Phillips 66 (Form: 8-K, Received: 04/29/2026 09:37:22)

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported)

(Exact name of registrant as specified in its charter)


Delaware	001-35349	45-3779385
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2331 CityWest Boulevard

Houston, Texas 77042

(Address of Principal Executive Offices and Zip Code)

Registrant's telephone number, including area code

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	PSX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 29, 2026, Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.

The information in this report and the exhibits attached hereto shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.


99.1	—	Press release issued by Phillips 66 on A pril 29, 202 6
99.2	—	Supplemental financial and operating information.






104	—	Cover Page Interactive Data File (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


						PHILLIPS 66

			By:			/s/ Ann M. Kluppel
						Ann M. Kluppel Senior Vice President and Controller

Date: April 29, 2026

Exhibit 99.1

•Reported first-quarter earnings of $207 million or $0.51 per share; adjusted earnings of $200 million or $0.49 per share

•Formally increased Sweeny NGL fractionation capacity and Freeport LPG export dock capacity by 23% and 15%, respectively, reflecting 2025 debottlenecking

•Refining operated at 95% capacity utilization with 87% clean product yield

•Increased the annualized quarterly dividend by 7%

•Ended the quarter with liquidity of approximately $6.0 billion

HOUSTON, April 29, 2026 – Phillips 66 (NYSE: PSX) announced first-quarter earnings.

“We are confident in our ability to navigate market volatility due to our integrated business and the strength of our balance sheet. Backed by disciplined execution and strong operating performance, we remain well positioned to provide energy to the global market,” said Mark Lashier, chairman and CEO of Phillips 66.

“Attractive fundamentals across our businesses further support our position to deliver strong returns and long-term shareholder value. We remain committed to our previously stated shareholder return and debt reduction targets.”

Business Highlights and Strategic Priorities Progress

•Recently announced advancement of Western Gateway Pipeline following a successful second open season securing long-term shipper commitments.

•Iron Mesa gas plant, with design capacity of 300 MMCFD, continues construction as planned and is on schedule for startup in the first quarter of 2027.

•In April 2026, completed acquisition of Lindsey Oil Refinery and logistics assets with the plan to utilize select assets, enhancing our U.K. integrated business.

•Progressed Chemicals Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar with full operations expected in 2027.

Financial Results Summary

(in millions of dollars, except as indicated)



	1Q 2026		4Q 2025
Earnings	$	207	2,906
Adjusted Earnings1	200		1,002
Adjusted EBITDA1	1,268		2,532
Earnings Per Share
Earnings Per Share - Diluted	0.51		7.17
Adjusted Earnings Per Share - Diluted1	0.49		2.47
Cash Flow from (Used in) Operations	(2,264)		2,752
Cash Flow from Operations, Excluding Working Capital1	699		2,044
Capital Expenditures & Investments	582		682
Acquisitions, Net of Cash Acquired	66		1,288
Proceeds from Asset Dispositions	7		1,489
Return of Capital to Shareholders	778		756
Repurchases of Common stock	269		274
Dividends paid on Common stock	509		482
Cash and Cash Equivalents	5,150		1,116
Debt	27,124		19,716
Debt-to-Capital Ratio	48%		39%
Net Debt-to-Capital Ratio1	43%		38%
1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Segment Financial and Operating Highlights

(Millions of dollars, except as indicated)


	1Q 2026		4Q 2025	Change
Earnings (Loss)1	$	207	2,906	(2,699)
Midstream	591		638	(47)
Chemicals	114		(12)	126
Refining	208		822	(614)
Marketing and Specialties	(161)		2,396	(2,557)
Renewable Fuels	(41)		(19)	(22)
Corporate and Other	(451)		(372)	(79)
Income tax expense	(41)		(526)	485
Noncontrolling interests	(12)		(21)	9

Adjusted Earnings (Loss)1,2	$	200	1,002	(802)
Midstream	591		717	(126)
Chemicals	85		19	66
Refining	208		542	(334)
Marketing and Specialties	(141)		439	(580)
Renewable Fuels	(41)		(19)	(22)
Corporate and Other	(451)		(363)	(88)
Income tax expense	(39)		(302)	263
Noncontrolling interests	(12)		(31)	19

Adjusted EBITDA2	$	1,268	2,532	(1,264)
Midstream	860		952	(92)
Chemicals	250		145	105
Refining	423		1,019	(596)
Marketing and Specialties	(86)		488	(574)
Renewable Fuels	(18)		5	(23)
Corporate and Other	(161)		(77)	(84)

Operating Highlights
NGL Pipeline Throughput - Y-Grade to Market (MBD)3	930		1,006	(76)
NGL Fractionated (MBD)	980		1,018	(38)
Chemicals Global O&P Capacity Utilization	94%		97%	(3%)
Refining
Turnaround Expense	178		135	43
Realized Margin ($/BBL)2	10.11		12.48	(2.37)
Crude Capacity Utilization4	95%		99%	(4%)
Clean Product Yield	87%		88%	(1%)
Renewable Fuels Produced (MBD)	40		32	8
1 Segment reporting is pre-tax.
2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
3 Represents volumes delivered to fractionation 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.

4 Beginning October 1, 2025, excludes Los Angeles Refinery and includes 100% of Wood River and Borger refineries. As of January 1, 2026, the Refining segment’s net crude throughput capacity increased by 45 MBD to 1,993 MBD.

First-Quarter 2026 Financial Results

Reported earnings were $207 million for the first quarter of 2026 versus $2.9 billion in the fourth quarter of 2025. First-quarter earnings included pre-tax special item adjustments of $29 million in the Chemicals segment and $(20) million in the Marketing and Specialties segment. Adjusted earnings for the first quarter were $200 million versus adjusted earnings of $1.0 billion in the fourth quarter of 2025.

As a result of a sharp increase in commodity prices during the first quarter, the company’s financial results were impacted by mark-to-market losses of $839 million related to short derivative positions used as economic hedges to manage price risk on certain physical positions. However, the increase in current market value of the associated underlying physical inventory is not reflected in book value under last-in, first-out (LIFO) accounting. The impacts during the quarter were as follows:


Mark-to-Market Pre-Tax Losses by Segment
	Millions of Dollars
	1Q 2026
Refining	$	(396)
Marketing and Specialties	(323)
Renewable Fuels	(120)

•Midstream adjusted pre-tax income decreased compared with the fourth quarter mainly due to lower volumes largely associated with impacts from Winter Storm Fern, lower margins driven primarily by customer recontracting, as well as accelerated depreciation related to a Permian Basin gas plant.

•Chemicals adjusted pre-tax income increased mainly due to higher margins and equity earnings of affiliates, partially offset by lower volumes and higher costs, mainly driven by turnaround expense.

•Refining adjusted pre-tax income decreased mainly due to lower margins and volumes, partially offset by the absence of accelerated depreciation at the Los Angeles Refinery. Lower margins were primarily driven by mark-to-market impacts, which were partially offset by higher clean product differentials. Additionally, lower volumes in the quarter were primarily driven by planned turnaround activities.

•Marketing and Specialties adjusted pre-tax loss was a decrease compared to the fourth quarter due to lower margins mainly driven by mark-to-market impacts.

•Renewable Fuels pre-tax loss was a decrease compared to the fourth quarter mainly due to mark-to-market impacts, partially offset by higher credits.

•Corporate and Other adjusted pre-tax loss increased primarily due to the inclusion of costs associated with the decommissioning and redevelopment of the idled Los Angeles Refinery site, along with higher employee-related costs and net interest expense.

As of March 31, 2026, the company had liquidity of approximately $6.0 billion, reflecting $5.2 billion of cash and cash equivalents and total committed capacity available under credit facilities of $800 million.

Investor Webcast

Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s first-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Texas, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

- # # # -



Investor Relations
investorrelations@p66.com

Media Relations
phillips66media@p66.com

Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “adjusted controllable cost,” “cash from (used in) operations, excluding working capital,” “realized refining margin” and “net debt-to-capital ratio.” These are non-GAAP financial measures that 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. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release. References in the release to earnings refer to net income attributable to Phillips 66. References in the release to shareholder distributions refers to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock.

Basis of Presentation— Phillips 66 and Refining results included herein through September 30, 2025, includes our proportional share of WRB Refining LP equity earnings and beginning October 1, 2025, includes 100% of Borger Refinery and Wood River Refinery consolidated due to the acquisition of the remaining 50% of WRB.

Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995—This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including war and armed hostilities, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.


