Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data


CONSOLIDATED INCOME STATEMENT

	Millions of Dollars, Except as Indicated
	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Revenues and Other Income
Sales and other operating revenues	30,430		33,323				63,753		35,811		38,129		35,528		33,685		143,153
Equity in earnings of affiliates	153		153				306		528		487		549		215		1,779
Net gain (loss) on dispositions	1,087		(93)				994		—		237		2		82		321
Other income	56		139				195		97		58		84		4		243
Total Revenues and Other Income	31,726		33,522				65,248		36,436		38,911		36,163		33,986		145,496

Costs and Expenses
Purchased crude oil and products	27,660		29,077				56,737		32,386		34,628		32,194		30,754		129,962
Operating expenses	1,622		1,440				3,062		1,452		1,407		1,499		1,581		5,939
Selling, general and administrative expenses	519		582				1,101		557		552		1,194		511		2,814
Depreciation and amortization	791		816				1,607		504		497		543		819		2,363
Impairments	26		4				30		165		225		29		37		456
Taxes other than income taxes	233		218				451		165		49		53		62		329
Accretion on discounted liabilities	12		10				22		9		10		8		13		40
Interest and debt expense	221		264				485		227		231		229		220		907
Foreign currency transaction (gains) losses	(6)		(9)				(15)		7		1		1		2		11
Total Costs and Expenses	31,078		32,402				63,480		35,472		37,600		35,750		33,999		142,821
Income (loss) before income taxes	648		1,120				1,768		964		1,311		413		(13)		2,675
Income tax expense (benefit)	122		212				334		203		291		44		(38)		500
Net Income	526		908				1,434		761		1,020		369		25		2,175
Less: net income attributable to noncontrolling interests	39		31				70		13		5		23		17		58
Net Income Attributable to Phillips 66	487		877				1,364		748		1,015		346		8		2,117


Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.19		2.15				3.33		1.74		2.39		0.82		0.01		5.01
Diluted	1.18		2.15				3.32		1.73		2.38		0.82		0.01		4.99

Weighted-Average Common Shares Outstanding (thousands)
Basic	409,182		406,763				407,966		428,959		422,869		417,305		411,687		420,174
Diluted	410,505		407,929				409,448		431,906		425,734		418,803		412,962		421,888






Effective tax rate (%)*	18.8	%	19.0	%			18.9	%	21.1	%	22.2	%	10.7	%	296.7	%	18.7	%
Adjusted effective tax rate (%)*	18.8	%	22.0	%			23.6	%	21.3	%	21.4	%	18.9	%	27.2	%	20.5	%
* Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense (Benefit) divided by Income (Loss) Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income (Loss) Before Income Taxes and Income Tax Expense (Benefit) may differ from the presented tax rates (%).

Page 1

Phillips 66 Earnings Release Supplemental Data


RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream	751	731			1,482	554	767	644	673	2,638
Chemicals	113	20			133	205	222	342	107	876
Refining	(937)	359			(578)	216	302	(108)	(775)	(365)
Marketing and Specialties	1,282	571			1,853	366	415	(22)	252	1,011
Renewable Fuels	(185)	(133)			(318)	(55)	(55)	(116)	28	(198)
Corporate and Other	(376)	(428)			(804)	(322)	(340)	(327)	(298)	(1,287)
Income (loss) before income taxes	648	1,120			1,768	964	1,311	413	(13)	2,675
Less: income tax expense (benefit)	122	212			334	203	291	44	(38)	500
Net Income	526	908			1,434	761	1,020	369	25	2,175
Less: net income attributable to noncontrolling interests	39	31			70	13	5	23	17	58
Net Income Attributable to Phillips 66	487	877			1,364	748	1,015	346	8	2,117



























RECONCILIATION OF ADJUSTED INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT TO
ADJUSTED NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	243	242			485	303	309	282	282	1,176
NGL	440	489			929	310	444	390	426	1,570

