EX-99.2 3 psx-2022630_erxsuppinfoxex.htm EX-99.2

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED STATEMENT OF OPERATIONS
												Millions of Dollars, Except as Indicated
												2022																		2021
												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												36,179			48,577									84,756						21,627			27,002			30,243			32,604			111,476
Equity in earnings of affiliates												685			917									1,602						285			830			982			807			2,904
Net gain on dispositions												1			—									1						—			2			9			7			18
Other income (loss)*												(143)			(185)									(328)						15			51			238			150			454
Total Revenues and Other Income												36,722			49,309									86,031						21,927			27,885			31,472			33,568			114,852
Costs and Expenses
Purchased crude oil and products												33,495			42,645									76,140						20,065			25,218			27,529			29,290			102,102
Operating expenses												1,340			1,431									2,771						1,380			1,175			1,166			1,426			5,147
Selling, general and administrative expenses												433			488									921						408			433			424			479			1,744
Depreciation and amortization												338			359									697						356			364			361			524			1,605
Impairments												—			2									2						198			—			1,298			2			1,498
Taxes other than income taxes												149			118									267						139			119			85			67			410
Accretion on discounted liabilities												6			6									12						6			6			6			6			24
Interest and debt expense												135			133									268						146			143			151			141			581
Foreign currency transaction (gains) losses												(2)			21									19						—			(9)			4			6			1
Total Costs and Expenses												35,894			45,203									81,097						22,698			27,449			31,024			31,941			113,112
Income (loss) before income taxes												828			4,106									4,934						(771)			436			448			1,627			1,740
Income tax expense (benefit)												171			924									1,095						(132)			62			(40)			256			146
Net Income (Loss)												657			3,182									3,839						(639)			374			488			1,371			1,594
Less: net income attributable to noncontrolling interests												75			15									90						15			78			86			98			277
Net Income (Loss) Attributable to Phillips 66												582			3,167									3,749						(654)			296			402			1,273			1,317
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic												1.29			6.55									8.03						(1.49)			0.66			0.91			2.89			2.97
Diluted												1.29			6.53									8.00						(1.49)			0.66			0.91			2.88			2.97
Weighted-Average Common Shares Outstanding (thousands)
Basic												449,298			483,088									466,286						439,504			439,940			440,193			440,469			440,028
Diluted												450,011			485,035									468,338						439,504			440,396			440,368			441,584			440,364
Effective tax rate (%)												20.7		%	22.5		%							22.2		%				17.1		%	14.2		%	(8.9)		%	15.7		%	8.4		%
Adjusted effective tax rate (%)												20.7		%	21.9		%							21.7		%				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.

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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
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream												242			292									534						76			312			629			593			1,610
Chemicals												396			273									669						154			623			631			436			1,844
Refining												123			3,036									3,159						(1,040)			(729)			(1,126)			346			(2,549)
Marketing and Specialties												316			765									1,081						290			476			545			498			1,809
Corporate and Other												(249)			(260)									(509)						(251)			(246)			(231)			(246)			(974)
Income (loss) before income taxes												828			4,106									4,934						(771)			436			448			1,627			1,740
Less: income tax expense (benefit)												171			924									1,095						(132)			62			(40)			256			146
Net Income (Loss)												657			3,182									3,839						(639)			374			488			1,371			1,594
Less: net income attributable to noncontrolling interests												75			15									90						15			78			86			98			277
Net Income (Loss) Attributable to Phillips 66												582			3,167									3,749						(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
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												278			250									528						206			224			254			273			957
NGL and Other												91			152									243						36			83			133			138			390
DCP Midstream												31			130									161						34			9			31			111			185
NOVONIX*												(158)			(240)									(398)						—			—			224			146			370
Total Midstream												242			292									534						276			316			642			668			1,902
Chemicals												396			273									669						184			657			634			424			1,899
Refining
Atlantic Basin/Europe												143			1,102									1,245						(152)			(108)			93			114			(53)
Gulf Coast												21			915									936						(247)			(253)			(31)			80			(451)
Central Corridor												(135)			512									377						(241)			(76)			232			145			60
West Coast												111			603									714						(386)			(269)			(110)			65			(700)
Total Refining												140			3,132									3,272						(1,026)			(706)			184			404			(1,144)
Marketing and Specialties
Marketing and Other												203			656									859						211			392			454			402			1,459
Specialties												113			109									222						79			87			93			97			356
Total Marketing and Specialties												316			765									1,081						290			479			547			499			1,815
Corporate and Other												(249)			(235)									(484)						(251)			(244)			(230)			(245)			(970)
Adjusted income (loss) before income taxes												845			4,227									5,072						(527)			502			1,777			1,750			3,502
Less: adjusted income tax expense (benefit)												175			927									1,102						(84)			95			286			354			651
Adjusted Net Income (Loss)												670			3,300									3,970						(443)			407			1,491			1,396			2,851
Less: adjusted net income attributable to noncontrolling interests												75			15									90						66			78			88			98			330
Adjusted Net Income (Loss) Attributable to Phillips 66												595			3,285									3,880						(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.

