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Published: 2023-05-03 00:00:00 ET
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EX-99.2 3 psx-2023331_erxsuppinfoxex.htm EXHIBIT 99.2 Document

Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data
psxphillips661.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 34,396 36,179 48,577 44,955 40,279 169,990 
Equity in earnings of affiliates611 611 685 917 782 584 2,968 
Net gain on dispositions34 34 1 — 1 5 7 
Other income (loss)**48 48 (143)(185)3,026 39 2,737 
Total Revenues and Other Income35,089 35,089 36,722 49,309 48,764 40,907 175,702 
Costs and Expenses
Purchased crude oil and products29,341 29,341 33,495 42,645 38,646 35,146 149,932 
Operating expenses1,578 1,578 1,340 1,431 1,612 1,728 6,111 
Selling, general and administrative expenses605 605 433 488 617 630 2,168 
Depreciation and amortization476 476 338 359 430 502 1,629 
Impairments8 8 — 2 — 58 60 
Taxes other than income taxes207 207 149 118 133 130 530 
Accretion on discounted liabilities6 6 6 6 5 6 23 
Interest and debt expense192 192 135 133 158 193 619 
Foreign currency transaction (gains) losses25 25 (2)21 5 (33)(9)
Total Costs and Expenses32,438 32,438 35,894 45,203 41,606 38,360 161,063 
Income before income taxes2,651 2,651 828 4,106 7,158 2,547 14,639 
Income tax expense574 574 171 924 1,618 535 3,248 
Net Income2,077 2,077 657 3,182 5,540 2,012 11,391 
Less: net income attributable to noncontrolling interests116 116 75 15 149 128 367 
Net Income Attributable to Phillips 661,961 1,961 582 3,167 5,391 1,884 11,024 
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic4.21 4.21 1.29 6.55 11.19 3.99 23.36 
Diluted4.20 4.20 1.29 6.53 11.16 3.97 23.27 
Weighted-Average Common Shares Outstanding (thousands)
Basic464,810 464,810 449,298 483,088 481,388 471,859 471,497 
Diluted467,034 467,034 450,011 485,035 483,036 474,327 473,731 
Effective tax rate (%)21.7 %21.7 %20.7 %22.5 %22.6 %21.0 %22.2 %
Adjusted effective tax rate (%)21.6 %21.6 %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*702 702 212 258 3,608 656 4,734 
Chemicals198 198 396 273 135 52 856 
Refining*1,608 1,608 173 3,096 2,907 1,640 7,816 
Marketing and Specialties*426 426 296 739 828 539 2,402 
Corporate and Other(283)(283)(249)(260)(320)(340)(1,169)
Income before income taxes2,651 2,651 828 4,106 7,158 2,547 14,639 
Less: income tax expense574 574 171 924 1,618 535 3,248 
Net Income2,077 2,077 657 3,182 5,540 2,012 11,391 
Less: net income attributable to noncontrolling interests116 116 75 15 149 128 367 
Net Income Attributable to Phillips 661,961 1,961 582 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*270 270 278 250 229 237 994 
NGL and Other*420 420 92 248 412 448 1,200 
NOVONIX**(12)(12)(158)(240)(33)(11)(442)
Total Midstream678 678 212 258 608 674 1,752 
Chemicals198 198 396 273 135 52 856 
Refining
Atlantic Basin/Europe*142 142 152 1,111 530 618 2,411 
Gulf Coast*705 705 58 958 746 360 2,122 
Central Corridor*739 739 (135)513 1,343 716 2,437 
West Coast*22 22 115 610 264 (68)921 
Total Refining1,608 1,608 190 3,192 2,883 1,626 7,891 
Total Marketing and Specialties*426 426 296 739 828 539 2,402 
Corporate and Other(248)(248)(249)(235)(246)(280)(1,010)
Adjusted income before income taxes2,662 2,662 845 4,227 4,208 2,611 11,891 
Less: adjusted income tax expense576 576 175 927 937 574 2,613 
Adjusted Net Income2,086 2,086 670 3,300 3,271 2,037 9,278 
Less: adjusted net income attributable to noncontrolling interests121 121 75 15 149 138 377 
Adjusted Net Income Attributable to Phillips 661,965 1,965 595 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
Net gain on asset disposition36 36 — —— — — 
Merger transaction costs— — — —(13)— (13)
Gain related to merger of businesses— — — —3,013 — 3,013 
DCP integration restructuring costs*(12)(12)— —— (18)(18)
Total Midstream24 24 — — 3,000 (18)2,982 
Chemicals— — — — — — — 
Refining
Hurricane-related costs (recovery)— — (17)— 24 14 21 
Alliance shutdown-related costs**— — — (26)— — (26)