Earnings (Loss)
	Millions of Dollars
	2026		2025
	1Q			4Q	1Q
Midstream	$	591		638	751
Chemicals	114			(12)	113
Refining	208			822	(937)
Marketing and Specialties	(161)			2,396	1,282
Renewable Fuels	(41)			(19)	(185)
Corporate and Other	(451)			(372)	(376)
Pre-Tax Income	260			3,453	648
Less: Income tax expense	41			526	122
Less: Noncontrolling interests	12			21	39
Phillips 66	$	207		2,906	487






Adjusted Earnings (Loss)
	Millions of Dollars
	2026		2025
	1Q			4Q	1Q
Midstream	$	591		717	683
Chemicals	85			19	113
Refining	208			542	(937)
Marketing and Specialties	(141)			439	265
Renewable Fuels	(41)			(19)	(185)
Corporate and Other	(451)			(363)	(355)
Pre-Tax Income (Loss)	251			1,335	(416)
Less: Income tax expense (benefit)	39			302	(78)
Less: Noncontrolling interests	12			31	30
Phillips 66	$	200		1,002	(368)

Page 1


	Millions of Dollars
	Except as Indicated
	2026		2025
	1Q			4Q	1Q
Reconciliation of Consolidated Earnings to Adjusted Earnings
Consolidated Earnings	$	207		2,906	487
Pre-tax adjustments:
Certain tax impacts	—			(11)	—
Impairments	—			79	21
Net gain on asset dispositions1	—			(1,978)	(1,085)


Pending claims and settlements	—			(123)	—



Lower-of-cost-or-market inventory adjustments	(29)			31	—

Los Angeles Refinery cessation costs	—			35	—

Interest expense	—			9	—
Legal accrual2	20			21	—
Legal settlement	—			(181)	—





Tax impact of adjustments3	2			19	200
Other tax impacts	—			205	—
Noncontrolling interests	—			(10)	9
Adjusted earnings (loss)	$	200		1,002	(368)
Earnings per share of common stock (dollars)	$	0.51		7.17	1.18
Adjusted earnings (loss) per share of common stock (dollars)	$	0.49		2.47	(0.90)
Adjusted weighted-average diluted common shares outstanding (thousands)	403,273			404,733	409,182

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)
Midstream Pre-Tax Income	$	591		638	751
Pre-tax adjustments:
Impairments	—			79	—






Net gain on asset dispositions1	—			—	(68)





Adjusted pre-tax income	$	591		717	683
Chemicals Pre-Tax Income (Loss)	$	114		(12)	113
Pre-tax adjustments:




Lower-of-cost-or-market inventory adjustments	(29)			31	—

Adjusted pre-tax income	$	85		19	113
Refining Pre-Tax Income (Loss)	$	208		822	(937)
Pre-tax adjustments:

Los Angeles Refinery cessation costs	—			35	—
Certain tax impacts	—			(11)	—
Pending claims and settlements	—			(123)	—







Legal settlement	—			(181)	—


Adjusted pre-tax income (loss)	$	208	542	(937)
Marketing and Specialties Pre-Tax Income (Loss)	$	(161)	2,396	1,282
Pre-tax adjustments:





Net gain on asset dispositions1	—		(1,978)	(1,017)

Legal accrual2	20		21	—

Adjusted pre-tax income (loss)	$	(141)	439	265
Renewable Fuels Pre-Tax Loss	$	(41)	(19)	(185)
Pre-tax adjustments:
None	—		—	—
Adjusted pre-tax income (loss)	$	(41)	(19)	(185)
Corporate and Other Pre-Tax Loss	$	(451)	(372)	(376)
Pre-tax adjustments:
Impairments	—		—	21







Interest expense	—		9	—

Adjusted pre-tax loss	$	(451)	(363)	(355)

1 Net gain on asset dispositions includes the sale of a 65% interest in our Germany and Austria retail marketing business in the fourth quarter 2025. In connection with this sale, in the second and third quarters of 2025, we recognized before-tax unrealized (gain) loss from foreign currency derivatives impacting the Marketing and Specialties segment. In the first quarter of 2025, we sold our 49% non-operated equity interest in Coop Mineraloel AG. Also in the first quarter 2025, was a gain on disposition of DCP Midstream, LP’s 25% interest in Gulf Coast Express Pipeline LLC.
2 Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc.
3 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.




	Millions of Dollars Except as Indicated
	2026		2025
	1Q		4Q
Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66
Net Income	$	219	2,927
Plus:
Income tax expense	41		526
Net interest expense	255		256
Depreciation and amortization	558		818
Phillips 66 EBITDA	$	1,073	4,527
Special Item Adjustments (pre-tax):
Certain tax impacts	—		(11)
Impairments	—		79

Pending claims and settlements	—		(123)




Lower-of-cost-or-market inventory adjustments	(29)		31
Net gain on asset dispositions	—		(1,978)

Los Angeles Refinery cessation costs	—		35

Legal accrual	20		21
Legal settlement	—		(181)

Total Special Item Adjustments (pre-tax)	(9)		(2,127)
Change in Fair Value of NOVONIX Investment	9		2
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	$	1,073	2,402
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	27		4
Proportional share of selected equity affiliates net interest	12		14
Proportional share of selected equity affiliates depreciation and amortization	190		162
Adjusted EBITDA attributable to noncontrolling interests	(34)		(50)
Phillips 66 Adjusted EBITDA	$	1,268	2,532


Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA
Midstream Income before income taxes	$	591	638
Plus:
Depreciation and amortization	274		259
Midstream EBITDA	$	865	897
Special Item Adjustments (pre-tax):



Impairments	—		79


Midstream EBITDA, Adjusted for Special Items	$	865	976


Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3		2
Proportional share of selected equity affiliates net interest	3		3
Proportional share of selected equity affiliates depreciation and amortization	23		21
Adjusted EBITDA attributable to noncontrolling interests	(34)		(50)
Midstream Adjusted EBITDA	$	860	952
Chemicals Income (loss) before income taxes	$	114	(12)
Plus:
None	—		—
Chemicals EBITDA	$	114	(12)
Special Item Adjustments (pre-tax):
Lower-of-cost-or-market inventory adjustment	(29)		31


Chemicals EBITDA, Adjusted for Special Items	$	85	19
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	21		2
Proportional share of selected equity affiliates net interest	—		1
Proportional share of selected equity affiliates depreciation and amortization	144		123
Chemicals Adjusted EBITDA	$	250	145
Refining Income before income taxes	$	208	822
Plus:
Depreciation and amortization	215		477
Refining EBITDA	$	423	1,299
Special Item Adjustments (pre-tax):
Certain tax impacts	—		(11)


Los Angeles Refinery cessation costs	—		35

Legal settlement	—		(181)
Pending claims and settlements	—		(123)
Refining EBITDA, Adjusted for Special Items	$	423	1,019
Other Adjustments (pre-tax):



None	—		—
Refining Adjusted EBITDA	$	423	1,019
Marketing and Specialties Income (loss) before income taxes	$	(161)	2,396
Plus:
Depreciation and amortization	20		21
Marketing and Specialties EBITDA	$	(141)	2,417
Special Item Adjustments (pre-tax):

Legal accrual	20		21
Net gain on asset dispositions	—		(1,978)

Marketing and Specialties EBITDA, Adjusted for Special Items	$	(121)	460
Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3		—
Proportional share of selected equity affiliates net interest	9		10
Proportional share of selected equity affiliates depreciation and amortization	23		18
Marketing and Specialties Adjusted EBITDA	$	(86)	488


Renewable Fuels Loss before income taxes	$	(41)	(19)
Plus:
Depreciation and amortization	23		24
Renewable Fuels EBITDA	$	(18)	5
Special Item Adjustments (pre-tax):
None	—		—
Renewable Fuels EBITDA, Adjusted for Special Items	$	(18)	5
Corporate and Other Loss before income taxes	$	(451)	(372)
Plus:
Net interest expense	255		256
Depreciation and amortization	26		37
Corporate and Other EBITDA	$	(170)	(79)
Special Item Adjustments (pre-tax):




None	—		—
Total Special Item Adjustments (pre-tax)	—		—
Change in Fair Value of NOVONIX Investment	9		2
Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	$	(161)	(77)




	Millions of Dollars Except as Indicated
	2026		2025
	1Q		4Q
Debt-to-Capital Ratio
Total Debt	$	27,124	19,716
Total Equity	29,681		30,241
Debt-to-Capital Ratio	48%		39%
Cash and Cash Equivalents	5,150		1,116
Net Debt-to-Capital Ratio	43%		38%




	Millions of Dollars Except as Indicated
	2026		2025
	1Q		4Q
Reconciliation of Refining Income Before Income Taxes to Realized Refining Margins
Income before income taxes	$	208	822
Plus:
Taxes other than income taxes	106		63
Depreciation, amortization and impairments	217		477
Selling, general and administrative expenses	52		52
Operating expenses	1,229		1,229
Equity in losses of affiliates	—		3
Other segment (income) expense, net	(11)		11
Proportional share of refining gross margins contributed by equity affiliates	26		25
Special items:
Certain tax impacts	—		(11)
Legal settlement	—		(181)
Pending claims and settlements	—		(123)
Realized refining margins	$	1,827	2,367
Total processed inputs (thousands of barrels)	180,801		189,465

Income before income taxes (dollars per barrel)1	$	1.15	4.34
Realized refining margins (dollars per barrel)2	$	10.11	12.48

1 Income before income taxes divided by total processed inputs.
2 Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by 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.