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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
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
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*												—			(26)									(26)						—			—			—			(122)			(122)
Regulatory compliance costs												—			(70)									(70)						—			—			—			88			88
Total Refining												(17)			(96)									(113)						(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)
Restructuring costs												—			(25)									(25)						—			—			—			—			—
Total Corporate and Other												—			(25)									(25)						—			(2)			(1)			(1)			(4)
Total Special Items (Pre-tax)												(17)			(121)									(138)						(244)			(66)			(1,329)			(123)			(1,762)
Less: Income Tax Benefit
Tax impact of pre-tax special items**												(4)			(28)									(32)						(48)			(16)			(323)			(33)			(420)
Other tax impacts												—			25									25						—			(17)			(3)			(65)			(85)
Total Income Tax Benefit												(4)			(3)									(7)						(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)			(118)									(131)						(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 pre-tax charges for asset retirements of $91 million recorded in depreciation and amortization expense, and 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. Costs related to the shutdown of the Alliance Refinery totaled $26 million pre-tax in the second quarter of 2022. Shutdown-related costs recorded in the Refining segment include pre-tax charges for the disposal of materials and supplies of $20 million, and asset retirements of $6 million 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
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
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												—			(9)									(9)						(1)			(2)			(3)			23			17
Gulf Coast												(17)			(52)									(69)						(6)			(11)			(1,302)			(119)			(1,438)
Central Corridor												—			(22)									(22)						(7)			(6)			(3)			26			10
West Coast												—			(13)									(13)						—			(4)			(2)			12			6
Total Refining												(17)			(96)									(113)						(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
												2022																		2021
												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)												657			3,182									3,839						(639)			374			488			1,371			1,594
Depreciation and amortization												338			359									697						356			364			361			524			1,605
Impairments												—			2									2						198			—			1,298			2			1,498
Accretion on discounted liabilities												6			6									12						6			6			6			6			24
Deferred income taxes												142			148									290						(103)			266			(453)			18			(272)
Undistributed equity earnings												(100)			(390)									(490)						217			(218)			(77)			(50)			(128)
Net gain on dispositions												(1)			—									(1)						—			(2)			(3)			(2)			(7)
Unrealized investment (gain) loss*												169			221									390						—			—			(224)			(141)			(365)
Other												40			80									120						138			120			31			(340)			(51)
Net working capital changes												(115)			(1,825)									(1,940)						98			833			776			412			2,119
Net Cash Provided by Operating Activities												1,136			1,783									2,919						271			1,743			2,203			1,800			6,017
Cash Flows From Investing Activities
Capital expenditures and investments												(370)			(376)									(746)						(331)			(380)			(552)			(597)			(1,860)
Return of investments in equity affiliates												15			33									48						58			100			78			31			267
Proceeds from asset dispositions												1			1									2						—			24			2			1			27
Advances/loans—related parties												—			(75)									(75)						(155)			(90)			(65)			—			(310)
Collection of advances/loans—related parties												—			101									101						—			—			1			1			2
Other												(74)			25									(49)						(39)			(6)			40			7			2
Net Cash Used in Investing Activities												(428)			(291)									(719)						(467)			(352)			(496)			(557)			(1,872)
Cash Flows From Financing Activities
Issuance of debt												—			—									—						450			15			(15)			993			1,443
Repayment of debt												(24)			(1,457)									(1,481)						(925)			(54)			(506)			(1,469)			(2,954)
Issuance of common stock												23			44									67						20			4			—			2			26
Repurchase of common stock												—			(66)									(66)						—			—			—			—			—
Dividends paid on common stock												(404)			(467)									(871)						(394)			(394)			(394)			(403)			(1,585)
Distributions to noncontrolling interests												(77)			(24)									(101)						(76)			(82)			(81)			(85)			(324)
Repurchase of noncontrolling interests												—			—									—						—			(24)			—			—			(24)
Other												(30)			(7)									(37)						(20)			(7)			(9)			(16)			(52)
Net Cash Used in Financing Activities												(512)			(1,977)									(2,489)						(945)			(542)			(1,005)			(978)			(3,470)
Effect of Exchange Rate Changes on Cash and Cash Equivalents												(8)			(41)									(49)						(22)			7			(12)			(15)			(42)
Net Change in Cash and Cash Equivalents												188			(526)									(338)						(1,163)			856			690			250			633
Cash and cash equivalents at beginning of period												3,147			3,335									3,147						2,514			1,351			2,207			2,897			2,514
Cash and Cash Equivalents at End of Period												3,335			2,809									2,809						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
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Consolidated Capital Expenditures and Investments
Midstream												164			106									270						100			141			328			169			738
Chemicals												—			—									—						—			—			—			—			—
Refining												171			220									391						184			186			158			251			779
Marketing and Specialties												11			19									30						22			22			28			130			202
Corporate and Other												24			31									55						25			31			38			47			141
Consolidated Capital Expenditures and Investments												370			376									746						331			380			552			597			1,860
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)												11			20									31						7			14			15			19			55
CPChem (Chemicals)												113			161									274						79			72			88			128			367
WRB (Refining)												42			47									89						59			47			61			62			229
Selected Equity Affiliates												166			228									394						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).