Regulatory compliance costs— — — (70)— — (70)
Total Refining— — (17)(96)24 14 (75)
Marketing and Specialties— — — — — — — 
Corporate and Other
Business transformation restructuring costs***(35)(35)— (25)(74)(60)(159)
Total Corporate and Other(35)(35)— (25)(74)(60)(159)
Total Special Items (Pre-tax)(11)(11)(17)(121)2,950 (64)2,748 
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items****(2)(2)(4)(28)681 (14)635 
Other tax impacts— — — 25 — (25)— 
Total Income Tax Expense (Benefit)(2)(2)(4)(3)681 (39)635 
Less: Income (Loss) Attributable to Noncontrolling Interests
DCP integration restructuring costs*(5)(5)— — — (10)(10)
Total Income (Loss) Attributable to Noncontrolling Interests(5)(5)— — — (10)(10)
Total Phillips 66 Special Items (After-tax)(4)(4)(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 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
20232022
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation36 36 — — 182 — 182 
NGL and Other(12)(12)— — 2,818 (18)2,800 
NOVONIX— — — — — — — 
Total Midstream24 24 — — 3,000 (18)2,982 
Refining
Atlantic Basin/Europe— — — (9)— — (9)
Gulf Coast— — (17)(52)24 14 (31)
Central Corridor— — — (22)— — (22)
West Coast— — — (13)— — (13)
Total Refining— — (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 2,077 657 3,182 5,540 2,012 11,391 
Depreciation and amortization476 476 338 359 430 502 1,629 
Impairments8 8 — 2 — 58 60 
Accretion on discounted liabilities6 6 6 6 5 6 23 
Deferred income taxes146 146 142 148 856 174 1,320 
Undistributed equity earnings(242)(242)(100)(390)(495)(323)(1,308)
Net gain on dispositions(34)(34)(1)— (1)(5)(7)
Gain related to merger of businesses— — — — (3,013)— (3,013)
Unrealized investment loss**11 11 169 221 28 15 433 
Other14 14 40 80 (105)202 217 
Net working capital changes(1,263)(1,263)(115)(1,825)(101)2,109 68 
Net Cash Provided by Operating Activities1,199 1,199 1,136 1,783 3,144 4,750 10,813 
Cash Flows From Investing Activities
Capital expenditures and investments(378)(378)(370)(376)(735)(713)(2,194)
Return of investments in equity affiliates60 60 15 33 30 47 125 
Proceeds from asset dispositions77 77 1 1 1 1 4 
Advances/loans—related parties— — — (75)— — (75)
Collection of advances/loans—related parties— — — 101 135 426 662 
Other(24)(24)(74)25 32 7 (10)
Net Cash Used in Investing Activities(265)(265)(428)(291)(537)(232)(1,488)
Cash Flows From Financing Activities
Issuance of debt2,488 2,488 — — — 453 453 
Repayment of debt(1,223)(1,223)(24)(1,457)(476)(926)(2,883)
Issuance of common stock10 10 23 44 — 36 103 
Repurchase of common stock(800)(800)— (66)(694)(753)(1,513)
Dividends paid on common stock(486)(486)(404)(467)(466)(456)(1,793)
Distributions to noncontrolling interests(58)(58)(77)(24)(3)(81)(185)
Repurchase of noncontrolling interests— — — — — (500)(500)
Other(48)(48)(30)(7)(18)(15)(70)
Net Cash Used in Financing Activities(117)(117)(512)(1,977)(1,657)(2,242)(6,388)
Effect of Exchange Rate Changes on Cash and Cash Equivalents15 15 (8)(41)(15)113 49 
Net Change in Cash and Cash Equivalents832 832 188 (526)935 2,389 2,986 
Cash and cash equivalents at beginning of period6,133 6,133 3,147 3,335 2,809 3,744 3,147 
Cash and Cash Equivalents at End of Period6,965 6,965 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*†124 124 163 105 461 314 1,043 
Chemicals— — — — — — — 
Refining†227 227 172 221 211 324 928 
Marketing and Specialties11 11 11 19 30 29 89 
Corporate and Other16 16 24 31 33 46 134 
Consolidated Capital Expenditures and Investments378 378 370 376 735 713 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)142 142 113 161 158 269 701 
WRB (Refining)45 45 42 47 36 52 177 
Selected Equity Affiliates187 187 155 208 194 321 878 
* 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*306 306 278 250 411 237 1,176 
NGL and Other*408 408 92 248 3,230 430 4,000 
NOVONIX(12)(12)(158)(240)(33)(11)(442)
 Income before Income Taxes702 702 212 258 3,608 656 4,734 
 * Refer to Change in Basis of Presentation discussion on page 14.
