Phillips 66 (PSX) 8-K Phillips 66 Reports Fourth-Quarter Earnings of $163 Million

	Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
	Millions of Dollars
	2015										2016
	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*	22,778		28,512		25,792		21,893		98,975		17,409		21,849		21,624		23,397		84,279
Equity in earnings of affiliates	456		407		583		127		1,573		333		435		391		255		1,414
Net gain on dispositions	122		139		22		—		283		—		6		3		1		10
Other income	70		19		20		9		118		18		17		24		15		74
Total Revenues and Other Income	23,426		29,077		26,417		22,029		100,949		17,760		22,307		22,042		23,668		85,777
Costs and Expenses
Purchased crude oil and products	16,695		22,253		18,580		15,871		73,399		11,930		16,198		15,961		18,379		62,468
Operating expenses	1,094		1,043		1,083		1,074		4,294		1,023		994		1,061		1,197		4,275
Selling, general and administrative expenses	394		406		437		433		1,670		386		421		411		420		1,638
Depreciation and amortization	253		274		270		281		1,078		280		290		293		305		1,168
Impairments	—		2		1		4		7		—		2		2		1		5
Taxes other than income taxes*	3,462		3,549		3,610		3,456		14,077		3,461		3,594		3,424		3,209		13,688
Accretion on discounted liabilities	5		6		5		5		21		5		5		5		6		21
Interest and debt expense	86		79		71		74		310		86		83		81		88		338
Foreign currency transaction (gains) losses	49		—		1		(1	)	49		(7	)	—		(9	)	1		(15	)
Total Costs and Expenses	22,038		27,612		24,058		21,197		94,905		17,164		21,587		21,229		23,606		83,586
Income before income taxes	1,388		1,465		2,359		832		6,044		596		720		813		62		2,191
Provision for income taxes	391		440		767		166		1,764		198		204		277		(132	)	547
Net Income	997		1,025		1,592		666		4,280		398		516		536		194		1,644
Less: net income attributable to noncontrolling interests	10		13		14		16		53		13		20		25		31		89
Net Income Attributable to Phillips 66	987		1,012		1,578		650		4,227		385		496		511		163		1,555
* Includes excise taxes on petroleum products sales:	3,362		3,463		3,513		3,442		13,780		3,360		3,508		3,357		3,156		13,381
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.80		1.85		2.92		1.21		7.78		0.72		0.94		0.97		0.31		2.94
Diluted	1.79		1.84		2.90		1.20		7.73		0.72		0.93		0.96		0.31		2.92
Average Common Shares Outstanding (in thousands)
Basic	548,200		544,617		540,357		536,399		542,355		531,739		528,247		525,991		524,200		527,531
Diluted	552,337		548,926		544,696		540,245		546,977		534,709		531,060		528,798		526,279		530,066
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream	67		(78	)	101		(77	)	13		65		39		75		(1	)	178
Chemicals	203		295		252		212		962		156		190		101		136		583
Refining	538		604		1,003		410		2,555		86		149		177		(38	)	374
Marketing and Specialties	304		314		338		231		1,187		205		229		267		190		891
Corporate and Other	(125	)	(123	)	(116	)	(126	)	(490	)	(127	)	(111	)	(109	)	(124	)	(471	)
Consolidated	987		1,012		1,578		650		4,227		385		496		511		163		1,555
SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream	116		(99	)	173		(43	)	147		121		84		141		56		402
Chemicals	291		416		360		248		1,315		228		264		176		171		839
Refining	764		932		1,488		475		3,659		127		207		274		(172	)	436
Marketing and Specialties	406		410		514		322		1,652		315		345		400		201		1,261
Corporate and Other	(189	)	(194	)	(176	)	(170	)	(729	)	(195	)	(180	)	(178	)	(194	)	(747	)
Consolidated	1,388		1,465		2,359		832		6,044		596		720		813		62		2,191
EFFECTIVE TAX RATES
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream	32.8	%	37.4	%	32.9	%	(34.9	)%	49.7	%	33.9	%	26.2	%	27.0	%	37.5	%	30.3	%
Chemicals	30.2	%	29.1	%	30.0	%	14.5	%	26.8	%	31.6	%	28.0	%	42.6	%	20.5	%	30.5	%
Refining	29.6	%	35.2	%	32.6	%	13.7	%	30.2	%	32.3	%	28.0	%	35.4	%	77.9	%	14.2	%
Marketing and Specialties	25.1	%	23.4	%	34.2	%	28.3	%	28.1	%	34.9	%	33.6	%	33.3	%	5.5	%	29.3	%
Corporate and Other	33.3	%	35.1	%	33.5	%	24.1	%	31.7	%	33.8	%	36.7	%	37.1	%	33.5	%	35.2	%
Consolidated	28.2	%	30.0	%	32.5	%	20.0	%	29.2	%	33.2	%	28.3	%	34.1	%	(212.9	)%	25.0	%
SUMMARY OF ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation	65		65		77		78		285		72		65		63		44		244
DCP Midstream	(12	)	(25	)	(18	)	(34	)	(89	)	(21	)	(9	)	9		(6	)	(27	)
NGL	14		8		32		(2	)	52		(11	)	(17	)	3		(5	)	(30	)
Total Midstream	67		48		91		42		248		40		39		75		33		187
Chemicals	203		295		272		182		952		156		190		190		124		660
Refining
Atlantic Basin/Europe	75		90		193		97		455		4		35		5		98		142
Gulf Coast	71		83		285		147		586		68		5		(13	)	(51	)	9
Central Corridor	195		216		372		121		904		20		55		142		19		236
West Coast	154		215		202		11		582		(6	)	57		—		(161	)	(110	)
Total Refining	495		604		1,052		376		2,527		86		152		134		(95	)	277
Marketing and Specialties
Marketing and Other	144		134		291		198		767		162		199		228		114		703
Specialties	50		48		53		29		180		43		30		39		26		138
Total Marketing and Specialties	194		182		344		227		947		205		229		267		140		841
Corporate and Other	(125	)	(127	)	(112	)	(117	)	(481	)	(127	)	(111	)	(110	)	(119	)	(467	)
Consolidated	834		1,002		1,647		710		4,193		360		499		556		83		1,498

