Phillips 66 : 2020 Phillips 66 Fact Book

Contents

3

OUR BUSINESSES

14

CHEMICALS

4

OUR STRATEGY

17

REFINING

Cover Photo:

Taft Storage Facility at Gray Oak Pipeline

TAFT, TX

5

MIDSTREAM

24

MARKETING AND SPECIALTIES

27

Albuquerque*

28

Denr

Wichita S.*

Jeerson City*

E. St.

Riv ve

olm

Louis*

Cherokee North*

reHartford*

er

Southern

Line

r*

h

Ponca City

La Junta

Gold

*

Chis

Ponca City*

Explo

Crude*

Borger

Hills*

Medford*

ee

Cherokee

oktMount Vernon*

CherEas

Blue

Line

Ponca

Borger to Amarillo*

South*

Glenpool*

Selmer

O*

City

Line

K

CushPo*

PL*

ATA Line*

Skelly-

STAC

Cushing

Amarillo*

SAAL*

Oklahoma City*

Borger

Belvieu

Oklahoma Crude*

Bakken*

North Texas

Explor

Wichita Falls*

Lubbock*

Savannah

West Texas

Odessa*

Crude

er*

Southern

Gathering*

Crude

Gathering*

Skelly

Lake Charles

Wink

Crane

Sweeny

Lake Charles

Line EZ

Al liance

Coke Handling

Orange

Sand*

Eagle Ford

Ri v

Pa

Westlake

Crude

er

ishs

LCPL

Gr

Hills*Gathering*

SorrentoCaverns**

*

Cedar

Storage

ayOak

Helena

Beaumont

Lake

Bayou

Central

Pasadena

Charles

Junction

Soouth TexasGateway*

Bayou Bridge*

Taft

Sweeny/

CRMT

Gulf Coast

Old Ocean

Pecan Grove

Sweeny

Port Arthur

GCF

	Pasadena
C2G*	Freeport
San Bernard
Clemens Caverns*
	Jones Creek
Sweeny 1*, 2, 3

29

ENERGY & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

PHILLIPS 66 2020 FACT BOOK

2

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Wood River Refinery

ROXANA, IL

Midstream

Our Midstream segment provides crude oil and refined product transportation, terminaling, processing and export services, as well as natural gas liquids and liquefied petroleum gas transportation, storage, processing and export services, mainly in the United States. This segment includes our MLP, Phillips 66 Partners, and our 50% equity investment in DCP Midstream, LLC.

22,000

miles of U.S. pipeline systems

Phillips 66 is a diversified energy manufacturing and logistics company.

With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership (MLP), is integral to the portfolio. Headquartered in Houston, Texas, Phillips 66 has

14,600 employees committed to safety and operating excellence.

Refining

Our Refining segment refines crude oil and other feedstocks into petroleum products such as gasoline, distillates and aviation fuels at 13 refineries in the United States and Europe. Our Refining business focuses on operating excellence and margin enhancement.

Chemicals

The Chemicals segment consists of our 50% joint venture interest in Chevron Phillips Chemical Company LLC (CPChem), which manufactures and markets petrochemicals and plastics worldwide. CPChem has cost-advantaged assets concentrated in North America and the Middle East.

Marketing and Specialties

Our Marketing and Specialties segment markets refined petroleum products such as gasoline, distillates and aviation fuels, mainly in the United States and Europe. This segment also includes the manufacturing and marketing of specialty products such as base oils and lubricants.

As of Dec. 31, 2019, with the exception of crude throughput capacity, which is as of Jan. 1, 2020.

2.2

million BPD of crude throughput capacity

28

global manufacturing facilities

7,540

branded U.S. outlets

1,600

branded international outlets

PHILLIPS 66 2020 FACT BOOK

3

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Freeport Marine Terminal

FREEPORT, TX

Growth

Enhancing our portfolio by capturing growth opportunities in

Midstream and Chemicals

Returns

Improving returns by maximizing earnings from existing assets and investing capital efficiently

Distributions

Committed to financial strength, disciplined capital allocation, dividend growth and share repurchases

Operating Excellence

Committed to safety, reliability and environmental stewardship while protecting shareholder value

High-Performing Organization

Building capability, pursuing excellence and doing the right thing

We believe our strategy creates long-term shareholder value.

The Phillips 66 strategic priorities of growth, returns and distributions are supported by a strong foundation of operating excellence and our high-performing organization.

We made progress executing our key strategic priorities during 2019, achieving numerous milestones and successes.

PHILLIPS 66 2020 FACT BOOK

4

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Transportation

NGL and Other

DCP Midstream

Major Pipeline Systems

Terminal and Storage Facilities

The Midstream segment consists of three business lines: Transportation, NGL and Other, and DCP Midstream.

Denver Terminal

DENVER, CO

Phillips 66 Partners

Phillips 66 Partners, headquartered in Houston, Texas, is a publicly traded MLP formed in 2013 to own, operate, develop and acquire primarily fee- based midstream assets.

On Aug. 1, 2019, Phillips 66 Partners completed a restructuring transaction to eliminate the incentive distribution rights (IDRs) held by Phillips 66 and convert our 2% economic general partner interest into a noneconomic general partner interest

in exchange for 101 million Phillips 66 Partners common units. No distributions were made for the general partner interest after Aug. 1, 2019. At Dec. 31, 2019, we owned 170 million Phillips 66 Partners common units, representing a 74% limited partner interest in Phillips 66 Partners, while the public owned a 26% limited partner interest and 13.8 million perpetual convertible preferred units.

Phillips 66 Partners' operations currently consist of crude oil, refined petroleum product and NGL transportation, terminaling, fractionation, processing and storage assets that are geographically dispersed throughout the United States. The majority of Phillips 66 Partners' assets are integral to Phillips 66 operated refineries.

The results of operations of Phillips 66 Partners are included in the Midstream segment.*

(NYSE:PSX)
	PSXP Public
	Common
	Unitholders
Noneconomic
General
Partner
Interest and	26%
74%
Limited	Limited
Partner	Partner
Interest	Interest

(NYSE:PSXP)

Transportation:Transports crude oil and other feedstocks to our refineries and other locations, delivers refined petroleum products to market, and provides terminaling and storage services for crude oil and refined petroleum products.

NGL and Other: Transports, stores, fractionates, exports and markets NGL, and provides otherfee-basedprocessing services.

DCP Midstream: Gathers, processes, transports and markets natural gas, and transports, fractionates and markets NGL.

• Phillips 66 Partners' results are included in the Transportation and NGL and Other business lines.

Operating

Subsidiaries

+

Joint

Ventures

As of March 31, 2020.

Public also owns 13.8 million convertible preferred units.

PHILLIPS 66 2020 FACT BOOK

5

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Transportation

NGL and Other

DCP Midstream

Major Pipeline Systems

Terminal and Storage Facilities

Taft Storage Facility at Gray Oak Pipeline

TAFT, TX

We own and lease assets to provide transportation, terminaling and storage services.

These assets include crude oil, refined petroleum product, NGL and natural gas pipeline systems; crude oil, refined petroleum product and NGL terminals; a petroleum coke handling facility; marine vessels; railcars and trucks.

At Dec. 31, 2019, our Transportation business included one petroleum coke exporting facility and various other storage and loading facilities. Additionally, it was comprised of:

Gray Oak Pipeline

22,000

miles of crude oil, refined petroleum product, NGL and natural gas pipeline systems in the United States, including those partially owned

or operated by our affiliates

39

owned or operated refined petroleum product terminals

20

crude oil terminals

4

NGL terminals

900,000 BPD

throughput capacity of crude oil from West Texas to Texas Gulf Coast destinations

42.25%

Phillips 66 Partners effective ownership interest

2Q 2020

commenced full operations

Los Angeles Terminal

LOS ANGELES, CA

PHILLIPS 66 2020 FACT BOOK

6

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES
Transportation	NGL and Other	DCP Midstream	Major Pipeline Systems	Terminal and Storage Facilities

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

South Texas Gateway Terminal

INGLESIDE, TX

Beaumont Terminal

Located in Nederland, Texas, this is the largest terminal in the Phillips 66 portfolio.