Equity in Earnings of Affiliates
Transportation125 125 154 133 133 125 545 
NGL and Other26 26 73 186 81 31 371 
NOVONIX— — — — — — — 
Total151 151 227 319 214 156 916 
NOVONIX Investment
Unrealized Investment Loss(11)(11)(169)(221)(28)(15)(433)
Unrealized Foreign Currency Transaction Gain (Loss)(1)(1)11 (19)(5)4 (9)
Change in Fair Value of NOVONIX Investment(12)(12)(158)(240)(33)(11)(442)
Depreciation and Amortization*
Transportation40 40 39 43 46 46 174 
NGL and Other**184 184 50 50 115 179 394 
NOVONIX— — — — — — — 
Total224 224 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 179 186 187 224 217 814 
NGL and Other**371 371 81 89 281 393 844 
NOVONIX— — — — — — — 
Total550 550 267 276 505 610 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 3,039 3,099 3,066 3,084 3,109 3,089 
Terminals3,203 3,203 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)*660 660 452 469 508 686 529 
NGL Production (MB/D)**421 421 400 438 434 420 423 
NGL Pipelines Throughput (MB/D)***918 918 885 927 946 894 913 
Wellhead Volume (Bcf/D)**4.5 4.5 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 0.74 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*702 702 212 258 3,608 656 4,734 
Plus:
Depreciation and amortization224 224 89 93 161 225 568 
EBITDA*926 926 301 351 3,769 881 5,302 
Special Item Adjustments (pre-tax):
Net gain on asset disposition(36)(36)— — — — — 
Merger transaction costs— — — — 13 — 13 
Gain related to merger of businesses— — — — (3,013)— (3,013)
DCP integration restructuring costs12 12 — — — 18 18 
Total Special Item Adjustments (pre-tax)(24)(24)— — (3,000)18 (2,982)
Change in Fair Value of NOVONIX Investment**12 12 158 240 33 11 442 
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*914 914 459 591 802 910 2,762 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes4 4 2 4 4 3 13 
Proportional share of selected equity affiliates net interest13 13 41 39 26 13 119 
Proportional share of selected equity affiliates depreciation and amortization41 41 56 57 51 45 209 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(226)(226)(24)(21)(206)(176)(427)
Adjusted EBITDA*746 746 534 670 677 795 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 306 278 250 411 237 1,176 
Plus:
Depreciation and amortization40 40 39 43 46 46 174 
EBITDA*346 346 317 293 457 283 1,350 
Special Item Adjustments (pre-tax):
Net gain on asset disposition(36)(36)— — — — — 
Gain related to merger of businesses— — — — (182)— (182)
EBITDA, Adjusted for Special Items*310 310 317 293 275 283 1,168 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes4 4 2 3 4 3 12 
Proportional share of selected equity affiliates net interest13 13 21 19 16 13 69 
Proportional share of selected equity affiliates depreciation and amortization27 27 37 38 34 27 136 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(4)(4)(24)(21)(11)(3)(59)
Adjusted EBITDA*350 350 353 332 318 323 1,326 
* Refer to Change in Basis of Presentation discussion on page 14.
NGL and Other
Income before income taxes*408 408 92 248 3,230 430 4,000 
Plus:
Depreciation and amortization184 184 50 50 115 179 394 
EBITDA*592 592 142 298 3,345 609 4,394 
Special Item Adjustments (pre-tax):
Merger transaction costs— — — — 13 — 13 
Gain related to merger of businesses— — — — (2,831)— (2,831)
DCP integration restructuring costs12 12 — — — 18 18 
EBITDA, Adjusted for Special Items*604 604 142 298 527 627 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 14 19 19 17 18 73 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(222)(222)— — (195)(173)(368)
Adjusted EBITDA*396 396 181 338 359 472 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 198 396 273 135 52 856 
Equity in Earnings of Affiliate195 195 393 271 129 49 842 
100% CPChem Results
Net Income, excludes parent company income tax related to CPChem's earnings390 390 764 544 257 97 1,662 
Income before Income Taxes401 401 787 566 275 106 1,734 
Depreciation and Amortization142 142 141 144 145 155 585 
Net Interest Expense*6 6 23 11 12 9 55 
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments283 283 225 322 317 538 1,402 
Return of Investments from Equity Companies— — (26)(34)(5)— (65)
Olefins and Polyolefins Capacity Utilization (%)94 %94 %99 %94 %90 %83 %91 %
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)26.0 26.0 39.5 35.0 31.6 26.7 33.2 
HDPE Blow Molding, Domestic Spot (cents/lb)45.8 45.8 69.8 69.8 52.9 43.3 58.9 
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)14.6 14.6 22.1 28.0 26.7 21.7 24.6 
HDPE Blow Molding, Total Cash Cost (cents/lb)40.1 40.1 53.9 49.8 46.6 41.2 47.9 
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)17.1 17.1 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 198 396 273 135 52 856 
Plus:
None— — — — — — — 
EBITDA198 198 396 273 135 52 856 
Special Item Adjustments (pre-tax):
None— — — — — — — 
EBITDA, Adjusted for Special Items198 198 396 273 135 52 856 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes20 20 29 38 25 12 104 
Proportional share of selected equity affiliates net interest1 1 11 6 5 4 26 
Proportional share of selected equity affiliates depreciation and amortization102 102 101 103 103 104 411 
Adjusted EBITDA321 321 537 420 268 172 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/Europe*142 142 152 1,102 530 618 2,402 
Gulf Coast*705 705 41 906 770 374 2,091 
Central Corridor*739 739 (135)491 1,343 716 2,415 
West Coast*22 22 115 597 264 (68)908 
Income before Income Taxes1,608 1,608 173 3,096 2,907 1,640 7,816 
* Refer to Change in Basis of Presentation discussion on page 14.
