EX-99.2 3 psx-20250331_erxsuppinfoxe.htm EX-99.2

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
												Millions of Dollars, Except as Indicated
												2025																		2024
												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												30,430												30,430						35,811			38,129			35,528			33,685			143,153
Equity in earnings of affiliates												153												153						528			487			549			215			1,779
Net gain on dispositions												1,087												1,087						—			237			2			82			321
Other income												56												56						97			58			84			4			243
Total Revenues and Other Income												31,726												31,726						36,436			38,911			36,163			33,986			145,496
Costs and Expenses
Purchased crude oil and products												27,660												27,660						32,386			34,628			32,194			30,754			129,962
Operating expenses												1,622												1,622						1,452			1,407			1,499			1,581			5,939
Selling, general and administrative expenses												519												519						557			552			1,194			511			2,814
Depreciation and amortization												791												791						504			497			543			819			2,363
Impairments												26												26						165			225			29			37			456
Taxes other than income taxes												233												233						165			49			53			62			329
Accretion on discounted liabilities												12												12						9			10			8			13			40
Interest and debt expense												221												221						227			231			229			220			907
Foreign currency transaction (gains) losses												(6)												(6)						7			1			1			2			11
Total Costs and Expenses												31,078												31,078						35,472			37,600			35,750			33,999			142,821
Income (loss) before income taxes												648												648						964			1,311			413			(13)			2,675
Income tax expense (benefit)												122												122						203			291			44			(38)			500
Net income												526												526						761			1,020			369			25			2,175
Less: net income attributable to   noncontrolling interests												39												39						13			5			23			17			58
Net Income Attributable to Phillips 66												487												487						748			1,015			346			8			2,117
Net Income Attributable to Phillips 66 Per Share   of Common Stock (dollars)
Basic												1.19												1.19						1.74			2.39			0.82			0.01			5.01
Diluted												1.18												1.18						1.73			2.38			0.82			0.01			4.99
Weighted-Average Common Shares Outstanding   (thousands)
Basic												409,182												409,182						428,959			422,869			417,305			411,687			420,174
Diluted												410,505												410,505						431,906			425,734			418,803			412,962			421,888
Effective tax rate (%)*												18.8		%										18.8		%				21.1		%	22.2		%	10.7		%	296.7		%	18.7		%
Adjusted effective tax rate (%)*												18.8		%										18.8		%				21.3		%	21.4		%	18.9		%	27.2		%	20.5		%
* Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream												751												751						554			767			644			673			2,638
Chemicals												113												113						205			222			342			107			876
Refining												(937)												(937)						216			302			(108)			(775)			(365)
Marketing and Specialties												1,282												1,282						366			415			(22)			252			1,011
Renewable Fuels												(185)												(185)						(55)			(55)			(116)			28			(198)
Corporate and Other												(376)												(376)						(322)			(340)			(327)			(298)			(1,287)
Income (loss) before income taxes												648												648						964			1,311			413			(13)			2,675
Less: income tax expense (benefit)												122												122						203			291			44			(38)			500
Net Income												526												526						761			1,020			369			25			2,175
Less: net income attributable to   noncontrolling interests												39												39						13			5			23			17			58
Net Income Attributable to Phillips 66												487												487						748			1,015			346			8			2,117
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												243												243						303			309			282			282			1,176
NGL												440												440						310			444			390			426			1,570
Total Midstream												683												683						613			753			672			708			2,746
Chemicals												113												113						205			222			342			72			841
Refining
Atlantic Basin/Europe												(199)												(199)						78			15			(61)			(100)			(68)
Gulf Coast												(333)												(333)						113			42			(102)			(128)			(75)
Central Corridor												(50)												(50)						213			243			308			(94)			670
West Coast												(355)												(355)						(91)			2			(212)			(437)			(738)
Total Refining												(937)												(937)						313			302			(67)			(759)			(211)
Marketing and Specialties												265												265						307			415			583			185			1,490
Renewable Fuels												(185)												(185)						(55)			(55)			(116)			28			(198)
Corporate and Other												(355)												(355)						(322)			(340)			(327)			(294)			(1,283)
Adjusted income (loss) before income taxes												(416)												(416)						1,061			1,297			1,087			(60)			3,385
Less: adjusted income tax expense (benefit)												(78)												(78)						226			278			205			(16)			693
Adjusted Net Income (Loss)												(338)												(338)						835			1,019			882			(44)			2,692
Less: adjusted net income attributable to   noncontrolling interests												30												30						13			35			23			17			88
Adjusted Net Income (Loss) Attributable to Phillips 66												(368)												(368)						822			984			859			(61)			2,604
Adjusted Net Income (Loss) Attributable to Phillips 66   Per Share of Common Stock (dollars)
Diluted*												(0.90)												(0.90)						1.90			2.31			2.04			(0.15)			6.15
Adjusted Weighted-Average Common Shares Outstanding   (thousands)
Diluted												409,182												409,182						432,158			425,734			419,827			411,687			422,538
* Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation. Recalculated diluted EPS using the rounded components may differ from the presented diluted EPS.
ADJUSTED EBITDA BY SEGMENT*
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												300												300						384			386			341			344			1,455
NGL												585												585						477			585			551			594			2,207
Total Midstream												885												885						861			971			892			938			3,662
Chemicals												244												244						325			348			466			209			1,348
Refining												(452)												(452)						545			531			188			(298)			966
Marketing and Specialties												315												315						377			484			656			307			1,824
Renewable Fuels												(162)												(162)						(49)			(43)			(92)			50			(134)
Corporate and Other												(94)												(94)						(116)			(108)			(112)			(76)			(412)
Adjusted EBITDA												736												736						1,943			2,183			1,998			1,130			7,254
* Refer to Use of Non-GAAP Financial Information on page 15. Also, refer to reconciliations of income (loss) before income taxes to segment Adjusted EBITDA in the "Midstream", "Chemicals", "Refining", "Marketing and Specialties", "Renewable Fuels", "Corporate and Other" sections, as well as the "Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66" on page 15. Adjusted EBITDA and Adjusted EBITDA by segment presented includes our proportional share of selected equity affiliates.

