Freeport Terminal LPG Facility FREEPORT, TX

AUGUST 2019 INVESTOR UPDATE

1 phillips66.com | NYSE: PSX CAUTIONARY STATEMENT

This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward- looking. Forward-looking statements relating to ’s operations (including joint venture operations) are based on management’s expectations, estimates and projections about the company, its interests and the energy industry in general on the date this presentation was prepared. These statements are not guarantees of future performance and 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 fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

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

2 2 phillips66.com | NYSE: PSX DIVERSIFIED DOWNSTREAM COMPANY

MIDSTREAM CHEMICALS REFINING MARKETING AND SPECIALTIES Integrated Midstream 50% Interest in CPChem Complex Integrated Stable, High-Return Network Refining System Location Advantaged Businesses Pursue Organic and M&A Chemicals Portfolio Investing in Quick Enhancing Opportunities Payout Projects New USGC Petchem Fuels Brands PSXP as a Growth Facilities Footprint Offers Vehicle Adding New Sites in Opportunities for Europe Midstream Growth

3 3 phillips66.com | NYSE: PSX CORPORATE STRATEGY

GROWTH RETURNS DISTRIBUTIONS

Enhancing our portfolio by Improving returns by maximizing Committed to financial strength, capturing growth opportunities earnings from existing assets disciplined capital allocation, dividend in Midstream and Chemicals and investing capital efficiently growth and share repurchases

OPERATING HIGH-PERFORMING EXCELLENCE ORGANIZATION Committed to safety, reliability and Building capability, environmental stewardship while pursuing excellence and doing protecting shareholder value the right thing

4 4 phillips66.com | NYSE: PSX EXECUTING THE STRATEGY

OPERATING EXCELLENCE Safe and reliable operations

Technology driven cost efficiencies Beaumont Terminal NEDERLAND, TX GROWTH Pipelines from key shale basins to the USGC Crude export capability NGL value chain – transportation, fractionation and exports CPChem USGC ethylene and derivative capacity CPChem debottleneck projects RETURNS Refinery yield projects and clean product export capability Brand re-imaging and European growth DISTRIBUTIONS Secure, competitive and growing dividend Commitment to share repurchases HIGH-PERFORMING ORGANIZATION Culture. Capability. Performance.

phillips66.com | NYSE: PSX Vacuum Tower, Billings 5 Refinery, Billings, MT OPERATING EXCELLENCE

TOTAL RECORDABLE RATES REFINING TIER 1 PROCESS SAFETY EVENT RATE Incidents per 200,000 Hours Worked

Phillips 66 CPChem DCP Midstream 1.15 0.08 0.08 1.03 0.07 Industry Average

.86 0.02 0.02 0.02 .83 .79 14 15 16 17 18 1H19 .74 .76 .66 .66 .58 .54 REFINING CRUDE CAPACITY UTILIZATION .45 96% .43 .41 .43 .46 95% 95% 94% .33 .36 93% .32 .30 .30 .28 91% 91% 91% 91% .23 90% 90% .19 .19 .23 88% .15 .14 .14 .15 .14 .14 .10

14 15 16 17 18 19 14 15 16 17 18 19 14 15 16 17 18 19 14 15 16 17 18 1H19 U.S. Industry Average Phillips 66 6

phillips66.com | NYSE: PSX 6 See appendix for footnotes ENVIRONMENTAL, SOCIAL, GOVERNANCE

INDUSTRY SAFETY METRICS Board engaged in setting company ESG strategy Incidents per 200,000 hours worked 6 Independent lead director 4

Extensive ESG engagement 2

Industry leading safety performance 0 Agricul., Food All Construction Prof. Petchem. Phillips 66 Crop Manufact. Manufact. & Bus. Refining Manufact. Low reportable environmental events Prod. Services

25% decline in emissions since 2012 PHILLIPS 66 SOx, NOx, PM EMISSIONS / PROCESSED INPUTS Tonnes per processed inputs (MB/year) 40 Investing in forward-looking research and development technology 35

