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Phillips 66 (NYSE: PSX) Q2 2026 profit surges to $3.8B on refining strength

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Phillips 66 reported very strong results for the quarter ended June 30, 2026, with earnings of $3.847 billion and diluted EPS of $9.55, up from $207 million and $0.51 in the first quarter. Adjusted earnings were $3.788 billion, or $9.41 per share, on revenue of $52.044 billion.

Adjusted EBITDA reached $5.891 billion versus $1.230 billion in the prior quarter, driven primarily by Refining, where adjusted pre-tax income was $3.086 billion and realized refining margins improved to $24.08 per barrel. Midstream, Chemicals, Marketing and Specialties, and Renewable Fuels all posted higher adjusted pre-tax income, while corporate costs declined.

Operating cash flow was $7.259 billion (or $4.317 billion excluding working capital), supporting $887 million of capital returned to shareholders and debt reduction. Total debt fell to $20.565 billion and net debt to $16.466 billion, improving the debt-to-capital ratio to 39%. Refining crude utilization was 96% with clean product yield of 86%, and the company achieved record NGL fractionation volumes and higher renewable fuel production.

Positive

  • Second-quarter results were exceptionally strong, with net income of $3.847 billion and adjusted EBITDA of $5.891 billion, compared with $207 million of earnings and $1.230 billion of adjusted EBITDA in the first quarter of 2026.
  • Phillips 66 reduced total debt by $6.6 billion to $20.565 billion, cutting net debt to $16.466 billion and improving the debt-to-capital ratio from 48% to 39% quarter over quarter.
  • Refining performance was a major earnings driver, with realized refining margins rising to $24.08 per barrel, crude capacity utilization at 96%, and clean product yield of 86%, alongside record NGL fractionation and strong renewable fuels volumes.

Negative

  • None.

Filing Explained

As of June 30, 2026, Phillips 66 reported $4.1 billion of cash and cash equivalents plus $6.4 billion of committed capacity under credit facilities, so its disclosed liquidity includes borrowing capacity in addition to cash on hand.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income 2Q 2026 $3,847 million Earnings for the quarter ended June 30, 2026
Adjusted earnings 2Q 2026 $3,788 million Adjusted earnings for the quarter ended June 30, 2026
Diluted EPS 2Q 2026 $9.55 Diluted earnings per share for the quarter ended June 30, 2026
Adjusted EBITDA 2Q 2026 $5,891 million Adjusted EBITDA attributable to Phillips 66 in second quarter 2026
Cash flow from operations 2Q 2026 $7,259 million Cash provided by operating activities in second quarter 2026
Total debt June 30, 2026 $20,565 million Total debt outstanding at June 30, 2026
Debt-to-capital ratio June 30, 2026 39% Debt-to-capital ratio at June 30, 2026
Refining realized margin 2Q 2026 $24.08 per barrel Worldwide realized refining margins in second quarter 2026
Adjusted EBITDA financial
"Phillips 66 Adjusted EBITDA was $5,891 million in 2Q 2026."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
realized refining margin financial
"Realized refining margins were $24.08 per barrel in 2Q 2026."
net debt-to-capital ratio financial
"Net debt-to-capital ratio was 33% at June 30, 2026."
Net debt-to-capital ratio measures how much of a company’s long-term funding comes from borrowed money after subtracting cash on hand, compared with the total of that net debt plus the owners’ stake. Think of it like comparing your mortgage (minus your savings) to the combined value of your mortgage and your home equity; it tells investors how leveraged the business is and how much financial risk or room to borrow it may have.
Renewable Identification Number (RIN) financial
"Biodiesel Renewable Identification Number (RIN) (dollars per RIN)."
A renewable identification number (RIN) is a unique tracking code assigned to each gallon of qualifying biofuel under fuel compliance programs, serving as a digital receipt that proves a supplier has produced or blended renewable fuel. Investors watch RINs because they are tradable compliance credits that create revenue or costs for oil refiners and biofuel producers—think of them like tickets that can be bought, sold, or banked to meet regulatory obligations and influence company margins.
Low-Carbon Fuel Standard (LCFS) regulatory
"California Low-Carbon Fuel Standard (LCFS) carbon credit (dollars per metric ton)."
Total revenues and other income $52,044 million up from $33,002 million in 1Q 2026
Net income attributable to Phillips 66 $3,847 million up from $207 million in 1Q 2026
Diluted EPS $9.55 up from $0.51 in 1Q 2026
Adjusted earnings $3,788 million up from $200 million in 1Q 2026
Adjusted EBITDA $5,891 million up from $1,230 million in 1Q 2026
Cash flow from operations $7,259 million improved from $(2,264) million in 1Q 2026
Total debt $20,565 million down from $27,124 million at March 31, 2026
Net debt-to-capital ratio 33% improved from 43% at March 31, 2026

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FAQ

What were Phillips 66 (PSX) earnings and EPS for Q2 2026?
Phillips 66 reported Q2 2026 net income of $3.847 billion and diluted EPS of $9.55. Adjusted earnings were $3.788 billion, or $9.41 per diluted share, highlighting a very profitable quarter across its integrated portfolio.

How did Phillips 66 (PSX) Q2 2026 results compare with Q1 2026?
Net income rose to $3.847 billion from $207 million in Q1 2026, and diluted EPS increased to $9.55 from $0.51. Adjusted EBITDA expanded to $5.891 billion, up from $1.230 billion in the prior quarter.

Which segments drove Phillips 66 (PSX) performance in Q2 2026?
The Refining segment led results with $3.086 billion of adjusted pre-tax income, supported by stronger margins. Midstream earned $785 million, Chemicals $404 million, Renewable Fuels $544 million, and Marketing and Specialties $514 million, while corporate and other remained in loss.

How much operating cash flow did Phillips 66 (PSX) generate in Q2 2026?
Operating activities provided $7.259 billion of cash in Q2 2026. Cash flow from operations excluding working capital was $4.317 billion, supporting capital expenditures, shareholder returns, and significant reduction of outstanding debt during the quarter.

How did Phillips 66 (PSX) debt and leverage change by June 30, 2026?
Total debt decreased to $20.565 billion from $27.124 billion at March 31, 2026, while net debt declined to $16.466 billion. The company’s debt-to-capital ratio improved to 39% and net debt-to-capital ratio to 33%.

What key operating metrics stood out for Phillips 66 (PSX) in Q2 2026?
Refining achieved 96% crude capacity utilization and 86% clean product yield. NGL fractionation volumes reached record levels, while renewable fuels production increased to 53 thousand barrels per day, up from 40 thousand barrels per day in Q1 2026.
0001534701false00015347012026-08-052026-08-05

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

August 5, 2026
Date of Report (date of earliest event reported)

Phillips 66
(Exact name of registrant as specified in its charter)
Delaware001-3534945-3779385
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valuePSXNew 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 August 5, 2026, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended June 30, 2026. 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 August 5, 2026
99.2
—
Supplemental financial and operating information.
104—Cover Page Interactive Data File (embedded within the Inline XBRL document).
1

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
Senior Vice President and Controller
Date: August 5, 2026
2


Exhibit 99.1


releaseheader.jpg




•Reported second-quarter earnings of $3.8 billion or $9.55 per share; adjusted earnings of $3.8 billion or $9.41 per share
•Decreased total debt by $6.6 billion to $20.6 billion; net debt reduced to $16.5 billion
•Achieved record NGL fractionation volumes and LPG export volumes
•Delivered strong Refining utilization of 96% and clean product yield of 86%
•Earned industry recognition for 2025 exemplary safety performance in Midstream, Refining and Chemicals



HOUSTON, August 5, 2026 – Phillips 66 (NYSE: PSX) announced second-quarter earnings.


“Second quarter results reflect the strength of our operations and value of our integrated portfolio,” said Mark Lashier, chairman and CEO of Phillips 66. “We remain committed to our strategic priorities and continuous improvement. Our focus on operating excellence, coupled with our commercial footprint, enables us to reliably supply energy products across the United States and to global consumers.

“Our capital allocation framework is an integral component of the investment opportunity of Phillips 66. We remain committed to creating value for our stakeholders through disciplined capital investment, dividends, share repurchases and debt reduction.”


Business Highlights

•Achieved full production at Dos Picos II, a 220 million cubic feet per day (“MMCFD”) gas plant in the Permian Basin.

•Announced the construction of the 300 MMCFD Zeus Gas Plant in the Permian Basin and a 100 thousand barrels per day (“MBD”) Coastal Bend NGL Fractionator in Corpus Christi.

•Completed successful turnarounds at the Wood River and Humber refineries.

•Chevron Phillips Chemical Company LLC (“CPChem”) progressed the Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar, with full operations expected in 2027.














Financial Results Summary
(in millions of dollars, except as indicated)
2Q 20261Q 2026
Earnings$3,847207
Adjusted Earnings1
3,788200
Adjusted EBITDA1
5,8911,230
Earnings Per Share
   Earnings Per Share - Diluted9.550.51
   Adjusted Earnings Per Share - Diluted1
9.410.49
Cash Flow from (Used in) Operations7,259(2,264)
Cash Flow from Operations, Excluding Working Capital1
4,317699
Capital Expenditures & Investments726582
Acquisitions, Net of Cash Acquired11366
Proceeds from Asset Dispositions647
Return of Capital to Shareholders887778
   Repurchases of Common stock379269
   Dividends paid on Common stock508509
Cash and Cash Equivalents4,0995,150
Debt20,56527,124
Net Debt1
16,46621,974
Debt-to-Capital Ratio 39%48%
Net Debt-to-Capital Ratio1
33%43%
1 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.
























