Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

January 31, 2025

Date of Report (date of earliest event reported)

Phillips 66

(Exact name of registrant as specified in its charter)


Delaware	001-35349	45-3779385
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2331 CityWest Boulevard

Houston, Texas 77042

(Address of Principal Executive Offices and Zip Code)

(832) 765-3010

Registrant's telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	PSX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 31, 2025, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

The information in this report and the exhibits attached hereto shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


99.1	—	Press release issued by Phillips 66 on January 31, 2025
99.2	—	Supplemental financial and operating information.






104	—	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


						PHILLIPS 66

			By:			/s/ Ann M. Kluppel
						Ann M. Kluppel Vice President and Controller

Date: January 31, 2025

Exhibit 99.1

Fourth Quarter

•Reported fourth-quarter earnings of $8 million or $0.01 per share; adjusted loss of $61 million or $0.15 per share

•Earnings impacted by $230 million pre-tax of accelerated depreciation related to Los Angeles Refinery

•Returned $1.1 billion to shareholders through dividends and share repurchases

•Record NGL fractionation and LPG export volumes in Midstream

•Record clean product yield in Refining

•Surpassed targeted $3 billion in announced asset dispositions

Full-Year 2024

•Earnings of $2.1 billion or $4.99 per share and adjusted earnings of $2.6 billion or $6.15 per share

•$4.2 billion of operating cash flow, $4.8 billion excluding working capital

•$5.3 billion returned to shareholders through dividends and share repurchases

•Second consecutive year above industry-average crude utilization

•Achieved $1.5 billion in run-rate business transformation savings and $500 million in synergy capture from successful DCP integration

HOUSTON, Jan. 31, 2025 – Phillips 66 (NYSE: PSX), a leading integrated downstream energy provider, announced fourth-quarter earnings.

“During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions,” said Mark Lashier, chairman and CEO. “We also delivered on our goal of improving Refining performance by continuing to run above industry-average crude utilization, setting record clean product yields and achieving our targeted cost reductions of $1 per barrel.

“In support of our Midstream wellhead-to-market strategy, we recently announced an agreement to acquire EPIC’s NGL business, bolstering our Permian and Gulf Coast footprint,” said Lashier. “Upon closing, these assets will be accretive to earnings and highly integrated with our existing infrastructure, providing additional opportunities to enhance returns and shareholder value.”

Lashier added, “Building on our successes, I am pleased to announce that we have set new financial and operational targets that prioritize debt reduction, a lowered cost structure and EBITDA growth. Supported by world-class operations, we are committed to returning over 50% of operating cash flow to shareholders.”

On behalf of the Board of Directors, Glenn Tilton, lead independent director, remarked, “2024 was a pivotal year for Phillips 66. The team executed well on an ambitious set of strategic priorities, substantially improving the company’s competitiveness, and is well positioned to successfully deliver on a new set of targets through 2027.”

Page 1

Financial Results Summary

(in millions of dollars, except as indicated)



	4Q 2024		3Q 2024
Earnings	$	8	346
Adjusted Earnings (Loss)1	(61)		859
Adjusted EBITDA1	1,130		1,998
Earnings (Loss) Per Share
Earnings Per Share - Diluted	0.01		0.82
Adjusted Earnings (Loss) Per Share - Diluted1	(0.15)		2.04
Cash Flow From Operations	1,198		1,132
Cash Flow From Operations, Excluding Working Capital1	901		1,513
Capital Expenditures & Investments2	506		358
Return of Capital to Shareholders	1,119		1,277
Repurchases of common stock	647		800
Dividends paid on common stock	472		477
Cash	1,738		1,637
Debt	20,062		19,998
Debt-to-capital ratio	41%		40%
Net debt-to-capital ratio1	39%		38%
1Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
2 Excludes net acquisitions of $58 million and $567 million in the fourth and third quarters of 2024, respectively, and purchases of government obligations of $1.1 billion in the third quarter of 2024.

Page 2

Segment Financial and Operating Highlights

(in millions of dollars, except as indicated)


	4Q 2024		3Q 2024	Change
Earnings (Loss)1	$	8	346	(338)
Midstream	673		644	29
Chemicals	107		342	(235)
Refining	(775)		(108)	(667)
Marketing and Specialties	252		(22)	274
Renewable Fuels	28		(116)	144
Corporate and Other	(298)		(327)	29
Income tax (expense) benefit	38		(44)	82
Noncontrolling interests	(17)		(23)	6

Adjusted Earnings (Loss)1,2	$	(61)	859	(920)
Midstream	708		672	36
Chemicals	72		342	(270)
Refining	(759)		(67)	(692)
Marketing and Specialties	185		583	(398)
Renewable Fuels	28		(116)	144
Corporate and Other	(294)		(327)	33
Income tax (expense) benefit	16		(205)	221
Noncontrolling interests	(17)		(23)	6

Adjusted EBITDA2	$	1,130	1,998	(868)
Midstream	938		892	46
Chemicals	209		466	(257)
Refining	(298)		188	(486)
Marketing and Specialties	307		656	(349)
Renewable Fuels	50		(92)	142
Corporate and Other	(76)		(112)	36

Operating Highlights

Pipeline Throughput - Y-Grade to Market (MB/D)3	759		762	(3)
Chemicals Global O&P Capacity Utilization	98%		98%	—%
Refining
Turnaround Expense	123		137	(14)
Realized Margin ($/BBL)2	6.08		8.31	(2.23)
Crude Capacity Utilization	94%		94%	—%
Clean Product Yield	88%		87%	1%
Renewable Fuels Produced (MB/D)	42		44	(2)
1 Segment reporting is pre-tax.
2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
3 Represents volumes delivered to major fractionation 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

Page 3

Fourth-Quarter 2024 Financial Results

Reported earnings were $8 million for the fourth quarter of 2024 versus $346 million in the third quarter. Fourth-quarter earnings included pre-tax special item adjustments of $67 million in the Marketing and Specialties segment, $35 million in the Chemicals segment, $(35) million in the Midstream segment, $(16) million in the Refining segment, and $(4) million impacting the Corporate and Other segment. Adjusted losses for the fourth quarter were $61 million versus earnings of $859 million in the third quarter.

•Midstream fourth-quarter 2024 adjusted pre-tax income increased compared with the third quarter mainly due to higher NGL margins and volumes.

•Chemicals adjusted pre-tax income decreased mainly due to lower margins, as well as higher turnaround and maintenance costs.

•Refining adjusted pre-tax loss increased primarily due to a decline in realized margins largely driven by lower market crack spreads and accelerated depreciation associated with the planned ceasing of operations at the Los Angeles Refinery, partially offset by a higher clean product yield.

•Marketing and Specialties adjusted pre-tax income decreased primarily due to seasonally lower margins.

•Renewable Fuels pre-tax results increased primarily due to higher margins at the Rodeo Complex and stronger international results.

•Corporate and Other adjusted pre-tax loss decreased mainly due to lower net interest expense and employee-related costs, partially offset by depreciation expense.

As of Dec. 31, 2024, the company had $1.7 billion of cash and cash equivalents and $4.6 billion of committed capacity available under credit facilities.

Strategic Priorities Update

Phillips 66 successfully delivered on its strategic priorities first announced in October 2022. The company remains committed to leveraging its integrated portfolio to enhance long-term shareholder value and is announcing its next phase of priorities through 2027. Highlights include:

•Delivering shareholder returns by returning greater than 50% of operating cash flow to shareholders;

•Executing world-class operations by achieving 2% higher than industry-average crude utilization and targeting annual adjusted controllable costs of $5.50 per barrel in Refining, excluding adjusted turnaround expense;

•Delivering disciplined growth and returns by growing Midstream and Chemicals mid-cycle adjusted EBITDA $1 billion in total by 2027; and

•Maintaining financial strength and flexibility by reducing total debt to $17 billion.

Additional details will be covered in our investor webcast.

Page 4

Investor Webcast

Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s fourth-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

- # # # -


CONTACTS
Jeff Dietert (investors)	Owen Simpson (investors)	Thaddeus Herrick (media)
832-765-2297	832-765-2297	855-841-2368
jeff.dietert@p66.com	owen.simpson@p66.com	thaddeus.f.herrick@p66.com

Page 5

Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings (loss) per share,” “refining realized margin per barrel,” “cash from operations, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

References in the release to earnings refer to net income attributable to Phillips 66. References to run-rate business transformation savings include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. Run-rate savings include run-rate sustaining capital savings. Run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized.

Basis of Presentation— Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.

In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.

Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995—This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Page 6


Earnings (Loss)
	Millions of Dollars
	2024				2023
	4Q		3Q	Year	4Q	Year
Midstream	$	673	644	2,638	759	2,819
Chemicals	107		342	876	106	600
Refining	(775)		(108)	(365)	859	5,340
Marketing and Specialties	252		(22)	1,011	396	1,897
Renewable Fuels	28		(116)	(198)	(11)	153
Corporate and Other	(298)		(327)	(1,287)	(348)	(1,340)
Pre-Tax Income (Loss)	(13)		413	2,675	1,761	9,469
Less: Income tax expense (benefit)	(38)		44	500	476	2,230
Less: Noncontrolling interests	17		23	58	25	224
Phillips 66	$	8	346	2,117	1,260	7,015

Adjusted Earnings (Loss)
	Millions of Dollars
	2024				2023
	4Q		3Q	Year	4Q	Year
Midstream	$	708	672	2,746	757	2,672
Chemicals	72		342	841	106	600
Refining	(759)		(67)	(211)	842	5,367
Marketing and Specialties	185		583	1,490	396	1,897
Renewable Fuels	28		(116)	(198)	(11)	153
Corporate and Other	(294)		(327)	(1,283)	(298)	(1,110)
Pre-Tax Income (Loss)	(60)		1,087	3,385	1,792	9,579
Less: Income tax expense (benefit)	(16)		205	693	405	2,173
Less: Noncontrolling interests	17		23	88	25	243
Phillips 66	$	(61)	859	2,604	1,362	7,163