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe3.60 3.60 3.17 22.10 10.72 11.88 12.05 
Gulf Coast13.73 13.73 0.79 17.25 15.27 7.77 10.29 
Central Corridor28.42 28.42 (5.70)21.69 53.36 27.01 24.64 
West Coast0.77 0.77 3.98 19.77 9.14 (2.47)7.86 
Worldwide11.07 11.07 1.13 19.95 18.89 10.64 12.69 
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe16.13 16.13 11.71 30.39 19.22 19.58 20.30 
Gulf Coast21.28 21.28 8.59 25.71 22.30 16.35 18.25 
Central Corridor26.86 26.86 7.89 26.72 38.76 25.03 24.96 
West Coast16.53 16.53 17.74 33.31 28.64 16.77 24.31 
Worldwide20.72 20.72 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)(3)(2)(2)(2)(9)
Gulf Coast1 1 (2)(3)(1)(1)(7)
Central Corridor200 200 (16)228 294 257 763 
West Coast— — — — — — — 
Total199 199 (21)223 291 254 747 
Depreciation and Amortization*
Atlantic Basin/Europe50 50 52 51 50 49 202 
Gulf Coast**60 60 56 67 58 61 242 
Central Corridor38 38 35 36 36 40 147 
West Coast54 54 60 63 76 76 275 
Total202 202 203 217 220 226 866 
* Excludes D&A of all equity affiliates.
** Refer to Change in Basis of Presentation discussion on page 14.
Operating and SG&A Expenses*
Atlantic Basin/Europe**375 375 302 303 329 349 1,283 
Gulf Coast**290 290 321 325 277 326 1,249 
Central Corridor**187 187 197 277 193 204 871 
West Coast**360 360 313 314 458 432 1,517 
Total1,212 1,212 1,133 1,219 1,257 1,311 4,920 
* Excludes operating and SG&A expenses of all equity affiliates.
** Refer to Change in Basis of Presentation discussion on page 14.
Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe124 124 13 22 44 52 131 
Gulf Coast56 56 31 40 53 101 225 
Central Corridor12 12 26 117 17 17 177 
West Coast42 42 32 44 111 66 253 
Total234 234 102 223 225 236 786 
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe22 22 19 14 14 6 53 
Gulf Coast*33 33 27 22 19 19 87 
Central Corridor25 25 18 18 16 5 57 
West Coast33 33 24 19 31 17 91 
Total113 113 88 73 80 47 288 
* Refer to Change in Basis of Presentation discussion on page 14.
Foreign Currency Gains (Losses) Pre-Tax(21)(21)(8)(10)(5)30 7 
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates199 199 (21)223 291 254 747 
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*
(428)(428)(228)(495)(539)(499)(1,761)
Equity affiliate-related expenses not included in Realized Refining Margins
(229)(229)(249)(272)(248)(245)(1,014)
Regional Totals
Atlantic Basin/Europe(28)(28)(26)(28)(24)(24)(102)
Gulf Coast1 1 (2)(3)(1)(1)(7)
Central Corridor(202)(202)(221)(241)(223)(220)(905)
Total(229)(229)(249)(272)(248)(245)(1,014)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).