Segment Financial and Operating Highlights
(Millions of dollars, except as indicated)
2Q 20261Q 2026Change
Earnings (Loss)1
$3,8472073,640
   Midstream785591194
   Chemicals404114290
   Refining3,0622082,854
   Marketing and Specialties583(161)744
   Renewable Fuels544(41)585
   Corporate and Other(407)(451)44
   Income tax expense(1,092)(41)(1,051)
   Noncontrolling interests(32)(12)(20)
Adjusted Earnings (Loss)1,2
$3,7882003,588
   Midstream785591194
   Chemicals40485319
   Refining3,0862082,878
   Marketing and Specialties514(141)655
   Renewable Fuels544(41)585
   Corporate and Other(407)(451)44
   Income tax expense(1,106)(39)(1,067)
   Noncontrolling interests(32)(12)(20)
Adjusted EBITDA2
$5,8911,2304,661
   Midstream1,046860186
   Chemicals528212316
   Refining3,3074232,884
   Marketing and Specialties580(86)666
   Renewable Fuels568(18)586
   Corporate and Other(138)(161)23
Operating Highlights
NGL Pipeline Throughput - Y-Grade to Market (MBD)3
94393013
NGL Fractionated (MBD)1,02098040
Chemicals Global O&P Capacity Utilization 91%94%(3%)
Refining
   Turnaround Expense123178(55)
   Realized Margin ($/BBL)2
24.0810.1113.97
   Crude Capacity Utilization96%95%1%
   Clean Product Yield 86%87%(1%)
Renewable Fuels Produced (MBD)534013
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 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.

Second-Quarter 2026 Financial Results

Reported earnings were $3.8 billion for the second quarter of 2026 versus $207 million in the first quarter of 2026. Second-quarter earnings included pre-tax special item adjustments of $69 million in the Marketing and Specialties segment and ($24) million in the Refining segment. Adjusted earnings for the second quarter were $3.8 billion versus adjusted earnings of $200 million in the first quarter of 2026.

•Midstream pre-tax income increased compared with the first quarter mainly due to higher margins, as well as higher volumes largely driven by the absence of last quarter’s Winter Storm Fern impacts.

•Chemicals adjusted pre-tax income increased compared with the first quarter mainly due to higher margins.

•Refining adjusted pre-tax income increased compared with the first quarter mainly due to higher realized margins. Margins were primarily driven by an increase in market crack spreads and favorable mark-to-market impacts.

•Marketing and Specialties adjusted pre-tax income increased compared with the first quarter mainly due to higher global marketing margins and favorable mark-to-market impacts.

•Renewable Fuels pre-tax income increased compared with the first quarter mainly due to higher regulatory credits from higher pricing and renewable fuels production, as well as favorable mark-to-market impacts.

•Corporate and Other pre-tax loss decreased compared with the first quarter primarily due to lower net interest expense and employee-related costs.

As of June 30, 2026, the company had $4.1 billion of cash and cash equivalents and $6.4 billion of committed capacity available under credit facilities.




























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 second-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, Texas, 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.

- # # # -
Investor Relations
investorrelations@p66.com
Media Relations
phillips66media@p66.com


Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “adjusted controllable cost,” “cash from (used in) operations, excluding working capital,” “realized refining margin,” “net debt,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that 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. 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 in the release to shareholder distributions refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock.

Basis of Presentation— Phillips 66 and Refining results included herein through September 30, 2025, include our proportional share of WRB Refining LP equity earnings and beginning October 1, 2025, includes 100% of Borger Refinery and Wood River Refinery consolidated due to the acquisition of the remaining 50% of WRB.

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 relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to 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 biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of 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; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including war and armed hostilities, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; 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 our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; 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.








Earnings (Loss)
Millions of Dollars
20262025
2Q1QJun YTD2QJun YTD
Midstream$785 591 1,376 731 1,482 
Chemicals404 114 518 20 133 
Refining3,062 208 3,270 359 (578)
Marketing and Specialties583 (161)422 571 1,853 
Renewable Fuels544 (41)503 (133)(318)
Corporate and Other(407)(451)(858)(428)(804)
Pre-Tax Income4,971 260 5,231 1,120 1,768 
Less: Income tax expense1,092 41 1,133 212 334 
Less: Noncontrolling interests32 12 44 31 70 
Phillips 66$3,847 207 4,054 877 1,364 
Adjusted Earnings (Loss)
Millions of Dollars
20262025
2Q1QJun YTD2QJun YTD
Midstream$785 591 1,376 731 1,414 
Chemicals404 85 489 20 133 
Refining3,086 208 3,294 392 (545)
Marketing and Specialties514 (141)373 660 925 
Renewable Fuels544 (41)503 (133)(318)
Corporate and Other(407)(451)(858)(383)(738)
Pre-Tax Income (Loss)4,926 251 5,177 1,287 871 
Less: Income tax expense1,106 39 1,145 283 205 
Less: Noncontrolling interests32 12 44 31 61 
Phillips 66$3,788 200 3,988 973 605 


Page 1


Exhibit 99.1


 Millions of Dollars
 Except as Indicated
20262025
2Q1QJun YTD2QJun YTD
Reconciliation of Consolidated Earnings to Adjusted Earnings
Consolidated Earnings$3,847 207 4,054 877 1,364 
Pre-tax adjustments:
Impairments— — — — 21 
Net (gain) loss on asset dispositions1
(110)— (110)89 (996)
Lower-of-cost-or-market inventory adjustments— (29)(29)— — 
  Legal accrual2
65 20 85 33 33 
  Professional advisory fees— — — 45 45 
Tax impact of adjustments3
(14)2 (12)(40)160 
Other tax impacts— — — (31)(31)
Noncontrolling interests— — — — 9 
Adjusted earnings $3,788 200 3,988 973 605 
Earnings per share of common stock (dollars)
$9.55 0.51 10.05 2.15 3.32 
Adjusted earnings per share of common stock (dollars)
$9.41 0.49 9.88 2.38 1.47 
Adjusted weighted-average diluted common shares outstanding (thousands)
402,618 403,273 403,472 407,934 409,012
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income $785 591 1,376 731 1,482 
Pre-tax adjustments:
Net gain on asset dispositions— — — — (68)
Adjusted pre-tax income$785 591 1,376 731 1,414 
Chemicals Pre-Tax Income $404 114 518 20 133 
Pre-tax adjustments:
Lower-of-cost-or-market inventory adjustments— (29)(29)— — 
Adjusted pre-tax income$404 85 489 20 133 
Refining Pre-Tax Income (Loss)$3,062 208 3,270 359 (578)
Pre-tax adjustments:
Legal accrual24 — 24 33 33 
Adjusted pre-tax income (loss)$3,086 208 3,294 392 (545)
Marketing and Specialties Pre-Tax Income (Loss)$583 (161)422 571 1,853 
Pre-tax adjustments:
  Net (gain) loss on asset dispositions1
(110)— (110)89 (928)
  Legal accrual2
41 20 61 — — 
Adjusted pre-tax income (loss)$514 (141)373 660 925 
Page 2


Exhibit 99.1

Renewable Fuels Pre-Tax Income (Loss)$544 (41)503 (133)(318)
Pre-tax adjustments:
  None— — — — — 
Adjusted pre-tax income (loss)$544 (41)503 (133)(318)
Corporate and Other Pre-Tax Loss$(407)(451)(858)(428)(804)
Pre-tax adjustments:
Impairments— — — — 21 
  Professional advisory fees— — — 45 45 
Adjusted pre-tax loss$(407)(451)(858)(383)(738)
1 Net gain on dispositions in the second quarter of 2026 relates to the post-closing adjustments from the December 2025 sale of 65% of our interest in our Germany and Austria retail marketing business.
2 Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc.
3 We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate, but certain transactions may be partially exempt, which could result in a lower overall effective tax rate on these items. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.







Page 3


Exhibit 99.1

 Millions of Dollars Except as Indicated
2026
2Q1Q
Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66
Net Income$3,879 219 
Plus:
   Income tax expense1,092 41 
   Net interest expense233 255 
   Depreciation and amortization585 558 
Phillips 66 EBITDA$5,789 1,073 
Special Item Adjustments (pre-tax):
Lower-of-cost-or-market inventory adjustments— (29)
Net gain on asset dispositions(110)— 
  Legal accrual65 20 
Total Special Item Adjustments (pre-tax)(45)(9)
Change in Fair Value of NOVONIX Investment6 9 
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment$5,750 1,073 
Other Adjustments (pre-tax):
   Proportional share of selected equity affiliates income taxes14 19 
   Proportional share of selected equity affiliates net interest11 11 
   Proportional share of selected equity affiliates depreciation and amortization168 161 
   Adjusted EBITDA attributable to noncontrolling interests(52)(34)
Phillips 66 Adjusted EBITDA$5,891 1,230 
Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA
Midstream Income before income taxes$785 591 
Plus:
Depreciation and amortization284 274 
Midstream EBITDA$1,069 865 
Special Item Adjustments (pre-tax):
  None— — 
Midstream EBITDA, Adjusted for Special Items$1,069 865 
Other Adjustments (pre-tax):
   Proportional share of selected equity affiliates income taxes2 3 
   Proportional share of selected equity affiliates net interest3 3 
   Proportional share of selected equity affiliates depreciation and amortization24 23 
   Adjusted EBITDA attributable to noncontrolling interests(52)(34)
Midstream Adjusted EBITDA$1,046 860 
Page 4


Exhibit 99.1

Chemicals Income before income taxes$404 114 
Plus:
None— — 
Chemicals EBITDA$404 114 
Special Item Adjustments (pre-tax):
Lower-of-cost-or-market inventory adjustment— (29)
Chemicals EBITDA, Adjusted for Special Items$404 85 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes2 13 
Proportional share of selected equity affiliates net interest— (1)
Proportional share of selected equity affiliates depreciation and amortization122 115 
Chemicals Adjusted EBITDA$528 212 
Refining Income before income taxes$3,062 208 
Plus:
Depreciation and amortization221 215 
Refining EBITDA$3,283 423 
Special Item Adjustments (pre-tax):
Legal accrual24 — 
Refining EBITDA, Adjusted for Special Items$3,307 423 
Marketing and Specialties Income (loss) before income taxes$583 (161)
Plus:
Depreciation and amortization26 20 
Marketing and Specialties EBITDA$609 (141)
Special Item Adjustments (pre-tax):
Legal accrual41 20 
Net gain on asset dispositions(110)— 
Marketing and Specialties EBITDA, Adjusted for Special Items$540 (121)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes10 3 
Proportional share of selected equity affiliates net interest8 9 
Proportional share of selected equity affiliates depreciation and amortization22 23 
Marketing and Specialties Adjusted EBITDA$580 (86)
Renewable Fuels Income (loss) before income taxes$544 (41)
Plus:
Depreciation and amortization24 23 
Renewable Fuels EBITDA$568 (18)
Special Item Adjustments (pre-tax):
None— — 
Renewable Fuels EBITDA, Adjusted for Special Items$568 (18)
Corporate and Other Loss before income taxes$(407)(451)
Plus:
   Net interest expense233 255 
   Depreciation and amortization30 26 
Corporate and Other EBITDA$(144)(170)
Page 5