16.8	200,000 BPD

million barrels total crude and product storage capacity

This includes:

13.1

million barrels storage capacity for crude oil

+

3.7

million barrels storage capacity for refined petroleum products

increase in export capacity with the addition of a fourth dock currently underway, bringing the total dock throughput capacity to

800,000 BPD

3Q 2020

expected completion of fourth dock

South Texas Gateway Terminal

This marine export terminal, under construction by our co-venturer, will connect to the Gray Oak Pipeline in Ingleside, Texas near Corpus Christi, Texas.

	up to	25%
2	800,000 BPD	Phillips 66 Partners
total throughput capacity	ownership interest
deepwater	8.5	3Q
docks
	2020
	million barrels storage capacity
		expected
		start up

Bayou Bridge Pipeline

This joint venture pipeline transports crude oil from Nederland to St. James, Louisiana. A segment of the pipeline from Lake Charles, Louisiana, to St. James was completed in 2019. Our co-venturer operates the pipeline.

480,000 BPD

total throughput capacity

40%

Phillips 66 Partners ownership interest

The company previously announced its plan to defer the Red Oak Pipeline and Sweeny Frac 4 projects, as well as Phillips 66 Partners' Liberty Pipeline. Phillips 66 Partners has also postponed final investment decision on the ACE Pipeline.

PHILLIPS 66 2020 FACT BOOK

7

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Transportation	NGL and Other	DCP Midstream	Major Pipeline Systems	Terminal and Storage Facilities

Freeport Marine Terminal

FREEPORT, TX

Marine Vessels

At Dec. 31, 2019, we had:

17

international-flagged crude oil, refined petroleum product and NGL tankers under time charter contracts

2

Jones Act-compliant tankers under time charter contracts

Tanker capacities range from

300,000

barrels to

2.2 million

barrels

Additionally, we had a variety of inland and offshore tug/barge units. These vessels are used primarily to transport crude oil and other feedstocks, as well as refined petroleum products for some of our refineries. In addition, the NGL tankers are used to export propane and butane from our fractionation, transportation and storage infrastructure.

Truck and Rail

Our truck and rail fleets support our feedstock and distribution operations. Rail movements are provided via a fleet of approximately 10,000 owned and leased railcars as of Dec. 31, 2019. Truck movements are provided through our wholly owned subsidiary, Sentinel Transportation LLC, and through numerous third-party trucking companies.

PHILLIPS 66 2020 FACT BOOK

8

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES
Transportation	NGL and Other	DCP Midstream	Major Pipeline Systems	Terminal and Storage Facilities

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Our NGL and Other business includes a U.S. Gulf Coast NGL market hub comprised of the Freeport LPG Export Terminal and Phillips 66 Partners' 100,000 BPD Sweeny Fractionator.

These assets are supported by 9 million barrels of gross capacity at Phillips 66 Partners' Clemens Caverns storage facility.

We refer to these facilities as the "Sweeny Hub."

Clemens Storage Terminal

FREEPORT, TX

Sweeny Fractionator

Phillips 66 Partners' Sweeny Fractionator is located adjacent to our Sweeny Refinery in Old Ocean and supplies purity ethane to the petrochemical industry and purity NGL to domestic and global markets. Raw NGL supply to the fractionator is delivered from nearby pipelines, including DCP Sand Hills Pipeline, LLC (Sand Hills) and DCP Southern Hills Pipeline, LLC (Southern Hills).

The fractionator is supported by significant infrastructure including connectivity to two NGL supply pipelines, a pipeline connecting to the Mont Belvieu market center and the Clemens Caverns storage facility with access to our LPG export terminal in Freeport, Texas.

Freeport Terminal

The Freeport LPG Export Terminal leverages our fractionation, transportation and storage infrastructure to supply petrochemical, heating and transportation markets globally. The terminal can simultaneously load two ships with refrigerated propane and butane at a combined rate of approximately 36,000 barrels per hour. In support of the terminal, we have a 100,000 BPD unit near the Sweeny Fractionator to upgrade domestic propane for export. In addition, the terminal exports 10,000 to 15,000 BPD of natural gasoline (C5+) produced at the Sweeny Fractionator. At Dec. 31, 2019, the Freeport LPG Export Terminal's total capacity was 200,000 BPD.

Sweeny Hub Growth Projects

2	each with fractionation capacity of	4Q
additional	150,000 BPD	2020
fractionators
supported
customer	400,000 BPD start up
by long-term		expected
commitments	total Sweeny Hub fractionation
	capacity upon completion*

Phillips 66 Partners Sweeny Hub Growth Projects:

7.5

million barrels of new storage capacity at Clemens Caverns

16.5

million barrels of total Clemens Caverns storage capacity

at completion

4Q

2020

expected completion

16 in.

ethane pipeline that will connect

Clemens Caverns to petrochemical facilities in Gregory, Texas, near Corpus Christi

Mid-2021

expected start up

The C2G Pipeline project is supported by long-term customer commitments.

• Excludes 150,000 BPD Frac 4 project, which is deferred.

PHILLIPS 66 2020 FACT BOOK

9

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Transportation

NGL and Other

DCP Midstream

Major Pipeline Systems

Terminal and Storage Facilities

Deethanizer, Sweeny Hub

OLD OCEAN, TX

Our NGL and Other business also includes:

A 22.5% interest in Gulf Coast Fractionators, which owns an NGL fractionation plant in Mont Belvieu, Texas. We operate the facility, and our net share of its capacity is 32,625 BPD.

A 12.5% undivided interest in a fractionation plant in Mont Belvieu. Our net share of its capacity is 30,250 BPD.

A 40% undivided interest in a fractionation plant in Conway, Kansas. Our net share of its capacity is 43,200 BPD.

Phillips 66 Partners owns the River Parish NGL logistics system in southeast Louisiana, comprising approximately 500 miles of pipeline and a storage cavern connecting multiple fractionation facilities, refineries and a petrochemical facility.

Phillips 66 Partners owns a direct

33.3%

interest in both Sand Hills and Southern Hills pipelines, NGL pipeline systems that connect the Eagle Ford, Permian Basin and Midcontinent production areas to the Mont Belvieu market hub

Phillips 66 Partners, through its ownership of Merey Sweeny LLC, owns a vacuum distillation unit with a capacity of

125,000 BPD

and a delayed coker unit with a capacity of

70,000 BPD

located at our Sweeny Refinery in Old Ocean, Texas

In July 2019, Phillips 66 Partners completed the construction of a

25,000 BPD

isomerization unit at our Lake Charles Refinery, which reached full production during the year, increasing Phillips 66's production of higher-octane gasoline blend components

PHILLIPS 66 2020 FACT BOOK

10

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Transportation	NGL and Other	DCP Midstream	Major Pipeline Systems	Terminal and Storage Facilities

Our Midstream segment includes our 50% equity investment in DCP Midstream, which is headquartered in Denver, Colorado.

The residual natural gas, primarily methane, which results from processing raw natural gas, is sold by DCP Midstream at market- based prices to end users, including large industrial companies, natural gas distribution companies and electric utilities, and marketers. DCP Midstream purchases or takes custody of substantially all of its raw natural gas from producers, principally under contractual arrangements that expose DCP Midstream to the prices of NGL, natural gas and condensate. DCP Midstream also has fee-based arrangements with producers to provide midstream services such as gathering and processing. In addition, DCP Midstream markets a portion of its NGL to us and our equity affiliates.

On Nov. 6, 2019, DCP Partners completed a transaction

As of Dec. 31, 2019, DCP Midstream owned or operated:

11

NGL fractionation plants, along with natural gas and NGL storage facilities and NGL pipelines

2

Raw NGL pipelines, Sand Hills and Southern Hills

44

active natural gas processing facilities, with a net processing capacity of approximately

6.5 Bcf/d

DCP Midstream's owned or

Active Processing Capacities*

			North			Wood River
Front		Southern	1.6 Bcf/d
Range		Hills		Ponca
		Borger		City
				Midcontinent
Permian			s
			1.4 Bcf/d
1.3 Bcf/d
		s	Southern
	Sand	Te
	s
			xa	Hill
		Hill	Expr			Lake Charles
			Sweeny
			ess
			pe			Alliance
			Guadalu

to eliminate all general partner economic interests in DCP Partners and IDRs in exchange for 65 million newly issued DCP Partners common units. With completion of the transaction, DCP Midstream held a noneconomic general partner interest and approximately 118 million common units, representing approximately 57% of DCP Partners' outstanding common units.

