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Phillips 66 Earnings Release Supplemental Data
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CONSOLIDATED INCOME STATEMENT ¹
Millions of Dollars, Except as Indicated
20252025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Revenues and Other Income
Sales and other operating revenues32,540 32,54030,430 33,323 34,515 34,108 132,376 
Equity in earnings of affiliates252 252153 153 337 119 762 
Net gain (loss) on dispositions6 61,087 (93)11 1,979 2,984 
Other income204 20456 139 116 127 438 
Total Revenues and Other Income33,002 33,00231,726 33,522 34,979 36,333 136,560 
Costs and Expenses
Purchased crude oil and products29,216 29,21627,660 29,077 30,219 29,137 116,093 
Operating expenses1,881 1,8811,622 1,440 1,492 1,869 6,423 
Selling, general and administrative expenses537 537519 582 792 544 2,437 
Depreciation and amortization558 558791 816 826 818 3,251 
Impairments8 826 4 951 79 1,060 
Taxes other than income taxes234 234233 218 221 119 791 
Accretion on discounted liabilities12 1212 10 12 13 47 
Interest and debt expense286 286221 264 259 295 1,039 
Foreign currency transaction (gains) losses10 10(6)(9)8 6 (1)
Total Costs and Expenses32,742 32,74231,078 32,402 34,780 32,880 131,140 
Income before income taxes260 260648 1,120 199 3,453 5,420 
Income tax expense41 41122 212 32 526 892 
Net Income219 219526 908 167 2,927 4,528 
Less: net income attributable to
  noncontrolling interests		12 1239 31 34 21 125 
Net Income Attributable to Phillips 66207 207487 877 133 2,906 4,403 
Net Income Attributable to Phillips 66 Per Share
  of Common Stock (dollars)
Basic0.51 0.511.19 2.15 0.32 7.20 10.82 
Diluted0.51 0.511.18 2.15 0.32 7.17 10.79 
Weighted-Average Common Shares Outstanding
  (thousands)
Basic402,036 402,036409,182 406,763 404,508 403,122 406,008 
Diluted403,273 403,273410,505 407,929 405,549 405,146 408,053 
Effective tax rate (%) ²15.9 %15.9 %18.8 %19.0 %16.0 %15.2 %16.5 %
Adjusted effective tax rate (%) ²15.7 %15.7 %18.8 %22.0 %22.9 %22.6 %22.9 %
1 Refer to Change in Basis of Presentation on page 15.
2 Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense divided by Income Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income Before Income Taxes and Income Tax Expense may differ from the presented tax rates (%).

Page 1

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
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream591 591 751 731 697 638 2,817 
Chemicals114 114 113 20 176 (12)297 
Refining ¹208 208 (937)359 (518)822 (274)
Marketing and Specialties(161)(161)1,282 571 251 2,396 4,500 
Renewable Fuels(41)(41)(185)(133)(43)(19)(380)
Corporate and Other(451)(451)(376)(428)(364)(372)(1,540)
Income before income taxes260 260 648 1,120 199 3,453 5,420 
Less: income tax expense41 41 122 212 32 526 892 
Net Income219 219 526 908 167 2,927 4,528 
Less: net income attributable to
  noncontrolling interests		12 12 39 31 34 21 125 
Net Income Attributable to Phillips 66207 207 487 877 133 2,906 4,403 
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation247 247 243 242 194 239 918 
NGL344 344 440 489 503 478 1,910 
Total Midstream591 591 683 731 697 717 2,828 
Chemicals85 85 113 20 176 19 328 
Refining
Atlantic Basin/Europe367 367 (199)82 250 291 424 
Gulf Coast204 204 (333)101 119 252 139 
Central Corridor ¹(418)(418)(50)392 368 367 1,077 
West Coast55 55 (355)(183)(307)(368)(1,213)
Total Refining208 208 (937)392 430 542 427 
Marketing and Specialties(141)(141)265 660 477 439 1,841 
Renewable Fuels(41)(41)(185)(133)(43)(19)(380)
Corporate and Other(451)(451)(355)(383)(364)(363)(1,465)
Adjusted income (loss) before income taxes251 251 (416)1,287 1,373 1,335 3,579 
Less: adjusted income tax expense (benefit)39 39 (78)283 314 302 821 
Adjusted Net Income (Loss)212 212 (338)1,004 1,059 1,033 2,758 
Less: adjusted net income attributable to
  noncontrolling interests		12 12 30 31 34 31 126 
Adjusted Net Income (Loss) Attributable to Phillips 66200 200 (368)973 1,025 1,002 2,632 
Adjusted Net Income (Loss) Attributable to Phillips 66
  Per Share of Common Stock (dollars)
Diluted ²0.49 0.49 (0.90)2.38 2.52 2.47 6.44 
Adjusted Weighted-Average Common Shares Outstanding
  (thousands)
Diluted403,273 403,273 409,182407,934406,045404,733407,605
ADJUSTED EBITDA BY SEGMENT ³
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation306 306 300 301 292 299 1,192 
NGL554 554 585 671 672 653 2,581 
Total Midstream860 860 885 972 964 952 3,773 
Chemicals250 250 244 148 308 145 845 
Refining ¹423 423 (452)867 904 1,019 2,338 
Marketing and Specialties(86)(86)315 718 525 488 2,046 
Renewable Fuels(18)(18)(162)(110)(18)5 (285)
Corporate and Other(161)(161)(94)(94)(89)(77)(354)
Adjusted EBITDA1,268 1,268 736 2,501 2,594 2,532 8,363 
1 Refer to Change in Basis of Presentation on page 15.
2 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.
3 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.
Page 2