Exhibit 99.2

Phillips 66 Earnings Release Supplemental Data


CONSOLIDATED INCOME STATEMENT ¹

	Millions of Dollars, Except as Indicated
	2025							2025
	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	32,540					32,540		30,430		33,323		34,515		34,108		132,376
Equity in earnings of affiliates	252					252		153		153		337		119		762
Net gain (loss) on dispositions	6					6		1,087		(93)		11		1,979		2,984
Other income	204					204		56		139		116		127		438
Total Revenues and Other Income	33,002					33,002		31,726		33,522		34,979		36,333		136,560

Costs and Expenses
Purchased crude oil and products	29,216					29,216		27,660		29,077		30,219		29,137		116,093
Operating expenses	1,881					1,881		1,622		1,440		1,492		1,869		6,423
Selling, general and administrative expenses	537					537		519		582		792		544		2,437
Depreciation and amortization	558					558		791		816		826		818		3,251
Impairments	8					8		26		4		951		79		1,060
Taxes other than income taxes	234					234		233		218		221		119		791
Accretion on discounted liabilities	12					12		12		10		12		13		47
Interest and debt expense	286					286		221		264		259		295		1,039
Foreign currency transaction (gains) losses	10					10		(6)		(9)		8		6		(1)
Total Costs and Expenses	32,742					32,742		31,078		32,402		34,780		32,880		131,140
Income before income taxes	260					260		648		1,120		199		3,453		5,420
Income tax expense	41					41		122		212		32		526		892
Net Income	219					219		526		908		167		2,927		4,528
Less: net income attributable to noncontrolling interests	12					12		39		31		34		21		125
Net Income Attributable to Phillips 66	207					207		487		877		133		2,906		4,403


Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	0.51					0.51		1.19		2.15		0.32		7.20		10.82
Diluted	0.51					0.51		1.18		2.15		0.32		7.17		10.79

Weighted-Average Common Shares Outstanding (thousands)
Basic	402,036					402,036		409,182		406,763		404,508		403,122		406,008
Diluted	403,273					403,273		410,505		407,929		405,549		405,146		408,053






Effective tax rate (%) ²	15.9	%				15.9	%	18.8	%	19.0	%	16.0	%	15.2	%	16.5	%
Adjusted effective tax rate (%) ²	15.7	%				15.7	%	18.8	%	22.0	%	22.9	%	22.6	%	22.9	%
1 Refer to Change in Basis of Presentation on page 15.
2 Effective tax rate (%) and Adjusted effective tax rate (%), as presented, are calculated using the underlying Income Tax Expense divided by Income Before Income Taxes. As such, recalculated tax rate percentages using the rounded Income Before Income Taxes and Income Tax Expense may differ from the presented tax rates (%).

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
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream	591				591	751	731	697	638	2,817
Chemicals	114				114	113	20	176	(12)	297
Refining ¹	208				208	(937)	359	(518)	822	(274)
Marketing and Specialties	(161)				(161)	1,282	571	251	2,396	4,500
Renewable Fuels	(41)				(41)	(185)	(133)	(43)	(19)	(380)
Corporate and Other	(451)				(451)	(376)	(428)	(364)	(372)	(1,540)
Income before income taxes	260				260	648	1,120	199	3,453	5,420
Less: income tax expense	41				41	122	212	32	526	892
Net Income	219				219	526	908	167	2,927	4,528
Less: net income attributable to noncontrolling interests	12				12	39	31	34	21	125
Net Income Attributable to Phillips 66	207				207	487	877	133	2,906	4,403



























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

	Millions of Dollars
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	247				247	243	242	194	239	918
NGL	344				344	440	489	503	478	1,910

Total Midstream	591				591	683	731	697	717	2,828
Chemicals	85				85	113	20	176	19	328
Refining
Atlantic Basin/Europe	367				367	(199)	82	250	291	424
Gulf Coast	204				204	(333)	101	119	252	139
Central Corridor ¹	(418)				(418)	(50)	392	368	367	1,077
West Coast	55				55	(355)	(183)	(307)	(368)	(1,213)
Total Refining	208				208	(937)	392	430	542	427



Marketing and Specialties	(141)				(141)	265	660	477	439	1,841
Renewable Fuels	(41)				(41)	(185)	(133)	(43)	(19)	(380)
Corporate and Other	(451)				(451)	(355)	(383)	(364)	(363)	(1,465)
Adjusted income (loss) before income taxes	251				251	(416)	1,287	1,373	1,335	3,579
Less: adjusted income tax expense (benefit)	39				39	(78)	283	314	302	821
Adjusted Net Income (Loss)	212				212	(338)	1,004	1,059	1,033	2,758
Less: adjusted net income attributable to noncontrolling interests	12				12	30	31	34	31	126
Adjusted Net Income (Loss) Attributable to Phillips 66	200				200	(368)	973	1,025	1,002	2,632

Adjusted Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars)
Diluted ²	0.49				0.49	(0.90)	2.38	2.52	2.47	6.44

Adjusted Weighted-Average Common Shares Outstanding (thousands)
Diluted	403,273				403,273	409,182	407,934	406,045	404,733	407,605



ADJUSTED EBITDA BY SEGMENT ³

	Millions of Dollars
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream
Transportation	306				306	300	301	292	299	1,192
NGL	554				554	585	671	672	653	2,581
Total Midstream	860				860	885	972	964	952	3,773
Chemicals	250				250	244	148	308	145	845
Refining ¹	423				423	(452)	867	904	1,019	2,338
Marketing and Specialties	(86)				(86)	315	718	525	488	2,046
Renewable Fuels	(18)				(18)	(162)	(110)	(18)	5	(285)
Corporate and Other	(161)				(161)	(94)	(94)	(89)	(77)	(354)
Adjusted EBITDA	1,268				1,268	736	2,501	2,594	2,532	8,363

1 Refer to Change in Basis of Presentation on page 15.
2 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.
3 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.

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
	2026					2025
	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

Impairments	—				—	—	—	—	(79)	(79)
Total Midstream	—				—	68	—	—	(79)	(11)







Chemicals
Winter-storm-related recovery	—				—	—	—	—	—	—
Lower of cost or market inventory adjustment	29				29	—	—	—	(31)	(31)
Total Chemicals	29				29	—	—	—	(31)	(31)

Refining




Certain tax impacts	—				—	—	—	—	11	11




Impairments	—				—	—	—	(948)	—	(948)
Los Angeles Refinery cessation costs	—				—	—	—	—	(35)	(35)
Legal accrual	—				—	—	(33)	—	—	(33)
Legal settlement	—				—	—	—	—	181	181
Pending claims and settlements	—				—	—	—	—	123	123
Total Refining	—				—	—	(33)	(948)	280	(701)

Marketing and Specialties




Legal settlement	—				—	—	—	—	—	—

Legal accrual ¹	(20)				(20)	—	—	(241)	(21)	(262)
Net gain (loss) on asset dispositions	—				—	1,017	(89)	15	1,978	2,921
Total Marketing and Specialties	(20)				(20)	1,017	(89)	(226)	1,957	2,659

Renewable Fuels	—				—	—	—	—	—	—

Corporate and Other








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

Total Special Items (Pre-tax)	9				9	1,064	(167)	(1,174)	2,118	1,841

Less: Income Tax Expense (Benefit)
Tax impact of pre-tax special items ²	2				2	200	(40)	(282)	19	(103)
Other tax impacts	—				—	—	(31)	—	205	174

Total Income Tax Expense (Benefit)	2				2	200	(71)	(282)	224	71

Less: Income (Loss) Attributable to Noncontrolling Interests


Net gain on asset dispositions	—				—	9	—	—	—	9
Impairment of certain DCP assets	—				—	—	—	—	(10)	(10)




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

Total Phillips 66 Special Items (After-tax)	7				7	855	(96)	(892)	1,904	1,771




SPECIAL ITEMS INCLUDED IN INCOME (LOSS) BEFORE INCOME TAXES BY BUSINESS LINES/REGIONS


	Millions of Dollars
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Midstream
Transportation	—				—	—	—	—	—	—
NGL	—				—	68	—	—	(79)	(11)

Total Midstream	—				—	68	—	—	(79)	(11)

Refining
Atlantic Basin/Europe	—				—	—	(33)	—	11	(22)
Gulf Coast	—				—	—	—	—	—	—
Central Corridor	—				—	—	—	(948)	304	(644)
West Coast	—				—	—	—	—	(35)	(35)
Total Refining	—				—	—	(33)	(948)	280	(701)
1 Legal accruals related to ongoing litigation with Propel Fuels, Inc
2 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.

