EX-99.2 3 psx-20240331_erxsuppinfoxe.htm EX-99.2 Document

Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data
psxphillips66.jpg

CONSOLIDATED INCOME STATEMENT
Millions of Dollars, Except as Indicated
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Revenues and Other Income
Sales and other operating revenues35,811 35,811 34,396 35,090 39,643 38,270 147,399 
Equity in earnings of affiliates528 528 611 563 562 281 2,017 
Net gain (loss) on dispositions— — 34 (12)102 (9)115 
Other income**97 97 48 99 15 197 359 
Total Revenues and Other Income36,436 36,436 35,089 35,740 40,322 38,739 149,890 
Costs and Expenses
Purchased crude oil and products32,386 32,386 29,341 30,571 34,330 33,844 128,086 
Operating expenses1,452 1,452 1,578 1,384 1,633 1,559 6,154 
Selling, general and administrative expenses557 557 605 593 669 658 2,525 
Depreciation and amortization504 504 476 495 488 518 1,977 
Impairments165 165 8 4 3 9 24 
Taxes other than income taxes165 165 207 174 171 155 707 
Accretion on discounted liabilities9 9 6 7 6 10 29 
Interest and debt expense227 227 192 266 221 218 897 
Foreign currency transaction (gains) losses7 7 25 2 (12)7 22 
Total Costs and Expenses35,472 35,472 32,438 33,496 37,509 36,978 140,421 
Income before income taxes964 964 2,651 2,244 2,813 1,761 9,469 
Income tax expense203 203 574 510 670 476 2,230 
Net Income761 761 2,077 1,734 2,143 1,285 7,239 
Less: net income attributable to noncontrolling interests*13 13 116 37 46 25 224 
Net Income Attributable to Phillips 66*748 748 1,961 1,697 2,097 1,260 7,015 
Net Income Attributable to Phillips 66 Per Share
  of Common Stock (dollars)
Basic1.74 1.74 4.21 3.73 4.72 2.87 15.56 
Diluted1.73 1.73 4.20 3.72 4.69 2.86 15.48 
Weighted-Average Common Shares Outstanding (thousands)
Basic428,959 428,959 464,810 454,450 444,283 437,365 450,136 
Diluted431,906 431,906 467,034 456,168 447,258 440,575 453,210 
Effective tax rate (%)21.1 %21.1 %21.7 %22.7 %23.8 %27.0 %23.6 %
Adjusted effective tax rate (%)21.3 %21.3 %21.6 %22.4 %24.0 %22.6 %22.7 %
  * Refer to Change in Basis of Presentation discussion on page 14.
** Includes the unrealized investment loss on our investment in NOVONIX Limited (NOVONIX). See NOVONIX Investment table on page 5 for more details.

Page 1

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream*554 554 702 604 712 756 2,774 
Chemicals205 205 198 192 104 106 600 
Refining131 131 1,608 1,134 1,710 814 5,266 
Marketing and Specialties404 404 426 644 633 432 2,135 
Corporate and Other(330)(330)(283)(330)(346)(347)(1,306)
Income before income taxes964 964 2,651 2,244 2,813 1,761 9,469 
Less: income tax expense203 203 574 510 670 476 2,230 
Net Income761 761 2,077 1,734 2,143 1,285 7,239 
Less: net income attributable to noncontrolling interests13 13 116 37 46 25 224 
Net Income Attributable to Phillips 66748 748 1,961 1,697 2,097 1,260 7,015 
  * Refer to Change in Basis of Presentation discussion on page 14.
RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation302 302 270 284 285 334 1,173 
NGL and Other306 306 420 357 293 423 1,493 
NOVONIX**5 5 (12)(15)(9)(3)(39)
Total Midstream613 613 678 626 569 754 2,627 
Chemicals205 205 198 192 104 106 600 
Refining
Atlantic Basin/Europe80 80 142 149 444 160 895 
Gulf Coast111 111 705 257 342 348 1,652 
Central Corridor210 210 739 630 361 480 2,210 
West Coast(173)(173)22 112 593 (191)536 
Total Refining228 228 1,608 1,148 1,740 797 5,293 
Total Marketing and Specialties345 345 426 644 633 432 2,135 
Corporate and Other(330)(330)(248)(236)(295)(297)(1,076)
Adjusted income before income taxes1,061 1,061 2,662 2,374 2,751 1,792 9,579 
Less: adjusted income tax expense226 226 576 532 660 405 2,173 
Adjusted Net Income*835 835 2,086 1,842 2,091 1,387 7,406 
Less: adjusted net income attributable to noncontrolling
   interests		13 13 121 76 21 25 243 
Adjusted Net Income Attributable to Phillips 66822 822 1,965 1,766 2,070 1,362 7,163 
  * Refer to Change in Basis of Presentation discussion on page 14.
** Represents the change in fair value of our investment in NOVONIX. See NOVONIX Investments table on page 5 for more details.
Page 2

