Document


CONSOLIDATED INCOME STATEMENT

	Millions of Dollars, Except as Indicated
	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Revenues and Other Income
Sales and other operating revenues	30,430		33,323				63,753		35,811		38,129		35,528		33,685		143,153
Equity in earnings of affiliates	153		153				306		528		487		549		215		1,779
Net gain (loss) on dispositions	1,087		(93)				994		—		237		2		82		321
Other income	56		139				195		97		58		84		4		243
Total Revenues and Other Income	31,726		33,522				65,248		36,436		38,911		36,163		33,986		145,496

Costs and Expenses
Purchased crude oil and products	27,660		29,077				56,737		32,386		34,628		32,194		30,754		129,962
Operating expenses	1,622		1,440				3,062		1,452		1,407		1,499		1,581		5,939
Selling, general and administrative expenses	519		582				1,101		557		552		1,194		511		2,814
Depreciation and amortization	791		816				1,607		504		497		543		819		2,363
Impairments	26		4				30		165		225		29		37		456
Taxes other than income taxes	233		218				451		165		49		53		62		329
Accretion on discounted liabilities	12		10				22		9		10		8		13		40
Interest and debt expense	221		264				485		227		231		229		220		907
Foreign currency transaction (gains) losses	(6)		(9)				(15)		7		1		1		2		11
Total Costs and Expenses	31,078		32,402				63,480		35,472		37,600		35,750		33,999		142,821
Income (loss) before income taxes	648		1,120				1,768		964		1,311		413		(13)		2,675
Income tax expense (benefit)	122		212				334		203		291		44		(38)		500
Net Income	526		908				1,434		761		1,020		369		25		2,175
Less: net income attributable to noncontrolling interests	39		31				70		13		5		23		17		58
Net Income Attributable to Phillips 66	487		877				1,364		748		1,015		346		8		2,117


Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.19		2.15				3.33		1.74		2.39		0.82		0.01		5.01
Diluted	1.18		2.15				3.32		1.73		2.38		0.82		0.01		4.99

Weighted-Average Common Shares Outstanding (thousands)
Basic	409,182		406,763				407,966		428,959		422,869		417,305		411,687		420,174
Diluted	410,505		407,929				409,448		431,906		425,734		418,803		412,962		421,888






Effective tax rate (%)*	18.8	%	19.0	%			18.9	%	21.1	%	22.2	%	10.7	%	296.7	%	18.7	%
Adjusted effective tax rate (%)*	18.8	%	22.0	%			23.6	%	21.3	%	21.4	%	18.9	%	27.2	%	20.5	%
* Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).


RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream	751	731			1,482	554	767	644	673	2,638
Chemicals	113	20			133	205	222	342	107	876
Refining	(937)	359			(578)	216	302	(108)	(775)	(365)
Marketing and Specialties	1,282	571			1,853	366	415	(22)	252	1,011
Renewable Fuels	(185)	(133)			(318)	(55)	(55)	(116)	28	(198)
Corporate and Other	(376)	(428)			(804)	(322)	(340)	(327)	(298)	(1,287)
Income (loss) before income taxes	648	1,120			1,768	964	1,311	413	(13)	2,675
Less: income tax expense (benefit)	122	212			334	203	291	44	(38)	500
Net Income	526	908			1,434	761	1,020	369	25	2,175
Less: net income attributable to noncontrolling interests	39	31			70	13	5	23	17	58
Net Income Attributable to Phillips 66	487	877			1,364	748	1,015	346	8	2,117



























RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	243	242			485	303	309	282	282	1,176
NGL	440	489			929	310	444	390	426	1,570

Total Midstream	683	731			1,414	613	753	672	708	2,746
Chemicals	113	20			133	205	222	342	72	841
Refining
Atlantic Basin/Europe	(199)	82			(117)	78	15	(61)	(100)	(68)
Gulf Coast	(333)	101			(232)	113	42	(102)	(128)	(75)
Central Corridor	(50)	392			342	213	243	308	(94)	670
West Coast	(355)	(183)			(538)	(91)	2	(212)	(437)	(738)
Total Refining	(937)	392			(545)	313	302	(67)	(759)	(211)



Marketing and Specialties	265	660			925	307	415	583	185	1,490
Renewable Fuels	(185)	(133)			(318)	(55)	(55)	(116)	28	(198)
Corporate and Other	(355)	(383)			(738)	(322)	(340)	(327)	(294)	(1,283)
Adjusted income (loss) before income taxes	(416)	1,287			871	1,061	1,297	1,087	(60)	3,385
Less: adjusted income tax expense (benefit)	(78)	283			205	226	278	205	(16)	693
Adjusted Net Income (Loss)	(338)	1,004			666	835	1,019	882	(44)	2,692
Less: adjusted net income attributable to noncontrolling interests	30	31			61	13	35	23	17	88
Adjusted Net Income (Loss) Attributable to Phillips 66	(368)	973			605	822	984	859	(61)	2,604

Adjusted Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Diluted*	(0.90)	2.38			1.47	1.90	2.31	2.04	(0.15)	6.15

Adjusted Weighted-Average Common Shares Outstanding (thousands)
Diluted	409,182	407,934			409,012	432,158	425,734	419,827	411,687	422,538
* Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation. Recalculated diluted EPS using the rounded components may differ from the presented diluted EPS.

ADJUSTED EBITDA BY SEGMENT*

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream
Transportation	300	301			601	384	386	341	344	1,455
NGL	585	671			1,256	477	585	551	594	2,207
Total Midstream	885	972			1,857	861	971	892	938	3,662
Chemicals	244	148			392	325	348	466	209	1,348
Refining	(452)	867			415	545	531	188	(298)	966
Marketing and Specialties	315	718			1,033	377	484	656	307	1,824
Renewable Fuels	(162)	(110)			(272)	(49)	(43)	(92)	50	(134)
Corporate and Other	(94)	(94)			(188)	(116)	(108)	(112)	(76)	(412)
Adjusted EBITDA	736	2,501			3,237	1,943	2,183	1,998	1,130	7,254
* Refer to Use of Non-GAAP Financial Information on page 15. Also, refer to reconciliations of income (loss) before income taxes to segment Adjusted EBITDA in the "Midstream", "Chemicals", "Refining", "Marketing and Specialties", "Renewable Fuels", "Corporate and Other" sections, as well as the "Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66" on page 15. Adjusted EBITDA and Adjusted EBITDA by segment presented includes our proportional share of selected equity affiliates.









































































SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream








Net gain on asset dispositions ††	68	—			68	—	238	—	—	238

Impairments	—	—			—	(59)	(224)	(28)	(35)	(346)
Total Midstream	68	—			68	(59)	14	(28)	(35)	(108)