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Phillips 66 Earnings Release Supplemental Data

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Net gain on asset disposition ††												68												68						—			238			—			—			238
Impairments												—												—						(59)			(224)			(28)			(35)			(346)
Total Midstream												68												68						(59)			14			(28)			(35)			(108)
Chemicals
Winter-storm-related recovery												—												—						—			—			—			35			35
Total Chemicals												—												—						—			—			—			35			35
Refining
Certain tax impacts												—												—						—			—			—			9			9
Impairments												—												—						(104)			—			—			—			(104)
Los Angeles Refinery cessation costs												—												—						—			—			(41)			(3)			(44)
Legal accrual												—												—						—			—			—			(22)			(22)
Legal settlement												—												—						7			—			—			—			7
Total Refining												—												—						(97)			—			(41)			(16)			(154)
Marketing and Specialties
Legal settlement												—												—						59			—			—			—			59
Legal accrual												—												—						—			—			(605)			—			(605)
Net gain on asset disposition †												1,017												1,017						—			—			—			67			67
Total Marketing and Specialties												1,017												1,017						59			—			(605)			67			(479)
Renewable Fuels												—												—						—			—			—			—			—
Corporate and Other
Impairments												(21)												(21)						—			—			—			—			—
Los Angeles Refinery cessation costs												—												—						—			—			—			(4)			(4)
Total Corporate and Other												(21)												(21)						—			—			—			(4)			(4)
Total Special Items (Pre-tax)												1,064												1,064						(97)			14			(674)			47			(710)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items ♦												200												200						(23)			13			(161)			9			(162)
Other tax impacts												—												—						—			—			—			(31)			(31)
Total Income Tax Expense (Benefit)												200												200						(23)			13			(161)			(22)			(193)
Less: Income (Loss) Attributable to Noncontrolling Interests
Net gain on asset disposition ††												9												9						—			—			—			—			—
Impairment of certain DCP assets												—												—						—			(30)			—			—			(30)
Total Income (Loss) Attributable to Noncontrolling Interests												9												9						—			(30)			—			—			(30)
Total Phillips 66 Special Items (After-tax)												855												855						(74)			31			(513)			69			(487)
† Gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG which closed in January 2025. In connection with the sale, a before-tax unrealized gain was recognized from a foreign currency derivative in 2024.
†† Gain on disposition of DCP Midstream, LP's 25% interest in Gulf Coast Express Pipeline LLC.
♦ 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 generally 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
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												—												—						(59)			238			(28)			(35)			116
NGL												68												68						—			(224)			—			—			(224)
Total Midstream												68												68						(59)			14			(28)			(35)			(108)
Refining
Atlantic Basin/Europe												—												—						—			—			—			9			9
Gulf Coast												—												—						7			—			—			—			7
Central Corridor												—												—						—			—			—			—			—
West Coast												—												—						(104)			—			(41)			(25)			(170)
Total Refining												—												—						(97)			—			(41)			(16)			(154)

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Phillips 66 Earnings Release Supplemental Data

CASH FLOW INFORMATION
												Millions of Dollars
												2025																		2024
												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												526												526						761			1,020			369			25			2,175
Depreciation and amortization												791												791						504			497			543			819			2,363
Impairments												26												26						165			225			29			37			456
Accretion on discounted liabilities												12												12						9			10			8			13			40
Deferred income taxes												(133)												(133)						(55)			(145)			113			(164)			(251)
Undistributed equity earnings												120												120						(180)			(179)			(160)			108			(411)
Loss (gain) on early redemption of debt												—												—						2			—			(5)			—			(3)
Net gain on dispositions												(1,087)												(1,087)						—			(237)			(2)			(82)			(321)
Unrealized investment (gain) loss*												10												10						(6)			7			1			(2)			—
Other												(6)												(6)						11			(17)			617			147			758
Net working capital changes												(72)												(72)						(1,447)			916			(381)			297			(615)
Net Cash Provided by (Used in) Operating Activities												187												187						(236)			2,097			1,132			1,198			4,191
Cash Flows From Investing Activities
Capital expenditures and investments												(423)												(423)						(628)			(367)			(358)			(506)			(1,859)
Acquisitions, net of cash acquired												—												—						—			—			(567)			(58)			(625)
Purchases of government obligations**												—												—						—			—			(1,100)			—			(1,100)
Return of investments in equity affiliates												25												25						41			26			55			19			141
Proceeds from asset dispositions												2,034												2,034						2			685			219			176			1,082
Advances/loans—related parties												(20)												(20)						—			—			—			—			—
Other												(25)												(25)						(80)			(17)			(29)			24			(102)
Net Cash Provided by (Used in) Investing Activities												1,591												1,591						(665)			327			(1,780)			(345)			(2,463)
Cash Flows From Financing Activities
Issuance of debt												—												—						3,815			(196)			1,518			1,135			6,272
Repayment of debt												(1,287)												(1,287)						(3,013)			(7)			(408)			(712)			(4,140)
Issuance of common stock												23												23						50			14			18			4			86
Repurchase of common stock												(247)												(247)						(1,164)			(840)			(800)			(647)			(3,451)
Dividends paid on common stock												(469)												(469)						(448)			(485)			(477)			(472)			(1,882)
Distributions to noncontrolling interests												(14)												(14)						(13)			(20)			(13)			(24)			(70)
Other												(55)												(55)						(73)			(9)			(30)			(8)			(120)
Net Cash Used in Financing Activities												(2,049)												(2,049)						(846)			(1,543)			(192)			(724)			(3,305)
Effect of Exchange Rate Changes on Cash and   Cash Equivalents												22												22						(6)			(7)			33			(28)			(8)
Net Change in Cash and Cash Equivalents												(249)												(249)						(1,753)			874			(807)			101			(1,585)
Cash and cash equivalents at beginning of period												1,738												1,738						3,323			1,570			2,444			1,637			3,323
Cash and Cash Equivalents at End of Period												1,489												1,489						1,570			2,444			1,637			1,738			1,738
* Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.
** Includes U.S. Treasury securities.
CAPITAL PROGRAM
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Consolidated Capital Expenditures and Investments*
Midstream												216												216						255			96			172			228			751
Chemicals												—												—						—			—			—			—			—
Refining												176												176						135			105			146			196			582
Marketing and Specialties												15												15						15			20			18			32			85
Renewable Fuels												9												9						217			128			12			18			375
Corporate and Other												7												7						6			18			10			32			66
Consolidated Capital Expenditures and Investments												423												423						628			367			358			506			1,859
* Excludes net acquisitions of $58MM and $567MM in Q4 2024 and Q3 2024, respectively.
Consolidated Capital Expenditures and Investments*†
Growth												229												229						485			194			164			191			1,034
Sustaining												194												194						143			173			194			315			825
Consolidated Capital Expenditures and Investments												423												423						628			367			358			506			1,859
* Excludes net acquisitions of $58MM and $567MM in Q4 2024 and Q3 2024, respectively.
† See note on the use of non-GAAP measures.
Proportional Share of Selected Equity Affiliates Capital   Expenditures and Investments
CPChem (Chemicals)												182												182						201			199			179			230			809
WRB (Refining)												21												21						24			29			30			38			121
Selected Equity Affiliates												203												203						225			228			209			268			930

