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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

July 25, 2025

Date of Report (date of earliest event reported)

Phillips 66

(Exact name of registrant as specified in its charter)

Delaware			001-35349			45-3779385
(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 class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value			PSX			New 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. ☐

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Item 2.02 Results of Operations and Financial Condition.

On July 25, 2025, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended June 30, 2025. 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

			99.1			—			Press release issued by Phillips 66 on July 25, 2025
			99.2			—			Supplemental financial and operating information.
			104			—			Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

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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/ Ann M. Kluppel
						Ann M. Kluppel Vice President and Controller

Date: July 25, 2025

2

Exhibit 99.1

•Reported second-quarter earnings of $877 million or $2.15 per share; adjusted earnings of $973 million or $2.38 per share; including $239 million of pre-tax accelerated depreciation on Los Angeles Refinery

•Operated at 98% capacity utilization in Refining with 86% clean product yield

•Completed Midstream acquisition of EPIC NGL, now renamed Coastal Bend

•Announced sale of 65% interest in our Germany and Austria retail marketing business

•Generated $845 million of net operating cash flow, $1.9 billion excluding working capital

•Returned $906 million to shareholders through dividends and share repurchases

HOUSTON, July 25, 2025 – Phillips 66 (NYSE: PSX) announced second-quarter earnings.

“Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of our strategy. During the quarter, Refining ran at the highest utilization since 2018, achieved its lowest cost per barrel since 2021, strong market capture and record year-to-date clean product yield. Our results were made possible through disciplined execution and investment,” said Mark Lashier, chairman and CEO of Phillips 66.

“We also continued our strong growth trajectory in Midstream, which generated approximately $1 billion of adjusted EBITDA following the acquisition of Coastal Bend. The Dos Picos II gas processing plant in the Midland Basin recently came online ahead of schedule and on budget. These assets further our stable earnings growth, enhance returns and increase shareholder value as we progress our wellhead-to-market strategy. Looking ahead, we are focused on organic Midstream growth as we advance toward our 2027 targets.”

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Financial Results Summary

(in millions of dollars, except as indicated)

						2Q 2025			1Q 2025
Earnings						$	877		487
Adjusted Earnings (Loss)1						973			(368)
Adjusted EBITDA1						2,501			736
Earnings (Loss) Per Share
Earnings Per Share - Diluted						2.15			1.18
Adjusted Earnings (Loss) Per Share - Diluted1						2.38			(0.90)
Cash Flow From Operations						845			187
Cash Flow From Operations, Excluding Working Capital1						1,920			259
Capital Expenditures & Investments						587			423
Acquisitions, net of cash acquired						2,220			—
Return of Capital to Shareholders						906			716
Repurchases of common stock						419			247
Dividends paid on common stock						487			469
Cash and Cash Equivalents, including cash classified within Assets held for sale2						1,144			1,489
Debt						20,935			18,803
Debt-to-capital ratio						42%			40%
Net debt-to-capital ratio1						41%			38%
1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
2 Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

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Segment Financial and Operating Highlights

(Millions of dollars, except as indicated)

			2Q 2025			1Q 2025			Change
Earnings (Loss)1			$	877		487			390
Midstream			731			751			(20)
Chemicals			20			113			(93)
Refining			359			(937)			1,296
Marketing and Specialties			571			1,282			(711)
Renewable Fuels			(133)			(185)			52
Corporate and Other			(428)			(376)			(52)
Income tax (expense) benefit			(212)			(122)			(90)
Noncontrolling interests			(31)			(39)			8
Adjusted Earnings (Loss)1,2			$	973		(368)			1,341
Midstream			731			683			48
Chemicals			20			113			(93)
Refining			392			(937)			1,329
Marketing and Specialties			660			265			395
Renewable Fuels			(133)			(185)			52
Corporate and Other			(383)			(355)			(28)
Income tax (expense) benefit			(283)			78			(361)
Noncontrolling interests			(31)			(30)			(1)
Adjusted EBITDA2			$	2,501		736			1,765
Midstream			972			885			87
Chemicals			148			244			(96)
Refining			867			(452)			1,319
Marketing and Specialties			718			315			403
Renewable Fuels			(110)			(162)			52
Corporate and Other			(94)			(94)			—
Operating Highlights
Pipeline Throughput - Y-Grade to Market (MB/D)3			956			704			252
Chemicals Global O&P Capacity Utilization			92%			100%			(8%)
Refining
Turnaround Expense4			53			270			(217)
Realized Margin ($/BBL)2			11.25			6.81			4.44
Crude Capacity Utilization			98%			80%			18%
Clean Product Yield			86%			87%			(1%)
Renewable Fuels Produced (MB/D)			40			44			(4)
1 Segment reporting is pre-tax.
2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. 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.
4 Excludes turnaround expense of all equity affiliates.

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Second-Quarter 2025 Financial Results

Reported earnings were $877 million for the second quarter of 2025 versus $487 million in the first quarter of 2025. Second-quarter earnings included pre-tax special item adjustments of $(89) million in the Marketing and Specialties segment, $(45) million impacting Corporate and Other and $(33) million in the Refining segment. Adjusted earnings for the second quarter were $973 million versus an adjusted loss of $368 million in the first quarter.

•Midstream second-quarter 2025 adjusted pre-tax income increased compared with the first quarter mainly due to higher volumes, largely driven by the acquisition of Coastal Bend, partially offset by seasonal maintenance expense and property taxes.

•Chemicals adjusted pre-tax income decreased mainly due to lower margins driven by lower sales prices.

•Refining adjusted pre-tax results increased mainly due to higher realized margins resulting from improved market crack spreads, as well as higher volumes and lower costs.

•Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins and volumes.

•Renewable Fuels pre-tax results improved primarily due to higher realized margins including inventory impacts, as well as increased credits.

•Corporate and Other adjusted pre-tax loss increased mainly due to higher net interest expense, partially offset by impacts from our investment in NOVONIX.

As of June 30, 2025, the company had $1.1 billion of cash and cash equivalents and $3.7 billion of committed capacity available under credit facilities.

Business Highlights and Strategic Priorities Progress

•Advanced NGL wellhead-to-market strategy by acquiring Coastal Bend and nearing completion of a related pipeline expansion project, expected to increase capacity from 175 MBD to 225 MBD

•Expanded natural gas gathering and processing capacity with the startup of Dos Picos II, a 220 MMCF/D plant in the Midland Basin

•Maintained disciplined operations in Refining and achieved $5.46 per barrel in Refining Adjusted Controllable Costs1, excluding adjusted turnaround expense in the second quarter and $6.17 per barrel year-to-date

•Achieved a record year-to-date clean product yield of 87%, reflecting a 2% increase from the same period in 2024

•On track to cease operations at the Los Angeles Refinery, as well as complete the Germany and Austria transaction by year-end

1 Represents a non-GAAP financial measure. Reconciliations of non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

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Investor Webcast

Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s second-quarter performance. 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.

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels 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.

- # # # -

CONTACTS
Jeff Dietert (investors)			Owen Simpson (investors)			Al Ortiz (media)
832-765-2297			832-765-2297			855-841-2368
[email protected]			[email protected]			[email protected]

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Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings (loss) per share,” “adjusted controllable cost,” “cash from operations, excluding working capital,” “net debt-to-capital ratio,” and “realized refining margin per barrel.” These are non-GAAP financial measures that 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. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

References in the release to earnings refer to net income attributable to Phillips 66.

Basis of Presentation— 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 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; and change in reporting of our 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.

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 relating to Phillips 66’s operations, strategy and performance. 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 events or 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: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of 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; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; 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 our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; 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.

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Earnings (Loss)
			Millions of Dollars
			2025															2024
			2Q			1Q			Jun YTD									2Q			Jun YTD
Midstream			$	731		751			1,482									767			1,321
Chemicals			20			113			133									222			427
Refining			359			(937)			(578)									302			518
Marketing and Specialties			571			1,282			1,853									415			781
Renewable Fuels			(133)			(185)			(318)									(55)			(110)
Corporate and Other			(428)			(376)			(804)									(340)			(662)
Pre-Tax Income (Loss)			1,120			648			1,768									1,311			2,275
Less: Income tax expense (benefit)			212			122			334									291			494
Less: Noncontrolling interests			31			39			70									5			18
Phillips 66			$	877		487			1,364									1,015			1,763
Adjusted Earnings (Loss)
			Millions of Dollars
			2025															2024
			2Q			1Q			Jun YTD									2Q			Jun YTD
Midstream			$	731		683			1,414									753			1,366
Chemicals			20			113			133									222			427
Refining			392			(937)			(545)									302			615
Marketing and Specialties			660			265			925									415			722
Renewable Fuels			(133)			(185)			(318)									(55)			(110)
Corporate and Other			(383)			(355)			(738)									(340)			(662)
Pre-Tax Income (Loss)			1,287			(416)			871									1,297			2,358
Less: Income tax expense (benefit)			283			(78)			205									278			504
Less: Noncontrolling interests			31			30			61									35			48
Phillips 66			$	973		(368)			605									984			1,806