Page 7






	Millions of Dollars
	Except as Indicated
	2024				2023
	4Q		3Q	Year	4Q	Year
Reconciliation of Consolidated Earnings to Adjusted Earnings (Loss)
Consolidated Earnings	$	8	346	2,117	1,260	7,015
Pre-tax adjustments:
Certain tax impacts	(9)		—	(9)	(19)	(19)
Impairments1	35		28	450	—	—
Net gain on asset dispositions2	(67)		—	(305)	—	(123)
Change in inventory method for acquired business	—		—	—	—	(46)




Winter-storm-related costs (recovery)	(35)		—	(35)	—	—


Los Angeles Refinery cessation costs3	7		41	48	—	—

Legal accrual4	22		605	627	—	30
Legal settlement	—		—	(66)	—	—
Business transformation restructuring costs	—		—	—	50	177
Loss on early redemption of DCP debt	—		—	—	—	53


DCP integration restructuring costs	—		—	—	—	38
Tax impact of adjustments5	9		(161)	(162)	(12)	(26)
Other tax impacts	(31)		—	(31)	83	83
Noncontrolling interests	—		—	(30)	—	(19)
Adjusted earnings (loss)	$	(61)	859	2,604	1,362	7,163
Earnings per share of common stock (dollars)	$	0.01	0.82	4.99	2.86	15.48
Adjusted earnings (loss) per share of common stock (dollars)6	$	(0.15)	2.04	6.15	3.09	15.81

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income	$	673	644	2,638	759	2,819
Pre-tax adjustments:
Impairments1	35		28	346	—	—

Certain tax impacts	—		—	—	(2)	(2)




Net gain on asset disposition	—		—	(238)	—	(137)



Change in inventory method for acquired business	—		—	—	—	(46)
DCP integration restructuring costs	—		—	—	—	38
Adjusted pre-tax income	$	708	672	2,746	757	2,672
Chemicals Pre-Tax Income	$	107	342	876	106	600
Pre-tax adjustments:



Winter-storm-related costs (recovery)	(35)		—	(35)	—	—


Adjusted pre-tax income	$	72	342	841	106	600

Page 8


Refining Pre-Tax Income (Loss)	$	(775)	(108)	(365)	859	5,340
Pre-tax adjustments:
Impairments1	—		—	104	—	—
Los Angeles Refinery cessation costs3	3		41	44	—	—
Certain tax impacts	(9)		—	(9)	(17)	(17)





Net loss on asset disposition	—		—	—	—	14


Legal accrual	22		—	22	—	30
Legal settlement	—		—	(7)	—	—
Adjusted pre-tax income (loss)	$	(759)	(67)	(211)	842	5,367
Marketing and Specialties Pre-Tax Income (Loss)	$	252	(22)	1,011	396	1,897
Pre-tax adjustments:





Legal accrual4	—		605	605	—	—
Net gain on asset disposition2	(67)		—	(67)	—	—
Legal settlement	—		—	(59)	—	—

Adjusted pre-tax income	$	185	583	1,490	396	1,897
Renewable Fuels Pre-Tax Income (Loss)	$	28	(116)	(198)	(11)	153
Pre-tax adjustments:
None	—		—	—	—	—
Adjusted pre-tax income (loss)	$	28	(116)	(198)	(11)	153
Corporate and Other Pre-Tax Loss	$	(298)	(327)	(1,287)	(348)	(1,340)
Pre-tax adjustments:





Business transformation restructuring costs	—		—	—	50	177
Loss on early redemption of DCP debt	—		—	—	—	53
Los Angeles Refinery cessation costs3	4		—	4	—	—
Adjusted pre-tax loss	$	(294)	(327)	(1,283)	(298)	(1,110)


1 Impairments primarily related to certain gathering and processing assets in the Midstream segment, as well as certain crude oil processing and logistics assets in California, reported in the Refining segment.

2 In connection with the asset sale of our 49% non-operated equity interest in Coop Mineraloel AG closing early 2025, a before-tax unrealized gain was recognized from a foreign currency derivative in the Marketing & Specialties segment.
3 Cessation costs include pre-tax charges for severance costs.
4 Third-quarter legal accrual primarily related to ongoing litigation.
5 We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.
6 YTD 2024, Q4 2024, Q3 2024 and Q4 2023 are based on adjusted weighted-average diluted shares of 422,538 thousand, 411,687 thousand, 419,827 thousand and 440,582 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. 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.

Page 9


	Millions of Dollars
	Except as Indicated
	2024
	4Q		3Q
Reconciliation of Consolidated Net Income to Adjusted EBITDA
Net Income	$	25	369
Plus:
Income tax expense	(38)		44
Net interest expense	168		191
Depreciation and amortization	819		543
Phillips 66 EBITDA	$	974	1,147
Special Item Adjustments (pre-tax):
Certain tax impacts	(9)		—
Impairments	35		28





Winter-storm-related costs (recovery)	(35)		—

Net gain on asset disposition	(67)		—

Los Angeles Refinery cessation costs	7		41

Legal accrual	22		605

Total Special Item Adjustments (pre-tax)	(47)		674
Change in Fair Value of NOVONIX Investment	1		—
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	$	928	1,821
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	17		24
Proportional share of selected equity affiliates net interest	14		12
Proportional share of selected equity affiliates depreciation and amortization	209		188
Adjusted EBITDA attributable to noncontrolling interests	(38)		(47)
Phillips 66 Adjusted EBITDA	$	1,130	1,998

Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA
Midstream Income before income taxes	$	673	644
Plus:
Depreciation and amortization	234		233
Midstream EBITDA	$	907	877
Special Item Adjustments (pre-tax):



Impairments	35		28

Midstream EBITDA, Adjusted for Special Items	$	942	905
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3		5
Proportional share of selected equity affiliates net interest	3		3
Proportional share of selected equity affiliates depreciation and amortization	28		26
Adjusted EBITDA attributable to noncontrolling interests	(38)		(47)
Midstream Adjusted EBITDA	$	938	892

Page 10


Chemicals Income before income taxes	$	107	342
Plus:
None	—		—
Chemicals EBITDA	$	107	342
Special Item Adjustments (pre-tax):
Winter-storm-related costs (recovery)	(35)		—
Chemicals EBITDA, Adjusted for Special Items	$	72	342
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	11		13
Proportional share of selected equity affiliates net interest	—		(2)
Proportional share of selected equity affiliates depreciation and amortization	126		113
Chemicals Adjusted EBITDA	$	209	466
Refining Loss before income taxes	$	(775)	(108)
Plus:
Depreciation and amortization	435		230
Refining EBITDA	$	(340)	122
Special Item Adjustments (pre-tax):
Certain tax impacts	(9)		—


Los Angeles Refinery cessation costs	3		41
Legal accrual	22		—

Refining EBITDA, Adjusted for Special Items	$	(324)	163
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	(1)		(1)
Proportional share of selected equity affiliates net interest	—		(1)
Proportional share of selected equity affiliates depreciation and amortization	27		27
Refining Adjusted EBITDA	$	(298)	188
Marketing and Specialties Income (loss) before income taxes	$	252	(22)
Plus:
Depreciation and amortization	79		32
Marketing and Specialties EBITDA	$	331	10
Special Item Adjustments (pre-tax):

Legal accrual	—		605
Net gain on asset disposition	(67)		—

Marketing and Specialties EBITDA, Adjusted for Special Items	$	264	615
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	4		7
Proportional share of selected equity affiliates net interest	11		12
Proportional share of selected equity affiliates depreciation and amortization	28		22
Marketing and Specialties Adjusted EBITDA	$	307	656
Renewable Fuels Income (loss) before income taxes	$	28	(116)
Plus:
Depreciation and amortization	22		24
Renewable Fuels EBITDA	$	50	(92)
Special Item Adjustments (pre-tax):

Page 11


None	—		—
Renewable Fuels EBITDA, Adjusted for Special Items	$	50	(92)
Corporate and Other Loss before income taxes	$	(298)	(327)
Plus:
Net interest expense	168		191
Depreciation and amortization	49		24
Corporate and Other EBITDA	$	(81)	(112)
Special Item Adjustments (pre-tax):

Los Angeles Refinery cessation costs	4		—

Total Special Item Adjustments (pre-tax)	4		—
Change in Fair Value of NOVONIX Investment	1		—
Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	$	(76)	(112)




	Millions of Dollars
	Except as Indicated
	December 31, 2024
Debt-to-Capital Ratio
Total Debt	$	20,062
Total Equity	28,463
Debt-to-Capital Ratio	41		%
Total Cash	1,738
Net Debt-to-Capital Ratio	39		%




	Millions of Dollars
	December 31, 2024
Reconciliation of Net Cash Provided by Operating Activities to Operating Cash Flow, Excluding Working Capital
Net Cash Provided by Operating Activities	$	1,198
Less: Net Working Capital Changes	297
Operating Cash Flow, Excluding Working Capital	$	901

Page 12


	Millions of Dollars
	Except as Indicated
	2024
	4Q		3Q
Reconciliation of Refining Loss Before Income Taxes to Realized Refining Margins
Loss before income taxes	$	(775)	(108)
Plus:
Taxes other than income taxes	92		100
Depreciation, amortization and impairments	436		230
Selling, general and administrative expenses	60		60
Operating expenses	968		922
Equity in earnings of affiliates	79		12
Other segment expense, net	58		(4)
Proportional share of refining gross margins contributed by equity affiliates	132		193
Special items:
Certain tax impacts	(9)		—



Realized refining margins	$	1,041	1,405
Total processed inputs (thousands of barrels)	147,880		145,440
Adjusted total processed inputs (thousands of barrels)*	171,031		168,951
Loss before income taxes (dollars per barrel)**	$	(5.24)	(0.74)
Realized refining margins (dollars per barrel)***	$	6.08	8.31
*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
**Income before income taxes divided by total processed inputs.
***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Page 13

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data


CONSOLIDATED INCOME STATEMENT

	Millions of Dollars, Except as Indicated
	2024										2023
	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	35,811		38,129		35,528		33,685		143,153		34,396		35,090		39,643		38,270		147,399
Equity in earnings of affiliates	528		487		549		215		1,779		611		563		562		281		2,017
Net gain (loss) on dispositions	—		237		2		82		321		34		(12)		102		(9)		115
Other income*	97		58		84		4		243		48		99		15		197		359
Total Revenues and Other Income	36,436		38,911		36,163		33,986		145,496		35,089		35,740		40,322		38,739		149,890

