EX-99.2 3 psx-20211231_erxsuppinfoxe.htm EX-99.2

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED STATEMENT OF OPERATIONS
												Millions of Dollars, Except as Indicated
												2021																		2020
												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												21,627			27,002			30,243			32,604			111,476						20,878			10,913			15,929			16,409			64,129
Equity in earnings of affiliates												285			830			982			807			2,904						365			157			349			320			1,191
Net gain on dispositions												—			2			9			7			18						1			85			1			21			108
Other income*												15			51			238			150			454						—			28			20			18			66
Total Revenues and Other Income												21,927			27,885			31,472			33,568			114,852						21,244			11,183			16,299			16,768			65,494
Costs and Expenses
Purchased crude oil and products												20,065			25,218			27,529			29,290			102,102						18,440			9,608			14,509			15,150			57,707
Operating expenses												1,380			1,175			1,166			1,426			5,147						1,341			1,026			1,016			1,180			4,563
Selling, general and administrative expenses												408			433			424			479			1,744						319			409			384			432			1,544
Depreciation and amortization												356			364			361			524			1,605						342			343			352			358			1,395
Impairments												198			—			1,298			2			1,498						3,006			—			1,140			106			4,252
Taxes other than income taxes												139			119			85			67			410						157			114			106			87			464
Accretion on discounted liabilities												6			6			6			6			24						6			5			6			5			22
Interest and debt expense												146			143			151			141			581						111			117			132			139			499
Foreign currency transaction (gains) losses												—			(9)			4			6			1						—			6			4			2			12
Total Costs and Expenses												22,698			27,449			31,024			31,941			113,112						23,722			11,628			17,649			17,459			70,458
Income (loss) before income taxes												(771)			436			448			1,627			1,740						(2,478)			(445)			(1,350)			(691)			(4,964)
Income tax expense (benefit)												(132)			62			(40)			256			146						(51)			(378)			(624)			(197)			(1,250)
Net Income (Loss)												(639)			374			488			1,371			1,594						(2,427)			(67)			(726)			(494)			(3,714)
Less: net income attributable to noncontrolling interests												15			78			86			98			277						69			74			73			45			261
Net Income (Loss) Attributable to Phillips 66												(654)			296			402			1,273			1,317						(2,496)			(141)			(799)			(539)			(3,975)
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic												(1.49)			0.66			0.91			2.89			2.97						(5.66)			(0.33)			(1.82)			(1.23)			(9.06)
Diluted												(1.49)			0.66			0.91			2.88			2.97						(5.66)			(0.33)			(1.82)			(1.23)			(9.06)
Weighted-Average Common Shares Outstanding (thousands)
Basic												439,504			439,940			440,193			440,469			440,028						441,345			438,756			438,916			439,115			439,530
Diluted												439,504			440,396			440,368			441,584			440,364						441,345			438,756			438,916			439,115			439,530
Effective tax rate (%)												17.1		%	14.2		%	(8.9)		%	15.7		%	8.4		%				2.1		%	84.9		%	46.2		%	28.5		%	25.2		%
Adjusted effective tax rate (%)												15.9		%	18.9		%	16.1		%	20.2		%	18.6		%				4.4		%	40.9		%	125.7		%	25.6		%	85.2		%
* Includes the change in value, excluding related foreign exchange impacts, of our investment in NOVONIX Limited (NOVONIX).

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream												76			312			629			593			1,610						(702)			324			146			223			(9)
Chemicals												154			623			631			436			1,844						169			42			231			193			635
Refining												(1,040)			(729)			(1,126)			346			(2,549)						(2,261)			(878)			(1,903)			(1,113)			(6,155)
Marketing and Specialties												290			476			545			498			1,809						513			286			415			232			1,446
Corporate and Other												(251)			(246)			(231)			(246)			(974)						(197)			(219)			(239)			(226)			(881)
Income (loss) before income taxes												(771)			436			448			1,627			1,740						(2,478)			(445)			(1,350)			(691)			(4,964)
Less: income tax expense (benefit)												(132)			62			(40)			256			146						(51)			(378)			(624)			(197)			(1,250)
Net Income (Loss)												(639)			374			488			1,371			1,594						(2,427)			(67)			(726)			(494)			(3,714)
Less: net income attributable to noncontrolling interests												15			78			86			98			277						69			74			73			45			261
Net Income (Loss) Attributable to Phillips 66												(654)			296			402			1,273			1,317						(2,496)			(141)			(799)			(539)			(3,975)
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												206			224			254			273			957						200			130			202			196			728
NGL and Other*												36			83			357			284			760						179			83			102			86			450
DCP Midstream												34			9			31			111			185						81			32			50			41			204
Total Midstream												276			316			642			668			1,902						460			245			354			323			1,382
Chemicals												184			657			634			424			1,899						193			89			132			203			617
Refining
Atlantic Basin/Europe												(152)			(108)			93			114			(53)						(196)			(220)			(197)			(166)			(779)
Gulf Coast												(247)			(253)			(31)			80			(451)						(173)			(356)			(389)			(442)			(1,360)
Central Corridor												(241)			(76)			232			145			60						223			(113)			(129)			(177)			(196)
West Coast												(386)			(269)			(110)			65			(700)						(255)			(178)			(255)			(309)			(997)
Total Refining												(1,026)			(706)			184			404			(1,144)						(401)			(867)			(970)			(1,094)			(3,332)
Marketing and Specialties
Marketing and Other												211			392			454			402			1,459						434			259			366			181			1,240
Specialties												79			87			93			97			356						54			34			51			40			179
Total Marketing and Specialties												290			479			547			499			1,815						488			293			417			221			1,419
Corporate and Other												(251)			(244)			(230)			(245)			(970)						(197)			(224)			(213)			(235)			(869)
Adjusted income (loss) before income taxes												(527)			502			1,777			1,750			3,502						543			(464)			(280)			(582)			(783)
Less: adjusted income tax expense (benefit)												(84)			95			286			354			651						24			(190)			(352)			(149)			(667)
Adjusted Net Income (Loss)												(443)			407			1,491			1,396			2,851						519			(274)			72			(433)			(116)
Less: adjusted net income attributable to noncontrolling interests												66			78			88			98			330						69			50			73			74			266
Adjusted Net Income (Loss) Attributable to Phillips 66												(509)			329			1,403			1,298			2,521						450			(324)			(1)			(507)			(382)
* Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.

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Phillips 66 Earnings Release Supplemental Data