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
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Net gain on asset dispositions— — 68 — — — 68 
Impairments— — — — — (79)(79)
Total Midstream— — 68 — — (79)(11)
Chemicals
Winter-storm-related recovery— — — — — — — 
Lower of cost or market inventory adjustment29 29 — — — (31)(31)
Total Chemicals29 29 — — — (31)(31)
Refining
Certain tax impacts— — — — — 11 11 
Impairments— — — — (948)— (948)
Los Angeles Refinery cessation costs— — — — — (35)(35)
Legal accrual— — — (33)— — (33)
Legal settlement— — — — — 181 181 
Pending claims and settlements— — — — — 123 123 
Total Refining— — — (33)(948)280 (701)
Marketing and Specialties
Legal settlement— — — — — — — 
Legal accrual ¹(20)(20)— — (241)(21)(262)
Net gain (loss) on asset dispositions— — 1,017 (89)15 1,978 2,921 
Total Marketing and Specialties(20)(20)1,017 (89)(226)1,957 2,659 
Renewable Fuels— — — — — — — 
Corporate and Other
Impairments— — (21)— — — (21)
Los Angeles Refinery cessation costs— — — — — — — 
Professional advisory fees— — — (45)— — (45)
Interest Expense— — — — — (9)(9)
Total Corporate and Other— — (21)(45)— (9)(75)
Total Special Items (Pre-tax)9 9 1,064 (167)(1,174)2,118 1,841 
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items ²2 2 200 (40)(282)19 (103)
Other tax impacts— — — (31)— 205 174 
Total Income Tax Expense (Benefit)2 2 200 (71)(282)224 71 
Less: Income (Loss) Attributable to Noncontrolling Interests
Net gain on asset dispositions— — 9 — — — 9 
Impairment of certain DCP assets— — — — — (10)(10)
Total Income (Loss) Attributable to Noncontrolling Interests— — 9 — — (10)(1)
Total Phillips 66 Special Items (After-tax)7 7 855 (96)(892)1,904 1,771 
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation— — — — — — — 
NGL— — 68 — — (79)(11)
Total Midstream— — 68 — — (79)(11)
Refining
Atlantic Basin/Europe— — — (33)— 11 (22)
Gulf Coast— — — — — — — 
Central Corridor— — — — (948)304 (644)
West Coast— — — — — (35)(35)
Total Refining— — — (33)(948)280 (701)
1 Legal accruals related to ongoing litigation with Propel Fuels, Inc
2 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, but certain transactions may be partially exempt, which could result in a lower overall effective tax rate on these items. 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.
Page 3

Phillips 66 Earnings Release Supplemental Data
CASH FLOW INFORMATION ¹
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Cash Flows From Operating Activities
Net income219 219 526 908 167 2,927 4,528 
Depreciation and amortization558 558 791 816 826 818 3,251 
Impairments8 8 26 4 951 79 1,060 
Accretion on discounted liabilities12 12 12 10 12 13 47 
Deferred income taxes67 67 (133)(48)14 345 178 
Undistributed equity earnings(86)(86)120 75 (55)(20)120 
Net (gain) loss on dispositions(6)(6)(1,087)93 (11)(1,979)(2,984)
Unrealized investment (gain) loss ²9 9 10 4 (4)2 12 
Other(82)(82)(6)58 20 (141)(69)
Net working capital changes(2,963)(2,963)(72)(1,075)(742)708 (1,181)
Net Cash Provided by (Used in) Operating Activities(2,264)(2,264)187 845 1,178 2,752 4,962 
Cash Flows From Investing Activities
Capital expenditures and investments(582)(582)(423)(587)(541)(682)(2,233)
Acquisitions, net of cash acquired(66)(66)— (2,220)10 (1,288)(3,498)
Return of investments in equity affiliates26 26 25 18 15 32 90 
Proceeds from asset dispositions7 7 2,034 (3)— 1,489 3,520 
Other9 9 (45)58 29 (18)46 
Net Cash Provided by (Used in) Investing Activities(606)(606)1,591 (2,734)(487)(467)(2,097)
Cash Flows From Financing Activities
Issuance of debt9,629 9,629 — 3,499 2,450 2,446 8,395 
Repayment of debt(1,965)(1,965)(1,287)(1,088)(1,612)(4,787)(8,774)
Issuance of common stock84 84 23 2 68 14 107 
Repurchase of common stock(269)(269)(247)(419)(267)(274)(1,207)
Dividends paid on common stock(509)(509)(469)(487)(484)(482)(1,922)
Distributions to noncontrolling interests(22)(22)(14)(81)(28)(41)(164)
Contributions from noncontrolling interests15 15 — 106 18 8 132 
Other(43)(43)(55)(6)(33)(10)(104)
Net Cash Provided by (Used in) Financing Activities6,920 6,920 (2,049)1,526 112 (3,126)(3,537)
Effect of Exchange Rate Changes on Cash and
  Cash Equivalents		(16)(16)22 18 3 7 50 
Net Change in Cash and Cash Equivalents, including
  cash classified within Assets held for sale		4,034 4,034 (249)(345)806 (834)(622)
Cash and cash equivalents at beginning of period1,116 1,116 1,738 1,489 1,144 1,950 1,738 
Cash and Cash Equivalents at End of Period, including
  cash classified within Assets held for sale		5,150 5,150 1,489 1,144 1,950 1,116 1,116 
Reconciliation of Cash and Cash Equivalents at end of
  period
Cash and Cash equivalents5,150 5,150 1,489 1,052 1,845 1,116 1,116 
Cash and cash equivalents included in Assets held for sale— — — 92 105 — — 
Cash and cash equivalents at end of period, including
  cash classified within Assets held for sale		5,150 5,150 1,489 1,144 1,950 1,116 1,116 
CAPITAL PROGRAM
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Consolidated Capital Expenditures and Investments ³
Midstream343 343 216 384 347 284 1,231 
Chemicals— — — — — — — 
Refining¹210 210 176 148 145 307 776 
Marketing and Specialties9 9 15 34 26 43 118 
Renewable Fuels10 10 9 9 15 23 56 
Corporate and Other10 10 7 12 8 25 52 
Consolidated Capital Expenditures and Investments582 582 423 587 541 682 2,233 
Consolidated Capital Expenditures and Investments ¹ ³ ⁴
Growth336 336 229 379 289 332 1,229 
Sustaining246 246 194 208 252 350 1,004 
Consolidated Capital Expenditures and Investments582 582 423 587 541 682 2,233 
Proportional Share of Selected Equity Affiliates Capital
  Expenditures and Investments
CPChem (Chemicals)133 133 182 225 202 187 796 
WRB (Refining) ¹— — 21 44 34 — 99 
Selected Equity Affiliates133 133 203 269 236 187 895 
1 Refer to Change in Basis of Presentation on page 15.
2 Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.
3 Excludes net acquisitions of $66MM, $1,288MM, $(10)MM, $2,220MM and $58MM in Q1 2026, Q4 2025, Q3 2025, Q2 2025, respectively.
4 See note on the use of non-GAAP measures.
Page 4