Costs and Expenses
Purchased crude oil and products	32,386		34,628		32,194		30,754		129,962		29,341		30,571		34,330		33,844		128,086
Operating expenses	1,452		1,407		1,499		1,581		5,939		1,578		1,384		1,633		1,559		6,154
Selling, general and administrative expenses	557		552		1,194		511		2,814		605		593		669		658		2,525
Depreciation and amortization	504		497		543		819		2,363		476		495		488		518		1,977
Impairments	165		225		29		37		456		8		4		3		9		24
Taxes other than income taxes	165		49		53		62		329		207		174		171		155		707
Accretion on discounted liabilities	9		10		8		13		40		6		7		6		10		29
Interest and debt expense	227		231		229		220		907		192		266		221		218		897
Foreign currency transaction (gains) losses	7		1		1		2		11		25		2		(12)		7		22
Total Costs and Expenses	35,472		37,600		35,750		33,999		142,821		32,438		33,496		37,509		36,978		140,421
Income (loss) before income taxes	964		1,311		413		(13)		2,675		2,651		2,244		2,813		1,761		9,469
Income tax expense (benefit)	203		291		44		(38)		500		574		510		670		476		2,230
Net Income	761		1,020		369		25		2,175		2,077		1,734		2,143		1,285		7,239
Less: net income attributable to noncontrolling interests**	13		5		23		17		58		116		37		46		25		224
Net Income Attributable to Phillips 66**	748		1,015		346		8		2,117		1,961		1,697		2,097		1,260		7,015


Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.74		2.39		0.82		0.01		5.01		4.21		3.73		4.72		2.87		15.56
Diluted	1.73		2.38		0.82		0.01		4.99		4.20		3.72		4.69		2.86		15.48

Weighted-Average Common Shares Outstanding (thousands)
Basic	428,959		422,869		417,305		411,687		420,174		464,810		454,450		444,283		437,365		450,136
Diluted	431,906		425,734		418,803		412,962		421,888		467,034		456,168		447,258		440,575		453,210






Effective tax rate (%)***	21.1	%	22.2	%	10.7	%	296.7	%	18.7	%	21.7	%	22.7	%	23.8	%	27.0	%	23.6	%
Adjusted effective tax rate (%)***	21.3	%	21.4	%	18.9	%	27.2	%	20.5	%	21.6	%	22.4	%	24.0	%	22.6	%	22.7	%
* Includes the unrealized investment gain (loss) on our investment in NOVONIX Limited (NOVONIX). See NOVONIX Investment table on page 14 for more details.
** Refer to Changes in Basis of Presentation discussion on page 15.
*** Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income (Loss) Before Income Taxes divided by Income Tax Expense (Benefit). 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 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
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream	554	767	644	673	2,638	716	620	724	759	2,819
Chemicals	205	222	342	107	876	198	192	104	106	600
Refining	216	302	(108)	(775)	(365)	1,594	1,175	1,712	859	5,340
Marketing and Specialties	366	415	(22)	252	1,011	363	533	605	396	1,897
Renewable Fuels	(55)	(55)	(116)	28	(198)	74	68	22	(11)	153
Corporate and Other	(322)	(340)	(327)	(298)	(1,287)	(294)	(344)	(354)	(348)	(1,340)
Income (loss) before income taxes	964	1,311	413	(13)	2,675	2,651	2,244	2,813	1,761	9,469
Less: income tax expense (benefit)	203	291	44	(38)	500	574	510	670	476	2,230
Net Income	761	1,020	369	25	2,175	2,077	1,734	2,143	1,285	7,239
Less: net income attributable to noncontrolling interests	13	5	23	17	58	116	37	46	25	224
Net Income Attributable to Phillips 66	748	1,015	346	8	2,117	1,961	1,697	2,097	1,260	7,015
* Refer to Changes in Basis of Presentation discussion on page 15.


























RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66*

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	303	309	282	282	1,176	269	284	285	335	1,173
NGL	310	444	390	426	1,570	423	358	296	422	1,499

Total Midstream	613	753	672	708	2,746	692	642	581	757	2,672
Chemicals	205	222	342	72	841	198	192	104	106	600
Refining
Atlantic Basin/Europe	78	15	(61)	(100)	(68)	128	132	406	135	801
Gulf Coast	113	42	(102)	(128)	(75)	730	327	363	336	1,756
Central Corridor	213	243	308	(94)	670	731	633	367	510	2,241
West Coast	(91)	2	(212)	(437)	(738)	5	97	606	(139)	569
Total Refining	313	302	(67)	(759)	(211)	1,594	1,189	1,742	842	5,367



Marketing and Specialties	307	415	583	185	1,490	363	533	605	396	1,897
Renewable Fuels	(55)	(55)	(116)	28	(198)	74	68	22	(11)	153
Corporate and Other	(322)	(340)	(327)	(294)	(1,283)	(259)	(250)	(303)	(298)	(1,110)
Adjusted income (loss) before income taxes	1,061	1,297	1,087	(60)	3,385	2,662	2,374	2,751	1,792	9,579
Less: adjusted income tax expense (benefit)	226	278	205	(16)	693	576	532	660	405	2,173
Adjusted Net Income (Loss)	835	1,019	882	(44)	2,692	2,086	1,842	2,091	1,387	7,406
Less: adjusted net income attributable to noncontrolling interests	13	35	23	17	88	121	76	21	25	243
Adjusted Net Income (Loss) Attributable to Phillips 66	822	984	859	(61)	2,604	1,965	1,766	2,070	1,362	7,163

Adjusted Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Diluted**	1.90	2.31	2.04	(0.15)	6.15	4.21	3.87	4.63	3.09	15.81
* Refer to Changes in Basis of Presentation discussion on page 15.
** YTD 2024 is based on adjusted weighted-average diluted shares of 422,538 thousand, and Q1-Q4 2024 are based on adjusted weighted-average diluted shares of 432,158 thousand, 425,734 thousand, and 419,827 thousand, and 411,687 thousand, respectively. YTD 2023 is based on adjusted weighted-average diluted shares of 453,210 thousand, and Q1-Q4 2023 are based on adjusted weighted-average diluted shares of 467,034 thousand, 456,173 thousand, 447,255 thousand, and 440,582 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. 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
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream*
Transportation	384	386	341	344	1,455	350	365	365	418	1,498
NGL	477	585	551	594	2,207	398	395	457	576	1,826
Total Midstream	861	971	892	938	3,662	748	760	822	994	3,324
Chemicals	325	348	466	209	1,348	321	319	230	243	1,113
Refining*	545	531	188	(298)	966	1,818	1,416	1,968	1,107	6,309
Marketing and Specialties	377	484	656	307	1,824	425	603	672	469	2,169
Renewable Fuels*	(49)	(43)	(92)	50	(134)	76	70	23	(7)	162
Corporate and Other	(116)	(108)	(112)	(76)	(412)	(101)	(81)	(111)	(110)	(403)
Adjusted EBITDA	1,943	2,183	1,998	1,130	7,254	3,287	3,087	3,604	2,696	12,674
* Refer to Changes in Basis of Presentation discussion on page 15.
** 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
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream








Certain tax impacts	—	—	—	—	—	—	—	—	2	2
Net gain on asset disposition	—	238	—	—	238	36	—	101	—	137

Change in inventory method for acquired business	—	—	—	—	—	—	—	46	—	46
Impairments*	(59)	(224)	(28)	(35)	(346)	—	—	—	—	—
DCP integration restructuring costs	—	—	—	—	—	(12)	(22)	(4)	—	(38)
Total Midstream	(59)	14	(28)	(35)	(108)	24	(22)	143	2	147







Chemicals
Winter-storm-related (costs) recovery	—	—	—	35	35	—	—	—	—	—
Total Chemicals	—	—	—	35	35	—	—	—	—	—

Refining





Certain tax impacts	—	—	—	9	9	—	—	—	17	17



Net loss on asset disposition	—	—	—	—	—	—	(14)	—	—	(14)

Impairments*	(104)	—	—	—	(104)	—	—	—	—	—
Los Angeles Refinery cessation costs**	—	—	(41)	(3)	(44)	—	—	—	—	—
Legal accrual	—	—	—	(22)	(22)	—	—	(30)	—	(30)
Legal settlement	7	—	—	—	7	—	—	—	—	—
Total Refining	(97)	—	(41)	(16)	(154)	—	(14)	(30)	17	(27)

Marketing and Specialties




Legal settlement	59	—	—	—	59	—	—	—	—	—

Legal accrual***	—	—	(605)	—	(605)	—	—	—	—	—
Net gain on asset disposition †	—	—	—	67	67	—	—	—	—	—
Total Marketing and Specialties	59	—	(605)	67	(479)	—	—	—	—	—

Renewable Fuels	—	—	—	—	—	—	—	—	—	—

Corporate and Other





Business transformation restructuring costs	—	—	—	—	—	(35)	(41)	(51)	(50)	(177)



Loss on early redemption of DCP debt	—	—	—	—	—	—	(53)	—	—	(53)
Los Angeles Refinery cessation costs**	—	—	—	(4)	(4)	—	—	—	—	—
Total Corporate and Other	—	—	—	(4)	(4)	(35)	(94)	(51)	(50)	(230)

Total Special Items (Pre-tax)	(97)	14	(674)	47	(710)	(11)	(130)	62	(31)	(110)

Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items♦	(23)	13	(161)	9	(162)	(2)	(22)	10	(12)	(26)
Other tax impacts	—	—	—	(31)	(31)	—	—	—	83	83

Total Income Tax Expense (Benefit)	(23)	13	(161)	(22)	(193)	(2)	(22)	10	71	57

Less: Income (Loss) Attributable to Noncontrolling Interests


Loss on early redemption of DCP debt	—	—	—	—	—	—	(30)	—	—	(30)
Change in inventory method for acquired business	—	—	—	—	—	—	—	26	—	26
DCP integration restructuring costs	—	—	—	—	—	(5)	(9)	(1)	—	(15)
Impairment of certain DCP assets	—	(30)	—	—	(30)	—	—	—	—	—




