Form 8-K

8-K — Phillips 66

Accession: 0001534701-26-000020

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001534701

SIC: 2911 (PETROLEUM REFINING)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — psx-20260429.htm (Primary)

EX-99.1 (psx-2026331_ex991.htm)

EX-99.2 (psx-20260331_erxsuppinfoxe.htm)

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8-K

8-K (Primary)

Filename: psx-20260429.htm · Sequence: 1

psx-20260429

0001534701false00015347012026-04-292026-04-29

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

April 29, 2026

Date of Report (date of earliest event reported)

Phillips 66

(Exact name of registrant as specified in its charter)

Delaware 001-35349 45-3779385

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

2331 CityWest Boulevard

Houston, Texas 77042

(Address of Principal Executive Offices and Zip Code)

(832) 765-3010

Registrant's telephone number, including area code

Not Applicable

(Former name or former address, if changed since last report.)

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, $0.01 par value PSX New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2026, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended March 31, 2026. 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 April 29, 2026

99.2

—

Supplemental financial and operating information.

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

1

SIGNATURES

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

PHILLIPS 66

By: /s/ Ann M. Kluppel

Ann M. Kluppel

Senior Vice President and Controller

Date: April 29, 2026

2

EX-99.1

EX-99.1

Filename: psx-2026331_ex991.htm · Sequence: 2

Document

Exhibit 99.1

•Reported first-quarter earnings of $207 million or $0.51 per share; adjusted earnings of $200 million or $0.49 per share

•Formally increased Sweeny NGL fractionation capacity and Freeport LPG export dock capacity by 23% and 15%, respectively, reflecting 2025 debottlenecking

•Refining operated at 95% capacity utilization with 87% clean product yield

•Increased the annualized quarterly dividend by 7%

•Ended the quarter with liquidity of approximately $6.0 billion

HOUSTON, April 29, 2026 – Phillips 66 (NYSE: PSX) announced first-quarter earnings.

“We are confident in our ability to navigate market volatility due to our integrated business and the strength of our balance sheet. Backed by disciplined execution and strong operating performance, we remain well positioned to provide energy to the global market,” said Mark Lashier, chairman and CEO of Phillips 66.

“Attractive fundamentals across our businesses further support our position to deliver strong returns and long-term shareholder value. We remain committed to our previously stated shareholder return and debt reduction targets.”

Business Highlights and Strategic Priorities Progress

•Recently announced advancement of Western Gateway Pipeline following a successful second open season securing long-term shipper commitments.

•Iron Mesa gas plant, with design capacity of 300 MMCFD, continues construction as planned and is on schedule for startup in the first quarter of 2027.

•In April 2026, completed acquisition of Lindsey Oil Refinery and logistics assets with the plan to utilize select assets, enhancing our U.K. integrated business.

•Progressed Chemicals Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar with full operations expected in 2027.

Financial Results Summary

(in millions of dollars, except as indicated)

1Q 2026 4Q 2025

Earnings $ 207 2,906

Adjusted Earnings1

200 1,002

Adjusted EBITDA1

1,268 2,532

Earnings Per Share

Earnings Per Share - Diluted 0.51 7.17

Adjusted Earnings Per Share - Diluted1

0.49 2.47

Cash Flow from (Used in) Operations (2,264) 2,752

Cash Flow from Operations, Excluding Working Capital1

699 2,044

Capital Expenditures & Investments 582 682

Acquisitions, Net of Cash Acquired 66 1,288

Proceeds from Asset Dispositions 7 1,489

Return of Capital to Shareholders 778 756

Repurchases of Common stock 269 274

Dividends paid on Common stock 509 482

Cash and Cash Equivalents 5,150 1,116

Debt 27,124 19,716

Debt-to-Capital Ratio 48% 39%

Net Debt-to-Capital Ratio1

43% 38%

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

Segment Financial and Operating Highlights

(Millions of dollars, except as indicated)

1Q 2026 4Q 2025 Change

Earnings (Loss)1

$ 207 2,906 (2,699)

Midstream 591 638 (47)

Chemicals 114 (12) 126

Refining 208 822 (614)

Marketing and Specialties (161) 2,396 (2,557)

Renewable Fuels (41) (19) (22)

Corporate and Other (451) (372) (79)

Income tax expense (41) (526) 485

Noncontrolling interests (12) (21) 9

Adjusted Earnings (Loss)1,2

$ 200 1,002 (802)

Midstream 591 717 (126)

Chemicals 85 19 66

Refining 208 542 (334)

Marketing and Specialties (141) 439 (580)

Renewable Fuels (41) (19) (22)

Corporate and Other (451) (363) (88)

Income tax expense (39) (302) 263

Noncontrolling interests (12) (31) 19

Adjusted EBITDA2

$ 1,268 2,532 (1,264)

Midstream 860 952 (92)

Chemicals 250 145 105

Refining 423 1,019 (596)

Marketing and Specialties (86) 488 (574)

Renewable Fuels (18) 5 (23)

Corporate and Other (161) (77) (84)

Operating Highlights

NGL Pipeline Throughput - Y-Grade to Market (MBD)3

930 1,006 (76)

NGL Fractionated (MBD) 980 1,018 (38)

Chemicals Global O&P Capacity Utilization 94% 97% (3%)

Refining

Turnaround Expense 178 135 43

Realized Margin ($/BBL)2

10.11 12.48 (2.37)

Crude Capacity Utilization4

95% 99% (4%)

Clean Product Yield 87% 88% (1%)

Renewable Fuels Produced (MBD) 40 32 8

1 Segment reporting is pre-tax.

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

3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.

4 Beginning October 1, 2025, excludes Los Angeles Refinery and includes 100% of Wood River and Borger refineries. As of January 1, 2026, the Refining segment’s net crude throughput capacity increased by 45 MBD to 1,993 MBD.

First-Quarter 2026 Financial Results

Reported earnings were $207 million for the first quarter of 2026 versus $2.9 billion in the fourth quarter of 2025. First-quarter earnings included pre-tax special item adjustments of $29 million in the Chemicals segment and $(20) million in the Marketing and Specialties segment. Adjusted earnings for the first quarter were $200 million versus adjusted earnings of $1.0 billion in the fourth quarter of 2025.

As a result of a sharp increase in commodity prices during the first quarter, the company’s financial results were impacted by mark-to-market losses of $839 million related to short derivative positions used as economic hedges to manage price risk on certain physical positions. However, the increase in current market value of the associated underlying physical inventory is not reflected in book value under last-in, first-out (LIFO) accounting. The impacts during the quarter were as follows:

Mark-to-Market Pre-Tax Losses by Segment

Millions of Dollars

1Q 2026

Refining $ (396)

Marketing and Specialties (323)

Renewable Fuels (120)

•Midstream adjusted pre-tax income decreased compared with the fourth quarter mainly due to lower volumes largely associated with impacts from Winter Storm Fern, lower margins driven primarily by customer recontracting, as well as accelerated depreciation related to a Permian Basin gas plant.

•Chemicals adjusted pre-tax income increased mainly due to higher margins and equity earnings of affiliates, partially offset by lower volumes and higher costs, mainly driven by turnaround expense.

•Refining adjusted pre-tax income decreased mainly due to lower margins and volumes, partially offset by the absence of accelerated depreciation at the Los Angeles Refinery. Lower margins were primarily driven by mark-to-market impacts, which were partially offset by higher clean product differentials. Additionally, lower volumes in the quarter were primarily driven by planned turnaround activities.

•Marketing and Specialties adjusted pre-tax loss was a decrease compared to the fourth quarter due to lower margins mainly driven by mark-to-market impacts.

•Renewable Fuels pre-tax loss was a decrease compared to the fourth quarter mainly due to mark-to-market impacts, partially offset by higher credits.

•Corporate and Other adjusted pre-tax loss increased primarily due to the inclusion of costs associated with the decommissioning and redevelopment of the idled Los Angeles Refinery site, along with higher employee-related costs and net interest expense.

As of March 31, 2026, the company had liquidity of approximately $6.0 billion, reflecting $5.2 billion of cash and cash equivalents and total committed capacity available under credit facilities of $800 million.

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 first-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, Texas, 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.

- # # # -

Investor Relations

investorrelations@p66.com

Media Relations

phillips66media@p66.com

Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “adjusted controllable cost,” “cash from (used in) operations, excluding working capital,” “realized refining margin” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release. References in the release to earnings refer to net income attributable to Phillips 66. References in the release to shareholder distributions refers to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock.

Basis of Presentation— Phillips 66 and Refining results included herein through September 30, 2025, includes our proportional share of WRB Refining LP equity earnings and beginning October 1, 2025, includes 100% of Borger Refinery and Wood River Refinery consolidated due to the acquisition of the remaining 50% of WRB.

Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995—This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including war and armed hostilities, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Earnings (Loss)

Millions of Dollars

2026 2025

1Q 4Q 1Q

Midstream $ 591  638  751

Chemicals 114  (12) 113

Refining 208  822  (937)

Marketing and Specialties (161) 2,396  1,282

Renewable Fuels (41) (19) (185)

Corporate and Other (451) (372) (376)

Pre-Tax Income 260  3,453  648

Less: Income tax expense 41  526  122

Less: Noncontrolling interests 12  21  39

Phillips 66 $ 207  2,906  487

Adjusted Earnings (Loss)

Millions of Dollars

2026 2025

1Q 4Q 1Q

Midstream $ 591  717  683

Chemicals 85  19  113

Refining 208  542  (937)

Marketing and Specialties (141) 439  265

Renewable Fuels (41) (19) (185)

Corporate and Other (451) (363) (355)

Pre-Tax Income (Loss) 251  1,335  (416)

Less: Income tax expense (benefit) 39  302  (78)

Less: Noncontrolling interests 12  31  30

Phillips 66 $ 200  1,002  (368)

Page 1

Exhibit 99.1

Millions of Dollars

Except as Indicated

2026 2025

1Q 4Q 1Q

Reconciliation of Consolidated Earnings to Adjusted Earnings

Consolidated Earnings $ 207  2,906  487

Pre-tax adjustments:

Certain tax impacts —  (11) —

Impairments —  79  21

Net gain on asset dispositions1

—  (1,978) (1,085)

Pending claims and settlements —  (123) —

Lower-of-cost-or-market inventory adjustments (29) 31  —

Los Angeles Refinery cessation costs —  35  —

Interest expense —  9  —

Legal accrual2

20  21  —

Legal settlement —  (181) —

Tax impact of adjustments3

2  19  200

Other tax impacts —  205  —

Noncontrolling interests —  (10) 9

Adjusted earnings (loss) $ 200  1,002  (368)

Earnings per share of common stock (dollars)

$ 0.51  7.17  1.18

Adjusted earnings (loss) per share of common stock (dollars)

$ 0.49  2.47  (0.90)

Adjusted weighted-average diluted common shares outstanding (thousands)

403,273  404,733  409,182

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

Midstream Pre-Tax Income $ 591  638  751

Pre-tax adjustments:

Impairments —  79  —

Net gain on asset dispositions1

—  —  (68)

Adjusted pre-tax income $ 591  717  683

Chemicals Pre-Tax Income (Loss) $ 114  (12) 113

Pre-tax adjustments:

Lower-of-cost-or-market inventory adjustments (29) 31  —

Adjusted pre-tax income $ 85  19  113

Refining Pre-Tax Income (Loss) $ 208  822  (937)

Pre-tax adjustments:

Los Angeles Refinery cessation costs —  35  —

Certain tax impacts —  (11) —

Pending claims and settlements —  (123) —

Legal settlement —  (181) —

Page 2

Exhibit 99.1

Adjusted pre-tax income (loss) $ 208  542  (937)

Marketing and Specialties Pre-Tax Income (Loss) $ (161) 2,396  1,282

Pre-tax adjustments:

Net gain on asset dispositions1

—  (1,978) (1,017)

Legal accrual2

20  21  —

Adjusted pre-tax income (loss) $ (141) 439  265

Renewable Fuels Pre-Tax Loss $ (41) (19) (185)

Pre-tax adjustments:

None —  —  —

Adjusted pre-tax income (loss) $ (41) (19) (185)

Corporate and Other Pre-Tax Loss $ (451) (372) (376)

Pre-tax adjustments:

Impairments —  —  21

Interest expense —  9  —

Adjusted pre-tax loss $ (451) (363) (355)

1 Net gain on asset dispositions includes the sale of a 65% interest in our Germany and Austria retail marketing business in the fourth quarter 2025. In connection with this sale, in the second and third quarters of 2025, we recognized before-tax unrealized (gain) loss from foreign currency derivatives impacting the Marketing and Specialties segment. In the first quarter of 2025, we sold our 49% non-operated equity interest in Coop Mineraloel AG. Also in the first quarter 2025, was a gain on disposition of DCP Midstream, LP’s 25% interest in Gulf Coast Express Pipeline LLC.

2 Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc.

3 We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate, but certain transactions may be partially exempt, which could result in a lower overall effective tax rate on these items. 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.

Page 3

Exhibit 99.1

Millions of Dollars Except as Indicated

2026 2025

1Q 4Q

Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66

Net Income $ 219  2,927

Plus:

Income tax expense 41  526

Net interest expense 255  256

Depreciation and amortization 558  818

Phillips 66 EBITDA $ 1,073  4,527

Special Item Adjustments (pre-tax):

Certain tax impacts —  (11)

Impairments —  79

Pending claims and settlements —  (123)

Lower-of-cost-or-market inventory adjustments (29) 31

Net gain on asset dispositions —  (1,978)

Los Angeles Refinery cessation costs —  35

Legal accrual 20  21

Legal settlement —  (181)

Total Special Item Adjustments (pre-tax) (9) (2,127)

Change in Fair Value of NOVONIX Investment 9  2

Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment $ 1,073  2,402

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 27  4

Proportional share of selected equity affiliates net interest 12  14

Proportional share of selected equity affiliates depreciation and amortization 190  162

Adjusted EBITDA attributable to noncontrolling interests (34) (50)

Phillips 66 Adjusted EBITDA $ 1,268  2,532

Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

Midstream Income before income taxes $ 591  638

Plus:

Depreciation and amortization 274  259

Midstream EBITDA $ 865  897

Special Item Adjustments (pre-tax):

Impairments —  79

Midstream EBITDA, Adjusted for Special Items $ 865  976

Page 4

Exhibit 99.1

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 3  2

Proportional share of selected equity affiliates net interest 3  3

Proportional share of selected equity affiliates depreciation and amortization 23  21

Adjusted EBITDA attributable to noncontrolling interests (34) (50)

Midstream Adjusted EBITDA $ 860  952

Chemicals Income (loss) before income taxes $ 114  (12)

Plus:

None —  —

Chemicals EBITDA $ 114  (12)

Special Item Adjustments (pre-tax):

Lower-of-cost-or-market inventory adjustment (29) 31

Chemicals EBITDA, Adjusted for Special Items $ 85  19

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 21  2

Proportional share of selected equity affiliates net interest —  1

Proportional share of selected equity affiliates depreciation and amortization 144  123

Chemicals Adjusted EBITDA $ 250  145

Refining Income before income taxes $ 208  822

Plus:

Depreciation and amortization 215  477

Refining EBITDA $ 423  1,299

Special Item Adjustments (pre-tax):

Certain tax impacts —  (11)

Los Angeles Refinery cessation costs —  35

Legal settlement —  (181)

Pending claims and settlements —  (123)

Refining EBITDA, Adjusted for Special Items $ 423  1,019

Other Adjustments (pre-tax):

None —  —

Refining Adjusted EBITDA $ 423  1,019

Marketing and Specialties Income (loss) before income taxes $ (161) 2,396

Plus:

Depreciation and amortization 20  21

Marketing and Specialties EBITDA $ (141) 2,417

Special Item Adjustments (pre-tax):

Legal accrual 20  21

Net gain on asset dispositions —  (1,978)

Marketing and Specialties EBITDA, Adjusted for Special Items $ (121) 460

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 3  —

Proportional share of selected equity affiliates net interest 9  10

Proportional share of selected equity affiliates depreciation and amortization 23  18

Marketing and Specialties Adjusted EBITDA $ (86) 488

Page 5

Exhibit 99.1

Renewable Fuels Loss before income taxes $ (41) (19)

Plus:

Depreciation and amortization 23  24

Renewable Fuels EBITDA $ (18) 5

Special Item Adjustments (pre-tax):

None —  —

Renewable Fuels EBITDA, Adjusted for Special Items $ (18) 5

Corporate and Other Loss before income taxes $ (451) (372)

Plus:

Net interest expense 255  256

Depreciation and amortization 26  37

Corporate and Other EBITDA $ (170) (79)

Special Item Adjustments (pre-tax):

None —  —

Total Special Item Adjustments (pre-tax) —  —

Change in Fair Value of NOVONIX Investment 9  2

Corporate EBITDA, Adjusted for Special Items and Change in

Fair Value of NOVONIX Investment $ (161) (77)

Millions of Dollars Except as Indicated

2026 2025

1Q 4Q

Debt-to-Capital Ratio

Total Debt $ 27,124 19,716

Total Equity 29,681 30,241

Debt-to-Capital Ratio 48% 39%

Cash and Cash Equivalents 5,150 1,116

Net Debt-to-Capital Ratio 43% 38%

Page 6

Exhibit 99.1

Millions of Dollars Except as Indicated

2026 2025

1Q 4Q

Reconciliation of Refining Income Before Income Taxes to Realized Refining

Margins

Income before income taxes $ 208  822

Plus:

Taxes other than income taxes 106  63

Depreciation, amortization and impairments 217  477

Selling, general and administrative expenses 52  52

Operating expenses 1,229  1,229

Equity in losses of affiliates —  3

Other segment (income) expense, net (11) 11

Proportional share of refining gross margins contributed by equity affiliates 26  25

Special items:

Certain tax impacts —  (11)

Legal settlement —  (181)

Pending claims and settlements —  (123)

Realized refining margins $ 1,827  2,367

Total processed inputs (thousands of barrels)