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM
												Millions of Dollars, Except as Indicated
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income (Loss) before Income Taxes
Transportation												278			250									528						7			224			244			203			678
NGL and Other												91			152									243						35			79			130			133			377
DCP Midstream												31			130									161						34			9			31			111			185
NOVONIX												(158)			(240)									(398)						—			—			224			146			370
Income (Loss) before Income Taxes												242			292									534						76			312			629			593			1,610
Equity in Earnings of Affiliates
Transportation												154			133									287						126			120			140			142			528
NGL and Other												42			58									100						37			44			40			42			163
DCP Midstream												31			128									159						34			8			32			112			186
NOVONIX												—			—									—						—			—			—			—			—
Total												227			319									546						197			172			212			296			877
NOVONIX Investment
Unrealized Investment Gain (Loss)												(169)			(221)									(390)						—			—			224			141			365
Unrealized Foreign Currency Transaction Gain (Loss)												11			(19)									(8)						—			—			—			5			5
Change in Fair Value of NOVONIX Investment												(158)			(240)									(398)						—			—			224			146			370
Depreciation and Amortization*
Transportation												39			43									82						40			40			45			109			234
NGL and Other												55			55									110						52			52			52			53			209
DCP Midstream												—			—									—						—			—			—			—			—
NOVONIX												—			—									—						—			—			—			—			—
Total												94			98									192						92			92			97			162			443
* Excludes D&A of all non-consolidated affiliates.
Operating and SG&A Expenses*
Transportation												186			187									373						173			189			188			209			759
NGL and Other												107			117									224						122			88			85			113			408
DCP Midstream												—			(1)									(1)						—			—			1			1			2
NOVONIX												—			—									—						—			—			—			—			—
Total												293			303									596						295			277			274			323			1,169
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
Transportation Volumes (MB/D)
Pipelines*												3,099			3,066									3,082						2,801			3,424			3,483			3,370			3,271
Terminals												2,900			2,917									2,908						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			469									461						363			401			420			454			410
* Excludes DCP Midstream.
Market Indicator
Weighted-Average NGL Price ($/gal)*												1.10			1.15									1.13						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 Owners												1			215									216						27			(35)			23			199			214
Depreciation and Amortization												89			91									180						91			92			90			91			364
Operating and SG&A Expenses												205			251									456						189			222			230			250			891
Net Interest Expense*												70			71									141						77			77			73			72			299
* Net of interest income.
Capital Expenditures and Investments												22			40									62						14			28			30			38			110
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)												4.1			4.4									4.3						4.1			4.4			4.2			4.2			4.2
NGL Production (MB/D)												400			438									419						356			406			398			416			394
MLP Distributions*
LP Distribution from DCP Midstream, LP to DCP Midstream**												46			***									***						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.

Page 5

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
												Millions of Dollars
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes												242			292									534						76			312			629			593			1,610
Plus:
Depreciation and amortization												94			98									192						92			92			97			162			443
EBITDA												336			390									726						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			240									398						—			—			(224)			(146)			(370)
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment**												494			630									1,124						368			408			515			614			1,905
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2			4									6						2			4			4			4			14
Proportional share of selected equity affiliates net interest												41			39									80						43			43			42			41			169
Proportional share of selected equity affiliates depreciation and amortization												56			57									113						57			57			58			57			229
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests												(24)			(21)									(45)						(18)			(20)			(22)			(21)			(81)
Adjusted EBITDA**												569			709									1,278						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

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
												Millions of Dollars
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Transportation
Income before income taxes												278			250									528						7			224			244			203			678
Plus:
Depreciation and amortization												39			43									82						40			40			45			109			234
EBITDA												317			293									610						47			264			289			312			912
Special Item Adjustments (pre-tax):
Impairments												—			—									—						198			—			10			—			208
Winter-storm-related costs												—			—									—						1			—			—			—			1
EBITDA, Adjusted for Special Items												317			293									610						246			264			299			312			1,121
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2			3									5						2			4			4			4			14
Proportional share of selected equity affiliates net interest												21			19									40						21			21			21			21			84
Proportional share of selected equity affiliates depreciation and amortization												37			38									75						37			37			38			38			150
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests												(24)			(21)									(45)						(18)			(20)			(22)			(21)			(81)
Adjusted EBITDA												353			332									685						288			306			340			354			1,288
NGL and Other
Income before income taxes												91			152									243						35			79			130			133			377
Plus:
Depreciation and amortization												55			55									110						52			52			52			53			209
EBITDA												146			207									353						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 Items												146			207									353						88			135			185			191			599
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—			1									1						—			—			—			—			—
Proportional share of selected equity affiliates net interest												—			—									—						—			—			—			—			—
Proportional share of selected equity affiliates depreciation and amortization												5			5									10						5			5			5			5			20
Adjusted EBITDA												151			213									364						93			140			190			196			619
DCP Midstream
Income before income taxes												31			130									161						34			9			31			111			185
Plus:
None												—			—									—						—			—			—			—			—
EBITDA												31			130									161						34			9			31			111			185
Special Item Adjustments (pre-tax):
None												—			—									—						—			—			—			—			—
EBITDA, Adjusted for Special Items												31			130									161						34			9			31			111			185
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—			—									—						—			—			—			—			—
Proportional share of selected equity affiliates net interest												20			20									40						22			22			21			20			85
Proportional share of selected equity affiliates depreciation and amortization												14			14									28						15			15			15			14			59
Adjusted EBITDA*												65			164									229						71			46			67			145			329
* 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
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income before Income Taxes												396			273									669						154			623			631			436			1,844
Equity in Earnings of Affiliate												393			271									664						152			620			627			433			1,832
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings
Olefins and Polyolefins												736			433									1,169						288			1,124			1,224			851			3,487
Specialties, Aromatics and Styrenics												60			118									178						53			157			73			76			359
Corporate and Other												(32)			(7)									(39)						(37)			(41)			(44)			(40)			(162)
Total												764			544									1,308						304			1,240			1,253			887			3,684
Income (Loss) before Income Taxes
Olefins and Polyolefins												750			443									1,193						299			1,143			1,237			872			3,551
Specialties, Aromatics and Styrenics												69			130									199						58			164			80			82			384
Corporate and Other												(32)			(7)									(39)						(37)			(41)			(41)			(40)			(159)
Total												787			566									1,353						320			1,266			1,276			914			3,776
Depreciation and Amortization												141			144									285						146			144			151			151			592
Net Interest Expense*												23			11									34						22			24			24			24			94
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments												225			322									547						157			144			177			255			733
Return of Investments from Equity Companies												(26)			(34)									(60)						(30)			(107)			(82)			(46)			(265)
Olefins and Polyolefins Capacity Utilization (%)												99		%	94		%							96		%				79		%	102		%	102		%	97		%	95		%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)												39.5			35.0									37.2						41.9			41.1			45.6			38.4			41.8
HDPE Blow Molding, Domestic Spot (cents/lb)												69.8			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)												22.1			28.0									25.1						13.2			12.5			16.1			20.8			15.7
HDPE Blow Molding, Total Cash Cost (cents/lb)												53.9			49.7									51.8						55.7			54.9			59.7			52.8			55.8
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)												33.4			27.0									30.2						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 taxes												396			273									669						154			623			631			436			1,844
Plus:
None												—			—									—						—			—			—			—			—
EBITDA												396			273									669						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 Items												396			273									669						184			657			634			424			1,899
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												29			38									67						28			48			33			35			144
Proportional share of selected equity affiliates net interest												11			6									17						11			12			12			13			48
Proportional share of selected equity affiliates depreciation and amortization												101			103									204						103			102			102			104			411
Adjusted EBITDA												537			420									957						326			819			781			576			2,502

