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Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data
psxphillips661.jpg

CONSOLIDATED STATEMENT OF OPERATIONS*
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Revenues and Other Income
Sales and other operating revenues36,179 48,577 44,955 40,279 169,990 21,627 27,002 30,243 32,604 111,476 
Equity in earnings of affiliates685 917 782 584 2,968 285 830 982 807 2,904 
Net gain on dispositions— — 18 
Other income (loss)**(143)(185)3,026 39 2,737 15 51 238 150 454 
Total Revenues and Other Income36,722 49,309 48,764 40,907 175,702 21,927 27,885 31,472 33,568 114,852 
Costs and Expenses
Purchased crude oil and products33,495 42,645 38,646 35,146 149,932 20,065 25,218 27,529 29,290 102,102 
Operating expenses1,340 1,431 1,612 1,728 6,111 1,380 1,175 1,166 1,426 5,147 
Selling, general and administrative expenses433 488 617 630 2,168 408 433 424 479 1,744 
Depreciation and amortization338 359 430 502 1,629 356 364 361 524 1,605 
Impairments— — 58 60 198 — 1,298 1,498 
Taxes other than income taxes149 118 133 130 530 139 119 85 67 410 
Accretion on discounted liabilities23 24 
Interest and debt expense135 133 158 193 619 146 143 151 141 581 
Foreign currency transaction (gains) losses(2)21 (33)(9)— (9)
Total Costs and Expenses35,894 45,203 41,606 38,360 161,063 22,698 27,449 31,024 31,941 113,112 
Income (loss) before income taxes828 4,106 7,158 2,547 14,639 (771)436 448 1,627 1,740 
Income tax expense (benefit)171 924 1,618 535 3,248 (132)62 (40)256 146 
Net Income (Loss)657 3,182 5,540 2,012 11,391 (639)374 488 1,371 1,594 
Less: net income attributable to noncontrolling interests75 15 149 128 367 15 78 86 98 277 
Net Income (Loss) Attributable to Phillips 66582 3,167 5,391 1,884 11,024 (654)296 402 1,273 1,317 
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic1.29 6.55 11.19 3.99 23.36 (1.49)0.66 0.91 2.89 2.97 
Diluted1.29 6.53 11.16 3.97 23.27 (1.49)0.66 0.91 2.88 2.97 
Weighted-Average Common Shares Outstanding (thousands)
Basic449,298 483,088 481,388 471,859 471,497 439,504 439,940 440,193 440,469 440,028 
Diluted450,011 485,035 483,036 474,327 473,731 439,504 440,396 440,368 441,584 440,364 
Effective tax rate (%)20.7 %22.5 %22.6 %21.0 %22.2 %17.1 %14.2 %(8.9)%15.7 %8.4 %
Adjusted effective tax rate (%)20.7 %21.9 %22.3 %22.0 %22.0 %15.9 %18.9 %16.1 %20.2 %18.6 %
 * Refer to Change in Basis of Presentation discussion on page 14.
** Includes the unrealized investment gain (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 (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream*212 258 3,608 656 4,734 57 285 599 559 1,500 
Chemicals396 273 135 52 856 154 623 631 436 1,844 
Refining*173 3,096 2,907 1,640 7,816 (1,008)(679)(1,074)408 (2,353)
Marketing and Specialties*296 739 828 539 2,402 277 453 523 470 1,723 
Corporate and Other(249)(260)(320)(340)(1,169)(251)(246)(231)(246)(974)
Income (loss) before income taxes828 4,106 7,158 2,547 14,639 (771)436 448 1,627 1,740 
Less: income tax expense (benefit)171 924 1,618 535 3,248 (132)62 (40)256 146 
Net Income (Loss)657 3,182 5,540 2,012 11,391 (639)374 488 1,371 1,594 
Less: net income attributable to noncontrolling interests75 15 149 128 367 15 78 86 98 277 
Net Income (Loss) Attributable to Phillips 66582 3,167 5,391 1,884 11,024 (654)296 402 1,273 1,317 
 * 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 (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation*278 250 229 237 994 206 224 254 273 957 
NGL and Other*92 248 412 448 1,200 51 65 134 215 465 
NOVONIX**(158)(240)(33)(11)(442)— — 224 146 370 
Total Midstream212 258 608 674 1,752 257 289 612 634 1,792 
Chemicals396 273 135 52 856 184 657 634 424 1,899 
Refining
Atlantic Basin/Europe*152 1,111 530 618 2,411 (143)(100)103 124 (16)
Gulf Coast*58 958 746 360 2,122 (225)(221)120 (321)
Central Corridor*(135)513 1,343 716 2,437 (241)(75)233 145 62 
West Coast*115 610 264 (68)921 (385)(260)(105)77 (673)
Total Refining190 3,192 2,883 1,626 7,891 (994)(656)236 466 (948)
Total Marketing and Specialties*296 739 828 539 2,402 277 456 525 471 1,729 
Corporate and Other(249)(235)(246)(280)(1,010)(251)(244)(230)(245)(970)
Adjusted income (loss) before income taxes845 4,227 4,208 2,611 11,891 (527)502 1,777 1,750 3,502 
Less: adjusted income tax expense (benefit)175 927 937 574 2,613 (84)95 286 354 651 
Adjusted Net Income (Loss)670 3,300 3,271 2,037 9,278 (443)407 1,491 1,396 2,851 
Less: adjusted net income attributable to noncontrolling interests75 15 149 138 377 66 78 88 98 330 
Adjusted Net Income (Loss) Attributable to Phillips 66595 3,285 3,122 1,899 8,901 (509)329 1,403 1,298 2,521 
 * 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 (LOSS) ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Impairments— — — — — (198)— (10)— (208)
Pension settlement expense— — — — — — (4)(3)(1)(8)
Hurricane-related costs— — — — — — — — (4)(4)
Winter-storm-related costs— — — — — (2)— — — (2)
Alliance shutdown-related costs*— — — — — — — — (70)(70)
Merger transaction costs— — (13)— (13)— — — — 
Gain related to merger of businesses— — 3,013 — 3,013 — — — — 
Restructuring costs**— — — (18)(18)— — — — 
Total Midstream— — 3,000 (18)2,982 (200)(4)(13)(75)(292)
Chemicals
Pension settlement expense— — — — — — (18)(2)(2)(22)
Hurricane-related costs— — — — — — — (1)— (1)
Winter-storm-related costs— — — — — (30)(16)— 14 (32)
Total Chemicals— — — — — (30)(34)(3)12 (55)