Phillips 66 Earnings Release Supplemental Data
SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Certain tax impacts— — — — — 2 2 
Net gain on asset disposition— — 36 — 101 — 137 
Change in inventory method for acquired business— — — — 46 — 46 
Impairments(59)(59)— — — — — 
DCP integration restructuring costs*— — (12)(22)(4)— (38)
Total Midstream(59)(59)24 (22)143 2 147 
Chemicals— — — — — — — 
Refining
Certain tax impacts— — — — — 17 17 
Net loss on asset disposition— — — (14)— — (14)
Impairments(104)(104)— — — — — 
Legal accrual— — — — (30)— (30)
Legal settlement7 7 — — — — — 
Total Refining(97)(97)— (14)(30)17 (27)
Marketing and Specialties
Legal settlement59 59 — — — — — 
Total Marketing and Specialties59 59 — — — — — 
Corporate and Other
Business transformation restructuring costs**— — (35)(41)(51)(50)(177)
Loss on early redemption of DCP debt— — — (53)— — (53)
Total Corporate and Other— — (35)(94)(51)(50)(230)
Total Special Items (Pre-tax)(97)(97)(11)(130)62 (31)(110)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items***(23)(23)(2)(22)10 (12)(26)
Other tax impacts— — — — — 83 83 
Total Income Tax Expense (Benefit)(23)(23)(2)(22)10 71 57 
Less: Income (Loss) Attributable to Noncontrolling Interests
Loss on early redemption of DCP debt— — — (30)— — (30)
Change in inventory method for acquired business— — — — 26 — 26 
DCP integration restructuring costs*— — (5)(9)(1)— (15)
Total Income (Loss) Attributable to Noncontrolling Interests— — (5)(39)25 — (19)
Total Phillips 66 Special Items (After-tax)(74)(74)(4)(69)27 (102)(148)
* Restructuring costs, related to the integration of DCP Midstream, primarily reflect severance costs and consulting fees. A portion of these costs are attributable to noncontrolling interests.
** Restructuring costs are related to Phillips 66’s multi-year business transformation efforts are primarily due to consulting fees. Additionally, fourth-quarter of 2022 included a held-for-sale asset impairment of $45 million.
*** 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 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
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation(59)(59)36 — 101 — 137 
NGL and Other— — (12)(22)42 2 10 
NOVONIX— — — — — — — 
Total Midstream(59)(59)24 (22)143 2 147 
Refining
Atlantic Basin/Europe— — — — — 15 15 
Gulf Coast7 7 — (14)— 2 (12)
Central Corridor— — — — — — — 
West Coast(104)(104)— — (30)— (30)
Total Refining(97)(97)— (14)(30)17 (27)
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Phillips 66 Earnings Release Supplemental Data
CASH FLOW INFORMATION
Millions of Dollars
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Cash Flows From Operating Activities
Net income761 761 2,077 1,734 2,143 1,285 7,239 
Depreciation and amortization504 504 476 495 488 518 1,977 
Impairments165 165 8 4 3 9 24 
Accretion on discounted liabilities9 9 6 7 6 10 29 
Deferred income taxes(55)(55)146 119 408 167 840 
Undistributed equity earnings(180)(180)(242)(324)(201)(55)(822)
Loss on early redemption of debt2 2 — 53 — — 53 
Net (gain) loss on dispositions— — (34)12 (102)9 (115)
Unrealized investment (gain) loss*(6)(6)11 15 8 4 38 
Other11 11 14 (115)(354)36 (419)
Net working capital changes(1,447)(1,447)(1,263)(1,045)286 207 (1,815)
Net Cash Provided by (Used in) Operating Activities(236)(236)1,199 955 2,685 2,190 7,029 
Cash Flows From Investing Activities
Capital expenditures and investments(628)(628)(378)(551)(855)(634)(2,418)
Return of investments in equity affiliates41 41 60 59 40 42 201 
Proceeds from asset dispositions2 2 77 13 280 22 392 
Collection of advances/loans—related parties— — — — 1 2 3 
Other(80)(80)(24)47 49 (40)32 
Net Cash Used in Investing Activities(665)(665)(265)(432)(485)(608)(1,790)
Cash Flows From Financing Activities
Issuance of debt3,815 3,815 2,488 2,559 678 535 6,260 
Repayment of debt(3,013)(3,013)(1,223)(1,236)(1,166)(627)(4,252)
Issuance of common stock50 50 10 2 91 20 123 
Repurchase of common stock(1,164)(1,164)(800)(1,309)(752)(1,153)(4,014)
Dividends paid on common stock(448)(448)(486)(474)(465)(457)(1,882)
Distributions to noncontrolling interests(13)(13)(58)(67)(15)(23)(163)
Repurchase of noncontrolling interests— — — (3,957)— (110)(4,067)
Other(73)(73)(48)(11)(28)(10)(97)
Net Cash Used in Financing Activities(846)(846)(117)(4,493)(1,657)(1,825)(8,092)
Effect of Exchange Rate Changes on Cash and
  Cash Equivalents		(6)(6)15 34 (33)27 43 
Net Change in Cash and Cash Equivalents(1,753)(1,753)832 (3,936)510 (216)(2,810)
Cash and cash equivalents at beginning of period3,323 3,323 6,133 6,965 3,029 3,539 6,133 
Cash and Cash Equivalents at End of Period1,570 1,570 6,965 3,029 3,539 3,323 3,323 
* Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 5 for more details.
CAPITAL PROGRAM
Millions of Dollars
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Consolidated Capital Expenditures and Investments
Midstream255 255 124 176 160 165 625 
Chemicals— — — — — — — 
Refining351 351 227 329 382 401 1,339 
Marketing and Specialties15 15 11 25 287 41 364 
Corporate and Other7 7 16 21 26 27 90 
Consolidated Capital Expenditures and Investments628 628 378 551 855 634 2,418 
Proportional Share of Selected Equity Affiliates Capital
  Expenditures and Investments
CPChem (Chemicals)201 201 142 377 254 236 1,009 
WRB (Refining)24 24 45 47 36 61 189 
Selected Equity Affiliates225 225 187 424 290 297 1,198 
Page 4

