EX-99.2 3 psx-2022331_erxsuppinfoxex.htm EX-99.2 Document

Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data
psxphillips66a.jpg

CONSOLIDATED STATEMENT OF OPERATIONS
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Revenues and Other Income
Sales and other operating revenues36,179 36,179 21,627 27,002 30,243 32,604 111,476 
Equity in earnings of affiliates685 685 285 830 982 807 2,904 
Net gain on dispositions1 1 — 2 9 7 18 
Other income (loss)*(143)(143)15 51 238 150 454 
Total Revenues and Other Income36,722 36,722 21,927 27,885 31,472 33,568 114,852 
Costs and Expenses
Purchased crude oil and products33,495 33,495 20,065 25,218 27,529 29,290 102,102 
Operating expenses1,340 1,340 1,380 1,175 1,166 1,426 5,147 
Selling, general and administrative expenses433 433 408 433 424 479 1,744 
Depreciation and amortization338 338 356 364 361 524 1,605 
Impairments— — 198 — 1,298 2 1,498 
Taxes other than income taxes149 149 139 119 85 67 410 
Accretion on discounted liabilities6 6 6 6 6 6 24 
Interest and debt expense135 135 146 143 151 141 581 
Foreign currency transaction (gains) losses(2)(2)— (9)4 6 1 
Total Costs and Expenses35,894 35,894 22,698 27,449 31,024 31,941 113,112 
Income (loss) before income taxes828 828 (771)436 448 1,627 1,740 
Income tax expense (benefit)171 171 (132)62 (40)256 146 
Net Income (Loss)657 657 (639)374 488 1,371 1,594 
Less: net income attributable to noncontrolling interests75 75 15 78 86 98 277 
Net Income (Loss) Attributable to Phillips 66582 582 (654)296 402 1,273 1,317 
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic1.29 1.29 (1.49)0.66 0.91 2.89 2.97 
Diluted1.29 1.29 (1.49)0.66 0.91 2.88 2.97 
Weighted-Average Common Shares Outstanding (thousands)
Basic449,298 449,298 439,504 439,940 440,193 440,469 440,028 
Diluted450,011 450,011 439,504 440,396 440,368 441,584 440,364 
Effective tax rate (%)20.7 %20.7 %17.1 %14.2 %(8.9)%15.7 %8.4 %
Adjusted effective tax rate (%)20.7 %20.7 %15.9 %18.9 %16.1 %20.2 %18.6 %
* Includes the unrealized investment gain (loss) on our investment in NOVONIX Limited (NOVONIX). See NOVONIX Investment table on page 5 for more details.

Page 1

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream242 242 76 312 629 593 1,610 
Chemicals396 396 154 623 631 436 1,844 
Refining123 123 (1,040)(729)(1,126)346 (2,549)
Marketing and Specialties316 316 290 476 545 498 1,809 
Corporate and Other(249)(249)(251)(246)(231)(246)(974)
Income (loss) before income taxes828 828 (771)436 448 1,627 1,740 
Less: income tax expense (benefit)171 171 (132)62 (40)256 146 
Net Income (Loss)657 657 (639)374 488 1,371 1,594 
Less: net income attributable to noncontrolling interests75 75 15 78 86 98 277 
Net Income (Loss) Attributable to Phillips 66582 582 (654)296 402 1,273 1,317 
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation278 278 206 224 254 273 957 
NGL and Other91 91 36 83 133 138 390 
DCP Midstream31 31 34 9 31 111 185 
NOVONIX*(158)(158)— — 224 146 370 
Total Midstream242 242 276 316 642 668 1,902 
Chemicals396 396 184 657 634 424 1,899 
Refining
Atlantic Basin/Europe143 143 (152)(108)93 114 (53)
Gulf Coast21 21 (247)(253)(31)80 (451)
Central Corridor(135)(135)(241)(76)232 145 60 
West Coast111 111 (386)(269)(110)65 (700)
Total Refining140 140 (1,026)(706)184 404 (1,144)
Marketing and Specialties
Marketing and Other203 203 211 392 454 402 1,459 
Specialties113 113 79 87 93 97 356 
Total Marketing and Specialties316 316 290 479 547 499 1,815 
Corporate and Other(249)(249)(251)(244)(230)(245)(970)
Adjusted income (loss) before income taxes845 845 (527)502 1,777 1,750 3,502 
Less: adjusted income tax expense (benefit)175 175 (84)95 286 354 651 
Adjusted Net Income (Loss)670 670 (443)407 1,491 1,396 2,851 
Less: adjusted net income attributable to noncontrolling interests75 75 66 78 88 98 330 
Adjusted Net Income (Loss) Attributable to Phillips 66595 595 (509)329 1,403 1,298 2,521 
* Represents the change in fair value of our investment in NOVONIX. See NOVONIX Investments table on page 5 for more details.
Page 2

