Item 8.01 Other Events

On November 8, 2021, Phillips 66 (the "Company") announced that it plans to convert its Alliance Refinery in Belle Chasse, Louisiana, to a terminal facility. The Alliance Refinery has a net crude throughput capacity of 255,000 barrels per day and approximately 500 employees. The conversion is expected to take place in 2022. The Company previously disclosed in its Form 10-Q for the quarter ended September 30, 2021, that during the third quarter of 2021, the Alliance Refinery sustained significant impacts from Hurricane Ida and was expected to remain shut down through the fourth quarter of 2021. The Company is in the process of determining the costs that will be associated with the permanent shutdown of refining operations and the conversion to terminaling operations, but currently does not expect that these costs are likely to be material to its consolidated financial position, results of operations or cash flows.

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