Phillips 66 (PSX) 8-K Phillips 66 Reports Second-Quarter Earnings of $550 Million

	Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
	Millions of Dollars
	2017								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*	22,894		24,087				46,981		17,409		21,849		21,624		23,397		84,279
Equity in earnings of affiliates	365		462				827		333		435		391		255		1,414
Net gain on dispositions	1		14				15		—		6		3		1		10
Other income	452		18				470		18		17		24		15		74
Total Revenues and Other Income	23,712		24,581				48,293		17,760		22,307		22,042		23,668		85,777
Costs and Expenses
Purchased crude oil and products	17,679		18,353				36,032		11,930		16,198		15,961		18,379		62,468
Operating expenses	1,270		1,137				2,407		1,023		994		1,061		1,197		4,275
Selling, general and administrative expenses	384		439				823		386		421		411		420		1,638
Depreciation and amortization	315		320				635		280		290		293		305		1,168
Impairments	2		15				17		—		2		2		1		5
Taxes other than income taxes*	3,156		3,356				6,512		3,461		3,594		3,424		3,209		13,688
Accretion on discounted liabilities	5		6				11		5		5		5		6		21
Interest and debt expense	105		107				212		86		83		81		88		338
Foreign currency transaction (gains) losses	(1	)	—				(1	)	(7	)	—		(9	)	1		(15	)
Total Costs and Expenses	22,915		23,733				46,648		17,164		21,587		21,229		23,606		83,586
Income before income taxes	797		848				1,645		596		720		813		62		2,191
Provision for income taxes	234		267				501		198		204		277		(132	)	547
Net Income	563		581				1,144		398		516		536		194		1,644
Less: net income attributable to noncontrolling interests	28		31				59		13		20		25		31		89
Net Income Attributable to Phillips 66	535		550				1,085		385		496		511		163		1,555
* Includes excise taxes on petroleum products sales:	3,036		3,252				6,288		3,360		3,508		3,357		3,156		13,381
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.02		1.06				2.08		0.72		0.94		0.97		0.31		2.94
Diluted	1.02		1.06				2.07		0.72		0.93		0.96		0.31		2.92
Average Common Shares Outstanding (in thousands)
Basic	521,647		517,785				519,706		531,739		528,247		525,991		524,200		527,531
Diluted	524,520		520,160				522,329		534,709		531,060		528,798		526,279		530,066
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT
	Millions of Dollars
	2017								2016
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream	77		59				136		65		39		75		(1	)	178
Chemicals	181		196				377		156		190		101		136		583
Refining	259		224				483		86		149		177		(38	)	374
Marketing and Specialties	141		214				355		205		229		267		190		891
Corporate and Other	(123	)	(143	)			(266	)	(127	)	(111	)	(109	)	(124	)	(471	)
Consolidated	535		550				1,085		385		496		511		163		1,555
SUMMARY OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
	Millions of Dollars
	2017								2016
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream	153		130				283		121		84		141		56		402
Chemicals	251		294				545		228		264		176		171		839
Refining	390		307				697		127		207		274		(172	)	436
Marketing and Specialties	208		328				536		315		345		400		201		1,261
Corporate and Other	(205	)	(211	)			(416	)	(195	)	(180	)	(178	)	(194	)	(747	)
Consolidated	797		848				1,645		596		720		813		62		2,191
EFFECTIVE TAX RATES
	2017								2016
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream	26.8	%	26.2	%			26.5	%	33.9	%	26.2	%	27.0	%	37.5	%	30.3	%
Chemicals	27.9	%	33.3	%			30.8	%	31.6	%	28.0	%	42.6	%	20.5	%	30.5	%
Refining	33.6	%	27.0	%			30.7	%	32.3	%	28.0	%	35.4	%	77.9	%	14.2	%
Marketing and Specialties	32.2	%	34.8	%			33.8	%	34.9	%	33.6	%	33.3	%	5.5	%	29.3	%
Corporate and Other	36.6	%	29.4	%			32.9	%	33.8	%	36.7	%	37.1	%	33.5	%	35.2	%
Consolidated	29.4	%	31.5	%			30.5	%	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
	2017								2016
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation	56		51				107		72		65		63		44		244
NGL	4		—				4		(11	)	(17	)	3		(5	)	(30	)
DCP Midstream	17		13				30		(21	)	(9	)	9		(6	)	(27	)
Total Midstream	77		64				141		40		39		75		33		187
Chemicals	201		196				397		156		190		190		124		660
Refining
Atlantic Basin/Europe	(50	)	109				59		4		35		5		98		142
Gulf Coast	67		56				123		68		5		(13	)	(51	)	9
Central Corridor	62		29				91		20		55		142		19		236
West Coast	(81	)	39				(42	)	(6	)	57		—		(161	)	(110	)
Total Refining	(2	)	233				231		86		152		134		(95	)	277
Marketing and Specialties
Marketing and Other	124		185				309		162		199		228		114		703
Specialties	17		33				50		43		30		39		26		138
Total Marketing and Specialties	141		218				359		205		229		267		140		841
Corporate and Other	(123	)	(142	)			(265	)	(127	)	(111	)	(110	)	(119	)	(467	)
Consolidated	294		569				863		360		499		556		83		1,498