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM
Millions of Dollars, Except as Indicated
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes
Transportation243 243 306 284 386 334 1,310 
NGL and Other306 306 408 335 335 425 1,503 
NOVONIX5 5 (12)(15)(9)(3)(39)
Income before Income Taxes554 554 702 604 712 756 2,774 
Equity in Earnings of Affiliates
Transportation136 136 125 130 131 141 527 
NGL and Other19 19 26 40 26 30 122 
NOVONIX— — — — — — — 
Total155 155 151 170 157 171 649 
NOVONIX Investment
Unrealized Investment Gain (Loss)6 6 (11)(15)(8)(4)(38)
Unrealized Foreign Currency Transaction Gain (Loss)(1)(1)(1)— (1)1 (1)
Change in Fair Value of NOVONIX Investment5 5 (12)(15)(9)(3)(39)
Depreciation and Amortization*
Transportation43 43 40 40 41 47 168 
NGL and Other186 186 184 194 190 187 755 
NOVONIX— — — — — — — 
Total229 229 224 234 231 234 923 
* Excludes D&A of all non-consolidated affiliates.
Operating and SG&A Expenses*
Transportation182 182 179 178 187 208 752 
NGL and Other334 334 371 373 429 365 1,538 
NOVONIX— — — — — — — 
Total516 516 550 551 616 573 2,290 
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
Transportation Volumes (MB/D)
Pipelines*2,979 2,979 3,039 3,254 3,039 2,945 3,069 
Terminals3,109 3,109 3,203 3,149 3,167 3,464 3,246 
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL pipelines.
PSX Other Volumes
NGL Fractionated (MB/D)*679 679 660 738 703 743 711 
NGL Production (MB/D)**417 417 421 444 432 452 437 
NGL Pipelines Throughput (MB/D)***896 896 918 898 880 892 897 
Wellhead Volume (Bcf/D)**4.4 4.4 4.5 4.5 4.6 4.7 4.6 
    * Includes 100% of DCP Midstream Class A Segment from August 18, 2022, forward.
  ** Includes 100% of DCP Midstream Class A Segment.
*** Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills and DCP Southern Hills.
Market Indicator
Weighted-Average NGL Price ($/gal)*0.70 0.70 0.74 0.61 0.67 0.65 0.67 
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
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Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Midstream Income before Income Taxes to
  Adjusted EBITDA
Income before income taxes554 554 702 604 712 756 2,774 
Plus:
Depreciation and amortization229 229 224 234 231 234 923 
EBITDA783 783 926 838 943 990 3,697 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — — — (2)(2)
Net gain on asset disposition— — (36)— (101)— (137)
Change in inventory method for acquired business— — — — (46)— (46)
Impairments59 59 — — — — — 
DCP integration restructuring costs— — 12 19 4 — 35 
Total Special Item Adjustments (pre-tax)59 59 (24)19 (143)(2)(150)
Change in Fair Value of NOVONIX Investment*(5)(5)12 15 9 3 39 
EBITDA, Adjusted for Special Items and Change in
  Fair Value of NOVONIX Investment
837 837 914 872 809 991 3,586 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes3 3 4 5 4 5 18 
Proportional share of selected equity affiliates net interest13 13 13 12 13 13 51 
Proportional share of selected equity affiliates depreciation
  and amortization		38 38 41 39 39 37 156 
Adjusted EBITDA attributable to noncontrolling interests(35)(35)(226)(168)(47)(51)(492)
Adjusted EBITDA856 856 746 760 818 995 3,319 
* See NOVONIX Investment table on page 5 for more details.
Page 6

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Transportation
Income before income taxes243 243 306 284 386 334 1,310 
Plus:
Depreciation and amortization43 43 40 40 41 47 168 
EBITDA286 286 346 324 427 381 1,478 
Special Item Adjustments (pre-tax):
Net gain on asset disposition— — (36)— (101)— (137)
Impairments59 59 — — — — — 
EBITDA, Adjusted for Special Items345 345 310 324 326 381 1,341 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes3 3 4 5 4 5 18 
Proportional share of selected equity affiliates net interest13 13 13 12 13 13 51 
Proportional share of selected equity affiliates depreciation
  and amortization		26 26 27 27 26 25 105 
Adjusted EBITDA attributable to noncontrolling interests(5)(5)(4)(3)(5)(5)(17)
Adjusted EBITDA382 382 350 365 364 419 1,498 
NGL and Other
Income before income taxes306 306 408 335 335 425 1,503 
Plus:
Depreciation and amortization186 186 184 194 190 187 755 
EBITDA492 492 592 529 525 612 2,258 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — — — (2)(2)
Change in inventory method for acquired business— — — — (46)— (46)
DCP integration restructuring costs— — 12 19 4 — 35 
EBITDA, Adjusted for Special Items492 492 604 548 483 610 2,245 
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		12 12 14 12 13 12 51 
Adjusted EBITDA attributable to noncontrolling interests(30)(30)(222)(165)(42)(46)(475)
Adjusted EBITDA474 474 396 395 454 576 1,821 
Page 7