Chemicals
Winter-storm-related recovery	—	—			—	—	—	—	35	35
Total Chemicals	—	—			—	—	—	—	35	35

Refining





Certain tax impacts	—	—			—	—	—	—	9	9




Impairments	—	—			—	(104)	—	—	—	(104)
Los Angeles Refinery cessation costs	—	—			—	—	—	(41)	(3)	(44)
Legal accrual	—	(33)			(33)	—	—	—	(22)	(22)
Legal settlement	—	—			—	7	—	—	—	7
Total Refining	—	(33)			(33)	(97)	—	(41)	(16)	(154)

Marketing and Specialties




Legal settlement	—	—			—	59	—	—	—	59

Legal accrual	—	—			—	—	—	(605)	—	(605)
Net gain (loss) on asset dispositions †	1,017	(89)			928	—	—	—	67	67
Total Marketing and Specialties	1,017	(89)			928	59	—	(605)	67	(479)

Renewable Fuels	—	—			—	—	—	—	—	—

Corporate and Other








Impairments	(21)	—			(21)	—	—	—	—	—
Los Angeles Refinery cessation costs	—	—			—	—	—	—	(4)	(4)
Professional advisory fees	—	(45)			(45)	—	—	—	—	—
Total Corporate and Other	(21)	(45)			(66)	—	—	—	(4)	(4)

Total Special Items (Pre-tax)	1,064	(167)			897	(97)	14	(674)	47	(710)

Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items ♦	200	(40)			160	(23)	13	(161)	9	(162)
Other tax impacts	—	(31)			(31)	—	—	—	(31)	(31)

Total Income Tax Expense (Benefit)	200	(71)			129	(23)	13	(161)	(22)	(193)

Less: Income (Loss) Attributable to Noncontrolling Interests


Net gain on asset disposition ††	9	—			9	—	—	—	—	—
Impairment of certain DCP assets	—	—			—	—	(30)	—	—	(30)




Total Income (Loss) Attributable to Noncontrolling Interests	9	—			9	—	(30)	—	—	(30)

Total Phillips 66 Special Items (After-tax)	855	(96)			759	(74)	31	(513)	69	(487)



† Net gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG (Coop) which closed in January 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 ,we recognized a before-tax unrealized loss from foreign currency derivatives.
†† Gain on disposition of DCP Midstream, LP's 25% interest in Gulf Coast Express Pipeline LLC in Q1 2025.
♦ We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate. 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
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream
Transportation	—	—			—	(59)	238	(28)	(35)	116
NGL	68	—			68	—	(224)	—	—	(224)

Total Midstream	68	—			68	(59)	14	(28)	(35)	(108)

Refining
Atlantic Basin/Europe	—	(33)			(33)	—	—	—	9	9
Gulf Coast	—	—			—	7	—	—	—	7
Central Corridor	—	—			—	—	—	—	—	—
West Coast	—	—			—	(104)	—	(41)	(25)	(170)
Total Refining	—	(33)			(33)	(97)	—	(41)	(16)	(154)


CASH FLOW INFORMATION

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Cash Flows From Operating Activities
Net income	526	908			1,434	761	1,020	369	25	2,175
Depreciation and amortization	791	816			1,607	504	497	543	819	2,363
Impairments	26	4			30	165	225	29	37	456
Accretion on discounted liabilities	12	10			22	9	10	8	13	40
Deferred income taxes	(133)	(48)			(181)	(55)	(145)	113	(164)	(251)
Undistributed equity earnings	120	75			195	(180)	(179)	(160)	108	(411)
Loss (gain) on early redemption of debt	—	—			—	2	—	(5)	—	(3)
Net (gain) loss on dispositions	(1,087)	93			(994)	—	(237)	(2)	(82)	(321)

Unrealized investment (gain) loss*	10	4			14	(6)	7	1	(2)	—
Other	(6)	58			52	11	(17)	617	147	758
Net working capital changes	(72)	(1,075)			(1,147)	(1,447)	916	(381)	297	(615)
Net Cash Provided by (Used in) Operating Activities	187	845			1,032	(236)	2,097	1,132	1,198	4,191

Cash Flows From Investing Activities
Capital expenditures and investments	(423)	(587)			(1,010)	(628)	(367)	(358)	(506)	(1,859)
Acquisitions, net of cash acquired	—	(2,220)			(2,220)	—	—	(567)	(58)	(625)
Purchases of government obligations**	—	—			—	—	—	(1,100)	—	(1,100)
Return of investments in equity affiliates	25	18			43	41	26	55	19	141
Proceeds from asset dispositions	2,034	(3)			2,031	2	685	219	176	1,082
Advances/loans—related parties	(20)	—			(20)	—	—	—	—	—
Collection of advances/loans—related parties	—	21			21	—	2	1	1	4

Other	(25)	37			12	(80)	(19)	(30)	23	(106)
Net Cash Provided by (Used in) Investing Activities	1,591	(2,734)			(1,143)	(665)	327	(1,780)	(345)	(2,463)

Cash Flows From Financing Activities
Issuance of debt	—	3,499			3,499	3,815	(196)	1,518	1,135	6,272
Repayment of debt	(1,287)	(1,088)			(2,375)	(3,013)	(7)	(408)	(712)	(4,140)
Issuance of common stock	23	2			25	50	14	18	4	86
Repurchase of common stock	(247)	(419)			(666)	(1,164)	(840)	(800)	(647)	(3,451)
Dividends paid on common stock	(469)	(487)			(956)	(448)	(485)	(477)	(472)	(1,882)
Distributions to noncontrolling interests	(14)	(81)			(95)	(13)	(20)	(13)	(24)	(70)
Contributions from noncontrolling interests	—	106			106	—	—	—	—	—
Other	(55)	(6)			(61)	(73)	(9)	(30)	(8)	(120)
Net Cash Provided by (Used in) Financing Activities	(2,049)	1,526			(523)	(846)	(1,543)	(192)	(724)	(3,305)

Effect of Exchange Rate Changes on Cash and Cash Equivalents	22	18			40	(6)	(7)	33	(28)	(8)

Net Change in Cash and Cash Equivalents, including cash classified within Assets held for sale	(249)	(345)			(594)	(1,753)	874	(807)	101	(1,585)
Cash and cash equivalents at beginning of period	1,738	1,489			1,738	3,323	1,570	2,444	1,637	3,323
Cash and Cash Equivalents at End of Period, including cash classified within Assets held for sale	1,489	1,144			1,144	1,570	2,444	1,637	1,738	1,738

Reconciliation of Cash and Cash Equivalents at end of period
Cash and Cash equivalents	1,489	1,052			1,052	1,570	2,444	1,637	1,738	1,738
Cash and cash equivalents included in Assets held for sale	—	92			92	—	—	—	—	—
Cash and cash equivalents at end of period, including cash classified within Assets held for sale	1,489	1,144			1,144	1,570	2,444	1,637	1,738	1,738
* Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.
** Includes U.S. Treasury securities.

