Form 8-K - Current report

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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

October 29, 2024

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)

[phone]

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 October 29, 2024, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended September 30, 2024. 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 October 29, 2024
			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: October 29, 2024

2

Exhibit 99.1

•Reported third-quarter earnings of $346 million or $0.82 per share; adjusted earnings of $859 million or $2.04 per share

•Returned $1.3 billion to shareholders through dividends and share repurchases

•Achieved business transformation $1.4 billion run-rate savings target, including $1 per barrel Refining cost reduction

•Progressed asset dispositions totaling $2.7 billion toward $3 billion target, including recently executed agreements

HOUSTON, October 29, 2024 – Phillips 66 (NYSE: PSX), a leading integrated downstream energy provider, announced third-quarter earnings.

“Our employees continue to execute our strategic priorities, deliver strong operating performance and leverage the benefits of our differentiated downstream portfolio,” said Mark Lashier, chairman and CEO of Phillips 66.

“We have achieved our cost reduction and Midstream synergy targets,” said Lashier. “In addition, we have significantly advanced our asset disposition program with recently announced transactions. Our commitment to operational excellence and disciplined capital allocation continues to create long-term shareholder value.”

Financial Results Summary

(in millions of dollars, except as indicated)

						3Q 2024			2Q 2024
Earnings						$	346		1,015
Adjusted Earnings1						859			984
Adjusted EBITDA1						1,998			2,183
Earnings Per Share
Earnings Per Share - Diluted						0.82			2.38
Adjusted Earnings Per Share - Diluted1						2.04			2.31
Cash Flow From Operations						1,132			2,097
Cash Flow From Operations, Excluding Working Capital1						1,513			1,181
Capital Expenditures & Investments2						358			367
Return of Capital to Shareholders						1,277			1,325
Share repurchases						800			840
Dividends paid						477			485
Cash						1,637			2,444
Debt						19,998			19,960
Debt-to-capital ratio						40%			40%
Net debt-to-capital ratio1						38%			36%
1Represents 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 Excludes acquisitions of $567 million in the third quarter of 2024 and purchases of government obligations of $1.1 billion in third-quarter of 2024.

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Segment Financial and Operating Highlights

(in millions of dollars, except as indicated)

			3Q 2024			2Q 2024			Change
Earnings1			$	346		1,015			(669)
Midstream			644			767			(123)
Chemicals			342			222			120
Refining			(108)			302			(410)
Marketing and Specialties			(22)			415			(437)
Renewable Fuels			(116)			(55)			(61)
Corporate and Other			(327)			(340)			13
Income tax expense			(44)			(291)			247
Noncontrolling interests			(23)			(5)			(18)
Adjusted Earnings1,2			$	859		984			(125)
Midstream			672			753			(81)
Chemicals			342			222			120
Refining			(67)			302			(369)
Marketing and Specialties			583			415			168
Renewable Fuels			(116)			(55)			(61)
Corporate and Other			(327)			(340)			13
Income tax expense			(205)			(278)			73
Noncontrolling interests			(23)			(35)			12
Adjusted EBITDA2			$	1,998		2,183			(185)
Midstream			892			971			(79)
Chemicals			466			348			118
Refining			188			531			(343)
Marketing and Specialties			656			484			172
Renewable Fuels			(92)			(43)			(49)
Corporate and Other			(112)			(108)			(4)
Operating Highlights
Midstream NGL Fractionated Volumes (MBD)			728			744			(16)
Chemicals Global O&P Utilization			98%			98%			—%
Refining
Turnaround Expense ($)			137			100			37
Realized Margin ($/BBL)2			8.31			10.01			(1.70)
Crude Capacity Utilization			94%			98%			(4%)
Clean Product Yield			87%			86%			1%
Renewable Fuels Produced (MBD)			44			31			13
1Segment reporting is pre-tax.
2Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

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Third-Quarter 2024 Financial Results

Reported earnings were $346 million for the third quarter of 2024 versus $1.0 billion in the second quarter. Third-quarter earnings included a legal accrual of $605 million in the Marketing and Specialties segment, costs related to the planned shutdown of the Los Angeles Refinery of $41 million in the Refining segment, and an impairment of $28 million in the Midstream segment. Second-quarter earnings included a gain on sale of investment of $238 million and an impairment of $224 million, both impacting the Midstream segment. Adjusted earnings for the third quarter were $859 million versus $984 million in the second quarter.