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 taxes*1,608 1,608 173 3,096 2,907 1,640 7,816 
Plus:
Depreciation and amortization*202 202 203 217 220 226 866 
EBITDA*1,810 1,810 376 3,313 3,127 1,866 8,682 
Special Item Adjustments (pre-tax):
Hurricane-related costs (recovery)— — 17 — (24)(14)(21)
Alliance shutdown-related costs— — — 20 — — 20 
Regulatory compliance costs— — — 70 — — 70 
EBITDA, Adjusted for Special Items*1,810 1,810 393 3,403 3,103 1,852 8,751 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — 1 1 2 
Proportional share of selected equity affiliates net interest1 1 2 3 1 — 6 
Proportional share of selected equity affiliates depreciation and amortization23 23 23 23 22 24 92 
Adjusted EBITDA*1,834 1,834 418 3,429 3,127 1,877 8,851 
* Refer to Change in Basis of Presentation discussion on page 14.
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)443 443 503 526 525 542 524 
Total Processed Inputs (MB/D)438 438 533 548 538 566 546 
Crude Oil Capacity Utilization (%)82 %82 %94 %98 %98 %101 %98 %
Clean Product Yield (%)84 %84 %85 %83 %82 %83 %83 %
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)519 519 497 500 481 473 488 
Total Processed Inputs (MB/D)571 571 579 577 548 523 557 
Crude Oil Capacity Utilization (%)98 %98 %94 %94 %91 %89 %92 %
Clean Product Yield (%)77 %77 %77 %79 %81 %81 %79 %
Central Corridor*
Crude Oil Charge Input (MB/D)475 475 453 435 492 497 469 
Total Processed Inputs (MB/D)492 492 470 446 509 515 485 
Crude Oil Capacity Utilization (%)89 %89 %85 %82 %93 %94 %88 %
Clean Product Yield (%)89 %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)281 281 294 306 290 269 290 
Total Processed Inputs (MB/D)316 316 321 332 314 299 316 
Crude Oil Capacity Utilization (%)88 %88 %81 %84 %80 %74 %80 %
Clean Product Yield (%)86 %86 %90 %85 %90 %89 %89 %
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)1,718 1,718 1,747 1,767 1,788 1,781 1,771 
Total Processed Inputs (MB/D)1,817 1,817 1,903 1,903 1,909 1,903 1,904 
Crude Oil Capacity Utilization (%)90 %90 %89 %90 %91 %91 %90 %
Clean Product Yield (%)83 %83 %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 170 226 221 210 230 222 
Distillates187 187 210 216 215 226 217 
Other81 81 102 113 114 113 110 
Total438 438 538 550 539 569 549 
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline222 222 233 231 223 226 228 
Distillates205 205 194 206 200 185 196 
Other153 153 163 149 134 118 141 
Total580 580 590 586 557 529 565 
Central Corridor*
Gasoline245 245 235 211 246 260 238 
Distillates191 191 176 176 200 206 190 
Other58 58 63 59 66 52 59 
Total494 494 474 446 512 518 487 
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline165 165 166 156 158 156 159 
Distillates106 106 123 126 124 110 121 
Other43 43 32 48 30 29 35 
Total314 314 321 330 312 295 315 
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline802 802 860 819 837 872 847 
Distillates689 689 703 724 739 727 724 
Other335 335 360 369 344 312 345 
Total1,826 1,826 1,923 1,912 1,920 1,911 1,916 
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI76.11 76.11 94.49 108.66 91.76 82.85 94.44 
Brent81.27 81.27 101.40 113.78 100.85 88.71 101.19 
LLS79.00 79.00 96.77 110.15 94.19 85.50 96.65 
ANS79.14 79.14 95.61 112.48 99.12 87.99 98.80 
WTI less Maya13.28 13.28 5.62 4.87 7.30 11.26 7.26 
WTI less WCS (settlement differential)
24.77 24.77 14.53 12.80 19.86 25.66 18.22 
Natural Gas ($/MMBtu)
Henry Hub2.67 2.67 4.60 7.39 7.96 5.55 6.38 
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent20.45 20.45 13.57 41.02 25.69 20.39 25.17 
East Coast Distillate less Brent42.42 42.42 28.40 68.16 49.04 73.13 54.68 
Gulf Coast
Gulf Coast Gasoline less LLS21.42 21.42 16.24 32.87 17.21 11.51 19.46 
Gulf Coast Distillate less LLS41.66 41.66 28.52 57.49 52.51 56.08 48.65 
Central Corridor
Central Gasoline less WTI26.02 26.02 16.17 36.31 27.38 14.73 23.65 
Central Distillate less WTI42.25 42.25 27.31 60.45 60.24 59.20 51.80 
West Coast
West Coast Gasoline less ANS35.35 35.35 31.92 51.66 46.29 27.03 39.23 
West Coast Distillate less ANS43.08 43.08 32.28 58.37 50.26 54.10 48.75 
Composite Market Crack Spread ($/BBL)**30.59 30.59 21.93 46.72 36.29 32.12 34.26 
Renewable Volume Obligation (RVO) Cost in Crack ($/BBL) 8.20 8.20 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 Taxes*426 426 296 739 828 539 2,402 
* Refer to Change in Basis of Presentation discussion on page 14.
