Phillips 66 (PSX) 8-K Phillips 66 Reports Fourth-Quarter Earnings of $2.2 Billion

	Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
	Millions of Dollars
	2018										2017
	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*	23,595		28,980		29,788		29,098		111,461		22,894		24,087		25,627		29,746		102,354
Equity in earnings of affiliates	424		743		779		730		2,676		365		462		530		375		1,732
Net gain on dispositions	17		—		1		1		19		1		14		—		—		15
Other income	10		13		24		14		61		452		18		49		2		521
Total Revenues and Other Income	24,046		29,736		30,592		29,843		114,217		23,712		24,581		26,206		30,123		104,622
Costs and Expenses
Purchased crude oil and products	21,138		25,747		26,385		24,660		97,930		17,679		18,353		19,463		23,914		79,409
Operating expenses	1,246		1,143		1,206		1,285		4,880		1,270		1,137		1,134		1,158		4,699
Selling, general and administrative expenses	386		432		440		419		1,677		384		439		435		437		1,695
Depreciation and amortization	336		337		346		337		1,356		315		320		337		346		1,318
Impairments	—		6		1		1		8		2		15		1		6		24
Taxes other than income taxes*	110		109		109		97		425		3,156		3,356		3,456		3,494		13,462
Accretion on discounted liabilities	6		6		5		6		23		5		6		5		6		22
Interest and debt expense	123		135		125		121		504		105		107		112		114		438
Foreign currency transaction (gains) losses	(16	)	(14	)	—		(1	)	(31	)	(1	)	—		7		(6	)	—
Total Costs and Expenses	23,329		27,901		28,617		26,925		106,772		22,915		23,733		24,950		29,469		101,067
Income before income taxes	717		1,835		1,975		2,918		7,445		797		848		1,256		654		3,555
Income tax expense (benefit)	132		431		407		602		1,572		234		267		407		(2,601	)	(1,693	)
Net Income	585		1,404		1,568		2,316		5,873		563		581		849		3,255		5,248
Less: net income attributable to noncontrolling interests	61		65		76		76		278		28		31		26		57		142
Net Income Attributable to Phillips 66	524		1,339		1,492		2,240		5,595		535		550		823		3,198		5,106
* Includes excise taxes on sales of refined petroleum products for periods prior to the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09 on January 1, 2018:											3,036		3,252		3,376		3,390		13,054
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.07		2.86		3.20		4.85		11.87		1.02		1.06		1.60		6.29		9.90
Diluted	1.07		2.84		3.18		4.82		11.80		1.02		1.06		1.60		6.25		9.85
Weighted-Average Common Shares Outstanding (thousands)
Basic	487,065		468,331		466,109		461,651		470,708		521,647		517,785		512,923		508,148		515,090
Diluted	489,668		471,638		469,440		464,406		474,047		524,520		520,160		515,960		511,352		518,508
OTHER INFORMATION
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Effective tax rate (%)	18.4	%	23.5	%	20.6	%	20.6	%	21.1	%	29.4	%	31.5	%	32.4	%	(397.7	)%	(47.6	)%
Foreign Currency Gains (Losses) - After-Tax ($ Millions)	13		13		—		1		27		1		—		(5	)	4		—

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RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream	280		238		284		379		1,181		153		130		166		189		638
Chemicals	286		324		263		152		1,025		251		294		163		8		716
Refining	112		1,190		1,232		2,001		4,535		390		307		863		516		2,076
Marketing and Specialties	235		310		423		589		1,557		208		328		317		167		1,020
Corporate and Other	(196	)	(227	)	(227	)	(203	)	(853	)	(205	)	(211	)	(253	)	(226	)	(895	)
Income before income taxes	717		1,835		1,975		2,918		7,445		797		848		1,256		654		3,555
Less: income tax expense (benefit)	132		431		407		602		1,572		234		267		407		(2,601	)	(1,693	)
Net Income	585		1,404		1,568		2,316		5,873		563		581		849		3,255		5,248
Less: net income attributable to noncontrolling interests	61		65		76		76		278		28		31		26		57		142
Net Income Attributable to Phillips 66	524		1,339		1,492		2,240		5,595		535		550		823		3,198		5,106
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation	163		164		209		234		770		107		102		140		152		501
NGL and Other	86		53		74		122		335		19		14		(5	)	18		46
DCP Midstream	31		21		29		53		134		27		22		1		26		76
Total Midstream	280		238		312		409		1,239		153		138		136		196		623
Chemicals	286		324		263		152		1,025		284		294		216		161		955
Refining
Atlantic Basin/Europe	(108	)	164		216		301		573		(98	)	124		249		157		432
Gulf Coast	—		366		221		468		1,055		98		91		123		107		419
Central Corridor	272		521		846		1,188		2,827		97		45		318		301		761
West Coast	(54	)	140		(20	)	51		117		(130	)	61		168		(55	)	44
Total Refining	110		1,191		1,263		2,008		4,572		(33	)	321		858		510		1,656
Marketing and Specialties
Marketing and Other	163		188		323		528		1,202		181		282		246		111		820
Specialties	59		66		62		64		251		27		53		75		57		212
Total Marketing and Specialties	222		254		385		592		1,453		208		335		321		168		1,032
Corporate and Other	(212	)	(227	)	(223	)	(201	)	(863	)	(205	)	(209	)	(220	)	(226	)	(860	)
Adjusted income before income taxes	686		1,780		2,000		2,960		7,426		407		879		1,311		809		3,406
Less: adjusted income tax expense (benefit)	120		393		467		624		1,604		85		279		427		204		995
Adjusted Net Income	566		1,387		1,533		2,336		5,822		322		600		884		605		2,411
Less: adjusted net income attributable to noncontrolling interests	54		65		77		76		272		28		31		26		57		142
Adjusted Net Income Attributable to Phillips 66	512		1,322		1,456		2,260		5,550		294		569		858		548		2,269