Refining
Impairments— — — — — — — (1,288)— (1,288)
Certain tax impacts— — — — — — — — 11 11 
Pension settlement expense— — — — — — (20)(12)(5)(37)
Hurricane-related costs(17)— 24 14 21 — — (10)(30)(40)
Winter-storm-related costs— — — — — (14)(3)— — (17)
Alliance shutdown-related costs*— (26)— — (26)— — — (122)(122)
Regulatory compliance costs— (70)— — (70)— — — 88 88 
Total Refining(17)(96)24 14 (75)(14)(23)(1,310)(58)(1,405)
Marketing and Specialties
Pension settlement expense— — — — — — (3)(2)(1)(6)
Total Marketing and Specialties— — — — — — (3)(2)(1)(6)
Corporate and Other
Pension settlement expense— — — — — — (2)(1)(1)(4)
Restructuring costs**— (25)(74)(60)(159)— — — — — 
Total Corporate and Other— (25)(74)(60)(159)— (2)(1)(1)(4)
Total Special Items (Pre-tax)(17)(121)2,950 (64)2,748 (244)(66)(1,329)(123)(1,762)
Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items***(4)(28)681 (14)635 (48)(16)(323)(33)(420)
Other tax impacts— 25 — (25)— — (17)(3)(65)(85)
Total Income Tax Expense (Benefit)(4)(3)681 (39)635 (48)(33)(326)(98)(505)
Less: Income (Loss) Attributable to Noncontrolling Interests
Impairments— — — — — (51)— (2)— (53)
Restructuring costs**— — — (10)(10)— — — — — 
Total Income (Loss) Attributable to Noncontrolling Interests— — — (10)(10)(51)— (2)— (53)
Total Phillips 66 Special Items (After-tax)(13)(118)2,269 (15)2,123 (145)(33)(1,001)(25)(1,204)
* Costs related to the shutdown of the Alliance Refinery totaled $192 million pre-tax in the fourth quarter of 2021. Shutdown-related costs recorded in the Refining segment include pre-tax charges for asset retirements of $91 million recorded in depreciation and amortization expense, and severance and other exit costs of $31 million. Shutdown-related costs in the Midstream segment include asset retirements of $70 million pre-tax recorded in depreciation and amortization expense. 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.
** Midstream results in the fourth quarter of 2022 included pre-tax restructuring costs of $18 million related to the integration of DCP Midstream, of which $10 million was attributed to noncontrolling interests. Corporate results for the fourth quarter of 2022 included net pre-tax restructuring costs of $60 million related to Phillips 66’s multi-year business transformation efforts, which includes 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Midstream
Transportation— — 182 — 182 (199)— (10)(70)(279)
NGL and Other— — 2,818 (18)2,800 (1)(4)(3)(5)(13)
NOVONIX— — — — — — — — — — 
Total Midstream— — 3,000 (18)2,982 (200)(4)(13)(75)(292)
Refining
Atlantic Basin/Europe— (9)— — (9)(1)(2)(3)23 17 
Gulf Coast(17)(52)24 14 (31)(6)(11)(1,302)(119)(1,438)
Central Corridor— (22)— — (22)(7)(6)(3)26 10 
West Coast— (13)— — (13)— (4)(2)12 
Total Refining(17)(96)24 14 (75)(14)(23)(1,310)(58)(1,405)
Page 3


Phillips 66 Earnings Release Supplemental Data
CASH FLOW INFORMATION*
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Cash Flows From Operating Activities
Net income (loss)657 3,182 5,540 2,012 11,391 (639)374 488 1,371 1,594 
Depreciation and amortization338 359 430 502 1,629 356 364 361 524 1,605 
Impairments— — 58 60 198 — 1,298 1,498 
Accretion on discounted liabilities23 24 
Deferred income taxes142 148 856 174 1,320 (103)266 (453)18 (272)
Undistributed equity earnings(100)(390)(495)(323)(1,308)217 (218)(77)(50)(128)
Net gain on dispositions(1)— (1)(5)(7)— (2)(3)(2)(7)
Gain related to merger of businesses— — (3,013)— (3,013)— — — — — 
Unrealized investment (gain) loss**169 221 28 15 433 — — (224)(141)(365)
Other40 80 (105)202 217 138 120 31 (340)(51)
Net working capital changes(115)(1,825)(101)2,109 68 98 833 776 412 2,119 
Net Cash Provided by Operating Activities1,136 1,783 3,144 4,750 10,813 271 1,743 2,203 1,800 6,017 
Cash Flows From Investing Activities
Capital expenditures and investments(370)(376)(735)(713)(2,194)(331)(380)(552)(597)(1,860)
Return of investments in equity affiliates15 33 30 47 125 58 100 78 31 267 
Proceeds from asset dispositions— 24 27 
Advances/loans—related parties— (75)— — (75)(155)(90)(65)— (310)
Collection of advances/loans—related parties— 101 135 426 662 — — 
Other(74)25 32 (10)(39)(6)40 
Net Cash Used in Investing Activities(428)(291)(537)(232)(1,488)(467)(352)(496)(557)(1,872)
Cash Flows From Financing Activities
Issuance of debt— — — 453 453 450 15 (15)993 1,443 
Repayment of debt(24)(1,457)(476)(926)(2,883)(925)(54)(506)(1,469)(2,954)
Issuance of common stock23 44 — 36 103 20 — 26 
Repurchase of common stock— (66)(694)(753)(1,513)— — — — — 
Dividends paid on common stock(404)(467)(466)(456)(1,793)(394)(394)(394)(403)(1,585)
Distributions to noncontrolling interests(77)(24)(3)(81)(185)(76)(82)(81)(85)(324)
Repurchase of noncontrolling interests— — — (500)(500)— (24)— — (24)
Other(30)(7)(18)(15)(70)(20)(7)(9)(16)(52)
Net Cash Used in Financing Activities(512)(1,977)(1,657)(2,242)(6,388)(945)(542)(1,005)(978)(3,470)
Effect of Exchange Rate Changes on Cash and Cash Equivalents(8)(41)(15)113 49 (22)(12)(15)(42)
Net Change in Cash and Cash Equivalents188 (526)935 2,389 2,986 (1,163)856 690 250 633 
Cash and cash equivalents at beginning of period3,147 3,335 2,809 3,744 3,147 2,514 1,351 2,207 2,897 2,514 
Cash and Cash Equivalents at End of Period3,335 2,809 3,744 6,133 6,133 1,351 2,207 2,897 3,147 3,147 
 * Refer to Change in Basis of Presentation discussion on page 14.