Phillips 66 Earnings Release Supplemental Data
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Impairments— — (198)— (10)— (208)
Pension settlement expense— — — (4)(3)(1)(8)
Hurricane-related costs— — — — — (4)(4)
Winter-storm-related costs— — (2)— — — (2)
Alliance shutdown-related costs*— — — — — (70)(70)
Total Midstream— — (200)(4)(13)(75)(292)
Chemicals
Pension settlement expense— — — (18)(2)(2)(22)
Hurricane-related costs— — — — (1)— (1)
Winter-storm-related costs— — (30)(16)— 14 (32)
Total Chemicals— — (30)(34)(3)12 (55)
Refining
Impairments— — — — (1,288)— (1,288)
Certain tax impacts— — — — — 11 11 
Pension settlement expense— — — (20)(12)(5)(37)
Hurricane-related costs(17)(17)— — (10)(30)(40)
Winter-storm-related costs— — (14)(3)— — (17)
Alliance shutdown-related costs*— — — — — (122)(122)
Regulatory compliance costs— — — — — 88 88 
Total Refining(17)(17)(14)(23)(1,310)(58)(1,405)
Marketing and Specialties
Pension settlement expense— — — (3)(2)(1)(6)
Total Marketing and Specialties— — — (3)(2)(1)(6)
Corporate and Other
Pension settlement expense— — — (2)(1)(1)(4)
Total Corporate and Other— — — (2)(1)(1)(4)
Total Special Items (Pre-tax)(17)(17)(244)(66)(1,329)(123)(1,762)
Less: Income Tax Benefit
Tax impact of pre-tax special items**(4)(4)(48)(16)(323)(33)(420)
Other tax impacts— — — (17)(3)(65)(85)
Total Income Tax Benefit(4)(4)(48)(33)(326)(98)(505)
Less: Income (Loss) Attributable to Noncontrolling Interests
Impairments— — (51)— (2)— (53)
Total Income (Loss) Attributable to Noncontrolling Interests— — (51)— (2)— (53)
Total Phillips 66 Special Items (After-tax)(13)(13)(145)(33)(1,001)(25)(1,204)
* Costs related to the shutdown of the Alliance Refinery totaled $192 million pre-tax in the fourth quarter of 2021. 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation— — (199)— (10)(70)(279)
NGL and Other— — (1)(4)(3)(5)(13)
DCP Midstream— — — — — — — 
NOVONIX— — — — — — — 
Total Midstream— — (200)(4)(13)(75)(292)
Refining
Atlantic Basin/Europe— — (1)(2)(3)23 17 
Gulf Coast(17)(17)(6)(11)(1,302)(119)(1,438)
Central Corridor— — (7)(6)(3)26 10 
West Coast— — — (4)(2)12 6 
Total Refining(17)(17)(14)(23)(1,310)(58)(1,405)
Marketing and Specialties
Marketing and Other— — — (3)(2)(1)(6)
Specialties— — — — — — — 
Total Marketing and Specialties— — — (3)(2)(1)(6)
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Phillips 66 Earnings Release Supplemental Data
CASH FLOW INFORMATION
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Cash Flows From Operating Activities
Net income (loss)657 657 (639)374 488 1,371 1,594 
Depreciation and amortization338 338 356 364 361 524 1,605 
Impairments— — 198 — 1,298 2 1,498 
Accretion on discounted liabilities6 6 6 6 6 6 24 
Deferred income taxes142 142 (103)266 (453)18 (272)
Undistributed equity earnings(100)(100)217 (218)(77)(50)(128)
Net gain on dispositions(1)(1)— (2)(3)(2)(7)
Unrealized investment (gain) loss*169 169 — — (224)(141)(365)
Other40 40 138 120 31 (340)(51)
Net working capital changes(115)(115)98 833 776 412 2,119 
Net Cash Provided by Operating Activities1,136 1,136 271 1,743 2,203 1,800 6,017 
Cash Flows From Investing Activities
Capital expenditures and investments(370)(370)(331)(380)(552)(597)(1,860)
Return of investments in equity affiliates15 15 58 100 78 31 267 
Proceeds from asset dispositions1 1 — 24 2 1 27 
Advances/loans—related parties— — (155)(90)(65)— (310)
Collection of advances/loans—related parties— — — — 1 1 2 
Other(74)(74)(39)(6)40 7 2 
Net Cash Used in Investing Activities(428)(428)(467)(352)(496)(557)(1,872)
Cash Flows From Financing Activities
Issuance of debt— — 450 15 (15)993 1,443 
Repayment of debt(24)(24)(925)(54)(506)(1,469)(2,954)
Issuance of common stock23 23 20 4 — 2 26 
Dividends paid on common stock(404)(404)(394)(394)(394)(403)(1,585)
Distributions to noncontrolling interests(77)(77)(76)(82)(81)(85)(324)
Repurchase of noncontrolling interests— — — (24)— — (24)
Other(30)(30)(20)(7)(9)(16)(52)
Net Cash Used in Financing Activities(512)(512)(945)(542)(1,005)(978)(3,470)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(8)(8)(22)7 (12)(15)(42)
Net Change in Cash and Cash Equivalents188 188 (1,163)856 690 250 633 
Cash and cash equivalents at beginning of period3,147 3,147 2,514 1,351 2,207 2,897 2,514 
Cash and Cash Equivalents at End of Period3,335 3,335 1,351 2,207 2,897 3,147 3,147 
* Represents the unrealized gain (loss) on our investment in NOVONIX. See NOVONIX Investment table on page 5 for more details.
CAPITAL PROGRAM
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Consolidated Capital Expenditures and Investments
Midstream164 164 100 141 328 169 738 
Chemicals— — — — — — — 
Refining171 171 184 186 158 251 779 
Marketing and Specialties11 11 22 22 28 130 202 
Corporate and Other24 24 25 31 38 47 141 
Consolidated Capital Expenditures and Investments370 370 331 380 552 597 1,860 
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)11 11 7 14 15 19 55 
CPChem (Chemicals)113 113 79 72 88 128 367 
WRB (Refining)42 42 59 47 61 62 229 
Selected Equity Affiliates166 166 145 133 164 209 651 
* 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).
Page 4

