		74.10		75.55		68.65		71.31
WTI less Maya				(3.91	)	(2.26	)	(0.20	)		(2.12	)		5.16		5.83		3.57		(4.73	)	2.46
WTI less WCS (settlement differential)				12.29		10.67		12.24			11.73			24.28		19.27		22.25		39.43		26.31
Natural Gas ($/MMBtu)
Henry Hub				2.89		2.51		2.33			2.57			3.01		2.82		2.90		3.74		3.12
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent				1.79		12.06		11.84			8.56			9.23		13.36		12.73		1.32		9.16
East Coast Distillate less Brent				18.05		14.27		17.43			16.58			16.35		15.83		16.20		19.13		16.88
Gulf Coast
Gulf Coast Gasoline less LLS				1.58		8.18		8.24			6.00			8.65		9.44		8.63		(0.70	)	6.51
Gulf Coast Distillate less LLS				16.41		14.28		17.22			15.97			15.15		15.28		15.54		16.82		15.70
Central Corridor
Central Gasoline less WTI				9.72		18.71		15.28			14.57			13.57		16.04		16.68		8.53		13.71
Central Distillate less WTI				24.92		22.49		21.39			22.93			19.85		22.03		22.77		26.64		22.82
West Coast
West Coast Gasoline less ANS				11.83		23.50		19.48			18.27			16.40		18.76		14.13		9.69		14.74
West Coast Distillate less ANS				16.20		21.10		18.38			18.56			17.28		18.69		17.85		18.60		18.11
Worldwide Market Crack Spread ($/BBL)**				9.77		15.24		14.60			13.20			13.12		14.86		14.21		9.11		12.83
* Based on daily spot prices, unless otherwise noted.
** Weighted average based on Phillips 66 crude capacity.

Page 11

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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		294		440			872			176		244		361		525		1,306
Specialties				67		59		58			184			59		66		62		64		251
Income before Income Taxes				205		353		498			1,056			235		310		423		589		1,557
Income before Income Taxes ($/BBL)
U.S.				0.60		1.09		1.66			1.14			0.85		1.05		1.48		1.40		1.21
International				2.25		4.81		5.19			4.10			1.51		3.32		4.80		10.05		5.00
Realized Marketing Fuel Margins ($/BBL)*
U.S.**				1.06		1.53		2.11			1.59			1.39		1.30		1.80		1.95		1.62
International				3.80		6.03		6.37			5.42			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		143		168			442			127		183		185		143		638
Specialties				100		93		83			276			82		86		89		90		347
Total				231		236		251			718			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		28		31			81			20		27		25		27		99
Specialties				11		7		21			39			12		22		14		17		65
Total				33		35		52			120			32		49		39		44		164
Depreciation and Amortization*
Marketing and Other				21		21		21			63			24		24		22		24		94
Specialties				5		4		4			13			5		5		5		5		20
Total				26		25		25			76			29		29		27		29		114
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other				261		297		300			858			266		294		303		298		1,161
Specialties				36		36		39			111			36		36		34		37		143
Total				297		333		339			969			302		330		337		335		1,304
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline				1,063		1,151		1,132			1,116			1,024		1,110		1,102		1,204		1,111
Distillates				759		898		914			857			706		843		780		873		801
Other				—		—		—			—			1		—		—		—		—
Total				1,822		2,049		2,046			1,973			1,731		1,953		1,882		2,077		1,912
International Marketing
Gasoline				88		89		90			89			81		86		85		87		84
Distillates				181		187		185			184			173		169		175		179		174
Other				18		19		16			18			19		17		17		20		18
Total				287		295		291			291			273		272		277		286		276
Worldwide Marketing
Gasoline				1,151		1,240		1,222			1,205			1,105		1,196		1,187		1,291		1,195
Distillates				940		1,085		1,099			1,041			879		1,012		955		1,052		975
Other				18		19		16			18			20		17		17		20		18
Total				2,109		2,344		2,337			2,264			2,004		2,225		2,159		2,363		2,188
Foreign Currency Gains (Losses) Pre-Tax				2		(1	)	—			1			4		—		1		(6	)	(1	)
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes				205		353		498			1,056			235		310		423		589		1,557
Plus:
Depreciation and amortization				26		25		25			76			29		29		27		29		114