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SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2018									2017
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Pending claims and settlements	—	—		(21	)	—		(21	)	—		—		37		—		37
Hurricane-related costs	—	—		—		—		—		—		—		(4	)	(6	)	(10	)
Impairments by equity affiliates	—	—		—		(28	)	(28	)	—		—		—		—		—
Pension settlement expense	—	—		(7	)	(2	)	(9	)	—		(8	)	(3	)	(1	)	(12	)
Total Midstream	—	—		(28	)	(30	)	(58	)	—		(8	)	30		(7	)	15
Chemicals
Impairments by equity affiliates	—	—		—		—		—		(33	)	—		—		(31	)	(64	)
Hurricane-related costs	—	—		—		—		—		—		—		(53	)	(122	)	(175	)
Total Chemicals	—	—		—		—		—		(33	)	—		(53	)	(153	)	(239	)
Refining
Pending claims and settlements	—	—		—		—		—		—		21		30		—		51
Certain tax impacts	2	(1	)	1		4		6		—		—		—		23		23
Hurricane-related costs	—	—		—		—		—		—		—		(12	)	(12	)	(24	)
Gain on consolidation of business	—	—		—		—		—		423		—		—		—		423
Pension settlement expense	—	—		(32	)	(11	)	(43	)	—		(35	)	(13	)	(5	)	(53	)
Total Refining	2	(1	)	(31	)	(7	)	(37	)	423		(14	)	5		6		420
Marketing and Specialties
Certain tax impacts	13	56		44		—		113		—		—		—		—		—
Hurricane-related costs	—	—		—		—		—		—		—		(1	)	—		(1	)
Pension settlement expense	—	—		(6	)	(3	)	(9	)	—		(7	)	(3	)	(1	)	(11	)
Total Marketing and Specialties	13	56		38		(3	)	104		—		(7	)	(4	)	(1	)	(12	)
Corporate and Other
Pending claims and settlements	—	—		—		—		—		—		3		(31	)	—		(28	)
U.S. tax reform	16	—		—		—		16		—		—		—		—		—
Pension settlement expense	—	—		(4	)	(2	)	(6	)	—		(5	)	(2	)	—		(7	)
Total Corporate and Other	16	—		(4	)	(2	)	10		—		(2	)	(33	)	—		(35	)
Total Special Items (Pre-tax)	31	55		(25	)	(42	)	19		390		(31	)	(55	)	(155	)	149
Income Tax Expense (Benefit)
Tax impact of pre-tax special items*	5	14		(6	)	(12	)	1		149		(12	)	(20	)	(70	)	47
Other tax impacts	—	—		(5	)	(65	)	(70	)	—		—		—		—		—
U.S. tax reform	7	24		(49	)	55		37		—		—		—		(2,735	)	(2,735	)
Total Income Tax Expense (Benefit)	12	38		(60	)	(22	)	(32	)	149		(12	)	(20	)	(2,805	)	(2,688	)
Income (Loss) Attributable to Noncontrolling Interests
Pending claims and settlements	—	—		(1	)	—		(1	)	—		—		—		—		—
U.S. tax reform	7	—		—		—		7		—		—		—		—		—
Total Income (Loss) Attributable to Noncontrolling Interests	7	—		(1	)	—		6		—		—		—		—		—
Total Phillips 66 Special Items (After-tax)	12	17		36		(20	)	45		241		(19	)	(35	)	2,650		2,837
* We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 25 percent beginning in 2018, and approximately 38 percent for periods prior to 2018. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS
	Millions of Dollars
	2018									2017
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation	—	—		—		—		—		—		—		34		(5	)	29
NGL and Other	—	—		(28	)	(2	)	(30	)	—		(8	)	(4	)	(2	)	(14	)
DCP Midstream	—	—		—		(28	)	(28	)	—		—		—		—		—
Total Midstream	—	—		(28	)	(30	)	(58	)	—		(8	)	30		(7	)	15
Refining
Atlantic Basin/Europe	—	—		(7	)	1		(6	)	—		(4	)	(2	)	22		16
Gulf Coast	—	—		(11	)	(4	)	(15	)	423		(5	)	(14	)	(14	)	390
Central Corridor	—	—		(7	)	(3	)	(10	)	—		(3	)	(1	)	(2	)	(6	)
West Coast	2	(1	)	(6	)	(1	)	(6	)	—		(2	)	22		—		20
Total Refining	2	(1	)	(31	)	(7	)	(37	)	423		(14	)	5		6		420
Marketing and Specialties
Marketing and Other	13	56		38		(3	)	104		—		(7	)	(4	)	(1	)	(12	)
Specialties	—	—		—		—		—		—		—		—		—		—
Total Marketing and Specialties	13	56		38		(3	)	104		—		(7	)	(4	)	(1	)	(12	)

Page 3

CASH FLOW INFORMATION
	Millions of Dollars
	2018										2017
	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	585		1,404		1,568		2,316		5,873		563		581		849		3,255		5,248
Depreciation and amortization	336		337		346		337		1,356		315		320		337		346		1,318
Impairments	—		6		1		1		8		2		15		1		6		24
Accretion on discounted liabilities	6		6		5		6		23		5		6		5		6		22
Deferred income taxes	101		28		100		23		252		493		264		27		(2,670	)	(1,886	)
Undistributed equity earnings	119		(133	)	125		110		221		(212	)	(40	)	(291	)	27		(516	)
Net gain on dispositions	(17	)	—		(1	)	(1	)	(19	)	(1	)	(14	)	—		—		(15	)
Gain on consolidation of business	—		—		—		—		—		(423	)	—		—		—		(423	)
Other	173		24		(79	)	14		132		6		92		(332	)	48		(186	)
Net working capital changes	(815	)	692		(1,483	)	1,333		(273	)	(1,297	)	641		(195	)	913		62
Net Cash Provided by (Used in) Operating Activities	488		2,364		582		4,139		7,573		(549	)	1,865		401		1,931		3,648
Cash Flows From Investing Activities
Capital expenditures and investments	(328	)	(538	)	(779	)	(994	)	(2,639	)	(470	)	(458	)	(367	)	(537	)	(1,832	)
Proceeds from asset dispositions*	17		12		10		18		57		9		42		14		21		86
Advances/loans—related parties	(1	)	—		—		—		(1	)	—		—		(9	)	(1	)	(10	)
Collection of advances/loans—related parties	—		—		—		—		—		325		—		—		1		326
Restricted cash received from consolidation of business	—		—		—		—		—		318		—		—		—		318
Other	(45	)	62		50		45		112		(24	)	(37	)	(19	)	46		(34	)
Net Cash Provided by (Used in) Investing Activities	(357	)	(464	)	(719	)	(931	)	(2,471	)	158		(453	)	(381	)	(470	)	(1,146	)
Cash Flows From Financing Activities
Issuance of debt	1,509		—		85		590		2,184		712		1,891		480		425		3,508
Repayment of debt	(7	)	(253	)	(114	)	(770	)	(1,144	)	(773	)	(2,137	)	(251	)	(517	)	(3,678	)
Issuance of common stock	10		20		9		—		39		4		2		17		12		35
Repurchase of common stock	(3,513	)	(230	)	(405	)	(497	)	(4,645	)	(285	)	(381	)	(461	)	(463	)	(1,590	)
Dividends paid on common stock	(327	)	(372	)	(370	)	(367	)	(1,436	)	(326	)	(360	)	(356	)	(353	)	(1,395	)
Distributions to noncontrolling interests	(45	)	(51	)	(50	)	(61	)	(207	)	(24	)	(30	)	(29	)	(37	)	(120	)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	9		58		47		14		128		40		131		—		1,034		1,205
Other	(45	)	(13	)	(21	)	(7	)	(86	)	(34	)	(20	)	(12	)	(10	)	(76	)
Net Cash Provided by (Used in) Financing Activities	(2,409	)	(841	)	(819	)	(1,098	)	(5,167	)	(686	)	(904	)	(612	)	91		(2,111	)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	1		(17	)	(4	)	(15	)	(35	)	2		17		(22	)	20		17
Net Change in Cash, Cash Equivalents and Restricted Cash	(2,277	)	1,042		(960	)	2,095		(100	)	(1,075	)	525		(614	)	1,572		408
Cash, cash equivalents and restricted cash at beginning of period	3,119		842		1,884		924		3,119		2,711		1,636		2,161		1,547		2,711
Cash, Cash Equivalents and Restricted Cash at End of Period	842		1,884		924		3,019		3,019		1,636		2,161		1,547		3,119		3,119
* Includes return of investments in equity affiliates.
CAPITAL PROGRAM
	Millions of Dollars
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Consolidated Capital Expenditures and Investments
Midstream	136		339		503		570		1,548		182		199		178		212		771
Chemicals	—		—		—		—		—		—		—		—		—		—
Refining	172		153		200		301		826		259		216		148		230		853
Marketing and Specialties	13		15		37		60		125		15		23		27		43		108
Corporate and Other	7		31		39		63		140		14		20		14		52		100
Total Consolidated	328		538		779		994		2,639		470		458		367		537		1,832
Proportional Share of Select Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)	95		98		149		142		484		44		60		62		102		268
CPChem (Chemicals)	161		63		60		55		339		256		131		119		270		776
WRB Refining (Refining)	40		35		41		40		156		42		22		27		35		126
Select Equity Affiliates	296		196		250		237		979		342		213		208		407		1,170
Total Capital Program*
Midstream	231		437		652		712		2,032		226		259		240		314		1,039
Chemicals	161		63		60		55		339		256		131		119		270		776
Refining	212		188		241		341		982		301		238		175		265		979
Marketing and Specialties	13		15		37		60		125		15		23		27		43		108
Corporate and Other	7		31		39		63		140		14		20		14		52		100
Total Capital Program	624		734		1,029		1,231		3,618		812		671		575		944		3,002
* 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.

