Phillips 66 (PSX) 8-K Results of Operations and Financial Condition

	Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
	Millions of Dollars, Except as Indicated
	2024									2023
	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	35,811		38,129		35,528			109,468		34,396		35,090		39,643		38,270		147,399
Equity in earnings of affiliates	528		487		549			1,564		611		563		562		281		2,017
Net gain (loss) on dispositions	—		237		2			239		34		(12)		102		(9)		115
Other income**	97		58		84			239		48		99		15		197		359
Total Revenues and Other Income	36,436		38,911		36,163			111,510		35,089		35,740		40,322		38,739		149,890
Costs and Expenses
Purchased crude oil and products	32,386		34,628		32,194			99,208		29,341		30,571		34,330		33,844		128,086
Operating expenses	1,452		1,407		1,499			4,358		1,578		1,384		1,633		1,559		6,154
Selling, general and administrative expenses	557		552		1,194			2,303		605		593		669		658		2,525
Depreciation and amortization	504		497		543			1,544		476		495		488		518		1,977
Impairments	165		225		29			419		8		4		3		9		24
Taxes other than income taxes	165		49		53			267		207		174		171		155		707
Accretion on discounted liabilities	9		10		8			27		6		7		6		10		29
Interest and debt expense	227		231		229			687		192		266		221		218		897
Foreign currency transaction (gains) losses	7		1		1			9		25		2		(12)		7		22
Total Costs and Expenses	35,472		37,600		35,750			108,822		32,438		33,496		37,509		36,978		140,421
Income before income taxes	964		1,311		413			2,688		2,651		2,244		2,813		1,761		9,469
Income tax expense	203		291		44			538		574		510		670		476		2,230
Net Income	761		1,020		369			2,150		2,077		1,734		2,143		1,285		7,239
Less: net income attributable to noncontrolling interests*	13		5		23			41		116		37		46		25		224
Net Income Attributable to Phillips 66*	748		1,015		346			2,109		1,961		1,697		2,097		1,260		7,015
Net Income Attributable to Phillips 66 Per Share   of Common Stock (dollars)
Basic	1.74		2.39		0.82			4.97		4.21		3.73		4.72		2.87		15.56
Diluted	1.73		2.38		0.82			4.94		4.20		3.72		4.69		2.86		15.48
Weighted-Average Common Shares Outstanding (thousands)
Basic	428,959		422,869		417,305			423,024		464,810		454,450		444,283		437,365		450,136
Diluted	431,906		425,734		418,803			425,555		467,034		456,168		447,258		440,575		453,210
Effective tax rate (%)	21.1	%	22.2	%	10.7	%		20.0	%	21.7	%	22.7	%	23.8	%	27.0	%	23.6	%
Adjusted effective tax rate (%)	21.3	%	21.4	%	18.9	%		20.6	%	21.6	%	22.4	%	24.0	%	22.6	%	22.7	%
* Refer to Changes in Basis of Presentation discussion on page 15.
** Includes the unrealized investment gain (loss) on our investment in NOVONIX Limited (NOVONIX). See NOVONIX Investment table on page 14 for more details.

Page 1

Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66*
	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream	554	767	644		1,965	716	620	724	759	2,819
Chemicals	205	222	342		769	198	192	104	106	600
Refining	216	302	(108)		410	1,594	1,175	1,712	859	5,340
Marketing and Specialties	366	415	(22)		759	363	533	605	396	1,897
Renewable Fuels	(55)	(55)	(116)		(226)	74	68	22	(11)	153
Corporate and Other	(322)	(340)	(327)		(989)	(294)	(344)	(354)	(348)	(1,340)
Income before income taxes	964	1,311	413		2,688	2,651	2,244	2,813	1,761	9,469
Less: income tax expense	203	291	44		538	574	510	670	476	2,230
Net Income	761	1,020	369		2,150	2,077	1,734	2,143	1,285	7,239
Less: net income attributable to noncontrolling interests	13	5	23		41	116	37	46	25	224
Net Income Attributable to Phillips 66	748	1,015	346		2,109	1,961	1,697	2,097	1,260	7,015
* Refer to Changes in Basis of Presentation discussion on page 15.
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66*
	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	303	309	282		894	269	284	285	335	1,173
NGL	310	444	390		1,144	423	358	296	422	1,499
Total Midstream	613	753	672		2,038	692	642	581	757	2,672
Chemicals	205	222	342		769	198	192	104	106	600
Refining
Atlantic Basin/Europe	78	15	(61)		32	128	132	406	135	801
Gulf Coast	113	42	(102)		53	730	327	363	336	1,756
Central Corridor	213	243	308		764	731	633	367	510	2,241
West Coast	(91)	2	(212)		(301)	5	97	606	(139)	569
Total Refining	313	302	(67)		548	1,594	1,189	1,742	842	5,367
Marketing and Specialties	307	415	583		1,305	363	533	605	396	1,897
Renewable Fuels	(55)	(55)	(116)		(226)	74	68	22	(11)	153
Corporate and Other	(322)	(340)	(327)		(989)	(259)	(250)	(303)	(298)	(1,110)
Adjusted income before income taxes	1,061	1,297	1,087		3,445	2,662	2,374	2,751	1,792	9,579
Less: adjusted income tax expense	226	278	205		709	576	532	660	405	2,173
Adjusted Net Income	835	1,019	882		2,736	2,086	1,842	2,091	1,387	7,406
Less: adjusted net income attributable to noncontrolling interests	13	35	23		71	121	76	21	25	243
Adjusted Net Income Attributable to Phillips 66	822	984	859		2,665	1,965	1,766	2,070	1,362	7,163
Adjusted Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Diluted**	1.90	2.31	2.04		6.25	4.21	3.87	4.63	3.09	15.81
* Refer to Changes in Basis of Presentation discussion on page 15.
** YTD 2024 is based on adjusted weighted-average diluted shares of 426,301 thousand, and Q1-Q3 2024 are based on adjusted weighted-average diluted shares of 432,158 thousand, 425,734 thousand, and 419,827 thousand, respectively. YTD 2023 is based on adjusted weighted-average diluted shares of 453,210 thousand, and Q1-Q4 2023 are based on adjusted weighted-average diluted shares of 467,034 thousand, 456,173 thousand, 447,255 thousand, and 440,582 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.
ADJUSTED EBITDA BY SEGMENT**
	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream*
Transportation	384	386	341		1,111	350	365	365	418	1,498
NGL	477	585	551		1,613	398	395	457	576	1,826
Total Midstream	861	971	892		2,724	748	760	822	994	3,324
Chemicals	325	348	466		1,139	321	319	230	243	1,113
Refining*	545	531	188		1,264	1,818	1,416	1,968	1,107	6,309
Marketing and Specialties	377	484	656		1,517	425	603	672	469	2,169
Renewable Fuels*	(49)	(43)	(92)		(184)	76	70	23	(7)	162
Corporate and Other	(116)	(108)	(112)		(336)	(101)	(81)	(111)	(110)	(403)
Adjusted EBITDA	1,943	2,183	1,998		6,124	3,287	3,087	3,604	2,696	12,674
* Refer to Changes in Basis of Presentation discussion on page 15.
** Refer to Use of Non-GAAP Financial Information on page 15. Also, refer to reconciliations of income (loss) before income taxes to segment Adjusted EBITDA in the "Midstream", "Chemicals", "Refining", "Marketing and Specialties", "Renewable Fuels", "Corporate and Other" sections, as well as the "Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66" on page 15. Adjusted EBITDA and Adjusted EBITDA by segment presented includes our proportional share of selected equity affiliates.