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income before Income Taxes
Transportation												243												243						244			547			254			247			1,292
NGL												508												508						310			220			390			426			1,346
Income before Income Taxes												751												751						554			767			644			673			2,638
Equity in Earnings of Affiliates
Transportation												97												97						136			140			110			109			495
NGL												13												13						19			30			24			23			96
Total												110												110						155			170			134			132			591
Depreciation and Amortization*
Transportation												44												44						44			42			42			44			172
NGL												189												189						185			182			191			190			748
Total												233												233						229			224			233			234			920
* Excludes D&A of all non-consolidated affiliates.
Operating and SG&A Expenses*
Transportation												173												173						180			194			181			183			738
NGL												338												338						330			281			355			385			1,351
Total												511												511						510			475			536			568			2,089
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
Transportation Volumes (MB/D)
Pipelines*												2,893												2,893						2,979			3,059			3,006			3,168			3,053
Terminals												2,938												2,938						3,109			3,226			3,049			3,107			3,123
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.
PSX Other Volumes
Wellhead Volume (Bcf/D)*												4.1												4.1						4.4			4.5			4.3			4.2			4.3
NGL Production (MB/D)*												437												437						417			437			439			449			436
Pipeline Throughput - Y-Grade to Market (MB/D)**												704												704						714			781			762			759			754
NGL Fractionated (MB/D)												748												748						679			744			728			760			728
* Includes 100% of DCP Midstream Class A Segment.
** Represents volumes delivered to major fractionation market hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.
Market Indicators
Weighted-Average NGL Price ($/gal)*												0.74												0.74						0.70			0.68			0.64			0.70			0.68
Henry Hub Natural Gas Price ($/MMBtu)**												4.27												4.27						2.41			2.04			2.09			2.42			2.24
WTI ($/BBL)**												71.46												71.46						77.07			80.73			75.19			70.36			75.83
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
** Based on daily spot prices.

Page 5

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
												Millions of Dollars
												2025																		2024
												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												751												751						554			767			644			673			2,638
Plus:
Depreciation and amortization												233												233						229			224			233			234			920
EBITDA												984												984						783			991			877			907			3,558
Special Item Adjustments (pre-tax):
Net gain on asset disposition												(68)												(68)						—			(238)			—			—			(238)
Impairments												—												—						59			224			28			35			346
EBITDA, Adjusted for Special Items												916												916						842			977			905			942			3,666
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												3												3						3			5			5			3			16
Proportional share of selected equity affiliates net interest												3												3						13			10			3			3			29
Proportional share of selected equity affiliates depreciation   and amortization												23												23						38			37			26			28			129
Adjusted EBITDA attributable to noncontrolling interests												(60)												(60)						(35)			(58)			(47)			(38)			(178)
Adjusted EBITDA												885												885						861			971			892			938			3,662

Page 6

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Transportation
Income before income taxes												243												243						244			547			254			247			1,292
Plus:
Depreciation and amortization												44												44						44			42			42			44			172
EBITDA												287												287						288			589			296			291			1,464
Special Item Adjustments (pre-tax):
Net gain on asset disposition												—												—						—			(238)			—			—			(238)
Impairments												—												—						59			—			28			35			122
EBITDA, Adjusted for Special Items												287												287						347			351			324			326			1,348
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												3												3						3			5			5			3			16
Proportional share of selected equity affiliates net interest												3												3						13			10			3			3			29
Proportional share of selected equity affiliates depreciation   and amortization												15												15						26			25			15			16			82
Adjusted EBITDA attributable to noncontrolling interests												(8)												(8)						(5)			(5)			(6)			(4)			(20)
Adjusted EBITDA												300												300						384			386			341			344			1,455
NGL
Income before income taxes												508												508						310			220			390			426			1,346
Plus:
Depreciation and amortization												189												189						185			182			191			190			748
EBITDA												697												697						495			402			581			616			2,094
Special Item Adjustments (pre-tax):
Net gain on asset disposition												(68)												(68)						—			—			—			—			—
Impairments												—												—						—			224			—			—			224
EBITDA, Adjusted for Special Items												629												629						495			626			581			616			2,318
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—												—						—			—			—			—			—
Proportional share of selected equity affiliates net interest												—												—						—			—			—			—			—
Proportional share of selected equity affiliates depreciation   and amortization												8												8						12			12			11			12			47
Adjusted EBITDA attributable to noncontrolling interests												(52)												(52)						(30)			(53)			(41)			(34)			(158)
Adjusted EBITDA												585												585						477			585			551			594			2,207

Page 7

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Phillips 66 Earnings Release Supplemental Data

