EX-99.2 3 psx-20260331_erxsuppinfoxe.htm EX-99.2

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 (%).

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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
												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.

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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
												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.

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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.

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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.

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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

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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
												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

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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
												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

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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
												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.

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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
												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 (%).

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