Phillips 66 (PSX) 8-K Phillips 66 Reports Fourth-Quarter Earnings of $736 Million

	Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
	Millions of Dollars, Except as Indicated
	2019										2018
	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	23,103		27,847		27,218		29,125		107,293		23,595		28,980		29,788		29,098		111,461
Equity in earnings of affiliates	516		648		499		464		2,127		424		743		779		730		2,676
Net gain on dispositions	1		—		18		1		20		17		—		1		1		19
Other income	38		23		36		22		119		10		13		24		14		61
Total Revenues and Other Income	23,658		28,518		27,771		29,612		109,559		24,046		29,736		30,592		29,843		114,217
Costs and Expenses
Purchased crude oil and products	21,055		24,554		23,806		26,114		95,529		21,138		25,747		26,385		24,660		97,930
Operating expenses	1,307		1,165		1,206		1,396		5,074		1,246		1,143		1,206		1,285		4,880
Selling, general and administrative expenses	366		408		416		491		1,681		386		432		440		419		1,677
Depreciation and amortization	331		334		336		340		1,341		336		337		346		337		1,356
Impairments	1		2		853		5		861		—		6		1		1		8
Taxes other than income taxes	128		97		105		79		409		110		109		109		97		425
Accretion on discounted liabilities	6		5		6		6		23		6		6		5		6		23
Interest and debt expense	119		115		109		115		458		123		135		125		121		504
Foreign currency transaction (gains) losses	5		9		(9	)	—		5		(16	)	(14	)	—		(1	)	(31	)
Total Costs and Expenses	23,318		26,689		26,828		28,546		105,381		23,329		27,901		28,617		26,925		106,772
Income before income taxes	340		1,829		943		1,066		4,178		717		1,835		1,975		2,918		7,445
Income tax expense	70		325		150		256		801		132		431		407		602		1,572
Net Income	270		1,504		793		810		3,377		585		1,404		1,568		2,316		5,873
Less: net income attributable to noncontrolling interests	66		80		81		74		301		61		65		76		76		278
Net Income Attributable to Phillips 66	204		1,424		712		736		3,076		524		1,339		1,492		2,240		5,595
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	0.44		3.13		1.58		1.65		6.80		1.07		2.86		3.20		4.85		11.87
Diluted	0.44		3.12		1.58		1.64		6.77		1.07		2.84		3.18		4.82		11.80
Weighted-Average Common Shares Outstanding (thousands)
Basic	457,599		453,681		449,005		445,332		451,364		487,065		468,331		466,109		461,651		470,708
Diluted	459,289		455,585		451,001		447,835		453,888		489,668		471,638		469,440		464,406		474,047
Effective tax rate (%)	20.6	%	17.8	%	15.9	%	24.0	%	19.2	%	18.4	%	23.5	%	20.6	%	20.6	%	21.1	%
Adjusted effective tax rate (%)	20.7	%	20.2	%	20.6	%	23.6	%	21.1	%	17.5	%	22.1	%	23.4	%	21.1	%	21.6	%

Page 1

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2019										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream	316		423		(460	)	405		684		280		238		284		379		1,181
Chemicals	227		275		227		150		879		286		324		263		152		1,025
Refining	(198	)	983		856		345		1,986		112		1,190		1,232		2,001		4,535
Marketing and Specialties	205		353		498		377		1,433		235		310		423		589		1,557
Corporate and Other	(210	)	(205	)	(178	)	(211	)	(804	)	(196	)	(227	)	(227	)	(203	)	(853	)
Income before income taxes	340		1,829		943		1,066		4,178		717		1,835		1,975		2,918		7,445
Less: income tax expense	70		325		150		256		801		132		431		407		602		1,572
Net Income	270		1,504		793		810		3,377		585		1,404		1,568		2,316		5,873
Less: net income attributable to noncontrolling interests	66		80		81		74		301		61		65		76		76		278
Net Income Attributable to Phillips 66	204		1,424		712		736		3,076		524		1,339		1,492		2,240		5,595
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2019										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation	203		245		248		250		946		163		164		209		234		770
NGL and Other	90		143		169		120		522		86		53		74		122		335
DCP Midstream	23		35		23		35		116		31		21		29		53		134
Total Midstream	316		423		440		405		1,584		280		238		312		409		1,239
Chemicals	227		275		269		173		944		286		324		263		152		1,025
Refining
Atlantic Basin/Europe	(7	)	258		279		61		591		(108	)	164		216		301		573
Gulf Coast	(118	)	222		184		76		364		—		366		221		468		1,055
Central Corridor	56		520		408		333		1,317		272		521		846		1,188		2,827
West Coast	(150	)	(17	)	(32	)	(125	)	(324	)	(54	)	140		(20	)	51		117
Total Refining	(219	)	983		839		345		1,948		110		1,191		1,263		2,008		4,572
Marketing and Specialties
Marketing and Other	138		294		440		237		1,109		163		188		323		528		1,202
Specialties	67		59		58		50		234		59		66		62		64		251
Total Marketing and Specialties	205		353		498		287		1,343		222		254		385		592		1,453
Corporate and Other	(210	)	(205	)	(178	)	(211	)	(804	)	(212	)	(227	)	(223	)	(201	)	(863	)
Adjusted income before income taxes	319		1,829		1,868		999		5,015		686		1,780		2,000		2,960		7,426
Less: adjusted income tax expense	66		370		385		236		1,057		120		393		467		624		1,604
Adjusted Net Income	253		1,459		1,483		763		3,958		566		1,387		1,533		2,336		5,822
Less: adjusted net income attributable to noncontrolling interests	66		80		81		74		301		54		65		77		76		272
Adjusted Net Income Attributable to Phillips 66	187		1,379		1,402		689		3,657		512		1,322		1,456		2,260		5,550