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			Millions of Dollars
			Except as Indicated
			2025												2024
			2Q			1Q			Jun YTD						2Q			Jun YTD
Reconciliation of Consolidated Earnings to Adjusted Earnings (Loss)
Consolidated Earnings			$	877		487			1,364						1,015			1,763
Pre-tax adjustments:
Impairments			—			21			21						224			387
Net (gain) loss on asset dispositions1			89			(1,085)			(996)						(238)			(238)
Legal accrual			33			—			33						—			—
Legal settlement			—			—			—						—			(66)
Professional advisory fees			45			—			45						—			—
Tax impact of adjustments2			(40)			200			160						13			(10)
Other tax impacts			(31)			—			(31)						—			—
Noncontrolling interests			—			9			9						(30)			(30)
Adjusted earnings (loss)			$	973		(368)			605						984			1,806
Earnings per share of common stock (dollars)			$	2.15		1.18			3.32						2.38			4.10
Adjusted earnings (loss) per share of common stock (dollars)			$	2.38		(0.90)			1.47						2.31			4.21
Adjusted Weighted-Average Diluted Common Shares Outstanding (thousands)			407,934			409,182			409,012						425,734			429,003
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income			$	731		751			1,482						767			1,321
Pre-tax adjustments:
Impairments			—			—			—						224			283
Net gain on asset dispositions1			—			(68)			(68)						(238)			(238)
Adjusted pre-tax income			$	731		683			1,414						753			1,366
Chemicals Pre-Tax Income			$	20		113			133						222			427
Pre-tax adjustments:
None			—			—			—						—			—
Adjusted pre-tax income			$	20		113			133						222			427
Refining Pre-Tax Income (Loss)			$	359		(937)			(578)						302			518
Pre-tax adjustments:
Impairments			—			—			—						—			104
Legal settlement			—			—			—						—			(7)
Legal accrual			33			—			33						—			—
Adjusted pre-tax income (loss)			$	392		(937)			(545)						(302)			(615)

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Marketing and Specialties Pre-Tax Income			$	571		1,282			1,853						415			781
Pre-tax adjustments:
Net (gain) loss on asset dispositions1			89			(1,017)			(928)						—			—
Legal settlement			—			—			—						—			(59)
Adjusted pre-tax income			$	660		265			925						415			722
Renewable Fuels Pre-Tax Loss			$	(133)		(185)			(318)						(55)			(110)
Pre-tax adjustments:
None			—			—			—						—			—
Adjusted pre-tax loss			$	(133)		(185)			(318)						(55)			(110)
Corporate and Other Pre-Tax Loss			$	(428)		(376)			(804)						(340)			(662)
Pre-tax adjustments:
Impairments			—			21			21						—			—
Professional advisory fees			45			—			45						—			—
Adjusted pre-tax loss			$	(383)		(355)			(738)						(340)			(662)
1. Gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG in 1Q 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 we recognized a before-tax unrealized loss from foreign currency derivatives.
2. 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 generally 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.

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			Millions of Dollars
			Except as Indicated
			2025
			2Q			1Q
Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66
Net Income			$	908		526
Plus:
Income tax expense			212			122
Net interest expense			230			187
Depreciation and amortization			816			791
Phillips 66 EBITDA			$	2,166		1,626
Special Item Adjustments (pre-tax):
Impairments			—			21
Net (gain) loss on asset dispositions			89			(1,085)
Legal accrual			33			—
Professional advisory fees			45			—
Total Special Item Adjustments (pre-tax)			167			(1,064)
Change in Fair Value of NOVONIX Investment			2			15
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment			$	2,335		577
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			17			18
Proportional share of selected equity affiliates net interest			15			14
Proportional share of selected equity affiliates depreciation and amortization			184			187
Adjusted EBITDA attributable to noncontrolling interests			(50)			(60)
Phillips 66 Adjusted EBITDA			$	2,501		736
Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA
Midstream Income before income taxes			$	731		751
Plus:
Depreciation and amortization			260			233
Midstream EBITDA			$	991		984
Special Item Adjustments (pre-tax):
Net gain on asset dispositions			—			(68)
Midstream EBITDA, Adjusted for Special Items			$	991		916
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			4			3
Proportional share of selected equity affiliates net interest			3			3
Proportional share of selected equity affiliates depreciation and amortization			24			23
Adjusted EBITDA attributable to noncontrolling interests			(50)			(60)
Midstream Adjusted EBITDA			$	972		885

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Chemicals Income before income taxes			$	20		113
Plus:
None			—			—
Chemicals EBITDA			$	20		113
Special Item Adjustments (pre-tax):
None			—			—
Chemicals EBITDA, Adjusted for Special Items			$	20		113
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			13			13
Proportional share of selected equity affiliates net interest			(1)			(1)
Proportional share of selected equity affiliates depreciation and amortization			116			119
Chemicals Adjusted EBITDA			$	148		244
Refining Income (loss) before income taxes			$	359		(937)
Plus:
Depreciation and amortization			443			456
Refining EBITDA			$	802		(481)
Special Item Adjustments (pre-tax):
Legal accrual			33			—
Refining EBITDA, Adjusted for Special Items			$	835		(481)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			—			—
Proportional share of selected equity affiliates net interest			3			2
Proportional share of selected equity affiliates depreciation and amortization			29			27
Refining Adjusted EBITDA			$	867		(452)
Marketing and Specialties Income before income taxes			$	571		1,282
Plus:
Depreciation and amortization			33			20
Marketing and Specialties EBITDA			$	604		1,302
Special Item Adjustments (pre-tax):
Net gain on asset dispositions			89			(1,017)
Marketing and Specialties EBITDA, Adjusted for Special Items			$	693		285
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			—			2
Proportional share of selected equity affiliates net interest			10			10
Proportional share of selected equity affiliates depreciation and amortization			15			18
Marketing and Specialties Adjusted EBITDA			$	718		315
Renewable Fuels Loss before income taxes			$	(133)		(185)
Plus:
Depreciation and amortization			23			23
Renewable Fuels EBITDA			$	(110)		(162)
Special Item Adjustments (pre-tax):
None			—			—
Renewable Fuels EBITDA, Adjusted for Special Items			$	(110)		(162)
Corporate and Other Loss before income taxes			$	(428)		(376)

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Plus:
Net interest expense			230			187
Depreciation and amortization			57			59
Corporate and Other EBITDA			$	(141)		(130)
Special Item Adjustments (pre-tax):
Impairments			—			21
Professional advisory fees			45			—
Total Special Item Adjustments (pre-tax)			45			21
Change in Fair Value of NOVONIX Investment			2			15
Corporate EBITDA, Adjusted for Special Items and Change in   Fair Value of NOVONIX Investment			$	(94)		(94)

			Millions of Dollars Except as Indicated
			June 30, 2025			March 31, 2025
Debt-to-Capital Ratio
Total Debt			$	20,935		18,803
Total Equity			28,626			28,353
Debt-to-Capital Ratio			42		%	40		%
Cash and Cash Equivalents, including cash classified within Assets held for sale1			1,144			1,489
Net Debt-to-Capital Ratio			41		%	38		%
1. Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

Page 12

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			Millions of Dollars
			Except as Indicated
			2025
			2Q			1Q
Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins
Income (loss) before income taxes			$	359		(937)
Plus:
Taxes other than income taxes			94			110
Depreciation, amortization and impairments			446			457
Selling, general and administrative expenses			32			46
Operating expenses			848			1,074
Equity in earnings of affiliates			2			105
Other segment expense, net			(47)			(5)
Proportional share of refining gross margins contributed by equity affiliates			234			141
Special items:
None			—			—
Realized refining margins			$	1,968		991
Total processed inputs (thousands of barrels)			152,005			124,453
Adjusted total processed inputs (thousands of barrels)*			174,772			145,559
Income (loss) before income taxes (dollars per barrel)**			$	2.36		(7.53)
Realized refining margins (dollars per barrel)***			$	11.25		6.81
*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 13

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									Millions of Dollars
									Except as Indicated
									2025
									2Q			1Q			June YTD
Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs
Turnaround expenses									$	53		270			323
Other operating expenses									795			804			1,599
Total operating expenses									848			1,074			1,922
Selling, general and administrative expenses									32			46			78
Refining Controllable Costs									880			1,120			2,000
Plus:
Proportional share of equity affiliate turnaround expenses1									24			27			51
Proportional share of equity affiliate other operating and SG&A expenses1									161			173			334
Total proportional share of equity affiliate operating and SG&A expenses1									185			200			385
Special item adjustments (pre-tax):
Legal accrual									(33)			—			(33)
Refining Adjusted Controllable Costs									1,032			1,320			2,352
Total processed inputs (MB)									152,005			124,453			276,458
Adjusted total processed inputs (MB)2									174,772			145,559			320,331
Refining turnaround expense ($/BBL)3									0.35			2.17			1.17
Refining controllable costs, excluding turnaround expense ($/BBL)3									5.44			6.83			6.07
Refining Controllable Costs per Barrel ($/BBL)3									5.79			9.00			7.24
Refining adjusted turnaround expense ($/BBL)4									0.44			2.04			1.17
Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4									5.46			7.03			6.17
Refining Adjusted Controllable Costs ($/BBL)4									5.90			9.07			7.34
1. 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.
2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
3. Denominator is total processed inputs.
4. Denominator is adjusted total processed inputs.

