Phillips 66 : Q1 2020 Supplemental Data

Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED STATEMENT OF OPERATIONS						1
		Millions of Dollars, Except as Indicated
	2020						2019
Revenues and Other Income	1st Qtr 2nd Qtr 3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
20,878		20,878	23,103	27,847	27,218	29,125	107,293
Sales and other operating revenues
Equity in earnings of affiliates	365		365	516	648	499	464	2,127
Net gain on dispositions	1		1	1	-	18	1	20
Other income	-		-		38	23	36	22	119
Total Revenues and Other Income	21,244		21,244		23,658	28,518	27,771	29,612	109,559
Costs and Expenses	18,440		18,440	21,055	24,554	23,806	26,114	95,529
Purchased crude oil and products
Operating expenses	1,341		1,341	1,307	1,165	1,206	1,396	5,074
Selling, general and administrative expenses	319		319	366	408	416	491	1,681
Depreciation and amortization	342		342	331	334	336	340	1,341
Impairments	3,006		3,006	1	2	853	5	861
Taxes other than income taxes	157		157	128	97	105	79	409
Accretion on discounted liabilities	6		6	6	5	6	6	23
Interest and debt expense	111		111	119	115	109	115	458
Foreign currency transaction (gains) losses	-		-	5	9	(9)	-	5
Total Costs and Expenses	23,722		23,722		23,318	26,689	26,828	28,546	105,381
Income (loss) before income taxes	(2,478)		(2,478)		340	1,829	943	1,066	4,178
Income tax expense (benefit)	(51)		(51)	70	325	150	256	801
Net Income (Loss)	(2,427)		(2,427)		270	1,504	793	810	3,377
Less: net income attributable to noncontrolling interests	69		69	66	80	81	74	301
Net Income (Loss) Attributable to Phillips 66	(2,496)		(2,496)		204	1,424	712	736	3,076
Net Income (Loss) Attributable to Phillips 66 Per Share of
Common Stock (dollars)
Basic	(5.66)		(5.66)	0.44	3.13	1.58	1.65	6.80
Diluted	(5.66)		(5.66)	0.44	3.12	1.58	1.64	6.77
Weighted-Average Common Shares Outstanding (thousands)
Basic	441,345		441,345	457,599	453,681	449,005	445,332	451,364
Diluted	441,345		441,345		459,289	455,585	451,001	447,835	453,888
Effective tax rate (%)	2.1 %		2.1 %	20.6 %	17.8 %	15.9 % 24.0 %	19.2 %
Adjusted effective tax rate (%)	4.4 %		4.4 %		20.7 %	20.2 %	20.6 %	23.6 %	21.1 %

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO			2
NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
					Millions of Dollars
			2020						2019
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream	(702)				(702)		316	423	(460)	405	684
Chemicals	169				169		227	275	227	150	879
Refining	(2,261)				(2,261)		(198)	983	856	345	1,986
Marketing and Specialties	513				513		205	353	498	377	1,433
Corporate and Other	(197)				(197)		(210)	(205)	(178)	(211)	(804)
Income (loss) before income taxes	(2,478)				(2,478)		340	1,829	943	1,066	4,178
Less: income tax expense (benefit)	(51)				(51)		70	325	150	256	801
Net Income (Loss)	(2,427)				(2,427)		270	1,504	793	810	3,377
Less: net income attributable to noncontrolling interests	69				69		66	80	81	74	301
Net Income (Loss) Attributable to Phillips 66	(2,496)				(2,496)		204	1,424	712	736	3,076
RECONCILIATION OF ADJUSTED INCOME BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66
					Millions of Dollars
			2020						2019
Midstream	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
200				200		203	245	248	250	946
Transportation
NGL and Other	179				179		90	143	169	120	522
DCP Midstream	81				81		23	35	23	35	116
Total Midstream	460				460		316	423	440	405	1,584
Chemicals	193				193		227	275	269	173	944
Refining	(196)				(196)		(7)	258	279	61	591
Atlantic Basin/Europe
Gulf Coast	(173)				(173)		(118)	222	184	76	364
Central Corridor	223				223		56	520	408	333	1,317
West Coast	(255)				(255)		(150)	(17)	(32)	(125)	(324)
Total Refining	(401)				(401)		(219)	983	839	345	1,948
Marketing and Specialties	434				434		138	294	440	237	1,109
Marketing and Other
Specialties	54				54		67	59	58	50	234
Total Marketing and Specialties	488				488		205	353	498	287	1,343
Corporate and Other	(197)				(197)		(210)	(205)	(178)	(211)	(804)
Adjusted income before income taxes	543				543		319	1,829	1,868	999	5,015
Less: adjusted income tax expense	24				24		66	370	385	236	1,057
Adjusted Net Income	519				519		253	1,459	1,483	763	3,958
Less: adjusted net income attributable to noncontrolling	69				69		66	80	81	74	301
interests
Adjusted Net Income Attributable to Phillips 66	450				450		187	1,379	1,402	689	3,657

SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT			3
AND NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66
		Millions of Dollars
	2020						2019
Midstream	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD			1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
(1,161)	(1,161)
Impairments			-	-	(853)	-	(853)
Impairments by equity affiliates	-	-			-	-	(47)	-	(47)
Lower-of-cost-or-market inventory adjustments	(1)	(1)			-	-	-	-	-
Total Midstream	(1,162)	(1,162)			-	-	(900)	-	(900)
Chemicals
Lower-of-cost-or-market inventory adjustments	(24)	(24)			-	-	(42)	(23)	(65)
Total Chemicals	(24)	(24)			-	-	(42)	(23)	(65)
Refining	(1,845)	(1,845)
Impairments			-	-	-	-	-
Pending claims and settlements	-	-			21	-	-	-	21
Lower-of-cost-or-market inventory adjustments	(15)	(15)			-	-	-	-	-
Asset dispositions	-	-			-	-	17	-	17
Total Refining	(1,860)	(1,860)			21	-	17	-	38
Marketing and Specialties	37	37			-	-	-	-	-
Pending claims and settlements
Certain tax impacts	-	-			-	-	-	90	90
Lower-of-cost-or-market inventory adjustments	(12)	(12)			-	-	-	-	-
Total Marketing and Specialties	25	25			-	-	-	90	90
Corporate and Other	-	-			-	-	-	-	-
Total Special Items (Pre-tax)	(3,021)	(3,021)			21	-	(925)	67	(837)
Less: Income Tax Expense (Benefit)	(75)	(75)			4	-	(235)	17	(214)
Tax impact of pre-tax special items*
Other tax impacts	-	-			-	(45)	-	3	(42)
Total Income Tax Expense (Benefit)	(75)	(75)			4	(45)	(235)	20	(256)
Less: Income (Loss) Attributable to Noncontrolling Interests	-	-			-	-	-	-	-
Total Phillips 66 Special Items (After-tax)	(2,946)	(2,946)			17	45	(690)	47	(581)

