Phillips 66 Q3 2026 earnings rise to $5.62B
As of September 30, 2026, Phillips 66 reported $5.8 billion in cash and $6.4 billion of committed credit capacity.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Phillips 66 reported third-quarter 2026 earnings of $5.616 billion, versus $3.847 billion in the second quarter; diluted earnings were $14.08 per share. Adjusted earnings were $5.619 billion. Refining adjusted pre-tax income rose to $6.060 billion from $3.086 billion, while earnings declined in Midstream, Chemicals, Marketing and Specialties, and Renewable Fuels.
Refining utilization was 98%; Central Corridor processed inputs were a record 848 MBD, and distillate yield reached a third-quarter record 41%. Clean product yield was 86%. Cash from operations was $7.281 billion; cash flow excluding working capital was $6.185 billion. Phillips 66 returned $2.777 billion through $2.273 billion in common-stock repurchases and $504 million in dividends. Total debt was $18.530 billion as of September 30, 2026, versus $20.565 billion as of June 30, 2026.
Phillips 66 reached a final investment decision to move forward with the proposed Western Gateway Pipeline system, expected in service in 2029. Coastal Bend expansion initial volumes are expected in the fourth quarter of 2026, with full ramp-up to 350 MBD in early 2027. Management targets returning more than 50% of net operating cash flow to shareholders.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter earnings rose to $5.616 billion from $3.847 billion in Q2 2026.
- Moderate pointRefining adjusted pre-tax income reached $6.060 billion, versus $3.086 billion in Q2 2026.
- Minor pointPhillips 66 announced its second dividend increase of 2026.
Negative
- Moderate pointMarketing and Specialties earnings: $245 million vs. $583 million, Q2 2026.
- Moderate pointRenewable Fuels earnings: $191 million vs. $544 million, Q2 2026.
Filing Explained
This 8-K furnishes third-quarter results; as of
8-K Event Classification
2 items: 2.02, 9.01
2 items
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, or exhibit attachments filed with this report.
Key Figures
Reported earnings: $5.616 billion
Adjusted earnings: $5.619 billion
Diluted earnings per share: $14.08 per share
+5 more
8 metrics
Reported earnings
$5.616 billion
Third quarter 2026; $3.847 billion in second quarter 2026
Adjusted earnings
$5.619 billion
Third quarter 2026; $3.788 billion in second quarter 2026
Diluted earnings per share
$14.08 per share
Third quarter 2026; $9.55 per share in second quarter 2026
Adjusted EBITDA
$8.068 billion
Third quarter 2026; $5.891 billion in second quarter 2026
Cash flow from operations
$7.281 billion
Third quarter 2026
Return of capital to shareholders
$2.777 billion
Third quarter 2026
Total debt
$18.530 billion
As of September 30, 2026; $20.565 billion as of June 30, 2026
Net debt
$12.682 billion
As of September 30, 2026; $16.466 billion as of June 30, 2026
Key Terms
Adjusted EBITDA, Net Debt-to-Capital Ratio, Realized refining margins, Clean Product Yield
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA | $ | 8,068 | 5,891"
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.
Net Debt-to-Capital Ratio financial
"Net Debt-to-Capital Ratio | 26% | 33%"
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.
Realized refining margins financial
"Realized refining margins ($/BBL)"
Clean Product Yield technical
"Clean Product Yield | 86% | 86%"
The percentage of usable, purified product recovered after manufacturing and cleanup steps, showing how much of the raw material becomes saleable output. For investors, it matters because higher clean product yield means lower waste and production cost per unit, better use of capacity, and more predictable revenue—like getting more finished cookies from the same batch of dough after removing broken ones.
Earnings Snapshot
Reported earnings: $5.616 billion · Guidance included
Third quarter 2026
Reported earnings
$5.616 billion
From $3.847 billion in second quarter 2026
Adjusted earnings
$5.619 billion
From $3.788 billion in second quarter 2026
Diluted earnings per share
$14.08 per share
From $9.55 per share in second quarter 2026
Adjusted EBITDA
$8.068 billion
From $5.891 billion in second quarter 2026
Guidance
Targets returning more than 50% of net operating cash flow to shareholders.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were PSX's third-quarter 2026 earnings?
Phillips 66 reported earnings of $5.616 billion, or $14.08 per diluted share, for the third quarter of 2026; adjusted earnings were $5.619 billion.
Why did PSX's Refining adjusted pre-tax income increase?
Phillips 66 attributed the increase mainly to higher realized margins and volumes; margins were primarily driven by an increase in market crack spreads.
How much cash and credit capacity did PSX have on September 30, 2026?
As of September 30, 2026, Phillips 66 had $5.8 billion of cash and $6.4 billion of committed capacity available under credit facilities.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
Date of Report (date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 October 28, 2026, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended September 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 October 28, 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: October 28, 2026
2
Exhibit 99.1
•Reported third-quarter earnings and adjusted earnings of $5.6 billion or $14.08 per share
•Refining utilization of 98% with record Central Corridor processed inputs of 848 MBD
•Third-quarter record distillate yield of 41%; clean product yield of 86%
•Midstream fractionation volumes of 1 MMBD, wellhead volumes of 4.6 Bcf/D and 105% utilization at the Freeport LPG export dock
•Returned $2.8 billion to shareholders through dividends and share repurchases
•Decreased total debt by $2.0 billion to $18.5 billion; net debt by $3.8 billion to $12.7 billion
HOUSTON, October 28, 2026 – Phillips 66 (NYSE: PSX) announced third-quarter earnings.
“Phillips 66 delivered strong operating performance in the third quarter and is executing on its financial and operating commitments,” said Mark Lashier, chairman and CEO of Phillips 66. “Our integrated portfolio, commercial capabilities and focus on continuous improvement enable the company to create value for stakeholders.
“The company remains steadfast in its disciplined approach to capital allocation. We target returning more than 50% of net operating cash flow to shareholders and delivering attractive, sustainable dividend growth across commodity cycles. Our recently announced second dividend increase of 2026 reinforces the company’s commitment to prudent long-term returns of capital.”
Business Highlights
•Reached a final investment decision to move forward with the proposed Western Gateway Pipeline system with an expected in-service date in 2029.
•Chevron Phillips Chemical Company LLC progressed the Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar, with full operations for both expected in 2027.
•Progressed the Coastal Bend expansion project, with initial volumes expected in the fourth quarter of 2026 and full ramp-up to 350 MBD in early 2027.
•Delivered greater than $50 million of near-term synergies following the acquisition of the remaining 50% interest in WRB Refining LP on October 1, 2025.
Financial Results Summary
(in millions of dollars, except as indicated)
| 3Q 2026 | 2Q 2026 | |||||||
| Earnings | $ | 5,616 | 3,847 | |||||
Adjusted Earnings1 | 5,619 | 3,788 | ||||||
Adjusted EBITDA1 | 8,068 | 5,891 | ||||||
| Earnings Per Share | ||||||||
| Earnings Per Share - Diluted | 14.08 | 9.55 | ||||||
Adjusted Earnings Per Share - Diluted1 | 14.08 | 9.41 | ||||||
| Cash Flow from Operations | 7,281 | 7,259 | ||||||
Cash Flow from Operations, Excluding Working Capital1 | 6,185 | 4,317 | ||||||
| Capital Expenditures & Investments | 680 | 726 | ||||||
| Acquisitions, Net of Cash Acquired | — | 113 | ||||||
| Proceeds from Asset Dispositions | 16 | 64 | ||||||
| Return of Capital to Shareholders | 2,777 | 887 | ||||||
| Repurchases of Common stock | 2,273 | 379 | ||||||
| Dividends paid on Common stock | 504 | 508 | ||||||
| Cash and Cash Equivalents | 5,848 | 4,099 | ||||||
| Debt | 18,530 | 20,565 | ||||||
Net Debt1 | 12,682 | 16,466 | ||||||
| Debt-to-Capital Ratio | 34% | 39% | ||||||
Net Debt-to-Capital Ratio1 | 26% | 33% | ||||||
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
(in millions of dollars, except as indicated)
| 3Q 2026 | 2Q 2026 | Change | |||||||||
Earnings (Loss)1 | $ | 5,616 | 3,847 | 1,769 | |||||||
| Midstream | 702 | 785 | (83) | ||||||||
| Chemicals | 311 | 404 | (93) | ||||||||
| Refining | 6,031 | 3,062 | 2,969 | ||||||||
| Marketing and Specialties | 245 | 583 | (338) | ||||||||
| Renewable Fuels | 191 | 544 | (353) | ||||||||
| Corporate and Other | (372) | (407) | 35 | ||||||||
| Income tax expense | (1,469) | (1,092) | (377) | ||||||||
| Noncontrolling interests | (23) | (32) | 9 | ||||||||
Adjusted Earnings (Loss)1,2 | $ | 5,619 | 3,788 | 1,831 | |||||||
| Midstream | 702 | 785 | (83) | ||||||||
| Chemicals | 311 | 404 | (93) | ||||||||
| Refining | 6,060 | 3,086 | 2,974 | ||||||||
| Marketing and Specialties | 245 | 514 | (269) | ||||||||
| Renewable Fuels | 191 | 544 | (353) | ||||||||
| Corporate and Other | (372) | (407) | 35 | ||||||||
| Income tax expense | (1,495) | (1,106) | (389) | ||||||||
| Noncontrolling interests | (23) | (32) | 9 | ||||||||
Adjusted EBITDA2 | $ | 8,068 | 5,891 | 2,177 | |||||||
| Midstream | 977 | 1,046 | (69) | ||||||||
| Chemicals | 423 | 528 | (105) | ||||||||
| Refining | 6,278 | 3,307 | 2,971 | ||||||||
| Marketing and Specialties | 320 | 580 | (260) | ||||||||
| Renewable Fuels | 215 | 568 | (353) | ||||||||
| Corporate and Other | (145) | (138) | (7) | ||||||||
| Operating Highlights | |||||||||||
NGL Pipeline Throughput - Y-Grade to Market (MBD)3 | 982 | 943 | 39 | ||||||||
| NGL Fractionated (MBD) | 1,003 | 1,020 | (17) | ||||||||
| Chemicals Global O&P Capacity Utilization | 92% | 91% | 1% | ||||||||
| Refining | |||||||||||
| Turnaround Expense | 79 | 123 | (44) | ||||||||
Realized Margin ($/BBL)2 | 38.00 | 24.08 | 13.92 | ||||||||
| Crude Capacity Utilization | 98% | 96% | 2% | ||||||||
| Clean Product Yield | 86% | 86% | —% | ||||||||
| Renewable Fuels Produced (MBD) | 47 | 53 | (6) | ||||||||
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. | |||||||||||
Third-Quarter 2026 Financial Results
Reported earnings were $5.6 billion for the third quarter of 2026 versus $3.8 billion in the second quarter of 2026. Third-quarter earnings included a pre-tax special item adjustment of ($29) million in the Refining segment. Adjusted earnings for the third quarter were $5.6 billion versus adjusted earnings of $3.8 billion in the second quarter of 2026.
•Midstream pre-tax income decreased compared with the second quarter mainly due to lower margins associated with gas transportation.
•Chemicals pre-tax income decreased compared with the second quarter mainly due to lower polyethylene margins, partially offset by higher polyethylene volumes and lower costs.
•Refining adjusted pre-tax income increased compared with the second quarter mainly due to higher realized margins and volumes. Margins were primarily driven by an increase in market crack spreads.
•Marketing and Specialties adjusted pre-tax income decreased compared with the second quarter mainly due to lower global marketing fuel margins, primarily driven by a rising price environment.
•Renewable Fuels pre-tax income decreased compared with the second quarter mainly due to lower margins, including inventory impacts, as well as higher costs.
•Corporate and Other pre-tax loss decreased compared with the second quarter mainly due to lower net interest expense, partially offset by higher employee-related costs.