CHEMICALS
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income before Income Taxes												113												113						205			222			342			107			876
Equity in Earnings of Affiliate												113												113						201			219			339			104			863
100% CPChem Results
Net Income, excludes parent company income tax related   to CPChem's earnings												226												226						402			438			678			208			1,726
Income before Income Taxes												235												235						413			450			690			217			1,770
Depreciation and Amortization												170												170						153			154			154			185			646
Net Interest Expense*												(2)												(2)						7			2			(2)			(1)			6
* Net of interest income.
Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments												363												363						401			399			357			460			1,617
Return of Investments from Equity Companies												—												—						—			(14)			—			—			(14)
Olefins and Polyolefins Capacity Utilization (%)												100		%										100		%				96		%	98		%	98		%	98		%	97		%
Market Indicator*
Ethylene to High-Density Polyethylene Chain   Cash Margin (cents/lb)												10.9												10.9						16.4			18.3			23.7			12.4			17.7
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes   to Adjusted EBITDA
Income before income taxes												113												113						205			222			342			107			876
Plus:
None												—												—						—			—			—			—			—
EBITDA												113												113						205			222			342			107			876
Special Item Adjustments (pre-tax):
Winter-storm-related recovery												—												—						—			—			—			(35)			(35)
EBITDA, Adjusted for Special Items												113												113						205			222			342			72			841
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												13												13						13			15			13			11			52
Proportional share of selected equity affiliates net interest												(1)												(1)						1			—			(2)			—			(1)
Proportional share of selected equity affiliates depreciation   and amortization												119												119						106			111			113			126			456
Adjusted EBITDA												244												244						325			348			466			209			1,348

Page 8

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Phillips 66 Earnings Release Supplemental Data

REFINING
												Millions of Dollars, Except as Indicated
												2025																		2024
												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												(199)												(199)						78			15			(61)			(91)			(59)
Gulf Coast												(333)												(333)						120			42			(102)			(128)			(68)
Central Corridor												(50)												(50)						213			243			308			(94)			670
West Coast												(355)												(355)						(195)			2			(253)			(462)			(908)
Income (Loss) before Income Taxes												(937)												(937)						216			302			(108)			(775)			(365)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe												(5.15)												(5.15)						1.66			0.30			(1.27)			(1.79)			(0.30)
Gulf Coast												(8.95)												(8.95)						2.53			0.82			(2.10)			(2.62)			(0.35)
Central Corridor												(1.85)												(1.85)						8.31			8.69			11.38			(3.35)			6.18
West Coast												(16.60)												(16.60)						(8.26)			0.10			(11.51)			(22.65)			(10.38)
Worldwide												(7.53)												(7.53)						1.50			2.00			(0.74)			(5.24)			(0.62)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe												7.08												7.08						9.70			8.10			5.87			6.09			7.42
Gulf Coast												4.43												4.43						10.95			7.88			6.39			5.58			7.68
Central Corridor												8.29												8.29						12.56			12.75			14.19			6.68			11.52
West Coast												7.12												7.12						10.60			13.06			4.34			5.74			8.50
Worldwide												6.81												6.81						11.01			10.01			8.31			6.08			8.84
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) before income taxes to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.
Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe												(2)												(2)						(1)			(2)			(2)			(2)			(7)
Gulf Coast												—												—						1			—			1			—			2
Central Corridor												(103)												(103)						108			35			(11)			(77)			55
West Coast												—												—						—			—			—			—			—
Total												(105)												(105)						108			33			(12)			(79)			50
Depreciation and Amortization*
Atlantic Basin/Europe												56												56						52			51			53			54			210
Gulf Coast												72												72						62			65			68			67			262
Central Corridor												41												41						44			42			42			43			171
West Coast												287												287						50			46			67			271			434
Total												456												456						208			204			230			435			1,077
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe												379												379						254			276			267			270			1,067
Gulf Coast												390												390						307			278			312			305			1,202
Central Corridor												171												171						167			167			151			174			659
West Coast												180												180						263			214			252			279			1,008
Total												1,120												1,120						991			935			982			1,028			3,936
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A   Expenses*
Atlantic Basin/Europe												97												97						19			33			31			19			102
Gulf Coast												164												164						82			39			83			78			282
Central Corridor												2												2						1			3			8			9			21
West Coast												7												7						22			25			15			17			79
Total												270												270						124			100			137			123			484
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe												22												22						24			15			24			22			85
Gulf Coast												35												35						38			19			26			28			111
Central Corridor												26												26						28			22			27			21			98
West Coast												27												27						31			18			23			21			93
Total												110												110						121			74			100			92			387
Foreign Currency Gains (Losses) Pre-Tax												9												9						1			(1)			6			(6)			—
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates												(105)												(105)						108			33			(12)			(79)			50
Less: Share of equity affiliate gross margin included in Realized   Refining Margin and other equity affiliate-related costs*												(141)												(141)						(331)			(260)			(193)			(132)			(916)
Equity affiliate-related expenses not included in Realized   Refining Margins												(246)												(246)						(223)			(227)			(205)			(211)			(866)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).
Proportional Share of Certain* Equity Affiliate   Operating and SG&A Expenses												200												200						181			184			163			166			694
Proportional Share of Certain* Equity Affiliate   Turnaround Expense, included in Equity Affiliate   Operating and SG&A Expenses												27												27						22			30			9			7			68
* Includes WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).
Operating expenses												1,074												1,074						953			884			922			968			3,727
Selling, general and administrative expenses												46												46						38			51			60			60			209
Refining Controllable Costs*												1,120												1,120						991			935			982			1,028			3,936
Refining Controllable Costs ($/BBL)*												9.00												9.00						6.89			6.18			6.75			6.95			6.69
* Excludes operating and SG&A expenses of all equity affiliates. See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs per barrel included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.
Refining Adjusted Controllable Costs ($/BBL)*												9.07												9.07						7.06			6.43			6.53			6.83			6.71
* See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.

