Phillips 66 (PSX) 8-K Phillips 66 Reports Fourth-Quarter 2021 Financial Results

	Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED STATEMENT OF OPERATIONS
	Millions of Dollars, Except as Indicated
	2021										2020
	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	21,627		27,002		30,243		32,604		111,476		20,878		10,913		15,929		16,409		64,129
Equity in earnings of affiliates	285		830		982		807		2,904		365		157		349		320		1,191
Net gain on dispositions	—		2		9		7		18		1		85		1		21		108
Other income*	15		51		238		150		454		—		28		20		18		66
Total Revenues and Other Income	21,927		27,885		31,472		33,568		114,852		21,244		11,183		16,299		16,768		65,494
Costs and Expenses
Purchased crude oil and products	20,065		25,218		27,529		29,290		102,102		18,440		9,608		14,509		15,150		57,707
Operating expenses	1,380		1,175		1,166		1,426		5,147		1,341		1,026		1,016		1,180		4,563
Selling, general and administrative expenses	408		433		424		479		1,744		319		409		384		432		1,544
Depreciation and amortization	356		364		361		524		1,605		342		343		352		358		1,395
Impairments	198		—		1,298		2		1,498		3,006		—		1,140		106		4,252
Taxes other than income taxes	139		119		85		67		410		157		114		106		87		464
Accretion on discounted liabilities	6		6		6		6		24		6		5		6		5		22
Interest and debt expense	146		143		151		141		581		111		117		132		139		499
Foreign currency transaction (gains) losses	—		(9)		4		6		1		—		6		4		2		12
Total Costs and Expenses	22,698		27,449		31,024		31,941		113,112		23,722		11,628		17,649		17,459		70,458
Income (loss) before income taxes	(771)		436		448		1,627		1,740		(2,478)		(445)		(1,350)		(691)		(4,964)
Income tax expense (benefit)	(132)		62		(40)		256		146		(51)		(378)		(624)		(197)		(1,250)
Net Income (Loss)	(639)		374		488		1,371		1,594		(2,427)		(67)		(726)		(494)		(3,714)
Less: net income attributable to noncontrolling interests	15		78		86		98		277		69		74		73		45		261
Net Income (Loss) Attributable to Phillips 66	(654)		296		402		1,273		1,317		(2,496)		(141)		(799)		(539)		(3,975)
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	(1.49)		0.66		0.91		2.89		2.97		(5.66)		(0.33)		(1.82)		(1.23)		(9.06)
Diluted	(1.49)		0.66		0.91		2.88		2.97		(5.66)		(0.33)		(1.82)		(1.23)		(9.06)
Weighted-Average Common Shares Outstanding (thousands)
Basic	439,504		439,940		440,193		440,469		440,028		441,345		438,756		438,916		439,115		439,530
Diluted	439,504		440,396		440,368		441,584		440,364		441,345		438,756		438,916		439,115		439,530
Effective tax rate (%)	17.1	%	14.2	%	(8.9)	%	15.7	%	8.4	%	2.1	%	84.9	%	46.2	%	28.5	%	25.2	%
Adjusted effective tax rate (%)	15.9	%	18.9	%	16.1	%	20.2	%	18.6	%	4.4	%	40.9	%	125.7	%	25.6	%	85.2	%
* Includes the change in value, excluding related foreign exchange impacts, of our investment in NOVONIX Limited (NOVONIX).

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2021					2020
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream	76	312	629	593	1,610	(702)	324	146	223	(9)
Chemicals	154	623	631	436	1,844	169	42	231	193	635
Refining	(1,040)	(729)	(1,126)	346	(2,549)	(2,261)	(878)	(1,903)	(1,113)	(6,155)
Marketing and Specialties	290	476	545	498	1,809	513	286	415	232	1,446
Corporate and Other	(251)	(246)	(231)	(246)	(974)	(197)	(219)	(239)	(226)	(881)
Income (loss) before income taxes	(771)	436	448	1,627	1,740	(2,478)	(445)	(1,350)	(691)	(4,964)
Less: income tax expense (benefit)	(132)	62	(40)	256	146	(51)	(378)	(624)	(197)	(1,250)
Net Income (Loss)	(639)	374	488	1,371	1,594	(2,427)	(67)	(726)	(494)	(3,714)
Less: net income attributable to noncontrolling interests	15	78	86	98	277	69	74	73	45	261
Net Income (Loss) Attributable to Phillips 66	(654)	296	402	1,273	1,317	(2,496)	(141)	(799)	(539)	(3,975)
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2021					2020
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	206	224	254	273	957	200	130	202	196	728
NGL and Other*	36	83	357	284	760	179	83	102	86	450
DCP Midstream	34	9	31	111	185	81	32	50	41	204
Total Midstream	276	316	642	668	1,902	460	245	354	323	1,382
Chemicals	184	657	634	424	1,899	193	89	132	203	617
Refining
Atlantic Basin/Europe	(152)	(108)	93	114	(53)	(196)	(220)	(197)	(166)	(779)
Gulf Coast	(247)	(253)	(31)	80	(451)	(173)	(356)	(389)	(442)	(1,360)
Central Corridor	(241)	(76)	232	145	60	223	(113)	(129)	(177)	(196)
West Coast	(386)	(269)	(110)	65	(700)	(255)	(178)	(255)	(309)	(997)
Total Refining	(1,026)	(706)	184	404	(1,144)	(401)	(867)	(970)	(1,094)	(3,332)
Marketing and Specialties
Marketing and Other	211	392	454	402	1,459	434	259	366	181	1,240
Specialties	79	87	93	97	356	54	34	51	40	179
Total Marketing and Specialties	290	479	547	499	1,815	488	293	417	221	1,419
Corporate and Other	(251)	(244)	(230)	(245)	(970)	(197)	(224)	(213)	(235)	(869)
Adjusted income (loss) before income taxes	(527)	502	1,777	1,750	3,502	543	(464)	(280)	(582)	(783)
Less: adjusted income tax expense (benefit)	(84)	95	286	354	651	24	(190)	(352)	(149)	(667)
Adjusted Net Income (Loss)	(443)	407	1,491	1,396	2,851	519	(274)	72	(433)	(116)
Less: adjusted net income attributable to noncontrolling interests	66	78	88	98	330	69	50	73	74	266
Adjusted Net Income (Loss) Attributable to Phillips 66	(509)	329	1,403	1,298	2,521	450	(324)	(1)	(507)	(382)
* Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.

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Phillips 66 Earnings Release Supplemental Data