Page 14

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									Millions of Dollars
									Except as Indicated
									2024			2023			2022			2021
Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs
Turnaround expenses									$	484		538			772			497
Other operating expenses									3,243			3,707			3,958			3,663
Total operating expenses									3,727			4,245			4,730			4,160
Selling, general and administrative expenses									209			169			152			131
Refining Controllable Costs									3,936			4,414			4,882			4,291
Plus:
Proportional share of equity affiliate turnaround expenses1									68			93			118			118
Proportional share of equity affiliate other operating and SG&A expenses1									626			641			721			619
Total proportional share of equity affiliate operating and SG&A expenses1									694			734			839			737
Special item adjustments (pre-tax):
Hurricane-related (costs) recovery									—			—			21			(40)
Winter-storm-related costs									—			—			—			(17)
Alliance shutdown-related costs									—			—			(20)			(32)
Legal accrual									(22)			(30)			—			—
Los Angeles Refinery cessation costs									(44)			—			—			—
Refining Adjusted Controllable Costs									4,564			5,118			5,722			4,939
Total processed inputs (MB)									588,316			607,958			612,741			638,145
Adjusted total processed inputs (MB)2									680,043			685,435			691,855			715,780
Refining turnaround expense ($/BBL)3									0.82			0.88			1.26			0.78
Refining controllable costs, excluding turnaround expense ($/BBL)3									5.87			6.38			6.71			5.95
Refining Controllable Costs per Barrel ($/BBL)3									6.69			7.26			7.97			6.72
Refining adjusted turnaround expense ($/BBL)4									0.81			0.92			1.29			0.86
Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4									5.90			6.55			6.98			6.04
Refining Adjusted Controllable Costs ($/BBL)4									6.71			7.47			8.27			6.90
1. 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.
2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
3. Denominator is total processed inputs.
4. Denominator is adjusted total processed inputs.

Page 15

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
												Millions of Dollars, Except as Indicated
												2025																		2024
												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												30,430			33,323									63,753						35,811			38,129			35,528			33,685			143,153
Equity in earnings of affiliates												153			153									306						528			487			549			215			1,779
Net gain (loss) on dispositions												1,087			(93)									994						—			237			2			82			321
Other income												56			139									195						97			58			84			4			243
Total Revenues and Other Income												31,726			33,522									65,248						36,436			38,911			36,163			33,986			145,496
Costs and Expenses
Purchased crude oil and products												27,660			29,077									56,737						32,386			34,628			32,194			30,754			129,962
Operating expenses												1,622			1,440									3,062						1,452			1,407			1,499			1,581			5,939
Selling, general and administrative expenses												519			582									1,101						557			552			1,194			511			2,814
Depreciation and amortization												791			816									1,607						504			497			543			819			2,363
Impairments												26			4									30						165			225			29			37			456
Taxes other than income taxes												233			218									451						165			49			53			62			329
Accretion on discounted liabilities												12			10									22						9			10			8			13			40
Interest and debt expense												221			264									485						227			231			229			220			907
Foreign currency transaction (gains) losses												(6)			(9)									(15)						7			1			1			2			11
Total Costs and Expenses												31,078			32,402									63,480						35,472			37,600			35,750			33,999			142,821
Income (loss) before income taxes												648			1,120									1,768						964			1,311			413			(13)			2,675
Income tax expense (benefit)												122			212									334						203			291			44			(38)			500
Net Income												526			908									1,434						761			1,020			369			25			2,175
Less: net income attributable to   noncontrolling interests												39			31									70						13			5			23			17			58
Net Income Attributable to Phillips 66												487			877									1,364						748			1,015			346			8			2,117
Net Income Attributable to Phillips 66 Per Share   of Common Stock (dollars)
Basic												1.19			2.15									3.33						1.74			2.39			0.82			0.01			5.01
Diluted												1.18			2.15									3.32						1.73			2.38			0.82			0.01			4.99
Weighted-Average Common Shares Outstanding   (thousands)
Basic												409,182			406,763									407,966						428,959			422,869			417,305			411,687			420,174
Diluted												410,505			407,929									409,448						431,906			425,734			418,803			412,962			421,888
Effective tax rate (%)*												18.8		%	19.0		%							18.9		%				21.1		%	22.2		%	10.7		%	296.7		%	18.7		%
Adjusted effective tax rate (%)*												18.8		%	22.0		%							23.6		%				21.3		%	21.4		%	18.9		%	27.2		%	20.5		%
* Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).

Page 1

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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
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream												751			731									1,482						554			767			644			673			2,638
Chemicals												113			20									133						205			222			342			107			876
Refining												(937)			359									(578)						216			302			(108)			(775)			(365)
Marketing and Specialties												1,282			571									1,853						366			415			(22)			252			1,011
Renewable Fuels												(185)			(133)									(318)						(55)			(55)			(116)			28			(198)
Corporate and Other												(376)			(428)									(804)						(322)			(340)			(327)			(298)			(1,287)
Income (loss) before income taxes												648			1,120									1,768						964			1,311			413			(13)			2,675
Less: income tax expense (benefit)												122			212									334						203			291			44			(38)			500
Net Income												526			908									1,434						761			1,020			369			25			2,175
Less: net income attributable to   noncontrolling interests												39			31									70						13			5			23			17			58
Net Income Attributable to Phillips 66												487			877									1,364						748			1,015			346			8			2,117
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												243			242									485						303			309			282			282			1,176
NGL												440			489									929						310			444			390			426			1,570
Total Midstream												683			731									1,414						613			753			672			708			2,746
Chemicals												113			20									133						205			222			342			72			841
Refining
Atlantic Basin/Europe												(199)			82									(117)						78			15			(61)			(100)			(68)
Gulf Coast												(333)			101									(232)						113			42			(102)			(128)			(75)
Central Corridor												(50)			392									342						213			243			308			(94)			670
West Coast												(355)			(183)									(538)						(91)			2			(212)			(437)			(738)
Total Refining												(937)			392									(545)						313			302			(67)			(759)			(211)
Marketing and Specialties												265			660									925						307			415			583			185			1,490
Renewable Fuels												(185)			(133)									(318)						(55)			(55)			(116)			28			(198)
Corporate and Other												(355)			(383)									(738)						(322)			(340)			(327)			(294)			(1,283)
Adjusted income (loss) before income taxes												(416)			1,287									871						1,061			1,297			1,087			(60)			3,385
Less: adjusted income tax expense (benefit)												(78)			283									205						226			278			205			(16)			693
Adjusted Net Income (Loss)												(338)			1,004									666						835			1,019			882			(44)			2,692
Less: adjusted net income attributable to   noncontrolling interests												30			31									61						13			35			23			17			88
Adjusted Net Income (Loss) Attributable to Phillips 66												(368)			973									605						822			984			859			(61)			2,604
Adjusted Net Income (Loss) Attributable to Phillips 66   Per Share of Common Stock (dollars)
Diluted*												(0.90)			2.38									1.47						1.90			2.31			2.04			(0.15)			6.15
Adjusted Weighted-Average Common Shares Outstanding   (thousands)
Diluted												409,182			407,934									409,012						432,158			425,734			419,827			411,687			422,538
* 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. Recalculated diluted EPS using the rounded components may differ from the presented diluted EPS.
ADJUSTED EBITDA BY SEGMENT*
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												300			301									601						384			386			341			344			1,455
NGL												585			671									1,256						477			585			551			594			2,207
Total Midstream												885			972									1,857						861			971			892			938			3,662
Chemicals												244			148									392						325			348			466			209			1,348
Refining												(452)			867									415						545			531			188			(298)			966
Marketing and Specialties												315			718									1,033						377			484			656			307			1,824
Renewable Fuels												(162)			(110)									(272)						(49)			(43)			(92)			50			(134)
Corporate and Other												(94)			(94)									(188)						(116)			(108)			(112)			(76)			(412)
Adjusted EBITDA												736			2,501									3,237						1,943			2,183			1,998			1,130			7,254
* 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