Phillips 66 Earnings Release Supplemental Data
CHEMICALS
Millions of Dollars, Except as Indicated
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes205 205 198 192 104 106 600 
Equity in Earnings of Affiliate201 201 195 189 101 101 586 
100% CPChem Results
Net Income, excludes parent company income tax related to CPChem's earnings402 402 390 377 202 204 1,173 
Income before Income Taxes413 413 401 389 217 214 1,221 
Depreciation and Amortization153 153 142 141 143 184 610 
Net Interest Expense*7 7 6 2 2 3 13 
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments401 401 283 755 507 473 2,018 
Return of Investments from Equity Companies— — — — — — — 
Olefins and Polyolefins Capacity Utilization (%)96 %96 %94 %98 %99 %94 %96 %
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)24.1 24.1 26.0 22.7 24.3 24.6 24.4 
HDPE Blow Molding, Domestic Spot (cents/lb)42.7 42.7 45.8 45.2 43.2 42.9 44.3 
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)11.7 11.7 14.6 12.1 16.5 12.9 14.0 
HDPE Blow Molding, Total Cash Cost (cents/lb)38.5 38.5 40.1 36.4 38.1 38.5 38.3 
Ethylene to High-Density Polyethylene Chain Cash Margin
  (cents/lb)		16.6 16.6 17.1 19.4 12.9 16.1 16.4 
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes205 205 198 192 104 106 600 
Plus:
None— — — — — — — 
EBITDA205 205 198 192 104 106 600 
Special Item Adjustments (pre-tax):
None— — — — — — — 
EBITDA, Adjusted for Special Items205 205 198 192 104 106 600 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes13 13 20 26 24 9 79 
Proportional share of selected equity affiliates net interest1 1 1 — (1)2 2 
Proportional share of selected equity affiliates depreciation
  and amortization		106 106 102 101 103 126 432 
Adjusted EBITDA325 325 321 319 230 243 1,113 
Page 8

Phillips 66 Earnings Release Supplemental Data
REFINING
Millions of Dollars, Except as Indicated
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe80 80 142 149 444 175 910 
Gulf Coast118 118 705 243 342 350 1,640 
Central Corridor210 210 739 630 361 480 2,210 
West Coast(277)(277)22 112 563 (191)506 
Income before Income Taxes131 131 1,608 1,134 1,710 814 5,266 
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe1.70 1.70 3.60 3.33 9.50 3.42 4.99 
Gulf Coast2.49 2.49 13.73 4.83 6.44 6.78 7.95 
Central Corridor8.20 8.20 28.42 23.02 14.89 19.08 21.50 
West Coast(11.24)(11.24)0.77 3.58 17.48 (6.65)4.20 
Worldwide0.91 0.91 11.07 7.38 10.94 5.19 8.61 
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe9.55 9.55 16.13 10.94 16.85 9.95 13.30 
Gulf Coast10.91 10.91 21.28 11.84 13.58 13.96 15.17 
Central Corridor13.27 13.27 26.86 22.62 18.05 23.45 22.67 
West Coast8.89 8.89 16.53 16.27 32.23 9.89 19.07 
Worldwide10.91 10.91 20.72 15.32 18.96 14.41 17.32 
* 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(1)(1)(2)(2)(2)(2)(8)
Gulf Coast1 1 1 — 1 — 2 
Central Corridor108 108 200 119 209 (83)445 
West Coast— — — — — — — 
Total108 108 199 117 208 (85)439 
Depreciation and Amortization*
Atlantic Basin/Europe52 52 50 52 52 53 207 
Gulf Coast61 61 60 60 61 62 243 
Central Corridor44 44 38 38 42 45 163 
West Coast57 57 54 55 53 64 226 
Total214 214 202 205 208 224 839 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe257 257 375 243 260 257 1,135 
Gulf Coast307 307 290 253 291 289 1,123 
Central Corridor167 167 187 174 240 213 814 
West Coast337 337 360 308 389 376 1,433 
Total1,068 1,068 1,212 978 1,180 1,135 4,505 
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A
  Expenses*
Atlantic Basin/Europe19 19 124 38 21 12 195 
Gulf Coast83 83 56 23 28 19 126 
Central Corridor1 1 12 12 57 40 121 
West Coast**57 57 42 29 42 29 142 
Total160 160 234 102 148 100 584 
  * Excludes turnaround expense of all equity affiliates.
** 2024 includes first quarter turnaround costs of $36 million related to renewable fuels activity at Rodeo Renewable Energy Complex (RREC), previously known as the San Francisco Refinery (SFR) prior to March 1, 2024. 2023 includes third quarter and fourth quarter turnaround costs of $37 million and $14 million, respectively, related to renewable fuels activity at SFR.
Taxes Other than Income Taxes
Atlantic Basin/Europe23 23 22 17 12 18 69 
Gulf Coast38 38 33 25 28 20 106 
Central Corridor28 28 25 26 23 20 94 
West Coast(3)(3)33 31 30 29 123 
Total86 86 113 99 93 87 392 
Foreign Currency Gains (Losses) Pre-Tax1 1 (21)(1)9 (6)(19)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates108 108 199 117 208 (85)439 
Less: Share of equity affiliate gross margin included in Realized
  Refining Margin and other equity affiliate-related costs*		(331)(331)(428)(335)(416)(167)(1,346)
Equity affiliate-related expenses not included in Realized
  Refining Margins
(223)(223)(229)(218)(208)(252)(907)
* 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
181 181 190 182 168 194 734 
Proportional Share of Certain* Equity Affiliate
  Turnaround Expense, included in Equity Affiliate
  Operating and SG&A Expenses
22 22 16 22 16 39 93 
* Includes WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).
Page 9