Exhibit 99.1

Special Item Adjustments (pre-tax):
  None— — 
Total Special Item Adjustments (pre-tax)— — 
Change in Fair Value of NOVONIX Investment6 9 
Corporate EBITDA, Adjusted for Special Items and Change in
  Fair Value of NOVONIX Investment		$(138)(161)




Millions of Dollars
 Except as Indicated
June 30, 2026March 31, 2026
Debt-to-Capital Ratio
Total Debt$20,56527,124
Total Equity32,70329,681
Debt-to-Capital Ratio39%48%
Cash and Cash Equivalents4,0995,150
Net Debt-to-Capital Ratio33%43%


Millions of Dollars
June 30, 2026March 31, 2026
Net Debt
Total Debt$20,56527,124
Less: Cash and Cash Equivalents4,0995,150
Net Debt$16,466$21,974
Page 6


Exhibit 99.1

Millions of Dollars Except as Indicated
2026
2Q1Q
Reconciliation of Refining Income Before Income Taxes to Realized Refining
  Margins
Income before income taxes$3,062 208 
Plus:
  Taxes other than income taxes88 106 
  Depreciation, amortization and impairments222 217 
  Selling, general and administrative expenses25 52 
  Operating expenses1,144 1,229 
  Equity in losses of affiliates1 — 
  Other segment income, net(63)(11)
  Proportional share of refining gross margins contributed by equity affiliates20 26 
Special items:
None— — 
Realized refining margins$4,499 1,827 
Total processed inputs (thousands of barrels)
186,860 180,801 
Income before income taxes (dollars per barrel)1
$16.39 1.15 
Realized refining margins (dollars per barrel)2
$24.08 10.11 
1 Income before income taxes divided by total processed inputs.
2 Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.













Page 7

Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data
psxphillips66.jpg

CONSOLIDATED INCOME STATEMENT ¹
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Revenues and Other Income
Sales and other operating revenues32,540 51,004 83,54430,430 33,323 34,515 34,108 132,376 
Equity in earnings of affiliates252 635 887153 153 337 119 762 
Net gain (loss) on dispositions6 117 1231,087 (93)11 1,979 2,984 
Other income204 288 49256 139 116 127 438 
Total Revenues and Other Income33,002 52,044 85,04631,726 33,522 34,979 36,333 136,560 
Costs and Expenses
Purchased crude oil and products29,216 43,664 72,88027,660 29,077 30,219 29,137 116,093 
Operating expenses1,881 1,810 3,6911,622 1,440 1,492 1,869 6,423 
Selling, general and administrative expenses537 538 1,075519 582 792 544 2,437 
Depreciation and amortization558 585 1,143791 816 826 818 3,251 
Impairments8 9 1726 4 951 79 1,060 
Taxes other than income taxes234 127 361233 218 221 119 791 
Accretion on discounted liabilities12 13 2512 10 12 13 47 
Interest and debt expense286 314 600221 264 259 295 1,039 
Foreign currency transaction (gains) losses10 13 23(6)(9)8 6 (1)
Total Costs and Expenses32,742 47,073 79,81531,078 32,402 34,780 32,880 131,140 
Income before income taxes260 4,971 5,231648 1,120 199 3,453 5,420 
Income tax expense41 1,092 1,133122 212 32 526 892 
Net Income219 3,879 4,098526 908 167 2,927 4,528 
Less: net income attributable to
  noncontrolling interests		12 32 4439 31 34 21 125 
Net Income Attributable to Phillips 66207 3,847 4,054487 877 133 2,906 4,403 
Net Income Attributable to Phillips 66 Per Share
  of Common Stock (dollars)
Basic0.51 9.59 10.091.19 2.15 0.32 7.20 10.82 
Diluted0.51 9.55 10.051.18 2.15 0.32 7.17 10.79 
Weighted-Average Common Shares Outstanding
  (thousands)
Basic402,036 400,954 401,493409,182 406,763 404,508 403,122 406,008 
Diluted403,273 402,618 403,472410,505 407,929 405,549 405,146 408,053 
Effective tax rate (%) ²15.9 %22.0 %21.7 %18.8 %19.0 %16.0 %15.2 %16.5 %
Adjusted effective tax rate (%) ²15.7 %22.4 %22.1 %18.8 %22.0 %22.9 %22.6 %22.9 %
1 Refer to Change in Basis of Presentation on page 14.
2 Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense divided by Income Before Income Taxes. As such, recalculated tax rate percentages using the rounded
   Income Before Income Taxes and Income Tax Expense may differ from the presented tax rates (%).

Page 1

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream591 785 1,376 751 731 697 638 2,817 
Chemicals114 404 518 113 20 176 (12)297 
Refining ¹208 3,062 3,270 (937)359 (518)822 (274)
Marketing and Specialties(161)583 422 1,282 571 251 2,396 4,500 
Renewable Fuels(41)544 503 (185)(133)(43)(19)(380)
Corporate and Other(451)(407)(858)(376)(428)(364)(372)(1,540)
Income before income taxes260 4,971 5,231 648 1,120 199 3,453 5,420 
Less: income tax expense41 1,092 1,133 122 212 32 526 892 
Net Income219 3,879 4,098 526 908 167 2,927 4,528 
Less: net income attributable to
  noncontrolling interests		12 32 44 39 31 34 21 125 
Net Income Attributable to Phillips 66207 3,847 4,054 487 877 133 2,906 4,403 
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation247 250 497 243 242 194 239 918 
NGL344 535 879 440 489 503 478 1,910 
Total Midstream591 785 1,376 683 731 697 717 2,828 
Chemicals85 404 489 113 20 176 19 328 
Refining
Atlantic Basin/Europe367 376 743 (199)82 250 291 424 
Gulf Coast204 953 1,157 (333)101 119 252 139 
Central Corridor ¹(418)1,599 1,181 (50)392 368 367 1,077 
West Coast55 158 213 (355)(183)(307)(368)(1,213)
Total Refining208 3,086 3,294 (937)392 430 542 427 
Marketing and Specialties(141)514 373 265 660 477 439 1,841 
Renewable Fuels(41)544 503 (185)(133)(43)(19)(380)
Corporate and Other(451)(407)(858)(355)(383)(364)(363)(1,465)
Adjusted income (loss) before income taxes251 4,926 5,177 (416)1,287 1,373 1,335 3,579 
Less: adjusted income tax expense (benefit)39 1,106 1,145 (78)283 314 302 821 
Adjusted Net Income (Loss)212 3,820 4,032 (338)1,004 1,059 1,033 2,758 
Less: adjusted net income attributable to
  noncontrolling interests		12 32 44 30 31 34 31 126 
Adjusted Net Income (Loss) Attributable to Phillips 66200 3,788 3,988 (368)973 1,025 1,002 2,632 
Adjusted Net Income (Loss) Attributable to Phillips 66
  Per Share of Common Stock (dollars)
Diluted ²0.49 9.41 9.88 (0.90)2.38 2.52 2.47 6.44 
Adjusted Weighted-Average Common Shares Outstanding
  (thousands)
Diluted403,273 402,618 403,472 409,182407,934406,045404,733407,605
ADJUSTED EBITDA BY SEGMENT ³
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation306 316 622 300 301 292 299 1,192 
NGL554 730 1,284 585 671 672 653 2,581 
Total Midstream860 1,046 1,906 885 972 964 952 3,773 
Chemicals212 528 740 244 148 308 145 845 
Refining ¹423 3,307 3,730 (452)867 904 1,019 2,338 
Marketing and Specialties(86)580 494 315 718 525 488 2,046 
Renewable Fuels(18)568 550 (162)(110)(18)5 (285)
Corporate and Other(161)(138)(299)(94)(94)(89)(77)(354)
Adjusted EBITDA1,230 5,891 7,121 736 2,501 2,594 2,532 8,363 
1 Refer to Change in Basis of Presentation on page 14.
2 Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation. Recalculated diluted EPS using the rounded
   components may differ from the presented diluted EPS.
3 Refer to Use of Non-GAAP Financial Information on page 14. 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 14. Adjusted EBITDA and Adjusted EBITDA by
   segment presented includes our proportional share of selected equity affiliates.
Page 2

Phillips 66 Earnings Release Supplemental Data
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Net gain on asset dispositions— — — 68 — — — 68 
Impairments— — — — — — (79)(79)
Total Midstream— — — 68 — — (79)(11)
Chemicals
Lower of cost or market inventory adjustment29 — 29 — — — (31)(31)
Total Chemicals29 — 29 — — — (31)(31)
Refining
Certain tax impacts— — — — — — 11 11 
Impairments— — — — — (948)— (948)
Los Angeles Refinery cessation costs— — — — — — (35)(35)
Legal accrual— (24)(24)— (33)— — (33)
Legal settlement— — — — — — 181 181 
Pending claims and settlements— — — — — — 123 123 
Total Refining— (24)(24)— (33)(948)280 (701)
Marketing and Specialties
Legal accrual ¹(20)(41)(61)— — (241)(21)(262)
Net gain (loss) on asset dispositions ²— 110 110 1,017 (89)15 1,978 2,921 
Total Marketing and Specialties(20)69 49 1,017 (89)(226)1,957 2,659 
Renewable Fuels— — — — — — — — 
Corporate and Other
Impairments— — — (21)— — — (21)
Professional advisory fees— — — — (45)— — (45)
Interest Expense— — — — — — (9)(9)
Total Corporate and Other— — — (21)(45)— (9)(75)
Total Special Items (Pre-tax)9 45 54 1,064 (167)(1,174)2,118 1,841 
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items ³2 (14)(12)200 (40)(282)19 (103)
Other tax impacts— — — — (31)— 205 174 
Total Income Tax Expense (Benefit)2 (14)(12)200 (71)(282)224 71 
Less: Income (Loss) Attributable to Noncontrolling Interests
Net gain on asset dispositions— — — 9 — — — 9 
Impairment of certain DCP assets— — — — — — (10)(10)
Total Income (Loss) Attributable to Noncontrolling Interests— — — 9 — — (10)(1)
Total Phillips 66 Special Items (After-tax)7 59 66 855 (96)(892)1,904 1,771 
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation— — — — — — — — 
NGL— — — 68 — — (79)(11)
Total Midstream— — — 68 — — (79)(11)
Refining
Atlantic Basin/Europe— (24)(24)— (33)— 11 (22)
Gulf Coast— — — — — — — — 
Central Corridor— — — — — (948)304 (644)
West Coast— — — — — — (35)(35)
Total Refining— (24)(24)— (33)(948)280 (701)
1 Legal accruals related to ongoing litigation with Propel Fuels, Inc
2 Net gain on dispositions in the second quarter relates to the post-closing adjustments from the December 2025 sale of 65% of our interest in our Germany and Austria retail marketing business.
3 We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a
   local statutory income tax rate, but certain transactions may be partially exempt, which could result in a lower overall effective tax rate on these items. Nontaxable events reflect zero income tax. These events include, but are not
   limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions
   occurring in jurisdictions with a valuation allowance.
Page 3

