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Form 8-K Phillips 66 For: Oct 30

October 30, 2020 9:15 AM

Exhibit 99.1

psxphillips661.jpg

Phillips 66 Reports Third-Quarter 2020 Financial Results


•Reported a third-quarter loss of $799 million or $1.82 per share; adjusted loss of $1 million or $0.01 per share
•Generated operating cash flow of $491 million; $795 million excluding working capital
•Captured improved market conditions in Midstream, Chemicals and Marketing & Specialties
•Recently started operations of Sweeny Fracs 2 and 3
•Announced San Francisco Refinery conversion into the world’s largest renewable fuels plant

HOUSTON, Oct. 30, 2020 – Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces a third-quarter 2020 loss of $799 million, compared with a loss of $141 million in the second quarter of 2020. Excluding special items of $798 million in the third quarter, primarily an impairment related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, the company had an adjusted loss of $1 million, compared with a second-quarter adjusted loss of $324 million.

“Our diversified, integrated portfolio helped us navigate a challenging market environment in the third quarter,” said Greg Garland, chairman and CEO of Phillips 66. “Our Midstream, Chemicals and Marketing businesses benefited from improved market conditions, while Refining continued to be impacted by weak margins. We advanced our growth strategy with the recent startup of Sweeny Fracs 2 and 3, marking completion of the Sweeny Hub phase 2 expansion. Also, we announced Rodeo Renewed, a project to reconfigure our San Francisco Refinery into the world’s largest renewable fuels plant, making investments that advance a lower carbon future.

“We are proud of how our employees continue to step up to the challenges of 2020, from the pandemic to the West Coast fires and the Gulf Coast hurricanes. Our response to the storms in particular underscored our commitment to operating excellence, as our facilities were secured and sustained minimal damage. The people of Phillips 66 continue to demonstrate our values of providing energy and improving lives in what has been a very uncertain and challenging environment.

“Our diversified businesses, strong balance sheet and disciplined capital allocation enable us to effectively manage through a low margin environment. We paid $393 million in dividends in the third quarter and are committed to a secure, competitive and growing dividend. We remain focused on creating value for shareholders through operating excellence, financial discipline and return-enhancing investments.”
Page 1

Phillips 66 Reports Third-Quarter 2020 Financial Results
Midstream
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q3 2020Q2 2020Q3 2020Q2 2020
Transportation$(3)214202130
NGL and Other997810283
DCP Midstream50325032
Midstream$146324354245

Midstream third-quarter pre-tax income was $146 million, compared with $324 million in the second quarter. Midstream results in the third quarter included a $120 million impairment of pipeline and terminal assets related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, an $84 million impairment related to the cancellation of the Red Oak Pipeline project, $3 million of pension settlement expense and $1 million of hurricane-related costs. Second-quarter results included an $84 million gain related to Phillips 66 Partners’ prior-year sale of an interest in the Gray Oak Pipeline, as well as $5 million of pension settlement expense.

Transportation third-quarter adjusted pre-tax income of $202 million was $72 million higher than the second quarter. The increase was primarily due to higher pipeline and terminal volumes, including ramp-up of volumes on the Gray Oak Pipeline.

NGL and Other adjusted pre-tax income was $102 million in the third quarter, compared with $83 million in the second quarter. The improvement was mainly due to higher Sweeny Hub volumes and inventory impacts.

The company’s equity investment in DCP Midstream, LLC generated third-quarter adjusted pre-tax income of $50 million, an $18 million increase from the prior quarter, mainly reflecting hedging impacts.


Chemicals
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q3 2020Q2 2020Q3 2020Q2 2020
Olefins and Polyolefins$241 70 148 106 
Specialties, Aromatics and Styrenics11 — 5 11 
Other(21)(28)(21)(28)
Chemicals$231 42 132 89 

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals’ third-quarter 2020 pre-tax income was $231 million, compared with $42 million in the second quarter of 2020. Chemicals results in the third quarter included a $101 million benefit to equity earnings from lower-of-cost-or-market inventory adjustments, partially offset by $2 million of hurricane-related costs. Second-quarter results included reductions to equity earnings of $32 million in lower-of-cost-or-market inventory adjustments, as well as a $15 million asset write-off related to an international joint venture.
Page 2

Phillips 66 Reports Third-Quarter 2020 Financial Results
CPChem’s Olefins and Polyolefins (O&P) business contributed $148 million of adjusted pre-tax income in the third quarter of 2020, compared with $106 million in the second quarter. The $42 million increase was primarily due to higher polyethylene margins, driven by improved sales prices, partially offset by lower polyethylene volumes and higher operating costs. Global O&P utilization was 94% for the quarter, reflecting downtime at U.S. Gulf Coast facilities.

CPChem’s Specialties, Aromatics and Styrenics (SA&S) business contributed third-quarter adjusted pre-tax income of $5 million, compared with $11 million in the second quarter. The decrease was primarily due to lower margins, partially offset by higher volumes.

The $7 million decrease in Other adjusted net costs in the third quarter mainly reflects lower employee-related expenses.


Refining
Millions of Dollars
Pre-Tax LossAdjusted Pre-Tax Loss
Q3 2020Q2 2020Q3 2020Q2 2020
Refining$(1,903)(878)(970)(867)

Refining had a third-quarter pre-tax loss of $1.9 billion, compared with a pre-tax loss of $878 million in the second quarter. Refining results in the third quarter included a $910 million impairment related to the planned conversion of the San Francisco Refinery to a renewable fuels plant, $12 million of pension settlement expense and $11 million of hurricane-related costs. Second-quarter results included $26 million of pension settlement expense and a $15 million benefit to equity earnings from a lower-of-cost-or-market inventory adjustment.

Refining had an adjusted pre-tax loss of $970 million in the third quarter of 2020, compared with an adjusted pre-tax loss of $867 million in the second quarter of 2020. The decreased results were largely driven by lower realized margins, partially offset by higher volumes. Realized margins were down 32% to $1.78 per barrel in the third quarter, reflecting tightening crude spreads and lower secondary product margins. Phillips 66’s worldwide crude utilization rate was 77% in the third quarter, up from 75% in the second quarter. Improved third-quarter utilization mainly reflects increased refining runs in the Central Corridor and West Coast regions, partially offset by downtime at Gulf Coast refineries, including the impact of hurricane-related third-party power outages at the Lake Charles Refinery.

Pre-tax turnaround costs for the third quarter were $41 million, compared with second-quarter costs of $38 million. Clean product yield was 85% in the third quarter.
Page 3

Phillips 66 Reports Third-Quarter 2020 Financial Results
Marketing and Specialties
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q3 2020Q2 2020Q3 2020Q2 2020
Marketing and Other $365 255 366 259 
Specialties50 31 51 34 
Marketing and Specialties$415 286 417 293 

Marketing and Specialties (M&S) third-quarter pre-tax income was $415 million, compared with $286 million in the second quarter of 2020. M&S results in the third quarter included hurricane-related costs of $1 million and pension settlement expense of $1 million. Second-quarter results included $4 million of pension settlement expense and a $3 million reduction to equity earnings from a lower-of-cost-or-market inventory adjustment.

Adjusted pre-tax income for Marketing and Other was $366 million in the third quarter of 2020, an increase of $107 million from the second quarter of 2020. The increase primarily reflects higher margins and volumes, driven by improved market conditions and demand recovery. Refined product exports in the third quarter were 139,000 barrels per day (BPD).

Specialties generated third-quarter adjusted pre-tax income of $51 million, up from $34 million in the second quarter. The increase was largely due to higher finished lubricant volumes.


Corporate and Other
Millions of Dollars
Pre-Tax LossAdjusted Pre-Tax Loss
Q3 2020Q2 2020Q3 2020Q2 2020
Corporate and Other$(239)(219)(213)(224)

Corporate and Other third-quarter pre-tax costs were $239 million, compared with pre-tax costs of $219 million in the second quarter. Pre-tax costs in the third quarter included a $25 million asset impairment, and second-quarter pre-tax costs included $8 million of net interest benefits related to tax audit adjustments. Pre-tax costs also included pension settlement expense of $1 million and $3 million in the third quarter and second quarter, respectively.

The $11 million decrease in Corporate and Other adjusted pre-tax costs in the third quarter was mainly driven by lower employee-related expenses, partially offset by higher net interest expense.
Page 4

Phillips 66 Reports Third-Quarter 2020 Financial Results
Financial Position, Liquidity and Return of Capital

Phillips 66 generated $491 million in cash from operations during the third quarter, including $305 million of cash distributions from equity affiliates. Excluding working capital impacts, operating cash flow was $795 million.

Capital expenditures and investments in the third quarter were $552 million. Excluding $3 million of capital funded by Gray Oak joint venture partners, adjusted capital spending was $549 million. The company expects 2020 consolidated capital expenditures and investments to be $3 billion, and adjusted capital spending to be $2.9 billion, net of cash capital contributions from joint venture partners. Phillips 66 paid $393 million in dividends in the third quarter.