• We generally tax effect taxableU.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 25%. 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
	2020					2019
Midstream	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
-	-	-	-	-	-	-
Transportation
NGL and Other	-	-	-	-	-	-	-
DCP Midstream	(1,162)	(1,162)	-	-	(900)	-	(900)
Total Midstream	(1,162)	(1,162)		-	-	(900)	-	(900)
Refining	(441)	(441)	-	-	17	-	17
Atlantic Basin/Europe
Gulf Coast	(670)	(670)	-	-	-	-	-
Central Corridor	(450)	(450)	21	-	-	-	21
West Coast	(299)	(299)	-	-	-	-	-
Total Refining	(1,860)	(1,860)		21	-	17	-	38
Marketing and Specialties	37	37	-	-	-	90	90
Marketing and Other
Specialties	(12)	(12)	-	-	-	-	-
Total Marketing and Specialties	25	25		-	-	-	90	90

	CASH FLOW INFORMATION							4
					Millions of Dollars
			2020						2019
Cash Flows From Operating Activities	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
(2,427)				(2,427)	270	1,504	793	810	3,377
Net income (loss)
Depreciation and amortization	342				342	331	334	336	340	1,341
Impairments	3,006				3,006	1	2	853	5	861
Accretion on discounted liabilities	6				6	6	5	6	6	23
Deferred income taxes	(47)				(47)	179	74	(138)	68	183
Undistributed equity earnings	(4)				(4)	95	(139)	19	(118)	(143)
Net gain on dispositions	(1)				(1)	(1)	-	(18)	(1)	(20)
Other	(139)				(139)	42	(101)	(38)	113	16
Net working capital changes	(519)				(519)	(1,401)	251	(151)	471	(830)
Net Cash Provided by (Used in) Operating Activities	217				217		(478)	1,930	1,662	1,694	4,808
Cash Flows From Investing Activities	(923)				(923)	(1,097)	(631)	(867)	(1,278)	(3,873)
Capital expenditures and investments
Return of investments in equity affiliates	38				38	21	14	20	16	71
Proceeds from asset dispositions	1				1	82	1	1	2	86
Advances/loans-related parties	(8)				(8)	-	(95)	-	(3)	(98)
Collection of advances/loans-related parties	-				-	-	95	-	-	95
Other	15				15	(18)	42	-	7	31
Net Cash Used in Investing Activities	(877)				(877)		(1,012)	(574)	(846)	(1,256)	(3,688)
Cash Flows From Financing Activities	1,199				1,199	725	135	898	25	1,783
Issuance of debt
Repayment of debt	(7)				(7)	(592)	(5)	(407)	(303)	(1,307)
Issuance of common stock	6				6	8	1	6	17	32
Repurchase of common stock	(443)				(443)	(344)	(455)	(439)	(412)	(1,650)
Dividends paid on common stock	(396)				(396)	(364)	(406)	(402)	(398)	(1,570)
Distributions to noncontrolling interests	(61)				(61)	(56)	(61)	(59)	(65)	(241)
Net proceeds from issuance of Phillips 66 Partners LP common	2				2	32	10	91	40	173
units
Other	(24)				(24)	307	(6)	(19)	(13)	269
Net Cash Provided by (Used in) Financing Activities	276				276		(284)	(787)	(331)	(1,109)	(2,511)
Effect of Exchange Rate Changes on Cash and Cash	(9)				(9)		8	(3)	(36)	17	(14)
Equivalents
Net Change in Cash and Cash Equivalents	(393)				(393)	(1,766)	566	449	(654)	(1,405)
Cash and cash equivalents at beginning of period	1,614				1,614	3,019	1,253	1,819	2,268	3,019
Cash and Cash Equivalents at End of Period	1,221				1,221		1,253	1,819	2,268	1,614	1,614
	CAPITAL PROGRAM
					Millions of Dollars
			2020						2019
Consolidated Capital Expenditures and Investments	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
580				580	419	359	524	567	1,869
Midstream
Chemicals	-				-	-	-	-	-	-
Refining	245				245	194	197	254	356	1,001
Marketing and Specialties	25				25	19	23	34	298	374
Corporate and Other	50				50	43	52	55	56	206
Adjusted Capital Spending	900				900		675	631	867	1,277	3,450
Capital expenditures and investments funded by certain	23				23	422	-	-	1	423
joint venture partners (Midstream)
Consolidated Capital Expenditures and Investments	923				923		1,097	631	867	1,278	3,873
Proportional Share of Selected Equity Affiliates Capital
Expenditures and Investments*
DCP Midstream (Midstream)	46				46	150	128	77	117	472
CPChem (Chemicals)	126				126	103	72	77	130	382
WRB (Refining)	37				37	37	44	54	40	175
Selected Equity Affiliates	209				209		290	244	208	287	1,029

* Represents Phillips 66's portion of self-funded capital spending by DCP Midstream, LLC (DCP Midstream), Chevron Phillips Chemical Company LLC (CPChem) and WRB Refining LP (WRB).

	MIDSTREAM								5
		Millions of Dollars, Except as Indicated
	2020						2019
Income (Loss) before Income Taxes	1st Qtr 2nd Qtr 3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
200		200	203	245	248	250	946
Transportation
NGL and Other	179		179	90	143	169	120	522
DCP Midstream	(1,081)		(1,081)	23	35	(877)	35	(784)
Income (Loss) before Income Taxes	(702)		(702)		316	423	(460)	405	684
Adjusted EBITDA*	312		312	274	307	313	336	1,230
PSXP**
Other Midstream	193		193	133	197	223	155	708
Transportation and NGL and Other	505		505		407	504	536	491	1,938
DCP Midstream	139		139	67	81	79	96	323
Adjusted EBITDA	644		644		474	585	615	587	2,261

• See reconciliation of income (loss) before income taxes to adjusted EBITDA.
• Does not include certain PSXP adjustments made for PSXPstand-alone reporting purposes.