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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
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Net gain on asset dispositions ††												68			—									68						—			238			—			—			238
Impairments												—			—									—						(59)			(224)			(28)			(35)			(346)
Total Midstream												68			—									68						(59)			14			(28)			(35)			(108)
Chemicals
Winter-storm-related recovery												—			—									—						—			—			—			35			35
Total Chemicals												—			—									—						—			—			—			35			35
Refining
Certain tax impacts												—			—									—						—			—			—			9			9
Impairments												—			—									—						(104)			—			—			—			(104)
Los Angeles Refinery cessation costs												—			—									—						—			—			(41)			(3)			(44)
Legal accrual												—			(33)									(33)						—			—			—			(22)			(22)
Legal settlement												—			—									—						7			—			—			—			7
Total Refining												—			(33)									(33)						(97)			—			(41)			(16)			(154)
Marketing and Specialties
Legal settlement												—			—									—						59			—			—			—			59
Legal accrual												—			—									—						—			—			(605)			—			(605)
Net gain (loss) on asset dispositions †												1,017			(89)									928						—			—			—			67			67
Total Marketing and Specialties												1,017			(89)									928						59			—			(605)			67			(479)
Renewable Fuels												—			—									—						—			—			—			—			—
Corporate and Other
Impairments												(21)			—									(21)						—			—			—			—			—
Los Angeles Refinery cessation costs												—			—									—						—			—			—			(4)			(4)
Professional advisory fees												—			(45)									(45)						—			—			—			—			—
Total Corporate and Other												(21)			(45)									(66)						—			—			—			(4)			(4)
Total Special Items (Pre-tax)												1,064			(167)									897						(97)			14			(674)			47			(710)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items ♦												200			(40)									160						(23)			13			(161)			9			(162)
Other tax impacts												—			(31)									(31)						—			—			—			(31)			(31)
Total Income Tax Expense (Benefit)												200			(71)									129						(23)			13			(161)			(22)			(193)
Less: Income (Loss) Attributable to Noncontrolling Interests
Net gain on asset disposition ††												9			—									9						—			—			—			—			—
Impairment of certain DCP assets												—			—									—						—			(30)			—			—			(30)
Total Income (Loss) Attributable to Noncontrolling Interests												9			—									9						—			(30)			—			—			(30)
Total Phillips 66 Special Items (After-tax)												855			(96)									759						(74)			31			(513)			69			(487)
† Net gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG (Coop) which closed in January 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 ,we recognized a before-tax unrealized loss from foreign currency derivatives.
†† Gain on disposition of DCP Midstream, LP's 25% interest in Gulf Coast Express Pipeline LLC in Q1 2025.
♦ 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 generally 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
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												—			—									—						(59)			238			(28)			(35)			116
NGL												68			—									68						—			(224)			—			—			(224)
Total Midstream												68			—									68						(59)			14			(28)			(35)			(108)
Refining
Atlantic Basin/Europe												—			(33)									(33)						—			—			—			9			9
Gulf Coast												—			—									—						7			—			—			—			7
Central Corridor												—			—									—						—			—			—			—			—
West Coast												—			—									—						(104)			—			(41)			(25)			(170)
Total Refining												—			(33)									(33)						(97)			—			(41)			(16)			(154)

Page 3

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Phillips 66 Earnings Release Supplemental Data

CASH FLOW INFORMATION
												Millions of Dollars
												2025																		2024
												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												526			908									1,434						761			1,020			369			25			2,175
Depreciation and amortization												791			816									1,607						504			497			543			819			2,363
Impairments												26			4									30						165			225			29			37			456
Accretion on discounted liabilities												12			10									22						9			10			8			13			40
Deferred income taxes												(133)			(48)									(181)						(55)			(145)			113			(164)			(251)
Undistributed equity earnings												120			75									195						(180)			(179)			(160)			108			(411)
Loss (gain) on early redemption of debt												—			—									—						2			—			(5)			—			(3)
Net (gain) loss on dispositions												(1,087)			93									(994)						—			(237)			(2)			(82)			(321)
Unrealized investment (gain) loss*												10			4									14						(6)			7			1			(2)			—
Other												(6)			58									52						11			(17)			617			147			758
Net working capital changes												(72)			(1,075)									(1,147)						(1,447)			916			(381)			297			(615)
Net Cash Provided by (Used in) Operating Activities												187			845									1,032						(236)			2,097			1,132			1,198			4,191
Cash Flows From Investing Activities
Capital expenditures and investments												(423)			(587)									(1,010)						(628)			(367)			(358)			(506)			(1,859)
Acquisitions, net of cash acquired												—			(2,220)									(2,220)						—			—			(567)			(58)			(625)
Purchases of government obligations**												—			—									—						—			—			(1,100)			—			(1,100)
Return of investments in equity affiliates												25			18									43						41			26			55			19			141
Proceeds from asset dispositions												2,034			(3)									2,031						2			685			219			176			1,082
Advances/loans—related parties												(20)			—									(20)						—			—			—			—			—
Collection of advances/loans—related parties												—			21									21						—			2			1			1			4
Other												(25)			37									12						(80)			(19)			(30)			23			(106)
Net Cash Provided by (Used in) Investing Activities												1,591			(2,734)									(1,143)						(665)			327			(1,780)			(345)			(2,463)
Cash Flows From Financing Activities
Issuance of debt												—			3,499									3,499						3,815			(196)			1,518			1,135			6,272
Repayment of debt												(1,287)			(1,088)									(2,375)						(3,013)			(7)			(408)			(712)			(4,140)
Issuance of common stock												23			2									25						50			14			18			4			86
Repurchase of common stock												(247)			(419)									(666)						(1,164)			(840)			(800)			(647)			(3,451)
Dividends paid on common stock												(469)			(487)									(956)						(448)			(485)			(477)			(472)			(1,882)
Distributions to noncontrolling interests												(14)			(81)									(95)						(13)			(20)			(13)			(24)			(70)
Contributions from noncontrolling interests												—			106									106						—			—			—			—			—
Other												(55)			(6)									(61)						(73)			(9)			(30)			(8)			(120)
Net Cash Provided by (Used in) Financing Activities												(2,049)			1,526									(523)						(846)			(1,543)			(192)			(724)			(3,305)
Effect of Exchange Rate Changes on Cash and   Cash Equivalents												22			18									40						(6)			(7)			33			(28)			(8)
Net Change in Cash and Cash Equivalents, including   cash classified within Assets held for sale												(249)			(345)									(594)						(1,753)			874			(807)			101			(1,585)
Cash and cash equivalents at beginning of period												1,738			1,489									1,738						3,323			1,570			2,444			1,637			3,323
Cash and Cash Equivalents at End of Period, including   cash classified within Assets held for sale												1,489			1,144									1,144						1,570			2,444			1,637			1,738			1,738
Reconciliation of Cash and Cash Equivalents at end of   period
Cash and Cash equivalents												1,489			1,052									1,052						1,570			2,444			1,637			1,738			1,738
Cash and cash equivalents included in Assets held for sale												—			92									92						—			—			—			—			—
Cash and cash equivalents at end of period, including   cash classified within Assets held for sale												1,489			1,144									1,144						1,570			2,444			1,637			1,738			1,738
* Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.
** Includes U.S. Treasury securities.
CAPITAL PROGRAM
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Consolidated Capital Expenditures and Investments*
Midstream												216			384									600						255			96			172			228			751
Chemicals												—			—									—						—			—			—			—			—
Refining												176			148									324						135			105			146			196			582
Marketing and Specialties												15			34									49						15			20			18			32			85
Renewable Fuels												9			9									18						217			128			12			18			375
Corporate and Other												7			12									19						6			18			10			32			66
Consolidated Capital Expenditures and Investments												423			587									1,010						628			367			358			506			1,859
* Excludes net acquisitions of $2,220MM, $58MM and $567MM in Q2 2025, Q4 2024 and Q3 2024, respectively.
Consolidated Capital Expenditures and Investments*†
Growth												229			379									608						485			194			164			191			1,034
Sustaining												194			208									402						143			173			194			315			825
Consolidated Capital Expenditures and Investments												423			587									1,010						628			367			358			506			1,859
* Excludes net acquisitions of $2,220MM, $58MM and $567MM in Q2 2025, Q4 2024 and Q3 2024, respectively.
† See note on the use of non-GAAP measures.
Proportional Share of Selected Equity Affiliates Capital   Expenditures and Investments
CPChem (Chemicals)												182			225									407						201			199			179			230			809
WRB (Refining)												21			44									65						24			29			30			38			121
Selected Equity Affiliates												203			269									472						225			228			209			268			930

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income before Income Taxes
Transportation												243			242									485						244			547			254			247			1,292
NGL												508			489									997						310			220			390			426			1,346
Income before Income Taxes												751			731									1,482						554			767			644			673			2,638
Equity in Earnings of Affiliates
Transportation												97			87									184						136			140			110			109			495
NGL												13			11									24						19			30			24			23			96
Total												110			98									208						155			170			134			132			591
Depreciation and Amortization*
Transportation												44			43									87						44			42			42			44			172
NGL												189			217									406						185			182			191			190			748
Total												233			260									493						229			224			233			234			920
* Excludes D&A of all non-consolidated affiliates.
Operating and SG&A Expenses*
Transportation												173			191									364						180			194			181			183			738
NGL												338			373									711						330			281			355			385			1,351
Total												511			564									1,075						510			475			536			568			2,089
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
Transportation Volumes (MB/D)
Pipelines*												2,893			3,093									2,994						2,979			3,059			3,006			3,168			3,053
Terminals												2,938			3,074									3,007						3,109			3,226			3,049			3,107			3,123
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.
PSX Other Volumes
Wellhead Volume (Bcf/D)*												4.1			4.2									4.2						4.4			4.5			4.3			4.2			4.3
NGL Production (MB/D)*												437			456									447						417			437			439			449			436
Pipeline Throughput–Y-Grade to Market (MB/D)**												704			956									831						714			781			762			759			754
NGL Fractionated (MB/D)												748			883									816						679			744			728			760			728
* Includes 100% of DCP Midstream Class A Segment.
** Represents volumes delivered to fractionation market hubs, including Mont Belvieu, Sweeny and Conway. 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 Indicators
Weighted-Average NGL Price ($/gal)*												0.74			0.64									0.69						0.70			0.68			0.64			0.70			0.68
Henry Hub Natural Gas Price ($/MMBtu)**												4.27			3.16									3.71						2.41			2.04			2.09			2.42			2.24
WTI ($/BBL)**												71.46			63.86									67.66						77.07			80.73			75.19			70.36			75.83
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
** Based on daily spot prices.