EBITDA				231		378		523			1,132			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		378		523			1,132			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		2		1			4			—		2		1		1		4
Proportional share of selected equity affiliates depreciation and amortization				3		2		3			8			3		2		3		3		11
Adjusted EBITDA				235		382		527			1,144			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	)	(205	)	(178	)		(593	)		(196	)	(227	)	(227	)	(203	)	(853	)
Detail of Loss before Income Taxes
Net interest expense				(108	)	(105	)	(98	)		(311	)		(112	)	(128	)	(114	)	(105	)	(459	)
Corporate overhead and other*				(102	)	(100	)	(80	)		(282	)		(84	)	(99	)	(113	)	(98	)	(394	)
Total				(210	)	(205	)	(178	)		(593	)		(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	)	(133	)	(131	)		(396	)		(123	)	(136	)	(131	)	(131	)	(521	)
Capitalized interest				13		18		22			53			—		1		6		10		17
Interest income				11		10		11			32			11		7		11		16		45
Total				(108	)	(105	)	(98	)		(311	)		(112	)	(128	)	(114	)	(105	)	(459	)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes				(210	)	(205	)	(178	)		(593	)		(196	)	(227	)	(227	)	(203	)	(853	)
Plus:
Net interest expense				108		105		98			311			112		128		114		105		459
Depreciation and amortization				20		20		18			58			22		21		20		19		82
EBITDA				(82	)	(80	)	(62	)		(224	)		(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	)	(80	)	(62	)		(224	)		(78	)	(78	)	(89	)	(77	)	(322	)
Other Adjustments (pre-tax):
None				—		—		—			—			—		—		—		—		—
Adjusted EBITDA				(82	)	(80	)	(62	)		(224	)		(78	)	(78	)	(89	)	(77	)	(322	)
Foreign Currency Gains (Losses) Pre-Tax				(1	)	(2	)	(1	)		(4	)		—		8		—		—		8
Phillips 66 Total Company Debt
Total Debt				11,298		11,439		11,925			11,925			11,621		11,364		11,337		11,160		11,160
Debt-to-Capital Ratio (%)				30	%	30	%	31	%		31	%		32	%	31	%	31	%	29	%	29	%
Total Equity				26,745		27,306		27,092			27,092			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		1,504		793			2,567			585		1,404		1,568		2,316		5,873
Plus:
Income tax expense				70		325		150			545			132		431		407		602		1,572
Net interest expense				108		105		98			311			112		128		114		105		459
Depreciation and amortization				331		334		336			1,001			336		337		346		337		1,356
Phillips 66 EBITDA				779		2,268		1,377			4,424			1,165		2,300		2,435		3,360		9,260
Special Item Adjustments (pre-tax):
Impairments				—		—		853			853			—		—		—		—		—
Impairments by equity affiliates				—		—		47			47			—		—		—		28		28
Pending claims and settlements				(21	)	—		—			(21	)		—		—		21		—		21
Certain tax impacts				—		—		—			—			(15	)	(55	)	(45	)	(4	)	(119	)
Pension settlement expense				—		—		—			—			—		—		49		18		67
Lower-of-cost-or-market inventory adjustments				—		—		42			42			—		—		—		—		—
Asset dispositions				—		—		(17	)		(17	)		—		—		—		—		—
U.S. tax reform				—		—		—			—			(16	)	—		—		—		(16	)
Phillips 66 EBITDA, Adjusted for Special Items				758		2,268		2,302			5,328			1,134		2,245		2,460		3,402		9,241
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes				22		24		24			70			23		30		31		18		102
Proportional share of selected equity affiliates net interest				43		39		46			128			35		47		42		43		167
Proportional share of selected equity affiliates depreciation and amortization				233		232		236			701			214		229		233		236		912
EBITDA attributable to Phillips 66 noncontrolling interests				(89	)	(101	)	(104	)		(294	)		(80	)	(87	)	(97	)	(97	)	(361	)
Phillips 66 Adjusted EBITDA				967		2,462		2,504			5,933			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. Adjusted effective tax rate demonstrates the effective tax rate with the consideration of the tax effect on special items. The GAAP financial measure most comparable to adjusted effective tax rate is effective tax rate. A reconciliation of effective tax rate to adjusted effective tax rate is included in this earnings release supplemental data.