Income before Income Taxes ($/BBL)
U.S.1.79 1.79 1.13 2.86 2.16 1.65 1.95 
International4.93 4.93 0.92 7.30 12.60 8.54 7.44 
Realized Marketing Fuel Margins ($/BBL)*
U.S.2.30 2.30 1.59 3.24 2.49 2.05 2.34 
International6.45 6.45 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*211 211 246 263 298 180 987 
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates66 66 85 104 148 126 463 
Depreciation and Amortization*27 27 27 29 27 27 110 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*†321 321 318 359 344 336 1,357 
* Excludes operating and SG&A expenses of all equity affiliates.
† Refer to Change in Basis of Presentation discussion on page 14.
Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline1,021 1,021 1,046 1,089 1,096 1,078 1,077 
Distillates675 675 834 789 757 774 788 
Other— — — — — — — 
Total1,696 1,696 1,880 1,878 1,853 1,852 1,865 
International Marketing
Gasoline90 90 83 87 94 94 90 
Distillates173 173 177 171 178 170 174 
Other19 19 17 19 16 20 18 
Total282 282 277 277 288 284 282 
Worldwide Marketing
Gasoline1,111 1,111 1,129 1,176 1,190 1,172 1,167 
Distillates848 848 1,011 960 935 944 962 
Other19 19 17 19 16 20 18 
Total1,978 1,978 2,157 2,155 2,141 2,136 2,147 
Foreign Currency Gains (Losses) Pre-Tax(4)(4)1 7 6 (4)10 
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes*426 426 296 739 828 539 2,402 
Plus:
Depreciation and amortization27 27 27 29 27 27 110 
EBITDA*453 453 323 768 855 566 2,512 
Special Item Adjustments (pre-tax):
None— — — — — — — 
EBITDA, Adjusted for Special Items*453 453 323 768 855 566 2,512 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes5 5 6 6 7 5 24 
Proportional share of selected equity affiliates net interest9 9 5 5 6 8 24 
Proportional share of selected equity affiliates depreciation and amortization20 20 21 18 18 19 76 
Adjusted EBITDA*487 487 355 797 886 598 2,636 
* Refer to Change in Basis of Presentation discussion on page 14.
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)(283)(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)(124)(132)(127)(136)(142)(537)
Corporate overhead and other(159)(159)(117)(133)(184)(198)(632)
Total(283)(283)(249)(260)(320)(340)(1,169)
Net Interest Expense
Interest expense(198)(198)(144)(141)(167)(200)(652)
Capitalized interest6 6 9 8 9 7 33 
Interest income68 68 3 6 22 51 82 
Total(124)(124)(132)(127)(136)(142)(537)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes(283)(283)(249)(260)(320)(340)(1,169)
Plus:
Net interest expense124 124 132 127 136 142 537 
Depreciation and amortization23 23 19 20 22 24 85 
EBITDA(136)(136)(98)(113)(162)(174)(547)
Special Item Adjustments (pre-tax):
Business transformation restructuring costs35 35 — 25 74 60 159 
EBITDA, Adjusted for Special Items(101)(101)(98)(88)(88)(114)(388)
Other Adjustments (pre-tax):
None— — — — — — — 
Adjusted EBITDA(101)(101)(98)(88)(88)(114)(388)
Foreign Currency Gains (Losses) Pre-Tax1 1 (1)— (1)3 1 
Phillips 66 Total Company Debt
Total Debt18,485 18,485 14,434 12,969 17,657 17,190 17,190 
Debt-to-Capital Ratio (%)35 %35 %39 %35 %35 %34 %34 %
Total Equity34,916 34,916 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 2,077 657 3,182 5,540 2,012 11,391 
Plus:
Income tax expense574 574 171 924 1,618 535 3,248 
Net interest expense124 124 132 127 136 142 537 
Depreciation and amortization476 476 338 359 430 502 1,629 
Phillips 66 EBITDA*3,251 3,251 1,298 4,592 7,724 3,191 16,805 
Special Item Adjustments (pre-tax):
Hurricane-related costs (recovery)— — 17 — (24)(14)(21)
Net gain on asset disposition(36)(36)— — — — — 
Alliance shutdown-related costs— — — 20 — — 20 
Regulatory compliance costs— — — 70 — — 70 
DCP integration restructuring costs12 12 — — — 18 18 
Business transformation restructuring costs35 35 — 25 74 60 159 
Merger transaction costs— — — — 13 — 13 
Gain related to merger of businesses— — — — (3,013)— (3,013)
Total Special Item Adjustments (pre-tax)11 11 17 115 (2,950)64 (2,754)
Change in Fair Value of NOVONIX Investment**12 12 158 240 33 11 442 
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*3,274 3,274 1,473 4,947 4,807 3,266 14,493 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes29 29 37 48 37 21 143 
Proportional share of selected equity affiliates net interest24 24 59 53 38 25 175 
Proportional share of selected equity affiliates depreciation and amortization186 186 201 201 194 192 788 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(226)(226)(24)(21)(206)(176)(427)
Adjusted EBITDA attributable to public ownership interest in PSXP†
— — (82)— — — (82)
Phillips 66 Adjusted EBITDA*3,287 3,287 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. During the fourth quarter of 2022, we changed the internal financial information reviewed by our chief executive officer to evaluate results and allocate resources to reflect the realignment of certain businesses between segments and business lines. We determined this realignment resulted in a change in the composition of our operating segments. Accordingly, prior period results have been recast for comparability. The primary effects of this realignment included moving the results of certain processing assets at our Sweeny and Lake Charles refineries, in the Gulf Coast Region, from the Midstream segment (NGL and Other) to the Refining segment. Additionally, commissions charged to the Refining segment by the Marketing and Specialties segment related to sales of specialty products were eliminated and the costs of the sales organization were reclassified from the Marketing and Specialties segment to the Refining segment. Additionally, we no longer present disaggregated business line results for our Chemicals and Marketing and Specialties segments.