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
												Millions of Dollars
												2025																		2024
												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												751			731									1,482						554			767			644			673			2,638
Plus:
Depreciation and amortization												233			260									493						229			224			233			234			920
EBITDA												984			991									1,975						783			991			877			907			3,558
Special Item Adjustments (pre-tax):
Net gain on asset dispositions												(68)			—									(68)						—			(238)			—			—			(238)
Impairments												—			—									—						59			224			28			35			346
EBITDA, Adjusted for Special Items												916			991									1,907						842			977			905			942			3,666
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												3			4									7						3			5			5			3			16
Proportional share of selected equity affiliates net interest												3			3									6						13			10			3			3			29
Proportional share of selected equity affiliates depreciation   and amortization												23			24									47						38			37			26			28			129
Adjusted EBITDA attributable to noncontrolling interests												(60)			(50)									(110)						(35)			(58)			(47)			(38)			(178)
Adjusted EBITDA												885			972									1,857						861			971			892			938			3,662

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Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Transportation
Income before income taxes												243			242									485						244			547			254			247			1,292
Plus:
Depreciation and amortization												44			43									87						44			42			42			44			172
EBITDA												287			285									572						288			589			296			291			1,464
Special Item Adjustments (pre-tax):
Net gain on asset disposition												—			—									—						—			(238)			—			—			(238)
Impairments												—			—									—						59			—			28			35			122
EBITDA, Adjusted for Special Items												287			285									572						347			351			324			326			1,348
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												3			4									7						3			5			5			3			16
Proportional share of selected equity affiliates net interest												3			3									6						13			10			3			3			29
Proportional share of selected equity affiliates depreciation   and amortization												15			15									30						26			25			15			16			82
Adjusted EBITDA attributable to noncontrolling interests												(8)			(6)									(14)						(5)			(5)			(6)			(4)			(20)
Adjusted EBITDA												300			301									601						384			386			341			344			1,455
NGL
Income before income taxes												508			489									997						310			220			390			426			1,346
Plus:
Depreciation and amortization												189			217									406						185			182			191			190			748
EBITDA												697			706									1,403						495			402			581			616			2,094
Special Item Adjustments (pre-tax):
Net gain on asset disposition												(68)			—									(68)						—			—			—			—			—
Impairments												—			—									—						—			224			—			—			224
EBITDA, Adjusted for Special Items												629			706									1,335						495			626			581			616			2,318
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—			—									—						—			—			—			—			—
Proportional share of selected equity affiliates net interest												—			—									—						—			—			—			—			—
Proportional share of selected equity affiliates depreciation   and amortization												8			9									17						12			12			11			12			47
Adjusted EBITDA attributable to noncontrolling interests												(52)			(44)									(96)						(30)			(53)			(41)			(34)			(158)
Adjusted EBITDA												585			671									1,256						477			585			551			594			2,207

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Phillips 66 Earnings Release Supplemental Data

CHEMICALS
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income before Income Taxes												113			20									133						205			222			342			107			876
Equity in Earnings of Affiliate												113			20									133						201			219			339			104			863
100% CPChem Results
Net Income, excludes parent company income tax related   to CPChem's earnings												226			40									266						402			438			678			208			1,726
Income before Income Taxes												235			50									285						413			450			690			217			1,770
Depreciation and Amortization												170			166									336						153			154			154			185			646
Net Interest Expense*												(2)			(1)									(3)						7			2			(2)			(1)			6
* Net of interest income.
Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments												363			450									813						401			399			357			460			1,617
Return of Investments from Equity Companies												—			(7)									(7)						—			(14)			—			—			(14)
Olefins and Polyolefins Capacity Utilization (%)												100		%	92		%							96		%				96		%	98		%	98		%	98		%	97		%
Market Indicator*
Ethylene to High-Density Polyethylene Chain   Cash Margin (cents/lb)												10.9			7.4									9.2						16.4			18.3			23.7			12.4			17.7
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income  Taxes to Adjusted EBITDA
Income before income taxes												113			20									133						205			222			342			107			876
Plus:
None												—			—									—						—			—			—			—			—
EBITDA												113			20									133						205			222			342			107			876
Special Item Adjustments (pre-tax):
Winter-storm-related recovery												—			—									—						—			—			—			(35)			(35)
EBITDA, Adjusted for Special Items												113			20									133						205			222			342			72			841
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												13			13									26						13			15			13			11			52
Proportional share of selected equity affiliates net interest												(1)			(1)									(2)						1			—			(2)			—			(1)
Proportional share of selected equity affiliates depreciation   and amortization												119			116									235						106			111			113			126			456
Adjusted EBITDA												244			148									392						325			348			466			209			1,348

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Phillips 66 Earnings Release Supplemental Data

REFINING
												Millions of Dollars, Except as Indicated
												2025																		2024
												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												(199)			49									(150)						78			15			(61)			(91)			(59)
Gulf Coast												(333)			101									(232)						120			42			(102)			(128)			(68)
Central Corridor												(50)			392									342						213			243			308			(94)			670
West Coast												(355)			(183)									(538)						(195)			2			(253)			(462)			(908)
Income (Loss) before Income Taxes												(937)			359									(578)						216			302			(108)			(775)			(365)
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe												(5.15)			1.00									(1.70)						1.66			0.30			(1.27)			(1.79)			(0.30)
Gulf Coast												(8.95)			1.93									(2.60)						2.53			0.82			(2.10)			(2.62)			(0.35)
Central Corridor												(1.85)			13.67									6.13						8.31			8.69			11.38			(3.35)			6.18
West Coast												(16.60)			(8.37)									(12.43)						(8.26)			0.10			(11.51)			(22.65)			(10.38)
Worldwide												(7.53)			2.36									(2.09)						1.50			2.00			(0.74)			(5.24)			(0.62)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe												7.08			8.16									7.68						9.70			8.10			5.87			6.09			7.42
Gulf Coast												4.43			8.71									6.92						10.95			7.88			6.39			5.58			7.68
Central Corridor												8.29			15.61									12.07						12.56			12.75			14.19			6.68			11.52
West Coast												7.12			14.06									10.64						10.60			13.06			4.34			5.74			8.50
Worldwide												6.81			11.25									9.23						11.01			10.01			8.31			6.08			8.84
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) before income taxes to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.
Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe												(2)			(2)									(4)						(1)			(2)			(2)			(2)			(7)
Gulf Coast												—			—									—						1			—			1			—			2
Central Corridor												(103)			—									(103)						108			35			(11)			(77)			55
West Coast												—			—									—						—			—			—			—			—
Total												(105)			(2)									(107)						108			33			(12)			(79)			50
Depreciation and Amortization*
Atlantic Basin/Europe												56			53									109						52			51			53			54			210
Gulf Coast												72			67									139						62			65			68			67			262
Central Corridor												41			41									82						44			42			42			43			171
West Coast												287			282									569						50			46			67			271			434
Total												456			443									899						208			204			230			435			1,077
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe												379			289									668						254			276			267			270			1,067
Gulf Coast												390			262									652						307			278			312			305			1,202
Central Corridor												171			159									330						167			167			151			174			659
West Coast												180			170									350						263			214			252			279			1,008
Total												1,120			880									2,000						991			935			982			1,028			3,936
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A   Expenses*
Atlantic Basin/Europe												97			18									115						19			33			31			19			102
Gulf Coast												164			27									191						82			39			83			78			282
Central Corridor												2			2									4						1			3			8			9			21
West Coast												7			6									13						22			25			15			17			79
Total												270			53									323						124			100			137			123			484
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe												22			20									42						24			15			24			22			85
Gulf Coast												35			24									59						38			19			26			28			111
Central Corridor												26			25									51						28			22			27			21			98
West Coast												27			25									52						31			18			23			21			93
Total												110			94									204						121			74			100			92			387
Foreign Currency Gains (Losses) Pre-Tax												9			20									29						1			(1)			6			(6)			—
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates												(105)			(2)									(107)						108			33			(12)			(79)			50
Less: Share of equity affiliate gross margin included in Realized   Refining Margin and other equity affiliate-related costs*												(141)			(234)									(375)						(331)			(260)			(193)			(132)			(916)
Equity affiliate-related expenses not included in Realized   Refining Margins												(246)			(236)									(482)						(223)			(227)			(205)			(211)			(866)
* 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												200			185									385						181			184			163			166			694
Proportional Share of Certain* Equity Affiliate   Turnaround Expense, included in Equity Affiliate   Operating and SG&A Expenses												27			24									51						22			30			9			7			68
* Includes turnaround expense related to WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).
Operating expenses												1,074			848									1,922						953			884			922			968			3,727
Selling, general and administrative expenses												46			32									78						38			51			60			60			209
Refining Controllable Costs*												1,120			880									2,000						991			935			982			1,028			3,936
Refining Controllable Costs ($/BBL)*												9.00			5.79									7.24						6.89			6.18			6.75			6.95			6.69
* Excludes operating and SG&A expenses of all equity affiliates. See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs per barrel included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.
Refining Adjusted Controllable Costs ($/BBL)*												9.07			5.90									7.34						7.06			6.43			6.53			6.83			6.71
* 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