CAPITAL PROGRAM

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Consolidated Capital Expenditures and Investments*
Midstream	216	384			600	255	96	172	228	751
Chemicals	—	—			—	—	—	—	—	—
Refining	176	148			324	135	105	146	196	582
Marketing and Specialties	15	34			49	15	20	18	32	85
Renewable Fuels	9	9			18	217	128	12	18	375
Corporate and Other	7	12			19	6	18	10	32	66


Consolidated Capital Expenditures and Investments	423	587			1,010	628	367	358	506	1,859
* Excludes net acquisitions of $2,220MM, $58MM and $567MM in Q2 2025, Q4 2024 and Q3 2024, respectively.

Consolidated Capital Expenditures and Investments*†
Growth	229	379			608	485	194	164	191	1,034
Sustaining	194	208			402	143	173	194	315	825
Consolidated Capital Expenditures and Investments	423	587			1,010	628	367	358	506	1,859
* Excludes net acquisitions of $2,220MM, $58MM and $567MM in Q2 2025, Q4 2024 and Q3 2024, respectively.
† See note on the use of non-GAAP measures.

Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments
CPChem (Chemicals)	182	225			407	201	199	179	230	809
WRB (Refining)	21	44			65	24	29	30	38	121
Selected Equity Affiliates	203	269			472	225	228	209	268	930


MIDSTREAM

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income before Income Taxes
Transportation	243	242			485	244	547	254	247	1,292
NGL	508	489			997	310	220	390	426	1,346

Income before Income Taxes	751	731			1,482	554	767	644	673	2,638







Equity in Earnings of Affiliates
Transportation	97	87			184	136	140	110	109	495
NGL	13	11			24	19	30	24	23	96

Total	110	98			208	155	170	134	132	591


Depreciation and Amortization*
Transportation	44	43			87	44	42	42	44	172
NGL	189	217			406	185	182	191	190	748

Total	233	260			493	229	224	233	234	920
* Excludes D&A of all non-consolidated affiliates.

Operating and SG&A Expenses*
Transportation	173	191			364	180	194	181	183	738
NGL	338	373			711	330	281	355	385	1,351

Total	511	564			1,075	510	475	536	568	2,089
* Excludes operating and SG&A expenses of all non-consolidated affiliates.




Transportation Volumes (MB/D)
Pipelines*	2,893	3,093			2,994	2,979	3,059	3,006	3,168	3,053
Terminals	2,938	3,074			3,007	3,109	3,226	3,049	3,107	3,123
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.


PSX Other Volumes
Wellhead Volume (Bcf/D)*	4.1	4.2			4.2	4.4	4.5	4.3	4.2	4.3
NGL Production (MB/D)*	437	456			447	417	437	439	449	436
Pipeline Throughput–Y-Grade to Market (MB/D)**	704	956			831	714	781	762	759	754
NGL Fractionated (MB/D)	748	883			816	679	744	728	760	728
* Includes 100% of DCP Midstream Class A Segment.
** Represents volumes delivered to fractionation market hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.


Market Indicators

Weighted-Average NGL Price ($/gal)*	0.74	0.64			0.69	0.70	0.68	0.64	0.70	0.68
Henry Hub Natural Gas Price ($/MMBtu)**	4.27	3.16			3.71	2.41	2.04	2.09	2.42	2.24
WTI ($/BBL)**	71.46	63.86			67.66	77.07	80.73	75.19	70.36	75.83
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
** Based on daily spot prices.


MIDSTREAM (continued)

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes	751	731			1,482	554	767	644	673	2,638
Plus:


Depreciation and amortization	233	260			493	229	224	233	234	920
EBITDA	984	991			1,975	783	991	877	907	3,558

Special Item Adjustments (pre-tax):









Net gain on asset dispositions	(68)	—			(68)	—	(238)	—	—	(238)
Impairments	—	—			—	59	224	28	35	346
EBITDA, Adjusted for Special Items	916	991			1,907	842	977	905	942	3,666



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	4			7	3	5	5	3	16
Proportional share of selected equity affiliates net interest	3	3			6	13	10	3	3	29
Proportional share of selected equity affiliates depreciation and amortization	23	24			47	38	37	26	28	129
Adjusted EBITDA attributable to noncontrolling interests	(60)	(50)			(110)	(35)	(58)	(47)	(38)	(178)
Adjusted EBITDA	885	972			1,857	861	971	892	938	3,662


MIDSTREAM (continued)

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Transportation
Income before income taxes	243	242			485	244	547	254	247	1,292
Plus:


Depreciation and amortization	44	43			87	44	42	42	44	172
EBITDA	287	285			572	288	589	296	291	1,464

Special Item Adjustments (pre-tax):







Net gain on asset disposition	—	—			—	—	(238)	—	—	(238)
Impairments	—	—			—	59	—	28	35	122
EBITDA, Adjusted for Special Items	287	285			572	347	351	324	326	1,348



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	4			7	3	5	5	3	16
Proportional share of selected equity affiliates net interest	3	3			6	13	10	3	3	29
Proportional share of selected equity affiliates depreciation and amortization	15	15			30	26	25	15	16	82
Adjusted EBITDA attributable to noncontrolling interests	(8)	(6)			(14)	(5)	(5)	(6)	(4)	(20)
Adjusted EBITDA	300	301			601	384	386	341	344	1,455





NGL
Income before income taxes	508	489			997	310	220	390	426	1,346
Plus:
Depreciation and amortization	189	217			406	185	182	191	190	748
EBITDA	697	706			1,403	495	402	581	616	2,094

Special Item Adjustments (pre-tax):




Net gain on asset disposition	(68)	—			(68)	—	—	—	—	—
Impairments	—	—			—	—	224	—	—	224
EBITDA, Adjusted for Special Items	629	706			1,335	495	626	581	616	2,318

Other Adjustments (pre-tax):


Proportional share of selected equity affiliates income taxes	—	—			—	—	—	—	—	—
Proportional share of selected equity affiliates net interest	—	—			—	—	—	—	—	—
Proportional share of selected equity affiliates depreciation and amortization	8	9			17	12	12	11	12	47
Adjusted EBITDA attributable to noncontrolling interests	(52)	(44)			(96)	(30)	(53)	(41)	(34)	(158)
Adjusted EBITDA	585	671			1,256	477	585	551	594	2,207


CHEMICALS

	Millions of Dollars, Except as Indicated
	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Income before Income Taxes	113		20				133		205		222		342		107		876

Equity in Earnings of Affiliate	113		20				133		201		219		339		104		863

100% CPChem Results




Net Income, excludes parent company income tax related to CPChem's earnings	226		40				266		402		438		678		208		1,726





Income before Income Taxes	235		50				285		413		450		690		217		1,770

Depreciation and Amortization	170		166				336		153		154		154		185		646

Net Interest Expense*	(2)		(1)				(3)		7		2		(2)		(1)		6
* Net of interest income.

Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments	363		450				813		401		399		357		460		1,617


Return of Investments from Equity Companies	—		(7)				(7)		—		(14)		—		—		(14)







Olefins and Polyolefins Capacity Utilization (%)	100	%	92	%			96	%	96	%	98	%	98	%	98	%	97	%

Market Indicator*
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	10.9		7.4				9.2		16.4		18.3		23.7		12.4		17.7
* Source: IHS, Inc.

Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes	113		20				133		205		222		342		107		876
Plus:
None	—		—				—		—		—		—		—		—
EBITDA	113		20				133		205		222		342		107		876

Special Item Adjustments (pre-tax):

Winter-storm-related recovery	—		—				—		—		—		—		(35)		(35)



EBITDA, Adjusted for Special Items	113		20				133		205		222		342		72		841

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	13		13				26		13		15		13		11		52
Proportional share of selected equity affiliates net interest	(1)		(1)				(2)		1		—		(2)		—		(1)
Proportional share of selected equity affiliates depreciation and amortization	119		116				235		106		111		113		126		456
Adjusted EBITDA	244		148				392		325		348		466		209		1,348


REFINING

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe	(199)	49			(150)	78	15	(61)	(91)	(59)
Gulf Coast	(333)	101			(232)	120	42	(102)	(128)	(68)
Central Corridor	(50)	392			342	213	243	308	(94)	670
West Coast	(355)	(183)			(538)	(195)	2	(253)	(462)	(908)
Income (Loss) before Income Taxes	(937)	359			(578)	216	302	(108)	(775)	(365)









Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	(5.15)	1.00			(1.70)	1.66	0.30	(1.27)	(1.79)	(0.30)
Gulf Coast	(8.95)	1.93			(2.60)	2.53	0.82	(2.10)	(2.62)	(0.35)
Central Corridor	(1.85)	13.67			6.13	8.31	8.69	11.38	(3.35)	6.18
West Coast	(16.60)	(8.37)			(12.43)	(8.26)	0.10	(11.51)	(22.65)	(10.38)
Worldwide	(7.53)	2.36			(2.09)	1.50	2.00	(0.74)	(5.24)	(0.62)

Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	7.08	8.16			7.68	9.70	8.10	5.87	6.09	7.42
Gulf Coast	4.43	8.71			6.92	10.95	7.88	6.39	5.58	7.68
Central Corridor	8.29	15.61			12.07	12.56	12.75	14.19	6.68	11.52
West Coast	7.12	14.06			10.64	10.60	13.06	4.34	5.74	8.50
Worldwide	6.81	11.25			9.23	11.01	10.01	8.31	6.08	8.84
* 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)	(2)			(4)	(1)	(2)	(2)	(2)	(7)
Gulf Coast	—	—			—	1	—	1	—	2
Central Corridor	(103)	—			(103)	108	35	(11)	(77)	55
West Coast	—	—			—	—	—	—	—	—
Total	(105)	(2)			(107)	108	33	(12)	(79)	50

Depreciation and Amortization*
Atlantic Basin/Europe	56	53			109	52	51	53	54	210
Gulf Coast	72	67			139	62	65	68	67	262
Central Corridor	41	41			82	44	42	42	43	171
West Coast	287	282			569	50	46	67	271	434
Total	456	443			899	208	204	230	435	1,077
* Excludes D&A of all equity affiliates.


Operating and SG&A Expenses*
Atlantic Basin/Europe	379	289			668	254	276	267	270	1,067
Gulf Coast	390	262			652	307	278	312	305	1,202
Central Corridor	171	159			330	167	167	151	174	659
West Coast	180	170			350	263	214	252	279	1,008
Total	1,120	880			2,000	991	935	982	1,028	3,936
* Excludes operating and SG&A expenses of all equity affiliates.


Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe	97	18			115	19	33	31	19	102
Gulf Coast	164	27			191	82	39	83	78	282
Central Corridor	2	2			4	1	3	8	9	21
West Coast	7	6			13	22	25	15	17	79
Total	270	53			323	124	100	137	123	484
* Excludes turnaround expense of all equity affiliates.

Taxes Other than Income Taxes
Atlantic Basin/Europe	22	20			42	24	15	24	22	85
Gulf Coast	35	24			59	38	19	26	28	111
Central Corridor	26	25			51	28	22	27	21	98
West Coast	27	25			52	31	18	23	21	93
Total	110	94			204	121	74	100	92	387


Foreign Currency Gains (Losses) Pre-Tax	9	20			29	1	(1)	6	(6)	—

Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates	(105)	(2)			(107)	108	33	(12)	(79)	50
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*	(141)	(234)			(375)	(331)	(260)	(193)	(132)	(916)
Equity affiliate-related expenses not included in Realized Refining Margins	(246)	(236)			(482)	(223)	(227)	(205)	(211)	(866)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).

Proportional Share of Certain* Equity Affiliate Operating and SG&A Expenses	200	185			385	181	184	163	166	694

Proportional Share of Certain* Equity Affiliate Turnaround Expense, included in Equity Affiliate Operating and SG&A Expenses	27	24			51	22	30	9	7	68
* Includes turnaround expense related to WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).

Operating expenses	1,074	848			1,922	953	884	922	968	3,727
Selling, general and administrative expenses	46	32			78	38	51	60	60	209
Refining Controllable Costs*	1,120	880			2,000	991	935	982	1,028	3,936

Refining Controllable Costs ($/BBL)*	9.00	5.79			7.24	6.89	6.18	6.75	6.95	6.69
* Excludes operating and SG&A expenses of all equity affiliates. See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs per barrel included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.

Refining Adjusted Controllable Costs ($/BBL)*	9.07	5.90			7.34	7.06	6.43	6.53	6.83	6.71
* See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.


