EX-99.2 3 psx-2022930_erxsuppinfoxex.htm EX-99.2

Exhibit 99.2

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			135						804						154			623			631			436			1,844
Equity in Earnings of Affiliate												393			271			129						793						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			209						1,378						288			1,124			1,224			851			3,487
Specialties, Aromatics and Styrenics												60			118			120						298						53			157			73			76			359
Corporate and Other												(32)			(7)			(72)						(111)						(37)			(41)			(44)			(40)			(162)
Total												764			544			257						1,565						304			1,240			1,253			887			3,684
Income (Loss) before Income Taxes
Olefins and Polyolefins												750			443			220						1,413						299			1,143			1,237			872			3,551
Specialties, Aromatics and Styrenics												69			130			127						326						58			164			80			82			384
Corporate and Other												(32)			(7)			(72)						(111)						(37)			(41)			(41)			(40)			(159)
Total												787			566			275						1,628						320			1,266			1,276			914			3,776
Depreciation and Amortization												141			144			145						430						146			144			151			151			592
Net Interest Expense*												23			11			12						46						22			24			24			24			94
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments												225			322			317						864						157			144			177			255			733
Return of Investments from Equity Companies												(26)			(34)			(5)						(65)						(30)			(107)			(82)			(46)			(265)
Olefins and Polyolefins Capacity Utilization (%)												99		%	94		%	90		%				95		%				79		%	102		%	102		%	97		%	95		%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)												39.5			35.0			31.6						35.4						41.9			41.1			45.6			38.4			41.8
HDPE Blow Molding, Domestic Spot (cents/lb)												69.8			69.8			52.9						64.2						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			26.5						25.5						13.2			12.5			16.1			20.8			15.7
HDPE Blow Molding, Total Cash Cost (cents/lb)												53.9			49.8			46.6						50.1						55.7			54.9			59.7			52.8			55.8
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)												33.4			26.9			11.4						23.9						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			135						804						154			623			631			436			1,844
Plus:
None												—			—			—						—						—			—			—			—			—
EBITDA												396			273			135						804						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			135						804						184			657			634			424			1,899
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												29			38			25						92						28			48			33			35			144
Proportional share of selected equity affiliates net interest												11			6			5						22						11			12			12			13			48
Proportional share of selected equity affiliates depreciation and amortization												101			103			103						307						103			102			102			104			411
Adjusted EBITDA												537			420			268						1,225						326			819			781			576			2,502