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2025																		2024
												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												(937)			359									(578)						216			302			(108)			(775)			(365)
Plus:
Depreciation and amortization												456			443									899						208			204			230			435			1,077
EBITDA												(481)			802									321						424			506			122			(340)			712
Special Item Adjustments (pre-tax):
Certain tax impacts												—			—									—						—			—			—			(9)			(9)
Impairments												—			—									—						104			—			—			—			104
Los Angeles Refinery cessation costs												—			—									—						—			—			41			3			44
Legal accrual												—			33									33						—			—			—			22			22
Legal settlement												—			—									—						(7)			—			—			—			(7)
EBITDA, Adjusted for Special Items												(481)			835									354						521			506			163			(324)			866
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—			—									—						—			1			(1)			(1)			(1)
Proportional share of selected equity affiliates net interest												2			3									5						(1)			(2)			(1)			—			(4)
Proportional share of selected equity affiliates depreciation   and amortization												27			29									56						25			26			27			27			105
Adjusted EBITDA												(452)			867									415						545			531			188			(298)			966
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)												359			518									439						472			527			498			511			502
Total Processed Inputs (MB/D)												430			541									486						516			555			520			552			536
Crude Oil Capacity Utilization (%)												67		%	97		%							82		%				88		%	98		%	93		%	95		%	93		%
Clean Product Yield (%)												89		%	87		%							88		%				87		%	87		%	89		%	88		%	88		%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)												369			508									439						475			507			473			479			483
Total Processed Inputs (MB/D)												413			573									493						522			563			528			530			536
Crude Oil Capacity Utilization (%)												70		%	96		%							83		%				90		%	96		%	89		%	91		%	91		%
Clean Product Yield (%)												81		%	80		%							81		%				76		%	83		%	81		%	82		%	80		%
Central Corridor*
Crude Oil Charge Input (MB/D)												521			550									535						509			541			533			535			529
Total Processed Inputs (MB/D)												536			566									551						527			558			549			555			547
Crude Oil Capacity Utilization (%)												98		%	104		%							101		%				96		%	102		%	100		%	101		%	100		%
Clean Product Yield (%)												91		%	90		%							91		%				90		%	89		%	89		%	93		%	90		%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)												228			234									231						244			227			230			214			229
Total Processed Inputs (MB/D)												237			241									239						260			237			239			222			239
Crude Oil Capacity Utilization (%)												93		%	96		%							95		%				100		%	93		%	94		%	88		%	94		%
Clean Product Yield (%)												89		%	90		%							89		%				84		%	88		%	93		%	93		%	89		%
Worldwide—Including Proportionate Share of   Equity Affiliates
Crude Oil Charge Input (MB/D)												1,477			1,810									1,644						1,700			1,802			1,734			1,739			1,743
Total Processed Inputs (MB/D)												1,616			1,921									1,769						1,825			1,913			1,836			1,859			1,858
Crude Oil Capacity Utilization (%)												80		%	98		%							89		%				92		%	98		%	94		%	94		%	95		%
Clean Product Yield (%)												87		%	86		%							87		%				84		%	86		%	87		%	88		%	87		%

Page 10

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2025																		2024
												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												199			225									212						227			242			234			230			233
Distillates												166			232									199						206			226			213			240			221
Other												70			86									78						89			88			77			89			86
Total												435			543									489						522			556			524			559			540
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline												184			243									214						193			234			221			215			216
Distillates												138			202									171						192			216			194			205			202
Other												87			134									111						141			121			123			114			124
Total												409			579									496						526			571			538			534			542
Central Corridor*
Gasoline												263			276									270						258			266			263			278			266
Distillates												223			233									228						212			231			225			234			225
Other												56			63									60						57			67			66			48			60
Total												542			572									558						527			564			554			560			551
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline												131			135									133						126			119			133			123			125
Distillates												81			82									81						91			87			88			83			87
Other												24			21									23						40			28			16			18			26
Total												236			238									237						257			234			237			224			238
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline												777			879									829						804			861			851			846			840
Distillates												608			749									679						701			760			720			762			735
Other												237			304									272						327			304			282			269			296
Total												1,622			1,932									1,780						1,832			1,925			1,853			1,877			1,871
Market Indicators
Crude and Crude Differentials ($/BBL) †
WTI												71.46			63.86									67.66						77.07			80.73			75.19			70.36			75.83
Brent												75.66			67.82									71.74						83.24			84.94			80.18			74.69			80.76
ANS												75.99			68.92									72.45						81.47			86.39			78.91			74.29			80.26
WTI less Maya												6.36			5.39									5.87						7.51			7.26			8.02			7.14			7.48
WTI less WCS (settlement differential)												12.65			10.20									11.43						19.33			13.55			13.51			12.46			14.71
Natural Gas ($/MMBtu) †
Henry Hub												4.27			3.16									3.71						2.41			2.04			2.09			2.42			2.24
† Based on daily spot prices, unless otherwise noted.

Page 11

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Phillips 66 Earnings Release Supplemental Data

MARKETING AND SPECIALTIES
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income (Loss) before Income Taxes												1,282			571									1,853						366			415			(22)			252			1,011
Income (Loss) before Income Taxes ($/BBL)
U.S.												0.67			2.32									1.55						1.38			1.16			(1.43)			0.52			0.41
International												39.88			1.96									20.74						2.94			5.02			5.07			2.69			3.93
Realized Marketing Fuel Margins ($/BBL)*
U.S.												1.36			2.83									2.14						1.60			1.70			2.45			1.18			1.73
International												4.87			7.11									6.00						4.88			5.87			6.19			3.70			5.15
* 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*												243			287									530						296			248			274			241			1,059
* Excludes gain on dispositions and excise taxes on sales of refined products.
Equity in Earnings of Affiliates												36			38									74						64			66			88			58			276
Depreciation and Amortization*												20			33									53						36			32			32			79			179
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*												346			351									697						335			358			959			350			2,002
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Products Sales (MB/D)
U.S. Marketing
Gasoline												1,080			1,191									1,136						1,111			1,259			1,147			1,158			1,169
Distillates												735			809									772						797			843			813			908			840
Other												13			28									20						18			12			28			21			20
Total												1,828			2,028									1,928						1,926			2,114			1,988			2,087			2,029
International Marketing
Gasoline												114			110									112						104			112			106			113			109
Distillates												171			162									166						171			165			177			165			170
Other												27			42									35						28			40			23			37			32
Total												312			314									313						303			317			306			315			311
Worldwide Marketing
Gasoline												1,194			1,301									1,248						1,215			1,371			1,253			1,271			1,278
Distillates												906			971									938						968			1,008			990			1,073			1,010
Other												40			70									55						46			52			51			58			52
Total												2,140			2,342									2,241						2,229			2,431			2,294			2,402			2,340
Foreign Currency Gains (Losses) Pre-Tax												2			1									3						(7)			—			2			2			(3)
Reconciliation of Marketing and Specialties Income (Loss)   before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes												1,282			571									1,853						366			415			(22)			252			1,011
Plus:
Depreciation and amortization												20			33									53						36			32			32			79			179
EBITDA												1,302			604									1,906						402			447			10			331			1,190
Special Item Adjustments (pre-tax):
Legal settlement												—			—									—						(59)			—			—			—			(59)
Legal accrual												—			—									—						—			—			605			—			605
Net (gain) loss on asset dispositions												(1,017)			89									(928)						—			—			—			(67)			(67)
EBITDA, Adjusted for Special Items												285			693									978						343			447			615			264			1,669
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												2			—									2						5			5			7			4			21
Proportional share of selected equity affiliates net interest												10			10									20						10			11			12			11			44
Proportional share of selected equity affiliates depreciation   and amortization												18			15									33						19			21			22			28			90
Adjusted EBITDA												315			718									1,033						377			484			656			307			1,824

Page 12

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Phillips 66 Earnings Release Supplemental Data