As of September 30, 2026, the company had $5.8 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 third-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 return of capital to shareholders 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 (“WRB”) 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 | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| 3Q | 2Q | Sep YTD | 3Q | Sep YTD | ||||||||||||||||
| Midstream | $ | 702 | 785 | 2,078 | 697 | 2,179 | ||||||||||||||
| Chemicals | 311 | 404 | 829 | 176 | 309 | |||||||||||||||
| Refining | 6,031 | 3,062 | 9,301 | (518) | (1,096) | |||||||||||||||
| Marketing and Specialties | 245 | 583 | 667 | 251 | 2,104 | |||||||||||||||
| Renewable Fuels | 191 | 544 | 694 | (43) | (361) | |||||||||||||||
| Corporate and Other | (372) | (407) | (1,230) | (364) | (1,168) | |||||||||||||||
| Pre-Tax Income | 7,108 | 4,971 | 12,339 | 199 | 1,967 | |||||||||||||||
| Less: Income tax expense | 1,469 | 1,092 | 2,602 | 32 | 366 | |||||||||||||||
| Less: Noncontrolling interests | 23 | 32 | 67 | 34 | 104 | |||||||||||||||
| Phillips 66 | $ | 5,616 | 3,847 | 9,670 | 133 | 1,497 | ||||||||||||||
| Adjusted Earnings (Loss) | ||||||||||||||||||||
| Millions of Dollars | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| 3Q | 2Q | Sep YTD | 3Q | Sep YTD | ||||||||||||||||
| Midstream | $ | 702 | 785 | 2,078 | 697 | 2,111 | ||||||||||||||
| Chemicals | 311 | 404 | 800 | 176 | 309 | |||||||||||||||
| Refining | 6,060 | 3,086 | 9,354 | 430 | (115) | |||||||||||||||
| Marketing and Specialties | 245 | 514 | 618 | 477 | 1,402 | |||||||||||||||
| Renewable Fuels | 191 | 544 | 694 | (43) | (361) | |||||||||||||||
| Corporate and Other | (372) | (407) | (1,230) | (364) | (1,102) | |||||||||||||||
| Pre-Tax Income | 7,137 | 4,926 | 12,314 | 1,373 | 2,244 | |||||||||||||||
| Less: Income tax expense | 1,495 | 1,106 | 2,640 | 314 | 519 | |||||||||||||||
| Less: Noncontrolling interests | 23 | 32 | 67 | 34 | 95 | |||||||||||||||
| Phillips 66 | $ | 5,619 | 3,788 | 9,607 | 1,025 | 1,630 | ||||||||||||||
Page 1
Exhibit 99.1
| Millions of Dollars | ||||||||||||||||||||
| Except as Indicated | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| 3Q | 2Q | Sep YTD | 3Q | Sep YTD | ||||||||||||||||
| Reconciliation of Consolidated Earnings to Adjusted Earnings | ||||||||||||||||||||
| Consolidated Earnings | $ | 5,616 | 3,847 | 9,670 | 133 | 1,497 | ||||||||||||||
| Pre-tax adjustments: | ||||||||||||||||||||
Impairments1 | 29 | — | 29 | 948 | 969 | |||||||||||||||
Net gain on asset dispositions2 | — | (110) | (110) | (15) | (1,011) | |||||||||||||||
| Lower-of-cost-or-market inventory adjustments | — | — | (29) | — | — | |||||||||||||||
Legal accrual3 | — | 65 | 85 | 241 | 274 | |||||||||||||||
| Professional advisory fees | — | — | — | — | 45 | |||||||||||||||
Tax impact of adjustments4 | (7) | (14) | (19) | (282) | (122) | |||||||||||||||
| Other tax impacts | (19) | — | (19) | — | (31) | |||||||||||||||
| Noncontrolling interests | — | — | — | — | 9 | |||||||||||||||
| Adjusted earnings | $ | 5,619 | 3,788 | 9,607 | 1,025 | 1,630 | ||||||||||||||
Earnings per share of common stock (dollars)5 | $ | 14.08 | 9.55 | 24.05 | 0.32 | 3.66 | ||||||||||||||
Adjusted earnings per share of common stock (dollars)5 | $ | 14.08 | 9.41 | 23.89 | 2.52 | 3.98 | ||||||||||||||
Adjusted weighted-average diluted common shares outstanding (thousands) | 398,953 | 402,618 | 402,119 | 406,045 | 407,903 | |||||||||||||||
| Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss) | ||||||||||||||||||||
| Midstream Pre-Tax Income | $ | 702 | 785 | 2,078 | 697 | 2,179 | ||||||||||||||
| Pre-tax adjustments: | ||||||||||||||||||||
| Net gain on asset dispositions | — | — | — | — | (68) | |||||||||||||||
| Adjusted pre-tax income | $ | 702 | 785 | 2,078 | 697 | 2,111 | ||||||||||||||
| Chemicals Pre-Tax Income | $ | 311 | 404 | 829 | 176 | 309 | ||||||||||||||
| Pre-tax adjustments: | ||||||||||||||||||||
| Lower-of-cost-or-market inventory adjustments | — | — | (29) | — | — | |||||||||||||||
| Adjusted pre-tax income | $ | 311 | 404 | 800 | 176 | 309 | ||||||||||||||
| Refining Pre-Tax Income (Loss) | $ | 6,031 | 3,062 | 9,301 | (518) | (1,096) | ||||||||||||||
| Pre-tax adjustments: | ||||||||||||||||||||
Impairments1 | 29 | — | 29 | 948 | 948 | |||||||||||||||
| Legal accrual | — | 24 | 24 | — | 33 | |||||||||||||||
| Adjusted pre-tax income (loss) | $ | 6,060 | 3,086 | 9,354 | 430 | (115) | ||||||||||||||
| Marketing and Specialties Pre-Tax Income | $ | 245 | 583 | 667 | 251 | 2,104 | ||||||||||||||
| Pre-tax adjustments: | ||||||||||||||||||||
Net gain on asset dispositions2 | — | (110) | (110) | (15) | (943) | |||||||||||||||
Legal accrual3 | — | 41 | 61 | 241 | 241 | |||||||||||||||
| Adjusted pre-tax income | $ | 245 | 514 | 618 | 477 | 1,402 | ||||||||||||||
Page 2
Exhibit 99.1
| Renewable Fuels Pre-Tax Income (Loss) | $ | 191 | 544 | 694 | (43) | (361) | ||||||||||||||
| Pre-tax adjustments: | ||||||||||||||||||||
| None | — | — | — | — | — | |||||||||||||||
| Adjusted pre-tax income (loss) | $ | 191 | 544 | 694 | (43) | (361) | ||||||||||||||
| Corporate and Other Pre-Tax Loss | $ | (372) | (407) | (1,230) | (364) | (1,168) | ||||||||||||||
| Pre-tax adjustments: | ||||||||||||||||||||
| Impairments | — | — | — | — | 21 | |||||||||||||||
| Professional advisory fees | — | — | — | — | 45 | |||||||||||||||
| Adjusted pre-tax loss | $ | (372) | (407) | (1,230) | (364) | (1,102) | ||||||||||||||
1 Impairments recorded in the third quarter 2025 are related to our 50% equity investment in WRB Refining LP as a result of the definitive agreement entered into in September 2025, and closed on October 1, 2025 in the Refining segment. | ||||||||||||||||||||
2 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. | ||||||||||||||||||||
3 Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc. | ||||||||||||||||||||
4 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. | ||||||||||||||||||||
5 When applicable, includes impacts from income allocated to participating securities. | ||||||||||||||||||||
Page 3
Exhibit 99.1
| Millions of Dollars Except as Indicated | |||||||||||
| 2026 | |||||||||||
| 3Q | 2Q | ||||||||||
| Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66 | |||||||||||
| Net Income | $ | 5,639 | 3,879 | ||||||||
| Plus: | |||||||||||
| Income tax expense | 1,469 | 1,092 | |||||||||
| Net interest expense | 187 | 233 | |||||||||
| Depreciation and amortization | 591 | 585 | |||||||||
| Phillips 66 EBITDA | $ | 7,886 | 5,789 | ||||||||
| Special Item Adjustments (pre-tax): | |||||||||||
| Impairments | 29 | — | |||||||||
| Net gain on asset dispositions | — | (110) | |||||||||
| Legal accrual | — | 65 | |||||||||
| Total Special Item Adjustments (pre-tax) | 29 | (45) | |||||||||
| Change in Fair Value of NOVONIX Investment | 3 | 6 | |||||||||
| Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment | $ | 7,918 | 5,750 | ||||||||
| Other Adjustments (pre-tax): | |||||||||||
| Proportional share of selected equity affiliates income taxes | 7 | 14 | |||||||||
| Proportional share of selected equity affiliates net interest | 9 | 11 | |||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 177 | 168 | |||||||||
| Adjusted EBITDA attributable to noncontrolling interests | (43) | (52) | |||||||||
| Phillips 66 Adjusted EBITDA | $ | 8,068 | 5,891 | ||||||||
| Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA | |||||||||||
| Midstream Income before income taxes | $ | 702 | 785 | ||||||||
| Plus: | |||||||||||
| Depreciation and amortization | 291 | 284 | |||||||||
| Midstream EBITDA | $ | 993 | 1,069 | ||||||||
| Special Item Adjustments (pre-tax): | |||||||||||
| None | — | — | |||||||||
| Midstream EBITDA, Adjusted for Special Items | $ | 993 | 1,069 | ||||||||
| Other Adjustments (pre-tax): | |||||||||||
| Proportional share of selected equity affiliates income taxes | 1 | 2 | |||||||||
| Proportional share of selected equity affiliates net interest | 3 | 3 | |||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 23 | 24 | |||||||||
| Adjusted EBITDA attributable to noncontrolling interests | (43) | (52) | |||||||||
| Midstream Adjusted EBITDA | $ | 977 | 1,046 | ||||||||
Page 4
Exhibit 99.1
| Chemicals Income before income taxes | $ | 311 | 404 | ||||||||
| Plus: | |||||||||||
| None | — | — | |||||||||
| Chemicals EBITDA | $ | 311 | 404 | ||||||||
| Special Item Adjustments (pre-tax): | |||||||||||
| None | — | — | |||||||||
| Chemicals EBITDA, Adjusted for Special Items | $ | 311 | 404 | ||||||||
| Other Adjustments (pre-tax): | |||||||||||
| Proportional share of selected equity affiliates income taxes | (1) | 2 | |||||||||
| Proportional share of selected equity affiliates net interest | (3) | — | |||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 116 | 122 | |||||||||
| Chemicals Adjusted EBITDA | $ | 423 | 528 | ||||||||
| Refining Income before income taxes | $ | 6,031 | 3,062 | ||||||||
| Plus: | |||||||||||
| Depreciation and amortization | 218 | 221 | |||||||||
| Refining EBITDA | $ | 6,249 | 3,283 | ||||||||
| Special Item Adjustments (pre-tax): | |||||||||||
| Impairments | 29 | — | |||||||||
| Legal accrual | — | 24 | |||||||||
| Refining EBITDA, Adjusted for Special Items | $ | 6,278 | 3,307 | ||||||||
| Marketing and Specialties Income before income taxes | $ | 245 | 583 | ||||||||
| Plus: | |||||||||||
| Depreciation and amortization | 21 | 26 | |||||||||
| Marketing and Specialties EBITDA | $ | 266 | 609 | ||||||||
| Special Item Adjustments (pre-tax): | |||||||||||
| Legal accrual | — | 41 | |||||||||
| Net gain on asset dispositions | — | (110) | |||||||||
| Marketing and Specialties EBITDA, Adjusted for Special Items | $ | 266 | 540 | ||||||||
| Other Adjustments (pre-tax): | |||||||||||
| Proportional share of selected equity affiliates income taxes | 7 | 10 | |||||||||
| Proportional share of selected equity affiliates net interest | 9 | 8 | |||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 38 | 22 | |||||||||
| Marketing and Specialties Adjusted EBITDA | $ | 320 | 580 | ||||||||
| Renewable Fuels Income before income taxes | $ | 191 | 544 | ||||||||
| Plus: | |||||||||||
| Depreciation and amortization | 24 | 24 | |||||||||
| Renewable Fuels EBITDA | $ | 215 | 568 | ||||||||
| Special Item Adjustments (pre-tax): | |||||||||||
| None | — | — | |||||||||
| Renewable Fuels EBITDA, Adjusted for Special Items | $ | 215 | 568 | ||||||||
Page 5
Exhibit 99.1
| Corporate and Other Loss before income taxes | $ | (372) | (407) | ||||||||
| Plus: | |||||||||||
| Net interest expense | 187 | 233 | |||||||||
| Depreciation and amortization | 37 | 30 | |||||||||
| Corporate and Other EBITDA | $ | (148) | (144) | ||||||||
| Special Item Adjustments (pre-tax): | |||||||||||
| None | — | — | |||||||||
| Total Special Item Adjustments (pre-tax) | — | — | |||||||||
| Change in Fair Value of NOVONIX Investment | 3 | 6 | |||||||||
| Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment | $ | (145) | (138) | ||||||||
| Millions of Dollars Except as Indicated | |||||||||||
| Sept. 30, 2026 | June 30, 2026 | ||||||||||
| Debt-to-Capital Ratio | |||||||||||
| Total Debt | $ | 18,530 | 20,565 | ||||||||
| Total Equity | 35,503 | 32,703 | |||||||||
| Debt-to-Capital Ratio | 34% | 39% | |||||||||
| Total Debt | 18,530 | 20,565 | |||||||||
| Less: Cash and Cash Equivalents | 5,848 | 4,099 | |||||||||
| Net Debt | 12,682 | 16,466 | |||||||||
| Net Debt-to-Capital Ratio | 26% | 33% | |||||||||
Page 6
Exhibit 99.1
| Millions of Dollars Except as Indicated | |||||||||||
| 2026 | |||||||||||
| 3Q | 2Q | ||||||||||
| Reconciliation of Refining Income Before Income Taxes to Realized Refining Margins | |||||||||||
| Income before income taxes | $ | 6,031 | 3,062 | ||||||||
| Plus: | |||||||||||
| Taxes other than income taxes | 96 | 88 | |||||||||
| Depreciation, amortization and impairments | 249 | 222 | |||||||||
| Selling, general and administrative expenses | 55 | 25 | |||||||||
