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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

January 31, 2024
Date of Report (date of earliest event reported)

Phillips 66
(Exact name of registrant as specified in its charter)
Delaware001-3534945-3779385
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
2331 CityWest Boulevard
Houston, Texas 77042
(Address of Principal Executive Offices and Zip Code)

(832) 765-3010
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valuePSXNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

On January 31, 2024, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

The information in this report and the exhibits attached hereto shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
—
—
104—Cover Page Interactive Data File (embedded within the Inline XBRL document).
1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PHILLIPS 66
By:/s/ J. Scott Pruitt
J. Scott Pruitt
Vice President and Controller
Date: January 31, 2024
2


Exhibit 99.1
psxphillips66a.jpg

Phillips 66 Delivers Strong 4Q 2023 Results, Advances Strategic Priorities


Fourth Quarter

•Fourth-quarter earnings of $1.3 billion or $2.86 per share; adjusted earnings of $1.4 billion or $3.09 per share
•$2.2 billion of operating cash flow
•$1.6 billion returned to shareholders through dividends and share repurchases
•Strong Refining operations at 92% utilization and 107% market capture
•Record NGL fractionation volumes and LPG export volumes

Full-Year 2023

•Earnings of $7.0 billion or $15.48 per share; adjusted earnings of $7.2 billion or $15.81 per share
•$7.0 billion of operating cash flow, $8.8 billion excluding working capital
•$5.9 billion returned to shareholders through dividends and share repurchases
•Quarterly dividend increased 8% to $1.05 per common share
•$1.2 billion in run-rate business transformation savings
•Strong Refining operations with four consecutive quarters above industry-average crude utilization
•Advancing Midstream NGL wellhead-to-market strategy; acquired all outstanding DCP Midstream, LP public common units


HOUSTON, Jan. 31, 2024 – Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy company, announced fourth-quarter earnings of $1.3 billion, compared with earnings of $2.1 billion in the third quarter. Excluding special items of $102 million, the company had adjusted earnings of $1.4 billion in the fourth quarter, compared with third-quarter adjusted earnings of $2.1 billion. In addition, the company provided an update on progress toward its strategic priorities.

“In the fourth quarter, our team’s operating and commercial excellence allowed us to capture value across our diversified and integrated portfolio and deliver strong earnings,” said Mark Lashier, president and CEO of Phillips 66.

“In Refining, we increased market capture and continued to deliver above industry average crude utilization. In Midstream, our NGL wellhead-to-market business continues to exceed our expectations, achieving strong results and record volumes in the quarter.

“As we look forward, we will continue to execute our strategic priorities to deliver significant shareholder value. During 2023, we distributed well over 50% of our operating cash flow to shareholders through dividends and share repurchases. We have distributed $8.3 billion to shareholders since July 2022, on pace to achieve our $13 billion to $15 billion target by year-end 2024.”
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“The Board is pleased with the company’s results, which reflect management’s progress on our strategic priorities and our collective commitment to deliver shareholder value today and in the future,” stated Glenn Tilton, Lead Independent Director.


Midstream
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q4 2023Q3 2023Q4 2023Q3 2023
Transportation$334386334285
NGL and Other425335423293
NOVONIX (3)(9)(3)(9)
Midstream$756712754569

Midstream fourth-quarter 2023 pre-tax income was $756 million, compared with $712 million in the third quarter of 2023. Results in the fourth quarter included a $2 million tax benefit. The third quarter included a gain of $101 million on the sale of an investment and a gain of $46 million from a change in inventory method for an acquired business, partially offset by $4 million of restructuring costs.

Transportation fourth-quarter adjusted pre-tax income was $334 million, compared with adjusted pre-tax income of $285 million in the third quarter. The increase mainly reflects recognition of deferred revenue related to throughput and deficiency agreements.

NGL and Other adjusted pre-tax income was $423 million in the fourth quarter, compared with adjusted pre-tax income of $293 million in the third quarter. The increase was primarily due to higher margins and volumes at the Sweeny Hub, as well as lower operating costs.

In the fourth quarter, the fair value of the company’s investment in NOVONIX, Ltd. decreased by $3 million, compared with a $9 million decrease in the third quarter.


Chemicals
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q4 2023Q3 2023Q4 2023Q3 2023
Chemicals$106 104 106 104 

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals fourth-quarter 2023 reported and adjusted pre-tax income was $106 million, in line with third quarter 2023 pre-tax income of $104 million.

Global olefins and polyolefins utilization was 94% for the quarter.







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Refining
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q4 2023Q3 2023Q4 2023Q3 2023
Refining$814 1,710 797 1,740 

Refining fourth-quarter 2023 reported pre-tax income was $814 million, compared with pre-tax income of $1.7 billion in the third quarter of 2023. Results in the fourth quarter included a $17 million tax benefit. Results in the third quarter included a $30 million legal accrual.

Adjusted pre-tax income for Refining was $797 million in the fourth quarter, compared with adjusted pre-tax income of $1.7 billion in the third quarter. The decrease was primarily due to lower realized margins, which decreased from $18.96 per barrel in the third quarter to $14.41 per barrel in the fourth quarter. Realized margins declined primarily due to lower market crack spreads, partially offset by inventory hedge impacts, higher Gulf Coast clean product realizations and strong commercial results. The composite RIN adjusted market crack spread decreased 53% from $28.64 per barrel in the third quarter to $13.41 per barrel in the fourth quarter.

Refining pre-tax turnaround expense for the fourth quarter was $100 million, including $14 million related to the Rodeo renewables facility. Crude utilization rate was 92% and clean product yield was 87%. Market capture increased from 66% to 107%.


Marketing and Specialties
Millions of Dollars
Pre-Tax IncomeAdjusted Pre-Tax Income
Q4 2023Q3 2023Q4 2023Q3 2023
Marketing and Specialties$432 633 432 633 

Marketing and Specialties fourth-quarter 2023 reported and adjusted pre-tax income was $432 million, compared with $633 million in the third quarter of 2023, mainly due to seasonally lower domestic wholesale fuel margins.


Corporate and Other
Millions of Dollars
Pre-Tax LossAdjusted Pre-Tax Loss
Q4 2023Q3 2023Q4 2023Q3 2023
Corporate and Other$(347)(346)(297)(295)

Corporate and Other fourth-quarter 2023 pre-tax costs were $347 million, compared with pre-tax costs of $346 million in the third quarter of 2023. Results in the fourth and third quarter included restructuring costs of $50 million and $51 million, respectively.

Adjusted pre-tax costs were $297 million in the fourth quarter, in line with adjusted third-quarter pre-tax costs of $295 million.




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Financial Position, Liquidity and Return of Capital

Phillips 66 generated $2.2 billion in cash from operations in the fourth quarter of 2023.

During the fourth quarter, Phillips 66 funded $634 million of capital expenditures and investments, $1.2 billion of share repurchases and $457 million in dividends. The company ended the quarter with 430 million shares outstanding.

As of Dec. 31, 2023, the company had $3.3 billion of cash and cash equivalents and $6.4 billion of committed capacity available under credit facilities. The company’s consolidated debt-to-capital ratio was 38% and its net debt-to-capital ratio was 34%.


Strategic Priorities and Business Update

Phillips 66 is executing its strategic priorities to increase mid-cycle adjusted EBITDA by $4 billion to $14 billion by 2025 and grow shareholder distributions.

The company achieved $1.2 billion in run-rate cost and sustaining capital savings as of Dec. 31, 2023, through business transformation. The company is targeting $1.4 billion run-rate savings by the end of 2024.

In Refining, the company continues to improve asset reliability and market capture through high-return, low-capital projects. The company is implementing 10 to 15 projects annually to increase market capture by 5% by 2025. In 2023, completed projects added over 1% to market capture based on mid-cycle pricing.

Phillips 66 is capturing value from its Midstream NGL wellhead-to-market strategy. Through the end of 2023, the company’s increased ownership of DCP Midstream has provided an incremental $1.25 billion toward its 2025 mid-cycle adjusted EBITDA target, including approximately $250 million of synergies. The company remains focused on capturing over $400 million of run-rate commercial and operating synergies by 2025.

In Chemicals, CPChem completed construction and began operations of a 1 billion pounds per year propylene splitter at its Cedar Bayou facility in the fourth quarter. CPChem is building world-scale petrochemical facilities with joint-venture partner QatarEnergy on the U.S. Gulf Coast and in Ras Laffan, Qatar. Both projects are expected to start up in 2026.

Phillips 66 is converting its San Francisco Refinery in Rodeo, California, into one of the world’s largest renewable fuels facilities. Construction continues on the Rodeo Renewed refinery conversion project that is expected to begin operations in the first quarter of 2024. The conversion will reduce emissions from the facility and produce lower carbon intensity transportation fuels. Upon completion, the facility will have over 50,000 BPD (800 million gallons per year) of renewable fuel production capacity.