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Income (Loss) before Income Taxes
Transportation278 278 7 224 244 203 678 
NGL and Other91 91 35 79 130 133 377 
DCP Midstream31 31 34 9 31 111 185 
NOVONIX(158)(158)— — 224 146 370 
 Income (Loss) before Income Taxes
242 242 76 312 629 593 1,610 
Equity in Earnings of Affiliates
Transportation154 154 126 120 140 142 528 
NGL and Other42 42 37 44 40 42 163 
DCP Midstream31 31 34 8 32 112 186 
NOVONIX— — — — — — — 
Total227 227 197 172 212 296 877 
NOVONIX Investment
Unrealized Investment Gain (Loss)(169)(169)— — 224 141 365 
Unrealized Foreign Currency Transaction Gain11 11 — — — 5 5 
Change in Fair Value of NOVONIX Investment(158)(158)— — 224 146 370 
Depreciation and Amortization*
Transportation39 39 40 40 45 109 234 
NGL and Other55 55 52 52 52 53 209 
DCP Midstream— — — — — — — 
NOVONIX— — — — — — — 
Total94 94 92 92 97 162 443 
* Excludes D&A of all non-consolidated affiliates.
Operating and SG&A Expenses*
Transportation186 186 173 189 188 209 759 
NGL and Other107 107 122 88 85 113 408 
DCP Midstream— — — — 1 1 2 
NOVONIX— — — — — — — 
Total293 293 295 277 274 323 1,169 
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
Transportation Volumes (MB/D)
Pipelines*3,099 3,099 2,801 3,424 3,483 3,370 3,271 
Terminals2,900 2,900 2,675 2,786 2,771 2,927 2,790 
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.
PSX Other Volumes
NGL Fractionated (MB/D)*452 452 363 401 420 454 410 
* Excludes DCP Midstream.
Market Indicator
Weighted-Average NGL Price ($/gal)*1.10 1.10 0.69 0.71 0.91 1.00 0.83 
* 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 Owners1 1 27 (35)23 199 214 
Depreciation and Amortization89 89 91 92 90 91 364 
Operating and SG&A Expenses205 205 189 222 230 250 891 
Net Interest Expense*70 70 77 77 73 72 299 
* Net of interest income.
Capital Expenditures and Investments22 22 14 28 30 38 110 
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)4.1 4.1 4.1 4.4 4.2 4.2 4.2 
NGL Production (MB/D)400 400 356 406 398 416 394 
MLP Distributions*
LP Distribution from DCP Midstream, LP to DCP Midstream********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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes242 242 76 312 629 593 1,610 
Plus:
Depreciation and amortization94 94 92 92 97 162 443 
EBITDA336 336 168 404 726 755 2,053 
Special Item Adjustments (pre-tax):
Impairments— — 198 — 10 — 208 
Pension settlement expense— — — 4 3 1 8 
Hurricane-related costs— — — — — 4 4 
Winter-storm-related costs— — 2 — — — 2 
Total Special Item Adjustments (pre-tax)— — 200 4 13 5 222 
Change in Fair Value of NOVONIX Investment*158 158 — — (224)(146)(370)
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment**494 494 368 408 515 614 1,905 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes2 2 2 4 4 4 14 
Proportional share of selected equity affiliates net interest41 41 43 43 42 41 169 
Proportional share of selected equity affiliates depreciation and amortization56 56 57 57 58 57 229 
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests(24)(24)(18)(20)(22)(21)(81)
Adjusted EBITDA**569 569 452 492 597 695 2,236 
* See NOVONIX Investment table on page 5 for more details.
** Prior period information has been recasted to exclude the change in fair value of our investment in NOVONIX.
Page 6

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Transportation
Income before income taxes278 278 7 224 244 203 678 
Plus:
Depreciation and amortization39 39 40 40 45 109 234 
EBITDA317 317 47 264 289 312 912 
Special Item Adjustments (pre-tax):
Impairments— — 198 — 10 — 208 
Winter-storm-related costs— — 1 — — — 1 
EBITDA, Adjusted for Special Items317 317 246 264 299 312 1,121 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes2 2 2 4 4 4 14 
Proportional share of selected equity affiliates net interest21 21 21 21 21 21 84 
Proportional share of selected equity affiliates depreciation and amortization37 37 37 37 38 38 150 
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests(24)(24)(18)(20)(22)(21)(81)
Adjusted EBITDA353 353 288 306 340 354 1,288 
NGL and Other
Income before income taxes91 91 35 79 130 133 377 
Plus:
Depreciation and amortization55 55 52 52 52 53 209 
EBITDA146 146 87 131 182 186 586 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — 4 3 1 8 
Hurricane-related costs— — — — — 4 4 
Winter-storm-related costs— — 1 — — — 1 
EBITDA, Adjusted for Special Items146 146 88 135 185 191 599 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — — 
Proportional share of selected equity affiliates net interest— — — — — — — 
Proportional share of selected equity affiliates depreciation and amortization5 5 5 5 5 5 20 
Adjusted EBITDA151 151 93 140 190 196 619 
DCP Midstream
Income before income taxes31 31 34 9 31 111 185 
Plus:
None— — — — — — — 
EBITDA31 31 34 9 31 111 185 
Special Item Adjustments (pre-tax):
None— — — — — — — 
EBITDA, Adjusted for Special Items31 31 34 9 31 111 185 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — — 
Proportional share of selected equity affiliates net interest20 20 22 22 21 20 85 
Proportional share of selected equity affiliates depreciation and amortization14 14 15 15 15 14 59 
Adjusted EBITDA*65 65 71 46 67 145 329 
* Proportional share of selected equity affiliates is net of noncontrolling interests.
Page 7