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2021					2020
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Impairments	(198)	—	(10)	—	(208)	(1,161)	—	(204)	(96)	(1,461)
Pension settlement expense	—	(4)	(3)	(1)	(8)	—	(5)	(3)	(1)	(9)
Hurricane-related costs	—	—	—	(4)	(4)	—	—	(1)	(3)	(4)
Winter-storm-related costs	(2)	—	—	—	(2)	—	—	—	—	—
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	(1)	—	—	—	(1)
Asset dispositions	—	—	—	—	—	—	84	—	—	84
Alliance shutdown-related costs*	—	—	—	(70)	(70)	—	—	—	—	—
Total Midstream	(200)	(4)	(13)	(75)	(292)	(1,162)	79	(208)	(100)	(1,391)
Chemicals
Impairments by equity affiliates	—	—	—	—	—	—	(15)	—	—	(15)
Pension settlement expense	—	(18)	(2)	(2)	(22)	—	—	—	(21)	(21)
Hurricane-related costs	—	—	(1)	—	(1)	—	—	(2)	(1)	(3)
Winter-storm-related costs	(30)	(16)	—	14	(32)	—	—	—	—	—
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	(24)	(32)	101	12	57
Total Chemicals	(30)	(34)	(3)	12	(55)	(24)	(47)	99	(10)	18
Refining
Impairments	—	—	(1,288)	—	(1,288)	(1,845)	—	(910)	—	(2,755)
Certain tax impacts	—	—	—	11	11	—	—	—	6	6
Pension settlement expense	—	(20)	(12)	(5)	(37)	—	(26)	(12)	(3)	(41)
Hurricane-related costs	—	—	(10)	(30)	(40)	—	—	(11)	(22)	(33)
Winter-storm-related costs	(14)	(3)	—	—	(17)	—	—	—	—	—
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	(15)	15	—	—	—
Alliance shutdown-related costs*	—	—	—	(122)	(122)	—	—	—	—	—
Regulatory compliance costs	—	—	—	88	88	—	—	—	—	—
Total Refining	(14)	(23)	(1,310)	(58)	(1,405)	(1,860)	(11)	(933)	(19)	(2,823)
Marketing and Specialties
Pending claims and settlements	—	—	—	—	—	37	—	—	—	37
Pension settlement expense	—	(3)	(2)	(1)	(6)	—	(4)	(1)	(1)	(6)
Hurricane-related costs	—	—	—	—	—	—	—	(1)	(2)	(3)
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	(12)	(3)	—	14	(1)
Total Marketing and Specialties	—	(3)	(2)	(1)	(6)	25	(7)	(2)	11	27
Corporate and Other
Impairments	—	—	—	—	—	—	—	(25)	—	(25)
Certain tax impacts	—	—	—	—	—	—	8	—	—	8
Pension settlement expense	—	(2)	(1)	(1)	(4)	—	(3)	(1)	—	(4)
Asset dispositions	—	—	—	—	—	—	—	—	9	9
Total Corporate and Other	—	(2)	(1)	(1)	(4)	—	5	(26)	9	(12)
Total Special Items (Pre-tax)	(244)	(66)	(1,329)	(123)	(1,762)	(3,021)	19	(1,070)	(109)	(4,181)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items**	(48)	(16)	(323)	(33)	(420)	(75)	(208)	(262)	(23)	(568)
Other tax impacts	—	(17)	(3)	(65)	(85)	—	20	(10)	(25)	(15)
Total Income Tax Expense (Benefit)	(48)	(33)	(326)	(98)	(505)	(75)	(188)	(272)	(48)	(583)
Less: Income (Loss) Attributable to Noncontrolling Interests
Impairments	(51)	—	(2)	—	(53)	—	—	—	(28)	(28)
Hurricane-related costs	—	—	—	—	—	—	—	—	(1)	(1)
Asset dispositions	—	—	—	—	—	—	24	—	—	24
Total Income (Loss) Attributable to Noncontrolling Interests	(51)	—	(2)	—	(53)	—	24	—	(29)	(5)
Total Phillips 66 Special Items (After-tax)	(145)	(33)	(1,001)	(25)	(1,204)	(2,946)	183	(798)	(32)	(3,593)
* Costs related to the shutdown of the Alliance Refinery totaled $192 million pre-tax. Shutdown-related costs recorded in the Refining segment include asset retirements of $91 million pre-tax recorded in depreciation and amortization expense and pre-tax charges for severance and other exit costs of $31 million. Shutdown-related costs in the Midstream segment include asset retirements of $70 million pre-tax recorded in depreciation and amortization expense.
** We generally tax effect taxable U.S.-based special items using a combined federal and state annual 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
	2021					2020
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	(199)	—	(10)	(70)	(279)	—	84	(205)	(99)	(220)
NGL and Other	(1)	(4)	(3)	(5)	(13)	—	(5)	(3)	(1)	(9)
DCP Midstream	—	—	—	—	—	(1,162)	—	—	—	(1,162)
Total Midstream	(200)	(4)	(13)	(75)	(292)	(1,162)	79	(208)	(100)	(1,391)
Refining
Atlantic Basin/Europe	(1)	(2)	(3)	23	17	(441)	(7)	(2)	5	(445)
Gulf Coast	(6)	(11)	(1,302)	(119)	(1,438)	(670)	(9)	(16)	(22)	(717)
Central Corridor	(7)	(6)	(3)	26	10	(450)	9	(3)	(1)	(445)
West Coast	—	(4)	(2)	12	6	(299)	(4)	(912)	(1)	(1,216)
Total Refining	(14)	(23)	(1,310)	(58)	(1,405)	(1,860)	(11)	(933)	(19)	(2,823)
Marketing and Specialties
Marketing and Other	—	(3)	(2)	(1)	(6)	37	(4)	(1)	(1)	31
Specialties	—	—	—	—	—	(12)	(3)	(1)	12	(4)
Total Marketing and Specialties	—	(3)	(2)	(1)	(6)	25	(7)	(2)	11	27

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Phillips 66 Earnings Release Supplemental Data

CASH FLOW INFORMATION
	Millions of Dollars
	2021					2020
	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 (loss)	(639)	374	488	1,371	1,594	(2,427)	(67)	(726)	(494)	(3,714)
Depreciation and amortization	356	364	361	524	1,605	342	343	352	358	1,395
Impairments	198	—	1,298	2	1,498	3,006	—	1,140	106	4,252
Accretion on discounted liabilities	6	6	6	6	24	6	5	6	5	22
Deferred income taxes	(103)	266	(453)	18	(272)	(47)	26	23	124	126
Undistributed equity earnings	217	(218)	(77)	(50)	(128)	(4)	302	(44)	80	334
Net gain on dispositions	—	(2)	(3)	(2)	(7)	(1)	(85)	(1)	(21)	(108)
Unrealized investment gain*	—	—	(224)	(141)	(365)	—	—	—	—	—
Other	138	120	31	(340)	(51)	(139)	146	45	78	130
Net working capital changes	98	833	776	412	2,119	(519)	94	(304)	403	(326)
Net Cash Provided by Operating Activities	271	1,743	2,203	1,800	6,017	217	764	491	639	2,111
Cash Flows From Investing Activities
Capital expenditures and investments	(331)	(380)	(552)	(597)	(1,860)	(923)	(939)	(552)	(506)	(2,920)
Return of investments in equity affiliates	58	100	78	31	267	38	50	51	53	192
Proceeds from asset dispositions	—	24	2	1	27	1	—	2	48	51
Advances/loans—related parties	(155)	(90)	(65)	—	(310)	(8)	(223)	(20)	(65)	(316)
Collection of advances/loans—related parties	—	—	1	1	2	—	44	—	—	44
Other	(39)	(6)	40	7	2	15	(79)	(23)	(43)	(130)
Net Cash Used in Investing Activities	(467)	(352)	(496)	(557)	(1,872)	(877)	(1,147)	(542)	(513)	(3,079)
Cash Flows From Financing Activities
Issuance of debt	450	15	(15)	993	1,443	1,199	2,031	75	1,873	5,178
Repayment of debt	(925)	(54)	(506)	(1,469)	(2,954)	(7)	(534)	(5)	(505)	(1,051)
Issuance of common stock	20	4	—	2	26	6	—	—	2	8
Repurchase of common stock	—	—	—	—	—	(443)	—	—	—	(443)
Dividends paid on common stock	(394)	(394)	(394)	(403)	(1,585)	(396)	(393)	(393)	(393)	(1,575)
Distributions to noncontrolling interests	(76)	(82)	(81)	(85)	(324)	(61)	(66)	(74)	(88)	(289)
Repurchase of noncontrolling interests	—	(24)	—	—	(24)	—	—	—	—	—
Other	(20)	(7)	(9)	(16)	(52)	(22)	9	(7)	(17)	(37)
Net Cash Provided by (Used in) Financing Activities	(945)	(542)	(1,005)	(978)	(3,470)	276	1,047	(404)	872	1,791
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(22)	7	(12)	(15)	(42)	(9)	5	27	54	77
Net Change in Cash and Cash Equivalents	(1,163)	856	690	250	633	(393)	669	(428)	1,052	900
Cash and cash equivalents at beginning of period	2,514	1,351	2,207	2,897	2,514	1,614	1,221	1,890	1,462	1,614
Cash and Cash Equivalents at End of Period	1,351	2,207	2,897	3,147	3,147	1,221	1,890	1,462	2,514	2,514
* Represents the change in value, excluding related foreign exchange impacts, of our investment in NOVONIX.
CAPITAL PROGRAM
	Millions of Dollars
	2021					2020
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Consolidated Capital Expenditures and Investments
Midstream	100	141	328	169	738	580	597	315	194	1,686
Chemicals	—	—	—	—	—	—	—	—	—	—
Refining	184	186	158	251	779	245	164	168	239	816
Marketing and Specialties	22	22	28	130	202	25	86	28	34	173
Corporate and Other	25	31	38	47	141	50	54	38	42	184
Adjusted Capital Spending	331	380	552	597	1,860	900	901	549	509	2,859
Capital expenditures and investments funded by a joint venture partner (Midstream)*	—	—	—	—	—	23	38	3	(3)	61
Consolidated Capital Expenditures and Investments	331	380	552	597	1,860	923	939	552	506	2,920
* Includes previously funded capital returned to our joint venture partner in the fourth quarter of 2020.
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)	7	14	15	19	55	46	44	12	17	119
CPChem (Chemicals)	79	72	88	128	367	126	13	65	80	284
WRB (Refining)	59	47	61	62	229	37	34	39	65	175
Selected Equity Affiliates	145	133	164	209	651	209	91	116	162	578
* 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).