REFINING (continued)

	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (Loss) before income taxes	(937)		359				(578)		216		302		(108)		(775)		(365)
Plus:

Depreciation and amortization	456		443				899		208		204		230		435		1,077
EBITDA	(481)		802				321		424		506		122		(340)		712

Special Item Adjustments (pre-tax):





Certain tax impacts	—		—				—		—		—		—		(9)		(9)




Impairments	—		—				—		104		—		—		—		104
Los Angeles Refinery cessation costs	—		—				—		—		—		41		3		44
Legal accrual	—		33				33		—		—		—		22		22
Legal settlement	—		—				—		(7)		—		—		—		(7)
EBITDA, Adjusted for Special Items	(481)		835				354		521		506		163		(324)		866

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—				—		—		1		(1)		(1)		(1)
Proportional share of selected equity affiliates net interest	2		3				5		(1)		(2)		(1)		—		(4)
Proportional share of selected equity affiliates depreciation and amortization	27		29				56		25		26		27		27		105
Adjusted EBITDA	(452)		867				415		545		531		188		(298)		966



Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	359		518				439		472		527		498		511		502
Total Processed Inputs (MB/D)	430		541				486		516		555		520		552		536
Crude Oil Capacity Utilization (%)	67	%	97	%			82	%	88	%	98	%	93	%	95	%	93	%
Clean Product Yield (%)	89	%	87	%			88	%	87	%	87	%	89	%	88	%	88	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Crude Oil Charge Input (MB/D)	369		508				439		475		507		473		479		483
Total Processed Inputs (MB/D)	413		573				493		522		563		528		530		536
Crude Oil Capacity Utilization (%)	70	%	96	%			83	%	90	%	96	%	89	%	91	%	91	%
Clean Product Yield (%)	81	%	80	%			81	%	76	%	83	%	81	%	82	%	80	%

Central Corridor*
Crude Oil Charge Input (MB/D)	521		550				535		509		541		533		535		529
Total Processed Inputs (MB/D)	536		566				551		527		558		549		555		547
Crude Oil Capacity Utilization (%)	98	%	104	%			101	%	96	%	102	%	100	%	101	%	100	%
Clean Product Yield (%)	91	%	90	%			91	%	90	%	89	%	89	%	93	%	90	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast
Crude Oil Charge Input (MB/D)	228		234				231		244		227		230		214		229
Total Processed Inputs (MB/D)	237		241				239		260		237		239		222		239
Crude Oil Capacity Utilization (%)	93	%	96	%			95	%	100	%	93	%	94	%	88	%	94	%
Clean Product Yield (%)	89	%	90	%			89	%	84	%	88	%	93	%	93	%	89	%

Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,477		1,810				1,644		1,700		1,802		1,734		1,739		1,743
Total Processed Inputs (MB/D)	1,616		1,921				1,769		1,825		1,913		1,836		1,859		1,858
Crude Oil Capacity Utilization (%)	80	%	98	%			89	%	92	%	98	%	94	%	94	%	95	%
Clean Product Yield (%)	87	%	86	%			87	%	84	%	86	%	87	%	88	%	87	%


REFINING (continued)

	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	199	225			212	227	242	234	230	233
Distillates	166	232			199	206	226	213	240	221
Other	70	86			78	89	88	77	89	86
Total	435	543			489	522	556	524	559	540
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Gasoline	184	243			214	193	234	221	215	216
Distillates	138	202			171	192	216	194	205	202
Other	87	134			111	141	121	123	114	124
Total	409	579			496	526	571	538	534	542

Central Corridor*
Gasoline	263	276			270	258	266	263	278	266
Distillates	223	233			228	212	231	225	234	225
Other	56	63			60	57	67	66	48	60
Total	542	572			558	527	564	554	560	551
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast
Gasoline	131	135			133	126	119	133	123	125
Distillates	81	82			81	91	87	88	83	87
Other	24	21			23	40	28	16	18	26
Total	236	238			237	257	234	237	224	238

Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	777	879			829	804	861	851	846	840
Distillates	608	749			679	701	760	720	762	735
Other	237	304			272	327	304	282	269	296
Total	1,622	1,932			1,780	1,832	1,925	1,853	1,877	1,871

Market Indicators
Crude and Crude Differentials ($/BBL) †
WTI	71.46	63.86			67.66	77.07	80.73	75.19	70.36	75.83
Brent	75.66	67.82			71.74	83.24	84.94	80.18	74.69	80.76
ANS	75.99	68.92			72.45	81.47	86.39	78.91	74.29	80.26
WTI less Maya	6.36	5.39			5.87	7.51	7.26	8.02	7.14	7.48
WTI less WCS (settlement differential)	12.65	10.20			11.43	19.33	13.55	13.51	12.46	14.71

Natural Gas ($/MMBtu) †
Henry Hub	4.27	3.16			3.71	2.41	2.04	2.09	2.42	2.24
† Based on daily spot prices, unless otherwise noted.


MARKETING AND SPECIALTIES

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD



Income (Loss) before Income Taxes	1,282	571			1,853	366	415	(22)	252	1,011







Income (Loss) before Income Taxes ($/BBL)
U.S.	0.67	2.32			1.55	1.38	1.16	(1.43)	0.52	0.41
International	39.88	1.96			20.74	2.94	5.02	5.07	2.69	3.93

Realized Marketing Fuel Margins ($/BBL)*
U.S.	1.36	2.83			2.14	1.60	1.70	2.45	1.18	1.73
International	4.87	7.11			6.00	4.88	5.87	6.19	3.70	5.15
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.





Other Realized Margins and Revenues not included in Marketing Fuel Margins*	243	287			530	296	248	274	241	1,059
* Excludes gain on dispositions and excise taxes on sales of refined products.




Equity in Earnings of Affiliates	36	38			74	64	66	88	58	276




Depreciation and Amortization*	20	33			53	36	32	32	79	179
* Excludes D&A of all equity affiliates.




Operating and SG&A Expenses*	346	351			697	335	358	959	350	2,002
* Excludes operating and SG&A expenses of all equity affiliates.