Phillips 66 Earnings Release Supplemental Data
CASH FLOW INFORMATION ¹
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Cash Flows From Operating Activities
Net income219 3,879 4,098 526 908 167 2,927 4,528 
Depreciation and amortization558 585 1,143 791 816 826 818 3,251 
Impairments8 9 17 26 4 951 79 1,060 
Accretion on discounted liabilities12 13 25 12 10 12 13 47 
Deferred income taxes67 66 133 (133)(48)14 345 178 
Undistributed equity earnings(86)(514)(600)120 75 (55)(20)120 
Net (gain) loss on dispositions(6)(117)(123)(1,087)93 (11)(1,979)(2,984)
Unrealized investment (gain) loss ²9 8 17 10 4 (4)2 12 
Other(82)388 306 (6)58 20 (141)(69)
Net working capital changes(2,963)2,942 (21)(72)(1,075)(742)708 (1,181)
Net Cash Provided by (Used in) Operating Activities(2,264)7,259 4,995 187 845 1,178 2,752 4,962 
Cash Flows From Investing Activities
Capital expenditures and investments(582)(726)(1,308)(423)(587)(541)(682)(2,233)
Acquisitions, net of cash acquired(66)(113)(179)— (2,220)10 (1,288)(3,498)
Return of investments in equity affiliates26 15 41 25 18 15 32 90 
Proceeds from asset dispositions7 64 71 2,034 (3)— 1,489 3,520 
Other9 22 31 (45)58 29 (18)24 
Net Cash Provided by (Used in) Investing Activities(606)(738)(1,344)1,591 (2,734)(487)(467)(2,097)
Cash Flows From Financing Activities
Issuance of debt ³9,629 (2,740)6,889 — 3,499 2,450 2,446 8,395 
Repayment of debt(1,965)(3,936)(5,901)(1,287)(1,088)(1,612)(4,787)(8,774)
Issuance of common stock84 17 101 23 2 68 14 107 
Repurchase of common stock(269)(379)(648)(247)(419)(267)(274)(1,207)
Dividends paid on common stock(509)(508)(1,017)(469)(487)(484)(482)(1,922)
Distributions to noncontrolling interests(22)(24)(46)(14)(81)(28)(41)(164)
Contributions from noncontrolling interests15 36 51 — 106 18 8 132 
Other(43)(13)(56)(55)(6)(33)(10)(104)
Net Cash Provided by (Used in) Financing Activities6,920 (7,547)(627)(2,049)1,526 112 (3,126)(3,537)
Effect of Exchange Rate Changes on Cash and
  Cash Equivalents		(16)(25)(41)22 18 3 7 50 
Net Change in Cash and Cash Equivalents, including
  cash classified within Assets held for sale		4,034 (1,051)2,983 (249)(345)806 (834)(622)
Cash and cash equivalents at beginning of period1,116 5,150 1,116 1,738 1,489 1,144 1,950 1,738 
Cash and Cash Equivalents at End of Period, including
  cash classified within Assets held for sale		5,150 4,099 4,099 1,489 1,144 1,950 1,116 1,116 
Reconciliation of Cash and Cash Equivalents at end of
  period
Cash and Cash equivalents5,150 4,099 4,099 1,489 1,052 1,845 1,116 1,116 
Cash and cash equivalents included in Assets held for sale— — — — 92 105 — — 
Cash and cash equivalents at end of period, including
  cash classified within Assets held for sale		5,150 4,099 4,099 1,489 1,144 1,950 1,116 1,116 
CAPITAL PROGRAM
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Consolidated Capital Expenditures and Investments ⁴
Midstream343 428 771 216 384 347 284 1,231 
Chemicals— — — — — — — — 
Refining ¹210 255 465 176 148 145 307 776 
Marketing and Specialties9 20 29 15 34 26 43 118 
Renewable Fuels10 6 16 9 9 15 23 56 
Corporate and Other10 17 27 7 12 8 25 52 
Consolidated Capital Expenditures and Investments582 726 1,308 423 587 541 682 2,233 
Consolidated Capital Expenditures and Investments ¹ ⁴ ⁵
Growth336 469 805 229 379 289 332 1,229 
Sustaining246 257 503 194 208 252 350 1,004 
Consolidated Capital Expenditures and Investments582 726 1,308 423 587 541 682 2,233 
Proportional Share of Selected Equity Affiliates Capital
  Expenditures and Investments
CPChem (Chemicals)133 129 262 182 225 202 187 796 
WRB (Refining) ¹— — — 21 44 34 — 99 
Selected Equity Affiliates133 129 262 203 269 236 187 895 
1 Refer to Change in Basis of Presentation on page 14.
2 Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 13 for more details.
3 Includes proceeds from borrowings, net of cash receipts and payments related to debt with an original maturity of three months or less, primarily related to commercial paper activity.
4 Excludes net acquisitions of $113MM, $66MM, $1,288MM, $(10)MM, $2,220MM and $58MM in Q2 2026, Q1 2026, Q4 2025, Q3 2025, Q2 2025, respectively.
5 Refer to Use of Non-GAAP Financial Information on page 14.
Page 4

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes
Transportation247 250 497 243 242 194 239 918 
NGL344 535 879 508 489 503 399 1,899 
Income before Income Taxes591 785 1,376 751 731 697 638 2,817 
Equity in Earnings of Affiliates
Transportation92 89 181 97 87 82 87 353 
NGL11 10 21 13 11 11 11 46 
Total103 99 202 110 98 93 98 399 
Depreciation and Amortization ¹
Transportation45 52 97 44 43 73 50 210 
NGL229 232 461 189 217 205 209 820 
Total274 284 558 233 260 278 259 1,030 
Operating and SG&A Expenses ²
Transportation184 216 400 173 191 205 194 763 
NGL413 406 819 338 373 354 410 1,475 
Total597 622 1,219 511 564 559 604 2,238 
Transportation Volumes (MB/D)
Pipelines ³2,932 3,142 3,038 2,893 3,093 3,111 2,993 3,023 
Terminals3,180 3,433 3,307 2,938 3,074 3,127 3,226 3,092 
PSX Other Volumes
Wellhead Volume (Bcf/D) ⁴4.4 4.5 4.4 4.1 4.2 4.3 4.4 4.3 
NGL Production (MB/D) ⁴446 465 455 437 456 483 470 462 
NGL Pipeline Throughput–Y-Grade to Market (MB/D) ⁵930 943 937 704 956 999 1,006 917 
NGL Fractionated (MB/D)980 1,020 1,000 748 883 930 1,018 896 
Market Indicators
Weighted-Average NGL Price ($/gal) ⁶0.62 0.73 0.68 0.74 0.64 0.60 0.59 0.64 
Henry Hub Natural Gas Price ($/MMBtu) ⁷4.87 2.93 3.90 4.27 3.16 3.03 3.69 3.54 
WTI ($/BBL) ⁷71.98 93.21 82.59 71.46 63.86 65.03 59.22 64.89 
1 Excludes D&A of all non-consolidated affiliates.
2 Excludes operating and SG&A expenses of all non-consolidated affiliates.
3 Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.
4 Includes 100% of DCP Midstream Class A Segment.
5 Represents volumes delivered to fractionation market hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and
   DCP Southern Hills Pipeline, LLC.
6 Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
7 Based on daily spot prices.
Page 5

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Midstream Income before Income
 Taxes to Adjusted EBITDA ¹
Income before income taxes591 785 1,376 751 731 697 638 2,817 
Plus:
Depreciation and amortization274 284 558 233 260 278 259 1,030 
EBITDA865 1,069 1,934 984 991 975 897 3,847 
Special Item Adjustments (pre-tax):
Net gain on asset dispositions— — — (68)— — — (68)
Impairments— — — — — — 79 79 
EBITDA, Adjusted for Special Items865 1,069 1,934 916 991 975 976 3,858 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes3 2 5 3 4 4 2 13 
Proportional share of selected equity affiliates net interest3 3 6 3 3 3 3 12 
Proportional share of selected equity affiliates depreciation
  and amortization		23 24 47 23 24 33 21 101 
Adjusted EBITDA attributable to noncontrolling interests(34)(52)(86)(60)(50)(51)(50)(211)
Adjusted EBITDA860 1,046 1,906 885 972 964 952 3,773 
Transportation
Income before income taxes247 250 497 243 242 194 239 918 
Plus:
Depreciation and amortization45 52 97 44 43 73 50 210 
EBITDA292 302 594 287 285 267 289 1,128 
Special Item Adjustments (pre-tax):
None— — — — — — — — 
EBITDA, Adjusted for Special Items292 302 594 287 285 267 289 1,128 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes3 2 5 3 4 4 2 13 
Proportional share of selected equity affiliates net interest3 3 6 3 3 3 3 12 
Proportional share of selected equity affiliates depreciation
  and amortization		15 16 31 15 15 23 12 65 
Adjusted EBITDA attributable to noncontrolling interests(7)(7)(14)(8)(6)(5)(7)(26)
Adjusted EBITDA306 316 622 300 301 292 299 1,192 
NGL
Income before income taxes344 535 879 508 489 503 399 1,899 
Plus:
Depreciation and amortization229 232 461 189 217 205 209 820 
EBITDA573 767 1,340 697 706 708 608 2,719 
Special Item Adjustments (pre-tax):
Net gain on asset disposition— — — (68)— — — (68)
Impairments— — — — — — 79 79 
EBITDA, Adjusted for Special Items573 767 1,340 629 706 708 687 2,730 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — — — 
Proportional share of selected equity affiliates net interest— — — — — — — — 
Proportional share of selected equity affiliates depreciation
  and amortization		8 8 16 8 9 10 9 36 
Adjusted EBITDA attributable to noncontrolling interests(27)(45)(72)(52)(44)(46)(43)(185)
Adjusted EBITDA554 730 1,284 585 671 672 653 2,581 
1 Refer to Use of Non-GAAP Financial Information on page 14.
Page 6