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MIDSTREAM
	2018					2017
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr	YTD
Income (Loss) before Income Taxes ($ Millions)
Transportation	163	164	209	234	770	107	102		174		147	530
NGL and Other	86	53	46	120	305	19	6		(9	)	16	32
DCP Midstream	31	21	29	25	106	27	22		1		26	76
Income (Loss) before Income Taxes	280	238	284	379	1,181	153	130		166		189	638
Adjusted EBITDA ($ Millions)*
PSXP**	236	263	297	300	1,096	149	157		154		240	700
Other Midstream	127	79	113	176	495	70	54		107		55	286
Transportation and NGL and Other	363	342	410	476	1,591	219	211		261		295	986
DCP Midstream	76	62	72	97	307	71	65		42		70	248
Adjusted EBITDA	439	404	482	573	1,898	290	276		303		365	1,234
* See reconciliation of income before income taxes to Adjusted EBITDA on next page.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
Equity in Earnings of Affiliates ($ Millions)
Transportation	87	91	106	121	405	36	38		113		76	263
NGL and Other	35	43	48	39	165	26	28		28		34	116
DCP Midstream	30	21	29	26	106	27	21		2		25	75
Total	152	155	183	186	676	89	87		143		135	454
Depreciation and Amortization ($ Millions)*
Transportation	36	44	46	41	167	33	35		46		44	158
NGL and Other	38	38	40	37	153	35	34		35		37	141
DCP Midstream	—	—	—	—	—	—	—		—		—	—
Total	74	82	86	78	320	68	69		81		81	299
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense ($ Millions)*
Transportation	178	188	178	185	729	161	177		187		185	710
NGL and Other	77	78	101	77	333	57	63		65		70	255
DCP Midstream	—	—	—	—	—	—	(1	)	—		—	(1	)
Total	255	266	279	262	1,062	218	239		252		255	964
* Excludes Operating and SG&A Expense of all equity affiliates.
Transportation Volumes (MB/D)
Pipelines*	3,209	3,404	3,517	3,627	3,441	3,257	3,311		3,274		3,437	3,320
Terminals**	2,669	3,214	3,179	3,541	3,153	2,395	2,581		2,675		3,008	2,665
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.
** Terminals include Bayway and Ferndale crude oil rail rack volumes.
PSX Other Volumes
NGL Fractionated (MB/D)*	184	227	227	223	216	175	177		177		215	186
* Excludes DCP Midstream.
100% DCP Midstream Results
Net Income Attributable, excludes parent company income tax related to DCP's earnings ($ Millions)	60	42	57	51	210	53	42		3		49	147
Depreciation and Amortization ($ Millions)	94	97	98	99	388	94	94		94		97	379
Operating and SG&A Expense ($ Millions)	221	260	275	304	1,060	240	254		226		234	954
Net Interest Expense ($ Millions)*	70	69	71	69	279	76	73		77		72	298
* Net of interest income.
Capital Expenditures and Investments ($ Millions)	189	196	299	283	967	87	121		124		204	536
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)	4.5	4.9	4.9	5.0	4.8	4.6	4.5		4.5		4.6	4.6
NGL Production (MB/D)	380	430	426	415	413	341	367		378		411	374
Weighted-Average NGL Price*
DCP Midstream ($/BBL)	29.41	31.83	36.51	28.80	31.64	25.31	22.94		26.12		30.39	26.19
DCP Midstream ($/gal)	0.70	0.76	0.87	0.69	0.75	0.60	0.55		0.62		0.72	0.62
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
MLP Distributions ($ Millions)*
GP Distribution from PSXP to Phillips 66	51	57	61	67	236	32	36		43		47	158
LP Distribution from PSXP to Phillips 66	50	51	55	58	214	37	40		44		46	167
GP Distribution from DCP Midstream, LP to DCP Midstream***	43	42	43	**	128	23	23		43		83	172
LP Distribution from DCP Midstream, LP to DCP Midstream***	40	41	41	**	122	41	40		42		40	163
* 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.

Page 5

MIDSTREAM (continued)
	2018							2017
	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 ($ Millions)
Income before income taxes	280		238	284	379	1,181		153		130		166		189		638
Plus:
Interest revenue	—		—	—	—	—		(1	)	—		—		—		(1	)
Depreciation and amortization	74		82	86	78	320		68		69		81		81		299
EBITDA	354		320	370	457	1,501		220		199		247		270		936
Special Item Adjustments (pre-tax):
Pending claims and settlements	—		—	21	—	21		—		—		(37	)	—		(37	)
Hurricane-related costs	—		—	—	—	—		—		—		4		6		10
Impairments by equity affiliates	—		—	—	28	28		—		—		—		—		—
Pension settlement expense	—		—	7	2	9		—		8		3		1		12
EBITDA, Adjusted for Special Items	354		320	398	487	1,559		220		207		217		277		921
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—	—	1	1		—		1		1		(1	)	1
Proportional share of selected equity affiliates net interest	34		33	32	32	131		27		26		31		37		121
Proportional share of selected equity affiliates depreciation and amortization	51		51	52	53	207		43		42		54		52		191
Adjusted EBITDA	439		404	482	573	1,898		290		276		303		365		1,234
Adjusted EBITDA by Business Line
100% PSXP Results ($ Millions)
Income before income taxes	174		186	217	223	800		110		120		132		166		528
Plus:
Net interest expense	29		29	28	28	114		23		23		24		29		99
Depreciation and amortization	28		29	30	30	117		28		28		32		28		116
EBITDA	231		244	275	281	1,031		161		171		188		223		743
Adjustments (pre-tax):
EBITDA attributable to predecessors	—		—	—	—	—		(14	)	(17	)	(36	)	(2	)	(69	)
Special item - pending claims and settlements*	—		—	3	—	3		—		—		—		—		—
Special item - U.S. tax reform*	(10	)	—	—	—	(10	)	—		—		—		—		—
EBITDA, Adjusted for Predecessors and Special Items**	221		244	278	281	1,024		147		154		152		221		674
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—	—	—	—		—		—		—		1		1
Proportional share of selected equity affiliates net interest	7		8	8	8	31		—		—		—		7		7
Proportional share of selected equity affiliates depreciation and amortization	8		11	11	11	41		2		3		2		11		18
Adjusted EBITDA**	236		263	297	300	1,096		149		157		154		240		700
* Represents a special item adjustment made for PSX reporting purposes only.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.