DCP Midstream Growth Projects

operated natural gas pipeline systems included gathering services for these facilities, as well as natural gas transmission, and

totaled approximately

58,000

miles of pipeline

Gulf	Coast
	Expr
		ess

• As of Dec. 31, 2019.

South

2.2 Bcf/d

LEGEND

DCP Gathering

NGL/LPG Pipeline

Refinery

Shale Basin

O'Connor 2

The 200 MMcf/d natural gas processing facility was placed into service in the third quarter of 2019, and the associated 100 MMcf/d bypass was placed into service in the fourth quarter of 2019, increasing DCP Midstream's total available DJ Basin capacity to over 1.4 Bcf/d.

Gulf Coast Express

The pipeline began commercial operations in the third quarter of 2019. The pipeline transports approximately 2 Bcf/d of natural gas to Gulf Coast markets. DCP Midstream owns a 25% interest in the pipeline.

Cheyenne Connector

In October 2019, DCP Midstream exercised an option to increase its ownership interest in the Cheyenne Connector to 50%. The 600 MMcf/d natural gas pipeline began service in the first half of 2020.

PHILLIPS 66 2020 FACT BOOK

11

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Transportation	NGL and Other	DCP Midstream	Major Pipeline Systems	Terminal and Storage Facilities

Phillips 66 Ownership Interest in Major Pipeline Systems

As of Dec. 31, 2019.

Crude Oil	Origination/Terminus	Interest	Length	Gross Capacity
(%)	(Miles)	(MBD)
Bakken Pipeline †	North Dakota/Texas	25	1,918	570
Bayou Bridge †	Texas/Louisiana	40	213	480
Clifton Ridge †	Louisiana	100	10	260
CushPo †	Oklahoma	100	62	130
Eagle Ford Gathering †	Texas	100	28	54
Glacier †	Montana	79	865	126
Gray Oak Pipeline* †	Texas	42	840	235
Line 100	California	100	79	54
Line 200	California	100	228	93
Line 300	California	100	61	48
Line 400	California	100	153	40
Line O †	Oklahoma/Texas	100	276	37
New Mexico Crude †	New Mexico/Texas	100	227	106
North Texas Crude †	Texas	100	224	28
Oklahoma Crude †	Texas/Oklahoma	100	217	100
Sacagawea †	North Dakota	50	95	175
STACK PL †	Oklahoma	50	149	250
Sweeny Crude	Texas	100	56	265
West Texas Crude †	Texas	100	1,079	156
NGL	Origination/Terminus	Interest	Length	Gross Capacity
(%)	(Miles)	(MBD)
Blue Line	Texas/Illinois	100	688	29
Brown Line †	Oklahoma/Kansas	100	76	26
Chisholm	Oklahoma/Kansas	50	202	42
Conway to Wichita	Kansas	100	55	38
Medford †	Oklahoma	100	42	10
Powder River	Wyoming/Texas	100	716	14
River Parish NGL †	Louisiana	100	510	133
Sand Hills †	New Mexico/Texas	33	1,506	500
Skelly-Belvieu	Texas	50	571	45
Southern Hills †	Kansas/Texas	33	981	192
Sweeny LPG	Texas	100	232	942
Sweeny NGL	Texas	100	18	204
TX Panhandle Y1/Y2	Texas	100	289	61

Natural Gas	Origination/Terminus	Interest	Length	Gross Capacity
(%)	(Miles)	(Bcf/d)
Rockies Express***
East to West	Ohio/Illinois	25	661	2.6
West to East	Colorado/Ohio	25	1,712	1.8
Refined Petroleum	Origination/Terminus	Interest	Length	Gross Capacity
Products	(%)	(Miles)	(MBD)
ATA Line †	Texas/New Mexico	50	293	34
Borger to Amarillo †	Texas	100	93	76
Borger-Denver	Texas/Colorado	70	397	38
Cherokee East †	Oklahoma/Missouri	100	287	55
Cherokee North †	Oklahoma/Kansas	100	29	57
Cherokee South †	Oklahoma	100	98	46
Cross Channel Connector †	Texas	100	5	184
Explorer †	Texas/Indiana	22	1,830	660
Gold Line †	Texas/Illinois	100	686	120
Heartland**	Kansas/Iowa	50	49	30
LAX Jet Line	California	50	19	50
Los Angeles Products	California	100	22	112
Paola Products †	Kansas	100	106	96
Pioneer	Wyoming/Utah	50	562	63
Richmond	California	100	14	26
SAAL †	Texas	33	102	32
SAAL †	Texas	54	19	30
Seminoe †	Montana/Wyoming	100	342	33
Standish †	Oklahoma/Kansas	100	92	72
Sweeny to Pasadena †	Texas	100	120	294
Torrance Products	California	100	8	161
Watson Products	California	100	9	238
Yellowstone	Montana/Washington	46	710	66

• Owned by Phillips 66 Partners; Phillips 66 held 74% of the limited partner interest in Phillips 66 Partners at Dec. 31, 2019.

• Interest reflects Phillips 66 Partners' proportionate share of the Gray Oak Pipeline system, held through its65%-owned consolidated subsidiary, Gray Oak Holdings, LLC. Gray Oak Holdings, LLC had a 65% ownership interest in Gray Oak Pipeline, LLC at Dec. 31, 2019. Gross capacity reflects the initial accelerated commissioning service capacity at Dec. 31, 2019.
• Total pipeline system is 419 miles. Phillips 66 has an ownership interest in multiple segments totaling 49 miles.
• Total pipeline system consists of three zones for a total of 1,712 miles. The third zone of the pipeline is bidirectional and can transport 2.6 Bcf/d of natural gas from east to west.

PHILLIPS 66 2020 FACT BOOK

12

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Transportation	NGL and Other	DCP Midstream	Major Pipeline Systems	Terminal and Storage Facilities

Phillips 66 Ownership Interest in Terminal and Storage Facilities

As of Dec. 31, 2019.

Facility

Location

Commodity Handled

Interest

Gross Storage

Gross Rack

Facility

Location

Commodity Handled

Interest

Gross Storage

Gross Rack

(%)

Capacity

Capacity

(%)

Capacity

Capacity

(MBbl)

(MBD)

(MBbl)

(MBD)

