June 2019 J.P. MORGAN ENERGY CONFERENCE Greg C ......2018 AVERAGE CANADIAN IMPORTS MBD 38.2% 37.9%...

phillips66.com | NYSE: PSX1

June 2019

Freeport Terminal LPG Facility FREEPORT, TX

J.P. MORGAN ENERGY CONFERENCE

Greg C. Garland

Chairman and Chief Executive Officer


C A U T I O N A R Y S T A T E M E N T

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as

amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors

created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,”

“believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used

to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-

looking. Forward-looking statements relating to Phillips 66’s operations (including joint venture operations) are based on management’s

expectations, estimates and projections about the company, its interests and the energy industry in general on the date this presentation

was prepared. These statements are not guarantees of future performance and 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 fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes

in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our

products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products;

potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations;

limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial

markets; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of

PSXP to successfully execute its growth plans; 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.

This presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures at

the end of the presentation materials or in the “Investors” section of our website.

phillips66.com | NYSE: PSX3 Vacuum Tower, Billings Refinery, Billings, MT

E X E C U T I N G T H E S T R A T E G Y

Beaumont Terminal NEDERLAND, TX

OPERATING EXCELLENCE

Safe and reliable operations

Technology driven cost efficiencies

GROWTH

Pipelines from key shale basins to the USGC

Crude export capability

NGL value chain – transportation, fractionation and exports

CPChem USGC ethylene and derivative capacity

CPChem debottleneck projects

RETURNS

Refinery yield projects and clean product export capability

Brand re-imaging and European growth

DISTRIBUTIONS

Secure, competitive and growing dividend

Commitment to share repurchases

HIGH-PERFORMING ORGANIZATION

Culture. Capability. Performance.


.19.23

.58

.19

.28

.54

.15

.30

.66

.14 .14

.46

.14.10

.23

.43

.74

1.15

.41

.76

.86

.33

.66

1.03

.32

.45

.79

.30

.83

Phillips 66

TOTAL RECORDABLE RATESIncidents per 200,000 Hours Worked

CPChem DCP Midstream

14 15 16 17 18 14 15 16 17 18 14 15 16 17 18

O P E R A T I N G E X C E L L E N C E

Industry Average

REFINING CRUDE CAPACITY UTILIZATION

90%

91%

90%

91%

93%

94%

91%

96%

95% 95%

14 15 16 17 18

U.S. Industry Average Phillips 66

See appendix for footnotes

Phillips 66 2018 industry average is based on preliminary AFPM data and is subject to change;

CPChem 2018 industry data has not been released.


0

2

4

6

Agricul.,CropProd.

FoodManufact.

AllManufact.

Construction Prof.& Bus.

Services

PetroleumRefining

Petchem.Manufact.

Phillips 66

INDUSTRY SAFETY METRICSIncidents per 200,000 hours worked

E N V I R O N M E N T A L , S O C I A L , G O V E R N A N C E

25

30

35

40

12 13 14 15 16 17 18

PHILLIPS 66 SOx, NOx, PM EMISSIONS / PROCESSED INPUTSTonnes per processed inputs (MB/year)

Board engaged in setting company ESG strategy

Independent lead director

Extensive ESG engagement

Industry leading safety performance

Low reportable environmental events

25% decline in emissions since 2012

Investing in forward-looking research and development

technology

Inclusive and diverse workforce

Committed to corporate and local philanthropy



G R O W I N G O U R I N T E G R A T E D P O R T F O L I O


MIDSTREAM AND CHEMICALS GROWTH


P S X P G R A Y O A K P I P E L I N E / S O U T H T E X A S G A T E W A Y T E R M I N A L

Gray Oak Pipeline

Crude oil pipeline from the Permian and Eagle

Ford to the Texas Gulf Coast

Expected in service 4Q 2019

900 MBD crude capacity

42.25% PSXP ownership

South Texas Gateway Terminal

Two deepwater docks with up to 800,000 BPD

throughput capacity

Expected in service mid-2020

7 MMB storage capacity

25% PSXP ownership


SWEENY HUB EXPANSION

Sweeny Fractionators 2 and 3 under construction OLD OCEAN, TX

Sweeny

FracsAdds 2 x 150 MBD

NGL fracs

(400 MBD total)