Total Midstream	683	731			1,414	613	753	672	708	2,746
Chemicals	113	20			133	205	222	342	72	841
Refining
Atlantic Basin/Europe	(199)	82			(117)	78	15	(61)	(100)	(68)
Gulf Coast	(333)	101			(232)	113	42	(102)	(128)	(75)
Central Corridor	(50)	392			342	213	243	308	(94)	670
West Coast	(355)	(183)			(538)	(91)	2	(212)	(437)	(738)
Total Refining	(937)	392			(545)	313	302	(67)	(759)	(211)



Marketing and Specialties	265	660			925	307	415	583	185	1,490
Renewable Fuels	(185)	(133)			(318)	(55)	(55)	(116)	28	(198)
Corporate and Other	(355)	(383)			(738)	(322)	(340)	(327)	(294)	(1,283)
Adjusted income (loss) before income taxes	(416)	1,287			871	1,061	1,297	1,087	(60)	3,385
Less: adjusted income tax expense (benefit)	(78)	283			205	226	278	205	(16)	693
Adjusted Net Income (Loss)	(338)	1,004			666	835	1,019	882	(44)	2,692
Less: adjusted net income attributable to noncontrolling interests	30	31			61	13	35	23	17	88
Adjusted Net Income (Loss) Attributable to Phillips 66	(368)	973			605	822	984	859	(61)	2,604

Adjusted Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Diluted*	(0.90)	2.38			1.47	1.90	2.31	2.04	(0.15)	6.15

Adjusted Weighted-Average Common Shares Outstanding (thousands)
Diluted	409,182	407,934			409,012	432,158	425,734	419,827	411,687	422,538
* Income allocated to participating securities, if applicable, in the adjusted earnings per share calculation is the same as that used in the GAAP diluted earnings per share calculation. Recalculated diluted EPS using the rounded components may differ from the presented diluted EPS.

ADJUSTED EBITDA BY SEGMENT*

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream
Transportation	300	301			601	384	386	341	344	1,455
NGL	585	671			1,256	477	585	551	594	2,207
Total Midstream	885	972			1,857	861	971	892	938	3,662
Chemicals	244	148			392	325	348	466	209	1,348
Refining	(452)	867			415	545	531	188	(298)	966
Marketing and Specialties	315	718			1,033	377	484	656	307	1,824
Renewable Fuels	(162)	(110)			(272)	(49)	(43)	(92)	50	(134)
Corporate and Other	(94)	(94)			(188)	(116)	(108)	(112)	(76)	(412)
Adjusted EBITDA	736	2,501			3,237	1,943	2,183	1,998	1,130	7,254
* Refer to Use of Non-GAAP Financial Information on page 15. Also, refer to reconciliations of income (loss) before income taxes to segment Adjusted EBITDA in the "Midstream", "Chemicals", "Refining", "Marketing and Specialties", "Renewable Fuels", "Corporate and Other" sections, as well as the "Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66" on page 15. Adjusted EBITDA and Adjusted EBITDA by segment presented includes our proportional share of selected equity affiliates.

Page 2

Phillips 66 Earnings Release Supplemental Data









































































SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY SEGMENT
AND NET INCOME ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream








Net gain on asset dispositions ††	68	—			68	—	238	—	—	238

Impairments	—	—			—	(59)	(224)	(28)	(35)	(346)
Total Midstream	68	—			68	(59)	14	(28)	(35)	(108)







Chemicals
Winter-storm-related recovery	—	—			—	—	—	—	35	35
Total Chemicals	—	—			—	—	—	—	35	35

Refining





Certain tax impacts	—	—			—	—	—	—	9	9




Impairments	—	—			—	(104)	—	—	—	(104)
Los Angeles Refinery cessation costs	—	—			—	—	—	(41)	(3)	(44)
Legal accrual	—	(33)			(33)	—	—	—	(22)	(22)
Legal settlement	—	—			—	7	—	—	—	7
Total Refining	—	(33)			(33)	(97)	—	(41)	(16)	(154)