Total Income (Loss) Attributable to Noncontrolling Interests	—	(30)	—	—	(30)	(5)	(39)	25	—	(19)

Total Phillips 66 Special Items (After-tax)	(74)	31	(513)	69	(487)	(4)	(69)	27	(102)	(148)



* Impairment costs recorded in the Midstream segment are primarily related to certain gathering and processing assets. Impairment costs recorded in the Refining segment are primarily related to certain crude oil processing and logistics assets in California.
** Cessation costs include pre-tax charges for severance costs.
*** Legal accrual relating to ongoing litigation.
† In connection with the asset sale of our 49% non-operated equity interest in Coop Mineraloel AG closing in 2025, a before-tax unrealized gain was recognized from a foreign currency derivative.
♦ We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS


	Millions of Dollars
	2024					2023
	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	36	—	101	—	137
NGL	—	(224)	—	—	(224)	(12)	(22)	42	2	10

Total Midstream	(59)	14	(28)	(35)	(108)	24	(22)	143	2	147

Refining
Atlantic Basin/Europe	—	—	—	9	9	—	—	—	15	15
Gulf Coast	7	—	—	—	7	—	(14)	—	2	(12)
Central Corridor	—	—	—	—	—	—	—	—	—	—
West Coast	(104)	—	(41)	(25)	(170)	—	—	(30)	—	(30)
Total Refining	(97)	—	(41)	(16)	(154)	—	(14)	(30)	17	(27)

Page 3

Phillips 66 Earnings Release Supplemental Data


CASH FLOW INFORMATION

	Millions of Dollars
	2024					2023
	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	761	1,020	369	25	2,175	2,077	1,734	2,143	1,285	7,239
Depreciation and amortization	504	497	543	819	2,363	476	495	488	518	1,977
Impairments	165	225	29	37	456	8	4	3	9	24
Accretion on discounted liabilities	9	10	8	13	40	6	7	6	10	29
Deferred income taxes	(55)	(145)	113	(164)	(251)	146	119	408	167	840
Undistributed equity earnings	(180)	(179)	(160)	108	(411)	(242)	(324)	(201)	(55)	(822)
Loss (gain) on early redemption of debt	2	—	(5)	—	(3)	—	53	—	—	53
Net (gain) loss on dispositions	—	(237)	(2)	(82)	(321)	(34)	12	(102)	9	(115)

Unrealized investment (gain) loss*	(6)	7	1	(2)	—	11	15	8	4	38
Other	11	(17)	617	147	758	14	(115)	(354)	36	(419)
Net working capital changes	(1,447)	916	(381)	297	(615)	(1,263)	(1,045)	286	207	(1,815)
Net Cash Provided by (Used in) Operating Activities	(236)	2,097	1,132	1,198	4,191	1,199	955	2,685	2,190	7,029

Cash Flows From Investing Activities
Capital expenditures and investments**	(628)	(367)	(358)	(506)	(1,859)	(378)	(551)	(592)	(634)	(2,155)
Acquisitions, net of cash acquired	—	—	(567)	(58)	(625)	—	—	(263)	—	(263)
Purchases of government obligations***	—	—	(1,100)	—	(1,100)	—	—	—	—	—
Return of investments in equity affiliates	41	26	55	19	141	60	59	40	42	201
Proceeds from asset dispositions	2	685	219	176	1,082	77	13	280	22	392



Other	(80)	(17)	(29)	24	(102)	(24)	47	50	(38)	35
Net Cash Provided by (Used in) Investing Activities	(665)	327	(1,780)	(345)	(2,463)	(265)	(432)	(485)	(608)	(1,790)

Cash Flows From Financing Activities
Issuance of debt	3,815	(196)	1,518	1,135	6,272	2,488	2,559	678	535	6,260
Repayment of debt	(3,013)	(7)	(408)	(712)	(4,140)	(1,223)	(1,236)	(1,166)	(627)	(4,252)
Issuance of common stock	50	14	18	4	86	10	2	91	20	123
Repurchase of common stock	(1,164)	(840)	(800)	(647)	(3,451)	(800)	(1,309)	(752)	(1,153)	(4,014)
Dividends paid on common stock	(448)	(485)	(477)	(472)	(1,882)	(486)	(474)	(465)	(457)	(1,882)
Distributions to noncontrolling interests	(13)	(20)	(13)	(24)	(70)	(58)	(67)	(15)	(23)	(163)

Repurchase of noncontrolling interests	—	—	—	—	—	—	(3,957)	—	(110)	(4,067)
Other	(73)	(9)	(30)	(8)	(120)	(48)	(11)	(28)	(10)	(97)
Net Cash Used in Financing Activities	(846)	(1,543)	(192)	(724)	(3,305)	(117)	(4,493)	(1,657)	(1,825)	(8,092)

Effect of Exchange Rate Changes on Cash and Cash Equivalents	(6)	(7)	33	(28)	(8)	15	34	(33)	27	43

Net Change in Cash and Cash Equivalents	(1,753)	874	(807)	101	(1,585)	832	(3,936)	510	(216)	(2,810)
Cash and cash equivalents at beginning of period	3,323	1,570	2,444	1,637	3,323	6,133	6,965	3,029	3,539	6,133
Cash and Cash Equivalents at End of Period	1,570	2,444	1,637	1,738	1,738	6,965	3,029	3,539	3,323	3,323
* Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.
** Refer to Changes in Basis of Presentation discussion on page 15.
*** Includes U.S. Treasury securities.

CAPITAL PROGRAM

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Consolidated Capital Expenditures and Investments*
Midstream	255	96	172	228	751	124	176	160	165	625
Chemicals	—	—	—	—	—	—	—	—	—	—
Refining	135	105	146	196	582	121	135	136	194	586
Marketing and Specialties	15	20	18	32	85	11	25	24	41	101
Renewable Fuels	217	128	12	18	375	106	194	246	207	753
Corporate and Other	6	18	10	32	66	16	21	26	27	90


Consolidated Capital Expenditures and Investments	628	367	358	506	1,859	378	551	592	634	2,155
* Excludes net acquisitions of $58MM, $567MM, and $263MM in Q4 2024, Q3 2024 and Q3 2023, respectively, and purchases of government obligations of $1.1B in Q3 2024. Refer to Changes in Basis of Presentation discussion on page 15.

Consolidated Capital Expenditures and Investments*†
Growth	485	194	164	191	1,034	228	339	379	358	1,304
Sustaining	143	173	194	315	825	150	212	213	276	851
Consolidated Capital Expenditures and Investments	628	367	358	506	1,859	378	551	592	634	2,155
* Excludes net acquisitions of $58MM, $567MM, and $263MM in Q4 2024, Q3 2024 and Q3 2023, respectively, and purchases of government obligations of $1.1B in Q3 2024.
† See note on the use of non-GAAP measures.

Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments
CPChem (Chemicals)	201	199	179	230	809	142	377	254	236	1,009
WRB (Refining)	24	29	30	38	121	45	47	36	61	189
Selected Equity Affiliates	225	228	209	268	930	187	424	290	297	1,198

Page 4

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM

	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income before Income Taxes
Transportation	244	547	254	247	1,292	305	285	386	334	1,310
NGL	310	220	390	426	1,346	411	335	338	425	1,509

Income before Income Taxes	554	767	644	673	2,638	716	620	724	759	2,819







Equity in Earnings of Affiliates
Transportation	136	140	110	109	495	124	130	131	141	526
NGL	19	30	24	23	96	27	40	26	29	122

Total	155	170	134	132	591	151	170	157	170	648


Depreciation and Amortization*
Transportation	44	42	42	44	172	41	40	41	47	169
NGL	185	182	191	190	748	183	194	190	187	754

Total	229	224	233	234	920	224	234	231	234	923
* Excludes D&A of all non-consolidated affiliates.

Operating and SG&A Expenses*
Transportation	180	194	181	183	738	177	179	188	207	751
NGL	330	281	355	385	1,351	371	371	427	364	1,533

Total	510	475	536	568	2,089	548	550	615	571	2,284
* Excludes operating and SG&A expenses of all non-consolidated affiliates.




Transportation Volumes (MB/D)
Pipelines*	2,979	3,059	3,006	3,168	3,053	3,039	3,254	3,039	2,945	3,069
Terminals	3,109	3,226	3,049	3,107	3,123	3,203	3,149	3,167	3,464	3,246
* 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	5	4	4	4	5	5	5	5	5
NGL Production (MB/D)*	417	437	439	449	436	421	444	432	452	437
Pipeline Throughput - Y-Grade to Market (MB/D)**	714	781	762	759	754	721	704	691	713	707
NGL Fractionated (MB/D)	679.0	744.0	728.0	760.0	728.0	660.0	738.0	703.0	743.0	711.0
* 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 ($/gal)*	0.70	0.68	0.64	0.70	0.68	0.74	0.61	0.67	0.65	0.67
Henry Hub Natural Gas Price ($/MMBtu)**	2.41	2.04	2.09	2.42	2.24	2.67	2.12	2.58	2.74	2.53
WTI ($/BBL)**	77.07	80.73	75.19	70.36	75.83	76.11	73.78	82.49	78.36	77.69
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
** Based on daily spot prices.