Page 9

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2025																		2024
												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												(937)												(937)						216			302			(108)			(775)			(365)
Plus:
Depreciation and amortization												456												456						208			204			230			435			1,077
EBITDA												(481)												(481)						424			506			122			(340)			712
Special Item Adjustments (pre-tax):
Certain tax impacts												—												—						—			—			—			(9)			(9)
Impairments												—												—						104			—			—			—			104
Los Angeles Refinery cessation costs												—												—						—			—			41			3			44
Legal accrual												—												—						—			—			—			22			22
Legal settlement												—												—						(7)			—			—			—			(7)
EBITDA, Adjusted for Special Items												(481)												(481)						521			506			163			(324)			866
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—												—						—			1			(1)			(1)			(1)
Proportional share of selected equity affiliates net interest												2												2						(1)			(2)			(1)			—			(4)
Proportional share of selected equity affiliates depreciation   and amortization												27												27						25			26			27			27			105
Adjusted EBITDA												(452)												(452)						545			531			188			(298)			966
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)												359												359						472			527			498			511			502
Total Processed Inputs (MB/D)												430												430						516			555			520			552			536
Crude Oil Capacity Utilization (%)												67		%										67		%				88		%	98		%	93		%	95		%	93		%
Clean Product Yield (%)												89		%										89		%				87		%	87		%	89		%	88		%	88		%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)												369												369						475			507			473			479			483
Total Processed Inputs (MB/D)												413												413						522			563			528			530			536
Crude Oil Capacity Utilization (%)												70		%										70		%				90		%	96		%	89		%	91		%	91		%
Clean Product Yield (%)												81		%										81		%				76		%	83		%	81		%	82		%	80		%
Central Corridor*
Crude Oil Charge Input (MB/D)												521												521						509			541			533			535			529
Total Processed Inputs (MB/D)												536												536						527			558			549			555			547
Crude Oil Capacity Utilization (%)												98		%										98		%				96		%	102		%	100		%	101		%	100		%
Clean Product Yield (%)												91		%										91		%				90		%	89		%	89		%	93		%	90		%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)												228												228						244			227			230			214			229
Total Processed Inputs (MB/D)												237												237						260			237			239			222			239
Crude Oil Capacity Utilization (%)												93		%										93		%				100		%	93		%	94		%	88		%	94		%
Clean Product Yield (%)												89		%										89		%				84		%	88		%	93		%	93		%	89		%
Worldwide—Including Proportionate Share of   Equity Affiliates
Crude Oil Charge Input (MB/D)												1,477												1,477						1,700			1,802			1,734			1,739			1,743
Total Processed Inputs (MB/D)												1,616												1,616						1,825			1,913			1,836			1,859			1,858
Crude Oil Capacity Utilization (%)												80		%										80		%				92		%	98		%	94		%	94		%	95		%
Clean Product Yield (%)												87		%										87		%				84		%	86		%	87		%	88		%	87		%

Page 10

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2025																		2024
												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												199												199						227			242			234			230			233
Distillates												166												166						206			226			213			240			221
Other												70												70						89			88			77			89			86
Total												435												435						522			556			524			559			540
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline												184												184						193			234			221			215			216
Distillates												138												138						192			216			194			205			202
Other												87												87						141			121			123			114			124
Total												409												409						526			571			538			534			542
Central Corridor*
Gasoline												263												263						258			266			263			278			266
Distillates												223												223						212			231			225			234			225
Other												56												56						57			67			66			48			60
Total												542												542						527			564			554			560			551
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline												131												131						126			119			133			123			125
Distillates												81												81						91			87			88			83			87
Other												24												24						40			28			16			18			26
Total												236												236						257			234			237			224			238
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline												777												777						804			861			851			846			840
Distillates												608												608						701			760			720			762			735
Other												237												237						327			304			282			269			296
Total												1,622												1,622						1,832			1,925			1,853			1,877			1,871
Market Indicators
Crude and Crude Differentials ($/BBL) †
WTI												71.46												71.46						77.07			80.73			75.19			70.36			75.83
Brent												75.66												75.66						83.24			84.94			80.18			74.69			80.76
ANS												75.99												75.99						81.47			86.39			78.91			74.29			80.26
WTI less Maya												6.36												6.36						7.51			7.26			8.02			7.14			7.48
WTI less WCS (settlement differential)												12.65												12.65						19.33			13.55			13.51			12.46			14.71
Natural Gas ($/MMBtu) †
Henry Hub												4.27												4.27						2.41			2.04			2.09			2.42			2.24
† Based on daily spot prices, unless otherwise noted.

Page 11

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Phillips 66 Earnings Release Supplemental Data

MARKETING AND SPECIALTIES
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income (Loss) before Income Taxes												1,282												1,282						366			415			(22)			252			1,011
Income (Loss) before Income Taxes ($/BBL)
U.S.												0.67												0.67						1.38			1.16			(1.43)			0.52			0.41
International												39.88												39.88						2.94			5.02			5.07			2.69			3.93
Realized Marketing Fuel Margins ($/BBL)*
U.S.												1.36												1.36						1.60			1.70			2.45			1.18			1.73
International												4.87												4.87						4.88			5.87			6.19			3.70			5.15
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) 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*												243												243						296			248			274			241			1,059
* Excludes gain on dispositions and excise taxes on sales of refined products.
Equity in Earnings of Affiliates												36												36						64			66			88			58			276
Depreciation and Amortization*												20												20						36			32			32			79			179
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*												346												346						335			358			959			350			2,002
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Products Sales (MB/D)
U.S. Marketing
Gasoline												1,080												1,080						1,111			1,259			1,147			1,158			1,169
Distillates												735												735						797			843			813			908			840
Other												13												13						18			12			28			21			20
Total												1,828												1,828						1,926			2,114			1,988			2,087			2,029
International Marketing
Gasoline												114												114						104			112			106			113			109
Distillates												171												171						171			165			177			165			170
Other												27												27						28			40			23			37			32
Total												312												312						303			317			306			315			311
Worldwide Marketing
Gasoline												1,194												1,194						1,215			1,371			1,253			1,271			1,278
Distillates												906												906						968			1,008			990			1,073			1,010
Other												40												40						46			52			51			58			52
Total												2,140												2,140						2,229			2,431			2,294			2,402			2,340
Foreign Currency Gains (Losses) Pre-Tax												2												2						(7)			—			2			2			(3)
Reconciliation of Marketing and Specialties Income (Loss)   before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes												1,282												1,282						366			415			(22)			252			1,011
Plus:
Depreciation and amortization												20												20						36			32			32			79			179
EBITDA												1,302												1,302						402			447			10			331			1,190
Special Item Adjustments (pre-tax):
Legal settlement												—												—						(59)			—			—			—			(59)
Legal accrual												—												—						—			—			605			—			605
Net gain on asset disposition												(1,017)												(1,017)						—			—			—			(67)			(67)
EBITDA, Adjusted for Special Items												285												285						343			447			615			264			1,669
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2												2						5			5			7			4			21
Proportional share of selected equity affiliates net interest												10												10						10			11			12			11			44
Proportional share of selected equity affiliates depreciation   and amortization												18												18						19			21			22			28			90
Adjusted EBITDA												315												315						377			484			656			307			1,824