Albuquerque †

New Mexico

Refined

Petroleum Products

100

274

20

Missoula

Montana

Refined

Petroleum Products

50

365

14

Amarillo †

Texas

Refined

Petroleum Products

100

296

23

Moses Lake

Washington

Refined

Petroleum Products

50

216

10

Beaumont

Texas

Crude Oil, Refined Petroleum Products

100

15,500

8

Mount Vernon †

Missouri

Refined

Petroleum Products

100

365

40

Billings

Montana

Refined

Petroleum Products

100

88

12

North Salt Lake

Utah

Refined

Petroleum Products

50

755

34

Billings Crude †

Montana

Crude Oil

100

236

N/A

North Spokane

Washington

Refined

Petroleum Products

100

492

N/A

Borger

Texas

Crude Oil

50

772

N/A

Odessa †

Texas

Crude Oil

100

521

N/A

Bozeman

Montana

Refined

Petroleum Products

100

130

5

Oklahoma City †

Oklahoma

Crude Oil, Refined Petroleum Products

100

355

42

Buffalo Crude †

Montana

Crude Oil

100

303

N/A

Palermo †

North Dakota

Crude Oil

70

235

N/A

Casper †

Wyoming

Refined

Petroleum Products

100

365

7

Paola †

Kansas

Refined

Petroleum Products

100

978

N/A

Clemens †

Texas

NGL

100

9,000

N/A

Pasadena †

Texas

Refined

Petroleum Products

100

3,234

65

Clifton Ridge †

Louisiana

Crude Oil

100

3,800

N/A

Pecan Grove †

Louisiana

Crude Oil

100

177

N/A

Coalinga

California

Crude Oil

100

817

N/A

Ponca City †

Oklahoma

Refined

Petroleum Products

100

71

22

Colton

California

Refined

Petroleum Products

100

207

20

Ponca City Crude †

Oklahoma

Crude Oil

100

1,229

N/A

Cushing †

Oklahoma

Crude Oil

100

675

N/A

Portland

Oregon

Refined

Petroleum Products

100

650

33

Cut Bank †

Montana

Crude Oil

100

315

N/A

Renton

Washington

Refined

Petroleum Products

100

243

19

Denver

Colorado

Refined

Petroleum Products

100

310

43

Richmond

California

Refined

Petroleum Products

100

343

28

Des Moines

Iowa

Refined

Petroleum Products

50

217

12

River Parish †

Louisiana

NGL

100

1,500

N/A

East St. Louis †

Illinois

Refined

Petroleum Products

100

2,031

62

Rock Springs

Wyoming

Refined

Petroleum Products

100

132

8

Freeport

Texas

Crude Oil, Refined Petroleum Products, NGL

100

3,485

N/A

Sacramento

California

Refined

Petroleum Products

100

146

12

Glenpool †

Oklahoma

Refined

Petroleum Products

100

571

18

San Bernard

Texas

Refined

Petroleum Products

100

222

N/A

Great Falls

Montana

Refined

Petroleum Products

100

198

6

Santa Margarita

California

Crude Oil

100

398

N/A

Hartford †

Illinois

Refined

Petroleum Products

100

1,468

21

Sheridan †

Wyoming

Refined

Petroleum Products

100

94

6

Helena

Montana

Refined

Petroleum Products

100

195

5

Spokane

Washington

Refined

Petroleum Products

100

351

20

Jefferson City †

Missouri

Refined

Petroleum Products

100

103

15

Tacoma

Washington

Refined

Petroleum Products

100

316

19

Jones Creek

Texas

Crude Oil

100

2,580

N/A

Torrance

California

Crude Oil, Refined Petroleum Products

100

2,128

N/A

Junction

California

Crude Oil, Refined Petroleum Products

100

524

N/A

Tremley Point †

New Jersey

Refined

Petroleum Products

100

1,701

25

Kansas City †

Kansas

Refined

Petroleum Products

100

1,410

50

Westlake

Louisiana

Refined

Petroleum Products

100

128

10

Keene †

North Dakota

Crude Oil

50

503

N/A

Wichita Falls †

Texas

Crude Oil

100

225

N/A

La Junta

Colorado

Refined

Petroleum Products

100

109

5

Wichita North †

Kansas

Refined

Petroleum Products

100

769

20

Lake Charles

Louisiana

Refined

Petroleum Products

50

3,143

N/A

Wichita South †

Kansas

Refined

Petroleum Products

100

272

N/A

Pipeline Storage

Lincoln

Nebraska

Refined

Petroleum Products

100

217

12

Linden †

New Jersey

Refined

Petroleum Products

100

360

95

Los Angeles

California

Refined

Petroleum Products

100

156

80

† Owned by Phillips 66 Partners; Phillips 66 held 74% of the limited partner interest in Phillips 66 Partners at Dec. 31, 2019.

Lubbock †

Texas

Refined

Petroleum Products

100

182

18

Refer to the Phillips 66 2019 Form 10-K for additional details on our ownership interest in marine, rail, and petroleum coke loading and offloading

Medford Spheres † Oklahoma

NGL

100

70

N/A

facilities at Dec. 31, 2019.

PHILLIPS 66 2020 FACT BOOK

13

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Capacities by Product	Capacities by Location

The Chemicals segment consists of our 50% equity investment in CPChem, which is headquartered in The Woodlands, Texas.

As of Dec. 31, 2019, CPChem owned or had joint venture interests in:

28

manufacturing facilities located in Belgium, Colombia, Qatar, Saudi Arabia, Singapore and the United States

2

research and development centers in the United States

CPChem Cedar Bayou Complex

BAYTOWN, TX

We structure our reporting of CPChem's operations around two primary business lines: Olefins and Polyolefins (O&P) and Specialties, Aromatics and Styrenics (SA&S).

The O&P business line produces and markets ethylene and other olefin products. The ethylene produced is primarily used by CPChem to produce polyethylene, NAO and polyethylene pipe.

The SA&S business line manufactures and markets aromatics and styrenics products, such as benzene, cyclohexane, styrene and polystyrene. SA&S also manufactures and/or markets a variety of specialty chemical products including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining.

The manufacturing of petrochemicals and plastics involves the conversion of hydrocarbon-based raw material feedstocks into higher-value products, often through a thermal process referred to

in the industry as "cracking." For example, ethylene can be produced by cracking ethane, propane, butane, natural gasoline or certain refinery liquids,

such as naphtha and gas oil. Ethylene primarily is used as a raw material in the production of plastics, such as polyethylene and PVC. Plastic resins, such as

polyethylene, are manufactured in a thermal/catalyst process, and the produced output is used as a further raw material for various applications, such as medical supplies, plastic pipe, food packaging and cleaning supply bottles.

Effective Jan. 1, 2019, capacity at CPChem's new ethane cracker at the Cedar Bayou facility in Baytown, Texas, was increased to

1.7 MMTA

which is 15% above the original design capacity

In June 2019, CPChem signed an agreement with Qatar Petroleum to jointly pursue the development of a petrochemical facility on the U.S. Gulf Coast. CPChem would own a 51% interest in the joint venture and have responsibility for the construction, operation and management of the facility. CPChem is closely monitoring economic developments and has deferred final investment decision.

Also in June 2019, CPChem signed an agreement with Qatar Petroleum to jointly pursue the development, construction and operation of a petrochemicals complex in Qatar. Pending final investment decision, CPChem would own a 30% interest in the joint venture.

PHILLIPS 66 2020 FACT BOOK

14

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Capacities by Product	Capacities by Location

CPChem's Petrochemicals and Plastics Product Capacities

As of Dec. 31, 2019.*

O&P	U.S.	Worldwide
(MMLB/Y)	(MMLB/Y)
Ethylene	11,910	14,385
Propylene	2,675	3,180
High-density polyethylene	5,305	7,470
Low-density polyethylene	620	620
Linear low-density	1,590	1,590
Polypropylene	-	310
Normal alpha olefins	2,335	2,850
Polyalphaolefins	125	255
Polyethylene pipe	500	500
Total O&P	25,060	31,160
SA&S	U.S.	Worldwide
(MMLB/Y)	(MMLB/Y)
Benzene	1,600	2,530
Cyclohexane	1,060	1,455
Styrene	1,050	1,875
Polystyrene	835	1,070
Specialty chemicals	440	575
Total SA&S	4,985	7,505
Total O&P and SA&S	30,045	38,665

* Capacities include CPChem's share in equity affiliates and excludes CPChem's	CPChem Sweeny Complex
NGL fractionation capacity.	OLD OCEAN, TX

PHILLIPS 66 2020 FACT BOOK

15

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Capacities by Product	Capacities by Location

CPChem's Product Capacities by Location

As of Dec. 31, 2019.

United States	CPChem		Gross	Gross
Facilities	Ownership	Products	Capacity	Capacity
(%)		(MMLB/Y)	(kMTA)
Cedar Bayou Facility, Baytown, TX	100	Ethylene	5,640	2,560
						Propylene	1,030	465
						LDPE	620	280
						LLDPE	490	220
						NAO	1,785	810
						1-Hexene	550	250
						PAO	125	58
					70	HDPE	1,515	685
Sweeny Facility, Old Ocean, TX	100	HDPE	1,100	500
						LLDPE	1,100	500
Sweeny Facility, Sweeny, TX	100	Ethylene	4,390	1,995
						Propylene	870	395
Port Arthur Facility, Port Arthur, TX	100	Ethylene	1,880	855
						Propylene	775	350
						Cyclohexane	1,060	480
Pascagoula Facility, Pascagoula, MS	100	Benzene	1,600	725
Pasadena Plastics Complex, Pasadena, TX	100	HDPE	2,180	985
Orange Chemical Facility, Orange, TX	100	HDPE	970	440
Borger Facility, Borger, TX	100	Specialty Chemicals	380	175
Drilling Specialties, Conroe, TX	100	Drilling Specialties	59	27
Performance Pipe Division, seven loca-	100	Performance Pipe	500	227
Americas Styrenics, St. James, LA	50	Styrene	2,100	955
Americas Styrenics, Torrance, CA	50	Polystyrene	330	150
Americas Styrenics, Allyn's Point, CT	50	Polystyrene	250	115
Americas Styrenics, Joliet, LA	50	Polystyrene	270	120
Americas Styrenics, Hanging Rock, OH	50	Polystyrene	400	180
Americas Styrenics, Marietta, OH	50	Polystyrene	420	190