Page 1

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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			521						1,757						(153)			(110)			90			137			(36)
Gulf Coast												4			863			726						1,593						(253)			(264)			(1,333)			(39)			(1,889)
Central Corridor												(135)			490			1,342						1,697						(248)			(82)			229			171			70
West Coast												111			590			262						963						(386)			(273)			(112)			77			(694)
Income (Loss) before Income Taxes												123			3,036			2,851						6,010						(1,040)			(729)			(1,126)			346			(2,549)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe												2.98			21.92			10.54						11.93						(3.57)			(2.20)			1.88			2.85			(0.19)
Gulf Coast												0.08			16.43			14.39						10.27						(4.64)			(3.81)			(20.82)			(0.74)			(7.84)
Central Corridor												(5.70)			21.65			53.32						23.74						(12.55)			(3.49)			8.68			6.58			0.73
West Coast												3.84			19.54			9.07						10.95						(14.89)			(9.70)			(3.67)			2.71			(6.14)
Worldwide												0.81			19.56			18.52						13.01						(7.27)			(4.26)			(6.67)			2.23			(3.99)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe												11.71			30.39			19.22						20.55						4.86			4.63			9.27			11.00			7.48
Gulf Coast												7.71			24.80			21.29						17.91						3.39			2.10			5.75			9.19			4.92
Central Corridor												7.89			26.72			38.76						24.93						5.97			6.40			12.47			12.60			9.65
West Coast												17.68			33.13			28.64						26.58						3.33			3.37			7.46			15.41			7.49
Worldwide												10.55			28.31			26.58						21.88						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)			(2)						(7)						(2)			(2)			(3)			(2)			(9)
Gulf Coast												(2)			(3)			(1)						(6)						(3)			—			(1)			(7)			(11)
Central Corridor												(16)			228			294						506						(117)			(65)			31			(13)			(164)
West Coast												—			—			—						—						—			—			—			—			—
Total												(21)			223			291						493						(122)			(67)			27			(22)			(184)
Depreciation and Amortization*
Atlantic Basin/Europe												52			51			50						153						52			52			52			54			210
Gulf Coast												51			62			55						168						77			77			73			150			377
Central Corridor												35			36			36						107						34			34			34			37			139
West Coast												60			63			76						199						54			57			57			72			240
Total												198			212			217						627						217			220			216			313			966
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe												310			312			338						960						244			235			258			314			1,051
Gulf Coast												318			325			275						918						331			313			327			388			1,359
Central Corridor												198			278			194						670						212			132			136			199			679
West Coast												314			315			461						1,090						393			291			277			300			1,261
Total												1,140			1,230			1,268						3,638						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			44						79						17			13			32			34			96
Gulf Coast												31			40			53						124						33			9			24			27			93
Central Corridor												26			117			17						160						17			36			13			28			94
West Coast												32			44			111						187						125			60			12			17			214
Total												102			223			225						550						192			118			81			106			497
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe												19			14			14						47						20			18			15			16			69
Gulf Coast												27			21			18						66						27			25			13			8			73
Central Corridor												18			18			16						52						15			11			12			13			51
West Coast												24			19			31						74						23			22			4			—			49
Total												88			72			79						239						85			76			44			37			242
Foreign Currency Gains (Losses) Pre-Tax												(8)			(10)			(5)						(23)						1			9			(4)			(10)			(4)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates												(21)			223			291						493						(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)			(539)						(1,262)						(129)			(167)			(220)			(216)			(732)
Equity affiliate-related expenses not included in Realized Refining Margins												(249)			(272)			(248)						(769)						(251)			(234)			(193)			(238)			(916)
Regional Totals
Atlantic Basin/Europe												(26)			(28)			(24)						(78)						(45)			(44)			(22)			(21)			(132)
Gulf Coast												(2)			(3)			(1)						(6)						(3)			—			(1)			(7)			(11)
Central Corridor												(221)			(241)			(223)						(685)						(203)			(190)			(170)			(210)			(773)
Total												(249)			(272)			(248)						(769)						(251)			(234)			(193)			(238)			(916)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).

