EX-99.1 2 psx-2022930_erxsuppinfoxex.htm EX-99.1

Exhibit 99.1

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			44,955						129,711						21,627			27,002			30,243			32,604			111,476
Equity in earnings of affiliates												685			917			782						2,384						285			830			982			807			2,904
Net gain on dispositions												1			—			1						2						—			2			9			7			18
Other income (loss)**												(143)			(185)			3,026						2,698						15			51			238			150			454
Total Revenues and Other Income												36,722			49,309			48,764						134,795						21,927			27,885			31,472			33,568			114,852
Costs and Expenses
Purchased crude oil and products												33,495			42,645			38,646						114,786						20,065			25,218			27,529			29,290			102,102
Operating expenses												1,340			1,431			1,612						4,383						1,380			1,175			1,166			1,426			5,147
Selling, general and administrative expenses												433			488			617						1,538						408			433			424			479			1,744
Depreciation and amortization												338			359			430						1,127						356			364			361			524			1,605
Impairments												—			2			—						2						198			—			1,298			2			1,498
Taxes other than income taxes												149			118			133						400						139			119			85			67			410
Accretion on discounted liabilities												6			6			5						17						6			6			6			6			24
Interest and debt expense												135			133			158						426						146			143			151			141			581
Foreign currency transaction (gains) losses												(2)			21			5						24						—			(9)			4			6			1
Total Costs and Expenses												35,894			45,203			41,606						122,703						22,698			27,449			31,024			31,941			113,112
Income (loss) before income taxes												828			4,106			7,158						12,092						(771)			436			448			1,627			1,740
Income tax expense (benefit)												171			924			1,618						2,713						(132)			62			(40)			256			146
Net Income (Loss)												657			3,182			5,540						9,379						(639)			374			488			1,371			1,594
Less: net income attributable to noncontrolling interests												75			15			149						239						15			78			86			98			277
Net Income (Loss) Attributable to Phillips 66												582			3,167			5,391						9,140						(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			11.19						19.37						(1.49)			0.66			0.91			2.89			2.97
Diluted												1.29			6.53			11.16						19.31						(1.49)			0.66			0.91			2.88			2.97
Weighted-Average Common Shares Outstanding (thousands)
Basic												449,298			483,088			481,388						471,375						439,504			439,940			440,193			440,469			440,028
Diluted												450,011			485,035			483,036						473,452						439,504			440,396			440,368			441,584			440,364
Effective tax rate (%)												20.7		%	22.5		%	22.6		%				22.4		%				17.1		%	14.2		%	(8.9)		%	15.7		%	8.4		%
Adjusted effective tax rate (%)												20.7		%	21.9		%	22.3		%				22.0		%				15.9		%	18.9		%	16.1		%	20.2		%	18.6		%
* Refer to Change in Basis of Presentation discussion on page 14.
** 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			3,645						4,179						76			312			629			593			1,610
Chemicals												396			273			135						804						154			623			631			436			1,844
Refining												123			3,036			2,851						6,010						(1,040)			(729)			(1,126)			346			(2,549)
Marketing and Specialties												316			765			847						1,928						290			476			545			498			1,809
Corporate and Other												(249)			(260)			(320)						(829)						(251)			(246)			(231)			(246)			(974)
Income (loss) before income taxes												828			4,106			7,158						12,092						(771)			436			448			1,627			1,740
Less: income tax expense (benefit)												171			924			1,618						2,713						(132)			62			(40)			256			146
Net Income (Loss)												657			3,182			5,540						9,379						(639)			374			488			1,371			1,594
Less: net income attributable to noncontrolling interests												75			15			149						239						15			78			86			98			277
Net Income (Loss) Attributable to Phillips 66												582			3,167			5,391						9,140						(654)			296			402			1,273			1,317
* Refer to Change in Basis of Presentation discussion on page 14.
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			229						757						206			224			254			273			957
NGL and Other*												122			282			449						853						70			92			164			249			575
NOVONIX**												(158)			(240)			(33)						(431)						—			—			224			146			370
Total Midstream												242			292			645						1,179						276			316			642			668			1,902
Chemicals												396			273			135						804						184			657			634			424			1,899
Refining
Atlantic Basin/Europe												143			1,102			521						1,766						(152)			(108)			93			114			(53)
Gulf Coast												21			915			702						1,638						(247)			(253)			(31)			80			(451)
Central Corridor												(135)			512			1,342						1,719						(241)			(76)			232			145			60
West Coast												111			603			262						976						(386)			(269)			(110)			65			(700)
Total Refining												140			3,132			2,827						6,099						(1,026)			(706)			184			404			(1,144)
Marketing and Specialties
Marketing and Other												203			656			717						1,576						211			392			454			402			1,459
Specialties												113			109			130						352						79			87			93			97			356
Total Marketing and Specialties												316			765			847						1,928						290			479			547			499			1,815
Corporate and Other												(249)			(235)			(246)						(730)						(251)			(244)			(230)			(245)			(970)
Adjusted income (loss) before income taxes												845			4,227			4,208						9,280						(527)			502			1,777			1,750			3,502
Less: adjusted income tax expense (benefit)												175			927			937						2,039						(84)			95			286			354			651
Adjusted Net Income (Loss)												670			3,300			3,271						7,241						(443)			407			1,491			1,396			2,851
Less: adjusted net income attributable to noncontrolling interests												75			15			149						239						66			78			88			98			330
Adjusted Net Income (Loss) Attributable to Phillips 66												595			3,285			3,122						7,002						(509)			329			1,403			1,298			2,521
* Refer to Change in Basis of Presentation discussion on page 14.
** 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)
Merger transaction costs												—			—			(13)						(13)						—			—			—			—			—