Page 2

Phillips 66 Earnings Release Supplemental Data

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Certain tax impacts	—	—	—		—	—	—	—	2	2
Net gain on asset disposition	—	238	—		238	36	—	101	—	137
Change in inventory method for acquired business	—	—	—		—	—	—	46	—	46
Impairments*	(59)	(224)	(28)		(311)	—	—	—	—	—
DCP integration restructuring costs	—	—	—		—	(12)	(22)	(4)	—	(38)
Total Midstream	(59)	14	(28)		(73)	24	(22)	143	2	147
Chemicals	—	—	—		—	—	—	—	—	—
Refining
Certain tax impacts	—	—	—		—	—	—	—	17	17
Net loss on asset disposition	—	—	—		—	—	(14)	—	—	(14)
Impairments*	(104)	—	—		(104)	—	—	—	—	—
Los Angeles Refinery shutdown-related costs**	—	—	(41)		(41)	—	—	—	—	—
Legal accrual	—	—	—		—	—	—	(30)	—	(30)
Legal settlement	7	—	—		7	—	—	—	—	—
Total Refining	(97)	—	(41)		(138)	—	(14)	(30)	17	(27)
Marketing and Specialties
Legal settlement	59	—	—		59	—	—	—	—	—
Legal accrual †	—	—	(605)		(605)	—	—	—	—	—
Total Marketing and Specialties	59	—	(605)		(546)	—	—	—	—	—
Renewable Fuels	—	—	—		—	—	—	—	—	—
Corporate and Other
Business transformation restructuring costs	—	—	—		—	(35)	(41)	(51)	(50)	(177)
Loss on early redemption of DCP debt	—	—	—		—	—	(53)	—	—	(53)
Total Corporate and Other	—	—	—		—	(35)	(94)	(51)	(50)	(230)
Total Special Items (Pre-tax)	(97)	14	(674)		(757)	(11)	(130)	62	(31)	(110)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items♦	(23)	13	(161)		(171)	(2)	(22)	10	(12)	(26)
Other tax impacts	—	—	—		—	—	—	—	83	83
Total Income Tax Expense (Benefit)	(23)	13	(161)		(171)	(2)	(22)	10	71	57
Less: Income (Loss) Attributable to Noncontrolling Interests
Loss on early redemption of DCP debt	—	—	—		—	—	(30)	—	—	(30)
Change in inventory method for acquired business	—	—	—		—	—	—	26	—	26
DCP integration restructuring costs	—	—	—		—	(5)	(9)	(1)	—	(15)
Impairment of certain DCP assets	—	(30)	—		(30)	—	—	—	—	—
Total Income (Loss) Attributable to Noncontrolling Interests	—	(30)	—		(30)	(5)	(39)	25	—	(19)
Total Phillips 66 Special Items (After-tax)	(74)	31	(513)		(556)	(4)	(69)	27	(102)	(148)
* Impairment costs recorded in the Midstream segment are primarily related to certain gathering and processing assets. Impairment costs recorded in the Refining segment are primarily related to certain crude oil processing and logistics assets in California.
** Shutdown-related costs recorded in the Refining segment include pre-tax charges for severance costs.
† Legal accrual relating to ongoing litigation.
♦ We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. 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
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	(59)	238	(28)		151	36	—	101	—	137
NGL	—	(224)	—		(224)	(12)	(22)	42	2	10
Total Midstream	(59)	14	(28)		(73)	24	(22)	143	2	147
Refining
Atlantic Basin/Europe	—	—	—		—	—	—	—	15	15
Gulf Coast	7	—	—		7	—	(14)	—	2	(12)
Central Corridor	—	—	—		—	—	—	—	—	—
West Coast	(104)	—	(41)		(145)	—	—	(30)	—	(30)
Total Refining	(97)	—	(41)		(138)	—	(14)	(30)	17	(27)

Page 3

Phillips 66 Earnings Release Supplemental Data

CASH FLOW INFORMATION
	Millions of Dollars
	2024					2023
	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	761	1,020	369		2,150	2,077	1,734	2,143	1,285	7,239
Depreciation and amortization	504	497	543		1,544	476	495	488	518	1,977
Impairments	165	225	29		419	8	4	3	9	24
Accretion on discounted liabilities	9	10	8		27	6	7	6	10	29
Deferred income taxes	(55)	(145)	113		(87)	146	119	408	167	840
Undistributed equity earnings	(180)	(179)	(160)		(519)	(242)	(324)	(201)	(55)	(822)
Loss (gain) on early redemption of debt	2	—	(5)		(3)	—	53	—	—	53
Net (gain) loss on dispositions	—	(237)	(2)		(239)	(34)	12	(102)	9	(115)
Unrealized investment (gain) loss*	(6)	7	1		2	11	15	8	4	38
Other	11	(17)	617		611	14	(115)	(354)	36	(419)
Net working capital changes	(1,447)	916	(381)		(912)	(1,263)	(1,045)	286	207	(1,815)
Net Cash Provided by (Used in) Operating Activities	(236)	2,097	1,132		2,993	1,199	955	2,685	2,190	7,029
Cash Flows From Investing Activities
Capital expenditures and investments**	(628)	(367)	(358)		(1,353)	(378)	(551)	(592)	(634)	(2,155)
Acquisitions, net of cash acquired	—	—	(567)		(567)	—	—	(263)	—	(263)
Purchases of government obligations	—	—	(1,100)		(1,100)	—	—	—	—	—
Return of investments in equity affiliates	41	26	55		122	60	59	40	42	201
Proceeds from asset dispositions	2	685	219		906	77	13	280	22	392
Other	(80)	(17)	(29)		(126)	(24)	47	50	(38)	35
Net Cash Provided by (Used in) Investing Activities	(665)	327	(1,780)		(2,118)	(265)	(432)	(485)	(608)	(1,790)
Cash Flows From Financing Activities
Issuance of debt	3,815	(196)	1,518		5,137	2,488	2,559	678	535	6,260
Repayment of debt	(3,013)	(7)	(408)		(3,428)	(1,223)	(1,236)	(1,166)	(627)	(4,252)
Issuance of common stock	50	14	18		82	10	2	91	20	123
Repurchase of common stock	(1,164)	(840)	(800)		(2,804)	(800)	(1,309)	(752)	(1,153)	(4,014)
Dividends paid on common stock	(448)	(485)	(477)		(1,410)	(486)	(474)	(465)	(457)	(1,882)
Distributions to noncontrolling interests	(13)	(20)	(13)		(46)	(58)	(67)	(15)	(23)	(163)
Repurchase of noncontrolling interests	—	—	—		—	—	(3,957)	—	(110)	(4,067)
Other	(73)	(9)	(30)		(112)	(48)	(11)	(28)	(10)	(97)
Net Cash Used in Financing Activities	(846)	(1,543)	(192)		(2,581)	(117)	(4,493)	(1,657)	(1,825)	(8,092)
Effect of Exchange Rate Changes on Cash and   Cash Equivalents	(6)	(7)	33		20	15	34	(33)	27	43
Net Change in Cash and Cash Equivalents	(1,753)	874	(807)		(1,686)	832	(3,936)	510	(216)	(2,810)
Cash and cash equivalents at beginning of period	3,323	1,570	2,444		3,323	6,133	6,965	3,029	3,539	6,133
Cash and Cash Equivalents at End of Period	1,570	2,444	1,637		1,637	6,965	3,029	3,539	3,323	3,323
* Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.
** Refer to Changes in Basis of Presentation discussion on page 15.
CAPITAL PROGRAM
	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Consolidated Capital Expenditures and Investments**
Midstream	255	96	172		523	124	176	160	165	625
Chemicals	—	—	—		—	—	—	—	—	—
Refining	135	105	146		386	121	135	136	194	586
Marketing and Specialties	15	20	18		53	11	25	24	41	101
Renewable Fuels*	217	128	12		357	106	194	246	207	753
Corporate and Other	6	18	10		34	16	21	26	27	90
Consolidated Capital Expenditures and Investments	628	367	358		1,353	378	551	592	634	2,155
* Refer to Changes in Basis of Presentation discussion on page 15.
** Excludes acquisitions of $567MM and $263MM in Q3 2024 and Q3 2023, respectively, and purchases of government obligations of $1.1B in Q3 2024. Refer to Changes in Basis of Presentation discussion on page 15.
Consolidated Capital Expenditures and Investments**
Growth	485	194	164		843	228	339	379	358	1,304
Sustaining	143	173	194		510	150	212	213	276	851
Consolidated Capital Expenditures and Investments	628	367	358		1,353	378	551	592	634	2,155
** Excludes acquisitions of $567MM and $263MM in Q3 2024 and Q3 2023, respectively, and purchases of government obligations of $1.1B in Q3 2024. Refer to Changes in Basis of Presentation discussion on page 15.
Proportional Share of Selected Equity Affiliates Capital   Expenditures and Investments
CPChem (Chemicals)	201	199	179		579	142	377	254	236	1,009
WRB (Refining)	24	29	30		83	45	47	36	61	189
Selected Equity Affiliates	225	228	209		662	187	424	290	297	1,198