| Operating expenses | 1,166 | 1,144 | |||||||||
| Equity in losses of affiliates | 1 | 1 | |||||||||
| Other segment income, net | (161) | (63) | |||||||||
| Proportional share of refining gross margins contributed by equity affiliates | 15 | 20 | |||||||||
| Special items: | |||||||||||
| None | — | — | |||||||||
| Realized refining margins | $ | 7,452 | 4,499 | ||||||||
Total processed inputs (thousands of barrels) | 196,088 | 186,860 | |||||||||
Income before income taxes (dollars per barrel)1 | $ | 30.76 | 16.39 | ||||||||
Realized refining margins (dollars per barrel)2 | $ | 38.00 | 24.08 | ||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
 | |||||||||||||||||||||||||||||||||||||||||||||||
| CONSOLIDATED INCOME STATEMENT ¹ | ||||||||||||||||||||||||||||||||||||||||||||
| Millions of Dollars, Except as Indicated | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Revenues and Other Income | ||||||||||||||||||||||||||||||||||||||||||||
| Sales and other operating revenues | 32,540 | 51,004 | 50,540 | 134,084 | 30,430 | 33,323 | 34,515 | 34,108 | 132,376 | |||||||||||||||||||||||||||||||||||
| Equity in earnings of affiliates | 252 | 635 | 561 | 1,448 | 153 | 153 | 337 | 119 | 762 | |||||||||||||||||||||||||||||||||||
| Net gain (loss) on dispositions | 6 | 117 | 1 | 124 | 1,087 | (93) | 11 | 1,979 | 2,984 | |||||||||||||||||||||||||||||||||||
| Other income | 204 | 288 | 404 | 896 | 56 | 139 | 116 | 127 | 438 | |||||||||||||||||||||||||||||||||||
| Total Revenues and Other Income | 33,002 | 52,044 | 51,506 | 136,552 | 31,726 | 33,522 | 34,979 | 36,333 | 136,560 | |||||||||||||||||||||||||||||||||||
| Costs and Expenses | ||||||||||||||||||||||||||||||||||||||||||||
| Purchased crude oil and products | 29,216 | 43,664 | 40,814 | 113,694 | 27,660 | 29,077 | 30,219 | 29,137 | 116,093 | |||||||||||||||||||||||||||||||||||
| Operating expenses | 1,881 | 1,810 | 1,867 | 5,558 | 1,622 | 1,440 | 1,492 | 1,869 | 6,423 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 537 | 538 | 625 | 1,700 | 519 | 582 | 792 | 544 | 2,437 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 558 | 585 | 591 | 1,734 | 791 | 816 | 826 | 818 | 3,251 | |||||||||||||||||||||||||||||||||||
| Impairments | 8 | 9 | 32 | 49 | 26 | 4 | 951 | 79 | 1,060 | |||||||||||||||||||||||||||||||||||
| Taxes other than income taxes | 234 | 127 | 201 | 562 | 233 | 218 | 221 | 119 | 791 | |||||||||||||||||||||||||||||||||||
| Accretion on discounted liabilities | 12 | 13 | 14 | 39 | 12 | 10 | 12 | 13 | 47 | |||||||||||||||||||||||||||||||||||
| Interest and debt expense | 286 | 314 | 243 | 843 | 221 | 264 | 259 | 295 | 1,039 | |||||||||||||||||||||||||||||||||||
| Foreign currency transaction (gains) losses | 10 | 13 | 11 | 34 | (6) | (9) | 8 | 6 | (1) | |||||||||||||||||||||||||||||||||||
| Total Costs and Expenses | 32,742 | 47,073 | 44,398 | 124,213 | 31,078 | 32,402 | 34,780 | 32,880 | 131,140 | |||||||||||||||||||||||||||||||||||
| Income before income taxes | 260 | 4,971 | 7,108 | 12,339 | 648 | 1,120 | 199 | 3,453 | 5,420 | |||||||||||||||||||||||||||||||||||
| Income tax expense | 41 | 1,092 | 1,469 | 2,602 | 122 | 212 | 32 | 526 | 892 | |||||||||||||||||||||||||||||||||||
| Net Income | 219 | 3,879 | 5,639 | 9,737 | 526 | 908 | 167 | 2,927 | 4,528 | |||||||||||||||||||||||||||||||||||
| Less: net income attributable to noncontrolling interests | 12 | 32 | 23 | 67 | 39 | 31 | 34 | 21 | 125 | |||||||||||||||||||||||||||||||||||
| Net Income Attributable to Phillips 66 | 207 | 3,847 | 5,616 | 9,670 | 487 | 877 | 133 | 2,906 | 4,403 | |||||||||||||||||||||||||||||||||||
| Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars) | ||||||||||||||||||||||||||||||||||||||||||||
| Basic | 0.51 | 9.59 | 14.14 | 24.16 | 1.19 | 2.15 | 0.32 | 7.20 | 10.82 | |||||||||||||||||||||||||||||||||||
| Diluted | 0.51 | 9.55 | 14.08 | 24.05 | 1.18 | 2.15 | 0.32 | 7.17 | 10.79 | |||||||||||||||||||||||||||||||||||
| Weighted-Average Common Shares Outstanding (thousands) | ||||||||||||||||||||||||||||||||||||||||||||
| Basic | 402,036 | 400,954 | 397,011 | 399,983 | 409,182 | 406,763 | 404,508 | 403,122 | 406,008 | |||||||||||||||||||||||||||||||||||
| Diluted | 403,273 | 402,618 | 398,953 | 402,119 | 410,505 | 407,929 | 405,549 | 405,146 | 408,053 | |||||||||||||||||||||||||||||||||||
| Effective tax rate (%) ² | 15.9 | % | 22.0 | % | 20.7 | % | 21.1 | % | 18.8 | % | 19.0 | % | 16.0 | % | 15.2 | % | 16.5 | % | ||||||||||||||||||||||||||
| Adjusted effective tax rate (%) ² | 15.7 | % | 22.4 | % | 21.0 | % | 21.4 | % | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Midstream | 591 | 785 | 702 | 2,078 | 751 | 731 | 697 | 638 | 2,817 | |||||||||||||||||||||||||||||||||||
| Chemicals | 114 | 404 | 311 | 829 | 113 | 20 | 176 | (12) | 297 | |||||||||||||||||||||||||||||||||||
| Refining ¹ | 208 | 3,062 | 6,031 | 9,301 | (937) | 359 | (518) | 822 | (274) | |||||||||||||||||||||||||||||||||||
| Marketing and Specialties | (161) | 583 | 245 | 667 | 1,282 | 571 | 251 | 2,396 | 4,500 | |||||||||||||||||||||||||||||||||||
| Renewable Fuels | (41) | 544 | 191 | 694 | (185) | (133) | (43) | (19) | (380) | |||||||||||||||||||||||||||||||||||
| Corporate and Other | (451) | (407) | (372) | (1,230) | (376) | (428) | (364) | (372) | (1,540) | |||||||||||||||||||||||||||||||||||
| Income before income taxes | 260 | 4,971 | 7,108 | 12,339 | 648 | 1,120 | 199 | 3,453 | 5,420 | |||||||||||||||||||||||||||||||||||
| Less: income tax expense | 41 | 1,092 | 1,469 | 2,602 | 122 | 212 | 32 | 526 | 892 | |||||||||||||||||||||||||||||||||||
| Net Income | 219 | 3,879 | 5,639 | 9,737 | 526 | 908 | 167 | 2,927 | 4,528 | |||||||||||||||||||||||||||||||||||
| Less: net income attributable to noncontrolling interests | 12 | 32 | 23 | 67 | 39 | 31 | 34 | 21 | 125 | |||||||||||||||||||||||||||||||||||
| Net Income Attributable to Phillips 66 | 207 | 3,847 | 5,616 | 9,670 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Midstream | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation | 247 | 250 | 217 | 714 | 243 | 242 | 194 | 239 | 918 | |||||||||||||||||||||||||||||||||||
| NGL | 344 | 535 | 485 | 1,364 | 440 | 489 | 503 | 478 | 1,910 | |||||||||||||||||||||||||||||||||||
| Total Midstream | 591 | 785 | 702 | 2,078 | 683 | 731 | 697 | 717 | 2,828 | |||||||||||||||||||||||||||||||||||
| Chemicals | 85 | 404 | 311 | 800 | 113 | 20 | 176 | 19 | 328 | |||||||||||||||||||||||||||||||||||
| Refining | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | 367 | 376 | 1,474 | 2,217 | (199) | 82 | 250 | 291 | 424 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | 204 | 953 | 1,731 | 2,888 | (333) | 101 | 119 | 252 | 139 | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | (418) | 1,599 | 2,568 | 3,749 | (50) | 392 | 368 | 367 | 1,077 | |||||||||||||||||||||||||||||||||||
| West Coast | 55 | 158 | 287 | 500 | (355) | (183) | (307) | (368) | (1,213) | |||||||||||||||||||||||||||||||||||
| Total Refining | 208 | 3,086 | 6,060 | 9,354 | (937) | 392 | 430 | 542 | 427 | |||||||||||||||||||||||||||||||||||
| Marketing and Specialties | (141) | 514 | 245 | 618 | 265 | 660 | 477 | 439 | 1,841 | |||||||||||||||||||||||||||||||||||
| Renewable Fuels | (41) | 544 | 191 | 694 | (185) | (133) | (43) | (19) | (380) | |||||||||||||||||||||||||||||||||||
| Corporate and Other | (451) | (407) | (372) | (1,230) | (355) | (383) | (364) | (363) | (1,465) | |||||||||||||||||||||||||||||||||||
| Adjusted income (loss) before income taxes | 251 | 4,926 | 7,137 | 12,314 | (416) | 1,287 | 1,373 | 1,335 | 3,579 | |||||||||||||||||||||||||||||||||||
| Less: adjusted income tax expense (benefit) | 39 | 1,106 | 1,495 | 2,640 | (78) | 283 | 314 | 302 | 821 | |||||||||||||||||||||||||||||||||||
| Adjusted Net Income (Loss) | 212 | 3,820 | 5,642 | 9,674 | (338) | 1,004 | 1,059 | 1,033 | 2,758 | |||||||||||||||||||||||||||||||||||
| Less: adjusted net income attributable to noncontrolling interests | 12 | 32 | 23 | 67 | 30 | 31 | 34 | 31 | 126 | |||||||||||||||||||||||||||||||||||
| Adjusted Net Income (Loss) Attributable to Phillips 66 | 200 | 3,788 | 5,619 | 9,607 | (368) | 973 | 1,025 | 1,002 | 2,632 | |||||||||||||||||||||||||||||||||||
| Adjusted Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars) | ||||||||||||||||||||||||||||||||||||||||||||
| Diluted ² | 0.49 | 9.41 | 14.08 | 23.89 | (0.90) | 2.38 | 2.52 | 2.47 | 6.44 | |||||||||||||||||||||||||||||||||||
| Adjusted Weighted-Average Common Shares Outstanding (thousands) | ||||||||||||||||||||||||||||||||||||||||||||
| Diluted | 403,273 | 402,618 | 398,953 | 402,119 | 409,182 | 407,934 | 406,045 | 404,733 | 407,605 | |||||||||||||||||||||||||||||||||||
| ADJUSTED EBITDA BY SEGMENT ³ | ||||||||||||||||||||||||||||||||||||||||||||
| Millions of Dollars | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Midstream | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation | 306 | 316 | 285 | 907 | 300 | 301 | 292 | 299 | 1,192 | |||||||||||||||||||||||||||||||||||
| NGL | 554 | 730 | 692 | 1,976 | 585 | 671 | 672 | 653 | 2,581 | |||||||||||||||||||||||||||||||||||
| Total Midstream | 860 | 1,046 | 977 | 2,883 | 885 | 972 | 964 | 952 | 3,773 | |||||||||||||||||||||||||||||||||||
| Chemicals | 212 | 528 | 423 | 1,163 | 244 | 148 | 308 | 145 | 845 | |||||||||||||||||||||||||||||||||||
| Refining ¹ | 423 | 3,307 | 6,278 | 10,008 | (452) | 867 | 904 | 1,019 | 2,338 | |||||||||||||||||||||||||||||||||||
| Marketing and Specialties | (86) | 580 | 320 | 814 | 315 | 718 | 525 | 488 | 2,046 | |||||||||||||||||||||||||||||||||||
| Renewable Fuels | (18) | 568 | 215 | 765 | (162) | (110) | (18) | 5 | (285) | |||||||||||||||||||||||||||||||||||
| Corporate and Other | (161) | (138) | (145) | (444) | (94) | (94) | (89) | (77) | (354) | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 1,230 | 5,891 | 8,068 | 15,189 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Midstream | ||||||||||||||||||||||||||||||||||||||||||||
| Net gain on asset dispositions | — | — | — | — | 68 | — | — | — | 68 | |||||||||||||||||||||||||||||||||||
| Impairments | — | — | — | — | — | — | — | (79) | (79) | |||||||||||||||||||||||||||||||||||
| Total Midstream | — | — | — | — | 68 | — | — | (79) | (11) | |||||||||||||||||||||||||||||||||||
| Chemicals | ||||||||||||||||||||||||||||||||||||||||||||
| Lower of cost or market inventory adjustment | 29 | — | — | 29 | — | — | — | (31) | (31) | |||||||||||||||||||||||||||||||||||
| Total Chemicals | 29 | — | — | 29 | — | — | — | (31) | (31) | |||||||||||||||||||||||||||||||||||
| Refining | ||||||||||||||||||||||||||||||||||||||||||||
| Certain tax impacts | — | — | — | — | — | — | — | 11 | 11 | |||||||||||||||||||||||||||||||||||
| Impairments | — | — | (29) | (29) | — | — | (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) | (29) | (53) | — | (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 | (29) | 25 | 1,064 | (167) | (1,174) | 2,118 | 1,841 | |||||||||||||||||||||||||||||||||||
| Less: Income Tax Expense (Benefit) | ||||||||||||||||||||||||||||||||||||||||||||
| Tax impact of pre-tax special items ³ | 2 | (14) | (7) | (19) | 200 | (40) | (282) | 19 | (103) | |||||||||||||||||||||||||||||||||||
| Other tax impacts | — | — | (19) | (19) | — | (31) | — | 205 | 174 | |||||||||||||||||||||||||||||||||||
| Total Income Tax Expense (Benefit) | 2 | (14) | (26) | (38) | 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 | (3) | 63 | 855 | (96) | (892) | 1,904 | 1,771 | |||||||||||||||||||||||||||||||||||
| SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS | ||||||||||||||||||||||||||||||||||||||||||||
| Millions of Dollars | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Midstream | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| NGL | — | — | — | — | 68 | — | — | (79) | (11) | |||||||||||||||||||||||||||||||||||
| Total Midstream | — | — | — | — | 68 | — | — | (79) | (11) | |||||||||||||||||||||||||||||||||||