As of Sept. 30, 2020, Phillips 66 had $7 billion of liquidity, reflecting $1.5 billion of cash and cash equivalents and approximately $5.5 billion of total committed capacity under its revolving credit facilities. Consolidated debt was $14.5 billion at Sept. 30, 2020, including $3.8 billion at Phillips 66 Partners (PSXP). The company’s consolidated debt-to-capital ratio was 39% and its net debt-to-capital ratio was 37%. Excluding PSXP, the debt-to-capital ratio was 35% and the net debt-to-capital ratio was 32%.


Strategic Update

Phillips 66 has completed the two new 150,000 BPD fractionators at its Sweeny Hub, bringing the site’s total fractionation capacity to 400,000 BPD. Frac 2 reached full rates in September, and Frac 3 started operations in October. The fractionators are supported by long-term customer commitments.

Phillips 66 Partners continued construction of the C2G Pipeline, a 16 inch ethane pipeline that will connect its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi, Texas. The project is backed by long-term commitments and is expected to be completed in mid-2021.

At the South Texas Gateway Terminal, which is being constructed by Buckeye Partners, L.P., the first dock and 5.1 million barrels of storage capacity have been commissioned. Marine and terminal operations will continue to ramp up through the end of this year as additional phases of construction are completed. Upon project completion in the first quarter of 2021, the marine export terminal will have two deepwater docks with up to 800,000 BPD of throughput capacity, along with storage capacity of 8.6 million barrels. Phillips 66 Partners owns a 25% interest in the terminal.

The company is adding a 200,000 BPD dock at its Beaumont Terminal, bringing the terminal’s total dock capacity to 800,000 BPD. The new dock is expected to be completed in the fourth quarter of 2020. The terminal has total crude and product storage capacity of 16.8 million barrels.

In Chemicals, CPChem and Qatar Petroleum are jointly pursuing development of petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar. CPChem is closely monitoring economic developments and has deferred final investment decision for its U.S. Gulf Coast project.

In October, CPChem announced its first U.S. commercial-scale production of polyethylene from recycled mixed-waste plastics. CPChem is using advanced recycling technology to convert plastic waste to valuable liquids that can become new petrochemicals. CPChem’s circular polyethylene matches the performance and safety specifications of traditional polymers.
Page 5

Phillips 66 Reports Third-Quarter 2020 Financial Results
Phillips 66 announced Rodeo Renewed, a project to reconfigure its San Francisco Refinery in Rodeo, California, to meet the growing demand for renewable fuels. The plant would no longer produce fuels from crude oil, but instead would make fuels from used cooking oil, fats, greases, soybean oils and other feedstocks. Upon expected completion in early 2024, the facility would have over 50,000 BPD, or 800 million gallons per year, of renewable fuel production capacity, making it the world’s largest facility of its kind. The conversion is expected to reduce the plant’s greenhouse gas emissions by 50% and help California meet its low carbon objectives.

In Marketing, the company continues its program to roll out updated signature image designs for Phillips 66, 76 and Conoco branded sites in the United States. During the quarter, 284 sites were reimaged. Since the program’s inception in 2015, approximately 5,000 sites have been reimaged.

In Europe, the company continues its program to update signature image designs for JET branded sites. During the quarter, 31 sites were reimaged. Since the program’s inception in 2019, 143 sites have been reimaged.
Page 6

Phillips 66 Reports Third-Quarter 2020 Financial Results
Investor Webcast

Later today, members of Phillips 66 executive management will host a webcast at noon EDT to discuss the company’s third-quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to www.phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to www.phillips66.com/supplemental.


Earnings (Loss)
Millions of Dollars
20202019
Q3Q2Sep YTDQ3Sep YTD
Midstream$146 324 (232)(460)279 
Chemicals231 42 442 227 729 
Refining(1,903)(878)(5,042)856 1,641 
Marketing and Specialties415 286 1,214 498 1,056 
Corporate and Other(239)(219)(655)(178)(593)
Pre-Tax Income (Loss)(1,350)(445)(4,273)943 3,112 
Less: Income tax expense (benefit)(624)(378)(1,053)150 545 
Less: Noncontrolling interests73 74 216 81 227 
Phillips 66$(799)(141)(3,436)712 2,340 
Adjusted Earnings (Loss)
Millions of Dollars
20202019
Q3Q2Sep YTDQ3Sep YTD
Midstream$354 245 1,059 440 1,179 
Chemicals132 89 414 269 771 
Refining(970)(867)(2,238)839 1,603 
Marketing and Specialties417 293 1,198 498 1,056 
Corporate and Other(213)(224)(634)(178)(593)
Pre-Tax Income (Loss)(280)(464)(201)1,868 4,016 
Less: Income tax expense (benefit)(352)(190)(518)385 821 
Less: Noncontrolling interests73 50 192 81 227 
Phillips 66$(1)(324)125 1,402 2,968 
Page 7

Phillips 66 Reports Third-Quarter 2020 Financial Results
About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Phillips 66 had $54 billion of assets as of Sept. 30, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

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CONTACTS
Jeff Dietert (investors)Shannon Holy (investors)Thaddeus Herrick (media)
832-765-2297832-765-2297855-841-2368
jeff.dietert@p66.comshannon.m.holy@p66.comthaddeus.f.herrick@p66.com
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release 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 included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; 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; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; 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; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; 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.
Page 8

Phillips 66 Reports Third-Quarter 2020 Financial Results
Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted earnings (loss) per share” and “adjusted pre-tax income (loss).” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period. This release also includes a “debt-to-capital ratio excluding PSXP.” This non-GAAP measure is provided to differentiate the capital structure of Phillips 66 compared with that of Phillips 66 Partners. This release includes “adjusted capital spending,” a non-GAAP financial measure that demonstrates the portion of total consolidated capital expenditures and investments funded by Phillips 66. This release also includes “realized refining margin,” a non-GAAP financial measure that demonstrates how well we performed relative to benchmark industry margins.

References in the release to total consolidated earnings (loss) refer to net income (loss) attributable to Phillips 66.
Page 9

Phillips 66 Reports Third-Quarter 2020 Financial Results
 Millions of Dollars
 Except as Indicated
20202019
Q3Q2Sep YTDQ3Sep YTD
Reconciliation of Consolidated Earnings (Loss) to Adjusted Earnings (Loss)
Consolidated Earnings (Loss)$(799)(141)(3,436)712 2,340 
Pre-tax adjustments:
Pending claims and settlements— — (37)— (21)
Pension settlement expense17 38 55 — — 
Impairments1,139 — 4,145 853 853 
Impairments by equity affiliates— 15 15 47 47 
Lower-of-cost-or-market inventory adjustments(101)20 (29)42 42 
Certain tax impacts— (8)(8)— — 
Asset dispositions— (84)(84)(17)(17)
Hurricane-related costs15 — 15 — — 
Tax impact of adjustments*(262)(208)(545)(235)(231)
Other tax impacts(10)20 10 — (45)
Noncontrolling interests— 24 24 — — 
Adjusted earnings (loss)$(1)(324)125 1,402 2,968 
Earnings (loss) per share of common stock (dollars)
$(1.82)(0.33)(7.83)1.58 5.13 
Adjusted earnings (loss) per share of common stock (dollars)†
$(0.01)(0.74)0.27 3.11 6.51 
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income (Loss)$146 324 (232)(460)279 
Pre-tax adjustments:
Impairments204 — 1,365 853 853 
Pension settlement expense3 5 8 — — 
Lower-of-cost-or-market inventory adjustments— — 1 — — 
Impairments by equity affiliates— — — 47 47 
Asset dispositions— (84)(84)— — 
Hurricane-related costs1 — 1 — — 
Adjusted pre-tax income$354 245 1,059 440 1,179 
Chemicals Pre-Tax Income$231 42 442 227 729 
Pre-tax adjustments:
Lower-of-cost-or-market inventory adjustments(101)32 (45)42 42 
Impairments by equity affiliates— 15 15 — — 
Hurricane-related costs2 — 2 — — 
Adjusted pre-tax income$132 89 414 269 771 
Page 10

Phillips 66 Reports Third-Quarter 2020 Financial Results
 Millions of Dollars
 Except as Indicated
20202019
Q3Q2Sep YTDQ3Sep YTD
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Refining Pre-Tax Income (Loss)$(1,903)(878)(5,042)856 1,641 
Pre-tax adjustments:
Pending claims and settlements— — — — (21)
Asset dispositions— — — (17)(17)
Pension settlement expense12 26 38 — — 
Impairments910 — 2,755 — — 
Lower-of-cost-or-market inventory adjustments— (15)— — — 
Hurricane-related costs11 — 11 — — 
Adjusted pre-tax income (loss)$(970)(867)(2,238)839 1,603 
Marketing and Specialties Pre-Tax Income$415 286 1,214 498 1,056 
Pre-tax adjustments:
Lower-of-cost-or-market inventory adjustments— 3 15 — — 
Pending claims and settlements— — (37)— — 
Pension settlement expense1 4 5 — — 
Hurricane-related costs1 — 1 — — 
Adjusted pre-tax income$417 293 1,198 498 1,056 
Corporate and Other Pre-Tax Loss$(239)(219)(655)(178)(593)
Pre-tax adjustments:
Impairments25 — 25 — — 
Pension settlement expense1 3 4 — — 
Certain tax impacts— (8)(8)— — 
Adjusted pre-tax loss$(213)(224)(634)(178)(593)
*We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 25%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. 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.
†YTD 2020 is based on adjusted weighted-average diluted shares outstanding of 440,156 thousand, and other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. 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.
Page 11

Phillips 66 Reports Third-Quarter 2020 Financial Results
Millions of Dollars
Except as Indicated
Sept. 30, 2020
Debt-to-Capital Ratio
Phillips 66
Consolidated		PSXP*Phillips 66
Excluding PSXP
Total Debt$14,526 3,783 10,743 
Total Equity22,305 2,549 19,756 
Debt-to-Capital Ratio39 %35 %
Total Cash$1,462 2 1,460 
Net Debt-to-Capital Ratio37 %32 %
*PSXP’s third-party debt and Phillips 66’s noncontrolling interests attributable to PSXP.