Since July 2022 the company has distributed $8.3 billion through share repurchases and dividends and is on pace to achieve the $13 billion to $15 billion target by year-end 2024.

Phillips 66 also plans to monetize assets that no longer fit its long-term strategy. These asset dispositions are expected to generate over $3 billion in proceeds that will support the company’s strategic priorities, including returns to shareholders. Timing of these dispositions will be subject to satisfactory market conditions and any necessary regulatory approvals. Total proceeds from asset dispositions in 2023 were $392 million.


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Investor Webcast

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


Earnings
Millions of Dollars
20232022
Q4Q3YearQ4Year
Midstream$756 712 2,774 656 4,734 
Chemicals106 104 600 52 856 
Refining814 1,710 5,266 1,640 7,816 
Marketing and Specialties432 633 2,135 539 2,402 
Corporate and Other(347)(346)(1,306)(340)(1,169)
Pre-Tax Income1,761 2,813 9,469 2,547 14,639 
Less: Income tax expense476 670 2,230 535 3,248 
Less: Noncontrolling interests25 46 224 128 367 
Phillips 66$1,260 2,097 7,015 1,884 11,024 
Adjusted Earnings
Millions of Dollars
20232022
Q4Q3YearQ4Year
Midstream$754 569 2,627 674 1,752 
Chemicals106 104 600 52 856 
Refining797 1,740 5,293 1,626 7,891 
Marketing and Specialties432 633 2,135 539 2,402 
Corporate and Other(297)(295)(1,076)(280)(1,010)
Pre-Tax Income1,792 2,751 9,579 2,611 11,891 
Less: Income tax expense405 660 2,173 574 2,613 
Less: Noncontrolling interests25 21 243 138 377 
Phillips 66$1,362 2,070 7,163 1,899 8,901 










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About Phillips 66
Phillips 66 (NYSE: PSX) is a leading diversified and integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

- # # # -
CONTACTS
Jeff Dietert (investors)Owen Simpson (investors)Thaddeus Herrick (media)
832-765-2297832-765-2297855-841-2368
jeff.dietert@p66.comowen.simpson@p66.comthaddeus.f.herrick@p66.com


CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “adjusted EBITDA,” “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: fluctuations in NGL, crude oil, refined petroleum product and natural gas prices, and refining, marketing and petrochemical margins; changes in governmental policies or laws that relate to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels that regulate profits, pricing, or taxation, or other regulations that limit or restrict refining, marketing and midstream operations or restrict exports; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum products; our ability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; our ability to achieve the expected benefits of the integration of DCP Midstream, LP (DCP), including the realization of synergies; the success of the company’s business transformation initiatives and the realization of savings and cost reductions from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, asset dispositions or acquisitions that we may pursue; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities (including the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

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Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings,” “adjusted pre-tax income (loss),” “adjusted pre-tax costs,” “adjusted earnings per share,” “realized refining margin per barrel,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

This news release also includes the term “mid-cycle adjusted EBITDA,” which is a non-GAAP financial measure. Mid-cycle adjusted EBITDA, as used in this release, is a forward-looking non-GAAP financial measure. EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, and depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Mid-cycle adjusted EBITDA is defined as the average adjusted EBITDA generated over a complete economic cycle. Mid-cycle adjusted EBITDA estimates or targets depend on future levels of revenues and expenses, including amounts that will be attributable to noncontrolling interests, which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation of projected mid-cycle adjusted EBITDA to consolidated net income or segment income before income taxes without unreasonable effort.

References in the release to earnings refer to net income attributable to Phillips 66. References in the release to shareholder distributions refers to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. References to run-rate cost savings includes cost savings and references to run-rate synergies include costs savings and other benefits that will be reflected in the sales and other operating revenues, purchased crude oil and products costs, operating expenses, selling, general and administrative expenses and equity in earnings of affiliates lines on our consolidated statement of income when realized. References to run-rate sustaining capital savings includes savings that will be reflected in the capital expenditures and investments on our consolidated statement of cash flows when realized. References to run-rate savings represent the sum of run-rate cost savings and run-rate sustaining capital savings.




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 Millions of Dollars
 Except as Indicated
20232022
Q4Q3YearQ4Year
Reconciliation of Consolidated Earnings to Adjusted Earnings
Consolidated Earnings$1,260 2,097 7,015 1,884 11,024 
Pre-tax adjustments:
Certain tax impacts(19)— (19)— — 
Hurricane-related costs — — — (14)(21)
Net gain on asset disposition— (101)(123)— — 
Alliance shutdown-related costs1
— — — — 26 
  Regulatory compliance costs— — — — 70 
  Legal accrual— 30 30 — — 
  Business transformation restructuring costs2
50 51 177 60 159 
  Loss on early redemption of DCP debt— — 53 — — 
  Merger transaction costs— — — — 13 
  Gain on consolidation— — — — (3,013)
  Change in inventory method for acquired business— (46)(46)— — 
  DCP integration restructuring costs3
— 4 38 18 18 
Tax impact of adjustments4
(12)10 (26)(14)635 
Other tax impacts83 — 83 (25)— 
Noncontrolling interests— 25 (19)(10)(10)
Adjusted earnings $1,362 2,070 7,163 1,899 8,901 
Earnings per share of common stock (dollars)
$2.86 4.69 15.48 3.97 23.27 
Adjusted earnings per share of common stock (dollars)5
$3.09 4.63 15.81 4.00 18.79 
Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income $756 712 2,774 656 4,734 
Pre-tax adjustments:
Certain tax impacts(2)— (2)— — 
Net gain on asset disposition— (101)(137)— — 
  Merger transaction costs— — — — 13 
  Gain on consolidation— — — — (3,013)
  Change in inventory method for acquired business— (46)(46)— — 
  DCP integration restructuring costs3
— 4 38 18 18 
Adjusted pre-tax income$754 569 2,627 674 1,752 
Chemicals Pre-Tax Income$106 104 600 52 856 
Pre-tax adjustments:
  None— — — — — 
Adjusted pre-tax income$106 104 600 52 856 
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Refining Pre-Tax Income$814 1,710 5,266 1,640 7,816 
Pre-tax adjustments:
Certain tax impacts(17)— (17)— — 
Hurricane-related costs— — — (14)(21)
Net loss on asset disposition— — 14 — — 
Alliance shutdown-related costs1
— — — — 26 
Regulatory compliance costs— — — — 70 
Legal accrual— 30 30 — — 
Adjusted pre-tax income$797 1,740 5,293 1,626 7,891 
Marketing and Specialties Pre-Tax Income$432 633 2,135 539 2,402 
Pre-tax adjustments:
  None— — — — — 
Adjusted pre-tax income$432 633 2,135 539 2,402 
Corporate and Other Pre-Tax Loss$(347)(346)(1,306)(340)(1,169)
Pre-tax adjustments:
  Business transformation restructuring costs2
50 51 177 60 159 
  Loss on early redemption of DCP debt— — 53 — — 
Adjusted pre-tax loss$(297)(295)(1,076)(280)(1,010)
1Costs related to the shutdown of the Alliance Refinery totaled $26 million pre-tax in the second quarter of 2022. Shutdown-related costs recorded in the Refining segment include pre-tax charges for the disposal of materials and supplies of $20 million, and asset retirements of $6 million recorded in depreciation and amortization expense.
2Restructuring costs, related to Phillips 66’s multi-year business transformation efforts, are primarily due to consulting fees and severance costs. Additionally, fourth-quarter of 2022 included a held-for-sale asset impairment of $45 million.
3Restructuring 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.
4We generally tax effect taxable U.S.-based special items using a combined federal and state 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.
5Q4 2023, Q3 2023 and full year 2022 are based on adjusted weighted-average diluted shares of 440,582 thousand, 447,255 thousand, and 473,728 respectively. Other periods are based on the same weighted-average diluted shares outstanding as that used in the GAAP diluted earnings per share calculation. Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation.
Millions of Dollars
Except as Indicated
December 31, 2023
Debt-to-Capital Ratio
Total Debt$19,359 
Total Equity31,650 
Debt-to-Capital Ratio38 %
Total Cash3,323 
Net Debt-to-Capital Ratio34 %

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 Millions of Dollars
 Except as Indicated
2023
Q4Q3
Reconciliation of Refining Income Before Income Taxes to
  Realized Refining Margins
Income before income taxes$814 1,710 
Plus:
Taxes other than income taxes87 93 
Depreciation, amortization and impairments227 211 
Selling, general and administrative expenses48 39 
Operating expenses1,086 1,142 
Equity in (earnings) loss of affiliates85 (208)
Other segment (income) expense, net5 (10)
Proportional share of refining gross margins contributed by equity affiliates167 416 
Special items:
Certain tax impacts(15)— 
Realized refining margins$2,504 3,393 
Total processed inputs (thousands of barrels)
156,720 156,300 
Adjusted total processed inputs (thousands of barrels)*
173,786 178,929 
Income before income taxes (dollars per barrel)**
$5.19 10.94 
Realized refining margins (dollars per barrel)*****
$14.41 18.96 
*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
**Income 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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Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data
psxphillips66.jpg

