psx-20230131
0001534701false00015347012023-01-312023-01-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

January 31, 2023
Date of Report (date of earliest event reported)

Phillips 66
(Exact name of registrant as specified in its charter)
Delaware001-3534945-3779385
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
2331 CityWest Boulevard
Houston, Texas 77042
(Address of Principal Executive Offices and Zip Code)

(832) 765-3010
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valuePSXNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

On January 31, 2023, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

The information in this report and the exhibits attached hereto shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
—
—
104—Cover Page Interactive Data File (embedded within the Inline XBRL document).
1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILLIPS 66
By:/s/ J. Scott Pruitt
J. Scott Pruitt
Vice President and Controller
Date: January 31, 2023
2

Exhibit 99.1


Phillips 66 Reports Fourth-Quarter 2022 Financial Results



Fourth Quarter
•Reported fourth-quarter earnings of $1.9 billion or $3.97 per share; adjusted earnings of $1.9 billion or $4.00 per share
•Generated $4.8 billion of operating cash flow
•Returned $1.2 billion to shareholders through dividends and share repurchases
•Authorized $5 billion increase to the share repurchase program
•Approved $2 billion 2023 capital program
•CPChem made final investment decisions on world-scale petrochemical projects
•Recently reached agreement to acquire all publicly held common units of DCP Midstream, LP

Full-Year 2022
•Reported 2022 earnings of $11.0 billion or $23.27 per share; adjusted earnings of $8.9 billion or $18.79 per share
•Generated $10.8 billion of operating cash flow
•Paid down $2.4 billion of debt and redeemed $500 million of DCP Midstream, LP’s preferred units
•Returned $3.3 billion to shareholders through dividends and share repurchases
•Increased quarterly dividend 5% to $0.97 per common share


HOUSTON, Jan. 31, 2023 – Phillips 66 (NYSE: PSX), a diversified energy company, announces fourth-quarter 2022 earnings of $1.9 billion, compared with earnings of $5.4 billion in the third quarter of 2022. Excluding special items of $15 million, the company had adjusted earnings of $1.9 billion in the fourth quarter, compared with third-quarter adjusted earnings of $3.1 billion.

“Our integrated portfolio positioned us to generate robust earnings and cash flow in 2022, supported by a favorable market environment, solid operations and strong safety performance,” said Mark Lashier, President and CEO of Phillips 66. “During 2022 we increased shareholder distributions and strengthened our balance sheet by repaying debt. Since July 2022, we have returned $2.4 billion to shareholders through share repurchases and dividends as we progress toward our commitment to return $10 billion to $12 billion by year-end 2024.

“We are focused on safely and reliably providing energy to meet the world’s growing energy needs. We are on track to deliver $1 billion of annualized savings by year-end 2023. In addition, we continue to grow our NGL business with the integration of DCP Midstream and recently reached an agreement to acquire all public common units. We remain committed to operating excellence and disciplined capital allocation as we execute our strategic priorities.”


Page 1

Phillips 66 Reports Fourth-Quarter 2022 Financial Results
Segment Results

During the fourth quarter, we made certain changes to the composition of our Midstream, Refining and Marketing and Specialties segments to align with how our chief executive officer evaluates results and allocates resources. Prior period results for the affected segments and business lines have been recast for comparability. See the Basis of Presentation section below for further information.


Midstream
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q4 2022Q3 2022Q4 2022Q3 2022
Transportation$237411237229
NGL and Other4303,230448412
NOVONIX (11)(33)(11)(33)
Midstream$6563,608674608

Midstream fourth-quarter 2022 pre-tax income was $656 million, compared with $3.6 billion in the third quarter of 2022. Midstream results in the fourth quarter included restructuring costs of $18 million related to the integration of DCP Midstream, LP and its general partner entities (collectively referred to as “DCP Midstream”), while third-quarter included a net gain of $3 billion related to the consolidation of DCP Midstream, DCP Sand Hills Pipeline, LLC, and DCP Southern Hills Pipeline, LLC, and the transfer of interest in Gray Oak Pipeline LLC, as a result of the merger of DCP Midstream, LLC, and Gray Oak Holdings, LLC, effective August 17, 2022.

Transportation fourth-quarter adjusted pre-tax income was $237 million, compared with adjusted pre-tax income of $229 million in the third quarter.

NGL and Other adjusted pre-tax income was $448 million in the fourth quarter, compared with adjusted pre-tax income of $412 million in the third quarter. The increase was mainly driven by higher fractionation volumes, as well as a full quarter of consolidated results of DCP Midstream, DCP Sand Hills Pipeline, LLC, and DCP Southern Hills Pipeline, LLC.

In the fourth quarter, the fair value of the company’s investment in NOVONIX, Ltd., decreased by $11 million compared with a $33 million decrease in the third quarter.


Chemicals
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q4 2022Q3 2022Q4 2022Q3 2022
Chemicals$52 135 52 135 

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals fourth-quarter 2022 reported and adjusted pre-tax income was $52 million, compared with $135 million in the third quarter of 2022. This decrease was mainly due to lower margins and volumes, partially offset by decreased utilities costs and the impact of third-quarter legal accruals. Global olefins and polyolefins utilization was 83% for the quarter.

Page 2

Phillips 66 Reports Fourth-Quarter 2022 Financial Results

Refining
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q4 2022Q3 2022Q4 2022Q3 2022
Refining$1,640 2,907 1,626 2,883 

Refining fourth-quarter 2022 pre-tax income was $1.6 billion, compared with pre-tax income of $2.9 billion in the third quarter of 2022. Refining results included hurricane-related insurance recovery benefits of $14 million and $24 million in the fourth quarter and third quarter, respectively.

Adjusted pre-tax income for Refining was $1.6 billion in the fourth quarter, compared with adjusted pre-tax income of $2.9 billion in the third quarter. The decrease was due primarily to lower realized margins. Realized margins declined from $26.87 per barrel in the third quarter to $19.73 per barrel in the fourth quarter mainly due to lower market crack spreads and clean product differentials. The global market crack spread, excluding RIN costs, decreased from $28.18 per barrel in the third quarter to $23.58 per barrel in the fourth quarter.

Pre-tax turnaround costs for the fourth quarter were $236 million. Crude utilization rate was 91% and clean product yield was 86%.


Marketing and Specialties
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q4 2022Q3 2022Q4 2022Q3 2022
Marketing and Specialties$539 828 539 828 

Marketing and Specialties fourth-quarter 2022 reported and adjusted pre-tax income was $539 million, compared with $828 million in the third quarter of 2022, mainly due to lower domestic and international marketing margins.


Corporate and Other
Millions of Dollars
Pre-Tax LossAdjusted Pre-Tax Loss
Q4 2022Q3 2022Q4 2022Q3 2022
Corporate and Other$(340)(320)(280)(246)

Corporate and Other fourth-quarter 2022 pre-tax costs were $340 million, compared with pre-tax costs of $320 million in the third quarter of 2022. Pre-tax costs included $60 million and $74 million of net restructuring costs related to business transformation in the fourth quarter and third quarter, respectively.

Adjusted pre-tax costs were $280 million in fourth-quarter 2022. The increase in the fourth quarter was mainly due to a transfer tax on a foreign entity reorganization, as well as higher employee-related expenses and net interest expense.



Page 3

Phillips 66 Reports Fourth-Quarter 2022 Financial Results

Financial Position, Liquidity and Return of Capital

Phillips 66 generated $4.8 billion in cash from operations in the fourth quarter of 2022. Excluding working capital impacts, operating cash flow was $2.7 billion.

During the quarter, Phillips 66 repaid $500 million of senior notes due April 2023 and DCP Midstream, LP redeemed its $500 million Series A preferred units. The company funded $753 million of share repurchases, $456 million in dividends and $713 million of capital expenditures and investments. The company ended the quarter with 466 million shares outstanding.

As of Dec. 31, 2022, the company had $12.8 billion of liquidity, reflecting $6.1 billion of cash and cash equivalents and committed capacity available of approximately $5.0 billion under Phillips 66’s revolving credit facility and approximately $1.7 billion under DCP Midstream, LP’s revolving credit and accounts receivable facilities. The company’s consolidated debt-to-capital ratio was 34% and its net debt-to-capital ratio was 24%.


Strategic Update

Phillips 66 continues to progress the priorities outlined at its recent investor day to increase shareholder value.

During the second half of 2022, the company returned $2.4 billion to shareholders through share repurchases and dividends, progressing toward its target of $10 billion to $12 billion in shareholder distributions between July 2022 and year-end 2024.

The recently announced $2 billion capital program includes a $200 million reduction of sustaining capital as part of our business transformation. In addition, Phillips 66 achieved over $300 million of run rate cost savings at the end of 2022 and is on track to deliver $800 million of run rate cost savings by the end of 2023.

In Midstream, Phillips 66 is executing its NGL growth strategy to enhance its wellhead-to-market value chain. In January 2023, Phillips 66 reached an agreement to acquire all publicly held common units of DCP Midstream, LP in exchange for cash. The transaction is expected to close in the second quarter of 2023 and will increase the company’s economic interest in DCP Midstream, LP to 86.8%. The total increase in the company’s economic interest in DCP Midstream, LP, including the company’s increased economic interest from the previously announced merger transaction, is expected to generate an incremental $1.0 billion of annual adjusted EBITDA. In addition, Phillips 66 expects to capture over $300 million of commercial and operating synergies.

