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		34,515		34,108		132,376		35,811		38,129		35,528		33,685		143,153
Equity in earnings of affiliates	153		153		337		119		762		528		487		549		215		1,779
Net gain (loss) on dispositions	1,087		(93)		11		1,979		2,984		—		237		2		82		321
Other income	56		139		116		127		438		97		58		84		4		243
Total Revenues and Other Income	31,726		33,522		34,979		36,333		136,560		36,436		38,911		36,163		33,986		145,496

Costs and Expenses
Purchased crude oil and products	27,660		29,077		30,219		29,137		116,093		32,386		34,628		32,194		30,754		129,962
Operating expenses	1,622		1,440		1,492		1,869		6,423		1,452		1,407		1,499		1,581		5,939
Selling, general and administrative expenses	519		582		792		544		2,437		557		552		1,194		511		2,814
Depreciation and amortization	791		816		826		818		3,251		504		497		543		819		2,363
Impairments	26		4		951		79		1,060		165		225		29		37		456
Taxes other than income taxes	233		218		221		119		791		165		49		53		62		329
Accretion on discounted liabilities	12		10		12		13		47		9		10		8		13		40
Interest and debt expense	221		264		259		295		1,039		227		231		229		220		907
Foreign currency transaction (gains) losses	(6)		(9)		8		6		(1)		7		1		1		2		11
Total Costs and Expenses	31,078		32,402		34,780		32,880		131,140		35,472		37,600		35,750		33,999		142,821
Income (loss) before income taxes	648		1,120		199		3,453		5,420		964		1,311		413		(13)		2,675
Income tax expense (benefit)	122		212		32		526		892		203		291		44		(38)		500
Net Income	526		908		167		2,927		4,528		761		1,020		369		25		2,175
Less: net income attributable to noncontrolling interests	39		31		34		21		125		13		5		23		17		58
Net Income Attributable to Phillips 66	487		877		133		2,906		4,403		748		1,015		346		8		2,117


Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.19		2.15		0.32		7.20		10.82		1.74		2.39		0.82		0.01		5.01
Diluted	1.18		2.15		0.32		7.17		10.79		1.73		2.38		0.82		0.01		4.99

Weighted-Average Common Shares Outstanding (thousands)
Basic	409,182		406,763		404,508		403,122		406,008		428,959		422,869		417,305		411,687		420,174
Diluted	410,505		407,929		405,549		405,146		408,053		431,906		425,734		418,803		412,962		421,888






Effective tax rate (%)**	18.8	%	19.0	%	16.0	%	15.2	%	16.5	%	21.1	%	22.2	%	10.7	%	296.7	%	18.7	%
Adjusted effective tax rate (%)**	18.8	%	22.0	%	22.9	%	22.6	%	22.9	%	21.3	%	21.4	%	18.9	%	27.2	%	20.5	%
* Refer to Change in Basis of Presentation on page 15.
** 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	697	638	2,817	554	767	644	673	2,638
Chemicals	113	20	176	(12)	297	205	222	342	107	876
Refining*	(937)	359	(518)	822	(274)	216	302	(108)	(775)	(365)
Marketing and Specialties	1,282	571	251	2,396	4,500	366	415	(22)	252	1,011
Renewable Fuels	(185)	(133)	(43)	(19)	(380)	(55)	(55)	(116)	28	(198)
Corporate and Other	(376)	(428)	(364)	(372)	(1,540)	(322)	(340)	(327)	(298)	(1,287)
Income (loss) before income taxes	648	1,120	199	3,453	5,420	964	1,311	413	(13)	2,675
Less: income tax expense (benefit)	122	212	32	526	892	203	291	44	(38)	500
Net Income	526	908	167	2,927	4,528	761	1,020	369	25	2,175
Less: net income attributable to noncontrolling interests	39	31	34	21	125	13	5	23	17	58
Net Income Attributable to Phillips 66	487	877	133	2,906	4,403	748	1,015	346	8	2,117
* Refer to Change in Basis of Presentation on page 15.


