Equity in Earnings (Losses) of Affiliates		98
Transportation	98
NGL and Other	51	51
DCP Midstream	80	80
Total	229	229
Depreciation and Amortization*	38	38
Transportation
NGL and Other	39	39
DCP Midstream	-	-
Total	77	77

* Excludes D&A of all equity affiliates.

103	124	128	128	483
51	53	51	48	203
23	34	(23)	34	68
177	211	156	210	754
36	37	40	39	152
37	38	38	39	152
-	-	-	-	-
73	75	78	78	304

Operating and SG&A Expenses*	188	188
Transportation
NGL and Other	68	68
DCP Midstream	-	-
Total	256	256

* Excludes operating and SG&A expenses of all equity affiliates.

Transportation Volumes (MB/D)	3,178	3,178
Pipelines*
Terminals**	3,148	3,148

172	173	183	196	724
128	76	76	83	363
-	-	-	-	-
300	249	259	279	1,087
3,176	3,417	3,443	3,544	3,396
3,063	3,261	3,381	3,548	3,315

• Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment.
• Terminals include Bayway and Ferndale crude oil rail rack volumes.

PSX Other Volumes	198	198
NGL Fractionated (MB/D)*
* Excludes DCP Midstream.
100% DCP Midstream, LLC Results
Net Income (Loss) Attributable to Owners	50	50
Depreciation and Amortization	99	99
Operating and SG&A Expenses	202	202
Net Interest Expense*	78	78
* Net of interest income.
Capital Expenditures and Investments	92	92
Selected DCP Operating Statistics	5.0	5.0
Wellhead Volume (Bcf/D)
NGL Production (MB/D)	396	396
Weighted-Average NGL Price*	0.39	0.39
DCP Midstream ($/gal)

234	232	203	227	224
45	68	(47)	12	78
103	101	100	100	404
246	257	257	267	1,027
70	75	79	84	308
300	256	154	233	943
5.0	4.9	5.0	5.0	5.0
428	423	409	409	417
0.60	0.51	0.44	0.50	0.51

* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.

MLP Distributions*	-	-	69	70	-	-	139
GP Distribution from PSXP to Phillips 66**
LP Distribution from PSXP to Phillips 66	148	148	58	58	147	149	412
GP Distribution from DCP Midstream, LP to DCP	-	-	43	43	43	-	129
Midstream***
LP Distribution from DCP Midstream, LP to DCP Midstream***	****	****	41	41	41	92	215

• Cash distributions declared attributable to general partner interest, common unit ownership and incentive distribution rights (IDRs). These distributions are eliminated in the respective sponsors consolidated financial statements.
• On August 1, 2019, PSXP eliminated its IDRs and 2% economic general partner interest, therefore, no distributions were made to the general partner interest after August 1, 2019.
• Represents 100% of DCP Midstream's distributions from DCP Midstream, LP. On November 6, 2019, DCP Partners completed a transaction to eliminate all general partner economic interests in DCP Partners and IDRs, therefore, no distributions were made to the general partner interest after November 6, 2019.

**** Pending DCP Midstream release.

	MIDSTREAM (continued)							6
		Millions of Dollars
	2020					2019
Reconciliation of Midstream Income (Loss) before Income	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Taxes to Adjusted EBITDA
Income (loss) before income taxes	(702)	(702)	316	423	(460)	405	684
Plus:

Depreciation and amortization	77	77
EBITDA	(625)	(625)
Special Item Adjustments (pre-tax):
Impairments	1,161	1,161
Impairments by equity affiliates	-	-
Lower-of-cost-or-market inventory adjustments	1	1
EBITDA, Adjusted for Special Items	537	537
Other Adjustments (pre-tax):	-	-
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest	39	39
Proportional share of selected equity affiliates depreciation	68	68
and amortization
Adjusted EBITDA	644	644
Adjusted EBITDA by Business Line
100% PSXP Results	227	227
Income before income taxes
Plus:	28	28
Net interest expense
Depreciation and amortization	30	30
EBITDA	285	285
Adjustments (pre-tax):	-	-
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest	9	9
Proportional share of selected equity affiliates depreciation	18	18
and amortization
Adjusted EBITDA*	312	312

73	75	78	78	304
389	498	(382)	483	988
-	-	853	-	853
-	-	47	-	47
-	-	-	-	-
389	498	518	483	1,888
-	-	-	-	-
30	30	36	39	135
55	57	61	65	238
474	585	615	587	2,261
199	234	238	255	926
27	26	25	27	105
29	29	30	32	120
255	289	293	314	1,151
-	-	-	-	-
7	6	7	7	27
12	12	13	15	52
274	307	313	336	1,230

* Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.

	MIDSTREAM (continued)							7
		Millions of Dollars
	2020					2019
Total Transportation and NGL and Other	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
379	379	293	388	417	370	1,468
Income before income taxes
Plus:	77	77	73	75	78	78	304
Depreciation and amortization
EBITDA*	456	456		366	463	495	448	1,772
Adjustments (pre-tax):	-	-	-	-	-	-	-
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest	17	17	15	14	14	15	58
Proportional share of selected equity affiliates depreciation	32	32	26	27	27	28	108
and amortization
Adjusted EBITDA*	505	505		407	504	536	491	1,938

* Includes PSXP results. Does not include certain PSXP adjustments made for PSXP stand-alone reporting purposes.

DCP Midstream	(1,081)	(1,081)
Income (loss) before income taxes
Plus:	-	-
None
EBITDA	(1,081)	(1,081)
Special Item Adjustments (pre-tax):	1,161	1,161
Impairments
Impairments by equity affiliates	-	-
Lower-of-cost-or-market inventory adjustments	1	1
EBITDA, Adjusted for Special Items	81	81
Other Adjustments (pre-tax):	-	-
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest	22	22
Proportional share of selected equity affiliates depreciation	36	36
and amortization
Adjusted EBITDA*	139	139

* Proportional share of selected equity affiliates is net of noncontrolling interests.