Page 6

MIDSTREAM (continued)
	2018					2017
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr		2nd Qtr	3rd Qtr		4th Qtr		YTD
Total Transportation and NGL and Other ($ Millions)
Income before income taxes	249	217	255	354	1,075	126		108	165		163		562
Plus:
Interest revenue	—	—	—	—	—	(1	)	—	—		—		(1	)
Depreciation and amortization	74	82	86	78	320	68		69	81		81		299
EBITDA*	323	299	341	432	1,395	193		177	246		244		860
Special Item Adjustments (pre-tax):
Pending claims and settlements	—	—	21	—	21	—		—	(37	)	—		(37	)
Hurricane-related costs	—	—	—	—	—	—		—	4		6		10
Pension settlement expense	—	—	7	2	9	—		8	3		1		12
EBITDA, Adjusted for Special Items*	323	299	369	434	1,425	193		185	216		251		845
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—	1	1	—		—	—		1		1
Proportional share of selected equity affiliates net interest	18	18	17	16	69	10		10	18		18		56
Proportional share of selected equity affiliates depreciation and amortization	22	25	24	25	96	16		16	27		25		84
Adjusted EBITDA*	363	342	410	476	1,591	219		211	261		295		986
* Includes PSXP results above. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
DCP Midstream ($ Millions)
Income before income taxes	31	21	29	25	106	27		22	1		26		76
Plus:
None	—	—	—	—	—	—		—	—		—		—
EBITDA	31	21	29	25	106	27		22	1		26		76
Special Item Adjustments (pre-tax):
Impairments by equity affiliates	—	—	—	28	28	—		—	—		—		—
EBITDA, Adjusted for Special Items	31	21	29	53	134	27		22	1		26		76
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—	—	—	—		1	1		(2	)	—
Proportional share of selected equity affiliates net interest	16	15	15	16	62	17		16	13		19		65
Proportional share of selected equity affiliates depreciation and amortization	29	26	28	28	111	27		26	27		27		107
Adjusted EBITDA*	76	62	72	97	307	71		65	42		70		248
* Proportional share of selected equity affiliates is net of noncontrolling interests.

Page 7

CHEMICALS
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before Income Taxes ($ Millions)	286		324		263		152		1,025		251		294		163		8		716
Equity in Earnings of Affiliate ($ Millions)	288		325		261		151		1,025		250		292		163		8		713
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings ($ Millions)
Olefins and Polyolefins	535		609		443		315		1,902		461		537		295		27		1,320
Specialties, Aromatics and Styrenics	57		76		108		28		269		53		61		46		9		169
Corporate and Other	(7	)	(35	)	(20	)	(40	)	(102	)	(11	)	(8	)	(10	)	(14	)	(43	)
Total	585		650		531		303		2,069		503		590		331		22		1,446
Income (Loss) before Income Taxes ($ Millions)
Olefins and Polyolefins	546		618		457		325		1,946		470		546		304		35		1,355
Specialties, Aromatics and Styrenics	61		83		116		33		293		62		65		51		13		191
Corporate and Other	(7	)	(34	)	(20	)	(41	)	(102	)	(11	)	(8	)	(10	)	(13	)	(42	)
Total	600		667		553		317		2,137		521		603		345		35		1,504
Depreciation and Amortization ($ Millions)	116		153		159		167		595		73		75		85		118		351
Net Interest (Income) Expense ($ Millions)*	(3	)	19		18		17		51		(1	)	(1	)	(3	)	(3	)	(8	)
* Net of interest income.
Investing Cash Flows ($ Millions)
Capital Expenditures and Investments	322		126		119		111		678		512		262		238		540		1,552
Advances to Equity Companies	—		—		—		—		—		6		2		3		—		11
Advance Repayments from Equity Companies	(33	)	(35	)	(12	)	(39	)	(119	)	(7	)	—		—		(52	)	(59	)
Olefins and Polyolefins Capacity Utilization (%)	96	%	95	%	91	%	95	%	94	%	89	%	98	%	83	%	79	%	87	%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)	26.80		20.60		23.61		25.18		24.05		31.87		29.61		28.21		30.84		30.13
HDPE Blow Molding, Domestic Spot (cents/lb)	60.00		61.00		59.58		56.00		59.15		55.83		58.00		58.67		60.75		58.31
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	14.81		15.47		20.68		17.27		17.06		11.80		12.54		16.14		16.22		14.18
HDPE Blow Molding, Total Cash Cost (cents/lb)	39.81		33.47		36.57		38.30		37.04		44.90		42.59		41.13		43.78		43.10
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	32.18		32.66		25.94		25.60		29.10		31.00		32.48		29.61		31.59		31.17
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA ($ Millions)
Income before income taxes	286		324		263		152		1,025		251		294		163		8		716
Plus:
None	—		—		—		—		—		—		—		—		—		—
EBITDA	286		324		263		152		1,025		251		294		163		8		716
Special Item Adjustments (pre-tax):
Impairments by equity affiliates	—		—		—		—		—		33		—		—		31		64
Hurricane-related costs	—		—		—		—		—		—		—		53		122		175
EBITDA, Adjusted for Special Items	286		324		263		152		1,025		284		294		216		161		955
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	23		30		30		17		100		20		14		18		16		68
Proportional share of selected equity affiliates net interest	3		13		11		11		38		1		2		1		—		4
Proportional share of selected equity affiliates depreciation and amortization	92		108		110		112		422		69		70		76		92		307
Adjusted EBITDA	404		475		414		292		1,585		374		380		311		269		1,334

Page 8

REFINING
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income (Loss) before Income Taxes ($ Millions)
Atlantic Basin/Europe	(108	)	164		209		302		567		(98	)	120		247		179		448
Gulf Coast	—		366		210		464		1,040		521		86		109		93		809
Central Corridor	272		521		839		1,185		2,817		97		42		317		299		755
West Coast	(52	)	139		(26	)	50		111		(130	)	59		190		(55	)	64
Income (Loss) before Income Taxes	112		1,190		1,232		2,001		4,535		390		307		863		516		2,076
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	(2.75	)	3.42		4.62		5.63		3.05		(2.44	)	2.32		4.72		3.26		2.25
Gulf Coast	—		4.76		3.01		6.04		3.55		7.79		1.19		1.55		1.22		2.83
Central Corridor	10.37		19.88		31.33		43.77		26.50		3.94		1.88		13.48		13.82		8.19
West Coast	(1.57	)	3.95		(0.74	)	1.52		0.81		(4.74	)	1.67		5.19		(1.58	)	0.48
Worldwide	0.67		6.39		6.96		10.50		6.29		2.45		1.69		4.72		2.75		2.92
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	7.17		10.42		11.48		11.54		10.32		6.29		7.90		10.02		8.32		8.25
Gulf Coast	6.75		9.93		9.09		11.84		9.48		8.03		6.74		7.26		6.38		7.07
Central Corridor	16.11		17.51		23.61		30.60		22.22		10.54		9.96		14.04		15.16		12.44
West Coast	8.32		12.77		9.53		14.18		11.20		9.95		10.83		12.95		7.96		10.49
Worldwide	9.29		12.28		13.36		16.53		12.99		8.55		8.44		10.49		8.98		9.13
* See note on the use of non-GAAP measures below. 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 below.
Equity in Earnings (Losses) of Affiliates ($ Millions)
Atlantic Basin/Europe	(2	)	(3	)	(2	)	(3	)	(10	)	(4	)	(2	)	(3	)	(2	)	(11	)
Gulf Coast	(1	)	(3	)	(1	)	(1	)	(6	)	7		(2	)	1		(2	)	4
Central Corridor	(61	)	220		300		353		812		(9	)	26		146		166		329
West Coast	—		—		—		—		—		—		—		—		—		—
Total	(64	)	214		297		349		796		(6	)	22		144		162		322
Depreciation and Amortization ($ Millions)*
Atlantic Basin/Europe	52		50		50		49		201		49		47		47		49		192
Gulf Coast	66		64		69		69		268		65		68		68		70		271
Central Corridor	35		32		34		34		135		27		27		32		33		119
West Coast	58		59		60		59		236		58		62		58		61		239
Total	211		205		213		211		840		199		204		205		213		821
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense ($ Millions)*
Atlantic Basin/Europe	298		240		233		242		1,013		271		213		201		223		908
Gulf Coast	376		305		330		358		1,369		350		308		312		297		1,267
Central Corridor	115		131		131		145		522		144		191		131		161		627
West Coast	241		240		275		334		1,090		324		234		224		248		1,030
Total	1,030		916		969		1,079		3,994		1,089		946		868		929		3,832
* Excludes Operating and SG&A Expense of all equity affiliates.
Turnaround Expense ($ Millions), included in Operating and SG&A Expense*
Atlantic Basin/Europe	98		21		4		10		133		83		19		7		16		125
Gulf Coast	105		10		24		44		183		72		23		11		19		125
Central Corridor	2		4		7		7		20		27		79		14		47		167
West Coast	40		25		20		69		154		117		33		11		17		178
Total	245		60		55		130		490		299		154		43		99		595
* Excludes Turnaround Expense of all equity affiliates.
Taxes Other than Income Taxes, excluding Excise Taxes ($ Millions)
Atlantic Basin/Europe	15		15		13		13		56		16		13		14		13		56
Gulf Coast	25		23		23		17		88		27		23		23		23		96
Central Corridor	12		9		10		12		43		14		13		9		10		46
West Coast	27		25		26		24		102		20		21		—		23		64
Total	79		72		72		66		289		77		70		46		69		262
Foreign Currency Gains (Losses) Pre-Tax ($ Millions)	11		7		(1	)	7		24		—		1		(6	)	7		2
Refining—Equity Affiliate Information ($ Millions)
Equity in earnings (losses) of affiliates	(64	)	214		297		349		796		(6	)	22		144		162		322
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity-affiliate-related costs*	(239	)	(397	)	(469	)	(507	)	(1,612	)	239		(191	)	(262	)	(306	)	(520	)
Equity-affiliate-related expenses not included in Realized Refining Margins	(303	)	(183	)	(172	)	(158	)	(816	)	233		(169	)	(118	)	(144	)	(198	)
Regional Totals
Atlantic Basin/Europe	(43	)	(18	)	—		5		(56	)	(17	)	(18	)	25		17		7
Gulf Coast	(1	)	(3	)	(1	)	(1	)	(6	)	428		(2	)	1		(1	)	426
Central Corridor	(259	)	(162	)	(171	)	(162	)	(754	)	(178	)	(149	)	(144	)	(160	)	(631	)
Total	(303	)	(183	)	(172	)	(158	)	(816	)	233		(169	)	(118	)	(144	)	(198	)
* Other costs associated with equity affiliates which do not flow through equity earnings.