Page 8

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Phillips 66 Earnings Release Supplemental Data

REFINING
												Millions of Dollars, Except as Indicated
												2022																		2021
												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												143			1,093									1,236						(153)			(110)			90			137			(36)
Gulf Coast												4			863									867						(253)			(264)			(1,333)			(39)			(1,889)
Central Corridor												(135)			490									355						(248)			(82)			229			171			70
West Coast												111			590									701						(386)			(273)			(112)			77			(694)
Income (Loss) before Income Taxes												123			3,036									3,159						(1,040)			(729)			(1,126)			346			(2,549)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe												2.98			21.92									12.63						(3.57)			(2.20)			1.88			2.85			(0.19)
Gulf Coast												0.08			16.43									8.28						(4.64)			(3.81)			(20.82)			(0.74)			(7.84)
Central Corridor												(5.70)			21.65									7.66						(12.55)			(3.49)			8.68			6.58			0.73
West Coast												3.84			19.54									11.87						(14.89)			(9.70)			(3.67)			2.71			(6.14)
Worldwide												0.81			19.56									10.26						(7.27)			(4.26)			(6.67)			2.23			(3.99)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe												11.71			30.39									21.22						4.86			4.63			9.27			11.00			7.48
Gulf Coast												7.71			24.80									16.29						3.39			2.10			5.75			9.19			4.92
Central Corridor												7.89			26.72									17.12						5.97			6.40			12.47			12.60			9.65
West Coast												17.68			33.13									25.58						3.33			3.37			7.46			15.41			7.49
Worldwide												10.55			28.31									19.48						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)			(2)									(5)						(2)			(2)			(3)			(2)			(9)
Gulf Coast												(2)			(3)									(5)						(3)			—			(1)			(7)			(11)
Central Corridor												(16)			228									212						(117)			(65)			31			(13)			(164)
West Coast												—			—									—						—			—			—			—			—
Total												(21)			223									202						(122)			(67)			27			(22)			(184)
Depreciation and Amortization*
Atlantic Basin/Europe												52			51									103						52			52			52			54			210
Gulf Coast												51			62									113						77			77			73			150			377
Central Corridor												35			36									71						34			34			34			37			139
West Coast												60			63									123						54			57			57			72			240
Total												198			212									410						217			220			216			313			966
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe												310			312									622						244			235			258			314			1,051
Gulf Coast												318			325									643						331			313			327			388			1,359
Central Corridor												198			278									476						212			132			136			199			679
West Coast												314			315									629						393			291			277			300			1,261
Total												1,140			1,230									2,370						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/Europe												13			22									35						17			13			32			34			96
Gulf Coast												31			40									71						33			9			24			27			93
Central Corridor												26			117									143						17			36			13			28			94
West Coast												32			44									76						125			60			12			17			214
Total												102			223									325						192			118			81			106			497
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe												19			14									33						20			18			15			16			69
Gulf Coast												27			21									48						27			25			13			8			73
Central Corridor												18			18									36						15			11			12			13			51
West Coast												24			19									43						23			22			4			—			49
Total												88			72									160						85			76			44			37			242
Foreign Currency Gains (Losses) Pre-Tax												(8)			(10)									(18)						1			9			(4)			(10)			(4)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates												(21)			223									202						(122)			(67)			27			(22)			(184)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*												(228)			(495)									(723)						(129)			(167)			(220)			(216)			(732)
Equity affiliate-related expenses not included in Realized Refining Margins												(249)			(272)									(521)						(251)			(234)			(193)			(238)			(916)
Regional Totals
Atlantic Basin/Europe												(26)			(28)									(54)						(45)			(44)			(22)			(21)			(132)
Gulf Coast												(2)			(3)									(5)						(3)			—			(1)			(7)			(11)
Central Corridor												(221)			(241)									(462)						(203)			(190)			(170)			(210)			(773)
Total												(249)			(272)									(521)						(251)			(234)			(193)			(238)			(916)
* 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)
												2022																		2021
												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												123			3,036									3,159						(1,040)			(729)			(1,126)			346			(2,549)
Plus:
Depreciation and amortization												198			212									410						217			220			216			313			966
EBITDA												321			3,248									3,569						(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 costs												17			—									17						—			—			10			30			40
Winter-storm-related costs												—			—									—						14			3			—			—			17
Alliance shutdown-related costs												—			20									20						—			—			—			31			31
Regulatory compliance costs												—			70									70						—			—			—			(88)			(88)
EBITDA, Adjusted for Special Items												338			3,338									3,676						(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 interest												2			3									5						2			2			1			4			9
Proportional share of selected equity affiliates depreciation and amortization												23			23									46						25			26			27			25			103
Adjusted EBITDA												363			3,364									3,727						(784)			(459)			428			658			(157)
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)												503			526									515						438			513			487			478			479
Total Processed Inputs (MB/D)												533			548									541						476			549			519			523			517
Crude Oil Capacity Utilization (%)												94		%	98		%							96		%				82		%	96		%	91		%	89		%	89		%
Clean Product Yield (%)												85		%	83		%							84		%				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			500									498						553			687			623			505			592
Total Processed Inputs (MB/D)												579			577									578						606			762			697			575			660
Crude Oil Capacity Utilization (%)												94		%	94		%							94		%				71		%	88		%	80		%	95		%	82		%
Clean Product Yield (%)												77		%	79		%							78		%				73		%	78		%	78		%	80		%	77		%
Central Corridor*
Crude Oil Charge Input (MB/D)												453			435									444						384			462			493			503			461
Total Processed Inputs (MB/D)												470			446									458						397			475			506			519			474
Crude Oil Capacity Utilization (%)												85		%	82		%							84		%				72		%	87		%	93		%	95		%	87		%
Clean Product Yield (%)												88		%	87		%							87		%				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			306									300						268			286			302			278			284
Total Processed Inputs (MB/D)												321			332									326						288			309			332			308			310
Crude Oil Capacity Utilization (%)												81		%	84		%							82		%				74		%	79		%	83		%	76		%	78		%
Clean Product Yield (%)												90		%	85		%							88		%				86		%	83		%	90		%	92		%	88		%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)												1,747			1,767									1,757						1,643			1,948			1,905			1,764			1,816
Total Processed Inputs (MB/D)												1,903			1,903									1,903						1,767			2,095			2,054			1,925			1,961
Crude Oil Capacity Utilization (%)												89		%	90		%							90		%				74		%	88		%	86		%	90		%	84		%
Clean Product Yield (%)												84		%	83		%							84		%				82		%	82		%	84		%	86		%	83		%