Page 1

SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66
(AFTER-TAX)
	Millions of Dollars
	2017								2016
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Pending claims and settlements	—		—				—		29		—		—		—		29
Impairments by equity affiliates	—		—				—		(4	)	—		—		—		(4	)
Certain tax impacts	—		—				—		—		—		—		(13	)	(13	)
Equity affiliate ownership restructuring	—		—				—		—		—		—		(21	)	(21	)
Pension settlement expense	—		(5	)			(5	)	—		—		—		—		—
Total Midstream	—		(5	)			(5	)	25		—		—		(34	)	(9	)
Chemicals
Impairments by equity affiliates	(20	)	—				(20	)	—		—		(89	)	—		(89	)
Certain tax impacts	—		—				—		—		—		—		12		12
Total Chemicals	(20	)	—				(20	)	—		—		(89	)	12		(77	)
Refining
Pending claims and settlements	—		13				13		—		—		43		—		43
Certain tax impacts	—		—				—		—		16		—		82		98
Gain on consolidation of business	261		—				261		—		—		—		—		—
Recognition of deferred logistics commitments	—		—				—		—		(19	)	—		—		(19	)
Railcar lease residual value deficiencies and related costs	—		—				—		—		—		—		(25	)	(25	)
Pension settlement expense	—		(22	)			(22	)	—		—		—		—		—
Total Refining	261		(9	)			252		—		(3	)	43		57		97
Marketing and Specialties
Certain tax impacts	—		—				—		—		—		—		50		50
Pension settlement expense	—		(4	)			(4	)	—		—		—		—		—
Total Marketing and Specialties	—		(4	)			(4	)	—		—		—		50		50
Corporate and Other
Pending claims and settlements	—		2				2		—		—		1		—		1
Certain tax impacts	—		—				—		—		—		—		(5	)	(5	)
Pension settlement expense	—		(3	)			(3	)	—		—		—		—		—
Total Corporate and Other	—		(1	)			(1	)	—		—		1		(5	)	(4	)
Total Phillips 66	241		(19	)			222		25		(3	)	(45	)	80		57
By Business Lines/Regions
Midstream
Transportation	—		—				—		—		—		—		2		2
NGL	—		(5	)			(5	)	—		—		—		(5	)	(5	)
DCP Midstream	—		—				—		25		—		—		(31	)	(6	)
Total Midstream	—		(5	)			(5	)	25		—		—		(34	)	(9	)
Refining
Atlantic Basin/Europe	—		(2	)			(2	)	—		(3	)	—		65		62
Gulf Coast	261		(3	)			258		—		—		43		—		43
Central Corridor	—		(2	)			(2	)	—		—		—		(2	)	(2	)
West Coast	—		(2	)			(2	)	—		—		—		(6	)	(6	)
Total Refining	261		(9	)			252		—		(3	)	43		57		97
Marketing and Specialties
Marketing and Other	—		(4	)			(4	)	—		—		—		44		44
Specialties	—		—				—		—		—		—		6		6
Total Marketing and Specialties	—		(4	)			(4	)	—		—		—		50		50
SPECIAL ITEMS INCLUDED IN INCOME BEFORE TAXES
(PRE-TAX)
	Millions of Dollars
	2017								2016
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Pending claims and settlements	—		—				—		45		—		—		—		45
Impairments by equity affiliates	—		—				—		(6	)	—		—		—		(6	)
Equity affiliate ownership restructuring	—		—				—		—		—		—		(33	)	(33	)
Pension settlement expense	—		(8	)			(8	)	—		—		—		—		—
Total Midstream	—		(8	)			(8	)	39		—		—		(33	)	6
Chemicals
Impairments by equity affiliates	(33	)	—				(33	)	—		—		(89	)	—		(89	)
Total Chemicals	(33	)	—				(33	)	—		—		(89	)	—		(89	)
Refining
Pending claims and settlements	—		21				21		—		—		70		—		70
Certain tax impacts	—		—				—		—		—		—		32		32
Gain on consolidation of business	423		—				423		—		—		—		—		—
Recognition of deferred logistics commitments	—		—				—		—		(30	)	—		—		(30	)
Railcar lease residual value deficiencies and related costs	—		—				—		—		—		—		(40	)	(40	)
Pension settlement expense	—		(35	)			(35	)	—		—		—		—		—
Total Refining	423		(14	)			409		—		(30	)	70		(8	)	32
Marketing and Specialties
Pension settlement expense	—		(7	)			(7	)	—		—		—		—		—
Total Marketing and Specialties	—		(7	)			(7	)	—		—		—		—		—
Corporate and Other
Pending claims and settlements	—		3				3		—		—		2		—		2
Pension settlement expense	—		(5	)			(5	)	—		—		—		—		—
Total Corporate and Other	—		(2	)			(2	)	—		—		2		—		2
Total Phillips 66	390		(31	)			359		39		(30	)	(17	)	(41	)	(49	)
By Business Lines/Regions
Midstream
Transportation	—		—				—		—		—		—		—		—
NGL	—		(8	)			(8	)	—		—		—		—		—
DCP Midstream	—		—				—		39		—		—		(33	)	6
Total Midstream	—		(8	)			(8	)	39		—		—		(33	)	6
Refining
Atlantic Basin/Europe	—		(4	)			(4	)	—		(30	)	—		27		(3	)
Gulf Coast	423		(5	)			418		—		—		70		(16	)	54
Central Corridor	—		(3	)			(3	)	—		—		—		(11	)	(11	)
West Coast	—		(2	)			(2	)	—		—		—		(8	)	(8	)
Total Refining	423		(14	)			409		—		(30	)	70		(8	)	32
Marketing and Specialties
Marketing and Other	—		(7	)			(7	)	—		—		—		—		—
Specialties	—		—				—		—		—		—		—		—
Total Marketing and Specialties	—		(7	)			(7	)	—		—		—		—		—