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes
Transportation247 247 243 242 194 239 918 
NGL344 344 508 489 503 399 1,899 
Income before Income Taxes591 591 751 731 697 638 2,817 
Equity in Earnings of Affiliates
Transportation92 92 97 87 82 87 353 
NGL11 11 13 11 11 11 46 
Total103 103 110 98 93 98 399 
Depreciation and Amortization ¹
Transportation45 45 44 43 73 50 210 
NGL229 229 189 217 205 209 820 
Total274 274 233 260 278 259 1,030 
Operating and SG&A Expenses ²
Transportation184 184 173 191 205 194 763 
NGL413 413 338 373 354 410 1,475 
Total597 597 511 564 559 604 2,238 
Transportation Volumes (MB/D)
Pipelines ³2,932 2,932 2,893 3,093 3,111 2,993 3,023 
Terminals3,180 3,180 2,938 3,074 3,127 3,226 3,092 
PSX Other Volumes
Wellhead Volume (Bcf/D) ⁴4.4 4.4 4.1 4.2 4.3 4.4 4.3 
NGL Production (MB/D) ⁴446 446 437 456 483 470 462 
NGL Pipeline Throughput–Y-Grade to Market (MB/D) ⁵930 930 704 956 999 1,006 917 
NGL Fractionated (MB/D)980 980 748 883 930 1,018 896 
Market Indicators
Weighted-Average NGL Price ($/gal) ⁶0.62 0.62 0.74 0.64 0.60 0.59 0.64 
Henry Hub Natural Gas Price ($/MMBtu) ⁷4.87 4.87 4.27 3.16 3.03 3.69 3.54 
WTI ($/BBL) ⁷71.98 71.98 71.46 63.86 65.03 59.22 64.89 
1 Excludes D&A of all non-consolidated affiliates.
2 Excludes operating and SG&A expenses of all non-consolidated affiliates.
3 Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.
4 Includes 100% of DCP Midstream Class A Segment.
5 Represents volumes delivered to 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.
6 Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
7 Based on daily spot prices.
Page 5

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Midstream Income before Income Taxes
  to Adjusted EBITDA
Income before income taxes591 591 751 731 697 638 2,817 
Plus:
Depreciation and amortization274 274 233 260 278 259 1,030 
EBITDA865 865 984 991 975 897 3,847 
Special Item Adjustments (pre-tax):
Net gain on asset dispositions— — (68)— — — (68)
Impairments— — — — — 79 79 
EBITDA, Adjusted for Special Items865 865 916 991 975 976 3,858 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes3 3 3 4 4 2 13 
Proportional share of selected equity affiliates net interest3 3 3 3 3 3 12 
Proportional share of selected equity affiliates depreciation
  and amortization		23 23 23 24 33 21 101 
Adjusted EBITDA attributable to noncontrolling interests(34)(34)(60)(50)(51)(50)(211)
Adjusted EBITDA860 860 885 972 964 952 3,773 
Page 6

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Transportation
Income before income taxes247 247 243 242 194 239 918 
Plus:
Depreciation and amortization45 45 44 43 73 50 210 
EBITDA292 292 287 285 267 289 1,128 
Special Item Adjustments (pre-tax):
None— — — — — — — 
EBITDA, Adjusted for Special Items292 292 287 285 267 289 1,128 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes3 3 3 4 4 2 13 
Proportional share of selected equity affiliates net interest3 3 3 3 3 3 12 
Proportional share of selected equity affiliates depreciation
  and amortization		15 15 15 15 23 12 65 
Adjusted EBITDA attributable to noncontrolling interests(7)(7)(8)(6)(5)(7)(26)
Adjusted EBITDA306 306 300 301 292 299 1,192 
NGL
Income before income taxes344 344 508 489 503 399 1,899 
Plus:
Depreciation and amortization229 229 189 217 205 209 820 
EBITDA573 573 697 706 708 608 2,719 
Special Item Adjustments (pre-tax):
Net gain on asset disposition— — (68)— — — (68)
Impairments— — — — — 79 79 
EBITDA, Adjusted for Special Items573 573 629 706 708 687 2,730 
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 8 9 10 9 36 
Adjusted EBITDA attributable to noncontrolling interests(27)(27)(52)(44)(46)(43)(185)
Adjusted EBITDA554 554 585 671 672 653 2,581 
Page 7

Phillips 66 Earnings Release Supplemental Data
CHEMICALS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (loss) before Income Taxes114 114 113 20 176 (12)297 
Equity in Earnings (Losses) of Affiliate114 114 113 20 176 (12)297 
100% CPChem Results
Net Income, excludes parent company income tax related
  to CPChem's earnings		228 228 226 40 351 (24)593 
Income (loss) before Income Taxes238 238 235 50 360 (14)631 
Depreciation and Amortization180 180 170 166 177 183 696 
Net Interest Expense ¹— — (2)(1)(1)— (4)
Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments266 266 363 450 405 374 1,592 
Return of Investments from Equity Companies— — — (7)(18)(25)(50)
Olefins and Polyolefins Capacity Utilization (%)94 %94 %100 %92 %104 %97 %98 %
Market Indicator ²
Ethylene to High-Density Polyethylene Chain
  Cash Margin (cents/lb)		10.7 10.7 10.9 7.4 7.6 2.6 7.1 
Reconciliation of Chemicals Income before Income
 Taxes to Adjusted EBITDA
Income (loss) before income taxes114 114 113 20 176 (12)297 
Plus:
None— — — — — — — 
EBITDA114 114 113 20 176 (12)297 
Special Item Adjustments (pre-tax):
Lower of cost or market inventory adjustment(29)(29)— — — 31 31 
EBITDA, Adjusted for Special Items85 85 113 20 176 19 328 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes21 21 13 13 11 2 39 
Proportional share of selected equity affiliates net interest— — (1)(1)(1)1 (2)
Proportional share of selected equity affiliates depreciation
  and amortization		144 144 119 116 122 123 480 
Adjusted EBITDA250 250 244 148 308 145 845 
1 Net of interest income.
2 Source: IHS, Inc.
Page 8