** Represents the unrealized gain (loss) on our investment in NOVONIX. See NOVONIX Investment table on page 5 for more details.
CAPITAL PROGRAM
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Consolidated Capital Expenditures and Investments
Midstream*†163 105 461 314 1,043 100 139 328 166 733 
Chemicals— — — — — — — — — — 
Refining†172 221 211 324 928 184 188 158 254 784 
Marketing and Specialties11 19 30 29 89 22 22 28 130 202 
Corporate and Other24 31 33 46 134 25 31 38 47 141 
Consolidated Capital Expenditures and Investments370 376 735 713 2,194 331 380 552 597 1,860 
* 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)113 161 158 269 701 79 72 88 128 367 
WRB (Refining)42 47 36 52 177 59 47 61 62 229 
Selected Equity Affiliates155 208 194 321 878 138 119 149 190 596 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Income before Income Taxes
Transportation*278 250 411 237 1,176 224 244 203 678 
NGL and Other*92 248 3,230 430 4,000 50 61 131 210 452 
NOVONIX(158)(240)(33)(11)(442)— — 224 146 370 
 Income before Income Taxes212 258 3,608 656 4,734 57 285 599 559 1,500 
 * Refer to Change in Basis of Presentation discussion on page 14.
Equity in Earnings of Affiliates
Transportation154 133 133 125 545 126 120 140 142 528 
NGL and Other73 186 81 31 371 71 52 72 154 349 
NOVONIX— — — — — — — — — — 
Total227 319 214 156 916 197 172 212 296 877 
NOVONIX Investment
Unrealized Investment Gain (Loss)(169)(221)(28)(15)(433)— — 224 141 365 
Unrealized Foreign Currency Transaction Gain (Loss)11 (19)(5)(9)— — — 
Change in Fair Value of NOVONIX Investment(158)(240)(33)(11)(442)— — 224 146 370 
Depreciation and Amortization*
Transportation39 43 46 46 174 40 40 45 109 234 
NGL and Other**50 50 115 179 394 47 47 48 49 191 
NOVONIX— — — — — — — — — — 
Total89 93 161 225 568 87 87 93 158 425 
* Excludes D&A of all non-consolidated affiliates.
 ** Refer to Change in Basis of Presentation discussion on page 14.
Operating and SG&A Expenses*
Transportation186 187 224 217 814 173 189 188 209 759 
NGL and Other**81 89 281 393 844 96 69 63 88 316 
NOVONIX— — — — — — — — — — 
Total267 276 505 610 1,658 269 258 251 297 1,075 
* 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*3,099 3,066 3,084 3,109 3,089 2,801 3,424 3,483 3,370 3,271 
Terminals2,900 2,917 3,066 3,039 2,981 2,675 2,786 2,771 2,927 2,790 
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL pipelines.
PSX Other Volumes
NGL Fractionated (MB/D)*452 469 508 686 529 363 401 420 454 410 
NGL Production (MB/D)**400 438 434 420 423 356 406 398 416 394 
* Includes 100% of DCP Midstream Class A Segment from August 18, 2022, forward.
** Includes 100% of DCP Midstream Class A Segment.
Market Indicator
Weighted-Average NGL Price ($/gal)*1.10 1.15 0.98 0.76 1.00 0.69 0.71 0.91 1.00 0.83 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes*212 258 3,608 656 4,734 57 285 599 559 1,500 
Plus:
Depreciation and amortization89 93 161 225 568 87 87 93 158 425 
EBITDA*301 351 3,769 881 5,302 144 372 692 717 1,925 
Special Item Adjustments (pre-tax):
Impairments— — — — — 198 — 10 — 208 
Pension settlement expense— — — — — — 
Hurricane-related costs— — — — — — — — 
Winter-storm-related costs— — — — — — — — 
Merger transaction costs— — 13 — 13 — — — — — 
Gain related to merger of businesses— — (3,013)— (3,013)— — — — — 
Restructuring costs— — — 18 18 — — — — — 
Total Special Item Adjustments (pre-tax)— — (3,000)18 (2,982)200 13 222 
Change in Fair Value of NOVONIX Investment**158 240 33 11 442 — — (224)(146)(370)
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*459 591 802 910 2,762 344 376 481 576 1,777 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes13 14 
Proportional share of selected equity affiliates net interest41 39 26 13 119 43 43 42 41 169 
Proportional share of selected equity affiliates depreciation and amortization56 57 51 45 209 57 57 58 57 229 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(24)(21)(206)(176)(427)(18)(20)(22)(21)(81)
Adjusted EBITDA*534 670 677 795 2,676 428 460 563 657 2,108 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Transportation
Income before income taxes278 250 411 237 1,176 224 244 203 678 
Plus:
Depreciation and amortization39 43 46 46 174 40 40 45 109 234 
EBITDA*317 293 457 283 1,350 47 264 289 312 912 
Special Item Adjustments (pre-tax):
Impairments— — — — — 198 — 10 — 208 
Winter-storm-related costs— — — — — — — — 
Gain related to merger of businesses— — (182)— (182)— — — — — 
EBITDA, Adjusted for Special Items*317 293 275 283 1,168 246 264 299 312 1,121 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes12 14 
Proportional share of selected equity affiliates net interest21 19 16 13 69 21 21 21 21 84 
Proportional share of selected equity affiliates depreciation and amortization37 38 34 27 136 37 37 38 38 150 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(24)(21)(11)(3)(59)(18)(20)(22)(21)(81)
Adjusted EBITDA*353 332 318 323 1,326 288 306 340 354 1,288 
* Refer to Change in Basis of Presentation discussion on page 14.