Page 2

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2019									2018
	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	)
Impairments	—	—		(853	)	—		(853	)	—	—		—		—		—
Impairments by equity affiliates	—	—		(47	)	—		(47	)	—	—		—		(28	)	(28	)
Pension settlement expense	—	—		—		—		—		—	—		(7	)	(2	)	(9	)
Total Midstream	—	—		(900	)	—		(900	)	—	—		(28	)	(30	)	(58	)
Chemicals
Lower-of-cost-or-market inventory adjustments	—	—		(42	)	(23	)	(65	)	—	—		—		—		—
Total Chemicals	—	—		(42	)	(23	)	(65	)	—	—		—		—		—
Refining
Pending claims and settlements	21	—		—		—		21		—	—		—		—		—
Certain tax impacts	—	—		—		—		—		2	(1	)	1		4		6
Asset dispositions	—	—		17		—		17		—	—		—		—		—
Pension settlement expense	—	—		—		—		—		—	—		(32	)	(11	)	(43	)
Total Refining	21	—		17		—		38		2	(1	)	(31	)	(7	)	(37	)
Marketing and Specialties
Certain tax impacts	—	—		—		90		90		13	56		44		—		113
Pension settlement expense	—	—		—		—		—		—	—		(6	)	(3	)	(9	)
Total Marketing and Specialties	—	—		—		90		90		13	56		38		(3	)	104
Corporate and Other
U.S. tax reform	—	—		—		—		—		16	—		—		—		16
Pension settlement expense	—	—		—		—		—		—	—		(4	)	(2	)	(6	)
Total Corporate and Other	—	—		—		—		—		16	—		(4	)	(2	)	10
Total Special Items (Pre-tax)	21	—		(925	)	67		(837	)	31	55		(25	)	(42	)	19
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items*	4	—		(235	)	17		(214	)	5	14		(6	)	(12	)	1
Other tax impacts	—	(45	)	—		3		(42	)	—	—		(5	)	(65	)	(70	)
U.S. tax reform	—	—		—		—		—		7	24		(49	)	55		37
Total Income Tax Expense (Benefit)	4	(45	)	(235	)	20		(256	)	12	38		(60	)	(22	)	(32	)
Less: 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)	17	45		(690	)	47		(581	)	12	17		36		(20	)	45
* We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 25%. 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
	2019									2018
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD
Midstream
Transportation	—	—		—		—		—		—	—		—		—		—
NGL and Other	—	—		—		—		—		—	—		(28	)	(2	)	(30	)
DCP Midstream	—	—		(900	)	—		(900	)	—	—		—		(28	)	(28	)
Total Midstream	—	—		(900	)	—		(900	)	—	—		(28	)	(30	)	(58	)
Refining
Atlantic Basin/Europe	—	—		17		—		17		—	—		(7	)	1		(6	)
Gulf Coast	—	—		—		—		—		—	—		(11	)	(4	)	(15	)
Central Corridor	21	—		—		—		21		—	—		(7	)	(3	)	(10	)
West Coast	—	—		—		—		—		2	(1	)	(6	)	(1	)	(6	)
Total Refining	21	—		17		—		38		2	(1	)	(31	)	(7	)	(37	)
Marketing and Specialties
Marketing and Other	—	—		—		90		90		13	56		38		(3	)	104
Specialties	—	—		—		—		—		—	—		—		—		—
Total Marketing and Specialties	—	—		—		90		90		13	56		38		(3	)	104

Page 3

CASH FLOW INFORMATION
	Millions of Dollars
	2019										2018
	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	270		1,504		793		810		3,377		585		1,404		1,568		2,316		5,873
Depreciation and amortization	331		334		336		340		1,341		336		337		346		337		1,356
Impairments	1		2		853		5		861		—		6		1		1		8
Accretion on discounted liabilities	6		5		6		6		23		6		6		5		6		23
Deferred income taxes	179		74		(138	)	68		183		101		28		100		23		252
Undistributed equity earnings	95		(139	)	19		(118	)	(143	)	119		(133	)	125		110		221
Net gain on dispositions	(1	)	—		(18	)	(1	)	(20	)	(17	)	—		(1	)	(1	)	(19	)
Other	42		(101	)	(38	)	113		16		173		24		(79	)	14		132
Net working capital changes	(1,401	)	251		(151	)	471		(830	)	(815	)	692		(1,483	)	1,333		(273	)
Net Cash Provided by (Used in) Operating Activities	(478	)	1,930		1,662		1,694		4,808		488		2,364		582		4,139		7,573
Cash Flows From Investing Activities
Capital expenditures and investments	(1,097	)	(631	)	(867	)	(1,278	)	(3,873	)	(328	)	(538	)	(779	)	(994	)	(2,639	)
Proceeds from asset dispositions*	103		15		21		18		157		17		12		10		18		57
Advances/loans—related parties	—		(95	)	—		(3	)	(98	)	(1	)	—		—		—		(1	)
Collection of advances/loans—related parties	—		95		—		—		95		—		—		—		—		—
Other	(18	)	42		—		7		31		(45	)	62		50		45		112
Net Cash Used in Investing Activities	(1,012	)	(574	)	(846	)	(1,256	)	(3,688	)	(357	)	(464	)	(719	)	(931	)	(2,471	)
Cash Flows From Financing Activities
Issuance of debt	725		135		898		25		1,783		1,509		—		85		590		2,184
Repayment of debt	(592	)	(5	)	(407	)	(303	)	(1,307	)	(7	)	(253	)	(114	)	(770	)	(1,144	)
Issuance of common stock	8		1		6		17		32		10		20		9		—		39
Repurchase of common stock	(344	)	(455	)	(439	)	(412	)	(1,650	)	(3,513	)	(230	)	(405	)	(497	)	(4,645	)
Dividends paid on common stock	(364	)	(406	)	(402	)	(398	)	(1,570	)	(327	)	(372	)	(370	)	(367	)	(1,436	)
Distributions to noncontrolling interests	(56	)	(61	)	(59	)	(65	)	(241	)	(45	)	(51	)	(50	)	(61	)	(207	)
Net proceeds from issuance of Phillips 66 Partners LP common and preferred units	32		10		91		40		173		9		58		47		14		128
Other	307		(6	)	(19	)	(13	)	269		(45	)	(13	)	(21	)	(7	)	(86	)
Net Cash Used in Financing Activities	(284	)	(787	)	(331	)	(1,109	)	(2,511	)	(2,409	)	(841	)	(819	)	(1,098	)	(5,167	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	8		(3	)	(36	)	17		(14	)	1		(17	)	(4	)	(15	)	(35	)
Net Change in Cash and Cash Equivalents	(1,766	)	566		449		(654	)	(1,405	)	(2,277	)	1,042		(960	)	2,095		(100	)
Cash and cash equivalents at beginning of period	3,019		1,253		1,819		2,268		3,019		3,119		842		1,884		924		3,119
Cash and Cash Equivalents at End of Period	1,253		1,819		2,268		1,614		1,614		842		1,884		924		3,019		3,019
* Includes return of investments in equity affiliates.
CAPITAL PROGRAM
	Millions of Dollars
	2019										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Consolidated Capital Expenditures and Investments
Midstream	419		359		524		567		1,869		136		339		503		570		1,548
Chemicals	—		—		—		—		—		—		—		—		—		—
Refining	194		197		254		356		1,001		172		153		200		301		826
Marketing and Specialties	19		23		34		298		374		13		15		37		60		125
Corporate and Other	43		52		55		56		206		7		31		39		63		140
Adjusted Capital Spending	675		631		867		1,277		3,450		328		538		779		994		2,639
Capital expenditures and investments funded by Gray Oak joint venture partners (Midstream)	422		—		—		1		423		—		—		—		—		—
Consolidated Capital Expenditures and Investments	1,097		631		867		1,278		3,873		328		538		779		994		2,639
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)	150		128		77		117		472		95		98		149		142		484
CPChem (Chemicals)	103		72		77		130		382		161		63		60		55		339
WRB (Refining)	37		44		54		40		175		40		35		41		40		156
Selected Equity Affiliates	290		244		208		287		1,029		296		196		250		237		979
* Represents 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 (WRB).