Inclusive and diverse workforce 30

Committed to corporate and local philanthropy 25 12 13 14 15 16 17 18

phillips66.com | NYSE: PSX 7 See appendix for footnotes ENERGY LANDSCAPE

US OIL AND NGL PRODUCTION US OIL, NGL, CLEAN PRODUCT EXPORTS MMBD MMBD

30 15

20 10

10 5

0 0 12 13 14 15 16 17 18 19 20 21 22 23 24 25 12 13 14 15 16 17 18 19 20 21 22 23 Crude NGL Crude NGL Clean Products

CRUDE DIFFERENTIALS TO WTI 2019E Average Ethylene Production Cost Curve $/bbl $/Tonnes 50 M.E. Naphtha 1,000 N.A. Naphtha Asia Coal 40 Asia Naphtha Asia LPG W. Europe 30 Naphtha Rail Economics W. Europe LPG M.E. LPG 500 20 N.A. LPG N.A. Ethane 10 Pipeline Economics M.E. Ethane

0 Pipeline Economics 0 12 13 14 15 16 17 18 1H19 20 21 22 23 0 50 100 150 200 WCS Bakken Cumulative Production - Million Metric Tons 8

phillips66.com | NYSE: PSX 8 Source: I.H.S. Beaumont Terminal

MIDSTREAM

9 phillips66.com | NYSE: PSX GROWING OUR INTEGRATED PORTFOLIO

10 phillips66.com | NYSE: PSX MIDSTREAM PORTFOLIO

TRANSPORTATION NGL AND OTHER DCP MIDSTREAM

21,000 miles of U.S. pipeline systems 200,000+ BPD fractionation capacity 49 natural gas processing facilities

39 product terminals 200,000 BPD LPG export capacity 6.7 BCFD net natural gas processing capacity 20 crude oil terminals 150,000 BPD processing capacity1 62,000 miles of natural gas pipeline 4 LPG terminals and 1 petroleum coke systems exporting facility 12 NGL fractionation plants

Beaumont Terminal NEDERLAND, TX

phillips66.com | NYSE: PSX 11 1) As of July 31, 2019 MIDSTREAM

Integrated with Refining, Marketing and Chemicals ADJUSTED EBITDA $B 1.9 Capital projects delivering EBITDA growth

PSXP integral to Midstream strategy 1.0 1.2 1.1 1.0 Crude and NGL pipelines from key shale basins to the Gulf Coast

Export capability from strategic Gulf Coast terminals 15 16 17 18 1H19 NGL value chain; integration with DCP Midstream and CPChem PSX & PSXP DCP

CAPITAL EXPENDITURES AND INVESTMENTS PHILLIPS 66 EXPORT CAPACITY1 $B MMBD 4.5 0.8 0.7

1.5 1.5 1.6 0.8 0.2

15 16 17 18 19B Crude Clean Products LPG 12 PSX PSXP

phillips66.com | NYSE: PSX 12 See appendix for footnotes 1) Export capacity as of August 1, 2018 MIDSTREAM GROWTH PROJECTS

Gray Oak Pipeline

Red Oak Pipeline

Liberty Pipeline

Sweeny fractionators

Clemens Caverns

C2G Pipeline

Beaumont Terminal

South Texas Gateway Terminal

Bakken Pipeline

13 phillips66.com | NYSE: PSX MIDSTREAM ORGANIC GROWTH

EXPECTED GROSS CAPITAL OWNERSHIP PSX PROJECT COMPLETION CAPACITY ($MM) (%) Beaumont Terminal expansion phase IV 1Q 2020 2.2 MMB 80 100 Sweeny fractionators 2 and 3 4Q 2020 2 x 150 MBD 1,320 100 Sweeny fractionator 4 2Q 2021 150 MBD 500 100 Red Oak Pipeline 1Q 2021 TBD 2,500 50 Liberty Pipeline 1Q 2021 TBD 1,600 50 EXPECTED GROSS CAPITAL OWNERSHIP PSXP PROJECT COMPLETION CAPACITY ($MM) (%) Lake Charles products pipeline Completed 50 MBD 25 100 Lake Charles isomerization unit Completed 25 MBD 200 99 Gray Oak Pipeline 4Q 2019 900 MBD 2,700 42.25 Sweeny to Pasadena products expansion1 2Q 2020 80 MBD 70 100 South Texas Gateway Terminal2 Mid 2020 800 MBD 500 25 Clemens Caverns expansion 4Q 2020 6 MMB3 150 100 C2G Pipeline (Clemens to Gregory) Mid 2021 90 MBD 335 100