Marketing and Specialties




Legal settlement	—	—			—	59	—	—	—	59

Legal accrual	—	—			—	—	—	(605)	—	(605)
Net gain (loss) on asset dispositions †	1,017	(89)			928	—	—	—	67	67
Total Marketing and Specialties	1,017	(89)			928	59	—	(605)	67	(479)

Renewable Fuels	—	—			—	—	—	—	—	—

Corporate and Other








Impairments	(21)	—			(21)	—	—	—	—	—
Los Angeles Refinery cessation costs	—	—			—	—	—	—	(4)	(4)
Professional advisory fees	—	(45)			(45)	—	—	—	—	—
Total Corporate and Other	(21)	(45)			(66)	—	—	—	(4)	(4)

Total Special Items (Pre-tax)	1,064	(167)			897	(97)	14	(674)	47	(710)

Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items ♦	200	(40)			160	(23)	13	(161)	9	(162)
Other tax impacts	—	(31)			(31)	—	—	—	(31)	(31)

Total Income Tax Expense (Benefit)	200	(71)			129	(23)	13	(161)	(22)	(193)

Less: Income (Loss) Attributable to Noncontrolling Interests


Net gain on asset disposition ††	9	—			9	—	—	—	—	—
Impairment of certain DCP assets	—	—			—	—	(30)	—	—	(30)




Total Income (Loss) Attributable to Noncontrolling Interests	9	—			9	—	(30)	—	—	(30)

Total Phillips 66 Special Items (After-tax)	855	(96)			759	(74)	31	(513)	69	(487)



† Net gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG (Coop) which closed in January 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 ,we recognized a before-tax unrealized loss from foreign currency derivatives.
†† Gain on disposition of DCP Midstream, LP's 25% interest in Gulf Coast Express Pipeline LLC in Q1 2025.
♦ We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally 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
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream
Transportation	—	—			—	(59)	238	(28)	(35)	116
NGL	68	—			68	—	(224)	—	—	(224)

Total Midstream	68	—			68	(59)	14	(28)	(35)	(108)

Refining
Atlantic Basin/Europe	—	(33)			(33)	—	—	—	9	9
Gulf Coast	—	—			—	7	—	—	—	7
Central Corridor	—	—			—	—	—	—	—	—
West Coast	—	—			—	(104)	—	(41)	(25)	(170)
Total Refining	—	(33)			(33)	(97)	—	(41)	(16)	(154)

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Phillips 66 Earnings Release Supplemental Data


CASH FLOW INFORMATION

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Cash Flows From Operating Activities
Net income	526	908			1,434	761	1,020	369	25	2,175
Depreciation and amortization	791	816			1,607	504	497	543	819	2,363
Impairments	26	4			30	165	225	29	37	456
Accretion on discounted liabilities	12	10			22	9	10	8	13	40
Deferred income taxes	(133)	(48)			(181)	(55)	(145)	113	(164)	(251)
Undistributed equity earnings	120	75			195	(180)	(179)	(160)	108	(411)
Loss (gain) on early redemption of debt	—	—			—	2	—	(5)	—	(3)
Net (gain) loss on dispositions	(1,087)	93			(994)	—	(237)	(2)	(82)	(321)

Unrealized investment (gain) loss*	10	4			14	(6)	7	1	(2)	—
Other	(6)	58			52	11	(17)	617	147	758
Net working capital changes	(72)	(1,075)			(1,147)	(1,447)	916	(381)	297	(615)
Net Cash Provided by (Used in) Operating Activities	187	845			1,032	(236)	2,097	1,132	1,198	4,191

Cash Flows From Investing Activities
Capital expenditures and investments	(423)	(587)			(1,010)	(628)	(367)	(358)	(506)	(1,859)
Acquisitions, net of cash acquired	—	(2,220)			(2,220)	—	—	(567)	(58)	(625)
Purchases of government obligations**	—	—			—	—	—	(1,100)	—	(1,100)
Return of investments in equity affiliates	25	18			43	41	26	55	19	141
Proceeds from asset dispositions	2,034	(3)			2,031	2	685	219	176	1,082
Advances/loans—related parties	(20)	—			(20)	—	—	—	—	—
Collection of advances/loans—related parties	—	21			21	—	2	1	1	4