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM
	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income before Income Taxes
Transportation	244	547	254		1,045	305	285	386	334	1,310
NGL	310	220	390		920	411	335	338	425	1,509
Income before Income Taxes	554	767	644		1,965	716	620	724	759	2,819
Equity in Earnings of Affiliates
Transportation	136	140	110		386	124	130	131	141	526
NGL	19	30	24		73	27	40	26	29	122
Total	155	170	134		459	151	170	157	170	648
Depreciation and Amortization*
Transportation	44	42	42		128	41	40	41	47	169
NGL	185	182	191		558	183	194	190	187	754
Total	229	224	233		686	224	234	231	234	923
* Excludes D&A of all non-consolidated affiliates.
Operating and SG&A Expenses*
Transportation	180	194	181		555	177	179	188	207	751
NGL	330	281	355		966	371	371	427	364	1,533
Total	510	475	536		1,521	548	550	615	571	2,284
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
Transportation Volumes (MB/D)
Pipelines*	2,979	3,059	3,006		3,015	3,039	3,254	3,039	2,945	3,069
Terminals	3,109	3,226	3,049		3,128	3,203	3,149	3,167	3,464	3,246
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.
PSX Other Volumes
NGL Fractionated (MB/D)	679	744	728		717	660	738	703	743	711
NGL Production (MB/D)*	417	437	439		431	421	444	432	452	437
NGL Pipelines Throughput (MB/D)**	896	950	939		928	918	898	880	892	897
Wellhead Volume (Bcf/D)*	4.4	4.5	4.3		4.4	4.5	4.5	4.6	4.7	4.6
* Includes 100% of DCP Midstream Class A Segment.
** Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.
Market Indicator
Weighted-Average NGL Price ($/gal)*	0.70	0.68	0.64		0.68	0.74	0.61	0.67	0.65	0.67
Henry Hub Natural Gas Price ($/MMBtu)**	2.41	2.04	2.09		2.18	2.67	2.12	2.58	2.74	2.53
WTI ($/BBL)**	77.07	80.73	75.19		77.66	76.11	73.78	82.49	78.36	77.69
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
** Based on daily spot prices.

Page 5

Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes	554	767	644		1,965	716	620	724	759	2,819
Plus:
Depreciation and amortization	229	224	233		686	224	234	231	234	923
EBITDA	783	991	877		2,651	940	854	955	993	3,742
Special Item Adjustments (pre-tax):
Certain tax impacts	—	—	—		—	—	—	—	(2)	(2)
Net gain on asset disposition	—	(238)	—		(238)	(36)	—	(101)	—	(137)
Change in inventory method for acquired business	—	—	—		—	—	—	(46)	—	(46)
Impairments	59	224	28		311	—	—	—	—	—
DCP integration restructuring costs	—	—	—		—	12	19	4	—	35
EBITDA, Adjusted for Special Items	842	977	905		2,724	916	873	812	991	3,592
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	5	5		13	4	5	5	4	18
Proportional share of selected equity affiliates net interest	13	10	3		26	13	12	13	13	51
Proportional share of selected equity affiliates depreciation   and amortization	38	37	26		101	41	39	39	37	156
Adjusted EBITDA attributable to noncontrolling interests	(35)	(58)	(47)		(140)	(226)	(169)	(47)	(51)	(493)
Adjusted EBITDA	861	971	892		2,724	748	760	822	994	3,324

Page 6

Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Transportation
Income before income taxes	244	547	254		1,045	305	285	386	334	1,310
Plus:
Depreciation and amortization	44	42	42		128	41	40	41	47	169
EBITDA	288	589	296		1,173	346	325	427	381	1,479
Special Item Adjustments (pre-tax):
Net gain on asset disposition	—	(238)	—		(238)	(36)	—	(101)	—	(137)
Impairments	59	—	28		87	—	—	—	—	—
EBITDA, Adjusted for Special Items	347	351	324		1,022	310	325	326	381	1,342
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	5	5		13	4	5	5	4	18
Proportional share of selected equity affiliates net interest	13	10	3		26	13	12	13	12	50
Proportional share of selected equity affiliates depreciation and amortization	26	25	15		66	27	27	26	26	106
Adjusted EBITDA attributable to noncontrolling interests	(5)	(5)	(6)		(16)	(4)	(4)	(5)	(5)	(18)
Adjusted EBITDA	384	386	341		1,111	350	365	365	418	1,498
NGL
Income before income taxes	310	220	390		920	411	335	338	425	1,509
Plus:
Depreciation and amortization	185	182	191		558	183	194	190	187	754
EBITDA	495	402	581		1,478	594	529	528	612	2,263
Special Item Adjustments (pre-tax):
Certain tax impacts	—	—	—		—	—	—	—	(2)	(2)
Change in inventory method for acquired business	—	—	—		—	—	—	(46)	—	(46)
DCP integration restructuring costs	—	—	—		—	12	19	4	—	35
Impairments	—	224	—		224	—	—	—	—	—
EBITDA, Adjusted for Special Items	495	626	581		1,702	606	548	486	610	2,250
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—	—	—		—	—	—	—	—	—
Proportional share of selected equity affiliates net interest	—	—	—		—	—	—	—	1	1
Proportional share of selected equity affiliates depreciation   and amortization	12	12	11		35	14	12	13	11	50
Adjusted EBITDA attributable to noncontrolling interests	(30)	(53)	(41)		(124)	(222)	(165)	(42)	(46)	(475)
Adjusted EBITDA	477	585	551		1,613	398	395	457	576	1,826