Page 2

CASH FLOW INFORMATION
	Millions of Dollars
	2017								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	563		581				1,144		398		516		536		194		1,644
Depreciation and amortization	315		320				635		280		290		293		305		1,168
Impairments	2		15				17		—		2		2		1		5
Accretion on discounted liabilities	5		6				11		5		5		5		6		21
Deferred taxes	493		264				757		154		37		276		145		612
Undistributed equity earnings	(212	)	(40	)			(252	)	(166	)	(349	)	(257	)	(43	)	(815	)
Net gain on dispositions	(1	)	(14	)			(15	)	—		(6	)	(3	)	(1	)	(10	)
Gain on consolidation of business	(423	)	—				(423	)	—		—		—		—		—
Other	6		92				98		51		65		(308	)	29		(163	)
Net working capital changes	(1,297	)	641				(656	)	(464	)	595		339		31		501
Net Cash Provided by (Used in) Operating Activities	(549	)	1,865				1,316		258		1,155		883		667		2,963
Cash Flows From Investing Activities
Capital expenditures and investments	(470	)	(458	)			(928	)	(750	)	(620	)	(661	)	(813	)	(2,844	)
Proceeds from asset dispositions*	9		42				51		5		10		144		(3	)	156
Advances/loans—related parties	—		—				—		(75	)	(107	)	(84	)	(166	)	(432	)
Collection of advances/loans—related parties	325		—				325		—		—		107		1		108
Restricted cash received from consolidation of business	318		—				318		—		—		—		—		—
Other	(24	)	(37	)			(61	)	(42	)	(33	)	(57	)	(14	)	(146	)
Net Cash Provided by (Used in) Investing Activities	158		(453	)			(295	)	(862	)	(750	)	(551	)	(995	)	(3,158	)
Cash Flows From Financing Activities
Issuance of debt	712		1,891				2,603		50		100		250		1,690		2,090
Repayment of debt	(773	)	(2,137	)			(2,910	)	(100	)	(66	)	(252	)	(415	)	(833	)
Issuance of common stock**	4		2				6		4		5		5		20		34
Repurchase of common stock	(285	)	(381	)			(666	)	(391	)	(242	)	(179	)	(230	)	(1,042	)
Dividends paid on common stock	(326	)	(360	)			(686	)	(296	)	(329	)	(329	)	(328	)	(1,282	)
Distributions to noncontrolling interests	(24	)	(30	)			(54	)	(11	)	(17	)	(17	)	(30	)	(75	)
Net proceeds from issuance of Phillips 66 Partners LP common units	40		131				171		—		669		303		—		972
Other**	(34	)	(20	)			(54	)	(39	)	12		(11	)	(4	)	(42	)
Net Cash Provided by (Used in) Financing Activities	(686	)	(904	)			(1,590	)	(783	)	132		(230	)	703		(178	)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	2		17				19		36		(28	)	3		(1	)	10
Net Change in Cash, Cash Equivalents and Restricted Cash	(1,075	)	525				(550	)	(1,351	)	509		105		374		(363	)
Cash, cash equivalents and restricted cash at beginning of period	2,711		1,636				2,711		3,074		1,723		2,232		2,337		3,074
Cash, Cash Equivalents and Restricted Cash at End of Period	1,636		2,161				2,161		1,723		2,232		2,337		2,711		2,711
* Includes return of investments in equity affiliates and working capital true-ups on dispositions.
** Prior periods recasted to conform to the current year presentation.
CAPITAL PROGRAM
	Millions of Dollars
	2017								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	182		199				381		446		284		315		408		1,453
Chemicals	—		—				—		—		—		—		—		—
Refining	259		216				475		261		277		289		322		1,149
Marketing and Specialties	15		23				38		15		22		26		35		98
Corporate and Other	14		20				34		28		37		31		48		144
Total Consolidated	470		458				928		750		620		661		813		2,844
Proportional Share of Select Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)	44		60				104		35		20		21		23		99
CPChem (Chemicals)	256		131				387		247		294		205		241		987
WRB Refining (Refining)	42		22				64		37		43		36		48		164
Select Equity Affiliates	342		213				555		319		357		262		312		1,250
Total Capital Program*
Midstream	226		259				485		481		304		336		431		1,552
Chemicals	256		131				387		247		294		205		241		987
Refining	301		238				539		298		320		325		370		1,313
Marketing and Specialties	15		23				38		15		22		26		35		98
Corporate and Other	14		20				34		28		37		31		48		144
Total Capital Program	812		671				1,483		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 LP.