RENEWABLE FUELS
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income (Loss) before Income Taxes												(185)			(133)									(318)						(55)			(55)			(116)			28			(198)
Operating and SG&A Expenses*												114			104									218						83			110			118			110			421
* Excludes operating and SG&A expenses of all equity affiliates.
Operating Statistics
Total Renewable Fuels Produced (MB/D)												44			40									42						9			31			44			42			31
Total Renewable Fuel Sales (MB/D)												63			71									67						34			45			70			62			52
Market Indicators*
Chicago Board of Trade (CBOT) soybean oil   (dollars per pound)												0.44			0.49									0.47						0.47			0.45			0.43			0.43			0.44
California Low-Carbon Fuel Standard (LCFS) carbon credit   (dollars per metric ton)												66.28			52.33									59.30						63.86			51.83			53.89			72.33			60.48
California Air Resource Board (CARB) ULSD - San Francisco   (dollars per gallon)												2.44			2.52									2.48						2.65			2.64			2.39			2.25			2.48
Biodiesel Renewable Identification Number (RIN)   (dollars per RIN)												0.79			1.08									0.94						0.58			0.51			0.60			0.66			0.59
* 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												(185)			(133)									(318)						(55)			(55)			(116)			28			(198)
Plus:
Depreciation and amortization												23			23									46						6			12			24			22			64
EBITDA												(162)			(110)									(272)						(49)			(43)			(92)			50			(134)
Special Item Adjustments (pre-tax):
None												—			—									—						—			—			—			—			—
EBITDA, Adjusted for Special Items												(162)			(110)									(272)						(49)			(43)			(92)			50			(134)

Page 13

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Phillips 66 Earnings Release Supplemental Data

CORPORATE AND OTHER
												Millions of Dollars, Except as Indicated
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Loss before Income Taxes												(376)			(428)									(804)						(322)			(340)			(327)			(298)			(1,287)
Detail of Gain (Loss) before Income Taxes
Net interest expense												(187)			(230)									(417)						(186)			(200)			(191)			(168)			(745)
Corporate overhead and other												(174)			(196)									(370)						(141)			(133)			(136)			(129)			(539)
NOVONIX												(15)			(2)									(17)						5			(7)			—			(1)			(3)
Total												(376)			(428)									(804)						(322)			(340)			(327)			(298)			(1,287)
Net Interest Expense
Interest expense												(230)			(267)									(497)						(238)			(238)			(232)			(220)			(928)
Capitalized interest												9			3									12						10			8			3			—			21
Gain on early retirement of debt												—			—									—						—			—			—			4			4
Interest income												34			34									68						42			30			38			48			158
Total												(187)			(230)									(417)						(186)			(200)			(191)			(168)			(745)
NOVONIX Investment
Unrealized Investment Gain (Loss)												(15)			(3)									(18)						6			(7)			(1)			2			—
Unrealized Foreign Currency Transaction Gain (Loss)												—			1									1						(1)			—			1			(3)			(3)
Change in Fair Value of NOVONIX Investment												(15)			(2)									(17)						5			(7)			—			(1)			(3)
Reconciliation of Corporate and Other Loss   before Income Taxes to Adjusted EBITDA
Loss before income taxes												(376)			(428)									(804)						(322)			(340)			(327)			(298)			(1,287)
Plus:
Net interest expense												187			230									417						186			200			191			168			745
Depreciation and amortization												59			57									116						25			25			24			49			123
EBITDA												(130)			(141)									(271)						(111)			(115)			(112)			(81)			(419)
Special Item Adjustments (pre-tax):
Impairment												21			—									21						—			—			—			—			—
Los Angeles Refinery cessation costs												—			—									—						—			—			—			4			4
Professional advisory fees												—			45									45						—			—			—			—			—
Total Special Item Adjustments (pre-tax)												21			45									66						—			—			—			4			4
Change in Fair Value of NOVONIX Investment												15			2									17						(5)			7			—			1			3
EBITDA, Adjusted for Special Items and Change in   Fair Value of NOVONIX Investment												(94)			(94)									(188)						(116)			(108)			(112)			(76)			(412)
Other Adjustments (pre-tax):
None												—			—									—						—			—			—			—			—
Adjusted EBITDA												(94)			(94)									(188)						(116)			(108)			(112)			(76)			(412)
Foreign Currency Losses Pre-Tax												(2)			(4)									(6)						—			—			—			(2)			(2)
Phillips 66 Company
Total Debt												18,803			20,935									20,935						20,154			19,960			19,998			20,062			20,062
Total Equity												28,353			28,626									28,626						30,794			30,507			29,784			28,463			28,463
Debt-to-Capital Ratio (%)												40		%	42		%							42		%				40		%	40		%	40		%	41		%	41		%
Cash and cash equivalents at end of period, including     cash classified within Assets held for sale												1,489			1,144									1,144						1,570			2,444			1,637			1,738			1,738
Net Debt-to-Capital Ratio (%)												38		%	41		%							41		%				38		%	36		%	38		%	39		%	39		%

Page 14

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
												Millions of Dollars
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Net income												526			908									1,434						761			1,020			369			25			2,175
Plus:
Income tax expense (benefit)												122			212									334						203			291			44			(38)			500
Net interest expense												187			230									417						186			200			191			168			745
Depreciation and amortization												791			816									1,607						504			497			543			819			2,363
Phillips 66 EBITDA												1,626			2,166									3,792						1,654			2,008			1,147			974			5,783
Special Item Adjustments (pre-tax):
Certain tax impacts												—			—									—						—			—			—			(9)			(9)
Net (gain) loss on asset dispositions												(1,085)			89									(996)						—			(238)			—			(67)			(305)
Impairments												21			—									21						163			224			28			35			450
Winter-storm-related recovery												—			—									—						—			—			—			(35)			(35)
Los Angeles Refinery cessation costs												—			—									—						—			—			41			7			48
Legal accrual												—			33									33						—			—			605			22			627
Legal settlement												—			—									—						(66)			—			—			—			(66)
Professional advisory fees												—			45									45						—			—			—			—			—
Total Special Item Adjustments (pre-tax)												(1,064)			167									(897)						97			(14)			674			(47)			710
Change in Fair Value of NOVONIX Investment*												15			2									17						(5)			7			—			1			3
Phillips 66 EBITDA, Adjusted for Special Items and   Change in Fair Value of NOVONIX Investment												577			2,335									2,912						1,746			2,001			1,821			928			6,496
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												18			17									35						21			26			24			17			88
Proportional share of selected equity affiliates net interest												14			15									29						23			19			12			14			68
Proportional share of selected equity affiliates depreciation   and amortization												187			184									371						188			195			188			209			780
Adjusted EBITDA attributable to noncontrolling interests												(60)			(50)									(110)						(35)			(58)			(47)			(38)			(178)
Phillips 66 Adjusted EBITDA												736			2,501									3,237						1,943			2,183			1,998			1,130			7,254
* 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 affiliates, 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. Sustaining capital expenditures demonstrate the capital required to maintain and extend the life of existing assets to ensure the ongoing operation and integrity of assets, including equipment, infrastructure, and facilities. A reconciliation of sustaining capital to consolidated capital expenditures and investments, excluding acquisitions and purchases of government obligations, is included in this earnings release supplemental data.

Page 15

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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
												2025																		2024
												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												(199)			49									(150)						78			15			(61)			(91)			(59)
Plus:
Taxes other than income taxes												22			20									42						24			15			24			22			85
Depreciation, amortization and impairments												56			53									109						52			51			53			55			211
Selling, general and administrative expenses												6			8									14						3			12			14			14			43
Operating expenses												373			281									654						251			264			253			256			1,024
Equity in losses of affiliates												2			2									4						1			2			2			2			7
Other segment (income) expense, net												(6)			(33)									(39)						13			18			(25)			40			46
Proportional share of refining gross margins contributed by   equity affiliates												21			22									43						33			32			21			21			107
Special items:
Certain tax impacts												—			—									—						—			—			—			(9)			(9)
Realized refining margins												275			402									677						455			409			281			310			1,455
Total processed inputs (MB)*												38,716			49,270									87,986						46,911			50,545			47,819			50,792			196,067
Adjusted total processed inputs (MB)*												38,716			49,270									87,986						46,911			50,545			47,819			50,792			196,067
Income (loss) before income taxes ($/BBL)**												(5.15)			1.00									(1.70)						1.66			0.30			(1.27)			(1.79)			(0.30)
Realized refining margins ($/BBL)***												7.08			8.16									7.68						9.70			8.10			5.87			6.09			7.42
GULF COAST
Income (loss) before income taxes												(333)			101									(232)						120			42			(102)			(128)			(68)
Plus:
Taxes other than income taxes												35			24									59						38			19			26			28			111
Depreciation, amortization and impairments												72			67									139						62			64			69			67			262
Selling, general and administrative expenses												9			5									14						6			9			8			9			32
Operating expenses												381			257									638						301			269			304			296			1,170
Equity in earnings of affiliates												—			—									—						(1)			—			(1)			—			(2)
Other segment expense, net												1			—									1						1			1			6			—			8
Special items:
Legal settlement												—			—									—						(7)			—			—			—			(7)
Realized refining margins												165			454									619						520			404			310			272			1,506
Total processed inputs (MB)												37,206			52,111									89,317						47,492			51,204			48,609			48,750			196,055
Adjusted total processed inputs (MB)												37,206			52,111									89,317						47,492			51,204			48,609			48,750			196,055
Income (loss) before income taxes ($/BBL)**												(8.95)			1.93									(2.60)						2.53			0.82			(2.10)			(2.62)			(0.35)
Realized refining margins ($/BBL)***												4.43			8.71									6.92						10.95			7.88			6.39			5.58			7.68
CENTRAL CORRIDOR
Income (loss) before income taxes												(50)			392									342						213			243			308			(94)			670
Plus:
Taxes other than income taxes												26			25									51						28			22			27			21			98
Depreciation, amortization and impairments												41			44									85						44			44			41			43			172
Selling, general and administrative expenses												23			13									36						24			25			27			26			102
Operating expenses												148			146									294						143			142			124			148			557
Equity in (earnings) losses of affiliates												103			—									103						(108)			(35)			11			77			(55)
Other segment (income) expense, net												(12)			(28)									(40)						(40)			(22)			8			9			(45)
Proportional share of refining gross margins contributed by   equity affiliates												120			212									332						298			228			172			111			809
Special items:
None												—			—									—						—			—			—			—			—
Realized refining margins												399			804									1,203						602			647			718			341			2,308
Total processed inputs (MB)												27,169			28,710									55,879						25,658			27,994			27,025			27,886			108,563
Adjusted total processed inputs (MB)*												48,275			51,477									99,752						47,912			50,805			50,536			51,037			200,290
Income (loss) before income taxes ($/BBL)**												(1.85)			13.67									6.13						8.31			8.69			11.38			(3.35)			6.18
Realized refining margins ($/BBL)***												8.29			15.61									12.07						12.56			12.75			14.19			6.68			11.52