Sand Hills

& OtherSecured feedstock

supply agreements

with firm volume

commitments Clemens

Storage Adds 6 MMB

NGL storage

(15 MMB total)

PetChem MarketAccess to key demand centers

including Freeport, Mont

Belvieu and Corpus Christi

LPG

Freeport

Terminal200 MBD export

capability

Ethane

Y-Grade NGL

Mont Belvieu

Hub

Pasadena

Terminal

C5+

All

Products

C2G Pipeline

New pipeline to supply ethane to Corpus Christi

Expected completion in 2021


LIBERTY AND RED OAK P IPELINES

Liberty Pipeline

Crude oil pipeline from the Rockies and

Bakken to Cushing, Oklahoma

Initial service expected early 2021

24-inch pipeline

50% PSX ownership

Red Oak Pipeline

Crude oil pipeline from West Texas and

Cushing, Oklahoma, to the Texas Gulf Coast

Initial service expected early 2021

Primarily 30-inch pipeline

50% PSX ownership


E N H A N C I N G R E T U R N S I N R E F I N I N G A N D M A R K E T I N G

West Coast

364 MBD

Central Corridor

515 MBD

Gulf Coast

764 MBD

Atlantic

Basin/Europe

537 MBD

West Coast

364 MBD

Central Corridor

515 MBD

As of January 1, 2019


R E F I N I N G P O R T F O L I O C O M P E T I T I V E N E S S

DISTILLATE PRODUCTION % TOTAL THROUGHPUT

2018 AVERAGE CANADIAN IMPORTSMBD

38.2% 37.9% 37.0% 34.0%

32.0%

PSX

High distillate yield

Industry leading coking capacity and

heavy crude processing capability

Largest purchaser of advantaged

Canadian crude oils

Low yield of high-sulfur fuel oil

Well positioned for IMO 2020

541

407

133 10533

PSX

Comparison is to independent refining peer group: HFC, MPC, PBF, VLO. Source: E.I.A, through December 2018.

MPC PF reflects pro forma capacity and production with Andeavor acquisition, including Western Refining.

Comparison is to independent refining peer group: HFC, MPC, PBF, VLO. Source: company disclosures.

Calculated using distillate yield and total throughput for FY 2018.


REFINING RETURN PROJECTS

Lake Charles Refinery

Borger diesel recovery (3Q19)

Humber diesel yield improvement (3Q19)

San Francisco coker feed segregation (3Q19)

Wood River crude unit restart (3Q19)

Ferndale DHT maximization (4Q19)

Wood River ULD debottleneck (4Q19)

Wood River LSFO hydrotreater project (1Q20)

Bayway LSFO hydrotreater project (2Q20)

Adds 25 MBD

distillate production

Reduces HSFO

production by 35 MBD

Capital ~$120 MM

Returns > 40%

Wood River Refinery ROXANA, IL


U.S.

Reimaged ~2,900 sites since 2015

Reimaging 1,800 sites in 2019

5,000+ sites implementing mobile pay

Europe / U.K.