Projects expected to have typical Midstream EBITDA build multiples (6x – 8x)

phillips66.com | NYSE: PSX 14 1) 300 MB storage and 80 MBD pipeline capacity expansion; 2) 7 MMB storage and 800 MBD export capacity, includes two deepwater docks; 3) Expanding from 9 MMB to 15 MMB SWEENY HUB EXPANSION

Pasadena Terminal PetChem Market Access to key demand centers including Freeport, Mont Mont Belvieu Belvieu and Corpus Christi Hub C5+ Ethane All Products Sand Hills & Other Y-Grade NGL LPG Secured feedstock supply agreements with firm volume commitments Clemens Storage Sweeny Adds 6 MMB Freeport Fracs NGL storage Terminal Adds 3 x 150 MBD (15 MMB total) 200 MBD export NGL fracs capability (550 MBD total)

phillips66.com | NYSE: PSX

15 Sweeny Fractionators 2 and 3 under construction OLD OCEAN, TX LIBERTY AND RED OAK PIPELINES

Liberty Pipeline

Crude oil pipeline from the Rockies and Bakken to Cushing, Oklahoma

Initial service expected by early 2021

24-inch pipeline

50% PSX ownership

Red Oak Pipeline

Crude oil pipeline from West Texas and Cushing, Oklahoma, to the Texas Gulf Coast

Initial service expected by early 2021

Primarily 30-inch pipeline

50% PSX ownership

16 phillips66.com | NYSE: PSX PHILLIPS 66 PARTNERS

Premier MLP with strong portfolio of organic growth projects ADJUSTED EBITDA Strong alignment with Phillips 66 $MM 1,137 Highly integrated assets 754 Stable and predictable cash flows 600 471 Highest distribution growth in industry since 2013 IPO 285 Eliminated IDRs in 3Q19 15 16 17 18 1H19 Scale and financial strength enable further organic growth

CAPITAL EXPENDITURES AND INVESTMENTS DISTRIBUTION PER COMMON LP UNIT $B $/UNIT 3.09 0.8 2.53 1 2.08 0.5 0.6 1.66 1.70 0.4 0.2

15 16 17 18 19B 15 16 17 18 1H19 17 Sustaining Growth

phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP 17 1) Reflects expected JV-level financing to fund a portion of the Gray Oak Pipeline construction. See appendix for additional footnotes. DCP MIDSTREAM

Integrated midstream business with competitive DJ Basin footprint and geographic diversity 1.0 BCFD processing capacity One of the largest U.S. gas processors and NGL producers Mid-Continent Balanced portfolio comprised of 50% Logistics & 1.8 BCFD processing Marketing and 50% Gathering & Processing Permian capacity 1.3 BCFD processing Strong growth projects in key basins capacity

Gas processing plants in the DJ Basin

Sand Hills Pipeline

Southern Hills / White Cliffs extension

Gulf Coast Express Pipeline South 2.3 BCFD Supplier to new PSX Sweeny Hub fractionators with processing ownership option capacity

phillips66.com | NYSE: PSX 18 See appendix for footnotes Lake Charles Refinery Cedar Bayou Ethane Cracker

CHEMICALS

19 phillips66.com | NYSE: PSX FEEDSTOCK ADVANTAGED CHEMICALS PORTFOLIO

U.S. Gulf Coast

U.S. Worldwide Net Ethylene Net Ethylene Capacity: Capacity: 5,410 kMTA 6,535 kMTA

Middle East Saudi Qatar Net Ethylene Arabia Capacity: 20 1,125 kMTA

phillips66.com | NYSE: PSX 20 As of January 1, 2019. Reflects new Cedar Bayou ethane cracker at 1,725 kMTA (3.8 B lbs per year) capacity. CPCHEM PORTFOLIO

Olefins and Polyolefins 11,370 kMTA North America capacity 2,510 kMTA Middle East capacity

Specialties, Aromatics and Styrenics 2,255 kMTA North America capacity 1,050 kMTA Middle East capacity