Phillips 66 Earnings Release Supplemental Data


CASH FLOW INFORMATION ¹

	Millions of Dollars
	2026					2025
	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	219				219	526	908	167	2,927	4,528
Depreciation and amortization	558				558	791	816	826	818	3,251
Impairments	8				8	26	4	951	79	1,060
Accretion on discounted liabilities	12				12	12	10	12	13	47
Deferred income taxes	67				67	(133)	(48)	14	345	178
Undistributed equity earnings	(86)				(86)	120	75	(55)	(20)	120

Net (gain) loss on dispositions	(6)				(6)	(1,087)	93	(11)	(1,979)	(2,984)

Unrealized investment (gain) loss ²	9				9	10	4	(4)	2	12
Other	(82)				(82)	(6)	58	20	(141)	(69)
Net working capital changes	(2,963)				(2,963)	(72)	(1,075)	(742)	708	(1,181)
Net Cash Provided by (Used in) Operating Activities	(2,264)				(2,264)	187	845	1,178	2,752	4,962

Cash Flows From Investing Activities
Capital expenditures and investments	(582)				(582)	(423)	(587)	(541)	(682)	(2,233)
Acquisitions, net of cash acquired	(66)				(66)	—	(2,220)	10	(1,288)	(3,498)

Return of investments in equity affiliates	26				26	25	18	15	32	90
Proceeds from asset dispositions	7				7	2,034	(3)	—	1,489	3,520



Other	9				9	(45)	58	29	(18)	46
Net Cash Provided by (Used in) Investing Activities	(606)				(606)	1,591	(2,734)	(487)	(467)	(2,097)

Cash Flows From Financing Activities
Issuance of debt	9,629				9,629	—	3,499	2,450	2,446	8,395
Repayment of debt	(1,965)				(1,965)	(1,287)	(1,088)	(1,612)	(4,787)	(8,774)
Issuance of common stock	84				84	23	2	68	14	107
Repurchase of common stock	(269)				(269)	(247)	(419)	(267)	(274)	(1,207)
Dividends paid on common stock	(509)				(509)	(469)	(487)	(484)	(482)	(1,922)
Distributions to noncontrolling interests	(22)				(22)	(14)	(81)	(28)	(41)	(164)
Contributions from noncontrolling interests	15				15	—	106	18	8	132
Other	(43)				(43)	(55)	(6)	(33)	(10)	(104)
Net Cash Provided by (Used in) Financing Activities	6,920				6,920	(2,049)	1,526	112	(3,126)	(3,537)

Effect of Exchange Rate Changes on Cash and Cash Equivalents	(16)				(16)	22	18	3	7	50

Net Change in Cash and Cash Equivalents, including cash classified within Assets held for sale	4,034				4,034	(249)	(345)	806	(834)	(622)
Cash and cash equivalents at beginning of period	1,116				1,116	1,738	1,489	1,144	1,950	1,738
Cash and Cash Equivalents at End of Period, including cash classified within Assets held for sale	5,150				5,150	1,489	1,144	1,950	1,116	1,116

Reconciliation of Cash and Cash Equivalents at end of period
Cash and Cash equivalents	5,150				5,150	1,489	1,052	1,845	1,116	1,116
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	5,150				5,150	1,489	1,144	1,950	1,116	1,116

CAPITAL PROGRAM

	Millions of Dollars
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Consolidated Capital Expenditures and Investments ³
Midstream	343				343	216	384	347	284	1,231
Chemicals	—				—	—	—	—	—	—
Refining¹	210				210	176	148	145	307	776
Marketing and Specialties	9				9	15	34	26	43	118
Renewable Fuels	10				10	9	9	15	23	56
Corporate and Other	10				10	7	12	8	25	52


Consolidated Capital Expenditures and Investments	582				582	423	587	541	682	2,233

Consolidated Capital Expenditures and Investments ¹ ³ ⁴
Growth	336				336	229	379	289	332	1,229
Sustaining	246				246	194	208	252	350	1,004
Consolidated Capital Expenditures and Investments	582				582	423	587	541	682	2,233

Proportional Share of Selected Equity Affiliates Capital Expenditures and Investments
CPChem (Chemicals)	133				133	182	225	202	187	796
WRB (Refining) ¹	—				—	21	44	34	—	99
Selected Equity Affiliates	133				133	203	269	236	187	895
1 Refer to Change in Basis of Presentation on page 15.
2 Represents the unrealized loss on our investment in NOVONIX. See NOVONIX Investment table on page 14 for more details.
3 Excludes net acquisitions of $66MM, $1,288MM, $(10)MM, $2,220MM and $58MM in Q1 2026, Q4 2025, Q3 2025, Q2 2025, respectively.
4 See note on the use of non-GAAP measures.

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM

	Millions of Dollars, Except as Indicated
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Income before Income Taxes
Transportation	247				247	243	242	194	239	918
NGL	344				344	508	489	503	399	1,899

Income before Income Taxes	591				591	751	731	697	638	2,817







Equity in Earnings of Affiliates
Transportation	92				92	97	87	82	87	353
NGL	11				11	13	11	11	11	46

Total	103				103	110	98	93	98	399


Depreciation and Amortization ¹
Transportation	45				45	44	43	73	50	210
NGL	229				229	189	217	205	209	820

Total	274				274	233	260	278	259	1,030

Operating and SG&A Expenses ²
Transportation	184				184	173	191	205	194	763
NGL	413				413	338	373	354	410	1,475

Total	597				597	511	564	559	604	2,238




Transportation Volumes (MB/D)
Pipelines ³	2,932				2,932	2,893	3,093	3,111	2,993	3,023
Terminals	3,180				3,180	2,938	3,074	3,127	3,226	3,092


PSX Other Volumes
Wellhead Volume (Bcf/D) ⁴	4.4				4.4	4.1	4.2	4.3	4.4	4.3
NGL Production (MB/D) ⁴	446				446	437	456	483	470	462
NGL Pipeline Throughput–Y-Grade to Market (MB/D) ⁵	930				930	704	956	999	1,006	917
NGL Fractionated (MB/D)	980				980	748	883	930	1,018	896


Market Indicators

Weighted-Average NGL Price ($/gal) ⁶	0.62				0.62	0.74	0.64	0.60	0.59	0.64
Henry Hub Natural Gas Price ($/MMBtu) ⁷	4.87				4.87	4.27	3.16	3.03	3.69	3.54
WTI ($/BBL) ⁷	71.98				71.98	71.46	63.86	65.03	59.22	64.89
1 Excludes D&A of all non-consolidated affiliates.
2 Excludes operating and SG&A expenses of all non-consolidated affiliates.
3 Pipelines represent the sum of volumes transported through each separately tariffed consolidated pipeline segment, excluding NGL's pipelines.
4 Includes 100% of DCP Midstream Class A Segment.
5 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.
6 Based on index prices from the Mont Belvieu market hub, which are weighted by NGL component mix.
7 Based on daily spot prices.

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM (continued)

	Millions of Dollars
	2026					2025
	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	591				591	751	731	697	638	2,817
Plus:


Depreciation and amortization	274				274	233	260	278	259	1,030
EBITDA	865				865	984	991	975	897	3,847

Special Item Adjustments (pre-tax):









Net gain on asset dispositions	—				—	(68)	—	—	—	(68)
Impairments	—				—	—	—	—	79	79
EBITDA, Adjusted for Special Items	865				865	916	991	975	976	3,858



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3				3	3	4	4	2	13
Proportional share of selected equity affiliates net interest	3				3	3	3	3	3	12
Proportional share of selected equity affiliates depreciation and amortization	23				23	23	24	33	21	101
Adjusted EBITDA attributable to noncontrolling interests	(34)				(34)	(60)	(50)	(51)	(50)	(211)
Adjusted EBITDA	860				860	885	972	964	952	3,773

Phillips 66 Earnings Release Supplemental Data


MIDSTREAM (continued)

	Millions of Dollars
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Transportation
Income before income taxes	247				247	243	242	194	239	918
Plus:


Depreciation and amortization	45				45	44	43	73	50	210
EBITDA	292				292	287	285	267	289	1,128

Special Item Adjustments (pre-tax):







None	—				—	—	—	—	—	—

EBITDA, Adjusted for Special Items	292				292	287	285	267	289	1,128



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3				3	3	4	4	2	13
Proportional share of selected equity affiliates net interest	3				3	3	3	3	3	12
Proportional share of selected equity affiliates depreciation and amortization	15				15	15	15	23	12	65
Adjusted EBITDA attributable to noncontrolling interests	(7)				(7)	(8)	(6)	(5)	(7)	(26)
Adjusted EBITDA	306				306	300	301	292	299	1,192





NGL
Income before income taxes	344				344	508	489	503	399	1,899
Plus:
Depreciation and amortization	229				229	189	217	205	209	820
EBITDA	573				573	697	706	708	608	2,719

Special Item Adjustments (pre-tax):




Net gain on asset disposition	—				—	(68)	—	—	—	(68)
Impairments	—				—	—	—	—	79	79
EBITDA, Adjusted for Special Items	573				573	629	706	708	687	2,730

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				8	8	9	10	9	36
Adjusted EBITDA attributable to noncontrolling interests	(27)				(27)	(52)	(44)	(46)	(43)	(185)
Adjusted EBITDA	554				554	585	671	672	653	2,581