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Impairments												(198)			—			(10)			—			(208)						(1,161)			—			(204)			(96)			(1,461)
Pension settlement expense												—			(4)			(3)			(1)			(8)						—			(5)			(3)			(1)			(9)
Hurricane-related costs												—			—			—			(4)			(4)						—			—			(1)			(3)			(4)
Winter-storm-related costs												(2)			—			—			—			(2)						—			—			—			—			—
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						(1)			—			—			—			(1)
Asset dispositions												—			—			—			—			—						—			84			—			—			84
Alliance shutdown-related costs*												—			—			—			(70)			(70)						—			—			—			—			—
Total Midstream												(200)			(4)			(13)			(75)			(292)						(1,162)			79			(208)			(100)			(1,391)
Chemicals
Impairments by equity affiliates												—			—			—			—			—						—			(15)			—			—			(15)
Pension settlement expense												—			(18)			(2)			(2)			(22)						—			—			—			(21)			(21)
Hurricane-related costs												—			—			(1)			—			(1)						—			—			(2)			(1)			(3)
Winter-storm-related costs												(30)			(16)			—			14			(32)						—			—			—			—			—
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						(24)			(32)			101			12			57
Total Chemicals												(30)			(34)			(3)			12			(55)						(24)			(47)			99			(10)			18
Refining
Impairments												—			—			(1,288)			—			(1,288)						(1,845)			—			(910)			—			(2,755)
Certain tax impacts												—			—			—			11			11						—			—			—			6			6
Pension settlement expense												—			(20)			(12)			(5)			(37)						—			(26)			(12)			(3)			(41)
Hurricane-related costs												—			—			(10)			(30)			(40)						—			—			(11)			(22)			(33)
Winter-storm-related costs												(14)			(3)			—			—			(17)						—			—			—			—			—
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						(15)			15			—			—			—
Alliance shutdown-related costs*												—			—			—			(122)			(122)						—			—			—			—			—
Regulatory compliance costs												—			—			—			88			88						—			—			—			—			—
Total Refining												(14)			(23)			(1,310)			(58)			(1,405)						(1,860)			(11)			(933)			(19)			(2,823)
Marketing and Specialties
Pending claims and settlements												—			—			—			—			—						37			—			—			—			37
Pension settlement expense												—			(3)			(2)			(1)			(6)						—			(4)			(1)			(1)			(6)
Hurricane-related costs												—			—			—			—			—						—			—			(1)			(2)			(3)
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						(12)			(3)			—			14			(1)
Total Marketing and Specialties												—			(3)			(2)			(1)			(6)						25			(7)			(2)			11			27
Corporate and Other
Impairments												—			—			—			—			—						—			—			(25)			—			(25)
Certain tax impacts												—			—			—			—			—						—			8			—			—			8
Pension settlement expense												—			(2)			(1)			(1)			(4)						—			(3)			(1)			—			(4)
Asset dispositions												—			—			—			—			—						—			—			—			9			9
Total Corporate and Other												—			(2)			(1)			(1)			(4)						—			5			(26)			9			(12)
Total Special Items (Pre-tax)												(244)			(66)			(1,329)			(123)			(1,762)						(3,021)			19			(1,070)			(109)			(4,181)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items**												(48)			(16)			(323)			(33)			(420)						(75)			(208)			(262)			(23)			(568)
Other tax impacts												—			(17)			(3)			(65)			(85)						—			20			(10)			(25)			(15)
Total Income Tax Expense (Benefit)												(48)			(33)			(326)			(98)			(505)						(75)			(188)			(272)			(48)			(583)
Less: Income (Loss) Attributable to Noncontrolling Interests
Impairments												(51)			—			(2)			—			(53)						—			—			—			(28)			(28)
Hurricane-related costs												—			—			—			—			—						—			—			—			(1)			(1)
Asset dispositions												—			—			—			—			—						—			24			—			—			24
Total Income (Loss) Attributable to Noncontrolling Interests												(51)			—			(2)			—			(53)						—			24			—			(29)			(5)
Total Phillips 66 Special Items (After-tax)												(145)			(33)			(1,001)			(25)			(1,204)						(2,946)			183			(798)			(32)			(3,593)
* Costs related to the shutdown of the Alliance Refinery totaled $192 million pre-tax. Shutdown-related costs recorded in the Refining segment include asset retirements of $91 million pre-tax recorded in depreciation and amortization expense and pre-tax charges for severance and other exit costs of $31 million. Shutdown-related costs in the Midstream segment include asset retirements of $70 million pre-tax recorded in depreciation and amortization expense.
** We generally tax effect taxable U.S.-based special items using a combined federal and state annual 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
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												(199)			—			(10)			(70)			(279)						—			84			(205)			(99)			(220)
NGL and Other												(1)			(4)			(3)			(5)			(13)						—			(5)			(3)			(1)			(9)
DCP Midstream												—			—			—			—			—						(1,162)			—			—			—			(1,162)
Total Midstream												(200)			(4)			(13)			(75)			(292)						(1,162)			79			(208)			(100)			(1,391)
Refining
Atlantic Basin/Europe												(1)			(2)			(3)			23			17						(441)			(7)			(2)			5			(445)
Gulf Coast												(6)			(11)			(1,302)			(119)			(1,438)						(670)			(9)			(16)			(22)			(717)
Central Corridor												(7)			(6)			(3)			26			10						(450)			9			(3)			(1)			(445)
West Coast												—			(4)			(2)			12			6						(299)			(4)			(912)			(1)			(1,216)
Total Refining												(14)			(23)			(1,310)			(58)			(1,405)						(1,860)			(11)			(933)			(19)			(2,823)
Marketing and Specialties
Marketing and Other												—			(3)			(2)			(1)			(6)						37			(4)			(1)			(1)			31
Specialties												—			—			—			—			—						(12)			(3)			(1)			12			(4)
Total Marketing and Specialties												—			(3)			(2)			(1)			(6)						25			(7)			(2)			11			27

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Phillips 66 Earnings Release Supplemental Data