Phillips 66 Earnings Release Supplemental Data
CHEMICALS
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes396 396 154 623 631 436 1,844 
Equity in Earnings of Affiliate393 393 152 620 627 433 1,832 
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings
Olefins and Polyolefins736 736 288 1,124 1,224 851 3,487 
Specialties, Aromatics and Styrenics60 60 53 157 73 76 359 
Corporate and Other(32)(32)(37)(41)(44)(40)(162)
Total764 764 304 1,240 1,253 887 3,684 
Income (Loss) before Income Taxes
Olefins and Polyolefins750 750 299 1,143 1,237 872 3,551 
Specialties, Aromatics and Styrenics69 69 58 164 80 82 384 
Corporate and Other(32)(32)(37)(41)(41)(40)(159)
Total787 787 320 1,266 1,276 914 3,776 
Depreciation and Amortization141 141 146 144 151 151 592 
Net Interest Expense*23 23 22 24 24 24 94 
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments225 225 157 144 177 255 733 
Return of Investments from Equity Companies(26)(26)(30)(107)(82)(46)(265)
Olefins and Polyolefins Capacity Utilization (%)99 %99 %79 %102 %102 %97 %95 %
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)39.5 39.5 41.9 41.1 45.6 38.4 41.8 
HDPE Blow Molding, Domestic Spot (cents/lb)69.8 69.8 71.9 88.3 98.8 84.8 86.0 
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)22.3 22.3 13.2 12.5 16.1 20.8 15.7 
HDPE Blow Molding, Total Cash Cost (cents/lb)53.9 53.9 55.7 54.9 59.7 52.8 55.8 
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)33.2 33.2 44.9 62.0 68.6 49.6 56.3 
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes396 396 154 623 631 436 1,844 
Plus:
None— — — — — — — 
EBITDA396 396 154 623 631 436 1,844 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — 18 2 2 22 
Hurricane-related costs— — — — 1 — 1 
Winter-storm-related costs— — 30 16 — (14)32 
EBITDA, Adjusted for Special Items396 396 184 657 634 424 1,899 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes29 29 28 48 33 35 144 
Proportional share of selected equity affiliates net interest11 11 11 12 12 13 48 
Proportional share of selected equity affiliates depreciation and amortization101 101 103 102 102 104 411 
Adjusted EBITDA537 537 326 819 781 576 2,502 
Page 8

Phillips 66 Earnings Release Supplemental Data
REFINING
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe143 143 (153)(110)90 137 (36)
Gulf Coast4 4 (253)(264)(1,333)(39)(1,889)
Central Corridor(135)(135)(248)(82)229 171 70 
West Coast111 111 (386)(273)(112)77 (694)
Income (Loss) before Income Taxes123 123 (1,040)(729)(1,126)346 (2,549)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe2.98 2.98 (3.57)(2.20)1.88 2.85 (0.19)
Gulf Coast0.08 0.08 (4.64)(3.81)(20.82)(0.74)(7.84)
Central Corridor(5.70)(5.70)(12.55)(3.49)8.68 6.58 0.73 
West Coast3.84 3.84 (14.89)(9.70)(3.67)2.71 (6.14)
Worldwide0.81 0.81 (7.27)(4.26)(6.67)2.23 (3.99)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe11.71 11.71 4.86 4.63 9.27 11.00 7.48 
Gulf Coast7.71 7.71 3.39 2.10 5.75 9.19 4.92 
Central Corridor7.89 7.89 5.97 6.40 12.47 12.60 9.65 
West Coast17.68 17.68 3.33 3.37 7.46 15.41 7.49 
Worldwide10.55 10.55 4.36 3.92 8.57 11.60 7.15 
* 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(3)(3)(2)(2)(3)(2)(9)
Gulf Coast(2)(2)(3)— (1)(7)(11)
Central Corridor(16)(16)(117)(65)31 (13)(164)
West Coast— — — — — — — 
Total(21)(21)(122)(67)27 (22)(184)
Depreciation and Amortization*
Atlantic Basin/Europe52 52 52 52 52 54 210 
Gulf Coast51 51 77 77 73 150 377 
Central Corridor35 35 34 34 34 37 139 
West Coast60 60 54 57 57 72 240 
Total198 198 217 220 216 313 966 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe310 310 244 235 258 314 1,051 
Gulf Coast318 318 331 313 327 388 1,359 
Central Corridor198 198 212 132 136 199 679 
West Coast314 314 393 291 277 300 1,261 
Total1,140 1,140 1,180 971 998 1,201 4,350 
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe13 13 17 13 32 34 96 
Gulf Coast31 31 33 9 24 27 93 
Central Corridor26 26 17 36 13 28 94 
West Coast32 32 125 60 12 17 214 
Total102 102 192 118 81 106 497 
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe19 19 20 18 15 16 69 
Gulf Coast27 27 27 25 13 8 73 
Central Corridor18 18 15 11 12 13 51 
West Coast24 24 23 22 4 — 49 
Total88 88 85 76 44 37 242 
Foreign Currency Gains (Losses) Pre-Tax(8)(8)1 9 (4)(10)(4)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates(21)(21)(122)(67)27 (22)(184)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*
(228)(228)(129)(167)(220)(216)(732)
Equity affiliate-related expenses not included in Realized Refining Margins
(249)(249)(251)(234)(193)(238)(916)
Regional Totals
Atlantic Basin/Europe(26)(26)(45)(44)(22)(21)(132)
Gulf Coast(2)(2)(3)— (1)(7)(11)
Central Corridor(221)(221)(203)(190)(170)(210)(773)
Total(249)(249)(251)(234)(193)(238)(916)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).
Page 9