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	194	239	918	303	309	282	282	1,176
NGL	440	489	503	478	1,910	310	444	390	426	1,570

Total Midstream	683	731	697	717	2,828	613	753	672	708	2,746
Chemicals	113	20	176	19	328	205	222	342	72	841
Refining
Atlantic Basin/Europe	(199)	82	250	291	424	78	15	(61)	(100)	(68)
Gulf Coast	(333)	101	119	252	139	113	42	(102)	(128)	(75)
Central Corridor*	(50)	392	368	367	1,077	213	243	308	(94)	670
West Coast	(355)	(183)	(307)	(368)	(1,213)	(91)	2	(212)	(437)	(738)
Total Refining	(937)	392	430	542	427	313	302	(67)	(759)	(211)



Marketing and Specialties	265	660	477	439	1,841	307	415	583	185	1,490
Renewable Fuels	(185)	(133)	(43)	(19)	(380)	(55)	(55)	(116)	28	(198)
Corporate and Other	(355)	(383)	(364)	(363)	(1,465)	(322)	(340)	(327)	(294)	(1,283)
Adjusted income (loss) before income taxes	(416)	1,287	1,373	1,335	3,579	1,061	1,297	1,087	(60)	3,385
Less: adjusted income tax expense (benefit)	(78)	283	314	302	821	226	278	205	(16)	693
Adjusted Net Income (Loss)	(338)	1,004	1,059	1,033	2,758	835	1,019	882	(44)	2,692
Less: adjusted net income attributable to noncontrolling interests	30	31	34	31	126	13	35	23	17	88
Adjusted Net Income (Loss) Attributable to Phillips 66	(368)	973	1,025	1,002	2,632	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	2.52	2.47	6.44	1.90	2.31	2.04	(0.15)	6.15

Adjusted Weighted-Average Common Shares Outstanding (thousands)
Diluted	409,182	407,934	406,045	404,733	407,605	432,158	425,734	419,827	411,687	422,538
* Refer to Change in Basis of Presentation on page 15.
** 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	292	299	1,192	384	386	341	344	1,455
NGL	585	671	672	653	2,581	477	585	551	594	2,207
Total Midstream	885	972	964	952	3,773	861	971	892	938	3,662
Chemicals	244	148	308	145	845	325	348	466	209	1,348
Refining**	(452)	867	904	1,019	2,338	545	531	188	(298)	966
Marketing and Specialties	315	718	525	488	2,046	377	484	656	307	1,824
Renewable Fuels	(162)	(110)	(18)	5	(285)	(49)	(43)	(92)	50	(134)
Corporate and Other	(94)	(94)	(89)	(77)	(354)	(116)	(108)	(112)	(76)	(412)
Adjusted EBITDA	736	2,501	2,594	2,532	8,363	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.
** Refer to Change in Basis of Presentation on page 15

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*	—	—	—	(79)	(79)	(59)	(224)	(28)	(35)	(346)
Total Midstream	68	—	—	(79)	(11)	(59)	14	(28)	(35)	(108)







Chemicals
Winter-storm-related recovery	—	—	—	—	—	—	—	—	35	35
Lower of cost or market inventory adjustment	—	—	—	(31)	(31)	—	—	—	—	—
Total Chemicals	—	—	—	(31)	(31)	—	—	—	35	35

Refining




Certain tax impacts	—	—	—	11	11	—	—	—	9	9




Impairments**	—	—	(948)	—	(948)	(104)	—	—	—	(104)
Los Angeles Refinery cessation costs	—	—	—	(35)	(35)	—	—	(41)	(3)	(44)
Legal accrual	—	(33)	—	—	(33)	—	—	—	(22)	(22)
Legal settlement	—	—	—	181	181	7	—	—	—	7
Pending claims and settlements	—	—	—	123	123	—	—	—	—	—
Total Refining	—	(33)	(948)	280	(701)	(97)	—	(41)	(16)	(154)

Marketing and Specialties




Legal settlement	—	—	—	—	—	59	—	—	—	59

Legal accrual***	—	—	(241)	(21)	(262)	—	—	(605)	—	(605)
Net gain (loss) on asset dispositions †	1,017	(89)	15	1,978	2,921	—	—	—	67	67
Total Marketing and Specialties	1,017	(89)	(226)	1,957	2,659	59	—	(605)	67	(479)

Renewable Fuels	—	—	—	—	—	—	—	—	—	—

Corporate and Other








Impairments	(21)	—	—	—	(21)	—	—	—	—	—
Los Angeles Refinery cessation costs	—	—	—	—	—	—	—	—	(4)	(4)
Professional advisory fees	—	(45)	—	—	(45)	—	—	—	—	—
Interest expense	—	—	—	(9)	(9)	—	—	—	—	—
Total Corporate and Other	(21)	(45)	—	(9)	(75)	—	—	—	(4)	(4)