CONSOLIDATED INCOME STATEMENT*
Millions of Dollars, Except as Indicated
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Revenues and Other Income
Sales and other operating revenues34,396 35,090 39,643 38,270 147,399 36,179 48,577 44,955 40,279 169,990 
Equity in earnings of affiliates611 563 562 281 2,017 685 917 782 584 2,968 
Net gain (loss) on dispositions34 (12)102 (9)115 1 — 1 5 7 
Other income (loss)**48 99 15 197 359 (143)(185)3,026 39 2,737 
Total Revenues and Other Income35,089 35,740 40,322 38,739 149,890 36,722 49,309 48,764 40,907 175,702 
Costs and Expenses
Purchased crude oil and products29,341 30,571 34,330 33,844 128,086 33,495 42,645 38,646 35,146 149,932 
Operating expenses1,578 1,384 1,633 1,559 6,154 1,340 1,431 1,612 1,728 6,111 
Selling, general and administrative expenses605 593 669 658 2,525 433 488 617 630 2,168 
Depreciation and amortization476 495 488 518 1,977 338 359 430 502 1,629 
Impairments8 4 3 9 24 — 2 — 58 60 
Taxes other than income taxes207 174 171 155 707 149 118 133 130 530 
Accretion on discounted liabilities6 7 6 10 29 6 6 5 6 23 
Interest and debt expense192 266 221 218 897 135 133 158 193 619 
Foreign currency transaction (gains) losses25 2 (12)7 22 (2)21 5 (33)(9)
Total Costs and Expenses32,438 33,496 37,509 36,978 140,421 35,894 45,203 41,606 38,360 161,063 
Income before income taxes2,651 2,244 2,813 1,761 9,469 828 4,106 7,158 2,547 14,639 
Income tax expense574 510 670 476 2,230 171 924 1,618 535 3,248 
Net Income2,077 1,734 2,143 1,285 7,239 657 3,182 5,540 2,012 11,391 
Less: net income attributable to noncontrolling interests116 37 46 25 224 75 15 149 128 367 
Net Income Attributable to Phillips 661,961 1,697 2,097 1,260 7,015 582 3,167 5,391 1,884 11,024 
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic4.21 3.73 4.72 2.87 15.56 1.29 6.55 11.19 3.99 23.36 
Diluted4.20 3.72 4.69 2.86 15.48 1.29 6.53 11.16 3.97 23.27 
Weighted-Average Common Shares Outstanding (thousands)
Basic464,810 454,450 444,283 437,365 450,136 449,298 483,088 481,388 471,859 471,497 
Diluted467,034 456,168 447,258 440,575 453,210 450,011 485,035 483,036 474,327 473,731 
Effective tax rate (%)21.7 %22.7 %23.8 %27.0 %23.6 %20.7 %22.5 %22.6 %21.0 %22.2 %
Adjusted effective tax rate (%)21.6 %22.4 %24.0 %22.6 %22.7 %20.7 %21.9 %22.3 %22.0 %22.0 %
 * 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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream*702 604 712 756 2,774 212 258 3,608 656 4,734 
Chemicals198 192 104 106 600 396 273 135 52 856 
Refining1,608 1,134 1,710 814 5,266 173 3,096 2,907 1,640 7,816 
Marketing and Specialties426 644 633 432 2,135 296 739 828 539 2,402 
Corporate and Other(283)(330)(346)(347)(1,306)(249)(260)(320)(340)(1,169)
Income before income taxes2,651 2,244 2,813 1,761 9,469 828 4,106 7,158 2,547 14,639 
Less: income tax expense574 510 670 476 2,230 171 924 1,618 535 3,248 
Net Income2,077 1,734 2,143 1,285 7,239 657 3,182 5,540 2,012 11,391 
Less: net income attributable to noncontrolling interests116 37 46 25 224 75 15 149 128 367 
Net Income Attributable to Phillips 661,961 1,697 2,097 1,260 7,015 582 3,167 5,391 1,884 11,024 
 * 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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation*270 284 285 334 1,173 278 250 229 237 994 
NGL and Other*420 357 293 423 1,493 92 248 412 448 1,200 
NOVONIX**(12)(15)(9)(3)(39)(158)(240)(33)(11)(442)
Total Midstream678 626 569 754 2,627 212 258 608 674 1,752 
Chemicals198 192 104 106 600 396 273 135 52 856 
Refining
Atlantic Basin/Europe142 149 444 160 895 152 1,111 530 618 2,411 
Gulf Coast705 257 342 348 1,652 58 958 746 360 2,122 
Central Corridor739 630 361 480 2,210 (135)513 1,343 716 2,437 
West Coast22 112 593 (191)536 115 610 264 (68)921 
Total Refining1,608 1,148 1,740 797 5,293 190 3,192 2,883 1,626 7,891 
Total Marketing and Specialties426 644 633 432 2,135 296 739 828 539 2,402 
Corporate and Other(248)(236)(295)(297)(1,076)(249)(235)(246)(280)(1,010)
Adjusted income before income taxes2,662 2,374 2,751 1,792 9,579 845 4,227 4,208 2,611 11,891 
Less: adjusted income tax expense576 532 660 405 2,173 175 927 937 574 2,613 
Adjusted Net Income2,086 1,842 2,091 1,387 7,406 670 3,300 3,271 2,037 9,278 
Less: adjusted net income attributable to noncontrolling interests121 76 21 25 243 75 15 149 138 377 
Adjusted Net Income Attributable to Phillips 661,965 1,766 2,070 1,362 7,163 595 3,285 3,122 1,899 8,901 
 * 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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Certain tax impacts— — — 2 2 — — — — — 
Net gain on asset disposition36 — 101 — 137 — — — — — 
Merger transaction costs— — — — — — — (13)— (13)
Gain related to merger of businesses— — — — — — — 3,013 — 3,013 
Change in inventory method for acquired business— — 46 — 46 — — — — — 
DCP integration restructuring costs*(12)(22)(4)— (38)— — — (18)(18)
Total Midstream24 (22)143 2 147 — — 3,000 (18)2,982 
Chemicals— — — — — — — — — — 
Refining
Certain tax impacts— — — 17 17 — — — — — 
Hurricane-related (costs) recovery— — — — — (17)— 24 14 21 
Net loss on asset disposition— (14)— — (14)— — — — — 
Alliance shutdown-related costs**— — — — — — (26)— — (26)
Regulatory compliance costs— — — — — — (70)— — (70)
Legal accrual— — (30)— (30)— — — — 
Total Refining— (14)(30)17 (27)(17)(96)24 14 (75)
Marketing and Specialties— — — — — — — — — — 
Corporate and Other
Business transformation restructuring costs***(35)(41)(51)(50)(177)— (25)(74)(60)(159)
Loss on early redemption of DCP debt— (53)— — (53)— — — — — 
Total Corporate and Other(35)(94)(51)(50)(230)— (25)(74)(60)(159)
Total Special Items (Pre-tax)(11)(130)62 (31)(110)(17)(121)2,950 (64)2,748 
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items****(2)(22)10 (12)(26)(4)(28)681 (14)635 
Other tax impacts— — — 83 83 — 25 — (25)— 
Total Income Tax Expense (Benefit)(2)(22)10 71 57 (4)(3)681 (39)635 
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)— — — (10)(10)
Total Income (Loss) Attributable to Noncontrolling Interests(5)(39)25 — (19)— — — (10)(10)
Total Phillips 66 Special Items (After-tax)(4)(69)27 (102)(148)(13)(118)2,269 (15)2,123 
* 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.
** Costs related to the shutdown of the Alliance Refinery totaled $26 million pre-tax in the second quarter of 2022. Shutdown-related costs recorded in the Refining segment include pre-tax charges for the disposal of materials and supplies of $20 million, and asset retirements of $6 million recorded in depreciation and amortization expense.
*** Restructuring costs related to Phillips 66’s multi-year business transformation efforts are primarily due to consulting fees and severance costs. 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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation36 — 101 — 137 — — 182 — 182 
NGL and Other(12)(22)42 2 10 — — 2,818 (18)2,800 
NOVONIX— — — — — — — — — — 
Total Midstream24 (22)143 2 147 — — 3,000 (18)2,982 
Refining
Atlantic Basin/Europe— — — 15 15 — (9)— — (9)
Gulf Coast— (14)— 2 (12)(17)(52)24 14 (31)
Central Corridor— — — — — — (22)— — (22)
West Coast— — (30)— (30)— (13)— — (13)
Total Refining— (14)(30)17 (27)(17)(96)24 14 (75)
Page 3