180,801  189,465

Income before income taxes (dollars per barrel)1

$ 1.15  4.34

Realized refining margins (dollars per barrel)2

$ 10.11  12.48

1 Income before income taxes divided by total processed inputs.

2 Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by 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 7

EX-99.2

EX-99.2

Filename: psx-20260331_erxsuppinfoxe.htm · Sequence: 3

Document

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT ¹

Millions of Dollars, Except as Indicated

2025 2025

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 32,540  32,540 30,430  33,323  34,515  34,108  132,376

Equity in earnings of affiliates 252  252 153  153  337  119  762

Net gain (loss) on dispositions 6  6 1,087  (93) 11  1,979  2,984

Other income 204  204 56  139  116  127  438

Total Revenues and Other Income 33,002  33,002 31,726  33,522  34,979  36,333  136,560

Costs and Expenses

Purchased crude oil and products 29,216  29,216 27,660  29,077  30,219  29,137  116,093

Operating expenses 1,881  1,881 1,622  1,440  1,492  1,869  6,423

Selling, general and administrative expenses 537  537 519  582  792  544  2,437

Depreciation and amortization 558  558 791  816  826  818  3,251

Impairments 8  8 26  4  951  79  1,060

Taxes other than income taxes 234  234 233  218  221  119  791

Accretion on discounted liabilities 12  12 12  10  12  13  47

Interest and debt expense 286  286 221  264  259  295  1,039

Foreign currency transaction (gains) losses 10  10 (6) (9) 8  6  (1)

Total Costs and Expenses 32,742  32,742 31,078  32,402  34,780  32,880  131,140

Income before income taxes 260  260 648  1,120  199  3,453  5,420

Income tax expense 41  41 122  212  32  526  892

Net Income 219  219 526  908  167  2,927  4,528

Less: net income attributable to

noncontrolling interests 12  12 39  31  34  21  125

Net Income Attributable to Phillips 66 207  207 487  877  133  2,906  4,403

Net Income Attributable to Phillips 66 Per Share

of Common Stock (dollars)

Basic 0.51  0.51 1.19  2.15  0.32  7.20  10.82

Diluted 0.51  0.51 1.18  2.15  0.32  7.17  10.79

Weighted-Average Common Shares Outstanding

(thousands)

Basic 402,036  402,036 409,182  406,763  404,508  403,122  406,008

Diluted 403,273  403,273 410,505  407,929  405,549  405,146  408,053

Effective tax rate (%) ² 15.9  % 15.9  % 18.8  % 19.0  % 16.0  % 15.2  % 16.5  %

Adjusted effective tax rate (%) ² 15.7  % 15.7  % 18.8  % 22.0  % 22.9  % 22.6  % 22.9  %

1 Refer to Change in Basis of Presentation on page 15.

2 Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense divided by Income Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income Before Income Taxes and Income Tax Expense may differ from the presented tax rates (%).

Page 1

Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO

NET INCOME ATTRIBUTABLE TO PHILLIPS 66

Millions of Dollars

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Midstream 591  591  751  731  697  638  2,817

Chemicals 114  114  113  20  176  (12) 297

Refining ¹ 208  208  (937) 359  (518) 822  (274)

Marketing and Specialties (161) (161) 1,282  571  251  2,396  4,500

Renewable Fuels (41) (41) (185) (133) (43) (19) (380)

Corporate and Other (451) (451) (376) (428) (364) (372) (1,540)

Income before income taxes 260  260  648  1,120  199  3,453  5,420

Less: income tax expense 41  41  122  212  32  526  892

Net Income 219  219  526  908  167  2,927  4,528

Less: net income attributable to

noncontrolling interests 12  12  39  31  34  21  125

Net Income Attributable to Phillips 66 207  207  487  877  133  2,906  4,403

RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO

ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66

Millions of Dollars

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Midstream

Transportation 247  247  243  242  194  239  918

NGL 344  344  440  489  503  478  1,910

Total Midstream 591  591  683  731  697  717  2,828

Chemicals 85  85  113  20  176  19  328

Refining

Atlantic Basin/Europe 367  367  (199) 82  250  291  424

Gulf Coast 204  204  (333) 101  119  252  139

Central Corridor ¹ (418) (418) (50) 392  368  367  1,077

West Coast 55  55  (355) (183) (307) (368) (1,213)

Total Refining 208  208  (937) 392  430  542  427

Marketing and Specialties (141) (141) 265  660  477  439  1,841

Renewable Fuels (41) (41) (185) (133) (43) (19) (380)

Corporate and Other (451) (451) (355) (383) (364) (363) (1,465)

Adjusted income (loss) before income taxes 251  251  (416) 1,287  1,373  1,335  3,579

Less: adjusted income tax expense (benefit) 39  39  (78) 283  314  302  821

Adjusted Net Income (Loss) 212  212  (338) 1,004  1,059  1,033  2,758

Less: adjusted net income attributable to

noncontrolling interests 12  12  30  31  34  31  126

Adjusted Net Income (Loss) Attributable to Phillips 66 200  200  (368) 973  1,025  1,002  2,632

Adjusted Net Income (Loss) Attributable to Phillips 66

Per Share of Common Stock (dollars)

Diluted ² 0.49  0.49  (0.90) 2.38  2.52  2.47  6.44

Adjusted Weighted-Average Common Shares Outstanding

(thousands)

Diluted 403,273  403,273  409,182 407,934 406,045 404,733 407,605

ADJUSTED EBITDA BY SEGMENT ³

Millions of Dollars

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Midstream

Transportation 306  306  300  301  292  299  1,192

NGL 554  554  585  671  672  653  2,581

Total Midstream 860  860  885  972  964  952  3,773

Chemicals 250  250  244  148  308  145  845

Refining ¹ 423  423  (452) 867  904  1,019  2,338

Marketing and Specialties (86) (86) 315  718  525  488  2,046

Renewable Fuels (18) (18) (162) (110) (18) 5  (285)

Corporate and Other (161) (161) (94) (94) (89) (77) (354)

Adjusted EBITDA 1,268  1,268  736  2,501  2,594  2,532  8,363

1 Refer to Change in Basis of Presentation on page 15.

2 Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation. Recalculated diluted EPS using the rounded components may differ from the presented diluted EPS.

3 Refer to Use of Non-GAAP Financial Information on page 15. Also, refer to reconciliations of income (loss) before income taxes to segment Adjusted EBITDA in the "Midstream", "Chemicals", "Refining", "Marketing and Specialties", "Renewable Fuels", "Corporate and Other" sections, as well as the "Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66" on page 15. Adjusted EBITDA and Adjusted EBITDA by segment presented includes our proportional share of selected equity affiliates.

Page 2

Phillips 66 Earnings Release Supplemental Data

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT

AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66

Millions of Dollars

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Midstream

Net gain on asset dispositions —  —  68  —  —  —  68

Impairments —  —  —  —  —  (79) (79)

Total Midstream —  —  68  —  —  (79) (11)

Chemicals

Winter-storm-related recovery —  —  —  —  —  —  —

Lower of cost or market inventory adjustment 29  29  —  —  —  (31) (31)

Total Chemicals 29  29  —  —  —  (31) (31)

Refining

Certain tax impacts —  —  —  —  —  11  11

Impairments —  —  —  —  (948) —  (948)

Los Angeles Refinery cessation costs —  —  —  —  —  (35) (35)

Legal accrual —  —  —  (33) —  —  (33)

Legal settlement —  —  —  —  —  181  181

Pending claims and settlements —  —  —  —  —  123  123

Total Refining —  —  —  (33) (948) 280  (701)

Marketing and Specialties

Legal settlement —  —  —  —  —  —  —

Legal accrual ¹ (20) (20) —  —  (241) (21) (262)

Net gain (loss) on asset dispositions —  —  1,017  (89) 15  1,978  2,921

Total Marketing and Specialties (20) (20) 1,017  (89) (226) 1,957  2,659

Renewable Fuels —  —  —  —  —  —  —

Corporate and Other

Impairments —  —  (21) —  —  —  (21)

Los Angeles Refinery cessation costs —  —  —  —  —  —  —

Professional advisory fees —  —  —  (45) —  —  (45)

Interest Expense —  —  —  —  —  (9) (9)

Total Corporate and Other —  —  (21) (45) —  (9) (75)

Total Special Items (Pre-tax) 9  9  1,064  (167) (1,174) 2,118  1,841

Less: Income Tax Expense (Benefit)

Tax impact of pre-tax special items ² 2  2  200  (40) (282) 19  (103)

Other tax impacts —  —  —  (31) —  205  174

Total Income Tax Expense (Benefit) 2  2  200  (71) (282) 224  71

Less: Income (Loss) Attributable to Noncontrolling Interests

Net gain on asset dispositions —  —  9  —  —  —  9

Impairment of certain DCP assets —  —  —  —  —  (10) (10)

Total Income (Loss) Attributable to Noncontrolling Interests —  —  9  —  —  (10) (1)

Total Phillips 66 Special Items (After-tax) 7  7  855  (96) (892) 1,904  1,771

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS

Millions of Dollars

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Midstream

Transportation —  —  —  —  —  —  —

NGL —  —  68  —  —  (79) (11)

Total Midstream —  —  68  —  —  (79) (11)

Refining

Atlantic Basin/Europe —  —  —  (33) —  11  (22)

Gulf Coast —  —  —  —  —  —  —

Central Corridor —  —  —  —  (948) 304  (644)

West Coast —  —  —  —  —  (35) (35)

Total Refining —  —  —  (33) (948) 280  (701)

1 Legal accruals related to ongoing litigation with Propel Fuels, Inc

2 We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate, but certain transactions may be partially exempt, which could result in a lower overall effective tax rate on these items. 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.