Page 4

MIDSTREAM
	Millions of Dollars, Except as Indicated
	2019							2018
	1st Qtr	2nd Qtr	3rd Qtr		4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income (Loss) before Income Taxes
Transportation	203	245	248		250	946		163	164	209	234	770
NGL and Other	90	143	169		120	522		86	53	46	120	305
DCP Midstream	23	35	(877	)	35	(784	)	31	21	29	25	106
Income (Loss) before Income Taxes	316	423	(460	)	405	684		280	238	284	379	1,181
Adjusted EBITDA*
PSXP**	274	307	313		336	1,230		236	263	297	300	1,096
Other Midstream	133	197	223		155	708		127	79	113	176	495
Transportation and NGL and Other	407	504	536		491	1,938		363	342	410	476	1,591
DCP Midstream	67	81	79		96	323		76	62	72	97	307
Adjusted EBITDA	474	585	615		587	2,261		439	404	482	573	1,898
* See reconciliation of income (loss) before income taxes to adjusted EBITDA below.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
Equity in Earnings (Losses) of Affiliates
Transportation	103	124	128		128	483		87	91	106	121	405
NGL and Other	51	53	51		48	203		35	43	48	39	165
DCP Midstream	23	34	(23	)	34	68		30	21	29	26	106
Total	177	211	156		210	754		152	155	183	186	676
Depreciation and Amortization*
Transportation	36	37	40		39	152		36	44	46	41	167
NGL and Other	37	38	38		39	152		38	38	40	37	153
DCP Midstream	—	—	—		—	—		—	—	—	—	—
Total	73	75	78		78	304		74	82	86	78	320
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Transportation	172	173	183		196	724		178	188	178	185	729
NGL and Other	128	76	76		83	363		77	78	101	77	333
DCP Midstream	—	—	—		—	—		—	—	—	—	—
Total	300	249	259		279	1,087		255	266	279	262	1,062
* Excludes operating and SG&A expenses of all equity affiliates.
Transportation Volumes (MB/D)
Pipelines*	3,176	3,417	3,443		3,544	3,396		3,209	3,404	3,517	3,627	3,441
Terminals**	3,063	3,261	3,381		3,548	3,315		2,669	3,214	3,179	3,541	3,153
* 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)*	234	232	203		227	224		184	227	227	223	216
* Excludes DCP Midstream.
100% DCP Midstream, LLC Results
Net Income (Loss) Attributable to Owners	45	68	(47	)	12	78		60	42	57	51	210
Depreciation and Amortization	103	101	100		100	404		94	97	98	99	388
Operating and SG&A Expenses	246	257	257		267	1,027		221	260	275	304	1,060
Net Interest Expense*	70	75	79		84	308		70	69	71	69	279
* Net of interest income.
Capital Expenditures and Investments	300	256	154		233	943		189	196	299	283	967
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)	5.0	4.9	5.0		5.0	5.0		4.5	4.9	4.9	5.0	4.8
NGL Production (MB/D)	428	423	409		409	417		380	430	426	415	413
Weighted-Average NGL Price*
DCP Midstream ($/gal)	0.60	0.51	0.44		0.50	0.51		0.70	0.76	0.87	0.69	0.75
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
MLP Distributions*
GP Distribution from PSXP to Phillips 66**	69	70	—		—	139		51	57	61	67	236
LP Distribution from PSXP to Phillips 66	58	58	147		149	412		50	51	55	58	214
GP Distribution from DCP Midstream, LP to DCP Midstream****	43	43	43		***	129		43	42	43	43	171
LP Distribution from DCP Midstream, LP to DCP Midstream****	41	41	41		***	123		41	41	41	41	164
* 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.
** On August 1, 2019, PSXP eliminated its incentive distributions rights and 2% economic general partner interest, therefore, no distributions were made to the general partner interest after August 1, 2019.
*** Pending DCP Midstream release.
**** Represents 100% of DCP Midstream's distributions from DCP Midstream, LP.

Page 5

MIDSTREAM (continued)
	Millions of Dollars
	2019						2018
	1st Qtr	2nd Qtr	3rd Qtr		4th Qtr	YTD	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Reconciliation of Midstream Income (Loss) before Income Taxes to Adjusted EBITDA
Income (loss) before income taxes	316	423	(460	)	405	684	280		238	284	379	1,181
Plus:
Depreciation and amortization	73	75	78		78	304	74		82	86	78	320
EBITDA	389	498	(382	)	483	988	354		320	370	457	1,501
Special Item Adjustments (pre-tax):
Pending claims and settlements	—	—	—		—	—	—		—	21	—	21
Impairments	—	—	853		—	853	—		—	—	—	—
Impairments by equity affiliates	—	—	47		—	47	—		—	—	28	28
Pension settlement expense	—	—	—		—	—	—		—	7	2	9
EBITDA, Adjusted for Special Items	389	498	518		483	1,888	354		320	398	487	1,559
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—		—	—	—		—	—	1	1
Proportional share of selected equity affiliates net interest	30	30	36		39	135	34		33	32	32	131
Proportional share of selected equity affiliates depreciation and amortization	55	57	61		65	238	51		51	52	53	207
Adjusted EBITDA	474	585	615		587	2,261	439		404	482	573	1,898
Adjusted EBITDA by Business Line
100% PSXP Results
Income before income taxes	199	234	238		255	926	174		186	217	223	800
Plus:
Net interest expense	27	26	25		27	105	29		29	28	28	114
Depreciation and amortization	29	29	30		32	120	28		29	30	30	117
EBITDA	255	289	293		314	1,151	231		244	275	281	1,031
Adjustments (pre-tax):
EBITDA attributable to predecessors	—	—	—		—	—	—		—	—	—	—
Special item - pending claims and settlements*	—	—	—		—	—	—		—	3	—	3
Special item - U.S. tax reform*	—	—	—		—	—	(10	)	—	—	—	(10	)
EBITDA, Adjusted for Predecessors and Special Items**	255	289	293		314	1,151	221		244	278	281	1,024
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—		—	—	—		—	—	—	—
Proportional share of selected equity affiliates net interest	7	6	7		7	27	7		8	8	8	31
Proportional share of selected equity affiliates depreciation and amortization	12	12	13		15	52	8		11	11	11	41
Adjusted EBITDA**	274	307	313		336	1,230	236		263	297	300	1,096
* 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)
	Millions of Dollars
	2019							2018
	1st Qtr	2nd Qtr	3rd Qtr		4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Total Transportation and NGL and Other
Income before income taxes	293	388	417		370	1,468		249	217	255	354	1,075
Plus:
Depreciation and amortization	73	75	78		78	304		74	82	86	78	320
EBITDA*	366	463	495		448	1,772		323	299	341	432	1,395
Special Item Adjustments (pre-tax):
Pending claims and settlements	—	—	—		—	—		—	—	21	—	21
Pension settlement expense	—	—	—		—	—		—	—	7	2	9
EBITDA, Adjusted for Special Items*	366	463	495		448	1,772		323	299	369	434	1,425
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—		—	—		—	—	—	1	1
Proportional share of selected equity affiliates net interest	15	14	14		15	58		18	18	17	16	69
Proportional share of selected equity affiliates depreciation and amortization	26	27	27		28	108		22	25	24	25	96
Adjusted EBITDA*	407	504	536		491	1,938		363	342	410	476	1,591
* Includes PSXP results above. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
DCP Midstream
Income (loss) before income taxes	23	35	(877	)	35	(784	)	31	21	29	25	106
Plus:
None	—	—	—		—	—		—	—	—	—	—
EBITDA	23	35	(877	)	35	(784	)	31	21	29	25	106
Special Item Adjustments (pre-tax):
Impairments	—	—	853		—	853		—	—	—	—	—
Impairments by equity affiliates	—	—	47		—	47		—	—	—	28	28
EBITDA, Adjusted for Special Items	23	35	23		35	116		31	21	29	53	134
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—		—	—		—	—	—	—	—
Proportional share of selected equity affiliates net interest	15	16	22		24	77		16	15	15	16	62
Proportional share of selected equity affiliates depreciation and amortization	29	30	34		37	130		29	26	28	28	111
Adjusted EBITDA*	67	81	79		96	323		76	62	72	97	307
* Proportional share of selected equity affiliates is net of noncontrolling interests.