Total Special Items (Pre-tax)	1,064	(167)	(1,174)	2,118	1,841	(97)	14	(674)	47	(710)

Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items ♦	200	(40)	(282)	19	(103)	(23)	13	(161)	9	(162)
Other tax impacts	—	(31)	—	205	174	—	—	—	(31)	(31)

Total Income Tax Expense (Benefit)	200	(71)	(282)	224	71	(23)	13	(161)	(22)	(193)

Less: Income (Loss) Attributable to Noncontrolling Interests


Net gain on asset disposition ††	9	—	—	—	9	—	—	—	—	—
Impairment of certain DCP assets	—	—	—	(10)	(10)	—	(30)	—	—	(30)




Total Income (Loss) Attributable to Noncontrolling Interests	9	—	—	(10)	(1)	—	(30)	—	—	(30)

Total Phillips 66 Special Items (After-tax)	855	(96)	(892)	1,904	1,771	(74)	31	(513)	69	(487)



* Impairments recorded in the fourth-quarter 2025, in our Midstream segment are related to DCP Midstream, LP's investment in the Texas Express Pipeline.
** Impairments recorded in the third-quarter 2025, in our Refining segment are related to our 50% equity investment in WRB Refining LP, as a result of the definitive agreement entered into in September 2025, which closed on October 1, 2025.
*** Legal accruals related to ongoing litigation with Propel Fuels, Inc
† In the first quarter of 2025, net gain on dispositions of our 49% non-operated equity interest in Coop Mineraloel AG (Coop) which closed in January 2025. In the fourth quarter of 2025, net gain on disposition related to disposition of 65% of our interest in our Germany and Austria retail marketing business which closed in December 2025; also related to this transaction in the second and third quarters of 2025, we recognized before-tax unrealized gains (losses) from foreign currency derivatives.
†† Net gain on dispositions of DCP Midstream, LP's 25% interest in Gulf Coast Express Pipeline LLC in the first quarter of 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, but certain transactions may be partially exempt, which could result in a lower overall effective tax rate on these items. 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	—	—	(79)	(11)	—	(224)	—	—	(224)

Total Midstream	68	—	—	(79)	(11)	(59)	14	(28)	(35)	(108)

Refining
Atlantic Basin/Europe	—	(33)	—	11	(22)	—	—	—	9	9
Gulf Coast	—	—	—	—	—	7	—	—	—	7
Central Corridor	—	—	(948)	304	(644)	—	—	—	—	—
West Coast	—	—	—	(35)	(35)	(104)	—	(41)	(25)	(170)
Total Refining	—	(33)	(948)	280	(701)	(97)	—	(41)	(16)	(154)

Page 3

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	167	2,927	4,528	761	1,020	369	25	2,175
Depreciation and amortization	791	816	826	818	3,251	504	497	543	819	2,363
Impairments	26	4	951	79	1,060	165	225	29	37	456
Accretion on discounted liabilities	12	10	12	13	47	9	10	8	13	40
Deferred income taxes	(133)	(48)	14	345	178	(55)	(145)	113	(164)	(251)
Undistributed equity earnings	120	75	(55)	(20)	120	(180)	(179)	(160)	108	(411)
Loss (gain) on early redemption of debt	—	—	—	—	—	2	—	(5)	—	(3)
Net (gain) loss on dispositions	(1,087)	93	(11)	(1,979)	(2,984)	—	(237)	(2)	(82)	(321)

Unrealized investment (gain) loss**	10	4	(4)	2	12	(6)	7	1	(2)	—
Other	(6)	58	20	(141)	(69)	11	(17)	617	147	758
Net working capital changes	(72)	(1,075)	(742)	708	(1,181)	(1,447)	916	(381)	297	(615)
Net Cash Provided by (Used in) Operating Activities	187	845	1,178	2,752	4,962	(236)	2,097	1,132	1,198	4,191

Cash Flows From Investing Activities
Capital expenditures and investments	(423)	(587)	(541)	(682)	(2,233)	(628)	(367)	(358)	(506)	(1,859)
Acquisitions, net of cash acquired	—	(2,220)	10	(1,288)	(3,498)	—	—	(567)	(58)	(625)
Purchases of government obligations***	—	—	—	—	—	—	—	(1,100)	—	(1,100)
Return of investments in equity affiliates	25	18	15	32	90	41	26	55	19	141
Proceeds from asset dispositions	2,034	(3)	—	1,489	3,520	2	685	219	176	1,082