Page 9

REFINING (continued)
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA ($ Millions)
Income before income taxes	112		1,190		1,232		2,001		4,535		390		307		863		516		2,076
Plus:
Depreciation and amortization	211		205		213		211		840		199		204		205		213		821
EBITDA	323		1,395		1,445		2,212		5,375		589		511		1,068		729		2,897
Special Item Adjustments (pre-tax):
Pending claims and settlements	—		—		—		—		—		—		(21	)	(30	)	—		(51	)
Certain tax impacts	(2	)	1		(1	)	(4	)	(6	)	—		—		—		(23	)	(23	)
Hurricane-related costs	—		—		—		—		—		—		—		12		12		24
Gain on consolidation of business	—		—		—		—		—		(423	)	—		—		—		(423	)
Pension settlement expense	—		—		32		11		43		—		35		13		5		53
EBITDA, Adjusted for Special Items	321		1,396		1,476		2,219		5,412		166		525		1,063		723		2,477
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—		1		—		1		—		—		—		1		1
Proportional share of selected equity affiliates net interest	(2	)	(1	)	(2	)	(1	)	(6	)	—		(1	)	(1	)	(1	)	(3	)
Proportional share of selected equity affiliates depreciation and amortization	68		68		68		68		272		65		65		68		70		268
Adjusted EBITDA	387		1,463		1,543		2,286		5,679		231		589		1,130		793		2,743
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	419		495		465		526		477		366		533		536		543		494
Total Processed Inputs (MB/D)	436		527		492		583		510		446		569		569		597		546
Crude Oil Capacity Utilization (%)	78	%	92	%	87	%	98	%	89	%	70	%	103	%	103	%	104	%	95	%
Clean Product Yield (%)	84	%	86	%	85	%	90	%	86	%	88	%	87	%	88	%	89	%	88	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)	696		767		656		751		717		668		715		694		758		709
Total Processed Inputs (MB/D)	769		845		759		835		802		743		795		767		828		784
Crude Oil Capacity Utilization (%)	93	%	102	%	87	%	100	%	95	%	90	%	96	%	93	%	102	%	95	%
Clean Product Yield (%)	76	%	80	%	79	%	81	%	79	%	80	%	81	%	80	%	81	%	81	%
Central Corridor*
Crude Oil Charge Input (MB/D)	458		513		531		524		507		470		465		480		452		467
Total Processed Inputs (MB/D)	475		531		548		544		525		488		480		497		472		484
Crude Oil Capacity Utilization (%)	93	%	104	%	108	%	106	%	103	%	95	%	94	%	97	%	92	%	95	%
Clean Product Yield (%)	90	%	88	%	88	%	91	%	89	%	90	%	88	%	88	%	91	%	89	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)	340		362		354		316		343		279		366		368		353		342
Total Processed Inputs (MB/D)	367		387		382		358		373		304		388		398		378		367
Crude Oil Capacity Utilization (%)	93	%	100	%	97	%	87	%	94	%	78	%	102	%	102	%	98	%	95	%
Clean Product Yield (%)	86	%	86	%	87	%	88	%	87	%	87	%	87	%	86	%	89	%	87	%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,913		2,137		2,006		2,117		2,044		1,783		2,079		2,078		2,106		2,012
Total Processed Inputs (MB/D)	2,047		2,290		2,181		2,320		2,210		1,981		2,232		2,231		2,275		2,181
Crude Oil Capacity Utilization (%)	89	%	100	%	93	%	99	%	95	%	84	%	98	%	98	%	100	%	95	%
Clean Product Yield (%)	83	%	84	%	84	%	86	%	84	%	85	%	85	%	85	%	87	%	86	%