Additionally, the company completed Frac 4 at the end of the third quarter, achieving full rates in early October. Frac 4 added 150,000 BPD, bringing the Sweeny Hub fractionation nameplate capacity to 550,000 BPD. Sweeny is the second largest fractionation hub in the U.S.

In Chemicals, CPChem and QatarEnergy reached a final investment decision in the fourth quarter of 2022 to construct an $8.5 billion integrated polymers facility on the U.S. Gulf Coast. CPChem owns a 51% equity share in the joint venture and QatarEnergy owns 49%. The Golden Triangle Polymers facility will include a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a combined capacity of 4.4 billion pounds per year. Operations are expected to begin in 2026.


Page 4

Phillips 66 Reports Fourth-Quarter 2022 Financial Results
In January 2023, CPChem and QatarEnergy announced a final investment decision to construct a $6.0 billion integrated polymers complex in Ras Laffan, Qatar. The joint venture is owned 70% by QatarEnergy and 30% by CPChem. The Ras Laffan Petrochemical facility is expected to start up in late 2026 and will include a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a total capacity of 3.7 billion pounds per year.

CPChem continues to pursue a portfolio of additional high-return growth projects including construction of a second world-scale unit to produce 1-hexene in Old Ocean, Texas, and the expansion of propylene splitter capacity at its Cedar Bayou facility. Both projects are expected to start up in the second half of 2023.

Phillips 66 is focused on improving refining operations to increase crude capacity availability, enhance market capture and reduce costs. In addition, the company is converting its San Francisco Refinery in Rodeo, California, into one of the world’s largest renewable fuels facilities. The Rodeo Renewed refinery conversion project is expected to begin commercial operations in the first quarter of 2024. Upon completion, the facility will have over 50,000 BPD (800 million gallons per year) of renewable fuel production capacity. The conversion will reduce emissions from the facility and produce lower carbon-intensity transportation fuels.














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Phillips 66 Reports Fourth-Quarter 2022 Financial Results

Investor Webcast

Later today, members of Phillips 66 executive management will host a webcast at noon EST to discuss the company’s fourth-quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.



Earnings
Millions of Dollars
20222021
Q4Q3YearQ4Year
Midstream$656 3,608 4,734 559 1,500 
Chemicals52 135 856 436 1,844 
Refining1,640 2,907 7,816 408 (2,353)
Marketing and Specialties539 828 2,402 470 1,723 
Corporate and Other(340)(320)(1,169)(246)(974)
Pre-Tax Income2,547 7,158 14,639 1,627 1,740 
Less: Income tax expense535 1,618 3,248 256 146 
Less: Noncontrolling interests128 149 367 98 277 
Phillips 66$1,884 5,391 11,024 1,273 1,317 
Adjusted Earnings
Millions of Dollars
20222021
Q4Q3YearQ4Year
Midstream$674 608 1,752 634 1,792 
Chemicals52 135 856 424 1,899 
Refining1,626 2,883 7,891 466 (948)
Marketing and Specialties539 828 2,402 471 1,729 
Corporate and Other(280)(246)(1,010)(245)(970)
Pre-Tax Income2,611 4,208 11,891 1,750 3,502 
Less: Income tax expense574 937 2,613 354 651 
Less: Noncontrolling interests138 149 377 98 330 
Phillips 66$1,899 3,122 8,901 1,298 2,521 

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Phillips 66 Reports Fourth-Quarter 2022 Financial Results
About Phillips 66

Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.


- # # # -

CONTACTS
Jeff Dietert (investors)Owen Simpson (investors)Thaddeus Herrick (media)
832-765-2297832-765-2297855-841-2368
jeff.dietert@p66.comowen.simpson@p66.comthaddeus.f.herrick@p66.com
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; our ability to consummate the pending acquisition of the outstanding public common units of DCP Midstream, LP and the timing and cost associated therewith; our ability to achieve the expected benefits of the integration of DCP Midstream, LP and from the pending acquisition, if consummated; the diversion of management’s time on transaction and integration-related matters; the success of the company’s business transformation initiatives and the realization of savings from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities (including the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Page 7

Phillips 66 Reports Fourth-Quarter 2022 Financial Results

Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings,” “adjusted earnings per share” and “adjusted pre-tax income.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period. References in the release to earnings refer to net income attributable to Phillips 66.

This news release also includes the terms “sustaining capital” and “adjusted EBITDA,” which are non-GAAP financial measures. Sustaining capital is a component of total capital expenditures, which is the most directly comparably GAAP financial measure. Adjusted EBITDA, as used in this release, is a forward-looking non-GAAP financial measure. EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Adjusted EBITDA estimates depend on future levels of revenues and expenses, including amounts that will be attributable to noncontrolling interests, which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected adjusted EBITDA to consolidated net income or segment income before income taxes without unreasonable effort.

Basis of Presentation— During the fourth quarter of 2022, we changed the internal financial information reviewed by our chief executive officer to evaluate results and allocate resources to reflect the realignment of certain businesses between segments and business lines. We determined this realignment resulted in a change in the composition of our operating segments. Accordingly, prior period results have been recast for comparability. The primary effects of this realignment included moving the results of certain processing assets at our Sweeny and Lake Charles refineries from the Midstream segment (NGL and Other) to the Refining segment. Additionally, commissions charged to the Refining segment by the Marketing and Specialties segment related to sales of specialty products were eliminated and the costs of the sales organization were reclassified from the Marketing and Specialties segment to the Refining segment. Additionally, we no longer present disaggregated business line results for our Chemicals and Marketing and Specialties segments.


Page 8

Phillips 66 Reports Fourth-Quarter 2022 Financial Results


 Millions of Dollars
 Except as Indicated
20222021
Q4Q3YearQ4Year
Reconciliation of Consolidated Earnings to Adjusted Earnings
Consolidated Earnings$1,884 5,391 11,024 1,273 1,317 
Pre-tax adjustments:
Impairments— — — — 1,496 
Certain tax impacts— — — (11)(11)
Pension settlement expense— — — 10 77 
Hurricane-related costs(14)(24)(21)34 45 
  Winter-storm-related costs— — — (14)51 
  Alliance shutdown-related costs1
— — 26 192 192 
  Regulatory compliance costs— — 70 (88)(88)
  Restructuring costs2
78 74 177 — — 
  Merger transaction costs— 13 13 — — 
  Gain on consolidation— (3,013)(3,013)— — 
Tax impact of adjustments3
(14)681 635 (33)(420)
Other tax impacts(25)— — (65)(85)
Noncontrolling interests(10)— (10)— (53)
Adjusted earnings $1,899 3,122 8,901 1,298 2,521 
Earnings per share of common stock (dollars)
$3.97 11.16 23.27 2.88 2.97 
Adjusted earnings per share of common stock (dollars)4
$4.00 6.46 18.79 2.94 5.70 
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income $656 3,608 4,734 559 1,500 
Pre-tax adjustments:
Impairments— — — — 208 
Pension settlement expense— — — 1 8 
Hurricane-related costs— — — 4 4 
  Winter-storm-related costs— — — — 2 
Alliance shutdown-related costs1
— — — 70 70 
  Merger transaction costs— 13 13 — — 
  Gain on consolidation— (3,013)(3,013)— — 
  Restructuring costs2
18 — 18 — — 
Adjusted pre-tax income$674 608 1,752 634 1,792 
Chemicals Pre-Tax Income$52 135 856 436 1,844 
Pre-tax adjustments:
Pension settlement expense— — — 2 22 
Hurricane-related costs— — — — 1 
Page 9

Phillips 66 Reports Fourth-Quarter 2022 Financial Results
  Winter-storm-related costs— — — (14)32 
Adjusted pre-tax income$52 135 856 424 1,899 
Refining Pre-Tax Income (Loss)$1,640 2,907 7,816 408 (2,353)
Pre-tax adjustments:
Impairments— — — — 1,288 
Certain tax impacts— — — (11)(11)
Pension settlement expense— — — 5 37 
Hurricane-related costs(14)(24)(21)30 40 
  Winter-storm-related costs— — — — 17 
  Alliance shutdown-related costs1
— — 26 122 122 
Regulatory compliance costs— — 70 (88)(88)
Adjusted pre-tax income (loss)$1,626 2,883 7,891 466 (948)
Marketing and Specialties Pre-Tax Income$539 828 2,402 470 1,723 
Pre-tax adjustments:
Pension settlement expense— — — 1 6 
Adjusted pre-tax income$539 828 2,402 471 1,729 
Corporate and Other Pre-Tax Loss$(340)(320)(1,169)(246)(974)
Pre-tax adjustments:
Pension settlement expense— — — 1 4 
  Restructuring costs2
60 74 159 — — 
Adjusted pre-tax loss$(280)(246)(1,010)(245)(970)
1 Costs related to the shutdown of the Alliance Refinery totaled $192 million pre-tax in the fourth quarter of 2021. Shutdown-related costs recorded in the Refining segment include pre-tax charges for asset retirements of $91 million recorded in depreciation and amortization expense, and 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. Costs related to the shutdown of the Alliance Refinery totaled $26 million pre-tax in the second quarter of 2022. Shutdown-related costs recorded in the Refining segment include pre-tax charges for the disposal of materials and supplies of $20 million, and asset retirements of $6 million recorded in depreciation and amortization expense.
2 Midstream results in the fourth quarter of 2022 included pre-tax restructuring costs of $18 million related to the integration of DCP Midstream, of which $10 million was attributed to noncontrolling interests. Corporate results for the fourth quarter of 2022 included net pre-tax restructuring costs of $60 million related to Phillips 66’s multi-year business transformation efforts, which includes a held-for-sale asset impairment of $45 million.
3 We generally tax effect taxable U.S.-based special items using a combined federal and state 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.
4 2022 and Q3 2022 are based on adjusted weighted-average diluted shares of 473,728 thousand and 483,035 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.