Phillips 66 Earnings Release Supplemental Data
REFINING
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe367 367 (199)49 250 302 402 
Gulf Coast204 204 (333)101 119 252 139 
Central Corridor ¹(418)(418)(50)392 (580)671 433 
West Coast55 55 (355)(183)(307)(403)(1,248)
Income (Loss) before Income Taxes208 208 (937)359 (518)822 (274)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe7.21 7.21 (5.15)1.00 4.94 5.65 2.09 
Gulf Coast3.87 3.87 (8.95)1.93 2.19 5.10 0.72 
Central Corridor ¹(6.12)(6.12)(1.85)13.67 (20.61)8.74 2.70 
West Coast6.41 6.41 (16.60)(8.37)(15.06)(41.08)(16.99)
Worldwide1.15 1.15 (7.53)2.36 (3.38)4.34 (0.44)
Realized Refining Margins ($/BBL) ²
Atlantic Basin/Europe15.62 15.62 7.08 8.16 11.94 12.60 10.18 
Gulf Coast11.31 11.31 4.43 8.71 8.74 12.48 8.86 
Central Corridor ¹4.60 4.60 8.29 15.61 15.82 13.06 13.26 
West Coast13.12 13.12 7.12 14.06 12.31 8.85 10.86 
Worldwide10.11 10.11 6.81 11.25 12.15 12.48 10.88 
Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe— — (2)(2)(2)(3)(9)
Gulf Coast— — — — — — — 
Central Corridor ¹— — (103)— 33 — (70)
West Coast— — — — — — — 
Total— — (105)(2)31 (3)(79)
Depreciation and Amortization ³
Atlantic Basin/Europe57 57 56 53 54 53 216 
Gulf Coast66 66 72 67 66 66 271 
Central Corridor ¹76 76 41 41 43 79 204 
West Coast16 16 287 282 281 279 1,129 
Total215 215 456 443 444 477 1,820 
Operating and SG&A Expenses ³
Atlantic Basin/Europe317 317 379 289 256 280 1,204 
Gulf Coast299 299 390 262 263 275 1,190 
Central Corridor ¹613 613 171 159 180 522 1,032 
West Coast52 52 180 170 250 204 804 
Total1,281 1,281 1,120 880 949 1,281 4,230 
Turnaround Expense, included in Operating and SG&A
  Expenses ³
Atlantic Basin/Europe30 30 97 18 5 11 131 
Gulf Coast41 41 164 27 15 40 246 
Central Corridor ¹105 105 2 2 10 77 91 
West Coast2 2 7 6 6 7 26 
Total178 178 270 53 36 135 494 
Taxes Other than Income Taxes
Atlantic Basin/Europe20 20 22 20 17 18 77 
Gulf Coast29 29 35 24 26 23 108 
Central Corridor ¹42 42 26 25 26 19 96 
West Coast15 15 27 25 21 3 76 
Total106 106 110 94 90 63 357 
Foreign Currency Gains (Losses) Pre-Tax(12)(12)9 20 (4)(4)21 
Refining—Equity Affiliate Information ¹
Equity in earnings (losses) of affiliates— — (105)(2)31 (3)(79)
Less: Share of equity affiliate gross margin included in Realized
  Refining Margin and other equity affiliate-related costs ⁴		(26)(26)(141)(234)(262)(25)(662)
Equity affiliate-related expenses not included in Realized
  Refining Margins
(26)(26)(246)(236)(231)(28)(741)
Proportional Share of Certain Equity Affiliate
  Operating and SG&A Expenses ¹
19 19 200 185 186 19 590 
Proportional Share of Certain Equity Affiliate
  Turnaround Expense, included in Equity Affiliate
  Operating and SG&A Expenses ¹
— — 27 24 23 — 74 
Operating expenses1,229 1,229 1,074 848 909 1,229 4,060 
Selling, general and administrative expenses52 52 46 32 40 52 170 
Refining Controllable Costs ¹ ⁵1,281 1,281 1,120 880 949 1,281 4,230 
Refining Controllable Costs ($/BBL) ¹ ⁵7.08 7.08 9.00 5.79 6.18 6.76 6.83 
Refining Adjusted Controllable Costs, Excluding Adjusted
 Turnaround Expense ($/BBL) ⁶
6.21 6.21 7.03 5.46 6.07 5.96 6.09 
1 Refer to Change in Basis of Presentation on page 15.
2 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.
3 Excludes expenses of all equity affiliates.
4 Other costs associated with equity affiliates which do not flow through equity earnings (losses).
5 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.
6 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