Page 7

CHEMICALS
	Millions of Dollars, Except as Indicated
	2019										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before Income Taxes	227		275		227		150		879		286		324		263		152		1,025
Equity in Earnings of Affiliate	225		274		224		147		870		288		325		261		151		1,025
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings
Olefins and Polyolefins	434		525		417		262		1,638		535		609		443		315		1,902
Specialties, Aromatics and Styrenics	49		70		73		70		262		57		76		108		28		269
Corporate and Other	(34	)	(36	)	(34	)	(36	)	(140	)	(7	)	(35	)	(20	)	(40	)	(102	)
Total	449		559		456		296		1,760		585		650		531		303		2,069
Income (Loss) before Income Taxes
Olefins and Polyolefins	446		536		430		266		1,678		546		618		457		325		1,946
Specialties, Aromatics and Styrenics	57		78		78		74		287		61		83		116		33		293
Corporate and Other	(34	)	(36	)	(33	)	(36	)	(139	)	(7	)	(34	)	(20	)	(41	)	(102	)
Total	469		578		475		304		1,826		600		667		553		317		2,137
Depreciation and Amortization	146		139		140		150		575		116		153		159		167		595
Net Interest (Income) Expense*	20		17		19		16		72		(3	)	19		18		17		51
* Net of interest income.
Investing Cash Flows
Capital Expenditures and Investments	206		144		153		260		763		322		126		119		111		678
Advances to Equity Companies	—		—		—		—		—		—		—		—		—		—
Advance Repayments from Equity Companies	(26	)	(28	)	(9	)	—		(63	)	(33	)	(35	)	(12	)	(39	)	(119	)
Olefins and Polyolefins Capacity Utilization (%)	98	%	95	%	97	%	97	%	97	%	96	%	95	%	91	%	95	%	94	%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)	22.44		19.14		23.86		25.24		22.67		26.80		20.60		23.61		25.18		24.05
HDPE Blow Molding, Domestic Spot (cents/lb)	52.67		51.08		45.42		41.17		47.58		60.00		61.00		59.58		56.00		59.15
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	16.43		11.89		9.46		11.81		12.30		14.81		15.47		20.68		17.27		17.06
HDPE Blow Molding, Total Cash Cost (cents/lb)	35.46		31.97		36.68		38.15		35.56		39.81		33.47		36.57		38.30		37.04
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	23.23		26.36		23.14		16.45		22.39		32.18		32.66		25.94		25.60		29.10
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes	227		275		227		150		879		286		324		263		152		1,025
Plus:
None	—		—		—		—		—		—		—		—		—		—
EBITDA	227		275		227		150		879		286		324		263		152		1,025
Special Item Adjustments (pre-tax):
Lower-of-cost-or-market inventory adjustments	—		—		42		23		65		—		—		—		—		—
EBITDA, Adjusted for Special Items	227		275		269		173		944		286		324		263		152		1,025
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	22		24		23		10		79		23		30		30		17		100
Proportional share of selected equity affiliates net interest	13		8		10		9		40		3		13		11		11		38
Proportional share of selected equity affiliates depreciation and amortization	105		106		104		100		415		92		108		110		112		422
Adjusted EBITDA	367		413		406		292		1,478		404		475		414		292		1,585

Page 8

REFINING
	Millions of Dollars, Except as Indicated
	2019										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe	(7	)	258		296		61		608		(108	)	164		209		302		567
Gulf Coast	(118	)	222		184		76		364		—		366		210		464		1,040
Central Corridor	77		520		408		333		1,338		272		521		839		1,185		2,817
West Coast	(150	)	(17	)	(32	)	(125	)	(324	)	(52	)	139		(26	)	50		111
Income (Loss) before Income Taxes	(198	)	983		856		345		1,986		112		1,190		1,232		2,001		4,535
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	(0.17	)	5.04		5.93		1.16		3.11		(2.75	)	3.42		4.62		5.63		3.05
Gulf Coast	(1.80	)	2.88		2.46		1.00		1.24		—		4.76		3.01		6.04		3.55
Central Corridor	3.22		19.81		15.26		12.61		12.95		10.37		19.88		31.33		43.77		26.50
West Coast	(4.89	)	(0.52	)	(0.93	)	(3.89	)	(2.49	)	(1.57	)	3.95		(0.74	)	1.52		0.81
Worldwide	(1.22	)	5.25		4.60		1.84		2.75		0.67		6.39		6.96		10.50		6.29
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	7.76		10.85		11.48		7.06		9.33		7.17		10.42		11.48		11.54		10.32
Gulf Coast	5.44		8.20		8.34		7.45		7.42		6.75		9.93		9.09		11.84		9.48
Central Corridor	10.23		17.84		15.99		14.92		14.91		16.11		17.51		23.61		30.60		22.22
West Coast	6.25		9.94		10.11		10.22		9.18		8.32		12.77		9.53		14.18		11.20
Worldwide	7.23		11.37		11.18		9.50		9.91		9.29		12.28		13.36		16.53		12.99
* 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
Atlantic Basin/Europe	(3	)	(3	)	(3	)	(2	)	(11	)	(2	)	(3	)	(2	)	(3	)	(10	)
Gulf Coast	—		(2	)	1		(1	)	(2	)	(1	)	(3	)	(1	)	(1	)	(6	)
Central Corridor	84		133		69		45		331		(61	)	220		300		353		812
West Coast	—		—		—		—		—		—		—		—		—		—
Total	81		128		67		42		318		(64	)	214		297		349		796
Depreciation and Amortization*
Atlantic Basin/Europe	50		49		49		50		198		52		50		50		49		201
Gulf Coast	67		68		66		67		268		66		64		69		69		268
Central Corridor	33		34		34		34		135		35		32		34		34		135
West Coast	62		63		66		62		253		58		59		60		59		236
Total	212		214		215		213		854		211		205		213		211		840
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe	240		211		218		233		902		298		240		233		242		1,013
Gulf Coast	382		330		352		408		1,472		376		305		330		358		1,369
Central Corridor	146		141		131		154		572		115		131		131		145		522
West Coast	254		257		290		373		1,174		241		240		275		334		1,090
Total	1,022		939		991		1,168		4,120		1,030		916		969		1,079		3,994
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe	20		13		17		15		65		98		21		4		10		133
Gulf Coast	90		29		44		94		257		105		10		24		44		183
Central Corridor	25		8		9		10		52		2		4		7		7		20
West Coast	13		17		50		113		193		40		25		20		69		154
Total	148		67		120		232		567		245		60		55		130		490
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes, excluding Excise Taxes
Atlantic Basin/Europe	15		11		12		14		52		15		15		13		13		56
Gulf Coast	23		16		23		11		73		25		23		23		17		88
Central Corridor	13		10		10		7		40		12		9		10		12		43
West Coast	24		21		23		17		85		27		25		26		24		102
Total	75		58		68		49		250		79		72		72		66		289
Foreign Currency Gains (Losses) Pre-Tax	(5	)	(7	)	10		2		—		11		7		(1	)	7		24
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates	81		128		67		42		318		(64	)	214		297		349		796
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity-affiliate-related costs*	(277	)	(309	)	(273	)	(237	)	(1,096	)	(239	)	(397	)	(469	)	(507	)	(1,612	)
Equity-affiliate-related expenses not included in Realized Refining Margins	(196	)	(181	)	(206	)	(195	)	(778	)	(303	)	(183	)	(172	)	(158	)	(816	)
Regional Totals
Atlantic Basin/Europe	(13	)	(14	)	(7	)	—		(34	)	(43	)	(18	)	—		5		(56	)
Gulf Coast	—		(2	)	1		(1	)	(2	)	(1	)	(3	)	(1	)	(1	)	(6	)
Central Corridor	(183	)	(165	)	(200	)	(194	)	(742	)	(259	)	(162	)	(171	)	(162	)	(754	)
Total	(196	)	(181	)	(206	)	(195	)	(778	)	(303	)	(183	)	(172	)	(158	)	(816	)
* Other costs associated with equity affiliates which do not flow through equity earnings.