 Millions of Dollars
 Except as Indicated
2020
Q3Q2
Realized Refining Margins
Loss before income taxes$(1,903)(878)
Plus:
Taxes other than income taxes71 76 
Depreciation, amortization and impairments1,132 220 
Selling, general and administrative expenses33 38 
Operating expenses784 803 
Equity in losses of affiliates121 81 
Other segment (income) expense, net(1)7 
Proportional share of refining gross margins contributed by equity affiliates63 108 
Special items:
Lower-of-cost-or-market inventory adjustments— (35)
Realized refining margins$300 420 
Total processed inputs (thousands of barrels)
150,016 146,668 
Adjusted total processed inputs (thousands of barrels)*
168,313 161,957 
Loss before income taxes (dollars per barrel)**
$(12.69)(5.99)
Realized refining margins (dollars per barrel)***
$1.78 2.60 
*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
**Loss before income taxes divided by total processed inputs.
***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.
Page 12

Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data
psxphillips662.jpg

CONSOLIDATED STATEMENT OF OPERATIONS
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Revenues and Other Income
Sales and other operating revenues20,87810,91315,92947,72023,10327,84727,21829,125107,293
Equity in earnings of affiliates3651573498715166484994642,127
Net gain on dispositions1851871—18120
Other income—28204838233622119
Total Revenues and Other Income21,24411,18316,29948,72623,65828,51827,77129,612109,559
Costs and Expenses
Purchased crude oil and products18,4409,60814,50942,55721,05524,55423,80626,11495,529
Operating expenses1,3411,0261,0163,3831,3071,1651,2061,3965,074
Selling, general and administrative expenses3194093841,1123664084164911,681
Depreciation and amortization3423433521,0373313343363401,341
Impairments3,006—1,1404,146128535861
Taxes other than income taxes1571141063771289710579409
Accretion on discounted liabilities65617656623
Interest and debt expense111117132360119115109115458
Foreign currency transaction (gains) losses—641059(9)—5
Total Costs and Expenses23,72211,62817,64952,99923,31826,68926,82828,546105,381
Income (loss) before income taxes(2,478)(445)(1,350)(4,273)3401,8299431,0664,178
Income tax expense (benefit)(51)(378)(624)(1,053)70325150256801
Net Income (Loss)(2,427)(67)(726)(3,220)2701,5047938103,377
Less: net income attributable to noncontrolling interests69747321666808174301
Net Income (Loss) Attributable to Phillips 66(2,496)(141)(799)(3,436)2041,4247127363,076
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic(5.66)(0.33)(1.82)(7.83)0.443.131.581.656.80
Diluted(5.66)(0.33)(1.82)(7.83)0.443.121.581.646.77
Weighted-Average Common Shares Outstanding (thousands)
Basic441,345438,756438,916439,670457,599453,681449,005445,332451,364
Diluted441,345438,756438,916439,670459,289455,585451,001447,835453,888
Effective tax rate (%)2.1 %84.9 %46.2 %24.6 %20.6 %17.8 %15.9 %24.0 %19.2 %
Adjusted effective tax rate (%)4.4 %40.9 %125.7 %257.7 %20.7 %20.2 %20.6 %23.6 %21.1 %

Page 1

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream(702)324 146 (232)316 423 (460)405 684 
Chemicals169 42 231 442 227 275 227 150 879 
Refining(2,261)(878)(1,903)(5,042)(198)983 856 345 1,986 
Marketing and Specialties513 286 415 1,214 205 353 498 377 1,433 
Corporate and Other(197)(219)(239)(655)(210)(205)(178)(211)(804)
Income (loss) before income taxes(2,478)(445)(1,350)(4,273)340 1,829 943 1,066 4,178 
Less: income tax expense (benefit)(51)(378)(624)(1,053)70 325 150 256 801 
Net Income (Loss)(2,427)(67)(726)(3,220)270 1,504 793 810 3,377 
Less: net income attributable to noncontrolling interests69 74 73 216 66 80 81 74 301 
Net Income (Loss) Attributable to Phillips 66(2,496)(141)(799)(3,436)204 1,424 712 736 3,076 
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation200 130 202 532 203 245 248 250 946 
NGL and Other179 83 102 364 90 143 169 120 522 
DCP Midstream81 32 50 163 23 35 23 35 116 
Total Midstream460 245 354 1,059 316 423 440 405 1,584 
Chemicals193 89 132 414 227 275 269 173 944 
Refining
Atlantic Basin/Europe(196)(220)(197)(613)(7)258 279 61 591 
Gulf Coast(173)(356)(389)(918)(118)222 184 76 364 
Central Corridor223 (113)(129)(19)56 520 408 333 1,317 
West Coast(255)(178)(255)(688)(150)(17)(32)(125)(324)
Total Refining(401)(867)(970)(2,238)(219)983 839 345 1,948 
Marketing and Specialties
Marketing and Other434 259 366 1,059 138 294 440 237 1,109 
Specialties54 34 51 139 67 59 58 50 234 
Total Marketing and Specialties488 293 417 1,198 205 353 498 287 1,343 
Corporate and Other(197)(224)(213)(634)(210)(205)(178)(211)(804)
Adjusted income (loss) before income taxes543 (464)(280)(201)319 1,829 1,868 999 5,015 
Less: adjusted income tax expense (benefit)24 (190)(352)(518)66 370 385 236 1,057 
Adjusted Net Income (Loss)519 (274)72 317 253 1,459 1,483 763 3,958 
Less: adjusted net income attributable to noncontrolling interests69 50 73 192 66 80 81 74 301 
Adjusted Net Income (Loss) Attributable to Phillips 66450 (324)(1)125 187 1,379 1,402 689 3,657 
Page 2

Phillips 66 Earnings Release Supplemental Data
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Impairments(1,161)— (204)(1,365)— — (853)— (853)
Impairments by equity affiliates— — — — — — (47)— (47)
Pension settlement expense— (5)(3)(8)— — — — — 
Hurricane-related costs— — (1)(1)— — — — — 
Lower-of-cost-or-market inventory adjustments(1)— — (1)— — — — — 
Asset dispositions— 84 — 84 — — — — — 
Total Midstream(1,162)79 (208)(1,291)— — (900)— (900)
Chemicals
Impairments by equity affiliates— (15)— (15)— — — — — 
Hurricane-related costs— — (2)(2)— — — — — 
Lower-of-cost-or-market inventory adjustments(24)(32)101 45 — — (42)(23)(65)
Total Chemicals(24)(47)99 28 — — (42)(23)(65)
Refining
Impairments(1,845)— (910)(2,755)— — — — — 
Pending claims and settlements— — — — 21 — — — 21 
Pension settlement expense— (26)(12)(38)— — — — — 
Hurricane-related costs— — (11)(11)— — — — — 
Lower-of-cost-or-market inventory adjustments(15)15 — — — — — — — 
Asset dispositions— — — — — — 17 — 17 
Total Refining(1,860)(11)(933)(2,804)21 — 17 — 38 
Marketing and Specialties
Pending claims and settlements37 — — 37 — — — — — 
Certain tax impacts— — — — — — — 90 90 
Pension settlement expense— (4)(1)(5)— — — — — 
Hurricane-related costs— — (1)(1)— — — — — 
Lower-of-cost-or-market inventory adjustments(12)(3)— (15)— — — — — 
Total Marketing and Specialties25 (7)(2)16 — — — 90 90 
Corporate and Other
Impairments— —(25)(25)— — — — — 
Certain tax impacts— 8— 8 — — — — — 
Pension settlement expense— (3)(1)(4)— — — — — 
Total Corporate and Other— 5 (26)(21)— — — — — 
Total Special Items (Pre-tax)(3,021)19 (1,070)(4,072)21 — (925)67 (837)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items*(75)(208)(262)(545)4 — (235)17 (214)
Other tax impacts— 20 (10)10 — (45)— 3 (42)
Total Income Tax Expense (Benefit)(75)(188)(272)(535)4 (45)(235)20 (256)
Less: Income Attributable to Noncontrolling Interests
Asset dispositions— 24— 24 — — — — — 
Total: Income Attributable to Noncontrolling Interests— 24 — 24 — — — — — 
Total Phillips 66 Special Items (After-tax)(2,946)183 (798)(3,561)17 45 (690)47 (581)
* We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 25%. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. 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.
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation— 84 (205)(121)— — — — — 
NGL and Other— (5)(3)(8)— — — — — 
DCP Midstream(1,162)— — (1,162)— — (900)— (900)
Total Midstream(1,162)79 (208)(1,291)— — (900)— (900)
Refining
Atlantic Basin/Europe(441)(7)(2)(450)— — 17 — 17 
Gulf Coast(670)(9)(16)(695)— — — — — 
Central Corridor(450)9 (3)(444)21 — — — 21 
West Coast(299)(4)(912)(1,215)— — — — — 
Total Refining(1,860)(11)(933)(2,804)21 — 17 — 38 
Marketing and Specialties
Marketing and Other37 (4)(1)32 — — — 90 90 
Specialties(12)(3)(1)(16)— — — — — 
Total Marketing and Specialties25 (7)(2)16 — — — 90 90 
Page 3