•Midstream third-quarter 2024 adjusted pre-tax income decreased compared with the second quarter mainly due to seasonal maintenance costs and lower equity earnings, partially offset by higher export margins.

•Chemicals reported pre-tax income increased mainly due to higher margins and lower costs.

•Refining adjusted pre-tax loss was a decrease compared to the second quarter, primarily due to a decline in realized margins largely driven by lower market crack spreads.

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

•Renewable Fuels reported pre-tax loss increased primarily due to lower realized margins, partially offset by higher volumes.

As of September 30, 2024, the company had $1.6 billion of cash and cash equivalents and $5.3 billion of committed capacity available under credit facilities.

Business Highlights and Strategic Priorities Progress

•Distributed $12.5 billion through share repurchases and dividends since July 2022 and on pace to achieve the company’s $13 billion to $15 billion target by year-end.

•Achieved $1.4 billion in run-rate business transformation savings, delivering on the company’s target ahead of schedule.

•Expanded its Midstream NGL wellhead-to-market business with the acquisition of Pinnacle Midstream and approved a follow-on processing plant expansion in the Midland Basin expected to be completed in mid-year 2025.

•Achieved target of over $400 million of run-rate synergies from the successful integration of DCP Midstream.

•Received proceeds of $1.3 billion since 2022 toward the company’s $3 billion asset disposition target. In addition, the company recently agreed to sell its 49% interest in a Switzerland-based retail joint venture for $1.24 billion, and its interests in non-core Midstream assets in North Dakota.

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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 third-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.

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CONTACTS
Jeff Dietert (investors)			Owen Simpson (investors)			Thaddeus Herrick (media)
832-765-2297			832-765-2297			855-841-2368
[e-mail]			[e-mail]			[e-mail]

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Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “refining realized margin per barrel,” “cash from operations, excluding working capital,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. 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. References to run-rate business transformation savings include cost savings and other benefits that will be captured in the sales and other operating revenues impacting gross margin; purchased crude oil and products costs impacting gross margin; operating expenses; selling, general and administrative expenses; and equity in earnings of affiliates lines on our consolidated statement of income when realized. Run-rate savings include run-rate sustaining capital savings. Run-rate sustaining capital savings include savings that will be captured in the capital expenditures and investments on our consolidated statement of cash flows when realized.

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 16% investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.

In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.

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 or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide 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 renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

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Earnings
			Millions of Dollars
			2024															2023
			3Q			2Q			Sep YTD									3Q			Sep YTD
Midstream			$	644		767			1,965									724			2,060
Chemicals			342			222			769									104			494
Refining			(108)			302			410									1,712			4,481
Marketing and Specialties			(22)			415			759									605			1,501
Renewable Fuels			(116)			(55)			(226)									22			164
Corporate and Other			(327)			(340)			(989)									(354)			(992)
Pre-Tax Income			413			1,311			2,688									2,813			7,708
Less: Income tax expense			44			291			538									670			1,754
Less: Noncontrolling interests			23			5			41									46			199
Phillips 66			$	346		1,015			2,109									2,097			5,755
Adjusted Earnings
			Millions of Dollars
			2024															2023
			3Q			2Q			Sep YTD									3Q			Sep YTD
Midstream			$	672		753			2,038									581			1,915
Chemicals			342			222			769									104			494
Refining			(67)			302			548									1,742			4,525
Marketing and Specialties			583			415			1,305									605			1,501
Renewable Fuels			(116)			(55)			(226)									22			164
Corporate and Other			(327)			(340)			(989)									(303)			(812)
Pre-Tax Income			1,087			1,297			3,445									2,751			7,787
Less: Income tax expense			205			278			709									660			1,768
Less: Noncontrolling interests			23			35			71									21			218
Phillips 66			$	859		984			2,665									2,070			5,801