NGL and Other
Income before income taxes*92 248 3,230 430 4,000 50 61 131 210 452 
Plus:
Depreciation and amortization50 50 115 179 394 47 47 48 49 191 
EBITDA*142 298 3,345 609 4,394 97 108 179 259 643 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — — — — 
Hurricane-related costs— — — — — — — — 
Winter-storm-related costs— — — — — — — — 
Merger transaction costs— — 13 — 13 — — — — — 
Gain related to merger of businesses— — (2,831)— (2,831)— — — — — 
Restructuring costs— — — 18 18 — — — — — 
EBITDA, Adjusted for Special Items*142 298 527 627 1,594 98 112 182 264 656 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — — — — — — — 
Proportional share of selected equity affiliates net interest20 20 10 — 50 22 22 21 20 85 
Proportional share of selected equity affiliates depreciation and amortization19 19 17 18 73 20 20 20 19 79 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP— — (195)(173)(368)— — — — — 
Adjusted EBITDA*181 338 359 472 1,350 140 154 223 303 820 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes396 273 135 52 856 154 623 631 436 1,844 
Equity in Earnings of Affiliate393 271 129 49 842 152 620 627 433 1,832 
100% CPChem Results
Net Income, excludes parent company income tax related to CPChem's earnings764 544 257 97 1,662 304 1,240 1,253 887 3,684 
Income before Income Taxes787 566 275 106 1,734 320 1,266 1,276 914 3,776 
Depreciation and Amortization141 144 145 155 585 146 144 151 151 592 
Net Interest Expense*23 11 12 55 22 24 24 24 94 
* Net of interest income.
Investing Cash Flows—Outflows/(Inflows)
Capital Expenditures and Investments225 322 317 538 1,402 157 144 177 255 733 
Return of Investments from Equity Companies(26)(34)(5)— (65)(30)(107)(82)(46)(265)
Olefins and Polyolefins Capacity Utilization (%)99 %94 %90 %83 %91 %79 %102 %102 %97 %95 %
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)39.5 35.0 31.6 26.7 33.2 41.9 41.1 45.6 38.4 41.8 
HDPE Blow Molding, Domestic Spot (cents/lb)69.8 69.8 52.9 43.3 58.9 71.9 88.3 98.8 84.8 86.0 
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)22.1 28.0 26.6 21.0 24.4 13.2 12.5 16.1 20.8 15.7 
HDPE Blow Molding, Total Cash Cost (cents/lb)53.9 49.8 46.6 41.2 47.9 55.7 54.9 59.7 52.8 55.8 
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)33.4 26.9 11.3 7.9 19.9 44.9 62.0 68.6 49.6 56.3 
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes396 273 135 52 856 154 623 631 436 1,844 
Plus:
None— — — — — — — — — — 
EBITDA396 273 135 52 856 154 623 631 436 1,844 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — — — — 18 22 
Hurricane-related costs— — — — — — — — 
Winter-storm-related costs— — — — — 30 16 — (14)32 
EBITDA, Adjusted for Special Items396 273 135 52 856 184 657 634 424 1,899 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes29 38 25 12 104 28 48 33 35 144 
Proportional share of selected equity affiliates net interest11 26 11 12 12 13 48 
Proportional share of selected equity affiliates depreciation and amortization101 103 103 104 411 103 102 102 104 411 
Adjusted EBITDA537 420 268 172 1,397 326 819 781 576 2,502 
Page 8


Phillips 66 Earnings Release Supplemental Data
REFINING
Millions of Dollars, Except as Indicated
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe*152 1,102 530 618 2,402 (144)(102)100 147 
Gulf Coast*41 906 770 374 2,091 (231)(232)(1,297)(1,759)
Central Corridor*(135)491 1,343 716 2,415 (248)(81)230 171 72 
West Coast*115 597 264 (68)908 (385)(264)(107)89 (667)
Income (Loss) before Income Taxes173 3,096 2,907 1,640 7,816 (1,008)(679)(1,074)408 (2,353)
* Refer to Change in Basis of Presentation discussion on page 14.
Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe3.17 22.10 10.72 11.88 12.05 (3.36)(2.04)2.09 3.06 0.01 
Gulf Coast0.79 17.25 15.27 7.77 10.29 (4.23)(3.34)(20.26)0.02 (7.30)
Central Corridor(5.70)21.69 53.36 27.01 24.64 (12.55)(3.45)8.72 6.58 0.75 
West Coast3.98 19.77 9.14 (2.47)7.86 (14.86)(9.38)(3.50)3.14 (5.90)
Worldwide1.13 19.95 18.89 10.64 12.69 (7.05)(3.97)(6.36)2.63 (3.69)
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe11.71 30.39 19.22 19.58 20.30 4.86 4.63 9.27 11.00 7.48 
Gulf Coast8.59 25.71 22.30 16.35 18.25 4.04 2.73 6.46 10.16 5.65 
Central Corridor7.89 26.72 38.76 25.03 24.96 5.97 6.40 12.47 12.60 9.65 
West Coast17.74 33.31 28.64 16.77 24.31 3.33 3.66 7.60 15.80 7.70 
Worldwide10.83 28.62 26.87 19.73 21.55 4.58 4.20 8.84 11.95 7.42 
* 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(3)(2)(2)(2)(9)(2)(2)(3)(2)(9)
Gulf Coast(2)(3)(1)(1)(7)(3)— (1)(7)(11)
Central Corridor(16)228 294 257 763 (117)(65)31 (13)(164)
West Coast— — — — — — — — — — 
Total(21)223 291 254 747 (122)(67)27 (22)(184)
Depreciation and Amortization*
Atlantic Basin/Europe52 51 50 49 202 52 52 52 54 210 
Gulf Coast**56 67 58 61 242 82 82 77 154 395 
Central Corridor35 36 36 40 147 34 34 34 37 139 
West Coast60 63 76 76 275 54 57 57 72 240 
Total203 217 220 226 866 222 225 220 317 984 
* 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**302 303 329 349 1,283 235 227 248 303 1,013 
Gulf Coast**321 325 277 326 1,249 340 318 333 395 1,386 
Central Corridor**197 277 193 204 871 212 132 135 199 678 
West Coast**313 314 458 432 1,517 392 290 276 299 1,257 
Total1,133 1,219 1,257 1,311 4,920 1,179 967 992 1,196 4,334 
* 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/Europe13 22 44 52 131 17 13 32 34 96 
Gulf Coast31 40 53 101 225 33 24 27 93 
Central Corridor26 117 17 17 177 17 36 13 28 94 
West Coast32 44 111 66 253 125 60 12 17 214 
Total102 223 225 236 786 192 118 81 106 497 
* Excludes turnaround expense of all equity affiliates.
Taxes Other than Income Taxes
Atlantic Basin/Europe19 14 14 53 20 18 15 16 69 
Gulf Coast*27 22 19 19 87 27 26 13 74 
Central Corridor18 18 16 57 15 11 12 13 51 
West Coast24 19 31 17 91 23 22 — 49 
Total88 73 80 47 288 85 77 44 37 243 
* Refer to Change in Basis of Presentation discussion on page 14.