Phillips 66 Earnings Release Supplemental Data
CHEMICALS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (loss) before Income Taxes114 404 518 113 20 176 (12)297 
Equity in Earnings (Losses) of Affiliate114 403 517 113 20 176 (12)297 
100% CPChem Results
Net Income, excludes parent company income tax related
  to CPChem's earnings		228 806 1,034 226 40 351 (24)593 
Income (loss) before Income Taxes238 828 1,066 235 50 360 (14)631 
Depreciation and Amortization180 195 375 170 166 177 183 696 
Net Interest Expense ¹— — — (2)(1)(1)— (4)
Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments266 258 524 363 450 405 374 1,592 
Return of Investments from Equity Companies— — — — (7)(18)(25)(50)
Global Olefins and Polyolefins Capacity Utilization (%)94 %91 %92 %100 %92 %104 %97 %98 %
Market Indicator ²
Ethylene to High-Density Polyethylene Chain
  Cash Margin (cents/lb)		10.7 43.6 27.2 10.9 7.4 7.6 2.6 7.1 
Reconciliation of Chemicals Income before Income
 Taxes to Adjusted EBITDA ³
Income (loss) before income taxes114 404 518 113 20 176 (12)297 
Plus:
None— — — — — — — — 
EBITDA114 404 518 113 20 176 (12)297 
Special Item Adjustments (pre-tax):
Lower of cost or market inventory adjustment(29)— (29)— — — 31 31 
EBITDA, Adjusted for Special Items85 404 489 113 20 176 19 328 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes13 2 15 13 13 11 2 39 
Proportional share of selected equity affiliates net interest(1)— (1)(1)(1)(1)1 (2)
Proportional share of selected equity affiliates depreciation
  and amortization		115 122 237 119 116 122 123 480 
Adjusted EBITDA212 528 740 244 148 308 145 845 
1 Net of interest income.
2 Source: IHS, Inc.
3 Refer to Use of Non-GAAP Financial Information on page 14.
Page 7

Phillips 66 Earnings Release Supplemental Data
REFINING
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe367 352 719 (199)49 250 302 402 
Gulf Coast204 953 1,157 (333)101 119 252 139 
Central Corridor ¹(418)1,599 1,181 (50)392 (580)671 433 
West Coast55 158 213 (355)(183)(307)(403)(1,248)
Income (Loss) before Income Taxes208 3,062 3,270 (937)359 (518)822 (274)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe7.21 7.20 7.20 (5.15)1.00 4.94 5.65 2.09 
Gulf Coast3.87 17.80 10.88 (8.95)1.93 2.19 5.10 0.72 
Central Corridor ¹(6.12)21.07 8.18 (1.85)13.67 (20.61)8.74 2.70 
West Coast6.41 18.69 12.49 (16.60)(8.37)(15.06)(41.08)(16.99)
Worldwide1.15 16.39 8.90 (7.53)2.36 (3.38)4.34 (0.44)
Realized Refining Margins ($/BBL) ²
Atlantic Basin/Europe15.62 14.44 15.04 7.08 8.16 11.94 12.60 10.18 
Gulf Coast11.31 24.25 17.82 4.43 8.71 8.74 12.48 8.86 
Central Corridor ¹4.60 29.56 17.73 8.29 15.61 15.82 13.06 13.26 
West Coast13.12 29.65 21.31 7.12 14.06 12.31 8.85 10.86 
Worldwide10.11 24.08 17.21 6.81 11.25 12.15 12.48 10.88 
Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe— (1)(1)(2)(2)(2)(3)(9)
Gulf Coast— — — — — — — — 
Central Corridor ¹— — — (103)— 33 — (70)
West Coast— — — — — — — — 
Total— (1)(1)(105)(2)31 (3)(79)
Depreciation and Amortization ³
Atlantic Basin/Europe57 57 114 56 53 54 53 216 
Gulf Coast66 67 133 72 67 66 66 271 
Central Corridor ¹76 81 157 41 41 43 79 204 
West Coast16 16 32 287 282 281 279 1,129 
Total215 221 436 456 443 444 477 1,820 
Operating and SG&A Expenses ³
Atlantic Basin/Europe317 326 643 379 289 256 280 1,204 
Gulf Coast299 255 554 390 262 263 275 1,190 
Central Corridor ¹613 525 1,138 171 159 180 522 1,032 
West Coast52 63 115 180 170 250 204 804 
Total1,281 1,169 2,450 1,120 880 949 1,281 4,230 
Turnaround Expense, included in Operating and SG&A
  Expenses ³
Atlantic Basin/Europe30 25 55 97 18 5 11 131 
Gulf Coast41 15 56 164 27 15 40 246 
Central Corridor ¹105 81 186 2 2 10 77 91 
West Coast2 2 4 7 6 6 7 26 
Total178 123 301 270 53 36 135 494 
Taxes Other than Income Taxes
Atlantic Basin/Europe20 16 36 22 20 17 18 77 
Gulf Coast29 25 54 35 24 26 23 108 
Central Corridor ¹42 41 83 26 25 26 19 96 
West Coast15 6 21 27 25 21 3 76 
Total106 88 194 110 94 90 63 357 
Foreign Currency Gains (Losses) Pre-Tax(12)(15)(27)9 20 (4)(4)21 
Refining—Equity Affiliate Information ¹
Equity in earnings (losses) of affiliates— (1)(1)(105)(2)31 (3)(79)
Less: Share of equity affiliate gross margin included in Realized
  Refining Margin and other equity affiliate-related costs ⁴		(26)(20)(46)(141)(234)(262)(25)(662)
Equity affiliate-related expenses not included in Realized
  Refining Margins
(26)(21)(47)(246)(236)(231)(28)(741)
Proportional Share of Certain Equity Affiliate
  Operating and SG&A Expenses ¹
19 19 38 200 185 186 19 590 
Proportional Share of Certain Equity Affiliate
  Turnaround Expense, included in Equity Affiliate
  Operating and SG&A Expenses ¹
— — — 27 24 23 — 74 
Operating expenses1,229 1,144 2,373 1,074 848 909 1,229 4,060 
Selling, general and administrative expenses52 25 77 46 32 40 52 170 
Refining Controllable Costs ¹ ⁵1,281 1,169 2,450 1,120 880 949 1,281 4,230 
Refining Controllable Costs ($/BBL) ¹ ⁵7.08 6.26 6.67 9.00 5.79 6.18 6.76 6.83 
Refining Adjusted Controllable Costs, Excluding
 Adjusted Turnaround Expense ($/BBL) ⁶
6.21 5.57 5.88 7.03 5.46 6.07 5.96 6.09 
1 Refer to Change in Basis of Presentation on page 14.
2 Refer to Use of Non-GAAP Financial Information on page 14. Also, reconciliations of income (loss) before income taxes to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP
   Reconciliations" section.
3 Excludes expenses of all equity affiliates.
4 Other costs associated with equity affiliates which do not flow through equity earnings (losses).
5 Excludes operating and SG&A expenses of all equity affiliates. See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs per barrel
   included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.
6 Refer to Use of Non-GAAP Financial Information on page 14. 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 8

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Refining Income (Loss) before Income Taxes
  to Adjusted EBITDA ($ Millions) ¹
Income (Loss) before income taxes208 3,062 3,270 (937)359 (518)822 (274)
Plus:
Depreciation and amortization215 221 436 456 443 444 477 1,820 
EBITDA423 3,283 3,706 (481)802 (74)1,299 1,546 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — — — — (11)(11)
Impairments— — — — — 948 — 948 
Los Angeles Refinery cessation costs— — — — — — 35 35 
Legal accrual— 24 24 — 33 — — 33 
Legal settlement— — — — — — (181)(181)
Pending claims and settlements— — — — — — (123)(123)
EBITDA, Adjusted for Special Items423 3,307 3,730 (481)835 874 1,019 2,247 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — — — 
Proportional share of selected equity affiliates net interest— — — 2 3 1 — 6 
Proportional share of selected equity affiliates depreciation
  and amortization		— — — 27 29 29 — 85 
Adjusted EBITDA423 3,307 3,730 (452)867 904 1,019 2,338 
Operating Statistics
Atlantic Basin/Europe ²
Crude Oil Charge Input (MB/D)531 510 521 359 518 534 553 492 
Total Processed Inputs (MB/D)566 538 552 430 541 551 582 526 
Crude Oil Capacity Utilization (%)96 %92 %94 %67 %97 %99 %103 %92 %
Clean Product Yield (%)88 %87 %88 %89 %87 %88 %87 %88 %
Gulf Coast
Crude Oil Charge Input (MB/D)530 520 525 369 508 528 481 472 
Total Processed Inputs (MB/D)587 588 588 413 573 590 538 529 
Crude Oil Capacity Utilization (%)98 %96 %97 %70 %96 %100 %91 %89 %
Clean Product Yield (%)80 %81 %81 %81 %80 %81 %80 %80 %
Central Corridor ³
Crude Oil Charge Input (MB/D)734 800 767 521 550 549 805 606 
Total Processed Inputs (MB/D)760 834 797 536 566 567 834 626 
Crude Oil Capacity Utilization (%)92 %101 %97 %98 %104 %103 %104 %102 %
Clean Product Yield (%)90 %89 %90 %91 %90 %90 %94 %91 %
West Coast
Crude Oil Charge Input (MB/D)90 89 89 228 234 214 99 193 
Total Processed Inputs (MB/D)96 93 94 237 241 222 107 201 
Crude Oil Capacity Utilization (%) ⁴86 %84 %85 %93 %96 %88 %95 %93 %
Clean Product Yield (%)91 %89 %90 %89 %90 %87 %91 %89 %
Worldwide—Including Proportional Share of
  Equity Affiliates ²
Crude Oil Charge Input (MB/D)1,885 1,919 1,902 1,477 1,810 1,825 1,938 1,763 
Total Processed Inputs (MB/D)2,009 2,053 2,031 1,616 1,921 1,930 2,061 1,882 
Crude Oil Capacity Utilization (%)95 %96 %95 %80 %98 %99 %99 %94 %
Clean Product Yield (%)87 %86 %86 %87 %86 %86 %88 %87 %
1 Refer to Use of Non-GAAP Financial Information on page 14.
2 Includes our proportional share of a refinery complex in Karlsruhe, Germany.
3 Refer to Change in Basis of Presentation on page 14.
4 In the fourth quarter 2025, we ceased fuel production and began idling the facilities at our Los Angeles Refinery, and the associated crude oil capacity is excluded in the calculation of this statistic beginning on October 1, 2025.
Page 9