| Refining | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | — | (24) | — | (24) | — | (33) | — | 11 | (22) | |||||||||||||||||||||||||||||||||||
| Gulf Coast | — | — | (29) | (29) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Central Corridor | — | — | — | — | — | — | (948) | 304 | (644) | |||||||||||||||||||||||||||||||||||
| West Coast | — | — | — | — | — | — | — | (35) | (35) | |||||||||||||||||||||||||||||||||||
| Total Refining | — | (24) | (29) | (53) | — | (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 the 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Cash Flows From Operating Activities | ||||||||||||||||||||||||||||||||||||||||||||
| Net income | 219 | 3,879 | 5,639 | 9,737 | 526 | 908 | 167 | 2,927 | 4,528 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 558 | 585 | 591 | 1,734 | 791 | 816 | 826 | 818 | 3,251 | |||||||||||||||||||||||||||||||||||
| Impairments | 8 | 9 | 32 | 49 | 26 | 4 | 951 | 79 | 1,060 | |||||||||||||||||||||||||||||||||||
| Accretion on discounted liabilities | 12 | 13 | 14 | 39 | 12 | 10 | 12 | 13 | 47 | |||||||||||||||||||||||||||||||||||
| Deferred income taxes | 67 | 66 | 242 | 375 | (133) | (48) | 14 | 345 | 178 | |||||||||||||||||||||||||||||||||||
| Undistributed equity earnings | (86) | (514) | (352) | (952) | 120 | 75 | (55) | (20) | 120 | |||||||||||||||||||||||||||||||||||
| Net (gain) loss on dispositions | (6) | (117) | (1) | (124) | (1,087) | 93 | (11) | (1,979) | (2,984) | |||||||||||||||||||||||||||||||||||
| Unrealized investment (gain) loss ² | 9 | 8 | 4 | 21 | 10 | 4 | (4) | 2 | 12 | |||||||||||||||||||||||||||||||||||
| Other | (82) | 388 | 16 | 322 | (6) | 58 | 20 | (141) | (69) | |||||||||||||||||||||||||||||||||||
| Net working capital changes | (2,963) | 2,942 | 1,096 | 1,075 | (72) | (1,075) | (742) | 708 | (1,181) | |||||||||||||||||||||||||||||||||||
| Net Cash Provided by (Used in) Operating Activities | (2,264) | 7,259 | 7,281 | 12,276 | 187 | 845 | 1,178 | 2,752 | 4,962 | |||||||||||||||||||||||||||||||||||
| Cash Flows From Investing Activities | ||||||||||||||||||||||||||||||||||||||||||||
| Capital expenditures and investments | (582) | (726) | (680) | (1,988) | (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 affiliates | 26 | 15 | 18 | 59 | 25 | 18 | 15 | 32 | 90 | |||||||||||||||||||||||||||||||||||
| Proceeds from asset dispositions | 7 | 64 | 16 | 87 | 2,034 | (3) | — | 1,489 | 3,520 | |||||||||||||||||||||||||||||||||||
| Other | 9 | 22 | (40) | (9) | (45) | 58 | 29 | (18) | 24 | |||||||||||||||||||||||||||||||||||
| Net Cash Provided by (Used in) Investing Activities | (606) | (738) | (686) | (2,030) | 1,591 | (2,734) | (487) | (467) | (2,097) | |||||||||||||||||||||||||||||||||||
| Cash Flows From Financing Activities | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of debt ³ | 9,629 | (2,740) | 1,301 | 8,190 | — | 3,499 | 2,450 | 2,446 | 8,395 | |||||||||||||||||||||||||||||||||||
| Repayments and repurchases of debt | (1,965) | (3,936) | (3,374) | (9,275) | (1,287) | (1,088) | (1,612) | (4,787) | (8,774) | |||||||||||||||||||||||||||||||||||
| Issuance of common stock | 84 | 17 | 54 | 155 | 23 | 2 | 68 | 14 | 107 | |||||||||||||||||||||||||||||||||||
| Repurchase of common stock | (269) | (379) | (2,273) | (2,921) | (247) | (419) | (267) | (274) | (1,207) | |||||||||||||||||||||||||||||||||||
| Dividends paid on common stock | (509) | (508) | (504) | (1,521) | (469) | (487) | (484) | (482) | (1,922) | |||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interests | (22) | (24) | (49) | (95) | (14) | (81) | (28) | (41) | (164) | |||||||||||||||||||||||||||||||||||
| Contributions from noncontrolling interests | 15 | 36 | 1 | 52 | — | 106 | 18 | 8 | 132 | |||||||||||||||||||||||||||||||||||
| Other | (43) | (13) | (12) | (68) | (55) | (6) | (33) | (10) | (104) | |||||||||||||||||||||||||||||||||||
| Net Cash Provided by (Used in) Financing Activities | 6,920 | (7,547) | (4,856) | (5,483) | (2,049) | 1,526 | 112 | (3,126) | (3,537) | |||||||||||||||||||||||||||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (16) | (25) | 10 | (31) | 22 | 18 | 3 | 7 | 50 | |||||||||||||||||||||||||||||||||||
| Net Change in Cash and Cash Equivalents, including cash classified within Assets held for sale | 4,034 | (1,051) | 1,749 | 4,732 | (249) | (345) | 806 | (834) | (622) | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents at beginning of period | 1,116 | 5,150 | 4,099 | 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 | 5,848 | 5,848 | 1,489 | 1,144 | 1,950 | 1,116 | 1,116 | |||||||||||||||||||||||||||||||||||
| Reconciliation of Cash and Cash Equivalents at end of period | ||||||||||||||||||||||||||||||||||||||||||||
| Cash and Cash equivalents | 5,150 | 4,099 | 5,848 | 5,848 | 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 | 5,848 | 5,848 | 1,489 | 1,144 | 1,950 | 1,116 | 1,116 | |||||||||||||||||||||||||||||||||||
| CAPITAL PROGRAM | ||||||||||||||||||||||||||||||||||||||||||||
| Millions of Dollars | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Consolidated Capital Expenditures and Investments | ||||||||||||||||||||||||||||||||||||||||||||
| Midstream | 343 | 428 | 315 | 1,086 | 216 | 384 | 347 | 284 | 1,231 | |||||||||||||||||||||||||||||||||||
| Chemicals | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Refining ¹ | 210 | 255 | 296 | 761 | 176 | 148 | 145 | 307 | 776 | |||||||||||||||||||||||||||||||||||
| Marketing and Specialties | 9 | 20 | 20 | 49 | 15 | 34 | 26 | 43 | 118 | |||||||||||||||||||||||||||||||||||
| Renewable Fuels | 10 | 6 | 8 | 24 | 9 | 9 | 15 | 23 | 56 | |||||||||||||||||||||||||||||||||||
| Corporate and Other | 10 | 17 | 41 | 68 | 7 | 12 | 8 | 25 | 52 | |||||||||||||||||||||||||||||||||||
| Consolidated Capital Expenditures and Investments | 582 | 726 | 680 | 1,988 | 423 | 587 | 541 | 682 | 2,233 | |||||||||||||||||||||||||||||||||||
| Consolidated Capital Expenditures and Investments ¹ ⁴ | ||||||||||||||||||||||||||||||||||||||||||||
| Growth | 336 | 469 | 359 | 1,164 | 229 | 379 | 289 | 332 | 1,229 | |||||||||||||||||||||||||||||||||||
| Sustaining | 246 | 257 | 321 | 824 | 194 | 208 | 252 | 350 | 1,004 | |||||||||||||||||||||||||||||||||||
| Consolidated Capital Expenditures and Investments | 582 | 726 | 680 | 1,988 | 423 | 587 | 541 | 682 | 2,233 | |||||||||||||||||||||||||||||||||||
| Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments | ||||||||||||||||||||||||||||||||||||||||||||
| CPChem (Chemicals) | 133 | 129 | 132 | 394 | 182 | 225 | 202 | 187 | 796 | |||||||||||||||||||||||||||||||||||
| WRB (Refining) ¹ | — | — | — | — | 21 | 44 | 34 | — | 99 | |||||||||||||||||||||||||||||||||||
| Selected Equity Affiliates | 133 | 129 | 132 | 394 | 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 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Income before Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation | 247 | 250 | 217 | 714 | 243 | 242 | 194 | 239 | 918 | |||||||||||||||||||||||||||||||||||
| NGL | 344 | 535 | 485 | 1,364 | 508 | 489 | 503 | 399 | 1,899 | |||||||||||||||||||||||||||||||||||
| Income before Income Taxes | 591 | 785 | 702 | 2,078 | 751 | 731 | 697 | 638 | 2,817 | |||||||||||||||||||||||||||||||||||
| Equity in Earnings of Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation | 92 | 89 | 74 | 255 | 97 | 87 | 82 | 87 | 353 | |||||||||||||||||||||||||||||||||||
| NGL | 11 | 10 | 11 | 32 | 13 | 11 | 11 | 11 | 46 | |||||||||||||||||||||||||||||||||||
| Total | 103 | 99 | 85 | 287 | 110 | 98 | 93 | 98 | 399 | |||||||||||||||||||||||||||||||||||
| Depreciation and Amortization ¹ | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation | 45 | 52 | 56 | 153 | 44 | 43 | 73 | 50 | 210 | |||||||||||||||||||||||||||||||||||
| NGL | 229 | 232 | 235 | 696 | 189 | 217 | 205 | 209 | 820 | |||||||||||||||||||||||||||||||||||
| Total | 274 | 284 | 291 | 849 | 233 | 260 | 278 | 259 | 1,030 | |||||||||||||||||||||||||||||||||||
| Operating and SG&A Expenses ² | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation | 184 | 216 | 231 | 631 | 173 | 191 | 205 | 194 | 763 | |||||||||||||||||||||||||||||||||||
| NGL | 413 | 406 | 413 | 1,232 | 338 | 373 | 354 | 410 | 1,475 | |||||||||||||||||||||||||||||||||||
| Total | 597 | 622 | 644 | 1,863 | 511 | 564 | 559 | 604 | 2,238 | |||||||||||||||||||||||||||||||||||
| Transportation Volumes (MB/D) | ||||||||||||||||||||||||||||||||||||||||||||
| Pipelines ³ | 2,932 | 3,142 | 2,920 | 2,998 | 2,893 | 3,093 | 3,111 | 2,993 | 3,023 | |||||||||||||||||||||||||||||||||||
| Terminals | 3,180 | 3,433 | 3,598 | 3,405 | 2,938 | 3,074 | 3,127 | 3,226 | 3,092 | |||||||||||||||||||||||||||||||||||
| PSX Other Volumes | ||||||||||||||||||||||||||||||||||||||||||||
| Wellhead Volume (Bcf/D) ⁴ | 4.4 | 4.5 | 4.6 | 4.5 | 4.1 | 4.2 | 4.3 | 4.4 | 4.3 | |||||||||||||||||||||||||||||||||||
| NGL Production (MB/D) ⁴ | 446 | 465 | 471 | 461 | 437 | 456 | 483 | 470 | 462 | |||||||||||||||||||||||||||||||||||
| NGL Pipeline Throughput–Y-Grade to Market (MB/D) ⁵ | 930 | 943 | 982 | 952 | 704 | 956 | 999 | 1,006 | 917 | |||||||||||||||||||||||||||||||||||
| NGL Fractionated (MB/D) | 980 | 1,020 | 1,003 | 1,001 | 748 | 883 | 930 | 1,018 | 896 | |||||||||||||||||||||||||||||||||||
| Market Indicators | ||||||||||||||||||||||||||||||||||||||||||||
| Weighted-Average NGL Price ($/gal) ⁶ | 0.62 | 0.73 | 0.74 | 0.70 | 0.74 | 0.64 | 0.60 | 0.59 | 0.64 | |||||||||||||||||||||||||||||||||||
| Henry Hub Natural Gas Price ($/MMBtu) ⁷ | 4.87 | 2.93 | 2.88 | 3.56 | 4.27 | 3.16 | 3.03 | 3.69 | 3.54 | |||||||||||||||||||||||||||||||||||
| WTI ($/BBL) ⁷ | 71.98 | 93.21 | 86.19 | 83.79 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA ¹ | ||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 591 | 785 | 702 | 2,078 | 751 | 731 | 697 | 638 | 2,817 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 274 | 284 | 291 | 849 | 233 | 260 | 278 | 259 | 1,030 | |||||||||||||||||||||||||||||||||||
| EBITDA | 865 | 1,069 | 993 | 2,927 | 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 Items | 865 | 1,069 | 993 | 2,927 | 916 | 991 | 975 | 976 | 3,858 | |||||||||||||||||||||||||||||||||||
| Other Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates income taxes | 3 | 2 | 1 | 6 | 3 | 4 | 4 | 2 | 13 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates net interest | 3 | 3 | 3 | 9 | 3 | 3 | 3 | 3 | 12 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 23 | 24 | 23 | 70 | 23 | 24 | 33 | 21 | 101 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA attributable to noncontrolling interests | (34) | (52) | (43) | (129) | (60) | (50) | (51) | (50) | (211) | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 860 | 1,046 | 977 | 2,883 | 885 | 972 | 964 | 952 | 3,773 | |||||||||||||||||||||||||||||||||||
| Transportation | ||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 247 | 250 | 217 | 714 | 243 | 242 | 194 | 239 | 918 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 45 | 52 | 56 | 153 | 44 | 43 | 73 | 50 | 210 | |||||||||||||||||||||||||||||||||||
| EBITDA | 292 | 302 | 273 | 867 | 287 | 285 | 267 | 289 | 1,128 | |||||||||||||||||||||||||||||||||||
| Special Item Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| None | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| EBITDA, Adjusted for Special Items | 292 | 302 | 273 | 867 | 287 | 285 | 267 | 289 | 1,128 | |||||||||||||||||||||||||||||||||||
| Other Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates income taxes | 3 | 2 | 1 | 6 | 3 | 4 | 4 | 2 | 13 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates net interest | 3 | 3 | 3 | 9 | 3 | 3 | 3 | 3 | 12 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 15 | 16 | 15 | 46 | 15 | 15 | 23 | 12 | 65 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA attributable to noncontrolling interests | (7) | (7) | (7) | (21) | (8) | (6) | (5) | (7) | (26) | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 306 | 316 | 285 | 907 | 300 | 301 | 292 | 299 | 1,192 | |||||||||||||||||||||||||||||||||||