Low-cost high-volume model

Built on brand image, reputation, and

customer focus

High-grading the JET portfolio with

new sites

M A R K E T I N G : E N H A N C I N G T H E B R A N D S


Leverage existing infrastructure,

supply network and capabilities

Co-processing used cooking oil at

Humber Refinery

Partnership with Ryze Renewables

Renewable diesel plant at

Ferndale Refinery with Renewable

Energy Group

Renewable diesel production at

San Francisco Refinery

650 million gallons annual

production capacity

R E N E W A B L E D I E S E L

Ryze renewable diesel facility RENO, NV


A D J U S T E D E B I T D A A N D C A S H G E N E R A T I O N

PSX CASH FROM OPERATIONS$B


4.3

6.0

3.5

5.7

3.0

3.6

7.6

12 13 14 15 16 17 18

9.8

7.5 7.9

8.6

4.7

5.9

10.1

12 13 14 15 16 17 18

Midstream Chemicals Refining Marketing and Specialties Corporate

ADJUSTED EBITDA$B


CUMULATIVE DISTRIBUTIONS$B

SOURCES AND USES OF CASH$B

D I S C I P L I N E D C A P I T A L A L L O C A T I O N

CAPITAL EXPENDITURES AND INVESTMENTS $B

Fund sustaining capital to maintain asset integrity

Committed to a secure, competitive and growing dividend

Investing in growth projects with attractive returns

Intrinsic value approach to share repurchases

Long-term: 60% reinvestment and 40% shareholder distributions

3.7

8.411.1

13.416.4

22.523.2

13 14 15 16 17 18 1Q19

Share Repurchases and Exchanges Dividends

5.8

2.8

1.8

2.6 2.9

15 16 17 18 19BPSX PSXP

2015 consolidated capital expenditures includes $1.5 B investment in DCP Midstream. See appendix for additional footnotes.

6.5 5.5

~1

~1.6

1.5 - 2.5

1.5 - 2.5

Mid-CycleCFO

Sust.Capex

FCF Dividends GrowthCapex

ShareRepurch.


T O T A L S H A R E H O L D E R R E T U R N


-20%

20%

60%

100%

140%

180%

220%

260%

300%

340%

May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19

PSX +219%

Peers +119%

S&P 100 +134%

Jun-19

phillips66.com | NYSE: PSX

SAFETY. HONOR. COMMITMENT.

Freeport Terminal LPG Facility FREEPORT, TX


FOOTNOTES

General

Information disclosed is as of December 31 unless otherwise noted.

“Mid-Cycle CFO” is defined as 2014-2017 average operating cash flow plus run-rate operating cash flow from growth projects coming online in 2017 and 2018 and

estimated benefit from 2017 tax rate change.

18

18 is as of December 31, 2018, or the twelve-month period ended December 31, 2018, as applicable; except as otherwise noted.

1Q19

1Q19 is as of March 31, 2019, or the three-month period ended March 31, 2019, as applicable; except as otherwise noted.

19B

Budget as of January 1, 2019. See Form 10-Q for information on actual results.

Forecasted and Estimated EBITDA and Maps

We are unable to present reconciliations of various forecasted and estimated EBITDA included in this presentation, because certain elements of net income,

including interest, depreciation and income taxes, are not reasonably available. Together, these items generally result in EBITDA being significantly greater than

net income.

Maps, images, and drawings are for informational purposes only and may not be to scale.


FOOTNOTES

Slide 4

Industry averages are from: Phillips 66 – American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical Company LLC

(CPChem) – American Chemistry Council (ACC), DCP Midstream, LLC (DCP Midstream) – Gas Processors Association (GPA).

Industry refining crude capacity utilization through December 2018. Source: EIA.

Slide 5

Industry safety metrics as of 2017, Phillips 66 as of 2018. Source: Bureau of Labor Statistics.

Sulfur oxides (SOx), nitrous oxides (NOx) and particulate matter (PM).

Slide 17

PSXP 2019 Adjusted Capital Budget excludes $303 MM of growth capital expected to be cash funded by noncontrolling interests and reflects JV-level financing to

fund a portion of the Gray Oak Pipeline construction. Capital expenditures are attributable to the Partnership and exclude predecessor capital spending.

2014 share repurchases/exchanges include the PSPI share exchange.

Slide 18

Chart reflects total shareholder return May 1, 2012 to June 10, 2019. Dividends assumed to be reinvested in stock. Source: Bloomberg.