Foreign Currency Gains (Losses) Pre-Tax(8)(10)(5)30 (4)(10)(4)
Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates(21)223 291 254 747 (122)(67)27 (22)(184)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*
(228)(495)(539)(499)(1,761)(129)(167)(220)(216)(732)
Equity affiliate-related expenses not included in Realized Refining Margins
(249)(272)(248)(245)(1,014)(251)(234)(193)(238)(916)
Regional Totals
Atlantic Basin/Europe(26)(28)(24)(24)(102)(45)(44)(22)(21)(132)
Gulf Coast(2)(3)(1)(1)(7)(3)— (1)(7)(11)
Central Corridor(221)(241)(223)(220)(905)(203)(190)(170)(210)(773)
Total(249)(272)(248)(245)(1,014)(251)(234)(193)(238)(916)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).
Page 9


Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
 Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (loss) before income taxes*173 3,096 2,907 1,640 7,816 (1,008)(679)(1,074)408 (2,353)
Plus:
Depreciation and amortization*203 217 220 226 866 222 225 220 317 984 
EBITDA*376 3,313 3,127 1,866 8,682 (786)(454)(854)725 (1,369)
Special Item Adjustments (pre-tax):
Impairments— — — — — — — 1,288 — 1,288 
Certain tax impacts— — — — — — — — (11)(11)
Pension settlement expense— — — — — — 20 12 37 
Hurricane-related costs17 — (24)(14)(21)— — 10 30 40 
Winter-storm-related costs— — — — — 14 — — 17 
Alliance shutdown-related costs— 20 — — 20 — — — 31 31 
Regulatory compliance costs— 70 — — 70 — — — (88)(88)
EBITDA, Adjusted for Special Items*393 3,403 3,103 1,852 8,751 (772)(431)456 692 (55)
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes— — (2)(1)— — 
Proportional share of selected equity affiliates net interest— 
Proportional share of selected equity affiliates depreciation and amortization23 23 22 24 92 25 26 27 25 103 
Adjusted EBITDA*418 3,429 3,127 1,877 8,851 (747)(404)484 724 57 
* Refer to Change in Basis of Presentation discussion on page 14.
Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)503 526 525 542 524 438 513 487 478 479 
Total Processed Inputs (MB/D)533 548 538 566 546 476 549 519 523 517 
Crude Oil Capacity Utilization (%)94 %98 %98 %101 %98 %82 %96 %91 %89 %89 %
Clean Product Yield (%)85 %83 %82 %83 %83 %86 %83 %84 %84 %84 %
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)497 500 481 473 488 553 687 623 505 592 
Total Processed Inputs (MB/D)579 577 548 523 557 606 762 697 575 660 
Crude Oil Capacity Utilization (%)94 %94 %91 %89 %92 %71 %88 %80 %95 %82 %
Clean Product Yield (%)77 %79 %81 %81 %79 %73 %78 %78 %80 %77 %
Central Corridor*
Crude Oil Charge Input (MB/D)453 435 492 497 469 384 462 493 503 461 
Total Processed Inputs (MB/D)470 446 509 515 485 397 475 506 519 474 
Crude Oil Capacity Utilization (%)85 %82 %93 %94 %88 %72 %87 %93 %95 %87 %
Clean Product Yield (%)88 %87 %88 %91 %88 %86 %87 %88 %90 %88 %
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)294 306 290 269 290 268 286 302 278 284 
Total Processed Inputs (MB/D)321 332 314 299 316 288 309 332 308 310 
Crude Oil Capacity Utilization (%)81 %84 %80 %74 %80 %74 %79 %83 %76 %78 %
Clean Product Yield (%)90 %85 %90 %89 %89 %86 %83 %90 %92 %88 %
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)1,747 1,767 1,788 1,781 1,771 1,643 1,948 1,905 1,764 1,816 
Total Processed Inputs (MB/D)1,903 1,903 1,909 1,903 1,904 1,767 2,095 2,054 1,925 1,961 
Crude Oil Capacity Utilization (%)89 %90 %91 %91 %90 %74 %88 %86 %90 %84 %
Clean Product Yield (%)84 %83 %85 %86 %84 %82 %82 %84 %86 %83 %
Page 10


Phillips 66 Earnings Release Supplemental Data
REFINING (continued)
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline226 221 210 230 222 220 242 232 237 233 
Distillates210 216 215 226 217 175 197 188 190 188 
Other102 113 114 113 110 87 113 103 101 101 
Total538 550 539 569 549 482 552 523 528 522 
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline233 231 223 226 228 219 310 281 243 263 
Distillates194 206 200 185 196 201 257 235 195 222 
Other163 149 134 118 141 183 196 184 146 177 
Total590 586 557 529 565 603 763 700 584 662 
Central Corridor*
Gasoline235 211 246 260 238 191 227 255 266 235 
Distillates176 176 200 206 190 149 183 187 201 180 
Other63 59 66 52 59 58 65 68 55 61 
Total474 446 512 518 487 398 475 510 522 476 
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline166 156 158 156 159 138 138 166 170 153 
Distillates123 126 124 110 121 110 118 131 113 118 
Other32 48 30 29 35 40 51 32 26 37 
Total321 330 312 295 315 288 307 329 309 308 
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline860 819 837 872 847 768 917 934 916 884 
Distillates703 724 739 727 724 635 755 741 699 708 
Other360 369 344 312 345 368 425 387 328 376 
Total1,923 1,912 1,920 1,911 1,916 1,771 2,097 2,062 1,943 1,968 
Market Indicators*
Crude and Crude Differentials ($/BBL)
WTI94.49 108.66 91.76 82.85 94.44 57.84 66.09 70.58 77.35 67.96 
Brent101.40 113.78 100.85 88.71 101.19 60.90 68.83 73.47 79.73 70.73 
LLS96.77 110.15 94.19 85.50 96.65 59.98 67.95 71.51 78.40 69.46 
ANS95.61 112.48 99.12 87.99 98.80 60.76 68.44 72.73 79.81 70.44 
WTI less Maya5.62 4.87 7.30 11.26 7.26 1.44 3.21 4.37 5.59 3.65 
WTI less WCS (settlement differential)
14.53 12.80 19.86 25.66 18.22 12.47 11.49 13.58 14.64 13.04 
Natural Gas ($/MMBtu)
Henry Hub4.60 7.39 7.96 5.55 6.38 3.51 2.88 4.28 4.74 3.85 
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent13.57 41.02 25.69 20.39 25.17 11.73 18.61 21.15 17.90 17.35 
East Coast Distillate less Brent28.40 68.16 49.04 73.13 54.68 12.09 15.24 16.07 20.47 15.97 
Gulf Coast
Gulf Coast Gasoline less LLS16.24 32.87 17.21 11.51 19.46 11.22 15.47 18.61 14.64 14.99 
Gulf Coast Distillate less LLS28.52 57.49 52.51 56.08 48.65 11.30 14.03 15.87 19.12 15.08 
Central Corridor
Central Gasoline less WTI16.17 36.31 27.38 14.73 23.65 14.90 19.96 20.83 13.87 17.39 
Central Distillate less WTI27.31 60.45 60.24 59.20 51.80 17.24 18.40 19.38 19.73 18.69 
West Coast
West Coast Gasoline less ANS31.92 51.66 46.29 27.03 39.23 16.88 24.76 23.54 22.75 21.98 
West Coast Distillate less ANS32.28 58.37 50.26 54.10 48.75 14.14 15.28 18.55 22.44 17.60 
Worldwide Market Crack Spread ($/BBL)**21.93 46.72 36.29 32.12 34.26 13.23 17.76 19.44 17.93 17.09 
Renewable Volume Obligation (RVO) Cost in Crack ($/BBL) 6.44 7.80 8.11 8.54 7.72 5.50 8.16 7.31 6.11 6.77 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Income before Income Taxes*296 739 828 539 2,402 277 453 523 470 1,723 
* Refer to Change in Basis of Presentation discussion on page 14.