| NGL | ||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 344 | 535 | 485 | 1,364 | 508 | 489 | 503 | 399 | 1,899 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 229 | 232 | 235 | 696 | 189 | 217 | 205 | 209 | 820 | |||||||||||||||||||||||||||||||||||
| EBITDA | 573 | 767 | 720 | 2,060 | 697 | 706 | 708 | 608 | 2,719 | |||||||||||||||||||||||||||||||||||
| Special Item Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Net gain on asset dispositions | — | — | — | — | (68) | — | — | — | (68) | |||||||||||||||||||||||||||||||||||
| Impairments | — | — | — | — | — | — | — | 79 | 79 | |||||||||||||||||||||||||||||||||||
| EBITDA, Adjusted for Special Items | 573 | 767 | 720 | 2,060 | 629 | 706 | 708 | 687 | 2,730 | |||||||||||||||||||||||||||||||||||
| Other Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates income taxes | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates net interest | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 8 | 8 | 8 | 24 | 8 | 9 | 10 | 9 | 36 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA attributable to noncontrolling interests | (27) | (45) | (36) | (108) | (52) | (44) | (46) | (43) | (185) | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 554 | 730 | 692 | 1,976 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Income (loss) before Income Taxes | 114 | 404 | 311 | 829 | 113 | 20 | 176 | (12) | 297 | |||||||||||||||||||||||||||||||||||
| Equity in Earnings (Losses) of Affiliate | 114 | 403 | 311 | 828 | 113 | 20 | 176 | (12) | 297 | |||||||||||||||||||||||||||||||||||
| 100% CPChem Results | ||||||||||||||||||||||||||||||||||||||||||||
| Net Income, excludes parent company income tax related to CPChem's earnings | 228 | 806 | 622 | 1,656 | 226 | 40 | 351 | (24) | 593 | |||||||||||||||||||||||||||||||||||
| Income (loss) before Income Taxes | 238 | 828 | 636 | 1,702 | 235 | 50 | 360 | (14) | 631 | |||||||||||||||||||||||||||||||||||
| Depreciation and Amortization | 180 | 195 | 183 | 558 | 170 | 166 | 177 | 183 | 696 | |||||||||||||||||||||||||||||||||||
| Net Interest Expense ¹ | — | — | (4) | (4) | (2) | (1) | (1) | — | (4) | |||||||||||||||||||||||||||||||||||
| Investing Cash Flows – Outflows/(Inflows) | ||||||||||||||||||||||||||||||||||||||||||||
| Capital Expenditures and Investments | 266 | 258 | 263 | 787 | 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 | % | 92 | % | 100 | % | 92 | % | 104 | % | 97 | % | 98 | % | ||||||||||||||||||||||||||
| Market Indicator ² | ||||||||||||||||||||||||||||||||||||||||||||
| Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb) | 10.7 | 43.6 | 18.8 | 24.4 | 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 taxes | 114 | 404 | 311 | 829 | 113 | 20 | 176 | (12) | 297 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| None | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| EBITDA | 114 | 404 | 311 | 829 | 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 Items | 85 | 404 | 311 | 800 | 113 | 20 | 176 | 19 | 328 | |||||||||||||||||||||||||||||||||||
| Other Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates income taxes | 13 | 2 | (1) | 14 | 13 | 13 | 11 | 2 | 39 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates net interest | (1) | — | (3) | (4) | (1) | (1) | (1) | 1 | (2) | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 115 | 122 | 116 | 353 | 119 | 116 | 122 | 123 | 480 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 212 | 528 | 423 | 1,163 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Income (Loss) before Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | 367 | 352 | 1,474 | 2,193 | (199) | 49 | 250 | 302 | 402 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | 204 | 953 | 1,702 | 2,859 | (333) | 101 | 119 | 252 | 139 | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | (418) | 1,599 | 2,568 | 3,749 | (50) | 392 | (580) | 671 | 433 | |||||||||||||||||||||||||||||||||||
| West Coast | 55 | 158 | 287 | 500 | (355) | (183) | (307) | (403) | (1,248) | |||||||||||||||||||||||||||||||||||
| Income (Loss) before Income Taxes | 208 | 3,062 | 6,031 | 9,301 | (937) | 359 | (518) | 822 | (274) | |||||||||||||||||||||||||||||||||||
| Income (Loss) before Income Taxes ($/BBL) | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | 7.21 | 7.20 | 27.59 | 14.31 | (5.15) | 1.00 | 4.94 | 5.65 | 2.09 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | 3.87 | 17.80 | 31.11 | 17.75 | (8.95) | 1.93 | 2.19 | 5.10 | 0.72 | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | (6.12) | 21.07 | 32.90 | 16.86 | (1.85) | 13.67 | (20.61) | 8.74 | 2.70 | |||||||||||||||||||||||||||||||||||
| West Coast | 6.41 | 18.69 | 28.91 | 18.52 | (16.60) | (8.37) | (15.06) | (41.08) | (16.99) | |||||||||||||||||||||||||||||||||||
| Worldwide | 1.15 | 16.39 | 30.76 | 16.50 | (7.53) | 2.36 | (3.38) | 4.34 | (0.44) | |||||||||||||||||||||||||||||||||||
| Realized Refining Margins ($/BBL) ² | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | 15.62 | 14.44 | 33.34 | 21.42 | 7.08 | 8.16 | 11.94 | 12.60 | 10.18 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | 11.31 | 24.25 | 38.83 | 24.96 | 4.43 | 8.71 | 8.74 | 12.48 | 8.86 | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | 4.60 | 29.56 | 40.70 | 25.79 | 8.29 | 15.61 | 15.82 | 13.06 | 13.26 | |||||||||||||||||||||||||||||||||||
| West Coast | 13.12 | 29.65 | 37.30 | 27.18 | 7.12 | 14.06 | 12.31 | 8.85 | 10.86 | |||||||||||||||||||||||||||||||||||
| Worldwide | 10.11 | 24.08 | 38.00 | 24.44 | 6.81 | 11.25 | 12.15 | 12.48 | 10.88 | |||||||||||||||||||||||||||||||||||
| Equity in Earnings (Losses) of Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | — | (1) | (1) | (2) | (2) | (2) | (2) | (3) | (9) | |||||||||||||||||||||||||||||||||||
| Gulf Coast | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | — | — | — | — | (103) | — | 33 | — | (70) | |||||||||||||||||||||||||||||||||||
| West Coast | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Total | — | (1) | (1) | (2) | (105) | (2) | 31 | (3) | (79) | |||||||||||||||||||||||||||||||||||
| Depreciation and Amortization ³ | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | 57 | 57 | 55 | 169 | 56 | 53 | 54 | 53 | 216 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | 66 | 67 | 69 | 202 | 72 | 67 | 66 | 66 | 271 | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | 76 | 81 | 78 | 235 | 41 | 41 | 43 | 79 | 204 | |||||||||||||||||||||||||||||||||||
| West Coast | 16 | 16 | 16 | 48 | 287 | 282 | 281 | 279 | 1,129 | |||||||||||||||||||||||||||||||||||
| Total | 215 | 221 | 218 | 654 | 456 | 443 | 444 | 477 | 1,820 | |||||||||||||||||||||||||||||||||||
| Operating and SG&A Expenses ³ | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | 317 | 326 | 319 | 962 | 379 | 289 | 256 | 280 | 1,204 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | 299 | 255 | 297 | 851 | 390 | 262 | 263 | 275 | 1,190 | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | 613 | 525 | 539 | 1,677 | 171 | 159 | 180 | 522 | 1,032 | |||||||||||||||||||||||||||||||||||
| West Coast | 52 | 63 | 66 | 181 | 180 | 170 | 250 | 204 | 804 | |||||||||||||||||||||||||||||||||||
| Total | 1,281 | 1,169 | 1,221 | 3,671 | 1,120 | 880 | 949 | 1,281 | 4,230 | |||||||||||||||||||||||||||||||||||
| Turnaround Expense, included in Operating and SG&A Expenses ³ | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | 30 | 25 | 4 | 59 | 97 | 18 | 5 | 11 | 131 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | 41 | 15 | 25 | 81 | 164 | 27 | 15 | 40 | 246 | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | 105 | 81 | 48 | 234 | 2 | 2 | 10 | 77 | 91 | |||||||||||||||||||||||||||||||||||
| West Coast | 2 | 2 | 2 | 6 | 7 | 6 | 6 | 7 | 26 | |||||||||||||||||||||||||||||||||||
| Total | 178 | 123 | 79 | 380 | 270 | 53 | 36 | 135 | 494 | |||||||||||||||||||||||||||||||||||
| Taxes Other than Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe | 20 | 16 | 28 | 64 | 22 | 20 | 17 | 18 | 77 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | 29 | 25 | 26 | 80 | 35 | 24 | 26 | 23 | 108 | |||||||||||||||||||||||||||||||||||
| Central Corridor ¹ | 42 | 41 | 27 | 110 | 26 | 25 | 26 | 19 | 96 | |||||||||||||||||||||||||||||||||||
| West Coast | 15 | 6 | 15 | 36 | 27 | 25 | 21 | 3 | 76 | |||||||||||||||||||||||||||||||||||
| Total | 106 | 88 | 96 | 290 | 110 | 94 | 90 | 63 | 357 | |||||||||||||||||||||||||||||||||||
| Foreign Currency Gains (Losses) Pre-Tax | (12) | (15) | (13) | (40) | 9 | 20 | (4) | (4) | 21 | |||||||||||||||||||||||||||||||||||
| Refining—Equity Affiliate Information ¹ | ||||||||||||||||||||||||||||||||||||||||||||
| Equity in earnings (losses) of affiliates | — | (1) | (1) | (2) | (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) | (15) | (61) | (141) | (234) | (262) | (25) | (662) | |||||||||||||||||||||||||||||||||||
| Equity affiliate-related expenses not included in Realized Refining Margins | (26) | (21) | (16) | (63) | (246) | (236) | (231) | (28) | (741) | |||||||||||||||||||||||||||||||||||
| Proportional Share of Certain Equity Affiliate Operating and SG&A Expenses ¹ | 19 | 19 | 19 | 57 | 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 expenses | 1,229 | 1,144 | 1,166 | 3,539 | 1,074 | 848 | 909 | 1,229 | 4,060 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 52 | 25 | 55 | 132 | 46 | 32 | 40 | 52 | 170 | |||||||||||||||||||||||||||||||||||
| Refining Controllable Costs ¹ ⁵ | 1,281 | 1,169 | 1,221 | 3,671 | 1,120 | 880 | 949 | 1,281 | 4,230 | |||||||||||||||||||||||||||||||||||
| Refining Controllable Costs ($/BBL) ¹ ⁵ | 7.08 | 6.26 | 6.22 | 6.51 | 9.00 | 5.79 | 6.18 | 6.76 | 6.83 | |||||||||||||||||||||||||||||||||||
| Refining Adjusted Controllable Costs, Excluding Adjusted Turnaround Expense ($/BBL) ⁶ | 6.21 | 5.57 | 5.92 | 5.90 | 7.03 | 5.46 | 6.07 | 5.96 | 6.09 | |||||||||||||||||||||||||||||||||||
| 1 Refer to Change in Basis of Presentation on page 14. | ||||||||||||||||||||||||||||||||||||||||||||
| 2 Refer to Use of Non-GAAP Financial Information on page 14. Also, reconciliations of income (loss) before income taxes to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section. | ||||||||||||||||||||||||||||||||||||||||||||
| 3 Excludes expenses of all equity affiliates. | ||||||||||||||||||||||||||||||||||||||||||||
| 4 Other costs associated with equity affiliates which do not flow through equity earnings (losses). | ||||||||||||||||||||||||||||||||||||||||||||
| 5 Excludes operating and SG&A expenses of all equity affiliates. See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs per barrel included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section. | ||||||||||||||||||||||||||||||||||||||||||||
| 6 Refer to Use of Non-GAAP Financial Information on page 14. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section. | ||||||||||||||||||||||||||||||||||||||||||||
Page 8
| Phillips 66 Earnings Release Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||
| REFINING (continued) | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions) ¹ | ||||||||||||||||||||||||||||||||||||||||||||
| Income (Loss) before income taxes | 208 | 3,062 | 6,031 | 9,301 | (937) | 359 | (518) | 822 | (274) | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 215 | 221 | 218 | 654 | 456 | 443 | 444 | 477 | 1,820 | |||||||||||||||||||||||||||||||||||
| EBITDA | 423 | 3,283 | 6,249 | 9,955 | (481) | 802 | (74) | 1,299 | 1,546 | |||||||||||||||||||||||||||||||||||
| Special Item Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Certain tax impacts | — | — | — | — | — | — | — | (11) | (11) | |||||||||||||||||||||||||||||||||||
| Impairments | — | — | 29 | 29 | — | — | 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 Items | 423 | 3,307 | 6,278 | 10,008 | (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 EBITDA | 423 | 3,307 | 6,278 | 10,008 | (452) | 867 | 904 | 1,019 | 2,338 | |||||||||||||||||||||||||||||||||||
| Operating Statistics | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe ² | ||||||||||||||||||||||||||||||||||||||||||||