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe ¹
Gasoline251 225 238 199 225 230 242 224 
Distillates231 228 230 166 232 242 253 223 
Other88 86 86 70 86 80 92 82 
Total570 539 554 435 543 552 587 529 
Gulf Coast
Gasoline236 236 236 184 243 245 221 223 
Distillates219 226 222 138 202 215 197 189 
Other140 134 137 87 134 137 121 120 
Total595 596 595 409 579 597 539 532 
Central Corridor ²
Gasoline379 408 394 263 276 271 432 311 
Distillates302 333 318 223 233 235 347 260 
Other84 91 88 56 63 65 63 62 
Total765 832 800 542 572 571 842 633 
West Coast
Gasoline51 50 51 131 135 117 58 110 
Distillates37 33 35 81 82 76 39 69 
Other7 10 9 24 21 26 9 20 
Total95 93 95 236 238 219 106 199 
Worldwide—Including Proportional Share of
  Equity Affiliates
Gasoline917 919 919 777 879 863 953 868 
Distillates789 820 805 608 749 768 836 741 
Other319 321 320 237 304 308 285 284 
Total2,025 2,060 2,044 1,622 1,932 1,939 2,074 1,893 
Market Indicators
Crude and Crude Differentials ($/BBL) ³
WTI71.98 93.21 82.59 71.46 63.86 65.03 59.22 64.89 
Brent80.61 104.52 92.57 75.66 67.82 69.07 63.69 69.06 
ANS77.00 103.66 90.33 75.99 68.92 70.07 64.00 69.74 
WTI less Maya5.52 4.18 4.85 6.36 5.39 4.03 4.90 5.17 
WTI less WCS (settlement differential)14.13 14.61 14.37 12.65 10.20 10.38 11.19 11.11 
Natural Gas ($/MMBtu) ³
Henry Hub4.87 2.93 3.90 4.27 3.16 3.03 3.69 3.54 
1 Includes our proportional share of a refinery complex in Karlsruhe, Germany.
2 Refer to Change in Basis of Presentation on page 14.
3 Based on daily spot prices, unless otherwise noted.
Page 10

Phillips 66 Earnings Release Supplemental Data
MARKETING AND SPECIALTIES
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes(161)583 422 1,282 571 251 2,396 4,500 
Income (Loss) before Income Taxes ($/BBL)
U.S.(1.14)1.13 0.05 0.67 2.32 0.18 1.13 1.09 
International(3.27)11.92 4.02 39.88 1.96 4.55 70.99 28.39 
Realized Marketing Fuel Margins ($/BBL) ¹
U.S.(0.47)1.82 0.73 1.36 2.83 2.04 1.55 1.95 
International(3.53)4.63 0.39 4.87 7.11 5.37 5.00 5.58 
Other Realized Margins and Revenues
  not included in Marketing Fuel Margins ²		301 279 580 243 287 280 283 1,093 
Equity in Earnings of Affiliates35 135 170 36 38 36 36 146 
Depreciation and Amortization ³20 26 46 20 33 23 21 97 
Operating and SG&A Expenses ³316 354 670 346 351 603 365 1,665 
Refined Products Sales (MB/D)
U.S. Marketing
Gasoline1,144 1,210 1,177 1,080 1,191 1,164 1,196 1,158 
Distillates785 871 828 735 809 828 1,003 844 
Other19 34 26 13 28 13 19 18 
Total1,948 2,115 2,031 1,828 2,028 2,005 2,218 2,020 
International Marketing
Gasoline73 67 70 114 110 176 156 139 
Distillates131 121 126 171 162 165 151 162 
Other30 26 28 27 42 29 11 27 
Total234 214 224 312 314 370 318 328 
Worldwide Marketing
Gasoline1,217 1,277 1,247 1,194 1,301 1,340 1,352 1,297 
Distillates916 992 954 906 971 993 1,154 1,006 
Other49 60 54 40 70 42 30 45 
Total2,182 2,329 2,255 2,140 2,342 2,375 2,536 2,348 
Foreign Currency Gains (Losses) Pre-Tax(2)1 (1)2 1 (4)(1)(2)
Reconciliation of Marketing and Specialties Income
 (Loss) before Income Taxes to Adjusted EBITDA ⁴
Income (Loss) before income taxes(161)583 422 1,282 571 251 2,396 4,500 
Plus:
Depreciation and amortization20 26 46 20 33 23 21 97 
EBITDA(141)609 468 1,302 604 274 2,417 4,597 
Special Item Adjustments (pre-tax):
Legal accrual20 41 61 — — 241 21 262 
Net (gain) loss on asset dispositions— (110)(110)(1,017)89 (15)(1,978)(2,921)
EBITDA, Adjusted for Special Items(121)540 419 285 693 500 460 1,938 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes3 10 13 2 — — — 2 
Proportional share of selected equity affiliates net interest9 8 17 10 10 10 10 40 
Proportional share of selected equity affiliates depreciation
  and amortization		23 22 45 18 15 15 18 66 
Adjusted EBITDA(86)580 494 315 718 525 488 2,046 
1 Refer to Use of Non-GAAP Financial Information on page 14. Also, reconciliations of income (loss) before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin
   Non-GAAP Reconciliations" section.
2 Excludes gain on dispositions and excise taxes on sales of refined products.
3 Excludes expenses of all equity affiliates.
4 Refer to Use of Non-GAAP Financial Information on page 14.
Page 11

Phillips 66 Earnings Release Supplemental Data
RENEWABLE FUELS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes(41)544 503 (185)(133)(43)(19)(380)
Operating and SG&A Expenses ¹110 98 208 114 104 103 110 431 
Operating Statistics
Total Renewable Fuels Produced (MB/D)40 53 47 44 40 36 32 38 
Total Renewable Fuel Sales (MB/D)53 65 59 63 71 63 65 66 
Market Indicators ²
Chicago Board of Trade (CBOT) soybean oil
  (dollars per pound)		0.58 0.73 0.66 0.44 0.49 0.53 0.50 0.49 
California Low-Carbon Fuel Standard (LCFS) carbon credit
  (dollars per metric ton)		65.48 68.65 67.07 66.28 52.33 53.40 53.50 56.38 
California Air Resource Board (CARB) ULSD - San Francisco
  (dollars per gallon) 		2.93 4.19 3.56 2.44 2.52 2.55 2.37 2.47 
Biodiesel Renewable Identification Number (RIN)
  (dollars per RIN)		1.44 2.12 1.78 0.79 1.08 1.13 1.03 1.01 
Reconciliation of Renewable Fuels Income (Loss)
  before Income Taxes to Adjusted EBITDA ³
Income (Loss) before income taxes(41)544 503 (185)(133)(43)(19)(380)
Plus:
Depreciation and amortization23 24 47 23 23 25 24 95 
EBITDA(18)568 550 (162)(110)(18)5 (285)
Special Item Adjustments (pre-tax):
None— — — — — — — — 
EBITDA, Adjusted for Special Items(18)568 550 (162)(110)(18)5 (285)
1 Excludes operating and SG&A expenses of all equity affiliates.
2 Based on daily spot prices, unless otherwise noted.
3 Refer to Use of Non-GAAP Financial Information on page 14.
Page 12

Phillips 66 Earnings Release Supplemental Data
CORPORATE AND OTHER
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Loss before Income Taxes(451)(407)(858)(376)(428)(364)(372)(1,540)
Detail of Gain (Loss) before Income Taxes
Net interest expense(255)(233)(488)(187)(230)(225)(256)(898)
Corporate overhead and other ¹(187)(168)(355)(174)(196)(145)(114)(629)
NOVONIX(9)(6)(15)(15)(2)6 (2)(13)
Total(451)(407)(858)(376)(428)(364)(372)(1,540)
Net Interest Expense
Interest expense(296)(329)(625)(230)(267)(267)(296)(1,060)
Capitalized interest10 15 25 9 3 8 1 21 
Interest income31 81 112 34 34 34 39 141 
Total(255)(233)(488)(187)(230)(225)(256)(898)
NOVONIX Investment
Unrealized Investment Gain (Loss)(10)(6)(16)(15)(3)5 (2)(15)
Unrealized Foreign Currency Transaction Gain1 — 1 — 1 1 — 2 
Change in Fair Value of NOVONIX Investment(9)(6)(15)(15)(2)6 (2)(13)
Reconciliation of Corporate and Other Loss
  before Income Taxes to Adjusted EBITDA ²
Loss before income taxes(451)(407)(858)(376)(428)(364)(372)(1,540)
Plus:
Net interest expense255 233 488 187 230 225 256 898 
Depreciation and amortization26 30 56 59 57 56 37 209 
EBITDA(170)(144)(314)(130)(141)(83)(79)(433)
Special Item Adjustments (pre-tax):
Impairment— — — 21 — — — 21 
Professional advisory fees— — — — 45 — — 45 
Total Special Item Adjustments (pre-tax)— — — 21 45 — — 66 
Change in Fair Value of NOVONIX Investment9 6 15 15 2 (6)2 13 
EBITDA, Adjusted for Special Items and Change in
  Fair Value of NOVONIX Investment		(161)(138)(299)(94)(94)(89)(77)(354)
Other Adjustments (pre-tax):
None— — — — — — — — 
Adjusted EBITDA(161)(138)(299)(94)(94)(89)(77)(354)
Foreign Currency Losses Pre-Tax— — — (2)(4)(4)(2)(12)
Phillips 66 Company
Total Debt27,124 20,565 20,565 18,803 20,935 21,755 19,716 19,716 
Total Equity29,681 32,703 32,703 28,353 28,626 28,077 30,241 30,241 
Debt-to-Capital Ratio (%)48 %39 %39 %40 %42 %44 %39 %39 %
Cash and cash equivalents at end of period, including
   cash classified within Assets held for sale		5,150 4,099 4,099 1,489 1,144 1,950 1,116 1,116 
Net Debt-to-Capital Ratio (%) ²43 %33 %33 %38 %41 %41 %38 %38 %
1 Includes 2026 idling costs of $43 million and $38 million in Q1 2026 and Q2 2026, respectively, related to the idled Los Angeles and San Francisco Refineries.
2 Refer to Use of Non-GAAP financial information on page 14.
Page 13