16 North American and 5 Middle East facilities

#1 global high-density polyethylene producer

Proprietary technology; advanced R&D

Global market reach

21

phillips66.com | NYSE: PSX 21 CPChem net capacity as of January 1, 2019. Cedar Bayou Facility Reflects new Cedar Bayou ethane cracker at 1,725 kMTA (3.8 B lbs per year) capacity. BAYTOWN, TX CHEMICALS

CPChem has a leading position in olefins and polyolefins with a feedstock advantaged portfolio ADJUSTED EBITDA $B Operating excellence focus

Strong free cash flow generation

1.7 1.6 USGC petrochemical assets operating above design capacity 1.3 1.3 0.8 Announced plans to pursue USGC II and Ras Laffan petrochemicals project in partnerships with Qatar Petroleum to increase ethylene and derivative capacity (potential 2021 FID) 15 16 17 18 1H19

CAPITAL EXPENDITURES AND INVESTMENTS1 CPCHEM O&P CAPACITY UTILIZATION $B % 1.3 1.0 0.8 0.6 97 0.3 94 92 91 87

15 16 17 18 19B 15 16 17 18 1H19 22 Sustaining Growth

phillips66.com | NYSE: PSX 22 See appendix for footnotes. 1) Represents Phillips 66’s proportional share of CPChem’s capital expenditures and investments.

REFINING AND MARKETING

23 phillips66.com | NYSE: PSX ENHANCING RETURNS IN REFINING AND MARKETING

Central Corridor 515 MBD

West Coast Atlantic 364 MBD Basin/Europe 537 MBD

24 Gulf Coast phillips66.com | NYSE: PSX 764 MBD 24 As of January 1, 2019 REFINING AND MARKETING PORTFOLIO

Refining 13 refineries in U.S. and Europe In all 5 U.S. PADDs 2,180 MBD crude capacity 33% heavy, 33% medium, 33% light crude

Marketing 9,000+ global sites, including 5,600 wholesale outlets ~3,300 re-imaged sites1

Sweeny Refinery Sweeny, TX 25

phillips66.com | NYSE: PSX Wood River Refinery 25 1) As of June 30, 2019 ROXANA, IL REFINING

Complex, integrated refining system focused on safe and ADJUSTED EBITDA reliable operations $B

Infrastructure network enables strong market capture; access to advantaged inland crude feedstocks 5.7 Cost and capital discipline; robust free cash flow 4.8 2.7 Investing in high-return capital projects to improve clean 1.4 1.3 product yield and run advantaged crude feedstock 15 16 17 18 1H19

CAPITAL EXPENDITURES AND INVESTMENTS REFINING CRUDE CAPACITY UTILIZATION $B %

1.1 1.1 0.9 0.9 0.8

96 91 95 95 91

15 16 17 18 19B 15 16 17 18 1H19 26 Sustaining Growth Planned Maintenance & Turnarounds

phillips66.com | NYSE: PSX 26 See appendix for footnotes REFINING PORTFOLIO COMPETITIVENESS

DISTILLATE PRODUCTION High distillate yield % TOTAL THROUGHPUT

Industry leading coking capacity and 38.2% 37.9% 37.0% 34.0% heavy crude processing capability 32.0%

PSX

Comparison is to independent refining peer group: HFC, MPC, PBF, VLO. Source: company disclosures. Largest purchaser of advantaged Calculated using distillate yield and total throughput for FY 2018. Canadian crude oils 2019 AVERAGE CANADIAN IMPORTS MBD

528 473 Low yield of high-sulfur fuel oil

129 107 Well positioned for IMO 2020 35

PSX 27 Comparison is to independent refining peer group: HFC, MPC, PBF, VLO. Source: E.I.A, through May 2019. MPC PF reflects pro forma capacity and production with Andeavor acquisition, including Western Refining. 27 phillips66.com | NYSE: PSX REFINING RETURNS

Bayway Refinery FCC modernization (2Q18)

Wood River Refinery FCC modernization (2Q18)

Lake Charles Refinery crude flexibility (4Q18)

Sweeny FCC upgrade (2Q20)

Sweeny Refinery SWEENY, TX

28 phillips66.com | NYSE: PSX REFINING RETURN PROJECTS

Borger diesel recovery (3Q19) Adds 25 MBD distillate production Humber diesel yield improvement (3Q19)