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Refining Income before Income Taxes to
  Adjusted EBITDA ($ Millions)
Income before income taxes131 131 1,608 1,134 1,710 814 5,266 
Plus:
Depreciation and amortization214 214 202 205 208 224 839 
EBITDA345 345 1,810 1,339 1,918 1,038 6,105 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — — — (17)(17)
Net loss on asset disposition — — — 14 — — 14 
Impairments104 104 — — — — — 
Legal accrual— — — — 30 — 30 
Legal settlement(7)(7)— — — — — 
EBITDA, Adjusted for Special Items442 442 1,810 1,353 1,948 1,021 6,132 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — 1 — — 1 
Proportional share of selected equity affiliates net interest(1)(1)1 (3)(3)(1)(6)
Proportional share of selected equity affiliates depreciation
  and amortization		25 25 23 24 24 46 117 
Adjusted EBITDA466 466 1,834 1,375 1,969 1,066 6,244 
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)472 472 443 464 492 518 479 
Total Processed Inputs (MB/D)516 516 438 492 509 557 499 
Crude Oil Capacity Utilization (%)88 %88 %82 %86 %92 %97 %89 %
Clean Product Yield (%)87 %87 %84 %85 %86 %86 %86 %
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)475 475 519 498 519 508 511 
Total Processed Inputs (MB/D)522 522 571 553 577 561 566 
Crude Oil Capacity Utilization (%)90 %90 %98 %94 %98 %96 %97 %
Clean Product Yield (%)76 %76 %77 %80 %80 %84 %80 %
Central Corridor*
Crude Oil Charge Input (MB/D)509 509 475 498 492 441 477 
Total Processed Inputs (MB/D)527 527 492 515 509 459 494 
Crude Oil Capacity Utilization (%)96 %96 %89 %94 %93 %83 %90 %
Clean Product Yield (%)90 %90 %89 %89 %87 %92 %89 %
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast*
Crude Oil Charge Input (MB/D)244 244 281 314 323 279 299 
Total Processed Inputs (MB/D)271 271 316 343 350 312 330 
Crude Oil Capacity Utilization (%)100 %100 %88 %98 %101 %94 %95 %
Clean Product Yield (%)83 %83 %86 %90 %89 %88 %88 %
* See SFR Update on page 14.
Worldwide*—Including Proportionate Share of Equity
  Affiliates
Crude Oil Charge Input (MB/D)1,700 1,700 1,718 1,774 1,826 1,746 1,766 
Total Processed Inputs (MB/D)1,836 1,836 1,817 1,903 1,945 1,889 1,889 
Crude Oil Capacity Utilization (%)92 %92 %90 %93 %95 %92 %92 %
Clean Product Yield (%)84 %84 %83 %86 %85 %87 %85 %
* See SFR Update on page 14.
Page 10