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Net income219 3,879 4,098 526 908 167 2,927 4,528 
Plus:
Income tax expense41 1,092 1,133 122 212 32 526 892 
Net interest expense255 233 488 187 230 225 256 898 
Depreciation and amortization558 585 1,143 791 816 826 818 3,251 
Phillips 66 EBITDA ¹1,073 5,789 6,862 1,626 2,166 1,250 4,527 9,569 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — — — — (11)(11)
Net (gain) loss on asset dispositions— (110)(110)(1,085)89 (15)(1,978)(2,989)
Impairments— — — 21 — 948 79 1,048 
Los Angeles Refinery cessation costs— — — — — — 35 35 
Legal accrual20 65 85 — 33 241 21 295 
Legal settlement— — — — — — (181)(181)
Professional advisory fees— — — — 45 — — 45 
Pending claims and settlements— — — — — — (123)(123)
Lower of cost or market inventory adjustment(29)— (29)— — — 31 31 
Total Special Item Adjustments (pre-tax)(9)(45)(54)(1,064)167 1,174 (2,127)(1,850)
Change in Fair Value of NOVONIX Investment ²9 6 15 15 2 (6)2 13 
Phillips 66 EBITDA, Adjusted for Special Items and
  Change in Fair Value of NOVONIX Investment ¹		1,073 5,750 6,823 577 2,335 2,418 2,402 7,732 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes19 14 33 18 17 15 4 54 
Proportional share of selected equity affiliates net interest11 11 22 14 15 13 14 56 
Proportional share of selected equity affiliates depreciation
  and amortization		161 168 329 187 184 199 162 732 
Adjusted EBITDA attributable to noncontrolling interests(34)(52)(86)(60)(50)(51)(50)(211)
Phillips 66 Adjusted EBITDA ¹1,230 5,891 7,121 736 2,501 2,594 2,532 8,363 
1 Refer to Use of Non-GAAP financial information and Change in Basis of Presentation on page 14
2 See NOVONIX Investment table on page 13 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," "refining adjusted controllable costs per barrel," "net debt-to-capital", "cash flow from operations, excluding working capital", and "returns to shareholders". 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. Net debt-to-capital ratio is included to help facilitate comparisons of leverage across periods and relative to other companies in our industry. The GAAP financial measure most directly comparable to net debt-to-capital ratio is debt-to-capital. Cash flow from operations, excluding working capital is included to show cash provided by operating activities before the effects of working capital changes. The GAAP financial measure most directly comparable to cash flow from operations, excluding working capital is cash provided by operating activities. Returns to shareholders is included to show the amount returned to shareholders based on GAAP amounts reported in the cash flow statement and derived from the related cash flow statement calculations. Reconciliations of debt-to-capital to net debt-to-capital and cash provided by operating activities to cash flow from operations excluding working capital are included in this earnings release supplemental data. Adjusted effective tax rate demonstrates the effective tax rate with the consideration of the tax effect on special items. The GAAP financial measure most comparable to adjusted effective tax rate is effective tax rate. A reconciliation of effective tax rate to adjusted effective tax rate is included in this earnings release supplemental data.
Sustaining capital expenditures demonstrate the capital required to maintain and extend the life of existing assets to ensure the ongoing operation and integrity of assets, including equipment, infrastructure, and facilities. A reconciliation of sustaining capital to consolidated capital expenditures and investments, excluding acquisitions and purchases of government obligations, is included in this earnings release supplemental data.
Changes in Basis of Presentation - in connection with the acquisition of the remaining 50% equity interest in WRB Refining (WRB), beginning October 1, 2025, the results in our Refining segment, correlating to our Central Corridor business, reflect consolidated results of 100% of the Borger Refinery and Wood River Refinery. Prior to October 1, 2025, our 50% investment in WRB was accounted for using the equity method and prior periods reflect our proportional share of our equity method investment.
Page 14

Phillips 66 Earnings Release Supplemental Data
REALIZED MARGIN NON-GAAP RECONCILIATIONS
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ATLANTIC BASIN/EUROPE
Income (loss) before income taxes367 352 719 (199)49 250 302 402 
Plus:
Taxes other than income taxes20 16 36 22 20 17 18 77 
Depreciation, amortization and impairments59 58 117 56 53 56 53 218 
Selling, general and administrative expenses9 12 21 6 8 7 10 31 
Operating expenses308 314 622 373 281 249 270 1,173 
Equity in losses of affiliates— 1 1 2 2 2 3 9 
Other segment (income) expense, net9 (66)(57)(6)(33)(1)1 (39)
Proportional share of refining gross margins contributed by
  equity affiliates		26 20 46 21 22 24 25 92 
Special items:
  Certain tax impacts— — — — — — (11)(11)
Realized refining margins798 707 1,505 275 402 604 671 1,952 
Total processed inputs (MB) ¹50,907 48,969 99,876 38,716 49,270 50,624 53,499 192,109 
Adjusted total processed inputs (MB) ¹50,907 48,969 99,876 38,716 49,270 50,624 53,499 192,109 
Income (loss) before income taxes ($/BBL) ²7.21 7.20 7.20 (5.15)1.00 4.94 5.65 2.09 
Realized refining margins ($/BBL) ³15.62 14.44 15.04 7.08 8.16 11.94 12.60 10.18 
GULF COAST
Income (loss) before income taxes204 953 1,157 (333)101 119 252 139 
Plus:
Taxes other than income taxes29 25 54 35 24 26 23 108 
Depreciation, amortization and impairments66 67 133 72 67 66 66 271 
Selling, general and administrative expenses1 8 9 9 5 7 7 28 
Operating expenses298 247 545 381 257 256 268 1,162 
Other segment (income) expense, net— (2)(2)1 — — 1 2 
Special items:
  None— — — — — — — — 
Realized refining margins598 1,298 1,896 165 454 474 617 1,710 
Total processed inputs (MB)52,864 53,522 106,386 37,206 52,111 54,239 49,459 193,015 
Adjusted total processed inputs (MB)52,864 53,522 106,386 37,206 52,111 54,239 49,459 193,015 
Income (loss) before income taxes ($/BBL) ²3.87 17.80 10.88 (8.95)1.93 2.19 5.10 0.72 
Realized refining margins ($/BBL) ³11.31 24.25 17.82 4.43 8.71 8.74 12.48 8.86 
CENTRAL CORRIDOR ⁴
Income (loss) before income taxes(418)1,599 1,181 (50)392 (580)671 433 
Plus:
Taxes other than income taxes42 41 83 26 25 26 19 96 
Depreciation, amortization and impairments76 81 157 41 44 992 79 1,156 
Selling, general and administrative expenses39 (5)34 23 13 18 26 80 
Operating expenses574 530 1,104 148 146 162 496 952 
Equity in (earnings) losses of affiliates— — — 103 — (33)— 70 
Other segment (income) expense, net3 (3)— (12)(28)1 3 (36)
Proportional share of refining gross margins contributed by
  equity affiliates		— — — 120 212 238 — 570 
Special items:
  Legal settlement— — — — — — (181)(181)
  Pending claims and settlements— — — — — — (123)(123)
Realized refining margins316 2,243 2,559 399 804 824 990 3,017 
Total processed inputs (MB)68,400 75,902 144,302 27,169 28,710 28,113 76,703 160,695 
Adjusted total processed inputs (MB) ¹68,400 75,902 144,302 48,275 51,477 52,127 76,703 228,582 
Income (loss) before income taxes ($/BBL) ²(6.12)21.07 8.18 (1.85)13.67 (20.61)8.74 2.70 
Realized refining margins ($/BBL) ³4.60 29.56 17.73 8.29 15.61 15.82 13.06 13.26 
1 Includes our proportional share of processed inputs of an equity affiliate.
2 Income (loss) before income taxes divided by total processed inputs.
3 Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts
   using the rounded margins and barrels presented may differ from the presented per barrel amounts.
4 Refer to Change in Basis of Presentation on page 14.
Page 15