Page 7

Phillips 66 Earnings Release Supplemental Data

CHEMICALS
	Millions of Dollars, Except as Indicated
	2024									2023
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Income before Income Taxes	205		222		342			769		198		192		104		106		600
Equity in Earnings of Affiliate	201		219		339			759		195		189		101		101		586
100% CPChem Results
Net Income, excludes parent company income tax related to CPChem's earnings	402		438		678			1,518		390		377		202		204		1,173
Income before Income Taxes	413		450		690			1,553		401		389		217		214		1,221
Depreciation and Amortization	153		154		154			461		142		141		143		184		610
Net Interest Expense*	7		2		(2)			7		6		2		2		3		13
* Net of interest income.
Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments	401		399		357			1,157		283		755		507		473		2,018
Return of Investments from Equity Companies	—		(14)		—			(14)		—		—		—		—		—
Olefins and Polyolefins Capacity Utilization (%)	96	%	98	%	98	%		97	%	94	%	98	%	99	%	94	%	96	%
Market Indicators*
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	16.4		18.3		23.7			19.5		17.1		19.4		12.9		16.1		16.4
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes	205		222		342			769		198		192		104		106		600
Plus:
None	—		—		—			—		—		—		—		—		—
EBITDA	205		222		342			769		198		192		104		106		600
Special Item Adjustments (pre-tax):
None	—		—		—			—		—		—		—		—		—
EBITDA, Adjusted for Special Items	205		222		342			769		198		192		104		106		600
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	13		15		13			41		20		26		24		9		79
Proportional share of selected equity affiliates net interest	1		—		(2)			(1)		1		—		(1)		2		2
Proportional share of selected equity affiliates depreciation   and amortization	106		111		113			330		102		101		103		126		432
Adjusted EBITDA	325		348		466			1,139		321		319		230		243		1,113

Page 8

Phillips 66 Earnings Release Supplemental Data

REFINING
	Millions of Dollars, Except as Indicated
	2024					2023
	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	78	15	(61)		32	128	132	406	150	816
Gulf Coast	120	42	(102)		60	729	313	364	338	1,744
Central Corridor	213	243	308		764	732	633	367	509	2,241
West Coast	(195)	2	(253)		(446)	5	97	575	(138)	539
Income (Loss) before Income Taxes	216	302	(108)		410	1,594	1,175	1,712	859	5,340
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	1.66	0.30	(1.27)		0.22	3.23	2.95	8.68	2.93	4.48
Gulf Coast	2.53	0.82	(2.10)		0.41	14.22	6.22	6.83	6.54	8.44
Central Corridor	8.31	8.69	11.38		9.47	28.15	23.13	15.14	20.27	21.81
West Coast	(8.26)	0.10	(11.51)		(6.64)	0.18	3.23	18.29	(5.02)	4.63
Worldwide	1.50	2.00	(0.74)		0.93	11.06	7.70	11.00	5.51	8.78
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	9.70	8.10	5.87		7.88	16.06	10.64	16.15	9.11	12.80
Gulf Coast	10.95	7.88	6.39		8.38	21.76	13.22	13.99	13.72	15.67
Central Corridor	12.56	12.75	14.19		13.18	26.62	22.58	19.25	21.72	22.50
West Coast	10.60	13.06	4.34		9.34	15.77	15.80	31.65	11.03	18.95
Worldwide	11.01	10.01	8.31		9.77	20.69	15.55	19.06	13.88	17.26
* 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	(1)	(2)	(2)		(5)	(2)	(2)	(2)	(2)	(8)
Gulf Coast	1	—	1		2	1	—	1	—	2
Central Corridor	108	35	(11)		132	200	119	209	(83)	445
West Coast	—	—	—		—	—	—	—	—	—
Total	108	33	(12)		129	199	117	208	(85)	439
Depreciation and Amortization*
Atlantic Basin/Europe	52	51	53		156	50	52	52	53	207
Gulf Coast	62	65	68		195	60	60	61	62	243
Central Corridor	44	42	42		128	38	38	42	45	163
West Coast	50	46	67		163	53	53	52	60	218
Total	208	204	230		642	201	203	207	220	831
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe	254	276	267		797	375	245	262	257	1,139
Gulf Coast	307	278	312		897	290	253	291	289	1,123
Central Corridor	167	167	151		485	187	174	240	212	813
West Coast	263	214	252		729	348	298	348	345	1,339
Total	991	935	982		2,908	1,200	970	1,141	1,103	4,414
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A   Expenses*
Atlantic Basin/Europe	19	33	31		83	125	38	21	12	196
Gulf Coast	82	39	83		204	56	23	28	19	126
Central Corridor	1	3	8		12	12	12	57	40	121
West Coast	22	25	15		62	37	31	13	14	95
Total	124	100	137		361	230	104	119	85	538
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe	24	15	24		63	23	17	13	18	71
Gulf Coast	38	19	26		83	33	25	28	20	106
Central Corridor	28	22	27		77	25	26	23	20	94
West Coast	31	18	23		72	31	27	26	27	111
Total	121	74	100		295	112	95	90	85	382
Foreign Currency Gains (Losses) Pre-Tax	1	(1)	6		6	(21)	(1)	9	(6)	(19)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates	108	33	(12)		129	199	117	208	(85)	439
Less: Share of equity affiliate gross margin included in Realized   Refining Margin and other equity affiliate-related costs*	(331)	(260)	(193)		(784)	(429)	(335)	(416)	(167)	(1,347)
Equity affiliate-related expenses not included in Realized   Refining Margins	(223)	(227)	(205)		(655)	(230)	(218)	(208)	(252)	(908)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).
Proportional Share of Certain* Equity Affiliate   Operating and SG&A Expenses	181	184	163		528	190	182	168	194	734
Proportional Share of Certain* Equity Affiliate   Turnaround Expense, included in Equity Affiliate   Operating and SG&A Expenses	22	30	9		61	16	22	16	39	93
* Includes WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).
Operating expenses	953	884	922		2,759	1,156	933	1,108	1,048	4,245
Selling, general and administrative expenses	38	51	60		149	44	37	33	55	169
Refining Controllable Costs*	991	935	982		2,908	1,200	970	1,141	1,103	4,414
Refining Controllable Costs ($/BBL)*	6.89	6.18	6.75		6.60	8.33	6.36	7.33	7.09	7.26
* Excludes operating and SG&A expenses of all equity affiliates. See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs per barrel included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.
Refining Adjusted Controllable Costs ($/BBL)*	7.06	6.43	6.53		6.67	8.55	6.69	7.18	7.51	7.47
* See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.

