Clayton Reasor SVP, Investor Relations, Strategy and Corporate Affairs UBS Global Oil and Gas Conference

Investing

Building

Growing

Cautionary Statement 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,” “intends,” “objectives,” “projects,” “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 crude oil, NGL, and natural gas prices, and refining and petrochemical 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 crude oil, natural gas, NGL, 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; 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.

2

Corporate Strategy

3

Operating excellence

Growth

Returns

Distributions

High-performing organization

Refining Midstream

Chemicals M&S

Enterprise Value

2013 2018

Strategic Drivers

4

North American oil and gas production growth

U.S. feedstock and energy cost advantage

Developing markets driving global demand

Differentiated segment valuations

5

Global Portfolio

Midstream Chemicals

50/50 CPChem JV

35 manufacturing facilities 33.1 BLbs/y petrochemical and

product capacity

Marketing & Specialties

10,000+ global outlets

2,158 MBD marketing petroleum products sales 5 lubricant blending plants

18,000+ pipeline miles

10,000+ rail cars 115 MBD NGL fractionated

50/50 DCP JV

Refining

15 refineries 410 MBD export capacity

65% light-medium crudes

2,246 MBD crude capacity

See appendix for footnotes.

Industry-Leading Returns on Capital – 2013

6

Chemicals Midstream Refining and M&S

6%

7%

8%

15%

KMP

EPD

OKE

PSX

9%

18%

21%

24%

26%

DOW

XOMChem

WLK

LYB

PSX

5%

7%

10%

15%

15%

TSO

CVX

VLO

MPC

PSXPSX PSX PSX

See appendix for footnotes.

Midstream

7

NGL Pipelines and fractionation Export terminals

Transportation Crude and product pipelines Terminals and storage Rail, marine and trucks

DCP Midstream Gathering and processing Pipelines and fractionation

0.5

~1.5

2013Midstreamexcluding

DCP

Frac ILPG Export

Terminal

Refininglogistics

OtherMidstream

growth

2017E

EBITDA $B

Phillips 66 Partners

8

IPO in July 2013

Phillips 66 ownership

73% LP interest

2% GP interest

Top-quartile distribution growth

$700 MM acquisition in March 2014

$140 - 145 MM annualized EBITDA

Chart reflects 100% of CPChem capital expenditures.

1.2

2.1

2.6

2.0

2013 2014E 2015E 2016E

Capital Program $B

Chemicals

9

CPChem: 50/50 JV with Chevron

Market leader

Largest global HDPE producer

2nd largest global alpha olefins producer

4th largest N.A. ethylene producer

Highest returns amongst peer group

Self-funded capital program

Refining

10

Germany

Ireland United

Kingdom

Malaysia

15 refineries worldwide – 2.2 MMBD crude capacity

10% 14%

5-Yr Avg AdvCrude

Yields &Exports

Costs 2018E

Constant Crack Spreads ROCE Improvement

The 5-year average adjusted ROCE has been recast to reflect realignment of specific businesses moved from the Refining segment to the Marketing and Specialties segment.

Marketing and Specialties

11

U.S. Marketing

Wholesale business

International Marketing

Retail in Europe

Specialties

Finished lubricants

Base oil joint venture

Needle and anode coke

338

516

384

175 226

1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014

Adjusted EBITDA $MM

Investments Sustain operations Fund capacity growth Generate competitive returns

Distributions Double-digit dividend growth rate Repurchase shares

Capital Structure Maintain financial flexibility Target debt-to-capital 20 – 30%

Disciplined Capital Allocation

12

3.7

4.6

5.7 6.0

2013 2014E 2015E 2016E

Investments

13

Growth Capital $12 B Total Capital Program $B

CPChem Midstream DCP WRB Sustaining

2014E – 2016E

M&S Refining

See appendix for footnotes.