Other	(45)	58	29	(18)	24	(80)	(17)	(29)	24	(102)
Net Cash Provided by (Used in) Investing Activities	1,591	(2,734)	(487)	(467)	(2,097)	(665)	327	(1,780)	(345)	(2,463)

Cash Flows From Financing Activities
Issuance of debt	—	3,499	2,450	2,446	8,395	3,815	(196)	1,518	1,135	6,272
Repayment of debt	(1,287)	(1,088)	(1,612)	(4,787)	(8,774)	(3,013)	(7)	(408)	(712)	(4,140)
Issuance of common stock	23	2	68	14	107	50	14	18	4	86
Repurchase of common stock	(247)	(419)	(267)	(274)	(1,207)	(1,164)	(840)	(800)	(647)	(3,451)
Dividends paid on common stock	(469)	(487)	(484)	(482)	(1,922)	(448)	(485)	(477)	(472)	(1,882)
Distributions to noncontrolling interests	(14)	(81)	(28)	(41)	(164)	(13)	(20)	(13)	(24)	(70)
Contributions from noncontrolling interests	—	106	18	8	132	—	—	—	—	—
Other	(55)	(6)	(33)	(10)	(104)	(73)	(9)	(30)	(8)	(120)
Net Cash Provided by (Used in) Financing Activities	(2,049)	1,526	112	(3,126)	(3,537)	(846)	(1,543)	(192)	(724)	(3,305)

Effect of Exchange Rate Changes on Cash and Cash Equivalents	22	18	3	7	50	(6)	(7)	33	(28)	(8)

Net Change in Cash and Cash Equivalents, including cash classified within Assets held for sale	(249)	(345)	806	(834)	(622)	(1,753)	874	(807)	101	(1,585)
Cash and cash equivalents at beginning of period	1,738	1,489	1,144	1,950	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	1,950	1,116	1,116	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	1,845	1,116	1,116	1,570	2,444	1,637	1,738	1,738
Cash and cash equivalents included in Assets held for sale	—	92	105	—	—	—	—	—	—	—
Cash and cash equivalents at end of period, including cash classified within Assets held for sale	1,489	1,144	1,950	1,116	1,116	1,570	2,444	1,637	1,738	1,738
* Refer to Change in Basis of Presentation on page 15.
** 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	347	284	1,231	255	96	172	228	751
Chemicals	—	—	—	—	—	—	—	—	—	—
Refining**	176	148	145	307	776	135	105	146	196	582
Marketing and Specialties	15	34	26	43	118	15	20	18	32	85
Renewable Fuels	9	9	15	23	56	217	128	12	18	375
Corporate and Other	7	12	8	25	52	6	18	10	32	66


Consolidated Capital Expenditures and Investments	423	587	541	682	2,233	628	367	358	506	1,859
* Excludes net acquisitions of $1,288MM, $(10)MM, $2,220MM, $58MM and $567MM in Q4 2025, Q3 2025, Q2 2025, Q4 2024 and Q3 2024, respectively.
** Refer to Change in Basis of Presentation on page 15.

Consolidated Capital Expenditures and Investments*†♦
Growth	229	379	289	332	1,229	485	194	164	191	1,034
Sustaining	194	208	252	350	1,004	143	173	194	315	825
Consolidated Capital Expenditures and Investments	423	587	541	682	2,233	628	367	358	506	1,859
* Excludes net acquisitions of $1,288MM, $(10)MM, $2,220MM, $58MM and $567MM in Q4 2025, Q3 2025, Q2 2025, Q4 2024 and Q3 2024, respectively.
† Refer to to Change in Basis of Presentation on page 15.
♦ See note on the use of non-GAAP measures.

Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments
CPChem (Chemicals)	182	225	202	187	796	201	199	179	230	809
WRB (Refining)*	21	44	34	—	99	24	29	30	38	121
Selected Equity Affiliates	203	269	236	187	895	225	228	209	268	930
* Refer to Change in Basis of Presentation on page 15.