Page 2

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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			2,851						6,010						(1,040)			(729)			(1,126)			346			(2,549)
Plus:
Depreciation and amortization												198			212			217						627						217			220			216			313			966
EBITDA												321			3,248			3,068						6,637						(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			—			(24)						(7)						—			—			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			3,044						6,720						(809)			(486)			400			626			(269)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—			—			1						1						(2)			(1)			—			3			—
Proportional share of selected equity affiliates net interest												2			3			1						6						2			2			1			4			9
Proportional share of selected equity affiliates depreciation and amortization												23			23			22						68						25			26			27			25			103
Adjusted EBITDA												363			3,364			3,068						6,795						(784)			(459)			428			658			(157)
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)												503			526			525						518						438			513			487			478			479
Total Processed Inputs (MB/D)												533			548			538						540						476			549			519			523			517
Crude Oil Capacity Utilization (%)												94		%	98		%	98		%				96		%				82		%	96		%	91		%	89		%	89		%
Clean Product Yield (%)												85		%	83		%	82		%				83		%				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			481						493						553			687			623			505			592
Total Processed Inputs (MB/D)												579			577			548						568						606			762			697			575			660
Crude Oil Capacity Utilization (%)												94		%	94		%	91		%				93		%				71		%	88		%	80		%	95		%	82		%
Clean Product Yield (%)												77		%	79		%	81		%				79		%				73		%	78		%	78		%	80		%	77		%
Central Corridor*
Crude Oil Charge Input (MB/D)												453			435			492						460						384			462			493			503			461
Total Processed Inputs (MB/D)												470			446			509						475						397			475			506			519			474
Crude Oil Capacity Utilization (%)												85		%	82		%	93		%				87		%				72		%	87		%	93		%	95		%	87		%
Clean Product Yield (%)												88		%	87		%	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			306			290						297						268			286			302			278			284
Total Processed Inputs (MB/D)												321			332			314						322						288			309			332			308			310
Crude Oil Capacity Utilization (%)												81		%	84		%	80		%				81		%				74		%	79		%	83		%	76		%	78		%
Clean Product Yield (%)												90		%	85		%	90		%				88		%				86		%	83		%	90		%	92		%	88		%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)												1,747			1,767			1,788						1,768						1,643			1,948			1,905			1,764			1,816
Total Processed Inputs (MB/D)												1,903			1,903			1,909						1,905						1,767			2,095			2,054			1,925			1,961
Crude Oil Capacity Utilization (%)												89		%	90		%	91		%				90		%				74		%	88		%	86		%	90		%	84		%
Clean Product Yield (%)												84		%	83		%	85		%				84		%				82		%	82		%	84		%	86		%	83		%

Page 3

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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			210						219						220			242			232			237			233
Distillates												210			216			215						214						175			197			188			190			188
Other												102			113			114						110						87			113			103			101			101
Total												538			550			539						543						482			552			523			528			522
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline												233			231			223						230						219			310			281			243			263
Distillates												194			206			200						200						201			257			235			195			222
Other												163			149			134						148						183			196			184			146			177
Total												590			586			557						578						603			763			700			584			662
Central Corridor*
Gasoline												235			211			246						230						191			227			255			266			235
Distillates												176			176			200						184						149			183			187			201			180
Other												63			59			66						63						58			65			68			55			61
Total												474			446			512						477						398			475			510			522			476
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline												166			156			158						160						138			138			166			170			153
Distillates												123			126			124						124						110			118			131			113			118
Other												32			48			30						37						40			51			32			26			37
Total												321			330			312						321						288			307			329			309			308
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline												860			819			837						839						768			917			934			916			884
Distillates												703			724			739						722						635			755			741			699			708
Other												360			369			344						358						368			425			387			328			376
Total												1,923			1,912			1,920						1,919						1,771			2,097			2,062			1,943			1,968
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI												94.49			108.66			91.76						98.30						57.84			66.09			70.58			77.35			67.96
Brent												101.40			113.78			100.85						105.35						60.90			68.83			73.47			79.73			70.73
LLS												96.77			110.15			94.19						100.37						59.98			67.95			71.51			78.40			69.46
ANS												95.61			112.48			99.12						102.40						60.76			68.44			72.73			79.81			70.44
WTI less Maya												5.62			4.87			7.30						5.93						1.44			3.21			4.37			5.59			3.65
WTI less WCS (settlement differential)												14.53			12.80			19.86						15.73						12.47			11.49			13.58			14.64			13.04
Natural Gas ($/MMBtu)
Henry Hub												4.60			7.39			7.96						6.65						3.51			2.88			4.28			4.74			3.85
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent												13.57			41.02			25.69						26.76						11.73			18.61			21.15			17.90			17.35
East Coast Distillate less Brent												28.40			68.16			49.04						48.53						12.09			15.24			16.07			20.47			15.97
Gulf Coast
Gulf Coast Gasoline less LLS												16.24			32.87			17.21						22.11						11.22			15.47			18.61			14.64			14.99
Gulf Coast Distillate less LLS												28.52			57.49			52.51						46.17						11.30			14.03			15.87			19.12			15.08
Central Corridor
Central Gasoline less WTI												16.17			36.31			27.38						26.62						14.90			19.96			20.83			13.87			17.39
Central Distillate less WTI												27.31			60.45			60.24						49.33						17.24			18.40			19.38			19.73			18.69
West Coast
West Coast Gasoline less ANS												31.92			51.66			46.29						43.29						16.88			24.76			23.54			22.75			21.98
West Coast Distillate less ANS												32.28			58.37			50.26						46.97						14.14			15.28			18.55			22.44			17.60
Worldwide Market Crack Spread ($/BBL)**												21.93			46.72			36.29						34.98						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 4