Gain related to merger of businesses												—			—			3,013						3,013						—			—			—			—			—
Total Midstream												—			—			3,000						3,000						(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)			—			24						7						—			—			(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)			24						(89)						(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)			(74)						(99)						—			—			—			—			—
Total Corporate and Other												—			(25)			(74)						(99)						—			(2)			(1)			(1)			(4)
Total Special Items (Pre-tax)												(17)			(121)			2,950						2,812						(244)			(66)			(1,329)			(123)			(1,762)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items**												(4)			(28)			681						649						(48)			(16)			(323)			(33)			(420)
Other tax impacts												—			25			—						25						—			(17)			(3)			(65)			(85)
Total Income Tax Expense (Benefit)												(4)			(3)			681						674						(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)			2,269						2,138						(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 24%. 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												—			—			182						182						(199)			—			(10)			(70)			(279)
NGL and Other												—			—			2,818						2,818						(1)			(4)			(3)			(5)			(13)
NOVONIX												—			—			—						—						—			—			—			—			—
Total Midstream												—			—			3,000						3,000						(200)			(4)			(13)			(75)			(292)
Refining
Atlantic Basin/Europe												—			(9)			—						(9)						(1)			(2)			(3)			23			17
Gulf Coast												(17)			(52)			24						(45)						(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)			24						(89)						(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			5,540						9,379						(639)			374			488			1,371			1,594
Depreciation and amortization												338			359			430						1,127						356			364			361			524			1,605
Impairments												—			2			—						2						198			—			1,298			2			1,498
Accretion on discounted liabilities												6			6			5						17						6			6			6			6			24
Deferred income taxes												142			148			856						1,146						(103)			266			(453)			18			(272)
Undistributed equity earnings												(100)			(390)			(495)						(985)						217			(218)			(77)			(50)			(128)
Net gain on dispositions												(1)			—			(1)						(2)						—			(2)			(3)			(2)			(7)
Gain related to merger of businesses												—			—			(3,013)						(3,013)						—			—			—			—			—
Unrealized investment (gain) loss**												169			221			28						418						—			—			(224)			(141)			(365)
Other												40			80			(105)						15						138			120			31			(340)			(51)
Net working capital changes												(115)			(1,825)			(101)						(2,041)						98			833			776			412			2,119
Net Cash Provided by Operating Activities												1,136			1,783			3,144						6,063						271			1,743			2,203			1,800			6,017
Cash Flows From Investing Activities
Capital expenditures and investments												(370)			(376)			(735)						(1,481)						(331)			(380)			(552)			(597)			(1,860)
Return of investments in equity affiliates												15			33			30						78						58			100			78			31			267
Proceeds from asset dispositions												1			1			1						3						—			24			2			1			27
Advances/loans—related parties												—			(75)			—						(75)						(155)			(90)			(65)			—			(310)
Collection of advances/loans—related parties												—			101			135						236						—			—			1			1			2
Other												(74)			25			32						(17)						(39)			(6)			40			7			2
Net Cash Used in Investing Activities												(428)			(291)			(537)						(1,256)						(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)			(476)						(1,957)						(925)			(54)			(506)			(1,469)			(2,954)
Issuance of common stock												23			44			—						67						20			4			—			2			26
Repurchase of common stock												—			(66)			(694)						(760)						—			—			—			—			—
Dividends paid on common stock												(404)			(467)			(466)						(1,337)						(394)			(394)			(394)			(403)			(1,585)
Distributions to noncontrolling interests												(77)			(24)			(3)						(104)						(76)			(82)			(81)			(85)			(324)
Repurchase of noncontrolling interests												—			—			—						—						—			(24)			—			—			(24)
Other												(30)			(7)			(18)						(55)						(20)			(7)			(9)			(16)			(52)
Net Cash Used in Financing Activities												(512)			(1,977)			(1,657)						(4,146)						(945)			(542)			(1,005)			(978)			(3,470)
Effect of Exchange Rate Changes on Cash and Cash Equivalents												(8)			(41)			(15)						(64)						(22)			7			(12)			(15)			(42)
Net Change in Cash and Cash Equivalents												188			(526)			935						597						(1,163)			856			690			250			633
Cash and cash equivalents at beginning of period												3,147			3,335			2,809						3,147						2,514			1,351			2,207			2,897			2,514
Cash and Cash Equivalents at End of Period												3,335			2,809			3,744						3,744						1,351			2,207			2,897			3,147			3,147
* Refer to Change in Basis of Presentation discussion on page 14.
** 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			462						732						100			141			328			169			738
Chemicals												—			—			—						—						—			—			—			—			—
Refining												171			220			210						601						184			186			158			251			779
Marketing and Specialties												11			19			30						60						22			22			28			130			202
Corporate and Other												24			31			33						88						25			31			38			47			141
Consolidated Capital Expenditures and Investments												370			376			735						1,481						331			380			552			597			1,860
* Includes 100% of DCP Midstream, LLC Class A Segment (DCP Midstream Class A Segment), DCP Sand Hills Pipeline, LLC (DCP Sand Hills) and DCP Southern Hills Pipeline, LLC (DCP Southern Hills) capital expenditures and investments from August 18, 2022, forward, net of acquired cash.
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
CPChem (Chemicals)												113			161			158						432						79			72			88			128			367
WRB (Refining)												42			47			36						125						59			47			61			62			229
Selected Equity Affiliates												155			208			194						557						138			119			149			190			596
* Our share of joint ventures' capital spending, excluding DCP Midstream, LLC (DCP Midstream) due to the consolidation of DCP Midstream Class A Segment. Refer to Change in Basis of Presentation discussion on page 14.