San Francisco coker feed segregation (4Q19) Reduces HSFO production by 35 MBD Wood River crude unit restart (3Q19)

Ferndale DHT maximization (4Q19) Capital ~$120 MM Wood River ULD debottleneck (4Q19)

Returns > 40% Wood River LSFO hydrotreater project (1Q20)

Bayway LSFO hydrotreater project (2Q20) Lake Charles Refinery

phillips66.com | NYSE: PSX

29 Wood River Refinery ROXANA, IL RENEWABLE DIESEL

Leverage existing infrastructure, supply network and capabilities

Co-processing used cooking oil at

Partnership with Ryze Renewables

Renewable diesel plant at Ferndale Refinery with Renewable Energy Group

Renewable diesel production at San Francisco Refinery

650 million gallons annual

production capacity Ryze renewable diesel facility RENO, NV

30 30 phillips66.com | NYSE: PSX MARKETING AND SPECIALTIES

High-return, low capital intensity business; optimize ADJUSTED EBITDA $B placement of Refining production $1.4 B Average Enhancing U.S. fuels brands; growing and re-imaging European sites 1.6 1.5 1.4 Pursuing renewable fuels opportunities 1.2 0.6 Lubricants increasing value through integration, optimization and product innovation 15 16 17 18 1H19

CAPITAL EXPENDITURES AND INVESTMENTS CUMULATIVE U.S. SITES RE-IMAGED $B

0.2 3,281 0.1 0.1 2,583 0.1 0.1 1,279 861 296

15 16 17 18 19B 15 16 17 18 1H19 31 Sustaining Growth

phillips66.com | NYSE: PSX 31 See appendix for footnotes EARNINGS AND CAPITAL STRUCTURE

ADJUSTED EBITDA EQUITY AND DEBT $B

30% 30% 27% 27% 29%

10.1 25% 26% 25% 25% 8.6 22% 27.3 5.9 27.4 27.2 4.7 3.4 23.9 23.7

15 16 17 18 1H19

10.1 11.2 11.4 ADJUSTED RETURN ON CAPITAL EMPLOYED 8.9 10.1 % AFTER-TAX

15 16 17 18 1H19

PSX Equity $B PSX Debt $B 16 14 PSX Noncontrolling Interest 10 PSXP Third-party Debt $B 8 Attributable to PSXP $B 5 PSX Debt-to-Capital, excluding PSXP Consolidated Debt-to-Capital 15 16 17 18 1H19* 32

phillips66.com | NYSE: PSX 32 See appendix for footnotes *Annualized DISCIPLINED CAPITAL ALLOCATION

Fund sustaining capital to maintain asset integrity SOURCES AND USES OF CASH $B ~1 Committed to a secure, competitive and growing dividend ~1.6 Investing in growth projects with attractive returns 6.5 5.5 1.5 - 2.5 Intrinsic value approach to share repurchases 1.5 - 2.5 Long-term: 60% reinvestment and 40% shareholder distributions Mid-Cycle Sust. FCF Dividends Growth Share CFO Capex Capex Repurch.

CAPITAL EXPENDITURES AND INVESTMENTS CUMULATIVE DISTRIBUTIONS $B $B 5.8 24.0 22.5 16.4 2.8 2.6 2.9 13.4 11.1 1.8 8.4 3.7

15 16 17 18 19B 13 14 15 16 17 18 1H19 PSX PSXP Share Repurchases and Exchanges Dividends 33

phillips66.com | NYSE: PSX 33 2015 consolidated capital expenditures includes $1.5 B investment in DCP Midstream. See appendix for additional footnotes. DISTRIBUTIONS

ANNUAL DIVIDEND $/share

Creates shareholder value 3.50 2.73 3.10 Secure, competitive and growing dividend 2.18 2.45

12.5% increase in 2Q19 to $0.90 per quarter 15 16 17 18 19

25% CAGR with nine increases since May 2012 TOTAL DISTRIBUTIONS $B

Committed to share repurchases 6.1

Repurchased/exchanged 198 MM shares, 32% of shares initially outstanding 2.7 3.0 2.3 1.6

15 16 17 18 1H19 Dividends Share Repurchases and Exchanges phillips66.com | NYSE: PSX 34 See appendix for footnotes CAPITAL EXPENDITURES