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM
	Millions of Dollars, Except as Indicated
	2021					2020
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income (Loss) before Income Taxes
Transportation	7	224	244	203	678	200	214	(3)	97	508
NGL and Other	35	79	354	279	747	179	78	99	85	441
DCP Midstream	34	9	31	111	185	(1,081)	32	50	41	(958)
Income (Loss) before Income Taxes	76	312	629	593	1,610	(702)	324	146	223	(9)
Adjusted EBITDA*
PSXP**	289	336	367	402	1,394	322	271	315	317	1,225
Other Midstream	92	110	387	294	883	188	75	115	105	483
Transportation and NGL and Other***	381	446	754	696	2,277	510	346	430	422	1,708
DCP Midstream	71	46	67	145	329	129	66	88	79	362
Adjusted EBITDA***	452	492	821	841	2,606	639	412	518	501	2,070
* See reconciliation of income (loss) before income taxes to adjusted EBITDA.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
*** Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.
Equity in Earnings of Affiliates
Transportation	126	120	140	142	528	98	70	103	108	379
NGL and Other	37	44	40	42	163	51	49	44	37	181
DCP Midstream	34	8	32	112	186	80	32	49	40	201
Total	197	172	212	296	877	229	151	196	185	761
NOVONIX Investment*
Unrealized Investment Gain	—	—	224	141	365	—	—	—	—	—
Foreign Currency Transaction Gain	—	—	—	5	5	—	—	—	—	—
Change in Value of Investment in NOVONIX	—	—	224	146	370	—	—	—	—	—
* This investment is included in the NGL and Other sub-segment.
Depreciation and Amortization*
Transportation	40	40	45	109	234	38	38	41	42	159
NGL and Other	52	52	52	53	209	39	39	42	52	172
DCP Midstream	—	—	—	—	—	—	—	—	—	—
Total	92	92	97	162	443	77	77	83	94	331
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Transportation	173	189	188	209	759	188	186	185	199	758
NGL and Other	122	88	85	113	408	68	71	71	84	294
DCP Midstream	—	—	1	1	2	—	—	(1)	—	(1)
Total	295	277	274	323	1,169	256	257	255	283	1,051
* Excludes operating and SG&A expenses of all equity affiliates.
Transportation Volumes (MB/D)
Pipelines*	2,801	3,424	3,483	3,370	3,271	3,178	2,840	3,076	2,925	3,005
Terminals	2,675	2,786	2,771	2,927	2,790	3,148	2,883	2,966	2,886	2,971
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.
PSX Other Volumes
NGL Fractionated (MB/D)*	363	401	420	454	410	198	170	217	411	249
* Excludes DCP Midstream.
Market Indicator
Weighted-Average NGL Price ($/gal)*	0.69	0.71	0.91	1.00	0.83	0.39	0.32	0.44	0.49	0.41
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
100% DCP Midstream, LLC Results
Net Income (Loss) Attributable to Owners*	27	(35)	23	199	214	50	(348)	58	38	(202)
* Includes impairment charges of $159 million and $650 million in the first and second quarters of 2020, respectively.
Depreciation and Amortization	91	92	90	91	364	99	93	93	91	376
Operating and SG&A Expenses	189	222	230	250	891	202	212	212	240	866
Net Interest Expense*	77	77	73	72	299	78	71	77	76	302
* Net of interest income.
Capital Expenditures and Investments	14	28	30	38	110	92	87	24	35	238
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)	4.1	4.4	4.2	4.2	4.2	5.0	4.5	4.5	4.5	4.6
NGL Production (MB/D)	356	406	398	416	394	396	374	414	414	399
MLP Distributions*
LP Distribution from PSXP to Phillips 66	148	148	149	149	594	148	149	148	149	594
LP Distribution from DCP Midstream, LP to DCP Midstream**	46	46	46	***	138	46	46	46	46	184
* Cash distributions declared attributable to common unit ownership. These distributions are eliminated in the respective sponsors consolidated financial statements.
** Represents 100% of DCP Midstream's distributions from DCP Midstream, LP (DCP Partners).
*** Pending DCP Midstream release.

Page 5

Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
	Millions of Dollars
	2021					2020
	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	76	312	629	593	1,610	(702)	324	146	223	(9)
Plus:
Depreciation and amortization	92	92	97	162	443	77	77	83	94	331
EBITDA*	168	404	726	755	2,053	(625)	401	229	317	322
Special Item Adjustments (pre-tax):
Impairments	198	—	10	—	208	1,161	—	204	96	1,461
Pension settlement expense	—	4	3	1	8	—	5	3	1	9
Hurricane-related costs	—	—	—	4	4	—	—	1	3	4
Winter-storm-related costs	2	—	—	—	2	—	—	—	—	—
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	1	—	—	—	1
Asset dispositions	—	—	—	—	—	—	(84)	—	—	(84)
EBITDA, Adjusted for Special Items*	368	408	739	760	2,275	537	322	437	417	1,713
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	2	4	4	4	14	3	2	3	1	9
Proportional share of selected equity affiliates net interest	43	43	42	41	169	39	36	42	44	161
Proportional share of selected equity affiliates depreciation and amortization	57	57	58	57	229	60	52	56	56	224
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests	(18)	(20)	(22)	(21)	(81)	—	—	(20)	(17)	(37)
Adjusted EBITDA*	452	492	821	841	2,606	639	412	518	501	2,070
* Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.
Adjusted EBITDA by Business Line
100% PSXP Results
Income (loss) before income taxes	(11)	235	255	302	781	227	255	217	112	811
Plus:
Net interest expense	33	32	31	31	127	28	29	31	32	120
Depreciation and amortization	34	34	38	35	141	30	31	35	39	135
EBITDA	56	301	324	368	1,049	285	315	283	183	1,066
Special Item Adjustments (pre-tax):
Impairments	198	—	10	—	208	—	—	—	96	96
Hurricane-related costs*	—	—	—	2	2	—	—	1	2	3
Asset dispositions	—	—	—	—	—	—	(84)	—	—	(84)
EBITDA, Adjusted for Special Items**	254	301	334	370	1,259	285	231	284	281	1,081
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	2	4	5	3	14	3	2	3	1	9
Proportional share of selected equity affiliates net interest	14	14	13	14	55	9	9	13	15	46
Proportional share of selected equity affiliates depreciation and amortization	33	33	33	33	132	25	29	31	33	118
Adjusted EBITDA attributable to joint venture partner's noncontrolling interest	(14)	(16)	(18)	(18)	(66)	—	—	(16)	(13)	(29)
Adjusted EBITDA**	289	336	367	402	1,394	322	271	315	317	1,225
* 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

Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
	Millions of Dollars
	2021					2020
	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	42	303	598	482	1,425	379	292	96	182	949
Plus:
Depreciation and amortization	92	92	97	162	443	77	77	83	94	331
EBITDA*†	134	395	695	644	1,868	456	369	179	276	1,280
Special Item Adjustments (pre-tax):
Impairments	198	—	10	—	208	—	—	204	96	300
Pension settlement expense	—	4	3	1	8	—	5	3	1	9
Hurricane-related costs	—	—	—	4	4	—	—	1	3	4
Winter-storm-related costs	2	—	—	—	2	—	—	—	—	—
Asset dispositions	—	—	—	—	—	—	(84)	—	—	(84)
EBITDA, Adjusted for Special Items*†	334	399	708	649	2,090	456	290	387	376	1,509
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	2	4	4	4	14	3	2	3	1	9
Proportional share of selected equity affiliates net interest	21	21	21	21	84	17	16	20	22	75
Proportional share of selected equity affiliates depreciation and amortization	42	42	43	43	170	34	38	40	40	152
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests	(18)	(20)	(22)	(21)	(81)	—	—	(20)	(17)	(37)
Adjusted EBITDA*†	381	446	754	696	2,277	510	346	430	422	1,708
* Includes PSXP results. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
† Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.
DCP Midstream
Income (loss) before income taxes	34	9	31	111	185	(1,081)	32	50	41	(958)
Plus:
None	—	—	—	—	—	—	—	—	—	—
EBITDA	34	9	31	111	185	(1,081)	32	50	41	(958)
Special Item Adjustments (pre-tax):
Impairments	—	—	—	—	—	1,161	—	—	—	1,161
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	1	—	—	—	1
EBITDA, Adjusted for Special Items	34	9	31	111	185	81	32	50	41	204
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—	—	—	—	—	—	—	—
Proportional share of selected equity affiliates net interest	22	22	21	20	85	22	20	22	22	86
Proportional share of selected equity affiliates depreciation and amortization	15	15	15	14	59	26	14	16	16	72
Adjusted EBITDA*	71	46	67	145	329	129	66	88	79	362
* Proportional share of selected equity affiliates is net of noncontrolling interests.

Page 7

Phillips 66 Earnings Release Supplemental Data

CHEMICALS
	Millions of Dollars, Except as Indicated
	2021										2020
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before Income Taxes	154		623		631		436		1,844		169		42		231		193		635
Equity in Earnings of Affiliate	152		620		627		433		1,832		166		39		229		191		625
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings
Olefins and Polyolefins	288		1,124		1,224		851		3,487		354		142		488		410		1,394
Specialties, Aromatics and Styrenics	53		157		73		76		359		9		—		23		30		62
Corporate and Other	(37)		(41)		(44)		(40)		(162)		(26)		(59)		(54)		(57)		(196)
Total	304		1,240		1,253		887		3,684		337		83		457		383		1,260
Income (Loss) before Income Taxes
Olefins and Polyolefins	299		1,143		1,237		872		3,551		360		142		498		416		1,416
Specialties, Aromatics and Styrenics	58		164		80		82		384		10		3		24		33		70
Corporate and Other	(37)		(41)		(41)		(40)		(159)		(26)		(59)		(54)		(57)		(196)
Total	320		1,266		1,276		914		3,776		344		86		468		392		1,290
Depreciation and Amortization	146		144		151		151		592		148		144		146		155		593
Net Interest Expense*	22		24		24		24		94		16		24		23		21		84
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments	157		144		177		255		733		252		25		130		161		568
Repayments from Equity Companies	—		—		—		—		—		(21)		—		—		(29)		(50)
Return of Investments from Equity Companies	(30)		(107)		(82)		(46)		(265)		(25)		—		—		—		(25)
Olefins and Polyolefins Capacity Utilization (%)	79	%	102	%	102	%	97	%	95	%	98	%	103	%	94	%	101	%	99	%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)	41.9		41.1		45.6		38.4		41.8		19.7		17.1		23.8		27.7		22.1
HDPE Blow Molding, Domestic Spot (cents/lb)	71.9		88.3		98.8		84.8		86.0		40.0		35.5		45.6		53.6		43.7
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	13.2		12.5		16.1		20.8		15.7		8.8		11.7		13.1		12.6		11.5
HDPE Blow Molding, Total Cash Cost (cents/lb)	55.7		54.9		59.7		52.8		55.8		32.9		30.2		37.1		41.2		35.3
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	44.9		62.0		68.6		49.6		56.3		18.0		10.7		19.2		27.5		18.9
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes	154		623		631		436		1,844		169		42		231		193		635
Plus:
None	—		—		—		—		—		—		—		—		—		—
EBITDA	154		623		631		436		1,844		169		42		231		193		635
Special Item Adjustments (pre-tax):
Impairments by equity affiliates	—		—		—		—		—		—		15		—		—		15
Pension settlement expense	—		18		2		2		22		—		—		—		21		21
Hurricane-related costs	—		—		1		—		1		—		—		2		1		3
Winter-storm-related costs	30		16		—		(14)		32		—		—		—		—		—
Lower-of-cost-or-market inventory adjustments	—		—		—		—		—		24		32		(101)		(12)		(57)
EBITDA, Adjusted for Special Items	184		657		634		424		1,899		193		89		132		203		617
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	28		48		33		35		144		13		5		14		15		47
Proportional share of selected equity affiliates net interest	11		12		12		13		48		9		11		12		12		44
Proportional share of selected equity affiliates depreciation and amortization	103		102		102		104		411		106		105		104		108		423
Adjusted EBITDA	326		819		781		576		2,502		321		210		262		338		1,131