Page 10

Phillips 66 Reports Fourth-Quarter 2022 Financial Results
Millions of Dollars
Except as Indicated
December 31, 2022
Debt-to-Capital Ratio
Total Debt$17,190 
Total Equity34,106 
Debt-to-Capital Ratio34 %
Total Cash6,133 
Net Debt-to-Capital Ratio24 %


 Millions of Dollars
 Except as Indicated
2022
Q4Q3
Realized Refining Margins
Income before income taxes$1,640 2,907 
Plus:
Taxes other than income taxes47 80 
Depreciation, amortization and impairments238 221 
Selling, general and administrative expenses47 43 
Operating expenses1,264 1,214 
Equity in earnings of affiliates(254)(291)
Other segment (income) expense, net(29)5 
Proportional share of refining gross margins contributed by equity affiliates499 539 
Special items:
None— — 
Realized refining margins$3,452 4,718 
Total processed inputs (thousands of barrels)
154,178 153,919 
Adjusted total processed inputs (thousands of barrels)*
175,033 175,609 
Income before income taxes (dollars per barrel)**
$10.64 18.89 
Realized refining margins (dollars per barrel)***
$19.73 26.87 
*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
**Income before income taxes divided by total processed inputs.
Page 11

Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED STATEMENT OF OPERATIONS*
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Revenues and Other Income
Sales and other operating revenues36,179 48,577 44,955 40,279 169,990 21,627 27,002 30,243 32,604 111,476 
Equity in earnings of affiliates685 917 782 584 2,968 285 830 982 807 2,904 
Net gain on dispositions1 — 1 5 7 — 2 9 7 18 
Other income (loss)**(143)(185)3,026 39 2,737 15 51 238 150 454 
Total Revenues and Other Income36,722 49,309 48,764 40,907 175,702 21,927 27,885 31,472 33,568 114,852 
Costs and Expenses
Purchased crude oil and products33,495 42,645 38,646 35,146 149,932 20,065 25,218 27,529 29,290 102,102 
Operating expenses1,340 1,431 1,612 1,728 6,111 1,380 1,175 1,166 1,426 5,147 
Selling, general and administrative expenses433 488 617 630 2,168 408 433 424 479 1,744 
Depreciation and amortization338 359 430 502 1,629 356 364 361 524 1,605 
Impairments— 2 — 58 60 198 — 1,298 2 1,498 
Taxes other than income taxes149 118 133 130 530 139 119 85 67 410 
Accretion on discounted liabilities6 6 5 6 23 6 6 6 6 24 
Interest and debt expense135 133 158 193 619 146 143 151 141 581 
Foreign currency transaction (gains) losses(2)21 5 (33)(9)— (9)4 6 1 
Total Costs and Expenses35,894 45,203 41,606 38,360 161,063 22,698 27,449 31,024 31,941 113,112 
Income (loss) before income taxes828 4,106 7,158 2,547 14,639 (771)436 448 1,627 1,740 
Income tax expense (benefit)171 924 1,618 535 3,248 (132)62 (40)256 146 
Net Income (Loss)657 3,182 5,540 2,012 11,391 (639)374 488 1,371 1,594 
Less: net income attributable to noncontrolling interests75 15 149 128 367 15 78 86 98 277 
Net Income (Loss) Attributable to Phillips 66582 3,167 5,391 1,884 11,024 (654)296 402 1,273 1,317 
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic1.29 6.55 11.19 3.99 23.36 (1.49)0.66 0.91 2.89 2.97 
Diluted1.29 6.53 11.16 3.97 23.27 (1.49)0.66 0.91 2.88 2.97 
Weighted-Average Common Shares Outstanding (thousands)
Basic449,298 483,088 481,388 471,859 471,497 439,504 439,940 440,193 440,469 440,028 
Diluted450,011 485,035 483,036 474,327 473,731 439,504 440,396 440,368 441,584 440,364 
Effective tax rate (%)20.7 %22.5 %22.6 %21.0 %22.2 %17.1 %14.2 %(8.9)%15.7 %8.4 %
Adjusted effective tax rate (%)20.7 %21.9 %22.3 %22.0 %22.0 %15.9 %18.9 %16.1 %20.2 %18.6 %
 * Refer to Change in Basis of Presentation discussion on page 14.
** Includes the unrealized investment gain (loss) on our investment in NOVONIX Limited (NOVONIX). See NOVONIX Investment table on page 5 for more details.

Page 1

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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream*212 258 3,608 656 4,734 57 285 599 559 1,500 
Chemicals396 273 135 52 856 154 623 631 436 1,844 
Refining*173 3,096 2,907 1,640 7,816 (1,008)(679)(1,074)408 (2,353)
Marketing and Specialties*296 739 828 539 2,402 277 453 523 470 1,723 
Corporate and Other(249)(260)(320)(340)(1,169)(251)(246)(231)(246)(974)
Income (loss) before income taxes828 4,106 7,158 2,547 14,639 (771)436 448 1,627 1,740 
Less: income tax expense (benefit)171 924 1,618 535 3,248 (132)62 (40)256 146 
Net Income (Loss)657 3,182 5,540 2,012 11,391 (639)374 488 1,371 1,594 
Less: net income attributable to noncontrolling interests75 15 149 128 367 15 78 86 98 277 
Net Income (Loss) Attributable to Phillips 66582 3,167 5,391 1,884 11,024 (654)296 402 1,273 1,317 
 * Refer to Change in Basis of Presentation discussion on page 14.
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation*278 250 229 237 994 206 224 254 273 957 
NGL and Other*92 248 412 448 1,200 51 65 134 215 465 
NOVONIX**(158)(240)(33)(11)(442)— — 224 146 370 
Total Midstream212 258 608 674 1,752 257 289 612 634 1,792 
Chemicals396 273 135 52 856 184 657 634 424 1,899 
Refining
Atlantic Basin/Europe*152 1,111 530 618 2,411 (143)(100)103 124 (16)
Gulf Coast*58 958 746 360 2,122 (225)(221)5 120 (321)
Central Corridor*(135)513 1,343 716 2,437 (241)(75)233 145 62 
West Coast*115 610 264 (68)921 (385)(260)(105)77 (673)
Total Refining190 3,192 2,883 1,626 7,891 (994)(656)236 466 (948)
Total Marketing and Specialties*296 739 828 539 2,402 277 456 525 471 1,729 
Corporate and Other(249)(235)(246)(280)(1,010)(251)(244)(230)(245)(970)
Adjusted income (loss) before income taxes845 4,227 4,208 2,611 11,891 (527)502 1,777 1,750 3,502 
Less: adjusted income tax expense (benefit)175 927 937 574 2,613 (84)95 286 354 651 
Adjusted Net Income (Loss)670 3,300 3,271 2,037 9,278 (443)407 1,491 1,396 2,851 
Less: adjusted net income attributable to noncontrolling interests75 15 149 138 377 66 78 88 98 330 
Adjusted Net Income (Loss) Attributable to Phillips 66595 3,285 3,122 1,899 8,901 (509)329 1,403 1,298 2,521 
 * Refer to Change in Basis of Presentation discussion on page 14.
** Represents the change in fair value of our investment in NOVONIX. See NOVONIX Investments table on page 5 for more details.
Page 2