Page 9

Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
	2024									2023
	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	216		302		(108)			410		1,594		1,175		1,712		859		5,340
Plus:
Depreciation and amortization	208		204		230			642		201		203		207		220		831
EBITDA	424		506		122			1,052		1,795		1,378		1,919		1,079		6,171
Special Item Adjustments (pre-tax):
Certain tax impacts	—		—		—			—		—		—		—		(17)		(17)
Net loss on asset disposition	—		—		—			—		—		14		—		—		14
Impairments	104		—		—			104		—		—		—		—		—
Los Angeles Refinery shutdown-related costs	—		—		41			41		—		—		—		—		—
Legal accrual	—		—		—			—		—		—		30		—		30
Legal settlement	(7)		—		—			(7)		—		—		—		—		—
EBITDA, Adjusted for Special Items	521		506		163			1,190		1,795		1,392		1,949		1,062		6,198
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)		(2)		(1)			(4)		1		(2)		(4)		(1)		(6)
Proportional share of selected equity affiliates depreciation and amortization	25		26		27			78		22		25		23		46		116
Adjusted EBITDA	545		531		188			1,264		1,818		1,416		1,968		1,107		6,309
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	472		527		498			499		443		464		492		518		479
Total Processed Inputs (MB/D)	516		555		520			530		438		492		509		557		499
Crude Oil Capacity Utilization (%)	88	%	98	%	93	%		93	%	82	%	86	%	92	%	97	%	89	%
Clean Product Yield (%)	87	%	87	%	89	%		88	%	84	%	85	%	86	%	86	%	86	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)	475		507		473			484		519		498		519		508		511
Total Processed Inputs (MB/D)	522		563		528			538		571		553		577		561		566
Crude Oil Capacity Utilization (%)	90	%	96	%	89	%		92	%	98	%	94	%	98	%	96	%	97	%
Clean Product Yield (%)	76	%	83	%	81	%		80	%	77	%	80	%	80	%	84	%	80	%
Central Corridor*
Crude Oil Charge Input (MB/D)	509		541		533			528		475		498		492		441		477
Total Processed Inputs (MB/D)	527		558		549			545		492		515		509		459		494
Crude Oil Capacity Utilization (%)	96	%	102	%	100	%		99	%	89	%	94	%	93	%	83	%	90	%
Clean Product Yield (%)	90	%	89	%	89	%		89	%	89	%	89	%	87	%	92	%	89	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)	244		227		230			234		281		314		323		279		299
Total Processed Inputs (MB/D)	260		237		239			245		303		331		342		301		319
Crude Oil Capacity Utilization (%)	100	%	93	%	94	%		96	%	88	%	98	%	101	%	94	%	95	%
Clean Product Yield (%)	84	%	88	%	93	%		88	%	86	%	90	%	89	%	88	%	88	%
Worldwide—Including Proportionate Share of Equity   Affiliates
Crude Oil Charge Input (MB/D)	1,700		1,802		1,734			1,745		1,718		1,774		1,826		1,746		1,766
Total Processed Inputs (MB/D)	1,825		1,913		1,836			1,858		1,804		1,891		1,937		1,878		1,878
Crude Oil Capacity Utilization (%)	92	%	98	%	94	%		95	%	90	%	93	%	95	%	92	%	92	%
Clean Product Yield (%)	84	%	86	%	87	%		86	%	83	%	86	%	85	%	87	%	85	%

Page 10

Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
	2024					2023
	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	227	242	234		234	170	210	214	235	207
Distillates	206	226	213		215	187	198	213	232	208
Other	89	88	77		85	81	87	84	95	87
Total	522	556	524		534	438	495	511	562	502
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline	193	234	221		216	222	231	245	240	235
Distillates	192	216	194		201	205	200	208	219	208
Other	141	121	123		128	153	132	133	108	131
Total	526	571	538		545	580	563	586	567	574
Central Corridor*
Gasoline	258	266	263		262	244	253	246	236	245
Distillates	212	231	225		223	192	202	196	185	194
Other	57	67	66		63	58	64	72	38	58
Total	527	564	554		548	494	519	514	459	497
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline	126	119	133		126	165	174	183	154	169
Distillates	91	87	88		89	95	123	121	110	112
Other	40	28	16		28	42	34	38	36	38
Total	257	234	237		243	302	331	342	300	319
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	804	861	851		838	801	868	888	865	856
Distillates	701	760	720		728	679	723	738	746	722
Other	327	304	282		304	334	317	327	277	314
Total	1,832	1,925	1,853		1,870	1,814	1,908	1,953	1,888	1,892
Market Indicators
Crude and Crude Differentials ($/BBL)†
WTI	77.07	80.73	75.19		77.66	76.11	73.78	82.49	78.36	77.69
Brent	83.24	84.94	80.18		82.79	81.27	78.39	86.76	84.05	82.62
ANS	81.47	86.39	78.91		82.26	79.14	78.60	87.96	83.95	82.41
WTI less Maya	7.51	7.26	8.02		7.60	13.28	10.11	5.07	6.47	8.73
WTI less WCS (settlement differential)	19.33	13.55	13.51		15.46	24.77	15.06	12.89	21.88	18.65
Natural Gas ($/MMBtu)†
Henry Hub	2.41	2.04	2.09		2.18	2.67	2.12	2.58	2.74	2.53
† Based on daily spot prices, unless otherwise noted.

Page 11

Phillips 66 Earnings Release Supplemental Data

MARKETING AND SPECIALTIES
	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income (Loss) before Income Taxes	366	415	(22)		759	363	533	605	396	1,897
Income (Loss) before Income Taxes ($/BBL)
U.S.	1.38	1.16	(1.43)		0.37	1.45	1.82	2.42	0.91	1.65
International	2.94	5.02	5.07		4.36	3.64	5.31	4.20	5.77	4.72
Realized Marketing Fuel Margins ($/BBL)*
U.S.	1.60	1.70	2.45		1.92	1.96	2.25	2.85	1.45	2.12
International	4.88	5.87	6.19		5.65	5.02	6.50	5.55	6.80	5.96
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) 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*	296	248	274		818	220	241	248	247	957
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates	64	66	88		218	66	88	96	95	345
Depreciation and Amortization*	36	32	32		100	27	30	30	35	122
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*	335	358	959		1,652	320	338	374	361	1,393
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	1,111	1,259	1,147		1,172	1,021	1,131	1,136	1,218	1,127
Distillates	797	843	813		818	675	807	814	853	788
Other	18	12	28		19	—	—	—	—	—
Total	1,926	2,114	1,988		2,009	1,696	1,938	1,950	2,071	1,915
International Marketing
Gasoline	104	112	106		107	109	111	120	107	113
Distillates	171	165	177		171	173	167	170	166	169
Other	28	40	23		31	26	35	26	22	27
Total	303	317	306		309	308	313	316	295	309
Worldwide Marketing
Gasoline	1,215	1,371	1,253		1,279	1,130	1,242	1,256	1,325	1,240
Distillates	968	1,008	990		989	848	974	984	1,019	957
Other	46	52	51		50	26	35	26	22	27
Total	2,229	2,431	2,294		2,318	2,004	2,251	2,266	2,366	2,224
Foreign Currency Gains (Losses) Pre-Tax	(7)	—	2		(5)	(1)	(1)	—	—	(2)
Reconciliation of Marketing and Specialties Income (Loss) before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes	366	415	(22)		759	363	533	605	396	1,897
Plus:
Depreciation and amortization	36	32	32		100	27	30	30	35	122
EBITDA	402	447	10		859	390	563	635	431	2,019
Special Item Adjustments (pre-tax):
Legal settlement	(59)	—	—		(59)	—	—	—	—	—
Legal accrual	—	—	605		605	—	—	—	—	—
EBITDA, Adjusted for Special Items	343	447	615		1,405	390	563	635	431	2,019
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	5	5	7		17	5	6	7	6	24
Proportional share of selected equity affiliates net interest	10	11	12		33	9	15	10	11	45
Proportional share of selected equity affiliates depreciation and amortization	19	21	22		62	21	19	20	21	81
Adjusted EBITDA	377	484	656		1,517	425	603	672	469	2,169