Page 12

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Phillips 66 Earnings Release Supplemental Data

RENEWABLE FUELS
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income (Loss) before Income Taxes												(185)												(185)						(55)			(55)			(116)			28			(198)
Operating and SG&A Expenses*												114												114						83			110			118			110			421
* Excludes operating and SG&A expenses of all equity affiliates.
Operating Statistics
Total Renewable Fuels Produced (MB/D)												44												44						9			31			44			42			31
Total Renewable Fuel Sales (MB/D)												63												63						34			45			70			62			52
Market Indicators*
Chicago Board of Trade (CBOT) soybean oil   (dollars per pound)												0.44												0.44						0.47			0.45			0.43			0.43			0.44
California Low-Carbon Fuel Standard (LCFS) carbon credit   (dollars per metric ton)												66.28												66.28						63.86			51.83			53.89			72.33			60.48
California Air Resource Board (CARB) ULSD - San Francisco   (dollars per gallon)												2.44												2.44						2.65			2.64			2.39			2.25			2.48
Biodiesel Renewable Identification Number (RIN)   (dollars per RIN)												0.79												0.79						0.58			0.51			0.60			0.66			0.59
* Based on daily spot prices, unless otherwise noted.
Reconciliation of Renewable Fuels Income (Loss)   before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes												(185)												(185)						(55)			(55)			(116)			28			(198)
Plus:
Depreciation and amortization												23												23						6			12			24			22			64
EBITDA												(162)												(162)						(49)			(43)			(92)			50			(134)
Special Item Adjustments (pre-tax):
None												—												—						—			—			—			—			—
EBITDA, Adjusted for Special Items												(162)												(162)						(49)			(43)			(92)			50			(134)

Page 13

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Phillips 66 Earnings Release Supplemental Data

CORPORATE AND OTHER
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Loss before Income Taxes												(376)												(376)						(322)			(340)			(327)			(298)			(1,287)
Detail of Gain (Loss) before Income Taxes
Net interest expense												(187)												(187)						(186)			(200)			(191)			(168)			(745)
Corporate overhead and other												(174)												(174)						(141)			(133)			(136)			(129)			(539)
NOVONIX												(15)												(15)						5			(7)			—			(1)			(3)
Total												(376)												(376)						(322)			(340)			(327)			(298)			(1,287)
Net Interest Expense
Interest expense												(230)												(230)						(238)			(238)			(232)			(220)			(928)
Capitalized interest												9												9						10			8			3			—			21
Gain on early retirement of debt												—												—						—			—			—			4			4
Interest income												34												34						42			30			38			48			158
Total												(187)												(187)						(186)			(200)			(191)			(168)			(745)
NOVONIX Investment
Unrealized Investment Gain (Loss)												(15)												(15)						6			(7)			(1)			2			—
Unrealized Foreign Currency Transaction Gain (Loss)												—												—						(1)			—			1			(3)			(3)
Change in Fair Value of NOVONIX Investment												(15)												(15)						5			(7)			—			(1)			(3)
Reconciliation of Corporate and Other Loss   before Income Taxes to Adjusted EBITDA
Loss before income taxes												(376)												(376)						(322)			(340)			(327)			(298)			(1,287)
Plus:
Net interest expense												187												187						186			200			191			168			745
Depreciation and amortization												59												59						25			25			24			49			123
EBITDA												(130)												(130)						(111)			(115)			(112)			(81)			(419)
Special Item Adjustments (pre-tax):
Impairment												21												21						—			—			—			—			4
Los Angeles Refinery cessation costs												—												—						—			—			—			4			4
Total Special Item Adjustments (pre-tax)												21												21						—			—			—			4			4
Change in Fair Value of NOVONIX Investment												15												15						(5)			7			—			1			3
EBITDA, Adjusted for Special Items and Change in   Fair Value of NOVONIX Investment												(94)												(94)						(116)			(108)			(112)			(76)			(412)
Other Adjustments (pre-tax):
None												—												—						—			—			—			—			—
Adjusted EBITDA												(94)												(94)						(116)			(108)			(112)			(76)			(412)
Foreign Currency Losses Pre-Tax												(2)												(2)						—			—			—			(2)			(2)
Phillips 66 Company
Total Debt												18,803												18,803						20,154			19,960			19,998			20,062			20,062
Total Equity												28,353												28,353						30,794			30,507			29,784			28,463			28,463
Debt-to-Capital Ratio (%)												40		%										40		%				40		%	40		%	40		%	41		%	41		%
Cash												1,489												1,489						1,570			2,444			1,637			1,738			1,738
Net Debt-to-Capital Ratio (%)												38		%										38		%				38		%	36		%	38		%	39		%	39		%

Page 14

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Net income												526												526						761			1,020			369			25			2,175
Plus:
Income tax expense (benefit)												122												122						203			291			44			(38)			500
Net interest expense												187												187						186			200			191			168			745
Depreciation and amortization												791												791						504			497			543			819			2,363
Phillips 66 EBITDA												1,626												1,626						1,654			2,008			1,147			974			5,783
Special Item Adjustments (pre-tax):
Certain tax impacts												—												—						—			—			—			(9)			(9)
Net gain on asset disposition												(1,085)												(1,085)						—			(238)			—			(67)			(305)
Impairments												21												21						163			224			28			35			450
Winter-storm-related recovery												—												—						—			—			—			(35)			(35)
Los Angeles Refinery cessation costs												—												—						—			—			41			7			48
Legal accrual												—												—						—			—			605			22			627
Legal settlement												—												—						(66)			—			—			—			(66)
Total Special Item Adjustments (pre-tax)												(1,064)												(1,064)						97			(14)			674			(47)			710
Change in Fair Value of NOVONIX Investment*												15												15						(5)			7			—			1			3
Phillips 66 EBITDA, Adjusted for Special Items and   Change in Fair Value of NOVONIX Investment												577												577						1,746			2,001			1,821			928			6,496
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												18												18						21			26			24			17			88
Proportional share of selected equity affiliates net interest												14												14						23			19			12			14			68
Proportional share of selected equity affiliates depreciation   and amortization												187												187						188			195			188			209			780
Adjusted EBITDA attributable to noncontrolling interests												(60)												(60)						(35)			(58)			(47)			(38)			(178)
Phillips 66 Adjusted EBITDA												736												736						1,943			2,183			1,998			1,130			7,254
* See NOVONIX Investment table on page 14 for more details.
Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," "realized marketing fuel margin per barrel," and "refining adjusted controllable costs 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. Refining controllable cost and Refining adjusted controllable costs per barrel are included to help facilitate comparisons with other companies in our industry on refinery operational performance. The GAAP measures most directly comparable to Refining controllable cost are operating expenses and selling, general and administrative expenses (SG&A). A reconciliation of refining operating and SG&A expenses to refining adjusted controllable costs plus our proportional share of operating and SG&A expenses of two refining equity affiliates that are reflected in earnings of affiliates, is included in this earnings release supplemental data. Adjusted effective tax rate demonstrates the effective tax rate with the consideration of the tax effect on special items. The GAAP financial measure most comparable to adjusted effective tax rate is effective tax rate. A reconciliation of effective tax rate to adjusted effective tax rate is included in this earnings release supplemental data. Sustaining capital expenditures demonstrate the capital required to maintain and extend the life of existing assets to ensure the ongoing operation and integrity of assets, including equipment, infrastructure, and facilities. A reconciliation of sustaining capital to consolidated capital expenditures and investments, excluding acquisitions and purchases of government obligations, is included in this earnings release supplemental data.