Phillips 66 Earnings Release Supplemental Data
CASH FLOW INFORMATION
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Cash Flows From Operating Activities
Net income (loss)(2,427)(67)(726)(3,220)270 1,504 793 810 3,377 
Depreciation and amortization342 343 352 1,037 331 334 336 340 1,341 
Impairments3,006 — 1,140 4,146 1 2 853 5 861 
Accretion on discounted liabilities6 5 6 17 6 5 6 6 23 
Deferred income taxes(47)26 23 2 179 74 (138)68 183 
Undistributed equity earnings(4)302 (44)254 95 (139)19 (118)(143)
Net gain on dispositions(1)(85)(1)(87)(1)— (18)(1)(20)
Other(139)146 45 52 42 (101)(38)113 16 
Net working capital changes(519)94 (304)(729)(1,401)251 (151)471 (830)
Net Cash Provided by (Used in) Operating Activities217 764 491 1,472 (478)1,930 1,662 1,694 4,808 
Cash Flows From Investing Activities
Capital expenditures and investments(923)(939)(552)(2,414)(1,097)(631)(867)(1,278)(3,873)
Return of investments in equity affiliates38 50 51 139 21 14 20 16 71 
Proceeds from asset dispositions1 — 2 3 82 1 1 2 86 
Advances/loans—related parties(8)(223)(20)(251)— (95)— (3)(98)
Collection of advances/loans—related parties— 44 — 44 — 95 — — 95 
Other15 (79)(23)(87)(18)42 — 7 31 
Net Cash Used in Investing Activities(877)(1,147)(542)(2,566)(1,012)(574)(846)(1,256)(3,688)
Cash Flows From Financing Activities
Issuance of debt1,199 2,031 75 3,305 725 135 898 25 1,783 
Repayment of debt(7)(534)(5)(546)(592)(5)(407)(303)(1,307)
Issuance of common stock6 — — 6 8 1 6 17 32 
Repurchase of common stock(443)— — (443)(344)(455)(439)(412)(1,650)
Dividends paid on common stock(396)(393)(393)(1,182)(364)(406)(402)(398)(1,570)
Distributions to noncontrolling interests(61)(66)(74)(201)(56)(61)(59)(65)(241)
Net proceeds from issuance of Phillips 66 Partners LP common units2 — — 2 32 10 91 40 173 
Other(24)9 (7)(22)307 (6)(19)(13)269 
Net Cash Provided by (Used in) Financing Activities276 1,047 (404)919 (284)(787)(331)(1,109)(2,511)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(9)5 27 23 8 (3)(36)17 (14)
Net Change in Cash and Cash Equivalents(393)669 (428)(152)(1,766)566 449 (654)(1,405)
Cash and cash equivalents at beginning of period1,614 1,221 1,890 1,614 3,019 1,253 1,819 2,268 3,019 
Cash and Cash Equivalents at End of Period1,221 1,890 1,462 1,462 1,253 1,819 2,268 1,614 1,614 
CAPITAL PROGRAM
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Consolidated Capital Expenditures and Investments
Midstream580 597 315 1,492 419 359 524 567 1,869 
Chemicals— — — — — — — — — 
Refining245 164 168 577 194 197 254 356 1,001 
Marketing and Specialties25 86 28 139 19 23 34 298 374 
Corporate and Other50 54 38 142 43 52 55 56 206 
Adjusted Capital Spending900 901 549 2,350 675 631 867 1,277 3,450 
Capital expenditures and investments funded by certain joint venture partners (Midstream)
23 38 3 64 422 — — 1 423 
Consolidated Capital Expenditures and Investments923 939 552 2,414 1,097 631 867 1,278 3,873 
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)46 44 12 102 150 128 77 117 472 
CPChem (Chemicals)126 13 65 204 103 72 77 130 382 
WRB (Refining)37 34 39 110 37 44 54 40 175 
Selected Equity Affiliates209 91 116 416 290 244 208 287 1,029 
* Represents Phillips 66’s portion of self-funded capital spending by DCP Midstream, LLC (DCP Midstream), Chevron Phillips Chemical Company LLC (CPChem) and WRB Refining LP (WRB).
Page 4

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Income (Loss) before Income Taxes
Transportation200 214 (3)411 203 245 248 250 946 
NGL and Other179 78 99 356 90 143 169 120 522 
DCP Midstream(1,081)32 50 (999)23 35 (877)35 (784)
 Income (Loss) before Income Taxes
(702)324 146 (232)316 423 (460)405 684 
Adjusted EBITDA*
PSXP**312 261 305 878 274 307 313 336 1,230 
Other Midstream193 80 119 392 133 197 223 155 708 
Transportation and NGL and Other505 341 424 1,270 407 504 536 491 1,938 
DCP Midstream139 87 108 334 67 81 79 96 323 
Adjusted EBITDA644 428 532 1,604 474 585 615 587 2,261 
* See reconciliation of income (loss) before income taxes to adjusted EBITDA.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
Equity in Earnings (Losses) of Affiliates
Transportation98 70 103 271 103 124 128 128 483 
NGL and Other51 49 44 144 51 53 51 48 203 
DCP Midstream80 32 49 161 23 34 (23)34 68 
Total229 151 196 576 177 211 156 210 754 
Depreciation and Amortization*
Transportation38 38 41 117 36 37 40 39 152 
NGL and Other39 39 42 120 37 38 38 39 152 
DCP Midstream— — — — — — — — — 
Total77 77 83 237 73 75 78 78 304 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Transportation188 186 185 559 172 173 183 196 724 
NGL and Other68 71 71 210 128 76 76 83 363 
DCP Midstream— — (1)(1)— — — — — 
Total256 257 255 768 300 249 259 279 1,087 
* Excludes operating and SG&A expenses of all equity affiliates.
Transportation Volumes (MB/D)
Pipelines*3,178 2,840 3,076 3,032 3,176 3,417 3,443 3,544 3,396 
Terminals**3,148 2,883 2,966 2,999 3,063 3,261 3,381 3,548 3,315 
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.
** Terminals include Bayway and Ferndale crude oil rail rack volumes.
PSX Other Volumes
NGL Fractionated (MB/D)*198 170 217 195 234 232 203 227 224 
* Excludes DCP Midstream.
100% DCP Midstream, LLC Results
Net Income (Loss) Attributable to Owners*50 (348)58 (240)45 68 (47)12 78 
* Includes impairment charges of $159 million and $650 million in the first and second quarters of 2020, respectively.
Depreciation and Amortization99 93 93 285 103 101 100 100 404 
Operating and SG&A Expenses202 212 212 626 246 257 257 267 1,027 
Net Interest Expense*78 71 77 226 70 75 79 84 308 
* Net of interest income.
Capital Expenditures and Investments92 87 24 203 300 256 154 233 943 
Selected DCP Operating Statistics
Wellhead Volume (Bcf/D)5.0 4.5 4.5 4.7 5.0 4.9 5.0 5.0 5.0 
NGL Production (MB/D)396 374 414 395 428 423 409 409 417 
Weighted-Average NGL Price*
DCP Midstream ($/gal)0.39 0.32 0.44 0.38 0.60 0.51 0.44 0.50 0.51 
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
MLP Distributions*
GP Distribution from PSXP to Phillips 66**————6970——139
LP Distribution from PSXP to Phillips 661481491484455858147149412
GP Distribution from DCP Midstream, LP to DCP Midstream***— — — — 43 43 43 — 129 
LP Distribution from DCP Midstream, LP to DCP Midstream***46 46****92 41 41 41 92 215 
* Cash distributions declared attributable to general partner interest, common unit ownership and incentive distribution rights (IDRs). These distributions are eliminated in the respective sponsors consolidated financial statements.
** On August 1, 2019, PSXP eliminated its IDRs and 2% economic general partner interest, therefore, no distributions were made to the general partner interest after August 1, 2019.
*** Represents 100% of DCP Midstream's distributions from DCP Midstream, LP (DCP Partners). On November 6, 2019, DCP Partners completed a transaction to eliminate all general partner economic interests in DCP Partners and IDRs, therefore, no distributions were made to the general partner interest after November 6, 2019.
**** Pending DCP Midstream release.
Page 5