No. 1	No. 2	No. 2
HDPE producer worldwide	NAO producer worldwide	Propylene merchant producer
		in North America

Global Locations

		L	E	E
	D		A
ID
M					S
				T

SPCo &

S-Chem

Q-Chem I & II

Cedar Bayou Orange	LEGEND
Pasadena	CPChem (O&P)
Port Arthur	CPChem Facility
Sweeny/Old Ocean	Shale Basin

International	CPChem		Gross	Gross
Facilities	Ownership	Products	Capacity	Capacity
(%)		(MMLB/Y)	(kMTA)
Beringen Facility, Beringen, Belgium	100	PAO	130	60
Tessenderlo Chemicals Facility,	100	Specialty Chemicals	135	60
Tessenderlo, Belgium
Qatar Chemical Company LTD.,	49	Ethylene	1,150	520
Mesaieed, Qatar (Q-Chem I)
	HDPE	1,010	460
		1-Hexene	130	60
Qatar Chemical Company II LTD.,	49	Ethylene	1,530	695
Ras Laffan, Qatar (Q-Chem II)
	HDPE	770	350
		NAO	760	345
Jubail Chevron Phillips Company,	50	Ethylene	450	205
Jubail Industrial City, Saudi Arabia
	Propylene	330	150
		Styrene	1,650	750
Saudi Chevron Phillips Company,	50	Benzene	1,865	845
Jubail Industrial City, Saudi Arabia
	Cyclohexane	790	360
Saudi Polymers Company,	35	Ethylene	2,690	1,220
Jubail Industrial City, Saudi Arabia (SPCo)
	Propylene	970	440
		HDPE	2,425	1,100
		Polypropylene	880	400
		Polystyrene	440	200
		1-Hexene	220	100
Americas Styrenics, Cartegena, Colombia	50	Polystyrene	160	75
Chevron Phillips Singapore Chemical	50	HDPE	880	400
Pte. Ltd., Jurong Island, Singapore

PHILLIPS 66 2020 FACT BOOK

16

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES
Atlantic Basin/ Europe	Gulf Coast	Central Corridor	West Coast	Renewable Diesel

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Lake Charles Refinery

WESTLAKE, LA

In Refining, our focus is on maintaining the highest standards in operating excellence and environmental stewardship. We practice cost and capital discipline. Our capital program sustaining projects ensure safe, reliable operations, and our high-return, quick payout projects enhance margins. Also, we rank in the top quartile for the Solomon non-energy operating cost benchmark. Our AdvantEdge66 initiative is positioning us to stay competitive long-term through the deployment of technology.

In 2019, Phillips 66 Partners completed construction of the

25,000 BPD

isomerization unit at the Lake Charles Refinery to increase production of higher-octane gasoline blend components.

We also completed a portfolio of high-return projects across our system to increase our distillate production capacity by 25,000 BPD. A fluid catalytic cracking (FCC) unit upgrade was completed in the first quarter of 2020 at our Sweeny Refinery to increase production of higher-value petrochemical products and higher- octane gasoline.

Our Refining segment refines crude oil and other feedstocks into petroleum products such as gasoline, distillates and aviation fuels at 13 refineries in the United States and Europe.

Primary Crude Oil Characteristics and Sources

		Characteristics				Sources
							South		Middle
		Medium	Heavy	High	United		and
Refinery	Sweet	Canada	Europe**	East and
Sour	Sour	TAN*	States	Central
				Africa
							America
Bayway	•	•			•	•			•
Humber	•		•	•	•			•	•
•	•	•					•	•
MiRO
•	•			•
Alliance
•	•	•	•	•	•	•	•	•
Lake Charles
•	•	•	•	•	•	•
Sweeny
•		•	•	•	•
Wood River
•	•	•		•	•
Borger
•	•	•		•	•
Ponca City
	•	•	•	•	•
Billings
•	•			•	•			•
Ferndale
	•	•	•	•	•	•		•
Los Angeles
•	•	•	•	•	•	•	•	•
San Francisco

• High TAN (Total Acid Number): acid content greater than or equal to 1.0 milligram of potassium hydroxide (KOH) per gram.
• Includes Russian crude.

PHILLIPS 66 2020 FACT BOOK

17

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Atlantic Basin/ Europe	Gulf Coast	Central Corridor	West Coast	Renewable Diesel

Bayway	Humber	MiRO
Refinery	Refinery	Refinery*
LINDEN, NJ	NORTH LINCOLNSHIRE, UK	KARLSRUHE, GERMANY

92	Capacities (MBD):	81	Capacities (MBD):	87	Capacities (MBD):
Clean	155	Clean	95		Clean	25
Product Yield	Gasolines Production**	Product Yield	Gasolines Production**	Product Yield	Gasolines Production**
Capability (%)	Capability (%)	Capability (%)
Distillates130Production**	Distillates115		Distillates25
7.7	11.8	Production**	7.7	Production**
Nelson	258	Nelson	221		Nelson	58
Complexity	Complexity		Complexity
Factor	Factor		Factor
	Crude Throughput		Crude Throughput		Crude Throughput
	300		245		61
	Total Throughput		Total Throughput		Total Throughput

The Bayway Refiinery is located on the New York Harbor in Linden, New Jersey.

Bayway's facilities include crude distilling, naphtha reforming, fluid catalytic cracking, solvent deasphalting, hydrodesulfurization and alkylation units. The complex also includes a polypropylene plant with the capacity to produce up to 775 million pounds per year. The refinery processes mainly light and medium, low-sulfur crude oil. Foreign crude oil is supplied to the refinery by tanker, and domestic crude oil is supplied through a combination of rail and marine transport. Within the refinery, Phillips 66 Partners has a rail receiving facility with 75,000 BPD of offloading capacity.

The refinery produces a high percentage of transportation fuels, as well as petrochemical feedstocks, residual fuel oil and home heating oil. Refined petroleum products are distributed to East Coast customers by pipeline, barge, railcar and truck.

The Humber Refiinery is located on the east coast of England in North Lincolnshire, United Kingdom, approximately 180 miles north of London.

Humber's facilities include crude distilling, naphtha reforming, fluid catalytic cracking, hydrodesulfurization, thermal cracking and delayed coking units. The refinery has two coking units with associated calcining plants. Humber is the only coking refinery in the United Kingdom, and

a producer of high-quality specialty graphite and anode-grade petroleum cokes. The refinery processes crude oil supplied primarily from the North Sea and includes light, low- and medium- sulfur and acidic crude oil.

The refinery also produces a high percentage of transportation fuels. The majority of the light oils produced by the refinery are distributed to customers in the United Kingdom by pipeline, railcar and truck, while the other refined petroleum products are exported throughout the world.

The MiRO Refiinery is located on the Rhine River in Karlsruhe, Germany, approximately 95 miles south of Frankfurt, Germany.

MiRO is the largest refinery in Germany and operates as a joint venture in which we own an 18.75% interest. Facilities include crude distilling, naphtha reforming, fluid catalytic cracking, petroleum coking and calcining, hydrodesulfurization, isomerization, ethyl tert-butyl ether and alkylation units. Phillips 66 processes mainly light, medium sweet and medium sour crude oil in our share of the refinery. Crude oil is delivered to the refinery by a cross-country pipeline from the port of Trieste, Italy.

MiRO produces a high percentage of transportation fuels. Other products produced include petrochemical feedstocks, home heating oil, bitumen, and anode and fuel-grade petroleum cokes. Refined petroleum products are distributed to customers in Germany, Switzerland, France and Austria by truck, railcar and barge.

Capacity data is as of Jan. 1, 2020. Nelson complexity factors and clean product yields are as of Dec. 31, 2019.

• Mineraloelraffinerie Oberrhein GmbH.
• Clean product capacities are maximum rates for each clean product category, independent of each other. They are not additive when calculating the clean product yield capability for each refinery.