Page 3

MIDSTREAM
	2017								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	56		51				107		72		65		63		46		246
NGL	4		(5	)			(1	)	(11	)	(17	)	3		(10	)	(35	)
DCP Midstream	17		13				30		4		(9	)	9		(37	)	(33	)
Midstream Net Income (Loss) Attributable to Phillips 66	77		59				136		65		39		75		(1	)	178
Midstream Income (Loss) before Income Taxes ($ Millions)
Transportation	107		102				209		123		116		112		90		441
NGL	19		6				25		(9	)	(18	)	15		7		(5	)
DCP Midstream	27		22				49		7		(14	)	14		(41	)	(34	)
Midstream Income (Loss) before Income Taxes	153		130				283		121		84		141		56		402
Midstream Adjusted EBITDA ($ Millions)*
PSXP**	147		154				301		69		90		108		144		411
Other Midstream	46		31				77		93		58		75		14		240
EBITDA attributable to Phillips 66 noncontrolling interests	(44	)	(45	)			(89	)	(18	)	(28	)	(35	)	(43	)	(124	)
Transportation and NGL	149		140				289		144		120		148		115		527
DCP Midstream	71		65				136		44		64		97		69		274
Midstream Adjusted EBITDA	220		205				425		188		184		245		184		801
* See reconciliation of net income to adjusted EBITDA on next page.
** PSXP at 100%. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
Depreciation and Amortization ($ Millions)
Transportation	33		35				68		30		32		36		33		131
NGL	35		34				69		18		18		20		28		84
DCP Midstream	—		—				—		—		—		—		—		—
Total	68		69				137		48		50		56		61		215
Operating and SG&A Expense ($ Millions)
Transportation	161		177				338		122		136		145		153		556
NGL	57		63				120		45		45		38		49		177
DCP Midstream	—		(1	)			(1	)	(1	)	—		(1	)	(1	)	(3	)
Total	218		239				457		166		181		182		201		730
Transportation Volumes (MB/D)
Pipelines*	3,469		3,430				3,449		3,488		3,638		3,495		3,424		3,511
Terminals**	2,395		2,581				2,489		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)*	175		177				176		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)*	53		42				95		24		(29	)	25		(83	)	(63	)
Depreciation and Amortization ($ Millions)	94		94				188		95		95		94		94		378
Operating and SG&A Expense ($ Millions)	240		254				494		245		241		204		281		971
Net Interest Expense ($ Millions)*	76		73				149		79		79		78		86		322
* Net of interest income.
Capital Expenditures and Investments ($ Millions)	87		121				208		69		41		41		46		197
Selected DCP Operating Statistics
Total Throughput (TBtu/D)	5.7		5.7				5.7		6.9		6.7		6.4		6.1		7.1
NGL Production (MB/D)	341		367				354		382		416		403		371		393
Weighted Average NGL Price*
DCP Midstream ($/BBL)	25.31		22.94				24.13		15.34		19.26		18.98		23.19		19.19
DCP Midstream ($/gal)	0.60		0.55				0.57		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	32		36				68		16		21		26		28		91
LP Distribution from PSXP to Phillips 66	37		40				77		28		30		34		36		128
GP Distribution from DCP Midstream, LP to DCP Midstream***	23		**				23		31		31		31		31		124
LP Distribution from DCP Midstream, LP to DCP Midstream***	41		**				41		19		19		19		19		76
* 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 DCP Midstream, LP
(formerly DCP Midstream Partners, LP).

Page 4

MIDSTREAM (continued)
	Millions of Dollars
	2017								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	112		96				208		80		62		103		35		280
Plus:
Provision for income taxes	41		34				75		41		22		38		21		122
Interest revenue	(1	)	—				(1	)	—		—		—		—		—
Depreciation and amortization	68		69				137		48		50		56		61		215
Midstream EBITDA	220		199				419		169		134		197		117		617
Special Item Adjustments (pre-tax):
Pending claims and settlements	—		—				—		(45	)	—		—		—		(45	)
Impairments by equity affiliates	—		—				—		6		—		—		—		6
Equity affiliate ownership restructuring	—		—				—		—		—		—		33		33
Pension settlement expense	—		8				8		—		—		—		—		—
Midstream EBITDA, Adjusted for Special Items	220		207				427		130		134		197		150		611
Other Adjustments (pre-tax):
EBITDA attributable to Phillips 66 noncontrolling interests	(44	)	(45	)			(89	)	(18	)	(28	)	(35	)	(43	)	(124	)
Proportional share of selected equity affiliates income taxes	—		1				1		1		1		—		—		2
Proportional share of selected equity affiliates net interest	17		16				33		32		33		32		32		129
Proportional share of selected equity affiliates depreciation and amortization	27		26				53		43		44		51		45		183
Midstream Adjusted EBITDA*	220		205				425		188		184		245		184		801
* Proportional share of selected equity affiliates is net of noncontrolling interests.
Midstream Adjusted EBITDA by Business Line
100% PSXP Results
PSXP net income	97		103				200		94		100		112		102		408
Plus:
Provision for income taxes	—		1				1		—		1		—		1		2
Net interest expense	24		24				48		10		11		10		21		52
Depreciation and amortization	26		26				52		23		23		25		25		96
PSXP EBITDA	147		154				301		127		135		147		149		558
Adjustments (pre-tax):
EBITDA attributable to predecessors	—		—				—		(58	)	(45	)	(39	)	(5	)	(147	)
PSXP Adjusted EBITDA*	147		154				301		69		90		108		144		411
* Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
Total Transportation and NGL
Total Transportation and NGL net income	95		83				178		76		71		94		72		313
Plus:
Provision for income taxes	31		25				56		38		27		33		25		123
Interest revenue	(1	)	—				(1	)	—		—		—		—		—
Depreciation and amortization	68		69				137		48		50		56		61		215
Total Transportation and NGL EBITDA*	193		177				370		162		148		183		158		651
Special Item Adjustments (pre-tax):
Pension settlement expense	—		8				8		—		—		—		—		—
Total Transportation and NGL EBITDA, Adjusted for Special Items*	193		185				378		162		148		183		158		651
* Includes PSXP at 100%.
Other Adjustments (pre-tax):
EBITDA attributable to Phillips 66 noncontrolling interests	(44	)	(45	)			(89	)	(18	)	(28	)	(35	)	(43	)	(124	)
Total Transportation and NGL Adjusted EBITDA	149		140				289		144		120		148		115		527
DCP Midstream
DCP Midstream net income	17		13				30		4		(9	)	9		(37	)	(33	)
Plus:
Provision for income taxes	10		9				19		3		(5	)	5		(4	)	(1	)
DCP Midstream EBITDA	27		22				49		7		(14	)	14		(41	)	(34	)
Special Item Adjustments (pre-tax):
Pending claims and settlements	—		—				—		(45	)	—		—		—		(45	)
Impairments by equity affiliates	—		—				—		6		—		—		—		6
Equity affiliate ownership restructuring	—		—				—		—		—		—		33		33
DCP Midstream EBITDA, Adjusted for Special Items	27		22				49		(32	)	(14	)	14		(8	)	(40	)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		1				1		1		1		—		—		2
Proportional share of selected equity affiliates net interest	17		16				33		32		33		32		32		129
Proportional share of selected equity affiliates depreciation and amortization	27		26				53		43		44		51		45		183
DCP Midstream Adjusted EBITDA*	71		65				136		44		64		97		69		274
* Proportional share of selected equity affiliates is net of noncontrolling interests.