Page 10

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2022																		2021
												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												226			221									224						220			242			232			237			233
Distillates												210			216									213						175			197			188			190			188
Other												102			113									107						87			113			103			101			101
Total												538			550									544						482			552			523			528			522
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline												233			231									232						219			310			281			243			263
Distillates												194			206									200						201			257			235			195			222
Other												163			149									156						183			196			184			146			177
Total												590			586									588						603			763			700			584			662
Central Corridor*
Gasoline												235			211									223						191			227			255			266			235
Distillates												176			176									176						149			183			187			201			180
Other												63			59									61						58			65			68			55			61
Total												474			446									460						398			475			510			522			476
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline												166			156									161						138			138			166			170			153
Distillates												123			126									124						110			118			131			113			118
Other												32			48									41						40			51			32			26			37
Total												321			330									326						288			307			329			309			308
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline												860			819									840						768			917			934			916			884
Distillates												703			724									713						635			755			741			699			708
Other												360			369									365						368			425			387			328			376
Total												1,923			1,912									1,918						1,771			2,097			2,062			1,943			1,968
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI												94.49			108.66									101.57						57.84			66.09			70.58			77.35			67.96
Brent												101.40			113.78									107.59						60.90			68.83			73.47			79.73			70.73
LLS												96.77			110.15									103.46						59.98			67.95			71.51			78.40			69.46
ANS												95.61			112.48									104.04						60.76			68.44			72.73			79.81			70.44
WTI less Maya												5.62			4.87									5.25						1.44			3.21			4.37			5.59			3.65
WTI less WCS (settlement differential)												14.53			12.80									13.67						12.47			11.49			13.58			14.64			13.04
Natural Gas ($/MMBtu)
Henry Hub												4.60			7.39									6.00						3.51			2.88			4.28			4.74			3.85
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent												13.57			41.02									27.29						11.73			18.61			21.15			17.90			17.35
East Coast Distillate less Brent												28.40			68.16									48.28						12.09			15.24			16.07			20.47			15.97
Gulf Coast
Gulf Coast Gasoline less LLS												16.24			32.87									24.56						11.22			15.47			18.61			14.64			14.99
Gulf Coast Distillate less LLS												28.52			57.49									43.00						11.30			14.03			15.87			19.12			15.08
Central Corridor
Central Gasoline less WTI												16.17			36.31									26.24						14.90			19.96			20.83			13.87			17.39
Central Distillate less WTI												27.31			60.45									43.88						17.24			18.40			19.38			19.73			18.69
West Coast
West Coast Gasoline less ANS												31.92			51.66									41.79						16.88			24.76			23.54			22.75			21.98
West Coast Distillate less ANS												32.28			58.37									45.32						14.14			15.28			18.55			22.44			17.60
Worldwide Market Crack Spread ($/BBL)**												21.93			46.72									34.33						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