Other	(25)	37			12	(80)	(19)	(30)	23	(106)
Net Cash Provided by (Used in) Investing Activities	1,591	(2,734)			(1,143)	(665)	327	(1,780)	(345)	(2,463)

Cash Flows From Financing Activities
Issuance of debt	—	3,499			3,499	3,815	(196)	1,518	1,135	6,272
Repayment of debt	(1,287)	(1,088)			(2,375)	(3,013)	(7)	(408)	(712)	(4,140)
Issuance of common stock	23	2			25	50	14	18	4	86
Repurchase of common stock	(247)	(419)			(666)	(1,164)	(840)	(800)	(647)	(3,451)
Dividends paid on common stock	(469)	(487)			(956)	(448)	(485)	(477)	(472)	(1,882)
Distributions to noncontrolling interests	(14)	(81)			(95)	(13)	(20)	(13)	(24)	(70)
Contributions from noncontrolling interests	—	106			106	—	—	—	—	—
Other	(55)	(6)			(61)	(73)	(9)	(30)	(8)	(120)
Net Cash Provided by (Used in) Financing Activities	(2,049)	1,526			(523)	(846)	(1,543)	(192)	(724)	(3,305)

Effect of Exchange Rate Changes on Cash and Cash Equivalents	22	18			40	(6)	(7)	33	(28)	(8)

Net Change in Cash and Cash Equivalents, including cash classified within Assets held for sale	(249)	(345)			(594)	(1,753)	874	(807)	101	(1,585)
Cash and cash equivalents at beginning of period	1,738	1,489			1,738	3,323	1,570	2,444	1,637	3,323
Cash and Cash Equivalents at End of Period, including cash classified within Assets held for sale	1,489	1,144			1,144	1,570	2,444	1,637	1,738	1,738

Reconciliation of Cash and Cash Equivalents at end of period
Cash and Cash equivalents	1,489	1,052			1,052	1,570	2,444	1,637	1,738	1,738
Cash and cash equivalents included in Assets held for sale	—	92			92	—	—	—	—	—
Cash and cash equivalents at end of period, including cash classified within Assets held for sale	1,489	1,144			1,144	1,570	2,444	1,637	1,738	1,738
* Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.
** Includes U.S. Treasury securities.

CAPITAL PROGRAM

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Consolidated Capital Expenditures and Investments*
Midstream	216	384			600	255	96	172	228	751
Chemicals	—	—			—	—	—	—	—	—
Refining	176	148			324	135	105	146	196	582
Marketing and Specialties	15	34			49	15	20	18	32	85
Renewable Fuels	9	9			18	217	128	12	18	375
Corporate and Other	7	12			19	6	18	10	32	66


Consolidated Capital Expenditures and Investments	423	587			1,010	628	367	358	506	1,859
* Excludes net acquisitions of $2,220MM, $58MM and $567MM in Q2 2025, Q4 2024 and Q3 2024, respectively.

Consolidated Capital Expenditures and Investments*†
Growth	229	379			608	485	194	164	191	1,034
Sustaining	194	208			402	143	173	194	315	825
Consolidated Capital Expenditures and Investments	423	587			1,010	628	367	358	506	1,859
* Excludes net acquisitions of $2,220MM, $58MM and $567MM in Q2 2025, Q4 2024 and Q3 2024, respectively.
† See note on the use of non-GAAP measures.

Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments
CPChem (Chemicals)	182	225			407	201	199	179	230	809
WRB (Refining)	21	44			65	24	29	30	38	121
Selected Equity Affiliates	203	269			472	225	228	209	268	930

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Phillips 66 Earnings Release Supplemental Data


MIDSTREAM

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income before Income Taxes
Transportation	243	242			485	244	547	254	247	1,292
NGL	508	489			997	310	220	390	426	1,346

Income before Income Taxes	751	731			1,482	554	767	644	673	2,638







Equity in Earnings of Affiliates
Transportation	97	87			184	136	140	110	109	495
NGL	13	11			24	19	30	24	23	96

Total	110	98			208	155	170	134	132	591


Depreciation and Amortization*
Transportation	44	43			87	44	42	42	44	172
NGL	189	217			406	185	182	191	190	748

Total	233	260			493	229	224	233	234	920
* Excludes D&A of all non-consolidated affiliates.

Operating and SG&A Expenses*
Transportation	173	191			364	180	194	181	183	738
NGL	338	373			711	330	281	355	385	1,351

Total	511	564			1,075	510	475	536	568	2,089
* Excludes operating and SG&A expenses of all non-consolidated affiliates.




Transportation Volumes (MB/D)
Pipelines*	2,893	3,093			2,994	2,979	3,059	3,006	3,168	3,053
Terminals	2,938	3,074			3,007	3,109	3,226	3,049	3,107	3,123
* Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.


PSX Other Volumes
Wellhead Volume (Bcf/D)*	4.1	4.2			4.2	4.4	4.5	4.3	4.2	4.3
NGL Production (MB/D)*	437	456			447	417	437	439	449	436
Pipeline Throughput–Y-Grade to Market (MB/D)**	704	956			831	714	781	762	759	754
NGL Fractionated (MB/D)	748	883			816	679	744	728	760	728
* Includes 100% of DCP Midstream Class A Segment.
** Represents volumes delivered to fractionation market hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.


Market Indicators

Weighted-Average NGL Price ($/gal)*	0.74	0.64			0.69	0.70	0.68	0.64	0.70	0.68
Henry Hub Natural Gas Price ($/MMBtu)**	4.27	3.16			3.71	2.41	2.04	2.09	2.42	2.24
WTI ($/BBL)**	71.46	63.86			67.66	77.07	80.73	75.19	70.36	75.83
* Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
** Based on daily spot prices.

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Phillips 66 Earnings Release Supplemental Data


MIDSTREAM (continued)

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Reconciliation of Midstream Income before Income Taxes to Adjusted EBITDA
Income before income taxes	751	731			1,482	554	767	644	673	2,638
Plus:


Depreciation and amortization	233	260			493	229	224	233	234	920
EBITDA	984	991			1,975	783	991	877	907	3,558

Special Item Adjustments (pre-tax):









Net gain on asset dispositions	(68)	—			(68)	—	(238)	—	—	(238)
Impairments	—	—			—	59	224	28	35	346
EBITDA, Adjusted for Special Items	916	991			1,907	842	977	905	942	3,666



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	4			7	3	5	5	3	16
Proportional share of selected equity affiliates net interest	3	3			6	13	10	3	3	29
Proportional share of selected equity affiliates depreciation and amortization	23	24			47	38	37	26	28	129
Adjusted EBITDA attributable to noncontrolling interests	(60)	(50)			(110)	(35)	(58)	(47)	(38)	(178)
Adjusted EBITDA	885	972			1,857	861	971	892	938	3,662

Page 6

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM (continued)

	Millions of Dollars
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Transportation
Income before income taxes	243	242			485	244	547	254	247	1,292
Plus:


Depreciation and amortization	44	43			87	44	42	42	44	172
EBITDA	287	285			572	288	589	296	291	1,464

Special Item Adjustments (pre-tax):







Net gain on asset disposition	—	—			—	—	(238)	—	—	(238)
Impairments	—	—			—	59	—	28	35	122
EBITDA, Adjusted for Special Items	287	285			572	347	351	324	326	1,348



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	4			7	3	5	5	3	16
Proportional share of selected equity affiliates net interest	3	3			6	13	10	3	3	29
Proportional share of selected equity affiliates depreciation and amortization	15	15			30	26	25	15	16	82
Adjusted EBITDA attributable to noncontrolling interests	(8)	(6)			(14)	(5)	(5)	(6)	(4)	(20)
Adjusted EBITDA	300	301			601	384	386	341	344	1,455





