Phillips 66 : Fourth-Quarter Earnings Conference Call(opens in new window)

Phillips 66 Branded Marketing Site

HOUSTON, TX

Fourth

Quarter 2021

Conference

Call

January 28, 2022

Sweeny ethylene unit

1Phillips-Hexene66Unit,BrandCedMarketingBayou FacilitySite

OLD OCEAN, TX

HOUSTON,BAYTOWN,TXTX

Sweeny Frac 4

1Sweeny Frac 4

OLD OCEAN, TX South Texas GatewaySweenyTerminalFrac 4

OLD OCEAN, TX

INGLESIDE,OLD OCEAN,TX

Cautionary Statement

This presentation 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," "strategies" and 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 presentation are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; 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; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; 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 domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, 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.

This presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures at the end of the presentation materials or in the "Investors" section of our website.

2

Executing the Strategy

Sweeny Ethylene Unit

SWEENY/OLD OCEAN, TX

	Organic Solar Cells at Phillips 66 Research Center
	BARTLESVILLE, OK
	South Texas Gateway Terminal
	Sweeny Ethylene Unit	INGLESIDE, TX
CPChem Cedar Bayou Facility	SWEENY/OLD OCEAN, TX

BAYTOWN, TX

3

2021 Overview

$MM (UNLESS OTHERWISE NOTED)

Adjusted income	$ 2,521
Adjusted EPS1	5.70
Operating cash flow	6,017
Capital expenditures and investments	1,860
Shareholder distributions2	1,585
Net debt-to-capital ratio	34 %
Adjusted ROCE3	9 %

1. Dollars per share
2. Shareholder distributions represent dividends; share repurchases remain suspended
3. After-tax

Sweeny Fractionator 3

OLD OCEAN, TX

	Renewable Diesel Fuel Pump Dispenser
Renewable Diesel Fuel Pump Dispenser	PLEASANT HILL, CA
PLEASANT HILL, CA

4

Billings Refinery

Billings, Montana

YTD 2021 Cash Flow

$B	2.1

3.9
	(1.5)

(1.9)

	(1.6)
	(0.4)
				3.1
2.5

December 31,	CFO	Working	Debt	Capital	Shareholder	Other	December 31,
2020	(excluding	Capital		Expenditures	Distributions		2021
Cash	Working			& Investments			Cash
Balance 1	Capital)						Balance 1
							5

1) Includes cash and cash equivalents