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (Loss) before income taxes208 208 (937)359 (518)822 (274)
Plus:
Depreciation and amortization215 215 456 443 444 477 1,820 
EBITDA423 423 (481)802 (74)1,299 1,546 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — — — (11)(11)
Impairments— — — — 948 — 948 
Los Angeles Refinery cessation costs— — — — — 35 35 
Legal accrual— — — 33 — — 33 
Legal settlement— — — — — (181)(181)
Pending claims and settlements— — — — — (123)(123)
EBITDA, Adjusted for Special Items423 423 (481)835 874 1,019 2,247 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — — 
Proportional share of selected equity affiliates net interest— — 2 3 1 — 6 
Proportional share of selected equity affiliates depreciation
  and amortization		— — 27 29 29 — 85 
Adjusted EBITDA423 423 (452)867 904 1,019 2,338 
Operating Statistics
Atlantic Basin/Europe ¹
Crude Oil Charge Input (MB/D)531 531 359 518 534 553 492 
Total Processed Inputs (MB/D)566 566 430 541 551 582 526 
Crude Oil Capacity Utilization (%)96 %96 %67 %97 %99 %103 %92 %
Clean Product Yield (%)88 %88 %89 %87 %88 %87 %88 %
Gulf Coast
Crude Oil Charge Input (MB/D)530 530 369 508 528 481 472 
Total Processed Inputs (MB/D)587 587 413 573 590 538 529 
Crude Oil Capacity Utilization (%)98 %98 %70 %96 %100 %91 %89 %
Clean Product Yield (%)80 %80 %81 %80 %81 %80 %80 %
Central Corridor ²
Crude Oil Charge Input (MB/D)734 734 521 550 549 805 606 
Total Processed Inputs (MB/D)760 760 536 566 567 834 626 
Crude Oil Capacity Utilization (%)92 %92 %98 %104 %103 %104 %102 %
Clean Product Yield (%)90 %90 %91 %90 %90 %94 %91 %
West Coast
Crude Oil Charge Input (MB/D)90 90 228 234 214 99 193 
Total Processed Inputs (MB/D)96 96 237 241 222 107 201 
Crude Oil Capacity Utilization (%) ³86 %86 %93 %96 %88 %95 %93 %
Clean Product Yield (%)91 %91 %89 %90 %87 %91 %89 %
Worldwide—Including Proportional Share of
  Equity Affiliates ¹
Crude Oil Charge Input (MB/D)1,885 1,885 1,477 1,810 1,825 1,938 1,763 
Total Processed Inputs (MB/D)2,009 2,009 1,616 1,921 1,930 2,061 1,882 
Crude Oil Capacity Utilization (%)95 %95 %80 %98 %99 %99 %94 %
Clean Product Yield (%)87 %87 %87 %86 %86 %88 %87 %
1 Includes our proportional share of a refinery complex in Karlsruhe, Germany.
2 Refer to Change in Basis of Presentation on page 15.
3 In the fourth quarter 2025, we ceased fuel production and began idling the facilities at our Los Angeles Refinery, and the associated crude oil capacity is excluded in the calculation of this statistic beginning on October 1, 2025.
Page 10

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe ¹
Gasoline251 251 199 225 230 242 224 
Distillates231 231 166 232 242 253 223 
Other88 88 70 86 80 92 82 
Total570 570 435 543 552 587 529 
Gulf Coast
Gasoline236 236 184 243 245 221 223 
Distillates219 219 138 202 215 197 189 
Other140 140 87 134 137 121 120 
Total595 595 409 579 597 539 532 
Central Corridor ²
Gasoline379 379 263 276 271 432 311 
Distillates302 302 223 233 235 347 260 
Other84 84 56 63 65 63 62 
Total765 765 542 572 571 842 633 
West Coast
Gasoline51 51 131 135 117 58 110 
Distillates37 37 81 82 76 39 69 
Other7 7 24 21 26 9 20 
Total95 95 236 238 219 106 199 
Worldwide—Including Proportional Share of
  Equity Affiliates
Gasoline917 917 777 879 863 953 868 
Distillates789 789 608 749 768 836 741 
Other319 319 237 304 308 285 284 
Total2,025 2,025 1,622 1,932 1,939 2,074 1,893 
Market Indicators
Crude and Crude Differentials ($/BBL) ³
WTI71.98 71.98 71.46 63.86 65.03 59.22 64.89 
Brent80.61 80.61 75.66 67.82 69.07 63.69 69.06 
ANS77.00 77.00 75.99 68.92 70.07 64.00 69.74 
WTI less Maya5.52 5.52 6.36 5.39 4.03 4.90 5.17 
WTI less WCS (settlement differential)14.13 14.13 12.65 10.20 10.38 11.19 11.11 
Natural Gas ($/MMBtu) ³
Henry Hub4.87 4.87 4.27 3.16 3.03 3.69 3.54 
1 Includes our proportional share of a refinery complex in Karlsruhe, Germany.
2 Refer to Change in Basis of Presentation on page 15.
3 Based on daily spot prices, unless otherwise noted.
Page 11

Phillips 66 Earnings Release Supplemental Data
MARKETING AND SPECIALTIES
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes(161)(161)1,282 571 251 2,396 4,500 
Income (Loss) before Income Taxes ($/BBL)
U.S.(1.14)(1.14)0.67 2.32 0.18 1.13 1.09 
International(3.27)(3.27)39.88 1.96 4.55 70.99 28.39 
Realized Marketing Fuel Margins ($/BBL) ¹
U.S.(0.47)(0.47)1.36 2.83 2.04 1.55 1.95 
International(3.53)(3.53)4.87 7.11 5.37 5.00 5.58 
Other Realized Margins and Revenues
  not included in Marketing Fuel Margins ²		301 301 243 287 280 283 1,093 
Equity in Earnings of Affiliates35 35 36 38 36 36 146 
Depreciation and Amortization ³20 20 20 33 23 21 97 
Operating and SG&A Expenses ³316 316 346 351 603 365 1,665 
Refined Products Sales (MB/D)
U.S. Marketing
Gasoline1,144 1,144 1,080 1,191 1,164 1,196 1,158 
Distillates785 785 735 809 828 1,003 844 
Other19 19 13 28 13 19 18 
Total1,948 1,948 1,828 2,028 2,005 2,218 2,020 
International Marketing
Gasoline73 73 114 110 176 156 139 
Distillates131 131 171 162 165 151 162 
Other30 30 27 42 29 11 27 
Total234 234 312 314 370 318 328 
Worldwide Marketing
Gasoline1,217 1,217 1,194 1,301 1,340 1,352 1,297 
Distillates916 916 906 971 993 1,154 1,006 
Other49 49 40 70 42 30 45 
Total2,182 2,182 2,140 2,342 2,375 2,536 2,348 
Foreign Currency Gains (Losses) Pre-Tax(2)(2)2 1 (4)(1)(2)
Reconciliation of Marketing and Specialties Income (Loss)
  before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes(161)(161)1,282 571 251 2,396 4,500 
Plus:
Depreciation and amortization20 20 20 33 23 21 97 
EBITDA(141)(141)1,302 604 274 2,417 4,597 
Special Item Adjustments (pre-tax):
Legal accrual20 20 — — 241 21 262 
Net (gain) loss on asset dispositions— — (1,017)89 (15)(1,978)(2,921)
EBITDA, Adjusted for Special Items(121)(121)285 693 500 460 1,938 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes3 3 2 — — — 2 
Proportional share of selected equity affiliates net interest9 9 10 10 10 10 40 
Proportional share of selected equity affiliates depreciation
  and amortization		23 23 18 15 15 18 66 
Adjusted EBITDA(86)(86)315 718 525 488 2,046 
1 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.
2 Excludes gain on dispositions and excise taxes on sales of refined products.
3 Excludes expenses of all equity affiliates.
Page 12