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Midstream Income (Loss) before Income Taxes to Adjusted EBITDA
Income (loss) before income taxes(702)324 146 (232)316 423 (460)405 684 
Plus:
Depreciation and amortization77 77 83 237 73 75 78 78 304 
EBITDA(625)401 229 5 389 498 (382)483 988 
Special Item Adjustments (pre-tax):
Impairments1,161 — 204 1,365 — — 853 — 853 
Impairments by equity affiliates— — — — — — 47 — 47 
Pension settlement expense— 5 3 8 — — — — — 
Hurricane-related costs— — 1 1 — — — — — 
Lower-of-cost-or-market inventory adjustments1 — — 1 — — — — — 
Asset dispositions— (84)— (84)— — — — — 
EBITDA, Adjusted for Special Items537 322 437 1,296 389 498 518 483 1,888 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — 1 1 — — — — — 
Proportional share of selected equity affiliates net interest39 36 43 118 30 30 36 39 135 
Proportional share of selected equity affiliates depreciation and amortization68 70 71 209 55 57 61 65 238 
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests— — (20)(20)— — — — — 
Adjusted EBITDA644 428 532 1,604 474 585 615 587 2,261 
Adjusted EBITDA by Business Line
100% PSXP Results
Income before income taxes227 255 217 699 199 234 238 255 926 
Plus:
Net interest expense28 29 31 88 27 26 25 27 105 
Depreciation and amortization30 31 35 96 29 29 30 32 120 
EBITDA285 315 283 883 255 289 293 314 1,151 
Special Item Adjustments (pre-tax):
Hurricane-related costs*— — 1 1 — — — — — 
Asset dispositions— (84)— (84)— — — — — 
EBITDA, Adjusted for Special Items**285 231 284 800 255 289 293 314 1,151 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — 1 1 — — — — — 
Proportional share of selected equity affiliates net interest9 9 12 30 7 6 7 7 27 
Proportional share of selected equity affiliates depreciation and amortization18 21 24 63 12 12 13 15 52 
Adjusted EBITDA attributable to joint venture partner's noncontrolling interest— — (16)(16)— — — — — 
Adjusted EBITDA**312 261 305 878 274 307 313 336 1,230 
* Represents a special item adjustment made for PSX reporting purposes only.
** Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
Page 6

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Total Transportation and NGL and Other
Income before income taxes379 292 96 767 293 388 417 370 1,468 
Plus:
Depreciation and amortization77 77 83 237 73 75 78 78 304 
EBITDA*456 369 179 1,004 366 463 495 448 1,772 
Special Item Adjustments (pre-tax):
Impairments— — 204 204 — — — — — 
Pension settlement expense— 5 3 8 — — — — — 
Hurricane-related costs— — 1 1 — — — — — 
Asset dispositions— (84)— (84)— — — — — 
EBITDA, Adjusted for Special Items*456 290 387 1,133 366 463 495 448 1,772 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — 1 1 — — — — — 
Proportional share of selected equity affiliates net interest17 16 21 54 15 14 14 15 58 
Proportional share of selected equity affiliates depreciation and amortization32 35 35 102 26 27 27 28 108 
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests— — (20)(20)— — — — — 
Adjusted EBITDA*505 341 424 1,270 407 504 536 491 1,938 
* Includes PSXP results. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.
DCP Midstream
Income (loss) before income taxes(1,081)32 50 (999)23 35 (877)35 (784)
Plus:
None— — — — — — — — — 
EBITDA(1,081)32 50 (999)23 35 (877)35 (784)
Special Item Adjustments (pre-tax):
Impairments1,161 — — 1,161 — — 853 — 853 
Impairments by equity affiliates— — — — — — 47 — 47 
Lower-of-cost-or-market inventory adjustments1 — — 1 — — — — — 
EBITDA, Adjusted for Special Items81 32 50 163 23 35 23 35 116 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — — — — 
Proportional share of selected equity affiliates net interest22 20 22 64 15 16 22 24 77 
Proportional share of selected equity affiliates depreciation and amortization36 35 36 107 29 30 34 37 130 
Adjusted EBITDA*139 87 108 334 67 81 79 96 323 
* Proportional share of selected equity affiliates is net of noncontrolling interests.
Page 7

Phillips 66 Earnings Release Supplemental Data
CHEMICALS
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes169 42 231 442 227 275 227 150 879 
Equity in Earnings of Affiliate166 39 229 434 225 274 224 147 870 
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings
Olefins and Polyolefins354 142 488 984 434 525 417 262 1,638 
Specialties, Aromatics and Styrenics9 — 23 32 49 70 73 70 262 
Corporate and Other(26)(59)(54)(139)(34)(36)(34)(36)(140)
Total337 83 457 877 449 559 456 296 1,760 
Income (Loss) before Income Taxes
Olefins and Polyolefins360 142 498 1,000 446 536 430 266 1,678 
Specialties, Aromatics and Styrenics10 3 24 37 57 78 78 74 287 
Corporate and Other(26)(59)(54)(139)(34)(36)(33)(36)(139)
Total344 86 468 898 469 578 475 304 1,826 
Depreciation and Amortization148 144 146 438 146 139 140 150 575 
Net Interest Expense*16 24 23 63 20 17 19 16 72 
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments252 25 130 407 206 144 153 260 763 
Advance Repayments from Equity Companies(21)— — (21)(26)(28)(9)— (63)
Return of Investments from Equity Companies(25)— — (25)— — — — — 
Olefins and Polyolefins Capacity Utilization (%)98 %103 %94 %98 %98 %95 %97 %97 %97 %
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)19.7 17.1 23.8 20.2 22.4 19.1 23.9 25.2 22.7 
HDPE Blow Molding, Domestic Spot (cents/lb)40.0 35.5 45.6 40.4 52.7 51.1 45.4 41.2 47.6 
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)9.0 12.0 13.2 11.4 16.4 11.9 9.5 11.8 12.3 
HDPE Blow Molding, Total Cash Cost (cents/lb)32.9 30.3 37.1 33.4 35.5 32.0 36.7 38.2 35.6 
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)17.8 10.3 19.0 15.7 23.2 26.4 23.1 16.5 22.4 
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes169 42 231 442 227 275 227 150 879 
Plus:
None— — — — — — — — — 
EBITDA169 42 231 442 227 275 227 150 879 
Special Item Adjustments (pre-tax):
Impairments by equity affiliates— 15 — 15 — — — — — 
Hurricane-related costs— — 2 2 — — — — — 
Lower-of-cost-or-market inventory adjustments24 32 (101)(45)— — 42 23 65 
EBITDA, Adjusted for Special Items193 89 132 414 227 275 269 173 944 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes
13 5 14 32 22 24 23 10 79 
Proportional share of selected equity affiliates net interest
9 11 12 32 13 8 10 9 40 
Proportional share of selected equity affiliates depreciation and amortization
103 103 104 310 105 106 104 100 415 
Adjusted EBITDA318 208 262 788 367 413 406 292 1,478 
Page 8