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SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66
(AFTER-TAX)
	Millions of Dollars
	2015									2016
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Asset dispositions	—	—		18		—		18		—		—		—		—		—
Pending claims and settlements	—	—		—		—		—		29		—		—		—		29
Impairments by equity affiliates	—	(126	)	(2	)	(104	)	(232	)	(4	)	—		—		—		(4	)
Pension settlement expenses	—	—		(6	)	—		(6	)	—		—		—		—		—
Certain tax impacts	—	—		—		(15	)	(15	)	—		—		—		(13	)	(13	)
Equity affiliate ownership restructuring	—	—		—		—		—		—		—		—		(21	)	(21	)
Total Midstream	—	(126	)	10		(119	)	(235	)	25		—		—		(34	)	(9	)
Chemicals
Impairments by equity affiliates	—	—		(20	)	(4	)	(24	)	—		—		(89	)	—		(89	)
Certain tax impacts	—	—		—		34		34		—		—		—		12		12
Total Chemicals	—	—		(20	)	30		10		—		—		(89	)	12		(77	)
Refining
Asset dispositions	5	—		—		—		5		—		—		—		—		—
Pending claims and settlements	—	—		(19	)	—		(19	)	—		—		43		—		43
Lower-of-cost-or-market inventory adjustments	—	—		—		(33	)	(33	)	—		—		—		—		—
Pension settlement expenses	—	—		(30	)	(2	)	(32	)	—		—		—		—		—
Certain tax impacts	38	—		—		69		107		—		16		—		82		98
Recognition of deferred logistics commitments	—	—		—		—		—		—		(19	)	—		—		(19	)
Railcar lease residual value deficiencies and related costs	—	—		—		—		—		—		—		—		(25	)	(25	)
Total Refining	43	—		(49	)	34		28		—		(3	)	43		57		97
Marketing and Specialties
Asset dispositions	110	132		—		—		242		—		—		—		—		—
Pension settlement expenses	—	—		(6	)	(1	)	(7	)	—		—		—		—		—
Certain tax impacts	—	—		—		5		5		—		—		—		50		50
Total Marketing and Specialties	110	132		(6	)	4		240		—		—		—		50		50
Corporate and Other
Pending claims and settlements	—	—		—		—		—		—		—		1		—		1
Pension settlement expenses	—	—		(4	)	—		(4	)	—		—		—		—		—
Certain tax impacts	—	4		—		(9	)	(5	)	—		—		—		(5	)	(5	)
Total Corporate and Other	—	4		(4	)	(9	)	(9	)	—		—		1		(5	)	(4	)
Total Phillips 66	153	10		(69	)	(60	)	34		25		(3	)	(45	)	80		57
By Business Lines/Regions
Midstream
Transportation	—	—		—		3		3		—		—		—		2		2
DCP Midstream	—	(126	)	16		(125	)	(235	)	25		—		—		(31	)	(6	)
NGL	—	—		(6	)	3		(3	)	—		—		—		(5	)	(5	)
Total Midstream	—	(126	)	10		(119	)	(235	)	25		—		—		(34	)	(9	)
Refining
Atlantic Basin/Europe	38	—		(13	)	89		114		—		(3	)	—		65		62
Gulf Coast	—	—		(16	)	(19	)	(35	)	—		—		43		—		43
Central Corridor	—	—		(12	)	(35	)	(47	)	—		—		—		(2	)	(2	)
West Coast	5	—		(8	)	(1	)	(4	)	—		—		—		(6	)	(6	)
Total Refining	43	—		(49	)	34		28		—		(3	)	43		57		97
Marketing and Specialties
Marketing and Other	110	132		(6	)	1		237		—		—		—		44		44
Specialties	—	—		—		3		3		—		—		—		6		6
Total Marketing and Specialties	110	132		(6	)	4		240		—		—		—		50		50
SPECIAL ITEMS INCLUDED IN INCOME BEFORE TAXES
(PRE-TAX)
	Millions of Dollars
	2015									2016
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Asset dispositions	—	—		30		—		30		—		—		—		—		—
Pending claims and settlements	—	—		—		—		—		45		—		—		—		45
Impairments by equity affiliates	—	(194	)	(4	)	(168	)	(366	)	(6	)	—		—		—		(6	)
Pension settlement expenses	—	—		(9	)	—		(9	)	—		—		—		—		—
Equity affiliate ownership restructuring	—	—		—		—		—		—		—		—		(33	)	(33	)
Total Midstream	—	(194	)	17		(168	)	(345	)	39		—		—		(33	)	6
Chemicals
Impairments by equity affiliates	—	—		(20	)	(4	)	(24	)	—		—		(89	)	—		(89	)
Total Chemicals	—	—		(20	)	(4	)	(24	)	—		—		(89	)	—		(89	)
Refining
Asset dispositions	8	—		—		—		8		—		—		—		—		—
Pending claims and settlements	—	—		(30	)	—		(30	)	—		—		70		—		70
Lower-of-cost-or-market inventory adjustments	—	—		—		(53	)	(53	)	—		—		—		—		—
Pension settlement expenses	—	—		(49	)	(4	)	(53	)	—		—		—		—		—
Certain tax impacts	—	—		—		—		—		—		—		—		32		32
Recognition of deferred logistics commitments	—	—		—		—		—		—		(30	)	—		—		(30	)
Railcar lease residual value deficiencies and related costs	—	—		—		—		—		—		—		—		(40	)	(40	)
Total Refining	8	—		(79	)	(57	)	(128	)	—		(30	)	70		(8	)	32
Marketing and Specialties
Asset dispositions	110	132		—		—		242		—		—		—		—		—
Pension settlement expenses	—	—		(10	)	(1	)	(11	)	—		—		—		—		—
Total Marketing and Specialties	110	132		(10	)	(1	)	231		—		—		—		—		—
Corporate and Other
Pending claims and settlements	—	—		—		—		—		—		—		2		—		2
Pension settlement expenses	—	—		(7	)	—		(7	)	—		—		—		—		—
Certain tax impacts	—	5		—		4		9		—		—		—		—		—
Total Corporate and Other	—	5		(7	)	4		2		—		—		2		—		2
Total Phillips 66	118	(57	)	(99	)	(226	)	(264	)	39		(30	)	(17	)	(41	)	(49	)
By Business Lines/Regions
Midstream
Transportation	—	—		—		—		—		—		—		—		—		—
DCP Midstream	—	(194	)	26		(168	)	(336	)	39		—		—		(33	)	6
NGL	—	—		(9	)	—		(9	)	—		—		—		—		—
Total Midstream	—	(194	)	17		(168	)	(345	)	39		—		—		(33	)	6
Refining
Atlantic Basin/Europe	—	—		(21	)	(2	)	(23	)	—		(30	)	—		27		(3	)
Gulf Coast	—	—		(26	)	(2	)	(28	)	—		—		70		(16	)	54
Central Corridor	—	—		(18	)	(53	)	(71	)	—		—		—		(11	)	(11	)
West Coast	8	—		(14	)	—		(6	)	—		—		—		(8	)	(8	)
Total Refining	8	—		(79	)	(57	)	(128	)	—		(30	)	70		(8	)	32
Marketing and Specialties
Marketing and Other	110	132		(10	)	(1	)	231		—		—		—		—		—
Specialties	—	—		—		—		—		—		—		—		—		—
Total Marketing and Specialties	110	132		(10	)	(1	)	231		—		—		—		—		—