Phillips 66 Earnings Release Supplemental Data
RENEWABLE FUELS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes(41)(41)(185)(133)(43)(19)(380)
Operating and SG&A Expenses ¹110 110 114 104 103 110 431 
Operating Statistics
Total Renewable Fuels Produced (MB/D)40 40 44 40 36 32 38 
Total Renewable Fuel Sales (MB/D)53 53 63 71 63 65 66 
Market Indicators²
Chicago Board of Trade (CBOT) soybean oil
  (dollars per pound)		0.58 0.58 0.44 0.49 0.53 0.50 0.49 
California Low-Carbon Fuel Standard (LCFS) carbon credit
  (dollars per metric ton)		65.48 65.48 66.28 52.33 53.40 53.50 56.38 
California Air Resource Board (CARB) ULSD - San Francisco
  (dollars per gallon) 		2.93 2.93 2.44 2.52 2.55 2.37 2.47 
Biodiesel Renewable Identification Number (RIN)
  (dollars per RIN)		1.44 1.44 0.79 1.08 1.13 1.03 1.01 
Reconciliation of Renewable Fuels Income (Loss)
  before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes(41)(41)(185)(133)(43)(19)(380)
Plus:
Depreciation and amortization23 23 23 23 25 24 95 
EBITDA(18)(18)(162)(110)(18)5 (285)
Special Item Adjustments (pre-tax):
None— — — — — — — 
EBITDA, Adjusted for Special Items(18)(18)(162)(110)(18)5 (285)
1 Excludes operating and SG&A expenses of all equity affiliates.
2 Based on daily spot prices, unless otherwise noted.
Page 13

Phillips 66 Earnings Release Supplemental Data
CORPORATE AND OTHER
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Loss before Income Taxes(451)(451)(376)(428)(364)(372)(1,540)
Detail of Gain (Loss) before Income Taxes
Net interest expense(255)(255)(187)(230)(225)(256)(898)
Corporate overhead and other ¹(187)(187)(174)(196)(145)(114)(629)
NOVONIX(9)(9)(15)(2)6 (2)(13)
Total(451)(451)(376)(428)(364)(372)(1,540)
Net Interest Expense
Interest expense(296)(296)(230)(267)(267)(296)(1,060)
Capitalized interest10 10 9 3 8 1 21 
Interest income31 31 34 34 34 39 141 
Total(255)(255)(187)(230)(225)(256)(898)
NOVONIX Investment
Unrealized Investment Gain (Loss)(10)(10)(15)(3)5 (2)(15)
Unrealized Foreign Currency Transaction Gain1 1 — 1 1 — 2 
Change in Fair Value of NOVONIX Investment(9)(9)(15)(2)6 (2)(13)
Reconciliation of Corporate and Other Loss
  before Income Taxes to Adjusted EBITDA
Loss before income taxes(451)(451)(376)(428)(364)(372)(1,540)
Plus:
Net interest expense255 255 187 230 225 256 898 
Depreciation and amortization26 26 59 57 56 37 209 
EBITDA(170)(170)(130)(141)(83)(79)(433)
Special Item Adjustments (pre-tax):
Impairment— — 21 — — — 21 
Professional advisory fees— — — 45 — — 45 
Total Special Item Adjustments (pre-tax)— — 21 45 — — 66 
Change in Fair Value of NOVONIX Investment9 9 15 2 (6)2 13 
EBITDA, Adjusted for Special Items and Change in
  Fair Value of NOVONIX Investment		(161)(161)(94)(94)(89)(77)(354)
Other Adjustments (pre-tax):
None— — — — — — — 
Adjusted EBITDA(161)(161)(94)(94)(89)(77)(354)
Foreign Currency Losses Pre-Tax— — (2)(4)(4)(2)(12)
Phillips 66 Company
Total Debt27,124 27,124 18,803 20,935 21,755 19,716 19,716 
Total Equity29,681 29,681 28,353 28,626 28,077 30,241 30,241 
Debt-to-Capital Ratio (%)48 %48 %40 %42 %44 %39 %39 %
Cash and cash equivalents at end of period, including
    cash classified within Assets held for sale		5,150 5,150 1,489 1,144 1,950 1,116 1,116 
Net Debt-to-Capital Ratio (%)43 %43 %38 %41 %41 %38 %38 %
1 Includes 2026 costs associated with idled Los Angeles Refinery and San Francisco Refinery of $43 million.
Page 14

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Net income219 219 526 908 167 2,927 4,528 
Plus:
Income tax expense (benefit)41 41 122 212 32 526 892 
Net interest expense255 255 187 230 225 256 898 
Depreciation and amortization558 558 791 816 826 818 3,251 
Phillips 66 EBITDA ¹1,073 1,073 1,626 2,166 1,250 4,527 9,569 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — — — (11)(11)
Net (gain) loss on asset dispositions— — (1,085)89 (15)(1,978)(2,989)
Impairments— — 21 — 948 79 1,048 
Los Angeles Refinery cessation costs— — — — — 35 35 
Legal accrual20 20 — 33 241 21 295 
Legal settlement— — — — — (181)(181)
Professional advisory fees— — — 45 — — 45 
Pending claims and settlements— — — — — (123)(123)
Lower of cost or market inventory adjustment(29)(29)— — — 31 31 
Total Special Item Adjustments (pre-tax)(9)(9)(1,064)167 1,174 (2,127)(1,850)
Change in Fair Value of NOVONIX Investment ²9 9 15 2 (6)2 13 
Phillips 66 EBITDA, Adjusted for Special Items and
  Change in Fair Value of NOVONIX Investment ¹		1,073 1,073 577 2,335 2,418 2,402 7,732 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes27 27 18 17 15 4 54 
Proportional share of selected equity affiliates net interest12 12 14 15 13 14 56 
Proportional share of selected equity affiliates depreciation
  and amortization		190 190 187 184 199 162 732 
Adjusted EBITDA attributable to noncontrolling interests(34)(34)(60)(50)(51)(50)(211)
Phillips 66 Adjusted EBITDA ¹1,268 1,268 736 2,501 2,594 2,532 8,363 
1 Refer to Change in Basis of Presentation on page 15.
2 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.
Changes in Basis of Presentation - in connection with the acquisition of the remaining 50% equity interest in WRB Refining (WRB), beginning October 1, 2025, the results in our Refining segment, correlating to our Central Corridor business, reflect consolidated results of 100% of the Borger Refinery and Wood River Refinery. Prior to October 1, 2025, our 50% investment in WRB was accounted for using the equity method and prior periods reflect our proportional share of our equity method investment.
Page 15