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Phillips 66 Earnings Release Supplemental Data

MARKETING AND SPECIALTIES
												Millions of Dollars, Except as Indicated
												2022																		2021
												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												203			656									859						211			389			452			401			1,453
Specialties												113			109									222						79			87			93			97			356
Income before Income Taxes												316			765									1,081						290			476			545			498			1,809
Income before Income Taxes ($/BBL)
U.S.												1.13			2.86									2.00						1.36			2.15			1.93			1.44			1.74
International												0.92			7.30									4.14						2.24			1.96			4.84			7.13			4.13
Realized Marketing Fuel Margins ($/BBL)*
U.S.												1.59			3.24									2.42						1.94			2.62			2.29			1.87			2.19
International												2.30			8.20									5.27						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 Other												167			202									369						104			138			111			122			475
Specialties												101			90									191						84			64			61			77			286
Total												268			292									560						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 Other												33			48									81						26			46			48			41			161
Specialties												52			56									108						32			59			68			59			218
Total												85			104									189						58			105			116			100			379
Depreciation and Amortization*
Marketing and Other												23			25									48						23			24			23			25			95
Specialties												4			4									8						4			6			4			4			18
Total												27			29									56						27			30			27			29			113
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other												288			329									617						258			284			280			318			1,140
Specialties												32			32									64						29			30			30			33			122
Total												320			361									681						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
Gasoline												1,046			1,089									1,067						960			1,095			1,098			1,142			1,074
Distillates												834			789									812						660			776			895			822			789
Other												—			—									—						—			—			—			—			—
Total												1,880			1,878									1,879						1,620			1,871			1,993			1,964			1,863
International Marketing
Gasoline												83			87									85						63			81			91			82			80
Distillates												177			171									174						158			171			179			174			170
Other												17			19									18						18			18			17			17			17
Total												277			277									277						239			270			287			273			267
Worldwide Marketing
Gasoline												1,129			1,176									1,152						1,023			1,176			1,189			1,224			1,154
Distillates												1,011			960									986						818			947			1,074			996			959
Other												17			19									18						18			18			17			17			17
Total												2,157			2,155									2,156						1,859			2,141			2,280			2,237			2,130
Foreign Currency Gains (Losses) Pre-Tax												1			7									8						—			1			—			(1)			—
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes												316			765									1,081						290			476			545			498			1,809
Plus:
Depreciation and amortization												27			29									56						27			30			27			29			113
EBITDA												343			794									1,137						317			506			572			527			1,922
Special Item Adjustments (pre-tax):
Pension settlement expense												—			—									—						—			3			2			1			6
EBITDA, Adjusted for Special Items												343			794									1,137						317			509			574			528			1,928
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												6			6									12						5			6			7			6			24
Proportional share of selected equity affiliates net interest												5			5									10						4			4			4			4			16
Proportional share of selected equity affiliates depreciation and amortization												21			18									39						17			17			17			18			69
Adjusted EBITDA												375			823									1,198						343			536			602			556			2,037

Page 12

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Phillips 66 Earnings Release Supplemental Data

CORPORATE AND OTHER
												Millions of Dollars, Except as Indicated
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Loss before Income Taxes												(249)			(260)									(509)						(251)			(246)			(231)			(246)			(974)
Detail of Loss before Income Taxes
Net interest expense												(132)			(127)									(259)						(143)			(141)			(148)			(151)			(583)
Corporate overhead and other												(117)			(133)									(250)						(108)			(105)			(83)			(95)			(391)
Total												(249)			(260)									(509)						(251)			(246)			(231)			(246)			(974)
Net Interest Expense
Interest expense												(144)			(141)									(285)						(150)			(148)			(159)			(151)			(608)
Capitalized interest												9			8									17						4			5			8			10			27
Loss on early debt retirement												—			—									—						—			—			—			(13)			(13)
Interest income												3			6									9						3			2			3			3			11
Total												(132)			(127)									(259)						(143)			(141)			(148)			(151)			(583)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes												(249)			(260)									(509)						(251)			(246)			(231)			(246)			(974)
Plus:
Net interest expense												132			127									259						143			141			148			151			583
Depreciation and amortization												19			20									39						20			22			21			20			83
EBITDA												(98)			(113)									(211)						(88)			(83)			(62)			(75)			(308)
Special Item Adjustments (pre-tax):
Pension settlement expense												—			—									—						—			2			1			1			4
Restructuring costs												—			25									25						—			—			—			—			—
EBITDA, Adjusted for Special Items												(98)			(88)									(186)						(88)			(81)			(61)			(74)			(304)
Other Adjustments (pre-tax):
None												—			—									—						—			—			—			—			—
Adjusted EBITDA												(98)			(88)									(186)						(88)			(81)			(61)			(74)			(304)
Foreign Currency Losses Pre-Tax												(1)			—									(1)						(1)			(1)			—			—			(2)
Phillips 66 Total Company Debt
Total Debt												14,434			12,969									12,969						15,422			15,413			14,910			14,448			14,448
Debt-to-Capital Ratio (%)												39		%	35		%							35		%				43		%	43		%	42		%	40		%	40		%
Total Equity												22,121			24,573									24,573						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
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Net income (loss)												657			3,182									3,839						(639)			374			488			1,371			1,594
Plus:
Income tax expense (benefit)												171			924									1,095						(132)			62			(40)			256			146
Net interest expense												132			127									259						143			141			148			151			583
Depreciation and amortization												338			359									697						356			364			361			524			1,605
Phillips 66 EBITDA												1,298			4,592									5,890						(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 costs												17			—									17						—			—			11			34			45
Winter-storm-related costs												—			—									—						46			19			—			(14)			51
Alliance shutdown-related costs												—			20									20						—			—			—			31			31
Regulatory compliance costs												—			70									70						—			—			—			(88)			(88)
Restructuring costs												—			25									25						—			—			—			—			—
Total Special Item Adjustments (pre-tax)												17			115									132						244			66			1,329			(38)			1,601
Change in Fair Value of NOVONIX Investment*												158			240									398						—			—			(224)			(146)			(370)
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment**												1,473			4,947									6,420						(28)			1,007			2,062			2,118			5,159
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												37			48									85						33			57			44			48			182
Proportional share of selected equity affiliates net interest												59			53									112						60			61			59			62			242
Proportional share of selected equity affiliates depreciation and amortization												201			201									402						202			202			204			204			812
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests												(24)			(21)									(45)						(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			5,228									6,892						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