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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			717						1,576						211			389			452			401			1,453
Specialties												113			109			130						352						79			87			93			97			356
Income before Income Taxes												316			765			847						1,928						290			476			545			498			1,809
Income before Income Taxes ($/BBL)
U.S.												1.13			2.86			2.16						2.05						1.36			2.15			1.93			1.44			1.74
International												0.92			7.30			12.60						7.06						2.24			1.96			4.84			7.13			4.13
Realized Marketing Fuel Margins ($/BBL)*
U.S.												1.59			3.24			2.49						2.44						1.94			2.62			2.29			1.87			2.19
International												2.30			8.20			12.40						7.73						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			242						611						104			138			111			122			475
Specialties												101			90			78						269						84			64			61			77			286
Total												268			292			320						880						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			61						142						26			46			48			41			161
Specialties												52			56			87						195						32			59			68			59			218
Total												85			104			148						337						58			105			116			100			379
Depreciation and Amortization*
Marketing and Other												23			25			22						70						23			24			23			25			95
Specialties												4			4			5						13						4			6			4			4			18
Total												27			29			27						83						27			30			27			29			113
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other												288			329			317						934						258			284			280			318			1,140
Specialties												32			32			29						93						29			30			30			33			122
Total												320			361			346						1,027						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			1,096						1,077						960			1,095			1,098			1,142			1,074
Distillates												834			789			757						793						660			776			895			822			789
Other												—			—			—						—						—			—			—			—			—
Total												1,880			1,878			1,853						1,870						1,620			1,871			1,993			1,964			1,863
International Marketing
Gasoline												83			87			94						88						63			81			91			82			80
Distillates												177			171			178						175						158			171			179			174			170
Other												17			19			16						17						18			18			17			17			17
Total												277			277			288						280						239			270			287			273			267
Worldwide Marketing
Gasoline												1,129			1,176			1,190						1,165						1,023			1,176			1,189			1,224			1,154
Distillates												1,011			960			935						968						818			947			1,074			996			959
Other												17			19			16						17						18			18			17			17			17
Total												2,157			2,155			2,141						2,150						1,859			2,141			2,280			2,237			2,130
Foreign Currency Gains (Losses) Pre-Tax												1			7			6						14						—			1			—			(1)			—
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes												316			765			847						1,928						290			476			545			498			1,809
Plus:
Depreciation and amortization												27			29			27						83						27			30			27			29			113
EBITDA												343			794			874						2,011						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			874						2,011						317			509			574			528			1,928
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												6			6			7						19						5			6			7			6			24
Proportional share of selected equity affiliates net interest												5			5			6						16						4			4			4			4			16
Proportional share of selected equity affiliates depreciation and amortization												21			18			18						57						17			17			17			18			69
Adjusted EBITDA												375			823			905						2,103						343			536			602			556			2,037