Page 4

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	194	239	918	244	547	254	247	1,292
NGL	508	489	503	399	1,899	310	220	390	426	1,346

Income before Income Taxes	751	731	697	638	2,817	554	767	644	673	2,638







Equity in Earnings of Affiliates
Transportation	97	87	82	87	353	136	140	110	109	495
NGL	13	11	11	11	46	19	30	24	23	96

Total	110	98	93	98	399	155	170	134	132	591


Depreciation and Amortization*
Transportation	44	43	73	50	210	44	42	42	44	172
NGL	189	217	205	209	820	185	182	191	190	748

Total	233	260	278	259	1,030	229	224	233	234	920
* Excludes D&A of all non-consolidated affiliates.

Operating and SG&A Expenses*
Transportation	173	191	205	194	763	180	194	181	183	738
NGL	338	373	354	410	1,475	330	281	355	385	1,351

Total	511	564	559	604	2,238	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	3,111	2,993	3,023	2,979	3,059	3,006	3,168	3,053
Terminals	2,938	3,074	3,127	3,226	3,092	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	4.3	4.4	4.3	4.4	4.5	4.3	4.2	4.3
NGL Production (MB/D)*	437	456	483	470	462	417	437	439	449	436
NGL Pipeline Throughput–Y-Grade to Market (MB/D)**	704	956	999	1,006	917	714	781	762	759	754
NGL Fractionated (MB/D)	748	883	930	1,018	896	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 ($/gal)*	0.74	0.64	0.60	0.59	0.64	0.70	0.68	0.64	0.70	0.68
Henry Hub Natural Gas Price ($/MMBtu)**	4.27	3.16	3.03	3.69	3.54	2.41	2.04	2.09	2.42	2.24
WTI ($/BBL)**	71.46	63.86	65.03	59.22	64.89	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.

Page 5

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	697	638	2,817	554	767	644	673	2,638
Plus:


Depreciation and amortization	233	260	278	259	1,030	229	224	233	234	920
EBITDA	984	991	975	897	3,847	783	991	877	907	3,558

Special Item Adjustments (pre-tax):









Net gain on asset dispositions	(68)	—	—	—	(68)	—	(238)	—	—	(238)
Impairments	—	—	—	79	79	59	224	28	35	346
EBITDA, Adjusted for Special Items	916	991	975	976	3,858	842	977	905	942	3,666



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	4	4	2	13	3	5	5	3	16
Proportional share of selected equity affiliates net interest	3	3	3	3	12	13	10	3	3	29
Proportional share of selected equity affiliates depreciation and amortization	23	24	33	21	101	38	37	26	28	129
Adjusted EBITDA attributable to noncontrolling interests	(60)	(50)	(51)	(50)	(211)	(35)	(58)	(47)	(38)	(178)
Adjusted EBITDA	885	972	964	952	3,773	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	194	239	918	244	547	254	247	1,292
Plus:


Depreciation and amortization	44	43	73	50	210	44	42	42	44	172
EBITDA	287	285	267	289	1,128	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	267	289	1,128	347	351	324	326	1,348



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3	4	4	2	13	3	5	5	3	16
Proportional share of selected equity affiliates net interest	3	3	3	3	12	13	10	3	3	29
Proportional share of selected equity affiliates depreciation and amortization	15	15	23	12	65	26	25	15	16	82
Adjusted EBITDA attributable to noncontrolling interests	(8)	(6)	(5)	(7)	(26)	(5)	(5)	(6)	(4)	(20)
Adjusted EBITDA	300	301	292	299	1,192	384	386	341	344	1,455





NGL
Income before income taxes	508	489	503	399	1,899	310	220	390	426	1,346
Plus:
Depreciation and amortization	189	217	205	209	820	185	182	191	190	748
EBITDA	697	706	708	608	2,719	495	402	581	616	2,094

Special Item Adjustments (pre-tax):




Net gain on asset disposition	(68)	—	—	—	(68)	—	—	—	—	—
Impairments	—	—	—	79	79	—	224	—	—	224
EBITDA, Adjusted for Special Items	629	706	708	687	2,730	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	10	9	36	12	12	11	12	47
Adjusted EBITDA attributable to noncontrolling interests	(52)	(44)	(46)	(43)	(185)	(30)	(53)	(41)	(34)	(158)
Adjusted EBITDA	585	671	672	653	2,581	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 (loss) before Income Taxes	113		20		176		(12)		297		205		222		342		107		876

Equity in Earnings (Losses) of Affiliate	113		20		176		(12)		297		201		219		339		104		863

100% CPChem Results




Net Income, excludes parent company income tax related to CPChem's earnings	226		40		351		(24)		593		402		438		678		208		1,726





Income (loss) before Income Taxes	235		50		360		(14)		631		413		450		690		217		1,770

Depreciation and Amortization	170		166		177		183		696		153		154		154		185		646

Net Interest Expense*	(2)		(1)		(1)		—		(4)		7		2		(2)		(1)		6
* Net of interest income.

Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments	363		450		405		374		1,592		401		399		357		460		1,617


Return of Investments from Equity Companies	—		(7)		(18)		(25)		(50)		—		(14)		—		—		(14)







Olefins and Polyolefins Capacity Utilization (%)	100	%	92	%	104	%	97	%	98	%	96	%	98	%	98	%	98	%	97	%

Market Indicator*
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	10.9		7.4		7.6		2.6		7.1		16.4		18.3		23.7		12.4		17.7
* Source: IHS, Inc.

Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income (loss) before income taxes	113		20		176		(12)		297		205		222		342		107		876
Plus:
None	—		—		—		—		—		—		—		—		—		—
EBITDA	113		20		176		(12)		297		205		222		342		107		876

Special Item Adjustments (pre-tax):

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


Lower of cost or market inventory adjustment	—		—		—		31		31		—		—		—		—		—
EBITDA, Adjusted for Special Items	113		20		176		19		328		205		222		342		72		841

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	13		13		11		2		39		13		15		13		11		52
Proportional share of selected equity affiliates net interest	(1)		(1)		(1)		1		(2)		1		—		(2)		—		(1)
Proportional share of selected equity affiliates depreciation and amortization	119		116		122		123		480		106		111		113		126		456
Adjusted EBITDA	244		148		308		145		845		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	250	302	402	78	15	(61)	(91)	(59)
Gulf Coast	(333)	101	119	252	139	120	42	(102)	(128)	(68)
Central Corridor*	(50)	392	(580)	671	433	213	243	308	(94)	670
West Coast	(355)	(183)	(307)	(403)	(1,248)	(195)	2	(253)	(462)	(908)
Income (Loss) before Income Taxes	(937)	359	(518)	822	(274)	216	302	(108)	(775)	(365)
* Refer to Change in Basis of Presentation on page 15.








Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	(5.15)	1.00	4.94	5.65	2.09	1.66	0.30	(1.27)	(1.79)	(0.30)
Gulf Coast	(8.95)	1.93	2.19	5.10	0.72	2.53	0.82	(2.10)	(2.62)	(0.35)
Central Corridor*	(1.85)	13.67	(20.61)	8.74	2.70	8.31	8.69	11.38	(3.35)	6.18
West Coast	(16.60)	(8.37)	(15.06)	(41.08)	(16.99)	(8.26)	0.10	(11.51)	(22.65)	(10.38)
Worldwide	(7.53)	2.36	(3.38)	4.34	(0.44)	1.50	2.00	(0.74)	(5.24)	(0.62)

Realized Refining Margins ($/BBL)**
Atlantic Basin/Europe	7.08	8.16	11.94	12.60	10.18	9.70	8.10	5.87	6.09	7.42
Gulf Coast	4.43	8.71	8.74	12.48	8.86	10.95	7.88	6.39	5.58	7.68
Central Corridor*	8.29	15.61	15.82	13.06	13.26	12.56	12.75	14.19	6.68	11.52
West Coast	7.12	14.06	12.31	8.85	10.86	10.60	13.06	4.34	5.74	8.50
Worldwide	6.81	11.25	12.15	12.48	10.88	11.01	10.01	8.31	6.08	8.84
* Refer to Change in Basis of Presentation on page 15.
** 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)	(2)	(3)	(9)	(1)	(2)	(2)	(2)	(7)
Gulf Coast	—	—	—	—	—	1	—	1	—	2
Central Corridor*	(103)	—	33	—	(70)	108	35	(11)	(77)	55
West Coast	—	—	—	—	—	—	—	—	—	—
Total	(105)	(2)	31	(3)	(79)	108	33	(12)	(79)	50
* Refer to Change in Basis of Presentation on page 15.