Page 8

Phillips 66 Earnings Release Supplemental Data

REFINING
	Millions of Dollars, Except as Indicated
	2021					2020
	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	(153)	(110)	90	137	(36)	(637)	(227)	(199)	(161)	(1,224)
Gulf Coast	(253)	(264)	(1,333)	(39)	(1,889)	(843)	(365)	(405)	(464)	(2,077)
Central Corridor	(248)	(82)	229	171	70	(227)	(104)	(132)	(178)	(641)
West Coast	(386)	(273)	(112)	77	(694)	(554)	(182)	(1,167)	(310)	(2,213)
Income (Loss) before Income Taxes	(1,040)	(729)	(1,126)	346	(2,549)	(2,261)	(878)	(1,903)	(1,113)	(6,155)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	(3.57)	(2.20)	1.88	2.85	(0.19)	(15.41)	(5.80)	(4.61)	(3.43)	(7.18)
Gulf Coast	(4.64)	(3.81)	(20.82)	(0.74)	(7.84)	(13.16)	(5.98)	(7.86)	(12.46)	(9.71)
Central Corridor	(12.55)	(3.49)	8.68	6.58	0.73	(9.72)	(5.01)	(5.35)	(7.66)	(6.96)
West Coast	(14.89)	(9.70)	(3.67)	2.71	(6.14)	(19.87)	(7.07)	(38.12)	(11.75)	(20.01)
Worldwide	(7.27)	(4.26)	(6.67)	2.23	(3.99)	(14.44)	(5.99)	(12.69)	(8.32)	(10.48)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	4.86	4.63	9.27	11.00	7.48	2.38	1.53	1.65	2.99	2.17
Gulf Coast	3.39	2.10	5.75	9.19	4.92	6.76	0.36	(0.61)	(0.78)	1.85
Central Corridor	5.97	6.40	12.47	12.60	9.65	13.50	5.78	4.46	4.27	7.17
West Coast	3.33	3.37	7.46	15.41	7.49	4.80	5.05	2.23	1.79	3.43
Worldwide	4.36	3.92	8.57	11.60	7.15	7.11	2.60	1.78	2.18	3.51
* See note on the use of non-GAAP measures. 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.
Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe	(2)	(2)	(3)	(2)	(9)	(2)	(3)	(2)	(3)	(10)
Gulf Coast	(3)	—	(1)	(7)	(11)	1	1	(1)	(4)	(3)
Central Corridor	(117)	(65)	31	(13)	(164)	(51)	(79)	(118)	(115)	(363)
West Coast	—	—	—	—	—	—	—	—	—	—
Total	(122)	(67)	27	(22)	(184)	(52)	(81)	(121)	(122)	(376)
Depreciation and Amortization*
Atlantic Basin/Europe	52	52	52	54	210	51	49	50	51	201
Gulf Coast	77	77	73	150	377	71	75	75	75	296
Central Corridor	34	34	34	37	139	34	33	33	33	133
West Coast	54	57	57	72	240	65	63	64	57	249
Total	217	220	216	313	966	221	220	222	216	879
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe	244	235	258	314	1,051	207	202	186	223	818
Gulf Coast	331	313	327	388	1,359	499	287	269	338	1,393
Central Corridor	212	132	136	199	679	142	127	118	139	526
West Coast	393	291	277	300	1,261	293	225	244	276	1,038
Total	1,180	971	998	1,201	4,350	1,141	841	817	976	3,775
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe	17	13	32	34	96	16	9	11	12	48
Gulf Coast	33	9	24	27	93	240	13	8	24	285
Central Corridor	17	36	13	28	94	15	3	6	9	33
West Coast	125	60	12	17	214	58	13	16	31	118
Total	192	118	81	106	497	329	38	41	76	484
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe	20	18	15	16	69	19	15	14	13	61
Gulf Coast	27	25	13	8	73	37	25	30	15	107
Central Corridor	15	11	12	13	51	17	14	11	9	51
West Coast	23	22	4	—	49	31	22	16	20	89
Total	85	76	44	37	242	104	76	71	57	308
Foreign Currency Gains (Losses) Pre-Tax	1	9	(4)	(10)	(4)	1	(5)	1	(1)	(4)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates	(122)	(67)	27	(22)	(184)	(52)	(81)	(121)	(122)	(376)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*	(129)	(167)	(220)	(216)	(732)	(156)	(72)	(70)	(54)	(352)
Equity affiliate-related expenses not included in Realized Refining Margins	(251)	(234)	(193)	(238)	(916)	(208)	(153)	(191)	(176)	(728)
Regional Totals
Atlantic Basin/Europe	(45)	(44)	(22)	(21)	(132)	(11)	(16)	(28)	(9)	(64)
Gulf Coast	(3)	—	(1)	(7)	(11)	2	—	(1)	(4)	(3)
Central Corridor	(203)	(190)	(170)	(210)	(773)	(199)	(137)	(162)	(163)	(661)
Total	(251)	(234)	(193)	(238)	(916)	(208)	(153)	(191)	(176)	(728)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).

Page 9

Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
	2021										2020
	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	(1,040)		(729)		(1,126)		346		(2,549)		(2,261)		(878)		(1,903)		(1,113)		(6,155)
Plus:
Depreciation and amortization	217		220		216		313		966		221		220		222		216		879
EBITDA	(823)		(509)		(910)		659		(1,583)		(2,040)		(658)		(1,681)		(897)		(5,276)
Special Item Adjustments (pre-tax):
Impairments	—		—		1,288		—		1,288		1,845		—		910		—		2,755
Certain tax impacts	—		—		—		(11)		(11)		—		—		—		(6)		(6)
Pension settlement expense	—		20		12		5		37		—		26		12		3		41
Hurricane-related costs	—		—		10		30		40		—		—		11		22		33
Winter-storm-related costs	14		3		—		—		17		—		—		—		—		—
Lower-of-cost-or-market inventory adjustments	—		—		—		—		—		15		(15)		—		—		—
Alliance shutdown-related costs	—		—		—		31		31		—		—		—		—		—
Regulatory compliance costs	—		—		—		(88)		(88)		—		—		—		—		—
EBITDA, Adjusted for Special Items	(809)		(486)		400		626		(269)		(180)		(647)		(748)		(878)		(2,453)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	(2)		(1)		—		3		—		—		(1)		—		(1)		(2)
Proportional share of selected equity affiliates net interest	2		2		1		4		9		—		1		1		1		3
Proportional share of selected equity affiliates depreciation and amortization	25		26		27		25		103		32		26		23		24		105
Adjusted EBITDA	(784)		(459)		428		658		(157)		(148)		(621)		(724)		(854)		(2,347)
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	438		513		487		478		479		437		402		432		466		434
Total Processed Inputs (MB/D)	476		549		519		523		517		454		430		469		510		466
Crude Oil Capacity Utilization (%)	82	%	96	%	91	%	89	%	89	%	81	%	75	%	81	%	87	%	81	%
Clean Product Yield (%)	86	%	83	%	84	%	84	%	84	%	83	%	82	%	83	%	87	%	84	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)	553		687		623		505		592		645		609		506		371		533
Total Processed Inputs (MB/D)	606		762		697		575		660		704		671		560		404		584
Crude Oil Capacity Utilization (%)	71	%	88	%	80	%	95	%	82	%	84	%	79	%	66	%	48	%	69	%
Clean Product Yield (%)	73	%	78	%	78	%	80	%	77	%	71	%	79	%	82	%	79	%	77	%
Central Corridor*
Crude Oil Charge Input (MB/D)	384		462		493		503		461		471		386		455		414		431
Total Processed Inputs (MB/D)	397		475		506		519		474		487		396		467		428		445
Crude Oil Capacity Utilization (%)	72	%	87	%	93	%	95	%	87	%	89	%	73	%	86	%	78	%	81	%
Clean Product Yield (%)	86	%	87	%	88	%	90	%	88	%	88	%	87	%	89	%	89	%	89	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)	268		286		302		278		284		279		263		311		263		279
Total Processed Inputs (MB/D)	288		309		332		308		310		306		283		333		287		302
Crude Oil Capacity Utilization (%)	74	%	79	%	83	%	76	%	78	%	77	%	72	%	85	%	72	%	77	%
Clean Product Yield (%)	86	%	83	%	90	%	92	%	88	%	93	%	87	%	89	%	91	%	90	%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,643		1,948		1,905		1,764		1,816		1,832		1,660		1,704		1,514		1,677
Total Processed Inputs (MB/D)	1,767		2,095		2,054		1,925		1,961		1,951		1,780		1,829		1,629		1,797
Crude Oil Capacity Utilization (%)	74	%	88	%	86	%	90	%	84	%	83	%	75	%	77	%	69	%	76	%
Clean Product Yield (%)	82	%	82	%	84	%	86	%	83	%	82	%	83	%	85	%	86	%	84	%