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 142 152 1,102 530 618 2,402 
Plus:
Taxes other than income taxes22 22 19 14 14 6 53 
Depreciation, amortization and impairments50 50 52 51 50 50 203 
Selling, general and administrative expenses10 10 6 7 18 10 41 
Operating expenses365 365 296 296 311 339 1,242 
Equity in losses of affiliates2 2 3 2 2 2 9 
Other segment (income) expense, net20 20 12 8 2 (28)(6)
Proportional share of refining gross margins contributed by equity affiliates26 26 23 26 22 22 93 
Special items:
Regulatory compliance costs— — — 9 — — 9 
Realized refining margins637 637 563 1,515 949 1,019 4,046 
Total processed inputs (MB)39,472 39,472 48,015 49,854 49,420 52,030 199,319 
Adjusted total processed inputs (MB)39,472 39,472 48,015 49,854 49,420 52,030 199,319 
Income before income taxes ($/BBL)**3.60 3.60 3.17 22.10 10.72 11.88 12.05 
Realized refining margins ($/BBL)***16.13 16.13 11.71 30.39 19.22 19.58 20.30 
GULF COAST
Income before income taxes705 705 41 906 770 374 2,091 
Plus:
Taxes other than income taxes33 33 27 22 19 19 87 
Depreciation, amortization and impairments60 60 56 67 59 68 250 
Selling, general and administrative expenses4 4 4 5 4 6 19 
Operating expenses286 286 317 320 273 320 1,230 
Equity in (earnings) losses of affiliates(1)(1)2 3 1 1 7 
Other segment expense, net5 5 — 1 — — 1 
Proportional share of refining gross margins contributed by equity affiliates— — — — — — — 
Special items:
Regulatory compliance costs— — — 26 — — 26 
Realized refining margins1,092 1,092 447 1,350 1,126 788 3,711 
Total processed inputs (MB)51,349 51,349 52,151 52,523 50,435 48,160 203,269 
Adjusted total processed inputs (MB)51,349 51,349 52,151 52,523 50,435 48,160 203,269 
Income before income taxes ($/BBL)**13.73 13.73 0.79 17.25 15.27 7.77 10.29 
Realized refining margins ($/BBL)***21.28 21.28 8.59 25.71 22.30 16.35 18.25 
CENTRAL CORRIDOR
Income (loss) before income taxes739 739 (135)491 1,343 716 2,415 
Plus:
Taxes other than income taxes25 25 18 18 16 5 57 
Depreciation, amortization and impairments38 38 35 36 36 40 147 
Selling, general and administrative expenses21 21 13 13 14 22 62 
Operating expenses166 166 184 264 179 182 809 
Equity in (earnings) losses of affiliates(200)(200)16 (228)(294)(257)(763)
Other segment (income) expense, net(1)(1)(4)2 4 — 2 
Proportional share of refining gross margins contributed by equity affiliates402 402 205 469 517 477 1,668 
Special items:
Regulatory compliance costs— — — 22 — — 22 
Realized refining margins1,190 1,190 332 1,087 1,815 1,185 4,419 
Total processed inputs (MB)26,004 26,004 23,691 22,635 25,167 26,504 97,997 
Adjusted total processed inputs (MB)*44,315 44,315 42,267 40,629 46,857 47,359 177,112 
Income (loss) before income taxes ($/BBL)**28.42 28.42 (5.70)21.69 53.36 27.01 24.64 
Realized refining margins ($/BBL)***26.86 26.86 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 22 115 597 264 (68)908 
Plus:
Taxes other than income taxes33 33 24 19 31 17 91 
Depreciation, amortization and impairments54 54 60 63 76 80 279 
Selling, general and administrative expenses10 10 7 8 7 9 31 
Operating expenses350 350 306 306 451 423 1,486 
Other segment (income) expense, net1 1 1 — (1)(1)(1)
Special items:
Regulatory compliance costs— — — 13 — — 13 