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CASH FLOW INFORMATION
	Millions of Dollars
	2015										2016
	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	997		1,025		1,592		666		4,280		398		516		536		194		1,644
Depreciation and amortization	253		274		270		281		1,078		280		290		293		305		1,168
Impairments	—		2		1		4		7		—		2		2		1		5
Accretion on discounted liabilities	5		6		5		5		21		5		5		5		6		21
Deferred taxes	(6	)	(75	)	(44	)	654		529		154		37		276		145		612
Undistributed equity earnings	(337	)	662		(308	)	168		185		(166	)	(349	)	(257	)	(43	)	(815	)
Net gain on dispositions	(122	)	(139	)	(22	)	—		(283	)	—		(6	)	(3	)	(1	)	(10	)
Other	90		4		(24	)	47		117		51		65		(308	)	29		(163	)
Net working capital changes	472		(332	)	(33	)	(328	)	(221	)	(464	)	595		339		31		501
Net Cash Provided by Operating Activities	1,352		1,427		1,437		1,497		5,713		258		1,155		883		667		2,963
Cash Flows From Investing Activities
Capital expenditures and investments	(1,081	)	(1,213	)	(992	)	(2,478	)	(5,764	)	(750	)	(620	)	(661	)	(813	)	(2,844	)
Proceeds from asset dispositions*	(9	)	4		73		2		70		5		10		144		(3	)	156
Advances/loans—related parties	(50	)	—		—		—		(50	)	(75	)	(107	)	(84	)	(166	)	(432	)
Collection of advances/loans—related parties	—		50		—		—		50		—		—		107		1		108
Other	102		(55	)	(45	)	(46	)	(44	)	(42	)	(33	)	(57	)	(14	)	(146	)
Net Cash Used in Investing Activities	(1,038	)	(1,214	)	(964	)	(2,522	)	(5,738	)	(862	)	(750	)	(551	)	(995	)	(3,158	)
Cash Flows From Financing Activities
Issuance of debt	1,169		—		—		—		1,169		50		100		250		1,690		2,090
Repayment of debt	(895	)	(9	)	(14	)	(8	)	(926	)	(100	)	(66	)	(252	)	(415	)	(833	)
Issuance of common stock	(25	)	—		(2	)	8		(19	)	(31	)	2		(1	)	18		(12	)
Repurchase of common stock	(399	)	(334	)	(373	)	(406	)	(1,512	)	(391	)	(242	)	(179	)	(230	)	(1,042	)
Dividends paid on common stock	(272	)	(302	)	(300	)	(298	)	(1,172	)	(296	)	(329	)	(329	)	(328	)	(1,282	)
Distributions to noncontrolling interests	(6	)	(14	)	(10	)	(16	)	(46	)	(11	)	(17	)	(17	)	(30	)	(75	)
Net proceeds from issuance of Phillips 66 Partners LP common units	384		—		—		—		384		—		669		303		—		972
Other	(14	)	16		—		3		5		(4	)	15		(5	)	(2	)	4
Net Cash Used in Financing Activities	(58	)	(643	)	(699	)	(717	)	(2,117	)	(783	)	132		(230	)	703		(178	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(73	)	129		(41	)	(6	)	9		36		(28	)	3		(1	)	10
Net Change in Cash and Cash Equivalents	183		(301	)	(267	)	(1,748	)	(2,133	)	(1,351	)	509		105		374		(363	)
Cash and cash equivalents at beginning of period	5,207		5,390		5,089		4,822		5,207		3,074		1,723		2,232		2,337		3,074
Cash and Cash Equivalents at End of Period	5,390		5,089		4,822		3,074		3,074		1,723		2,232		2,337		2,711		2,711
*Includes return of investments in equity affiliates and working capital true-ups on dispositions.
CAPITAL PROGRAM
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Consolidated Capital Expenditures and Investments
Midstream	769		899		700		2,089		4,457		446		284		315		408		1,453
Chemicals	—		—		—		—		—		—		—		—		—		—
Refining	274		268		233		294		1,069		261		277		289		322		1,149
Marketing and Specialties	24		30		32		36		122		15		22		26		35		98
Corporate and Other	14		16		27		59		116		28		37		31		48		144
Total Consolidated	1,081		1,213		992		2,478		5,764		750		620		661		813		2,844
Proportional Share of Select Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)	157		149		71		61		438		35		20		21		23		99
CPChem (Chemicals)	249		259		331		480		1,319		247		294		205		241		987
WRB Refining (Refining)	35		36		47		57		175		37		43		36		48		164
Select Equity Affiliates	441		444		449		598		1,932		319		357		262		312		1,250
Total Capital Program*
Midstream	926		1,048		771		2,150		4,895		481		304		336		431		1,552
Chemicals	249		259		331		480		1,319		247		294		205		241		987
Refining	309		304		280		351		1,244		298		320		325		370		1,313
Marketing and Specialties	24		30		32		36		122		15		22		26		35		98
Corporate and Other	14		16		27		59		116		28		37		31		48		144
Total Capital Program	1,522		1,657		1,441		3,076		7,696		1,069		977		923		1,125		4,094
* Includes Phillips 66’s portion of self-funded capital spending by DCP Midstream, LLC (DCP Midstream), Chevron Phillips Chemical Company LLC (CPChem)
and WRB Refining.