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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			411						939						7			224			244			203			678
NGL and Other*												122			282			3,267						3,671						69			88			161			244			562
NOVONIX												(158)			(240)			(33)						(431)						—			—			224			146			370
Income (Loss) before Income Taxes												242			292			3,645						4,179						76			312			629			593			1,610
* Refer to Change in Basis of Presentation discussion on page 14.
Equity in Earnings of Affiliates
Transportation												154			133			133						420						126			120			140			142			528
NGL and Other												73			186			81						340						71			52			72			154			349
NOVONIX												—			—			—						—						—			—			—			—			—
Total												227			319			214						760						197			172			212			296			877
NOVONIX Investment
Unrealized Investment Gain (Loss)												(169)			(221)			(28)						(418)						—			—			224			141			365
Unrealized Foreign Currency Transaction Gain (Loss)												11			(19)			(5)						(13)						—			—			—			5			5
Change in Fair Value of NOVONIX Investment												(158)			(240)			(33)						(431)						—			—			224			146			370
Depreciation and Amortization*
Transportation												39			43			46						128						40			40			45			109			234
NGL and Other												55			55			118						228						52			52			52			53			209
NOVONIX												—			—			—						—						—			—			—			—			—
Total												94			98			164						356						92			92			97			162			443
* Excludes D&A of all non-consolidated affiliates.
Operating and SG&A Expenses*
Transportation												186			187			224						597						173			189			188			209			759
NGL and Other												107			116			309						532						122			88			86			114			410
NOVONIX												—			—			—						—						—			—			—			—			—
Total												293			303			533						1,129						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			3,084						3,083						2,801			3,424			3,483			3,370			3,271
Terminals												2,900			2,917			3,066						2,962						2,675			2,786			2,771			2,927			2,790
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL pipelines.
PSX Other Volumes
NGL Fractionated (MB/D)*												452			469			508						477						363			401			420			454			410
NGL Production (MB/D)**												400			438			434						424						356			406			398			416			394
* Includes 100% of DCP Midstream Class A Segment from August 18, 2022, forward.
** Includes 100% of DCP Midstream Class A Segment.
Market Indicator
Weighted-Average NGL Price ($/gal)*												1.10			1.15			0.98						1.08						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.