PHILLIPS 66 2020 FACT BOOK

18

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Atlantic Basin/ Europe	Gulf Coast	Central Corridor	West Coast	Renewable Diesel

Alliance	Lake Charles	Sweeny
Refinery	Refinery	Refinery
BELLE CHASSE, LA	WESTLAKE, LA	OLD OCEAN, TX

87	Capacities (MBD):	70	Capacities (MBD):	86	Capacities (MBD):
Clean	130	Clean	105		Clean	140
Product Yield	Gasolines Production**	Product Yield	Gasolines Production**	Product Yield	Gasolines Production**
Capability (%)	Capability (%)	Capability (%)
Distillates120Production**	Distillates115		Distillates125Production**
11.6	9.5	Production**	13.4
Nelson	255	Nelson	249	Nelson	265
Factor	Factor	Factor
Complexity		Complexity			Complexity
	Crude Throughput		Crude Throughput		Crude Throughput
	278		290		314
	Total Throughput		Total Throughput		Total Throughput

The Alliance Refinery is located on the Mississippi River in Belle Chasse, Louisiana, approximately 25 miles southeast of New Orleans, Louisiana.

The single-train facility includes crude distilling, naphtha reforming, fluid catalytic cracking, alkylation, hydrodesulfurization, aromatics and delayed coking units. The refinery processes mainly light and medium, low-sulfur crude oil and receives domestic crude oil through a combination of pipelines, marine transportation and terminals.

Alliance produces a high percentage of transportation fuels. Other products produced include petrochemical feedstocks, home heating oil and anode-grade petroleum coke. A majority of the refined petroleum products are distributed to customers in the southeastern and eastern United States through major common carrier pipeline systems and by barge. Additionally, refined petroleum products are exported to customers primarily in Latin America by waterborne cargo.

The Lake Charles Refiinery is located in Westlake, Louisiana, approximately 150 miles east of Houston, Texas.

Refiinery facilities include crude distilling, naphtha reforming, flluid catalytic cracking, alkylation, hydrocracking, hydrodesulfurization, delayed coking units, a specialty coker and calciner. The refiinery processes a mixture of light to heavy, low- and high- sulfur and low- and high-acid crude oils. The refiinery receives domestic, Canadian and other foreign crude oil through truck, pipeline, marine transportation and terminals, including Beaumont and Clifton Ridge terminals and Bayou Bridge Pipeline.

The refiinery produces a high percentage of transportation fuels. Other products produced include off-road diesel, home heating oil, feedstock for our Excel Paralubes joint venture, and high- quality specialty graphite and fuel-grade petroleum cokes. A majority of the products are distributed to customers in the southeastern and eastern United States by truck, railcar, barge or major common carrier pipelines. Additionally, refiined petroleum products are exported to customers primarily in Latin America and Europe by waterborne cargo.

The Sweeny Refiinery is located in Old Ocean, Texas, approximately 65 miles southwest of Houston, Texas.

Refiinery facilities include crude distilling, naphtha reforming, flluid catalytic cracking, alkylation, hydrodesulfurization, aromatics units, and a Phillips 66 Partners owned delayed coking unit.

The Sweeny Refiinery processes heavy, high-sulfur crude oil and some light, low-sulfur crude oil. Domestic, Canadian and other foreign crude oil are transported to the refiinery by truck, pipeline, marine transportation and terminals.

The refiinery produces a high percentage of transportation fuels. Other products include petrochemical feedstocks, home heating oil and fuel-grade petroleum coke. A majority of the refiined petroleum products are distributed to customers throughout the Midcontinent region, southeastern and eastern United States by pipeline, barge and railcar. Additionally, refiined petroleum products are exported to customers primarily in Latin America by waterborne cargo.

• Clean product capacities are maximum rates for each clean product category, independent of each other. They are not additive when calculating the clean product yield capability for each refinery.

PHILLIPS 66 2020 FACT BOOK

19

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Atlantic Basin/ Europe

Gulf Coast

Central Corridor

West Coast

Renewable Diesel

WRB Refining LP (WRB)

We are the operator and managing partner of WRB, a 50%-owned joint venture that owns the

Wood River and Borger refineries.

Wood River Refinery

ROXANA, IL

	Wood River
	Refinery
	ROXANA, IL
81	Capacities (MBD):
Clean	85
Product Yield	Gasolines Production**
Capability (%)

11.0Distillates Production** Nelson173ComplexityFactor70

Crude Throughput

180

Total Throughput

The Wood River Refiinery is located in Roxana, Illinois, about 15 miles northeast of St. Louis, Missouri, at the conflluence of the Mississippi and Missouri rivers.

Refiinery facilities include crude distilling, naphtha reforming, flluid catalytic cracking, alkylation, hydrocracking, hydrodesulfurization and delayed coking units. The refiinery processes a mixture of light, low-sulfur; heavy, high-sulfur; and high-acid crude oil. The crude supply is sourced domestically or from Canada.

The refiinery produces a high percentage of transportation fuels. Other products produced include petrochemical feedstocks, asphalt and fuel-grade petroleum coke. Refiined petroleum products are distributed to customers throughout the Midcontinent region by pipeline, railcar, barge and truck.

	Borger
	Refinery
	BORGER, TX
91	Capacities (MBD):
Clean	50
Product Yield	Gasolines Production**
Capability (%)

11.6Distillates Production** Nelson75ComplexityFactor35

Crude Throughput

92

Total Throughput

The Borger Refiinery is located in Borger, Texas, in the Texas Panhandle, approximately 50 miles north of Amarillo, Texas.

Refiinery facilities include crude distilling, naphtha reforming, flluid catalytic cracking, alkylation, hydrodesulfurization and delayed coking units. The refiinery processes primarily medium sweet and sour crude oil produced locally, as well as heavy sour crude oil produced in Canada, all of which are delivered by pipeline.

The refiinery produces a high percentage of transportation fuels, as well as fuel-grade petroleum coke and solvents. Refiined petroleum products are distributed to customers in West Texas, New Mexico, Colorado and the Midcontinent region by company- owned and common carrier pipelines.

• Clean product capacities are maximum rates for each clean product category, independent of each other. They are not additive when calculating the clean product yield capability for each refinery.

PHILLIPS 66 2020 FACT BOOK 20

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION
Atlantic Basin/ Europe	Gulf Coast	Central Corridor	West Coast	Renewable Diesel

GLOBAL ASSET MAP

GENERAL INFORMATION

Ponca City Refinery

PONCA CITY, OK

	Ponca City
	Refinery
	PONCA CITY, OK
93	Capacities (MBD):
Clean	120
Product Yield	Gasolines Production**
Capability (%)

8.8100Distillates Production**

Nelson217ComplexityFactor

Crude Throughput

230

Total Throughput

The Ponca City Refiinery is located in Ponca City, Oklahoma, approximately 95 miles northwest of Tulsa, Oklahoma.

Refiinery facilities include crude distilling, naphtha reforming, flluid catalytic cracking, alkylation, hydrodesulfurization and delayed coking units. The refiinery processes a mixture of light, medium and heavy crude oil delivered via pipeline from Oklahoma, Texas, New Mexico, the U.S. Rockies and Canada. Infrastructure improvements have enabled the delivery of locally produced crude oil by pipeline and truck.

The refiinery produces a high percentage of transportation fuels and anode-grade petroleum coke. Refiined petroleum products are primarily distributed to customers throughout the Midcontinent region by company-owned and common carrier pipelines.

	Billings
	Refinery
	BILLINGS, MT
90	Capacities (MBD):
Clean	35
Product Yield	Gasolines Production**
Capability (%)

12.4Distillates Production** Nelson65ComplexityFactor30

Crude Throughput

67

Total Throughput

The Billings Refiinery is located in Billings, Montana. Refiinery facilities include crude distilling, naphtha reforming, flluid catalytic cracking, alkylation, hydrodesulfurization and delayed coking units.

The refiinery processes a mixture of Canadian heavy, high-sulfur crude oil delivered by pipeline and domestic crude oil delivered by truck, and has 100% heavy crude processing capability.

The refiinery produces a high percentage of transportation fuels and fuel-grade petroleum coke. Refiined petroleum products are distributed to customers in Montana, Wyoming, Idaho, Utah, Colorado and Washington by pipeline, railcar and truck.

• Clean product capacities are maximum rates for each clean product category, independent of each other. They are not additive when calculating the clean product yield capability for each refinery.