Peer average includes Delek US Holdings, Inc., HollyFrontier Corporation, Marathon Petroleum Corporation, PBF Energy Inc., Valero Energy Corporation,

Enterprise Products Partners L.P., ONEOK, Inc., Targa Resources Corp., Celanese Corporation, Eastman Chemical Company, Huntsman Corporation,

LyondellBasell Industries, and Westlake Chemical Corporation.

Regarding slide 16, see following slides for accompanying non-GAAP reconciliations.


NON-GAAP RECONCILIATION (SLIDE 16)

Millions of Dollars

2012 2013 2014 2015 2016 2017 2018

Reconciliation of Phillips 66 Net Income to Adjusted EBITDA

Phillips 66 net income $ 4,131 3,743 4,797 4,280 1,644 5,248 5,873

Less:

Income from discontinued operations 48 61 706 — — — —

Plus:

Income tax expense (benefit) 2,473 1,844 1,654 1,764 547 (1,693) 1,572

Net interest expense 231 258 246 283 321 407 459

Depreciation and amortization 906 947 995 1,078 1,168 1,318 1,356

Phillips 66 EBITDA 7,693 6,731 6,986 7,405 3,680 5,280 9,260

Special Item Adjustments (pre-tax):

Impairments by equity affiliates — — 88 390 95 64 28

Premium on early retirement of debt 144 — — — — — —

Pending claims and settlements 56 (25) (21) 30 (115) (57) 21

Repositioning costs 85 — — — — — —

Tax law impacts — (28) — — — — —

Certain tax impacts — — — — (32) (23) (119)

Gain on consolidation of business — — — — — (423) —

Gain on asset sales (189) (40) — — — — —

Exit of a business line — 54 — — — — —

Equity affiliate ownership restructuring — — — — 33 — —

Recognition of deferred logistics commitments — — — — 30 — —

Railcar lease residual value deficiencies and related costs — — — — 40 — —

Asset dispositions — — (270) (280) — — —

Impairments 1,197 — 131 — — — —

Lower-of-cost-or-market inventory adjustments — — 45 53 — — —

Pension settlement expense — — — 80 — 83 67

Hurricane-related costs 56 — — — — 210 —

U.S. tax reform — — — — — — (16)

Phillips 66 EBITDA, Adjusted for Special Items 9,042 6,692 6,959 7,678 3,731 5,134 9,241

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes 84 93 117 86 79 70 102

Proportional share of selected equity affiliates net interest 38 80 161 189 178 123 167

Proportional share of selected equity affiliates depreciation and amortization 641 689 721 752 798 777 912

EBITDA attributable to Phillips 66 noncontrolling interests (13) (24) (45) (73) (132) (229) (361)

Phillips 66 Adjusted EBITDA $ 9,792 7,530 7,913 8,632 4,654 5,875 10,061


Millions of Dollars

2012 2013 2014 2015 2016 2017 2018

Reconciliation of Midstream Pre-Tax Income to Adjusted EBITDA

Midstream pre-tax income $ 89 751 851 147 402 638 1,181

Plus:

Interest revenue — — — — — (1) —

Depreciation and amortization 83 88 91 127 215 299 320

Midstream EBITDA 172 839 942 274 617 936 1,501


Pending claims and settlements (37) — — — (45) (37) 21

Impairments 523 — — — — — —

Impairments by equity affiliates — — — 366 6 — 28


Lower-of-cost-or-market inventory adjustments — — 2 — — — —

Asset disposition — — — (30) — — —

Equity affiliate ownership restructuring — — — — 33 — —


Midstream EBITDA, Adjusted for Special Items 660 839 944 619 611 921 1,559


Proportional share of selected equity affiliates income taxes — 4 3 (2) 2 1 1



Midstream Adjusted EBITDA $ 973 1,193 1,319 1,018 1,027 1,234 1,898



Millions of Dollars

2012 2013 2014 2015 2016 2017 2018

Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA

Chemicals pre-tax income $ 1,189 1,361 1,632 1,315 839 716 1,025

Plus:

None — — — — — — —

Chemicals EBITDA 1,189 1,361 1,632 1,315 839 716 1,025


Impairments by equity affiliates — — 88 24 89 64 —


Premium on early retirement of debt 144 — — — — — —

Hurricane-related costs — — — — — 175 —

Lower-of-cost-or-market inventory adjustments — — 3 — — — —

Chemicals EBITDA, Adjusted for Special Items 1,376 1,361 1,723 1,339 928 955 1,025


Proportional share of selected equity affiliates income taxes 79 93 111 91 77 68 100



Chemicals Adjusted EBITDA $ 1,681 1,710 2,101 1,701 1,298 1,334 1,585



Millions of Dollars

2012 2013 2014 2015 2016 2017 2018

Reconciliation of Refining Pre-Tax Income to Adjusted EBITDA

Refining pre-tax income $ 5,090 2,782 2,467 3,659 436 2,076 4,535

Plus:


Refining EBITDA 5,745 3,467 3,171 4,397 1,205 2,897 5,375


Pending claims and settlements 31 — 23 30 (70) (51) —


Certain tax impacts — — — — (32) (23) (6)


Gain on consolidation of business — — — — — (423) —

Recognition of deferred logistics commitments — — — — 30 — —

Railcar lease residual value deficiencies and related costs — — — — 40 — —


Gain on asset sales (185) — — — — — —

Impairments 606 — 131 — — — —

Lower-of-cost-or-market inventory adjustments — — 40 53 — — —


Refining EBITDA, Adjusted for Special Items 6,251 3,445 3,220 4,525 1,173 2,477 5,412


Proportional share of selected equity affiliates income taxes 5 (4) 3 (3) — 1 1

Proportional share of selected equity affiliates net interest (118) (95) (19) — — (3) (6)


Refining Adjusted EBITDA $ 6,374 3,583 3,449 4,774 1,430 2,743 5,679



Millions of Dollars

2012 2013 2014 2015 2016 2017 2018

Reconciliation of Marketing and Specialties Pre-Tax Income to Adjusted EBITDA

Marketing and Specialties pre-tax income $ 863 1,327 1,475 1,652 1,261 1,020 1,557

Plus:

Interest revenue — — — (2) — — —


Marketing and Specialties EBITDA 1,010 1,430 1,570 1,747 1,368 1,132 1,671



Gain on asset sales (4) (40) — — — — —

Pending claims and settlements 62 (25) (44) — — — —

Exit of a business line — 54 — — — — —


Certain tax impacts — — — — — — (113)

Hurricane-related costs — — — — — 1 —


Marketing and Specialties EBITDA, Adjusted for Special Items 1,068 1,413 1,401 1,516 1,368 1,144 1,567


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

Proportional share of selected equity affiliates net interest 11 9 6 6 — 1 4


Marketing and Specialties Adjusted EBITDA $ 1,090 1,434 1,418 1,533 1,380 1,156 1,582



Millions of Dollars

2012 2013 2014 2015 2016 2017 2018

Reconciliation of Corporate and Other Pre-Tax Loss to Adjusted EBITDA

Corporate and Other pre-tax loss $ (675) (695) (680) (729) (747) (895) (853)

Plus:

Net interest expense 231 258 246 285 321 408 459


Corporate and Other EBITDA (423) (366) (329) (328) (349) (401) (312)



Repositioning costs 85 — — — — — —

Pending claims and settlements — — — — — 31 —

U.S. tax reform — — — — — — (16)


Corporate and Other EBITDA, Adjusted for Special Items (313) (366) (329) (321) (349) (363) (322)


None — — — — — — —

Corporate and Other Adjusted EBITDA $ (313) (366) (329) (321) (349) (363) (322)


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June 2019 J.P. MORGAN ENERGY CONFERENCE Greg C ......2018 AVERAGE CANADIAN IMPORTS MBD 38.2% 37.9%...

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