Phillips 66 Earnings Release Supplemental Data
REFINING
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe(637)(227)(199)(1,063)(7)258 296 61 608 
Gulf Coast(843)(365)(405)(1,613)(118)222 184 76 364 
Central Corridor(227)(104)(132)(463)77 520 408 333 1,338 
West Coast(554)(182)(1,167)(1,903)(150)(17)(32)(125)(324)
Income (Loss) before Income Taxes
(2,261)(878)(1,903)(5,042)(198)983 856 345 1,986 
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe(15.41)(5.80)(4.61)(8.60)(0.17)5.04 5.93 1.16 3.11 
Gulf Coast(13.16)(5.98)(7.86)(9.13)(1.80)2.88 2.46 1.00 1.24 
Central Corridor(9.72)(5.01)(5.35)(6.73)3.22 19.81 15.26 12.61 12.95 
West Coast(19.87)(7.07)(38.12)(22.59)(4.89)(0.52)(0.93)(3.89)(2.49)
Worldwide(14.44)(5.99)(12.69)(11.12)(1.22)5.25 4.60 1.84 2.75 
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe2.38 1.53 1.65 1.86 7.76 10.85 11.48 7.06 9.33 
Gulf Coast6.76 0.36 (0.61)2.40 5.44 8.20 8.34 7.45 7.42 
Central Corridor13.50 5.78 4.46 8.09 10.23 17.84 15.99 14.92 14.91 
West Coast4.80 5.05 2.23 3.94 6.25 9.94 10.11 10.22 9.18 
Worldwide7.11 2.60 1.78 3.91 7.23 11.37 11.18 9.50 9.91 
* 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.
Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe(2)(3)(2)(7)(3)(3)(3)(2)(11)
Gulf Coast1 1 (1)1 — (2)1 (1)(2)
Central Corridor(51)(79)(118)(248)84 133 69 45 331 
West Coast— — — — — — — — — 
Total(52)(81)(121)(254)81 128 67 42 318 
Depreciation and Amortization*
Atlantic Basin/Europe51 49 50 150 50 49 49 50 198 
Gulf Coast71 75 75 221 67 68 66 67 268 
Central Corridor34 33 33 100 33 34 34 34 135 
West Coast65 63 64 192 62 63 66 62 253 
Total221 220 222 663 212 214 215 213 854 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe207 202 186 595 240 211 218 233 902 
Gulf Coast499 287 269 1,055 382 330 352 408 1,472 
Central Corridor142 127 118 387 146 141 131 154 572 
West Coast293 225 244 762 254 257 290 373 1,174 
Total1,141 841 817 2,799 1,022 939 991 1,168 4,120 
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe16 9 11 36 20 13 17 15 65 
Gulf Coast240 13 8 261 90 29 44 94 257 
Central Corridor15 3 6 24 25 8 9 10 52 
West Coast58 13 16 87 13 17 50 113 193 
Total329 38 41 408 148 67 120 232 567 
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe19 15 14 48 15 11 12 14 52 
Gulf Coast37 25 30 92 23 16 23 11 73 
Central Corridor17 14 11 42 13 10 10 7 40 
West Coast31 22 16 69 24 21 23 17 85 
Total104 76 71 251 75 58 68 49 250 
Foreign Currency Gains (Losses) Pre-Tax1 (5)1 (3)(5)(7)10 2 — 
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates(52)(81)(121)(254)81 128 67 42 318 
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*
(156)(72)(70)(298)(277)(309)(273)(237)(1,096)
Equity affiliate-related expenses not included in Realized Refining Margins
(208)(153)(191)(552)(196)(181)(206)(195)(778)
Regional Totals
Atlantic Basin/Europe(11)(16)(28)(55)(13)(14)(7)— (34)
Gulf Coast2 — (1)1 — (2)1 (1)(2)
Central Corridor(199)(137)(162)(498)(183)(165)(200)(194)(742)
Total(208)(153)(191)(552)(196)(181)(206)(195)(778)
* Other costs associated with equity affiliates which do not flow through equity earnings.
Page 9

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (loss) before income taxes(2,261)(878)(1,903)(5,042)(198)983 856 345 1,986 
Plus:
Depreciation and amortization221 220 222 663 212 214 215 213 854 
EBITDA(2,040)(658)(1,681)(4,379)14 1,197 1,071 558 2,840 
Special Item Adjustments (pre-tax):
Impairments1,845 — 910 2,755 — — — — — 
Pending claims and settlements— — — — (21)— — — (21)
Pension settlement expense— 26 12 38 — — — — — 
Hurricane-related costs— — 11 11 — — — — — 
Lower-of-cost-or-market inventory adjustments15 (15)— — — — — — — 
Asset dispositions— — — — — — (17)— (17)
EBITDA, Adjusted for Special Items(180)(647)(748)(1,575)(7)1,197 1,054 558 2,802 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— (1)— (1)— — 1 (1)— 
Proportional share of selected equity affiliates net interest— 1 1 2 (1)(1)(1)— (3)
Proportional share of selected equity affiliates depreciation and amortization78 72 69 219 71 69 70 71 281 
Adjusted EBITDA(102)(575)(678)(1,355)63 1,265 1,124 628 3,080 
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)437 402 432 424 427 519 509 531 497 
Total Processed Inputs (MB/D)454 430 469 451 463 562 542 574 536 
Crude Oil Capacity Utilization (%)81 %75 %81 %79 %80 %97 %95 %99 %92 %
Clean Product Yield (%)83 %82 %83 %83 %86 %88 %87 %90 %88 %
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)645 609 506 586 654 757 729 759 725 
Total Processed Inputs (MB/D)704 671 560 645 727 849 815 827 805 
Crude Oil Capacity Utilization (%)84 %79 %66 %76 %85 %99 %95 %99 %95 %
Clean Product Yield (%)71 %79 %82 %77 %80 %81 %78 %80 %80 %
Central Corridor*
Crude Oil Charge Input (MB/D)471 386 455 437 445 521 517 509 498 
Total Processed Inputs (MB/D)487 396 467 450 466 538 531 526 515 
Crude Oil Capacity Utilization (%)89 %73 %86 %82 %86 %101 %100 %99 %97 %
Clean Product Yield (%)88 %87 %89 %88 %90 %88 %88 %91 %89 %
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)279 263 311 285 307 317 351 318 323 
Total Processed Inputs (MB/D)306 283 333 307 341 359 375 349 356 
Crude Oil Capacity Utilization (%)77 %72 %85 %78 %84 %87 %97 %87 %89 %
Clean Product Yield (%)93 %87 %89 %90 %88 %81 %85 %76 %83 %
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)1,832 1,660 1,704 1,732 1,833 2,114 2,106 2,117 2,043 
Total Processed Inputs (MB/D)1,951 1,780 1,829 1,853 1,997 2,308 2,263 2,276 2,212 
Crude Oil Capacity Utilization (%)83 %75 %77 %79 %84 %97 %97 %97 %94 %
Clean Product Yield (%)82 %83 %85 %83 %85 %84 %84 %84 %84 %
Page 10

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline191 178 207 192 202 240 230 266 234 
Distillates174 160 168 167 185 241 227 234 222 
Other91 95 98 95 80 89 88 82 85 
Total456 433 473 454 467 570 545 582 541 
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline234 277 247 252 296 348 312 332 322 
Distillates248 231 187 223 261 310 297 301 292 
Other221 167 129 172 165 192 208 192 190 
Total703 675 563 647 722 850 817 825 804 
Central Corridor*
Gasoline245 183 241 223 244 260 256 267 257 
Distillates183 161 173 172 175 214 208 210 202 
Other60 52 55 56 49 67 71 51 59 
Total488 396 469 451 468 541 535 528 518 
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline151 126 159 146 165 167 170 148 163 
Distillates134 121 137 130 136 124 148 116 131 
Other21 33 38 31 41 66 53 81 60 
Total306 280 334 307 342 357 371 345 354 
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline821 764 854 813 907 1,015 968 1,013 976 
Distillates739 673 665 692 757 889 880 861 847 
Other393 347 320 354 335 414 420 406 394 
Total1,953 1,784 1,839 1,859 1,999 2,318 2,268 2,280 2,217 
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI45.97 27.80 40.91 38.23 54.87 59.80 56.44 56.98 57.02 
Brent50.26 29.20 43.00 40.82 63.20 68.82 61.94 63.25 64.30 
LLS48.30 30.07 42.46 40.28 62.40 66.92 60.64 60.79 62.69 
ANS51.40 30.37 42.74 41.50 64.50 68.18 63.07 64.41 65.04 
WTI less Maya4.81 3.40 1.72 3.31 (3.91)(2.26)(0.20)4.06 (0.58)
WTI less WCS (settlement differential)
20.53 11.47 9.09 13.69 12.29 10.67 12.24 15.83 12.76 
Natural Gas ($/MMBtu)
Henry Hub1.88 1.65 1.95 1.83 2.89 2.51 2.33 2.35 2.52 
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent4.84 7.87 9.52 7.41 1.79 12.06 11.84 6.44 8.03 
East Coast Distillate less Brent14.93 10.95 7.17 11.02 18.05 14.27 17.43 18.66 17.10 
Gulf Coast
Gulf Coast Gasoline less LLS4.97 3.66 5.88 4.84 1.58 8.18 8.24 5.48 5.87 
Gulf Coast Distillate less LLS13.86 8.04 6.10 9.33 16.41 14.28 17.22 17.62 16.38 
Central Corridor
Central Gasoline less WTI7.70 6.18 8.15 7.34 9.72 18.71 15.28 10.75 13.61 
Central Distillate less WTI17.34 11.41 8.55 12.43 24.92 22.49 21.39 22.29 22.77 
West Coast
West Coast Gasoline less ANS13.32 9.36 13.12 11.93 11.83 23.50 19.48 16.85 17.92 
West Coast Distillate less ANS17.22 10.36 9.34 12.31 16.20 21.10 18.38 21.49 19.29 
Worldwide Market Crack Spread ($/BBL)**9.82 7.47 8.17 8.49 9.77 15.24 14.60 12.45 13.01 
* Based on daily spot prices, unless otherwise noted.
** Weighted average based on Phillips 66 crude capacity.