Page 10

REFINING (continued)
	2018						2017
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	172	222	203	258		213	213	252	252	260	244
Distillates	185	218	202	248		214	163	228	230	254	219
Other	81	92	89	85		87	81	95	92	90	90
Total	438	532	494	591		514	457	575	574	604	553
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline	303	337	307	344		323	296	324	310	333	316
Distillates	260	315	266	300		285	275	292	286	311	291
Other	212	198	192	195		200	178	185	175	191	182
Total	775	850	765	839		808	749	801	771	835	789
Central Corridor*
Gasoline	242	263	269	280		264	253	241	253	251	249
Distillates	181	201	210	212		201	181	180	182	178	180
Other	56	73	74	57		65	59	64	68	48	60
Total	479	537	553	549		530	493	485	503	477	489
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline	180	190	180	168		179	154	197	198	189	185
Distillates	136	143	150	147		144	110	141	142	144	135
Other	53	54	51	44		50	41	50	58	44	48
Total	369	387	381	359		373	305	388	398	377	368
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	897	1,012	959	1,050		979	916	1,014	1,013	1,033	994
Distillates	762	877	828	907		844	729	841	840	887	825
Other	402	417	406	381		402	359	394	393	373	380
Total	2,061	2,306	2,193	2,338		2,225	2,004	2,249	2,246	2,293	2,199
Market Indicators
Crude and Crude Differentials ($/BBL)
WTI	62.88	67.99	69.71	59.09		64.92	51.83	48.24	48.16	55.35	50.90
Brent	66.76	74.35	75.27	67.76		71.04	53.78	49.83	52.08	61.39	54.27
LLS	65.79	73.11	74.31	66.55		69.94	53.51	50.31	51.65	61.05	54.13
ANS	66.96	74.10	75.55	68.65		71.31	53.83	50.68	52.20	61.52	54.56
WTI less Maya	5.16	5.83	3.57	(4.73	)	2.46	7.10	4.29	1.62	2.21	3.80
WTI less WCS	25.78	18.04	27.88	33.25		26.23	13.79	9.99	10.49	16.82	12.77
Natural Gas ($/MMBtu)
Henry Hub	3.01	2.82	2.90	3.74		3.12	3.00	3.05	2.93	2.86	2.96
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	9.23	13.36	12.73	1.32		9.16	9.46	15.53	19.17	11.26	13.85
East Coast Distillate less Brent	16.35	15.83	16.20	19.13		16.88	12.93	13.29	17.18	17.77	15.29
Gulf Coast
Gulf Coast Gasoline less LLS	8.65	9.44	8.63	(0.70	)	6.51	9.92	10.86	14.90	8.95	11.16
Gulf Coast Distillate less LLS	15.15	15.28	15.54	16.82		15.70	12.26	11.59	16.44	15.48	13.94
Central Corridor
Central Gasoline less WTI	13.57	16.04	16.68	8.53		13.71	12.77	14.11	19.32	16.43	15.66
Central Distillate less WTI	19.85	22.03	22.77	26.64		22.82	14.00	14.59	21.98	23.43	18.50
West Coast
West Coast Gasoline less ANS	16.40	18.76	14.13	9.69		14.74	17.28	21.08	20.83	11.76	17.74
West Coast Distillate less ANS	17.28	18.69	17.85	18.60		18.11	14.84	14.32	20.45	18.81	17.10
Worldwide Market Crack Spread ($/BBL)*	13.12	14.86	14.21	9.11		12.83	12.24	14.06	18.19	13.98	14.62
* Weighted average based on Phillips 66 crude capacity.

Page 11

MARKETING AND SPECIALTIES
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr		YTD
Income before Income Taxes ($ Millions)
Marketing and Other	176		244		361		525		1,306		181	275	242	110		808
Specialties	59		66		62		64		251		27	53	75	57		212
Income before Income Taxes	235		310		423		589		1,557		208	328	317	167		1,020
Income before Income Taxes ($/BBL)
U.S.	0.85		1.05		1.48		1.40		1.21		0.82	1.20	1.05	0.51		0.89
International	1.51		3.32		4.80		10.05		5.00		2.01	3.10	2.36	1.46		2.23
Realized Marketing Fuel Margins ($/BBL)*
U.S.**	1.39		1.30		1.80		1.95		1.62		1.47	1.74	1.63	1.09		1.48
International	3.32		5.25		6.58		11.99		6.87		3.70	4.95	4.45	3.72		4.21
* See note on the use of non-GAAP measures below. Also, reconciliations of income before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section below.
** U.S. realized marketing fuel margins for Q2 and Q3 2018 have been revised to exclude the effects of special items on fuel margins.
Other Realized Margins and Revenues not included in Marketing Fuel Margins ($ Millions)*
Marketing and Other	127		183		185		143		638		115	117	136	109		477
Specialties	82		86		89		90		347		58	61	64	54		237
Total	209		269		274		233		985		173	178	200	163		714
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates ($ Millions)
Marketing and Other	20		27		25		27		99		18	25	24	21		88
Specialties	12		22		14		17		65		14	36	56	49		155
Total	32		49		39		44		164		32	61	80	70		243
Depreciation and Amortization ($ Millions)*
Marketing and Other	24		24		22		24		94		22	21	24	25		92
Specialties	5		5		5		5		20		5	5	5	5		20
Total	29		29		27		29		114		27	26	29	30		112
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense ($ Millions)*
Marketing and Other	266		294		303		298		1,161		245	283	292	284		1,104
Specialties	36		36		34		37		143		38	37	39	39		153
Total	302		330		337		335		1,304		283	320	331	323		1,257
* Excludes Operating and SG&A Expense of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	1,024		1,110		1,102		1,204		1,111		1,073	1,188	1,188	1,197		1,162
Distillates	706		843		780		873		801		667	751	780	866		766
Other	1		—		—		—		—		—	—	1	1		1
Total	1,731		1,953		1,882		2,077		1,912		1,740	1,939	1,969	2,064		1,929
International Marketing
Gasoline	81		86		85		87		84		82	87	84	83		84
Distillates	173		169		175		179		174		168	161	166	165		165
Other	19		17		17		20		18		15	18	17	20		17
Total	273		272		277		286		276		265	266	267	268		266
Worldwide Marketing
Gasoline	1,105		1,196		1,187		1,291		1,195		1,155	1,275	1,272	1,280		1,246
Distillates	879		1,012		955		1,052		975		835	912	946	1,031		931
Other	20		17		17		20		18		15	18	18	21		18
Total	2,004		2,225		2,159		2,363		2,188		2,005	2,205	2,236	2,332		2,195
Foreign Currency Gains (Losses) Pre-Tax ($ Millions)	4		—		1		(6	)	(1	)	1	—	1	(3	)	(1	)
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA ($ Millions)
Income before income taxes	235		310		423		589		1,557		208	328	317	167		1,020
Plus:
Depreciation and amortization	29		29		27		29		114		27	26	29	30		112
EBITDA	264		339		450		618		1,671		235	354	346	197		1,132
Special Item Adjustments (pre-tax):
Certain tax impacts	(13	)	(56	)	(44	)	—		(113	)	—	—	—	—		—
Hurricane-related costs	—		—		—		—		—		—	—	1	—		1
Pension settlement expense	—		—		6		3		9		—	7	3	1		11
EBITDA, Adjusted for Special Items	251		283		412		621		1,567		235	361	350	198		1,144
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—		—		—		—		—	—	—	—		—
Proportional share of selected equity affiliates net interest	—		2		1		1		4		—	—	1	—		1
Proportional share of selected equity affiliates depreciation and amortization	3		2		3		3		11		3	3	2	3		11
Adjusted EBITDA	254		287		416		625		1,582		238	364	353	201		1,156