PHILLIPS 66 2020 FACT BOOK

21

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
Atlantic Basin/ Europe	Gulf Coast	Central Corridor	West Coast	Renewable Diesel

Ferndale	Los Angeles	San Francisco
Refinery	Refinery	Refinery
FERNDALE, WA	CARSON AND WILMINGTON, CA	ARROYO GRANDE AND RODEO, CA

81	Capacities (MBD):	90	Capacities (MBD):	85	Capacities (MBD):
Clean	65		Clean	85		Clean	60
Product Yield	Gasolines Production**	Product Yield	Gasolines Production**	Product Yield	Gasolines Production**
Capability (%)	Capability (%)	Capability (%)
Distillates35		Distillates65		Distillates65
7.7	Production**	14.3	Production**	13.3	Production**
Nelson	105		Nelson	139		Nelson	120
Factor		Factor		Factor
Complexity			Complexity			Complexity
	Crude Throughput		Crude Throughput		Crude Throughput
	121			165			140
	Total Throughput		Total Throughput		Total Throughput

The Ferndale Refiinery is located on Puget Sound in Ferndale, Washington, approximately 20 miles south of the U.S.-Canada border.

Facilities include crude distillation, naphtha reforming, flluid catalytic cracking, alkylation and hydrodesulfurization units. The refiinery processes a variety of crude oils, including Alaskan North Slope, Canadian and other foreign and U.S. shale crudes, primarily delivered via marine vessel and pipeline.

The refiinery produces a high percentage of transportation fuels. Other products produced include residual fuel oil, which is supplied to the northwest marine bunker fuel market. Most of the refiined petroleum products are distributed to customers in the northwest United States by pipeline and barge.

The Los Angeles Refiinery consists of two facilities linked by pipeline located 5 miles apart in Carson and Wilmington, California, approximately 15 miles southeast of Los Angeles.

The Carson facility serves as the front end of the refiinery by processing crude oil, and the Wilmington facility serves as the back end of the refiinery by upgrading the intermediate products to fiinished products. Refiinery facilities include crude distillation, naphtha reforming, flluid catalytic cracking, alkylation, hydrocracking and delayed coking units. The refiinery receives domestic crude oil by pipeline from California, Canadian crude via rail, and both foreign and domestic crude oil by tanker through a third-party terminal in the Port of Long Beach.

The refiinery produces a high percentage of transportation fuels. The refiinery produces California Air Resources Board (CARB)-grade gasoline. Other products produced include fuel- grade petroleum coke. Refiined petroleum products are distributed to customers in California, Nevada and Arizona by pipeline and truck.

The San Francisco Refiinery consists of two facilities linked by our pipelines. The Santa Maria facility

is located in Arroyo Grande, California, 200 miles south of San Francisco, California, while the Rodeo facility is located in the San Francisco Bay Area.

Intermediate refiined products from the Santa Maria facility are shipped by pipeline to the Rodeo facility for upgrading into fiinished petroleum products.

Refiinery facilities include crude distillation, naphtha reforming, hydrocracking, hydrodesulfurization and delayed coking units, as well as a calciner. The San Francisco Refiinery processes a mixture of heavy, high-sulfur and light sweet crude. The refiinery receives California crude oil by pipeline, and both domestic and foreign crude oil by tanker.

The refiinery produces a high percentage of transportation fuels, including CARB-grade gasoline. Other products produced include fuel-grade petroleum coke. The majority of the refiined petroleum products are distributed to customers in California by pipeline and barge. Additionally, refiined petroleum products are exported to customers primarily in Latin America by waterborne cargo.

• Clean product capacities are maximum rates for each clean product category, independent of each other. They are not additive when calculating the clean product yield capability for each refinery.

PHILLIPS 66 2020 FACT BOOK

22

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES
Atlantic Basin/ Europe	Gulf Coast	Central Corridor	West Coast	Renewable Diesel

We prioritize renewable fuel projects that leverage existing infrastructure as we invest toward our goal of more than 340 million gallons per year of renewable diesel.

CO2

Waste fats, recycled cooking oils and other renewable feedstocks will be used for diesel production that complies with low-carbon fuel standards.

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

San Francisco Refinery

RODEO, CA

Renewable diesel project underway at the

Humber Refinery.

Developing renewable diesel project at the

San Francisco Refinery.

Supply and off-take agreements for two third-party renewable diesel manufacturing facilities under construction in Nevada.

Humber Refinery

NORTH LINCOLNSHIRE, UK

PHILLIPS 66 2020 FACT BOOK

23

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES
U.S. Marketing	International Marketing	Specialties

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Our Marketing and Specialties segment markets Phillips 66 and third-party refined petroleum products, such as gasolines, distillates and aviation fuels, mainly in the United States and Europe.

This segment also includes the manufacturing and marketing of specialty products, such as base oils and lubricants.

Phillips 66 Branded Marketing Site

ST. LOUIS, MO

In the United States, we market gasoline, diesel and aviation fuel through marketer and joint venture outlets that utilize the Phillips 66, Conoco or 76 brands.

At Dec. 31, 2019, we had approximately:

7,540 5,450

branded outlets in	outlets utilized by
48	our wholesale
operations' network
of marketers
states
1,280	810
sites with our	Phillips 66 branded
brand-licensing	locations that
agreements	sell our aviation
	gasoline and jet
	fuel through dealers
	and independent
	marketers
1,600	4,200
sites reimaged	total sites reimaged
during 2019	since 2015

Our wholesale operations utilize a network of marketers operating approximately 5,450 outlets. We place a strong emphasis on the wholesale channel of trade because of its relatively lower capital requirements. In addition, we hold brand- licensing agreements covering approximately

1,280 sites. Our refined petroleum products are marketed on both a branded and unbranded basis. Our branded marketing sales are primarily made in the Midcontinent, Rockies and West Coast regions, where our wholesale marketing networks provide efficient off-take from our refineries.

In the Gulf Coast and East Coast regions, where highly integrated marketing and distribution infrastructure are not needed to secure refinery product placement, most sales are conducted via the unbranded channel of trade. We are expanding our export capability at our U.S. coastal refineries to meet growing international demand and increase flexibility to provide product to the highest-value markets.

In addition, we produce and market aviation gasoline and jet fuel, which are sold through dealers and independent marketers at approximately 810 Phillips 66 branded locations.

In the fourth quarter of 2019, we formed a retail marketing joint venture with operations primarily on the U.S. West Coast. The joint venture closed on the acquisition of approximately 100 sites during the first half of 2020. Upon closing, the joint venture will operate a network that includes approximately 680 sites. This joint venture enables increased long-term placement of our refinery production and increases our exposure to retail margins.

During 2019, we reimaged over 1,600 sites, bringing the total number of reimaged sites to approximately 4,200 since the inception of our program in 2015.

PHILLIPS 66 2020 FACT BOOK 24

	OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES
U.S. Marketing	International Marketing	Specialties

We have marketing operations in four

European countries.

Our European marketing strategy is to sell primarily through owned, leased or joint venture retail sites using a low-cost,high-volume approach. We use the JET brand name to market retail and wholesale products in Austria, Germany and the United Kingdom.

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

JET Branded Marketing Site

BERLIN, GERMANY

In addition, we own a 49% interest in a joint venture that markets refined petroleum products in Switzerland under the COOP brand name.

We also market aviation fuels, LPG, heating oils, marine bunker fuels, and other secondary refined products to commercial customers and into the bulk or spot markets.

At Dec. 31, 2019, we had:

1,280

marketing outlets in Europe, of which

980

were company owned and

300

were dealer owned

We had interests in

320

additional sites through our COOP joint venture operations in Switzerland

During 2019, we added:

23

new JET branded sites and

4

new COOP sites

We launched the rollout of our new JET image in Europe and reimaged approximately

80

sites

COOP Branded Marketing Site

HUNZENSCHWIL, SWITZERLAND

PHILLIPS 66 2020 FACT BOOK

25

OUR BUSINESSES	OUR STRATEGY	MIDSTREAM	CHEMICALS	REFINING	MARKETING AND SPECIALTIES	ENERGY RESEARCH & INNOVATION	GLOBAL ASSET MAP	GENERAL INFORMATION
U.S. Marketing	International Marketing	Specialties

We manufacture lubricants and sell a variety of specialty products, including petroleum coke products, waxes, solvents and polypropylene.