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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Impairments— — — — — (198)— (10)— (208)
Pension settlement expense— — — — — — (4)(3)(1)(8)
Hurricane-related costs— — — — — — — — (4)(4)
Winter-storm-related costs— — — — — (2)— — — (2)
Alliance shutdown-related costs*— — — — — — — — (70)(70)
Merger transaction costs— — (13)— (13)— —— — — 
Gain related to merger of businesses— — 3,013 — 3,013 — —— — — 
Restructuring costs**— — — (18)(18)— —— — — 
Total Midstream— — 3,000 (18)2,982 (200)(4)(13)(75)(292)
Chemicals
Pension settlement expense— — — — — — (18)(2)(2)(22)
Hurricane-related costs— — — — — — — (1)— (1)
Winter-storm-related costs— — — — — (30)(16)— 14 (32)
Total Chemicals— — — — — (30)(34)(3)12 (55)
Refining
Impairments— — — — — — — (1,288)— (1,288)
Certain tax impacts— — — — — — — — 11 11 
Pension settlement expense— — — — — — (20)(12)(5)(37)
Hurricane-related costs(17)— 24 14 21 — — (10)(30)(40)
Winter-storm-related costs— — — — — (14)(3)— — (17)
Alliance shutdown-related costs*— (26)— — (26)— — — (122)(122)
Regulatory compliance costs— (70)— — (70)— — — 88 88 
Total Refining(17)(96)24 14 (75)(14)(23)(1,310)(58)(1,405)
Marketing and Specialties
Pension settlement expense— — — — — — (3)(2)(1)(6)
Total Marketing and Specialties— — — — — — (3)(2)(1)(6)
Corporate and Other
Pension settlement expense— — — — — — (2)(1)(1)(4)
Restructuring costs**— (25)(74)(60)(159)— — — — — 
Total Corporate and Other— (25)(74)(60)(159)— (2)(1)(1)(4)
Total Special Items (Pre-tax)(17)(121)2,950 (64)2,748 (244)(66)(1,329)(123)(1,762)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items***(4)(28)681 (14)635 (48)(16)(323)(33)(420)
Other tax impacts— 25 — (25)— — (17)(3)(65)(85)
Total Income Tax Expense (Benefit)(4)(3)681 (39)635 (48)(33)(326)(98)(505)
Less: Income (Loss) Attributable to Noncontrolling Interests
Impairments— — — — — (51)— (2)— (53)
Restructuring costs**— — — (10)(10)— — — — — 
Total Income (Loss) Attributable to Noncontrolling Interests— — — (10)(10)(51)— (2)— (53)
Total Phillips 66 Special Items (After-tax)(13)(118)2,269 (15)2,123 (145)(33)(1,001)(25)(1,204)
* Costs related to the shutdown of the Alliance Refinery totaled $192 million pre-tax in the fourth quarter of 2021. Shutdown-related costs recorded in the Refining segment include pre-tax charges for asset retirements of $91 million recorded in depreciation and amortization expense, and 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. Costs related to the shutdown of the Alliance Refinery totaled $26 million pre-tax in the second quarter of 2022. Shutdown-related costs recorded in the Refining segment include pre-tax charges for the disposal of materials and supplies of $20 million, and asset retirements of $6 million recorded in depreciation and amortization expense.
** Midstream results in the fourth quarter of 2022 included pre-tax restructuring costs of $18 million related to the integration of DCP Midstream, of which $10 million was attributed to noncontrolling interests. Corporate results for the fourth quarter of 2022 included net pre-tax restructuring costs of $60 million related to Phillips 66’s multi-year business transformation efforts, which includes a held-for-sale asset impairment of $45 million.
*** 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation— — 182 — 182 (199)— (10)(70)(279)
NGL and Other— — 2,818 (18)2,800 (1)(4)(3)(5)(13)
NOVONIX— — — — — — — — — — 
Total Midstream— — 3,000 (18)2,982 (200)(4)(13)(75)(292)
Refining
Atlantic Basin/Europe— (9)— — (9)(1)(2)(3)23 17 
Gulf Coast(17)(52)24 14 (31)(6)(11)(1,302)(119)(1,438)
Central Corridor— (22)— — (22)(7)(6)(3)26 10 
West Coast— (13)— — (13)— (4)(2)12 6 
Total Refining(17)(96)24 14 (75)(14)(23)(1,310)(58)(1,405)
Page 3

Phillips 66 Earnings Release Supplemental Data
CASH FLOW INFORMATION*
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Cash Flows From Operating Activities
Net income (loss)657 3,182 5,540 2,012 11,391 (639)374 488 1,371 1,594 
Depreciation and amortization338 359 430 502 1,629 356 364 361 524 1,605 
Impairments— 2 — 58 60 198 — 1,298 2 1,498 
Accretion on discounted liabilities6 6 5 6 23 6 6 6 6 24 
Deferred income taxes142 148 856 174 1,320 (103)266 (453)18 (272)
Undistributed equity earnings(100)(390)(495)(323)(1,308)217 (218)(77)(50)(128)
Net gain on dispositions(1)— (1)(5)(7)— (2)(3)(2)(7)
Gain related to merger of businesses— — (3,013)— (3,013)— — — — — 
Unrealized investment (gain) loss**169 221 28 15 433 — — (224)(141)(365)
Other40 80 (105)202 217 138 120 31 (340)(51)
Net working capital changes(115)(1,825)(101)2,109 68 98 833 776 412 2,119 
Net Cash Provided by Operating Activities1,136 1,783 3,144 4,750 10,813 271 1,743 2,203 1,800 6,017 
Cash Flows From Investing Activities
Capital expenditures and investments(370)(376)(735)(713)(2,194)(331)(380)(552)(597)(1,860)
Return of investments in equity affiliates15 33 30 47 125 58 100 78 31 267 
Proceeds from asset dispositions1 1 1 1 4 — 24 2 1 27 
Advances/loans—related parties— (75)— — (75)(155)(90)(65)— (310)
Collection of advances/loans—related parties— 101 135 426 662 — — 1 1 2 
Other(74)25 32 7 (10)(39)(6)40 7 2 
Net Cash Used in Investing Activities(428)(291)(537)(232)(1,488)(467)(352)(496)(557)(1,872)
Cash Flows From Financing Activities
Issuance of debt— — — 453 453 450 15 (15)993 1,443 
Repayment of debt(24)(1,457)(476)(926)(2,883)(925)(54)(506)(1,469)(2,954)
Issuance of common stock23 44 — 36 103 20 4 — 2 26 
Repurchase of common stock— (66)(694)(753)(1,513)— — — — — 
Dividends paid on common stock(404)(467)(466)(456)(1,793)(394)(394)(394)(403)(1,585)
Distributions to noncontrolling interests(77)(24)(3)(81)(185)(76)(82)(81)(85)(324)
Repurchase of noncontrolling interests— — — (500)(500)— (24)— — (24)
Other(30)(7)(18)(15)(70)(20)(7)(9)(16)(52)
Net Cash Used in Financing Activities(512)(1,977)(1,657)(2,242)(6,388)(945)(542)(1,005)(978)(3,470)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(8)(41)(15)113 49 (22)7 (12)(15)(42)
Net Change in Cash and Cash Equivalents188 (526)935 2,389 2,986 (1,163)856 690 250 633 
Cash and cash equivalents at beginning of period3,147 3,335 2,809 3,744 3,147 2,514 1,351 2,207 2,897 2,514 
Cash and Cash Equivalents at End of Period3,335 2,809 3,744 6,133 6,133 1,351 2,207 2,897 3,147 3,147 
 * Refer to Change in Basis of Presentation discussion on page 14.
** Represents the unrealized gain (loss) on our investment in NOVONIX. See NOVONIX Investment table on page 5 for more details.
CAPITAL PROGRAM
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Consolidated Capital Expenditures and Investments
Midstream*†163 105 461 314 1,043 100 139 328 166 733 
Chemicals— — — — — — — — — — 
Refining†172 221 211 324 928 184 188 158 254 784 
Marketing and Specialties11 19 30 29 89 22 22 28 130 202 
Corporate and Other24 31 33 46 134 25 31 38 47 141 
Consolidated Capital Expenditures and Investments370 376 735 713 2,194 331 380 552 597 1,860 
* Includes 100% of DCP Midstream, LLC Class A Segment (DCP Midstream Class A Segment), DCP Sand Hills Pipeline, LLC (DCP Sand Hills) and DCP Southern Hills Pipeline, LLC (DCP Southern Hills) capital expenditures
  and investments from August 18, 2022, forward, net of acquired cash.
† Refer to Change in Basis of Presentation discussion on page 14.
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
CPChem (Chemicals)113 161 158 269 701 79 72 88 128 367 
WRB (Refining)42 47 36 52 177 59 47 61 62 229 
Selected Equity Affiliates155 208 194 321 878 138 119 149 190 596 
* Our share of joint ventures' capital spending, excluding DCP Midstream, LLC (DCP Midstream) due to the consolidation of DCP Midstream Class A Segment. Refer to Change in Basis of Presentation discussion on page 14.
Page 4

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Income before Income Taxes
Transportation*278 250 411 237 1,176 7 224 244 203 678 
NGL and Other*92 248 3,230 430 4,000 50 61 131 210 452 
NOVONIX(158)(240)(33)(11)(442)— — 224 146 370 
 Income before Income Taxes212 258 3,608 656 4,734 57 285 599 559 1,500 
 * Refer to Change in Basis of Presentation discussion on page 14.
Equity in Earnings of Affiliates
Transportation154 133 133 125 545 126 120 140 142 528 
NGL and Other73 186 81 31 371 71 52 72 154 349 
NOVONIX— — — — — — — — — — 
Total227 319 214 156 916 197 172 212 296 877 
NOVONIX Investment
Unrealized Investment Gain (Loss)(169)(221)(28)(15)(433)— — 224 141 365 
Unrealized Foreign Currency Transaction Gain (Loss)11 (19)(5)4 (9)— — — 5 5 
Change in Fair Value of NOVONIX Investment(158)(240)(33)(11)(442)— — 224 146 370 
Depreciation and Amortization*
Transportation39 43 46 46 174 40 40 45 109 234 
NGL and Other**50 50 115 179 394 47 47 48 49 191 
NOVONIX— — — — — — — — — — 
Total89 93 161 225 568 87 87 93 158 425 
* Excludes D&A of all non-consolidated affiliates.
 ** Refer to Change in Basis of Presentation discussion on page 14.
Operating and SG&A Expenses*
Transportation186 187 224 217 814 173 189 188 209 759 
NGL and Other**81 89 281 393 844 96 69 63 88 316 
NOVONIX— — — — — — — — — — 
Total267 276 505 610 1,658 269 258 251 297 1,075 
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
 ** Refer to Change in Basis of Presentation discussion on page 14.
Transportation Volumes (MB/D)
Pipelines*3,099 3,066 3,084 3,109 3,089 2,801 3,424 3,483 3,370 3,271 
Terminals2,900 2,917 3,066 3,039 2,981 2,675 2,786 2,771 2,927 2,790 
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL pipelines.
PSX Other Volumes
NGL Fractionated (MB/D)*452 469 508 686 529 363 401 420 454 410 
NGL Production (MB/D)**400 438 434 420 423 356 406 398 416 394 
* Includes 100% of DCP Midstream Class A Segment from August 18, 2022, forward.
** Includes 100% of DCP Midstream Class A Segment.
Market Indicator
Weighted-Average NGL Price ($/gal)*1.10 1.15 0.98 0.76 1.00 0.69 0.71 0.91 1.00 0.83 
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
Page 5