Page 12

CORPORATE AND OTHER
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Loss before Income Taxes ($ Millions)	(196	)	(227	)	(227	)	(203	)	(853	)	(205	)	(211	)	(253	)	(226	)	(895	)
Detail of Loss before Income Taxes ($ Millions)
Net interest expense	(112	)	(128	)	(114	)	(105	)	(459	)	(100	)	(100	)	(104	)	(104	)	(408	)
Corporate overhead	(59	)	(74	)	(83	)	(41	)	(257	)	(60	)	(73	)	(68	)	(67	)	(268	)
Technology	(22	)	(22	)	(21	)	(23	)	(88	)	(23	)	(21	)	(24	)	(26	)	(94	)
Other*	(3	)	(3	)	(9	)	(34	)	(49	)	(22	)	(17	)	(57	)	(29	)	(125	)
Total	(196	)	(227	)	(227	)	(203	)	(853	)	(205	)	(211	)	(253	)	(226	)	(895	)
* First-quarter 2018 equity earnings reflect a tax benefit from an equity affiliate as a result of U.S. tax reform.
Net Interest Expense ($ Millions)
Interest expense	(123	)	(136	)	(131	)	(131	)	(521	)	(114	)	(113	)	(112	)	(114	)	(453	)
Capitalized interest	—		1		6		10		17		9		6		—		—		15
Interest income	11		7		11		16		45		5		7		8		10		30
Total	(112	)	(128	)	(114	)	(105	)	(459	)	(100	)	(100	)	(104	)	(104	)	(408	)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA ($ Millions)
Loss before income taxes	(196	)	(227	)	(227	)	(203	)	(853	)	(205	)	(211	)	(253	)	(226	)	(895	)
Plus:
Net interest expense	112		128		114		105		459		100		100		104		104		408
Depreciation and amortization	22		21		20		19		82		21		21		22		22		86
EBITDA	(62	)	(78	)	(93	)	(79	)	(312	)	(84	)	(90	)	(127	)	(100	)	(401	)
Special Item Adjustments (pre-tax):
Pending claims and settlements	—		—		—		—		—		—		—		31		—		31
U.S. tax reform	(16	)	—		—		—		(16	)	—		—		—		—		—
Pension settlement expense	—		—		4		2		6		—		5		2		—		7
EBITDA, Adjusted for Special Items	(78	)	(78	)	(89	)	(77	)	(322	)	(84	)	(85	)	(94	)	(100	)	(363	)
Other Adjustments (pre-tax):
None	—		—		—		—		—		—		—		—		—		—
Adjusted EBITDA	(78	)	(78	)	(89	)	(77	)	(322	)	(84	)	(85	)	(94	)	(100	)	(363	)
Foreign Currency Gains (Losses) Pre-Tax ($ Millions)	—		8		—		—		8		—		(1	)	(2	)	2		(1	)
Phillips 66 Total Company Debt
Total Debt ($ Millions)	11,621		11,364		11,337		11,160		11,160		10,210		9,965		10,201		10,110		10,110
Debt-to-Capital Ratio (%)	32	%	31	%	31	%	29	%	29	%	30	%	30	%	30	%	27	%	27	%
Total Equity ($ Millions)	24,300		24,960		25,795		27,153		27,153		23,725		23,806		23,959		27,428		27,428
RECONCILIATION OF CONSOLIDATED INCOME BEFORE INCOME TAXES TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before income taxes	717		1,835		1,975		2,918		7,445		797		848		1,256		654		3,555
Plus:
Net interest expense	112		128		114		105		459		99		100		104		104		407
Depreciation and amortization	336		337		346		337		1,356		315		320		337		346		1,318
Phillips 66 EBITDA	1,165		2,300		2,435		3,360		9,260		1,211		1,268		1,697		1,104		5,280
Special Item Adjustments (pre-tax):
Impairments by equity affiliates	—		—		—		28		28		33		—		—		31		64
Pending claims and settlements	—		—		21		—		21		—		(21	)	(36	)	—		(57	)
Certain tax impacts	(15	)	(55	)	(45	)	(4	)	(119	)	—		—		—		(23	)	(23	)
Gain on consolidation of business	—		—		—		—		—		(423	)	—		—		—		(423	)
Pension settlement expense	—		—		49		18		67		—		55		21		7		83
Hurricane-related costs	—		—		—		—		—		—		—		70		140		210
U.S. tax reform	(16	)	—		—		—		(16	)	—		—		—		—		—
Phillips 66 EBITDA, Adjusted for Special Items	1,134		2,245		2,460		3,402		9,241		821		1,302		1,752		1,259		5,134
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	23		30		31		18		102		20		15		19		16		70
Proportional share of selected equity affiliates net interest	35		47		42		43		167		28		27		32		36		123
Proportional share of selected equity affiliates depreciation and amortization	214		229		233		236		912		180		180		200		217		777
EBITDA attributable to Phillips 66 noncontrolling interests	(80	)	(87	)	(97	)	(97	)	(361	)	(46	)	(47	)	(49	)	(87	)	(229	)
Phillips 66 Adjusted EBITDA	1,326		2,464		2,669		3,602		10,061		1,003		1,477		1,954		1,441		5,875
Recast of Financial Information—Effective in Q4 2018, we changed our segment performance measure to income before income taxes from net income. The supplemental data by segment and other information included herein has been recast for all periods presented to conform with this change. In addition, other information included herein has been recast (e.g., pipeline volumes) and certain information presented historically has been removed (e.g., CPChem externally marketed sales volumes) to conform to current period presentation.
Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms EBITDA and Adjusted EBITDA and Realized refining margins per barrel and Realized marketing fuel margins per barrel. These are non-GAAP financial measures. EBITDA and Adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP measure most directly comparable to EBITDA and Adjusted EBITDA is income before income taxes. 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 most directly comparable GAAP measure to both realized margin per barrel measures is income before income taxes per barrel. Reconciliations of income before income taxes to realized refining margin and realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section below.

Page 13

REALIZED MARGIN NON-GAAP RECONCILIATIONS
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS
	Millions of Dollars, Except as Indicated
	2018										2017
	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	(108	)	164		209		302		567		(98	)	120		247		179		448
Plus:
Taxes other than income taxes	15		15		13		13		56		16		13		14		13		56
Depreciation, amortization and impairments	52		50		50		49		201		49		47		47		49		192
Selling, general and administrative expenses	13		15		16		19		63		14		15		16		16		61
Operating expenses	285		225		217		223		950		257		198		185		207		847
Equity in losses of affiliates	2		3		2		3		10		4		2		3		2		11
Other segment income	(7	)	—		(3	)	(1	)	(11	)	(3	)	(3	)	(2	)	(2	)	(10	)
Proportional share of refining gross margins contributed by equity affiliates	29		28		16		14		87		14		16		15		14		59
Special items:
Certain tax impacts	—		—		(1	)	(4	)	(5	)	—		—		—		(23	)	(23	)
Realized refining margins	281		500		519		618		1,918		253		408		525		455		1,641
Total processed inputs (thousands of barrels)	39,218		47,978		45,233		53,613		186,042		40,116		51,749		52,306		54,897		199,068
Adjusted total processed inputs (thousands of barrels)	39,218		47,978		45,233		53,613		186,042		40,116		51,749		52,306		54,897		199,068
Income (loss) before income taxes (dollars per barrel)**	(2.75	)	3.42		4.62		5.63		3.05		(2.44	)	2.32		4.72		3.26		2.25
Realized refining margins (dollars per barrel)***	7.17		10.42		11.48		11.54		10.32		6.29		7.90		10.02		8.32		8.25
GULF COAST
Income before income taxes	—		366		210		464		1,040		521		86		109		93		809
Plus:
Taxes other than income taxes	25		23		23		17		88		27		23		24		23		97
Depreciation, amortization and impairments	66		64		69		69		268		67		68		68		70		273
Selling, general and administrative expenses	10		13		13		21		57		12		14		14		15		55
Operating expenses	366		292		317		337		1,312		338		294		298		282		1,212
Equity in (earnings) losses of affiliates	1		3		1		1		6		(7	)	2		(1	)	2		(4	)
Other segment (income) expense, net	(1	)	3		1		—		3		(422	)	1		—		—		(421	)
Proportional share of refining gross margins contributed by equity affiliates	—		—		—		—		—		1		—		—		—		1
Realized refining margins	467		764		634		909		2,774		537		488		512		485		2,022
Total processed inputs (thousands of barrels)	69,207		76,875		69,745		76,838		292,665		66,848		72,346		70,544		76,213		285,951
Adjusted total processed inputs (thousands of barrels)	69,207		76,875		69,745		76,838		292,665		66,848		72,346		70,544		76,213		285,951
Income before income taxes (dollars per barrel)**	—		4.76		3.01		6.04		3.55		7.79		1.19		1.55		1.22		2.83
Realized refining margins (dollars per barrel)***	6.75		9.93		9.09		11.84		9.48		8.03		6.74		7.26		6.38		7.07
CENTRAL CORRIDOR
Income before income taxes	272		521		839		1,185		2,817		97		42		317		299		755
Plus:
Taxes other than income taxes	12		9		10		12		43		14		13		9		10		46
Depreciation, amortization and impairments	35		32		34		34		135		27		37		32		33		129
Selling, general and administrative expenses	7		7		7		13		34		8		8		8		10		34
Operating expenses	108		124		124		132		488		136		183		123		151		593
Equity in (earnings) losses of affiliates	61		(220	)	(300	)	(353	)	(812	)	9		(26	)	(146	)	(166	)	(329	)
Other segment (income) expense, net	(4	)	(8	)	4		(5	)	(13	)	2		4		8		(1	)	13
Proportional share of refining gross margins contributed by equity affiliates	198		381		472		514		1,565		169		175		290		325		959
Realized refining margins	689		846		1,190		1,532		4,257		462		436		641		661		2,200
Total processed inputs (thousands of barrels)	26,236		26,209		26,778		27,076		106,299		24,647		22,331		23,525		21,643		92,146
Adjusted total processed inputs (thousands of barrels)*	42,765		48,347		50,410		50,039		191,561		43,921		43,718		45,733		43,451		176,823
Income before income taxes (dollars per barrel)**	10.37		19.88		31.33		43.77		26.50		3.94		1.88		13.48		13.82		8.19
Realized refining margins (dollars per barrel)***	16.11		17.51		23.61		30.60		22.22		10.54		9.96		14.04		15.16		12.44