Depreciation and Amortization*
Atlantic Basin/Europe	56	53	54	53	216	52	51	53	54	210
Gulf Coast	72	67	66	66	271	62	65	68	67	262
Central Corridor**	41	41	43	79	204	44	42	42	43	171
West Coast	287	282	281	279	1,129	50	46	67	271	434
Total	456	443	444	477	1,820	208	204	230	435	1,077
* Excludes D&A of all equity affiliates.
** Refer to Change in Basis of Presentation on page 15.

Operating and SG&A Expenses*
Atlantic Basin/Europe	379	289	256	280	1,204	254	276	267	270	1,067
Gulf Coast	390	262	263	275	1,190	307	278	312	305	1,202
Central Corridor**	171	159	180	522	1,032	167	167	151	174	659
West Coast	180	170	250	204	804	263	214	252	279	1,008
Total	1,120	880	949	1,281	4,230	991	935	982	1,028	3,936
* Excludes operating and SG&A expenses of all equity affiliates.
** Refer to Change in Basis of Presentation on page 15.

Turnaround Expense, included in Operating and SG&A Expenses*
Atlantic Basin/Europe	97	18	5	11	131	19	33	31	19	102
Gulf Coast	164	27	15	40	246	82	39	83	78	282
Central Corridor**	2	2	10	77	91	1	3	8	9	21
West Coast	7	6	6	7	26	22	25	15	17	79
Total	270	53	36	135	494	124	100	137	123	484
* Excludes turnaround expense of all equity affiliates.
** Refer to Change in Basis of Presentation on page 15.

Taxes Other than Income Taxes
Atlantic Basin/Europe	22	20	17	18	77	24	15	24	22	85
Gulf Coast	35	24	26	23	108	38	19	26	28	111
Central Corridor*	26	25	26	19	96	28	22	27	21	98
West Coast	27	25	21	3	76	31	18	23	21	93
Total	110	94	90	63	357	121	74	100	92	387

* Refer to Change in Basis of Presentation on page 15.

Foreign Currency Gains (Losses) Pre-Tax	9	20	(4)	(4)	21	1	(1)	6	(6)	—

Refining—Equity Affiliate Information*
Equity in earnings (losses) of affiliates	(105)	(2)	31	(3)	(79)	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)	(262)	(25)	(662)	(331)	(260)	(193)	(132)	(916)
Equity affiliate-related expenses not included in Realized Refining Margins	(246)	(236)	(231)	(28)	(741)	(223)	(227)	(205)	(211)	(866)
* Refer to Change in Basis of Presentation on page 15.
** 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	186	19	590	181	184	163	166	694

Proportional Share of Certain* Equity Affiliate Turnaround Expense, included in Equity Affiliate Operating and SG&A Expenses	27	24	23	—	74	22	30	9	7	68
* Includes turnaround expense related to Mineraloelraffinerie Oberrhein GmbH (MiRO). Refer to Change in Basis of Presentation on page 15.

Operating expenses	1,074	848	909	1,229	4,060	953	884	922	968	3,727
Selling, general and administrative expenses	46	32	40	52	170	38	51	60	60	209
Refining Controllable Costs*	1,120	880	949	1,281	4,230	991	935	982	1,028	3,936

Refining Controllable Costs ($/BBL)*	9.00	5.79	6.18	6.76	6.83	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. Refer to Change in Basis of Presentation on page 15.

Refining Adjusted Controllable Costs ($/BBL)*	9.07	5.90	6.40	6.67	6.92	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	(518)	822	(274)	216	302	(108)	(775)	(365)
Plus:

Depreciation and amortization	456	443	444	477	1,820	208	204	230	435	1,077
EBITDA	(481)	802	(74)	1,299	1,546	424	506	122	(340)	712

Special Item Adjustments (pre-tax):





Certain tax impacts	—	—	—	(11)	(11)	—	—	—	(9)	(9)




Impairments	—	—	948	—	948	104	—	—	—	104
Los Angeles Refinery cessation costs	—	—	—	35	35	—	—	41	3	44
Legal accrual	—	33	—	—	33	—	—	—	22	22
Legal settlement	—	—	—	(181)	(181)	(7)	—	—	—	(7)
Pending claims and settlements	—	—	—	(123)	(123)	—	—	—	—	—
EBITDA, Adjusted for Special Items	(481)	835	874	1,019	2,247	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	1	—	6

Phillips 66 8-K