NGL
Income before income taxes	508	489			997	310	220	390	426	1,346
Plus:
Depreciation and amortization	189	217			406	185	182	191	190	748
EBITDA	697	706			1,403	495	402	581	616	2,094

Special Item Adjustments (pre-tax):




Net gain on asset disposition	(68)	—			(68)	—	—	—	—	—
Impairments	—	—			—	—	224	—	—	224
EBITDA, Adjusted for Special Items	629	706			1,335	495	626	581	616	2,318

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 and amortization	8	9			17	12	12	11	12	47
Adjusted EBITDA attributable to noncontrolling interests	(52)	(44)			(96)	(30)	(53)	(41)	(34)	(158)
Adjusted EBITDA	585	671			1,256	477	585	551	594	2,207

Page 7

Phillips 66 Earnings Release Supplemental Data


CHEMICALS

	Millions of Dollars, Except as Indicated
	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Income before Income Taxes	113		20				133		205		222		342		107		876

Equity in Earnings of Affiliate	113		20				133		201		219		339		104		863

100% CPChem Results




Net Income, excludes parent company income tax related to CPChem's earnings	226		40				266		402		438		678		208		1,726





Income before Income Taxes	235		50				285		413		450		690		217		1,770

Depreciation and Amortization	170		166				336		153		154		154		185		646

Net Interest Expense*	(2)		(1)				(3)		7		2		(2)		(1)		6
* Net of interest income.

Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments	363		450				813		401		399		357		460		1,617


Return of Investments from Equity Companies	—		(7)				(7)		—		(14)		—		—		(14)







Olefins and Polyolefins Capacity Utilization (%)	100	%	92	%			96	%	96	%	98	%	98	%	98	%	97	%

Market Indicator*
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	10.9		7.4				9.2		16.4		18.3		23.7		12.4		17.7
* Source: IHS, Inc.

Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income before income taxes	113		20				133		205		222		342		107		876
Plus:
None	—		—				—		—		—		—		—		—
EBITDA	113		20				133		205		222		342		107		876

Special Item Adjustments (pre-tax):

Winter-storm-related recovery	—		—				—		—		—		—		(35)		(35)



EBITDA, Adjusted for Special Items	113		20				133		205		222		342		72		841

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	13		13				26		13		15		13		11		52
Proportional share of selected equity affiliates net interest	(1)		(1)				(2)		1		—		(2)		—		(1)
Proportional share of selected equity affiliates depreciation and amortization	119		116				235		106		111		113		126		456
Adjusted EBITDA	244		148				392		325		348		466		209		1,348

Page 8

Phillips 66 Earnings Release Supplemental Data


REFINING

	Millions of Dollars, Except as Indicated
	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income (Loss) before Income Taxes
Atlantic Basin/Europe	(199)	49			(150)	78	15	(61)	(91)	(59)
Gulf Coast	(333)	101			(232)	120	42	(102)	(128)	(68)
Central Corridor	(50)	392			342	213	243	308	(94)	670
West Coast	(355)	(183)			(538)	(195)	2	(253)	(462)	(908)
Income (Loss) before Income Taxes	(937)	359			(578)	216	302	(108)	(775)	(365)









Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	(5.15)	1.00			(1.70)	1.66	0.30	(1.27)	(1.79)	(0.30)
Gulf Coast	(8.95)	1.93			(2.60)	2.53	0.82	(2.10)	(2.62)	(0.35)
Central Corridor	(1.85)	13.67			6.13	8.31	8.69	11.38	(3.35)	6.18
West Coast	(16.60)	(8.37)			(12.43)	(8.26)	0.10	(11.51)	(22.65)	(10.38)
Worldwide	(7.53)	2.36			(2.09)	1.50	2.00	(0.74)	(5.24)	(0.62)

Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	7.08	8.16			7.68	9.70	8.10	5.87	6.09	7.42
Gulf Coast	4.43	8.71			6.92	10.95	7.88	6.39	5.58	7.68
Central Corridor	8.29	15.61			12.07	12.56	12.75	14.19	6.68	11.52
West Coast	7.12	14.06			10.64	10.60	13.06	4.34	5.74	8.50
Worldwide	6.81	11.25			9.23	11.01	10.01	8.31	6.08	8.84
* See note on the use of non-GAAP measures. Also, reconciliations of income (loss) before income taxes to realized refining margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.

Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe	(2)	(2)			(4)	(1)	(2)	(2)	(2)	(7)
Gulf Coast	—	—			—	1	—	1	—	2
Central Corridor	(103)	—			(103)	108	35	(11)	(77)	55
West Coast	—	—			—	—	—	—	—	—
Total	(105)	(2)			(107)	108	33	(12)	(79)	50

Depreciation and Amortization*
Atlantic Basin/Europe	56	53			109	52	51	53	54	210
Gulf Coast	72	67			139	62	65	68	67	262
Central Corridor	41	41			82	44	42	42	43	171
West Coast	287	282			569	50	46	67	271	434
Total	456	443			899	208	204	230	435	1,077
* Excludes D&A of all equity affiliates.


Operating and SG&A Expenses*
Atlantic Basin/Europe	379	289			668	254	276	267	270	1,067
Gulf Coast	390	262			652	307	278	312	305	1,202
Central Corridor	171	159			330	167	167	151	174	659
West Coast	180	170			350	263	214	252	279	1,008
Total	1,120	880			2,000	991	935	982	1,028	3,936
* Excludes operating and SG&A expenses of all equity affiliates.


Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe	97	18			115	19	33	31	19	102
Gulf Coast	164	27			191	82	39	83	78	282
Central Corridor	2	2			4	1	3	8	9	21
West Coast	7	6			13	22	25	15	17	79
Total	270	53			323	124	100	137	123	484
* Excludes turnaround expense of all equity affiliates.

Taxes Other than Income Taxes
Atlantic Basin/Europe	22	20			42	24	15	24	22	85
Gulf Coast	35	24			59	38	19	26	28	111
Central Corridor	26	25			51	28	22	27	21	98
West Coast	27	25			52	31	18	23	21	93
Total	110	94			204	121	74	100	92	387


Foreign Currency Gains (Losses) Pre-Tax	9	20			29	1	(1)	6	(6)	—

Refining—Equity Affiliate Information
Equity in earnings (losses) of affiliates	(105)	(2)			(107)	108	33	(12)	(79)	50
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*	(141)	(234)			(375)	(331)	(260)	(193)	(132)	(916)
Equity affiliate-related expenses not included in Realized Refining Margins	(246)	(236)			(482)	(223)	(227)	(205)	(211)	(866)
* Other costs associated with equity affiliates which do not flow through equity earnings (losses).

Proportional Share of Certain* Equity Affiliate Operating and SG&A Expenses	200	185			385	181	184	163	166	694

Proportional Share of Certain* Equity Affiliate Turnaround Expense, included in Equity Affiliate Operating and SG&A Expenses	27	24			51	22	30	9	7	68
* Includes turnaround expense related to WRB Refining, LP (WRB) and Mineraloelraffinerie Oberrhein GmbH (MiRO).

Operating expenses	1,074	848			1,922	953	884	922	968	3,727
Selling, general and administrative expenses	46	32			78	38	51	60	60	209
Refining Controllable Costs*	1,120	880			2,000	991	935	982	1,028	3,936

Refining Controllable Costs ($/BBL)*	9.00	5.79			7.24	6.89	6.18	6.75	6.95	6.69
* Excludes operating and SG&A expenses of all equity affiliates. See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs per barrel included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.

Refining Adjusted Controllable Costs ($/BBL)*	9.07	5.90			7.34	7.06	6.43	6.53	6.83	6.71
* See note on the use of non-GAAP measures. Also, see reconciliation of Refining operating and SG&A expenses to Refining Adjusted Controllable Costs included in the "Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs" section.