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (loss) before income taxes123 123 (1,040)(729)(1,126)346 (2,549)
Plus:
Depreciation and amortization198 198 217 220 216 313 966 
EBITDA321 321 (823)(509)(910)659 (1,583)
Special Item Adjustments (pre-tax):
Impairments— — — — 1,288 — 1,288 
Certain tax impacts— — — — — (11)(11)
Pension settlement expense— — — 20 12 5 37 
Hurricane-related costs17 17 — — 10 30 40 
Winter-storm-related costs— — 14 3 — — 17 
Alliance shutdown-related costs— — — — — 31 31 
Regulatory compliance costs— — — — — (88)(88)
EBITDA, Adjusted for Special Items338 338 (809)(486)400 626 (269)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — (2)(1)— 3 — 
Proportional share of selected equity affiliates net interest2 2 2 2 1 4 9 
Proportional share of selected equity affiliates depreciation and amortization23 23 25 26 27 25 103 
Adjusted EBITDA363 363 (784)(459)428 658 (157)
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)503 503 438 513 487 478 479 
Total Processed Inputs (MB/D)533 533 476 549 519 523 517 
Crude Oil Capacity Utilization (%)94 %94 %82 %96 %91 %89 %89 %
Clean Product Yield (%)85 %85 %86 %83 %84 %84 %84 %
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)497 497 553 687 623 505 592 
Total Processed Inputs (MB/D)579 579 606 762 697 575 660 
Crude Oil Capacity Utilization (%)94 %94 %71 %88 %80 %95 %82 %
Clean Product Yield (%)77 %77 %73 %78 %78 %80 %77 %
Central Corridor*
Crude Oil Charge Input (MB/D)453 453 384 462 493 503 461 
Total Processed Inputs (MB/D)470 470 397 475 506 519 474 
Crude Oil Capacity Utilization (%)85 %85 %72 %87 %93 %95 %87 %
Clean Product Yield (%)88 %88 %86 %87 %88 %90 %88 %
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)294 294 268 286 302 278 284 
Total Processed Inputs (MB/D)321 321 288 309 332 308 310 
Crude Oil Capacity Utilization (%)81 %81 %74 %79 %83 %76 %78 %
Clean Product Yield (%)90 %90 %86 %83 %90 %92 %88 %
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)1,747 1,747 1,643 1,948 1,905 1,764 1,816 
Total Processed Inputs (MB/D)1,903 1,903 1,767 2,095 2,054 1,925 1,961 
Crude Oil Capacity Utilization (%)89 %89 %74 %88 %86 %90 %84 %
Clean Product Yield (%)84 %84 %82 %82 %84 %86 %83 %
Page 10

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline226 226 220 242 232 237 233 
Distillates210 210 175 197 188 190 188 
Other102 102 87 113 103 101 101 
Total538 538 482 552 523 528 522 
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline233 233 219 310 281 243 263 
Distillates194 194 201 257 235 195 222 
Other163 163 183 196 184 146 177 
Total590 590 603 763 700 584 662 
Central Corridor*
Gasoline235 235 191 227 255 266 235 
Distillates176 176 149 183 187 201 180 
Other63 63 58 65 68 55 61 
Total474 474 398 475 510 522 476 
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline166 166 138 138 166 170 153 
Distillates123 123 110 118 131 113 118 
Other32 32 40 51 32 26 37 
Total321 321 288 307 329 309 308 
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline860 860 768 917 934 916 884 
Distillates703 703 635 755 741 699 708 
Other360 360 368 425 387 328 376 
Total1,923 1,923 1,771 2,097 2,062 1,943 1,968 
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI94.49 94.49 57.84 66.09 70.58 77.35 67.96 
Brent101.40 101.40 60.90 68.83 73.47 79.73 70.73 
LLS96.77 96.77 59.98 67.95 71.51 78.40 69.46 
ANS95.61 95.61 60.76 68.44 72.73 79.81 70.44 
WTI less Maya5.62 5.62 1.44 3.21 4.37 5.59 3.65 
WTI less WCS (settlement differential)
14.53 14.53 12.47 11.49 13.58 14.64 13.04 
Natural Gas ($/MMBtu)
Henry Hub4.60 4.60 3.51 2.88 4.28 4.74 3.85 
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent13.57 13.57 11.73 18.61 21.15 17.90 17.35 
East Coast Distillate less Brent28.40 28.40 12.09 15.24 16.07 20.47 15.97 
Gulf Coast
Gulf Coast Gasoline less LLS16.24 16.24 11.22 15.47 18.61 14.64 14.99 
Gulf Coast Distillate less LLS28.52 28.52 11.30 14.03 15.87 19.12 15.08 
Central Corridor
Central Gasoline less WTI16.17 16.17 14.90 19.96 20.83 13.87 17.39 
Central Distillate less WTI27.31 27.31 17.24 18.40 19.38 19.73 18.69 
West Coast
West Coast Gasoline less ANS31.92 31.92 16.88 24.76 23.54 22.75 21.98 
West Coast Distillate less ANS32.28 32.28 14.14 15.28 18.55 22.44 17.60 
Worldwide Market Crack Spread ($/BBL)**21.93 21.93 13.23 17.76 19.44 17.93 17.09 
* Based on daily spot prices, unless otherwise noted.
** Weighted average based on Phillips 66 crude capacity.