Page 5

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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			521						1,757						(153)			(110)			90			137			(36)
Plus:
Taxes other than income taxes												19			14			14						47						20			18			15			16			69
Depreciation, amortization and impairments												52			51			50						153						52			52			52			54			210
Selling, general and administrative expenses												14			16			27						57						14			18			19			19			70
Operating expenses												296			296			311						903						230			217			239			295			981
Equity in losses of affiliates												3			2			2						7						2			2			3			2			9
Other segment (income) expense, net												12			8			2						22						—			(8)			6			11			9
Proportional share of refining gross margins contributed by equity affiliates												23			26			22						71						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			949						3,026						208			231			443			529			1,411
Total processed inputs (MB)												48,015			49,854			49,420						147,289						42,826			49,979			47,792			48,100			188,697
Adjusted total processed inputs (MB)												48,015			49,854			49,420						147,289						42,826			49,979			47,792			48,100			188,697
Income (loss) before income taxes ($/BBL)**												2.98			21.92			10.54						11.93						(3.57)			(2.20)			1.88			2.85			(0.19)
Realized refining margins ($/BBL)***												11.71			30.39			19.22						20.55						4.86			4.63			9.27			11.00			7.48
GULF COAST
Income (loss) before income taxes												4			863			726						1,593						(253)			(264)			(1,333)			(39)			(1,889)
Plus:
Taxes other than income taxes												27			21			18						66						27			25			13			8			73
Depreciation, amortization and impairments												51			64			54						169						77			77			1,361			150			1,665
Selling, general and administrative expenses												11			14			12						37						10			14			15			11			50
Operating expenses												307			311			263						881						321			299			312			377			1,309
Equity in losses of affiliates												2			3			1						6						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			1,074						2,779						185			145			368			486			1,184
Total processed inputs (MB)												52,151			52,523			50,435						155,109						54,560			69,364			64,016			52,919			240,859
Adjusted total processed inputs (MB)												52,151			52,523			50,435						155,109						54,560			69,364			64,016			52,919			240,859
Income (loss) before income taxes ($/BBL)**												0.08			16.43			14.39						10.27						(4.64)			(3.81)			(20.82)			(0.74)			(7.84)
Realized refining margins ($/BBL)***												7.71			24.80			21.29						17.91						3.39			2.10			5.75			9.19			4.92
CENTRAL CORRIDOR
Income (loss) before income taxes												(135)			490			1,342						1,697						(248)			(82)			229			171			70
Plus:
Taxes other than income taxes												18			18			16						52						15			11			12			13			51
Depreciation, amortization and impairments												35			36			36						107						34			34			34			37			139
Selling, general and administrative expenses												14			13			17						44						7			7			10			8			32
Operating expenses												184			264			178						626						205			125			126			191			647
Equity in (earnings) losses of affiliates												16			(228)			(294)						(506)						117			65			(31)			13			164
Other segment (income) expense, net												(4)			2			4						2						(2)			(8)			—			(1)			(11)
Proportional share of refining gross margins contributed by equity affiliates												205			469			517						1,191						86			125			201			197			609
Special items:
Regulatory compliance costs												—			22			—						22						—			—			—			(27)			(27)
Realized refining margins												333			1,086			1,816						3,235						214			277			581			602			1,674
Total processed inputs (MB)												23,691			22,635			25,167						71,493						19,754			23,466			26,373			26,002			95,595
Adjusted total processed inputs (MB)*												42,267			40,629			46,857						129,753						35,711			43,189			46,592			47,738			173,230
Income (loss) before income taxes ($/BBL)**												(5.70)			21.65			53.32						23.74						(12.55)			(3.49)			8.68			6.58			0.73
Realized refining margins ($/BBL)***												7.89			26.72			38.76						24.93						5.97			6.40			12.47			12.60			9.65