CASH FLOW INFORMATION
												Millions of Dollars
												2021																		2020
												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 (loss)												(639)			374			488			1,371			1,594						(2,427)			(67)			(726)			(494)			(3,714)
Depreciation and amortization												356			364			361			524			1,605						342			343			352			358			1,395
Impairments												198			—			1,298			2			1,498						3,006			—			1,140			106			4,252
Accretion on discounted liabilities												6			6			6			6			24						6			5			6			5			22
Deferred income taxes												(103)			266			(453)			18			(272)						(47)			26			23			124			126
Undistributed equity earnings												217			(218)			(77)			(50)			(128)						(4)			302			(44)			80			334
Net gain on dispositions												—			(2)			(3)			(2)			(7)						(1)			(85)			(1)			(21)			(108)
Unrealized investment gain*												—			—			(224)			(141)			(365)						—			—			—			—			—
Other												138			120			31			(340)			(51)						(139)			146			45			78			130
Net working capital changes												98			833			776			412			2,119						(519)			94			(304)			403			(326)
Net Cash Provided by Operating Activities												271			1,743			2,203			1,800			6,017						217			764			491			639			2,111
Cash Flows From Investing Activities
Capital expenditures and investments												(331)			(380)			(552)			(597)			(1,860)						(923)			(939)			(552)			(506)			(2,920)
Return of investments in equity affiliates												58			100			78			31			267						38			50			51			53			192
Proceeds from asset dispositions												—			24			2			1			27						1			—			2			48			51
Advances/loans—related parties												(155)			(90)			(65)			—			(310)						(8)			(223)			(20)			(65)			(316)
Collection of advances/loans—related parties												—			—			1			1			2						—			44			—			—			44
Other												(39)			(6)			40			7			2						15			(79)			(23)			(43)			(130)
Net Cash Used in Investing Activities												(467)			(352)			(496)			(557)			(1,872)						(877)			(1,147)			(542)			(513)			(3,079)
Cash Flows From Financing Activities
Issuance of debt												450			15			(15)			993			1,443						1,199			2,031			75			1,873			5,178
Repayment of debt												(925)			(54)			(506)			(1,469)			(2,954)						(7)			(534)			(5)			(505)			(1,051)
Issuance of common stock												20			4			—			2			26						6			—			—			2			8
Repurchase of common stock												—			—			—			—			—						(443)			—			—			—			(443)
Dividends paid on common stock												(394)			(394)			(394)			(403)			(1,585)						(396)			(393)			(393)			(393)			(1,575)
Distributions to noncontrolling interests												(76)			(82)			(81)			(85)			(324)						(61)			(66)			(74)			(88)			(289)
Repurchase of noncontrolling interests												—			(24)			—			—			(24)						—			—			—			—			—
Other												(20)			(7)			(9)			(16)			(52)						(22)			9			(7)			(17)			(37)
Net Cash Provided by (Used in) Financing Activities												(945)			(542)			(1,005)			(978)			(3,470)						276			1,047			(404)			872			1,791
Effect of Exchange Rate Changes on Cash and Cash Equivalents												(22)			7			(12)			(15)			(42)						(9)			5			27			54			77
Net Change in Cash and Cash Equivalents												(1,163)			856			690			250			633						(393)			669			(428)			1,052			900
Cash and cash equivalents at beginning of period												2,514			1,351			2,207			2,897			2,514						1,614			1,221			1,890			1,462			1,614
Cash and Cash Equivalents at End of Period												1,351			2,207			2,897			3,147			3,147						1,221			1,890			1,462			2,514			2,514
* Represents the change in value, excluding related foreign exchange impacts, of our investment in NOVONIX.
CAPITAL PROGRAM
												Millions of Dollars
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Consolidated Capital Expenditures and Investments
Midstream												100			141			328			169			738						580			597			315			194			1,686
Chemicals												—			—			—			—			—						—			—			—			—			—
Refining												184			186			158			251			779						245			164			168			239			816
Marketing and Specialties												22			22			28			130			202						25			86			28			34			173
Corporate and Other												25			31			38			47			141						50			54			38			42			184
Adjusted Capital Spending												331			380			552			597			1,860						900			901			549			509			2,859
Capital expenditures and investments funded by a joint venture partner (Midstream)*												—			—			—			—			—						23			38			3			(3)			61
Consolidated Capital Expenditures and Investments												331			380			552			597			1,860						923			939			552			506			2,920
* Includes previously funded capital returned to our joint venture partner in the fourth quarter of 2020.
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)												7			14			15			19			55						46			44			12			17			119
CPChem (Chemicals)												79			72			88			128			367						126			13			65			80			284
WRB (Refining)												59			47			61			62			229						37			34			39			65			175
Selected Equity Affiliates												145			133			164			209			651						209			91			116			162			578
* 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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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM
												Millions of Dollars, Except as Indicated
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income (Loss) before Income Taxes
Transportation												7			224			244			203			678						200			214			(3)			97			508
NGL and Other												35			79			354			279			747						179			78			99			85			441
DCP Midstream												34			9			31			111			185						(1,081)			32			50			41			(958)
Income (Loss) before Income Taxes												76			312			629			593			1,610						(702)			324			146			223			(9)
Adjusted EBITDA*
PSXP**												289			336			367			402			1,394						322			271			315			317			1,225
Other Midstream												92			110			387			294			883						188			75			115			105			483
Transportation and NGL and Other***												381			446			754			696			2,277						510			346			430			422			1,708
DCP Midstream												71			46			67			145			329						129			66			88			79			362
Adjusted EBITDA***												452			492			821			841			2,606						639			412			518			501			2,070
* See reconciliation of income (loss) before income taxes to adjusted EBITDA.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
*** Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.
Equity in Earnings of Affiliates
Transportation												126			120			140			142			528						98			70			103			108			379
NGL and Other												37			44			40			42			163						51			49			44			37			181
DCP Midstream												34			8			32			112			186						80			32			49			40			201
Total												197			172			212			296			877						229			151			196			185			761
NOVONIX Investment*
Unrealized Investment Gain												—			—			224			141			365						—			—			—			—			—
Foreign Currency Transaction Gain												—			—			—			5			5						—			—			—			—			—
Change in Value of Investment in NOVONIX												—			—			224			146			370						—			—			—			—			—
* This investment is included in the NGL and Other sub-segment.
Depreciation and Amortization*
Transportation												40			40			45			109			234						38			38			41			42			159
NGL and Other												52			52			52			53			209						39			39			42			52			172
DCP Midstream												—			—			—			—			—						—			—			—			—			—
Total												92			92			97			162			443						77			77			83			94			331
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Transportation												173			189			188			209			759						188			186			185			199			758
NGL and Other												122			88			85			113			408						68			71			71			84			294
DCP Midstream												—			—			1			1			2						—			—			(1)			—			(1)
Total												295			277			274			323			1,169						256			257			255			283			1,051
* Excludes operating and SG&A expenses of all equity affiliates.
Transportation Volumes (MB/D)
Pipelines*												2,801			3,424			3,483			3,370			3,271						3,178			2,840			3,076			2,925			3,005
Terminals												2,675			2,786			2,771			2,927			2,790						3,148			2,883			2,966			2,886			2,971
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.
PSX Other Volumes
NGL Fractionated (MB/D)*												363			401			420			454			410						198			170			217			411			249
* Excludes DCP Midstream.
Market Indicator
Weighted-Average NGL Price ($/gal)*												0.69			0.71			0.91			1.00			0.83						0.39			0.32			0.44			0.49			0.41
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
100% DCP Midstream, LLC Results
Net Income (Loss) Attributable to Owners*												27			(35)			23			199			214						50			(348)			58			38			(202)
* Includes impairment charges of $159 million and $650 million in the first and second quarters of 2020, respectively.
Depreciation and Amortization												91			92			90			91			364						99			93			93			91			376
Operating and SG&A Expenses												189			222			230			250			891						202			212			212			240			866
Net Interest Expense*												77			77			73			72			299						78			71			77			76			302
* Net of interest income.
Capital Expenditures and Investments												14			28			30			38			110						92			87			24			35			238
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)												4.1			4.4			4.2			4.2			4.2						5.0			4.5			4.5			4.5			4.6
NGL Production (MB/D)												356			406			398			416			394						396			374			414			414			399
MLP Distributions*
LP Distribution from PSXP to Phillips 66												148			148			149			149			594						148			149			148			149			594
LP Distribution from DCP Midstream, LP to DCP Midstream**												46			46			46			***			138						46			46			46			46			184
* Cash distributions declared attributable to common unit ownership. These distributions are eliminated in the respective sponsors consolidated financial statements.
** Represents 100% of DCP Midstream's distributions from DCP Midstream, LP (DCP Partners).
*** Pending DCP Midstream release.

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
												Millions of Dollars
												2021																		2020
												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												76			312			629			593			1,610						(702)			324			146			223			(9)
Plus:
Depreciation and amortization												92			92			97			162			443						77			77			83			94			331
EBITDA*												168			404			726			755			2,053						(625)			401			229			317			322
Special Item Adjustments (pre-tax):
Impairments												198			—			10			—			208						1,161			—			204			96			1,461
Pension settlement expense												—			4			3			1			8						—			5			3			1			9
Hurricane-related costs												—			—			—			4			4						—			—			1			3			4
Winter-storm-related costs												2			—			—			—			2						—			—			—			—			—
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						1			—			—			—			1
Asset dispositions												—			—			—			—			—						—			(84)			—			—			(84)
EBITDA, Adjusted for Special Items*												368			408			739			760			2,275						537			322			437			417			1,713
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2			4			4			4			14						3			2			3			1			9
Proportional share of selected equity affiliates net interest												43			43			42			41			169						39			36			42			44			161
Proportional share of selected equity affiliates depreciation and amortization												57			57			58			57			229						60			52			56			56			224
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests												(18)			(20)			(22)			(21)			(81)						—			—			(20)			(17)			(37)
Adjusted EBITDA*												452			492			821			841			2,606						639			412			518			501			2,070
* Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.
Adjusted EBITDA by Business Line
100% PSXP Results
Income (loss) before income taxes												(11)			235			255			302			781						227			255			217			112			811
Plus:
Net interest expense												33			32			31			31			127						28			29			31			32			120
Depreciation and amortization												34			34			38			35			141						30			31			35			39			135
EBITDA												56			301			324			368			1,049						285			315			283			183			1,066
Special Item Adjustments (pre-tax):
Impairments												198			—			10			—			208						—			—			—			96			96
Hurricane-related costs*												—			—			—			2			2						—			—			1			2			3
Asset dispositions												—			—			—			—			—						—			(84)			—			—			(84)
EBITDA, Adjusted for Special Items**												254			301			334			370			1,259						285			231			284			281			1,081
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2			4			5			3			14						3			2			3			1			9
Proportional share of selected equity affiliates net interest												14			14			13			14			55						9			9			13			15			46
Proportional share of selected equity affiliates depreciation and amortization												33			33			33			33			132						25			29			31			33			118
Adjusted EBITDA attributable to joint venture partner's noncontrolling interest												(14)			(16)			(18)			(18)			(66)						—			—			(16)			(13)			(29)
Adjusted EBITDA**												289			336			367			402			1,394						322			271			315			317			1,225
* 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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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
												Millions of Dollars
												2021																		2020
												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												42			303			598			482			1,425						379			292			96			182			949
Plus:
Depreciation and amortization												92			92			97			162			443						77			77			83			94			331
EBITDA*†												134			395			695			644			1,868						456			369			179			276			1,280
Special Item Adjustments (pre-tax):
Impairments												198			—			10			—			208						—			—			204			96			300
Pension settlement expense												—			4			3			1			8						—			5			3			1			9
Hurricane-related costs												—			—			—			4			4						—			—			1			3			4
Winter-storm-related costs												2			—			—			—			2						—			—			—			—			—
Asset dispositions												—			—			—			—			—						—			(84)			—			—			(84)
EBITDA, Adjusted for Special Items*†												334			399			708			649			2,090						456			290			387			376			1,509
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2			4			4			4			14						3			2			3			1			9
Proportional share of selected equity affiliates net interest												21			21			21			21			84						17			16			20			22			75
Proportional share of selected equity affiliates depreciation and amortization												42			42			43			43			170						34			38			40			40			152
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests												(18)			(20)			(22)			(21)			(81)						—			—			(20)			(17)			(37)
Adjusted EBITDA*†												381			446			754			696			2,277						510			346			430			422			1,708
* Includes PSXP results. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
† Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.
DCP Midstream
Income (loss) before income taxes												34			9			31			111			185						(1,081)			32			50			41			(958)
Plus:
None												—			—			—			—			—						—			—			—			—			—
EBITDA												34			9			31			111			185						(1,081)			32			50			41			(958)
Special Item Adjustments (pre-tax):
Impairments												—			—			—			—			—						1,161			—			—			—			1,161
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						1			—			—			—			1
EBITDA, Adjusted for Special Items												34			9			31			111			185						81			32			50			41			204
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—			—			—			—			—						—			—			—			—			—
Proportional share of selected equity affiliates net interest												22			22			21			20			85						22			20			22			22			86
Proportional share of selected equity affiliates depreciation and amortization												15			15			15			14			59						26			14			16			16			72
Adjusted EBITDA*												71			46			67			145			329						129			66			88			79			362
* Proportional share of selected equity affiliates is net of noncontrolling interests.