2019B Consolidated - $2.9 B CAPITAL EXPENDITURES AND INVESTMENTS $B Phillips 66 2019B - $2.3 B

$1.4 B Growth

$0.9 B Sustaining 5.8 Phillips 66 Partners 2019B - $0.6 B Major JV’s (CPChem, DCP and WRB) are self-funded

2019B CONSOLIDATED CAPITAL PROGRAM 2.8 2.9 $B 2.6

1.8

15 16 17 18 19B Midstream PSX Growth Midstream PSXP Growth Refining and Marketing Growth Sustaining PSX PSXP

phillips66.com | NYSE: PSX 35 2015 consolidated capital expenditures includes $1.5 B investment in DCP Midstream. See appendix for additional footnotes. FINANCIAL FLEXIBILITY

SOURCES AND USES OF CASH $B Maintain financial strength, strong investment- ~1 grade credit rating ~1.6 6.5 5.5 1.5 - 2.5

Pay secure, competitive, and growing dividend 1.5 - 2.5

Mid-Cycle Sust. FCF Dividends Growth Share CFO Capex Capex Repurch. 60% reinvestment and 40% shareholder distributions long-term target 2014 – 2018 CAPITAL ALLOCATION $B Investment Grade Credit Ratings 8.5 8.4 8.7

PSX A3 (Moody’s), BBB+ (S&P) 5.2 4.8 PSXP Baa3 (Moody’s), BBB (S&P)

Reinvestment

14 15 16 17 18 Dividends Sustaining Growth Share Repurchases and Exchanges

phillips66.com | NYSE: PSX 36 See appendix for footnotes TOTAL SHAREHOLDER RETURN

340%

PSX +280% 300%

Peers +143% 260%

S&P 100 +143% 220%

180%

140%

100%

60%

20%

-20% May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19Jul-19

phillips66.com | NYSE: PSX Vacuum Tower, Billings Refinery, Billings, MT 37 See appendix for footnotes Lake Charles Refinery

AUGUST 2019

REFININGINVESTOR AND MARKETING UPDATE

38 phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP PHILLIPS 66 PARTNERS OWNERSHIP STRUCTURE

PSXP Public Non-economic general Common partner interest and 75% Unitholders limited partner interest

25% limited partner interest

(NYSE: PSXP)

Operating Subsidiaries

Joint Ventures

39

phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP 39 As of August 1, 2019. Public also owns 13.8 MM convertible preferred units. PHILLIPS 66 PARTNERS

Premier MLP with strong portfolio of organic growth projects

Strong alignment with Phillips 66

Highly integrated assets

Maintaining stable and predictable cash flows

Competitive and growing distribution

Scale and financial strength enable further organic growth

40

phillips66.com | NYSE: PSX phillips66partners.com I NYSE: PSXP Gray Oak project 40 TAFT, TX PHILLIPS 66 PARTNERS

41 41 phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP HIGHLIGHTS

Operated safely and reliably ADJUSTED EBITDA ($MM) Reached $1.3 B run-rate adjusted EBITDA in 2Q19 1,137

754 Focused on organic growth with strong financial position 600 471 Progressing construction Gray Oak Pipeline project 285

Eliminated IDRs on August 1, 2019 15 16 17 18 1H19

EARNINGS DISTRIBUTABLE CASH FLOW ($MM) ($MM)

796 854

572 461 431 480 380 301 194 228

15 16 17 18 1H19 15 16 17 18 1H19 42

phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP 42 See appendix for footnotes DISTRIBUTION GROWTH

DISTRIBUTION / COMMON LP UNIT (CENTS)

84.5 85.5 79.2 83.5 71.4 75.2 64.6 67.8 58.6 61.5 53.1 55.8 45.8 48.1 50.5 40.0 42.8 34.0 37.0 27.4 30.2 31.7 22.5

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

1.10 1.10 1.44 1.32 1.28 1.14 1.17 1.39 1.45 1.14 1.20 1.24 1.48 1.31 1.35 1.12 1.33 1.40 1.38 1.36 1.39 1.30 1.44

Ratio Coverage

43 43 phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP PSXP ORGANIC GROWTH

EXPECTED GROSS CAPITAL OWNERSHIP PSXP PROJECT COMPLETION CAPACITY ($MM) (%)