Page 5

CHEMICALS
	2017								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)	181		196				377		156		190		101		136		583
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings ($ Millions)
Olefins and Polyolefins	461		537				998		422		478		460		290		1,650
Specialties, Aromatics and Styrenics	53		61				114		49		64		(90	)	63		86
Corporate and Other	(11	)	(8	)			(19	)	(12	)	(13	)	(15	)	(9	)	(49	)
Total	503		590				1,093		459		529		355		344		1,687
Income (Loss) before Income Taxes ($ Millions)
Olefins and Polyolefins	470		546				1,016		432		493		471		291		1,687
Specialties, Aromatics and Styrenics	62		65				127		56		72		(86	)	71		113
Corporate and Other	(11	)	(8	)			(19	)	(12	)	(13	)	(13	)	(9	)	(47	)
Total	521		603				1,124		476		552		372		353		1,753
Depreciation and Amortization ($ Millions)	73		75				148		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	512		262				774		493		588		411		482		1,974
Advances to Equity Companies	6		2				8		14		23		10		6		53
Advance Repayments from Equity Companies	(7	)	—				(7	)	—		(6	)	(26	)	(31	)	(63	)
Externally Marketed Sales Volumes (MM Lbs)*
Olefins and Polyolefins	4,016		4,137				8,153		4,002		4,139		4,155		3,715		16,011
Specialties, Aromatics and Styrenics	1,206		1,175				2,381		1,254		1,212		1,284		1,161		4,911
Total	5,222		5,312				10,534		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 (%)*	89	%	98	%			93	%	94	%	92	%	93	%	86	%	91	%
* Revised to exclude polyethylene pipe operations.
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)	31.87		29.61				30.74		23.95		27.99		33.11		30.11		28.79
HDPE Blow Molding, Domestic Spot (cents/lb)	55.83		58.00				56.92		47.42		52.58		54.17		54.67		52.21
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	11.80		12.54				12.17		9.80		12.04		10.59		14.31		11.69
HDPE Blow Molding, Total Cash Cost (cents/lb)	44.90		42.59				43.75		36.50		40.60		45.95		42.96		41.50
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	31.00		32.48				31.74		25.07		27.93		30.74		27.51		27.81
* Source: IHS, Inc.
Reconciliation of Chemicals Net Income to Adjusted EBITDA ($ Millions)
Chemicals net income	181		196				377		156		190		101		136		583
Plus:
Provision for income taxes	70		98				168		72		74		75		35		256
Chemicals EBITDA	251		294				545		228		264		176		171		839
Special Item Adjustments (pre-tax):
Impairments by equity affiliates	33		—				33		—		—		89		—		89
Chemicals EBITDA, Adjusted for Special Items	284		294				578		228		264		265		171		928
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	20		14				34		18		26		20		13		77
Proportional share of selected equity affiliates net interest	1		2				3		2		3		1		2		8
Proportional share of selected equity affiliates depreciation and amortization	69		70				139		71		70		70		74		285
Chemicals Adjusted EBITDA	374		380				754		319		363		356		260		1,298