Page 15

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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
												2025																		2024
												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												(199)												(199)						78			15			(61)			(91)			(59)
Plus:
Taxes other than income taxes												22												22						24			15			24			22			85
Depreciation, amortization and impairments												56												56						52			51			53			55			211
Selling, general and administrative expenses												6												6						3			12			14			14			43
Operating expenses												373												373						251			264			253			256			1,024
Equity in losses of affiliates												2												2						1			2			2			2			7
Other segment (income) expense, net												(6)												(6)						13			18			(25)			40			46
Proportional share of refining gross margins contributed by   equity affiliates												21												21						33			32			21			21			107
Special items:
Certain tax impacts												—												—						—			—			—			(9)			(9)
Realized refining margins												275												275						455			409			281			310			1,455
Total processed inputs (MB)*												38,716												38,716						46,911			50,545			47,819			50,792			196,067
Adjusted total processed inputs (MB)*												38,716												38,716						46,911			50,545			47,819			50,792			196,067
Income (loss) before income taxes ($/BBL)**												(5.15)												(5.15)						1.66			0.30			(1.27)			(1.79)			(0.30)
Realized refining margins ($/BBL)***												7.08												7.08						9.70			8.10			5.87			6.09			7.42
GULF COAST
Income (loss) before income taxes												(333)												(333)						120			42			(102)			(128)			(68)
Plus:
Taxes other than income taxes												35												35						38			19			26			28			111
Depreciation, amortization and impairments												72												72						62			64			69			67			262
Selling, general and administrative expenses												9												9						6			9			8			9			32
Operating expenses												381												381						301			269			304			296			1,170
Equity in earnings of affiliates												—												—						(1)			—			(1)			—			(2)
Other segment expense, net												1												1						1			1			6			—			8
Special items:
Legal settlement												—												—						(7)			—			—			—			(7)
Realized refining margins												165												165						520			404			310			272			1,506
Total processed inputs (MB)												37,206												37,206						47,492			51,204			48,609			48,750			196,055
Adjusted total processed inputs (MB)												37,206												37,206						47,492			51,204			48,609			48,750			196,055
Income (loss) before income taxes ($/BBL)**												(8.95)												(8.95)						2.53			0.82			(2.10)			(2.62)			(0.35)
Realized refining margins ($/BBL)***												4.43												4.43						10.95			7.88			6.39			5.58			7.68
CENTRAL CORRIDOR
Income (loss) before income taxes												(50)												(50)						213			243			308			(94)			670
Plus:
Taxes other than income taxes												26												26						28			22			27			21			98
Depreciation, amortization and impairments												41												41						44			44			41			43			172
Selling, general and administrative expenses												23												23						24			25			27			26			102
Operating expenses												148												148						143			142			124			148			557
Equity in (earnings) losses of affiliates												103												103						(108)			(35)			11			77			(55)
Other segment (income) expense, net												(12)												(12)						(40)			(22)			8			9			(45)
Proportional share of refining gross margins contributed by   equity affiliates												120												120						298			228			172			111			809
Realized refining margins												399												399						602			647			718			341			2,308
Total processed inputs (MB)												27,169												27,169						25,658			27,994			27,025			27,886			108,563
Adjusted total processed inputs (MB)*												48,275												48,275						47,912			50,805			50,536			51,037			200,290
Income (loss) before income taxes ($/BBL)**												(1.85)												(1.85)						8.31			8.69			11.38			(3.35)			6.18
Realized refining margins ($/BBL)***												8.29												8.29						12.56			12.75			14.19			6.68			11.52