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WEST COAST
Income (loss) before income taxes55 158 213 (355)(183)(307)(403)(1,248)
Plus:
Taxes other than income taxes15 6 21 27 25 21 3 76 
Depreciation, amortization and impairments16 16 32 288 282 281 279 1,130 
Selling, general and administrative expenses3 10 13 8 6 8 9 31 
Operating expenses49 53 102 172 164 242 195 773 
Other segment (income) expense, net(23)8 (15)12 14 7 6 39 
Special items:
None— — — — — — — — 
Realized refining margins115 251 366 152 308 252 89 801 
Total processed inputs (MB)8,630 8,467 17,097 21,362 21,914 20,403 9,804 73,483 
Adjusted total processed inputs (MB)8,630 8,467 17,097 21,362 21,914 20,403 9,804 73,483 
Income (loss) before income taxes ($/BBL) ¹6.41 18.69 12.49 (16.60)(8.37)(15.06)(41.08)(16.99)
Realized refining margins ($/BBL) ²13.12 29.65 21.31 7.12 14.06 12.31 8.85 10.86 
WORLDWIDE ³
Income (loss) before income taxes208 3,062 3,270 (937)359 (518)822 (274)
Plus:
Taxes other than income taxes106 88 194 110 94 90 63 357 
Depreciation, amortization and impairments217 222 439 457 446 1,395 477 2,775 
Selling, general and administrative expenses52 25 77 46 32 40 52 170 
Operating expenses1,229 1,144 2,373 1,074 848 909 1,229 4,060 
Equity in (earnings) losses of affiliates— 1 1 105 2 (31)3 79 
Other segment (income) expense, net(11)(63)(74)(5)(47)7 11 (34)
Proportional share of refining gross margins contributed
  by equity affiliates		26 20 46 141 234 262 25 662 
Special items:
  Certain tax impacts— — — — — — (11)(11)
  Legal settlement— — — — — — (181)(181)
  Pending claims and settlements— — — — — — (123)(123)
Realized refining margins1,827 4,499 6,326 991 1,968 2,154 2,367 7,480 
Total processed inputs (MB)180,801 186,860 367,661 124,453 152,005 153,379 189,465 619,302 
Adjusted total processed inputs (MB) ¹ ⁴180,801 186,860 367,661 145,559 174,772 177,393 189,465 687,189 
Income (loss) before income taxes ($/BBL) ¹1.15 16.39 8.90 (7.53)2.36 (3.38)4.34 (0.44)
Realized refining margins ($/BBL) ²10.11 24.08 17.21 6.81 11.25 12.15 12.48 10.88 
OPERATING AND SG&A EXPENSES NON-GAAP RECONCILIATION
RECONCILIATION OF REFINING OPERATING AND SG&A EXPENSES TO REFINING ADJUSTED CONTROLLABLE COSTS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WORLDWIDE ³
Turnaround expenses178 123 301 270 53 36 135 494 
Other operating expenses1,051 1,021 2,072 804 795 873 1,094 3,566 
Total operating expenses1,229 1,144 2,373 1,074 848 909 1,229 4,060 
Selling, general and administrative expenses52 25 77 46 32 40 52 170 
Refining Controllable Costs1,281 1,169 2,450 1,120 880 949 1,281 4,230 
Plus:
Proportional share of equity affiliate turnaround
  expenses ⁵		— — — 27 24 23 — 74 
Proportional share of equity affiliate other operating
  and SG&A expenses ⁵		19 19 38 173 161 163 19 516 
Total proportional share of equity affiliate operating
  and SG&A expenses ⁵		19 19 38 200 185 186 19 590 
Special item adjustments (pre-tax):
  Legal accrual— (24)(24)— (33)— — (33)
  Los Angeles Refinery cessation costs— — — — — — (35)(35)
Refining Adjusted Controllable Costs1,300 1,164 2,464 1,320 1,032 1,135 1,265 4,752 
Total processed inputs (MB)180,801 186,860 367,661 124,453 152,005 153,379 189,465 619,302 
Adjusted total processed inputs (MB) ⁴180,801 186,860 367,661 145,559 174,772 177,393 189,465 687,189 
Refining Controllable Costs ($/BBL) ⁶7.08 6.26 6.67 9.00 5.79 6.18 6.76 6.83 
Refining turnaround expense ($/BBL) ⁶0.98 0.66 0.82 2.17 0.35 0.23 0.71 0.80 
Refining controllable costs, excluding turnaround
  expense ($/BBL) ⁶		6.10 5.60 5.85 6.83 5.44 5.95 6.05 6.03 
Refining Adjusted Controllable Costs ($/BBL) ⁷7.19 6.23 6.70 9.07 5.90 6.40 6.67 6.92 
Refining adjusted turnaround expense ($/BBL) ⁷0.98 0.66 0.82 2.04 0.44 0.33 0.71 0.83 
Refining adjusted controllable costs, excluding
  adjusted turnaround expense ($/BBL) ⁷		6.21 5.57 5.88 7.03 5.46 6.07 5.96 6.09 
1 Income (loss) before income taxes divided by total processed inputs.
2 Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts
   using the rounded margins and barrels presented may differ from the presented per barrel amounts.
3 Refer to Change in Basis of Presentation on page 14.
4 Includes our proportional share of processed inputs of an equity affiliate.
5 Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.
6 Denominator is total processed inputs.
7 Denominator is adjusted total processed inputs.
Page 16

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
UNITED STATES
Income (loss) before income taxes(200)217 17 111 429 34 230 804 
Plus:
Depreciation and amortization12 14 26 13 12 11 12 48 
Selling, general and administrative expenses229 271 500 203 202 460 223 1,088 
Equity in earnings of affiliates(9)(17)(26)(7)(11)(13)(16)(47)
Other operating revenues ¹(122)(145)(267)(105)(121)(129)(116)(471)
Other (income) expense, net7 10 17 9 12 13 (15)19 
Special items:
  None— — — — — — — — 
Realized marketing fuel margins(83)350 267 224 523 376 318 1,441 
Total fuel sales volumes (MB)175,331 192,410 367,741 164,499 184,591 184,435 204,076 737,601 
Income (loss) before income taxes ($/BBL)(1.14)1.13 0.05 0.67 2.32 0.18 1.13 1.09 
Realized marketing fuel margins ($/BBL) ²(0.47)1.82 0.73 1.36 2.83 2.04 1.55 1.95 
INTERNATIONAL
Income (loss) before income taxes(69)232 163 1,117 56 155 2,073 3,401 
Plus:
Depreciation and amortization2 1 3 2 13 5 2 22 
Selling, general and administrative expenses9 8 17 65 72 63 62 262 
Equity in earnings of affiliates(17)(40)(57)(8)(1)(1)— (10)
Other operating revenues ¹(1)(1)(2)(12)(8)(9)(7)(36)
Other expense, net1 — 1 3 — — 4 7 
Special items:
  Net (gain) loss on asset dispositions— (110)(110)(1,017)89 (15)(1,978)(2,921)
Marketing margins(75)90 15 150 221 198 156 725 
Less: margin for nonfuel related sales— — — 14 18 15 10 57 
Realized marketing fuel margins(75)90 15 136 203 183 146 668 
Total fuel sales volumes (MB)21,090 19,466 40,556 28,011 28,560 34,035 29,202 119,808 
Income (loss) before income taxes ($/BBL)(3.27)11.92 4.02 39.88 1.96 4.55 70.99 28.39 
Realized marketing fuel margins ($/BBL) ²(3.53)4.63 0.39 4.87 7.11 5.37 5.00 5.58 
ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE TAX RATES
Income before income taxes260 4,971 5,231 648 1,120 199 3,453 5,420 
Special items(9)(45)(54)(1,064)167 1,174 (2,118)(1,841)
Adjusted income (loss) before income taxes251 4,926 5,177 (416)1,287 1,373 1,335 3,579 
Income tax expense41 1,092 1,133 122 212 32 526 892 
Special items(2)14 12 (200)71 282 (224)(71)
Adjusted income tax expense (benefit)39 1,106 1,145 (78)283 314 302 821 
Effective tax rate (%) ³15.9 %22.0 %21.7 %18.8 %19.0 %16.0 %15.2 %16.5 %
Adjusted effective tax rate (%) ³15.7 %22.4 %22.1 %18.8 %22.0 %22.9 %22.6 %22.9 %
1 Includes other nonfuel revenues and expenses.
2 Realized marketing fuel margins per barrel, as presented, are calculated using the underlying realized marketing fuel margin amounts, in dollars, divided by sales volumes, in barrels. As such, recalculated per barrel amounts using
   the rounded margins and barrels presented may differ from the presented per barrel amounts.
3 Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages
   using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).
Page 17

Phillips 66 Earnings Release Supplemental Data
SELECTED PERFORMANCE METRICS
Millions of Dollars, Except as Indicated
20262025
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reference Page
MIDSTREAM
Transportation Volumes - Pipeline (MB/D) ¹52,932 3,142 3,038 2,893 3,093 3,111 2,993 3,023 
Wellhead Volume (Bcf/D) ²54.4 4.5 4.4 4.1 4.2 4.3 4.4 4.3 
NGL Fractionated (MB/D)5980 1,020 1,000 748 883 930 1,018 896 
CHEMICALS
Global Olefins and Polyolefins Capacity Utilization (%)794 %91 %92 %100 %92 %104 %97 %98 %
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)710.7 43.6 27.2 10.9 7.4 7.6 2.6 7.1 
REFINING
Total Processed Inputs (MB/D)92,009 2,053 2,031 1,616 1,921 1,930 2,061 1,882 
Crude Oil Capacity Utilization (%)995 %96 %95 %80 %98 %99 %99 %94 %
Clean Product Yield (%)987 %86 %86 %87 %86 %86 %88 %87 %
Refining Adjusted Controllable Costs, Excluding Adjusted Turnaround Expense ($/bbl) ³ ⁶166.21 5.57 5.88 7.03 5.46 6.07 5.96 6.09 
MARKETING AND SPECIALTIES
Worldwide Refined Product Sales (MB/D)112,182 2,329 2,255 2,140 2,342 2,375 2,536 2,348 
RENEWABLE FUELS
Total Renewable Fuels Produced (MB/D)1240 53 47 44 40 36 32 38 
CORPORATE
Cash Flow from Operations, Excluding Working Capital ³4699 4,317 5,016 259 1,920 1,920 2,044 6,143 
Returns to Shareholders % ³ ⁵4111 %21 %33 %276 %47 %39 %37 %51 %
Net Debt-to-Capital Ratio (%) ⁴1343 %33 %33 %38 %41 %41 %38 %38 %
1 Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.
2 Includes 100% of DCP Midstream Class A Segment.
3 Refer to Use of Non-GAAP Financial Information on page 14.
4 Refer to reconciliation to GAAP financial information on page 13.
5 "Returns to Shareholders" percentage is calculated as repurchases of common stock plus dividends paid on common stock divided by cash flow from operations, excluding working capital.
6 "Refining adjusted controllable costs" is the sum of operating and SG&A expenses for our Refining segment, plus our proportional share of operating and SG&A expenses of refining equity affiliates that are reflected in equity in
   earnings of affiliates. The sum of these amounts is also adjusted for any special items in the respective periods. The per barrel amounts are based on total processed units for the respective period. Refer to reconciliations on page 16.
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