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			Millions of Dollars
			Except as Indicated
			2024												2023
			3Q			2Q			Sep YTD						3Q									Sep YTD
Reconciliation of Consolidated Earnings to Adjusted Earnings
Consolidated Earnings			$	346		1,015			2,109						2,097									5,755
Pre-tax adjustments:
Impairments1			28			224			415						—									—
Net gain on asset dispositions			—			(238)			(238)						(101)									(123)
Change in inventory method for acquired    business			—			—			—						(46)									(46)
Los Angeles Refinery shutdown-related costs2			41			—			41						—									—
Legal accrual3			605			—			605						30									30
Legal settlement			—			—			(66)						—									—
Business transformation restructuring costs			—			—			—						51									127
Loss on early redemption of DCP debt			—			—			—						—									53
DCP integration restructuring costs			—			—			—						4									38
Tax impact of adjustments4			(161)			13			(171)						10									(14)
Noncontrolling interests			—			(30)			(30)						25									(19)
Adjusted earnings			$	859		984			2,665						2,070									5,801
Earnings per share of common stock   (dollars)			$	0.82		2.38			4.94						4.69									12.61
Adjusted earnings per share of common stock (dollars)5			$	2.04		2.31			6.25						4.63									12.71
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income			$	644		767			1,965						724									2,060
Pre-tax adjustments:
Impairments1			28			224			311						—									—
Net gain on asset disposition			—			(238)			(238)						(101)									(137)
Change in inventory method for acquired      business			—			—			—						(46)									(46)
DCP integration restructuring costs			—			—			—						4									38
Adjusted pre-tax income			$	672		753			2,038						581									1,915
Chemicals Pre-Tax Income			$	342		222			769						104									494
Pre-tax adjustments:
None			—			—			—						—									—
Adjusted pre-tax income			$	342		222			769						104									494

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Refining Pre-Tax Income (Loss)			$	(108)		302			410						1,712									4,481
Pre-tax adjustments:
Impairments1			—			—			104						—									—
Los Angeles Refinery shutdown-related costs2			41			—			41						—									—
Net loss on asset disposition			—			—			—						—									14
Legal accrual3			—			—			—						30									30
Legal settlement			—			—			(7)						—									—
Adjusted pre-tax income (loss)			$	(67)		302			548						1,742									4,525
Marketing and Specialties Pre-Tax Income   (Loss)			$	(22)		415			759						605									1,501
Pre-tax adjustments:
Legal accrual3			605			—			605						—									—
Legal settlement			—			—			(59)						—									—
Adjusted pre-tax income			$	583		415			1,305						605									1,501
Renewable Fuels Pre-Tax Income (Loss)			$	(116)		(55)			(226)						22									164
Pre-tax adjustments:
None			—			—			—						—									—
Adjusted pre-tax income (loss)			$	(116)		(55)			(226)						22									164
Corporate and Other Pre-Tax Loss			$	(327)		(340)			(989)						(354)									(992)
Pre-tax adjustments:
Business transformation restructuring costs			—			—			—						51									127
Loss on early redemption of DCP debt			—			—			—						—									53
Adjusted pre-tax loss			$	(327)		(340)			(989)						(303)									(812)
1 Impairments primarily related to certain gathering and processing assets in the Midstream segment, as well as certain crude oil processing and logistics assets in California, reported in the Refining segment.
2 Shutdown-related costs recorded in the Refining segment include pre-tax charges for severance costs.
3 Legal accrual primarily related to ongoing litigation.
4 We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.
5 YTD 2024, Q3 2024 and Q3 2023 are based on adjusted weighted-average diluted shares of 426,301 thousand, 419,827 thousand and 447,255 thousand, respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.