Page 12

Phillips 66 Earnings Release Supplemental Data

RENEWABLE FUELS
	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income (Loss) before Income Taxes	(55)	(55)	(116)		(226)	74	68	22	(11)	153
Operating and SG&A Expenses*	83	110	118		311	15	11	46	34	106
* Excludes operating and SG&A expenses of all equity affiliates.
Operating Statistics
Total Renewable Fuels Produced (MB/D)	9	31	44		28	11	10	7	10	10
Total Renewable Fuel Sales (MB/D)	34	45	70		50	26	27	27	33	28
Market Indicators*
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	0.47	0.45	0.43		0.45	0.60	0.53	0.66	0.52	0.58
California Low-Carbon Fuel Standard (LCFS) carbon credit (dollars per metric ton)	63.86	51.83	53.89		56.53	66.17	81.11	74.80	68.97	72.76
California Air Resource Board (CARB) ULSD - San Francisco (dollars per gallon)	2.65	2.64	2.39		2.56	2.91	2.44	3.33	2.82	2.87
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)	0.58	0.51	0.60		0.56	1.63	1.51	1.40	0.84	1.35
* Based on daily spot prices, unless otherwise noted.
Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes	(55)	(55)	(116)		(226)	74	68	22	(11)	153
Plus:
Depreciation and amortization	6	12	24		42	2	2	1	4	9
EBITDA	(49)	(43)	(92)		(184)	76	70	23	(7)	162
Special Item Adjustments (pre-tax):
None	—	—	—		—	—	—	—	—	—
EBITDA, Adjusted for Special Items	(49)	(43)	(92)		(184)	76	70	23	(7)	162

Page 13

Phillips 66 Earnings Release Supplemental Data

CORPORATE AND OTHER
	Millions of Dollars, Except as Indicated
	2024									2023
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Loss before Income Taxes	(322)		(340)		(327)			(989)		(294)		(344)		(354)		(348)		(1,340)
Detail of Loss before Income Taxes
Net interest expense	(186)		(200)		(191)			(577)		(124)		(182)		(164)		(159)		(629)
Corporate overhead and other	(141)		(133)		(136)			(410)		(158)		(147)		(182)		(185)		(672)
NOVONIX	5		(7)		—			(2)		(12)		(15)		(8)		(4)		(39)
Total	(322)		(340)		(327)			(989)		(294)		(344)		(354)		(348)		(1,340)
Net Interest Expense
Interest expense	(238)		(238)		(232)			(708)		(198)		(273)		(229)		(228)		(928)
Capitalized interest	10		8		3			21		6		7		8		10		31
Interest income	42		30		38			110		68		84		57		59		268
Total	(186)		(200)		(191)			(577)		(124)		(182)		(164)		(159)		(629)
NOVONIX Investment
Unrealized Investment Gain (Loss)	6		(7)		(1)			(2)		(11)		(15)		(8)		(4)		(38)
Unrealized Foreign Currency Transaction Gain (Loss)	(1)		—		1			—		(1)		—		—		—		(1)
Change in Fair Value of NOVONIX Investment	5		(7)		—			(2)		(12)		(15)		(8)		(4)		(39)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes	(322)		(340)		(327)			(989)		(294)		(344)		(354)		(348)		(1,340)
Plus:
Net interest expense	186		200		191			577		124		182		164		159		629
Depreciation and amortization	25		25		24			74		22		25		20		25		92
EBITDA	(111)		(115)		(112)			(338)		(148)		(137)		(170)		(164)		(619)
Special Item Adjustments (pre-tax):
Business transformation restructuring costs	—		—		—			—		35		41		51		50		177
Total Special Item Adjustments (pre-tax)	—		—		—			—		35		41		51		50		177
Change in Fair Value of NOVONIX Investment	(5)		7		—			2		12		15		8		4		39
EBITDA, Adjusted for Special Items and Change in   Fair Value of NOVONIX Investment	(116)		(108)		(112)			(336)		(101)		(81)		(111)		(110)		(403)
Other Adjustments (pre-tax):
None	—		—		—			—		—		—		—		—		—
Adjusted EBITDA	(116)		(108)		(112)			(336)		(101)		(81)		(111)		(110)		(403)
Foreign Currency Gains (Losses) Pre-Tax	—		—		—			—		1		—		(1)		2		2
Phillips 66 Company
Total Debt	20,154		19,960		19,998			19,998		18,485		19,866		19,444		19,359		19,359
Total Equity	30,794		30,507		29,784			29,784		34,916		31,060		31,989		31,650		31,650
Debt-to-Capital Ratio (%)	40	%	40	%	40	%		40	%	35	%	39	%	38	%	38	%	38	%
Cash	1,570		2,444		1,637			1,637		6,965		3,029		3,539		3,323		3,323
Net Debt-to-Capital Ratio (%)	38	%	36	%	38	%		38	%	25	%	35	%	33	%	34	%	34	%