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Phillips 66 Earnings Release Supplemental Data

CHEMICALS
												Millions of Dollars, Except as Indicated
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income before Income Taxes												154			623			631			436			1,844						169			42			231			193			635
Equity in Earnings of Affiliate												152			620			627			433			1,832						166			39			229			191			625
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings
Olefins and Polyolefins												288			1,124			1,224			851			3,487						354			142			488			410			1,394
Specialties, Aromatics and Styrenics												53			157			73			76			359						9			—			23			30			62
Corporate and Other												(37)			(41)			(44)			(40)			(162)						(26)			(59)			(54)			(57)			(196)
Total												304			1,240			1,253			887			3,684						337			83			457			383			1,260
Income (Loss) before Income Taxes
Olefins and Polyolefins												299			1,143			1,237			872			3,551						360			142			498			416			1,416
Specialties, Aromatics and Styrenics												58			164			80			82			384						10			3			24			33			70
Corporate and Other												(37)			(41)			(41)			(40)			(159)						(26)			(59)			(54)			(57)			(196)
Total												320			1,266			1,276			914			3,776						344			86			468			392			1,290
Depreciation and Amortization												146			144			151			151			592						148			144			146			155			593
Net Interest Expense*												22			24			24			24			94						16			24			23			21			84
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments												157			144			177			255			733						252			25			130			161			568
Repayments from Equity Companies												—			—			—			—			—						(21)			—			—			(29)			(50)
Return of Investments from Equity Companies												(30)			(107)			(82)			(46)			(265)						(25)			—			—			—			(25)
Olefins and Polyolefins Capacity Utilization (%)												79		%	102		%	102		%	97		%	95		%				98		%	103		%	94		%	101		%	99		%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)												41.9			41.1			45.6			38.4			41.8						19.7			17.1			23.8			27.7			22.1
HDPE Blow Molding, Domestic Spot (cents/lb)												71.9			88.3			98.8			84.8			86.0						40.0			35.5			45.6			53.6			43.7
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)												13.2			12.5			16.1			20.8			15.7						8.8			11.7			13.1			12.6			11.5
HDPE Blow Molding, Total Cash Cost (cents/lb)												55.7			54.9			59.7			52.8			55.8						32.9			30.2			37.1			41.2			35.3
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)												44.9			62.0			68.6			49.6			56.3						18.0			10.7			19.2			27.5			18.9
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes												154			623			631			436			1,844						169			42			231			193			635
Plus:
None												—			—			—			—			—						—			—			—			—			—
EBITDA												154			623			631			436			1,844						169			42			231			193			635
Special Item Adjustments (pre-tax):
Impairments by equity affiliates												—			—			—			—			—						—			15			—			—			15
Pension settlement expense												—			18			2			2			22						—			—			—			21			21
Hurricane-related costs												—			—			1			—			1						—			—			2			1			3
Winter-storm-related costs												30			16			—			(14)			32						—			—			—			—			—
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						24			32			(101)			(12)			(57)
EBITDA, Adjusted for Special Items												184			657			634			424			1,899						193			89			132			203			617
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												28			48			33			35			144						13			5			14			15			47
Proportional share of selected equity affiliates net interest												11			12			12			13			48						9			11			12			12			44
Proportional share of selected equity affiliates depreciation and amortization												103			102			102			104			411						106			105			104			108			423
Adjusted EBITDA												326			819			781			576			2,502						321			210			262			338			1,131

Page 8

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Phillips 66 Earnings Release Supplemental Data