Phillips 66 Earnings Release Supplemental Data


CHEMICALS

	Millions of Dollars, Except as Indicated
	2026							2025
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Income (loss) before Income Taxes	114					114		113		20		176		(12)		297

Equity in Earnings (Losses) of Affiliate	114					114		113		20		176		(12)		297

100% CPChem Results




Net Income, excludes parent company income tax related to CPChem's earnings	228					228		226		40		351		(24)		593





Income (loss) before Income Taxes	238					238		235		50		360		(14)		631

Depreciation and Amortization	180					180		170		166		177		183		696

Net Interest Expense ¹	—					—		(2)		(1)		(1)		—		(4)

Investing Cash Flows – Outflows/(Inflows)
Capital Expenditures and Investments	266					266		363		450		405		374		1,592


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







Olefins and Polyolefins Capacity Utilization (%)	94	%				94	%	100	%	92	%	104	%	97	%	98	%

Market Indicator ²
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	10.7					10.7		10.9		7.4		7.6		2.6		7.1

Reconciliation of Chemicals Income before Income Taxes to Adjusted EBITDA
Income (loss) before income taxes	114					114		113		20		176		(12)		297
Plus:
None	—					—		—		—		—		—		—
EBITDA	114					114		113		20		176		(12)		297

Special Item Adjustments (pre-tax):




Lower of cost or market inventory adjustment	(29)					(29)		—		—		—		31		31
EBITDA, Adjusted for Special Items	85					85		113		20		176		19		328

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	21					21		13		13		11		2		39
Proportional share of selected equity affiliates net interest	—					—		(1)		(1)		(1)		1		(2)
Proportional share of selected equity affiliates depreciation and amortization	144					144		119		116		122		123		480
Adjusted EBITDA	250					250		244		148		308		145		845
1 Net of interest income.
2 Source: IHS, Inc.

Phillips 66 Earnings Release Supplemental Data


REFINING

	Millions of Dollars, Except as Indicated
	2026					2025
	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	367				367	(199)	49	250	302	402
Gulf Coast	204				204	(333)	101	119	252	139
Central Corridor ¹	(418)				(418)	(50)	392	(580)	671	433
West Coast	55				55	(355)	(183)	(307)	(403)	(1,248)
Income (Loss) before Income Taxes	208				208	(937)	359	(518)	822	(274)








Income (Loss) before Income Taxes ($/BBL)
Atlantic Basin/Europe	7.21				7.21	(5.15)	1.00	4.94	5.65	2.09
Gulf Coast	3.87				3.87	(8.95)	1.93	2.19	5.10	0.72
Central Corridor ¹	(6.12)				(6.12)	(1.85)	13.67	(20.61)	8.74	2.70
West Coast	6.41				6.41	(16.60)	(8.37)	(15.06)	(41.08)	(16.99)
Worldwide	1.15				1.15	(7.53)	2.36	(3.38)	4.34	(0.44)

Realized Refining Margins ($/BBL) ²
Atlantic Basin/Europe	15.62				15.62	7.08	8.16	11.94	12.60	10.18
Gulf Coast	11.31				11.31	4.43	8.71	8.74	12.48	8.86
Central Corridor ¹	4.60				4.60	8.29	15.61	15.82	13.06	13.26
West Coast	13.12				13.12	7.12	14.06	12.31	8.85	10.86
Worldwide	10.11				10.11	6.81	11.25	12.15	12.48	10.88

Equity in Earnings (Losses) of Affiliates
Atlantic Basin/Europe	—				—	(2)	(2)	(2)	(3)	(9)
Gulf Coast	—				—	—	—	—	—	—
Central Corridor ¹	—				—	(103)	—	33	—	(70)
West Coast	—				—	—	—	—	—	—
Total	—				—	(105)	(2)	31	(3)	(79)


Depreciation and Amortization ³
Atlantic Basin/Europe	57				57	56	53	54	53	216
Gulf Coast	66				66	72	67	66	66	271
Central Corridor ¹	76				76	41	41	43	79	204
West Coast	16				16	287	282	281	279	1,129
Total	215				215	456	443	444	477	1,820



Operating and SG&A Expenses ³
Atlantic Basin/Europe	317				317	379	289	256	280	1,204
Gulf Coast	299				299	390	262	263	275	1,190
Central Corridor ¹	613				613	171	159	180	522	1,032
West Coast	52				52	180	170	250	204	804
Total	1,281				1,281	1,120	880	949	1,281	4,230



Turnaround Expense, included in Operating and SG&A Expenses ³
Atlantic Basin/Europe	30				30	97	18	5	11	131
Gulf Coast	41				41	164	27	15	40	246
Central Corridor ¹	105				105	2	2	10	77	91
West Coast	2				2	7	6	6	7	26
Total	178				178	270	53	36	135	494

Taxes Other than Income Taxes
Atlantic Basin/Europe	20				20	22	20	17	18	77
Gulf Coast	29				29	35	24	26	23	108
Central Corridor ¹	42				42	26	25	26	19	96
West Coast	15				15	27	25	21	3	76
Total	106				106	110	94	90	63	357

Foreign Currency Gains (Losses) Pre-Tax	(12)				(12)	9	20	(4)	(4)	21

Refining—Equity Affiliate Information ¹
Equity in earnings (losses) of affiliates	—				—	(105)	(2)	31	(3)	(79)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs ⁴	(26)				(26)	(141)	(234)	(262)	(25)	(662)
Equity affiliate-related expenses not included in Realized Refining Margins	(26)				(26)	(246)	(236)	(231)	(28)	(741)



Proportional Share of Certain Equity Affiliate Operating and SG&A Expenses ¹	19				19	200	185	186	19	590

Proportional Share of Certain Equity Affiliate Turnaround Expense, included in Equity Affiliate Operating and SG&A Expenses ¹	—				—	27	24	23	—	74

Operating expenses	1,229				1,229	1,074	848	909	1,229	4,060
Selling, general and administrative expenses	52				52	46	32	40	52	170
Refining Controllable Costs ¹ ⁵	1,281				1,281	1,120	880	949	1,281	4,230

Refining Controllable Costs ($/BBL) ¹ ⁵	7.08				7.08	9.00	5.79	6.18	6.76	6.83

Refining Adjusted Controllable Costs, Excluding Adjusted Turnaround Expense ($/BBL) ⁶	6.21				6.21	7.03	5.46	6.07	5.96	6.09
1 Refer to Change in Basis of Presentation on page 15.
2 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.
3 Excludes expenses of all equity affiliates.
4 Other costs associated with equity affiliates which do not flow through equity earnings (losses).
5 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.
6 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.

Phillips 66 Earnings Release Supplemental Data


REFINING (continued)

	2026							2025
	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	208					208		(937)		359		(518)		822		(274)
Plus:

Depreciation and amortization	215					215		456		443		444		477		1,820
EBITDA	423					423		(481)		802		(74)		1,299		1,546

Special Item Adjustments (pre-tax):





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




Impairments	—					—		—		—		948		—		948
Los Angeles Refinery cessation costs	—					—		—		—		—		35		35
Legal accrual	—					—		—		33		—		—		33
Legal settlement	—					—		—		—		—		(181)		(181)
Pending claims and settlements	—					—		—		—		—		(123)		(123)
EBITDA, Adjusted for Special Items	423					423		(481)		835		874		1,019		2,247

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	—					—		—		—		—		—		—
Proportional share of selected equity affiliates net interest	—					—		2		3		1		—		6
Proportional share of selected equity affiliates depreciation and amortization	—					—		27		29		29		—		85
Adjusted EBITDA	423					423		(452)		867		904		1,019		2,338



Operating Statistics
Atlantic Basin/Europe ¹
Crude Oil Charge Input (MB/D)	531					531		359		518		534		553		492
Total Processed Inputs (MB/D)	566					566		430		541		551		582		526
Crude Oil Capacity Utilization (%)	96	%				96	%	67	%	97	%	99	%	103	%	92	%
Clean Product Yield (%)	88	%				88	%	89	%	87	%	88	%	87	%	88	%

Gulf Coast
Crude Oil Charge Input (MB/D)	530					530		369		508		528		481		472
Total Processed Inputs (MB/D)	587					587		413		573		590		538		529
Crude Oil Capacity Utilization (%)	98	%				98	%	70	%	96	%	100	%	91	%	89	%
Clean Product Yield (%)	80	%				80	%	81	%	80	%	81	%	80	%	80	%

Central Corridor ²
Crude Oil Charge Input (MB/D)	734					734		521		550		549		805		606
Total Processed Inputs (MB/D)	760					760		536		566		567		834		626
Crude Oil Capacity Utilization (%)	92	%				92	%	98	%	104	%	103	%	104	%	102	%
Clean Product Yield (%)	90	%				90	%	91	%	90	%	90	%	94	%	91	%

West Coast
Crude Oil Charge Input (MB/D)	90					90		228		234		214		99		193
Total Processed Inputs (MB/D)	96					96		237		241		222		107		201
Crude Oil Capacity Utilization (%) ³	86	%				86	%	93	%	96	%	88	%	95	%	93	%
Clean Product Yield (%)	91	%				91	%	89	%	90	%	87	%	91	%	89	%

Worldwide—Including Proportional Share of Equity Affiliates ¹
Crude Oil Charge Input (MB/D)	1,885					1,885		1,477		1,810		1,825		1,938		1,763
Total Processed Inputs (MB/D)	2,009					2,009		1,616		1,921		1,930		2,061		1,882
Crude Oil Capacity Utilization (%)	95	%				95	%	80	%	98	%	99	%	99	%	94	%
Clean Product Yield (%)	87	%				87	%	87	%	86	%	86	%	88	%	87	%
1 Includes our proportional share of a refinery complex in Karlsruhe, Germany.
2 Refer to Change in Basis of Presentation on page 15.
3 In the fourth quarter 2025, we ceased fuel production and began idling the facilities at our Los Angeles Refinery, and the associated crude oil capacity is excluded in the calculation of this statistic beginning on October 1, 2025.