Page 16

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Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
												Millions of Dollars, Except as Indicated
												2025																		2024
												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												(355)			(183)									(538)						(195)			2			(253)			(462)			(908)
Plus:
Taxes other than income taxes												27			25									52						31			18			23			21			93
Depreciation, amortization and impairments												288			282									570						156			44			67			271			538
Selling, general and administrative expenses												8			6									14						5			5			11			11			32
Operating expenses												172			164									336						258			209			241			268			976
Other segment (income) expense, net												12			14									26						(4)			2			7			9			14
Realized refining margins												152			308									460						251			280			96			118			745
Total processed inputs (MB)												21,362			21,914									43,276						23,639			21,553			21,987			20,452			87,631
Adjusted total processed inputs (MB)												21,362			21,914									43,276						23,639			21,553			21,987			20,452			87,631
Income (loss) before income taxes ($/BBL)**												(16.60)			(8.37)									(12.43)						(8.26)			0.10			(11.51)			(22.65)			(10.38)
Realized refining margins ($/BBL)***												7.12			14.06									10.64						10.60			13.06			4.34			5.74			8.50
WORLDWIDE
Income (loss) before income taxes												(937)			359									(578)						216			302			(108)			(775)			(365)
Plus:
Taxes other than income taxes												110			94									204						121			74			100			92			387
Depreciation, amortization and impairments												457			446									903						314			203			230			436			1,183
Selling, general and administrative expenses												46			32									78						38			51			60			60			209
Operating expenses												1,074			848									1,922						953			884			922			968			3,727
Equity in (earnings) losses of affiliates												105			2									107						(108)			(33)			12			79			(50)
Other segment (income) expense, net												(5)			(47)									(52)						(30)			(1)			(4)			58			23
Proportional share of refining gross margins contributed   by equity affiliates												141			234									375						331			260			193			132			916
Special items:
Certain tax impacts												—			—									—						—			—			—			(9)			(9)
Legal settlement												—			—									—						(7)			—			—			—			(7)
Realized refining margins												991			1,968									2,959						1,828			1,740			1,405			1,041			6,014
Total processed inputs (MB)												124,453			152,005									276,458						143,700			151,296			145,440			147,880			588,316
Adjusted total processed inputs (MB)*												145,559			174,772									320,331						165,954			174,107			168,951			171,031			680,043
Income (loss) before income taxes ($/BBL)**												(7.53)			2.36									(2.09)						1.50			2.00			(0.74)			(5.24)			(0.62)
Realized refining margins ($/BBL)***												6.81			11.25									9.23						11.01			10.01			8.31			6.08			8.84
* Includes 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
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
WORLDWIDE
Turnaround expenses												270			53									323						124			100			137			123			484
Other operating expenses												804			795									1,599						829			784			785			845			3,243
Total operating expenses												1,074			848									1,922						953			884			922			968			3,727
Selling, general and administrative expenses												46			32									78						38			51			60			60			209
Refining Controllable Costs												1,120			880									2,000						991			935			982			1,028			3,936
Plus:
Proportional share of equity affiliate turnaround   expenses*												27			24									51						22			30			9			7			68
Proportional share of equity affiliate other operating   and SG&A expenses*												173			161									334						159			154			154			159			626
Total proportional share of equity affiliate operating   and SG&A expenses*												200			185									385						181			184			163			166			694
Special item adjustments (pre-tax):
Legal accrual												—			(33)									(33)						—			—			—			(22)			(22)
Los Angeles Refinery cessation costs												—			—									—						—			—			(41)			(3)			(44)
Refining Adjusted Controllable Costs												1,320			1,032									2,352						1,172			1,119			1,104			1,169			4,564
Total processed inputs (MB)												124,453			152,005									276,458						143,700			151,296			145,440			147,880			588,316
Adjusted total processed inputs (MB)**												145,559			174,772									320,331						165,954			174,107			168,951			171,031			680,043
Refining turnaround expense ($/BBL)***												2.17			0.35									1.17						0.86			0.66			0.94			0.83			0.82
Refining controllable costs, excluding turnaround   expense ($/BBL)***												6.83			5.44									6.07						6.03			5.52			5.81			6.12			5.87
Refining Controllable Costs ($/BBL)***												9.00			5.79									7.24						6.89			6.18			6.75			6.95			6.69
Refining adjusted turnaround expense ($/BBL)****												2.04			0.44									1.17						0.88			0.75			0.86			0.76			0.81
Refining adjusted controllable costs, excluding   adjusted turnaround expense ($/BBL)****												7.03			5.46									6.17						6.18			5.68			5.67			6.07			5.90
Refining Adjusted Controllable Costs ($/BBL)****												9.07			5.90									7.34						7.06			6.43			6.53			6.83			6.71
* 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.
** Includes 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
												2025																		2024
												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												111			429									540						242			223			(262)			100			303
Plus:
Depreciation and amortization												13			12									25						10			9			9			10			38
Selling, general and administrative expenses												203			202									405						186			217			823			208			1,434
Equity in earnings of affiliates												(7)			(11)									(18)						(2)			(12)			(10)			(5)			(29)
Other operating revenues*												(105)			(121)									(226)						(108)			(123)			(127)			(109)			(467)
Other expense, net												9			12									21						11			14			14			22			61
Special items:
Legal settlement												—			—									—						(59)			—			—			—			(59)
Realized marketing fuel margins												224			523									747						280			328			447			226			1,281
Total fuel sales volumes (MB)												164,499			184,591									349,090						175,269			192,398			182,823			191,977			742,467
Income (loss) before income taxes ($/BBL)												0.67			2.32									1.55						1.38			1.16			(1.43)			0.52			0.41
Realized marketing fuel margins ($/BBL)**												1.36			2.83									2.14						1.60			1.70			2.45			1.18			1.73
INTERNATIONAL
Income before income taxes												1,117			56									1,173						81			145			143			78			447
Plus:
Depreciation and amortization												2			13									15						18			18			20			60			116
Selling, general and administrative expenses												65			72									137						64			63			64			74			265
Equity in earnings of affiliates												(8)			(1)									(9)						(24)			(29)			(30)			(23)			(106)
Other operating revenues*												(12)			(8)									(20)						(6)			(9)			(11)			(8)			(34)
Other (income) expense, net												3			—									3						15			(2)			2			5			20
Special items:
Net (gain) loss on asset dispositions												(1,017)			89									(928)						—			—			—			(67)			(67)
Marketing margins												150			221									371						148			186			188			119			641
Less: margin for nonfuel related sales												14			18									32						13			16			14			13			56
Realized marketing fuel margins												136			203									339						135			170			174			106			585
Total fuel sales volumes (MB)												28,011			28,560									56,571						27,590			28,893			28,207			29,022			113,712
Income before income taxes ($/BBL)												39.88			1.96									20.74						2.94			5.02			5.07			2.69			3.93
Realized marketing fuel margins ($/BBL)**												4.87			7.11									6.00						4.88			5.87			6.19			3.70			5.15
* 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
												2025																		2024
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
EFFECTIVE TAX RATES
Income (loss) before income taxes												648			1,120									1,768						964			1,311			413			(13)			2,675
Special items												(1,064)			167									(897)						97			(14)			674			(47)			710
Adjusted income (loss) before income taxes												(416)			1,287									871						1,061			1,297			1,087			(60)			3,385
Income tax expense (benefit)												122			212									334						203			291			44			(38)			500
Special items												(200)			71									(129)						23			(13)			161			22			193
Adjusted income tax expense (benefit)												(78)			283									205						226			278			205			(16)			693
Effective tax rate (%)*												18.8		%	19.0		%							18.9		%				21.1		%	22.2		%	10.7		%	296.7		%	18.7		%
Adjusted effective tax rate (%)*												18.8		%	22.0		%							23.6		%				21.3		%	21.4		%	18.9		%	27.2		%	20.5		%
* Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).

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