REFINING
												Millions of Dollars, Except as Indicated
												2021																		2020
												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												(153)			(110)			90			137			(36)						(637)			(227)			(199)			(161)			(1,224)
Gulf Coast												(253)			(264)			(1,333)			(39)			(1,889)						(843)			(365)			(405)			(464)			(2,077)
Central Corridor												(248)			(82)			229			171			70						(227)			(104)			(132)			(178)			(641)
West Coast												(386)			(273)			(112)			77			(694)						(554)			(182)			(1,167)			(310)			(2,213)
Income (Loss) before Income Taxes												(1,040)			(729)			(1,126)			346			(2,549)						(2,261)			(878)			(1,903)			(1,113)			(6,155)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe												(3.57)			(2.20)			1.88			2.85			(0.19)						(15.41)			(5.80)			(4.61)			(3.43)			(7.18)
Gulf Coast												(4.64)			(3.81)			(20.82)			(0.74)			(7.84)						(13.16)			(5.98)			(7.86)			(12.46)			(9.71)
Central Corridor												(12.55)			(3.49)			8.68			6.58			0.73						(9.72)			(5.01)			(5.35)			(7.66)			(6.96)
West Coast												(14.89)			(9.70)			(3.67)			2.71			(6.14)						(19.87)			(7.07)			(38.12)			(11.75)			(20.01)
Worldwide												(7.27)			(4.26)			(6.67)			2.23			(3.99)						(14.44)			(5.99)			(12.69)			(8.32)			(10.48)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe												4.86			4.63			9.27			11.00			7.48						2.38			1.53			1.65			2.99			2.17
Gulf Coast												3.39			2.10			5.75			9.19			4.92						6.76			0.36			(0.61)			(0.78)			1.85
Central Corridor												5.97			6.40			12.47			12.60			9.65						13.50			5.78			4.46			4.27			7.17
West Coast												3.33			3.37			7.46			15.41			7.49						4.80			5.05			2.23			1.79			3.43
Worldwide												4.36			3.92			8.57			11.60			7.15						7.11			2.60			1.78			2.18			3.51
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) before income taxes to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.
Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe												(2)			(2)			(3)			(2)			(9)						(2)			(3)			(2)			(3)			(10)
Gulf Coast												(3)			—			(1)			(7)			(11)						1			1			(1)			(4)			(3)
Central Corridor												(117)			(65)			31			(13)			(164)						(51)			(79)			(118)			(115)			(363)
West Coast												—			—			—			—			—						—			—			—			—			—
Total												(122)			(67)			27			(22)			(184)						(52)			(81)			(121)			(122)			(376)
Depreciation and Amortization*
Atlantic Basin/Europe												52			52			52			54			210						51			49			50			51			201
Gulf Coast												77			77			73			150			377						71			75			75			75			296
Central Corridor												34			34			34			37			139						34			33			33			33			133
West Coast												54			57			57			72			240						65			63			64			57			249
Total												217			220			216			313			966						221			220			222			216			879
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe												244			235			258			314			1,051						207			202			186			223			818
Gulf Coast												331			313			327			388			1,359						499			287			269			338			1,393
Central Corridor												212			132			136			199			679						142			127			118			139			526
West Coast												393			291			277			300			1,261						293			225			244			276			1,038
Total												1,180			971			998			1,201			4,350						1,141			841			817			976			3,775
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe												17			13			32			34			96						16			9			11			12			48
Gulf Coast												33			9			24			27			93						240			13			8			24			285
Central Corridor												17			36			13			28			94						15			3			6			9			33
West Coast												125			60			12			17			214						58			13			16			31			118
Total												192			118			81			106			497						329			38			41			76			484
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe												20			18			15			16			69						19			15			14			13			61
Gulf Coast												27			25			13			8			73						37			25			30			15			107
Central Corridor												15			11			12			13			51						17			14			11			9			51
West Coast												23			22			4			—			49						31			22			16			20			89
Total												85			76			44			37			242						104			76			71			57			308
Foreign Currency Gains (Losses) Pre-Tax												1			9			(4)			(10)			(4)						1			(5)			1			(1)			(4)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates												(122)			(67)			27			(22)			(184)						(52)			(81)			(121)			(122)			(376)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*												(129)			(167)			(220)			(216)			(732)						(156)			(72)			(70)			(54)			(352)
Equity affiliate-related expenses not included in Realized Refining Margins												(251)			(234)			(193)			(238)			(916)						(208)			(153)			(191)			(176)			(728)
Regional Totals
Atlantic Basin/Europe												(45)			(44)			(22)			(21)			(132)						(11)			(16)			(28)			(9)			(64)
Gulf Coast												(3)			—			(1)			(7)			(11)						2			—			(1)			(4)			(3)
Central Corridor												(203)			(190)			(170)			(210)			(773)						(199)			(137)			(162)			(163)			(661)
Total												(251)			(234)			(193)			(238)			(916)						(208)			(153)			(191)			(176)			(728)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).

Page 9

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2021																		2020
												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												(1,040)			(729)			(1,126)			346			(2,549)						(2,261)			(878)			(1,903)			(1,113)			(6,155)
Plus:
Depreciation and amortization												217			220			216			313			966						221			220			222			216			879
EBITDA												(823)			(509)			(910)			659			(1,583)						(2,040)			(658)			(1,681)			(897)			(5,276)
Special Item Adjustments (pre-tax):
Impairments												—			—			1,288			—			1,288						1,845			—			910			—			2,755
Certain tax impacts												—			—			—			(11)			(11)						—			—			—			(6)			(6)
Pension settlement expense												—			20			12			5			37						—			26			12			3			41
Hurricane-related costs												—			—			10			30			40						—			—			11			22			33
Winter-storm-related costs												14			3			—			—			17						—			—			—			—			—
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						15			(15)			—			—			—
Alliance shutdown-related costs												—			—			—			31			31						—			—			—			—			—
Regulatory compliance costs												—			—			—			(88)			(88)						—			—			—			—			—
EBITDA, Adjusted for Special Items												(809)			(486)			400			626			(269)						(180)			(647)			(748)			(878)			(2,453)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												(2)			(1)			—			3			—						—			(1)			—			(1)			(2)
Proportional share of selected equity affiliates net interest												2			2			1			4			9						—			1			1			1			3
Proportional share of selected equity affiliates depreciation and amortization												25			26			27			25			103						32			26			23			24			105
Adjusted EBITDA												(784)			(459)			428			658			(157)						(148)			(621)			(724)			(854)			(2,347)
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)												438			513			487			478			479						437			402			432			466			434
Total Processed Inputs (MB/D)												476			549			519			523			517						454			430			469			510			466
Crude Oil Capacity Utilization (%)												82		%	96		%	91		%	89		%	89		%				81		%	75		%	81		%	87		%	81		%
Clean Product Yield (%)												86		%	83		%	84		%	84		%	84		%				83		%	82		%	83		%	87		%	84		%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)												553			687			623			505			592						645			609			506			371			533
Total Processed Inputs (MB/D)												606			762			697			575			660						704			671			560			404			584
Crude Oil Capacity Utilization (%)												71		%	88		%	80		%	95		%	82		%				84		%	79		%	66		%	48		%	69		%
Clean Product Yield (%)												73		%	78		%	78		%	80		%	77		%				71		%	79		%	82		%	79		%	77		%
Central Corridor*
Crude Oil Charge Input (MB/D)												384			462			493			503			461						471			386			455			414			431
Total Processed Inputs (MB/D)												397			475			506			519			474						487			396			467			428			445
Crude Oil Capacity Utilization (%)												72		%	87		%	93		%	95		%	87		%				89		%	73		%	86		%	78		%	81		%
Clean Product Yield (%)												86		%	87		%	88		%	90		%	88		%				88		%	87		%	89		%	89		%	89		%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)												268			286			302			278			284						279			263			311			263			279
Total Processed Inputs (MB/D)												288			309			332			308			310						306			283			333			287			302
Crude Oil Capacity Utilization (%)												74		%	79		%	83		%	76		%	78		%				77		%	72		%	85		%	72		%	77		%
Clean Product Yield (%)												86		%	83		%	90		%	92		%	88		%				93		%	87		%	89		%	91		%	90		%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)												1,643			1,948			1,905			1,764			1,816						1,832			1,660			1,704			1,514			1,677
Total Processed Inputs (MB/D)												1,767			2,095			2,054			1,925			1,961						1,951			1,780			1,829			1,629			1,797
Crude Oil Capacity Utilization (%)												74		%	88		%	86		%	90		%	84		%				83		%	75		%	77		%	69		%	76		%
Clean Product Yield (%)												82		%	82		%	84		%	86		%	83		%				82		%	83		%	85		%	86		%	84		%