23	35	(877)	35	(784)
-	-	-	-	-
23	35	(877)	35	(784)
-	-	853	-	853
-	-	47	-	47
-	-	-	-	-
23	35	23	35	116
-	-	-	-	-
15	16	22	24	77
29	30	34	37	130
67	81	79	96	323

	CHEMICALS								8
		Millions of Dollars, Except as Indicated
	2020						2019
	1st Qtr 2nd Qtr 3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income before Income Taxes	169		169	227	275	227	150	879
Equity in Earnings of Affiliate	166		166	225	274	224	147	870
100% CPChem Results
Net Income (Loss), excludes parent company income tax
related to CPChem's earnings	354		354	434	525	417	262	1,638
Olefins and Polyolefins
Specialties, Aromatics and Styrenics	9		9	49	70	73	70	262
Corporate and Other	(26)		(26)	(34)	(36)	(34)	(36)	(140)
Total	337		337		449	559	456	296	1,760
Income (Loss) before Income Taxes	360		360	446	536	430	266	1,678
Olefins and Polyolefins
Specialties, Aromatics and Styrenics	10		10	57	78	78	74	287
Corporate and Other	(26)		(26)	(34)	(36)	(33)	(36)	(139)
Total	344		344		469	578	475	304	1,826
Depreciation and Amortization	148		148		146	139	140	150	575
Net Interest Expense*	16		16	20	17	19	16	72
* Net of interest income.

Investing Cash Flows-Outflows/(Inflows)	252	252
Capital Expenditures and Investments
Advance Repayments from Equity Companies	(21)	(21)
Return of Investments from Equity Companies	(25)	(25)
Olefins and Polyolefins Capacity Utilization (%)	98 %	98 %
Market Indicators*
U.S. Industry Prices	19.65	19.65
Ethylene, Average Acquisition Contract (cents/lb)
HDPE Blow Molding, Domestic Spot (cents/lb)	40.00	40.00
U.S. Industry Costs	8.99	8.99
Ethylene, Cash Cost Weighted Average Feed (cents/lb)
HDPE Blow Molding, Total Cash Cost (cents/lb)	32.89	32.89
Ethylene to High-Density Polyethylene Chain Cash Margin	17.77	17.77
(cents/lb)
* Source: IHS, Inc.
Reconciliation of Chemicals Income before Income Taxes to
Adjusted EBITDA	169	169
Income before income taxes
Plus:	-	-
None
EBITDA	169	169
Special Item Adjustments (pre-tax):	24	24
Lower-of-cost-or-market inventory adjustments
EBITDA, Adjusted for Special Items	193	193
Other Adjustments (pre-tax):	13	13
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest	9	9
Proportional share of selected equity affiliates depreciation	103	103
and amortization
Adjusted EBITDA	318	318

206	144	153	260	763
(26)	(28)	(9)	-	(63)
-	-	-	-	-
98 %	95 %	97 %	97 %	97 %
22.44	19.14	23.86	25.24	22.67
52.67	51.08	45.42	41.17	47.58
16.43	11.89	9.46	11.81	12.30
35.46	31.97	36.68	38.15	35.56
23.23	26.36	23.14	16.45	22.39
227	275	227	150	879
-	-	-	-	-
227	275	227	150	879
-	-	42	23	65
227	275	269	173	944
22	24	23	10	79
13	8	10	9	40
105	106	104	100	415
367	413	406	292	1,478

	REFINING								9
		Millions of Dollars, Except as Indicated
	2020						2019
Income (Loss) before Income Taxes	1st Qtr 2nd Qtr 3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
(637)		(637)	(7)	258	296	61	608
Atlantic Basin/Europe
Gulf Coast	(843)		(843)	(118)	222	184	76	364
Central Corridor	(227)		(227)	77	520	408	333	1,338
West Coast	(554)		(554)	(150)	(17)	(32)	(125)	(324)
Income (Loss) before Income Taxes	(2,261)		(2,261)		(198)	983	856	345	1,986
Income (Loss) before Income Taxes ($/BBL)	(15.41)		(15.41)	(0.17)	5.04	5.93	1.16	3.11
Atlantic Basin/Europe
Gulf Coast	(13.16)		(13.16)	(1.80)	2.88	2.46	1.00	1.24
Central Corridor	(9.72)		(9.72)	3.22	19.81	15.26	12.61	12.95
West Coast	(19.87)		(19.87)	(4.89)	(0.52)	(0.93)	(3.89)	(2.49)
Worldwide	(14.44)		(14.44)		(1.22)	5.25	4.60	1.84	2.75
Realized Refining Margins ($/BBL)*	2.38		2.38	7.76	10.85	11.48	7.06	9.33
Atlantic Basin/Europe
Gulf Coast	6.76		6.76	5.44	8.20	8.34	7.45	7.42
Central Corridor	13.50		13.50	10.23	17.84	15.99	14.92	14.91
West Coast	4.80		4.80	6.25	9.94	10.11	10.22	9.18
Worldwide	7.11		7.11	7.23	11.37	11.18	9.50	9.91

• See note on the use ofnon-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	(2)	(2)
Atlantic Basin/Europe
Gulf Coast	1	1
Central Corridor	(51)	(51)
West Coast	-	-
Total	(52)	(52)
Depreciation and Amortization*	51	51
Atlantic Basin/Europe
Gulf Coast	71	71
Central Corridor	34	34
West Coast	65	65
Total	221	221

* Excludes D&A of all equity affiliates.

Operating and SG&A Expenses*	207	207
Atlantic Basin/Europe
Gulf Coast	499	499
Central Corridor	142	142
West Coast	293	293
Total	1,141	1,141

* Excludes operating and SG&A expenses of all equity affiliates.

Turnaround Expense, included in Operating and SG&A
Expenses*	16	16
Atlantic Basin/Europe
Gulf Coast	240	240
Central Corridor	15	15
West Coast	58	58
Total	329	329

* Excludes turnaround expense of all equity affiliates.