Page 14

Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
	Millions of Dollars
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Net income	761	1,020	369		2,150	2,077	1,734	2,143	1,285	7,239
Plus:
Income tax expense	203	291	44		538	574	510	670	476	2,230
Net interest expense	186	200	191		577	124	182	164	159	629
Depreciation and amortization	504	497	543		1,544	476	494	489	518	1,977
Phillips 66 EBITDA	1,654	2,008	1,147		4,809	3,251	2,920	3,466	2,438	12,075
Special Item Adjustments (pre-tax):
Certain tax impacts	—	—	—		—	—	—	—	(19)	(19)
Net (gain) loss on asset disposition	—	(238)	—		(238)	(36)	14	(101)	—	(123)
Change in inventory method for acquired business	—	—	—		—	—	—	(46)	—	(46)
DCP integration restructuring costs	—	—	—		—	12	19	4	—	35
Business transformation restructuring costs	—	—	—		—	35	41	51	50	177
Impairments	163	224	28		415	—	—	—	—	—
Los Angeles Refinery shutdown-related costs	—	—	41		41	—	—	—	—	—
Legal accrual	—	—	605		605	—	—	30	—	30
Legal settlement	(66)	—	—		(66)	—	—	—	—	—
Total Special Item Adjustments (pre-tax)	97	(14)	674		757	11	74	(62)	31	54
Change in Fair Value of NOVONIX Investment*	(5)	7	—		2	12	15	8	4	39
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	1,746	2,001	1,821		5,568	3,274	3,009	3,412	2,473	12,168
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	21	26	24		71	29	38	36	19	122
Proportional share of selected equity affiliates net interest	23	19	12		54	24	25	18	25	92
Proportional share of selected equity affiliates depreciation and amortization	188	195	188		571	186	184	185	230	785
Adjusted EBITDA attributable to noncontrolling interests	(35)	(58)	(47)		(140)	(226)	(169)	(47)	(51)	(493)
Phillips 66 Adjusted EBITDA	1,943	2,183	1,998		6,124	3,287	3,087	3,604	2,696	12,674
* See NOVONIX Investment table on page 14 for more details.
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 "refining adjusted controllable costs per barrel." These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP 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. Refining controllable cost and Refining adjusted controllable costs per barrel are included to help facilitate comparisons with other companies in our industry on refinery operational performance. The GAAP measures most directly comparable to Refining controllable cost are operating expenses and selling, general and administrative expenses (SG&A). A reconciliation of refining operating and SG&A expenses to refining adjusted controllable costs plus our proportional share of operating and SG&A expenses of two refining equity affiliates that are reflected in earnings of affliates, 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.
Changes in Basis of Presentation—We completed the acquisition of all publicly held common units of DCP Midstream, LP (DCP LP) on June 15, 2023, resulting in an increase in our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%, and an increase in our aggregate direct and indirect economic interests in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC from 62.2% to 91.2%. Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this segment realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; movement of certain international clean product activities from our Refining segment to our M&S segment; and change in reporting of our 16% investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability. In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.

Page 15

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
	2024					2023
	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	78	15	(61)		32	128	132	406	150	816
Plus:
Taxes other than income taxes	24	15	24		63	23	17	13	18	71
Depreciation, amortization and impairments	52	51	53		156	50	53	53	53	209
Selling, general and administrative expenses	3	12	14		29	11	9	10	12	42
Operating expenses	251	264	253		768	364	236	252	245	1,097
Equity in losses of affiliates	1	2	2		5	2	2	2	2	8
Other segment (income) expense, net	13	18	(25)		6	30	6	(2)	(18)	16
Proportional share of refining gross margins contributed by   equity affiliates	33	32	21		86	26	22	23	19	90
Special items:
Certain tax impacts	—	—	—		—	—	—	—	(15)	(15)
Realized refining margins	455	409	281		1,145	634	477	757	466	2,334
Total processed inputs (MB)	46,911	50,545	47,819		145,275	39,472	44,781	46,731	51,229	182,213
Adjusted total processed inputs (MB)	46,911	50,545	47,819		145,275	39,472	44,781	46,731	51,229	182,213
Income (loss) before income taxes ($/BBL)**	1.66	0.30	(1.27)		0.22	3.23	2.95	8.68	2.93	4.48
Realized refining margins ($/BBL)***	9.70	8.10	5.87		7.88	16.06	10.64	16.15	9.11	12.80
GULF COAST
Income (loss) before income taxes	120	42	(102)		60	729	313	364	338	1,744
Plus:
Taxes other than income taxes	38	19	26		83	33	25	28	20	106
Depreciation, amortization and impairments	62	64	69		195	60	62	62	62	246
Selling, general and administrative expenses	6	9	8		23	4	4	5	6	19
Operating expenses	301	269	304		874	286	249	286	283	1,104
Equity in earnings of affiliates	(1)	—	(1)		(2)	(1)	—	(1)	—	(2)
Other segment expense, net	1	1	6		8	5	12	—	—	17
Special items:
Legal settlement	(7)	—	—		(7)	—	—	—	—	—
Realized refining margins	520	404	310		1,234	1,116	665	744	709	3,234
Total processed inputs (MB)	47,492	51,204	48,609		147,305	51,349	50,266	53,120	51,621	206,356
Adjusted total processed inputs (MB)	47,492	51,204	48,609		147,305	51,349	50,266	53,120	51,621	206,356
Income (loss) before income taxes ($/BBL)**	2.53	0.82	(2.10)		0.41	14.22	6.22	6.83	6.54	8.44
Realized refining margins ($/BBL)***	10.95	7.88	6.39		8.38	21.76	13.22	13.99	13.72	15.67
CENTRAL CORRIDOR
Income before income taxes	213	243	308		764	732	633	367	509	2,241
Plus:
Taxes other than income taxes	28	22	27		77	25	26	23	20	94
Depreciation, amortization and impairments	44	44	41		129	38	39	41	45	163
Selling, general and administrative expenses	24	25	27		76	21	17	18	21	77
Operating expenses	143	142	124		409	166	157	222	191	736
Equity in (earnings) losses of affiliates	(108)	(35)	11		(132)	(200)	(119)	(209)	83	(445)
Other segment (income) expense, net	(40)	(22)	8		(54)	(4)	(8)	46	(101)	(67)
Proportional share of refining gross margins contributed by   equity affiliates	298	228	172		698	403	313	393	148	1,257
Realized refining margins	602	647	718		1,967	1,181	1,058	901	916	4,056
Total processed inputs (MB)	25,658	27,994	27,025		80,677	26,004	27,370	24,242	25,158	102,774
Adjusted total processed inputs (MB)*	47,912	50,805	50,536		149,253	44,315	46,841	46,871	42,224	180,251
Income before income taxes ($/BBL)**	8.31	8.69	11.38		9.47	28.15	23.13	15.14	20.27	21.81
Realized refining margins ($/BBL)***	12.56	12.75	14.19		13.18	26.62	22.58	19.25	21.72	22.50