Page 9

REFINING (continued)
	2019										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (loss) before income taxes	(198	)	983		856		345		1,986		112		1,190		1,232		2,001		4,535
Plus:
Depreciation and amortization	212		214		215		213		854		211		205		213		211		840
EBITDA	14		1,197		1,071		558		2,840		323		1,395		1,445		2,212		5,375
Special Item Adjustments (pre-tax):
Pending claims and settlements	(21	)	—		—		—		(21	)	—		—		—		—		—
Certain tax impacts	—		—		—		—		—		(2	)	1		(1	)	(4	)	(6	)
Asset dispositions	—		—		(17	)	—		(17	)	—		—		—		—		—
Pension settlement expense	—		—		—		—		—		—		—		32		11		43
EBITDA, Adjusted for Special Items	(7	)	1,197		1,054		558		2,802		321		1,396		1,476		2,219		5,412
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—		1		(1	)	—		—		—		1		—		1
Proportional share of selected equity affiliates net interest	(1	)	(1	)	(1	)	—		(3	)	(2	)	(1	)	(2	)	(1	)	(6	)
Proportional share of selected equity affiliates depreciation and amortization	71		69		70		71		281		68		68		68		68		272
Adjusted EBITDA	63		1,265		1,124		628		3,080		387		1,463		1,543		2,286		5,679
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	427		519		509		531		497		419		495		465		526		477
Total Processed Inputs (MB/D)	463		562		542		574		536		436		527		492		583		510
Crude Oil Capacity Utilization (%)	80	%	97	%	95	%	99	%	92	%	78	%	92	%	87	%	98	%	89	%
Clean Product Yield (%)	86	%	88	%	87	%	90	%	88	%	84	%	86	%	85	%	90	%	86	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)	654		757		729		759		725		696		767		656		751		717
Total Processed Inputs (MB/D)	727		849		815		827		805		769		845		759		835		802
Crude Oil Capacity Utilization (%)	85	%	99	%	95	%	99	%	95	%	93	%	102	%	87	%	100	%	95	%
Clean Product Yield (%)	80	%	81	%	78	%	80	%	80	%	76	%	80	%	79	%	81	%	79	%
Central Corridor*
Crude Oil Charge Input (MB/D)	445		521		517		509		498		458		513		531		524		507
Total Processed Inputs (MB/D)	466		538		531		526		515		475		531		548		544		525
Crude Oil Capacity Utilization (%)	86	%	101	%	100	%	99	%	97	%	93	%	104	%	108	%	106	%	103	%
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)	307		317		351		318		323		340		362		354		316		343
Total Processed Inputs (MB/D)	341		359		375		349		356		367		387		382		358		373
Crude Oil Capacity Utilization (%)	84	%	87	%	97	%	87	%	89	%	93	%	100	%	97	%	87	%	94	%
Clean Product Yield (%)	88	%	81	%	85	%	76	%	83	%	86	%	86	%	87	%	88	%	87	%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,833		2,114		2,106		2,117		2,043		1,913		2,137		2,006		2,117		2,044
Total Processed Inputs (MB/D)	1,997		2,308		2,263		2,276		2,212		2,047		2,290		2,181		2,320		2,210
Crude Oil Capacity Utilization (%)	84	%	97	%	97	%	97	%	94	%	89	%	100	%	93	%	99	%	95	%
Clean Product Yield (%)	85	%	84	%	84	%	84	%	84	%	83	%	84	%	84	%	86	%	84	%

Page 10

REFINING (continued)
	2019									2018
	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	202		240		230		266	234		172	222	203	258		213
Distillates	185		241		227		234	222		185	218	202	248		214
Other	80		89		88		82	85		81	92	89	85		87
Total	467		570		545		582	541		438	532	494	591		514
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline	296		348		312		332	322		303	337	307	344		323
Distillates	261		310		297		301	292		260	315	266	300		285
Other	165		192		208		192	190		212	198	192	195		200
Total	722		850		817		825	804		775	850	765	839		808
Central Corridor*
Gasoline	244		260		256		267	257		242	263	269	280		264
Distillates	175		214		208		210	202		181	201	210	212		201
Other	49		67		71		51	59		56	73	74	57		65
Total	468		541		535		528	518		479	537	553	549		530
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline	165		167		170		148	163		180	190	180	168		179
Distillates	136		124		148		116	131		136	143	150	147		144
Other	41		66		53		81	60		53	54	51	44		50
Total	342		357		371		345	354		369	387	381	359		373
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	907		1,015		968		1,013	976		897	1,012	959	1,050		979
Distillates	757		889		880		861	847		762	877	828	907		844
Other	335		414		420		406	394		402	417	406	381		402
Total	1,999		2,318		2,268		2,280	2,217		2,061	2,306	2,193	2,338		2,225
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI	54.87		59.80		56.44		56.98	57.02		62.88	67.99	69.71	59.09		64.92
Brent	63.20		68.82		61.94		63.25	64.30		66.76	74.35	75.27	67.76		71.04
LLS	62.40		66.92		60.64		60.79	62.69		65.79	73.11	74.31	66.55		69.94
ANS	64.50		68.18		63.07		64.41	65.04		66.96	74.10	75.55	68.65		71.31
WTI less Maya	(3.91	)	(2.26	)	(0.20	)	4.06	(0.58	)	5.16	5.83	3.57	(4.73	)	2.46
WTI less WCS (settlement differential)	12.29		10.67		12.24		15.83	12.76		24.28	19.27	22.25	39.43		26.31
Natural Gas ($/MMBtu)
Henry Hub	2.89		2.51		2.33		2.35	2.52		3.01	2.82	2.90	3.74		3.12
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	1.79		12.06		11.84		6.44	8.03		9.23	13.36	12.73	1.32		9.16
East Coast Distillate less Brent	18.05		14.27		17.43		18.66	17.10		16.35	15.83	16.20	19.13		16.88
Gulf Coast
Gulf Coast Gasoline less LLS	1.58		8.18		8.24		5.48	5.87		8.65	9.44	8.63	(0.70	)	6.51
Gulf Coast Distillate less LLS	16.41		14.28		17.22		17.62	16.38		15.15	15.28	15.54	16.82		15.70
Central Corridor
Central Gasoline less WTI	9.72		18.71		15.28		10.75	13.61		13.57	16.04	16.68	8.53		13.71
Central Distillate less WTI	24.92		22.49		21.39		22.29	22.77		19.85	22.03	22.77	26.64		22.82
West Coast
West Coast Gasoline less ANS	11.83		23.50		19.48		16.85	17.92		16.40	18.76	14.13	9.69		14.74
West Coast Distillate less ANS	16.20		21.10		18.38		21.49	19.29		17.28	18.69	17.85	18.60		18.11
Worldwide Market Crack Spread ($/BBL)**	9.77		15.24		14.60		12.45	13.01		13.12	14.86	14.21	9.11		12.83
* Based on daily spot prices, unless otherwise noted.
** Weighted average based on Phillips 66 crude capacity.