Taxes Other than Income Taxes, excluding Excise Taxes	19	19
Atlantic Basin/Europe
Gulf Coast	37	37
Central Corridor	17	17
West Coast	31	31
Total	104	104
Foreign Currency Gains (Losses) Pre-Tax	1	1
Refining-Equity Affiliate Information	(52)	(52)
Equity in earnings (losses) of affiliates
Less: Share of equity affiliate gross margin included in Realized	(156)	(156)
Refining Margin and other equity affiliate-related costs*
Equity affiliate-related expenses not included in Realized	(208)	(208)
Refining Margins
Regional Totals	(11)	(11)
Atlantic Basin/Europe
Gulf Coast	2	2
Central Corridor	(199)	(199)
Total	(208)	(208)

(3)	(3)	(3)	(2)	(11)
-	(2)	1	(1)	(2)
84	133	69	45	331
-	-	-	-	-
81	128	67	42	318
50	49	49	50	198
67	68	66	67	268
33	34	34	34	135
62	63	66	62	253
212	214	215	213	854
240	211	218	233	902
382	330	352	408	1,472
146	141	131	154	572
254	257	290	373	1,174
1,022	939	991	1,168	4,120
20	13	17	15	65
90	29	44	94	257
25	8	9	10	52
13	17	50	113	193
148	67	120	232	567
15	11	12	14	52
23	16	23	11	73
13	10	10	7	40
24	21	23	17	85
75	58	68	49	250
(5)	(7)	10	2	-
81	128	67	42	318
(277)	(309)	(273)	(237)	(1,096)
(196)	(181)	(206)	(195)	(778)
(13)	(14)	(7)	-	(34)
-	(2)	1	(1)	(2)
(183)	(165)	(200)	(194)	(742)
(196)	(181)	(206)	(195)	(778)

* Other costs associated with equity affiliates which do not flow through equity earnings.

	REFINING (continued)
	2020
Reconciliation of Refining Income (Loss) before Income Taxes	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD
to Adjusted EBITDA ($ Millions)	(2,261)	(2,261)
Income (loss) before income taxes
Plus:	221	221
Depreciation and amortization
EBITDA	(2,040)	(2,040)
Special Item Adjustments (pre-tax):	1,845	1,845
Impairments
Pending claims and settlements	-	-
Lower-of-cost-or-market inventory adjustments	15	15
Asset dispositions	-	-
EBITDA, Adjusted for Special Items	(180)	(180)
Other Adjustments (pre-tax):	-	-
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest	-	-
Proportional share of selected equity affiliates depreciation	78	78
and amortization
Adjusted EBITDA	(102)	(102)
Operating Statistics
Atlantic Basin/Europe*	437	437
Crude Oil Charge Input (MB/D)
Total Processed Inputs (MB/D)	454	454
Crude Oil Capacity Utilization (%)	81 %	81 %
Clean Product Yield (%)	83 %	83 %

* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast	645	645
Crude Oil Charge Input (MB/D)
Total Processed Inputs (MB/D)	704	704
Crude Oil Capacity Utilization (%)	84 %	84 %
Clean Product Yield (%)	71 %	71 %
Central Corridor*	471	471
Crude Oil Charge Input (MB/D)
Total Processed Inputs (MB/D)	487	487
Crude Oil Capacity Utilization (%)	89 %	89 %
Clean Product Yield (%)	88 %	88 %

* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast	279	279
Crude Oil Charge Input (MB/D)
Total Processed Inputs (MB/D)	306	306
Crude Oil Capacity Utilization (%)	77 %	77 %
Clean Product Yield (%)	93 %	93 %
Worldwide-Including Proportionate Share of Equity
Affiliates	1,832	1,832
Crude Oil Charge Input (MB/D)
Total Processed Inputs (MB/D)	1,951	1,951
Crude Oil Capacity Utilization (%)	83 %	83 %
Clean Product Yield (%)	82 %	82 %

10

2019

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr YTD

(198)	983	856	345	1,986
212	214	215	213	854
14	1,197	1,071	558	2,840
-	-	-	-	-
(21)	-	-	-	(21)
-	-	-	-	-
-	-	(17)	-	(17)
(7)	1,197	1,054	558	2,802
-	-	1	(1)	-
(1)	(1)	(1)	-	(3)
71	69	70	71	281
63	1,265	1,124	628	3,080
427	519	509	531	497
463	562	542	574	536
80 %	97 %	95 %	99 %	92 %
86 %	88 %	87 %	90 %	88 %
654	757	729	759	725
727	849	815	827	805
85 %	99 %	95 %	99 %	95 %
80 %	81 %	78 %	80 %	80 %
445	521	517	509	498
466	538	531	526	515
86 %	101 %	100 %	99 %	97 %
90 %	88 %	88 %	91 %	89 %
307	317	351	318	323
341	359	375	349	356
84 %	87 %	97 %	87 %	89 %
88 %	81 %	85 %	76 %	83 %
1,833	2,114	2,106	2,117	2,043
1,997	2,308	2,263	2,276	2,212
84 %	97 %	97 %	97 %	94 %
85 %	84 %	84 %	84 %	84 %

	REFINING (continued)
	2020
Refined Petroleum Products Production (MB/D)	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD
Atlantic Basin/Europe*	191	191
Gasoline
Distillates	174	174
Other	91	91
Total	456	456

* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast	234	234
Gasoline
Distillates	248	248
Other	221	221
Total	703	703
Central Corridor*	245	245
Gasoline
Distillates	183	183
Other	60	60
Total	488	488

* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast	151	151
Gasoline
Distillates	134	134
Other	21	21
Total	306	306
Worldwide-Including Proportionate Share of Equity
Affiliates	821	821
Gasoline
Distillates	739	739
Other	393	393
Total	1,953	1,953
Market Indicators*
Crude and Crude Differentials ($/BBL)	45.97	45.97
WTI
Brent	50.26	50.26
LLS	48.30	48.30
ANS	51.40	51.40
WTI less Maya	4.81	4.81
WTI less WCS (settlement differential)	20.53	20.53
Natural Gas ($/MMBtu)	1.88	1.88
Henry Hub
Product Margins ($/BBL)
Atlantic Basin/Europe	4.84	4.84
East Coast Gasoline less Brent
East Coast Distillate less Brent	14.93	14.93
Gulf Coast	4.97	4.97
Gulf Coast Gasoline less LLS
Gulf Coast Distillate less LLS	13.86	13.86
Central Corridor	7.70	7.70
Central Gasoline less WTI
Central Distillate less WTI	17.34	17.34
West Coast	13.32	13.32
West Coast Gasoline less ANS
West Coast Distillate less ANS	17.22	17.22
Worldwide Market Crack Spread ($/BBL)**	9.82	9.82

• Based on daily spot prices, unless otherwise noted.
• Weighted average based on Phillips 66 crude capacity.