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
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ATLANTIC BASIN/EUROPE
Income (loss) before income taxes367 367 (199)49 250 302 402 
Plus:
Taxes other than income taxes20 20 22 20 17 18 77 
Depreciation, amortization and impairments59 59 56 53 56 53 218 
Selling, general and administrative expenses9 9 6 8 7 10 31 
Operating expenses308 308 373 281 249 270 1,173 
Equity in losses of affiliates— — 2 2 2 3 9 
Other segment (income) expense, net9 9 (6)(33)(1)1 (39)
Proportional share of refining gross margins contributed by
  equity affiliates		26 26 21 22 24 25 92 
Special items:
Certain tax impacts— — — — — (11)(11)
Realized refining margins798 798 275 402 604 671 1,952 
Total processed inputs (MB) ¹50,907 50,907 38,716 49,270 50,624 53,499 192,109 
Adjusted total processed inputs (MB) ¹50,907 50,907 38,716 49,270 50,624 53,499 192,109 
Income (loss) before income taxes ($/BBL) ²7.21 7.21 (5.15)1.00 4.94 5.65 2.09 
Realized refining margins ($/BBL) ³15.62 15.62 7.08 8.16 11.94 12.60 10.18 
GULF COAST
Income (loss) before income taxes204 204 (333)101 119 252 139 
Plus:
Taxes other than income taxes29 29 35 24 26 23 108 
Depreciation, amortization and impairments66 66 72 67 66 66 271 
Selling, general and administrative expenses1 1 9 5 7 7 28 
Operating expenses298 298 381 257 256 268 1,162 
Equity in earnings of affiliates— — — — — — — 
Other segment expense, net— — 1 — — 1 2 
Special items:
None— — — — — — — 
Realized refining margins598 598 165 454 474 617 1,710 
Total processed inputs (MB)52,864 52,864 37,206 52,111 54,239 49,459 193,015 
Adjusted total processed inputs (MB)52,864 52,864 37,206 52,111 54,239 49,459 193,015 
Income (loss) before income taxes ($/BBL) ²3.87 3.87 (8.95)1.93 2.19 5.10 0.72 
Realized refining margins ($/BBL) ³11.31 11.31 4.43 8.71 8.74 12.48 8.86 
CENTRAL CORRIDOR ⁴
Income (loss) before income taxes(418)(418)(50)392 (580)671 433 
Plus:
Taxes other than income taxes42 42 26 25 26 19 96 
Depreciation, amortization and impairments76 76 41 44 992 79 1,156 
Selling, general and administrative expenses39 39 23 13 18 26 80 
Operating expenses574 574 148 146 162 496 952 
Equity in (earnings) losses of affiliates— — 103 — (33)— 70 
Other segment (income) expense, net3 3 (12)(28)1 3 (36)
Proportional share of refining gross margins contributed by
  equity affiliates		— — 120 212 238 — 570 
Special items:
Legal settlement— — — — — (181)(181)
Pending claims and settlements— — — — — (123)(123)
Realized refining margins316 316 399 804 824 990 3,017 
Total processed inputs (MB)68,400 68,400 27,169 28,710 28,113 76,703 160,695 
Adjusted total processed inputs (MB) ¹68,400 68,400 48,275 51,477 52,127 76,703 228,582 
Income (loss) before income taxes ($/BBL) ²(6.12)(6.12)(1.85)13.67 (20.61)8.74 2.70 
Realized refining margins ($/BBL) ³4.60 4.60 8.29 15.61 15.82 13.06 13.26 
1 Includes our proportional share of processed inputs of an equity affiliate.
2 Income (loss) before income taxes divided by total processed inputs.
3 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.
4 Refer to Change in Basis of Presentation on page 15.
Page 16