Distributions

14

Regular dividends Secure

Growing

Competitive

Share repurchase Immediate EPS growth

Below intrinsic value

Announced $5 B of repurchases

Share exchange of $1.4 B

0.0

2.0

4.0

6.0

3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 Total

Share ExchangeDividendsShare Repurchases

Distributions $B

$6.0 B capital returned to shareholders

2.5

1.9

1.3

1.7 1.8

21%

17% 14% 14% 13%

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

Corporate RefiningMarketing & Specialties ChemicalsMidstream ROCE

Financial Summary

15

Disciplined capital allocation

Enhanced financial flexibility

Growing shareholder distributions

Adjusted EBITDA and ROCE $B

Key Initiatives

16

Growth Advance infrastructure projects Progress USGC petrochemicals complex Grow Phillips 66 Partners

Returns Increase advantaged crude Expand export capability Maintain cost discipline

Grow distributions

Institutional Investors Contact Rosy Zuklic Manager, Investor Relations Rosy.Zuklic@p66.com 832-765-2297

Appendix

Footnotes Slide 5 Midstream list excludes DCP metrics; Chemicals includes CPChem equity interest joint ventures; Refining includes equity interest joint ventures. Rail car count includes 1,200 rail cars managed for CPChem.

Slide 6 Data reflects 2013 Return on Capital Employed (ROCE).

To facilitate peer comparison, Phillips 66’s Refining and Marketing & Specialties segments were combined for the Refining and M&S ROCE calculation.

Refining and M&S ROCE for MPC, VLO, TSO are total company. Refining and M&S ROCE for CVX estimated based on excluding Chemicals. XOM Chem refers to Exxon Mobil’s Chemicals segment.

Slide 13 Capital program in total and the “sustaining” category include Phillips 66 proportionate share of DCP, CPChem and WRB, each of which is expected to be self-funding

18

Non-GAAP Reconciliations

19

Midstream ChemicalsRefining

and M&SNumeratorNet income 486$ 986 2,641

After-tax interest expense - - - GAAP ROCE earnings 486 986 2,641

Special items - - (22) Adjusted ROCE earnings 486$ 986 2,619

DenominatorGAAP average capital employed* 3,191$ 3,825 17,100

Adjusted ROCE (percent) 15% 26% 15%GAAP ROCE (percent) 15% 26% 15%*Total equity plus debt.

Millions of DollarsYear Ended December 31, 2013

Non-GAAP Reconciliations

20

Millions of DollarsYear Ended December 31 2013Transportation and NGLNet Income Attributable to Phillips 66 259$

Plus:Net income attributable to noncontrolling interests 17 Income taxes 142 Depreciation and amortization 88

EBITDA* 506$ *Includes noncontrolling interests.

Midstream and Refining Logistics forecasts were derived on an EBITDA-only basis. Accordingly, elements of net income including tax and depreciation information are not available. Together, these items generally result in a significant uplift in EBITDA over net income.

Non-GAAP Reconciliations

21

Millions of DollarsFirst Year

Sweeny Fractionator and Freeport Export FacilityEstimated net income 210$

Plus:Estimated income taxes 135Estimated net interest expense 5Estimated depreciation and amortization 140

Estimated EBITDA 490$

Millions of DollarsYears Ended December 31 2014EPhillips 66 Partners LPNet Income $ 119.0 - 124.0Plus:

Depreciation 15.0 Net interest expense 5.4 Amortization of deferred rentals 0.4 Provision for income taxes 0.4

EBITDA $ 140.2 - 145.2

Low High100% CPChem Incremental Project Earnings ProjectionsEstimated incremental net income 1,000$ 1,313

Plus:Estimated income taxes 20 27 Estimated net interest expense - - Estimated depreciation 280 260

Estimated EBITDA 1,300$ 1,600

Millions of Dollars

Non-GAAP Reconciliations

22

2013 20141st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr

Phillips 66Net Income Attributable to Phillips 66 1,407$ 958 535 826 3,726 1,572 Less:

Income from discontinued operations 15 14 14 18 61 706 Plus:

Net income attributable to noncontrolling interests 3 2 5 7 17 6 Income taxes 663 507 278 396 1,844 426 Net interest expense 65 66 65 62 258 63 Depreciation and amortization 242 229 233 243 947 234

Phillips 66 EBITDA 2,365$ 1,748 1,102 1,516 6,731 1,595

Adjustments (pre-tax):EBITDA attributable to Phillips 66 noncontrolling interests (5) (4) (7) (8) (24) (8) Proportional share of select equity affiliates income taxes 21 28 26 18 93 29 Proportional share of select equity affiliates net interest (2) 1 12 14 25 14 Proportional share of select equity affiliates depreciation and amortization 147 150 157 168 622 162 Gain on asset dispositions - (40) - - (40) - Exit of business line 54 - - - 54 - Tax law impacts (28) - - - (28) - Pending claims and settlements (25) - - - (25) -