Page 3

Phillips 66 Earnings Release Supplemental Data

CASH FLOW INFORMATION ¹

Millions of Dollars

2026 2025

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 219  219  526  908  167  2,927  4,528

Depreciation and amortization 558  558  791  816  826  818  3,251

Impairments 8  8  26  4  951  79  1,060

Accretion on discounted liabilities 12  12  12  10  12  13  47

Deferred income taxes 67  67  (133) (48) 14  345  178

Undistributed equity earnings (86) (86) 120  75  (55) (20) 120

Net (gain) loss on dispositions (6) (6) (1,087) 93  (11) (1,979) (2,984)

Unrealized investment (gain) loss ² 9  9  10  4  (4) 2  12

Other (82) (82) (6) 58  20  (141) (69)

Net working capital changes (2,963) (2,963) (72) (1,075) (742) 708  (1,181)

Net Cash Provided by (Used in) Operating Activities (2,264) (2,264) 187  845  1,178  2,752  4,962

Cash Flows From Investing Activities

Capital expenditures and investments (582) (582) (423) (587) (541) (682) (2,233)

Acquisitions, net of cash acquired (66) (66) —  (2,220) 10  (1,288) (3,498)

Return of investments in equity affiliates 26  26  25  18  15  32  90

Proceeds from asset dispositions 7  7  2,034  (3) —  1,489  3,520

Other 9  9  (45) 58  29  (18) 46

Net Cash Provided by (Used in) Investing Activities (606) (606) 1,591  (2,734) (487) (467) (2,097)

Cash Flows From Financing Activities

Issuance of debt 9,629  9,629  —  3,499  2,450  2,446  8,395

Repayment of debt (1,965) (1,965) (1,287) (1,088) (1,612) (4,787) (8,774)

Issuance of common stock 84  84  23  2  68  14  107

Repurchase of common stock (269) (269) (247) (419) (267) (274) (1,207)

Dividends paid on common stock (509) (509) (469) (487) (484) (482) (1,922)

Distributions to noncontrolling interests (22) (22) (14) (81) (28) (41) (164)

Contributions from noncontrolling interests 15  15  —  106  18  8  132

Other (43) (43) (55) (6) (33) (10) (104)

Net Cash Provided by (Used in) Financing Activities 6,920  6,920  (2,049) 1,526  112  (3,126) (3,537)

Effect of Exchange Rate Changes on Cash and

Cash Equivalents (16) (16) 22  18  3  7  50

Net Change in Cash and Cash Equivalents, including

cash classified within Assets held for sale 4,034  4,034  (249) (345) 806  (834) (622)

Cash and cash equivalents at beginning of period 1,116  1,116  1,738  1,489  1,144  1,950  1,738

Cash and Cash Equivalents at End of Period, including

cash classified within Assets held for sale 5,150  5,150  1,489  1,144  1,950  1,116  1,116

Reconciliation of Cash and Cash Equivalents at end of

period

Cash and Cash equivalents 5,150  5,150  1,489  1,052  1,845  1,116  1,116

Cash and cash equivalents included in Assets held for sale —  —  —  92  105  —  —

Cash and cash equivalents at end of period, including

cash classified within Assets held for sale 5,150  5,150  1,489  1,144  1,950  1,116  1,116

CAPITAL PROGRAM

Millions of Dollars

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Consolidated Capital Expenditures and Investments ³

Midstream 343  343  216  384  347  284  1,231

Chemicals —  —  —  —  —  —  —

Refining¹ 210  210  176  148  145  307  776

Marketing and Specialties 9  9  15  34  26  43  118

Renewable Fuels 10  10  9  9  15  23  56

Corporate and Other 10  10  7  12  8  25  52

Consolidated Capital Expenditures and Investments 582  582  423  587  541  682  2,233

Consolidated Capital Expenditures and Investments ¹ ³ ⁴

Growth 336  336  229  379  289  332  1,229

Sustaining 246  246  194  208  252  350  1,004

Consolidated Capital Expenditures and Investments 582  582  423  587  541  682  2,233

Proportional Share of Selected Equity Affiliates Capital

Expenditures and Investments

CPChem (Chemicals) 133  133  182  225  202  187  796

WRB (Refining) ¹ —  —  21  44  34  —  99

Selected Equity Affiliates 133  133  203  269  236  187  895

1 Refer to Change in Basis of Presentation on page 15.

2 Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.

3 Excludes net acquisitions of $66MM, $1,288MM, $(10)MM, $2,220MM and $58MM in Q1 2026, Q4 2025, Q3 2025, Q2 2025, respectively.

4 See note on the use of non-GAAP measures.

Page 4

Phillips 66 Earnings Release Supplemental Data

MIDSTREAM

Millions of Dollars, Except as Indicated

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Income before Income Taxes

Transportation 247  247  243  242  194  239  918

NGL 344  344  508  489  503  399  1,899

Income before Income Taxes 591  591  751  731  697  638  2,817

Equity in Earnings of Affiliates

Transportation 92  92  97  87  82  87  353

NGL 11  11  13  11  11  11  46

Total 103  103  110  98  93  98  399

Depreciation and Amortization ¹

Transportation 45  45  44  43  73  50  210

NGL 229  229  189  217  205  209  820

Total 274  274  233  260  278  259  1,030

Operating and SG&A Expenses ²

Transportation 184  184  173  191  205  194  763

NGL 413  413  338  373  354  410  1,475

Total 597  597  511  564  559  604  2,238

Transportation Volumes (MB/D)

Pipelines ³ 2,932  2,932  2,893  3,093  3,111  2,993  3,023

Terminals 3,180  3,180  2,938  3,074  3,127  3,226  3,092

PSX Other Volumes

Wellhead Volume (Bcf/D) ⁴ 4.4  4.4  4.1  4.2  4.3  4.4  4.3

NGL Production (MB/D) ⁴ 446  446  437  456  483  470  462

NGL Pipeline Throughput–Y-Grade to Market (MB/D) ⁵ 930  930  704  956  999  1,006  917

NGL Fractionated (MB/D) 980  980  748  883  930  1,018  896

Market Indicators

Weighted-Average NGL Price ($/gal) ⁶ 0.62  0.62  0.74  0.64  0.60  0.59  0.64

Henry Hub Natural Gas Price ($/MMBtu) ⁷ 4.87  4.87  4.27  3.16  3.03  3.69  3.54

WTI ($/BBL) ⁷ 71.98  71.98  71.46  63.86  65.03  59.22  64.89

1 Excludes D&A of all non-consolidated affiliates.

2 Excludes operating and SG&A expenses of all non-consolidated affiliates.

3 Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.

4 Includes 100% of DCP Midstream Class A Segment.

5 Represents volumes delivered to fractionation market hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.

6 Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.

7 Based on daily spot prices.

Page 5

Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)

Millions of Dollars

2026 2025

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 591  591  751  731  697  638  2,817

Plus:

Depreciation and amortization 274  274  233  260  278  259  1,030

EBITDA 865  865  984  991  975  897  3,847

Special Item Adjustments (pre-tax):

Net gain on asset dispositions —  —  (68) —  —  —  (68)

Impairments —  —  —  —  —  79  79

EBITDA, Adjusted for Special Items 865  865  916  991  975  976  3,858

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 3  3  3  4  4  2  13

Proportional share of selected equity affiliates net interest 3  3  3  3  3  3  12

Proportional share of selected equity affiliates depreciation

and amortization 23  23  23  24  33  21  101

Adjusted EBITDA attributable to noncontrolling interests (34) (34) (60) (50) (51) (50) (211)

Adjusted EBITDA 860  860  885  972  964  952  3,773

Page 6

Phillips 66 Earnings Release Supplemental Data

MIDSTREAM (continued)

Millions of Dollars

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Transportation

Income before income taxes 247  247  243  242  194  239  918

Plus:

Depreciation and amortization 45  45  44  43  73  50  210

EBITDA 292  292  287  285  267  289  1,128

Special Item Adjustments (pre-tax):

None —  —  —  —  —  —  —

EBITDA, Adjusted for Special Items 292  292  287  285  267  289  1,128

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 3  3  3  4  4  2  13

Proportional share of selected equity affiliates net interest 3  3  3  3  3  3  12

Proportional share of selected equity affiliates depreciation

and amortization 15  15  15  15  23  12  65

Adjusted EBITDA attributable to noncontrolling interests (7) (7) (8) (6) (5) (7) (26)

Adjusted EBITDA 306  306  300  301  292  299  1,192

NGL

Income before income taxes 344  344  508  489  503  399  1,899

Plus:

Depreciation and amortization 229  229  189  217  205  209  820

EBITDA 573  573  697  706  708  608  2,719

Special Item Adjustments (pre-tax):

Net gain on asset disposition —  —  (68) —  —  —  (68)

Impairments —  —  —  —  —  79  79

EBITDA, Adjusted for Special Items 573  573  629  706  708  687  2,730

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes —  —  —  —  —  —  —

Proportional share of selected equity affiliates net interest —  —  —  —  —  —  —

Proportional share of selected equity affiliates depreciation

and amortization 8  8  8  9  10  9  36

Adjusted EBITDA attributable to noncontrolling interests (27) (27) (52) (44) (46) (43) (185)

Adjusted EBITDA 554  554  585  671  672  653  2,581

Page 7

Phillips 66 Earnings Release Supplemental Data

CHEMICALS

Millions of Dollars, Except as Indicated

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Income (loss) before Income Taxes 114  114  113  20  176  (12) 297

Equity in Earnings (Losses) of Affiliate 114  114  113  20  176  (12) 297

100% CPChem Results

Net Income, excludes parent company income tax related

to CPChem's earnings 228  228  226  40  351  (24) 593

Income (loss) before Income Taxes 238  238  235  50  360  (14) 631

Depreciation and Amortization 180  180  170  166  177  183  696

Net Interest Expense ¹ —  —  (2) (1) (1) —  (4)

Investing Cash Flows – Outflows/(Inflows)

Capital Expenditures and Investments 266  266  363  450  405  374  1,592

Return of Investments from Equity Companies —  —  —  (7) (18) (25) (50)

Olefins and Polyolefins Capacity Utilization (%) 94  % 94  % 100  % 92  % 104  % 97  % 98  %

Market Indicator ²

Ethylene to High-Density Polyethylene Chain

Cash Margin (cents/lb) 10.7  10.7  10.9  7.4  7.6  2.6  7.1

Reconciliation of Chemicals Income before Income

Taxes to Adjusted EBITDA

Income (loss) before income taxes 114  114  113  20  176  (12) 297

Plus:

None —  —  —  —  —  —  —

EBITDA 114  114  113  20  176  (12) 297

Special Item Adjustments (pre-tax):

Lower of cost or market inventory adjustment (29) (29) —  —  —  31  31

EBITDA, Adjusted for Special Items 85  85  113  20  176  19  328

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 21  21  13  13  11  2  39

Proportional share of selected equity affiliates net interest —  —  (1) (1) (1) 1  (2)

Proportional share of selected equity affiliates depreciation

and amortization 144  144  119  116  122  123  480

Adjusted EBITDA 250  250  244  148  308  145  845

1 Net of interest income.

2 Source: IHS, Inc.

Page 8

Phillips 66 Earnings Release Supplemental Data

REFINING

Millions of Dollars, Except as Indicated

2026 2025

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 367  367  (199) 49  250  302  402

Gulf Coast 204  204  (333) 101  119  252  139

Central Corridor ¹ (418) (418) (50) 392  (580) 671  433

West Coast 55  55  (355) (183) (307) (403) (1,248)

Income (Loss) before Income Taxes 208  208  (937) 359  (518) 822  (274)

Income (Loss) before Income Taxes ($/BBL)

Atlantic Basin/Europe 7.21  7.21  (5.15) 1.00  4.94  5.65  2.09

Gulf Coast 3.87  3.87  (8.95) 1.93  2.19  5.10  0.72

Central Corridor ¹ (6.12) (6.12) (1.85) 13.67  (20.61) 8.74  2.70

West Coast 6.41  6.41  (16.60) (8.37) (15.06) (41.08) (16.99)

Worldwide 1.15  1.15  (7.53) 2.36  (3.38) 4.34  (0.44)

Realized Refining Margins ($/BBL) ²

Atlantic Basin/Europe 15.62  15.62  7.08  8.16  11.94  12.60  10.18

Gulf Coast 11.31  11.31  4.43  8.71  8.74  12.48  8.86

Central Corridor ¹ 4.60  4.60  8.29  15.61  15.82  13.06  13.26

West Coast 13.12  13.12  7.12  14.06  12.31  8.85  10.86

Worldwide 10.11  10.11  6.81  11.25  12.15  12.48  10.88

Equity in Earnings (Losses) of Affiliates

Atlantic Basin/Europe —  —  (2) (2) (2) (3) (9)

Gulf Coast —  —  —  —  —  —  —

Central Corridor ¹ —  —  (103) —  33  —  (70)

West Coast —  —  —  —  —  —  —

Total —  —  (105) (2) 31  (3) (79)

Depreciation and Amortization ³

Atlantic Basin/Europe 57  57  56  53  54  53  216

Gulf Coast 66  66  72  67  66  66  271

Central Corridor ¹ 76  76  41  41  43  79  204

West Coast 16  16  287  282  281  279  1,129

Total 215  215  456  443  444  477  1,820

Operating and SG&A Expenses ³

Atlantic Basin/Europe 317  317  379  289  256  280  1,204

Gulf Coast 299  299  390  262  263  275  1,190

Central Corridor ¹ 613  613  171  159  180  522  1,032

West Coast 52  52  180  170  250  204  804

Total 1,281  1,281  1,120  880  949  1,281  4,230

Turnaround Expense, included in Operating and SG&A

Expenses ³

Atlantic Basin/Europe 30  30  97  18  5  11  131

Gulf Coast 41  41  164  27  15  40  246

Central Corridor ¹ 105  105  2  2  10  77  91

West Coast 2  2  7  6  6  7  26

Total 178  178  270  53  36  135  494

Taxes Other than Income Taxes

Atlantic Basin/Europe 20  20  22  20  17  18  77

Gulf Coast 29  29  35  24  26  23  108

Central Corridor ¹ 42  42  26  25  26  19  96

West Coast 15  15  27  25  21  3  76

Total 106  106  110  94  90  63  357

Foreign Currency Gains (Losses) Pre-Tax (12) (12) 9  20  (4) (4) 21

Refining—Equity Affiliate Information ¹

Equity in earnings (losses) of affiliates —  —  (105) (2) 31  (3) (79)

Less: Share of equity affiliate gross margin included in Realized

Refining Margin and other equity affiliate-related costs ⁴ (26) (26) (141) (234) (262) (25) (662)

Equity affiliate-related expenses not included in Realized

Refining Margins

(26) (26) (246) (236) (231) (28) (741)

Proportional Share of Certain Equity Affiliate

Operating and SG&A Expenses ¹

19  19  200  185  186  19  590

Proportional Share of Certain Equity Affiliate

Turnaround Expense, included in Equity Affiliate

Operating and SG&A Expenses ¹

—  —  27  24  23  —  74

Operating expenses 1,229  1,229  1,074  848  909  1,229  4,060

Selling, general and administrative expenses 52  52  46  32  40  52  170

Refining Controllable Costs ¹ ⁵ 1,281  1,281  1,120  880  949  1,281  4,230

Refining Controllable Costs ($/BBL) ¹ ⁵ 7.08  7.08  9.00  5.79  6.18  6.76  6.83

Refining Adjusted Controllable Costs, Excluding Adjusted

Turnaround Expense ($/BBL) ⁶

6.21  6.21  7.03  5.46  6.07  5.96  6.09

1 Refer to Change in Basis of Presentation on page 15.

2 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.

3 Excludes expenses of all equity affiliates.

4 Other costs associated with equity affiliates which do not flow through equity earnings (losses).

5 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.

6 See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.

Page 9

Phillips 66 Earnings Release Supplemental Data

REFINING (continued)

2026 2025

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 208  208  (937) 359  (518) 822  (274)

Plus:

Depreciation and amortization 215  215  456  443  444  477  1,820

EBITDA 423  423  (481) 802  (74) 1,299  1,546

Special Item Adjustments (pre-tax):

Certain tax impacts —  —  —  —  —  (11) (11)

Impairments —  —  —  —  948  —  948

Los Angeles Refinery cessation costs —  —  —  —  —  35  35

Legal accrual —  —  —  33  —  —  33

Legal settlement —  —  —  —  —  (181) (181)

Pending claims and settlements —  —  —  —  —  (123) (123)

EBITDA, Adjusted for Special Items 423  423  (481) 835  874  1,019  2,247

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes —  —  —  —  —  —  —

Proportional share of selected equity affiliates net interest —  —  2  3  1  —  6