Page 11

Phillips 66 Earnings Release Supplemental Data
MARKETING AND SPECIALTIES
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes
Marketing and Other471 255 365 1,091 138 294 440 327 1,199 
Specialties42 31 50 123 67 59 58 50 234 
Income before Income Taxes513 286 415 1,214 205 353 498 377 1,433 
Income before Income Taxes ($/BBL)
U.S.1.79 1.24 1.74 1.60 0.60 1.09 1.66 1.42 1.22 
International6.58 3.48 5.01 5.16 2.25 4.81 5.19 2.01 3.58 
Realized Marketing Fuel Margins ($/BBL)*
U.S.2.08 1.75 2.23 2.03 1.06 1.53 2.11 1.51 1.57 
International8.53 5.07 6.28 6.78 3.80 6.03 6.37 3.35 4.90 
* See note on the use of non-GAAP measures. Also, reconciliations of income before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.
Other Realized Margins and Revenues not included in Marketing Fuel Margins*
Marketing and Other117 123 107 347 131 143 168 233 675 
Specialties81 56 83 220 100 93 83 74 350 
Total198 179 190 567 231 236 251 307 1,025 
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates
Marketing and Other22 38 42 102 22 28 31 45 126 
Specialties— 10 3 13 11 7 21 20 59 
Total22 48 45 115 33 35 52 65 185 
Depreciation and Amortization*
Marketing and Other20 21 21 62 21 21 21 22 85 
Specialties5 4 5 14 5 4 4 5 18 
Total25 25 26 76 26 25 25 27 103 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Marketing and Other211 232 259 702 261 297 300 340 1,198 
Specialties31 30 30 91 36 36 39 38 149 
Total242 262 289 793 297 333 339 378 1,347 
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline984 881 997 955 1,063 1,151 1,132 1,213 1,141 
Distillates854 707 698 752 759 898 914 1,106 920 
Other— — — — — — — — — 
Total1,838 1,588 1,695 1,707 1,822 2,049 2,046 2,319 2,061 
International Marketing
Gasoline82 60 83 74 88 89 90 89 89 
Distillates183 140 165 163 181 187 185 183 184 
Other20 15 15 17 18 19 16 20 18 
Total285 215 263 254 287 295 291 292 291 
Worldwide Marketing
Gasoline1,066 941 1,080 1,029 1,151 1,240 1,222 1,302 1,230 
Distillates1,037 847 863 915 940 1,085 1,099 1,289 1,104 
Other20 15 15 17 18 19 16 20 18 
Total2,123 1,803 1,958 1,961 2,109 2,344 2,337 2,611 2,352 
Foreign Currency Gains (Losses) Pre-Tax1 — (1)— 2 (1)— (1)— 
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes513 286 415 1,214 205 353 498 377 1,433 
Plus:
Depreciation and amortization25 25 26 76 26 25 25 27 103 
EBITDA538 311 441 1,290 231 378 523 404 1,536 
Special Item Adjustments (pre-tax):
Pending claims and settlements(37)— — (37)— — — — — 
Certain tax impacts— — — — — — — (90)(90)
Pension settlement expense— 4 1 5 — — — — — 
Hurricane-related costs— — 1 1 — — — — — 
Lower-of-cost-or-market inventory adjustments12 3 — 15 — — — — — 
EBITDA, Adjusted for Special Items513 318 443 1,274 231 378 523 314 1,446 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — — — — 
Proportional share of selected equity affiliates net interest6 4 4 14 1 2 1 2 6 
Proportional share of selected equity affiliates depreciation and amortization7 6 7 20 3 2 3 3 11 
Adjusted EBITDA526 328 454 1,308 235 382 527 319 1,463 
Page 12

Phillips 66 Earnings Release Supplemental Data
CORPORATE AND OTHER
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Loss before Income Taxes(197)(219)(239)(655)(210)(205)(178)(211)(804)
Detail of Loss before Income Taxes
Net interest expense(103)(114)(131)(348)(108)(105)(98)(104)(415)
Corporate overhead and other(94)(105)(108)(307)(102)(100)(80)(107)(389)
Total(197)(219)(239)(655)(210)(205)(178)(211)(804)
Net Interest Expense
Interest expense(137)(139)(150)(426)(132)(133)(131)(139)(535)
Capitalized interest26 2218 66 13 18 22 24 77 
Interest income8 31 12 11 10 11 11 43 
Total(103)(114)(131)(348)(108)(105)(98)(104)(415)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes(197)(219)(239)(655)(210)(205)(178)(211)(804)
Plus:
Net interest expense103 114131 348 108 105 98 104 415 
Depreciation and amortization19 2121 61 20 20 18 22 80 
EBITDA(75)(84)(87)(246)(82)(80)(62)(85)(309)
Special Item Adjustments (pre-tax):
Impairments— —25 25 — — — — — 
Pension settlement expense— 31 4 — — — — — 
EBITDA, Adjusted for Special Items(75)(81)(61)(217)(82)(80)(62)(85)(309)
Other Adjustments (pre-tax):
None— —— — — — — — — 
Adjusted EBITDA(75)(81)(61)(217)(82)(80)(62)(85)(309)
Foreign Currency Losses Pre-Tax(2)(1)(4)(7)(1)(2)(1)(1)(5)
Phillips 66 Total Company Debt
Total Debt12,963 14,44614,526 14,526 11,298 11,439 11,925 11,763 11,763 
Debt-to-Capital Ratio (%)35 %38 %39 %39 %30 %30 %31 %30 %30 %
Total Equity23,639 23,29522,305 22,305 26,745 27,306 27,092 27,169 27,169 
RECONCILIATION OF CONSOLIDATED NET INCOME (LOSS) TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Net income (loss)(2,427)(67)(726)(3,220)270 1,504 793 810 3,377 
Plus:
Income tax expense (benefit)(51)(378)(624)(1,053)70 325 150 256 801 
Net interest expense103 114 131 348 108 105 98 104 415 
Depreciation and amortization342 343 352 1,037 331 334 336 340 1,341 
Phillips 66 EBITDA(2,033)12 (867)(2,888)779 2,268 1,377 1,510 5,934 
Special Item Adjustments (pre-tax):
Impairments3,006 — 1,139 4,145 — — 853 — 853 
Impairments by equity affiliates— 15 — 15 — — 47 — 47 
Pending claims and settlements(37)— — (37)(21)— — — (21)
Certain tax impacts— — — — — — — (90)(90)
Pension settlement expense— 38 17 55 — — — — — 
Hurricane-related costs— — 15 15 — — — — — 
Lower-of-cost-or-market inventory adjustments52 20 (101)(29)— — 42 23 65 
Asset dispositions— (84)— (84)— — (17)— (17)
Phillips 66 EBITDA, Adjusted for Special Items988 1 203 1,192 758 2,268 2,302 1,443 6,771 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes13 4 15 32 22 24 24 9 79 
Proportional share of selected equity affiliates net interest54 52 60 166 43 39 46 50 178 
Proportional share of selected equity affiliates depreciation and amortization256 251 251 758 234 234 238 239 945 
Adjusted EBITDA attributable to joint venture partners' noncontrolling interests— — (20)(20)— — — — — 
Adjusted EBITDA attributable to public ownership interest in PSXP(94)(78)(88)(260)(89)(102)(105)(95)(391)
Phillips 66 Adjusted EBITDA1,217 230 421 1,868 968 2,463 2,505 1,646 7,582 
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 "adjusted capital spending." 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. Adjusted capital spending is a non-GAAP financial measure that demonstrates the portion of total consolidated capital expenditures and investments funded by Phillips 66. The GAAP financial measure most comparable to adjusted capital spending is capital expenditures and investments. A reconciliation of capital expenditures and investments to adjusted capital spending 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.
Page 13