| Crude Oil Charge Input (MB/D) | 531 | 510 | 547 | 529 | 359 | 518 | 534 | 553 | 492 | |||||||||||||||||||||||||||||||||||
| Total Processed Inputs (MB/D) | 566 | 538 | 581 | 562 | 430 | 541 | 551 | 582 | 526 | |||||||||||||||||||||||||||||||||||
| Crude Oil Capacity Utilization (%) | 96 | % | 92 | % | 99 | % | 96 | % | 67 | % | 97 | % | 99 | % | 103 | % | 92 | % | ||||||||||||||||||||||||||
| Clean Product Yield (%) | 88 | % | 87 | % | 88 | % | 88 | % | 89 | % | 87 | % | 88 | % | 87 | % | 88 | % | ||||||||||||||||||||||||||
| Gulf Coast | ||||||||||||||||||||||||||||||||||||||||||||
| Crude Oil Charge Input (MB/D) | 530 | 520 | 495 | 515 | 369 | 508 | 528 | 481 | 472 | |||||||||||||||||||||||||||||||||||
| Total Processed Inputs (MB/D) | 587 | 588 | 595 | 590 | 413 | 573 | 590 | 538 | 529 | |||||||||||||||||||||||||||||||||||
| Crude Oil Capacity Utilization (%) | 98 | % | 96 | % | 91 | % | 95 | % | 70 | % | 96 | % | 100 | % | 91 | % | 89 | % | ||||||||||||||||||||||||||
| Clean Product Yield (%) | 80 | % | 81 | % | 79 | % | 80 | % | 81 | % | 80 | % | 81 | % | 80 | % | 80 | % | ||||||||||||||||||||||||||
| Central Corridor ³ | ||||||||||||||||||||||||||||||||||||||||||||
| Crude Oil Charge Input (MB/D) | 734 | 800 | 817 | 784 | 521 | 550 | 549 | 805 | 606 | |||||||||||||||||||||||||||||||||||
| Total Processed Inputs (MB/D) | 760 | 834 | 848 | 814 | 536 | 566 | 567 | 834 | 626 | |||||||||||||||||||||||||||||||||||
| Crude Oil Capacity Utilization (%) | 92 | % | 101 | % | 103 | % | 99 | % | 98 | % | 104 | % | 103 | % | 104 | % | 102 | % | ||||||||||||||||||||||||||
| Clean Product Yield (%) | 90 | % | 89 | % | 88 | % | 89 | % | 91 | % | 90 | % | 90 | % | 94 | % | 91 | % | ||||||||||||||||||||||||||
| West Coast | ||||||||||||||||||||||||||||||||||||||||||||
| Crude Oil Charge Input (MB/D) | 90 | 89 | 102 | 94 | 228 | 234 | 214 | 99 | 193 | |||||||||||||||||||||||||||||||||||
| Total Processed Inputs (MB/D) | 96 | 93 | 108 | 99 | 237 | 241 | 222 | 107 | 201 | |||||||||||||||||||||||||||||||||||
| Crude Oil Capacity Utilization (%) ⁴ | 86 | % | 84 | % | 97 | % | 89 | % | 93 | % | 96 | % | 88 | % | 95 | % | 93 | % | ||||||||||||||||||||||||||
| Clean Product Yield (%) | 91 | % | 89 | % | 92 | % | 91 | % | 89 | % | 90 | % | 87 | % | 91 | % | 89 | % | ||||||||||||||||||||||||||
| Worldwide—Including Proportional Share of Equity Affiliates ² | ||||||||||||||||||||||||||||||||||||||||||||
| Crude Oil Charge Input (MB/D) | 1,885 | 1,919 | 1,961 | 1,922 | 1,477 | 1,810 | 1,825 | 1,938 | 1,763 | |||||||||||||||||||||||||||||||||||
| Total Processed Inputs (MB/D) | 2,009 | 2,053 | 2,132 | 2,065 | 1,616 | 1,921 | 1,930 | 2,061 | 1,882 | |||||||||||||||||||||||||||||||||||
| Crude Oil Capacity Utilization (%) | 95 | % | 96 | % | 98 | % | 96 | % | 80 | % | 98 | % | 99 | % | 99 | % | 94 | % | ||||||||||||||||||||||||||
| Clean Product Yield (%) | 87 | % | 86 | % | 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) | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Refined Petroleum Products Production (MB/D) | ||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Basin/Europe ¹ | ||||||||||||||||||||||||||||||||||||||||||||
| Gasoline | 251 | 225 | 248 | 241 | 199 | 225 | 230 | 242 | 224 | |||||||||||||||||||||||||||||||||||
| Distillates | 231 | 228 | 250 | 237 | 166 | 232 | 242 | 253 | 223 | |||||||||||||||||||||||||||||||||||
| Other | 88 | 86 | 84 | 86 | 70 | 86 | 80 | 92 | 82 | |||||||||||||||||||||||||||||||||||
| Total | 570 | 539 | 582 | 564 | 435 | 543 | 552 | 587 | 529 | |||||||||||||||||||||||||||||||||||
| Gulf Coast | ||||||||||||||||||||||||||||||||||||||||||||
| Gasoline | 236 | 236 | 225 | 232 | 184 | 243 | 245 | 221 | 223 | |||||||||||||||||||||||||||||||||||
| Distillates | 219 | 226 | 230 | 225 | 138 | 202 | 215 | 197 | 189 | |||||||||||||||||||||||||||||||||||
| Other | 140 | 134 | 146 | 140 | 87 | 134 | 137 | 121 | 120 | |||||||||||||||||||||||||||||||||||
| Total | 595 | 596 | 601 | 597 | 409 | 579 | 597 | 539 | 532 | |||||||||||||||||||||||||||||||||||
| Central Corridor ² | ||||||||||||||||||||||||||||||||||||||||||||
| Gasoline | 379 | 408 | 400 | 396 | 263 | 276 | 271 | 432 | 311 | |||||||||||||||||||||||||||||||||||
| Distillates | 302 | 333 | 348 | 328 | 223 | 233 | 235 | 347 | 260 | |||||||||||||||||||||||||||||||||||
| Other | 84 | 91 | 103 | 93 | 56 | 63 | 65 | 63 | 62 | |||||||||||||||||||||||||||||||||||
| Total | 765 | 832 | 851 | 817 | 542 | 572 | 571 | 842 | 633 | |||||||||||||||||||||||||||||||||||
| West Coast | ||||||||||||||||||||||||||||||||||||||||||||
| Gasoline | 51 | 50 | 60 | 54 | 131 | 135 | 117 | 58 | 110 | |||||||||||||||||||||||||||||||||||
| Distillates | 37 | 33 | 38 | 36 | 81 | 82 | 76 | 39 | 69 | |||||||||||||||||||||||||||||||||||
| Other | 7 | 10 | 10 | 9 | 24 | 21 | 26 | 9 | 20 | |||||||||||||||||||||||||||||||||||
| Total | 95 | 93 | 108 | 99 | 236 | 238 | 219 | 106 | 199 | |||||||||||||||||||||||||||||||||||
| Worldwide—Including Proportional Share of Equity Affiliates | ||||||||||||||||||||||||||||||||||||||||||||
| Gasoline | 917 | 919 | 933 | 923 | 777 | 879 | 863 | 953 | 868 | |||||||||||||||||||||||||||||||||||
| Distillates | 789 | 820 | 866 | 826 | 608 | 749 | 768 | 836 | 741 | |||||||||||||||||||||||||||||||||||
| Other | 319 | 321 | 343 | 328 | 237 | 304 | 308 | 285 | 284 | |||||||||||||||||||||||||||||||||||
| Total | 2,025 | 2,060 | 2,142 | 2,077 | 1,622 | 1,932 | 1,939 | 2,074 | 1,893 | |||||||||||||||||||||||||||||||||||
| Market Indicators | ||||||||||||||||||||||||||||||||||||||||||||
| Crude and Crude Differentials ($/BBL) ³ | ||||||||||||||||||||||||||||||||||||||||||||
| WTI | 71.98 | 93.21 | 86.19 | 83.79 | 71.46 | 63.86 | 65.03 | 59.22 | 64.89 | |||||||||||||||||||||||||||||||||||
| Brent | 80.61 | 104.52 | 97.00 | 94.05 | 75.66 | 67.82 | 69.07 | 63.69 | 69.06 | |||||||||||||||||||||||||||||||||||
| ANS | 77.00 | 103.66 | 88.24 | 89.63 | 75.99 | 68.92 | 70.07 | 64.00 | 69.74 | |||||||||||||||||||||||||||||||||||
| WTI less Maya | 5.52 | 4.18 | 7.98 | 5.89 | 6.36 | 5.39 | 4.03 | 4.90 | 5.17 | |||||||||||||||||||||||||||||||||||
| WTI less WCS (settlement differential) | 14.13 | 14.61 | 13.87 | 14.20 | 12.65 | 10.20 | 10.38 | 11.19 | 11.11 | |||||||||||||||||||||||||||||||||||
| Natural Gas ($/MMBtu) ³ | ||||||||||||||||||||||||||||||||||||||||||||
| Henry Hub | 4.87 | 2.93 | 2.88 | 3.56 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Income (Loss) before Income Taxes | (161) | 583 | 245 | 667 | 1,282 | 571 | 251 | 2,396 | 4,500 | |||||||||||||||||||||||||||||||||||
| Income (Loss) before Income Taxes ($/BBL) | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. | (1.14) | 1.13 | 0.61 | 0.24 | 0.67 | 2.32 | 0.18 | 1.13 | 1.09 | |||||||||||||||||||||||||||||||||||
| International | (3.27) | 11.92 | (3.97) | 1.67 | 39.88 | 1.96 | 4.55 | 70.99 | 28.39 | |||||||||||||||||||||||||||||||||||
| Realized Marketing Fuel Margins ($/BBL) ¹ | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. | (0.47) | 1.82 | 1.29 | 0.92 | 1.36 | 2.83 | 2.04 | 1.55 | 1.95 | |||||||||||||||||||||||||||||||||||
| International | (3.53) | 4.63 | (4.41) | (1.02) | 4.87 | 7.11 | 5.37 | 5.00 | 5.58 | |||||||||||||||||||||||||||||||||||
| Other Realized Margins and Revenues not included in Marketing Fuel Margins ² | 301 | 279 | 309 | 889 | 243 | 287 | 280 | 283 | 1,093 | |||||||||||||||||||||||||||||||||||
| Equity in Earnings of Affiliates | 35 | 135 | 162 | 332 | 36 | 38 | 36 | 36 | 146 | |||||||||||||||||||||||||||||||||||
| Depreciation and Amortization ³ | 20 | 26 | 21 | 67 | 20 | 33 | 23 | 21 | 97 | |||||||||||||||||||||||||||||||||||
| Operating and SG&A Expenses ³ | 316 | 354 | 379 | 1,049 | 346 | 351 | 603 | 365 | 1,665 | |||||||||||||||||||||||||||||||||||
| Refined Products Sales (MB/D) | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. Marketing | ||||||||||||||||||||||||||||||||||||||||||||
| Gasoline | 1,144 | 1,210 | 1,202 | 1,186 | 1,080 | 1,191 | 1,164 | 1,196 | 1,158 | |||||||||||||||||||||||||||||||||||
| Distillates | 785 | 871 | 853 | 837 | 735 | 809 | 828 | 1,003 | 844 | |||||||||||||||||||||||||||||||||||
| Other | 19 | 34 | 27 | 26 | 13 | 28 | 13 | 19 | 18 | |||||||||||||||||||||||||||||||||||
| Total | 1,948 | 2,115 | 2,082 | 2,049 | 1,828 | 2,028 | 2,005 | 2,218 | 2,020 | |||||||||||||||||||||||||||||||||||
| International Marketing | ||||||||||||||||||||||||||||||||||||||||||||
| Gasoline | 73 | 67 | 65 | 68 | 114 | 110 | 176 | 156 | 139 | |||||||||||||||||||||||||||||||||||
| Distillates | 131 | 121 | 133 | 128 | 171 | 162 | 165 | 151 | 162 | |||||||||||||||||||||||||||||||||||
| Other | 30 | 26 | (15) | 14 | 27 | 42 | 29 | 11 | 27 | |||||||||||||||||||||||||||||||||||
| Total | 234 | 214 | 183 | 210 | 312 | 314 | 370 | 318 | 328 | |||||||||||||||||||||||||||||||||||
| Worldwide Marketing | ||||||||||||||||||||||||||||||||||||||||||||
| Gasoline | 1,217 | 1,277 | 1,267 | 1,254 | 1,194 | 1,301 | 1,340 | 1,352 | 1,297 | |||||||||||||||||||||||||||||||||||
| Distillates | 916 | 992 | 986 | 965 | 906 | 971 | 993 | 1,154 | 1,006 | |||||||||||||||||||||||||||||||||||
| Other | 49 | 60 | 12 | 40 | 40 | 70 | 42 | 30 | 45 | |||||||||||||||||||||||||||||||||||
| Total | 2,182 | 2,329 | 2,265 | 2,259 | 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 | 245 | 667 | 1,282 | 571 | 251 | 2,396 | 4,500 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 20 | 26 | 21 | 67 | 20 | 33 | 23 | 21 | 97 | |||||||||||||||||||||||||||||||||||
| EBITDA | (141) | 609 | 266 | 734 | 1,302 | 604 | 274 | 2,417 | 4,597 | |||||||||||||||||||||||||||||||||||
| Special Item Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Legal accrual | 20 | 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 | 266 | 685 | 285 | 693 | 500 | 460 | 1,938 | |||||||||||||||||||||||||||||||||||
| Other Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates income taxes | 3 | 10 | 7 | 20 | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates net interest | 9 | 8 | 9 | 26 | 10 | 10 | 10 | 10 | 40 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 23 | 22 | 38 | 83 | 18 | 15 | 15 | 18 | 66 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | (86) | 580 | 320 | 814 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Income (Loss) before Income Taxes | (41) | 544 | 191 | 694 | (185) | (133) | (43) | (19) | (380) | |||||||||||||||||||||||||||||||||||
| Operating and SG&A Expenses ¹ | 110 | 98 | 137 | 345 | 114 | 104 | 103 | 110 | 431 | |||||||||||||||||||||||||||||||||||
| Operating Statistics | ||||||||||||||||||||||||||||||||||||||||||||
| Total Renewable Fuels Produced (MB/D) | 40 | 53 | 47 | 47 | 44 | 40 | 36 | 32 | 38 | |||||||||||||||||||||||||||||||||||
| Total Renewable Fuel Sales (MB/D) | 53 | 65 | 73 | 64 | 63 | 71 | 63 | 65 | 66 | |||||||||||||||||||||||||||||||||||
| Market Indicators ² | ||||||||||||||||||||||||||||||||||||||||||||
| Chicago Board of Trade (CBOT) soybean oil (dollars per pound) | 0.58 | 0.73 | 0.70 | 0.67 | 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 | 80.82 | 71.65 | 66.28 | 52.33 | 53.40 | 53.50 | 56.38 | |||||||||||||||||||||||||||||||||||
| California Air Resources Board (CARB) ULSD - San Francisco (dollars per gallon) | 2.93 | 4.19 | 4.43 | 3.85 | 2.44 | 2.52 | 2.55 | 2.37 | 2.47 | |||||||||||||||||||||||||||||||||||
| Biodiesel Renewable Identification Number (RIN) (dollars per RIN) | 1.44 | 2.12 | 2.22 | 1.93 | 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 | 191 | 694 | (185) | (133) | (43) | (19) | (380) | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 23 | 24 | 24 | 71 | 23 | 23 | 25 | 24 | 95 | |||||||||||||||||||||||||||||||||||
| EBITDA | (18) | 568 | 215 | 765 | (162) | (110) | (18) | 5 | (285) | |||||||||||||||||||||||||||||||||||
| Special Item Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| None | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| EBITDA, Adjusted for Special Items | (18) | 568 | 215 | 765 | (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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Loss before Income Taxes | (451) | (407) | (372) | (1,230) | (376) | (428) | (364) | (372) | (1,540) | |||||||||||||||||||||||||||||||||||