Phillips 66 Earnings Release Supplemental Data


REFINING (continued)

	2026					2025
	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 ¹
Gasoline	251				251	199	225	230	242	224
Distillates	231				231	166	232	242	253	223
Other	88				88	70	86	80	92	82
Total	570				570	435	543	552	587	529

Gulf Coast
Gasoline	236				236	184	243	245	221	223
Distillates	219				219	138	202	215	197	189
Other	140				140	87	134	137	121	120
Total	595				595	409	579	597	539	532

Central Corridor ²
Gasoline	379				379	263	276	271	432	311
Distillates	302				302	223	233	235	347	260
Other	84				84	56	63	65	63	62
Total	765				765	542	572	571	842	633

West Coast
Gasoline	51				51	131	135	117	58	110
Distillates	37				37	81	82	76	39	69
Other	7				7	24	21	26	9	20
Total	95				95	236	238	219	106	199

Worldwide—Including Proportional Share of Equity Affiliates
Gasoline	917				917	777	879	863	953	868
Distillates	789				789	608	749	768	836	741
Other	319				319	237	304	308	285	284
Total	2,025				2,025	1,622	1,932	1,939	2,074	1,893

Market Indicators
Crude and Crude Differentials ($/BBL) ³
WTI	71.98				71.98	71.46	63.86	65.03	59.22	64.89
Brent	80.61				80.61	75.66	67.82	69.07	63.69	69.06
ANS	77.00				77.00	75.99	68.92	70.07	64.00	69.74
WTI less Maya	5.52				5.52	6.36	5.39	4.03	4.90	5.17
WTI less WCS (settlement differential)	14.13				14.13	12.65	10.20	10.38	11.19	11.11

Natural Gas ($/MMBtu) ³
Henry Hub	4.87				4.87	4.27	3.16	3.03	3.69	3.54
1 Includes our proportional share of a refinery complex in Karlsruhe, Germany.
2 Refer to Change in Basis of Presentation on page 15.
3 Based on daily spot prices, unless otherwise noted.

Phillips 66 Earnings Release Supplemental Data


MARKETING AND SPECIALTIES

	Millions of Dollars, Except as Indicated
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD



Income (Loss) before Income Taxes	(161)				(161)	1,282	571	251	2,396	4,500







Income (Loss) before Income Taxes ($/BBL)
U.S.	(1.14)				(1.14)	0.67	2.32	0.18	1.13	1.09
International	(3.27)				(3.27)	39.88	1.96	4.55	70.99	28.39

Realized Marketing Fuel Margins ($/BBL) ¹
U.S.	(0.47)				(0.47)	1.36	2.83	2.04	1.55	1.95
International	(3.53)				(3.53)	4.87	7.11	5.37	5.00	5.58





Other Realized Margins and Revenues not included in Marketing Fuel Margins ²	301				301	243	287	280	283	1,093




Equity in Earnings of Affiliates	35				35	36	38	36	36	146




Depreciation and Amortization ³	20				20	20	33	23	21	97




Operating and SG&A Expenses ³	316				316	346	351	603	365	1,665


Refined Products Sales (MB/D)
U.S. Marketing
Gasoline	1,144				1,144	1,080	1,191	1,164	1,196	1,158
Distillates	785				785	735	809	828	1,003	844
Other	19				19	13	28	13	19	18
Total	1,948				1,948	1,828	2,028	2,005	2,218	2,020

International Marketing
Gasoline	73				73	114	110	176	156	139
Distillates	131				131	171	162	165	151	162
Other	30				30	27	42	29	11	27
Total	234				234	312	314	370	318	328

Worldwide Marketing
Gasoline	1,217				1,217	1,194	1,301	1,340	1,352	1,297
Distillates	916				916	906	971	993	1,154	1,006
Other	49				49	40	70	42	30	45
Total	2,182				2,182	2,140	2,342	2,375	2,536	2,348

Foreign Currency Gains (Losses) Pre-Tax	(2)				(2)	2	1	(4)	(1)	(2)

Reconciliation of Marketing and Specialties Income (Loss) before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes	(161)				(161)	1,282	571	251	2,396	4,500
Plus:

Depreciation and amortization	20				20	20	33	23	21	97
EBITDA	(141)				(141)	1,302	604	274	2,417	4,597

Special Item Adjustments (pre-tax):






Legal accrual	20				20	—	—	241	21	262
Net (gain) loss on asset dispositions	—				—	(1,017)	89	(15)	(1,978)	(2,921)
EBITDA, Adjusted for Special Items	(121)				(121)	285	693	500	460	1,938

Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	3				3	2	—	—	—	2
Proportional share of selected equity affiliates net interest	9				9	10	10	10	10	40
Proportional share of selected equity affiliates depreciation and amortization	23				23	18	15	15	18	66
Adjusted EBITDA	(86)				(86)	315	718	525	488	2,046

1 See note on the use of non-GAAP measures. Also, reconciliations of income (loss) before income taxes to realized marketing fuel margin for each period and by region are included in the "Realized Margin Non-GAAP Reconciliations" section.
2 Excludes gain on dispositions and excise taxes on sales of refined products.
3 Excludes expenses of all equity affiliates.

Phillips 66 Earnings Release Supplemental Data


RENEWABLE FUELS

	Millions of Dollars, Except as Indicated
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Income (Loss) before Income Taxes	(41)				(41)	(185)	(133)	(43)	(19)	(380)

Operating and SG&A Expenses ¹	110				110	114	104	103	110	431

Operating Statistics
Total Renewable Fuels Produced (MB/D)	40				40	44	40	36	32	38
Total Renewable Fuel Sales (MB/D)	53				53	63	71	63	65	66

Market Indicators²
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	0.58				0.58	0.44	0.49	0.53	0.50	0.49
California Low-Carbon Fuel Standard (LCFS) carbon credit (dollars per metric ton)	65.48				65.48	66.28	52.33	53.40	53.50	56.38
California Air Resource Board (CARB) ULSD - San Francisco (dollars per gallon)	2.93				2.93	2.44	2.52	2.55	2.37	2.47
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)	1.44				1.44	0.79	1.08	1.13	1.03	1.01

Reconciliation of Renewable Fuels Income (Loss) before Income Taxes to Adjusted EBITDA
Income (Loss) before income taxes	(41)				(41)	(185)	(133)	(43)	(19)	(380)
Plus:
Depreciation and amortization	23				23	23	23	25	24	95
EBITDA	(18)				(18)	(162)	(110)	(18)	5	(285)

Special Item Adjustments (pre-tax):
None	—				—	—	—	—	—	—
EBITDA, Adjusted for Special Items	(18)				(18)	(162)	(110)	(18)	5	(285)
1 Excludes operating and SG&A expenses of all equity affiliates.
2 Based on daily spot prices, unless otherwise noted.