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes*212 258 3,608 656 4,734 57 285 599 559 1,500 
Plus:
Depreciation and amortization89 93 161 225 568 87 87 93 158 425 
EBITDA*301 351 3,769 881 5,302 144 372 692 717 1,925 
Special Item Adjustments (pre-tax):
Impairments— — — — — 198 — 10 — 208 
Pension settlement expense— — — — — — 4 3 1 8 
Hurricane-related costs— — — — — — — — 4 4 
Winter-storm-related costs— — — — — 2 — — — 2 
Merger transaction costs— — 13 — 13 — — — — — 
Gain related to merger of businesses— — (3,013)— (3,013)— — — — — 
Restructuring costs— — — 18 18 — — — — — 
Total Special Item Adjustments (pre-tax)— — (3,000)18 (2,982)200 4 13 5 222 
Change in Fair Value of NOVONIX Investment**158 240 33 11 442 — — (224)(146)(370)
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*459 591 802 910 2,762 344 376 481 576 1,777 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes2 4 4 3 13 2 4 4 4 14 
Proportional share of selected equity affiliates net interest41 39 26 13 119 43 43 42 41 169 
Proportional share of selected equity affiliates depreciation and amortization56 57 51 45 209 57 57 58 57 229 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(24)(21)(206)(176)(427)(18)(20)(22)(21)(81)
Adjusted EBITDA*534 670 677 795 2,676 428 460 563 657 2,108 
* Refer to Change in Basis of Presentation discussion on page 14.
** See NOVONIX Investment table on page 5 for more details.
Page 6

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Transportation
Income before income taxes278 250 411 237 1,176 7 224 244 203 678 
Plus:
Depreciation and amortization39 43 46 46 174 40 40 45 109 234 
EBITDA*317 293 457 283 1,350 47 264 289 312 912 
Special Item Adjustments (pre-tax):
Impairments— — — — — 198 — 10 — 208 
Winter-storm-related costs— — — — — 1 — — — 1 
Gain related to merger of businesses— — (182)— (182)— — — — — 
EBITDA, Adjusted for Special Items*317 293 275 283 1,168 246 264 299 312 1,121 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes2 3 4 3 12 2 4 4 4 14 
Proportional share of selected equity affiliates net interest21 19 16 13 69 21 21 21 21 84 
Proportional share of selected equity affiliates depreciation and amortization37 38 34 27 136 37 37 38 38 150 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(24)(21)(11)(3)(59)(18)(20)(22)(21)(81)
Adjusted EBITDA*353 332 318 323 1,326 288 306 340 354 1,288 
* Refer to Change in Basis of Presentation discussion on page 14.
NGL and Other
Income before income taxes*92 248 3,230 430 4,000 50 61 131 210 452 
Plus:
Depreciation and amortization50 50 115 179 394 47 47 48 49 191 
EBITDA*142 298 3,345 609 4,394 97 108 179 259 643 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — — — — 4 3 1 8 
Hurricane-related costs— — — — — — — — 4 4 
Winter-storm-related costs— — — — — 1 — — — 1 
Merger transaction costs— — 13 — 13 — — — — — 
Gain related to merger of businesses— — (2,831)— (2,831)— — — — — 
Restructuring costs— — — 18 18 — — — — — 
EBITDA, Adjusted for Special Items*142 298 527 627 1,594 98 112 182 264 656 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— 1 — — 1 — — — — — 
Proportional share of selected equity affiliates net interest20 20 10 — 50 22 22 21 20 85 
Proportional share of selected equity affiliates depreciation and amortization19 19 17 18 73 20 20 20 19 79 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP— — (195)(173)(368)— — — — — 
Adjusted EBITDA*181 338 359 472 1,350 140 154 223 303 820 
* Refer to Change in Basis of Presentation discussion on page 14.
Page 7

Phillips 66 Earnings Release Supplemental Data
CHEMICALS
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes396 273 135 52 856 154 623 631 436 1,844 
Equity in Earnings of Affiliate393 271 129 49 842 152 620 627 433 1,832 
100% CPChem Results
Net Income, excludes parent company income tax related to CPChem's earnings764 544 257 97 1,662 304 1,240 1,253 887 3,684 
Income before Income Taxes787 566 275 106 1,734 320 1,266 1,276 914 3,776 
Depreciation and Amortization141 144 145 155 585 146 144 151 151 592 
Net Interest Expense*23 11 12 9 55 22 24 24 24 94 
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments225 322 317 538 1,402 157 144 177 255 733 
Return of Investments from Equity Companies(26)(34)(5)— (65)(30)(107)(82)(46)(265)
Olefins and Polyolefins Capacity Utilization (%)99 %94 %90 %83 %91 %79 %102 %102 %97 %95 %
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)39.5 35.0 31.6 26.7 33.2 41.9 41.1 45.6 38.4 41.8 
HDPE Blow Molding, Domestic Spot (cents/lb)69.8 69.8 52.9 43.3 58.9 71.9 88.3 98.8 84.8 86.0 
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)22.1 28.0 26.6 21.0 24.4 13.2 12.5 16.1 20.8 15.7 
HDPE Blow Molding, Total Cash Cost (cents/lb)53.9 49.8 46.6 41.2 47.9 55.7 54.9 59.7 52.8 55.8 
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)33.4 26.9 11.3 7.9 19.9 44.9 62.0 68.6 49.6 56.3 
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes396 273 135 52 856 154 623 631 436 1,844 
Plus:
None— — — — — — — — — — 
EBITDA396 273 135 52 856 154 623 631 436 1,844 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — — — — 18 2 2 22 
Hurricane-related costs— — — — — — — 1 — 1 
Winter-storm-related costs— — — — — 30 16 — (14)32 
EBITDA, Adjusted for Special Items396 273 135 52 856 184 657 634 424 1,899 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes29 38 25 12 104 28 48 33 35 144 
Proportional share of selected equity affiliates net interest11 6 5 4 26 11 12 12 13 48 
Proportional share of selected equity affiliates depreciation and amortization101 103 103 104 411 103 102 102 104 411 
Adjusted EBITDA537 420 268 172 1,397 326 819 781 576 2,502 
Page 8

Phillips 66 Earnings Release Supplemental Data
REFINING
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe*152 1,102 530 618 2,402 (144)(102)100 147 1 
Gulf Coast*41 906 770 374 2,091 (231)(232)(1,297)1 (1,759)
Central Corridor*(135)491 1,343 716 2,415 (248)(81)230 171 72 
West Coast*115 597 264 (68)908 (385)(264)(107)89 (667)
Income (Loss) before Income Taxes173 3,096 2,907 1,640 7,816 (1,008)(679)(1,074)408 (2,353)
* Refer to Change in Basis of Presentation discussion on page 14.
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe3.17 22.10 10.72 11.88 12.05 (3.36)(2.04)2.09 3.06 0.01 
Gulf Coast0.79 17.25 15.27 7.77 10.29 (4.23)(3.34)(20.26)0.02 (7.30)
Central Corridor(5.70)21.69 53.36 27.01 24.64 (12.55)(3.45)8.72 6.58 0.75 
West Coast3.98 19.77 9.14 (2.47)7.86 (14.86)(9.38)(3.50)3.14 (5.90)
Worldwide1.13 19.95 18.89 10.64 12.69 (7.05)(3.97)(6.36)2.63 (3.69)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe11.71 30.39 19.22 19.58 20.30 4.86 4.63 9.27 11.00 7.48 
Gulf Coast8.59 25.71 22.30 16.35 18.25 4.04 2.73 6.46 10.16 5.65 
Central Corridor7.89 26.72 38.76 25.03 24.96 5.97 6.40 12.47 12.60 9.65 
West Coast17.74 33.31 28.64 16.77 24.31 3.33 3.66 7.60 15.80 7.70 
Worldwide10.83 28.62 26.87 19.73 21.55 4.58 4.20 8.84 11.95 7.42 
* 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(3)(2)(2)(2)(9)(2)(2)(3)(2)(9)
Gulf Coast(2)(3)(1)(1)(7)(3)— (1)(7)(11)
Central Corridor(16)228 294 257 763 (117)(65)31 (13)(164)
West Coast— — — — — — — — — — 
Total(21)223 291 254 747 (122)(67)27 (22)(184)
Depreciation and Amortization*
Atlantic Basin/Europe52 51 50 49 202 52 52 52 54 210 
Gulf Coast**56 67 58 61 242 82 82 77 154 395 
Central Corridor35 36 36 40 147 34 34 34 37 139 
West Coast60 63 76 76 275 54 57 57 72 240 
Total203 217 220 226 866 222 225 220 317 984 
* Excludes D&A of all equity affiliates.
** Refer to Change in Basis of Presentation discussion on page 14.
Operating and SG&A Expenses*
Atlantic Basin/Europe**302 303 329 349 1,283 235 227 248 303 1,013 
Gulf Coast**321 325 277 326 1,249 340 318 333 395 1,386 
Central Corridor**197 277 193 204 871 212 132 135 199 678 
West Coast**313 314 458 432 1,517 392 290 276 299 1,257 
Total1,133 1,219 1,257 1,311 4,920 1,179 967 992 1,196 4,334 
* Excludes operating and SG&A expenses of all equity affiliates.
** Refer to Change in Basis of Presentation discussion on page 14.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe13 22 44 52 131 17 13 32 34 96 
Gulf Coast31 40 53 101 225 33 9 24 27 93 
Central Corridor26 117 17 17 177 17 36 13 28 94 
West Coast32 44 111 66 253 125 60 12 17 214 
Total102 223 225 236 786 192 118 81 106 497 
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe19 14 14 6 53 20 18 15 16 69 
Gulf Coast*27 22 19 19 87 27 26 13 8 74 
Central Corridor18 18 16 5 57 15 11 12 13 51 
West Coast24 19 31 17 91 23 22 4 — 49 
Total88 73 80 47 288 85 77 44 37 243 
* Refer to Change in Basis of Presentation discussion on page 14.
Foreign Currency Gains (Losses) Pre-Tax(8)(10)(5)30 7 1 9 (4)(10)(4)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates(21)223 291 254 747 (122)(67)27 (22)(184)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*
(228)(495)(539)(499)(1,761)(129)(167)(220)(216)(732)
Equity affiliate-related expenses not included in Realized Refining Margins
(249)(272)(248)(245)(1,014)(251)(234)(193)(238)(916)
Regional Totals
Atlantic Basin/Europe(26)(28)(24)(24)(102)(45)(44)(22)(21)(132)
Gulf Coast(2)(3)(1)(1)(7)(3)— (1)(7)(11)
Central Corridor(221)(241)(223)(220)(905)(203)(190)(170)(210)(773)
Total(249)(272)(248)(245)(1,014)(251)(234)(193)(238)(916)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).
Page 9