Lake Charles Refinery Excel Paralubes

WESTLAKE, LA

We manufacture and sell automotive, commercial, industrial and specialty lubricants, which are marketed worldwide under the Phillips 66, Kendall, Red Line and other private label brands. We also market Group III Ultra-S base oils through an agreement with South Korea's S-Oil Corporation.

Excel Paralubes LLC (Excel)

In addition, we own a 50% interest in Excel, a joint venture we operate that owns a hydrocracked lubricant base oil manufacturing plant located adjacent to the Lake Charles Refinery. The facility has a nameplate capacity to produce 22,200 BPD of high-quality Group II clear hydrocracked base oils. Excel markets the produced base oil under the Pure Performance brand. The facility's feedstock is sourced primarily from our Lake Charles Refinery.

22,200 BPD

of high-quality Group II clear hydrocracked base oils

50%

ownership interest

Other Specialty Products

We market high-quality specialty graphite and anode-grade petroleum cokes in the United States, Europe and Asia for use in a variety of industries that include steel, aluminum, titanium dioxide and battery manufacturing. We also market polypropylene in North America under the COPYLENE brand name for use in consumer products, and market specialty solvents that include pentane, iso-pentane, hexane, heptane and odorless mineral spirits for use in the petrochemical, agriculture and consumer markets. In addition, we market sulfur for use in agricultural and chemical applications, and fuel-grade petroleum coke for use in the making of cement and glass, and power generation.

PHILLIPS 66 2020 FACT BOOK 26

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Our Energy Research &

480 264

Phillips 66 Research Center

BARTLESVILLE, OK

Improving operations

We are improving operations, where our focus is applied and fundamental research to enhance the safety and reliability of our operations, support our current business, provide new environmental solutions and provide options for future growth that are aligned with the Phillips 66 strategy. Research programs include monitoring the quality of crude being processed; development and optimization of catalysts; modeling to anticipate corrosion and fouling rates in the refinery units; and modeling to increase product yield and reliability.

Energy transition

We are developing organic photovoltaic polymers, solid oxide fuel cells and battery materials.

Sustainability

We are helping our operations by modeling air chemistry and researching responsible water management.

Innovative technologies

We are focused on innovative technologies in emerging renewable fuels processes and a robotics program that was introduced in 2019 to identify ways to use robots to perform work that involves exposure to hazardous chemicals or working environments, or work that is considered

Innovation organization, located in Bartlesville, Oklahoma, is focused on improving operations, energy transition, sustainability and innovative technologies.

active patents held in

24

countries

research labs dedicated to providing advanced technical support for our operations, proactively finding ways to reduce our resource usage and researching new technologies that can deliver value for our shareholders in future years

highly repetitive.

Additionally, we monitor the global research and development community for technologies that could impact our business.

PHILLIPS 66 2020 FACT BOOK

27

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Ferndale		Ferndale
Renton		Rail Terminal*
	North Spokane	Yellowstone
Tacoma (MT)
			Thompson
	Moses Lake
				Falls Rail
Portland	Spokane	Terminal
Portland (MT) Missoula Rail Terminal	llo
			Missoula	Ye
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					ne

Cut Bank

Great Falls

HelenaGlacier

Roundup

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Billings

Billings

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ooth

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Sheridan*

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Bighorn

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Casper*

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Rock Springs

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Powd

Harbor

Bayway Rail

S

Terminal*

er

Red Line Oil

North Salt Lake

s

Pioneer

River

Des Moines

Expres

Sacramento

Rockies

Hartford

Lincoln

s

Express

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Line

San Francisco

Rockies

Expr

Richmond (MT)

rg

Rockies

Denver Bo

Conway

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to Wichita

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Blue Line

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E. St.

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40

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River ve

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Louis*

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Southern

Cherokee North*

rer*Hartford*

Standish*

Line

La Junta

*

Chish

Ponca City*

Explo

Line

Ponca City

300

ld

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Go

Los Angeles

Borger

Hills*

Medford*

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LosAngeles

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Eas

Cherokee

Torrance

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Borger to Amarillo*

Blue

Cher

Ponca

South*

Glenpool*

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Selmer

Albuquerque*

Line

CushPo*

KPL

ATA Line*

Skelly

AC

Cushing

ST

Los Angeles

Amarillo*

SAAL*

Oklahoma City*

-

Borger

Belvieu

Oklahoma Crude*

n*

Wichita Falls*

Explor

Bak

ke

Lubbock*

Savannah

North Texas

er

Crude

*

West Texas

Gathering*

Southern

Odessa*

Crude

S

Gathering*

kelly

LakeCharles

Wink

Sweeny

Crane

Lake

Charles

Line

EZ

Al liance

Coke

Handling

Orange

Sand*

Eagle Ford

Ri v

Westlake

Crude

er Pa

LCPL

Gr

Gathering*

SorrentoCaverns**

sh*

Storage

Hills*

Helena

Cedar

Beaumont

ayOak

Lake

Bayou

Central

Pasadena

Charles

Junction

Soouth TexasGateway*

Bayou Bridge*

Taft

Sweeny/

Gulf Coast

CRMT

Old Ocean

Pecan Grove

Sweeny

Port Arthur

GCF

Pasadena

C2G*

Freeport

San Bernard

Clemens Caverns*

Jones Creek

Sweeny 1*, 2, 3

SPCo &

S-Chem

MiRO

Q-Chem I & II

LEGEND

CPChem (O&P)

CPChem Facility

Crude Terminal/Pipeline

Crude Terminal

In Progress/Under Development

DCP Gathering

Fractionator

Fractionator

In Progress/Under Development

Lubricants Facility

Natural Gas Pipeline

NGL/LPG Terminal/Pipeline

NGL/LPG Terminal/Pipeline

In Progress/Under Development

NGL/LPG Underground Storage Facility

Products Terminal/Pipeline

PSXP Asset (asterisk on labels)

Refinery

Shale Basin

Branded Marketing Footprint

PHILLIPS 66 2020 FACT BOOK

28

OUR BUSINESSES

OUR STRATEGY

MIDSTREAM

CHEMICALS

REFINING

MARKETING AND SPECIALTIES

ENERGY RESEARCH & INNOVATION

GLOBAL ASSET MAP

GENERAL INFORMATION

Central Hartford Terminal

HARTFORD, IL

Information disclosed is as of March 31, 2020, unless otherwise noted.

This document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as "is anticipated," "is estimated," "is expected," "is planned," "is scheduled," "is targeted," "believes," "continues," "intends," "will," "would," "objectives," "goals," "projects," "efforts," statements about strategies and statements that include similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking.Forward-looking statements included in this document are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed

Data

Distillate capacity includes aviation fuels. The Nelson Complexity Factor calculation considers the variety and capacity of the different processing units within a refinery. The higher a refinery's factor, the greater its secondary conversion capacity and capability to produce higher-value products.

Contact Information

Principal and Registered Offices

Phillips 66

P.O. Box 421959

Houston, TX 77242-1959

251 Little Falls Drive

Wilmington, DE 19808

Investor Relations [e-mail]

Media Relations [e-mail] newsroom.phillips66.com

This Fact Book can be obtained by visiting investor.phillips66.com.

Commonly Used Abbreviations

HDPEHigh-density polyethylene LDPELow-density polyethylene

LLDPELinear low-density polyethylene LPGLiquefied petroleum gas NAONormal alpha olefins

NGLNatural gas liquids PAOPolyalphaolefins PVCPolyvinyl chloride

Units of Measure

Bcf/dBillion cubic feet per day BPDBarrels per day

kMTAThousand metric tons per year MBblThousand barrels

MBDThousand barrels per day MMcf/dMillion cubic feet per day MMLB/YMillion pounds per year

MMTAMillion metric tons per year

or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the

forward-looking statements include fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining	margins; unexpected
changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining	or transporting our

products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general economic and political developments including: armed hostilities; expropriation of assets; changes in governmental policies relating to NGL, crude oil, natural gas or refined petroleum products pricing, regulation or taxation; and other political, economic or diplomatic developments, including those caused by public health issues and outbreaks; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66's businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Phillips 66, Conoco, 76, Kendall, Red Line, JET and COPYLENE are registered trademarks of Phillips 66 Company. Other names and logos mentioned herein are the trademarks of their respective owners.

20-0052 ©2020 Phillips 66 Company. All rights reserved.

PHILLIPS 66 2020 FACT BOOK 29