Phillips 66 Earnings Release Supplemental Data
CASH FLOW INFORMATION*
Millions of Dollars
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Cash Flows From Operating Activities
Net income2,077 1,734 2,143 1,285 7,239 657 3,182 5,540 2,012 11,391 
Depreciation and amortization476 495 488 518 1,977 338 359 430 502 1,629 
Impairments8 4 3 9 24 — 2 — 58 60 
Accretion on discounted liabilities6 7 6 10 29 6 6 5 6 23 
Deferred income taxes146 119 408 167 840 142 148 856 174 1,320 
Undistributed equity earnings(242)(324)(201)(55)(822)(100)(390)(495)(323)(1,308)
Loss on early redemption of debt— 53 — — 53 — — — — — 
Net (gain) loss on dispositions(34)12 (102)9 (115)(1)— (1)(5)(7)
Gain related to merger of businesses— — — — — — — (3,013)— (3,013)
Unrealized investment loss**11 15 8 4 38 169 221 28 15 433 
Other14 (115)(354)36 (419)40 80 (105)202 217 
Net working capital changes(1,263)(1,045)286 207 (1,815)(115)(1,825)(101)2,109 68 
Net Cash Provided by Operating Activities1,199 955 2,685 2,190 7,029 1,136 1,783 3,144 4,750 10,813 
Cash Flows From Investing Activities
Capital expenditures and investments(378)(551)(855)(634)(2,418)(370)(376)(735)(713)(2,194)
Return of investments in equity affiliates60 59 40 42 201 15 33 30 47 125 
Proceeds from asset dispositions77 13 280 22 392 1 1 1 1 4 
Advances/loans—related parties— — — — — — (75)— — (75)
Collection of advances/loans—related parties— — 1 2 3 — 101 135 426 662 
Other(24)47 49 (40)32 (74)25 32 7 (10)
Net Cash Used in Investing Activities(265)(432)(485)(608)(1,790)(428)(291)(537)(232)(1,488)
Cash Flows From Financing Activities
Issuance of debt2,488 2,559 678 535 6,260 — — — 453 453 
Repayment of debt(1,223)(1,236)(1,166)(627)(4,252)(24)(1,457)(476)(926)(2,883)
Issuance of common stock10 2 91 20 123 23 44 — 36 103 
Repurchase of common stock(800)(1,309)(752)(1,153)(4,014)— (66)(694)(753)(1,513)
Dividends paid on common stock(486)(474)(465)(457)(1,882)(404)(467)(466)(456)(1,793)
Distributions to noncontrolling interests(58)(67)(15)(23)(163)(77)(24)(3)(81)(185)
Repurchase of noncontrolling interests— (3,957)— (110)(4,067)— — — (500)(500)
Other(48)(11)(28)(10)(97)(30)(7)(18)(15)(70)
Net Cash Used in Financing Activities(117)(4,493)(1,657)(1,825)(8,092)(512)(1,977)(1,657)(2,242)(6,388)
Effect of Exchange Rate Changes on Cash and Cash Equivalents15 34 (33)27 43 (8)(41)(15)113 49 
Net Change in Cash and Cash Equivalents832 (3,936)510 (216)(2,810)188 (526)935 2,389 2,986 
Cash and cash equivalents at beginning of period6,133 6,965 3,029 3,539 6,133 3,147 3,335 2,809 3,744 3,147 
Cash and Cash Equivalents at End of Period6,965 3,029 3,539 3,323 3,323 3,335 2,809 3,744 6,133 6,133 
 * Refer to Change in Basis of Presentation discussion on page 14.
** Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 5 for more details.
CAPITAL PROGRAM
Millions of Dollars
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Consolidated Capital Expenditures and Investments
Midstream*†124 176 160 165 625 163 105 461 314 1,043 
Chemicals— — — — — — — — — — 
Refining227 329 382 401 1,339 172 221 211 324 928 
Marketing and Specialties11 25 287 41 364 11 19 30 29 89 
Corporate and Other16 21 26 27 90 24 31 33 46 134 
Consolidated Capital Expenditures and Investments378 551 855 634 2,418 370 376 735 713 2,194 
* Includes 100% of DCP Midstream, LLC Class A Segment (DCP Midstream Class A Segment), DCP Sand Hills Pipeline, LLC (DCP Sand Hills) and DCP Southern Hills Pipeline, LLC (DCP Southern Hills) capital expenditures and investments from August 18, 2022, forward, net of acquired cash.
† Refer to Change in Basis of Presentation discussion on page 14.
Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments*
CPChem (Chemicals)142 377 254 236 1,009 113 161 158 269 701 
WRB (Refining)45 47 36 61 189 42 47 36 52 177 
Selected Equity Affiliates187 424 290 297 1,198 155 208 194 321 878 
* Our share of joint ventures' capital spending, excluding DCP Midstream, LLC (DCP Midstream) due to the consolidation of DCP Midstream Class A Segment. Refer to Change in Basis of Presentation discussion on page 14.
Page 4

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM
Millions of Dollars, Except as Indicated
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Income before Income Taxes
Transportation*306 284 386 334 1,310 278 250 411 237 1,176 
NGL and Other*408 335 335 425 1,503 92 248 3,230 430 4,000 
NOVONIX(12)(15)(9)(3)(39)(158)(240)(33)(11)(442)
 Income before Income Taxes702 604 712 756 2,774 212 258 3,608 656 4,734 
 * Refer to Change in Basis of Presentation discussion on page 14.
Equity in Earnings of Affiliates
Transportation125 130 131 141 527 154 133 133 125 545 
NGL and Other26 40 26 30 122 73 186 81 31 371 
NOVONIX— — — — — — — — — — 
Total151 170 157 171 649 227 319 214 156 916 
NOVONIX Investment
Unrealized Investment Loss(11)(15)(8)(4)(38)(169)(221)(28)(15)(433)
Unrealized Foreign Currency Transaction Gain (Loss)(1)— (1)1 (1)11 (19)(5)4 (9)
Change in Fair Value of NOVONIX Investment(12)(15)(9)(3)(39)(158)(240)(33)(11)(442)
Depreciation and Amortization*
Transportation40 40 41 47 168 39 43 46 46 174 
NGL and Other**184 194 190 187 755 50 50 115 179 394 
NOVONIX— — — — — — — — — — 
Total224 234 231 234 923 89 93 161 225 568 
* Excludes D&A of all non-consolidated affiliates.
 ** Refer to Change in Basis of Presentation discussion on page 14.
Operating and SG&A Expenses*
Transportation179 178 187 208 752 186 187 224 217 814 
NGL and Other**371 373 429 365 1,538 81 89 281 393 844 
NOVONIX— — — — — — — — — — 
Total550 551 616 573 2,290 267 276 505 610 1,658 
* Excludes operating and SG&A expenses of all non-consolidated affiliates.
 ** Refer to Change in Basis of Presentation discussion on page 14.
Transportation Volumes (MB/D)
Pipelines*3,039 3,254 3,039 2,945 3,069 3,099 3,066 3,084 3,109 3,089 
Terminals3,203 3,149 3,167 3,464 3,246 2,900 2,917 3,066 3,039 2,981 
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL pipelines.
PSX Other Volumes
NGL Fractionated (MB/D)*660 738 703 743 711 452 469 508 686 529 
NGL Production (MB/D)**421 444 432 452 437 400 438 434 420 423 
NGL Pipelines Throughput (MB/D)***918 898 880 892 897 885 927 946 894 913 
Wellhead Volume (Bcf/D)**4.5 4.5 4.6 4.7 4.6 4.1 4.4 4.5 4.5 4.4 
* 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)*0.74 0.61 0.67 0.65 0.67 1.10 1.15 0.98 0.76 1.00 
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
Page 5

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes*702 604 712 756 2,774 212 258 3,608 656 4,734 
Plus:
Depreciation and amortization224 234 231 234 923 89 93 161 225 568 
EBITDA*926 838 943 990 3,697 301 351 3,769 881 5,302 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — (2)(2)— — — — — 
Net gain on asset disposition(36)— (101)— (137)— — — — — 
Merger transaction costs— — — — — — — 13 — 13 
Gain related to merger of businesses— — — — — — — (3,013)— (3,013)
Change in inventory method for acquired business— — (46)— (46)— — — — — 
DCP integration restructuring costs12 19 4 — 35 — — — 18 18 
Total Special Item Adjustments (pre-tax)(24)19 (143)(2)(150)— — (3,000)18 (2,982)
Change in Fair Value of NOVONIX Investment**12 15 9 3 39 158 240 33 11 442 
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*914 872 809 991 3,586 459 591 802 910 2,762 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes4 5 4 5 18 2 4 4 3 13 
Proportional share of selected equity affiliates net interest13 12 13 13 51 41 39 26 13 119 
Proportional share of selected equity affiliates depreciation and amortization41 39 39 37 156 56 57 51 45 209 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(226)(168)(47)(51)(492)(24)(21)(206)(176)(427)
Adjusted EBITDA*746 760 818 995 3,319 534 670 677 795 2,676 
* Refer to Change in Basis of Presentation discussion on page 14.
** See NOVONIX Investment table on page 5 for more details.
Page 6