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (loss) before income taxes*173 3,096 2,907 1,640 7,816 (1,008)(679)(1,074)408 (2,353)
Plus:
Depreciation and amortization*203 217 220 226 866 222 225 220 317 984 
EBITDA*376 3,313 3,127 1,866 8,682 (786)(454)(854)725 (1,369)
Special Item Adjustments (pre-tax):
Impairments— — — — — — — 1,288 — 1,288 
Certain tax impacts— — — — — — — — (11)(11)
Pension settlement expense— — — — — — 20 12 5 37 
Hurricane-related costs17 — (24)(14)(21)— — 10 30 40 
Winter-storm-related costs— — — — — 14 3 — — 17 
Alliance shutdown-related costs— 20 — — 20 — — — 31 31 
Regulatory compliance costs— 70 — — 70 — — — (88)(88)
EBITDA, Adjusted for Special Items*393 3,403 3,103 1,852 8,751 (772)(431)456 692 (55)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — 1 1 2 (2)(1)— 3 — 
Proportional share of selected equity affiliates net interest2 3 1 — 6 2 2 1 4 9 
Proportional share of selected equity affiliates depreciation and amortization23 23 22 24 92 25 26 27 25 103 
Adjusted EBITDA*418 3,429 3,127 1,877 8,851 (747)(404)484 724 57 
* Refer to Change in Basis of Presentation discussion on page 14.
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)503 526 525 542 524 438 513 487 478 479 
Total Processed Inputs (MB/D)533 548 538 566 546 476 549 519 523 517 
Crude Oil Capacity Utilization (%)94 %98 %98 %101 %98 %82 %96 %91 %89 %89 %
Clean Product Yield (%)85 %83 %82 %83 %83 %86 %83 %84 %84 %84 %
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)497 500 481 473 488 553 687 623 505 592 
Total Processed Inputs (MB/D)579 577 548 523 557 606 762 697 575 660 
Crude Oil Capacity Utilization (%)94 %94 %91 %89 %92 %71 %88 %80 %95 %82 %
Clean Product Yield (%)77 %79 %81 %81 %79 %73 %78 %78 %80 %77 %
Central Corridor*
Crude Oil Charge Input (MB/D)453 435 492 497 469 384 462 493 503 461 
Total Processed Inputs (MB/D)470 446 509 515 485 397 475 506 519 474 
Crude Oil Capacity Utilization (%)85 %82 %93 %94 %88 %72 %87 %93 %95 %87 %
Clean Product Yield (%)88 %87 %88 %91 %88 %86 %87 %88 %90 %88 %
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)294 306 290 269 290 268 286 302 278 284 
Total Processed Inputs (MB/D)321 332 314 299 316 288 309 332 308 310 
Crude Oil Capacity Utilization (%)81 %84 %80 %74 %80 %74 %79 %83 %76 %78 %
Clean Product Yield (%)90 %85 %90 %89 %89 %86 %83 %90 %92 %88 %
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)1,747 1,767 1,788 1,781 1,771 1,643 1,948 1,905 1,764 1,816 
Total Processed Inputs (MB/D)1,903 1,903 1,909 1,903 1,904 1,767 2,095 2,054 1,925 1,961 
Crude Oil Capacity Utilization (%)89 %90 %91 %91 %90 %74 %88 %86 %90 %84 %
Clean Product Yield (%)84 %83 %85 %86 %84 %82 %82 %84 %86 %83 %
Page 10

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline226 221 210 230 222 220 242 232 237 233 
Distillates210 216 215 226 217 175 197 188 190 188 
Other102 113 114 113 110 87 113 103 101 101 
Total538 550 539 569 549 482 552 523 528 522 
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline233 231 223 226 228 219 310 281 243 263 
Distillates194 206 200 185 196 201 257 235 195 222 
Other163 149 134 118 141 183 196 184 146 177 
Total590 586 557 529 565 603 763 700 584 662 
Central Corridor*
Gasoline235 211 246 260 238 191 227 255 266 235 
Distillates176 176 200 206 190 149 183 187 201 180 
Other63 59 66 52 59 58 65 68 55 61 
Total474 446 512 518 487 398 475 510 522 476 
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline166 156 158 156 159 138 138 166 170 153 
Distillates123 126 124 110 121 110 118 131 113 118 
Other32 48 30 29 35 40 51 32 26 37 
Total321 330 312 295 315 288 307 329 309 308 
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline860 819 837 872 847 768 917 934 916 884 
Distillates703 724 739 727 724 635 755 741 699 708 
Other360 369 344 312 345 368 425 387 328 376 
Total1,923 1,912 1,920 1,911 1,916 1,771 2,097 2,062 1,943 1,968 
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI94.49 108.66 91.76 82.85 94.44 57.84 66.09 70.58 77.35 67.96 
Brent101.40 113.78 100.85 88.71 101.19 60.90 68.83 73.47 79.73 70.73 
LLS96.77 110.15 94.19 85.50 96.65 59.98 67.95 71.51 78.40 69.46 
ANS95.61 112.48 99.12 87.99 98.80 60.76 68.44 72.73 79.81 70.44 
WTI less Maya5.62 4.87 7.30 11.26 7.26 1.44 3.21 4.37 5.59 3.65 
WTI less WCS (settlement differential)
14.53 12.80 19.86 25.66 18.22 12.47 11.49 13.58 14.64 13.04 
Natural Gas ($/MMBtu)
Henry Hub4.60 7.39 7.96 5.55 6.38 3.51 2.88 4.28 4.74 3.85 
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent13.57 41.02 25.69 20.39 25.17 11.73 18.61 21.15 17.90 17.35 
East Coast Distillate less Brent28.40 68.16 49.04 73.13 54.68 12.09 15.24 16.07 20.47 15.97 
Gulf Coast
Gulf Coast Gasoline less LLS16.24 32.87 17.21 11.51 19.46 11.22 15.47 18.61 14.64 14.99 
Gulf Coast Distillate less LLS28.52 57.49 52.51 56.08 48.65 11.30 14.03 15.87 19.12 15.08 
Central Corridor
Central Gasoline less WTI16.17 36.31 27.38 14.73 23.65 14.90 19.96 20.83 13.87 17.39 
Central Distillate less WTI27.31 60.45 60.24 59.20 51.80 17.24 18.40 19.38 19.73 18.69 
West Coast
West Coast Gasoline less ANS31.92 51.66 46.29 27.03 39.23 16.88 24.76 23.54 22.75 21.98 
West Coast Distillate less ANS32.28 58.37 50.26 54.10 48.75 14.14 15.28 18.55 22.44 17.60 
Worldwide Market Crack Spread ($/BBL)**21.93 46.72 36.29 32.12 34.26 13.23 17.76 19.44 17.93 17.09 
Renewable Volume Obligation (RVO) Cost in Crack ($/BBL) 6.44 7.80 8.11 8.54 7.72 5.50 8.16 7.31 6.11 6.77 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes*296 739 828 539 2,402 277 453 523 470 1,723 
* Refer to Change in Basis of Presentation discussion on page 14.
Income before Income Taxes ($/BBL)
U.S.1.13 2.86 2.16 1.65 1.95 1.36 2.15 1.93 1.44 1.74 
International0.92 7.30 12.60 8.54 7.44 2.24 1.96 4.84 7.13 4.13 
Realized Marketing Fuel Margins ($/BBL)*
U.S.1.59 3.24 2.49 2.05 2.34 1.94 2.62 2.29 1.87 2.19 
International2.30 8.20 12.40 9.94 8.29 4.01 2.89 6.75 9.81 5.96 
* 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*246 263 298 180 987 173 176 148 169 666 
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates85 104 148 126 463 58 105 116 100 379 
Depreciation and Amortization*27 29 27 27 110 27 30 27 29 113 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*†318 359 344 336 1,357 286 312 307 349 1,254 
* Excludes operating and SG&A expenses of all equity affiliates.
† Refer to Change in Basis of Presentation discussion on page 14.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline1,046 1,089 1,096 1,078 1,077 960 1,095 1,098 1,142 1,074 
Distillates834 789 757 774 788 660 776 895 822 789 
Other— — — — — — — — — — 
Total1,880 1,878 1,853 1,852 1,865 1,620 1,871 1,993 1,964 1,863 
International Marketing
Gasoline83 87 94 94 90 63 81 91 82 80 
Distillates177 171 178 170 174 158 171 179 174 170 
Other17 19 16 20 18 18 18 17 17 17 
Total277 277 288 284 282 239 270 287 273 267 
Worldwide Marketing
Gasoline1,129 1,176 1,190 1,172 1,167 1,023 1,176 1,189 1,224 1,154 
Distillates1,011 960 935 944 962 818 947 1,074 996 959 
Other17 19 16 20 18 18 18 17 17 17 
Total2,157 2,155 2,141 2,136 2,147 1,859 2,141 2,280 2,237 2,130 
Foreign Currency Gains (Losses) Pre-Tax1 7 6 (4)10 — 1 — (1)— 
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes*296 739 828 539 2,402 277 453 523 470 1,723 
Plus:
Depreciation and amortization27 29 27 27 110 27 30 27 29 113 
EBITDA*323 768 855 566 2,512 304 483 550 499 1,836 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — — — — 3 2 1 6 
EBITDA, Adjusted for Special Items*323 768 855 566 2,512 304 486 552 500 1,842 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes6 6 7 5 24 5 6 7 6 24 
Proportional share of selected equity affiliates net interest5 5 6 8 24 4 4 4 4 16 
Proportional share of selected equity affiliates depreciation and amortization21 18 18 19 76 17 17 17 18 69 
Adjusted EBITDA*355 797 886 598 2,636 330 513 580 528 1,951 
* Refer to Change in Basis of Presentation discussion on page 14.
Page 12