Proportional share of selected equity affiliates depreciation

and amortization —  —  27  29  29  —  85

Adjusted EBITDA 423  423  (452) 867  904  1,019  2,338

Operating Statistics

Atlantic Basin/Europe ¹

Crude Oil Charge Input (MB/D) 531  531  359  518  534  553  492

Total Processed Inputs (MB/D) 566  566  430  541  551  582  526

Crude Oil Capacity Utilization (%) 96  % 96  % 67  % 97  % 99  % 103  % 92  %

Clean Product Yield (%) 88  % 88  % 89  % 87  % 88  % 87  % 88  %

Gulf Coast

Crude Oil Charge Input (MB/D) 530  530  369  508  528  481  472

Total Processed Inputs (MB/D) 587  587  413  573  590  538  529

Crude Oil Capacity Utilization (%) 98  % 98  % 70  % 96  % 100  % 91  % 89  %

Clean Product Yield (%) 80  % 80  % 81  % 80  % 81  % 80  % 80  %

Central Corridor ²

Crude Oil Charge Input (MB/D) 734  734  521  550  549  805  606

Total Processed Inputs (MB/D) 760  760  536  566  567  834  626

Crude Oil Capacity Utilization (%) 92  % 92  % 98  % 104  % 103  % 104  % 102  %

Clean Product Yield (%) 90  % 90  % 91  % 90  % 90  % 94  % 91  %

West Coast

Crude Oil Charge Input (MB/D) 90  90  228  234  214  99  193

Total Processed Inputs (MB/D) 96  96  237  241  222  107  201

Crude Oil Capacity Utilization (%) ³ 86  % 86  % 93  % 96  % 88  % 95  % 93  %

Clean Product Yield (%) 91  % 91  % 89  % 90  % 87  % 91  % 89  %

Worldwide—Including Proportional Share of

Equity Affiliates ¹

Crude Oil Charge Input (MB/D) 1,885  1,885  1,477  1,810  1,825  1,938  1,763

Total Processed Inputs (MB/D) 2,009  2,009  1,616  1,921  1,930  2,061  1,882

Crude Oil Capacity Utilization (%) 95  % 95  % 80  % 98  % 99  % 99  % 94  %

Clean Product Yield (%) 87  % 87  % 87  % 86  % 86  % 88  % 87  %

1 Includes our proportional share of a refinery complex in Karlsruhe, Germany.

2 Refer to Change in Basis of Presentation on page 15.

3 In the fourth quarter 2025, we ceased fuel production and began idling the facilities at our Los Angeles Refinery, and the associated crude oil capacity is excluded in the calculation of this statistic beginning on October 1, 2025.

Page 10

Phillips 66 Earnings Release Supplemental Data

REFINING (continued)

2026 2025

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 ¹

Gasoline 251  251  199  225  230  242  224

Distillates 231  231  166  232  242  253  223

Other 88  88  70  86  80  92  82

Total 570  570  435  543  552  587  529

Gulf Coast

Gasoline 236  236  184  243  245  221  223

Distillates 219  219  138  202  215  197  189

Other 140  140  87  134  137  121  120

Total 595  595  409  579  597  539  532

Central Corridor ²

Gasoline 379  379  263  276  271  432  311

Distillates 302  302  223  233  235  347  260

Other 84  84  56  63  65  63  62

Total 765  765  542  572  571  842  633

West Coast

Gasoline 51  51  131  135  117  58  110

Distillates 37  37  81  82  76  39  69

Other 7  7  24  21  26  9  20

Total 95  95  236  238  219  106  199

Worldwide—Including Proportional Share of

Equity Affiliates

Gasoline 917  917  777  879  863  953  868

Distillates 789  789  608  749  768  836  741

Other 319  319  237  304  308  285  284

Total 2,025  2,025  1,622  1,932  1,939  2,074  1,893

Market Indicators

Crude and Crude Differentials ($/BBL) ³

WTI 71.98  71.98  71.46  63.86  65.03  59.22  64.89

Brent 80.61  80.61  75.66  67.82  69.07  63.69  69.06

ANS 77.00  77.00  75.99  68.92  70.07  64.00  69.74

WTI less Maya 5.52  5.52  6.36  5.39  4.03  4.90  5.17

WTI less WCS (settlement differential) 14.13  14.13  12.65  10.20  10.38  11.19  11.11

Natural Gas ($/MMBtu) ³

Henry Hub 4.87  4.87  4.27  3.16  3.03  3.69  3.54

1 Includes our proportional share of a refinery complex in Karlsruhe, Germany.

2 Refer to Change in Basis of Presentation on page 15.

3 Based on daily spot prices, unless otherwise noted.

Page 11

Phillips 66 Earnings Release Supplemental Data

MARKETING AND SPECIALTIES

Millions of Dollars, Except as Indicated

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Income (Loss) before Income Taxes (161) (161) 1,282  571  251  2,396  4,500

Income (Loss) before Income Taxes ($/BBL)

U.S. (1.14) (1.14) 0.67  2.32  0.18  1.13  1.09

International (3.27) (3.27) 39.88  1.96  4.55  70.99  28.39

Realized Marketing Fuel Margins ($/BBL) ¹

U.S. (0.47) (0.47) 1.36  2.83  2.04  1.55  1.95

International (3.53) (3.53) 4.87  7.11  5.37  5.00  5.58

Other Realized Margins and Revenues

not included in Marketing Fuel Margins ² 301  301  243  287  280  283  1,093

Equity in Earnings of Affiliates 35  35  36  38  36  36  146

Depreciation and Amortization ³ 20  20  20  33  23  21  97

Operating and SG&A Expenses ³ 316  316  346  351  603  365  1,665

Refined Products Sales (MB/D)

U.S. Marketing

Gasoline 1,144  1,144  1,080  1,191  1,164  1,196  1,158

Distillates 785  785  735  809  828  1,003  844

Other 19  19  13  28  13  19  18

Total 1,948  1,948  1,828  2,028  2,005  2,218  2,020

International Marketing

Gasoline 73  73  114  110  176  156  139

Distillates 131  131  171  162  165  151  162

Other 30  30  27  42  29  11  27

Total 234  234  312  314  370  318  328

Worldwide Marketing

Gasoline 1,217  1,217  1,194  1,301  1,340  1,352  1,297

Distillates 916  916  906  971  993  1,154  1,006

Other 49  49  40  70  42  30  45

Total 2,182  2,182  2,140  2,342  2,375  2,536  2,348

Foreign Currency Gains (Losses) Pre-Tax (2) (2) 2  1  (4) (1) (2)

Reconciliation of Marketing and Specialties Income (Loss)

before Income Taxes to Adjusted EBITDA

Income (Loss) before income taxes (161) (161) 1,282  571  251  2,396  4,500

Plus:

Depreciation and amortization 20  20  20  33  23  21  97

EBITDA (141) (141) 1,302  604  274  2,417  4,597

Special Item Adjustments (pre-tax):

Legal accrual 20  20  —  —  241  21  262

Net (gain) loss on asset dispositions —  —  (1,017) 89  (15) (1,978) (2,921)

EBITDA, Adjusted for Special Items (121) (121) 285  693  500  460  1,938

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 3  3  2  —  —  —  2

Proportional share of selected equity affiliates net interest 9  9  10  10  10  10  40

Proportional share of selected equity affiliates depreciation

and amortization 23  23  18  15  15  18  66

Adjusted EBITDA (86) (86) 315  718  525  488  2,046

1 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.

2 Excludes gain on dispositions and excise taxes on sales of refined products.

3 Excludes expenses of all equity affiliates.

Page 12

Phillips 66 Earnings Release Supplemental Data

RENEWABLE FUELS

Millions of Dollars, Except as Indicated

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Income (Loss) before Income Taxes (41) (41) (185) (133) (43) (19) (380)

Operating and SG&A Expenses ¹ 110  110  114  104  103  110  431

Operating Statistics

Total Renewable Fuels Produced (MB/D) 40  40  44  40  36  32  38

Total Renewable Fuel Sales (MB/D) 53  53  63  71  63  65  66

Market Indicators²

Chicago Board of Trade (CBOT) soybean oil

(dollars per pound) 0.58  0.58  0.44  0.49  0.53  0.50  0.49

California Low-Carbon Fuel Standard (LCFS) carbon credit

(dollars per metric ton) 65.48  65.48  66.28  52.33  53.40  53.50  56.38

California Air Resource Board (CARB) ULSD - San Francisco

(dollars per gallon) 2.93  2.93  2.44  2.52  2.55  2.37  2.47

Biodiesel Renewable Identification Number (RIN)

(dollars per RIN) 1.44  1.44  0.79  1.08  1.13  1.03  1.01

Reconciliation of Renewable Fuels Income (Loss)

before Income Taxes to Adjusted EBITDA

Income (Loss) before income taxes (41) (41) (185) (133) (43) (19) (380)

Plus:

Depreciation and amortization 23  23  23  23  25  24  95

EBITDA (18) (18) (162) (110) (18) 5  (285)

Special Item Adjustments (pre-tax):

None —  —  —  —  —  —  —

EBITDA, Adjusted for Special Items (18) (18) (162) (110) (18) 5  (285)

1 Excludes operating and SG&A expenses of all equity affiliates.

2 Based on daily spot prices, unless otherwise noted.

Page 13

Phillips 66 Earnings Release Supplemental Data

CORPORATE AND OTHER

Millions of Dollars, Except as Indicated

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Loss before Income Taxes (451) (451) (376) (428) (364) (372) (1,540)

Detail of Gain (Loss) before Income Taxes

Net interest expense (255) (255) (187) (230) (225) (256) (898)

Corporate overhead and other ¹ (187) (187) (174) (196) (145) (114) (629)

NOVONIX (9) (9) (15) (2) 6  (2) (13)

Total (451) (451) (376) (428) (364) (372) (1,540)

Net Interest Expense

Interest expense (296) (296) (230) (267) (267) (296) (1,060)