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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
												2022																		2021
												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												143			1,093									1,236						(153)			(110)			90			137			(36)
Plus:
Taxes other than income taxes												19			14									33						20			18			15			16			69
Depreciation, amortization and impairments												52			51									103						52			52			52			54			210
Selling, general and administrative expenses												14			16									30						14			18			19			19			70
Operating expenses												296			296									592						230			217			239			295			981
Equity in losses of affiliates												3			2									5						2			2			3			2			9
Other segment (income) expense, net												12			8									20						—			(8)			6			11			9
Proportional share of refining gross margins contributed by equity affiliates												23			26									49						43			42			19			19			123
Special items:
Certain tax impacts												—			—									—						—			—			—			(4)			(4)
Regulatory compliance costs												—			9									9						—			—			—			(20)			(20)
Realized refining margins												562			1,515									2,077						208			231			443			529			1,411
Total processed inputs (MB)												48,015			49,854									97,869						42,826			49,979			47,792			48,100			188,697
Adjusted total processed inputs (MB)												48,015			49,854									97,869						42,826			49,979			47,792			48,100			188,697
Income (loss) before income taxes ($/BBL)**												2.98			21.92									12.63						(3.57)			(2.20)			1.88			2.85			(0.19)
Realized refining margins ($/BBL)***												11.71			30.39									21.22						4.86			4.63			9.27			11.00			7.48
GULF COAST
Income (loss) before income taxes												4			863									867						(253)			(264)			(1,333)			(39)			(1,889)
Plus:
Taxes other than income taxes												27			21									48						27			25			13			8			73
Depreciation, amortization and impairments												51			64									115						77			77			1,361			150			1,665
Selling, general and administrative expenses												11			14									25						10			14			15			11			50
Operating expenses												307			311									618						321			299			312			377			1,309
Equity in losses of affiliates												2			3									5						3			—			1			7			11
Other segment (income) expense, net												—			1									1						—			(6)			(1)			—			(7)
Proportional share of refining gross margins contributed by equity affiliates												—			—									—						—			—			—			—			—
Special items:
Regulatory compliance costs												—			26									26						—			—			—			(28)			(28)
Realized refining margins												402			1,303									1,705						185			145			368			486			1,184
Total processed inputs (MB)												52,151			52,523									104,674						54,560			69,364			64,016			52,919			240,859
Adjusted total processed inputs (MB)												52,151			52,523									104,674						54,560			69,364			64,016			52,919			240,859
Income (loss) before income taxes ($/BBL)**												0.08			16.43									8.28						(4.64)			(3.81)			(20.82)			(0.74)			(7.84)
Realized refining margins ($/BBL)***												7.71			24.80									16.29						3.39			2.10			5.75			9.19			4.92
CENTRAL CORRIDOR
Income (loss) before income taxes												(135)			490									355						(248)			(82)			229			171			70
Plus:
Taxes other than income taxes												18			18									36						15			11			12			13			51
Depreciation, amortization and impairments												35			36									71						34			34			34			37			139
Selling, general and administrative expenses												14			13									27						7			7			10			8			32
Operating expenses												184			264									448						205			125			126			191			647
Equity in (earnings) losses of affiliates												16			(228)									(212)						117			65			(31)			13			164
Other segment (income) expense, net												(4)			2									(2)						(2)			(8)			—			(1)			(11)
Proportional share of refining gross margins contributed by equity affiliates												205			469									674						86			125			201			197			609
Special items:
Regulatory compliance costs												—			22									22						—			—			—			(27)			(27)
Realized refining margins												333			1,086									1,419						214			277			581			602			1,674
Total processed inputs (MB)												23,691			22,635									46,326						19,754			23,466			26,373			26,002			95,595
Adjusted total processed inputs (MB)*												42,267			40,629									82,896						35,711			43,189			46,592			47,738			173,230
Income (loss) before income taxes ($/BBL)**												(5.70)			21.65									7.66						(12.55)			(3.49)			8.68			6.58			0.73
Realized refining margins ($/BBL)***												7.89			26.72									17.12						5.97			6.40			12.47			12.60			9.65