Phillips 66 Earnings Release Supplemental Data
MIDSTREAM (continued)
Millions of Dollars
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Transportation
Income before income taxes306 284 386 334 1,310 278 250 411 237 1,176 
Plus:
Depreciation and amortization40 40 41 47 168 39 43 46 46 174 
EBITDA*346 324 427 381 1,478 317 293 457 283 1,350 
Special Item Adjustments (pre-tax):
Net gain on asset disposition(36)— (101)— (137)— — — — — 
Gain related to merger of businesses— — — — — — — (182)— (182)
EBITDA, Adjusted for Special Items*310 324 326 381 1,341 317 293 275 283 1,168 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes4 5 4 5 18 2 3 4 3 12 
Proportional share of selected equity affiliates net interest13 12 13 13 51 21 19 16 13 69 
Proportional share of selected equity affiliates depreciation and amortization27 27 26 25 105 37 38 34 27 136 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(4)(3)(5)(5)(17)(24)(21)(11)(3)(59)
Adjusted EBITDA*350 365 364 419 1,498 353 332 318 323 1,326 
* Refer to Change in Basis of Presentation discussion on page 14.
NGL and Other
Income before income taxes*408 335 335 425 1,503 92 248 3,230 430 4,000 
Plus:
Depreciation and amortization184 194 190 187 755 50 50 115 179 394 
EBITDA*592 529 525 612 2,258 142 298 3,345 609 4,394 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — (2)(2)— — — — — 
Merger transaction costs— — — — — — — 13 — 13 
Gain related to merger of businesses— — — — — — — (2,831)— (2,831)
Change in inventory method for acquired business— — (46)— (46)— — — — — 
DCP integration restructuring costs12 19 4 — 35 — — — 18 18 
EBITDA, Adjusted for Special Items*604 548 483 610 2,245 142 298 527 627 1,594 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — 1 — — 1 
Proportional share of selected equity affiliates net interest— — — — — 20 20 10 — 50 
Proportional share of selected equity affiliates depreciation and amortization14 12 13 12 51 19 19 17 18 73 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(222)(165)(42)(46)(475)— — (195)(173)(368)
Adjusted EBITDA*396 395 454 576 1,821 181 338 359 472 1,350 
* Refer to Change in Basis of Presentation discussion on page 14.
Page 7

Phillips 66 Earnings Release Supplemental Data
CHEMICALS
Millions of Dollars, Except as Indicated
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes198 192 104 106 600 396 273 135 52 856 
Equity in Earnings of Affiliate195 189 101 101 586 393 271 129 49 842 
100% CPChem Results
Net Income, excludes parent company income tax related to CPChem's earnings390 377 202 204 1,173 764 544 257 97 1,662 
Income before Income Taxes401 389 217 214 1,221 787 566 275 106 1,734 
Depreciation and Amortization142 141 143 184 610 141 144 145 155 585 
Net Interest Expense*6 2 2 3 13 23 11 12 9 55 
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments283 755 507 473 2,018 225 322 317 538 1,402 
Return of Investments from Equity Companies— — — — — (26)(34)(5)— (65)
Olefins and Polyolefins Capacity Utilization (%)94 %98 %99 %94 %96 %99 %94 %90 %83 %91 %
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)26.0 22.7 24.3 24.6 24.4 39.5 35.0 31.6 26.7 33.2 
HDPE Blow Molding, Domestic Spot (cents/lb)45.8 45.2 43.2 42.9 44.3 69.8 69.8 52.9 43.3 58.9 
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)14.8 12.7 16.7 13.0 14.3 22.1 28.0 26.7 21.7 24.6 
HDPE Blow Molding, Total Cash Cost (cents/lb)40.1 36.4 38.1 38.5 38.3 53.9 49.8 46.6 41.2 47.9 
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)16.9 18.8 12.7 16.0 16.1 33.4 26.9 11.2 7.1 19.6 
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes198 192 104 106 600 396 273 135 52 856 
Plus:
None— — — — — — — — — — 
EBITDA198 192 104 106 600 396 273 135 52 856 
Special Item Adjustments (pre-tax):
None— — — — — — — — — — 
EBITDA, Adjusted for Special Items198 192 104 106 600 396 273 135 52 856 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes20 26 24 9 79 29 38 25 12 104 
Proportional share of selected equity affiliates net interest1 — (1)2 2 11 6 5 4 26 
Proportional share of selected equity affiliates depreciation and amortization102 101 103 126 432 101 103 103 104 411 
Adjusted EBITDA321 319 230 243 1,113 537 420 268 172 1,397 
Page 8

Phillips 66 Earnings Release Supplemental Data
REFINING
Millions of Dollars, Except as Indicated
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe142 149 444 175 910 152 1,102 530 618 2,402 
Gulf Coast705 243 342 350 1,640 41 906 770 374 2,091 
Central Corridor739 630 361 480 2,210 (135)491 1,343 716 2,415 
West Coast22 112 563 (191)506 115 597 264 (68)908 
Income before Income Taxes1,608 1,134 1,710 814 5,266 173 3,096 2,907 1,640 7,816 
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe3.60 3.33 9.50 3.42 4.99 3.17 22.10 10.72 11.88 12.05 
Gulf Coast13.73 4.83 6.44 6.78 7.95 0.79 17.25 15.27 7.77 10.29 
Central Corridor28.42 23.02 14.89 19.08 21.50 (5.70)21.69 53.36 27.01 24.64 
West Coast0.77 3.58 17.48 (6.65)4.20 3.98 19.77 9.14 (2.47)7.86 
Worldwide11.07 7.38 10.94 5.19 8.61 1.13 19.95 18.89 10.64 12.69 
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe16.13 10.94 16.85 9.95 13.30 11.71 30.39 19.22 19.58 20.30 
Gulf Coast21.28 11.84 13.58 13.96 15.17 8.59 25.71 22.30 16.35 18.25 
Central Corridor26.86 22.62 18.05 23.45 22.67 7.89 26.72 38.76 25.03 24.96 
West Coast16.53 16.27 32.23 9.89 19.07 17.74 33.31 28.64 16.77 24.31 
Worldwide20.72 15.32 18.96 14.41 17.32 10.83 28.62 26.87 19.73 21.55 
* 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)(2)(2)(8)(3)(2)(2)(2)(9)
Gulf Coast1 — 1 — 2 (2)(3)(1)(1)(7)
Central Corridor200 119 209 (83)445 (16)228 294 257 763 
West Coast— — — — — — — — — — 
Total199 117 208 (85)439 (21)223 291 254 747 
Depreciation and Amortization*
Atlantic Basin/Europe50 52 52 53 207 52 51 50 49 202 
Gulf Coast60 60 61 62 243 56 67 58 61 242 
Central Corridor38 38 42 45 163 35 36 36 40 147 
West Coast54 55 53 64 226 60 63 76 76 275 
Total202 205 208 224 839 203 217 220 226 866 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*
Atlantic Basin/Europe375 243 260 257 1,135 302 303 329 349 1,283 
Gulf Coast290 253 291 289 1,123 321 325 277 326 1,249 
Central Corridor187 174 240 213 814 197 277 193 204 871 
West Coast360 308 389 376 1,433 313 314 458 432 1,517 
Total1,212 978 1,180 1,135 4,505 1,133 1,219 1,257 1,311 4,920 
* Excludes operating and SG&A expenses of all equity affiliates.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe124 38 21 12 195 13 22 44 52 131 
Gulf Coast56 23 28 19 126 31 40 53 101 225 
Central Corridor12 12 57 40 121 26 117 17 17 177 
West Coast**42 29 42 29 142 32 44 111 66 253 
Total234 102 148 100 584 102 223 225 236 786 
* Excludes turnaround expense of all equity affiliates.
** 2023 includes third quarter and fourth quarter turnaround costs of $37 million and $14 million, respectively, related to the Rodeo renewables facility.
Taxes Other than Income Taxes
Atlantic Basin/Europe22 17 12 18 69 19 14 14 6 53 
Gulf Coast33 25 28 20 106 27 22 19 19 87 
Central Corridor25 26 23 20 94 18 18 16 5 57 
West Coast33 31 30 29 123 24 19 31 17 91 
Total113 99 93 87 392 88 73 80 47 288 
Foreign Currency Gains (Losses) Pre-Tax(21)(1)9 (6)(19)(8)(10)(5)30 7 
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates199 117 208 (85)439 (21)223 291 254 747 
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*
(428)(335)(416)(167)(1,346)(228)(495)(539)(499)(1,761)
Equity affiliate-related expenses not included in Realized Refining Margins
(229)(218)(208)(252)(907)(249)(272)(248)(245)(1,014)
* 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
190 182 168 194 734 206 228 208 199 841 
Proportional Share of Certain* Equity Affiliate
   Turnaround Expense, included in Certain Equity
   Affiliate Operating and SG&A Expenses
16 22 16 39 93 34 51 22 10 117 
* Includes WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).
Page 9