Lake Charles products pipeline Completed 50 MBD 25 100

Lake Charles isomerization unit Completed 25 MBD 200 99

Gray Oak Pipeline 4Q 2019 900 MBD 2,700 42.25

Sweeny to Pasadena products expansion1 2Q 2020 80 MBD 70 100

South Texas Gateway Terminal2 Mid 2020 800 MBD 500 25

Clemens Caverns expansion 4Q 2020 6 MMB3 150 100

C2G Pipeline (Clemens to Gregory) Mid 2021 90 MBD 335 100

Projects expected to have typical Midstream EBITDA build multiples (6x – 8x)

phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP 44 1) 300 MB storage and 80 MBD pipeline capacity expansion; 2) 7 MMB storage and 800 MBD export capacity, includes two deepwater docks; 3) Expanding from 9 MMB to 15 MMB PSXP GRAY OAK PIPELINE / SOUTH TEXAS GATEWAY TERMINAL

Gray Oak Pipeline

Crude oil pipeline from the Permian and Eagle Ford to the Texas Gulf Coast

Expected in service 4Q 2019

900 MBD crude capacity

42.25% PSXP ownership

South Texas Gateway Terminal

Two deepwater docks with up to 800,000 BPD throughput capacity

Expected in service mid-2020

7 MMB storage capacity

25% PSXP ownership

45 phillips66.com | NYSE: PSX PSXP DEBT PROFILE

DEBT MATURITY PROFILE $B

PSXP Revolving Credit Facility PSXP Term Loan 0.4 PSXP Bonds 0.8 0.6 0.5 0.5 0.5 0.5 0.3

2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046

SENIOR NOTES $3.3 B Total Debt as of June 30, 2019 $MM YEAR DUE PRINCIPAL COUPON $2.9 B Senior Notes, weighted-average cost of 3.97% PSXP 2020 $300 2.646% PSXP 2025 $500 3.605% $75 MM Merey Sweeny Tax-exempt Bonds PSXP 2026 $500 3.550% PSXP 2028 $500 3.750% $400 MM Term Loan due 2020 PSXP 2045 $450 4.680% PSXP 2046 $625 4.900% $0 MM revolving credit facility borrowing Total $2,875 3.970%

phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP 46 Weighted average cost excludes revolving credit facility. Total debt is net of $26 MM new issuance premiums and discounts. See appendix for additional footnotes. FINANCIAL FLEXIBILITY

TOTAL RETURN SINCE IPO Investment-grade credit rating 300% BBB (S&P), Baa3 (Moody’s) PSXP +188% Alerian MLP Index (18%) 250% Fund 2019 capital program with cash, debt, and selective use of ATM 200%

Long term targets 150%

Distribution coverage over 1.2x 100%

3.5x debt / EBITDA 50%

$750 MM revolving credit facility 0%

-50%

$854 MM distributable cash flow in 2018

Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19

Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19

Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 47 Jan-14

phillips66.comphillips66partners.com | NYSE: I NYSE:PSX PSXP 47 Chart reflects total unitholder return July 22, 2013 to July 31, 2019. Distributions assumed to be reinvested in units. Source: Bloomberg. SAFETY. HONOR. COMMITMENT.

Freeport Terminal LPG Facility FREEPORT, TX

48 phillips66.com | NYSE: PSX 2019 SENSITIVITIES

Annual EBITDA ($MM) Midstream - DCP (net to Phillips 66) 10 ¢/Gal Increase in NGL price 6 10 ¢/MMBtu Increase in Natural Gas price 1 $1/BBL Increase in WTI price 1

Chemicals - CPChem (net to Phillips 66) 1 ¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 65

Worldwide Refining $1/BBL Increase in Gasoline Margin 350 $1/BBL Increase in Distillate Margin 300

Impacts due to Actual Crude Feedstock Differing from Feedstock Assumed in Market Indicators: $1/BBL Widening WTI / WCS Differential (WTI less WCS) 100 $1/BBL Widening LLS / WTI Differential (LLS less WTI) 70 $1/BBL Widening LLS / Maya Differential (LLS less Maya) 60 $1/BBL Widening WTI / WTS Differential (WTI less WTS) 30 $1/BBL Widening ANS / WTI Differential (ANS less WTI) 25 10 ¢/MMBtu Increase in Natural Gas price (15)