Phillips 66 Adjusted EBITDA 2,527$ 1,883 1,290 1,708 7,408 1,792

Millions of Dollars

Non-GAAP Reconciliations

23

2013 20141st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr

MidstreamMidstream Net Income Attributable to Phillips 66 111$ 90 147 121 469 188 Plus:

Net income attributable to noncontrolling interests 3 2 5 7 17 6 Provision for income taxes 63 49 87 65 264 108 Depreciation and amortization 19 19 19 31 88 19

Midstream EBITDA 196$ 160 258 224 838 321

Adjustments (pre-tax):EBITDA attributable to Phillips 66 noncontrolling interests (5) (4) (7) (8) (24) (8) Proportional share of select equity affiliates income taxes - 2 1 1 4 2 Proportional share of select equity affiliates net interest 22 22 33 33 110 30 Proportional share of select equity affiliates depreciation and amortization 31 33 37 38 139 39

Midstream Adjusted EBITDA* 244$ 213 322 288 1,067 384 * Proportional share of select equity affiliates is net of noncontrolling interests.

ChemicalsChemicals Net Income 282$ 181 262 261 986 316 Plus:

Provision for income taxes 121 51 105 98 375 126 Chemicals EBITDA 403$ 232 367 359 1,361 442

Adjustments (pre-tax):Proportional share of equity affiliates income taxes 19 25 25 24 93 27 Proportional share of equity affiliates net interest 2 3 2 3 10 3 Proportional share of equity affiliates depreciation and amortization 58 60 60 68 246 62

Chemicals Adjusted EBITDA 482$ 320 454 454 1,710 534

Millions of Dollars

Non-GAAP Reconciliations

24

2013 20141st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD 1st Qtr

RefiningRefining Net Income (Loss) 904$ 455 (30) 418 1,747 306 Plus:

Provision for income taxes 467 280 22 266 1,035 202 Depreciation and amortization 177 168 170 170 685 172

Refining EBITDA 1,548$ 903 162 854 3,467 680

Adjustments (pre-tax):Proportional share of select equity affiliates income taxes 2 1 - (7) (4) - Proportional share of select equity affiliates net interest (26) (24) (23) (22) (95) (19) Proportional share of select equity affiliates depreciation and amortization 58 57 60 62 237 61 Tax law impacts (22) - - - (22) -

Refining Adjusted EBITDA 1,560$ 937 199 887 3,583 722

Marketing and SpecialtiesMarketing and Specialties Net Income 190$ 344 255 105 894 137 Plus:

Provision for income taxes 92 187 107 47 433 68 Depreciation and amortization 33 25 22 23 103 21

Marketing and Specialties EBITDA 315$ 556 384 175 1,430 226

Adjustments (pre-tax):Gain on asset dispositions - (40) - - (40) - Pending claims and settlements (25) - - - (25) - Exit of a business line 54 - - - 54 - Tax law impacts (6) - - - (6) -

Marketing and Specialties Adjusted EBITDA 338$ 516 384 175 1,413 226

CorporateCorporate Net Income (Loss) (95)$ (126) (113) (97) (431) (81) Plus:

Income taxes (80) (60) (43) (80) (263) (78) Net interest expense 65 66 65 62 258 63 Depreciation and amortization 13 17 22 19 71 22

Corporate EBITDA (97)$ (103) (69) (96) (365) (74)

Millions of Dollars

Non-GAAP Reconciliations

25

20141st Qtr 2nd Qtr YTD 3rd Qtr YTD 4th Qtr YTD 1st Qtr

Phillips 66 - ROCENumerator Net Income 1,410$ 2,370 2,910 3,743 1,578 After-tax interest expense 45 90 134 178 44 GAAP ROCE earnings 1,455 2,460 3,044 3,921 1,622 Special Items (14) (51) (65) (83) (706) Adjusted ROCE earnings 1,441$ 2,409 2,979 3,838 916

DenominatorGAAP average capital employed* 28,065$ 27,969 27,965 28,163 28,296 Discontinued Operations (189) (191) (192) (191) (96) Adjusted average capital employed* 27,876$ 27,778 27,773 27,972 28,200

Annualized Adjusted ROCE (percent) 21% 17% 14% 14% 13%Annualized GAAP ROCE (percent) 21% 18% 15% 14% 23%*Total equity plus debt.

Millions of Dollars2013