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WEST COAST
Income (loss) before income taxes55 55 (355)(183)(307)(403)(1,248)
Plus:
Taxes other than income taxes15 15 27 25 21 3 76 
Depreciation, amortization and impairments16 16 288 282 281 279 1,130 
Selling, general and administrative expenses3 3 8 6 8 9 31 
Operating expenses49 49 172 164 242 195 773 
Other segment (income) expense, net(23)(23)12 14 7 6 39 
Realized refining margins115 115 152 308 252 89 801 
Total processed inputs (MB)8,630 8,630 21,362 21,914 20,403 9,804 73,483 
Adjusted total processed inputs (MB)8,630 8,630 21,362 21,914 20,403 9,804 73,483 
Income (loss) before income taxes ($/BBL) ¹6.41 6.41 (16.60)(8.37)(15.06)(41.08)(16.99)
Realized refining margins ($/BBL) ²13.12 13.12 7.12 14.06 12.31 8.85 10.86 
WORLDWIDE ³
Income (loss) before income taxes208 208 (937)359 (518)822 (274)
Plus:
Taxes other than income taxes106 106 110 94 90 63 357 
Depreciation, amortization and impairments217 217 457 446 1,395 477 2,775 
Selling, general and administrative expenses52 52 46 32 40 52 170 
Operating expenses1,229 1,229 1,074 848 909 1,229 4,060 
Equity in (earnings) losses of affiliates— — 105 2 (31)3 79 
Other segment (income) expense, net(11)(11)(5)(47)7 11 (34)
Proportional share of refining gross margins contributed
  by equity affiliates		26 26 141 234 262 25 662 
Special items:
Certain tax impacts— — — — — (11)(11)
Legal settlement— — — — — (181)(181)
Pending claims and settlements— — — — — (123)(123)
Realized refining margins1,827 1,827 991 1,968 2,154 2,367 7,480 
Total processed inputs (MB)180,801 180,801 124,453 152,005 153,379 189,465 619,302 
Adjusted total processed inputs (MB) ¹ ⁴180,801 180,801 145,559 174,772 177,393 189,465 687,189 
Income (loss) before income taxes ($/BBL) ¹1.15 1.15 (7.53)2.36 (3.38)4.34 (0.44)
Realized refining margins ($/BBL) ²10.11 10.11 6.81 11.25 12.15 12.48 10.88 
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
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WORLDWIDE ³
Turnaround expenses178 178 270 53 36 135 494 
Other operating expenses1,051 1,051 804 795 873 1,094 3,566 
Total operating expenses1,229 1,229 1,074 848 909 1,229 4,060 
Selling, general and administrative expenses52 52 46 32 40 52 170 
Refining Controllable Costs1,281 1,281 1,120 880 949 1,281 4,230 
Plus:
Proportional share of equity affiliate turnaround
  expenses⁵		— — 27 24 23 — 74 
Proportional share of equity affiliate other operating
  and SG&A expenses ⁵		19 19 173 161 163 19 516 
Total proportional share of equity affiliate operating
  and SG&A expenses ⁵		19 19 200 185 186 19 590 
Special item adjustments (pre-tax):
Legal accrual— — — (33)— — (33)
Los Angeles Refinery cessation costs— — — — — (35)(35)
Refining Adjusted Controllable Costs1,300 1,300 1,320 1,032 1,135 1,265 4,752 
Total processed inputs (MB)180,801 180,801 124,453 152,005 153,379 189,465 619,302 
Adjusted total processed inputs (MB) ⁴180,801 180,801 145,559 174,772 177,393 189,465 687,189 
Refining Controllable Costs ($/BBL) ⁶7.08 7.08 9.00 5.79 6.18 6.76 6.83 
Refining turnaround expense ($/BBL) ⁶0.98 0.98 2.17 0.35 0.23 0.71 0.80 
Refining controllable costs, excluding turnaround
  expense ($/BBL) ⁶		6.10 6.10 6.835.445.956.056.03
Refining Adjusted Controllable Costs ($/BBL) ⁷7.19 7.19 9.07 5.90 6.40 6.67 6.92 
Refining adjusted turnaround expense ($/BBL) ⁷0.98 0.98 2.04 0.44 0.33 0.71 0.83 
Refining adjusted controllable costs, excluding
  adjusted turnaround expense ($/BBL) ⁷		6.21 6.21 7.03 5.46 6.07 5.96 6.09 
1 Income (loss) before income taxes divided by total processed inputs.
2 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.
3 Refer to Change in Basis of Presentation on page 15.
4 Includes our proportional share of processed inputs of an equity affiliate.
5 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.
6 Denominator is total processed inputs.
7 Denominator is adjusted total processed inputs.
Page 17

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
UNITED STATES
Income (loss) before income taxes(200)(200)111 429 34 230 804 
Plus:
Depreciation and amortization12 12 13 12 11 12 48 
Selling, general and administrative expenses229 229 203 202 460 223 1,088 
Equity in earnings of affiliates(9)(9)(7)(11)(13)(16)(47)
Other operating revenues ¹(122)(122)(105)(121)(129)(116)(471)
Other (income) expense, net7 7 9 12 13 (15)19 
Special items:
None— — — — — — — 
Realized marketing fuel margins(83)(83)224 523 376 318 1,441 
Total fuel sales volumes (MB)175,331 175,331 164,499 184,591 184,435 204,076 737,601 
Income (loss) before income taxes ($/BBL)(1.14)(1.14)0.67 2.32 0.18 1.13 1.09 
Realized marketing fuel margins ($/BBL) ²(0.47)(0.47)1.36 2.83 2.04 1.55 1.95 
INTERNATIONAL
Income before income taxes(69)(69)1,117 56 155 2,073 3,401 
Plus:
Depreciation and amortization2 2 2 13 5 2 22 
Selling, general and administrative expenses9 9 65 72 63 62 262 
Equity in earnings of affiliates(17)(17)(8)(1)(1)— (10)
Other operating revenues ¹(1)(1)(12)(8)(9)(7)(36)
Other (income) expense, net1 1 3 — — 4 7 
Special items:
Net (gain) loss on asset dispositions— — (1,017)89 (15)(1,978)(2,921)
Marketing margins(75)(75)150 221 198 156 725 
Less: margin for nonfuel related sales— — 14 18 15 10 57 
Realized marketing fuel margins(75)(75)136 203 183 146 668 
Total fuel sales volumes (MB)21,090 21,090 28,011 28,560 34,035 29,202 119,808 
Income (loss) before income taxes ($/BBL)(3.27)(3.27)39.88 1.96 4.55 70.99 28.39 
Realized marketing fuel margins ($/BBL) ²(3.53)(3.53)4.87 7.11 5.37 5.00 5.58 
ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE TAX RATES
Income before income taxes260 260 648 1,120 199 3,453 5,420 
Special items(9)(9)(1,064)167 1,174 (2,118)(1,841)
Adjusted income (loss) before income taxes251 251 (416)1,287 1,373 1,335 3,579 
Income tax expense41 41 122 212 32 526 892 
Special items(2)(2)(200)71 282 (224)(71)
Adjusted income tax expense (benefit)39 39 (78)283 314 302 821 
Effective tax rate (%) ³15.9 %15.9 %18.8 %19.0 %16.0 %15.2 %16.5 %
Adjusted effective tax rate (%) ³15.7 %15.7 %18.8 %22.0 %22.9 %22.6 %22.9 %
1 Includes other nonfuel revenues and expenses.
2 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.
3 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 (%).
Page 18