Capitalized interest 10  10  9  3  8  1  21

Interest income 31  31  34  34  34  39  141

Total (255) (255) (187) (230) (225) (256) (898)

NOVONIX Investment

Unrealized Investment Gain (Loss) (10) (10) (15) (3) 5  (2) (15)

Unrealized Foreign Currency Transaction Gain 1  1  —  1  1  —  2

Change in Fair Value of NOVONIX Investment (9) (9) (15) (2) 6  (2) (13)

Reconciliation of Corporate and Other Loss

before Income Taxes to Adjusted EBITDA

Loss before income taxes (451) (451) (376) (428) (364) (372) (1,540)

Plus:

Net interest expense 255  255  187  230  225  256  898

Depreciation and amortization 26  26  59  57  56  37  209

EBITDA (170) (170) (130) (141) (83) (79) (433)

Special Item Adjustments (pre-tax):

Impairment —  —  21  —  —  —  21

Professional advisory fees —  —  —  45  —  —  45

Total Special Item Adjustments (pre-tax) —  —  21  45  —  —  66

Change in Fair Value of NOVONIX Investment 9  9  15  2  (6) 2  13

EBITDA, Adjusted for Special Items and Change in

Fair Value of NOVONIX Investment (161) (161) (94) (94) (89) (77) (354)

Other Adjustments (pre-tax):

None —  —  —  —  —  —  —

Adjusted EBITDA (161) (161) (94) (94) (89) (77) (354)

Foreign Currency Losses Pre-Tax —  —  (2) (4) (4) (2) (12)

Phillips 66 Company

Total Debt 27,124  27,124  18,803  20,935  21,755  19,716  19,716

Total Equity 29,681  29,681  28,353  28,626  28,077  30,241  30,241

Debt-to-Capital Ratio (%) 48  % 48  % 40  % 42  % 44  % 39  % 39  %

Cash and cash equivalents at end of period, including

cash classified within Assets held for sale 5,150  5,150  1,489  1,144  1,950  1,116  1,116

Net Debt-to-Capital Ratio (%) 43  % 43  % 38  % 41  % 41  % 38  % 38  %

1 Includes 2026 costs associated with idled Los Angeles Refinery and San Francisco Refinery of $43 million.

Page 14

Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66

Millions of Dollars

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

Net income 219  219  526  908  167  2,927  4,528

Plus:

Income tax expense (benefit) 41  41  122  212  32  526  892

Net interest expense 255  255  187  230  225  256  898

Depreciation and amortization 558  558  791  816  826  818  3,251

Phillips 66 EBITDA ¹ 1,073  1,073  1,626  2,166  1,250  4,527  9,569

Special Item Adjustments (pre-tax):

Certain tax impacts —  —  —  —  —  (11) (11)

Net (gain) loss on asset dispositions —  —  (1,085) 89  (15) (1,978) (2,989)

Impairments —  —  21  —  948  79  1,048

Los Angeles Refinery cessation costs —  —  —  —  —  35  35

Legal accrual 20  20  —  33  241  21  295

Legal settlement —  —  —  —  —  (181) (181)

Professional advisory fees —  —  —  45  —  —  45

Pending claims and settlements —  —  —  —  —  (123) (123)

Lower of cost or market inventory adjustment (29) (29) —  —  —  31  31

Total Special Item Adjustments (pre-tax) (9) (9) (1,064) 167  1,174  (2,127) (1,850)

Change in Fair Value of NOVONIX Investment ² 9  9  15  2  (6) 2  13

Phillips 66 EBITDA, Adjusted for Special Items and

Change in Fair Value of NOVONIX Investment ¹ 1,073  1,073  577  2,335  2,418  2,402  7,732

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 27  27  18  17  15  4  54

Proportional share of selected equity affiliates net interest 12  12  14  15  13  14  56

Proportional share of selected equity affiliates depreciation

and amortization 190  190  187  184  199  162  732

Adjusted EBITDA attributable to noncontrolling interests (34) (34) (60) (50) (51) (50) (211)

Phillips 66 Adjusted EBITDA ¹ 1,268  1,268  736  2,501  2,594  2,532  8,363

1 Refer to Change in Basis of Presentation on page 15.

2 See NOVONIX Investment table on page 14 for more details.

Use of Non-GAAP Financial Information—This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," "realized marketing fuel margin per barrel," and "refining adjusted controllable costs per barrel." These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP measures most directly comparable to EBITDA and adjusted EBITDA are net income for consolidated company information and income before income taxes for segment information. Reconciliations of net income (loss) and income (loss) before income taxes to EBITDA and adjusted EBITDA are included in this earnings release supplemental data. Realized refining margin per barrel is calculated on a similar basis as industry crack spreads and we believe it provides a useful measure of how well we performed relative to benchmark industry margins. Realized marketing fuel margin per barrel demonstrates the value uplift our marketing operations provide by optimizing the placement and ultimate sale of our refineries' fuel production. The GAAP measure most directly comparable to both realized margin per barrel measures is income before income taxes per barrel. Reconciliations of income (loss) before income taxes per barrel to realized refining margin and realized marketing fuel margin are included in this earnings release supplemental data. Refining controllable cost and Refining adjusted controllable costs per barrel are included to help facilitate comparisons with other companies in our industry on refinery operational performance. The GAAP measures most directly comparable to Refining controllable cost are operating expenses and selling, general and administrative expenses (SG&A). A reconciliation of refining operating and SG&A expenses to refining adjusted controllable costs plus our proportional share of operating and SG&A expenses of two refining equity affiliates that are reflected in earnings of affiliates, is included in this earnings release supplemental data. Adjusted effective tax rate demonstrates the effective tax rate with the consideration of the tax effect on special items. The GAAP financial measure most comparable to adjusted effective tax rate is effective tax rate. A reconciliation of effective tax rate to adjusted effective tax rate is included in this earnings release supplemental data.

Sustaining capital expenditures demonstrate the capital required to maintain and extend the life of existing assets to ensure the ongoing operation and integrity of assets, including equipment, infrastructure, and facilities. A reconciliation of sustaining capital to consolidated capital expenditures and investments, excluding acquisitions and purchases of government obligations, is included in this earnings release supplemental data.

Changes in Basis of Presentation - in connection with the acquisition of the remaining 50% equity interest in WRB Refining (WRB), beginning October 1, 2025, the results in our Refining segment, correlating to our Central Corridor business, reflect consolidated results of 100% of the Borger Refinery and Wood River Refinery. Prior to October 1, 2025, our 50% investment in WRB was accounted for using the equity method and prior periods reflect our proportional share of our equity method investment.

Page 15

Phillips 66 Earnings Release Supplemental Data

REALIZED MARGIN NON-GAAP RECONCILIATIONS

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS

Millions of Dollars, Except as Indicated

2026 2025

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 367  367  (199) 49  250  302  402

Plus:

Taxes other than income taxes 20  20  22  20  17  18  77

Depreciation, amortization and impairments 59  59  56  53  56  53  218

Selling, general and administrative expenses 9  9  6  8  7  10  31

Operating expenses 308  308  373  281  249  270  1,173

Equity in losses of affiliates —  —  2  2  2  3  9

Other segment (income) expense, net 9  9  (6) (33) (1) 1  (39)

Proportional share of refining gross margins contributed by

equity affiliates 26  26  21  22  24  25  92

Special items:

Certain tax impacts —  —  —  —  —  (11) (11)

Realized refining margins 798  798  275  402  604  671  1,952

Total processed inputs (MB) ¹ 50,907  50,907  38,716  49,270  50,624  53,499  192,109

Adjusted total processed inputs (MB) ¹ 50,907  50,907  38,716  49,270  50,624  53,499  192,109

Income (loss) before income taxes ($/BBL) ² 7.21  7.21  (5.15) 1.00  4.94  5.65  2.09

Realized refining margins ($/BBL) ³ 15.62  15.62  7.08  8.16  11.94  12.60  10.18

GULF COAST

Income (loss) before income taxes 204  204  (333) 101  119  252  139

Plus:

Taxes other than income taxes 29  29  35  24  26  23  108

Depreciation, amortization and impairments 66  66  72  67  66  66  271

Selling, general and administrative expenses 1  1  9  5  7  7  28

Operating expenses 298  298  381  257  256  268  1,162

Equity in earnings of affiliates —  —  —  —  —  —  —

Other segment expense, net —  —  1  —  —  1  2

Special items:

None —  —  —  —  —  —  —

Realized refining margins 598  598  165  454  474  617  1,710

Total processed inputs (MB) 52,864  52,864  37,206  52,111  54,239  49,459  193,015

Adjusted total processed inputs (MB) 52,864  52,864  37,206  52,111  54,239  49,459  193,015

Income (loss) before income taxes ($/BBL) ² 3.87  3.87  (8.95) 1.93  2.19  5.10  0.72

Realized refining margins ($/BBL) ³ 11.31  11.31  4.43  8.71  8.74  12.48  8.86

CENTRAL CORRIDOR ⁴

Income (loss) before income taxes (418) (418) (50) 392  (580) 671  433

Plus:

Taxes other than income taxes 42  42  26  25  26  19  96

Depreciation, amortization and impairments 76  76  41  44  992  79  1,156

Selling, general and administrative expenses 39  39  23  13  18  26  80

Operating expenses 574  574  148  146  162  496  952

Equity in (earnings) losses of affiliates —  —  103  —  (33) —  70

Other segment (income) expense, net 3  3  (12) (28) 1  3  (36)

Proportional share of refining gross margins contributed by

equity affiliates —  —  120  212  238  —  570

Special items:

Legal settlement —  —  —  —  —  (181) (181)

Pending claims and settlements —  —  —  —  —  (123) (123)

Realized refining margins 316  316  399  804  824  990  3,017

Total processed inputs (MB) 68,400  68,400  27,169  28,710  28,113  76,703  160,695

Adjusted total processed inputs (MB) ¹ 68,400  68,400  48,275  51,477  52,127  76,703  228,582

Income (loss) before income taxes ($/BBL) ² (6.12) (6.12) (1.85) 13.67  (20.61) 8.74  2.70

Realized refining margins ($/BBL) ³ 4.60  4.60  8.29  15.61  15.82  13.06  13.26

1 Includes our proportional share of processed inputs of an equity affiliate.

2 Income (loss) before income taxes divided by total processed inputs.

3 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.