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			3,645						4,179						76			312			629			593			1,610
Plus:
Depreciation and amortization												94			98			164						356						92			92			97			162			443
EBITDA*												336			390			3,809						4,535						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
Merger transaction costs												—			—			13						13						—			—			—			—			—
Gain related to merger of businesses												—			—			(3,013)						(3,013)						—			—			—			—			—
Total Special Item Adjustments (pre-tax)												—			—			(3,000)						(3,000)						200			4			13			5			222
Change in Fair Value of NOVONIX Investment**												158			240			33						431						—			—			(224)			(146)			(370)
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*												494			630			842						1,966						368			408			515			614			1,905
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2			4			4						10						2			4			4			4			14
Proportional share of selected equity affiliates net interest												41			39			26						106						43			43			42			41			169
Proportional share of selected equity affiliates depreciation and amortization												56			57			51						164						57			57			58			57			229
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP												(24)			(21)			(206)						(251)						(18)			(20)			(22)			(21)			(81)
Adjusted EBITDA*												569			709			717						1,995						452			492			597			695			2,236
* Refer to Change in Basis of Presentation discussion on page 14.
** See NOVONIX Investment table on page 5 for more details.

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			411						939						7			224			244			203			678
Plus:
Depreciation and amortization												39			43			46						128						40			40			45			109			234
EBITDA*												317			293			457						1,067						47			264			289			312			912
Special Item Adjustments (pre-tax):
Impairments												—			—			—						—						198			—			10			—			208
Winter-storm-related costs												—			—			—						—						1			—			—			—			1
Gain related to merger of businesses												—			—			(182)						(182)						—			—			—			—			—
EBITDA, Adjusted for Special Items*												317			293			275						885						246			264			299			312			1,121
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2			3			4						9						2			4			4			4			14
Proportional share of selected equity affiliates net interest												21			19			16						56						21			21			21			21			84
Proportional share of selected equity affiliates depreciation and amortization												37			38			34						109						37			37			38			38			150
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP												(24)			(21)			(11)						(56)						(18)			(20)			(22)			(21)			(81)
Adjusted EBITDA*												353			332			318						1,003						288			306			340			354			1,288
* Refer to Change in Basis of Presentation discussion on page 14.
NGL and Other
Income before income taxes												122			282			3,267						3,671						69			88			161			244			562
Plus:
Depreciation and amortization												55			55			118						228						52			52			52			53			209
EBITDA*												177			337			3,385						3,899						121			140			213			297			771
Special Item Adjustments (pre-tax):
Pension settlement expense												—			—			—						—						—			4			3			1			8
Hurricane-related costs												—			—			—						—						—			—			—			4			4
Winter-storm-related costs												—			—			—						—						1			—			—			—			1
Merger transaction costs												—			—			13						13						—			—			—			—			—
Gain related to merger of businesses												—			—			(2,831)						(2,831)						—			—			—			—			—
EBITDA, Adjusted for Special Items*												177			337			567						1,081						122			144			216			302			784
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—			1			—						1						—			—			—			—			—
Proportional share of selected equity affiliates net interest												20			20			10						50						22			22			21			20			85
Proportional share of selected equity affiliates depreciation and amortization												19			19			17						55						20			20			20			19			79
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP												—			—			(195)						(195)						—			—			—			—			—
Adjusted EBITDA*												216			377			399						992						164			186			257			341			948
* Refer to Change in Basis of Presentation discussion on page 14.

Page 7

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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			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 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			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 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			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 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			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 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			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 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)			(320)						(829)						(251)			(246)			(231)			(246)			(974)
* Refer to Change in Basis of Presentation discussion on page 14.
Detail of Loss before Income Taxes
Net interest expense												(132)			(127)			(136)						(395)						(143)			(141)			(148)			(151)			(583)
Corporate overhead and other												(117)			(133)			(184)						(434)						(108)			(105)			(83)			(95)			(391)
Total												(249)			(260)			(320)						(829)						(251)			(246)			(231)			(246)			(974)
Net Interest Expense
Interest expense												(144)			(141)			(167)						(452)						(150)			(148)			(159)			(151)			(608)
Capitalized interest												9			8			9						26						4			5			8			10			27
Loss on early debt retirement												—			—			—						—						—			—			—			(13)			(13)
Interest income												3			6			22						31						3			2			3			3			11
Total												(132)			(127)			(136)						(395)						(143)			(141)			(148)			(151)			(583)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes												(249)			(260)			(320)						(829)						(251)			(246)			(231)			(246)			(974)
Plus:
Net interest expense												132			127			136						395						143			141			148			151			583
Depreciation and amortization												19			20			22						61						20			22			21			20			83
EBITDA												(98)			(113)			(162)						(373)						(88)			(83)			(62)			(75)			(308)
Special Item Adjustments (pre-tax):
Pension settlement expense												—			—			—						—						—			2			1			1			4
Restructuring costs												—			25			74						99						—			—			—			—			—
EBITDA, Adjusted for Special Items												(98)			(88)			(88)						(274)						(88)			(81)			(61)			(74)			(304)
Other Adjustments (pre-tax):
None												—			—			—						—						—			—			—			—			—
Adjusted EBITDA												(98)			(88)			(88)						(274)						(88)			(81)			(61)			(74)			(304)
Foreign Currency Losses Pre-Tax												(1)			—			(1)						(2)						(1)			(1)			—			—			(2)
Phillips 66 Total Company Debt
Total Debt												14,434			12,969			17,657						17,657						15,422			15,413			14,910			14,448			14,448
Debt-to-Capital Ratio (%)												39		%	35		%	35		%				35		%				43		%	43		%	42		%	40		%	40		%
Total Equity												22,121			24,573			33,309						33,309						20,457			20,602			20,597			21,637			21,637