Page 11

Phillips 66 Earnings Release Supplemental Data
MARKETING AND SPECIALTIES
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes
Marketing and Other203 203 211 389 452 401 1,453 
Specialties113 113 79 87 93 97 356 
Income before Income Taxes316 316 290 476 545 498 1,809 
Income before Income Taxes ($/BBL)
U.S.1.13 1.13 1.36 2.15 1.93 1.44 1.74 
International0.92 0.92 2.24 1.96 4.84 7.13 4.13 
Realized Marketing Fuel Margins ($/BBL)*
U.S.1.59 1.59 1.94 2.62 2.29 1.87 2.19 
International2.30 2.30 4.01 2.89 6.75 9.81 5.96 
* 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 Other167 167 104 138 111 122 475 
Specialties101 101 84 64 61 77 286 
Total268 268 188 202 172 199 761 
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates
Marketing and Other33 33 26 46 48 41 161 
Specialties52 52 32 59 68 59 218 
Total85 85 58 105 116 100 379 
Depreciation and Amortization*
Marketing and Other23 23 23 24 23 25 95 
Specialties4 4 4 6 4 4 18 
Total27 27 27 30 27 29 113 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other288 288 258 284 280 318 1,140 
Specialties32 32 29 30 30 33 122 
Total320 320 287 314 310 351 1,262 
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline1,046 1,046 960 1,095 1,098 1,142 1,074 
Distillates834 834 660 776 895 822 789 
Other— — — — — — — 
Total1,880 1,880 1,620 1,871 1,993 1,964 1,863 
International Marketing
Gasoline83 83 63 81 91 82 80 
Distillates177 177 158 171 179 174 170 
Other17 17 18 18 17 17 17 
Total277 277 239 270 287 273 267 
Worldwide Marketing
Gasoline1,129 1,129 1,023 1,176 1,189 1,224 1,154 
Distillates1,011 1,011 818 947 1,074 996 959 
Other17 17 18 18 17 17 17 
Total2,157 2,157 1,859 2,141 2,280 2,237 2,130 
Foreign Currency Gains (Losses) Pre-Tax1 1 — 1 — (1)— 
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes316 316 290 476 545 498 1,809 
Plus:
Depreciation and amortization27 27 27 30 27 29 113 
EBITDA343 343 317 506 572 527 1,922 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — 3 2 1 6 
EBITDA, Adjusted for Special Items343 343 317 509 574 528 1,928 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes6 6 5 6 7 6 24 
Proportional share of selected equity affiliates net interest5 5 4 4 4 4 16 
Proportional share of selected equity affiliates depreciation and amortization21 21 17 17 17 18 69 
Adjusted EBITDA375 375 343 536 602 556 2,037 
Page 12

Phillips 66 Earnings Release Supplemental Data
CORPORATE AND OTHER
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Loss before Income Taxes(249)(249)(251)(246)(231)(246)(974)
Detail of Loss before Income Taxes
Net interest expense(132)(132)(143)(141)(148)(151)(583)
Corporate overhead and other(117)(117)(108)(105)(83)(95)(391)
Total(249)(249)(251)(246)(231)(246)(974)
Net Interest Expense
Interest expense(144)(144)(150)(148)(159)(151)(608)
Capitalized interest9 9 4 5 8 10 27 
Loss on early debt retirement— — — — — (13)(13)
Interest income3 3 3 2 3 3 11 
Total(132)(132)(143)(141)(148)(151)(583)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes(249)(249)(251)(246)(231)(246)(974)
Plus:
Net interest expense132 132 143 141 148 151 583 
Depreciation and amortization19 19 20 22 21 20 83 
EBITDA(98)(98)(88)(83)(62)(75)(308)
Special Item Adjustments (pre-tax):
Pension settlement expense— — — 2 1 1 4 
EBITDA, Adjusted for Special Items(98)(98)(88)(81)(61)(74)(304)
Other Adjustments (pre-tax):
None— — — — — — — 
Adjusted EBITDA(98)(98)(88)(81)(61)(74)(304)
Foreign Currency Losses Pre-Tax(1)(1)(1)(1)— — (2)
Phillips 66 Total Company Debt
Total Debt14,434 14,434 15,422 15,413 14,910 14,448 14,448 
Debt-to-Capital Ratio (%)39 %39 %43 %43 %42 %40 %40 %
Total Equity22,121 22,121 20,457 20,602 20,597 21,637 21,637 
RECONCILIATION OF CONSOLIDATED NET INCOME (LOSS) TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Net income (loss)657 657 (639)374 488 1,371 1,594 
Plus:
Income tax expense (benefit)171 171 (132)62 (40)256 146 
Net interest expense132 132 143 141 148 151 583 
Depreciation and amortization338 338 356 364 361 524 1,605 
Phillips 66 EBITDA1,298 1,298 (272)941 957 2,302 3,928 
Special Item Adjustments (pre-tax):
Impairments— — 198 — 1,298 — 1,496 
Certain tax impacts— — — — — (11)(11)
Pension settlement expense— — — 47 20 10 77 
Hurricane-related costs17 17 — — 11 34 45 
Winter-storm-related costs— — 46 19 — (14)51 
Alliance shutdown-related costs— — — — — 31 31 
Regulatory compliance costs— — — — — (88)(88)
Total Special Item Adjustments (pre-tax)17 17 244 66 1,329 (38)1,601 
Change in Fair Value of NOVONIX Investment*158 158 — — (224)(146)(370)
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment**1,473 1,473 (28)1,007 2,062 2,118 5,159 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes37 37 33 57 44 48 182 
Proportional share of selected equity affiliates net interest59 59 60 61 59 62 242 
Proportional share of selected equity affiliates depreciation and amortization201 201 202 202 204 204 812 
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests(24)(24)(18)(20)(22)(21)(81)
Adjusted EBITDA attributable to public ownership interest in PSXP†
(82)(82)(83)(95)(103)(112)(393)
Phillips 66 Adjusted EBITDA**1,664 1,664 166 1,212 2,244 2,299 5,921 
* See NOVONIX Investment table on page 5 for more details.
** Prior period information has been recasted to exclude the change in fair value of our investment in NOVONIX.
† On March 9, 2022, Phillips 66 Partners LP became a wholly owned subsidiary of Phillips 66.
Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," and "realized marketing fuel margin per barrel." These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP measures most directly comparable to EBITDA and adjusted EBITDA are net income for consolidated company information and income before income taxes for segment information. Reconciliations of net income (loss) and income (loss) before income taxes to EBITDA and adjusted EBITDA are included in this earnings release supplemental data. Realized refining margin per barrel is calculated on a similar basis as industry crack spreads and we believe it provides a useful measure of how well we performed relative to benchmark industry margins. Realized marketing fuel margin per barrel demonstrates the value uplift our marketing operations provide by optimizing the placement and ultimate sale of our refineries' fuel production. The GAAP measure most directly comparable to both realized margin per barrel measures is income before income taxes per barrel. Reconciliations of income (loss) before income taxes per barrel to realized refining margin and realized marketing fuel margin are included in this earnings release supplemental data. Adjusted effective tax rate demonstrates the effective tax rate with the consideration of the tax effect on special items. The GAAP financial measure most comparable to adjusted effective tax rate is effective tax rate. A reconciliation of effective tax rate to adjusted effective tax rate is included in this earnings release supplemental data.
Changes in Presentation – In the first quarter of 2022, we started presenting our investment in NOVONIX Limited as a separate business line of our Midstream segment. This investment was previously included in the NGL and Other business line since we acquired it in September 2021. We also started presenting certain Transportation and NGL and Other business line information separately that was previously combined (e.g., EBITDA and Adjusted EBITDA). In addition, as noted above, we revised the calculation of Adjusted EBITDA for the company and our Midstream segment. We have recasted prior period information to reflect these changes.
Page 13