Page 11

MARKETING AND SPECIALTIES
	Millions of Dollars, Except as Indicated
	2019								2018
	1st Qtr	2nd Qtr		3rd Qtr	4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before Income Taxes
Marketing and Other	138	294		440	327		1,199		176		244		361		525		1,306
Specialties	67	59		58	50		234		59		66		62		64		251
Income before Income Taxes	205	353		498	377		1,433		235		310		423		589		1,557
Income before Income Taxes ($/BBL)
U.S.	0.60	1.09		1.66	1.42		1.22		0.85		1.05		1.48		1.40		1.21
International	2.25	4.81		5.19	2.01		3.58		1.51		3.32		4.80		10.05		5.00
Realized Marketing Fuel Margins ($/BBL)*
U.S.**	1.06	1.53		2.11	1.51		1.57		1.39		1.30		1.80		1.95		1.62
International	3.80	6.03		6.37	3.35		4.90		3.32		5.25		6.58		11.99		6.87
* 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*
Marketing and Other	131	143		168	233		675		127		183		185		143		638
Specialties	100	93		83	74		350		82		86		89		90		347
Total	231	236		251	307		1,025		209		269		274		233		985
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates
Marketing and Other	22	28		31	45		126		20		27		25		27		99
Specialties	11	7		21	20		59		12		22		14		17		65
Total	33	35		52	65		185		32		49		39		44		164
Depreciation and Amortization*
Marketing and Other	21	21		21	22		85		24		24		22		24		94
Specialties	5	4		4	5		18		5		5		5		5		20
Total	26	25		25	27		103		29		29		27		29		114
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other	261	297		300	340		1,198		266		294		303		298		1,161
Specialties	36	36		39	38		149		36		36		34		37		143
Total	297	333		339	378		1,347		302		330		337		335		1,304
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	1,063	1,151		1,132	1,213		1,141		1,024		1,110		1,102		1,204		1,111
Distillates	759	898		914	1,106		920		706		843		780		873		801
Other	—	—		—	—		—		1		—		—		—		—
Total	1,822	2,049		2,046	2,319		2,061		1,731		1,953		1,882		2,077		1,912
International Marketing
Gasoline	88	89		90	89		89		81		86		85		87		84
Distillates	181	187		185	183		184		173		169		175		179		174
Other	18	19		16	20		18		19		17		17		20		18
Total	287	295		291	292		291		273		272		277		286		276
Worldwide Marketing
Gasoline	1,151	1,240		1,222	1,302		1,230		1,105		1,196		1,187		1,291		1,195
Distillates	940	1,085		1,099	1,289		1,104		879		1,012		955		1,052		975
Other	18	19		16	20		18		20		17		17		20		18
Total	2,109	2,344		2,337	2,611		2,352		2,004		2,225		2,159		2,363		2,188
Foreign Currency Gains (Losses) Pre-Tax	2	(1	)	—	(1	)	—		4		—		1		(6	)	(1	)
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes	205	353		498	377		1,433		235		310		423		589		1,557
Plus:
Depreciation and amortization	26	25		25	27		103		29		29		27		29		114
EBITDA	231	378		523	404		1,536		264		339		450		618		1,671
Special Item Adjustments (pre-tax):
Certain tax impacts	—	—		—	(90	)	(90	)	(13	)	(56	)	(44	)	—		(113	)
Pension settlement expense	—	—		—	—		—		—		—		6		3		9
EBITDA, Adjusted for Special Items	231	378		523	314		1,446		251		283		412		621		1,567
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—		—	—		—		—		—		—		—		—
Proportional share of selected equity affiliates net interest	1	2		1	2		6		—		2		1		1		4
Proportional share of selected equity affiliates depreciation and amortization	3	2		3	3		11		3		2		3		3		11
Adjusted EBITDA	235	382		527	319		1,463		254		287		416		625		1,582