Page 10

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2021																		2020
												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												220			242			232			237			233						191			178			207			241			204
Distillates												175			197			188			190			188						174			160			168			187			172
Other												87			113			103			101			101						91			95			98			89			94
Total												482			552			523			528			522						456			433			473			517			470
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline												219			310			281			243			263						234			277			247			157			229
Distillates												201			257			235			195			222						248			231			187			147			203
Other												183			196			184			146			177						221			167			129			100			154
Total												603			763			700			584			662						703			675			563			404			586
Central Corridor*
Gasoline												191			227			255			266			235						245			183			241			214			221
Distillates												149			183			187			201			180						183			161			173			166			171
Other												58			65			68			55			61						60			52			55			50			54
Total												398			475			510			522			476						488			396			469			430			446
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline												138			138			166			170			153						151			126			159			144			145
Distillates												110			118			131			113			118						134			121			137			117			127
Other												40			51			32			26			37						21			33			38			24			29
Total												288			307			329			309			308						306			280			334			285			301
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline												768			917			934			916			884						821			764			854			756			799
Distillates												635			755			741			699			708						739			673			665			617			673
Other												368			425			387			328			376						393			347			320			263			331
Total												1,771			2,097			2,062			1,943			1,968						1,953			1,784			1,839			1,636			1,803
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI												57.84			66.09			70.58			77.35			67.96						45.97			27.80			40.91			42.56			39.31
Brent												60.90			68.83			73.47			79.73			70.73						50.26			29.20			43.00			44.23			41.67
LLS												59.98			67.95			71.51			78.40			69.46						48.30			30.07			42.46			44.05			41.22
ANS												60.76			68.44			72.73			79.81			70.44						51.40			30.37			42.74			44.82			42.33
WTI less Maya												1.44			3.21			4.37			5.59			3.65						4.81			3.40			1.72			2.02			2.99
WTI less WCS (settlement differential)												12.47			11.49			13.58			14.64			13.04						20.53			11.47			9.09			9.31			12.60
Natural Gas ($/MMBtu)
Henry Hub												3.51			2.88			4.28			4.74			3.85						1.88			1.65			1.95			2.47			1.99
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent												11.73			18.61			21.15			17.90			17.35						4.84			7.87			9.52			7.48			7.43
East Coast Distillate less Brent												12.09			15.24			16.07			20.47			15.97						14.93			10.95			7.17			9.51			10.64
Gulf Coast
Gulf Coast Gasoline less LLS												11.22			15.47			18.61			14.64			14.99						4.97			3.66			5.88			5.10			4.90
Gulf Coast Distillate less LLS												11.30			14.03			15.87			19.12			15.08						13.86			8.04			6.10			8.14			9.03
Central Corridor
Central Gasoline less WTI												14.90			19.96			20.83			13.87			17.39						7.70			6.18			8.15			5.76			6.95
Central Distillate less WTI												17.24			18.40			19.38			19.73			18.69						17.34			11.41			8.55			11.21			12.13
West Coast
West Coast Gasoline less ANS												16.88			24.76			23.54			22.75			21.98						13.32			9.36			13.12			10.76			11.64
West Coast Distillate less ANS												14.14			15.28			18.55			22.44			17.60						17.22			10.36			9.34			12.74			12.42
Worldwide Market Crack Spread ($/BBL)**												13.23			17.76			19.44			17.93			17.09						9.82			7.47			8.17			7.84			8.33
* Based on daily spot prices, unless otherwise noted.
** Weighted average based on Phillips 66 crude capacity.

Page 11

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Phillips 66 Earnings Release Supplemental Data

MARKETING AND SPECIALTIES
												Millions of Dollars, Except as Indicated
												2021																		2020
												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												211			389			452			401			1,453						471			255			365			180			1,271
Specialties												79			87			93			97			356						42			31			50			52			175
Income before Income Taxes												290			476			545			498			1,809						513			286			415			232			1,446
Income before Income Taxes ($/BBL)
U.S.												1.36			2.15			1.93			1.44			1.74						1.79			1.24			1.74			0.83			1.42
International												2.24			1.96			4.84			7.13			4.13						6.58			3.48			5.01			3.91			4.84
Realized Marketing Fuel Margins ($/BBL)*
U.S.												1.94			2.62			2.29			1.87			2.19						2.08			1.75			2.23			1.37			1.87
International												4.01			2.89			6.75			9.81			5.96						8.53			5.07			6.28			5.07			6.34
* See note on the use of non-GAAP measures. Also, reconciliations of income before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.
Other Realized Margins and Revenues not included in Marketing Fuel Margins*
Marketing and Other												104			138			111			122			475						117			123			107			104			451
Specialties												84			64			61			77			286						81			56			83			64			284
Total												188			202			172			199			761						198			179			190			168			735
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates
Marketing and Other												26			46			48			41			161						22			38			42			37			139
Specialties												32			59			68			59			218						—			10			3			29			42
Total												58			105			116			100			379						22			48			45			66			181
Depreciation and Amortization*
Marketing and Other												23			24			23			25			95						20			21			21			22			84
Specialties												4			6			4			4			18						5			4			5			5			19
Total												27			30			27			29			113						25			25			26			27			103
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other												258			284			280			318			1,140						211			232			259			263			965
Specialties												29			30			30			33			122						31			30			30			35			126
Total												287			314			310			351			1,262						242			262			289			298			1,091
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline												960			1,095			1,098			1,142			1,074						984			881			997			922			946
Distillates												660			776			895			822			789						854			707			698			667			731
Other												—			—			—			—			—						—			—			—			—			—
Total												1,620			1,871			1,993			1,964			1,863						1,838			1,588			1,695			1,589			1,677
International Marketing
Gasoline												63			81			91			82			80						82			60			83			74			75
Distillates												158			171			179			174			170						183			140			165			168			164
Other												18			18			17			17			17						20			15			15			20			17
Total												239			270			287			273			267						285			215			263			262			256
Worldwide Marketing
Gasoline												1,023			1,176			1,189			1,224			1,154						1,066			941			1,080			996			1,021
Distillates												818			947			1,074			996			959						1,037			847			863			835			895
Other												18			18			17			17			17						20			15			15			20			17
Total												1,859			2,141			2,280			2,237			2,130						2,123			1,803			1,958			1,851			1,933
Foreign Currency Gains (Losses) Pre-Tax												—			1			—			(1)			—						1			—			(1)			—			—
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes												290			476			545			498			1,809						513			286			415			232			1,446
Plus:
Depreciation and amortization												27			30			27			29			113						25			25			26			27			103
EBITDA												317			506			572			527			1,922						538			311			441			259			1,549
Special Item Adjustments (pre-tax):
Pending claims and settlements												—			—			—			—			—						(37)			—			—			—			(37)
Pension settlement expense												—			3			2			1			6						—			4			1			1			6
Hurricane-related costs												—			—			—			—			—						—			—			1			2			3
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						12			3			—			(14)			1
EBITDA, Adjusted for Special Items												317			509			574			528			1,928						513			318			443			248			1,522
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												5			6			7			6			24						4			6			7			6			23
Proportional share of selected equity affiliates net interest												4			4			4			4			16						6			5			4			3			18
Proportional share of selected equity affiliates depreciation and amortization												17			17			17			18			69						17			14			16			17			64
Adjusted EBITDA												343			536			602			556			2,037						540			343			470			274			1,627

Page 12

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Phillips 66 Earnings Release Supplemental Data