		2019		11
1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
202	240	230	266	234
185	241	227	234	222
80	89	88	82	85
467	570	545	582	541
296	348	312	332	322
261	310	297	301	292
165	192	208	192	190
722	850	817	825	804
244	260	256	267	257
175	214	208	210	202
49	67	71	51	59
468	541	535	528	518
165	167	170	148	163
136	124	148	116	131
41	66	53	81	60
342	357	371	345	354
907	1,015	968	1,013	976
757	889	880	861	847
335	414	420	406	394
1,999	2,318	2,268	2,280	2,217
54.87	59.80	56.44	56.98	57.02
63.20	68.82	61.94	63.25	64.30
62.40	66.92	60.64	60.79	62.69
64.50	68.18	63.07	64.41	65.04
(3.91)	(2.26)	(0.20)	4.06	(0.58)
12.29	10.67	12.24	15.83	12.76
2.89	2.51	2.33	2.35	2.52
1.79	12.06	11.84	6.44	8.03
18.05	14.27	17.43	18.66	17.10
1.58	8.18	8.24	5.48	5.87
16.41	14.28	17.22	17.62	16.38
9.72	18.71	15.28	10.75	13.61
24.92	22.49	21.39	22.29	22.77
11.83	23.50	19.48	16.85	17.92
16.20	21.10	18.38	21.49	19.29
9.77	15.24	14.60	12.45	13.01

MARKETING AND SPECIALTIES	12
Millions of Dollars, Except as Indicated
2020	2019

Income before Income Taxes	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD
471	471
Marketing and Other
Specialties	42	42
Income before Income Taxes	513	513
Income before Income Taxes ($/BBL)
U.S.	1.79	1.79
International	6.58	6.58
Realized Marketing Fuel Margins ($/BBL)*
U.S.	2.08	2.08
International	8.53	8.53

• See note on the use ofnon-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*
Marketing and Other	117	117
Specialties	81	81
Total	198	198

* Excludes gain on dispositions and excise taxes on sales of refined petroleum products.

Equity in Earnings of Affiliates
Marketing and Other	22	22
Specialties	-	-
Total	22	22
Depreciation and Amortization*
Marketing and Other	20	20
Specialties	5	5
Total	25	25

* Excludes D&A of all equity affiliates.

Operating and SG&A Expenses*
Marketing and Other	211	211
Specialties	31	31
Total	242	242

* Excludes operating and SG&A expenses of all equity affiliates.

Refined Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	984	984
Distillates	854	854
Other	-	-
Total	1,838	1,838
International Marketing
Gasoline	82	82
Distillates	183	183
Other	20	20
Total	285	285
Worldwide Marketing
Gasoline	1,066	1,066
Distillates	1,037	1,037
Other	20	20
Total	2,123	2,123
Foreign Currency Gains (Losses) Pre-Tax	1	1
Reconciliation of Marketing and Specialties Income before
Income Taxes to Adjusted EBITDA
Income before income taxes	513	513
Plus:
Depreciation and amortization	25	25
EBITDA	538	538
Special Item Adjustments (pre-tax):	(37)	(37)
Pending claims and settlements
Certain tax impacts	-	-
Lower-of-cost-or-market inventory adjustments	12	12
EBITDA, Adjusted for Special Items	513	513
Other Adjustments (pre-tax):	-	-
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest	6	6
Proportional share of selected equity affiliates depreciation	7	7
and amortization
Adjusted EBITDA	526	526

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
138	294	440	327	1,199
67	59	58	50	234
205	353	498	377	1,433
0.60	1.09	1.66	1.42	1.22
2.25	4.81	5.19	2.01	3.58
1.06	1.53	2.11	1.51	1.57
3.80	6.03	6.37	3.35	4.90
131	143	168	233	675
100	93	83	74	350
231	236	251	307	1,025
22	28	31	45	126
11	7	21	20	59
33	35	52	65	185
21	21	21	22	85
5	4	4	5	18
26	25	25	27	103
261	297	300	340	1,198
36	36	39	38	149
297	333	339	378	1,347
1,063	1,151	1,132	1,213	1,141
759	898	914	1,106	920
-	-	-	-	-
1,822	2,049	2,046	2,319	2,061
88	89	90	89	89
181	187	185	183	184
18	19	16	20	18
287	295	291	292	291
1,151	1,240	1,222	1,302	1,230
940	1,085	1,099	1,289	1,104
18	19	16	20	18
2,109	2,344	2,337	2,611	2,352
2	(1)	-	(1)	-
205	353	498	377	1,433
26	25	25	27	103
231	378	523	404	1,536
-	-	-	-	-
-	-	-	(90)	(90)
-	-	-	-	-
231	378	523	314	1,446
-	-	-	-	-
1	2	1	2	6
3	2	3	3	11
235	382	527	319	1,463

	CORPORATE AND OTHER							13
	Millions of Dollars, Except as Indicated
	2020					2019
	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Loss before Income Taxes	(197)	(197)	(210)	(205)	(178)	(211)	(804)
Detail of Loss before Income Taxes	(103)	(103)	(108)	(105)	(98)	(104)	(415)
Net interest expense
Corporate overhead and other	(94)	(94)	(102)	(100)	(80)	(107)	(389)
Total	(197)	(197)		(210)	(205)	(178)	(211)	(804)
Net Interest Expense	(137)	(137)	(132)	(133)	(131)	(139)	(535)
Interest expense
Capitalized interest	26	26	13	18	22	24	77
Interest income	8	8	11	10	11	11	43
Total	(103)	(103)		(108)	(105)	(98)	(104)	(415)
Reconciliation of Corporate and Other Loss before Income
Taxes to Adjusted EBITDA	(197)	(197)	(210)	(205)	(178)	(211)	(804)
Loss before income taxes
Plus:	103	103	108	105	98	104	415
Net interest expense
Depreciation and amortization	19	19	20	20	18	22	80
EBITDA	(75)	(75)		(82)	(80)	(62)	(85)	(309)
Adjustments (pre-tax):	-	-	-	-	-	-	-
None