Page 12

CORPORATE AND OTHER
	Millions of Dollars, Except as Indicated
	2019											2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Loss before Income Taxes	(210	)	(205	)	(178	)	(211	)	(804	)		(196	)	(227	)	(227	)	(203	)	(853	)
Detail of Loss before Income Taxes
Net interest expense	(108	)	(105	)	(98	)	(104	)	(415	)		(112	)	(128	)	(114	)	(105	)	(459	)
Corporate overhead and other*	(102	)	(100	)	(80	)	(107	)	(389	)		(84	)	(99	)	(113	)	(98	)	(394	)
Total	(210	)	(205	)	(178	)	(211	)	(804	)		(196	)	(227	)	(227	)	(203	)	(853	)
* First-quarter 2018 equity earnings reflect a tax benefit from an equity affiliate as a result of U.S. tax reform.
Net Interest Expense
Interest expense	(132	)	(133	)	(131	)	(139	)	(535	)		(123	)	(136	)	(131	)	(131	)	(521	)
Capitalized interest	13		18		22		24		77			—		1		6		10		17
Interest income	11		10		11		11		43			11		7		11		16		45
Total	(108	)	(105	)	(98	)	(104	)	(415	)		(112	)	(128	)	(114	)	(105	)	(459	)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes	(210	)	(205	)	(178	)	(211	)	(804	)	��	(196	)	(227	)	(227	)	(203	)	(853	)
Plus:
Net interest expense	108		105		98		104		415			112		128		114		105		459
Depreciation and amortization	20		20		18		22		80			22		21		20		19		82
EBITDA	(82	)	(80	)	(62	)	(85	)	(309	)		(62	)	(78	)	(93	)	(79	)	(312	)
Special Item Adjustments (pre-tax):
U.S. tax reform	—		—		—		—		—			(16	)	—		—		—		(16	)
Pension settlement expense	—		—		—		—		—			—		—		4		2		6
EBITDA, Adjusted for Special Items	(82	)	(80	)	(62	)	(85	)	(309	)		(78	)	(78	)	(89	)	(77	)	(322	)
Other Adjustments (pre-tax):
None	—		—		—		—		—			—		—		—		—		—
Adjusted EBITDA	(82	)	(80	)	(62	)	(85	)	(309	)		(78	)	(78	)	(89	)	(77	)	(322	)
Foreign Currency Gains (Losses) Pre-Tax	(1	)	(2	)	(1	)	(1	)	(5	)		—		8		—		—		8
Phillips 66 Total Company Debt
Total Debt	11,298		11,439		11,925		11,763		11,763			11,621		11,364		11,337		11,160		11,160
Debt-to-Capital Ratio (%)	30	%	30	%	31	%	30	%	30	%		32	%	31	%	31	%	29	%	29	%
Total Equity	26,745		27,306		27,092		27,169		27,169			24,300		24,960		25,795		27,153		27,153
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2019											2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Net income	270		1,504		793		810		3,377			585		1,404		1,568		2,316		5,873
Plus:
Income tax expense	70		325		150		256		801			132		431		407		602		1,572
Net interest expense	108		105		98		104		415			112		128		114		105		459
Depreciation and amortization	331		334		336		340		1,341			336		337		346		337		1,356
Phillips 66 EBITDA	779		2,268		1,377		1,510		5,934			1,165		2,300		2,435		3,360		9,260
Special Item Adjustments (pre-tax):
Impairments	—		—		853		—		853			—		—		—		—		—
Impairments by equity affiliates	—		—		47		—		47			—		—		—		28		28
Pending claims and settlements	(21	)	—		—		—		(21	)		—		—		21		—		21
Certain tax impacts	—		—		—		(90	)	(90	)		(15	)	(55	)	(45	)	(4	)	(119	)
Pension settlement expense	—		—		—		—		—			—		—		49		18		67
Lower-of-cost-or-market inventory adjustments	—		—		42		23		65			—		—		—		—		—
Asset dispositions	—		—		(17	)	—		(17	)		—		—		—		—		—
U.S. tax reform	—		—		—		—		—			(16	)	—		—		—		(16	)
Phillips 66 EBITDA, Adjusted for Special Items	758		2,268		2,302		1,443		6,771			1,134		2,245		2,460		3,402		9,241
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	22		24		24		9		79			23		30		31		18		102
Proportional share of selected equity affiliates net interest	43		39		46		50		178			35		47		42		43		167
Proportional share of selected equity affiliates depreciation and amortization	234		234		238		239		945			214		229		233		236		912
EBITDA attributable to Phillips 66 noncontrolling interests	(89	)	(102	)	(105	)	(95	)	(391	)		(80	)	(87	)	(97	)	(97	)	(361	)
Phillips 66 Adjusted EBITDA	968		2,463		2,505		1,646		7,582			1,326		2,464		2,669		3,602		10,061
Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," "realized marketing fuel margin per barrel," and "adjusted capital spending." These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP measures most directly comparable to EBITDA and adjusted EBITDA are net income for consolidated company information and income before income taxes for segment information. Reconciliations of net income and income before income taxes to EBITDA and adjusted EBITDA are included in this earnings release supplemental data. Realized refining margin per barrel is calculated on a similar basis as industry crack spreads and we believe it provides a useful measure of how well we performed relative to benchmark industry margins. Realized marketing fuel margin per barrel demonstrates the value uplift our marketing operations provide by optimizing the placement and ultimate sale of our refineries' fuel production. The GAAP measure most directly comparable to both realized margin per barrel measures is income before income taxes per barrel. Reconciliations of income before income taxes per barrel to realized refining margin and realized marketing fuel margin are included in this earnings release supplemental data. Adjusted capital spending is a non-GAAP financial measure that demonstrates the portion of total consolidated capital expenditures and investments funded by Phillips 66. The GAAP financial measure most comparable to adjusted capital spending is capital expenditures and investments. A reconciliation of capital expenditures and investments to adjusted capital spending is included in this earnings release supplemental data. Adjusted effective tax rate demonstrates the effective tax rate with the consideration of the tax effect on special items. The GAAP financial measure most comparable to adjusted effective tax rate is effective tax rate. A reconciliation of effective tax rate to adjusted effective tax rate is included in this earnings release supplemental data.

Page 13

REALIZED MARGIN NON-GAAP RECONCILIATIONS
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS
	Millions of Dollars, Except as Indicated
	2019										2018
	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	(7	)	258		296		61		608		(108	)	164		209		302		567
Plus:
Taxes other than income taxes	15		11		12		14		52		15		15		13		13		56
Depreciation, amortization and impairments	50		49		49		50		198		52		50		50		49		201
Selling, general and administrative expenses	7		10		10		12		39		13		15		16		19		63
Operating expenses	233		201		208		221		863		285		225		217		223		950
Equity in losses of affiliates	3		3		3		2		11		2		3		2		3		10
Other segment (income) expense, net	6		4		(24	)	(2	)	(16	)	(7	)	—		(3	)	(1	)	(11	)
Proportional share of refining gross margins contributed by equity affiliates	17		19		19		14		69		29		28		16		14		87
Special items:
Certain tax impacts	—		—		—		—		—		—		—		(1	)	(4	)	(5	)
Realized refining margins	324		555		573		372		1,824		281		500		519		618		1,918
Total processed inputs (MB)	41,682		51,172		49,895		52,757		195,506		39,218		47,978		45,233		53,613		186,042
Adjusted total processed inputs (MB)	41,682		51,172		49,895		52,757		195,506		39,218		47,978		45,233		53,613		186,042
Income (loss) before income taxes ($/BBL)**	(0.17	)	5.04		5.93		1.16		3.11		(2.75	)	3.42		4.62		5.63		3.05
Realized refining margins ($/BBL)***	7.76		10.85		11.48		7.06		9.33		7.17		10.42		11.48		11.54		10.32
GULF COAST
Income (loss) before income taxes	(118	)	222		184		76		364		—		366		210		464		1,040
Plus:
Taxes other than income taxes	23		16		23		11		73		25		23		23		17		88
Depreciation, amortization and impairments	67		68		66		70		271		66		64		69		69		268
Selling, general and administrative expenses	(2	)	8		7		10		23		10		13		13		21		57
Operating expenses	384		322		345		398		1,449		366		292		317		337		1,312
Equity in (earnings) losses of affiliates	—		2		(1	)	1		2		1		3		1		1		6
Other segment (income) expense, net	1		(5	)	1		—		(3	)	(1	)	3		1		—		3
Proportional share of refining gross margins contributed by equity affiliates	—		—		—		—		—		—		—		—		—		—
Realized refining margins	355		633		625		566		2,179		467		764		634		909		2,774
Total processed inputs (MB)	65,434		77,186		74,936		76,110		293,666		69,207		76,875		69,745		76,838		292,665
Adjusted total processed inputs (MB)	65,434		77,186		74,936		76,110		293,666		69,207		76,875		69,745		76,838		292,665
Income (loss) before income taxes ($/BBL)**	(1.80	)	2.88		2.46		1.00		1.24		—		4.76		3.01		6.04		3.55
Realized refining margins ($/BBL)***	5.44		8.20		8.34		7.45		7.42		6.75		9.93		9.09		11.84		9.48
CENTRAL CORRIDOR
Income before income taxes	77		520		408		333		1,338		272		521		839		1,185		2,817
Plus:
Taxes other than income taxes	13		10		10		7		40		12		9		10		12		43
Depreciation, amortization and impairments	33		34		34		34		135		35		32		34		34		135
Selling, general and administrative expenses	1		7		6		8		22		7		7		7		13		34
Operating expenses	145		134		125		146		550		108		124		124		132		488
Equity in (earnings) losses of affiliates	(84	)	(133	)	(69	)	(45	)	(331	)	61		(220	)	(300	)	(353	)	(812	)
Other segment (income) expense, net	(2	)	4		(3	)	1		—		(4	)	(8	)	4		(5	)	(13	)
Proportional share of refining gross margins contributed by equity affiliates	267		298		269		239		1,073		198		381		472		514		1,565
Special items:
Pending claims and settlements	(21	)	—		—		—		(21	)	—		—		—		—		—
Realized refining margins	429		874		780		723		2,806		689		846		1,190		1,532		4,257
Total processed inputs (MB)	23,893		26,244		26,740		26,417		103,294		26,236		26,209		26,778		27,076		106,299
Adjusted total processed inputs (MB)*	41,896		48,932		48,853		48,364		188,045		42,765		48,347		50,410		50,039		191,561
Income before income taxes ($/BBL)**	3.22		19.81		15.26		12.61		12.95		10.37		19.88		31.33		43.77		26.50
Realized refining margins ($/BBL)***	10.23		17.84		15.99		14.92		14.91		16.11		17.51		23.61		30.60		22.22