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Reconciliation of Refining Income before Income Taxes to Adjusted EBITDA ($ Millions)
Income before income taxes1,608 1,134 1,710 814 5,266 173 3,096 2,907 1,640 7,816 
Plus:
Depreciation and amortization202 205 208 224 839 203 217 220 226 866 
EBITDA1,810 1,339 1,918 1,038 6,105 376 3,313 3,127 1,866 8,682 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — (17)(17)— — — — — 
Hurricane-related (costs) recovery— — — — — 17 — (24)(14)(21)
Net loss on asset disposition — 14 — — 14 — — — — — 
Alliance shutdown-related costs— — — — — — 20 — — 20 
Regulatory compliance costs— — — — — — 70 — — 70 
Legal accrual— — 30 — 30 — — — — — 
EBITDA, Adjusted for Special Items1,810 1,353 1,948 1,021 6,132 393 3,403 3,103 1,852 8,751 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— 1 — — 1 — — 1 1 2 
Proportional share of selected equity affiliates net interest1 (3)(3)(1)(6)2 3 1 — 6 
Proportional share of selected equity affiliates depreciation and amortization23 24 24 46 117 23 23 22 24 92 
Adjusted EBITDA1,834 1,375 1,969 1,066 6,244 418 3,429 3,127 1,877 8,851 
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)443 464 492 518 479 503 526 525 542 524 
Total Processed Inputs (MB/D)438 492 509 557 499 533 548 538 566 546 
Crude Oil Capacity Utilization (%)82 %86 %92 %97 %89 %94 %98 %98 %101 %98 %
Clean Product Yield (%)84 %85 %86 %86 %86 %85 %83 %82 %83 %83 %
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)519 498 519 508 511 497 500 481 473 488 
Total Processed Inputs (MB/D)571 553 577 561 566 579 577 548 523 557 
Crude Oil Capacity Utilization (%)98 %94 %98 %96 %97 %94 %94 %91 %89 %92 %
Clean Product Yield (%)77 %80 %80 %84 %80 %77 %79 %81 %81 %79 %
Central Corridor*
Crude Oil Charge Input (MB/D)475 498 492 441 477 453 435 492 497 469 
Total Processed Inputs (MB/D)492 515 509 459 494 470 446 509 515 485 
Crude Oil Capacity Utilization (%)89 %94 %93 %83 %90 %85 %82 %93 %94 %88 %
Clean Product Yield (%)89 %89 %87 %92 %89 %88 %87 %88 %91 %88 %
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)281 314 323 279 299 294 306 290 269 290 
Total Processed Inputs (MB/D)316 343 350 312 330 321 332 314 299 316 
Crude Oil Capacity Utilization (%)88 %98 %101 %94 %95 %81 %84 %80 %74 %80 %
Clean Product Yield (%)86 %90 %89 %88 %88 %90 %85 %90 %89 %89 %
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)1,718 1,774 1,826 1,746 1,766 1,747 1,767 1,788 1,781 1,771 
Total Processed Inputs (MB/D)1,817 1,903 1,945 1,889 1,889 1,903 1,903 1,909 1,903 1,904 
Crude Oil Capacity Utilization (%)90 %93 %95 %92 %92 %89 %90 %91 %91 %90 %
Clean Product Yield (%)83 %86 %85 %87 %85 %84 %83 %85 %86 %84 %
Page 10

Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline170 210 213 235 207 226 221 210 230 222 
Distillates187 198 214 232 208 210 216 215 226 217 
Other81 87 84 95 87 102 113 114 113 110 
Total438 495 511 562 502 538 550 539 569 549 
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline222 230 246 240 234 233 231 223 226 228 
Distillates205 201 207 219 208 194 206 200 185 196 
Other153 131 134 108 132 163 149 134 118 141 
Total580 562 587 567 574 590 586 557 529 565 
Central Corridor*
Gasoline245 253 247 235 245 235 211 246 260 238 
Distillates191 202 196 185 194 176 176 200 206 190 
Other58 64 71 38 58 63 59 66 52 59 
Total494 519 514 458 497 474 446 512 518 487 
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline165 175 182 154 169 166 156 158 156 159 
Distillates106 133 127 119 121 123 126 124 110 121 
Other43 35 39 38 39 32 48 30 29 35 
Total314 343 348 311 329 321 330 312 295 315 
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline802 868 888 864 855 860 819 837 872 847 
Distillates689 734 744 755 731 703 724 739 727 724 
Other335 317 328 279 316 360 369 344 312 345 
Total1,826 1,919 1,960 1,898 1,902 1,923 1,912 1,920 1,911 1,916 
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI76.11 73.78 82.49 78.36 77.69 94.49 108.66 91.76 82.85 94.44 
Brent81.27 78.39 86.76 84.05 82.62 101.40 113.78 100.85 88.71 101.19 
LLS79.00 75.85 84.83 80.96 80.16 96.77 110.15 94.19 85.50 96.65 
ANS79.14 78.60 87.96 83.95 82.41 95.61 112.48 99.12 87.99 98.80 
WTI less Maya13.28 10.11 5.07 6.47 8.73 5.62 4.87 7.30 11.26 7.26 
WTI less WCS (settlement differential)
24.77 15.06 12.89 21.88 18.65 14.53 12.80 19.86 25.66 18.22 
Natural Gas ($/MMBtu)
Henry Hub2.67 2.12 2.58 2.74 2.53 4.60 7.39 7.96 5.55 6.38 
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent20.45 30.79 30.08 9.01 22.58 13.57 41.02 25.69 20.39 25.17 
East Coast Distillate less Brent42.42 24.62 40.76 36.76 36.14 28.40 68.16 49.04 73.13 54.68 
Gulf Coast
Gulf Coast Gasoline less LLS21.42 22.79 23.47 4.13 17.96 16.24 32.87 17.21 11.51 19.46 
Gulf Coast Distillate less LLS41.66 24.45 39.64 31.01 34.19 28.52 57.49 52.51 56.08 48.65 
Central Corridor
Central Gasoline less WTI26.02 31.35 32.51 8.82 24.67 16.17 36.31 27.38 14.73 23.65 
Central Distillate less WTI42.25 32.59 44.44 37.79 39.27 27.31 60.45 60.24 59.20 51.80 
West Coast
West Coast Gasoline less ANS35.35 37.20 50.81 19.89 35.81 31.92 51.66 46.29 27.03 39.23 
West Coast Distillate less ANS43.08 21.86 53.07 40.43 39.61 32.28 58.37 50.26 54.10 48.75 
Composite Market Crack Spread ($/BBL)**30.59 28.65 36.06 18.18 28.37 21.93 46.72 36.29 32.12 34.26 
Renewable Volume Obligation (RVO) Cost in Crack ($/BBL) 8.20 7.69 7.42 4.77 7.02 6.44 7.80 8.11 8.54 7.72 
* 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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes426 644 633 432 2,135 296 739 828 539 2,402 
Income before Income Taxes ($/BBL)
U.S.1.79 2.45 2.60 1.09 1.97 1.13 2.86 2.16 1.65 1.95 
International4.93 5.67 4.14 4.73 4.87 0.92 7.30 12.60 8.54 7.44 
Realized Marketing Fuel Margins ($/BBL)*
U.S.2.30 2.88 3.03 1.62 2.45 1.59 3.24 2.49 2.05 2.34 
International6.45 7.28 5.27 5.00 6.00 2.30 8.20 12.40 9.94 8.29 
* 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*211 244 269 318 1,042 246 263 298 180 987 
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates66 87 96 94 343 85 104 148 126 463 
Depreciation and Amortization*27 30 29 35 121 27 29 27 27 110 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*321 340 376 362 1,399 318 359 344 336 1,357 
* Excludes operating and SG&A expenses of all equity affiliates.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline1,021 1,131 1,136 1,218 1,127 1,046 1,089 1,096 1,078 1,077 
Distillates675 808 814 853 788 834 789 757 774 788 
Other— — — — — — — — — — 
Total1,696 1,939 1,950 2,071 1,915 1,880 1,878 1,853 1,852 1,865 
International Marketing
Gasoline90 94 88 91 91 83 87 94 94 90 
Distillates173 167 170 165 169 177 171 178 170 174 
Other19 20 18 18 18 17 19 16 20 18 
Total282 281 276 274 278 277 277 288 284 282 
Worldwide Marketing
Gasoline1,111 1,225 1,224 1,309 1,218 1,129 1,176 1,190 1,172 1,167 
Distillates848 975 984 1,018 957 1,011 960 935 944 962 
Other19 20 18 18 18 17 19 16 20 18 
Total1,978 2,220 2,226 2,345 2,193 2,157 2,155 2,141 2,136 2,147 
Foreign Currency Gains (Losses) Pre-Tax(4)(2)4 (2)(4)1 7 6 (4)10 
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes426 644 633 432 2,135 296 739 828 539 2,402 
Plus:
Depreciation and amortization27 30 29 35 121 27 29 27 27 110 
EBITDA453 674 662 467 2,256 323 768 855 566 2,512 
Special Item Adjustments (pre-tax):
None— — — — — — — — — — 
EBITDA, Adjusted for Special Items453 674 662 467 2,256 323 768 855 566 2,512 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes5 6 7 6 24 6 6 7 5 24 
Proportional share of selected equity affiliates net interest9 14 11 10 44 5 5 6 8 24 
Proportional share of selected equity affiliates depreciation and amortization20 18 21 20 79 21 18 18 19 76 
Adjusted EBITDA487 712 701 503 2,403 355 797 886 598 2,636 
Page 12