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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			262						963						(386)			(273)			(112)			77			(694)
Plus:
Taxes other than income taxes												24			19			31						74						23			22			4			—			49
Depreciation, amortization and impairments												60			63			76						199						54			57			57			72			240
Selling, general and administrative expenses												9			9			9						27						11			10			11			9			41
Operating expenses												305			306			452						1,063						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			829						2,339						86			95			228			438			847
Total processed inputs (MB)												28,877			30,199			28,897						87,973						25,917			28,158			30,558			28,361			112,994
Adjusted total processed inputs (MB)												28,877			30,199			28,897						87,973						25,917			28,158			30,558			28,361			112,994
Income (loss) before income taxes ($/BBL)**												3.84			19.54			9.07						10.95						(14.89)			(9.70)			(3.67)			2.71			(6.14)
Realized refining margins ($/BBL)***												17.68			33.13			28.64						26.58						3.33			3.37			7.46			15.41			7.49
WORLDWIDE
Income (loss) before income taxes												123			3,036			2,851						6,010						(1,040)			(729)			(1,126)			346			(2,549)
Plus:
Taxes other than income taxes												88			72			79						239						85			76			44			37			242
Depreciation, amortization and impairments												198			214			216						628						217			220			1,504			313			2,254
Selling, general and administrative expenses												48			52			65						165						42			49			55			47			193
Operating expenses												1,092			1,177			1,204						3,473						1,138			922			943			1,154			4,157
Equity in (earnings) losses of affiliates												21			(223)			(291)						(493)						122			67			(27)			22			184
Other segment (income) expense, net												9			11			5						25						—			(24)			7			12			(5)
Proportional share of refining gross margins contributed by equity affiliates												228			495			539						1,262						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			4,668						11,379						693			748			1,620			2,055			5,116
Total processed inputs (MB)												152,734			155,211			153,919						461,864						143,057			170,967			168,739			155,382			638,145
Adjusted total processed inputs (MB)*												171,310			173,205			175,609						520,124						159,014			190,690			188,958			177,118			715,780
Income (loss) before income taxes ($/BBL)**												0.81			19.56			18.52						13.01						(7.27)			(4.26)			(6.67)			2.23			(3.99)
Realized refining margins ($/BBL)***												10.55			28.31			26.58						21.88						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 7

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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			368						1,048						199			366			354			261			1,180
Plus:
Depreciation and amortization												3			3			4						10						3			5			3			3			14
Selling, general and administrative expenses												182			210			218						610						165			198			201			194			758
Equity in earnings of affiliates												(7)			(16)			(30)						(53)						(2)			(15)			(18)			(13)			(48)
Other operating revenues*												(107)			(139)			(141)						(387)						(86)			(110)			(120)			(108)			(424)
Other expense, net												6			6			6						18						4			2			2			1			9
Realized marketing fuel margins												268			553			425						1,246						283			446			422			338			1,489
Total fuel sales volumes (MB)												169,196			170,899			170,473						510,568						145,794			170,228			183,332			180,748			680,102
Income before income taxes ($/BBL)												1.13			2.86			2.16						2.05						1.36			2.15			1.93			1.44			1.74
Realized marketing fuel margins ($/BBL)**												1.59			3.24			2.49						2.44						1.94			2.62			2.29			1.87			2.19
INTERNATIONAL
Income before income taxes												23			185			334						542						48			48			128			179			403
Plus:
Depreciation and amortization												18			19			17						54						19			19			18			20			76
Selling, general and administrative expenses												63			62			59						184						60			60			64			69			253
Equity in earnings of affiliates												(26)			(32)			(31)						(89)						(24)			(31)			(30)			(28)			(113)
Other operating (revenues) expenses*												(12)			(9)			(35)						(56)						(5)			(10)			9			14			8
Other (income) expense, net												4			(3)			(3)						(2)						1			—			2			4			7
Marketing margins												70			222			341						633						99			86			191			258			634
Less: margin for nonfuel related sales												13			14			12						39						13			15			13			12			53
Realized marketing fuel margins												57			208			329						594						86			71			178			246			581
Total fuel sales volumes (MB)												24,926			25,329			26,501						76,756						21,474			24,539			26,427			25,089			97,529
Income before income taxes ($/BBL)												0.92			7.30			12.60						7.06						2.24			1.96			4.84			7.13			4.13
Realized marketing fuel margins ($/BBL)**												2.30			8.20			12.40						7.73						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.

Page 8