Page 13

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Phillips 66 Earnings Release Supplemental Data

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			5,540						9,379						(639)			374			488			1,371			1,594
Plus:
Income tax expense (benefit)												171			924			1,618						2,713						(132)			62			(40)			256			146
Net interest expense												132			127			136						395						143			141			148			151			583
Depreciation and amortization												338			359			430						1,127						356			364			361			524			1,605
Phillips 66 EBITDA*												1,298			4,592			7,724						13,614						(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			—			(24)						(7)						—			—			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			74						99						—			—			—			—			—
Merger transaction costs												—			—			13						13						—			—			—			—			—
Gain related to merger of businesses												—			—			(3,013)						(3,013)						—			—			—			—			—
Total Special Item Adjustments (pre-tax)												17			115			(2,950)						(2,818)						244			66			1,329			(38)			1,601
Change in Fair Value of NOVONIX Investment**												158			240			33						431						—			—			(224)			(146)			(370)
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*												1,473			4,947			4,807						11,227						(28)			1,007			2,062			2,118			5,159
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												37			48			37						122						33			57			44			48			182
Proportional share of selected equity affiliates net interest												59			53			38						150						60			61			59			62			242
Proportional share of selected equity affiliates depreciation and amortization												201			201			194						596						202			202			204			204			812
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP												(24)			(21)			(206)						(251)						(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			4,870						11,762						166			1,212			2,244			2,299			5,921
* Refer to Change in Basis of Presentation discussion below.
** See NOVONIX Investment table on page 5 for more details.
† 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 Basis of Presentation – In connection with the merger of DCP Midstream and Gray Oak Holdings LLC (Gray Oak Holdings), the results of our Transportation business reflect a decrease in our indirect economic interest in Gray Oak Pipeline, LLC (Gray Oak Pipeline) to 6.5% from August 18, 2022, forward. Prior to August 18, 2022, the Transportation results presented herein reflect Gray Oak Holdings' 65% economic interests in Gray Oak Pipeline. The results of our NGL and Other business include the consolidated results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills from August 18, 2022, forward. Prior to August 18, 2022, our investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills were accounted for using the equity method. As a result of the merger and consolidation, in the third quarter of 2022, we began presenting the results of DCP Midstream Class A Segment within the results of our NGL and Other business. Prior periods also have been updated to reflect the results from our equity investment in DCP Midstream prior to August 18, 2022, within the results of our NGL and Other business. In addition, the DCP Midstream Class A Segment's net interest expense is reflected in our Corporate segment from August 18, 2022, forward. See Note 1 and Note 2 in the Notes to the Consolidated Financial Statements of our third quarter 2022 Form 10-Q for further details.

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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.

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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.
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			7,158						12,092						(771)			436			448			1,627			1,740
Special items												17			121			(2,950)						(2,812)						244			66			1,329			123			1,762
Adjusted income (loss) before income taxes												845			4,227			4,208						9,280						(527)			502			1,777			1,750			3,502
Income tax expense (benefit)												171			924			1,618						2,713						(132)			62			(40)			256			146
Special items												4			3			(681)						(674)						48			33			326			98			505
Adjusted income tax expense (benefit)												175			927			937						2,039						(84)			95			286			354			651
Effective tax rate (%)												20.7		%	22.5		%	22.6		%				22.4		%				17.1		%	14.2		%	(8.9)		%	15.7		%	8.4		%
Adjusted effective tax rate (%)												20.7		%	21.9		%	22.3		%				22.0		%				15.9		%	18.9		%	16.1		%	20.2		%	18.6		%

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