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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ATLANTIC BASIN/EUROPE
Income (loss) before income taxes143 143 (153)(110)90 137 (36)
Plus:
Taxes other than income taxes19 19 20 18 15 16 69 
Depreciation, amortization and impairments52 52 52 52 52 54 210 
Selling, general and administrative expenses14 14 14 18 19 19 70 
Operating expenses296 296 230 217 239 295 981 
Equity in losses of affiliates3 3 2 2 3 2 9 
Other segment (income) expense, net12 12 — (8)6 11 9 
Proportional share of refining gross margins contributed by equity affiliates23 23 43 42 19 19 123 
Special items:
Certain tax impacts— — — — — (4)(4)
Regulatory compliance costs— — — — — (20)(20)
Realized refining margins562 562 208 231 443 529 1,411 
Total processed inputs (MB)48,015 48,015 42,826 49,979 47,792 48,100 188,697 
Adjusted total processed inputs (MB)48,015 48,015 42,826 49,979 47,792 48,100 188,697 
Income (loss) before income taxes ($/BBL)**2.98 2.98 (3.57)(2.20)1.88 2.85 (0.19)
Realized refining margins ($/BBL)***11.71 11.71 4.86 4.63 9.27 11.00 7.48 
GULF COAST
Income (loss) before income taxes4 4 (253)(264)(1,333)(39)(1,889)
Plus:
Taxes other than income taxes27 27 27 25 13 8 73 
Depreciation, amortization and impairments51 51 77 77 1,361 150 1,665 
Selling, general and administrative expenses11 11 10 14 15 11 50 
Operating expenses307 307 321 299 312 377 1,309 
Equity in losses of affiliates2 2 3 — 1 7 11 
Other segment income, net— — — (6)(1)— (7)
Proportional share of refining gross margins contributed by equity affiliates— — — — — — — 
Special items:
Regulatory compliance costs— — — — — (28)(28)
Realized refining margins402 402 185 145 368 486 1,184 
Total processed inputs (MB)52,151 52,151 54,560 69,364 64,016 52,919 240,859 
Adjusted total processed inputs (MB)52,151 52,151 54,560 69,364 64,016 52,919 240,859 
Income (loss) before income taxes ($/BBL)**0.08 0.08 (4.64)(3.81)(20.82)(0.74)(7.84)
Realized refining margins ($/BBL)***7.71 7.71 3.39 2.10 5.75 9.19 4.92 
CENTRAL CORRIDOR
Income (loss) before income taxes(135)(135)(248)(82)229 171 70 
Plus:
Taxes other than income taxes18 18 15 11 12 13 51 
Depreciation, amortization and impairments35 35 34 34 34 37 139 
Selling, general and administrative expenses14 14 7 7 10 8 32 
Operating expenses184 184 205 125 126 191 647 
Equity in (earnings) losses of affiliates16 16 117 65 (31)13 164 
Other segment income, net(4)(4)(2)(8)— (1)(11)
Proportional share of refining gross margins contributed by equity affiliates205 205 86 125 201 197 609 
Special items:
Regulatory compliance costs— — — — — (27)(27)
Realized refining margins333 333 214 277 581 602 1,674 
Total processed inputs (MB)23,691 23,691 19,754 23,466 26,373 26,002 95,595 
Adjusted total processed inputs (MB)*42,267 42,267 35,711 43,189 46,592 47,738 173,230 
Income (loss) before income taxes ($/BBL)**(5.70)(5.70)(12.55)(3.49)8.68 6.58 0.73 
Realized refining margins ($/BBL)***7.89 7.89 5.97 6.40 12.47 12.60 9.65 
Page 14