Page 10

Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
	2021					2020
	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	220	242	232	237	233	191	178	207	241	204
Distillates	175	197	188	190	188	174	160	168	187	172
Other	87	113	103	101	101	91	95	98	89	94
Total	482	552	523	528	522	456	433	473	517	470
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline	219	310	281	243	263	234	277	247	157	229
Distillates	201	257	235	195	222	248	231	187	147	203
Other	183	196	184	146	177	221	167	129	100	154
Total	603	763	700	584	662	703	675	563	404	586
Central Corridor*
Gasoline	191	227	255	266	235	245	183	241	214	221
Distillates	149	183	187	201	180	183	161	173	166	171
Other	58	65	68	55	61	60	52	55	50	54
Total	398	475	510	522	476	488	396	469	430	446
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline	138	138	166	170	153	151	126	159	144	145
Distillates	110	118	131	113	118	134	121	137	117	127
Other	40	51	32	26	37	21	33	38	24	29
Total	288	307	329	309	308	306	280	334	285	301
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	768	917	934	916	884	821	764	854	756	799
Distillates	635	755	741	699	708	739	673	665	617	673
Other	368	425	387	328	376	393	347	320	263	331
Total	1,771	2,097	2,062	1,943	1,968	1,953	1,784	1,839	1,636	1,803
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI	57.84	66.09	70.58	77.35	67.96	45.97	27.80	40.91	42.56	39.31
Brent	60.90	68.83	73.47	79.73	70.73	50.26	29.20	43.00	44.23	41.67
LLS	59.98	67.95	71.51	78.40	69.46	48.30	30.07	42.46	44.05	41.22
ANS	60.76	68.44	72.73	79.81	70.44	51.40	30.37	42.74	44.82	42.33
WTI less Maya	1.44	3.21	4.37	5.59	3.65	4.81	3.40	1.72	2.02	2.99
WTI less WCS (settlement differential)	12.47	11.49	13.58	14.64	13.04	20.53	11.47	9.09	9.31	12.60
Natural Gas ($/MMBtu)
Henry Hub	3.51	2.88	4.28	4.74	3.85	1.88	1.65	1.95	2.47	1.99
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	11.73	18.61	21.15	17.90	17.35	4.84	7.87	9.52	7.48	7.43
East Coast Distillate less Brent	12.09	15.24	16.07	20.47	15.97	14.93	10.95	7.17	9.51	10.64
Gulf Coast
Gulf Coast Gasoline less LLS	11.22	15.47	18.61	14.64	14.99	4.97	3.66	5.88	5.10	4.90
Gulf Coast Distillate less LLS	11.30	14.03	15.87	19.12	15.08	13.86	8.04	6.10	8.14	9.03
Central Corridor
Central Gasoline less WTI	14.90	19.96	20.83	13.87	17.39	7.70	6.18	8.15	5.76	6.95
Central Distillate less WTI	17.24	18.40	19.38	19.73	18.69	17.34	11.41	8.55	11.21	12.13
West Coast
West Coast Gasoline less ANS	16.88	24.76	23.54	22.75	21.98	13.32	9.36	13.12	10.76	11.64
West Coast Distillate less ANS	14.14	15.28	18.55	22.44	17.60	17.22	10.36	9.34	12.74	12.42
Worldwide Market Crack Spread ($/BBL)**	13.23	17.76	19.44	17.93	17.09	9.82	7.47	8.17	7.84	8.33
* Based on daily spot prices, unless otherwise noted.
** Weighted average based on Phillips 66 crude capacity.

Page 11

Phillips 66 Earnings Release Supplemental Data

MARKETING AND SPECIALTIES
	Millions of Dollars, Except as Indicated
	2021					2020
	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	211	389	452	401	1,453	471	255	365	180	1,271
Specialties	79	87	93	97	356	42	31	50	52	175
Income before Income Taxes	290	476	545	498	1,809	513	286	415	232	1,446
Income before Income Taxes ($/BBL)
U.S.	1.36	2.15	1.93	1.44	1.74	1.79	1.24	1.74	0.83	1.42
International	2.24	1.96	4.84	7.13	4.13	6.58	3.48	5.01	3.91	4.84
Realized Marketing Fuel Margins ($/BBL)*
U.S.	1.94	2.62	2.29	1.87	2.19	2.08	1.75	2.23	1.37	1.87
International	4.01	2.89	6.75	9.81	5.96	8.53	5.07	6.28	5.07	6.34
* See note on the use of non-GAAP measures. 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.
Other Realized Margins and Revenues not included in Marketing Fuel Margins*
Marketing and Other	104	138	111	122	475	117	123	107	104	451
Specialties	84	64	61	77	286	81	56	83	64	284
Total	188	202	172	199	761	198	179	190	168	735
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates
Marketing and Other	26	46	48	41	161	22	38	42	37	139
Specialties	32	59	68	59	218	—	10	3	29	42
Total	58	105	116	100	379	22	48	45	66	181
Depreciation and Amortization*
Marketing and Other	23	24	23	25	95	20	21	21	22	84
Specialties	4	6	4	4	18	5	4	5	5	19
Total	27	30	27	29	113	25	25	26	27	103
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other	258	284	280	318	1,140	211	232	259	263	965
Specialties	29	30	30	33	122	31	30	30	35	126
Total	287	314	310	351	1,262	242	262	289	298	1,091
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	960	1,095	1,098	1,142	1,074	984	881	997	922	946
Distillates	660	776	895	822	789	854	707	698	667	731
Other	—	—	—	—	—	—	—	—	—	—
Total	1,620	1,871	1,993	1,964	1,863	1,838	1,588	1,695	1,589	1,677
International Marketing
Gasoline	63	81	91	82	80	82	60	83	74	75
Distillates	158	171	179	174	170	183	140	165	168	164
Other	18	18	17	17	17	20	15	15	20	17
Total	239	270	287	273	267	285	215	263	262	256
Worldwide Marketing
Gasoline	1,023	1,176	1,189	1,224	1,154	1,066	941	1,080	996	1,021
Distillates	818	947	1,074	996	959	1,037	847	863	835	895
Other	18	18	17	17	17	20	15	15	20	17
Total	1,859	2,141	2,280	2,237	2,130	2,123	1,803	1,958	1,851	1,933
Foreign Currency Gains (Losses) Pre-Tax	—	1	—	(1)	—	1	—	(1)	—	—
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes	290	476	545	498	1,809	513	286	415	232	1,446
Plus:
Depreciation and amortization	27	30	27	29	113	25	25	26	27	103
EBITDA	317	506	572	527	1,922	538	311	441	259	1,549
Special Item Adjustments (pre-tax):
Pending claims and settlements	—	—	—	—	—	(37)	—	—	—	(37)
Pension settlement expense	—	3	2	1	6	—	4	1	1	6
Hurricane-related costs	—	—	—	—	—	—	—	1	2	3
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	12	3	—	(14)	1
EBITDA, Adjusted for Special Items	317	509	574	528	1,928	513	318	443	248	1,522
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	5	6	7	6	24	4	6	7	6	23
Proportional share of selected equity affiliates net interest	4	4	4	4	16	6	5	4	3	18
Proportional share of selected equity affiliates depreciation and amortization	17	17	17	18	69	17	14	16	17	64
Adjusted EBITDA	343	536	602	556	2,037	540	343	470	274	1,627