Refined Products Sales (MB/D)
U.S. Marketing
Gasoline	1,080	1,191			1,136	1,111	1,259	1,147	1,158	1,169
Distillates	735	809			772	797	843	813	908	840
Other	13	28			20	18	12	28	21	20
Total	1,828	2,028			1,928	1,926	2,114	1,988	2,087	2,029

International Marketing
Gasoline	114	110			112	104	112	106	113	109
Distillates	171	162			166	171	165	177	165	170
Other	27	42			35	28	40	23	37	32
Total	312	314			313	303	317	306	315	311

Worldwide Marketing
Gasoline	1,194	1,301			1,248	1,215	1,371	1,253	1,271	1,278
Distillates	906	971			938	968	1,008	990	1,073	1,010
Other	40	70			55	46	52	51	58	52
Total	2,140	2,342			2,241	2,229	2,431	2,294	2,402	2,340

Foreign Currency Gains (Losses) Pre-Tax	2	1			3	(7)	—	2	2	(3)

Reconciliation of Marketing and Specialties Income (Loss) before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes	1,282	571			1,853	366	415	(22)	252	1,011
Plus:

Depreciation and amortization	20	33			53	36	32	32	79	179
EBITDA	1,302	604			1,906	402	447	10	331	1,190

Special Item Adjustments (pre-tax):


Legal settlement	—	—			—	(59)	—	—	—	(59)



Legal accrual	—	—			—	—	—	605	—	605
Net (gain) loss on asset dispositions	(1,017)	89			(928)	—	—	—	(67)	(67)
EBITDA, Adjusted for Special Items	285	693			978	343	447	615	264	1,669

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	2	—			2	5	5	7	4	21
Proportional share of selected equity affiliates net interest	10	10			20	10	11	12	11	44
Proportional share of selected equity affiliates depreciation and amortization	18	15			33	19	21	22	28	90
Adjusted EBITDA	315	718			1,033	377	484	656	307	1,824


RENEWABLE FUELS

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Income (Loss) before Income Taxes	(185)	(133)			(318)	(55)	(55)	(116)	28	(198)

Operating and SG&A Expenses*	114	104			218	83	110	118	110	421
* Excludes operating and SG&A expenses of all equity affiliates.

Operating Statistics
Total Renewable Fuels Produced (MB/D)	44	40			42	9	31	44	42	31
Total Renewable Fuel Sales (MB/D)	63	71			67	34	45	70	62	52

Market Indicators*
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	0.44	0.49			0.47	0.47	0.45	0.43	0.43	0.44
California Low-Carbon Fuel Standard (LCFS) carbon credit (dollars per metric ton)	66.28	52.33			59.30	63.86	51.83	53.89	72.33	60.48
California Air Resource Board (CARB) ULSD - San Francisco (dollars per gallon)	2.44	2.52			2.48	2.65	2.64	2.39	2.25	2.48
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)	0.79	1.08			0.94	0.58	0.51	0.60	0.66	0.59
* Based on daily spot prices, unless otherwise noted.

Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes	(185)	(133)			(318)	(55)	(55)	(116)	28	(198)
Plus:
Depreciation and amortization	23	23			46	6	12	24	22	64
EBITDA	(162)	(110)			(272)	(49)	(43)	(92)	50	(134)

Special Item Adjustments (pre-tax):
None	—	—			—	—	—	—	—	—
EBITDA, Adjusted for Special Items	(162)	(110)			(272)	(49)	(43)	(92)	50	(134)


CORPORATE AND OTHER

	Millions of Dollars, Except as Indicated
	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Loss before Income Taxes	(376)		(428)				(804)		(322)		(340)		(327)		(298)		(1,287)

Detail of Gain (Loss) before Income Taxes
Net interest expense	(187)		(230)				(417)		(186)		(200)		(191)		(168)		(745)
Corporate overhead and other	(174)		(196)				(370)		(141)		(133)		(136)		(129)		(539)



NOVONIX	(15)		(2)				(17)		5		(7)		—		(1)		(3)
Total	(376)		(428)				(804)		(322)		(340)		(327)		(298)		(1,287)

Net Interest Expense
Interest expense	(230)		(267)				(497)		(238)		(238)		(232)		(220)		(928)
Capitalized interest	9		3				12		10		8		3		—		21
Gain on early retirement of debt	—		—				—		—		—		—		4		4
Interest income	34		34				68		42		30		38		48		158
Total	(187)		(230)				(417)		(186)		(200)		(191)		(168)		(745)

NOVONIX Investment
Unrealized Investment Gain (Loss)	(15)		(3)				(18)		6		(7)		(1)		2		—
Unrealized Foreign Currency Transaction Gain (Loss)	—		1				1		(1)		—		1		(3)		(3)
Change in Fair Value of NOVONIX Investment	(15)		(2)				(17)		5		(7)		—		(1)		(3)




Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes	(376)		(428)				(804)		(322)		(340)		(327)		(298)		(1,287)
Plus:

Net interest expense	187		230				417		186		200		191		168		745
Depreciation and amortization	59		57				116		25		25		24		49		123
EBITDA	(130)		(141)				(271)		(111)		(115)		(112)		(81)		(419)

Special Item Adjustments (pre-tax):







Impairment	21		—				21		—		—		—		—		—
Los Angeles Refinery cessation costs	—		—				—		—		—		—		4		4
Professional advisory fees	—		45				45		—		—		—		—		—
Total Special Item Adjustments (pre-tax)	21		45				66		—		—		—		4		4
Change in Fair Value of NOVONIX Investment	15		2				17		(5)		7		—		1		3
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	(94)		(94)				(188)		(116)		(108)		(112)		(76)		(412)

Other Adjustments (pre-tax):
None	—		—				—		—		—		—		—		—
Adjusted EBITDA	(94)		(94)				(188)		(116)		(108)		(112)		(76)		(412)

Foreign Currency Losses Pre-Tax	(2)		(4)				(6)		—		—		—		(2)		(2)

Phillips 66 Company
Total Debt	18,803		20,935				20,935		20,154		19,960		19,998		20,062		20,062
Total Equity	28,353		28,626				28,626		30,794		30,507		29,784		28,463		28,463
Debt-to-Capital Ratio (%)	40	%	42	%			42	%	40	%	40	%	40	%	41	%	41	%













Cash and cash equivalents at end of period, including cash classified within Assets held for sale	1,489		1,144				1,144		1,570		2,444		1,637		1,738		1,738
Net Debt-to-Capital Ratio (%)	38	%	41	%			41	%	38	%	36	%	38	%	39	%	39	%




























































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

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Net income	526	908			1,434	761	1,020	369	25	2,175
Plus:
Income tax expense (benefit)	122	212			334	203	291	44	(38)	500
Net interest expense	187	230			417	186	200	191	168	745
Depreciation and amortization	791	816			1,607	504	497	543	819	2,363
Phillips 66 EBITDA	1,626	2,166			3,792	1,654	2,008	1,147	974	5,783

Special Item Adjustments (pre-tax):






Certain tax impacts	—	—			—	—	—	—	(9)	(9)


Net (gain) loss on asset dispositions	(1,085)	89			(996)	—	(238)	—	(67)	(305)