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WEST COAST
Income (loss) before income taxes111 111 (386)(273)(112)77 (694)
Plus:
Taxes other than income taxes24 24 23 22 4 — 49 
Depreciation, amortization and impairments60 60 54 57 57 72 240 
Selling, general and administrative expenses9 9 11 10 11 9 41 
Operating expenses305 305 382 281 266 291 1,220 
Other segment (income) expense, net1 1 2 (2)2 2 4 
Special items:
Regulatory compliance costs— — — — — (13)(13)
Realized refining margins510 510 86 95 228 438 847 
Total processed inputs (MB)28,877 28,877 25,917 28,158 30,558 28,361 112,994 
Adjusted total processed inputs (MB)28,877 28,877 25,917 28,158 30,558 28,361 112,994 
Income (loss) before income taxes ($/BBL)**3.84 3.84 (14.89)(9.70)(3.67)2.71 (6.14)
Realized refining margins ($/BBL)***17.68 17.68 3.33 3.37 7.46 15.41 7.49 
WORLDWIDE
Income (loss) before income taxes123 123 (1,040)(729)(1,126)346 (2,549)
Plus:
Taxes other than income taxes88 88 85 76 44 37 242 
Depreciation, amortization and impairments198 198 217 220 1,504 313 2,254 
Selling, general and administrative expenses48 48 42 49 55 47 193 
Operating expenses1,092 1,092 1,138 922 943 1,154 4,157 
Equity in (earnings) losses of affiliates21 21 122 67 (27)22 184 
Other segment (income) expense, net9 9 — (24)7 12 (5)
Proportional share of refining gross margins contributed by equity affiliates228 228 129 167 220 216 732 
Special items:
Certain tax impacts— — — — — (4)(4)
Regulatory compliance costs— — — — — (88)(88)
Realized refining margins1,807 1,807 693 748 1,620 2,055 5,116 
Total processed inputs (MB)152,734 152,734 143,057 170,967 168,739 155,382 638,145 
Adjusted total processed inputs (MB)*171,310 171,310 159,014 190,690 188,958 177,118 715,780 
Income (loss) before income taxes ($/BBL)**0.81 0.81 (7.27)(4.26)(6.67)2.23 (3.99)
Realized refining margins ($/BBL)***10.55 10.55 4.36 3.92 8.57 11.60 7.15 
* 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

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
UNITED STATES
Income before income taxes191 191 199 366 354 261 1,180 
Plus:
Depreciation and amortization3 3 3 5 3 3 14 
Selling, general and administrative expenses182 182 165 198 201 194 758 
Equity in earnings of affiliates(7)(7)(2)(15)(18)(13)(48)
Other operating revenues*(107)(107)(86)(110)(120)(108)(424)
Other expense, net6 6 4 2 2 1 9 
Realized marketing fuel margins268 268 283 446 422 338 1,489 
Total fuel sales volumes (MB)169,196 169,196 145,794 170,228 183,332 180,748 680,102 
Income before income taxes ($/BBL)1.13 1.13 1.36 2.15 1.93 1.44 1.74 
Realized marketing fuel margins ($/BBL)**1.59 1.59 1.94 2.62 2.29 1.87 2.19 
INTERNATIONAL
Income before income taxes23 23 48 48 128 179 403 
Plus:
Depreciation and amortization18 18 19 19 18 20 76 
Selling, general and administrative expenses63 63 60 60 64 69 253 
Equity in earnings of affiliates(26)(26)(24)(31)(30)(28)(113)
Other operating (revenues) expenses*(12)(12)(5)(10)9 14 8 
Other expense, net4 4 1 — 2 4 7 
Marketing margins70 70 99 86 191 258 634 
Less: margin for nonfuel related sales13 13 13 15 13 12 53 
Realized marketing fuel margins57 57 86 71 178 246 581 
Total fuel sales volumes (MB)24,926 24,926 21,474 24,539 26,427 25,089 97,529 
Income before income taxes ($/BBL)0.92 0.92 2.24 1.96 4.84 7.13 4.13 
Realized marketing fuel margins ($/BBL)**2.30 2.30 4.01 2.89 6.75 9.81 5.96 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE TAX RATES
Income (loss) before income taxes828 828 (771)436 448 1,627 1,740 
Special items17 17 244 66 1,329 123 1,762 
Adjusted income (loss) before income taxes845 845 (527)502 1,777 1,750 3,502 
Income tax expense (benefit)171 171 (132)62 (40)256 146 
Special items4 4 48 33 326 98 505 
Adjusted income tax expense (benefit)175 175 (84)95 286 354 651 
Effective tax rate (%)20.7 %20.7 %17.1 %14.2 %(8.9)%15.7 %8.4 %
Adjusted effective tax rate (%)20.7 %20.7 %15.9 %18.9 %16.1 %20.2 %18.6 %
Page 16