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			Millions of Dollars
			Except as Indicated
			2024
			3Q			2Q
Reconciliation of Consolidated Net Income to Adjusted EBITDA
Net Income			$	369		1,020
Plus:
Income tax expense			44			291
Net interest expense			191			200
Depreciation and amortization			543			497
Phillips 66 EBITDA			$	1,147		2,008
Special Item Adjustments (pre-tax):
Impairments			28			224
Net gain on asset disposition			—			(238)
Los Angeles Refinery shutdown-related costs			41			—
Legal accrual			605			—
Legal settlement			—			—
Total Special Item Adjustments (pre-tax)			674			(14)
Change in Fair Value of NOVONIX Investment			—			7
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment			$	1,821		2,001
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			24			26
Proportional share of selected equity affiliates net interest			12			19
Proportional share of selected equity affiliates depreciation and amortization			188			195
Adjusted EBITDA attributable to noncontrolling interests			(47)			(58)
Phillips 66 Adjusted EBITDA			$	1,998		2,183
Reconciliation of Segment Income before Income Taxes to   Adjusted EBITDA
Midstream Income before income taxes			$	644		767
Plus:
Depreciation and amortization			233			224
Midstream EBITDA			$	877		991
Special Item Adjustments (pre-tax):
Net gain on asset disposition			—			(238)
Impairments			28			224
Midstream EBITDA, Adjusted for Special Items			$	905		977
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			5			5
Proportional share of selected equity affiliates net interest			3			10
Proportional share of selected equity affiliates depreciation    and amortization			26			37
Adjusted EBITDA attributable to noncontrolling interests			(47)			(58)
Midstream Adjusted EBITDA			$	892		971

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Chemicals Income before income taxes			$	342		222
Plus:
None			—			—
Chemicals EBITDA			$	342		222
Special Item Adjustments (pre-tax):
None			—			—
Chemicals EBITDA, Adjusted for Special Items			$	342		222
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			13			15
Proportional share of selected equity affiliates net interest			(2)			—
Proportional share of selected equity affiliates depreciation   and amortization			113			111
Chemicals Adjusted EBITDA			$	466		348
Refining Income (loss) before income taxes			$	(108)		302
Plus:
Depreciation and amortization			230			204
Refining EBITDA			$	122		506
Special Item Adjustments (pre-tax):
Los Angeles Refinery shutdown-related costs			41			—
Refining EBITDA, Adjusted for Special Items			$	163		506
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			(1)			1
Proportional share of selected equity affiliates net interest			(1)			(2)
Proportional share of selected equity affiliates depreciation   and amortization			27			26
Refining Adjusted EBITDA			$	188		531
Marketing and Specialties Income (loss) before income taxes			$	(22)		415
Plus:
Depreciation and amortization			32			32
Marketing and Specialties EBITDA			$	10		447
Special Item Adjustments (pre-tax):
Legal accrual			605			—
Marketing and Specialties EBITDA, Adjusted for Special Items			$	615		447
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes			7			5
Proportional share of selected equity affiliates net interest			12			11
Proportional share of selected equity affiliates depreciation   and amortization			22			21
Marketing and Specialties Adjusted EBITDA			$	656		484
Renewable Fuels Loss before income taxes			$	(116)		(55)
Plus:
Depreciation and amortization			24			12
Renewable Fuels EBITDA			$	(92)		(43)
Special Item Adjustments (pre-tax):
None			—			—