Page 5

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM (continued)

	Millions of Dollars
	2024					2023
	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	554	767	644	673	2,638	716	620	724	759	2,819
Plus:


Depreciation and amortization	229	224	233	234	920	224	234	231	234	923
EBITDA	783	991	877	907	3,558	940	854	955	993	3,742

Special Item Adjustments (pre-tax):









Certain tax impacts	—	—	—	—	—	—	—	—	(2)	(2)
Net gain on asset disposition	—	(238)	—	—	(238)	(36)	—	(101)	—	(137)
Change in inventory method for acquired business	—	—	—	—	—	—	—	(46)	—	(46)
Impairments	59	224	28	35	346	—	—	—	—	—
DCP integration restructuring costs	—	—	—	—	—	12	19	4	—	35
EBITDA, Adjusted for Special Items	842	977	905	942	3,666	916	873	812	991	3,592



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	5	5	3	16	4	5	5	4	18
Proportional share of selected equity affiliates net interest	13	10	3	3	29	13	12	13	13	51
Proportional share of selected equity affiliates depreciation and amortization	38	37	26	28	129	41	39	39	37	156
Adjusted EBITDA attributable to noncontrolling interests	(35)	(58)	(47)	(38)	(178)	(226)	(169)	(47)	(51)	(493)
Adjusted EBITDA	861	971	892	938	3,662	748	760	822	994	3,324

Page 6

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM (continued)

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Transportation
Income before income taxes	244	547	254	247	1,292	305	285	386	334	1,310
Plus:


Depreciation and amortization	44	42	42	44	172	41	40	41	47	169
EBITDA	288	589	296	291	1,464	346	325	427	381	1,479

Special Item Adjustments (pre-tax):







Net gain on asset disposition	—	(238)	—	—	(238)	(36)	—	(101)	—	(137)
Impairments	59	—	28	35	122	—	—	—	—	—
EBITDA, Adjusted for Special Items	347	351	324	326	1,348	310	325	326	381	1,342



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	5	5	3	16	4	5	5	4	18
Proportional share of selected equity affiliates net interest	13	10	3	3	29	13	12	13	12	50
Proportional share of selected equity affiliates depreciation and amortization	26	25	15	16	82	27	27	26	26	106
Adjusted EBITDA attributable to noncontrolling interests	(5)	(5)	(6)	(4)	(20)	(4)	(4)	(5)	(5)	(18)
Adjusted EBITDA	384	386	341	344	1,455	350	365	365	418	1,498





NGL
Income before income taxes	310	220	390	426	1,346	411	335	338	425	1,509
Plus:
Depreciation and amortization	185	182	191	190	748	183	194	190	187	754
EBITDA	495	402	581	616	2,094	594	529	528	612	2,263

Special Item Adjustments (pre-tax):




Certain tax impacts	—	—	—	—	—	—	—	—	(2)	(2)
Change in inventory method for acquired business	—	—	—	—	—	—	—	(46)	—	(46)
DCP integration restructuring costs	—	—	—	—	—	12	19	4	—	35
Impairments	—	224	—	—	224	—	—	—	—	—
EBITDA, Adjusted for Special Items	495	626	581	616	2,318	606	548	486	610	2,250

Other Adjustments (pre-tax):


Proportional share of selected equity affiliates income taxes	—	—	—	—	—	—	—	—	—	—
Proportional share of selected equity affiliates net interest	—	—	—	—	—	—	—	—	1	1
Proportional share of selected equity affiliates depreciation and amortization	12	12	11	12	47	14	12	13	11	50
Adjusted EBITDA attributable to noncontrolling interests	(30)	(53)	(41)	(34)	(158)	(222)	(165)	(42)	(46)	(475)
Adjusted EBITDA	477	585	551	594	2,207	398	395	457	576	1,826

Page 7

Phillips 66 Earnings Release Supplemental Data


CHEMICALS

	Millions of Dollars, Except as Indicated
	2024										2023
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Income before Income Taxes	205		222		342		107		876		198		192		104		106		600

Equity in Earnings of Affiliate	201		219		339		104		863		195		189		101		101		586

100% CPChem Results




Net Income, excludes parent company income tax related to CPChem's earnings	402		438		678		208		1,726		390		377		202		204		1,173





Income before Income Taxes	413		450		690		217		1,770		401		389		217		214		1,221

Depreciation and Amortization	153		154		154		185		646		142		141		143		184		610

Net Interest Expense*	7		2		(2)		(1)		6		6		2		2		3		13
* Net of interest income.

Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments	401		399		357		460		1,617		283		755		507		473		2,018


Return of Investments from Equity Companies	—		(14)		—		—		(14)		—		—		—		—		—







Olefins and Polyolefins Capacity Utilization (%)	96	%	98	%	98	%	98	%	97	%	94	%	98	%	99	%	94	%	96	%

Market Indicator*
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	16.4		18.3		23.7		12.4		17.7		17.1		19.4		12.9		16.1		16.4
* Source: IHS, Inc.

Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes	205		222		342		107		876		198		192		104		106		600
Plus:
None	—		—		—		—		—		—		—		—		—		—
EBITDA	205		222		342		107		876		198		192		104		106		600

Special Item Adjustments (pre-tax):

Insurance proceeds	—		—		—		(35)		(35)		—		—		—		—		—



EBITDA, Adjusted for Special Items	205		222		342		72		841		198		192		104		106		600

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	13		15		13		11		52		20		26		24		9		79
Proportional share of selected equity affiliates net interest	1		—		(2)		—		(1)		1		—		(1)		2		2
Proportional share of selected equity affiliates depreciation and amortization	106		111		113		126		456		102		101		103		126		432
Adjusted EBITDA	325		348		466		209		1,348		321		319		230		243		1,113

Page 8

Phillips 66 Earnings Release Supplemental Data


REFINING

	Millions of Dollars, Except as Indicated
	2024					2023
	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	78	15	(61)	(91)	(59)	128	132	406	150	816
Gulf Coast	120	42	(102)	(128)	(68)	729	313	364	338	1,744
Central Corridor	213	243	308	(94)	670	732	633	367	509	2,241
West Coast	(195)	2	(253)	(462)	(908)	5	97	575	(138)	539
Income (Loss) before Income Taxes	216	302	(108)	(775)	(365)	1,594	1,175	1,712	859	5,340









Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	1.66	0.30	(1.27)	(1.79)	(0.30)	3.23	2.95	8.68	2.93	4.48
Gulf Coast	2.53	0.82	(2.10)	(2.62)	(0.35)	14.22	6.22	6.83	6.54	8.44
Central Corridor	8.31	8.69	11.38	(3.35)	6.18	28.15	23.13	15.14	20.27	21.81
West Coast	(8.26)	0.10	(11.51)	(22.65)	(10.38)	0.18	3.23	18.29	(5.02)	4.63
Worldwide	1.50	2.00	(0.74)	(5.24)	(0.62)	11.06	7.70	11.00	5.51	8.78

Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	9.70	8.10	5.87	6.09	7.42	16.06	10.64	16.15	9.11	12.80
Gulf Coast	10.95	7.88	6.39	5.58	7.68	21.76	13.22	13.99	13.72	15.67
Central Corridor	12.56	12.75	14.19	6.68	11.52	26.62	22.58	19.25	21.72	22.50
West Coast	10.60	13.06	4.34	5.74	8.50	15.77	15.80	31.65	11.03	18.95
Worldwide	11.01	10.01	8.31	6.08	8.84	20.69	15.55	19.06	13.88	17.26
* 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	(1)	(2)	(2)	(2)	(7)	(2)	(2)	(2)	(2)	(8)
Gulf Coast	1	—	1	—	2	1	—	1	—	2
Central Corridor	108	35	(11)	(77)	55	200	119	209	(83)	445
West Coast	—	—	—	—	—	—	—	—	—	—
Total	108	33	(12)	(79)	50	199	117	208	(85)	439

Depreciation and Amortization*
Atlantic Basin/Europe	52	51	53	54	210	50	52	52	53	207
Gulf Coast	62	65	68	67	262	60	60	61	62	243
Central Corridor	44	42	42	43	171	38	38	42	45	163
West Coast	50	46	67	271	434	53	53	52	60	218
Total	208	204	230	435	1,077	201	203	207	220	831
* Excludes D&A of all equity affiliates.


Operating and SG&A Expenses*
Atlantic Basin/Europe	254	276	267	270	1,067	375	245	262	257	1,139
Gulf Coast	307	278	312	305	1,202	290	253	291	289	1,123
Central Corridor	167	167	151	174	659	187	174	240	212	813
West Coast	263	214	252	279	1,008	348	298	348	345	1,339
Total	991	935	982	1,028	3,936	1,200	970	1,141	1,103	4,414
* Excludes operating and SG&A expenses of all equity affiliates.


Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe	19	33	31	19	102	125	38	21	12	196
Gulf Coast	82	39	83	78	282	56	23	28	19	126
Central Corridor	1	3	8	9	21	12	12	57	40	121
West Coast	22	25	15	17	79	37	31	13	14	95
Total	124	100	137	123	484	230	104	119	85	538
* Excludes turnaround expense of all equity affiliates.

Taxes Other than Income Taxes
Atlantic Basin/Europe	24	15	24	22	85	23	17	13	18	71
Gulf Coast	38	19	26	28	111	33	25	28	20	106
Central Corridor	28	22	27	21	98	25	26	23	20	94
West Coast	31	18	23	21	93	31	27	26	27	111
Total	121	74	100	92	387	112	95	90	85	382


Foreign Currency Gains (Losses) Pre-Tax	1	(1)	6	(6)	—	(21)	(1)	9	(6)	(19)

Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates	108	33	(12)	(79)	50	199	117	208	(85)	439
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*	(331)	(260)	(193)	(132)	(916)	(429)	(335)	(416)	(167)	(1,347)
Equity affiliate-related expenses not included in Realized Refining Margins	(223)	(227)	(205)	(211)	(866)	(230)	(218)	(208)	(252)	(908)
* 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	181	184	163	166	694	190	182	168	194	734

Proportional Share of Certain* Equity Affiliate Turnaround Expense, included in Equity Affiliate Operating and SG&A Expenses	22	30	9	7	68	16	22	16	39	93
* Includes WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).