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline227 227 170 210 213 235 207 
Distillates206 206 187 198 214 232 208 
Other89 89 81 87 84 95 87 
Total522 522 438 495 511 562 502 
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline193 193 222 230 246 240 234 
Distillates192 192 205 201 207 219 208 
Other141 141 153 131 134 108 132 
Total526 526 580 562 587 567 574 
Central Corridor*
Gasoline258 258 245 253 247 235 245 
Distillates212 212 191 202 196 185 194 
Other57 57 58 64 71 38 58 
Total527 527 494 519 514 458 497 
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline*126 126 165 175 182 154 169 
Distillates*99 99 106 133 127 119 121 
Other41 41 43 35 39 38 39 
Total266 266 314 343 348 311 329 
* Gasoline production has not been presented related to SFR, effective January 1,2024. Distillate production has not been presented related to SFR or the RREC, effective January 1, 2024.
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline*804 804 802 868 888 864 855 
Distillates*709 709 689 734 744 755 731 
Other328 328 335 317 328 279 316 
Total1,841 1,841 1,826 1,919 1,960 1,898 1,902 
* Gasoline production has not been presented related to SFR, effective January 1,2024. Distillate production has not been presented related to SFR or the RREC, effective January 1, 2024.
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI77.07 77.07 76.11 73.78 82.49 78.36 77.69 
Brent83.24 83.24 81.27 78.39 86.76 84.05 82.62 
LLS79.76 79.76 79.00 75.85 84.83 80.96 80.16 
ANS81.47 81.47 79.14 78.60 87.96 83.95 82.41 
WTI less Maya7.51 7.51 13.28 10.11 5.07 6.47 8.73 
WTI less WCS (settlement differential)19.33 19.33 24.77 15.06 12.89 21.88 18.65 
Natural Gas ($/MMBtu)
Henry Hub2.41 2.41 2.67 2.12 2.58 2.74 2.53 
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent11.11 11.11 20.45 30.79 30.08 9.01 22.58 
East Coast Distillate less Brent30.47 30.47 42.42 24.62 40.76 36.76 36.14 
Gulf Coast
Gulf Coast Gasoline less LLS13.88 13.88 21.42 22.79 23.47 4.13 17.96 
Gulf Coast Distillate less LLS30.36 30.36 41.66 24.45 39.64 31.01 34.19 
Central Corridor
Central Gasoline less WTI12.91 12.91 26.02 31.35 32.51 8.82 24.67 
Central Distillate less WTI26.54 26.54 42.25 32.59 44.44 37.79 39.27 
West Coast
West Coast Gasoline less ANS26.77 26.77 35.35 37.20 50.81 19.89 35.81 
West Coast Distillate less ANS30.64 30.64 43.08 21.86 53.07 40.43 39.61 
Composite Market Crack Spread ($/BBL)**19.45 19.45 30.59 28.65 36.06 18.18 28.37 
Renewable Volume Obligation (RVO) Cost in Crack ($/BBL) 3.68 3.68 8.20 7.69 7.42 4.77 7.02 
  * 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
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes404 404 426 644 633 432 2,135 
Income before Income Taxes ($/BBL)
U.S.1.38 1.38 1.79 2.45 2.60 1.09 1.97 
International5.08 5.08 4.93 5.67 4.14 4.73 4.87 
Realized Marketing Fuel Margins ($/BBL)*
U.S.1.60 1.60 2.30 2.88 3.03 1.62 2.45 
International6.92 6.92 6.45 7.28 5.27 5.00 6.00 
* 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*		290 290 211 244 269 318 1,042 
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates64 64 66 87 96 94 343 
Depreciation and Amortization*36 36 27 30 29 35 121 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*333 333 321 340 376 362 1,399 
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline1,111 1,111 1,021 1,131 1,136 1,218 1,127 
Distillates797 797 675 808 814 853 788 
Other18 18 — — — — — 
Total1,926 1,926 1,696 1,939 1,950 2,071 1,915 
International Marketing
Gasoline85 85 90 94 88 91 91 
Distillates173 173 173 167 170 165 169 
Other25 25 19 20 18 18 18 
Total283 283 282 281 276 274 278 
Worldwide Marketing
Gasoline1,196 1,196 1,111 1,225 1,224 1,309 1,218 
Distillates970 970 848 975 984 1,018 957 
Other43 43 19 20 18 18 18 
Total2,209 2,209 1,978 2,220 2,226 2,345 2,193 
Foreign Currency Gains (Losses) Pre-Tax(7)(7)(4)(2)4 (2)(4)
Reconciliation of Marketing and Specialties Income before
  Income Taxes to Adjusted EBITDA
Income before income taxes404 404 426 644 633 432 2,135 
Plus:
Depreciation and amortization36 36 27 30 29 35 121 
EBITDA440 440 453 674 662 467 2,256 
Special Item Adjustments (pre-tax):
Legal settlement(59)(59)— — — — — 
EBITDA, Adjusted for Special Items381 381 453 674 662 467 2,256 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes5 5 5 6 7 6 24 
Proportional share of selected equity affiliates net interest11 11 9 14 11 10 44 
Proportional share of selected equity affiliates depreciation
  and amortization		19 19 20 18 21 20 79 
Adjusted EBITDA416 416 487 712 701 503 2,403 
Page 12

Phillips 66 Earnings Release Supplemental Data
CORPORATE AND OTHER
Millions of Dollars, Except as Indicated
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Loss before Income Taxes(330)(330)(283)(330)(346)(347)(1,306)
Detail of Loss before Income Taxes
Net interest expense(185)(185)(124)(182)(163)(159)(628)
Corporate overhead and other(145)(145)(159)(148)(183)(188)(678)
Total(330)(330)(283)(330)(346)(347)(1,306)
Net Interest Expense
Interest expense(238)(238)(198)(273)(229)(228)(928)
Capitalized interest10 10 6 7 8 10 31 
Interest income43 43 68 84 58 59 269 
Total(185)(185)(124)(182)(163)(159)(628)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes(330)(330)(283)(330)(346)(347)(1,306)
Plus:
Net interest expense185 185 124 182 163 159 628 
Depreciation and amortization25 25 23 26 20 25 94 
EBITDA(120)(120)(136)(122)(163)(163)(584)
Special Item Adjustments (pre-tax):
Business transformation restructuring costs— — 35 41 51 50 177 
EBITDA, Adjusted for Special Items(120)(120)(101)(81)(112)(113)(407)
Other Adjustments (pre-tax):
None— — — — — — — 
Adjusted EBITDA(120)(120)(101)(81)(112)(113)(407)
Foreign Currency Gains (Losses) Pre-Tax— — 1 1 — — 2 
Phillips 66 Total Company Debt
Total Debt20,154 20,154 18,485 19,866 19,444 19,359 19,359 
Debt-to-Capital Ratio (%)40 %40 %35 %39 %38 %38 %38 %
Total Equity30,794 30,794 34,916 31,060 31,989 31,650 31,650 
Page 13