Phillips 66 Earnings Release Supplemental Data
CORPORATE AND OTHER
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Loss before Income Taxes*(249)(260)(320)(340)(1,169)(251)(246)(231)(246)(974)
* Refer to Change in Basis of Presentation discussion on page 14.
Detail of Loss before Income Taxes
Net interest expense(132)(127)(136)(142)(537)(143)(141)(148)(151)(583)
Corporate overhead and other(117)(133)(184)(198)(632)(108)(105)(83)(95)(391)
Total(249)(260)(320)(340)(1,169)(251)(246)(231)(246)(974)
Net Interest Expense
Interest expense(144)(141)(167)(200)(652)(150)(148)(159)(151)(608)
Capitalized interest9 8 9 7 33 4 5 8 10 27 
Loss on early debt retirement— — — — — — — — (13)(13)
Interest income3 6 22 51 82 3 2 3 3 11 
Total(132)(127)(136)(142)(537)(143)(141)(148)(151)(583)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes(249)(260)(320)(340)(1,169)(251)(246)(231)(246)(974)
Plus:
Net interest expense132 127 136 142 537 143 141 148 151 583 
Depreciation and amortization19 20 22 24 85 20 22 21 20 83 
EBITDA(98)(113)(162)(174)(547)(88)(83)(62)(75)(308)
Special Item Adjustments (pre-tax):
Pension settlement expense— — — — — — 2 1 1 4 
Restructuring costs— 25 74 60 159 — — — — — 
EBITDA, Adjusted for Special Items(98)(88)(88)(114)(388)(88)(81)(61)(74)(304)
Other Adjustments (pre-tax):
None— — — — — — — — — — 
Adjusted EBITDA(98)(88)(88)(114)(388)(88)(81)(61)(74)(304)
Foreign Currency Gains (Losses) Pre-Tax(1)— (1)3 1 (1)(1)— — (2)
Phillips 66 Total Company Debt
Total Debt14,434 12,969 17,657 17,190 17,190 15,422 15,413 14,910 14,448 14,448 
Debt-to-Capital Ratio (%)39 %35 %35 %34 %34 %43 %43 %42 %40 %40 %
Total Equity22,121 24,573 33,309 34,106 34,106 20,457 20,602 20,597 21,637 21,637 
Page 13

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF CONSOLIDATED NET INCOME (LOSS) TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Net income (loss)657 3,182 5,540 2,012 11,391 (639)374 488 1,371 1,594 
Plus:
Income tax expense (benefit)171 924 1,618 535 3,248 (132)62 (40)256 146 
Net interest expense132 127 136 142 537 143 141 148 151 583 
Depreciation and amortization338 359 430 502 1,629 356 364 361 524 1,605 
Phillips 66 EBITDA*1,298 4,592 7,724 3,191 16,805 (272)941 957 2,302 3,928 
Special Item Adjustments (pre-tax):
Impairments— — — — — 198 — 1,298 — 1,496 
Certain tax impacts— — — — — — — — (11)(11)
Pension settlement expense— — — — — — 47 20 10 77 
Hurricane-related costs17 — (24)(14)(21)— — 11 34 45 
Winter-storm-related costs— — — — — 46 19 — (14)51 
Alliance shutdown-related costs— 20 — — 20 — — — 31 31 
Regulatory compliance costs— 70 — — 70 — — — (88)(88)
Restructuring costs— 25 74 78 177 — — — — — 
Merger transaction costs— — 13 — 13 — — — — — 
Gain related to merger of businesses— — (3,013)— (3,013)— — — — — 
Total Special Item Adjustments (pre-tax)17 115 (2,950)64 (2,754)244 66 1,329 (38)1,601 
Change in Fair Value of NOVONIX Investment**158 240 33 11 442 — — (224)(146)(370)
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*1,473 4,947 4,807 3,266 14,493 (28)1,007 2,062 2,118 5,159 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes37 48 37 21 143 33 57 44 48 182 
Proportional share of selected equity affiliates net interest59 53 38 25 175 60 61 59 62 242 
Proportional share of selected equity affiliates depreciation and amortization201 201 194 192 788 202 202 204 204 812 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(24)(21)(206)(176)(427)(18)(20)(22)(21)(81)
Adjusted EBITDA attributable to public ownership interest in PSXP†
(82)— — — (82)(83)(95)(103)(112)(393)
Phillips 66 Adjusted EBITDA*1,664 5,228 4,870 3,328 15,090 166 1,212 2,244 2,299 5,921 
* Refer to Change in Basis of Presentation discussion below.
** See NOVONIX Investment table on page 5 for more details.
† On March 9, 2022, Phillips 66 Partners LP became a wholly owned subsidiary of Phillips 66.
Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," and "realized marketing fuel margin 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. 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 – In connection with the merger of DCP Midstream and Gray Oak Holdings LLC (Gray Oak Holdings), the results of our Transportation business reflect a decrease in our indirect economic interest in Gray Oak Pipeline, LLC (Gray Oak Pipeline) to 6.5% from August 18, 2022, forward. Prior to August 18, 2022, the Transportation results presented herein reflect Gray Oak Holdings' 65% economic interests in Gray Oak Pipeline. The results of our NGL and Other business include the consolidated results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills from August 18, 2022, forward. Prior to August 18, 2022, our investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills were accounted for using the equity method. As a result of the merger and consolidation, in the third quarter of 2022, we began presenting the results of DCP Midstream Class A Segment within the results of our NGL and Other business. Prior periods also have been updated to reflect the results from our equity investment in DCP Midstream prior to August 18, 2022, within the results of our NGL and Other business. In addition, the DCP Midstream Class A Segment's net interest expense is reflected in our Corporate segment from August 18, 2022, forward. See Note 1 and Note 2 in the Notes to the Consolidated Financial Statements of our third quarter 2022 Form 10-Q for further details. During the fourth quarter of 2022, we changed the internal financial information reviewed by our chief executive officer to evaluate results and allocate resources to reflect the realignment of certain businesses between segments and business lines. We determined this realignment resulted in a change in the composition of our operating segments. Accordingly, prior period results have been recast for comparability. The primary effects of this realignment included moving the results of certain processing assets at our Sweeny and Lake Charles refineries, in the Gulf Coast Region, from the Midstream segment (NGL and Other) to the Refining segment. Additionally, commissions charged to the Refining segment by the Marketing and Specialties segment related to sales of specialty products were eliminated and the costs of the sales organization were reclassified from the Marketing and Specialties segment to the Refining segment. Additionally, we no longer present disaggregated business line results for our Chemicals and Marketing and Specialties segments.
Page 14