Income before Income Taxes ($/BBL)
U.S.1.13 2.86 2.16 1.65 1.95 1.36 2.15 1.93 1.44 1.74 
International0.92 7.30 12.60 8.54 7.44 2.24 1.96 4.84 7.13 4.13 
Realized Marketing Fuel Margins ($/BBL)*
U.S.1.59 3.24 2.49 2.05 2.34 1.94 2.62 2.29 1.87 2.19 
International2.30 8.20 12.40 9.94 8.29 4.01 2.89 6.75 9.81 5.96 
* 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*246 263 298 180 987 173 176 148 169 666 
* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.
Equity in Earnings of Affiliates85 104 148 126 463 58 105 116 100 379 
Depreciation and Amortization*27 29 27 27 110 27 30 27 29 113 
* Excludes D&A of all equity affiliates.
Operating and SG&A Expenses*†318 359 344 336 1,357 286 312 307 349 1,254 
* 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
Gasoline1,046 1,089 1,096 1,078 1,077 960 1,095 1,098 1,142 1,074 
Distillates834 789 757 774 788 660 776 895 822 789 
Other— — — — — — — — — — 
Total1,880 1,878 1,853 1,852 1,865 1,620 1,871 1,993 1,964 1,863 
International Marketing
Gasoline83 87 94 94 90 63 81 91 82 80 
Distillates177 171 178 170 174 158 171 179 174 170 
Other17 19 16 20 18 18 18 17 17 17 
Total277 277 288 284 282 239 270 287 273 267 
Worldwide Marketing
Gasoline1,129 1,176 1,190 1,172 1,167 1,023 1,176 1,189 1,224 1,154 
Distillates1,011 960 935 944 962 818 947 1,074 996 959 
Other17 19 16 20 18 18 18 17 17 17 
Total2,157 2,155 2,141 2,136 2,147 1,859 2,141 2,280 2,237 2,130 
Foreign Currency Gains (Losses) Pre-Tax(4)10 — — (1)— 
Reconciliation of Marketing and Specialties Income before Income Taxes to Adjusted EBITDA
Income before income taxes*296 739 828 539 2,402 277 453 523 470 1,723 
Plus:
Depreciation and amortization27 29 27 27 110 27 30 27 29 113 
EBITDA*323 768 855 566 2,512 304 483 550 499 1,836 
Special Item Adjustments (pre-tax):
Pension settlement expense— — — — — — 
EBITDA, Adjusted for Special Items*323 768 855 566 2,512 304 486 552 500 1,842 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes24 24 
Proportional share of selected equity affiliates net interest24 16 
Proportional share of selected equity affiliates depreciation and amortization21 18 18 19 76 17 17 17 18 69 
Adjusted EBITDA*355 797 886 598 2,636 330 513 580 528 1,951 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Loss before Income Taxes*(249)(260)(320)(340)(1,169)(251)(246)(231)(246)(974)
* Refer to Change in Basis of Presentation discussion on page 14.