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
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ATLANTIC BASIN/EUROPE
Income (loss) before income taxes(637)(227)(199)(1,063)(7)258 296 61 608 
Plus:
Taxes other than income taxes19 15 14 48 15 11 12 14 52 
Depreciation, amortization and impairments492 49 50 591 50 49 49 50 198 
Selling, general and administrative expenses13 12 6 31 7 10 10 12 39 
Operating expenses194 190 180 564 233 201 208 221 863 
Equity in losses of affiliates2 3 2 7 3 3 3 2 11 
Other segment (income) expense, net(2)3 — 1 6 4 (24)(2)(16)
Proportional share of refining gross margins contributed by equity affiliates16 16 18 50 17 19 19 14 69 
Realized refining margins97 61 71 229 324 555 573 372 1,824 
Total processed inputs (MB)41,335 39,121 43,176 123,632 41,682 51,172 49,895 52,757 195,506 
Adjusted total processed inputs (MB)41,335 39,121 43,176 123,632 41,682 51,172 49,895 52,757 195,506 
Income (loss) before income taxes ($/BBL)**(15.41)(5.80)(4.61)(8.60)(0.17)5.04 5.93 1.16 3.11 
Realized refining margins ($/BBL)***2.38 1.53 1.65 1.86 7.76 10.85 11.48 7.06 9.33 
GULF COAST
Income (loss) before income taxes(843)(365)(405)(1,613)(118)222 184 76 364 
Plus:
Taxes other than income taxes37 25 30 92 23 16 23 11 73 
Depreciation, amortization and impairments741 75 75 891 67 68 66 70 271 
Selling, general and administrative expenses7 10 11 28 (2)8 7 10 23 
Operating expenses492 277 258 1,027 384 322 345 398 1,449 
Equity in (earnings) losses of affiliates(1)(1)1 (1)— 2 (1)1 2 
Other segment (income) expense, net1 — (1)— 1 (5)1 — (3)
Proportional share of refining gross margins contributed by equity affiliates— — — — — — — — — 
Realized refining margins434 21 (31)424 355 633 625 566 2,179 
Total processed inputs (MB)64,066 61,032 51,543 176,641 65,434 77,186 74,936 76,110 293,666 
Adjusted total processed inputs (MB)64,066 61,032 51,543 176,641 65,434 77,186 74,936 76,110 293,666 
Income (loss) before income taxes ($/BBL)**(13.16)(5.98)(7.86)(9.13)(1.80)2.88 2.46 1.00 1.24 
Realized refining margins ($/BBL)***6.76 0.36 (0.61)2.40 5.44 8.20 8.34 7.45 7.42 
CENTRAL CORRIDOR
Income (loss) before income taxes(227)(104)(132)(463)77 520 408 333 1,338 
Plus:
Taxes other than income taxes17 14 11 42 13 10 10 7 40 
Depreciation, amortization and impairments469 33 33 535 33 34 34 34 135 
Selling, general and administrative expenses6 7 7 20 1 7 6 8 22 
Operating expenses136 120 111 367 145 134 125 146 550 
Equity in (earnings) losses of affiliates51 79 118 248 (84)(133)(69)(45)(331)
Other segment (income) expense, net(3)3 (1)(1)(2)4 (3)1 — 
Proportional share of refining gross margins contributed by equity affiliates113 92 45 250 267 298 269 239 1,073 
Special items:
Pending claims and settlements— — — — (21)— — — (21)
Lower-of-cost-or-market inventory adjustments35 (35)— — — — — — — 
Realized refining margins597 209 192 998 429 874 780 723 2,806 
Total processed inputs (MB)23,345 20,778 24,682 68,805 23,893 26,244 26,740 26,417 103,294 
Adjusted total processed inputs (MB)*44,291 36,067 42,979 123,337 41,896 48,932 48,853 48,364 188,045 
Income (loss) before income taxes ($/BBL)**(9.72)(5.01)(5.35)(6.73)3.22 19.81 15.26 12.61 12.95 
Realized refining margins ($/BBL)***13.50 5.78 4.46 8.09 10.23 17.84 15.99 14.92 14.91 
Page 14

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WEST COAST
Loss before income taxes(554)(182)(1,167)(1,903)(150)(17)(32)(125)(324)
Plus:
Taxes other than income taxes31 22 16 69 24 21 23 17 85 
Depreciation, amortization and impairments364 63 974 1,401 62 63 66 62 253 
Selling, general and administrative expenses10 9 9 28 5 8 8 10 31 
Operating expenses283 216 235 734 249 249 282 363 1,143 
Other segment expense, net1 1 1 3 2 1 1 1 5 
Realized refining margins135 129 68 332 192 325 348 328 1,193 
Total processed inputs (MB)27,877 25,737 30,615 84,229 30,703 32,697 34,498 32,116 130,014 
Adjusted total processed inputs (MB)27,877 25,737 30,615 84,229 30,703 32,697 34,498 32,116 130,014 
Loss before income taxes ($/BBL)**(19.87)(7.07)(38.12)(22.59)(4.89)(0.52)(0.93)(3.89)(2.49)
Realized refining margins ($/BBL)***4.80 5.05 2.23 3.94 6.25 9.94 10.11 10.22 9.18 
WORLDWIDE
Income (loss) before income taxes(2,261)(878)(1,903)(5,042)(198)983 856 345 1,986 
Plus:
Taxes other than income taxes104 76 71 251 75 58 68 49 250 
Depreciation, amortization and impairments2,066 220 1,132 3,418 212 214 215 216 857 
Selling, general and administrative expenses36 38 33 107 11 33 31 40 115 
Operating expenses1,105 803 784 2,692 1,011 906 960 1,128 4,005 
Equity in (earnings) losses of affiliates52 81 121 254 (81)(128)(67)(42)(318)
Other segment (income) expense, net(3)7 (1)3 7 4 (25)— (14)
Proportional share of refining gross margins contributed by equity affiliates129 108 63 300 284 317 288 253 1,142 
Special items:
Pending claims and settlements— — — — (21)— — — (21)
Lower-of-cost-or-market inventory adjustments35 (35)— — — — — — — 
Realized refining margins1,263 420 300 1,983 1,300 2,387 2,326 1,989 8,002 
Total processed inputs (MB)156,623 146,668 150,016 453,307 161,712 187,299 186,069 187,400 722,480 
Adjusted total processed inputs (MB)*177,569 161,957 168,313 507,839 179,715 209,987 208,182 209,347 807,231 
Income (loss) before income taxes ($/BBL)**(14.44)(5.99)(12.69)(11.12)(1.22)5.25 4.60 1.84 2.75 
Realized refining margins ($/BBL)***7.11 2.60 1.78 3.91 7.23 11.37 11.18 9.50 9.91 
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
** Income (loss) before income taxes divided by total processed inputs.
*** 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.
Page 15

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
UNITED STATES
Income before income taxes299 179 271 749 98 203 312 303 916 
Plus:
Taxes other than income taxes2 2 — 4 2 3 3 (3)5 
Depreciation and amortization3 3 3 9 2 3 2 3 10 
Selling, general and administrative expenses127 151 174 452 155 183 184 221 743 
Equity in earnings of affiliates— (11)(10)(21)(1)(3)(3)(20)(27)
Other operating revenues*(84)(71)(90)(245)(82)(103)(101)(93)(379)
Special items:
Certain tax impacts— — — — — — — (90)(90)
Realized marketing fuel margins347 253 348 948 174 286 397 321 1,178 
Total fuel sales volumes (MB)167,178 144,517 155,948 467,643 164,058 186,488 188,172 213,346 752,064 
Income before income taxes ($/BBL)1.79 1.24 1.74 1.60 0.60 1.09 1.66 1.42 1.22 
Realized marketing fuel margins ($/BBL)**2.08 1.75 2.23 2.03 1.06 1.53 2.11 1.51 1.57 
INTERNATIONAL
Income before income taxes171 68 121 360 58 129 139 54 380 
Plus:
Taxes other than income taxes1 2 1 4 2 1 2 1 6 
Depreciation and amortization17 16 18 51 16 16 16 17 65 
Selling, general and administrative expenses63 57 62 182 62 61 61 65 249 
Equity in earnings of affiliates(22)(28)(31)(81)(22)(25)(27)(25)(99)
Other operating revenues*2 (4)(7)(9)(6)(9)(10)(12)(37)
Other segment (income) expense, net— 1 (1)— (2)1 1 1 1 
Marketing margins232 112 163 507 108 174 182 101 565 
Less: margin for nonfuel related sales10 13 11 34 10 12 11 11 44 
Realized marketing fuel margins222 99 152 473 98 162 171 90 521 
Total fuel sales volumes (MB)25,979 19,583 24,164 69,726 25,796 26,837 26,796 26,834 106,263 
Income before income taxes ($/BBL)6.58 3.48 5.01 5.16 2.25 4.81 5.19 2.01 3.58 
Realized marketing fuel margins ($/BBL)**8.53 5.07 6.28 6.78 3.80 6.03 6.37 3.35 4.90 
* Includes other nonfuel revenues.
** 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.
ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION
RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE
Millions of Dollars, Except as Indicated
20202019
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE TAX RATES
Income (loss) before income taxes(2,478)(445)(1,350)(4,273)340 1,829 943 1,066 4,178 
Special items3,021 (19)1,070 4,072 (21)— 925 (67)837 
Adjusted income (loss) before income taxes543 (464)(280)(201)319 1,829 1,868 999 5,015 
Income tax expense (benefit)(51)(378)(624)(1,053)70 325 150 256 801 
Special items75 188 272 535 (4)45 235 (20)256 
Adjusted income tax expense (benefit)24 (190)(352)(518)66 370 385 236 1,057 
Effective tax rate (%)2.1 %84.9 %46.2 %24.6 %20.6 %17.8 %15.9 %24.0 %19.2 %
Adjusted effective tax rate (%)4.4 %40.9 %125.7 %257.7 %20.7 %20.2 %20.6 %23.6 %21.1 %
Page 16

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