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Renewable Fuels EBITDA, Adjusted for Special Items			$	(92)		(43)
Corporate and Other Loss before income taxes			$	(327)		(340)
Plus:
Net interest expense			191			200
Depreciation and amortization			24			25
Corporate and Other EBITDA			$	(112)		(115)
Special Item Adjustments (pre-tax):
None			—			—
Total Special Item Adjustments (pre-tax)			—			—
Change in Fair Value of NOVONIX Investment			—			7
Corporate EBITDA, Adjusted for Special Items and Change in   Fair Value of NOVONIX Investment			$	(112)		(108)

			Millions of Dollars
			Except as Indicated
			September 30, 2024
Debt-to-Capital Ratio
Total Debt			$	19,998
Total Equity			29,784
Debt-to-Capital Ratio			40		%
Total Cash			1,637
Net Debt-to-Capital Ratio			38		%
			Millions of Dollars
			September 30, 2024
Reconciliation of Net Cash Used in Operating Activities to Operating  Cash Flow, Excluding Working Capital
Net Cash Used in Operating Activities			$	1,132
Less: Net Working Capital Changes			(381)
Operating Cash Flow, Excluding Working Capital			$	1,513

Page 11

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			Millions of Dollars
			Except as Indicated
			2024
			3Q			2Q
Reconciliation of Refining Income (Loss) Before Income Taxes to  Realized Refining Margins
Income (loss) before income taxes			$	(108)		302
Plus:
Taxes other than income taxes			100			74
Depreciation, amortization and impairments			230			203
Selling, general and administrative expenses			60			51
Operating expenses			922			884
Equity in earnings of affiliates			12			(33)
Other segment expense, net			(4)			(1)
Proportional share of refining gross margins contributed by equity affiliates			193			260
Special items:
None			—			—
Realized refining margins			$	1,405		1,740
Total processed inputs (thousands of barrels)			145,440			151,296
Adjusted total processed inputs (thousands of barrels)*			168,951			174,107
Income (loss) before income taxes (dollars per barrel)**			$	(0.74)		2.00
Realized refining margins (dollars per barrel)*****			$	8.31		10.01
*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
**Income 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 12