CORPORATE AND OTHER
												Millions of Dollars, Except as Indicated
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Loss before Income Taxes												(251)			(246)			(231)			(246)			(974)						(197)			(219)			(239)			(226)			(881)
Detail of Loss before Income Taxes
Net interest expense												(143)			(141)			(148)			(151)			(583)						(103)			(114)			(131)			(137)			(485)
Corporate overhead and other												(108)			(105)			(83)			(95)			(391)						(94)			(105)			(108)			(89)			(396)
Total												(251)			(246)			(231)			(246)			(974)						(197)			(219)			(239)			(226)			(881)
Net Interest Expense
Interest expense												(150)			(148)			(159)			(151)			(608)						(137)			(139)			(150)			(148)			(574)
Capitalized interest												4			5			8			10			27						26			22			18			9			75
Loss on early debt retirement												—			—			—			(13)			(13)						—			—			—			—			—
Interest income												3			2			3			3			11						8			3			1			2			14
Total												(143)			(141)			(148)			(151)			(583)						(103)			(114)			(131)			(137)			(485)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes												(251)			(246)			(231)			(246)			(974)						(197)			(219)			(239)			(226)			(881)
Plus:
Net interest expense												143			141			148			151			583						103			114			131			137			485
Depreciation and amortization												20			22			21			20			83						19			21			21			21			82
EBITDA												(88)			(83)			(62)			(75)			(308)						(75)			(84)			(87)			(68)			(314)
Special Item Adjustments (pre-tax):
Impairments												—			—			—			—			—						—			—			25			—			25
Pension settlement expense												—			2			1			1			4						—			3			1			—			4
Asset dispositions												—			—			—			—			—						—			—			—			(9)			(9)
EBITDA, Adjusted for Special Items												(88)			(81)			(61)			(74)			(304)						(75)			(81)			(61)			(77)			(294)
Other Adjustments (pre-tax):
None												—			—			—			—			—						—			—			—			—			—
Adjusted EBITDA												(88)			(81)			(61)			(74)			(304)						(75)			(81)			(61)			(77)			(294)
Foreign Currency Losses Pre-Tax												(1)			(1)			—			—			(2)						(2)			(1)			(4)			(1)			(8)
Phillips 66 Total Company Debt
Total Debt												15,422			15,413			14,910			14,448			14,448						12,963			14,446			14,526			15,893			15,893
Debt-to-Capital Ratio (%)												43		%	43		%	42		%	40		%	40		%				35		%	38		%	39		%	42		%	42		%
Total Equity												20,457			20,602			20,597			21,637			21,637						23,639			23,295			22,305			21,523			21,523
RECONCILIATION OF CONSOLIDATED NET INCOME (LOSS) TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Net income (loss)												(639)			374			488			1,371			1,594						(2,427)			(67)			(726)			(494)			(3,714)
Plus:
Income tax expense (benefit)												(132)			62			(40)			256			146						(51)			(378)			(624)			(197)			(1,250)
Net interest expense												143			141			148			151			583						103			114			131			137			485
Depreciation and amortization												356			364			361			524			1,605						342			343			352			358			1,395
Phillips 66 EBITDA*												(272)			941			957			2,302			3,928						(2,033)			12			(867)			(196)			(3,084)
Special Item Adjustments (pre-tax):
Impairments												198			—			1,298			—			1,496						3,006			—			1,139			96			4,241
Impairments by equity affiliates												—			—			—			—			—						—			15			—			—			15
Pending claims and settlements												—			—			—			—			—						(37)			—			—			—			(37)
Certain tax impacts												—			—			—			(11)			(11)						—			—			—			(6)			(6)
Pension settlement expense												—			47			20			10			77						—			38			17			26			81
Hurricane-related costs												—			—			11			34			45						—			—			15			28			43
Winter-storm-related costs												46			19			—			(14)			51						—			—			—			—			—
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						52			20			(101)			(26)			(55)
Asset dispositions												—			—			—			—			—						—			(84)			—			(9)			(93)
Alliance shutdown-related costs												—			—			—			31			31						—			—			—			—			—
Regulatory compliance costs												—			—			—			(88)			(88)						—			—			—			—			—
Phillips 66 EBITDA, Adjusted for Special Items*												(28)			1,007			2,286			2,264			5,529						988			1			203			(87)			1,105
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												33			57			44			48			182						20			12			24			21			77
Proportional share of selected equity affiliates net interest												60			61			59			62			242						54			53			59			60			226
Proportional share of selected equity affiliates depreciation and amortization												202			202			204			204			812						215			197			199			205			816
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests												(18)			(20)			(22)			(21)			(81)						—			—			(20)			(17)			(37)
Adjusted EBITDA attributable to public ownership interest in PSXP												(83)			(95)			(103)			(112)			(393)						(95)			(80)			(87)			(91)			(353)
Phillips 66 Adjusted EBITDA*												166			1,212			2,468			2,445			6,291						1,182			183			378			91			1,834
* Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.
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 (loss) and income (loss) before income taxes to EBITDA and adjusted EBITDA are included in this earnings release supplemental data. Realized refining margin per barrel is calculated on a similar basis as industry crack spreads and we believe it provides a useful measure of how well we performed relative to benchmark industry margins. Realized marketing fuel margin per barrel demonstrates the value uplift our marketing operations provide by optimizing the placement and ultimate sale of our refineries' fuel production. The GAAP measure most directly comparable to both realized margin per barrel measures is income before income taxes per barrel. Reconciliations of income (loss) before income taxes per barrel to realized refining margin and realized marketing fuel margin are included in this earnings release supplemental data. Adjusted 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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Phillips 66 Earnings Release Supplemental Data

REALIZED MARGIN NON-GAAP RECONCILIATIONS
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS
												Millions of Dollars, Except as Indicated
												2021																		2020
												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												(153)			(110)			90			137			(36)						(637)			(227)			(199)			(161)			(1,224)
Plus:
Taxes other than income taxes												20			18			15			16			69						19			15			14			13			61
Depreciation, amortization and impairments												52			52			52			54			210						492			49			50			52			643
Selling, general and administrative expenses												14			18			19			19			70						13			12			6			13			44
Operating expenses												230			217			239			295			981						194			190			180			210			774
Equity in losses of affiliates												2			2			3			2			9						2			3			2			3			10
Other segment (income) expense, net												—			(8)			6			11			9						(2)			3			—			—			1
Proportional share of refining gross margins contributed by equity affiliates												43			42			19			19			123						16			16			18			17			67
Special items:
Certain tax impacts												—			—			—			(4)			(4)						—			—			—			(6)			(6)
Regulatory compliance costs												—			—			—			(20)			(20)						—			—			—			—			—
Realized refining margins												208			231			443			529			1,411						97			61			71			141			370
Total processed inputs (MB)												42,826			49,979			47,792			48,100			188,697						41,335			39,121			43,176			46,904			170,536
Adjusted total processed inputs (MB)												42,826			49,979			47,792			48,100			188,697						41,335			39,121			43,176			46,904			170,536
Income (loss) before income taxes ($/BBL)**												(3.57)			(2.20)			1.88			2.85			(0.19)						(15.41)			(5.80)			(4.61)			(3.43)			(7.18)
Realized refining margins ($/BBL)***												4.86			4.63			9.27			11.00			7.48						2.38			1.53			1.65			2.99			2.17
GULF COAST
Loss before income taxes												(253)			(264)			(1,333)			(39)			(1,889)						(843)			(365)			(405)			(464)			(2,077)
Plus:
Taxes other than income taxes												27			25			13			8			73						37			25			30			15			107
Depreciation, amortization and impairments												77			77			1,361			150			1,665						741			75			75			77			968
Selling, general and administrative expenses												10			14			15			11			50						7			10			11			11			39
Operating expenses												321			299			312			377			1,309						492			277			258			327			1,354
Equity in (earnings) losses of affiliates												3			—			1			7			11						(1)			(1)			1			4			3
Other segment (income) expense, net												—			(6)			(1)			—			(7)						1			—			(1)			1			1
Proportional share of refining gross margins contributed by equity affiliates												—			—			—			—			—						—			—			—			—			—
Special items:
Regulatory compliance costs												—			—			—			(28)			(28)						—			—			—			—			—
Realized refining margins												185			145			368			486			1,184						434			21			(31)			(29)			395
Total processed inputs (MB)												54,560			69,364			64,016			52,919			240,859						64,066			61,032			51,543			37,230			213,871
Adjusted total processed inputs (MB)												54,560			69,364			64,016			52,919			240,859						64,066			61,032			51,543			37,230			213,871
Loss before income taxes ($/BBL)**												(4.64)			(3.81)			(20.82)			(0.74)			(7.84)						(13.16)			(5.98)			(7.86)			(12.46)			(9.71)
Realized refining margins ($/BBL)***												3.39			2.10			5.75			9.19			4.92						6.76			0.36			(0.61)			(0.78)			1.85
CENTRAL CORRIDOR
Income (loss) before income taxes												(248)			(82)			229			171			70						(227)			(104)			(132)			(178)			(641)
Plus:
Taxes other than income taxes												15			11			12			13			51						17			14			11			9			51
Depreciation, amortization and impairments												34			34			34			37			139						469			33			33			36			571
Selling, general and administrative expenses												7			7			10			8			32						6			7			7			8			28
Operating expenses												205			125			126			191			647						136			120			111			131			498
Equity in (earnings) losses of affiliates												117			65			(31)			13			164						51			79			118			115			363
Other segment (income) expense, net												(2)			(8)			—			(1)			(11)						(3)			3			(1)			(1)			(2)
Proportional share of refining gross margins contributed by equity affiliates												86			125			201			197			609						113			92			45			48			298
Special items:
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						35			(35)			—			—			—
Regulatory compliance costs												—			—			—			(27)			(27)						—			—			—			—			—
Realized refining margins												214			277			581			602			1,674						597			209			192			168			1,166
Total processed inputs (MB)												19,754			23,466			26,373			26,002			95,595						23,345			20,778			24,682			23,245			92,050
Adjusted total processed inputs (MB)*												35,711			43,189			46,592			47,738			173,230						44,291			36,067			42,979			39,356			162,693
Income (loss) before income taxes ($/BBL)**												(12.55)			(3.49)			8.68			6.58			0.73						(9.72)			(5.01)			(5.35)			(7.66)			(6.96)
Realized refining margins ($/BBL)***												5.97			6.40			12.47			12.60			9.65						13.50			5.78			4.46			4.27			7.17