| Detail of Gain (Loss) before Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest expense | (255) | (233) | (187) | (675) | (187) | (230) | (225) | (256) | (898) | |||||||||||||||||||||||||||||||||||
| Corporate overhead and other ¹ | (187) | (168) | (182) | (537) | (174) | (196) | (145) | (114) | (629) | |||||||||||||||||||||||||||||||||||
| NOVONIX | (9) | (6) | (3) | (18) | (15) | (2) | 6 | (2) | (13) | |||||||||||||||||||||||||||||||||||
| Total | (451) | (407) | (372) | (1,230) | (376) | (428) | (364) | (372) | (1,540) | |||||||||||||||||||||||||||||||||||
| Net Interest Expense | ||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (296) | (329) | (259) | (884) | (230) | (267) | (267) | (296) | (1,060) | |||||||||||||||||||||||||||||||||||
| Capitalized interest | 10 | 15 | 16 | 41 | 9 | 3 | 8 | 1 | 21 | |||||||||||||||||||||||||||||||||||
| Loss on early retirement of debt | — | — | (6) | (6) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Interest income | 31 | 81 | 62 | 174 | 34 | 34 | 34 | 39 | 141 | |||||||||||||||||||||||||||||||||||
| Total | (255) | (233) | (187) | (675) | (187) | (230) | (225) | (256) | (898) | |||||||||||||||||||||||||||||||||||
| NOVONIX Investment | ||||||||||||||||||||||||||||||||||||||||||||
| Unrealized Investment Gain (Loss) | (10) | (6) | (3) | (19) | (15) | (3) | 5 | (2) | (15) | |||||||||||||||||||||||||||||||||||
| Unrealized Foreign Currency Transaction Gain | 1 | — | — | 1 | — | 1 | 1 | — | 2 | |||||||||||||||||||||||||||||||||||
| Change in Fair Value of NOVONIX Investment | (9) | (6) | (3) | (18) | (15) | (2) | 6 | (2) | (13) | |||||||||||||||||||||||||||||||||||
| Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA ² | ||||||||||||||||||||||||||||||||||||||||||||
| Loss before income taxes | (451) | (407) | (372) | (1,230) | (376) | (428) | (364) | (372) | (1,540) | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Net interest expense | 255 | 233 | 187 | 675 | 187 | 230 | 225 | 256 | 898 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 26 | 30 | 37 | 93 | 59 | 57 | 56 | 37 | 209 | |||||||||||||||||||||||||||||||||||
| EBITDA | (170) | (144) | (148) | (462) | (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 Investment | 9 | 6 | 3 | 18 | 15 | 2 | (6) | 2 | 13 | |||||||||||||||||||||||||||||||||||
| EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment | (161) | (138) | (145) | (444) | (94) | (94) | (89) | (77) | (354) | |||||||||||||||||||||||||||||||||||
| Other Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| None | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | (161) | (138) | (145) | (444) | (94) | (94) | (89) | (77) | (354) | |||||||||||||||||||||||||||||||||||
| Foreign Currency Losses Pre-Tax | — | — | — | — | (2) | (4) | (4) | (2) | (12) | |||||||||||||||||||||||||||||||||||
| Phillips 66 Company | ||||||||||||||||||||||||||||||||||||||||||||
| Total Debt | 27,124 | 20,565 | 18,530 | 18,530 | 18,803 | 20,935 | 21,755 | 19,716 | 19,716 | |||||||||||||||||||||||||||||||||||
| Total Equity | 29,681 | 32,703 | 35,503 | 35,503 | 28,353 | 28,626 | 28,077 | 30,241 | 30,241 | |||||||||||||||||||||||||||||||||||
| Debt-to-Capital Ratio (%) | 48 | % | 39 | % | 34 | % | 34 | % | 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 | 5,848 | 5,848 | 1,489 | 1,144 | 1,950 | 1,116 | 1,116 | |||||||||||||||||||||||||||||||||||
| Net Debt-to-Capital Ratio (%) ² | 43 | % | 33 | % | 26 | % | 26 | % | 38 | % | 41 | % | 41 | % | 38 | % | 38 | % | ||||||||||||||||||||||||||
| 1 Includes idling costs of $43 million, $38 million and $27 million in Q1, Q2 and Q3 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Net income | 219 | 3,879 | 5,639 | 9,737 | 526 | 908 | 167 | 2,927 | 4,528 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | 41 | 1,092 | 1,469 | 2,602 | 122 | 212 | 32 | 526 | 892 | |||||||||||||||||||||||||||||||||||
| Net interest expense | 255 | 233 | 187 | 675 | 187 | 230 | 225 | 256 | 898 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 558 | 585 | 591 | 1,734 | 791 | 816 | 826 | 818 | 3,251 | |||||||||||||||||||||||||||||||||||
| Phillips 66 EBITDA ¹ | 1,073 | 5,789 | 7,886 | 14,748 | 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 | — | — | 29 | 29 | 21 | — | 948 | 79 | 1,048 | |||||||||||||||||||||||||||||||||||
| Los Angeles Refinery cessation costs | — | — | — | — | — | — | — | 35 | 35 | |||||||||||||||||||||||||||||||||||
| Legal accrual | 20 | 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) | 29 | (25) | (1,064) | 167 | 1,174 | (2,127) | (1,850) | |||||||||||||||||||||||||||||||||||
| Change in Fair Value of NOVONIX Investment ² | 9 | 6 | 3 | 18 | 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 | 7,918 | 14,741 | 577 | 2,335 | 2,418 | 2,402 | 7,732 | |||||||||||||||||||||||||||||||||||
| Other Adjustments (pre-tax): | ||||||||||||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates income taxes | 19 | 14 | 7 | 40 | 18 | 17 | 15 | 4 | 54 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates net interest | 11 | 11 | 9 | 31 | 14 | 15 | 13 | 14 | 56 | |||||||||||||||||||||||||||||||||||
| Proportional share of selected equity affiliates depreciation and amortization | 161 | 168 | 177 | 506 | 187 | 184 | 199 | 162 | 732 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA attributable to noncontrolling interests | (34) | (52) | (43) | (129) | (60) | (50) | (51) | (50) | (211) | |||||||||||||||||||||||||||||||||||
| Phillips 66 Adjusted EBITDA ¹ | 1,230 | 5,891 | 8,068 | 15,189 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| ATLANTIC BASIN/EUROPE | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 367 | 352 | 1,474 | 2,193 | (199) | 49 | 250 | 302 | 402 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income taxes | 20 | 16 | 28 | 64 | 22 | 20 | 17 | 18 | 77 | |||||||||||||||||||||||||||||||||||
| Depreciation, amortization and impairments | 59 | 58 | 57 | 174 | 56 | 53 | 56 | 53 | 218 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 9 | 12 | 18 | 39 | 6 | 8 | 7 | 10 | 31 | |||||||||||||||||||||||||||||||||||
| Operating expenses | 308 | 314 | 301 | 923 | 373 | 281 | 249 | 270 | 1,173 | |||||||||||||||||||||||||||||||||||
| Equity in losses of affiliates | — | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 9 | |||||||||||||||||||||||||||||||||||
| Other segment (income) expense, net | 9 | (66) | (113) | (170) | (6) | (33) | (1) | 1 | (39) | |||||||||||||||||||||||||||||||||||
| Proportional share of refining gross margins contributed by equity affiliates | 26 | 20 | 15 | 61 | 21 | 22 | 24 | 25 | 92 | |||||||||||||||||||||||||||||||||||
| Special items: | ||||||||||||||||||||||||||||||||||||||||||||
| Certain tax impacts | — | — | — | — | — | — | — | (11) | (11) | |||||||||||||||||||||||||||||||||||
| Realized refining margins | 798 | 707 | 1,781 | 3,286 | 275 | 402 | 604 | 671 | 1,952 | |||||||||||||||||||||||||||||||||||
| Total processed inputs (MB) ¹ | 50,907 | 48,969 | 53,422 | 153,298 | 38,716 | 49,270 | 50,624 | 53,499 | 192,109 | |||||||||||||||||||||||||||||||||||
| Adjusted total processed inputs (MB) ¹ | 50,907 | 48,969 | 53,422 | 153,298 | 38,716 | 49,270 | 50,624 | 53,499 | 192,109 | |||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes ($/BBL) ² | 7.21 | 7.20 | 27.59 | 14.31 | (5.15) | 1.00 | 4.94 | 5.65 | 2.09 | |||||||||||||||||||||||||||||||||||
| Realized refining margins ($/BBL) ³ | 15.62 | 14.44 | 33.34 | 21.42 | 7.08 | 8.16 | 11.94 | 12.60 | 10.18 | |||||||||||||||||||||||||||||||||||
| GULF COAST | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 204 | 953 | 1,702 | 2,859 | (333) | 101 | 119 | 252 | 139 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income taxes | 29 | 25 | 26 | 80 | 35 | 24 | 26 | 23 | 108 | |||||||||||||||||||||||||||||||||||
| Depreciation, amortization and impairments | 66 | 67 | 98 | 231 | 72 | 67 | 66 | 66 | 271 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1 | 8 | 5 | 14 | 9 | 5 | 7 | 7 | 28 | |||||||||||||||||||||||||||||||||||
| Operating expenses | 298 | 247 | 292 | 837 | 381 | 257 | 256 | 268 | 1,162 | |||||||||||||||||||||||||||||||||||
| Other segment (income) expense, net | — | (2) | 1 | (1) | 1 | — | — | 1 | 2 | |||||||||||||||||||||||||||||||||||
| Special items: | ||||||||||||||||||||||||||||||||||||||||||||
| None | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Realized refining margins | 598 | 1,298 | 2,124 | 4,020 | 165 | 454 | 474 | 617 | 1,710 | |||||||||||||||||||||||||||||||||||
| Total processed inputs (MB) | 52,864 | 53,522 | 54,708 | 161,094 | 37,206 | 52,111 | 54,239 | 49,459 | 193,015 | |||||||||||||||||||||||||||||||||||
| Adjusted total processed inputs (MB) | 52,864 | 53,522 | 54,708 | 161,094 | 37,206 | 52,111 | 54,239 | 49,459 | 193,015 | |||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes ($/BBL) ² | 3.87 | 17.80 | 31.11 | 17.75 | (8.95) | 1.93 | 2.19 | 5.10 | 0.72 | |||||||||||||||||||||||||||||||||||
| Realized refining margins ($/BBL) ³ | 11.31 | 24.25 | 38.83 | 24.96 | 4.43 | 8.71 | 8.74 | 12.48 | 8.86 | |||||||||||||||||||||||||||||||||||
| CENTRAL CORRIDOR ⁴ | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | (418) | 1,599 | 2,568 | 3,749 | (50) | 392 | (580) | 671 | 433 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income taxes | 42 | 41 | 27 | 110 | 26 | 25 | 26 | 19 | 96 | |||||||||||||||||||||||||||||||||||
| Depreciation, amortization and impairments | 76 | 81 | 78 | 235 | 41 | 44 | 992 | 79 | 1,156 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 39 | (5) | 24 | 58 | 23 | 13 | 18 | 26 | 80 | |||||||||||||||||||||||||||||||||||
| Operating expenses | 574 | 530 | 515 | 1,619 | 148 | 146 | 162 | 496 | 952 | |||||||||||||||||||||||||||||||||||
| Equity in (earnings) losses of affiliates | — | — | — | — | 103 | — | (33) | — | 70 | |||||||||||||||||||||||||||||||||||
| Other segment (income) expense, net | 3 | (3) | (35) | (35) | (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 margins | 316 | 2,243 | 3,177 | 5,736 | 399 | 804 | 824 | 990 | 3,017 | |||||||||||||||||||||||||||||||||||
| Total processed inputs (MB) | 68,400 | 75,902 | 78,044 | 222,346 | 27,169 | 28,710 | 28,113 | 76,703 | 160,695 | |||||||||||||||||||||||||||||||||||
| Adjusted total processed inputs (MB) ¹ | 68,400 | 75,902 | 78,044 | 222,346 | 48,275 | 51,477 | 52,127 | 76,703 | 228,582 | |||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes ($/BBL) ² | (6.12) | 21.07 | 32.90 | 16.86 | (1.85) | 13.67 | (20.61) | 8.74 | 2.70 | |||||||||||||||||||||||||||||||||||
| Realized refining margins ($/BBL) ³ | 4.60 | 29.56 | 40.70 | 25.79 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| WEST COAST | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 55 | 158 | 287 | 500 | (355) | (183) | (307) | (403) | (1,248) | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income taxes | 15 | 6 | 15 | 36 | 27 | 25 | 21 | 3 | 76 | |||||||||||||||||||||||||||||||||||
| Depreciation, amortization and impairments | 16 | 16 | 16 | 48 | 288 | 282 | 281 | 279 | 1,130 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 3 | 10 | 8 | 21 | 8 | 6 | 8 | 9 | 31 | |||||||||||||||||||||||||||||||||||
| Operating expenses | 49 | 53 | 58 | 160 | 172 | 164 | 242 | 195 | 773 | |||||||||||||||||||||||||||||||||||
| Other segment (income) expense, net | (23) | 8 | (14) | (29) | 12 | 14 | 7 | 6 | 39 | |||||||||||||||||||||||||||||||||||
| Special items: | ||||||||||||||||||||||||||||||||||||||||||||
| None | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Realized refining margins | 115 | 251 | 370 | 736 | 152 | 308 | 252 | 89 | 801 | |||||||||||||||||||||||||||||||||||
| Total processed inputs (MB) | 8,630 | 8,467 | 9,914 | 27,011 | 21,362 | 21,914 | 20,403 | 9,804 | 73,483 | |||||||||||||||||||||||||||||||||||