Page 6

REFINING
	2017								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	(50	)	107				57		4		32		5		163		204
Gulf Coast	328		53				381		68		5		30		(51	)	52
Central Corridor	62		27				89		20		55		142		17		234
West Coast	(81	)	37				(44	)	(6	)	57		—		(167	)	(116	)
Refining Net Income (Loss) Attributable to Phillips 66	259		224				483		86		149		177		(38	)	374
Refining Income (Loss) before Income Taxes ($ Millions)
Atlantic Basin/Europe	(98	)	120				22		3		14		4		166		187
Gulf Coast	521		86				607		107		7		51		(95	)	70
Central Corridor	97		42				139		32		96		220		19		367
West Coast	(130	)	59				(71	)	(15	)	90		(1	)	(262	)	(188	)
Refining Income (Loss) before Income Taxes	390		307				697		127		207		274		(172	)	436
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	6.29		7.90				7.20		5.79		6.15		5.04		8.19		6.26
Gulf Coast	8.03		6.74				7.36		6.76		5.18		5.47		4.61		5.49
Central Corridor	10.54		9.96				10.25		7.41		8.65		11.18		7.50		8.70
West Coast	9.95		10.83				10.44		9.70		10.94		9.07		6.30		9.15
Worldwide	8.55		8.44				8.49		7.11		7.13		7.23		6.47		6.99
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. Realized margin excludes special items.
Depreciation and Amortization ($ Millions)*
Atlantic Basin/Europe	49		47				96		47		54		46		52		199
Gulf Coast	65		68				133		57		58		58		61		234
Central Corridor	27		27				54		26		26		26		28		106
West Coast	58		62				120		56		58		58		58		230
Total	199		204				403		186		196		188		199		769
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense ($ Millions)*
Atlantic Basin/Europe	271		213				484		236		223		215		207		881
Gulf Coast	350		308				658		286		311		344		344		1,285
Central Corridor	144		191				335		114		119		126		137		496
West Coast	324		234				558		250		202		233		343		1,028
Total	1,089		946				2,035		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	83		19				102		26		10		17		20		73
Gulf Coast	72		23				95		23		26		55		51		155
Central Corridor	27		79				106		10		17		18		15		60
West Coast	117		33				150		56		16		27		119		218
Total	299		154				453		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		13				29		17		15		13		13		58
Gulf Coast	27		23				50		23		21		12		17		73
Central Corridor	14		13				27		13		12		7		10		42
West Coast	20		21				41		22		20		21		19		82
Total	77		70				147		75		68		53		59		255
Foreign Currency Gains (Losses) After-Tax ($ Millions)	—		1				1		5		—		5		—		10
Refining—Equity Affiliate Information ($ Millions)
Equity in earnings of affiliates	(6	)	22				16		(9	)	80		68		24		163
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity-affiliate-related costs*	239		(191	)			48		(146	)	(229	)	(145	)	(165	)	(685	)
Equity-affiliate-related expenses not included in Realized Refining Margins	233		(169	)			64		(155	)	(149	)	(77	)	(141	)	(522	)
Regional Totals
Atlantic Basin/Europe	(17	)	(18	)			(35	)	(18	)	(17	)	(16	)	(12	)	(63	)
Gulf Coast	428		(2	)			426		14		17		77		15		123
Central Corridor	(178	)	(149	)			(327	)	(151	)	(149	)	(138	)	(144	)	(582	)
Total	233		(169	)			64		(155	)	(149	)	(77	)	(141	)	(522	)
* Other costs associated with equity affiliates which do not flow through equity earnings.

Page 7

REFINING (continued)
	2017								2016
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Refining Net Income to Adjusted EBITDA ($ Millions)
Refining net income	259		224				483		86		149		177		(38	)	374
Plus:
Provision for income taxes	131		83				214		41		58		97		(134	)	62
Depreciation and amortization	199		204				403		186		196		188		199		769
Refining EBITDA	589		511				1,100		313		403		462		27		1,205
Special Item Adjustments (pre-tax):
Pending claims and settlements	—		(21	)			(21	)	—		—		(70	)	—		(70	)
Certain tax impacts	—		—				—		—		—		—		(32	)	(32	)
Gain on consolidation of business	(423	)	—				(423	)	—		—		—		—		—
Recognition of deferred logistics commitments	—		—				—		—		30		—		—		30
Railcar lease residual value deficiencies and related costs	—		—				—		—		—		—		40		40
Pension settlement expense	—		35				35		—		—		—		—		—
Refining EBITDA, Adjusted for Special Items	166		525				691		313		433		392		35		1,173
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—				—		—		—		—		—		—
Proportional share of selected equity affiliates net interest	—		(1	)			(1	)	—		—		—		—		—
Proportional share of selected equity affiliates depreciation and amortization	65		65				130		63		64		65		65		257
Refining Adjusted EBITDA	231		589				820		376		497		457		100		1,430
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	366		533				450		577		594		573		529		568
Total Charge Input (MB/D)	446		569				508		607		626		607		570		602
Crude Oil Capacity Utilization (%)	70	%	103	%			87	%	98	%	101	%	100	%	102	%	100	%
Clean Product Yield (%)	88	%	87	%			88	%	83	%	84	%	85	%	89	%	85	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)	668		715				691		679		738		701		701		704
Total Charge Input (MB/D)	743		795				769		748		807		770		775		775
Crude Oil Capacity Utilization (%)	90	%	96	%			93	%	91	%	99	%	94	%	94	%	95	%
Clean Product Yield (%)	80	%	81	%			81	%	79	%	80	%	81	%	82	%	80	%
Central Corridor*
Crude Oil Charge Input (MB/D)	470		465				468		472		500		487		479		485
Total Charge Input (MB/D)	488		480				484		491		514		505		498		502
Crude Oil Capacity Utilization (%)	95	%	94	%			95	%	96	%	101	%	99	%	97	%	98	%
Clean Product Yield (%)	90	%	88	%			89	%	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)	279		366				323		323		348		344		257		318
Total Charge Input (MB/D)	304		388				346		351		370		372		287		345
Crude Oil Capacity Utilization (%)	78	%	102	%			90	%	90	%	97	%	96	%	71	%	88	%
Clean Product Yield (%)	87	%	87	%			87	%	81	%	87	%	88	%	86	%	85	%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,783		2,079				1,932		2,051		2,180		2,105		1,966		2,075
Total Charge Input (MB/D)	1,981		2,232				2,107		2,197		2,317		2,254		2,130		2,224
Crude Oil Capacity Utilization (%)	84	%	98	%			91	%	94	%	100	%	97	%	93	%	96	%
Clean Product Yield (%)	85	%	85	%			85	%	82	%	84	%	84	%	86	%	84	%
Refined Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	213		252				233		249		256		252		250		252
Distillates	163		228				195		241		250		246		239		244
Other	81		95				88		121		123		113		89		111
Total	457		575				516		611		629		611		578		607
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline	296		324				309		286		321		309		321		309
Distillates	275		292				284		277		306		291		293		292
Other	178		185				182		192		190		176		169		182
Total	749		801				775		755		817		776		783		783
Central Corridor*
Gasoline	253		241				247		254		270		250		260		258
Distillates	181		180				180		175		185		183		183		181
Other	59		64				62		65		65		77		59		67
Total	493		485				489		494		520		510		502		506
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline	154		197				176		161		185		189		142		169
Distillates	110		141				126		123		137		137		105		126
Other	41		50				45		66		49		48		38		50
Total	305		388				347		350		371		374		285		345
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	916		1,014				965		950		1,032		1,000		973		988
Distillates	729		841				785		816		878		857		820		843
Other	359		394				377		444		427		414		355		410
Total	2,004		2,249				2,127		2,210		2,337		2,271		2,148		2,241