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data

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

Page 1

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

Page 2

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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
												2024																		2023
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Certain tax impacts												—			—			—						—						—			—			—			2			2
Net gain on asset disposition												—			238			—						238						36			—			101			—			137
Change in inventory method for acquired business												—			—			—						—						—			—			46			—			46
Impairments*												(59)			(224)			(28)						(311)						—			—			—			—			—
DCP integration restructuring costs												—			—			—						—						(12)			(22)			(4)			—			(38)
Total Midstream												(59)			14			(28)						(73)						24			(22)			143			2			147
Chemicals												—			—			—						—						—			—			—			—			—
Refining
Certain tax impacts												—			—			—						—						—			—			—			17			17
Net loss on asset disposition												—			—			—						—						—			(14)			—			—			(14)
Impairments*												(104)			—			—						(104)						—			—			—			—			—
Los Angeles Refinery shutdown-related costs**												—			—			(41)						(41)						—			—			—			—			—
Legal accrual												—			—			—						—						—			—			(30)			—			(30)
Legal settlement												7			—			—						7						—			—			—			—			—
Total Refining												(97)			—			(41)						(138)						—			(14)			(30)			17			(27)
Marketing and Specialties
Legal settlement												59			—			—						59						—			—			—			—			—
Legal accrual †												—			—			(605)						(605)						—			—			—			—			—
Total Marketing and Specialties												59			—			(605)						(546)						—			—			—			—			—
Renewable Fuels												—			—			—						—						—			—			—			—			—
Corporate and Other
Business transformation restructuring costs												—			—			—						—						(35)			(41)			(51)			(50)			(177)
Loss on early redemption of DCP debt												—			—			—						—						—			(53)			—			—			(53)
Total Corporate and Other												—			—			—						—						(35)			(94)			(51)			(50)			(230)
Total Special Items (Pre-tax)												(97)			14			(674)						(757)						(11)			(130)			62			(31)			(110)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items♦												(23)			13			(161)						(171)						(2)			(22)			10			(12)			(26)
Other tax impacts												—			—			—						—						—			—			—			83			83
Total Income Tax Expense (Benefit)												(23)			13			(161)						(171)						(2)			(22)			10			71			57
Less: Income (Loss) Attributable to Noncontrolling Interests
Loss on early redemption of DCP debt												—			—			—						—						—			(30)			—			—			(30)
Change in inventory method for acquired business												—			—			—						—						—			—			26			—			26
DCP integration restructuring costs												—			—			—						—						(5)			(9)			(1)			—			(15)
Impairment of certain DCP assets												—			(30)			—						(30)						—			—			—			—			—
Total Income (Loss) Attributable to Noncontrolling Interests												—			(30)			—						(30)						(5)			(39)			25			—			(19)
Total Phillips 66 Special Items (After-tax)												(74)			31			(513)						(556)						(4)			(69)			27			(102)			(148)
* Impairment costs recorded in the Midstream segment are primarily related to certain gathering and processing assets. Impairment costs recorded in the Refining segment are primarily related to certain crude oil processing and logistics assets in California.
** Shutdown-related costs recorded in the Refining segment include pre-tax charges for severance costs.
† Legal accrual relating to ongoing litigation.
♦ We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS
												Millions of Dollars
												2024																		2023
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Midstream
Transportation												(59)			238			(28)						151						36			—			101			—			137
NGL												—			(224)			—						(224)						(12)			(22)			42			2			10
Total Midstream												(59)			14			(28)						(73)						24			(22)			143			2			147
Refining
Atlantic Basin/Europe												—			—			—						—						—			—			—			15			15
Gulf Coast												7			—			—						7						—			(14)			—			2			(12)
Central Corridor												—			—			—						—						—			—			—			—			—
West Coast												(104)			—			(41)						(145)						—			—			(30)			—			(30)
Total Refining												(97)			—			(41)						(138)						—			(14)			(30)			17			(27)

Page 3

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Phillips 66 Earnings Release Supplemental Data

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

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Phillips 66 Earnings Release Supplemental Data

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

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Phillips 66 Earnings Release Supplemental Data

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

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Phillips 66 Earnings Release Supplemental Data

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

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Phillips 66 Earnings Release Supplemental Data

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

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Phillips 66 Earnings Release Supplemental Data