Operating expenses	953	884	922	968	3,727	1,156	933	1,108	1,048	4,245
Selling, general and administrative expenses	38	51	60	60	209	44	37	33	55	169
Refining Controllable Costs*	991	935	982	1,028	3,936	1,200	970	1,141	1,103	4,414

Refining Controllable Costs ($/BBL)*	6.89	6.18	6.75	6.95	6.69	8.33	6.36	7.33	7.09	7.26
* 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)*	7.06	6.43	6.53	6.83	6.71	8.55	6.69	7.18	7.51	7.47
* 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)

	2024										2023
	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	216		302		(108)		(775)		(365)		1,594		1,175		1,712		859		5,340
Plus:

Depreciation and amortization	208		204		230		435		1,077		201		203		207		220		831
EBITDA	424		506		122		(340)		712		1,795		1,378		1,919		1,079		6,171

Special Item Adjustments (pre-tax):





Certain tax impacts	—		—		—		(9)		(9)		—		—		—		(17)		(17)



Net loss on asset disposition	—		—		—		—		—		—		14		—		—		14

Impairments	104		—		—		—		104		—		—		—		—		—
Los Angeles Refinery cessation costs	—		—		41		3		44		—		—		—		—		—
Legal accrual	—		—		—		22		22		—		—		30		—		30
Legal settlement	(7)		—		—		—		(7)		—		—		—		—		—
EBITDA, Adjusted for Special Items	521		506		163		(324)		866		1,795		1,392		1,949		1,062		6,198

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		1		(1)		(1)		(1)		—		1		—		—		1
Proportional share of selected equity affiliates net interest	(1)		(2)		(1)		—		(4)		1		(2)		(4)		(1)		(6)
Proportional share of selected equity affiliates depreciation and amortization	25		26		27		27		105		22		25		23		46		116
Adjusted EBITDA	545		531		188		(298)		966		1,818		1,416		1,968		1,107		6,309



Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	472		527		498		511		502		443		464		492		518		479
Total Processed Inputs (MB/D)	516		555		520		552		536		438		492		509		557		499
Crude Oil Capacity Utilization (%)	88	%	98	%	93	%	95	%	93	%	82	%	86	%	92	%	97	%	89	%
Clean Product Yield (%)	87	%	87	%	89	%	88	%	88	%	84	%	85	%	86	%	86	%	86	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Crude Oil Charge Input (MB/D)	475		507		473		479		483		519		498		519		508		511
Total Processed Inputs (MB/D)	522		563		528		530		536		571		553		577		561		566
Crude Oil Capacity Utilization (%)	90	%	96	%	89	%	91	%	91	%	98	%	94	%	98	%	96	%	97	%
Clean Product Yield (%)	76	%	83	%	81	%	82	%	80	%	77	%	80	%	80	%	84	%	80	%

Central Corridor*
Crude Oil Charge Input (MB/D)	509		541		533		535		529		475		498		492		441		477
Total Processed Inputs (MB/D)	527		558		549		555		547		492		515		509		459		494
Crude Oil Capacity Utilization (%)	96	%	102	%	100	%	101	%	100	%	89	%	94	%	93	%	83	%	90	%
Clean Product Yield (%)	90	%	89	%	89	%	93	%	90	%	89	%	89	%	87	%	92	%	89	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast
Crude Oil Charge Input (MB/D)	244		227		230		214		229		281		314		323		279		299
Total Processed Inputs (MB/D)	260		237		239		222		239		303		331		342		301		319
Crude Oil Capacity Utilization (%)	100	%	93	%	94	%	88	%	94	%	88	%	98	%	101	%	94	%	95	%
Clean Product Yield (%)	84	%	88	%	93	%	93	%	89	%	86	%	90	%	89	%	88	%	88	%

Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,700		1,802		1,734		1,739		1,743		1,718		1,774		1,826		1,746		1,766
Total Processed Inputs (MB/D)	1,825		1,913		1,836		1,859		1,858		1,804		1,891		1,937		1,878		1,878
Crude Oil Capacity Utilization (%)	92	%	98	%	94	%	94	%	95	%	90	%	93	%	95	%	92	%	92	%
Clean Product Yield (%)	84	%	86	%	87	%	88	%	87	%	83	%	86	%	85	%	87	%	85	%

Page 10

Phillips 66 Earnings Release Supplemental Data


REFINING (continued)

	2024					2023
	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	227	242	234	230	233	170	210	214	235	207
Distillates	206	226	213	240	221	187	198	213	232	208
Other	89	88	77	89	86	81	87	84	95	87
Total	522	556	524	559	540	438	495	511	562	502
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Gasoline	193	234	221	215	216	222	231	245	240	235
Distillates	192	216	194	205	202	205	200	208	219	208
Other	141	121	123	114	124	153	132	133	108	131
Total	526	571	538	534	542	580	563	586	567	574

Central Corridor*
Gasoline	258	266	263	278	266	244	253	246	236	245
Distillates	212	231	225	234	225	192	202	196	185	194
Other	57	67	66	48	60	58	64	72	38	58
Total	527	564	554	560	551	494	519	514	459	497
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast
Gasoline	126	119	133	123	125	165	174	183	154	169
Distillates	91	87	88	83	87	95	123	121	110	112
Other	40	28	16	18	26	42	34	38	36	38
Total	257	234	237	224	238	302	331	342	300	319

Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	804	861	851	846	840	801	868	888	865	856
Distillates	701	760	720	762	735	679	723	738	746	722
Other	327	304	282	269	296	334	317	327	277	314
Total	1,832	1,925	1,853	1,877	1,871	1,814	1,908	1,953	1,888	1,892

Market Indicators
Crude and Crude Differentials ($/BBL)†
WTI	77.07	80.73	75.19	70.36	75.83	76.11	73.78	82.49	78.36	77.69
Brent	83.24	84.94	80.18	74.69	80.76	81.27	78.39	86.76	84.05	82.62
ANS	81.47	86.39	78.91	74.29	80.26	79.14	78.60	87.96	83.95	82.41
WTI less Maya	7.51	7.26	8.02	7.14	7.48	13.28	10.11	5.07	6.47	8.73
WTI less WCS (settlement differential)	19.33	13.55	13.51	12.46	14.71	24.77	15.06	12.89	21.88	18.65

Natural Gas ($/MMBtu)†
Henry Hub	2.41	2.04	2.09	2.42	2.24	2.67	2.12	2.58	2.74	2.53
† 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
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD



Income (Loss) before Income Taxes	366	415	(22)	252	1,011	363	533	605	396	1,897







Income (Loss) before Income Taxes ($/BBL)
U.S.	1.38	1.16	(1.43)	0.52	0.41	1.45	1.82	2.42	0.91	1.65
International	2.94	5.02	5.07	2.69	3.93	3.64	5.31	4.20	5.77	4.72

Realized Marketing Fuel Margins ($/BBL)*
U.S.	1.60	1.70	2.45	1.18	1.73	1.96	2.25	2.85	1.45	2.12
International	4.88	5.87	6.19	3.70	5.15	5.02	6.50	5.55	6.80	5.96
* 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*	296	248	274	241	1,059	220	241	248	247	957
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.




Equity in Earnings of Affiliates	64	66	88	58	276	66	88	96	95	345




Depreciation and Amortization*	36	32	32	79	179	27	30	30	35	122
* Excludes D&A of all equity affiliates.




Operating and SG&A Expenses*	335	358	959	350	2,002	320	338	374	361	1,393
* Excludes operating and SG&A expenses of all equity affiliates.


Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	1,111	1,259	1,147	1,158	1,169	1,021	1,131	1,136	1,218	1,127
Distillates	797	843	813	908	840	675	807	814	853	788
Other	18	12	28	21	20	—	—	—	—	—
Total	1,926	2,114	1,988	2,087	2,029	1,696	1,938	1,950	2,071	1,915

International Marketing
Gasoline	104	112	106	113	109	109	111	120	107	113
Distillates	171	165	177	165	170	173	167	170	166	169
Other	28	40	23	37	32	26	35	26	22	27
Total	303	317	306	315	311	308	313	316	295	309

Worldwide Marketing
Gasoline	1,215	1,371	1,253	1,271	1,278	1,130	1,242	1,256	1,325	1,240
Distillates	968	1,008	990	1,073	1,010	848	974	984	1,019	957
Other	46	52	51	58	52	26	35	26	22	27
Total	2,229	2,431	2,294	2,402	2,340	2,004	2,251	2,266	2,366	2,224

Foreign Currency Gains (Losses) Pre-Tax	(7)	—	2	2	(3)	(1)	(1)	—	—	(2)

Reconciliation of Marketing and Specialties Income (Loss) before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes	366	415	(22)	252	1,011	363	533	605	396	1,897
Plus:

Depreciation and amortization	36	32	32	79	179	27	30	30	35	122
EBITDA	402	447	10	331	1,190	390	563	635	431	2,019

Special Item Adjustments (pre-tax):


Legal settlement	(59)	—	—	—	(59)	—	—	—	—	—



Legal accrual	—	—	605	—	605	—	—	—	—	—
Net gain on asset disposition	—	—	—	(67)	(67)	—	—	—	—	—
EBITDA, Adjusted for Special Items	343	447	615	264	1,669	390	563	635	431	2,019

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	5	5	7	4	21	5	6	7	6	24
Proportional share of selected equity affiliates net interest	10	11	12	11	44	9	15	10	11	45
Proportional share of selected equity affiliates depreciation and amortization	19	21	22	28	90	21	19	20	21	81
Adjusted EBITDA	377	484	656	307	1,824	425	603	672	469	2,169

Page 12

Phillips 66 Earnings Release Supplemental Data


RENEWABLE FUELS

	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Income (Loss) before Income Taxes	(55)	(55)	(116)	28	(198)	74	68	22	(11)	153

Operating and SG&A Expenses*	83	110	118	110	421	15	11	46	34	106
* Excludes operating and SG&A expenses of all equity affiliates.