Page 3

MIDSTREAM
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream Net Income (Loss) Attributable to Phillips 66 ($ Millions)
Transportation	65		65		77		81		288		72		65		63		46		246
DCP Midstream	(12	)	(151	)	(2	)	(159	)	(324	)	4		(9	)	9		(37	)	(33	)
NGL	14		8		26		1		49		(11	)	(17	)	3		(10	)	(35	)
Midstream Net Income (Loss) Attributable to Phillips 66	67		(78	)	101		(77	)	13		65		39		75		(1	)	178
Midstream Income (Loss) before Income Taxes ($ Millions)
Transportation	113		115		129		134		491		123		116		112		90		441
DCP Midstream	(17	)	(233	)	(3	)	(210	)	(463	)	7		(14	)	14		(41	)	(34	)
NGL	20		19		47		33		119		(9	)	(18	)	15		7		(5	)
Midstream Income (Loss) before Income Taxes	116		(99	)	173		(43	)	147		121		84		141		56		402
Midstream Adjusted EBITDA ($ Millions)
Transportation and NGL	143		144		198		188		673		144		120		148		115		527
DCP Midstream	56		33		47		34		170		44		64		97		69		274
Midstream Adjusted EBITDA	199		177		245		222		843		188		184		245		184		801
Depreciation and Amortization ($ Millions)
Transportation	25		27		31		31		114		30		32		36		33		131
DCP Midstream	—		—		—		—		—		—		—		—		—		—
NGL	1		—		2		10		13		18		18		20		28		84
Total	26		27		33		41		127		48		50		56		61		215
Operating and SG&A Expense ($ Millions)
Transportation	124		117		113		124		478		122		136		145		153		556
DCP Midstream	—		—		1		—		1		(1	)	—		(1	)	(1	)	(3	)
NGL	32		25		34		36		127		45		45		38		49		177
Total	156		142		148		160		606		166		181		182		201		730
Transportation Volumes (MB/D)
Pipelines*	3,145		3,290		3,239		3,381		3,264		3,488		3,638		3,495		3,424		3,511
Terminals**	1,983		1,969		2,021		1,953		1,981		2,209		2,442		2,417		2,619		2,422
* Pipelines represent the sum of volumes transported through each separately tariffed pipeline segment,
including our share of equity volumes in Yellowstone and Lake Charles pipelines.
** Terminals include Bayway and Ferndale crude oil rail rack volumes.
PSX Other Volumes
NGL Fractionated (MB/D)*	108		108		110		123		112		161		174		173		172		170
* Excludes DCP Midstream.
100% DCP Midstream Results
Net Income Attributable, excludes parent company income tax related to DCP's earnings ($ Millions)*	(37	)	(466	)	(6	)	(433	)	(942	)	24		(29	)	25		(83	)	(63	)
* Q4 2015 revised.
Depreciation and Amortization ($ Millions)	91		94		93		99		377		95		95		94		94		378
Operating and SG&A Expense ($ Millions)	236		240		275		277		1,028		245		241		204		281		971
Net Interest Expense ($ Millions)*	76		79		85		80		320		79		79		78		86		322
* Net of interest income.
Capital Expenditures and Investments ($ Millions)	314		297		143		121		875		69		41		41		46		197
Selected DCP Volumes and Gross Margin
by Major Contract Type (excludes current quarter)
Percentage of Proceeds (long NGL / long Gas)*
Volume (TBtu/d)	5.6		5.6		5.7		5.6		5.6		5.5		5.5		5.4		**		5.5
Gross Margin ($ Millions)	130		125		120		115		490		100		120		140		**		360
Keep-whole (long NGL / short Gas)*
Volume (TBtu/d)	0.3		0.3		0.3		0.2		0.3		0.2		0.2		0.1		**		0.2
Gross Margin ($ Millions)	10		10		5		5		30		5		10		5		**		20
Fee-based Gas (primarily gathering and transport)*
Volume (TBtu/d)	4.7		4.7		4.9		4.8		4.8		4.6		4.4		4.7		**		4.6
Gross Margin ($ Millions)	95		105		110		135		445		125		130		145		**		400
Fee-based NGL Transport and Fractionation
Volume (MB/d)	320		339		354		411		356		449		494		497		**		480
Gross Margin ($ Millions)	36		44		47		58		185		65		69		72		**		206
Other Gross Margin***
Gross Margin ($ Millions)	118		94		162		116		490		99		72		79		**		250
Total Throughput (TBtu/d)	7.1		7.0		7.3		7.1		7.1		6.9		6.7		6.4		6.1		6.5
NGL Production (MB/d)	399		408		421		410		410		382		416		403		371		393
* Certain volumes earn duplicate revenue streams (i.e. both fee plus processing economics).
** Pending DCP Midstream release.
*** Includes NGL/Propane Marketing, MTM, Condensate Sales, Gas Marketing activity and other items.
Weighted Average NGL Price*
DCP Midstream ($/BBL)	20.57		19.99		17.57		17.66		18.95		15.34		19.26		18.98		23.19		19.19
DCP Midstream ($/gal)	0.49		0.48		0.42		0.42		0.45		0.37		0.46		0.45		0.55		0.46
* Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix.
MLP Distributions ($ Millions)*
GP Distribution from PSXP to Phillips 66	6		9		11		13		39		16		21		26		28		91
LP Distribution from PSXP to Phillips 66	22		23		24		27		96		28		30		34		36		128
GP Distribution from DPM to DCP Midstream***	31		31		31		31		124		31		31		31		**		93
LP Distribution from DPM to DCP Midstream***	19		19		19		19		76		19		19		19		**		57
* Cash distributions declared attributable to general partner interest, common unit ownership and incentive
distribution rights. These distributions are eliminated in the respective sponsors consolidated financial statements.
** Pending DCP Midstream release.
*** Represents 100 percent of DCP Midstream's distributions from DPM.