Page 9

Phillips 66 Earnings Release Supplemental Data


REFINING (continued)

	2025								2024
	1st Qtr		2nd Qtr		3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
Reconciliation of Refining Income (Loss) before Income Taxes to Adjusted EBITDA ($ Millions)
Income (Loss) before income taxes	(937)		359				(578)		216		302		(108)		(775)		(365)
Plus:

Depreciation and amortization	456		443				899		208		204		230		435		1,077
EBITDA	(481)		802				321		424		506		122		(340)		712

Special Item Adjustments (pre-tax):





Certain tax impacts	—		—				—		—		—		—		(9)		(9)




Impairments	—		—				—		104		—		—		—		104
Los Angeles Refinery cessation costs	—		—				—		—		—		41		3		44
Legal accrual	—		33				33		—		—		—		22		22
Legal settlement	—		—				—		(7)		—		—		—		(7)
EBITDA, Adjusted for Special Items	(481)		835				354		521		506		163		(324)		866

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—		—				—		—		1		(1)		(1)		(1)
Proportional share of selected equity affiliates net interest	2		3				5		(1)		(2)		(1)		—		(4)
Proportional share of selected equity affiliates depreciation and amortization	27		29				56		25		26		27		27		105
Adjusted EBITDA	(452)		867				415		545		531		188		(298)		966



Operating Statistics
Atlantic Basin/Europe*
Crude Oil Charge Input (MB/D)	359		518				439		472		527		498		511		502
Total Processed Inputs (MB/D)	430		541				486		516		555		520		552		536
Crude Oil Capacity Utilization (%)	67	%	97	%			82	%	88	%	98	%	93	%	95	%	93	%
Clean Product Yield (%)	89	%	87	%			88	%	87	%	87	%	89	%	88	%	88	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Crude Oil Charge Input (MB/D)	369		508				439		475		507		473		479		483
Total Processed Inputs (MB/D)	413		573				493		522		563		528		530		536
Crude Oil Capacity Utilization (%)	70	%	96	%			83	%	90	%	96	%	89	%	91	%	91	%
Clean Product Yield (%)	81	%	80	%			81	%	76	%	83	%	81	%	82	%	80	%

Central Corridor*
Crude Oil Charge Input (MB/D)	521		550				535		509		541		533		535		529
Total Processed Inputs (MB/D)	536		566				551		527		558		549		555		547
Crude Oil Capacity Utilization (%)	98	%	104	%			101	%	96	%	102	%	100	%	101	%	100	%
Clean Product Yield (%)	91	%	90	%			91	%	90	%	89	%	89	%	93	%	90	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.

West Coast
Crude Oil Charge Input (MB/D)	228		234				231		244		227		230		214		229
Total Processed Inputs (MB/D)	237		241				239		260		237		239		222		239
Crude Oil Capacity Utilization (%)	93	%	96	%			95	%	100	%	93	%	94	%	88	%	94	%
Clean Product Yield (%)	89	%	90	%			89	%	84	%	88	%	93	%	93	%	89	%

Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,477		1,810				1,644		1,700		1,802		1,734		1,739		1,743
Total Processed Inputs (MB/D)	1,616		1,921				1,769		1,825		1,913		1,836		1,859		1,858
Crude Oil Capacity Utilization (%)	80	%	98	%			89	%	92	%	98	%	94	%	94	%	95	%
Clean Product Yield (%)	87	%	86	%			87	%	84	%	86	%	87	%	88	%	87	%

Page 10

Phillips 66 Earnings Release Supplemental Data


REFINING (continued)

	2025					2024
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Refined Petroleum Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	199	225			212	227	242	234	230	233
Distillates	166	232			199	206	226	213	240	221
Other	70	86			78	89	88	77	89	86
Total	435	543			489	522	556	524	559	540
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.

Gulf Coast
Gasoline	184	243			214	193	234	221	215	216
Distillates	138	202			171	192	216	194	205	202
Other	87	134			111	141	121	123	114	124
Total	409	579			496	526	571	538	534	542

Phillips 66 8-K