Operating Statistics
Total Renewable Fuels Produced (MB/D)	9	31	44	42	31	11	10	7	10	10
Total Renewable Fuel Sales (MB/D)	34	45	70	62	52	26	27	27	33	28

Market Indicators*
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	0.47	0.45	0.43	0.43	0.44	0.60	0.53	0.66	0.52	0.58
California Low-Carbon Fuel Standard (LCFS) carbon credit (dollars per metric ton)	63.86	51.83	53.89	72.33	60.48	66.17	81.11	74.80	68.97	72.76
California Air Resource Board (CARB) ULSD - San Francisco (dollars per gallon)	2.65	2.64	2.39	2.25	2.48	2.91	2.44	3.33	2.82	2.87
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)	0.58	0.51	0.60	0.66	0.59	1.63	1.51	1.40	0.84	1.35
* 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	(55)	(55)	(116)	28	(198)	74	68	22	(11)	153
Plus:
Depreciation and amortization	6	12	24	22	64	2	2	1	4	9
EBITDA	(49)	(43)	(92)	50	(134)	76	70	23	(7)	162

Special Item Adjustments (pre-tax):
None	—	—	—	—	—	—	—	—	—	—
EBITDA, Adjusted for Special Items	(49)	(43)	(92)	50	(134)	76	70	23	(7)	162

Page 13

Phillips 66 Earnings Release Supplemental Data


CORPORATE AND OTHER

	Millions of Dollars, Except as Indicated
	2024										2023
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Loss before Income Taxes	(322)		(340)		(327)		(298)		(1,287)		(294)		(344)		(354)		(348)		(1,340)

Detail of Loss before Income Taxes
Net interest expense	(186)		(200)		(191)		(168)		(745)		(124)		(182)		(164)		(159)		(629)
Corporate overhead and other	(141)		(133)		(136)		(129)		(539)		(158)		(147)		(182)		(185)		(672)



NOVONIX	5		(7)		—		(1)		(3)		(12)		(15)		(8)		(4)		(39)
Total	(322)		(340)		(327)		(298)		(1,287)		(294)		(344)		(354)		(348)		(1,340)

Net Interest Expense
Interest expense	(238)		(238)		(232)		(220)		(928)		(198)		(273)		(229)		(228)		(928)
Capitalized interest	10		8		3		—		21		6		7		8		10		31
Gain on early retirement of debt	—		—		—		4		4		—		—		—		—		—
Interest income	42		30		38		48		158		68		84		57		59		268
Total	(186)		(200)		(191)		(168)		(745)		(124)		(182)		(164)		(159)		(629)

NOVONIX Investment
Unrealized Investment Gain (Loss)	6		(7)		(1)		2		—		(11)		(15)		(8)		(4)		(38)
Unrealized Foreign Currency Transaction Gain (Loss)	(1)		—		1		(3)		(3)		(1)		—		—		—		(1)
Change in Fair Value of NOVONIX Investment	5		(7)		—		(1)		(3)		(12)		(15)		(8)		(4)		(39)




Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes	(322)		(340)		(327)		(298)		(1,287)		(294)		(344)		(354)		(348)		(1,340)
Plus:

Net interest expense	186		200		191		168		745		124		182		164		159		629
Depreciation and amortization	25		25		24		49		123		22		25		20		25		92
EBITDA	(111)		(115)		(112)		(81)		(419)		(148)		(137)		(170)		(164)		(619)

Special Item Adjustments (pre-tax):







Business transformation restructuring costs	—		—		—		—		—		35		41		51		50		177
Los Angeles Refinery cessation costs	—		—		—		4		4		—		—		—		—		—
Total Special Item Adjustments (pre-tax)	—		—		—		4		4		35		41		51		50		177
Change in Fair Value of NOVONIX Investment	(5)		7		—		1		3		12		15		8		4		39
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	(116)		(108)		(112)		(76)		(412)		(101)		(81)		(111)		(110)		(403)

Other Adjustments (pre-tax):
None	—		—		—		—		—		—		—		—		—		—
Adjusted EBITDA	(116)		(108)		(112)		(76)		(412)		(101)		(81)		(111)		(110)		(403)

Foreign Currency Gains (Losses) Pre-Tax	—		—		—		(2)		(2)		1		—		(1)		2		2

Phillips 66 Company
Total Debt	20,154		19,960		19,998		20,062		20,062		18,485		19,866		19,444		19,359		19,359
Total Equity	30,794		30,507		29,784		28,463		28,463		34,916		31,060		31,989		31,650		31,650
Debt-to-Capital Ratio (%)	40	%	40	%	40	%	41	%	41	%	35	%	39	%	38	%	38	%	38	%













Cash	1,570		2,444		1,637		1,738		1,738		6,965		3,029		3,539		3,323		3,323
Net Debt-to-Capital Ratio (%)	38	%	36	%	38	%	39	%	39	%	25	%	35	%	33	%	34	%	34	%

Page 14

Phillips 66 Earnings Release Supplemental Data




























































RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Net income	761	1,020	369	25	2,175	2,077	1,734	2,143	1,285	7,239
Plus:
Income tax expense (benefit)	203	291	44	(38)	500	574	510	670	476	2,230
Net interest expense	186	200	191	168	745	124	182	164	159	629
Depreciation and amortization	504	497	543	819	2,363	476	494	489	518	1,977
Phillips 66 EBITDA	1,654	2,008	1,147	974	5,783	3,251	2,920	3,466	2,438	12,075

Special Item Adjustments (pre-tax):






Certain tax impacts	—	—	—	(9)	(9)	—	—	—	(19)	(19)


Net (gain) loss on asset disposition	—	(238)	—	(67)	(305)	(36)	14	(101)	—	(123)

Change in inventory method for acquired business	—	—	—	—	—	—	—	(46)	—	(46)
DCP integration restructuring costs	—	—	—	—	—	12	19	4	—	35
Business transformation restructuring costs	—	—	—	—	—	35	41	51	50	177

Impairments	163	224	28	35	450	—	—	—	—	—
Insurance proceeds	—	—	—	(35)	(35)	—	—	—	—	—
Los Angeles Refinery cessation costs	—	—	41	7	48	—	—	—	—	—
Legal accrual	—	—	605	22	627	—	—	30	—	30
Legal settlement	(66)	—	—	—	(66)	—	—	—	—	—
Total Special Item Adjustments (pre-tax)	97	(14)	674	(47)	710	11	74	(62)	31	54
Change in Fair Value of NOVONIX Investment*	(5)	7	—	1	3	12	15	8	4	39
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	1,746	2,001	1,821	928	6,496	3,274	3,009	3,412	2,473	12,168



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	21	26	24	17	88	29	38	36	19	122
Proportional share of selected equity affiliates net interest	23	19	12	14	68	24	25	18	25	92
Proportional share of selected equity affiliates depreciation and amortization	188	195	188	209	780	186	184	185	230	785
Adjusted EBITDA attributable to noncontrolling interests	(35)	(58)	(47)	(38)	(178)	(226)	(169)	(47)	(51)	(493)
Phillips 66 Adjusted EBITDA	1,943	2,183	1,998	1,130	7,254	3,287	3,087	3,604	2,696	12,674



* 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—We completed the acquisition of all publicly held common units of DCP Midstream, LP (DCP LP) on June 15, 2023, resulting in an increase in our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%, and an increase in our aggregate direct and indirect economic interests in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC from 62.2% to 91.2%. Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this segment realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; movement of certain international clean product activities from our Refining segment to our M&S segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability. In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.

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
	2024					2023
	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	78	15	(61)	(91)	(59)	128	132	406	150	816
Plus:

Taxes other than income taxes	24	15	24	22	85	23	17	13	18	71
Depreciation, amortization and impairments	52	51	53	55	211	50	53	53	53	209
Selling, general and administrative expenses	3	12	14	14	43	11	9	10	12	42
Operating expenses	251	264	253	256	1,024	364	236	252	245	1,097
Equity in losses of affiliates	1	2	2	2	7	2	2	2	2	8
Other segment (income) expense, net	13	18	(25)	40	46	30	6	(2)	(18)	16
Proportional share of refining gross margins contributed by equity affiliates	33	32	21	21	107	26	22	23	19	90
Special items:
Certain tax impacts	—	—	—	(9)	(9)	—	—	—	(15)	(15)
Realized refining margins	455	409	281	310	1,455	634	477	757	466	2,334

Total processed inputs (MB)	46,911	50,545	47,819	50,792	196,067	39,472	44,781	46,731	51,229	182,213
Adjusted total processed inputs (MB)	46,911	50,545	47,819	50,792	196,067	39,472	44,781	46,731	51,229	182,213

Income (loss) before income taxes ($/BBL)**	1.66	0.30	(1.27)	(1.79)	(0.30)	3.23	2.95	8.68	2.93	4.48
Realized refining margins ($/BBL)***	9.70	8.10	5.87	6.09	7.42	16.06	10.64	16.15	9.11	12.80

GULF COAST
Income (loss) before income taxes	120	42	(102)	(128)	(68)	729	313	364	338	1,744
Plus:

Taxes other than income taxes	38	19	26	28	111	33	25	28	20	106
Depreciation, amortization and impairments	62	64	69	67	262	60	62	62	62	246
Selling, general and administrative expenses	6	9	8	9	32	4	4	5	6	19
Operating expenses	301	269	304	296	1,170	286	249	286	283	1,104
Equity in earnings of affiliates	(1)	—	(1)	—	(2)	(1)	—	(1)	—	(2)
Other segment expense, net	1	1	6	—	8	5	12	—	—	17

Special items:
Legal settlement	(7)	—	—	—	(7)	—	—	—	—	—
Realized refining margins	520	404	310	272	1,506	1,116	665	744	709	3,234

Total processed inputs (MB)	47,492	51,204	48,609	48,750	196,055	51,349	50,266	53,120	51,621	206,356
Adjusted total processed inputs (MB)	47,492	51,204	48,609	48,750	196,055	51,349	50,266	53,120	51,621	206,356

Income (loss) before income taxes ($/BBL)**	2.53	0.82	(2.10)	(2.62)	(0.35)	14.22	6.22	6.83	6.54	8.44
Realized refining margins ($/BBL)***	10.95	7.88	6.39	5.58	7.68	21.76	13.22	13.99	13.72	15.67

CENTRAL CORRIDOR
Income (loss) before income taxes	213	243	308	(94)	670	732	633	367	509	2,241
Plus:

Taxes other than income taxes	28	22	27	21	98	25	26	23	20	94
Depreciation, amortization and impairments	44	44	41	43	172	38	39	41	45	163
Selling, general and administrative expenses	24	25	27	26	102	21	17	18	21	77
Operating expenses	143	142	124	148	557	166	157	222	191	736
Equity in (earnings) losses of affiliates	(108)	(35)	11	77	(55)	(200)	(119)	(209)	83	(445)
Other segment (income) expense, net	(40)	(22)	8	9	(45)	(4)	(8)	46	(101)	(67)
Proportional share of refining gross margins contributed by equity affiliates	298	228	172	111	809	403	313	393	148	1,257