Detail of Loss before Income Taxes
Net interest expense(132)(127)(136)(142)(537)(143)(141)(148)(151)(583)
Corporate overhead and other(117)(133)(184)(198)(632)(108)(105)(83)(95)(391)
Total(249)(260)(320)(340)(1,169)(251)(246)(231)(246)(974)
Net Interest Expense
Interest expense(144)(141)(167)(200)(652)(150)(148)(159)(151)(608)
Capitalized interest33 10 27 
Loss on early debt retirement— — — — — — — — (13)(13)
Interest income22 51 82 11 
Total(132)(127)(136)(142)(537)(143)(141)(148)(151)(583)
Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes(249)(260)(320)(340)(1,169)(251)(246)(231)(246)(974)
Plus:
Net interest expense132 127 136 142 537 143 141 148 151 583 
Depreciation and amortization19 20 22 24 85 20 22 21 20 83 
EBITDA(98)(113)(162)(174)(547)(88)(83)(62)(75)(308)
Special Item Adjustments (pre-tax):
Pension settlement expense— — — — — — 
Restructuring costs— 25 74 60 159 — — — — — 
EBITDA, Adjusted for Special Items(98)(88)(88)(114)(388)(88)(81)(61)(74)(304)
Other Adjustments (pre-tax):
None— — — — — — — — — — 
Adjusted EBITDA(98)(88)(88)(114)(388)(88)(81)(61)(74)(304)
Foreign Currency Gains (Losses) Pre-Tax(1)— (1)(1)(1)— — (2)
Phillips 66 Total Company Debt
Total Debt14,434 12,969 17,657 17,190 17,190 15,422 15,413 14,910 14,448 14,448 
Debt-to-Capital Ratio (%)39 %35 %35 %34 %34 %43 %43 %42 %40 %40 %
Total Equity22,121 24,573 33,309 34,106 34,106 20,457 20,602 20,597 21,637 21,637 
Page 13


Phillips 66 Earnings Release Supplemental Data
RECONCILIATION OF CONSOLIDATED NET INCOME (LOSS) TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66
Millions of Dollars
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Net income (loss)657 3,182 5,540 2,012 11,391 (639)374 488 1,371 1,594 
Plus:
Income tax expense (benefit)171 924 1,618 535 3,248 (132)62 (40)256 146 
Net interest expense132 127 136 142 537 143 141 148 151 583 
Depreciation and amortization338 359 430 502 1,629 356 364 361 524 1,605 
Phillips 66 EBITDA*1,298 4,592 7,724 3,191 16,805 (272)941 957 2,302 3,928 
Special Item Adjustments (pre-tax):
Impairments— — — — — 198 — 1,298 — 1,496 
Certain tax impacts— — — — — — — — (11)(11)
Pension settlement expense— — — — — — 47 20 10 77 
Hurricane-related costs17 — (24)(14)(21)— — 11 34 45 
Winter-storm-related costs— — — — — 46 19 — (14)51 
Alliance shutdown-related costs— 20 — — 20 — — — 31 31 
Regulatory compliance costs— 70 — — 70 — — — (88)(88)
Restructuring costs— 25 74 78 177 — — — — — 
Merger transaction costs— — 13 — 13 — — — — — 
Gain related to merger of businesses— — (3,013)— (3,013)— — — — — 
Total Special Item Adjustments (pre-tax)17 115 (2,950)64 (2,754)244 66 1,329 (38)1,601 
Change in Fair Value of NOVONIX Investment**158 240 33 11 442 — — (224)(146)(370)
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment*1,473 4,947 4,807 3,266 14,493 (28)1,007 2,062 2,118 5,159 
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes37 48 37 21 143 33 57 44 48 182 
Proportional share of selected equity affiliates net interest59 53 38 25 175 60 61 59 62 242 
Proportional share of selected equity affiliates depreciation and amortization201 201 194 192 788 202 202 204 204 812 
Adjusted EBITDA attributable to noncontrolling interests, excluding PSXP(24)(21)(206)(176)(427)(18)(20)(22)(21)(81)
Adjusted EBITDA attributable to public ownership interest in PSXP
(82)— — — (82)(83)(95)(103)(112)(393)
Phillips 66 Adjusted EBITDA*1,664 5,228 4,870 3,328 15,090 166 1,212 2,244 2,299 5,921 
* 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. See Note 1 and Note 2 in the Notes to the Consolidated Financial Statements of our third quarter 2022 Form 10-Q for further details. 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ATLANTIC BASIN/EUROPE
Income (loss) before income taxes152 1,102 530 618 2,402 (144)(102)100 147 
Plus:
Taxes other than income taxes19 14 14 53 20 18 15 16 69 
Depreciation, amortization and impairments52 51 50 50 203 52 52 52 54 210 
Selling, general and administrative expenses18 10 41 32 
Operating expenses296 296 311 339 1,242 230 218 239 294 981 
Equity in losses of affiliates
Other segment (income) expense, net12 (28)(6)— (8)11 
Proportional share of refining gross margins contributed by equity affiliates23 26 22 22 93 43 42 19 19 123 
Special items:
Certain tax impacts— — — — — — — — (4)(4)
Regulatory compliance costs— — — — — — (20)(20)
Realized refining margins563 1,515 949 1,019 4,046 208 231 443 528 1,410 
Total processed inputs (MB)48,015 49,854 49,420 52,030 199,319 42,826 49,979 47,792 48,100 188,697 
Adjusted total processed inputs (MB)48,015 49,854 49,420 52,030 199,319 42,826 49,979 47,792 48,100 188,697 
Income (loss) before income taxes ($/BBL)**3.17 22.10 10.72 11.88 12.05 (3.36)(2.04)2.09 3.06 0.01 
Realized refining margins ($/BBL)***11.71 30.39 19.22 19.58 20.30 4.86 4.63 9.27 11.00 7.48 
GULF COAST
Income (loss) before income taxes41 906 770 374 2,091 (231)(232)(1,297)(1,759)
Plus:
Taxes other than income taxes27 22 19 19 87 27 26 13 74 
Depreciation, amortization and impairments56 67 59 68 250 82 82 1,365 154 1,683 
Selling, general and administrative expenses19 10 34 
Operating expenses317 320 273 320 1,230 332 309 323 388 1,352 
Equity in losses of affiliates— 11 
Other segment (income) expense, net— — — — (6)(1)— (7)
Proportional share of refining gross margins contributed by equity affiliates— — — — — — — — — — 
Special items:
Regulatory compliance costs— 26 — — 26 — — — (28)(28)
Realized refining margins447 1,350 1,126 788 3,711 221 188 414 537 1,360 
Total processed inputs (MB)52,151 52,523 50,435 48,160 203,269 54,560 69,364 64,016 52,919 240,859 
Adjusted total processed inputs (MB)52,151 52,523 50,435 48,160 203,269 54,560 69,364 64,016 52,919 240,859 
Income (loss) before income taxes ($/BBL)**0.79 17.25 15.27 7.77 10.29 (4.23)(3.34)(20.26)0.02 (7.30)
Realized refining margins ($/BBL)***8.59 25.71 22.30 16.35 18.25 4.04 2.73 6.46 10.16 5.65 
CENTRAL CORRIDOR