Page 8

REFINING (continued)
	2017					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 ($/BBL)
WTI	51.83	48.24			50.04	33.27	45.48	44.88	49.18	43.20
Brent	53.78	49.83			51.80	33.89	45.57	45.85	49.46	43.69
LLS	53.51	50.31			51.91	35.14	47.34	46.53	50.54	44.88
ANS	53.83	50.68			52.26	34.46	45.72	44.78	50.14	43.77
WTI less Maya	7.10	4.29			5.69	7.21	7.70	5.86	6.38	6.79
WTI less WCS	13.79	9.99			11.89	13.63	12.92	14.22	15.02	13.95
Natural Gas ($/MMBtu)
Henry Hub	3.00	3.05			3.02	1.98	2.10	2.85	2.99	2.48
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	9.46	15.53			12.50	11.54	17.92	13.37	13.44	14.07
East Coast Distillate less Brent	12.93	13.29			13.11	10.79	12.54	12.59	15.67	12.89
Gulf Coast
Gulf Coast Gasoline less LLS	9.92	10.86			10.39	7.81	11.05	10.17	8.58	9.40
Gulf Coast Distillate less LLS	12.26	11.59			11.92	7.92	9.07	11.01	13.39	10.35
Central Corridor
Central Gasoline less WTI	12.77	14.11			13.44	10.24	13.67	14.16	9.40	11.87
Central Distillate less WTI	14.00	14.59			14.29	11.08	11.75	15.38	14.03	13.06
West Coast
West Coast Gasoline less ANS	17.28	21.08			19.18	17.66	20.15	16.08	13.26	16.79
West Coast Distillate less ANS	14.84	14.32			14.58	11.19	14.70	14.82	17.34	14.51
Worldwide Market Crack Spread ($/BBL)*	12.24	14.06			13.15	10.64	13.84	12.96	12.10	12.39
* Weighted average based on Phillips 66 crude capacity.