Realized refining margins470 470 513 1,006 828 460 2,807 
Total processed inputs (MB)28,416 28,416 28,877 30,199 28,897 27,484 115,457 
Adjusted total processed inputs (MB)28,416 28,416 28,877 30,199 28,897 27,484 115,457 
Income (loss) before income taxes ($/BBL)**0.77 0.77 3.98 19.77 9.14 (2.47)7.86 
Realized refining margins ($/BBL)***16.53 16.53 17.74 33.31 28.64 16.77 24.31 
WORLDWIDE
Income before income taxes1,608 1,608 173 3,096 2,907 1,640 7,816 
Plus:
Taxes other than income taxes113 113 88 73 80 47 288 
Depreciation, amortization and impairments202 202 203 217 221 238 879 
Selling, general and administrative expenses45 45 30 33 43 47 153 
Operating expenses1,167 1,167 1,103 1,186 1,214 1,264 4,767 
Equity in (earnings) losses of affiliates(199)(199)21 (223)(291)(254)(747)
Other segment (income) expense, net25 25 9 11 5 (29)(4)
Proportional share of refining gross margins contributed by equity affiliates428 428 228 495 539 499 1,761 
Special items:
Regulatory compliance costs— — — 70 — — 70 
Realized refining margins3,389 3,389 1,855 4,958 4,718 3,452 14,983 
Total processed inputs (MB)145,241 145,241 152,734 155,211 153,919 154,178 616,042 
Adjusted total processed inputs (MB)*163,552 163,552 171,310 173,205 175,609 175,033 695,157 
Income before income taxes ($/BBL)**11.07 11.07 1.13 19.95 18.89 10.64 12.69 
Realized refining margins ($/BBL)***20.72 20.72 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 273 191 489 368 281 1,329 
Plus:
Depreciation and amortization3 3 3 3 4 4 14 
Selling, general and administrative expenses181 181 182 210 218 198 808 
Equity in earnings of affiliates(3)(3)(7)(16)(30)(18)(71)
Other operating revenues*(108)(108)(107)(139)(141)(121)(508)
Other expense, net5 5 6 6 6 6 24 
Realized marketing fuel margins351 351 268 553 425 350 1,596 
Total fuel sales volumes (MB)152,662 152,662 169,196 170,899 170,473 170,362 680,930 
Income before income taxes ($/BBL)1.79 1.79 1.13 2.86 2.16 1.65 1.95 
Realized marketing fuel margins ($/BBL)**2.30 2.30 1.59 3.24 2.49 2.05 2.34 
INTERNATIONAL
Income before income taxes125 125 23 185 334 223 765 
Plus:
Depreciation and amortization18 18 18 19 17 18 72 
Selling, general and administrative expenses62 62 63 62 59 67 251 
Equity in earnings of affiliates(22)(22)(26)(32)(31)(26)(115)
Other operating revenues*(13)(13)(12)(9)(35)(6)(62)
Other (income) expense, net6 6 4 (3)(3)(5)(7)
Marketing margins176 176 70 222 341 271 904 
Less: margin for nonfuel related sales12 12 13 14 12 12 51 
Realized marketing fuel margins164 164 57 208 329 259 853 
Total fuel sales volumes (MB)25,380 25,380 24,926 25,329 26,501 26,106 102,862 
Income before income taxes ($/BBL)4.93 4.93 0.92 7.30 12.60 8.54 7.44 
Realized marketing fuel margins ($/BBL)**6.45 6.45 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 2,651 828 4,106 7,158 2,547 14,639 
Special items11 11 17 121 (2,950)64 (2,748)
Adjusted income before income taxes2,662 2,662 845 4,227 4,208 2,611 11,891 
Income tax expense574 574 171 924 1,618 535 3,248 
Special items2 2 4 3 (681)39 (635)
Adjusted income tax expense576 576 175 927 937 574 2,613 
Effective tax rate (%)21.7 %21.7 %20.7 %22.5 %22.6 %21.0 %22.2 %
Adjusted effective tax rate (%)21.6 %21.6 %20.7 %21.9 %22.3 %22.0 %22.0 %
Page 17