Page 4

CHEMICALS
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Chemicals Net Income Attributable to Phillips 66 ($ Millions)	203		295		252		212		962		156		190		101		136		583
Chemicals Adjusted EBITDA ($ Millions)	380		507		473		341		1,701		319		363		356		260		1,298
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings ($ Millions)
Olefins and Polyolefins	530		769		737		499		2,535		422		478		460		290		1,650
Specialties, Aromatics and Styrenics	69		93		4		19		185		49		64		(90	)	63		86
Corporate and Other	(12	)	(28	)	(11	)	(18	)	(69	)	(12	)	(13	)	(15	)	(9	)	(49	)
Total	587		834		730		500		2,651		459		529		355		344		1,687
Income (Loss) before Income Taxes ($ Millions)
Olefins and Polyolefins	542		780		750		510		2,582		432		493		471		291		1,687
Specialties, Aromatics and Styrenics	77		100		10		23		210		56		72		(86	)	71		113
Corporate and Other	(12	)	(28	)	(9	)	(18	)	(67	)	(12	)	(13	)	(13	)	(9	)	(47	)
Total	607		852		751		515		2,725		476		552		372		353		1,753
Depreciation and Amortization ($ Millions)	76		74		75		81		306		77		77		79		83		316
Net Interest Expense ($ Millions)*	—		(1	)	(1	)	—		(2	)	—		—		(1	)	—		(1	)
* Net of interest income.
Investing Cash Flows ($ Millions)
Capital Expenditures and Investments	498		518		661		960		2,637		493		588		411		482		1,974
Advances to Equity Companies	10		23		22		20		75		14		23		10		6		53
Advance Repayments from Equity Companies	—		—		—		(18	)	(18	)	—		(6	)	(26	)	(31	)	(63	)
Externally Marketed Sales Volumes (MM Lbs)*
Olefins and Polyolefins	4,019		4,258		4,446		4,193		16,916		4,002		4,139		4,155		3,715		16,011
Specialties, Aromatics and Styrenics	1,482		1,356		1,259		1,204		5,301		1,254		1,212		1,284		1,161		4,911
Total	5,501		5,614		5,705		5,397		22,217		5,256		5,351		5,439		4,876		20,922
* Represents 100 percent of CPChem's outside sales of produced petrochemical products, as well as commission sales from equity affiliates.
Olefins and Polyolefins Capacity Utilization (%)*	88	%	91	%	94	%	94	%	92	%	94	%	92	%	93	%	86	%	91	%
* Revised to exclude polyethylene pipe operations. Prior periods recasted for comparability.
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)	38.04		37.88		29.18		24.44		32.39		23.95		27.99		33.11		30.11		28.79
HDPE Blow Molding, Domestic Spot (cents/lb)	52.75		58.83		58.42		54.00		56.00		47.42		52.58		54.17		54.67		52.21
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	10.25		9.67		9.64		10.91		10.12		9.80		12.04		10.59		14.31		11.69
HDPE Blow Molding, Total Cash Cost (cents/lb)	50.97		50.73		41.91		36.90		45.13		36.50		40.60		45.95		42.96		41.50
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	29.57		36.31		36.05		30.63		33.14		25.07		27.93		30.74		27.51		27.81
* Source: IHS, Inc.

Page 5

REFINING
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Refining Net Income (Loss) Attributable to Phillips 66 ($ Millions)
Atlantic Basin/Europe	113		90		180		186		569		4		32		5		163		204
Gulf Coast	71		83		269		128		551		68		5		30		(51	)	52
Central Corridor	195		216		360		86		857		20		55		142		17		234
West Coast	159		215		194		10		578		(6	)	57		—		(167	)	(116	)
Refining Net Income (Loss) Attributable to Phillips 66	538		604		1,003		410		2,555		86		149		177		(38	)	374
Refining Income (Loss) before Income Taxes ($ Millions)
Atlantic Basin/Europe	108		130		228		88		554		3		14		4		166		187
Gulf Coast	109		127		416		237		889		107		7		51		(95	)	70
Central Corridor	301		347		546		132		1,326		32		96		220		19		367
West Coast	246		328		298		18		890		(15	)	90		(1	)	(262	)	(188	)
Refining Income (Loss) before Income Taxes	764		932		1,488		475		3,659		127		207		274		(172	)	436
Refining Adjusted EBITDA ($ Millions)	996		1,176		1,816		786		4,774		376		497		457		100		1,430
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	9.94		10.45		10.27		7.18		9.39		5.79		6.15		5.04		8.19		6.26
Gulf Coast	10.59		7.38		10.72		8.59		9.29		6.76		5.18		5.47		4.61		5.49
Central Corridor	13.86		13.49		20.97		11.43		14.88		7.41		8.65		11.18		7.50		8.70
West Coast	16.54		19.87		18.29		12.51		16.86		9.70		10.94		9.07		6.30		9.15
Worldwide	12.26		11.70		13.96		9.41		11.84		7.11		7.13		7.23		6.47		6.99
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. Realized margin excludes special items.
Depreciation and Amortization ($ Millions)*
Atlantic Basin/Europe	45		48		51		53		197		47		54		46		52		199
Gulf Coast	54		56		57		58		225		57		58		58		61		234
Central Corridor	25		25		25		26		101		26		26		26		28		106
West Coast	53		54		54		54		215		56		58		58		58		230
Total	177		183		187		191		738		186		196		188		199		769
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense ($ Millions)*
Atlantic Basin/Europe	261		287		265		249		1,062		236		223		215		207		881
Gulf Coast	386		299		320		296		1,301		286		311		344		344		1,285
Central Corridor	113		108		138		123		482		114		119		126		137		496
West Coast	217		244		256		303		1,020		250		202		233		343		1,028
Total	977		938		979		971		3,865		886		855		918		1,031		3,690
* Excludes Operating and SG&A Expense of all equity affiliates.
Turnaround Expense ($ Millions), included in
Operating and SG&A Expense*
Atlantic Basin/Europe	36		89		21		15		161		26		10		17		20		73
Gulf Coast	114		8		7		16		145		23		26		55		51		155
Central Corridor	6		1		10		16		33		10		17		18		15		60
West Coast	17		46		31		83		177		56		16		27		119		218
Total	173		144		69		130		516		115		69		117		205		506
* Excludes Turnaround Expense of all equity affiliates.
Taxes Other than Income Taxes, excluding Excise Taxes ($ Millions)
Atlantic Basin/Europe	16		14		14		14		58		17		15		13		13		58
Gulf Coast	23		18		18		17		76		23		21		12		17		73
Central Corridor	11		10		11		10		42		13		12		7		10		42
West Coast	23		21		22		20		86		22		20		21		19		82
Total	73		63		65		61		262		75		68		53		59		255
Foreign Currency Gains (Losses) After-Tax ($ Millions)	(37	)	3		(1	)	1		(34	)	5		—		5		—		10
Refining—Equity Affiliate Information ($ Millions)
Equity in earnings of affiliates	97		140		112		(24	)	325		(9	)	80		68		24		163
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*	(266	)	(303	)	(298	)	(186	)	(1,053	)	(146	)	(229	)	(145	)	(165	)	(685	)
Equity-affiliate-related expenses not included in Realized Refining Margins	(169	)	(163	)	(186	)	(210	)	(728	)	(155	)	(149	)	(77	)	(141	)	(522	)
Regional Totals
Atlantic Basin/Europe	(28	)	(30	)	(19	)	(16	)	(93	)	(18	)	(17	)	(16	)	(12	)	(63	)
Gulf Coast	11		3		7		13		34		14		17		77		15		123
Central Corridor	(152	)	(136	)	(174	)	(207	)	(669	)	(151	)	(149	)	(138	)	(144	)	(582	)
Total	(169	)	(163	)	(186	)	(210	)	(728	)	(155	)	(149	)	(77	)	(141	)	(522	)
* Other costs associated with equity affiliates which do not flow through equity earnings.