Page 16

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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
												2025																		2024
												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												(355)												(355)						(195)			2			(253)			(462)			(908)
Plus:
Taxes other than income taxes												27												27						31			18			23			21			93
Depreciation, amortization and impairments												287												287						156			44			67			271			538
Selling, general and administrative expenses												8												8						5			5			11			11			32
Operating expenses												172												172						258			209			241			268			976
Other segment (income) expense, net												12												12						(4)			2			7			9			14
Realized refining margins												151												151						251			280			96			118			745
Total processed inputs (MB)												21,362												21,362						23,639			21,553			21,987			20,452			87,631
Adjusted total processed inputs (MB)												21,362												21,362						23,639			21,553			21,987			20,452			87,631
Income (loss) before income taxes ($/BBL)**												(16.60)												(16.60)						(8.26)			0.10			(11.51)			(22.65)			(10.38)
Realized refining margins ($/BBL)***												7.12												7.12						10.60			13.06			4.34			5.74			8.50
WORLDWIDE
Income (loss) before income taxes												(937)												(937)						216			302			(108)			(775)			(365)
Plus:
Taxes other than income taxes												110												110						121			74			100			92			387
Depreciation, amortization and impairments												456												456						314			203			230			436			1,183
Selling, general and administrative expenses												46												46						38			51			60			60			209
Operating expenses												1,074												1,074						953			884			922			968			3,727
Equity in (earnings) losses of affiliates												105												105						(108)			(33)			12			79			(50)
Other segment (income) expense, net												(5)												(5)						(30)			(1)			(4)			58			23
Proportional share of refining gross margins contributed   by equity affiliates												141												141						331			260			193			132			916
Special items:
Certain tax impacts												—												—						—			—			—			(9)			(9)
Legal settlement												—												—						(7)			—			—			—			(7)
Realized refining margins												990												990						1,828			1,740			1,405			1,041			6,014
Total processed inputs (MB)												124,453												124,453						143,700			151,296			145,440			147,880			588,316
Adjusted total processed inputs (MB)*												145,559												145,559						165,954			174,107			168,951			171,031			680,043
Income (loss) before income taxes ($/BBL)**												(7.53)												(7.53)						1.50			2.00			(0.74)			(5.24)			(0.62)
Realized refining margins ($/BBL)***												6.81												6.81						11.01			10.01			8.31			6.08			8.84
* Includes 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.
OPERATING AND SG&A EXPENSES NON-GAAP RECONCILIATION
RECONCILIATION OF REFINING OPERATING AND SG&A EXPENSES TO REFINING ADJUSTED CONTROLLABLE COSTS
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
WORLDWIDE
Turnaround expenses												270												270						124			100			137			123			484
Other operating expenses												804												804						829			784			785			845			3,243
Total operating expenses												1,074												1,074						953			884			922			968			3,727
Selling, general and administrative expenses												46												46						38			51			60			60			209
Refining Controllable Costs												1,120												1,120						991			935			982			1,028			3,936
Plus:
Proportional share of equity affiliate turnaround   expenses*												27												27						22			30			9			7			68
Proportional share of equity affiliate other operating   and SG&A expenses*												173												173						159			154			154			159			626
Total proportional share of equity affiliate operating   and SG&A expenses*												200												200						181			184			163			166			694
Special item adjustments (pre-tax):
Legal accrual												—												—						—			—			—			(22)			(22)
Los Angeles Refinery cessation costs												—												—						—			—			(41)			(3)			(44)
Refining Adjusted Controllable Costs												1,320												1,320						1,172			1,119			1,104			1,169			4,564
Total processed inputs (MB)												124,453												124,453						143,700			151,296			145,440			147,880			588,316
Adjusted total processed inputs (MB)**												145,559												145,559						165,954			174,107			168,951			171,031			680,043
Refining turnaround expense ($/BBL)***												2.17												2.17						0.86			0.66			0.94			0.83			0.82
Refining controllable costs, excluding turnaround   expense ($/BBL)***												6.83												6.83						6.03			5.52			5.81			6.12			5.87
Refining Controllable Costs ($/BBL)***												9.00												9.00						6.89			6.18			6.75			6.95			6.69
Refining adjusted turnaround expense ($/BBL)****												2.04												2.04						0.88			0.75			0.86			0.76			0.81
Refining adjusted controllable costs, excluding   adjusted turnaround expense ($/BBL)****												7.03												7.03						6.18			5.68			5.67			6.07			5.90
Refining Adjusted Controllable Costs ($/BBL)****												9.07												9.07						7.06			6.43			6.53			6.83			6.71
* Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.
** Includes our proportional share of processed inputs of an equity affiliate.
*** Denominator is total processed inputs.
**** Denominator is adjusted total processed inputs.

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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
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
UNITED STATES
Income (loss) before income taxes												111												111						242			223			(262)			100			303
Plus:
Depreciation and amortization												13												13						10			9			9			10			38
Selling, general and administrative expenses												203												203						186			217			823			208			1,434
Equity in earnings of affiliates												(7)												(7)						(2)			(12)			(10)			(5)			(29)
Other operating revenues*												(105)												(105)						(108)			(123)			(127)			(109)			(467)
Other expense, net												9												9						11			14			14			22			61
Special items:
Legal settlement												—												—						(59)			—			—			—			(59)
Realized marketing fuel margins												224												224						280			328			447			226			1,281
Total fuel sales volumes (MB)												164,499												164,499						175,269			192,398			182,823			191,977			742,467
Income (loss) before income taxes ($/BBL)												0.67												0.67						1.38			1.16			(1.43)			0.52			0.41
Realized marketing fuel margins ($/BBL)**												1.36												1.36						1.60			1.70			2.45			1.18			1.73
INTERNATIONAL
Income before income taxes												1,117												1,117						81			145			143			78			447
Plus:
Depreciation and amortization												2												2						18			18			20			60			116
Selling, general and administrative expenses												65												65						64			63			64			74			265
Equity in earnings of affiliates												(8)												(8)						(24)			(29)			(30)			(23)			(106)
Other operating revenues*												(12)												(12)						(6)			(9)			(11)			(8)			(34)
Other (income) expense, net												3												3						15			(2)			2			5			20
Special items:
Net gain on asset disposition												(1,017)												(1,017)						—			—			—			(67)			(67)
Marketing margins												150												150						148			186			188			119			641
Less: margin for nonfuel related sales												14												14						13			16			14			13			56
Realized marketing fuel margins												136												136						135			170			174			106			585
Total fuel sales volumes (MB)												28,011												28,011						27,590			28,893			28,207			29,022			113,712
Income before income taxes ($/BBL)												39.88												39.88						2.94			5.02			5.07			2.69			3.93
Realized marketing fuel margins ($/BBL)**												4.87												4.87						4.88			5.87			6.19			3.70			5.15
* 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
												2025																		2024
												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												648												648						964			1,311			413			(13)			2,675
Special items												(1,064)												(1,064)						97			(14)			674			(47)			710
Adjusted income (loss) before income taxes												(416)												(416)						1,061			1,297			1,087			(60)			3,385
Income tax expense (benefit)												122												122						203			291			44			(38)			500
Special items												(200)												(200)						23			(13)			161			22			193
Adjusted income tax expense (benefit)												(78)												(78)						226			278			205			(16)			693
Effective tax rate (%)*												18.8		%										18.8		%				21.1		%	22.2		%	10.7		%	296.7		%	18.7		%
Adjusted effective tax rate (%)*												18.8		%										18.8		%				21.3		%	21.4		%	18.9		%	27.2		%	20.5		%
* Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).

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