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Net income761 761 2,077 1,734 2,143 1,285 7,239 
Plus:
Income tax expense203 203 574 510 670 476 2,230 
Net interest expense185 185 124 182 163 159 628 
Depreciation and amortization504 504 476 495 488 518 1,977 
Phillips 66 EBITDA1,653 1,653 3,251 2,921 3,464 2,438 12,074 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — — — (19)(19)
Net (gain) loss on asset disposition— — (36)14 (101)— (123)
Change in inventory method for acquired business— — — — (46)— (46)
DCP integration restructuring costs— — 12 19 4 — 35 
Business transformation restructuring costs— — 35 41 51 50 177 
Impairments163 163 — — — — — 
Legal accrual— — — — 30 — 30 
Legal settlement(66)(66)— — — — — 
Total Special Item Adjustments (pre-tax)97 97 11 74 (62)31 54 
Change in Fair Value of NOVONIX Investment*(5)(5)12 15 9 3 39 
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment1,745 1,745 3,274 3,010 3,411 2,472 12,167 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes21 21 29 38 35 20 122 
Proportional share of selected equity affiliates net interest24 24 24 23 20 24 91 
Proportional share of selected equity affiliates depreciation
  and amortization		188 188 186 182 187 229 784 
Adjusted EBITDA attributable to noncontrolling interests(35)(35)(226)(168)(47)(51)(492)
Phillips 66 Adjusted EBITDA1,943 1,943 3,287 3,085 3,606 2,694 12,672 
* See NOVONIX Investment table on page 5 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," and "realized marketing fuel margin 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. 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.
Changes in Basis of Presentation—We completed the acquisition of all publicly held common units of DCP Midstream, LP (DCP LP) on June 15, 2023, resulting in an increase in our aggregate direct and indirect economic interest in DCP LP from 43.3% to 86.8%, and an increase in our aggregate direct and indirect economic interests in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC from 62.2% to 91.2%.
San Francisco Refinery (SFR) Update— As part of our plans to convert the San Francisco Refinery into a renewable fuels facility, in the first quarter of 2023, we ceased operations at the Santa Maria facility in Arroyo Grande, California, which reduced net crude throughput capacity from 120 MBD to 75 MBD. In October 2023, we further reduced net crude throughput capacity from 75 MBD to 52 MBD as we shut down one of the two crude units at the Rodeo facility. Effective January 1, 2024, net crude throughput capacity was 52 MBD. The remaining net crude throughput capacity came offline upon the shutdown of the Rodeo facility’s second crude unit in February 2024. Accordingly, effective January 1, 2024, we have excluded the Rodeo facility from the net throughput capacity and clean product yield statistics.
Page 14

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
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ATLANTIC BASIN/EUROPE
Income before income taxes80 80 142 149 444 175 910 
Plus:
Taxes other than income taxes23 23 22 17 12 18 69 
Depreciation, amortization and impairments52 52 50 53 53 53 209 
Selling, general and administrative expenses7 7 10 8 9 11 38 
Operating expenses250 250 365 235 252 245 1,097 
Equity in losses of affiliates1 1 2 2 2 2 8 
Other segment (income) expense, net2 2 20 4 (7)2 19 
Proportional share of refining gross margins contributed by
  equity affiliates		33 33 26 22 22 19 89 
Special items:
Certain tax impacts— — — — — (15)(15)
Realized refining margins448 448 637 490 787 510 2,424 
Total processed inputs (MB)46,911 46,911 39,472 44,781 46,731 51,229 182,213 
Adjusted total processed inputs (MB)46,911 46,911 39,472 44,781 46,731 51,229 182,213 
Income before income taxes ($/BBL)**1.70 1.70 3.60 3.33 9.50 3.42 4.99 
Realized refining margins ($/BBL)***9.55 9.55 16.13 10.94 16.85 9.95 13.30 
GULF COAST
Income before income taxes118 118 705 243 342 350 1,640 
Plus:
Taxes other than income taxes38 38 33 25 28 20 106 
Depreciation, amortization and impairments62 62 60 63 61 62 246 
Selling, general and administrative expenses6 6 4 4 5 6 19 
Operating expenses301 301 286 249 286 283 1,104 
Equity in earnings of affiliates(1)(1)(1)— (1)— (2)
Other segment expense, net1 1 5 12 — — 17 
Proportional share of refining gross margins contributed by
  equity affiliates		— — — — — — — 
Special items:
Legal settlement(7)(7)— — — — — 
Realized refining margins518 518 1,092 596 721 721 3,130 
Total processed inputs (MB)47,492 47,492 51,349 50,266 53,120 51,621 206,356 
Adjusted total processed inputs (MB)47,492 47,492 51,349 50,266 53,120 51,621 206,356 
Income before income taxes ($/BBL)**2.49 2.49 13.73 4.83 6.44 6.78 7.95 
Realized refining margins ($/BBL)***10.91 10.91 21.28 11.84 13.58 13.96 15.17 
CENTRAL CORRIDOR
Income (loss) before income taxes210 210 739 630 361 480 2,210 
Plus:
Taxes other than income taxes28 28 25 26 23 20 94 
Depreciation, amortization and impairments44 44 38 38 42 45 163 
Selling, general and administrative expenses24 24 21 17 17 21 76 
Operating expenses143 143 166 157 223 192 738 
Equity in (earnings) losses of affiliates(108)(108)(200)(119)(209)83 (445)
Other segment (income) expense, net(2)(2)(1)(3)(4)1 (7)
Proportional share of refining gross margins contributed by
  equity affiliates		298 298 402 313 394 148 1,257 
Special items:
None— — — — — — — 
Realized refining margins637 637 1,190 1,059 847 990 4,086 
Total processed inputs (MB)25,658 25,658 26,004 27,370 24,242 25,158 102,774 
Adjusted total processed inputs (MB)*47,912 47,912 44,315 46,841 46,871 42,224 180,251 
Income before income taxes ($/BBL)**8.20 8.20 28.42 23.02 14.89 19.08 21.50 
Realized refining margins ($/BBL)***13.27 13.27 26.86 22.62 18.05 23.45 22.67 
Page 15