Page 16

Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
	Millions of Dollars, Except as Indicated
	2024					2023
	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	(195)	2	(253)		(446)	5	97	575	(138)	539
Plus:
Taxes other than income taxes	31	18	23		72	31	27	26	27	111
Depreciation, amortization and impairments	156	44	67		267	52	53	54	64	223
Selling, general and administrative expenses	5	5	11		21	8	7	—	16	31
Operating expenses	258	209	241		708	340	291	348	329	1,308
Other segment (income) expense, net	(4)	2	7		5	(4)	1	(7)	7	(3)
Realized refining margins	251	280	96		627	432	476	996	305	2,209
Total processed inputs (MB)	23,639	21,553	21,987		67,179	27,310	30,154	31,504	27,647	116,615
Adjusted total processed inputs (MB)	23,639	21,553	21,987		67,179	27,310	30,154	31,504	27,647	116,615
Income (loss) before income taxes ($/BBL)**	(8.26)	0.10	(11.51)		(6.64)	0.18	3.23	18.29	(5.02)	4.63
Realized refining margins ($/BBL)***	10.60	13.06	4.34		9.34	15.77	15.80	31.65	11.03	18.95
WORLDWIDE
Income (loss) before income taxes	216	302	(108)		410	1,594	1,175	1,712	859	5,340
Plus:
Taxes other than income taxes	121	74	100		295	112	95	90	85	382
Depreciation, amortization and impairments	314	203	230		747	200	207	210	224	841
Selling, general and administrative expenses	38	51	60		149	44	37	33	55	169
Operating expenses	953	884	922		2,759	1,156	933	1,108	1,048	4,245
Equity in (earnings) losses of affiliates	(108)	(33)	12		(129)	(199)	(117)	(208)	85	(439)
Other segment (income) expense, net	(30)	(1)	(4)		(35)	27	11	37	(112)	(37)
Proportional share of refining gross margins contributed by equity affiliates	331	260	193		784	429	335	416	167	1,347
Special items:
Certain tax impacts	—	—	—		—	—	—	—	(15)	(15)
Legal settlement	(7)	—	—		(7)	—	—	—	—	—
Realized refining margins	1,828	1,740	1,405		4,973	3,363	2,676	3,398	2,396	11,833
Total processed inputs (MB)	143,700	151,296	145,440		440,436	144,135	152,571	155,597	155,655	607,958
Adjusted total processed inputs (MB)*	165,954	174,107	168,951		509,012	162,446	172,042	178,226	172,721	685,435
Income (loss) before income taxes ($/BBL)**	1.50	2.00	(0.74)		0.93	11.06	7.70	11.00	5.51	8.78
Realized refining margins ($/BBL)***	11.01	10.01	8.31		9.77	20.69	15.55	19.06	13.88	17.26
* 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.
OPERATING AND SG&A EXPENSES NON-GAAP RECONCILIATION
RECONCILIATION OF REFINING OPERATING AND SG&A EXPENSES TO REFINING ADJUSTED CONTROLLABLE COSTS
	Millions of Dollars, Except as Indicated
	2024					2023
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
WORLDWIDE
Turnaround expenses	124	100	137		361	230	104	119	85	538
Other operating expenses	829	784	785		2,398	926	829	989	963	3,707
Total operating expenses	953	884	922		2,759	1,156	933	1,108	1,048	4,245
Selling, general and administrative expenses	38	51	60		149	44	37	33	55	169
Refining Controllable Costs	991	935	982		2,908	1,200	970	1,141	1,103	4,414
Plus:
Proportional share of equity affiliate turnaround expenses*	22	30	9		61	16	22	16	39	93
Proportional share of equity affiliate other operating and SG&A expenses*	159	154	154		467	174	160	152	155	641
Total proportional share of equity affiliate operating and SG&A expenses*	181	184	163		528	190	182	168	194	734
Special item adjustments (pre-tax):
Legal accrual	—	—	—		—	—	—	(30)	—	(30)
Los Angeles Refinery shutdown-related costs	—	—	(41)		(41)	—	—	—	—	—
Refining Adjusted Controllable Costs	1,172	1,119	1,104		3,395	1,390	1,152	1,279	1,297	5,118
Total processed inputs (MB)	143,700	151,296	145,440		440,436	144,135	152,571	155,597	155,655	607,958
Adjusted total processed inputs (MB)**	165,954	174,107	168,951		509,012	162,446	172,042	178,226	172,721	685,435
Refining turnaround expense ($/BBL)***	0.86	0.66	0.94		0.82	1.60	0.68	0.76	0.55	0.88
Refining controllable costs, excluding turnaround expense ($/BBL)***	6.03	5.52	5.81		5.78	6.73	5.68	6.57	6.54	6.38
Refining Controllable Costs ($/BBL)***	6.89	6.18	6.75		6.60	8.33	6.36	7.33	7.09	7.26
Refining adjusted turnaround expense ($/BBL)****	0.88	0.75	0.86		0.83	1.51	0.73	0.76	0.72	0.92
Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)****	6.18	5.68	5.67		5.84	7.04	5.96	6.42	6.79	6.55
Refining Adjusted Controllable Costs ($/BBL)****	7.06	6.43	6.53		6.67	8.55	6.69	7.18	7.51	7.47
* Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.
** Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
*** Denominator is total processed inputs.
**** Denominator is adjusted total processed inputs.

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
	Millions of Dollars, Except as Indicated
	2024									2023
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
UNITED STATES
Income (loss) before income taxes	242		223		(262)			203		222		321		435		173		1,151
Plus:
Depreciation and amortization	10		9		9			28		3		3		5		12		23
Selling, general and administrative expenses	186		217		823			1,226		180		204		216		213		813
Equity in earnings of affiliates	(2)		(12)		(10)			(24)		(3)		(12)		(18)		(20)		(53)
Other operating revenues*	(108)		(123)		(127)			(358)		(109)		(122)		(133)		(113)		(477)
Other expense, net	11		14		14			39		6		3		7		11		27
Special items:
Legal settlement	(59)		—		—			(59)		—		—		—		—		—
Realized marketing fuel margins	280		328		447			1,055		299		397		512		276		1,484
Total fuel sales volumes (MB)	175,269		192,398		182,823			550,490		152,662		176,349		179,432		190,518		698,961
Income (loss) before income taxes ($/BBL)	1.38		1.16		(1.43)			0.37		1.45		1.82		2.42		0.91		1.65
Realized marketing fuel margins ($/BBL)**	1.60		1.70		2.45			1.92		1.96		2.25		2.85		1.45		2.12
INTERNATIONAL
Income before income taxes	81		145		143			369		101		152		122		157		532
Plus:
Depreciation and amortization	18		18		20			56		18		21		18		19		76
Selling, general and administrative expenses	64		63		64			191		61		62		63		63		249
Equity in earnings of affiliates	(24)		(29)		(30)			(83)		(23)		(30)		(32)		(31)		(116)
Other operating revenues*	(6)		(9)		(11)			(26)		(10)		(8)		(1)		(12)		(31)
Other (income) expense, net	15		(2)		2			15		5		5		4		—		14
Marketing margins	148		186		188			522		152		202		174		196		724
Less: margin for nonfuel related sales	13		16		14			43		12		16		13		11		52
Realized marketing fuel margins	135		170		174			479		140		186		161		185		672
Total fuel sales volumes (MB)	27,590		28,893		28,207			84,690		27,728		28,605		29,080		27,194		112,607
Income before income taxes ($/BBL)	2.94		5.02		5.07			4.36		3.64		5.31		4.20		5.77		4.72
Realized marketing fuel margins ($/BBL)**	4.88		5.87		6.19			5.65		5.02		6.50		5.55		6.80		5.96
* 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
	2024									2023
	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	964		1,311		413			2,688		2,651		2,244		2,813		1,761		9,469
Special items	97		(14)		674			757		11		130		(62)		31		110
Adjusted income before income taxes	1,061		1,297		1,087			3,445		2,662		2,374		2,751		1,792		9,579
Income tax expense	203		291		44			538		574		510		670		476		2,230
Special items	23		(13)		161			171		2		22		(10)		(71)		(57)
Adjusted income tax expense	226		278		205			709		576		532		660		405		2,173
Effective tax rate (%)	21.1	%	22.2	%	10.7	%		20.0	%	21.7	%	22.7	%	23.8	%	27.0	%	23.6	%
Adjusted effective tax rate (%)	21.3	%	21.4	%	18.9	%		20.6	%	21.6	%	22.4	%	24.0	%	22.6	%	22.7	%

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