4 Refer to Change in Basis of Presentation on page 15.

Page 16

Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)

Millions of Dollars, Except as Indicated

2026 2025

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 55  55  (355) (183) (307) (403) (1,248)

Plus:

Taxes other than income taxes 15  15  27  25  21  3  76

Depreciation, amortization and impairments 16  16  288  282  281  279  1,130

Selling, general and administrative expenses 3  3  8  6  8  9  31

Operating expenses 49  49  172  164  242  195  773

Other segment (income) expense, net (23) (23) 12  14  7  6  39

Realized refining margins 115  115  152  308  252  89  801

Total processed inputs (MB) 8,630  8,630  21,362  21,914  20,403  9,804  73,483

Adjusted total processed inputs (MB) 8,630  8,630  21,362  21,914  20,403  9,804  73,483

Income (loss) before income taxes ($/BBL) ¹ 6.41  6.41  (16.60) (8.37) (15.06) (41.08) (16.99)

Realized refining margins ($/BBL) ² 13.12  13.12  7.12  14.06  12.31  8.85  10.86

WORLDWIDE ³

Income (loss) before income taxes 208  208  (937) 359  (518) 822  (274)

Plus:

Taxes other than income taxes 106  106  110  94  90  63  357

Depreciation, amortization and impairments 217  217  457  446  1,395  477  2,775

Selling, general and administrative expenses 52  52  46  32  40  52  170

Operating expenses 1,229  1,229  1,074  848  909  1,229  4,060

Equity in (earnings) losses of affiliates —  —  105  2  (31) 3  79

Other segment (income) expense, net (11) (11) (5) (47) 7  11  (34)

Proportional share of refining gross margins contributed

by equity affiliates 26  26  141  234  262  25  662

Special items:

Certain tax impacts —  —  —  —  —  (11) (11)

Legal settlement —  —  —  —  —  (181) (181)

Pending claims and settlements —  —  —  —  —  (123) (123)

Realized refining margins 1,827  1,827  991  1,968  2,154  2,367  7,480

Total processed inputs (MB) 180,801  180,801  124,453  152,005  153,379  189,465  619,302

Adjusted total processed inputs (MB) ¹ ⁴ 180,801  180,801  145,559  174,772  177,393  189,465  687,189

Income (loss) before income taxes ($/BBL) ¹ 1.15  1.15  (7.53) 2.36  (3.38) 4.34  (0.44)

Realized refining margins ($/BBL) ² 10.11  10.11  6.81  11.25  12.15  12.48  10.88

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

2026 2025

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

WORLDWIDE ³

Turnaround expenses 178  178  270  53  36  135  494

Other operating expenses 1,051  1,051  804  795  873  1,094  3,566

Total operating expenses 1,229  1,229  1,074  848  909  1,229  4,060

Selling, general and administrative expenses 52  52  46  32  40  52  170

Refining Controllable Costs 1,281  1,281  1,120  880  949  1,281  4,230

Plus:

Proportional share of equity affiliate turnaround

expenses⁵ —  —  27  24  23  —  74

Proportional share of equity affiliate other operating

and SG&A expenses ⁵ 19  19  173  161  163  19  516

Total proportional share of equity affiliate operating

and SG&A expenses ⁵ 19  19  200  185  186  19  590

Special item adjustments (pre-tax):

Legal accrual —  —  —  (33) —  —  (33)

Los Angeles Refinery cessation costs —  —  —  —  —  (35) (35)

Refining Adjusted Controllable Costs 1,300  1,300  1,320  1,032  1,135  1,265  4,752

Total processed inputs (MB) 180,801  180,801  124,453  152,005  153,379  189,465  619,302

Adjusted total processed inputs (MB) ⁴ 180,801  180,801  145,559  174,772  177,393  189,465  687,189

Refining Controllable Costs ($/BBL) ⁶ 7.08  7.08  9.00  5.79  6.18  6.76  6.83

Refining turnaround expense ($/BBL) ⁶ 0.98  0.98  2.17  0.35  0.23  0.71  0.80

Refining controllable costs, excluding turnaround

expense ($/BBL) ⁶ 6.10  6.10  6.83 5.44 5.95 6.05 6.03

Refining Adjusted Controllable Costs ($/BBL) ⁷ 7.19  7.19  9.07  5.90  6.40  6.67  6.92

Refining adjusted turnaround expense ($/BBL) ⁷ 0.98  0.98  2.04  0.44  0.33  0.71  0.83

Refining adjusted controllable costs, excluding

adjusted turnaround expense ($/BBL) ⁷ 6.21  6.21  7.03  5.46  6.07  5.96  6.09

1 Income (loss) before income taxes divided by total processed inputs.

2 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.

3 Refer to Change in Basis of Presentation on page 15.

4 Includes our proportional share of processed inputs of an equity affiliate.

5 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.

6 Denominator is total processed inputs.

7 Denominator is adjusted total processed inputs.

Page 17

Phillips 66 Earnings Release Supplemental Data

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS

Millions of Dollars, Except as Indicated

2026 2025

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 (200) (200) 111  429  34  230  804

Plus:

Depreciation and amortization 12  12  13  12  11  12  48

Selling, general and administrative expenses 229  229  203  202  460  223  1,088

Equity in earnings of affiliates (9) (9) (7) (11) (13) (16) (47)

Other operating revenues ¹ (122) (122) (105) (121) (129) (116) (471)

Other (income) expense, net 7  7  9  12  13  (15) 19

Special items:

None —  —  —  —  —  —  —

Realized marketing fuel margins (83) (83) 224  523  376  318  1,441

Total fuel sales volumes (MB) 175,331  175,331  164,499  184,591  184,435  204,076  737,601

Income (loss) before income taxes ($/BBL) (1.14) (1.14) 0.67  2.32  0.18  1.13  1.09

Realized marketing fuel margins ($/BBL) ² (0.47) (0.47) 1.36  2.83  2.04  1.55  1.95

INTERNATIONAL

Income before income taxes (69) (69) 1,117  56  155  2,073  3,401

Plus:

Depreciation and amortization 2  2  2  13  5  2  22

Selling, general and administrative expenses 9  9  65  72  63  62  262

Equity in earnings of affiliates (17) (17) (8) (1) (1) —  (10)

Other operating revenues ¹ (1) (1) (12) (8) (9) (7) (36)

Other (income) expense, net 1  1  3  —  —  4  7

Special items:

Net (gain) loss on asset dispositions —  —  (1,017) 89  (15) (1,978) (2,921)

Marketing margins (75) (75) 150  221  198  156  725

Less: margin for nonfuel related sales —  —  14  18  15  10  57

Realized marketing fuel margins (75) (75) 136  203  183  146  668

Total fuel sales volumes (MB) 21,090  21,090  28,011  28,560  34,035  29,202  119,808

Income (loss) before income taxes ($/BBL) (3.27) (3.27) 39.88  1.96  4.55  70.99  28.39

Realized marketing fuel margins ($/BBL) ² (3.53) (3.53) 4.87  7.11  5.37  5.00  5.58

ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION

RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE

Millions of Dollars, Except as Indicated

2026 2025

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 260  260  648  1,120  199  3,453  5,420

Special items (9) (9) (1,064) 167  1,174  (2,118) (1,841)

Adjusted income (loss) before income taxes 251  251  (416) 1,287  1,373  1,335  3,579

Income tax expense 41  41  122  212  32  526  892

Special items (2) (2) (200) 71  282  (224) (71)

Adjusted income tax expense (benefit) 39  39  (78) 283  314  302  821

Effective tax rate (%) ³ 15.9  % 15.9  % 18.8  % 19.0  % 16.0  % 15.2  % 16.5  %

Adjusted effective tax rate (%) ³ 15.7  % 15.7  % 18.8  % 22.0  % 22.9  % 22.6  % 22.9  %

1 Includes other nonfuel revenues and expenses.

2 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.

3 Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).

Page 18

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