Realized refining margins	602	647	718	341	2,308	1,181	1,058	901	916	4,056

Total processed inputs (MB)	25,658	27,994	27,025	27,886	108,563	26,004	27,370	24,242	25,158	102,774
Adjusted total processed inputs (MB)*	47,912	50,805	50,536	51,037	200,290	44,315	46,841	46,871	42,224	180,251

Income (loss) before income taxes ($/BBL)**	8.31	8.69	11.38	(3.35)	6.18	28.15	23.13	15.14	20.27	21.81
Realized refining margins ($/BBL)***	12.56	12.75	14.19	6.68	11.52	26.62	22.58	19.25	21.72	22.50

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
	2024					2023
	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	(195)	2	(253)	(462)	(908)	5	97	575	(138)	539
Plus:

Taxes other than income taxes	31	18	23	21	93	31	27	26	27	111
Depreciation, amortization and impairments	156	44	67	271	538	52	53	54	64	223
Selling, general and administrative expenses	5	5	11	11	32	8	7	—	16	31
Operating expenses	258	209	241	268	976	340	291	348	329	1,308

Other segment (income) expense, net	(4)	2	7	9	14	(4)	1	(7)	7	(3)



Realized refining margins	251	280	96	118	745	432	476	996	305	2,209

Total processed inputs (MB)	23,639	21,553	21,987	20,452	87,631	27,310	30,154	31,504	27,647	116,615
Adjusted total processed inputs (MB)	23,639	21,553	21,987	20,452	87,631	27,310	30,154	31,504	27,647	116,615

Income (loss) before income taxes ($/BBL)**	(8.26)	0.10	(11.51)	(22.65)	(10.38)	0.18	3.23	18.29	(5.02)	4.63
Realized refining margins ($/BBL)***	10.60	13.06	4.34	5.74	8.50	15.77	15.80	31.65	11.03	18.95

WORLDWIDE
Income (loss) before income taxes	216	302	(108)	(775)	(365)	1,594	1,175	1,712	859	5,340
Plus:

Taxes other than income taxes	121	74	100	92	387	112	95	90	85	382
Depreciation, amortization and impairments	314	203	230	436	1,183	200	207	210	224	841
Selling, general and administrative expenses	38	51	60	60	209	44	37	33	55	169
Operating expenses	953	884	922	968	3,727	1,156	933	1,108	1,048	4,245
Equity in (earnings) losses of affiliates	(108)	(33)	12	79	(50)	(199)	(117)	(208)	85	(439)
Other segment (income) expense, net	(30)	(1)	(4)	58	23	27	11	37	(112)	(37)
Proportional share of refining gross margins contributed by equity affiliates	331	260	193	132	916	429	335	416	167	1,347
Special items:
Certain tax impacts	—	—	—	(9)	(9)	—	—	—	(15)	(15)



Legal settlement	(7)	—	—	—	(7)	—	—	—	—	—
Realized refining margins	1,828	1,740	1,405	1,041	6,014	3,363	2,676	3,398	2,396	11,833

Total processed inputs (MB)	143,700	151,296	145,440	147,880	588,316	144,135	152,571	155,597	155,655	607,958
Adjusted total processed inputs (MB)*	165,954	174,107	168,951	171,031	680,043	162,446	172,042	178,226	172,721	685,435

Income (loss) before income taxes ($/BBL)**	1.50	2.00	(0.74)	(5.24)	(0.62)	11.06	7.70	11.00	5.51	8.78
Realized refining margins ($/BBL)***	11.01	10.01	8.31	6.08	8.84	20.69	15.55	19.06	13.88	17.26

* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
** Income (loss) before income taxes divided by total processed inputs.
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

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
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
WORLDWIDE
Turnaround expenses	124	100	137	123	484	230	104	119	85	538
Other operating expenses	829	784	785	845	3,243	926	829	989	963	3,707
Total operating expenses	953	884	922	968	3,727	1,156	933	1,108	1,048	4,245
Selling, general and administrative expenses	38	51	60	60	209	44	37	33	55	169
Refining Controllable Costs	991	935	982	1,028	3,936	1,200	970	1,141	1,103	4,414
Plus:
Proportional share of equity affiliate turnaround expenses*	22	30	9	7	68	16	22	16	39	93
Proportional share of equity affiliate other operating and SG&A expenses*	159	154	154	159	626	174	160	152	155	641
Total proportional share of equity affiliate operating and SG&A expenses*	181	184	163	166	694	190	182	168	194	734
Special item adjustments (pre-tax):
Legal accrual	—	—	—	(22)	(22)	—	—	(30)	—	(30)
Los Angeles Refinery cessation costs	—	—	(41)	(3)	(44)	—	—	—	—	—


Refining Adjusted Controllable Costs	1,172	1,119	1,104	1,169	4,564	1,390	1,152	1,279	1,297	5,118

Total processed inputs (MB)	143,700	151,296	145,440	147,880	588,316	144,135	152,571	155,597	155,655	607,958
Adjusted total processed inputs (MB)**	165,954	174,107	168,951	171,031	680,043	162,446	172,042	178,226	172,721	685,435

Refining turnaround expense ($/BBL)***	0.86	0.66	0.94	0.83	0.82	1.60	0.68	0.76	0.55	0.88
Refining controllable costs, excluding turnaround expense ($/BBL)***	6.03	5.52	5.81	6.12	5.87	6.73	5.68	6.57	6.54	6.38
Refining Controllable Costs ($/BBL)***	6.89	6.18	6.75	6.95	6.69	8.33	6.36	7.33	7.09	7.26

Refining adjusted turnaround expense ($/BBL)****	0.88	0.75	0.86	0.76	0.81	1.51	0.73	0.76	0.72	0.92
Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)****	6.18	5.68	5.67	6.07	5.90	7.04	5.96	6.42	6.79	6.55
Refining Adjusted Controllable Costs ($/BBL)****	7.06	6.43	6.53	6.83	6.71	8.55	6.69	7.18	7.51	7.47
* 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.
** Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
*** Denominator is total processed inputs.
**** 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
	2024										2023
	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	242		223		(262)		100		303		222		321		435		173		1,151
Plus:


Depreciation and amortization	10		9		9		10		38		3		3		5		12		23
Selling, general and administrative expenses	186		217		823		208		1,434		180		204		216		213		813
Equity in earnings of affiliates	(2)		(12)		(10)		(5)		(29)		(3)		(12)		(18)		(20)		(53)
Other operating revenues*	(108)		(123)		(127)		(109)		(467)		(109)		(122)		(133)		(113)		(477)
Other expense, net	11		14		14		22		61		6		3		7		11		27
Special items:
Legal settlement	(59)		—		—		—		(59)		—		—		—		—		—
Realized marketing fuel margins	280		328		447		226		1,281		299		397		512		276		1,484



Total fuel sales volumes (MB)	175,269		192,398		182,823		191,977		742,467		152,662		176,349		179,432		190,518		698,961

Income (loss) before income taxes ($/BBL)	1.38		1.16		(1.43)		0.52		0.41		1.45		1.82		2.42		0.91		1.65
Realized marketing fuel margins ($/BBL)**	1.60		1.70		2.45		1.18		1.73		1.96		2.25		2.85		1.45		2.12

INTERNATIONAL
Income before income taxes	81		145		143		78		447		101		152		122		157		532
Plus:


Depreciation and amortization	18		18		20		60		116		18		21		18		19		76
Selling, general and administrative expenses	64		63		64		74		265		61		62		63		63		249
Equity in earnings of affiliates	(24)		(29)		(30)		(23)		(106)		(23)		(30)		(32)		(31)		(116)
Other operating revenues*	(6)		(9)		(11)		(8)		(34)		(10)		(8)		(1)		(12)		(31)
Other (income) expense, net	15		(2)		2		5		20		5		5		4		—		14
Special items:
Net gain on asset disposition	—		—		—		(67)		(67)		—		—		—		—		—
Marketing margins	148		186		188		119		641		152		202		174		196		724
Less: margin for nonfuel related sales	13		16		14		13		56		12		16		13		11		52
Realized marketing fuel margins	135		170		174		106		585		140		186		161		185		672

Total fuel sales volumes (MB)	27,590		28,893		28,207		29,022		113,712		27,728		28,605		29,080		27,194		112,607

Income before income taxes ($/BBL)	2.94		5.02		5.07		2.69		3.93		3.64		5.31		4.20		5.77		4.72
Realized marketing fuel margins ($/BBL)**	4.88		5.87		6.19		3.70		5.15		5.02		6.50		5.55		6.80		5.96


* Includes other nonfuel revenues and expenses.
** Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION

RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE

	Millions of Dollars, Except as Indicated
	2024										2023
	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	964		1,311		413		(13)		2,675		2,651		2,244		2,813		1,761		9,469
Special items	97		(14)		674		(47)		710		11		130		(62)		31		110
Adjusted income (loss) before income taxes	1,061		1,297		1,087		(60)		3,385		2,662		2,374		2,751		1,792		9,579

Income tax expense (benefit)	203		291		44		(38)		500		574		510		670		476		2,230
Special items	23		(13)		161		22		193		2		22		(10)		(71)		(57)
Adjusted income tax expense (benefit)	226		278		205		(16)		693		576		532		660		405		2,173

Effective tax rate (%)*	21.1	%	22.2	%	10.7	%	296.7	%	18.7	%	21.7	%	22.7	%	23.8	%	27.0	%	23.6	%
Adjusted effective tax rate (%)*	21.3	%	21.4	%	18.9	%	27.2	%	20.5	%	21.6	%	22.4	%	24.0	%	22.6	%	22.7	%
* Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income (Loss) Before Income Taxes divided by Income Tax Expense (Benefit). 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

Document and Entity Information Document and Entity Information	Jan. 31, 2025
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jan. 31, 2025
Entity Registrant Name	Phillips 66
Entity File Number	001-35349
Entity Tax Identification Number	45-3779385
Entity Address, Address Line One	2331 CityWest Boulevard
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	832
Local Phone Number	765-3010
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	PSX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001534701
Amendment Flag	false
Entity Incorporation, State or Country Code	DE

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