| Adjusted total processed inputs (MB) | 8,630 | 8,467 | 9,914 | 27,011 | 21,362 | 21,914 | 20,403 | 9,804 | 73,483 | |||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes ($/BBL) ¹ | 6.41 | 18.69 | 28.91 | 18.52 | (16.60) | (8.37) | (15.06) | (41.08) | (16.99) | |||||||||||||||||||||||||||||||||||
| Realized refining margins ($/BBL) ² | 13.12 | 29.65 | 37.30 | 27.18 | 7.12 | 14.06 | 12.31 | 8.85 | 10.86 | |||||||||||||||||||||||||||||||||||
| WORLDWIDE ³ | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 208 | 3,062 | 6,031 | 9,301 | (937) | 359 | (518) | 822 | (274) | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Taxes other than income taxes | 106 | 88 | 96 | 290 | 110 | 94 | 90 | 63 | 357 | |||||||||||||||||||||||||||||||||||
| Depreciation, amortization and impairments | 217 | 222 | 249 | 688 | 457 | 446 | 1,395 | 477 | 2,775 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 52 | 25 | 55 | 132 | 46 | 32 | 40 | 52 | 170 | |||||||||||||||||||||||||||||||||||
| Operating expenses | 1,229 | 1,144 | 1,166 | 3,539 | 1,074 | 848 | 909 | 1,229 | 4,060 | |||||||||||||||||||||||||||||||||||
| Equity in (earnings) losses of affiliates | — | 1 | 1 | 2 | 105 | 2 | (31) | 3 | 79 | |||||||||||||||||||||||||||||||||||
| Other segment (income) expense, net | (11) | (63) | (161) | (235) | (5) | (47) | 7 | 11 | (34) | |||||||||||||||||||||||||||||||||||
| Proportional share of refining gross margins contributed by equity affiliates | 26 | 20 | 15 | 61 | 141 | 234 | 262 | 25 | 662 | |||||||||||||||||||||||||||||||||||
| Special items: | ||||||||||||||||||||||||||||||||||||||||||||
| Certain tax impacts | — | — | — | — | — | — | — | (11) | (11) | |||||||||||||||||||||||||||||||||||
| Legal settlement | — | — | — | — | — | — | — | (181) | (181) | |||||||||||||||||||||||||||||||||||
| Pending claims and settlements | — | — | — | — | — | — | — | (123) | (123) | |||||||||||||||||||||||||||||||||||
| Realized refining margins | 1,827 | 4,499 | 7,452 | 13,778 | 991 | 1,968 | 2,154 | 2,367 | 7,480 | |||||||||||||||||||||||||||||||||||
| Total processed inputs (MB) | 180,801 | 186,860 | 196,088 | 563,749 | 124,453 | 152,005 | 153,379 | 189,465 | 619,302 | |||||||||||||||||||||||||||||||||||
| Adjusted total processed inputs (MB) ¹ ⁴ | 180,801 | 186,860 | 196,088 | 563,749 | 145,559 | 174,772 | 177,393 | 189,465 | 687,189 | |||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes ($/BBL) ¹ | 1.15 | 16.39 | 30.76 | 16.50 | (7.53) | 2.36 | (3.38) | 4.34 | (0.44) | |||||||||||||||||||||||||||||||||||
| Realized refining margins ($/BBL) ² | 10.11 | 24.08 | 38.00 | 24.44 | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| WORLDWIDE ³ | ||||||||||||||||||||||||||||||||||||||||||||
| Turnaround expenses | 178 | 123 | 79 | 380 | 270 | 53 | 36 | 135 | 494 | |||||||||||||||||||||||||||||||||||
| Other operating expenses | 1,051 | 1,021 | 1,087 | 3,159 | 804 | 795 | 873 | 1,094 | 3,566 | |||||||||||||||||||||||||||||||||||
| Total operating expenses | 1,229 | 1,144 | 1,166 | 3,539 | 1,074 | 848 | 909 | 1,229 | 4,060 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 52 | 25 | 55 | 132 | 46 | 32 | 40 | 52 | 170 | |||||||||||||||||||||||||||||||||||
| Refining Controllable Costs | 1,281 | 1,169 | 1,221 | 3,671 | 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 | 19 | 57 | 173 | 161 | 163 | 19 | 516 | |||||||||||||||||||||||||||||||||||
| Total proportional share of equity affiliate operating and SG&A expenses ⁵ | 19 | 19 | 19 | 57 | 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 Costs | 1,300 | 1,164 | 1,240 | 3,704 | 1,320 | 1,032 | 1,135 | 1,265 | 4,752 | |||||||||||||||||||||||||||||||||||
| Total processed inputs (MB) | 180,801 | 186,860 | 196,088 | 563,749 | 124,453 | 152,005 | 153,379 | 189,465 | 619,302 | |||||||||||||||||||||||||||||||||||
| Adjusted total processed inputs (MB) ⁴ | 180,801 | 186,860 | 196,088 | 563,749 | 145,559 | 174,772 | 177,393 | 189,465 | 687,189 | |||||||||||||||||||||||||||||||||||
| Refining Controllable Costs ($/BBL) ⁶ | 7.08 | 6.26 | 6.22 | 6.51 | 9.00 | 5.79 | 6.18 | 6.76 | 6.83 | |||||||||||||||||||||||||||||||||||
| Refining turnaround expense ($/BBL) ⁶ | 0.98 | 0.66 | 0.40 | 0.67 | 2.17 | 0.35 | 0.23 | 0.71 | 0.80 | |||||||||||||||||||||||||||||||||||
| Refining controllable costs, excluding turnaround expense ($/BBL) ⁶ | 6.10 | 5.60 | 5.82 | 5.84 | 6.83 | 5.44 | 5.95 | 6.05 | 6.03 | |||||||||||||||||||||||||||||||||||
| Refining Adjusted Controllable Costs ($/BBL) ⁷ | 7.19 | 6.23 | 6.32 | 6.57 | 9.07 | 5.90 | 6.40 | 6.67 | 6.92 | |||||||||||||||||||||||||||||||||||
| Refining adjusted turnaround expense ($/BBL) ⁷ | 0.98 | 0.66 | 0.40 | 0.67 | 2.04 | 0.44 | 0.33 | 0.71 | 0.83 | |||||||||||||||||||||||||||||||||||
| Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL) ⁷ | 6.21 | 5.57 | 5.92 | 5.90 | 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 (LOSS) BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS | ||||||||||||||||||||||||||||||||||||||||||||
| Millions of Dollars, Except as Indicated | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| UNITED STATES | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | (200) | 217 | 117 | 134 | 111 | 429 | 34 | 230 | 804 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 12 | 14 | 13 | 39 | 13 | 12 | 11 | 12 | 48 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 229 | 271 | 278 | 778 | 203 | 202 | 460 | 223 | 1,088 | |||||||||||||||||||||||||||||||||||
| Equity in earnings of affiliates | (9) | (17) | (16) | (42) | (7) | (11) | (13) | (16) | (47) | |||||||||||||||||||||||||||||||||||
| Other operating revenues ¹ | (122) | (145) | (157) | (424) | (105) | (121) | (129) | (116) | (471) | |||||||||||||||||||||||||||||||||||
| Other (income) expense, net | 7 | 10 | 11 | 28 | 9 | 12 | 13 | (15) | 19 | |||||||||||||||||||||||||||||||||||
| Special items: | ||||||||||||||||||||||||||||||||||||||||||||
| None | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Realized marketing fuel margins | (83) | 350 | 246 | 513 | 224 | 523 | 376 | 318 | 1,441 | |||||||||||||||||||||||||||||||||||
| Total fuel sales volumes (MB) | 175,331 | 192,410 | 191,554 | 559,295 | 164,499 | 184,591 | 184,435 | 204,076 | 737,601 | |||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes ($/BBL) | (1.14) | 1.13 | 0.61 | 0.24 | 0.67 | 2.32 | 0.18 | 1.13 | 1.09 | |||||||||||||||||||||||||||||||||||
| Realized marketing fuel margins ($/BBL) ² | (0.47) | 1.82 | 1.29 | 0.92 | 1.36 | 2.83 | 2.04 | 1.55 | 1.95 | |||||||||||||||||||||||||||||||||||
| INTERNATIONAL | ||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | (69) | 232 | (67) | 96 | 1,117 | 56 | 155 | 2,073 | 3,401 | |||||||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 2 | 1 | 1 | 4 | 2 | 13 | 5 | 2 | 22 | |||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 9 | 8 | 7 | 24 | 65 | 72 | 63 | 62 | 262 | |||||||||||||||||||||||||||||||||||
| Equity in earnings of affiliates | (17) | (40) | (15) | (72) | (8) | (1) | (1) | — | (10) | |||||||||||||||||||||||||||||||||||
| Other operating revenues ¹ | (1) | (1) | (3) | (5) | (12) | (8) | (9) | (7) | (36) | |||||||||||||||||||||||||||||||||||
| Other expense, net | 1 | — | 3 | 4 | 3 | — | — | 4 | 7 | |||||||||||||||||||||||||||||||||||
| Special items: | ||||||||||||||||||||||||||||||||||||||||||||
| Net (gain) loss on asset dispositions | — | (110) | — | (110) | (1,017) | 89 | (15) | (1,978) | (2,921) | |||||||||||||||||||||||||||||||||||
| Marketing margins | (75) | 90 | (74) | (59) | 150 | 221 | 198 | 156 | 725 | |||||||||||||||||||||||||||||||||||
| Less: margin for nonfuel related sales | — | — | — | — | 14 | 18 | 15 | 10 | 57 | |||||||||||||||||||||||||||||||||||
| Realized marketing fuel margins | (75) | 90 | (74) | (59) | 136 | 203 | 183 | 146 | 668 | |||||||||||||||||||||||||||||||||||
| Total fuel sales volumes (MB) | 21,090 | 19,466 | 16,861 | 57,417 | 28,011 | 28,560 | 34,035 | 29,202 | 119,808 | |||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes ($/BBL) | (3.27) | 11.92 | (3.97) | 1.67 | 39.88 | 1.96 | 4.55 | 70.99 | 28.39 | |||||||||||||||||||||||||||||||||||
| Realized marketing fuel margins ($/BBL) ² | (3.53) | 4.63 | (4.41) | (1.02) | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| EFFECTIVE TAX RATES | ||||||||||||||||||||||||||||||||||||||||||||
| Income before income taxes | 260 | 4,971 | 7,108 | 12,339 | 648 | 1,120 | 199 | 3,453 | 5,420 | |||||||||||||||||||||||||||||||||||
| Special items | (9) | (45) | 29 | (25) | (1,064) | 167 | 1,174 | (2,118) | (1,841) | |||||||||||||||||||||||||||||||||||
| Adjusted income (loss) before income taxes | 251 | 4,926 | 7,137 | 12,314 | (416) | 1,287 | 1,373 | 1,335 | 3,579 | |||||||||||||||||||||||||||||||||||
| Income tax expense | 41 | 1,092 | 1,469 | 2,602 | 122 | 212 | 32 | 526 | 892 | |||||||||||||||||||||||||||||||||||
| Special items | (2) | 14 | 26 | 38 | (200) | 71 | 282 | (224) | (71) | |||||||||||||||||||||||||||||||||||
| Adjusted income tax expense (benefit) | 39 | 1,106 | 1,495 | 2,640 | (78) | 283 | 314 | 302 | 821 | |||||||||||||||||||||||||||||||||||
| Effective tax rate (%) ³ | 15.9 | % | 22.0 | % | 20.7 | % | 21.1 | % | 18.8 | % | 19.0 | % | 16.0 | % | 15.2 | % | 16.5 | % | ||||||||||||||||||||||||||
| Adjusted effective tax rate (%) ³ | 15.7 | % | 22.4 | % | 21.0 | % | 21.4 | % | 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 | ||||||||||||||||||||||||||||||||||||||||||||
| 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | YTD | |||||||||||||||||||||||||||||||||||
| Reference Page | ||||||||||||||||||||||||||||||||||||||||||||
| MIDSTREAM | ||||||||||||||||||||||||||||||||||||||||||||
| Transportation Volumes - Pipeline (MB/D) ¹ | 5 | 2,932 | 3,142 | 2,920 | 2,998 | 2,893 | 3,093 | 3,111 | 2,993 | 3,023 | ||||||||||||||||||||||||||||||||||
| Wellhead Volume (Bcf/D) ² | 5 | 4.4 | 4.5 | 4.6 | 4.5 | 4.1 | 4.2 | 4.3 | 4.4 | 4.3 | ||||||||||||||||||||||||||||||||||
| NGL Fractionated (MB/D) | 5 | 980 | 1,020 | 1,003 | 1,001 | 748 | 883 | 930 | 1,018 | 896 | ||||||||||||||||||||||||||||||||||
| CHEMICALS | ||||||||||||||||||||||||||||||||||||||||||||
| Global Olefins and Polyolefins Capacity Utilization (%) | 7 | 94 | % | 91 | % | 92 | % | 92 | % | 100 | % | 92 | % | 104 | % | 97 | % | 98 | % | |||||||||||||||||||||||||
| Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb) | 7 | 10.7 | 43.6 | 18.8 | 24.4 | 10.9 | 7.4 | 7.6 | 2.6 | 7.1 | ||||||||||||||||||||||||||||||||||
| REFINING | ||||||||||||||||||||||||||||||||||||||||||||
| Total Processed Inputs (MB/D) | 9 | 2,009 | 2,053 | 2,132 | 2,065 | 1,616 | 1,921 | 1,930 | 2,061 | 1,882 | ||||||||||||||||||||||||||||||||||
| Crude Oil Capacity Utilization (%) | 9 | 95 | % | 96 | % | 98 | % | 96 | % | 80 | % | 98 | % | 99 | % | 99 | % | 94 | % | |||||||||||||||||||||||||
| Clean Product Yield (%) | 9 | 87 | % | 86 | % | 86 | % | 86 | % | 87 | % | 86 | % | 86 | % | 88 | % | 87 | % | |||||||||||||||||||||||||
| Refining Adjusted Controllable Costs, Excluding Adjusted Turnaround Expense ($/bbl) ³ ⁶ | 16 | 6.21 | 5.57 | 5.92 | 5.90 | 7.03 | 5.46 | 6.07 | 5.96 | 6.09 | ||||||||||||||||||||||||||||||||||
| MARKETING AND SPECIALTIES | ||||||||||||||||||||||||||||||||||||||||||||
| Worldwide Refined Product Sales (MB/D) | 11 | 2,182 | 2,329 | 2,265 | 2,259 | 2,140 | 2,342 | 2,375 | 2,536 | 2,348 | ||||||||||||||||||||||||||||||||||
| RENEWABLE FUELS | ||||||||||||||||||||||||||||||||||||||||||||
| Total Renewable Fuels Produced (MB/D) | 12 | 40 | 53 | 47 | 47 | 44 | 40 | 36 | 32 | 38 | ||||||||||||||||||||||||||||||||||
| CORPORATE | ||||||||||||||||||||||||||||||||||||||||||||
| Cash Flow from Operations, Excluding Working Capital ³ | 4 | 699 | 4,317 | 6,185 | 11,201 | 259 | 1,920 | 1,920 | 2,044 | 6,143 | ||||||||||||||||||||||||||||||||||
| Returns to Shareholders % ³ ⁵ | 4 | 111 | % | 21 | % | 45 | % | 40 | % | 276 | % | 47 | % | 39 | % | 37 | % | 51 | % | |||||||||||||||||||||||||
| Net Debt-to-Capital Ratio (%) ⁴ | 13 | 43 | % | 33 | % | 26 | % | 26 | % | 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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