Page 6

REFINING (continued)
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	514		475		570		596		539		577		594		573		529		568
Total Charge Input (MB/D)	567		524		611		627		583		607		626		607		570		602
Crude Oil Capacity Utilization (%)	87	%	81	%	97	%	101	%	92	%	98	%	101	%	100	%	102	%	100	%
Clean Product Yield (%)	86	%	84	%	84	%	86	%	85	%	83	%	84	%	85	%	89	%	85	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)	528		662		735		688		654		679		738		701		701		704
Total Charge Input (MB/D)	590		738		816		756		726		748		807		770		775		775
Crude Oil Capacity Utilization (%)	72	%	90	%	100	%	93	%	89	%	91	%	99	%	94	%	94	%	95	%
Clean Product Yield (%)	76	%	79	%	79	%	83	%	79	%	79	%	80	%	81	%	82	%	80	%
Central Corridor*			��
Crude Oil Charge Input (MB/D)	460		495		448		456		465		472		500		487		479		485
Total Charge Input (MB/D)	483		512		465		476		484		491		514		505		498		502
Crude Oil Capacity Utilization (%)	94	%	101	%	91	%	93	%	95	%	96	%	101	%	99	%	97	%	98	%
Clean Product Yield (%)	87	%	88	%	87	%	89	%	88	%	88	%	89	%	86	%	89	%	88	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)	327		337		346		312		330		323		348		344		257		318
Total Charge Input (MB/D)	357		358		375		343		358		351		370		372		287		345
Crude Oil Capacity Utilization (%)	91	%	94	%	96	%	87	%	92	%	90	%	97	%	96	%	71	%	88	%
Clean Product Yield (%)	87	%	84	%	86	%	84	%	85	%	81	%	87	%	88	%	86	%	85	%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,829		1,969		2,099		2,052		1,988		2,051		2,180		2,105		1,966		2,075
Total Charge Input (MB/D)	1,997		2,132		2,267		2,202		2,151		2,197		2,317		2,254		2,130		2,224
Crude Oil Capacity Utilization (%)	84	%	90	%	96	%	94	%	91	%	94	%	100	%	97	%	93	%	96	%
Clean Product Yield (%)	84	%	83	%	83	%	85	%	84	%	82	%	84	%	84	%	86	%	84	%
Refined Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	235		224		248		251		239		249		256		252		250		252
Distillates	238		200		251		271		240		241		250		246		239		244
Other	100		102		115		112		108		121		123		113		89		111
Total	573		526		614		634		587		611		629		611		578		607
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline	211		288		318		311		282		286		321		309		321		309
Distillates	216		271		302		288		269		277		306		291		293		292
Other	174		183		206		163		182		192		190		176		169		182
Total	601		742		826		762		733		755		817		776		783		783
Central Corridor*
Gasoline	240		260		232		246		245		254		270		250		260		258
Distillates	178		189		169		174		178		175		185		183		183		181
Other	69		64		64		58		63		65		65		77		59		67
Total	487		513		465		478		486		494		520		510		502		506
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline	169		173		184		160		172		161		185		189		142		169
Distillates	140		129		137		129		134		123		137		137		105		126
Other	52		54		54		54		53		66		49		48		38		50
Total	361		356		375		343		359		350		371		374		285		345
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	855		945		982		968		938		950		1,032		1,000		973		988
Distillates	772		789		859		862		821		816		878		857		820		843
Other	395		403		439		387		406		444		427		414		355		410
Total	2,022		2,137		2,280		2,217		2,165		2,210		2,337		2,271		2,148		2,241
Certain 2015 refined product production and yield information have been recast to conform to the 2016 presentation.

Page 7

REFINING (continued)
	2015					2016
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Market Indicators
Crude and Crude Differentials ($/BBL)
WTI	48.55	57.84	46.37	42.10	48.72	33.27	45.48	44.88	49.18	43.20
Brent	53.97	61.92	50.26	43.69	52.46	33.89	45.57	45.85	49.46	43.69
LLS	52.83	62.95	50.13	43.57	52.37	35.14	47.34	46.53	50.54	44.88
ANS	53.68	62.91	51.44	43.79	52.96	34.46	45.72	44.78	50.14	43.77
WTI less Maya	4.43	2.52	3.81	7.73	4.62	7.21	7.70	5.86	6.38	6.79
WTI less WCS	13.66	9.74	15.06	14.45	13.23	13.63	12.92	14.22	15.02	13.95
Natural Gas ($/MCF)
Henry Hub	2.87	2.72	2.74	2.08	2.61	1.98	2.10	2.85	2.99	2.48
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	9.19	20.92	19.77	11.92	15.45	11.54	17.92	13.37	13.44	14.07
East Coast Distillate less Brent	23.22	17.74	15.41	12.49	17.22	10.79	12.54	12.59	15.67	12.89
Gulf Coast
Gulf Coast Gasoline less LLS	9.99	13.31	13.44	7.62	11.09	7.81	11.05	10.17	8.58	9.40
Gulf Coast Distillate less LLS	18.03	13.96	13.13	10.45	13.89	7.92	9.07	11.01	13.39	10.35
Central Corridor
Central Gasoline less WTI	14.88	19.90	22.85	13.22	17.71	10.24	13.67	14.16	9.40	11.87
Central Distillate less WTI	22.63	18.21	20.40	15.03	19.06	11.08	11.75	15.38	14.03	13.06
West Coast
West Coast Gasoline less ANS	20.21	32.95	38.61	23.82	28.90	17.66	20.15	16.08	13.26	16.79
West Coast Distillate less ANS	19.17	18.16	14.84	15.45	16.91	11.19	14.70	14.82	17.34	14.51
Worldwide Market Crack Spread ($/BBL)*	15.26	18.94	19.51	12.77	16.62	10.64	13.84	12.96	12.10	12.39
* Weighted average based on Phillips 66 crude capacity.