Page 12

Phillips 66 Earnings Release Supplemental Data

CORPORATE AND OTHER
	Millions of Dollars, Except as Indicated
	2021										2020
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Loss before Income Taxes	(251)		(246)		(231)		(246)		(974)		(197)		(219)		(239)		(226)		(881)
Detail of Loss before Income Taxes
Net interest expense	(143)		(141)		(148)		(151)		(583)		(103)		(114)		(131)		(137)		(485)
Corporate overhead and other	(108)		(105)		(83)		(95)		(391)		(94)		(105)		(108)		(89)		(396)
Total	(251)		(246)		(231)		(246)		(974)		(197)		(219)		(239)		(226)		(881)
Net Interest Expense
Interest expense	(150)		(148)		(159)		(151)		(608)		(137)		(139)		(150)		(148)		(574)
Capitalized interest	4		5		8		10		27		26		22		18		9		75
Loss on early debt retirement	—		—		—		(13)		(13)		—		—		—		—		—
Interest income	3		2		3		3		11		8		3		1		2		14
Total	(143)		(141)		(148)		(151)		(583)		(103)		(114)		(131)		(137)		(485)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes	(251)		(246)		(231)		(246)		(974)		(197)		(219)		(239)		(226)		(881)
Plus:
Net interest expense	143		141		148		151		583		103		114		131		137		485
Depreciation and amortization	20		22		21		20		83		19		21		21		21		82
EBITDA	(88)		(83)		(62)		(75)		(308)		(75)		(84)		(87)		(68)		(314)
Special Item Adjustments (pre-tax):
Impairments	—		—		—		—		—		—		—		25		—		25
Pension settlement expense	—		2		1		1		4		—		3		1		—		4
Asset dispositions	—		—		—		—		—		—		—		—		(9)		(9)
EBITDA, Adjusted for Special Items	(88)		(81)		(61)		(74)		(304)		(75)		(81)		(61)		(77)		(294)
Other Adjustments (pre-tax):
None	—		—		—		—		—		—		—		—		—		—
Adjusted EBITDA	(88)		(81)		(61)		(74)		(304)		(75)		(81)		(61)		(77)		(294)
Foreign Currency Losses Pre-Tax	(1)		(1)		—		—		(2)		(2)		(1)		(4)		(1)		(8)
Phillips 66 Total Company Debt
Total Debt	15,422		15,413		14,910		14,448		14,448		12,963		14,446		14,526		15,893		15,893
Debt-to-Capital Ratio (%)	43	%	43	%	42	%	40	%	40	%	35	%	38	%	39	%	42	%	42	%
Total Equity	20,457		20,602		20,597		21,637		21,637		23,639		23,295		22,305		21,523		21,523
RECONCILIATION OF CONSOLIDATED NET INCOME (LOSS) TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2021										2020
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Net income (loss)	(639)		374		488		1,371		1,594		(2,427)		(67)		(726)		(494)		(3,714)
Plus:
Income tax expense (benefit)	(132)		62		(40)		256		146		(51)		(378)		(624)		(197)		(1,250)
Net interest expense	143		141		148		151		583		103		114		131		137		485
Depreciation and amortization	356		364		361		524		1,605		342		343		352		358		1,395
Phillips 66 EBITDA*	(272)		941		957		2,302		3,928		(2,033)		12		(867)		(196)		(3,084)
Special Item Adjustments (pre-tax):
Impairments	198		—		1,298		—		1,496		3,006		—		1,139		96		4,241
Impairments by equity affiliates	—		—		—		—		—		—		15		—		—		15
Pending claims and settlements	—		—		—		—		—		(37)		—		—		—		(37)
Certain tax impacts	—		—		—		(11)		(11)		—		—		—		(6)		(6)
Pension settlement expense	—		47		20		10		77		—		38		17		26		81
Hurricane-related costs	—		—		11		34		45		—		—		15		28		43
Winter-storm-related costs	46		19		—		(14)		51		—		—		—		—		—
Lower-of-cost-or-market inventory adjustments	—		—		—		—		—		52		20		(101)		(26)		(55)
Asset dispositions	—		—		—		—		—		—		(84)		—		(9)		(93)
Alliance shutdown-related costs	—		—		—		31		31		—		—		—		—		—
Regulatory compliance costs	—		—		—		(88)		(88)		—		—		—		—		—
Phillips 66 EBITDA, Adjusted for Special Items*	(28)		1,007		2,286		2,264		5,529		988		1		203		(87)		1,105
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	33		57		44		48		182		20		12		24		21		77
Proportional share of selected equity affiliates net interest	60		61		59		62		242		54		53		59		60		226
Proportional share of selected equity affiliates depreciation and amortization	202		202		204		204		812		215		197		199		205		816
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests	(18)		(20)		(22)		(21)		(81)		—		—		(20)		(17)		(37)
Adjusted EBITDA attributable to public ownership interest in PSXP	(83)		(95)		(103)		(112)		(393)		(95)		(80)		(87)		(91)		(353)
Phillips 66 Adjusted EBITDA*	166		1,212		2,468		2,445		6,291		1,182		183		378		91		1,834
* Includes the change in value, including related foreign exchange impacts, of our investment in NOVONIX in the third and fourth quarters of 2021.
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 (loss) and income (loss) before income taxes to EBITDA and adjusted EBITDA are included in this earnings release supplemental data. Realized refining margin per barrel is calculated on a similar basis as industry crack spreads and we believe it provides a useful measure of how well we performed relative to benchmark industry margins. Realized marketing fuel margin per barrel demonstrates the value uplift our marketing operations provide by optimizing the placement and ultimate sale of our refineries' fuel production. The GAAP measure most directly comparable to both realized margin per barrel measures is income before income taxes per barrel. Reconciliations of income (loss) before income taxes per barrel to realized refining margin and realized marketing fuel margin are included in this earnings release supplemental data. 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

Phillips 66 Earnings Release Supplemental Data

REALIZED MARGIN NON-GAAP RECONCILIATIONS
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS
	Millions of Dollars, Except as Indicated
	2021					2020
	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	(153)	(110)	90	137	(36)	(637)	(227)	(199)	(161)	(1,224)
Plus:
Taxes other than income taxes	20	18	15	16	69	19	15	14	13	61
Depreciation, amortization and impairments	52	52	52	54	210	492	49	50	52	643
Selling, general and administrative expenses	14	18	19	19	70	13	12	6	13	44
Operating expenses	230	217	239	295	981	194	190	180	210	774
Equity in losses of affiliates	2	2	3	2	9	2	3	2	3	10
Other segment (income) expense, net	—	(8)	6	11	9	(2)	3	—	—	1
Proportional share of refining gross margins contributed by equity affiliates	43	42	19	19	123	16	16	18	17	67
Special items:
Certain tax impacts	—	—	—	(4)	(4)	—	—	—	(6)	(6)
Regulatory compliance costs	—	—	—	(20)	(20)	—	—	—	—	—
Realized refining margins	208	231	443	529	1,411	97	61	71	141	370
Total processed inputs (MB)	42,826	49,979	47,792	48,100	188,697	41,335	39,121	43,176	46,904	170,536
Adjusted total processed inputs (MB)	42,826	49,979	47,792	48,100	188,697	41,335	39,121	43,176	46,904	170,536
Income (loss) before income taxes ($/BBL)**	(3.57)	(2.20)	1.88	2.85	(0.19)	(15.41)	(5.80)	(4.61)	(3.43)	(7.18)
Realized refining margins ($/BBL)***	4.86	4.63	9.27	11.00	7.48	2.38	1.53	1.65	2.99	2.17
GULF COAST
Loss before income taxes	(253)	(264)	(1,333)	(39)	(1,889)	(843)	(365)	(405)	(464)	(2,077)
Plus:
Taxes other than income taxes	27	25	13	8	73	37	25	30	15	107
Depreciation, amortization and impairments	77	77	1,361	150	1,665	741	75	75	77	968
Selling, general and administrative expenses	10	14	15	11	50	7	10	11	11	39
Operating expenses	321	299	312	377	1,309	492	277	258	327	1,354
Equity in (earnings) losses of affiliates	3	—	1	7	11	(1)	(1)	1	4	3
Other segment (income) expense, net	—	(6)	(1)	—	(7)	1	—	(1)	1	1
Proportional share of refining gross margins contributed by equity affiliates	—	—	—	—	—	—	—	—	—	—
Special items:
Regulatory compliance costs	—	—	—	(28)	(28)	—	—	—	—	—
Realized refining margins	185	145	368	486	1,184	434	21	(31)	(29)	395
Total processed inputs (MB)	54,560	69,364	64,016	52,919	240,859	64,066	61,032	51,543	37,230	213,871
Adjusted total processed inputs (MB)	54,560	69,364	64,016	52,919	240,859	64,066	61,032	51,543	37,230	213,871
Loss before income taxes ($/BBL)**	(4.64)	(3.81)	(20.82)	(0.74)	(7.84)	(13.16)	(5.98)	(7.86)	(12.46)	(9.71)
Realized refining margins ($/BBL)***	3.39	2.10	5.75	9.19	4.92	6.76	0.36	(0.61)	(0.78)	1.85
CENTRAL CORRIDOR
Income (loss) before income taxes	(248)	(82)	229	171	70	(227)	(104)	(132)	(178)	(641)
Plus:
Taxes other than income taxes	15	11	12	13	51	17	14	11	9	51
Depreciation, amortization and impairments	34	34	34	37	139	469	33	33	36	571
Selling, general and administrative expenses	7	7	10	8	32	6	7	7	8	28
Operating expenses	205	125	126	191	647	136	120	111	131	498
Equity in (earnings) losses of affiliates	117	65	(31)	13	164	51	79	118	115	363
Other segment (income) expense, net	(2)	(8)	—	(1)	(11)	(3)	3	(1)	(1)	(2)
Proportional share of refining gross margins contributed by equity affiliates	86	125	201	197	609	113	92	45	48	298
Special items:
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	35	(35)	—	—	—
Regulatory compliance costs	—	—	—	(27)	(27)	—	—	—	—	—
Realized refining margins	214	277	581	602	1,674	597	209	192	168	1,166
Total processed inputs (MB)	19,754	23,466	26,373	26,002	95,595	23,345	20,778	24,682	23,245	92,050
Adjusted total processed inputs (MB)*	35,711	43,189	46,592	47,738	173,230	44,291	36,067	42,979	39,356	162,693
Income (loss) before income taxes ($/BBL)**	(12.55)	(3.49)	8.68	6.58	0.73	(9.72)	(5.01)	(5.35)	(7.66)	(6.96)
Realized refining margins ($/BBL)***	5.97	6.40	12.47	12.60	9.65	13.50	5.78	4.46	4.27	7.17