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

Page 9

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2024																		2023
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (Loss) before income taxes												216			302			(108)						410						1,594			1,175			1,712			859			5,340
Plus:
Depreciation and amortization												208			204			230						642						201			203			207			220			831
EBITDA												424			506			122						1,052						1,795			1,378			1,919			1,079			6,171
Special Item Adjustments (pre-tax):
Certain tax impacts												—			—			—						—						—			—			—			(17)			(17)
Net loss on asset disposition												—			—			—						—						—			14			—			—			14
Impairments												104			—			—						104						—			—			—			—			—
Los Angeles Refinery shutdown-related costs												—			—			41						41						—			—			—			—			—
Legal accrual												—			—			—						—						—			—			30			—			30
Legal settlement												(7)			—			—						(7)						—			—			—			—			—
EBITDA, Adjusted for Special Items												521			506			163						1,190						1,795			1,392			1,949			1,062			6,198
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												—			1			(1)						—						—			1			—			—			1
Proportional share of selected equity affiliates net interest												(1)			(2)			(1)						(4)						1			(2)			(4)			(1)			(6)
Proportional share of selected equity affiliates depreciation and amortization												25			26			27						78						22			25			23			46			116
Adjusted EBITDA												545			531			188						1,264						1,818			1,416			1,968			1,107			6,309
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)												472			527			498						499						443			464			492			518			479
Total Processed Inputs (MB/D)												516			555			520						530						438			492			509			557			499
Crude Oil Capacity Utilization (%)												88		%	98		%	93		%				93		%				82		%	86		%	92		%	97		%	89		%
Clean Product Yield (%)												87		%	87		%	89		%				88		%				84		%	85		%	86		%	86		%	86		%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)												475			507			473						484						519			498			519			508			511
Total Processed Inputs (MB/D)												522			563			528						538						571			553			577			561			566
Crude Oil Capacity Utilization (%)												90		%	96		%	89		%				92		%				98		%	94		%	98		%	96		%	97		%
Clean Product Yield (%)												76		%	83		%	81		%				80		%				77		%	80		%	80		%	84		%	80		%
Central Corridor*
Crude Oil Charge Input (MB/D)												509			541			533						528						475			498			492			441			477
Total Processed Inputs (MB/D)												527			558			549						545						492			515			509			459			494
Crude Oil Capacity Utilization (%)												96		%	102		%	100		%				99		%				89		%	94		%	93		%	83		%	90		%
Clean Product Yield (%)												90		%	89		%	89		%				89		%				89		%	89		%	87		%	92		%	89		%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)												244			227			230						234						281			314			323			279			299
Total Processed Inputs (MB/D)												260			237			239						245						303			331			342			301			319
Crude Oil Capacity Utilization (%)												100		%	93		%	94		%				96		%				88		%	98		%	101		%	94		%	95		%
Clean Product Yield (%)												84		%	88		%	93		%				88		%				86		%	90		%	89		%	88		%	88		%
Worldwide—Including Proportionate Share of Equity   Affiliates
Crude Oil Charge Input (MB/D)												1,700			1,802			1,734						1,745						1,718			1,774			1,826			1,746			1,766
Total Processed Inputs (MB/D)												1,825			1,913			1,836						1,858						1,804			1,891			1,937			1,878			1,878
Crude Oil Capacity Utilization (%)												92		%	98		%	94		%				95		%				90		%	93		%	95		%	92		%	92		%
Clean Product Yield (%)												84		%	86		%	87		%				86		%				83		%	86		%	85		%	87		%	85		%

Page 10

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Phillips 66 Earnings Release Supplemental Data

REFINING (continued)
												2024																		2023
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline												227			242			234						234						170			210			214			235			207
Distillates												206			226			213						215						187			198			213			232			208
Other												89			88			77						85						81			87			84			95			87
Total												522			556			524						534						438			495			511			562			502
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline												193			234			221						216						222			231			245			240			235
Distillates												192			216			194						201						205			200			208			219			208
Other												141			121			123						128						153			132			133			108			131
Total												526			571			538						545						580			563			586			567			574
Central Corridor*
Gasoline												258			266			263						262						244			253			246			236			245
Distillates												212			231			225						223						192			202			196			185			194
Other												57			67			66						63						58			64			72			38			58
Total												527			564			554						548						494			519			514			459			497
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline												126			119			133						126						165			174			183			154			169
Distillates												91			87			88						89						95			123			121			110			112
Other												40			28			16						28						42			34			38			36			38
Total												257			234			237						243						302			331			342			300			319
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline												804			861			851						838						801			868			888			865			856
Distillates												701			760			720						728						679			723			738			746			722
Other												327			304			282						304						334			317			327			277			314
Total												1,832			1,925			1,853						1,870						1,814			1,908			1,953			1,888			1,892
Market Indicators
Crude and Crude Differentials ($/BBL)†
WTI												77.07			80.73			75.19						77.66						76.11			73.78			82.49			78.36			77.69
Brent												83.24			84.94			80.18						82.79						81.27			78.39			86.76			84.05			82.62
ANS												81.47			86.39			78.91						82.26						79.14			78.60			87.96			83.95			82.41
WTI less Maya												7.51			7.26			8.02						7.60						13.28			10.11			5.07			6.47			8.73
WTI less WCS (settlement differential)												19.33			13.55			13.51						15.46						24.77			15.06			12.89			21.88			18.65
Natural Gas ($/MMBtu)†
Henry Hub												2.41			2.04			2.09						2.18						2.67			2.12			2.58			2.74			2.53
† Based on daily spot prices, unless otherwise noted.