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RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
	Millions of Dollars, Except as Indicated
	2019										2018
	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	(150	)	(17	)	(32	)	(125	)	(324	)	(52	)	139		(26	)	50		111
Plus:
Taxes other than income taxes	24		21		23		17		85		25		25		26		24		100
Depreciation, amortization and impairments	62		63		66		62		253		58		60		60		59		237
Selling, general and administrative expenses	5		8		8		10		31		11		12		11		16		50
Operating expenses	249		249		282		363		1,143		230		228		264		318		1,040
Other segment (income) expense, net	2		1		1		1		5		3		(14	)	—		2		(9	)
Realized refining margins	192		325		348		328		1,193		275		450		335		469		1,529
Total processed inputs (MB)	30,703		32,697		34,498		32,116		130,014		33,051		35,195		35,132		32,954		136,332
Adjusted total processed inputs (MB)	30,703		32,697		34,498		32,116		130,014		33,051		35,195		35,132		32,954		136,332
Income (loss) before income taxes ($/BBL)**	(4.89	)	(0.52	)	(0.93	)	(3.89	)	(2.49	)	(1.57	)	3.95		(0.74	)	1.52		0.81
Realized refining margins ($/BBL)***	6.25		9.94		10.11		10.22		9.18		8.32		12.77		9.53		14.18		11.20
WORLDWIDE
Income (loss) before income taxes	(198	)	983		856		345		1,986		112		1,190		1,232		2,001		4,535
Plus:
Taxes other than income taxes	75		58		68		49		250		77		72		72		66		287
Depreciation, amortization and impairments	212		214		215		216		857		211		206		213		211		841
Selling, general and administrative expenses	11		33		31		40		115		41		47		47		69		204
Operating expenses	1,011		906		960		1,128		4,005		989		869		922		1,010		3,790
Equity in (earnings) losses of affiliates	(81	)	(128	)	(67	)	(42	)	(318	)	64		(214	)	(297	)	(349	)	(796	)
Other segment (income) expense, net	7		4		(25	)	—		(14	)	(9	)	(19	)	2		(4	)	(30	)
Proportional share of refining gross margins contributed by equity affiliates	284		317		288		253		1,142		227		409		488		528		1,652
Special items:
Certain tax impacts	—		—		—		—		—		—		—		(1	)	(4	)	(5	)
Pending claims and settlements	(21	)	—		—		—		(21	)	—		—		—		—		—
Realized refining margins	1,300		2,387		2,326		1,989		8,002		1,712		2,560		2,678		3,528		10,478
Total processed inputs (MB)	161,712		187,299		186,069		187,400		722,480		167,712		186,257		176,888		190,481		721,338
Adjusted total processed inputs (MB)*	179,715		209,987		208,182		209,347		807,231		184,241		208,395		200,520		213,444		806,600
Income (loss) before income taxes ($/BBL)**	(1.22	)	5.25		4.60		1.84		2.75		0.67		6.39		6.96		10.50		6.29
Realized refining margins ($/BBL)***	7.23		11.37		11.18		9.50		9.91		9.29		12.28		13.36		16.53		12.99
* 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
	2019										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
UNITED STATES
Income before income taxes	98		203		312		303		916		132		187		256		268		843
Plus:
Taxes other than income taxes	2		3		3		(3	)	5		(10	)	3		3		2		(2	)
Depreciation and amortization	2		3		2		3		10		4		3		3		3		13
Selling, general and administrative expenses	155		183		184		221		743		176		193		201		193		763
Equity in earnings of affiliates	(1	)	(3	)	(3	)	(20	)	(27	)	(2	)	(2	)	(3	)	(1	)	(8	)
Other operating revenues*	(82	)	(103	)	(101	)	(93	)	(379	)	(84	)	(98	)	(104	)	(93	)	(379	)
Other segment income	—		—		—		—		—		—		—		—		—		—
Special items:
Certain tax impacts	—		—		—		(90	)	(90	)	—		(56	)	(44	)	—		(100	)
Realized marketing fuel margins	174		286		397		321		1,178		216		230		312		372		1,130
Total fuel sales volumes (MB)	164,058		186,488		188,172		213,346		752,064		155,780		177,725		173,072		191,119		697,696
Income before income taxes ($/BBL)	0.60		1.09		1.66		1.42		1.22		0.85		1.05		1.48		1.40		1.21
Realized marketing fuel margins ($/BBL)**	1.06		1.53		2.11		1.51		1.57		1.39		1.30		1.80		1.95		1.62
INTERNATIONAL
Income before income taxes	58		129		139		54		380		37		82		122		264		505
Plus:
Taxes other than income taxes	2		1		2		1		6		(2	)	2		1		1		2
Depreciation and amortization	16		16		16		17		65		18		18		17		18		71
Selling, general and administrative expenses	62		61		61		65		249		70		71		66		73		280
Equity in earnings of affiliates	(22	)	(25	)	(27	)	(25	)	(99	)	(18	)	(25	)	(22	)	(26	)	(91	)
Other operating revenues*	(6	)	(9	)	(10	)	(12	)	(37	)	(7	)	(6	)	(7	)	(12	)	(32	)
Other segment (income) expense, net	(2	)	1		1		1		1		(5	)	2		—		5		2
Marketing margins	108		174		182		101		565		93		144		177		323		737
Less: Margin for non-fuel related sales	10		12		11		11		44		12		14		10		8		44
Realized marketing fuel margins	98		162		171		90		521		81		130		167		315		693
Total fuel sales volumes (MB)	25,796		26,837		26,796		26,834		106,263		24,534		24,717		25,441		26,257		100,949
Income before income taxes ($/BBL)	2.25		4.81		5.19		2.01		3.58		1.51		3.32		4.80		10.05		5.00
Realized marketing fuel margins ($/BBL)**	3.80		6.03		6.37		3.35		4.90		3.32		5.25		6.58		11.99		6.87
* 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.
ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
	Millions of Dollars, Except as Indicated
	2019										2018
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
EFFECTIVE TAX RATES
Income before income taxes	340		1,829		943		1,066		4,178		717		1,835		1,975		2,918		7,445
Special items	(21	)	—		925		(67	)	837		(31	)	(55	)	25		42		(19	)
Adjusted income before income taxes	319		1,829		1,868		999		5,015		686		1,780		2,000		2,960		7,426
Income tax expense	70		325		150		256		801		132		431		407		602		1,572
Special items	(4	)	45		235		(20	)	256		(12	)	(38	)	60		22		32
Adjusted income tax expense	66		370		385		236		1,057		120		393		467		624		1,604
Effective tax rate (%)	20.6	%	17.8	%	15.9	%	24.0	%	19.2	%	18.4	%	23.5	%	20.6	%	20.6	%	21.1	%
Adjusted effective tax rate (%)	20.7	%	20.2	%	20.6	%	23.6	%	21.1	%	17.5	%	22.1	%	23.4	%	21.1	%	21.6	%

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