Page 9

MARKETING AND SPECIALTIES
	2017					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	124	181			305	162		199	228	158		747
Specialties	17	33			50	43		30	39	32		144
Marketing and Specialties Net Income Attributable to Phillips 66	141	214			355	205		229	267	190		891
Marketing and Specialties Income before Income Taxes ($ Millions)
Marketing and Other	181	275			456	246		298	339	161		1,044
Specialties	27	53			80	69		47	61	40		217
Marketing and Specialties Income before Income Taxes	208	328			536	315		345	400	201		1,261
Realized Marketing Fuel Margin ($/BBL)*
U.S.	1.47	1.74			1.61	1.83		1.79	1.88	1.10		1.64
International	3.70	4.95			4.33	3.16		4.16	5.19	3.68		4.05
* On third-party petroleum products sales.
Realized Margins not included in Marketing Fuel Margin ($ Millions)*
Marketing and Other	133	142			275	123		147	143	129		542
Specialties	72	97			169	112		92	104	88		396
Total	205	239			444	235		239	247	217		938
* Excludes Gain on Dispositions and Excise Tax Income.
Depreciation and Amortization ($ Millions)
Marketing and Other	22	21			43	20		22	24	21		87
Specialties	5	5			10	5		5	5	5		20
Total	27	26			53	25		27	29	26		107
Operating and SG&A Expense ($ Millions)
Marketing and Other	245	283			528	244		271	261	262		1,038
Specialties	38	37			75	35		38	38	41		152
Total	283	320			603	279		309	299	303		1,190
Marketing Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	1,073	1,188			1,131	1,086		1,171	1,158	1,183		1,150
Distillates	667	751			709	706		782	780	773		760
Other	—	—			—	—		1	—	—		—
Total	1,740	1,939			1,840	1,792		1,954	1,938	1,956		1,910
International Marketing
Gasoline	82	87			84	90		90	89	82		88
Distillates	168	161			165	197		193	189	168		187
Other	15	18			16	15		18	17	17		16
Total	265	266			265	302		301	295	267		291
Worldwide Marketing
Gasoline	1,155	1,275			1,215	1,176		1,261	1,247	1,265		1,238
Distillates	835	912			874	903		975	969	941		947
Other	15	18			16	15		19	17	17		16
Total	2,005	2,205			2,105	2,094		2,255	2,233	2,223		2,201
Foreign Currency Gains (Losses) After-Tax ($ Millions)	1	—			1	(1	)	1	—	(1	)	(1	)
Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA ($ Millions)
Marketing and Specialties net income	141	214			355	205		229	267	190		891
Plus:
Provision for income taxes	67	114			181	110		116	133	11		370
Depreciation and amortization	27	26			53	25		27	29	26		107
Marketing and Specialties EBITDA	235	354			589	340		372	429	227		1,368
Special Item Adjustments (pre-tax):
Pension settlement expense	—	7			7	—		—	—	—		—
Marketing and Specialties EBITDA, Adjusted for Special Items	235	361			596	340		372	429	227		1,368
Other Adjustments (pre-tax):
None	—	—			—	—		—	—	—		—
Marketing and Specialties Adjusted EBITDA	235	361			596	340		372	429	227		1,368

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CORPORATE AND OTHER
	2017								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)	(123	)	(143	)			(266	)	(127	)	(111	)	(109	)	(124	)	(471	)
Detail of Net Income (Loss) Attributable to Phillips 66 ($ Millions)
Net interest expense	(65	)	(65	)			(130	)	(54	)	(52	)	(49	)	(55	)	(210	)
Corporate overhead	(39	)	(47	)			(86	)	(42	)	(40	)	(39	)	(40	)	(161	)
Technology	(15	)	(14	)			(29	)	(14	)	(14	)	(15	)	(15	)	(58	)
Other	(4	)	(17	)			(21	)	(17	)	(5	)	(6	)	(14	)	(42	)
Total	(123	)	(143	)			(266	)	(127	)	(111	)	(109	)	(124	)	(471	)
Pre-Tax Net Interest Expense ($ Millions)
Interest expense	(114	)	(113	)			(227	)	(105	)	(104	)	(103	)	(107	)	(419	)
Capitalized interest	9		6				15		19		21		22		19		81
Interest revenue	5		7				12		4		3		7		4		18
Premium on early debt retirement	—		—				—		(1	)	—		—		—		(1	)
Total	(100	)	(100	)			(200	)	(83	)	(80	)	(74	)	(84	)	(321	)
Foreign Currency Gains (Losses) After-Tax ($ Millions)	—		(1	)			(1	)	1		—		—		1		2
Phillips 66 Total Company Debt
Total Debt ($ Millions)	10,210		9,965				9,965		8,835		8,862		8,858		10,138		10,138
Debt-to-Capital Ratio (%)	30	%	30	%			30	%	27	%	27	%	27	%	30	%	30	%
Total Equity ($ Millions)	23,725		23,806				23,806		23,643		24,066		24,311		23,725		23,725
Reconciliation of Phillips 66 Net Income to Adjusted EBITDA ($ Millions)
Net income	563		581				1,144		398		516		536		194		1,644
Plus:
Provision for income taxes	234		267				501		198		204		277		(132	)	547
Net interest expense	99		100				199		83		80		74		84		321
Depreciation and amortization	315		320				635		280		290		293		305		1,168
Phillips 66 EBITDA	1,211		1,268				2,479		959		1,090		1,180		451		3,680
Special Item Adjustments (pre-tax):
Impairments by equity affiliates	33		—				33		6		—		89		—		95
Pending claims and settlements	—		(21	)			(21	)	(45	)	—		(70	)	—		(115	)
Certain tax impacts	—		—				—		—		—		—		(32	)	(32	)
Gain on consolidation of business	(423	)	—				(423	)	—		—		—		—		—
Equity affiliate ownership restructuring	—		—				—		—		—		—		33		33
Recognition of deferred logistics commitments	—		—				—		—		30		—		—		30
Railcar lease residual value deficiencies and related costs	—		—				—		—		—		—		40		40
Pension settlement expense	—		55				55		—		—		—		—		—
Phillips 66 EBITDA, Adjusted for Special Items	821		1,302				2,123		920		1,120		1,199		492		3,731
Other Adjustments (pre-tax):
EBITDA attributable to Phillips 66 noncontrolling interests	(44	)	(45	)			(89	)	(18	)	(28	)	(35	)	(43	)	(124	)
Proportional share of selected equity affiliates income taxes	20		15				35		19		27		20		13		79
Proportional share of selected equity affiliates net interest	18		17				35		34		36		33		34		137
Proportional share of selected equity affiliates depreciation and amortization	161		161				322		177		178		186		184		725
Phillips 66 Adjusted EBITDA	976		1,450				2,426		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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