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
												2022																		2021
												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												111			590									701						(386)			(273)			(112)			77			(694)
Plus:
Taxes other than income taxes												24			19									43						23			22			4			—			49
Depreciation, amortization and impairments												60			63									123						54			57			57			72			240
Selling, general and administrative expenses												9			9									18						11			10			11			9			41
Operating expenses												305			306									611						382			281			266			291			1,220
Other segment (income) expense, net												1			—									1						2			(2)			2			2			4
Special items:
Regulatory compliance costs												—			13									13						—			—			—			(13)			(13)
Realized refining margins												510			1,000									1,510						86			95			228			438			847
Total processed inputs (MB)												28,877			30,199									59,076						25,917			28,158			30,558			28,361			112,994
Adjusted total processed inputs (MB)												28,877			30,199									59,076						25,917			28,158			30,558			28,361			112,994
Income (loss) before income taxes ($/BBL)**												3.84			19.54									11.87						(14.89)			(9.70)			(3.67)			2.71			(6.14)
Realized refining margins ($/BBL)***												17.68			33.13									25.58						3.33			3.37			7.46			15.41			7.49
WORLDWIDE
Income (loss) before income taxes												123			3,036									3,159						(1,040)			(729)			(1,126)			346			(2,549)
Plus:
Taxes other than income taxes												88			72									160						85			76			44			37			242
Depreciation, amortization and impairments												198			214									412						217			220			1,504			313			2,254
Selling, general and administrative expenses												48			52									100						42			49			55			47			193
Operating expenses												1,092			1,177									2,269						1,138			922			943			1,154			4,157
Equity in (earnings) losses of affiliates												21			(223)									(202)						122			67			(27)			22			184
Other segment (income) expense, net												9			11									20						—			(24)			7			12			(5)
Proportional share of refining gross margins contributed by equity affiliates												228			495									723						129			167			220			216			732
Special items:
Certain tax impacts												—			—									—						—			—			—			(4)			(4)
Regulatory compliance costs												—			70									70						—			—			—			(88)			(88)
Realized refining margins												1,807			4,904									6,711						693			748			1,620			2,055			5,116
Total processed inputs (MB)												152,734			155,211									307,945						143,057			170,967			168,739			155,382			638,145
Adjusted total processed inputs (MB)*												171,310			173,205									344,515						159,014			190,690			188,958			177,118			715,780
Income (loss) before income taxes ($/BBL)**												0.81			19.56									10.26						(7.27)			(4.26)			(6.67)			2.23			(3.99)
Realized refining margins ($/BBL)***												10.55			28.31									19.48						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

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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
												2022																		2021
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
UNITED STATES
Income before income taxes												191			489									680						199			366			354			261			1,180
Plus:
Depreciation and amortization												3			3									6						3			5			3			3			14
Selling, general and administrative expenses												182			210									392						165			198			201			194			758
Equity in earnings of affiliates												(7)			(16)									(23)						(2)			(15)			(18)			(13)			(48)
Other operating revenues*												(107)			(139)									(246)						(86)			(110)			(120)			(108)			(424)
Other expense, net												6			6									12						4			2			2			1			9
Realized marketing fuel margins												268			553									821						283			446			422			338			1,489
Total fuel sales volumes (MB)												169,196			170,899									340,095						145,794			170,228			183,332			180,748			680,102
Income before income taxes ($/BBL)												1.13			2.86									2.00						1.36			2.15			1.93			1.44			1.74
Realized marketing fuel margins ($/BBL)**												1.59			3.24									2.42						1.94			2.62			2.29			1.87			2.19
INTERNATIONAL
Income before income taxes												23			185									208						48			48			128			179			403
Plus:
Depreciation and amortization												18			19									37						19			19			18			20			76
Selling, general and administrative expenses												63			62									125						60			60			64			69			253
Equity in earnings of affiliates												(26)			(32)									(58)						(24)			(31)			(30)			(28)			(113)
Other operating (revenues) expenses*												(12)			(9)									(21)						(5)			(10)			9			14			8
Other (income) expense, net												4			(3)									1						1			—			2			4			7
Marketing margins												70			222									292						99			86			191			258			634
Less: margin for nonfuel related sales												13			14									27						13			15			13			12			53
Realized marketing fuel margins												57			208									265						86			71			178			246			581
Total fuel sales volumes (MB)												24,926			25,329									50,255						21,474			24,539			26,427			25,089			97,529
Income before income taxes ($/BBL)												0.92			7.30									4.14						2.24			1.96			4.84			7.13			4.13
Realized marketing fuel margins ($/BBL)**												2.30			8.20									5.27						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
												2022																		2021
												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												828			4,106									4,934						(771)			436			448			1,627			1,740
Special items												17			121									138						244			66			1,329			123			1,762
Adjusted income (loss) before income taxes												845			4,227									5,072						(527)			502			1,777			1,750			3,502
Income tax expense (benefit)												171			924									1,095						(132)			62			(40)			256			146
Special items												4			3									7						48			33			326			98			505
Adjusted income tax expense (benefit)												175			927									1,102						(84)			95			286			354			651
Effective tax rate (%)												20.7		%	22.5		%							22.2		%				17.1		%	14.2		%	(8.9)		%	15.7		%	8.4		%
Adjusted effective tax rate (%)												20.7		%	21.9		%							21.7		%				15.9		%	18.9		%	16.1		%	20.2		%	18.6		%

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