Page 8

MARKETING AND SPECIALTIES
	2015								2016
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr		YTD
Marketing and Specialties Net Income Attributable to Phillips 66 ($ Millions)
Marketing and Other	254		266		285	199	1,004		162		199	228	158		747
Specialties	50		48		53	32	183		43		30	39	32		144
Marketing and Specialties Net Income Attributable to Phillips 66	304		314		338	231	1,187		205		229	267	190		891
Marketing and Specialties Income before Income Taxes ($ Millions)
Marketing and Other	325		335		430	276	1,366		246		298	339	161		1,044
Specialties	81		75		84	46	286		69		47	61	40		217
Marketing and Specialties Income before Income Taxes	406		410		514	322	1,652		315		345	400	201		1,261
Marketing and Specialties Adjusted EBITDA ($ Millions)	320		299		549	348	1,516		340		372	429	227		1,368
Realized Marketing Fuel Margin ($/BBL)*
U.S.	1.46		1.46		2.26	1.37	1.65		1.83		1.79	1.88	1.10		1.64
International	3.85		2.98		5.94	4.74	4.40		3.16		4.16	5.19	3.68		4.05
* On third-party petroleum products sales.
Realized Margins not included in Marketing Fuel Margin ($ Millions)*
Marketing and Other	165		158		159	125	607		123		147	143	129		542
Specialties	122		117		122	92	453		112		92	104	88		396
Total	287		275		281	217	1,060		235		239	247	217		938
* Excludes Gain on Dispositions and Excise Tax Income.
Depreciation and Amortization ($ Millions)
Marketing and Other	19		19		20	21	79		20		22	24	21		87
Specialties	5		4		5	4	18		5		5	5	5		20
Total	24		23		25	25	97		25		27	29	26		107
Operating and SG&A Expense ($ Millions)
Marketing and Other	254		270		292	267	1,083		244		271	261	262		1,038
Specialties	34		35		34	38	141		35		38	38	41		152
Total	288		305		326	305	1,224		279		309	299	303		1,190
Marketing Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	974		1,174		1,158	1,143	1,113		1,086		1,171	1,158	1,183		1,150
Distillates	689		775		792	788	761		706		782	780	773		760
Other	—		—		—	—	—		—		1	—	—		—
Total	1,663		1,949		1,950	1,931	1,874		1,792		1,954	1,938	1,956		1,910
International Marketing
Gasoline	88		94		95	93	92		90		90	89	82		88
Distillates	193		185		193	194	192		197		193	189	168		187
Other	16		14		15	18	16		15		18	17	17		16
Total	297		293		303	305	300		302		301	295	267		291
Worldwide Marketing
Gasoline	1,062		1,268		1,253	1,236	1,205		1,176		1,261	1,247	1,265		1,238
Distillates	882		960		985	982	953		903		975	969	941		947
Other	16		14		15	18	16		15		19	17	17		16
Total	1,960		2,242		2,253	2,236	2,174		2,094		2,255	2,233	2,223		2,201
Foreign Currency Gains (Losses) After-Tax ($ Millions)	(1	)	(3	)	—	—	(4	)	(1	)	1	—	(1	)	(1	)

Page 9

CORPORATE AND OTHER
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Corporate and Other Net Income (Loss) Attributable to Phillips 66 ($ Millions)	(125	)	(123	)	(116	)	(126	)	(490	)	(127	)	(111	)	(109	)	(124	)	(471	)
Detail of Net Income (Loss) Attributable to Phillips 66 ($ Millions)
Net interest expense	(53	)	(46	)	(43	)	(44	)	(186	)	(54	)	(52	)	(49	)	(55	)	(210	)
Corporate overhead	(45	)	(36	)	(37	)	(39	)	(157	)	(42	)	(40	)	(39	)	(40	)	(161	)
Technology	(14	)	(15	)	(15	)	(16	)	(60	)	(14	)	(14	)	(15	)	(15	)	(58	)
Other	(13	)	(26	)	(21	)	(27	)	(87	)	(17	)	(5	)	(6	)	(14	)	(42	)
Total	(125	)	(123	)	(116	)	(126	)	(490	)	(127	)	(111	)	(109	)	(124	)	(471	)
Before-Tax Net Interest Expense ($ Millions)
Interest expense	(102	)	(105	)	(105	)	(104	)	(416	)	(105	)	(104	)	(103	)	(107	)	(419	)
Capitalized interest	16		26		34		30		106		19		21		22		19		81
Interest revenue	5		9		5		6		25		4		3		7		4		18
Premium on early debt retirement	—		—		—		—		—		(1	)	—		—		—		(1	)
Total	(81	)	(70	)	(66	)	(68	)	(285	)	(83	)	(80	)	(74	)	(84	)	(321	)
Foreign Currency Gains (Losses) After-Tax ($ Millions)	—		—		—		—		—		1		—		—		1		2
Phillips 66 Total Company Debt
Total Debt ($ Millions)	8,892		8,909		8,897		8,887		8,887		8,835		8,862		8,858		10,138		10,138
Debt-to-Capital Ratio (%)	28	%	28	%	27	%	27	%	27	%	27	%	27	%	27	%	30	%	30	%
Total Equity ($ Millions)	22,595		23,223		24,032		23,938		23,938		23,643		24,066		24,311		23,725		23,725