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)
Millions of Dollars, Except as Indicated
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WEST COAST
Income (loss) before income taxes(277)(277)22 112 563 (191)506 
Plus:
Taxes other than income taxes(3)(3)33 31 30 29 123 
Depreciation, amortization and impairments163 163 54 55 55 67 231 
Selling, general and administrative expenses10 10 10 8 8 10 36 
Operating expenses327 327 350 300 381 366 1,397 
Other segment expense, net— — 1 2 1 2 6 
Special items:
None— — — — — — — 
Realized refining margins220 220 470 508 1,038 283 2,299 
Total processed inputs (MB)24,669 24,669 28,416 31,246 32,207 28,712 120,581 
Adjusted total processed inputs (MB)24,669 24,669 28,416 31,246 32,207 28,712 120,581 
Income (loss) before income taxes ($/BBL)**(11.24)(11.24)0.77 3.58 17.48 (6.65)4.20 
Realized refining margins ($/BBL)***8.89 8.89 16.53 16.27 32.23 9.89 19.07 
WORLDWIDE
Income before income taxes131 131 1,608 1,134 1,710 814 5,266 
Plus:
Taxes other than income taxes86 86 113 99 93 87 392 
Depreciation, amortization and impairments321 321 202 209 211 227 849 
Selling, general and administrative expenses47 47 45 37 39 48 169 
Operating expenses1,021 1,021 1,167 941 1,142 1,086 4,336 
Equity in (earnings) losses of affiliates(108)(108)(199)(117)(208)85 (439)
Other segment (income) expense, net1 1 25 15 (10)5 35 
Proportional share of refining gross margins contributed by
  equity affiliates		331 331 428 335 416 167 1,346 
Special items:
Certain tax impacts— — — — — (15)(15)
Legal settlement(7)(7)— — — — — 
Realized refining margins1,823 1,823 3,389 2,653 3,393 2,504 11,939 
Total processed inputs (MB)144,730 144,730 145,241 153,663 156,300 156,720 611,924 
Adjusted total processed inputs (MB)*166,984 166,984 163,552 173,134 178,929 173,786 689,401 
Income before income taxes ($/BBL)**0.91 0.91 11.07 7.38 10.94 5.19 8.61 
Realized refining margins ($/BBL)***10.91 10.91 20.72 15.32 18.96 14.41 17.32 
    * 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.
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Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
Millions of Dollars, Except as Indicated
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
UNITED STATES
Income before income taxes241 241 273 432 466 207 1,378 
Plus:
Depreciation and amortization10 10 3 3 5 12 23 
Selling, general and administrative expenses186 186 181 204 217 212 814 
Equity in earnings of affiliates(2)(2)(3)(12)(19)(20)(54)
Other operating revenues*(108)(108)(108)(122)(134)(113)(477)
Other expense, net12 12 5 4 8 11 28 
Special items:
Legal settlement(59)(59)— — — — — 
Realized marketing fuel margins280 280 351 509 543 309 1,712 
Total fuel sales volumes (MB)175,269 175,269 152,662 176,349 179,432 190,518 698,961 
Income before income taxes ($/BBL)1.38 1.38 1.79 2.45 2.60 1.09 1.97 
Realized marketing fuel margins ($/BBL)**1.60 1.60 2.30 2.88 3.03 1.62 2.45 
INTERNATIONAL
Income before income taxes131 131 125 145 105 119 494 
Plus:
Depreciation and amortization18 18 18 21 18 18 75 
Selling, general and administrative expenses64 64 62 63 65 63 253 
Equity in earnings of affiliates(25)(25)(22)(30)(32)(29)(113)
Other operating revenues*(9)(9)(13)(2)(8)(40)(63)
Other (income) expense, net12 12 6 5 (2)6 15 
Marketing margins191 191 176 202 146 137 661 
Less: margin for nonfuel related sales13 13 12 16 13 11 52 
Realized marketing fuel margins178 178 164 186 133 126 609 
Total fuel sales volumes (MB)25,781 25,781 25,380 25,569 25,352 25,165 101,466 
Income before income taxes ($/BBL)5.08 5.08 4.93 5.67 4.14 4.73 4.87 
Realized marketing fuel margins ($/BBL)**6.92 6.92 6.45 7.28 5.27 5.00 6.00 
  * 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
20242023
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE TAX RATES
Income before income taxes964 964 2,651 2,244 2,813 1,761 9,469 
Special items97 97 11 130 (62)31 110 
Adjusted income before income taxes1,061 1,061 2,662 2,374 2,751 1,792 9,579 
Income tax expense203 203 574 510 670 476 2,230 
Special items23 23 2 22 (10)(71)(57)
Adjusted income tax expense226 226 576 532 660 405 2,173 
Effective tax rate (%)21.1 %21.1 %21.7 %22.7 %23.8 %27.0 %23.6 %
Adjusted effective tax rate (%)21.3 %21.3 %21.6 %22.4 %24.0 %22.6 %22.7 %
Page 17