Page 11

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Phillips 66 Earnings Release Supplemental Data

MARKETING AND SPECIALTIES
												Millions of Dollars, Except as Indicated
												2024																		2023
												1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			YTD
Income (Loss) before Income Taxes												366			415			(22)						759						363			533			605			396			1,897
Income (Loss) before Income Taxes ($/BBL)
U.S.												1.38			1.16			(1.43)						0.37						1.45			1.82			2.42			0.91			1.65
International												2.94			5.02			5.07						4.36						3.64			5.31			4.20			5.77			4.72
Realized Marketing Fuel Margins ($/BBL)*
U.S.												1.60			1.70			2.45						1.92						1.96			2.25			2.85			1.45			2.12
International												4.88			5.87			6.19						5.65						5.02			6.50			5.55			6.80			5.96
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.
Other Realized Margins and Revenues not included in Marketing Fuel Margins*												296			248			274						818						220			241			248			247			957
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates												64			66			88						218						66			88			96			95			345
Depreciation and Amortization*												36			32			32						100						27			30			30			35			122
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*												335			358			959						1,652						320			338			374			361			1,393
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline												1,111			1,259			1,147						1,172						1,021			1,131			1,136			1,218			1,127
Distillates												797			843			813						818						675			807			814			853			788
Other												18			12			28						19						—			—			—			—			—
Total												1,926			2,114			1,988						2,009						1,696			1,938			1,950			2,071			1,915
International Marketing
Gasoline												104			112			106						107						109			111			120			107			113
Distillates												171			165			177						171						173			167			170			166			169
Other												28			40			23						31						26			35			26			22			27
Total												303			317			306						309						308			313			316			295			309
Worldwide Marketing
Gasoline												1,215			1,371			1,253						1,279						1,130			1,242			1,256			1,325			1,240
Distillates												968			1,008			990						989						848			974			984			1,019			957
Other												46			52			51						50						26			35			26			22			27
Total												2,229			2,431			2,294						2,318						2,004			2,251			2,266			2,366			2,224
Foreign Currency Gains (Losses) Pre-Tax												(7)			—			2						(5)						(1)			(1)			—			—			(2)
Reconciliation of Marketing and Specialties Income (Loss) before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes												366			415			(22)						759						363			533			605			396			1,897
Plus:
Depreciation and amortization												36			32			32						100						27			30			30			35			122
EBITDA												402			447			10						859						390			563			635			431			2,019
Special Item Adjustments (pre-tax):
Legal settlement												(59)			—			—						(59)						—			—			—			—			—
Legal accrual												—			—			605						605						—			—			—			—			—
EBITDA, Adjusted for Special Items												343			447			615						1,405						390			563			635			431			2,019
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes												5			5			7						17						5			6			7			6			24
Proportional share of selected equity affiliates net interest												10			11			12						33						9			15			10			11			45
Proportional share of selected equity affiliates depreciation and amortization												19			21			22						62						21			19			20			21			81
Adjusted EBITDA												377			484			656						1,517						425			603			672			469			2,169

Page 12

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Phillips 66 Earnings Release Supplemental Data

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

Page 13

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Phillips 66 Earnings Release Supplemental Data

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

Page 14

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

Page 15

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

Page 16

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

Page 17

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Phillips 66 Earnings Release Supplemental Data

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

Page 18

Document and Entity Information Document and Entity Information	Oct. 29, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 29, 2024
Entity Registrant Name	Phillips 66
Entity File Number	001-35349
Entity Tax Identification Number	45-3779385
Entity Address, Address Line One	2331 CityWest Boulevard
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	832
Local Phone Number	765-3010
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	PSX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001534701
Amendment Flag	false
Entity Incorporation, State or Country Code	DE

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