Page 10

NON-GAAP FINANCIAL MEASURES RECONCILIATION
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Midstream Net Income to Adjusted EBITDA
Midstream net income	78		(62	)	116		(58	)	74		80		62		103		35		280
Plus:
Provision for income taxes	38		(37	)	57		15		73		41		22		38		21		122
Depreciation and amortization	26		27		33		41		127		48		50		56		61		215
Midstream EBITDA	142		(72	)	206		(2	)	274		169		134		197		117		617
Adjustments (pretax):
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	(18	)	(28	)	(35	)	(43	)	(124	)
Proportional share of selected equity affiliates income taxes	1		(2	)	—		(1	)	(2	)	1		1		—		—		2
Proportional share of selected equity affiliates net interest	32		33		34		34		133		32		33		32		32		129
Proportional share of selected equity affiliates depreciation and amortization	40		41		42		43		166		43		44		51		45		183
Pending claims and settlements	—		—		—		—		—		(45	)	—		—		—		(45	)
Impairments by equity affiliates	—		194		4		168		366		6		—		—		—		6
Asset disposition	—		—		(30	)	—		(30	)	—		—		—		—		—
Pension settlement expenses	—		—		9		—		9		—		—		—		—		—
Equity affiliate ownership restructuring	—		—		—		—		—		—		—		—		33		33
Midstream Adjusted EBITDA*	199		177		245		222		843		188		184		245		184		801
* Proportional share of selected equity affiliates is net of noncontrolling interests.
MIDSTREAM ADJUSTED EBITDA BY BUSINESS LINE
Transportation and NGL
Transportation and NGL net income	90		89		118		101		398		76		71		94		72		313
Plus:
Provision for income taxes	43		45		58		66		212		38		27		33		25		123
Depreciation and amortization	26		27		33		41		127		48		50		56		61		215
Transportation and NGL EBITDA	159		161		209		208		737		162		148		183		158		651
Adjustments (pretax):
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	(18	)	(28	)	(35	)	(43	)	(124	)
Pension settlement expenses	—		—		9		—		9		—		—		—		—		—
Transportation and NGL Adjusted EBITDA	143		144		198		188		673		144		120		148		115		527
DCP Midstream
DCP Midstream net income	(12	)	(151	)	(2	)	(159	)	(324	)	4		(9	)	9		(37	)	(33	)
Plus:
Provision for income taxes	(5	)	(82	)	(1	)	(51	)	(139	)	3		(5	)	5		(4	)	(1	)
DCP Midstream EBITDA	(17	)	(233	)	(3	)	(210	)	(463	)	7		(14	)	14		(41	)	(34	)
Adjustments (pretax):
Proportional share of selected equity affiliates income taxes	1		(2	)	—		(1	)	(2	)	1		1		—		—		2
Proportional share of selected equity affiliates net interest	32		33		34		34		133		32		33		32		32		129
Proportional share of selected equity affiliates depreciation and amortization	40		41		42		43		166		43		44		51		45		183
Pending claims and settlements	—		—		—		—		—		(45	)	—		—		—		(45	)
Impairments by equity affiliates	—		194		4		168		366		6		—		—		—		6
Asset disposition	—		—		(30	)	—		(30	)	—		—		—		—		—
Equity affiliate ownership restructuring	—		—		—		—		—		—		—		—		33		33
DCP Midstream Adjusted EBITDA*	56		33		47		34		170		44		64		97		69		274
* Proportional share of selected equity affiliates is net of noncontrolling interests.
Reconciliation of Chemicals Net Income to Adjusted EBITDA
Chemicals net income	203		295		252		212		962		156		190		101		136		583
Plus:
Provision for income taxes	88		121		108		36		353		72		74		75		35		256
Chemicals EBITDA	291		416		360		248		1,315		228		264		176		171		839
Adjustments (pretax):
Proportional share of selected equity affiliates income taxes	22		25		26		18		91		18		26		20		13		77
Proportional share of selected equity affiliates net interest	2		1		2		2		7		2		3		1		2		8
Proportional share of selected equity affiliates depreciation and amortization	65		65		65		69		264		71		70		70		74		285
Impairments by equity affiliates	—		—		20		4		24		—		—		89		—		89
Chemicals Adjusted EBITDA	380		507		473		341		1,701		319		363		356		260		1,298
Reconciliation of Refining Net Income to Adjusted EBITDA
Refining net income	538		604		1,003		410		2,555		86		149		177		(38	)	374
Plus:
Provision for income taxes	226		328		485		65		1,104		41		58		97		(134	)	62
Depreciation and amortization	177		183		187		191		738		186		196		188		199		769
Refining EBITDA	941		1,115		1,675		666		4,397		313		403		462		27		1,205
Adjustments (pretax):
Proportional share of selected equity affiliates income taxes	—		(2	)	—		(1	)	(3	)	—		—		—		—		—
Proportional share of selected equity affiliates net interest	—		—		—		—		—		—		—		—		—		—
Proportional share of selected equity affiliates depreciation and amortization	63		63		62		64		252		63		64		65		65		257
Asset dispositions	(8	)	—		—		—		(8	)	—		—		—		—		—
Pending claims and settlements	—		—		30		—		30		—		—		(70	)	—		(70	)
Lower-of-cost-or-market inventory adjustments	—		—		—		53		53		—		—		—		—		—
Pension settlement expenses	—		—		49		4		53		—		—		—		—		—
Certain tax impacts	—		—		—		—		—		—		—		—		(32	)	(32	)
Recognition of deferred logistics commitments	—		—		—		—		—		—		30		—		—		30
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		40		40
Refining Adjusted EBITDA	996		1,176		1,816		786		4,774		376		497		457		100		1,430
Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA
Marketing and Specialties net income	304		314		338		231		1,187		205		229		267		190		891
Plus:
Provision for income taxes	102		96		176		91		465		110		116		133		11		370
Interest revenue	—		(2	)	—		—		(2	)	—		—		—		—		—
Depreciation and amortization	24		23		25		25		97		25		27		29		26		107
Marketing and Specialties EBITDA	430		431		539		347		1,747		340		372		429		227		1,368
Adjustments (pretax):
Asset dispositions	(110	)	(132	)	—		—		(242	)	—		—		—		—		—
Pension settlement expenses	—		—		10		1		11		—		—		—		—		—
Marketing and Specialties Adjusted EBITDA	320		299		549		348		1,516		340		372		429		227		1,368
Reconciliation of Phillips 66 Net Income to Adjusted EBITDA
Net income	997		1,025		1,592		666		4,280		398		516		536		194		1,644
Plus:
Provision for income taxes	391		440		767		166		1,764		198		204		277		(132	)	547
Net interest expense	81		67		66		69		283		83		80		74		84		321
Depreciation and amortization	253		274		270		281		1,078		280		290		293		305		1,168
Phillips 66 EBITDA	1,722		1,806		2,695		1,182		7,405		959		1,090		1,180		451		3,680
Adjustments (pretax):
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	(18	)	(28	)	(35	)	(43	)	(124	)
Proportional share of selected equity affiliates income taxes	23		21		26		16		86		19		27		20		13		79
Proportional share of selected equity affiliates net interest	34		34		36		36		140		34		36		33		34		137
Proportional share of selected equity affiliates depreciation and amortization	168		169		169		176		682		177		178		186		184		725
Asset dispositions	(118	)	(132	)	(30	)	—		(280	)	—		—		—		—		—
Impairments by equity affiliates	—		194		24		172		390		6		—		89		—		95
Pending claims and settlements	—		—		30		—		30		(45	)	—		(70	)	—		(115	)
Lower-of-cost-or-market inventory adjustments	—		—		—		53		53		—		—		—		—		—
Pension settlement expenses	—		—		75		5		80		—		—		—		—		—
Equity affiliate ownership restructuring	—		—		—		—		—		—		—		—		33		33
Certain tax impacts	—		—		—		—		—		—		—		—		(32	)	(32	)
Recognition of deferred logistics commitments	—		—		—		—		—		—		30		—		—		30
Railcar lease residual value deficiencies and related costs	—		—		—		—		—		—		—		—		40		40
Phillips 66 Adjusted EBITDA	1,813		2,075		3,005		1,620		8,513		1,132		1,333		1,403		680		4,548
Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms EBITDA and adjusted EBITDA. 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 measure most directly comparable to EBITDA and adjusted EBITDA is net income.

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