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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ATLANTIC BASIN/EUROPE
Income (loss) before income taxes152 1,102 530 618 2,402 (144)(102)100 147 1 
Plus:
Taxes other than income taxes19 14 14 6 53 20 18 15 16 69 
Depreciation, amortization and impairments52 51 50 50 203 52 52 52 54 210 
Selling, general and administrative expenses6 7 18 10 41 5 9 9 9 32 
Operating expenses296 296 311 339 1,242 230 218 239 294 981 
Equity in losses of affiliates3 2 2 2 9 2 2 3 2 9 
Other segment (income) expense, net12 8 2 (28)(6)— (8)6 11 9 
Proportional share of refining gross margins contributed by equity affiliates23 26 22 22 93 43 42 19 19 123 
Special items:
Certain tax impacts— — — — — — — — (4)(4)
Regulatory compliance costs— 9 — — 9 — — — (20)(20)
Realized refining margins563 1,515 949 1,019 4,046 208 231 443 528 1,410 
Total processed inputs (MB)48,015 49,854 49,420 52,030 199,319 42,826 49,979 47,792 48,100 188,697 
Adjusted total processed inputs (MB)48,015 49,854 49,420 52,030 199,319 42,826 49,979 47,792 48,100 188,697 
Income (loss) before income taxes ($/BBL)**3.17 22.10 10.72 11.88 12.05 (3.36)(2.04)2.09 3.06 0.01 
Realized refining margins ($/BBL)***11.71 30.39 19.22 19.58 20.30 4.86 4.63 9.27 11.00 7.48 
GULF COAST
Income (loss) before income taxes41 906 770 374 2,091 (231)(232)(1,297)1 (1,759)
Plus:
Taxes other than income taxes27 22 19 19 87 27 26 13 8 74 
Depreciation, amortization and impairments56 67 59 68 250 82 82 1,365 154 1,683 
Selling, general and administrative expenses4 5 4 6 19 8 9 10 7 34 
Operating expenses317 320 273 320 1,230 332 309 323 388 1,352 
Equity in losses of affiliates2 3 1 1 7 3 — 1 7 11 
Other segment (income) expense, net— 1 — — 1 — (6)(1)— (7)
Proportional share of refining gross margins contributed by equity affiliates— — — — — — — — — — 
Special items:
Regulatory compliance costs— 26 — — 26 — — — (28)(28)
Realized refining margins447 1,350 1,126 788 3,711 221 188 414 537 1,360 
Total processed inputs (MB)52,151 52,523 50,435 48,160 203,269 54,560 69,364 64,016 52,919 240,859 
Adjusted total processed inputs (MB)52,151 52,523 50,435 48,160 203,269 54,560 69,364 64,016 52,919 240,859 
Income (loss) before income taxes ($/BBL)**0.79 17.25 15.27 7.77 10.29 (4.23)(3.34)(20.26)0.02 (7.30)
Realized refining margins ($/BBL)***8.59 25.71 22.30 16.35 18.25 4.04 2.73 6.46 10.16 5.65 
CENTRAL CORRIDOR
Income (loss) before income taxes(135)491 1,343 716 2,415 (248)(81)230 171 72 
Plus:
Taxes other than income taxes18 18 16 5 57 15 11 12 13 51 
Depreciation, amortization and impairments35 36 36 40 147 34 34 34 37 139 
Selling, general and administrative expenses13 13 14 22 62 7 7 9 7 30 
Operating expenses184 264 179 182 809 205 125 126 192 648 
Equity in (earnings) losses of affiliates16 (228)(294)(257)(763)117 65 (31)13 164 
Other segment (income) expense, net(4)2 4 — 2 (2)(8)— (1)(11)
Proportional share of refining gross margins contributed by equity affiliates205 469 517 477 1,668 86 125 201 197 609 
Special items:
Regulatory compliance costs— 22 — — 22 — — — (27)(27)
Realized refining margins332 1,087 1,815 1,185 4,419 214 278 581 602 1,675 
Total processed inputs (MB)23,691 22,635 25,167 26,504 97,997 19,754 23,466 26,373 26,002 95,595 
Adjusted total processed inputs (MB)*42,267 40,629 46,857 47,359 177,112 35,711 43,189 46,592 47,738 173,230 
Income (loss) before income taxes ($/BBL)**(5.70)21.69 53.36 27.01 24.64 (12.55)(3.45)8.72 6.58 0.75 
Realized refining margins ($/BBL)***7.89 26.72 38.76 25.03 24.96 5.97 6.40 12.47 12.60 9.65 
Page 15

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WEST COAST
Income (loss) before income taxes115 597 264 (68)908 (385)(264)(107)89 (667)
Plus:
Taxes other than income taxes24 19 31 17 91 23 22 4 — 49 
Depreciation, amortization and impairments60 63 76 80 279 54 57 57 72 240 
Selling, general and administrative expenses7 8 7 9 31 10 9 10 8 37 
Operating expenses306 306 451 423 1,486 382 281 266 291 1,220 
Other segment (income) expense, net1 — (1)(1)(1)2 (2)2 2 4 
Special items:
Regulatory compliance costs— 13 — — 13 — — — (13)(13)
Realized refining margins513 1,006 828 460 2,807 86 103 232 449 870 
Total processed inputs (MB)28,877 30,199 28,897 27,484 115,457 25,917 28,158 30,558 28,361 112,994 
Adjusted total processed inputs (MB)28,877 30,199 28,897 27,484 115,457 25,917 28,158 30,558 28,361 112,994 
Income (loss) before income taxes ($/BBL)**3.98 19.77 9.14 (2.47)7.86 (14.86)(9.38)(3.50)3.14 (5.90)
Realized refining margins ($/BBL)***17.74 33.31 28.64 16.77 24.31 3.33 3.66 7.60 15.80 7.70 
WORLDWIDE
Income (loss) before income taxes173 3,096 2,907 1,640 7,816 (1,008)(679)(1,074)408 (2,353)
Plus:
Taxes other than income taxes88 73 80 47 288 85 77 44 37 243 
Depreciation, amortization and impairments203 217 221 238 879 222 225 1,508 317 2,272 
Selling, general and administrative expenses30 33 43 47 153 30 34 38 31 133 
Operating expenses1,103 1,186 1,214 1,264 4,767 1,149 933 954 1,165 4,201 
Equity in (earnings) losses of affiliates21 (223)(291)(254)(747)122 67 (27)22 184 
Other segment (income) expense, net9 11 5 (29)(4)— (24)7 12 (5)
Proportional share of refining gross margins contributed by equity affiliates228 495 539 499 1,761 129 167 220 216 732 
Special items:
Certain tax impacts— — — — — — — — (4)(4)
Regulatory compliance costs— 70 — — 70 — — — (88)(88)
Realized refining margins1,855 4,958 4,718 3,452 14,983 729 800 1,670 2,116 5,315 
Total processed inputs (MB)152,734 155,211 153,919 154,178 616,042 143,057 170,967 168,739 155,382 638,145 
Adjusted total processed inputs (MB)*171,310 173,205 175,609 175,033 695,157 159,014 190,690 188,958 177,118 715,780 
Income (loss) before income taxes ($/BBL)**1.13 19.95 18.89 10.64 12.69 (7.05)(3.97)(6.36)2.63 (3.69)
Realized refining margins ($/BBL)***10.83 28.62 26.87 19.73 21.55 4.58 4.20 8.84 11.95 7.42 
* 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 16

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
UNITED STATES
Income before income taxes191 489 368 281 1,329 199 366 354 261 1,180 
Plus:
Depreciation and amortization3 3 4 4 14 3 5 3 3 14 
Selling, general and administrative expenses182 210 218 198 808 165 198 201 194 758 
Equity in earnings of affiliates(7)(16)(30)(18)(71)(2)(15)(18)(13)(48)
Other operating revenues*(107)(139)(141)(121)(508)(86)(110)(120)(108)(424)
Other expense, net6 6 6 6 24 4 2 2 1 9 
Realized marketing fuel margins268 553 425 350 1,596 283 446 422 338 1,489 
Total fuel sales volumes (MB)169,196 170,899 170,473 170,362 680,930 145,794 170,228 183,332 180,748 680,102 
Income before income taxes ($/BBL)1.13 2.86 2.16 1.65 1.95 1.36 2.15 1.93 1.44 1.74 
Realized marketing fuel margins ($/BBL)**1.59 3.24 2.49 2.05 2.34 1.94 2.62 2.29 1.87 2.19 
INTERNATIONAL
Income before income taxes23 185 334 223 765 48 48 128 179 403 
Plus:
Depreciation and amortization18 19 17 18 72 19 19 18 20 76 
Selling, general and administrative expenses63 62 59 67 251 60 60 64 69 253 
Equity in earnings of affiliates(26)(32)(31)(26)(115)(24)(31)(30)(28)(113)
Other operating (revenues) expenses*(12)(9)(35)(6)(62)(5)(10)9 14 8 
Other (income) expense, net4 (3)(3)(5)(7)1 — 2 4 7 
Marketing margins70 222 341 271 904 99 86 191 258 634 
Less: margin for nonfuel related sales13 14 12 12 51 13 15 13 12 53 
Realized marketing fuel margins57 208 329 259 853 86 71 178 246 581 
Total fuel sales volumes (MB)24,926 25,329 26,501 26,106 102,862 21,474 24,539 26,427 25,089 97,529 
Income before income taxes ($/BBL)0.92 7.30 12.60 8.54 7.44 2.24 1.96 4.84 7.13 4.13 
Realized marketing fuel margins ($/BBL)**2.30 8.20 12.40 9.94 8.29 4.01 2.89 6.75 9.81 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE TAX RATES
Income (loss) before income taxes828 4,106 7,158 2,547 14,639 (771)436 448 1,627 1,740 
Special items17 121 (2,950)64 (2,748)244 66 1,329 123 1,762 
Adjusted income (loss) before income taxes845 4,227 4,208 2,611 11,891 (527)502 1,777 1,750 3,502 
Income tax expense (benefit)171 924 1,618 535 3,248 (132)62 (40)256 146 
Special items4 3 (681)39 (635)48 33 326 98 505 
Adjusted income tax expense (benefit)175 927 937 574 2,613 (84)95 286 354 651 
Effective tax rate (%)20.7 %22.5 %22.6 %21.0 %22.2 %17.1 %14.2 %(8.9)%15.7 %8.4 %
Adjusted effective tax rate (%)20.7 %21.9 %22.3 %22.0 %22.0 %15.9 %18.9 %16.1 %20.2 %18.6 %
Page 17