Income (loss) before income taxes(135)491 1,343 716 2,415 (248)(81)230 171 72 
Plus:
Taxes other than income taxes18 18 16 57 15 11 12 13 51 
Depreciation, amortization and impairments35 36 36 40 147 34 34 34 37 139 
Selling, general and administrative expenses13 13 14 22 62 30 
Operating expenses184 264 179 182 809 205 125 126 192 648 
Equity in (earnings) losses of affiliates16 (228)(294)(257)(763)117 65 (31)13 164 
Other segment (income) expense, net(4)— (2)(8)— (1)(11)
Proportional share of refining gross margins contributed by equity affiliates205 469 517 477 1,668 86 125 201 197 609 
Special items:
Regulatory compliance costs— 22 — — 22 — — — (27)(27)
Realized refining margins332 1,087 1,815 1,185 4,419 214 278 581 602 1,675 
Total processed inputs (MB)23,691 22,635 25,167 26,504 97,997 19,754 23,466 26,373 26,002 95,595 
Adjusted total processed inputs (MB)*42,267 40,629 46,857 47,359 177,112 35,711 43,189 46,592 47,738 173,230 
Income (loss) before income taxes ($/BBL)**(5.70)21.69 53.36 27.01 24.64 (12.55)(3.45)8.72 6.58 0.75 
Realized refining margins ($/BBL)***7.89 26.72 38.76 25.03 24.96 5.97 6.40 12.47 12.60 9.65 
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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
WEST COAST
Income (loss) before income taxes115 597 264 (68)908 (385)(264)(107)89 (667)
Plus:
Taxes other than income taxes24 19 31 17 91 23 22 — 49 
Depreciation, amortization and impairments60 63 76 80 279 54 57 57 72 240 
Selling, general and administrative expenses31 10 10 37 
Operating expenses306 306 451 423 1,486 382 281 266 291 1,220 
Other segment (income) expense, net— (1)(1)(1)(2)
Special items:
Regulatory compliance costs— 13 — — 13 — — — (13)(13)
Realized refining margins513 1,006 828 460 2,807 86 103 232 449 870 
Total processed inputs (MB)28,877 30,199 28,897 27,484 115,457 25,917 28,158 30,558 28,361 112,994 
Adjusted total processed inputs (MB)28,877 30,199 28,897 27,484 115,457 25,917 28,158 30,558 28,361 112,994 
Income (loss) before income taxes ($/BBL)**3.98 19.77 9.14 (2.47)7.86 (14.86)(9.38)(3.50)3.14 (5.90)
Realized refining margins ($/BBL)***17.74 33.31 28.64 16.77 24.31 3.33 3.66 7.60 15.80 7.70 
WORLDWIDE
Income (loss) before income taxes173 3,096 2,907 1,640 7,816 (1,008)(679)(1,074)408 (2,353)
Plus:
Taxes other than income taxes88 73 80 47 288 85 77 44 37 243 
Depreciation, amortization and impairments203 217 221 238 879 222 225 1,508 317 2,272 
Selling, general and administrative expenses30 33 43 47 153 30 34 38 31 133 
Operating expenses1,103 1,186 1,214 1,264 4,767 1,149 933 954 1,165 4,201 
Equity in (earnings) losses of affiliates21 (223)(291)(254)(747)122 67 (27)22 184 
Other segment (income) expense, net11 (29)(4)— (24)12 (5)
Proportional share of refining gross margins contributed by equity affiliates228 495 539 499 1,761 129 167 220 216 732 
Special items:
Certain tax impacts— — — — — — — — (4)(4)
Regulatory compliance costs— 70 — — 70 — — — (88)(88)
Realized refining margins1,855 4,958 4,718 3,452 14,983 729 800 1,670 2,116 5,315 
Total processed inputs (MB)152,734 155,211 153,919 154,178 616,042 143,057 170,967 168,739 155,382 638,145 
Adjusted total processed inputs (MB)*171,310 173,205 175,609 175,033 695,157 159,014 190,690 188,958 177,118 715,780 
Income (loss) before income taxes ($/BBL)**1.13 19.95 18.89 10.64 12.69 (7.05)(3.97)(6.36)2.63 (3.69)
Realized refining margins ($/BBL)***10.83 28.62 26.87 19.73 21.55 4.58 4.20 8.84 11.95 7.42 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
UNITED STATES
Income before income taxes191 489 368 281 1,329 199 366 354 261 1,180 
Plus:
Depreciation and amortization14 14 
Selling, general and administrative expenses182 210 218 198 808 165 198 201 194 758 
Equity in earnings of affiliates(7)(16)(30)(18)(71)(2)(15)(18)(13)(48)
Other operating revenues*(107)(139)(141)(121)(508)(86)(110)(120)(108)(424)
Other expense, net24 
Realized marketing fuel margins268 553 425 350 1,596 283 446 422 338 1,489 
Total fuel sales volumes (MB)169,196 170,899 170,473 170,362 680,930 145,794 170,228 183,332 180,748 680,102 
Income before income taxes ($/BBL)1.13 2.86 2.16 1.65 1.95 1.36 2.15 1.93 1.44 1.74 
Realized marketing fuel margins ($/BBL)**1.59 3.24 2.49 2.05 2.34 1.94 2.62 2.29 1.87 2.19 
INTERNATIONAL
Income before income taxes23 185 334 223 765 48 48 128 179 403 
Plus:
Depreciation and amortization18 19 17 18 72 19 19 18 20 76 
Selling, general and administrative expenses63 62 59 67 251 60 60 64 69 253 
Equity in earnings of affiliates(26)(32)(31)(26)(115)(24)(31)(30)(28)(113)
Other operating (revenues) expenses*(12)(9)(35)(6)(62)(5)(10)14 
Other (income) expense, net(3)(3)(5)(7)— 
Marketing margins70 222 341 271 904 99 86 191 258 634 
Less: margin for nonfuel related sales13 14 12 12 51 13 15 13 12 53 
Realized marketing fuel margins57 208 329 259 853 86 71 178 246 581 
Total fuel sales volumes (MB)24,926 25,329 26,501 26,106 102,862 21,474 24,539 26,427 25,089 97,529 
Income before income taxes ($/BBL)0.92 7.30 12.60 8.54 7.44 2.24 1.96 4.84 7.13 4.13 
Realized marketing fuel margins ($/BBL)**2.30 8.20 12.40 9.94 8.29 4.01 2.89 6.75 9.81 5.96 
* 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
20222021
1st Qtr2nd Qtr3rd Qtr4th QtrYTD1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE TAX RATES
Income (loss) before income taxes828 4,106 7,158 2,547 14,639 (771)436 448 1,627 1,740 
Special items17 121 (2,950)64 (2,748)244 66 1,329 123 1,762 
Adjusted income (loss) before income taxes845 4,227 4,208 2,611 11,891 (527)502 1,777 1,750 3,502 
Income tax expense (benefit)171 924 1,618 535 3,248 (132)62 (40)256 146 
Special items(681)39 (635)48 33 326 98 505 
Adjusted income tax expense (benefit)175 927 937 574 2,613 (84)95 286 354 651 
Effective tax rate (%)20.7 %22.5 %22.6 %21.0 %22.2 %17.1 %14.2 %(8.9)%15.7 %8.4 %
Adjusted effective tax rate (%)20.7 %21.9 %22.3 %22.0 %22.0 %15.9 %18.9 %16.1 %20.2 %18.6 %
Page 17