Impairments	21	—			21	163	224	28	35	450
Winter-storm-related recovery	—	—			—	—	—	—	(35)	(35)
Los Angeles Refinery cessation costs	—	—			—	—	—	41	7	48
Legal accrual	—	33			33	—	—	605	22	627
Legal settlement	—	—			—	(66)	—	—	—	(66)
Professional advisory fees	—	45			45	—	—	—	—	—
Total Special Item Adjustments (pre-tax)	(1,064)	167			(897)	97	(14)	674	(47)	710
Change in Fair Value of NOVONIX Investment*	15	2			17	(5)	7	—	1	3
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	577	2,335			2,912	1,746	2,001	1,821	928	6,496



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	18	17			35	21	26	24	17	88
Proportional share of selected equity affiliates net interest	14	15			29	23	19	12	14	68
Proportional share of selected equity affiliates depreciation and amortization	187	184			371	188	195	188	209	780
Adjusted EBITDA attributable to noncontrolling interests	(60)	(50)			(110)	(35)	(58)	(47)	(38)	(178)
Phillips 66 Adjusted EBITDA	736	2,501			3,237	1,943	2,183	1,998	1,130	7,254



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



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


REALIZED MARGIN NON-GAAP RECONCILIATIONS

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

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

ATLANTIC BASIN/EUROPE
Income (loss) before income taxes	(199)	49			(150)	78	15	(61)	(91)	(59)
Plus:

Taxes other than income taxes	22	20			42	24	15	24	22	85
Depreciation, amortization and impairments	56	53			109	52	51	53	55	211
Selling, general and administrative expenses	6	8			14	3	12	14	14	43
Operating expenses	373	281			654	251	264	253	256	1,024
Equity in losses of affiliates	2	2			4	1	2	2	2	7
Other segment (income) expense, net	(6)	(33)			(39)	13	18	(25)	40	46
Proportional share of refining gross margins contributed by equity affiliates	21	22			43	33	32	21	21	107
Special items:
Certain tax impacts	—	—			—	—	—	—	(9)	(9)
Realized refining margins	275	402			677	455	409	281	310	1,455

Total processed inputs (MB)*	38,716	49,270			87,986	46,911	50,545	47,819	50,792	196,067
Adjusted total processed inputs (MB)*	38,716	49,270			87,986	46,911	50,545	47,819	50,792	196,067

Income (loss) before income taxes ($/BBL)**	(5.15)	1.00			(1.70)	1.66	0.30	(1.27)	(1.79)	(0.30)
Realized refining margins ($/BBL)***	7.08	8.16			7.68	9.70	8.10	5.87	6.09	7.42

GULF COAST
Income (loss) before income taxes	(333)	101			(232)	120	42	(102)	(128)	(68)
Plus:

Taxes other than income taxes	35	24			59	38	19	26	28	111
Depreciation, amortization and impairments	72	67			139	62	64	69	67	262
Selling, general and administrative expenses	9	5			14	6	9	8	9	32
Operating expenses	381	257			638	301	269	304	296	1,170
Equity in earnings of affiliates	—	—			—	(1)	—	(1)	—	(2)
Other segment expense, net	1	—			1	1	1	6	—	8

Special items:
Legal settlement	—	—			—	(7)	—	—	—	(7)
Realized refining margins	165	454			619	520	404	310	272	1,506

Total processed inputs (MB)	37,206	52,111			89,317	47,492	51,204	48,609	48,750	196,055
Adjusted total processed inputs (MB)	37,206	52,111			89,317	47,492	51,204	48,609	48,750	196,055

Income (loss) before income taxes ($/BBL)**	(8.95)	1.93			(2.60)	2.53	0.82	(2.10)	(2.62)	(0.35)
Realized refining margins ($/BBL)***	4.43	8.71			6.92	10.95	7.88	6.39	5.58	7.68

CENTRAL CORRIDOR
Income (loss) before income taxes	(50)	392			342	213	243	308	(94)	670
Plus:

Taxes other than income taxes	26	25			51	28	22	27	21	98
Depreciation, amortization and impairments	41	44			85	44	44	41	43	172
Selling, general and administrative expenses	23	13			36	24	25	27	26	102
Operating expenses	148	146			294	143	142	124	148	557
Equity in (earnings) losses of affiliates	103	—			103	(108)	(35)	11	77	(55)
Other segment (income) expense, net	(12)	(28)			(40)	(40)	(22)	8	9	(45)
Proportional share of refining gross margins contributed by equity affiliates	120	212			332	298	228	172	111	809
Special items:


None	—	—			—	—	—	—	—	—
Realized refining margins	399	804			1,203	602	647	718	341	2,308

Total processed inputs (MB)	27,169	28,710			55,879	25,658	27,994	27,025	27,886	108,563
Adjusted total processed inputs (MB)*	48,275	51,477			99,752	47,912	50,805	50,536	51,037	200,290

Income (loss) before income taxes ($/BBL)**	(1.85)	13.67			6.13	8.31	8.69	11.38	(3.35)	6.18
Realized refining margins ($/BBL)***	8.29	15.61			12.07	12.56	12.75	14.19	6.68	11.52


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

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

WEST COAST
Income (loss) before income taxes	(355)	(183)			(538)	(195)	2	(253)	(462)	(908)
Plus:

Taxes other than income taxes	27	25			52	31	18	23	21	93
Depreciation, amortization and impairments	288	282			570	156	44	67	271	538
Selling, general and administrative expenses	8	6			14	5	5	11	11	32
Operating expenses	172	164			336	258	209	241	268	976

Other segment (income) expense, net	12	14			26	(4)	2	7	9	14



Realized refining margins	152	308			460	251	280	96	118	745

Total processed inputs (MB)	21,362	21,914			43,276	23,639	21,553	21,987	20,452	87,631
Adjusted total processed inputs (MB)	21,362	21,914			43,276	23,639	21,553	21,987	20,452	87,631

Income (loss) before income taxes ($/BBL)**	(16.60)	(8.37)			(12.43)	(8.26)	0.10	(11.51)	(22.65)	(10.38)
Realized refining margins ($/BBL)***	7.12	14.06			10.64	10.60	13.06	4.34	5.74	8.50

WORLDWIDE
Income (loss) before income taxes	(937)	359			(578)	216	302	(108)	(775)	(365)
Plus:

Taxes other than income taxes	110	94			204	121	74	100	92	387
Depreciation, amortization and impairments	457	446			903	314	203	230	436	1,183
Selling, general and administrative expenses	46	32			78	38	51	60	60	209
Operating expenses	1,074	848			1,922	953	884	922	968	3,727
Equity in (earnings) losses of affiliates	105	2			107	(108)	(33)	12	79	(50)
Other segment (income) expense, net	(5)	(47)			(52)	(30)	(1)	(4)	58	23
Proportional share of refining gross margins contributed by equity affiliates	141	234			375	331	260	193	132	916
Special items:
Certain tax impacts	—	—			—	—	—	—	(9)	(9)



Legal settlement	—	—			—	(7)	—	—	—	(7)
Realized refining margins	991	1,968			2,959	1,828	1,740	1,405	1,041	6,014

Total processed inputs (MB)	124,453	152,005			276,458	143,700	151,296	145,440	147,880	588,316
Adjusted total processed inputs (MB)*	145,559	174,772			320,331	165,954	174,107	168,951	171,031	680,043

Income (loss) before income taxes ($/BBL)**	(7.53)	2.36			(2.09)	1.50	2.00	(0.74)	(5.24)	(0.62)
Realized refining margins ($/BBL)***	6.81	11.25			9.23	11.01	10.01	8.31	6.08	8.84

* Includes 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.