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RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
	Millions of Dollars, Except as Indicated
	2018										2017
	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	(52	)	139		(26	)	50		111		(130	)	59		190		(55	)	64
Plus:
Taxes other than income taxes	25		25		26		24		100		20		21		—		23		64
Depreciation, amortization and impairments	58		60		60		59		237		58		67		58		61		244
Selling, general and administrative expenses	11		12		11		16		50		11		12		12		13		48
Operating expenses	230		228		264		318		1,040		313		222		212		235		982
Other segment (income) expense	3		(14	)	—		2		(9	)	1		1		2		1		5
Realized refining margins	275		450		335		469		1,529		273		382		474		278		1,407
Total processed inputs (thousands of barrels)	33,051		35,195		35,132		32,954		136,332		27,414		35,304		36,635		34,736		134,089
Adjusted total processed inputs (thousands of barrels)	33,051		35,195		35,132		32,954		136,332		27,414		35,304		36,635		34,736		134,089
Income (loss) before income taxes (dollars per barrel)**	(1.57	)	3.95		(0.74	)	1.52		0.81		(4.74	)	1.67		5.19		(1.58	)	0.48
Realized refining margins (dollars per barrel)***	8.32		12.77		9.53		14.18		11.20		9.95		10.83		12.95		7.96		10.49
WORLDWIDE
Income before income taxes	112		1,190		1,232		2,001		4,535		390		307		863		516		2,076
Plus:
Taxes other than income taxes	77		72		72		66		287		77		70		47		69		263
Depreciation, amortization and impairments	211		206		213		211		841		201		219		205		213		838
Selling, general and administrative expenses	41		47		47		69		204		45		49		50		54		198
Operating expenses	989		869		922		1,010		3,790		1,044		897		818		875		3,634
Equity in (earnings) losses of affiliates	64		(214	)	(297	)	(349	)	(796	)	6		(22	)	(144	)	(162	)	(322	)
Other segment (income) expense, net	(9	)	(19	)	2		(4	)	(30	)	(422	)	3		8		(2	)	(413	)
Proportional share of refining gross margins contributed by equity affiliates	227		409		488		528		1,652		184		191		305		339		1,019
Special items:
Certain tax impacts	—		—		(1	)	(4	)	(5	)	—		—		—		(23	)	(23	)
Realized refining margins	1,712		2,560		2,678		3,528		10,478		1,525		1,714		2,152		1,879		7,270
Total processed inputs (thousands of barrels)	167,712		186,257		176,888		190,481		721,338		159,025		181,730		183,010		187,489		711,254
Adjusted total processed inputs (thousands of barrels)*	184,241		208,395		200,520		213,444		806,600		178,299		203,117		205,218		209,297		795,931
Income before income taxes (dollars per barrel)**	0.67		6.39		6.96		10.50		6.29		2.45		1.69		4.72		2.75		2.92
Realized refining margins (dollars per barrel)***	9.29		12.28		13.36		16.53		12.99		8.55		8.44		10.49		8.98		9.13
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
** Income (loss) before income taxes divided by total processed inputs.
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts due to rounding.

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RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
	Millions of Dollars, Except as Indicated
	2018										2017
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
UNITED STATES
Income before income taxes	132		187		256		268		843		129		211		191		97		628
Plus:
Taxes other than income taxes*	(10	)	3		3		2		(2	)	1,278		1,375		1,409		1,419		5,481
Depreciation and amortization	4		3		3		3		13		4		3		3		4		14
Selling, general and administrative expenses	176		193		201		193		763		174		193		193		191		751
Equity in earnings of affiliates	(2	)	(2	)	(3	)	(1	)	(8	)	—		(2	)	(2	)	(1	)	(5	)
Other operating revenues*	(84	)	(98	)	(104	)	(93	)	(379	)	(1,354	)	(1,459	)	(1,499	)	(1,503	)	(5,815	)
Other segment income	—		—		—		—		—		(1	)	(14	)	—		—		(15	)
Special items:
Certain tax impacts	—		(56	)	(44	)	—		(100	)	—		—		—		—		—
Realized marketing fuel margins	216		230		312		372		1,130		230		307		295		207		1,039
Total fuel sales volumes (thousands of barrels)	155,780		177,725		173,072		191,119		697,696		156,548		176,419		181,110		189,851		703,928
Income before income taxes (dollars per barrel)	0.85		1.05		1.48		1.40		1.21		0.82		1.20		1.05		0.51		0.89
Realized marketing fuel margins (dollars per barrel)**	1.39		1.30		1.80		1.95		1.62		1.47		1.74		1.63		1.09		1.48
INTERNATIONAL
Income before income taxes	37		82		122		264		505		48		75		58		36		217
Plus:
Taxes other than income taxes*	(2	)	2		1		1		2		1,756		1,881		1,970		1,972		7,579
Depreciation and amortization	18		18		17		18		71		15		16		17		19		67
Selling, general and administrative expenses	70		71		66		73		280		60		63		70		71		264
Equity in earnings of affiliates	(18	)	(25	)	(22	)	(26	)	(91	)	(19	)	(22	)	(22	)	(20	)	(83	)
Other operating revenues*	(7	)	(6	)	(7	)	(12	)	(32	)	(1,760	)	(1,883	)	(1,973	)	(1,978	)	(7,594	)
Other segment (income) expense, net	(5	)	2		—		5		2		(1	)	1		(1	)	3		2
Marketing margins	93		144		177		323		737		99		131		119		103		452
Less: Margin for non-fuel related sales	12		14		10		8		44		11		11		10		10		42
Realized marketing fuel margins	81		130		167		315		693		88		120		109		93		410
Total fuel sales volumes (thousands of barrels)	24,534		24,717		25,441		26,257		100,949		23,885		24,229		24,596		24,636		97,346
Income before income taxes (dollars per barrel)	1.51		3.32		4.80		10.05		5.00		2.01		3.10		2.36		1.46		2.23
Realized marketing fuel margins (dollars per barrel)**	3.32		5.25		6.58		11.99		6.87		3.70		4.95		4.45		3.72		4.21
* Includes excise taxes on sales of petroleum products for periods prior to the adoption of FASB ASU No. 2014-09 on January 1, 2018. Other operating revenues also includes other non-fuel revenues.
** 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 due to rounding.

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