Adjusted EBITDA	(75)	(75)
Foreign Currency Losses Pre-Tax	(2)	(2)
Phillips 66 Total Company Debt	12,963	12,963
Total Debt
Debt-to-Capital Ratio (%)	35 %	35 %
Total Equity	23,639	23,639

(82)	(80)	(62)	(85)	(309)
(1)	(2)	(1)	(1)	(5)
11,298	11,439	11,925	11,763	11,763
30 %	30 %	31 %	30 %	30 %
26,745	27,306	27,092	27,169	27,169

RECONCILIATION OF CONSOLIDATED NET INCOME (LOSS) TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66

		Millions of Dollars
	2020					2019
	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Net income (loss)	(2,427)	(2,427)	270	1,504	793	810	3,377
Plus:	(51)	(51)	70	325	150	256	801
Income tax expense (benefit)
Net interest expense	103	103	108	105	98	104	415
Depreciation and amortization	342	342	331	334	336	340	1,341
Phillips 66 EBITDA	(2,033)	(2,033)		779	2,268	1,377	1,510	5,934
Special Item Adjustments (pre-tax):	3,006	3,006	-	-	853	-	853
Impairments
Impairments by equity affiliates	-	-	-	-	47	-	47
Pending claims and settlements	(37)	(37)	(21)	-	-	-	(21)
Certain tax impacts	-	-	-	-	-	(90)	(90)
Lower-of-cost-or-market inventory adjustments	52	52	-	-	42	23	65
Asset dispositions	-	-	-	-	(17)	-	(17)
Phillips 66 EBITDA, Adjusted for Special Items	988	988		758	2,268	2,302	1,443	6,771
Other Adjustments (pre-tax):	13	13	22	24	24	9	79
Proportional share of selected equity affiliates income taxes
Proportional share of selected equity affiliates net interest	54	54	43	39	46	50	178
Proportional share of selected equity affiliates depreciation	256	256	234	234	238	239	945
and amortization
EBITDA attributable to Phillips 66 noncontrolling interests	(94)	(94)	(89)	(102)	(105)	(95)	(391)
Phillips 66 Adjusted EBITDA	1,217	1,217		968	2,463	2,505	1,646	7,582

Use of Non-GAAP Financial Information-This earnings release supplemental data includes the terms "EBITDA," "adjusted EBITDA," "realized refining margin per barrel," "realized marketing fuel margin per barrel," and "adjusted capital spending." 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 capital spending is a non-GAAP financial measure that demonstrates the portion of total consolidated capital expenditures and investments funded by Phillips 66. The GAAP financial measure most comparable to adjusted capital spending is capital expenditures and investments. A reconciliation of capital expenditures and investments to adjusted capital spending is 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.

	REALIZED MARGIN NON-GAAP RECONCILIATIONS						14
RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS
			Millions of Dollars, Except as Indicated
		2020						2019
ATLANTIC BASIN/EUROPE		1st Qtr 2nd Qtr 3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
(637)		(637)	(7)	258	296	61	608
Income (loss) before income taxes
Plus:	19		19	15	11	12	14	52
Taxes other than income taxes
Depreciation, amortization and impairments	492		492	50	49	49	50	198
Selling, general and administrative expenses	13		13	7	10	10	12	39
Operating expenses	194		194	233	201	208	221	863
Equity in losses of affiliates	2		2	3	3	3	2	11
Other segment (income) expense, net	(2)		(2)	6	4	(24)	(2)	(16)
Proportional share of refining gross margins contributed by
equity affiliates	16		16	17	19	19	14	69
Realized refining margins	97		97		324	555	573	372	1,824
Total processed inputs (MB)	41,335		41,335	41,682	51,172	49,895	52,757	195,506
Adjusted total processed inputs (MB)	41,335		41,335		41,682	51,172	49,895	52,757	195,506
Income (loss) before income taxes ($/BBL)**	(15.41)		(15.41)	(0.17)	5.04	5.93	1.16	3.11
Realized refining margins ($/BBL)***	2.38		2.38		7.76	10.85	11.48	7.06	9.33

GULF COAST	(843)	(843)
Income (loss) before income taxes
Plus:	37	37
Taxes other than income taxes
Depreciation, amortization and impairments	741	741
Selling, general and administrative expenses	7	7
Operating expenses	492	492
Equity in (earnings) losses of affiliates	(1)	(1)
Other segment (income) expense, net	1	1
Proportional share of refining gross margins contributed by	-	-
equity affiliates
Realized refining margins	434	434
Total processed inputs (MB)	64,066	64,066
Adjusted total processed inputs (MB)	64,066	64,066
Income (loss) before income taxes ($/BBL)**	(13.16)	(13.16)
Realized refining margins ($/BBL)***	6.76	6.76

(118)	222	184	76	364
23	16	23	11	73
67	68	66	70	271
(2)	8	7	10	23
384	322	345	398	1,449
-	2	(1)	1	2
1	(5)	1	-	(3)
-	-	-	-	-
355	633	625	566	2,179
65,434	77,186	74,936	76,110	293,666
65,434	77,186	74,936	76,110	293,666
(1.80)	2.88	2.46	1.00	1.24
5.44	8.20	8.34	7.45	7.42

CENTRAL CORRIDOR	(227)	(227)	77	520	408	333	1,338
Income (loss) before income taxes
Plus:	17	17	13	10	10	7	40
Taxes other than income taxes
Depreciation, amortization and impairments	469	469	33	34	34	34	135
Selling, general and administrative expenses	6	6	1	7	6	8	22
Operating expenses	136	136	145	134	125	146	550
Equity in (earnings) losses of affiliates	51	51	(84)	(133)	(69)	(45)	(331)
Other segment (income) expense, net	(3)	(3)	(2)	4	(3)	1	-
Proportional share of refining gross margins contributed by	113	113	267	298	269	239	1,073
equity affiliates
Special items:	-	-	(21)	-	-	-	(21)
Pending claims and settlements
Lower-of-cost-or-market inventory adjustments	35	35	-	-	-	-	-
Realized refining margins	597	597		429	874	780	723	2,806
Total processed inputs (MB)	23,345	23,345	23,893	26,244	26,740	26,417	103,294
Adjusted total processed inputs (MB)*	44,291	44,291		41,896	48,932	48,853	48,364	188,045
Income (loss) before income taxes ($/BBL)**	(9.72)	(9.72)	3.22	19.81	15.26	12.61	12.95
Realized refining margins ($/BBL)***	13.50	13.50		10.23	17.84	15.99	14.92	14.91