Page 13

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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	)	258		296			547			(108	)	164		209		302		567
Plus:
Taxes other than income taxes				15		11		12			38			15		15		13		13		56
Depreciation, amortization and impairments				50		49		49			148			52		50		50		49		201
Selling, general and administrative expenses				7		10		10			27			13		15		16		19		63
Operating expenses				233		201		208			642			285		225		217		223		950
Equity in losses of affiliates				3		3		3			9			2		3		2		3		10
Other segment (income) expense, net				6		4		(24	)		(14	)		(7	)	—		(3	)	(1	)	(11	)
Proportional share of refining gross margins contributed by equity affiliates				17		19		19			55			29		28		16		14		87
Special items:
Certain tax impacts				—		—		—			—			—		—		(1	)	(4	)	(5	)
Realized refining margins				324		555		573			1,452			281		500		519		618		1,918
Total processed inputs (MB)				41,682		51,172		49,895			142,749			39,218		47,978		45,233		53,613		186,042
Adjusted total processed inputs (MB)				41,682		51,172		49,895			142,749			39,218		47,978		45,233		53,613		186,042
Income (loss) before income taxes ($/BBL)**				(0.17	)	5.04		5.93			3.83			(2.75	)	3.42		4.62		5.63		3.05
Realized refining margins ($/BBL)***				7.76		10.85		11.48			10.17			7.17		10.42		11.48		11.54		10.32
GULF COAST
Income (loss) before income taxes				(118	)	222		184			288			—		366		210		464		1,040
Plus:
Taxes other than income taxes				23		16		23			62			25		23		23		17		88
Depreciation, amortization and impairments				67		68		66			201			66		64		69		69		268
Selling, general and administrative expenses				(2	)	8		7			13			10		13		13		21		57
Operating expenses				384		322		345			1,051			366		292		317		337		1,312
Equity in (earnings) losses of affiliates				—		2		(1	)		1			1		3		1		1		6
Other segment (income) expense, net				1		(5	)	1			(3	)		(1	)	3		1		—		3
Proportional share of refining gross margins contributed by equity affiliates				—		—		—			—			—		—		—		—		—
Realized refining margins				355		633		625			1,613			467		764		634		909		2,774
Total processed inputs (MB)				65,434		77,186		74,936			217,556			69,207		76,875		69,745		76,838		292,665
Adjusted total processed inputs (MB)				65,434		77,186		74,936			217,556			69,207		76,875		69,745		76,838		292,665
Income (loss) before income taxes ($/BBL)**				(1.80	)	2.88		2.46			1.32			—		4.76		3.01		6.04		3.55
Realized refining margins ($/BBL)***				5.44		8.20		8.34			7.42			6.75		9.93		9.09		11.84		9.48
CENTRAL CORRIDOR
Income before income taxes				77		520		408			1,005			272		521		839		1,185		2,817
Plus:
Taxes other than income taxes				13		10		10			33			12		9		10		12		43
Depreciation, amortization and impairments				33		34		34			101			35		32		34		34		135
Selling, general and administrative expenses				1		7		6			14			7		7		7		13		34
Operating expenses				145		134		125			404			108		124		124		132		488
Equity in (earnings) losses of affiliates				(84	)	(133	)	(69	)		(286	)		61		(220	)	(300	)	(353	)	(812	)
Other segment (income) expense, net				(2	)	4		(3	)		(1	)		(4	)	(8	)	4		(5	)	(13	)
Proportional share of refining gross margins contributed by equity affiliates				267		298		269			834			198		381		472		514		1,565
Special items:
Pending claims and settlements				(21	)	—		—			(21	)		—		—		—		—		—
Realized refining margins				429		874		780			2,083			689		846		1,190		1,532		4,257
Total processed inputs (MB)				23,893		26,244		26,740			76,877			26,236		26,209		26,778		27,076		106,299
Adjusted total processed inputs (MB)*				41,896		48,932		48,853			139,681			42,765		48,347		50,410		50,039		191,561
Income before income taxes ($/BBL)**				3.22		19.81		15.26			13.07			10.37		19.88		31.33		43.77		26.50
Realized refining margins ($/BBL)***				10.23		17.84		15.99			14.91			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	)	(17	)	(32	)		(199	)		(52	)	139		(26	)	50		111
Plus:
Taxes other than income taxes				24		21		23			68			25		25		26		24		100
Depreciation, amortization and impairments				62		63		66			191			58		60		60		59		237
Selling, general and administrative expenses				5		8		8			21			11		12		11		16		50
Operating expenses				249		249		282			780			230		228		264		318		1,040
Other segment (income) expense, net				2		1		1			4			3		(14	)	—		2		(9	)
Realized refining margins				192		325		348			865			275		450		335		469		1,529
Total processed inputs (MB)				30,703		32,697		34,498			97,898			33,051		35,195		35,132		32,954		136,332