Page 14

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
												Millions of Dollars, Except as Indicated
												2021																		2020
												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												(386)			(273)			(112)			77			(694)						(554)			(182)			(1,167)			(310)			(2,213)
Plus:
Taxes other than income taxes												23			22			4			—			49						31			22			16			20			89
Depreciation, amortization and impairments												54			57			57			72			240						364			63			974			59			1,460
Selling, general and administrative expenses												11			10			11			9			41						10			9			9			10			38
Operating expenses												382			281			266			291			1,220						283			216			235			266			1,000
Other segment (income) expense, net												2			(2)			2			2			4						1			1			1			2			5
Special items:
Regulatory compliance costs												—			—			—			(13)			(13)						—			—			—			—			—
Realized refining margins												86			95			228			438			847						135			129			68			47			379
Total processed inputs (MB)												25,917			28,158			30,558			28,361			112,994						27,877			25,737			30,615			26,373			110,602
Adjusted total processed inputs (MB)												25,917			28,158			30,558			28,361			112,994						27,877			25,737			30,615			26,373			110,602
Income (loss) before income taxes ($/BBL)**												(14.89)			(9.70)			(3.67)			2.71			(6.14)						(19.87)			(7.07)			(38.12)			(11.75)			(20.01)
Realized refining margins ($/BBL)***												3.33			3.37			7.46			15.41			7.49						4.80			5.05			2.23			1.79			3.43
WORLDWIDE
Income (loss) before income taxes												(1,040)			(729)			(1,126)			346			(2,549)						(2,261)			(878)			(1,903)			(1,113)			(6,155)
Plus:
Taxes other than income taxes												85			76			44			37			242						104			76			71			57			308
Depreciation, amortization and impairments												217			220			1,504			313			2,254						2,066			220			1,132			224			3,642
Selling, general and administrative expenses												42			49			55			47			193						36			38			33			42			149
Operating expenses												1,138			922			943			1,154			4,157						1,105			803			784			934			3,626
Equity in (earnings) losses of affiliates												122			67			(27)			22			184						52			81			121			122			376
Other segment (income) expense, net												—			(24)			7			12			(5)						(3)			7			(1)			2			5
Proportional share of refining gross margins contributed by equity affiliates												129			167			220			216			732						129			108			63			65			365
Special items:
Certain tax impacts												—			—			—			(4)			(4)						—			—			—			(6)			(6)
Lower-of-cost-or-market inventory adjustments												—			—			—			—			—						35			(35)			—			—			—
Regulatory compliance costs												—			—			—			(88)			(88)						—			—			—			—			—
Realized refining margins												693			748			1,620			2,055			5,116						1,263			420			300			327			2,310
Total processed inputs (MB)												143,057			170,967			168,739			155,382			638,145						156,623			146,668			150,016			133,752			587,059
Adjusted total processed inputs (MB)*												159,014			190,690			188,958			177,118			715,780						177,569			161,957			168,313			149,863			657,702
Income (loss) before income taxes ($/BBL)**												(7.27)			(4.26)			(6.67)			2.23			(3.99)						(14.44)			(5.99)			(12.69)			(8.32)			(10.48)
Realized refining margins ($/BBL)***												4.36			3.92			8.57			11.60			7.15						7.11			2.60			1.78			2.18			3.51
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
** Income (loss) before income taxes divided by total processed inputs.
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Page 15

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
												Millions of Dollars, Except as Indicated
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
UNITED STATES
Income before income taxes												199			366			354			261			1,180						299			179			271			121			870
Plus:
Taxes other than income taxes												4			2			2			1			9						2			2			—			(3)			1
Depreciation and amortization												3			5			3			3			14						3			3			3			3			12
Selling, general and administrative expenses												165			198			201			194			758						127			151			174			171			623
Equity in earnings of affiliates												(2)			(15)			(18)			(13)			(48)						—			(11)			(10)			(10)			(31)
Other operating revenues*												(86)			(110)			(120)			(108)			(424)						(84)			(71)			(90)			(82)			(327)
Realized marketing fuel margins												283			446			422			338			1,489						347			253			348			200			1,148
Total fuel sales volumes (MB)												145,794			170,228			183,332			180,748			680,102						167,178			144,517			155,948			146,226			613,869
Income before income taxes ($/BBL)												1.36			2.15			1.93			1.44			1.74						1.79			1.24			1.74			0.83			1.42
Realized marketing fuel margins ($/BBL)**												1.94			2.62			2.29			1.87			2.19						2.08			1.75			2.23			1.37			1.87
INTERNATIONAL
Income before income taxes												48			48			128			179			403						171			68			121			94			454
Plus:
Taxes other than income taxes												2			1			1			2			6						1			2			1			1			5
Depreciation and amortization												19			19			18			20			76						17			16			18			19			70
Selling, general and administrative expenses												60			60			64			69			253						63			57			62			64			246
Equity in earnings of affiliates												(24)			(31)			(30)			(28)			(113)						(22)			(28)			(31)			(27)			(108)
Other operating (revenues) expenses*												(5)			(10)			9			14			8						2			(4)			(7)			(18)			(27)
Other segment (income) expense, net												(1)			(1)			1			2			1						—			1			(1)			1			1
Marketing margins												99			86			191			258			634						232			112			163			134			641
Less: margin for nonfuel related sales												13			15			13			12			53						10			13			11			12			46
Realized marketing fuel margins												86			71			178			246			581						222			99			152			122			595
Total fuel sales volumes (MB)												21,474			24,539			26,427			25,089			97,529						25,979			19,583			24,164			24,047			93,773
Income before income taxes ($/BBL)												2.24			1.96			4.84			7.13			4.13						6.58			3.48			5.01			3.91			4.84
Realized marketing fuel margins ($/BBL)**												4.01			2.89			6.75			9.81			5.96						8.53			5.07			6.28			5.07			6.34
* Includes other nonfuel revenues and expenses.
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
												Millions of Dollars, Except as Indicated
												2021																		2020
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
EFFECTIVE TAX RATES
Income (loss) before income taxes												(771)			436			448			1,627			1,740						(2,478)			(445)			(1,350)			(691)			(4,964)
Special items												244			66			1,329			123			1,762						3,021			(19)			1,070			109			4,181
Adjusted income (loss) before income taxes												(527)			502			1,777			1,750			3,502						543			(464)			(280)			(582)			(783)
Income tax expense (benefit)												(132)			62			(40)			256			146						(51)			(378)			(624)			(197)			(1,250)
Special items												48			33			326			98			505						75			188			272			48			583
Adjusted income tax expense (benefit)												(84)			95			286			354			651						24			(190)			(352)			(149)			(667)
Effective tax rate (%)												17.1		%	14.2		%	(8.9)		%	15.7		%	8.4		%				2.1		%	84.9		%	46.2		%	28.5		%	25.2		%
Adjusted effective tax rate (%)												15.9		%	18.9		%	16.1		%	20.2		%	18.6		%				4.4		%	40.9		%	125.7		%	25.6		%	85.2		%

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