Phillips 66 Earnings Release Supplemental Data


CORPORATE AND OTHER

	Millions of Dollars, Except as Indicated
	2026							2025
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

Loss before Income Taxes	(451)					(451)		(376)		(428)		(364)		(372)		(1,540)

Detail of Gain (Loss) before Income Taxes
Net interest expense	(255)					(255)		(187)		(230)		(225)		(256)		(898)
Corporate overhead and other ¹	(187)					(187)		(174)		(196)		(145)		(114)		(629)



NOVONIX	(9)					(9)		(15)		(2)		6		(2)		(13)
Total	(451)					(451)		(376)		(428)		(364)		(372)		(1,540)

Net Interest Expense
Interest expense	(296)					(296)		(230)		(267)		(267)		(296)		(1,060)
Capitalized interest	10					10		9		3		8		1		21

Interest income	31					31		34		34		34		39		141
Total	(255)					(255)		(187)		(230)		(225)		(256)		(898)

NOVONIX Investment
Unrealized Investment Gain (Loss)	(10)					(10)		(15)		(3)		5		(2)		(15)
Unrealized Foreign Currency Transaction Gain	1					1		—		1		1		—		2
Change in Fair Value of NOVONIX Investment	(9)					(9)		(15)		(2)		6		(2)		(13)




Reconciliation of Corporate and Other Loss before Income Taxes to Adjusted EBITDA
Loss before income taxes	(451)					(451)		(376)		(428)		(364)		(372)		(1,540)
Plus:

Net interest expense	255					255		187		230		225		256		898
Depreciation and amortization	26					26		59		57		56		37		209
EBITDA	(170)					(170)		(130)		(141)		(83)		(79)		(433)

Special Item Adjustments (pre-tax):







Impairment	—					—		21		—		—		—		21

Professional advisory fees	—					—		—		45		—		—		45
Total Special Item Adjustments (pre-tax)	—					—		21		45		—		—		66
Change in Fair Value of NOVONIX Investment	9					9		15		2		(6)		2		13
EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment	(161)					(161)		(94)		(94)		(89)		(77)		(354)

Other Adjustments (pre-tax):
None	—					—		—		—		—		—		—
Adjusted EBITDA	(161)					(161)		(94)		(94)		(89)		(77)		(354)

Foreign Currency Losses Pre-Tax	—					—		(2)		(4)		(4)		(2)		(12)

Phillips 66 Company
Total Debt	27,124					27,124		18,803		20,935		21,755		19,716		19,716
Total Equity	29,681					29,681		28,353		28,626		28,077		30,241		30,241
Debt-to-Capital Ratio (%)	48	%				48	%	40	%	42	%	44	%	39	%	39	%













Cash and cash equivalents at end of period, including cash classified within Assets held for sale	5,150					5,150		1,489		1,144		1,950		1,116		1,116
Net Debt-to-Capital Ratio (%)	43	%				43	%	38	%	41	%	41	%	38	%	38	%
1 Includes 2026 costs associated with idled Los Angeles Refinery and San Francisco Refinery of $43 million.

Phillips 66 Earnings Release Supplemental Data




























































RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA ATTRIBUTABLE TO PHILLIPS 66

	Millions of Dollars
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

Net income	219				219	526	908	167	2,927	4,528
Plus:
Income tax expense (benefit)	41				41	122	212	32	526	892
Net interest expense	255				255	187	230	225	256	898
Depreciation and amortization	558				558	791	816	826	818	3,251
Phillips 66 EBITDA ¹	1,073				1,073	1,626	2,166	1,250	4,527	9,569

Special Item Adjustments (pre-tax):





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


Net (gain) loss on asset dispositions	—				—	(1,085)	89	(15)	(1,978)	(2,989)


Impairments	—				—	21	—	948	79	1,048

Los Angeles Refinery cessation costs	—				—	—	—	—	35	35
Legal accrual	20				20	—	33	241	21	295
Legal settlement	—				—	—	—	—	(181)	(181)
Professional advisory fees	—				—	—	45	—	—	45
Pending claims and settlements	—				—	—	—	—	(123)	(123)
Lower of cost or market inventory adjustment	(29)				(29)	—	—	—	31	31
Total Special Item Adjustments (pre-tax)	(9)				(9)	(1,064)	167	1,174	(2,127)	(1,850)
Change in Fair Value of NOVONIX Investment ²	9				9	15	2	(6)	2	13
Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment ¹	1,073				1,073	577	2,335	2,418	2,402	7,732



Other Adjustments (pre-tax):
Proportional share of selected equity affiliates income taxes	27				27	18	17	15	4	54
Proportional share of selected equity affiliates net interest	12				12	14	15	13	14	56
Proportional share of selected equity affiliates depreciation and amortization	190				190	187	184	199	162	732
Adjusted EBITDA attributable to noncontrolling interests	(34)				(34)	(60)	(50)	(51)	(50)	(211)
Phillips 66 Adjusted EBITDA ¹	1,268				1,268	736	2,501	2,594	2,532	8,363
1 Refer to Change in Basis of Presentation on page 15.


2 See NOVONIX Investment table on page 14 for more details.



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 "refining adjusted controllable costs per barrel." 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. Refining controllable cost and Refining adjusted controllable costs per barrel are included to help facilitate comparisons with other companies in our industry on refinery operational performance. The GAAP measures most directly comparable to Refining controllable cost are operating expenses and selling, general and administrative expenses (SG&A). A reconciliation of refining operating and SG&A expenses to refining adjusted controllable costs plus our proportional share of operating and SG&A expenses of two refining equity affiliates that are reflected in earnings of affiliates, 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.
Sustaining capital expenditures demonstrate the capital required to maintain and extend the life of existing assets to ensure the ongoing operation and integrity of assets, including equipment, infrastructure, and facilities. A reconciliation of sustaining capital to consolidated capital expenditures and investments, excluding acquisitions and purchases of government obligations, is included in this earnings release supplemental data.
Changes in Basis of Presentation - in connection with the acquisition of the remaining 50% equity interest in WRB Refining (WRB), beginning October 1, 2025, the results in our Refining segment, correlating to our Central Corridor business, reflect consolidated results of 100% of the Borger Refinery and Wood River Refinery. Prior to October 1, 2025, our 50% investment in WRB was accounted for using the equity method and prior periods reflect our proportional share of our equity method investment.

Phillips 66 Earnings Release Supplemental Data


REALIZED MARGIN NON-GAAP RECONCILIATIONS

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS

	Millions of Dollars, Except as Indicated
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD

ATLANTIC BASIN/EUROPE
Income (loss) before income taxes	367				367	(199)	49	250	302	402
Plus:

Taxes other than income taxes	20				20	22	20	17	18	77
Depreciation, amortization and impairments	59				59	56	53	56	53	218
Selling, general and administrative expenses	9				9	6	8	7	10	31
Operating expenses	308				308	373	281	249	270	1,173
Equity in losses of affiliates	—				—	2	2	2	3	9
Other segment (income) expense, net	9				9	(6)	(33)	(1)	1	(39)
Proportional share of refining gross margins contributed by equity affiliates	26				26	21	22	24	25	92
Special items:
Certain tax impacts	—				—	—	—	—	(11)	(11)
Realized refining margins	798				798	275	402	604	671	1,952

Total processed inputs (MB) ¹	50,907				50,907	38,716	49,270	50,624	53,499	192,109
Adjusted total processed inputs (MB) ¹	50,907				50,907	38,716	49,270	50,624	53,499	192,109

Income (loss) before income taxes ($/BBL) ²	7.21				7.21	(5.15)	1.00	4.94	5.65	2.09
Realized refining margins ($/BBL) ³	15.62				15.62	7.08	8.16	11.94	12.60	10.18

GULF COAST
Income (loss) before income taxes	204				204	(333)	101	119	252	139
Plus:

Taxes other than income taxes	29				29	35	24	26	23	108
Depreciation, amortization and impairments	66				66	72	67	66	66	271
Selling, general and administrative expenses	1				1	9	5	7	7	28
Operating expenses	298				298	381	257	256	268	1,162
Equity in earnings of affiliates	—				—	—	—	—	—	—
Other segment expense, net	—				—	1	—	—	1	2

Special items:
None	—				—	—	—	—	—	—
Realized refining margins	598				598	165	454	474	617	1,710

Total processed inputs (MB)	52,864				52,864	37,206	52,111	54,239	49,459	193,015
Adjusted total processed inputs (MB)	52,864				52,864	37,206	52,111	54,239	49,459	193,015

Income (loss) before income taxes ($/BBL) ²	3.87				3.87	(8.95)	1.93	2.19	5.10	0.72
Realized refining margins ($/BBL) ³	11.31				11.31	4.43	8.71	8.74	12.48	8.86

CENTRAL CORRIDOR ⁴
Income (loss) before income taxes	(418)				(418)	(50)	392	(580)	671	433
Plus:

Taxes other than income taxes	42				42	26	25	26	19	96
Depreciation, amortization and impairments	76				76	41	44	992	79	1,156
Selling, general and administrative expenses	39				39	23	13	18	26	80
Operating expenses	574				574	148	146	162	496	952
Equity in (earnings) losses of affiliates	—				—	103	—	(33)	—	70
Other segment (income) expense, net	3				3	(12)	(28)	1	3	(36)
Proportional share of refining gross margins contributed by equity affiliates	—				—	120	212	238	—	570
Special items:


Legal settlement	—				—	—	—	—	(181)	(181)
Pending claims and settlements	—				—	—	—	—	(123)	(123)
Realized refining margins	316				316	399	804	824	990	3,017

Total processed inputs (MB)	68,400				68,400	27,169	28,710	28,113	76,703	160,695
Adjusted total processed inputs (MB) ¹	68,400				68,400	48,275	51,477	52,127	76,703	228,582

Income (loss) before income taxes ($/BBL) ²	(6.12)				(6.12)	(1.85)	13.67	(20.61)	8.74	2.70
Realized refining margins ($/BBL) ³	4.60				4.60	8.29	15.61	15.82	13.06	13.26
1 Includes our proportional share of processed inputs of an equity affiliate.
2 Income (loss) before income taxes divided by total processed inputs.
3 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.
4 Refer to Change in Basis of Presentation on page 15.