OPERATING AND SG&A EXPENSES NON-GAAP RECONCILIATION
RECONCILIATION OF REFINING OPERATING AND SG&A EXPENSES TO REFINING ADJUSTED CONTROLLABLE COSTS

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
WORLDWIDE
Turnaround expenses	270	53			323	124	100	137	123	484
Other operating expenses	804	795			1,599	829	784	785	845	3,243
Total operating expenses	1,074	848			1,922	953	884	922	968	3,727
Selling, general and administrative expenses	46	32			78	38	51	60	60	209
Refining Controllable Costs	1,120	880			2,000	991	935	982	1,028	3,936
Plus:
Proportional share of equity affiliate turnaround expenses*	27	24			51	22	30	9	7	68
Proportional share of equity affiliate other operating and SG&A expenses*	173	161			334	159	154	154	159	626
Total proportional share of equity affiliate operating and SG&A expenses*	200	185			385	181	184	163	166	694
Special item adjustments (pre-tax):
Legal accrual	—	(33)			(33)	—	—	—	(22)	(22)
Los Angeles Refinery cessation costs	—	—			—	—	—	(41)	(3)	(44)


Refining Adjusted Controllable Costs	1,320	1,032			2,352	1,172	1,119	1,104	1,169	4,564

Total processed inputs (MB)	124,453	152,005			276,458	143,700	151,296	145,440	147,880	588,316
Adjusted total processed inputs (MB)**	145,559	174,772			320,331	165,954	174,107	168,951	171,031	680,043

Refining turnaround expense ($/BBL)***	2.17	0.35			1.17	0.86	0.66	0.94	0.83	0.82
Refining controllable costs, excluding turnaround expense ($/BBL)***	6.83	5.44			6.07	6.03	5.52	5.81	6.12	5.87
Refining Controllable Costs ($/BBL)***	9.00	5.79			7.24	6.89	6.18	6.75	6.95	6.69

Refining adjusted turnaround expense ($/BBL)****	2.04	0.44			1.17	0.88	0.75	0.86	0.76	0.81
Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)****	7.03	5.46			6.17	6.18	5.68	5.67	6.07	5.90
Refining Adjusted Controllable Costs ($/BBL)****	9.07	5.90			7.34	7.06	6.43	6.53	6.83	6.71
* Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.
** Includes our proportional share of processed inputs of an equity affiliate.
*** Denominator is total processed inputs.
**** Denominator is adjusted total processed inputs.


RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS

	Millions of Dollars, Except as Indicated
	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

UNITED STATES
Income (loss) before income taxes	111		429				540		242		223		(262)		100		303
Plus:


Depreciation and amortization	13		12				25		10		9		9		10		38
Selling, general and administrative expenses	203		202				405		186		217		823		208		1,434
Equity in earnings of affiliates	(7)		(11)				(18)		(2)		(12)		(10)		(5)		(29)
Other operating revenues*	(105)		(121)				(226)		(108)		(123)		(127)		(109)		(467)
Other expense, net	9		12				21		11		14		14		22		61
Special items:
Legal settlement	—		—				—		(59)		—		—		—		(59)
Realized marketing fuel margins	224		523				747		280		328		447		226		1,281



Total fuel sales volumes (MB)	164,499		184,591				349,090		175,269		192,398		182,823		191,977		742,467

Income (loss) before income taxes ($/BBL)	0.67		2.32				1.55		1.38		1.16		(1.43)		0.52		0.41
Realized marketing fuel margins ($/BBL)**	1.36		2.83				2.14		1.60		1.70		2.45		1.18		1.73

INTERNATIONAL
Income before income taxes	1,117		56				1,173		81		145		143		78		447
Plus:


Depreciation and amortization	2		13				15		18		18		20		60		116
Selling, general and administrative expenses	65		72				137		64		63		64		74		265
Equity in earnings of affiliates	(8)		(1)				(9)		(24)		(29)		(30)		(23)		(106)
Other operating revenues*	(12)		(8)				(20)		(6)		(9)		(11)		(8)		(34)
Other (income) expense, net	3		—				3		15		(2)		2		5		20
Special items:
Net (gain) loss on asset dispositions	(1,017)		89				(928)		—		—		—		(67)		(67)
Marketing margins	150		221				371		148		186		188		119		641
Less: margin for nonfuel related sales	14		18				32		13		16		14		13		56
Realized marketing fuel margins	136		203				339		135		170		174		106		585

Total fuel sales volumes (MB)	28,011		28,560				56,571		27,590		28,893		28,207		29,022		113,712

Income before income taxes ($/BBL)	39.88		1.96				20.74		2.94		5.02		5.07		2.69		3.93
Realized marketing fuel margins ($/BBL)**	4.87		7.11				6.00		4.88		5.87		6.19		3.70		5.15


* Includes other nonfuel revenues and expenses.
** 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
	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

EFFECTIVE TAX RATES
Income (loss) before income taxes	648		1,120				1,768		964		1,311		413		(13)		2,675
Special items	(1,064)		167				(897)		97		(14)		674		(47)		710
Adjusted income (loss) before income taxes	(416)		1,287				871		1,061		1,297		1,087		(60)		3,385

Income tax expense (benefit)	122		212				334		203		291		44		(38)		500
Special items	(200)		71				(129)		23		(13)		161		22		193
Adjusted income tax expense (benefit)	(78)		283				205		226		278		205		(16)		693

Effective tax rate (%)*	18.8	%	19.0	%			18.9	%	21.1	%	22.2	%	10.7	%	296.7	%	18.7	%
Adjusted effective tax rate (%)*	18.8	%	22.0	%			23.6	%	21.3	%	21.4	%	18.9	%	27.2	%	20.5	%
* Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).