Adjusted total processed inputs (MB)				30,703		32,697		34,498			97,898			33,051		35,195		35,132		32,954		136,332
Income (loss) before income taxes ($/BBL)**				(4.89	)	(0.52	)	(0.93	)		(2.03	)		(1.57	)	3.95		(0.74	)	1.52		0.81
Realized refining margins ($/BBL)***				6.25		9.94		10.11			8.84			8.32		12.77		9.53		14.18		11.20
WORLDWIDE
Income (loss) before income taxes				(198	)	983		856			1,641			112		1,190		1,232		2,001		4,535
Plus:
Taxes other than income taxes				75		58		68			201			77		72		72		66		287
Depreciation, amortization and impairments				212		214		215			641			211		206		213		211		841
Selling, general and administrative expenses				11		33		31			75			41		47		47		69		204
Operating expenses				1,011		906		960			2,877			989		869		922		1,010		3,790
Equity in (earnings) losses of affiliates				(81	)	(128	)	(67	)		(276	)		64		(214	)	(297	)	(349	)	(796	)
Other segment (income) expense, net				7		4		(25	)		(14	)		(9	)	(19	)	2		(4	)	(30	)
Proportional share of refining gross margins contributed by equity affiliates				284		317		288			889			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		2,387		2,326			6,013			1,712		2,560		2,678		3,528		10,478
Total processed inputs (MB)				161,712		187,299		186,069			535,080			167,712		186,257		176,888		190,481		721,338
Adjusted total processed inputs (MB)*				179,715		209,987		208,182			597,884			184,241		208,395		200,520		213,444		806,600
Income (loss) before income taxes ($/BBL)**				(1.22	)	5.25		4.60			3.07			0.67		6.39		6.96		10.50		6.29
Realized refining margins ($/BBL)***				7.23		11.37		11.18			10.06			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		203		312			613			132		187		256		268		843
Plus:
Taxes other than income taxes*				2		3		3			8			(10	)	3		3		2		(2	)
Depreciation and amortization				2		3		2			7			4		3		3		3		13
Selling, general and administrative expenses				155		183		184			522			176		193		201		193		763
Equity in earnings of affiliates				(1	)	(3	)	(3	)		(7	)		(2	)	(2	)	(3	)	(1	)	(8	)
Other operating revenues*				(82	)	(103	)	(101	)		(286	)		(84	)	(98	)	(104	)	(93	)	(379	)
Other segment income				—		—		—			—			—		—		—		—		—
Special items:
Certain tax impacts				—		—		—			—			—		(56	)	(44	)	—		(100	)
Realized marketing fuel margins				174		286		397			857			216		230		312		372		1,130
Total fuel sales volumes (MB)				164,058		186,488		188,172			538,718			155,780		177,725		173,072		191,119		697,696
Income before income taxes ($/BBL)				0.60		1.09		1.66			1.14			0.85		1.05		1.48		1.40		1.21
Realized marketing fuel margins ($/BBL)**				1.06		1.53		2.11			1.59			1.39		1.30		1.80		1.95		1.62
INTERNATIONAL
Income before income taxes				58		129		139			326			37		82		122		264		505
Plus:
Taxes other than income taxes*				2		1		2			5			(2	)	2		1		1		2
Depreciation and amortization				16		16		16			48			18		18		17		18		71
Selling, general and administrative expenses				62		61		61			184			70		71		66		73		280
Equity in earnings of affiliates				(22	)	(25	)	(27	)		(74	)		(18	)	(25	)	(22	)	(26	)	(91	)
Other operating revenues*				(6	)	(9	)	(10	)		(25	)		(7	)	(6	)	(7	)	(12	)	(32	)
Other segment (income) expense, net				(2	)	1		1			—			(5	)	2		—		5		2
Marketing margins				108		174		182			464			93		144		177		323		737
Less: Margin for non-fuel related sales				10		12		11			33			12		14		10		8		44
Realized marketing fuel margins				98		162		171			431			81		130		167		315		693
Total fuel sales volumes (MB)				25,796		26,837		26,796			79,429			24,534		24,717		25,441		26,257		100,949
Income before income taxes ($/BBL)				2.25		4.81		5.19			4.10			1.51		3.32		4.80		10.05		5.00
Realized marketing fuel margins ($/BBL)**				3.80		6.03		6.37			5.42			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.
ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
				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
EFFECTIVE TAX RATES
Income before income taxes				340		1,829		943			3,112			717		1,835		1,975		2,918		7,445
Special items				(21	)	—		925			904			(31	)	(55	)	25		42		(19	)
Adjusted income before income taxes				319		1,829		1,868			4,016			686		1,780		2,000		2,960		7,426
Income tax expense				70		325		150			545			132		431		407		602		1,572
Special items				(4	)	45		235			276			(12	)	(38	)	60		22		32
Adjusted income tax expense				66		370		385			821			120		393		467		624		1,604
Effective tax rate (%)				20.6	%	17.8	%	15.9	%		17.5	%		18.4	%	23.5	%	20.6	%	20.6	%	21.1	%
Adjusted effective tax rate (%)				20.7	%	20.2	%	20.6	%		20.4	%		17.5	%	22.1	%	23.4	%	21.1	%	21.6	%

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