Phillips 66 Earnings Release Supplemental Data


RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES TO REALIZED REFINING MARGINS (continued)

	Millions of Dollars, Except as Indicated
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
WEST COAST
Income (loss) before income taxes	55				55	(355)	(183)	(307)	(403)	(1,248)
Plus:

Taxes other than income taxes	15				15	27	25	21	3	76
Depreciation, amortization and impairments	16				16	288	282	281	279	1,130
Selling, general and administrative expenses	3				3	8	6	8	9	31
Operating expenses	49				49	172	164	242	195	773

Other segment (income) expense, net	(23)				(23)	12	14	7	6	39



Realized refining margins	115				115	152	308	252	89	801

Total processed inputs (MB)	8,630				8,630	21,362	21,914	20,403	9,804	73,483
Adjusted total processed inputs (MB)	8,630				8,630	21,362	21,914	20,403	9,804	73,483

Income (loss) before income taxes ($/BBL) ¹	6.41				6.41	(16.60)	(8.37)	(15.06)	(41.08)	(16.99)
Realized refining margins ($/BBL) ²	13.12				13.12	7.12	14.06	12.31	8.85	10.86

WORLDWIDE ³
Income (loss) before income taxes	208				208	(937)	359	(518)	822	(274)
Plus:

Taxes other than income taxes	106				106	110	94	90	63	357
Depreciation, amortization and impairments	217				217	457	446	1,395	477	2,775
Selling, general and administrative expenses	52				52	46	32	40	52	170
Operating expenses	1,229				1,229	1,074	848	909	1,229	4,060
Equity in (earnings) losses of affiliates	—				—	105	2	(31)	3	79
Other segment (income) expense, net	(11)				(11)	(5)	(47)	7	11	(34)
Proportional share of refining gross margins contributed by equity affiliates	26				26	141	234	262	25	662
Special items:
Certain tax impacts	—				—	—	—	—	(11)	(11)


Legal settlement	—				—	—	—	—	(181)	(181)
Pending claims and settlements	—				—	—	—	—	(123)	(123)
Realized refining margins	1,827				1,827	991	1,968	2,154	2,367	7,480

Total processed inputs (MB)	180,801				180,801	124,453	152,005	153,379	189,465	619,302
Adjusted total processed inputs (MB) ¹ ⁴	180,801				180,801	145,559	174,772	177,393	189,465	687,189

Income (loss) before income taxes ($/BBL) ¹	1.15				1.15	(7.53)	2.36	(3.38)	4.34	(0.44)
Realized refining margins ($/BBL) ²	10.11				10.11	6.81	11.25	12.15	12.48	10.88

OPERATING AND SG&A EXPENSES NON-GAAP RECONCILIATION
RECONCILIATION OF REFINING OPERATING AND SG&A EXPENSES TO REFINING ADJUSTED CONTROLLABLE COSTS

	Millions of Dollars, Except as Indicated
	2026					2025
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
WORLDWIDE ³
Turnaround expenses	178				178	270	53	36	135	494
Other operating expenses	1,051				1,051	804	795	873	1,094	3,566
Total operating expenses	1,229				1,229	1,074	848	909	1,229	4,060
Selling, general and administrative expenses	52				52	46	32	40	52	170
Refining Controllable Costs	1,281				1,281	1,120	880	949	1,281	4,230
Plus:
Proportional share of equity affiliate turnaround expenses⁵	—				—	27	24	23	—	74
Proportional share of equity affiliate other operating and SG&A expenses ⁵	19				19	173	161	163	19	516
Total proportional share of equity affiliate operating and SG&A expenses ⁵	19				19	200	185	186	19	590
Special item adjustments (pre-tax):
Legal accrual	—				—	—	(33)	—	—	(33)
Los Angeles Refinery cessation costs	—				—	—	—	—	(35)	(35)


Refining Adjusted Controllable Costs	1,300				1,300	1,320	1,032	1,135	1,265	4,752

Total processed inputs (MB)	180,801				180,801	124,453	152,005	153,379	189,465	619,302
Adjusted total processed inputs (MB) ⁴	180,801				180,801	145,559	174,772	177,393	189,465	687,189


Refining Controllable Costs ($/BBL) ⁶	7.08				7.08	9.00	5.79	6.18	6.76	6.83
Refining turnaround expense ($/BBL) ⁶	0.98				0.98	2.17	0.35	0.23	0.71	0.80
Refining controllable costs, excluding turnaround expense ($/BBL) ⁶	6.10				6.10	6.83	5.44	5.95	6.05	6.03

Refining Adjusted Controllable Costs ($/BBL) ⁷	7.19				7.19	9.07	5.90	6.40	6.67	6.92
Refining adjusted turnaround expense ($/BBL) ⁷	0.98				0.98	2.04	0.44	0.33	0.71	0.83
Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL) ⁷	6.21				6.21	7.03	5.46	6.07	5.96	6.09
1 Income (loss) before income taxes divided by total processed inputs.
2 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.
3 Refer to Change in Basis of Presentation on page 15.
4 Includes our proportional share of processed inputs of an equity affiliate.
5 Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.
6 Denominator is total processed inputs.
7 Denominator is adjusted total processed inputs.

Phillips 66 Earnings Release Supplemental Data


RECONCILIATION OF INCOME BEFORE INCOME TAXES TO REALIZED MARKETING FUEL MARGINS

	Millions of Dollars, Except as Indicated
	2026							2025
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD
UNITED STATES
Income (loss) before income taxes	(200)					(200)		111		429		34		230		804
Plus:


Depreciation and amortization	12					12		13		12		11		12		48
Selling, general and administrative expenses	229					229		203		202		460		223		1,088
Equity in earnings of affiliates	(9)					(9)		(7)		(11)		(13)		(16)		(47)
Other operating revenues ¹	(122)					(122)		(105)		(121)		(129)		(116)		(471)
Other (income) expense, net	7					7		9		12		13		(15)		19
Special items:
None	—					—		—		—		—		—		—
Realized marketing fuel margins	(83)					(83)		224		523		376		318		1,441



Total fuel sales volumes (MB)	175,331					175,331		164,499		184,591		184,435		204,076		737,601

Income (loss) before income taxes ($/BBL)	(1.14)					(1.14)		0.67		2.32		0.18		1.13		1.09
Realized marketing fuel margins ($/BBL) ²	(0.47)					(0.47)		1.36		2.83		2.04		1.55		1.95

INTERNATIONAL
Income before income taxes	(69)					(69)		1,117		56		155		2,073		3,401
Plus:


Depreciation and amortization	2					2		2		13		5		2		22
Selling, general and administrative expenses	9					9		65		72		63		62		262
Equity in earnings of affiliates	(17)					(17)		(8)		(1)		(1)		—		(10)
Other operating revenues ¹	(1)					(1)		(12)		(8)		(9)		(7)		(36)
Other (income) expense, net	1					1		3		—		—		4		7
Special items:
Net (gain) loss on asset dispositions	—					—		(1,017)		89		(15)		(1,978)		(2,921)
Marketing margins	(75)					(75)		150		221		198		156		725
Less: margin for nonfuel related sales	—					—		14		18		15		10		57
Realized marketing fuel margins	(75)					(75)		136		203		183		146		668

Total fuel sales volumes (MB)	21,090					21,090		28,011		28,560		34,035		29,202		119,808

Income (loss) before income taxes ($/BBL)	(3.27)					(3.27)		39.88		1.96		4.55		70.99		28.39
Realized marketing fuel margins ($/BBL) ²	(3.53)					(3.53)		4.87		7.11		5.37		5.00		5.58


ADJUSTED EFFECTIVE TAX RATE NON-GAAP RECONCILIATION

RECONCILIATION OF EFFECTIVE TAX RATE TO ADJUSTED EFFECTIVE TAX RATE

	Millions of Dollars, Except as Indicated
	2026							2025
	1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD

EFFECTIVE TAX RATES
Income before income taxes	260					260		648		1,120		199		3,453		5,420
Special items	(9)					(9)		(1,064)		167		1,174		(2,118)		(1,841)
Adjusted income (loss) before income taxes	251					251		(416)		1,287		1,373		1,335		3,579

Income tax expense	41					41		122		212		32		526		892
Special items	(2)					(2)		(200)		71		282		(224)		(71)
Adjusted income tax expense (benefit)	39					39		(78)		283		314		302		821

Effective tax rate (%) ³	15.9	%				15.9	%	18.8	%	19.0	%	16.0	%	15.2	%	16.5	%
Adjusted effective tax rate (%) ³	15.7	%				15.7	%	18.8	%	22.0	%	22.9	%	22.6	%	22.9	%
1 Includes other nonfuel revenues and expenses.
2 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.
3 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 (%).