Phillips 66 Announces Resumption of Share Repurchases

Phillips 66 (NYSE: PSX) announced today that it intends to resume its share repurchase program in the second quarter of 2022. The company suspended share repurchases in March 2020 to preserve liquidity. The temporary suspension was in response to the global economic disruption caused by the COVID-19 pandemic. Phillips 66 previously stated its intent to resume share repurchases and to continue to pay down debt to pre-pandemic levels as cash generation improves.

Under the repurchase program previously authorized by the Board of Directors, Phillips 66 may repurchase its outstanding shares of common stock from time to time in open market or privately negotiated transactions, including accelerated share repurchase transactions, block trades or pursuant to 10b5-1 trading plans. Any repurchases will be at management’s discretion and will be subject to market conditions, the price of the company’s shares and other factors. The share repurchase program may be modified, suspended or terminated by the Board of Directors at any time. The company has $2.5 billion available under the current authorization, which has no expiration date.

About Phillips 66

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

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward- looking statements may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates” or other words of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Phillips 66’s control, including but not limited to Phillips 66’s plans to reduce debt, the extent of cash generated from operations, and the market price for its common stock. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on these and numerous other factors, including those outside of the company’s control, such as circumstances and events that could impact liquidity and other factors. A discussion of factors that may affect future results is included in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law.

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Jeff Dietert (investors) 832-765-2297 [e-mail]

Shannon Holy (investors) 832-765-2297 [e-mail]

Thaddeus Herrick (media) 855-841-2368 [e-mail]