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
	Millions of Dollars, Except as Indicated
	2021					2020
	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	(386)	(273)	(112)	77	(694)	(554)	(182)	(1,167)	(310)	(2,213)
Plus:
Taxes other than income taxes	23	22	4	—	49	31	22	16	20	89
Depreciation, amortization and impairments	54	57	57	72	240	364	63	974	59	1,460
Selling, general and administrative expenses	11	10	11	9	41	10	9	9	10	38
Operating expenses	382	281	266	291	1,220	283	216	235	266	1,000
Other segment (income) expense, net	2	(2)	2	2	4	1	1	1	2	5
Special items:
Regulatory compliance costs	—	—	—	(13)	(13)	—	—	—	—	—
Realized refining margins	86	95	228	438	847	135	129	68	47	379
Total processed inputs (MB)	25,917	28,158	30,558	28,361	112,994	27,877	25,737	30,615	26,373	110,602
Adjusted total processed inputs (MB)	25,917	28,158	30,558	28,361	112,994	27,877	25,737	30,615	26,373	110,602
Income (loss) before income taxes ($/BBL)**	(14.89)	(9.70)	(3.67)	2.71	(6.14)	(19.87)	(7.07)	(38.12)	(11.75)	(20.01)
Realized refining margins ($/BBL)***	3.33	3.37	7.46	15.41	7.49	4.80	5.05	2.23	1.79	3.43
WORLDWIDE
Income (loss) before income taxes	(1,040)	(729)	(1,126)	346	(2,549)	(2,261)	(878)	(1,903)	(1,113)	(6,155)
Plus:
Taxes other than income taxes	85	76	44	37	242	104	76	71	57	308
Depreciation, amortization and impairments	217	220	1,504	313	2,254	2,066	220	1,132	224	3,642
Selling, general and administrative expenses	42	49	55	47	193	36	38	33	42	149
Operating expenses	1,138	922	943	1,154	4,157	1,105	803	784	934	3,626
Equity in (earnings) losses of affiliates	122	67	(27)	22	184	52	81	121	122	376
Other segment (income) expense, net	—	(24)	7	12	(5)	(3)	7	(1)	2	5
Proportional share of refining gross margins contributed by equity affiliates	129	167	220	216	732	129	108	63	65	365
Special items:
Certain tax impacts	—	—	—	(4)	(4)	—	—	—	(6)	(6)
Lower-of-cost-or-market inventory adjustments	—	—	—	—	—	35	(35)	—	—	—
Regulatory compliance costs	—	—	—	(88)	(88)	—	—	—	—	—
Realized refining margins	693	748	1,620	2,055	5,116	1,263	420	300	327	2,310
Total processed inputs (MB)	143,057	170,967	168,739	155,382	638,145	156,623	146,668	150,016	133,752	587,059
Adjusted total processed inputs (MB)*	159,014	190,690	188,958	177,118	715,780	177,569	161,957	168,313	149,863	657,702
Income (loss) before income taxes ($/BBL)**	(7.27)	(4.26)	(6.67)	2.23	(3.99)	(14.44)	(5.99)	(12.69)	(8.32)	(10.48)
Realized refining margins ($/BBL)***	4.36	3.92	8.57	11.60	7.15	7.11	2.60	1.78	2.18	3.51
* 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.

Page 15

Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
	Millions of Dollars, Except as Indicated
	2021										2020
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
UNITED STATES
Income before income taxes	199		366		354		261		1,180		299		179		271		121		870
Plus:
Taxes other than income taxes	4		2		2		1		9		2		2		—		(3)		1
Depreciation and amortization	3		5		3		3		14		3		3		3		3		12
Selling, general and administrative expenses	165		198		201		194		758		127		151		174		171		623
Equity in earnings of affiliates	(2)		(15)		(18)		(13)		(48)		—		(11)		(10)		(10)		(31)
Other operating revenues*	(86)		(110)		(120)		(108)		(424)		(84)		(71)		(90)		(82)		(327)
Realized marketing fuel margins	283		446		422		338		1,489		347		253		348		200		1,148
Total fuel sales volumes (MB)	145,794		170,228		183,332		180,748		680,102		167,178		144,517		155,948		146,226		613,869
Income before income taxes ($/BBL)	1.36		2.15		1.93		1.44		1.74		1.79		1.24		1.74		0.83		1.42
Realized marketing fuel margins ($/BBL)**	1.94		2.62		2.29		1.87		2.19		2.08		1.75		2.23		1.37		1.87
INTERNATIONAL
Income before income taxes	48		48		128		179		403		171		68		121		94		454
Plus:
Taxes other than income taxes	2		1		1		2		6		1		2		1		1		5
Depreciation and amortization	19		19		18		20		76		17		16		18		19		70
Selling, general and administrative expenses	60		60		64		69		253		63		57		62		64		246
Equity in earnings of affiliates	(24)		(31)		(30)		(28)		(113)		(22)		(28)		(31)		(27)		(108)
Other operating (revenues) expenses*	(5)		(10)		9		14		8		2		(4)		(7)		(18)		(27)
Other segment (income) expense, net	(1)		(1)		1		2		1		—		1		(1)		1		1
Marketing margins	99		86		191		258		634		232		112		163		134		641
Less: margin for nonfuel related sales	13		15		13		12		53		10		13		11		12		46
Realized marketing fuel margins	86		71		178		246		581		222		99		152		122		595
Total fuel sales volumes (MB)	21,474		24,539		26,427		25,089		97,529		25,979		19,583		24,164		24,047		93,773
Income before income taxes ($/BBL)	2.24		1.96		4.84		7.13		4.13		6.58		3.48		5.01		3.91		4.84
Realized marketing fuel margins ($/BBL)**	4.01		2.89		6.75		9.81		5.96		8.53		5.07		6.28		5.07		6.34
* Includes other nonfuel revenues and expenses.
** 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.
ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
	Millions of Dollars, Except as Indicated
	2021										2020
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
EFFECTIVE TAX RATES
Income (loss) before income taxes	(771)		436		448		1,627		1,740		(2,478)		(445)		(1,350)		(691)		(4,964)
Special items	244		66		1,329		123		1,762		3,021		(19)		1,070		109		4,181
Adjusted income (loss) before income taxes	(527)		502		1,777		1,750		3,502		543		(464)		(280)		(582)		(783)
Income tax expense (benefit)	(132)		62		(40)		256		146		(51)		(378)		(624)		(197)		(1,250)
Special items	48		33		326		98		505		75		188		272		48		583
Adjusted income tax expense (benefit)	(84)		95		286		354		651		24		(190)		(352)		(149)		(667)
Effective tax rate (%)	17.1	%	14.2	%	(8.9)	%	15.7	%	8.4	%	2.1	%	84.9	%	46.2	%	28.5	%	25.2	%
Adjusted effective tax rate (%)	15.9	%	18.9	%	16.1	%	20.2	%	18.6	%	4.4	%	40.9	%	125.7	%	25.6	%	85.2	%

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