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)		15
		Millions of Dollars, Except as Indicated
	2020						2019
WEST COAST	1st Qtr 2nd Qtr 3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
(554)		(554)	(150)	(17)	(32)	(125)	(324)
Loss before income taxes
Plus:	31		31	24	21	23	17	85
Taxes other than income taxes
Depreciation, amortization and impairments	364		364	62	63	66	62	253
Selling, general and administrative expenses	10		10	5	8	8	10	31
Operating expenses	283		283	249	249	282	363	1,143
Other segment expense, net	1		1	2	1	1	1	5
Realized refining margins	135		135		192	325	348	328	1,193
Total processed inputs (MB)	27,877		27,877	30,703	32,697	34,498	32,116	130,014
Adjusted total processed inputs (MB)	27,877		27,877		30,703	32,697	34,498	32,116	130,014
Loss before income taxes ($/BBL)**	(19.87)		(19.87)	(4.89)	(0.52)	(0.93)	(3.89)	(2.49)
Realized refining margins ($/BBL)***	4.80		4.80		6.25	9.94	10.11	10.22	9.18
WORLDWIDE	(2,261)		(2,261)	(198)	983	856	345	1,986
Income (loss) before income taxes
Plus:	104		104	75	58	68	49	250
Taxes other than income taxes
Depreciation, amortization and impairments	2,066		2,066	212	214	215	216	857
Selling, general and administrative expenses	36		36	11	33	31	40	115
Operating expenses	1,105		1,105	1,011	906	960	1,128	4,005
Equity in (earnings) losses of affiliates	52		52	(81)	(128)	(67)	(42)	(318)
Other segment (income) expense, net	(3)		(3)	7	4	(25)	-	(14)
Proportional share of refining gross margins contributed by	129		129	284	317	288	253	1,142
equity affiliates
Special items:	-		-	(21)	-	-	-	(21)
Pending claims and settlements
Lower-of-cost-or-market inventory adjustments	35		35	-	-	-	-	-
Realized refining margins	1,263		1,263		1,300	2,387	2,326	1,989	8,002
Total processed inputs (MB)	156,623		156,623	161,712	187,299	186,069	187,400	722,480
Adjusted total processed inputs (MB)*	177,569		177,569		179,715	209,987	208,182	209,347	807,231
Income (loss) before income taxes ($/BBL)**	(14.44)		(14.44)	(1.22)	5.25	4.60	1.84	2.75
Realized refining margins ($/BBL)***	7.11		7.11		7.23	11.37	11.18	9.50	9.91

• 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.

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS		16
		Millions of Dollars, Except as Indicated
	2020						2019
UNITED STATES	1st Qtr 2nd Qtr 3rd Qtr	4th Qtr	YTD		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
299		299	98	203	312	303	916
Income before income taxes
Plus:	2		2	2	3	3	(3)	5
Taxes other than income taxes
Depreciation and amortization	3		3	2	3	2	3	10
Selling, general and administrative expenses	127		127	155	183	184	221	743
Equity in earnings of affiliates	-		-	(1)	(3)	(3)	(20)	(27)
Other operating revenues*	(84)		(84)	(82)	(103)	(101)	(93)	(379)
Other segment income	-		-	-	-	-	-	-
Special items:	-		-	-	-	-	(90)	(90)
Certain tax impacts
Realized marketing fuel margins	347		347		174	286	397	321	1,178
Total fuel sales volumes (MB)	167,178		167,178		164,058	186,488	188,172	213,346	752,064
Income before income taxes ($/BBL)	1.79		1.79	0.60	1.09	1.66	1.42	1.22
Realized marketing fuel margins ($/BBL)**	2.08		2.08		1.06	1.53	2.11	1.51	1.57

INTERNATIONAL	171	171
Income before income taxes
Plus:	1	1
Taxes other than income taxes
Depreciation and amortization	17	17
Selling, general and administrative expenses	63	63
Equity in earnings of affiliates	(22)	(22)
Other operating revenues*	2	2
Other segment (income) expense, net	-	-
Marketing margins	232	232
Less: margin for nonfuel related sales	10	10
Realized marketing fuel margins	222	222
Total fuel sales volumes (MB)	25,979	25,979
Income before income taxes ($/BBL)	6.58	6.58
Realized marketing fuel margins ($/BBL)**	8.53	8.53

* Includes other nonfuel revenues.

58	129	139	54	380
2	1	2	1	6
16	16	16	17	65
62	61	61	65	249
(22)	(25)	(27)	(25)	(99)
(6)	(9)	(10)	(12)	(37)
(2)	1	1	1	1
108	174	182	101	565
10	12	11	11	44
98	162	171	90	521
25,796	26,837	26,796	26,834	106,263
2.25	4.81	5.19	2.01	3.58
3.80	6.03	6.37	3.35	4.90

• 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
2020	2019

EFFECTIVE TAX RATES	1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	YTD
(2,478)	(2,478)
Income (loss) before income taxes
Special items	3,021	3,021
Adjusted income before income taxes	543	543
Income tax expense (benefit)	(51)	(51)
Special items	75	75
Adjusted income tax expense	24	24
Effective tax rate (%)	2.1 %	2.1 %
Adjusted effective tax rate (%)	4.4 %	4.4 %

1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
340	1,829	943	1,066	4,178
(21)	-	925	(67)	837
319	1,829	1,868	999	5,015
70	325	150	256	801
(4)	45	235	(20)	256
66	370	385	236	1,057

1. % 17.8 % 15.9 % 24.0 % 19.2 %
2. % 20.2 % 20.6 % 23.6 % 21.1 %