Phillips 66 Earnings Release Supplemental Data
CORPORATE AND OTHER
Millions of Dollars, Except as Indicated
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Loss before Income Taxes*(283)(330)(346)(347)(1,306)(249)(260)(320)(340)(1,169)
* Refer to Change in Basis of Presentation discussion on page 14.
Detail of Loss before Income Taxes
Net interest expense(124)(182)(163)(159)(628)(132)(127)(136)(142)(537)
Corporate overhead and other(159)(148)(183)(188)(678)(117)(133)(184)(198)(632)
Total(283)(330)(346)(347)(1,306)(249)(260)(320)(340)(1,169)
Net Interest Expense
Interest expense(198)(273)(229)(228)(928)(144)(141)(167)(200)(652)
Capitalized interest6 7 8 10 31 9 8 9 7 33 
Interest income68 84 58 59 269 3 6 22 51 82 
Total(124)(182)(163)(159)(628)(132)(127)(136)(142)(537)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes(283)(330)(346)(347)(1,306)(249)(260)(320)(340)(1,169)
Plus:
Net interest expense124 182 163 159 628 132 127 136 142 537 
Depreciation and amortization23 26 20 25 94 19 20 22 24 85 
EBITDA(136)(122)(163)(163)(584)(98)(113)(162)(174)(547)
Special Item Adjustments (pre-tax):
Business transformation restructuring costs35 41 51 50 177 — 25 74 60 159 
EBITDA, Adjusted for Special Items(101)(81)(112)(113)(407)(98)(88)(88)(114)(388)
Other Adjustments (pre-tax):
None— — — — — — — — — — 
Adjusted EBITDA(101)(81)(112)(113)(407)(98)(88)(88)(114)(388)
Foreign Currency Gains (Losses) Pre-Tax1 1 — — 2 (1)— (1)3 1 
Phillips 66 Total Company Debt
Total Debt18,485 19,866 19,444 19,359 19,359 14,434 12,969 17,657 17,190 17,190 
Debt-to-Capital Ratio (%)35 %39 %38 %38 %38 %39 %35 %35 %34 %34 %
Total Equity34,916 31,060 31,989 31,650 31,650 22,121 24,573 33,309 34,106 34,106 
Page 13

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Net income2,077 1,734 2,143 1,285 7,239 657 3,182 5,540 2,012 11,391 
Plus:
Income tax expense574 510 670 476 2,230 171 924 1,618 535 3,248 
Net interest expense124 182 163 159 628 132 127 136 142 537 
Depreciation and amortization476 495 488 518 1,977 338 359 430 502 1,629 
Phillips 66 EBITDA*3,251 2,921 3,464 2,438 12,074 1,298 4,592 7,724 3,191 16,805 
Special Item Adjustments (pre-tax):
Certain tax impacts— — — (19)(19)— — — — — 
Hurricane-related (costs) recovery— — — — — 17 — (24)(14)(21)
Net (gain) loss on asset disposition(36)14 (101)— (123)— — — — — 
Alliance shutdown-related costs— — — — — — 20 — — 20 
Regulatory compliance costs— — — — — — 70 — — 70 
Change in inventory method for acquired business— — (46)— (46)— — — — — 
DCP integration restructuring costs12 19 4 — 35 — — — 18 18 
Business transformation restructuring costs35 41 51 50 177 — 25 74 60 159 
Merger transaction costs— — — — — — — 13 — 13 
Gain related to merger of businesses— — — — — — — (3,013)— (3,013)
Legal accrual— — 30 — 30 — — — — — 
Total Special Item Adjustments (pre-tax)11 74 (62)31 54 17 115 (2,950)64 (2,754)
Change in Fair Value of NOVONIX Investment**12 15 9 3 39 158 240 33 11 442 
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*3,274 3,010 3,411 2,472 12,167 1,473 4,947 4,807 3,266 14,493 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes29 38 35 20 122 37 48 37 21 143 
Proportional share of selected equity affiliates net interest24 23 20 24 91 59 53 38 25 175 
Proportional share of selected equity affiliates depreciation and amortization186 182 187 229 784 201 201 194 192 788 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(226)(168)(47)(51)(492)(24)(21)(206)(176)(427)
Adjusted EBITDA attributable to public ownership interest in PSXP†
— — — — — (82)— — — (82)
Phillips 66 Adjusted EBITDA*3,287 3,085 3,606 2,694 12,672 1,664 5,228 4,870 3,328 15,090 
* Refer to Change in Basis of Presentation discussion below.
** See NOVONIX Investment table on page 5 for more details.
† On March 9, 2022, Phillips 66 Partners LP became a wholly owned subsidiary of Phillips 66.
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—In connection with the merger of DCP Midstream and Gray Oak Holdings LLC (Gray Oak Holdings), the results of our Transportation business reflect a decrease in our indirect economic interest in Gray Oak Pipeline, LLC (Gray Oak Pipeline) to 6.5% from August 18, 2022, forward. Prior to August 18, 2022, the Transportation results presented herein reflect Gray Oak Holdings' 65% economic interests in Gray Oak Pipeline. The results of our NGL and Other business include the consolidated results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills from August 18, 2022, forward. Prior to August 18, 2022, our investments in DCP Midstream, DCP Sand Hills and DCP Southern Hills were accounted for using the equity method. As a result of the merger and consolidation, in the third quarter of 2022, we began presenting the results of DCP Midstream Class A Segment within the results of our NGL and Other business. Prior periods also have been updated to reflect the results from our equity investment in DCP Midstream prior to August 18, 2022, within the results of our NGL and Other business. In addition, the DCP Midstream Class A Segment's net interest expense is reflected in our Corporate segment from August 18, 2022, forward.
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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ATLANTIC BASIN/EUROPE
Income before income taxes142 149 444 175 910 152 1,102 530 618 2,402 
Plus:
Taxes other than income taxes22 17 12 18 69 19 14 14 6 53 
Depreciation, amortization and impairments50 53 53 53 209 52 51 50 50 203 
Selling, general and administrative expenses10 8 9 11 38 6 7 18 10 41 
Operating expenses365 235 252 245 1,097 296 296 311 339 1,242 
Equity in losses of affiliates2 2 2 2 8 3 2 2 2 9 
Other segment (income) expense, net20 4 (7)2 19 12 8 2 (28)(6)
Proportional share of refining gross margins contributed by equity affiliates26 22 22 19 89 23 26 22 22 93 
Special items:
Certain tax impacts— — — (15)(15)— — — — — 
Regulatory compliance costs— — — — — — 9 — — 9 
Realized refining margins637 490 787 510 2,424 563 1,515 949 1,019 4,046 
Total processed inputs (MB)39,472 44,781 46,731 51,229 182,213 48,015 49,854 49,420 52,030 199,319 
Adjusted total processed inputs (MB)39,472 44,781 46,731 51,229 182,213 48,015 49,854 49,420 52,030 199,319 
Income before income taxes ($/BBL)**3.60 3.33 9.50 3.42 4.99 3.17 22.10 10.72 11.88 12.05 
Realized refining margins ($/BBL)***16.13 10.94 16.85 9.95 13.30 11.71 30.39 19.22 19.58 20.30 
GULF COAST
Income before income taxes705 243 342 350 1,640 41 906 770 374 2,091 
Plus:
Taxes other than income taxes33 25 28 20 106 27 22 19 19 87 
Depreciation, amortization and impairments60 63 61 62 246 56 67 59 68 250 
Selling, general and administrative expenses4 4 5 6 19 4 5 4 6 19 
Operating expenses286 249 286 283 1,104 317 320 273 320 1,230 
Equity in (earnings) losses of affiliates(1)— (1)— (2)2 3 1 1 7 
Other segment expense, net5 12 — — 17 — 1 — — 1 
Proportional share of refining gross margins contributed by equity affiliates— — — — — — — — — — 
Special items:
Regulatory compliance costs— — — — — — 26 — — 26 
Realized refining margins1,092 596 721 721 3,130 447 1,350 1,126 788 3,711 
Total processed inputs (MB)51,349 50,266 53,120 51,621 206,356 52,151 52,523 50,435 48,160 203,269 
Adjusted total processed inputs (MB)51,349 50,266 53,120 51,621 206,356 52,151 52,523 50,435 48,160 203,269 
Income before income taxes ($/BBL)**13.73 4.83 6.44 6.78 7.95 0.79 17.25 15.27 7.77 10.29 
Realized refining margins ($/BBL)***21.28 11.84 13.58 13.96 15.17 8.59 25.71 22.30 16.35 18.25 
CENTRAL CORRIDOR
Income (loss) before income taxes739 630 361 480 2,210 (135)491 1,343 716 2,415 
Plus:
Taxes other than income taxes25 26 23 20 94 18 18 16 5 57 
Depreciation, amortization and impairments38 38 42 45 163 35 36 36 40 147 
Selling, general and administrative expenses21 17 17 21 76 13 13 14 22 62 
Operating expenses166 157 223 192 738 184 264 179 182 809 
Equity in (earnings) losses of affiliates(200)(119)(209)83 (445)16 (228)(294)(257)(763)
Other segment (income) expense, net(1)(3)(4)1 (7)(4)2 4 — 2 
Proportional share of refining gross margins contributed by equity affiliates402 313 394 148 1,257 205 469 517 477 1,668 
Special items:
Regulatory compliance costs— — — — — — 22 — — 22 
Realized refining margins1,190 1,059 847 990 4,086 332 1,087 1,815 1,185 4,419 
Total processed inputs (MB)26,004 27,370 24,242 25,158 102,774 23,691 22,635 25,167 26,504 97,997 
Adjusted total processed inputs (MB)*44,315 46,841 46,871 42,224 180,251 42,267 40,629 46,857 47,359 177,112 
Income (loss) before income taxes ($/BBL)**28.42 23.02 14.89 19.08 21.50 (5.70)21.69 53.36 27.01 24.64 
Realized refining margins ($/BBL)***26.86 22.62 18.05 23.45 22.67 7.89 26.72 38.76 25.03 24.96 
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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WEST COAST
Income (loss) before income taxes22 112 563 (191)506 115 597 264 (68)908 
Plus:
Taxes other than income taxes33 31 30 29 123 24 19 31 17 91 
Depreciation, amortization and impairments54 55 55 67 231 60 63 76 80 279 
Selling, general and administrative expenses10 8 8 10 36 7 8 7 9 31 
Operating expenses350 300 381 366 1,397 306 306 451 423 1,486 
Other segment (income) expense, net1 2 1 2 6 1 — (1)(1)(1)
Special items:
Regulatory compliance costs— — — — — — 13 — — 13 
Realized refining margins470 508 1,038 283 2,299 513 1,006 828 460 2,807 
Total processed inputs (MB)28,416 31,246 32,207 28,712 120,581 28,877 30,199 28,897 27,484 115,457 
Adjusted total processed inputs (MB)28,416 31,246 32,207 28,712 120,581 28,877 30,199 28,897 27,484 115,457 
Income (loss) before income taxes ($/BBL)**0.77 3.58 17.48 (6.65)4.20 3.98 19.77 9.14 (2.47)7.86 
Realized refining margins ($/BBL)***16.53 16.27 32.23 9.89 19.07 17.74 33.31 28.64 16.77 24.31 
WORLDWIDE
Income before income taxes1,608 1,134 1,710 814 5,266 173 3,096 2,907 1,640 7,816 
Plus:
Taxes other than income taxes113 99 93 87 392 88 73 80 47 288 
Depreciation, amortization and impairments202 209 211 227 849 203 217 221 238 879 
Selling, general and administrative expenses45 37 39 48 169 30 33 43 47 153 
Operating expenses1,167 941 1,142 1,086 4,336 1,103 1,186 1,214 1,264 4,767 
Equity in (earnings) losses of affiliates(199)(117)(208)85 (439)21 (223)(291)(254)(747)
Other segment (income) expense, net25 15 (10)5 35 9 11 5 (29)(4)
Proportional share of refining gross margins contributed by equity affiliates428 335 416 167 1,346 228 495 539 499 1,761 
Special items:
Certain tax impacts— — — (15)(15)— — — — — 
Regulatory compliance costs— — — — — — 70 — — 70 
Realized refining margins3,389 2,653 3,393 2,504 11,939 1,855 4,958 4,718 3,452 14,983 
Total processed inputs (MB)145,241 153,663 156,300 156,720 611,924 152,734 155,211 153,919 154,178 616,042 
Adjusted total processed inputs (MB)*163,552 173,134 178,929 173,786 689,401 171,310 173,205 175,609 175,033 695,157 
Income before income taxes ($/BBL)**11.07 7.38 10.94 5.19 8.61 1.13 19.95 18.89 10.64 12.69 
Realized refining margins ($/BBL)***20.72 15.32 18.96 14.41 17.32 10.83 28.62 26.87 19.73 21.55 
* Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.
** Income (loss) before income taxes divided by total processed inputs.
*** Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
Page 16

Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS
Millions of Dollars, Except as Indicated
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
UNITED STATES
Income before income taxes273 432 466 207 1,378 191 489 368 281 1,329 
Plus:
Depreciation and amortization3 3 5 12 23 3 3 4 4 14 
Selling, general and administrative expenses181 204 217 212 814 182 210 218 198 808 
Equity in earnings of affiliates(3)(12)(19)(20)(54)(7)(16)(30)(18)(71)
Other operating revenues*(108)(122)(134)(113)(477)(107)(139)(141)(121)(508)
Other expense, net5 4 8 11 28 6 6 6 6 24 
Realized marketing fuel margins351 509 543 309 1,712 268 553 425 350 1,596 
Total fuel sales volumes (MB)152,662 176,349 179,432 190,518 698,961 169,196 170,899 170,473 170,362 680,930 
Income before income taxes ($/BBL)1.79 2.45 2.60 1.09 1.97 1.13 2.86 2.16 1.65 1.95 
Realized marketing fuel margins ($/BBL)**2.30 2.88 3.03 1.62 2.45 1.59 3.24 2.49 2.05 2.34 
INTERNATIONAL
Income before income taxes125 145 105 119 494 23 185 334 223 765 
Plus:
Depreciation and amortization18 21 18 18 75 18 19 17 18 72 
Selling, general and administrative expenses62 63 65 63 253 63 62 59 67 251 
Equity in earnings of affiliates(22)(30)(32)(29)(113)(26)(32)(31)(26)(115)
Other operating revenues*(13)(2)(8)(40)(63)(12)(9)(35)(6)(62)
Other (income) expense, net6 5 (2)6 15 4 (3)(3)(5)(7)
Marketing margins176 202 146 137 661 70 222 341 271 904 
Less: margin for nonfuel related sales12 16 13 11 52 13 14 12 12 51 
Realized marketing fuel margins164 186 133 126 609 57 208 329 259 853 
Total fuel sales volumes (MB)25,380 25,569 25,352 25,165 101,466 24,926 25,329 26,501 26,106 102,862 
Income before income taxes ($/BBL)4.93 5.67 4.14 4.73 4.87 0.92 7.30 12.60 8.54 7.44 
Realized marketing fuel margins ($/BBL)**6.45 7.28 5.27 5.00 6.00 2.30 8.20 12.40 9.94 8.29 
* 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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE TAX RATES
Income before income taxes2,651 2,244 2,813 1,761 9,469 828 4,106 7,158 2,547 14,639 
Special items11 130 (62)31 110 17 121 (2,950)64 (2,748)
Adjusted income before income taxes2,662 2,374 2,751 1,792 9,579 845 4,227 4,208 2,611 11,891 
Income tax expense574 510 670 476 2,230 171 924 1,618 535 3,248 
Special items2 22 (10)(71)(57)4 3 (681)39 (635)
Adjusted income tax expense576 532 660 405 2,173 175 927 937 574 2,613 
Effective tax rate (%)21.7 %22.7 %23.8 %27.0 %23.6 %20.7 %22.5 %22.6 %21.0 %22.2 %
Adjusted effective tax rate (%)21.6 %22.4 %24.0 %22.6 %22.7 %20.7 %21.9 %22.3 %22.0 %22.0 %
Page 17
v3.24.0.1
Document and Entity Information Document and Entity Information
Jan. 31, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Jan. 31, 2024
Entity Registrant Name Phillips 66
Entity File Number 001-35349
Entity Tax Identification Number 45-3779385
Entity Address, Address Line One 2331 CityWest Boulevard
Entity Address, City or Town Houston
Entity Address, State or Province TX
Entity Address, Postal Zip Code 77042
City Area Code 832
Local Phone Number 765-3010
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.01 par value
Trading Symbol PSX
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001534701
Amendment Flag false
Entity Incorporation, State or Country Code DE
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