49

phillips66.com | NYSE: PSX 49 Sensitivities are independent and only valid within a limited price range VALUE CHAIN

50 50 phillips66.com | NYSE: PSX WEST COAST

51 51 phillips66.com | NYSE: PSX G U L F C O A S T

52 52 phillips66.com | NYSE: PSX MIDCONTINENT

53 53 phillips66.com | NYSE: PSX ATLANTIC BASIN

54 54 phillips66.com | NYSE: PSX CONSOLIDATED DEBT AND LIQUIDITY

DEBT MATURITY PROFILE $B

PSX Senior Notes PSXP Senior Notes PSX Term Loan PSXP Term Loan PSXP Revolving Credit Facility PSX Revolving Credit Facility

1.2 5.0 2.0 0.5 1.5 1.7 0.8 1.0 0.5 0.8 0.5 0.5 0.5 0.6 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046

PHILLIPS 66, EXCLUDING PSXP PHILLIPS 66 PARTNERS

$8.1 B Total Debt as of June 30, 2019 $3.3 B Total Debt as of June 30, 2019

$7.8 B Senior Notes $2.9 B Senior Notes

$6.8 B Total liquidity ($5.0 B RCF) $0.9 B Total liquidity ($0.7 B available on RCF)

BBB+ / A3 Credit Rating BBB / Baa3 Credit Rating

phillips66.com | NYSE: PSX 55 Total debt includes capital leases and is net of new issuance premiums and discounts. Phillips 66 Partners total liquidity is net of $1 MM Revolving Credit Facility utilization. PHILLIPS 66 OUTLOOK

3Q 2019 Global Olefins & Polyolefins utilization Mid-90% Refining crude utilization Mid-90% Refining turnaround expenses (pre-tax) $150 MM - $180 MM Corporate & other costs (pre-tax) $210 MM - $240 MM

2019 Refining turnaround expenses (pre-tax) $550 MM - $600 MM Corporate & Other costs (pre-tax) $850 MM - $900 MM Depreciation and amortization $1.4 B Effective income tax rate Low-20%

Beaumont Terminal NEDERLAND, TX

56 56 phillips66.com | NYSE: PSX 2019 CAPITAL BUDGET

Millions of Dollars Sustaining Growth Capital Capital Capital Program Adjusted Capital Program Midstream* $ 185 847 1,032 Chemicals - - - Refining 512 411 923 Marketing and Specialties 64 97 161 Corporate and Other 177 - 177 Phillips 66* 938 1,355 2,293

Phillips 66 Partners** 78 523 601 Phillips 66 Consolidated 1,016 1,878 2,894

DCP Midstream 55 450 505 CPChem 282 290 572 WRB 78 87 165 Selected Equity Affiliates 415 827 1,242

Total Capital Program $ 1,431 $ 2,705 $ 4,136 *Excludes adjusted capital budget associated with Phillips 66 Partners. **Excludes $303 million of growth capital expected to be cash funded by noncontrolling interests.

Millions of Dollars Sustaining Growth Capital Capital Capital Program Midstream Adjusted Capital Budget Phillips 66* $ 185 847 1,032 Phillips 66 Partners** 78 523 601 Consolidated Midstream Adjusted Capital Budget $ 263 $ 1,370 $ 1,633 *Excludes adjusted capital budget associated with Phillips 66 Partners. 57 **Excludes $303 million of growth capital expected to be cash funded by noncontrolling interests.

phillips66.com | NYSE: PSX 57 See most recent Form 10-Q for year-to-date capital expenditures. COKING CAPACITY 2,695 TOTAL U.S. COKING CAPACITY MBD 346 335 304 281

177 176 163 150 146 131 90 65 54 51 41 39 36 36 29 23 18 6

5,483 TOTAL GLOBAL COKING CAPACITY MBD 465 420

335 304 281 263 252 237 198 191 177 155 150 146 135 125 115 98 92 90 84 79 72 65 61 56 56 55 54 51 50 48 44 43 41 41 40 39 39 36 36 33 29 29 26 26 25

phillips66.com | NYSE: PSX 58 Source: 2019 Oil and Gas Journal. Phillips 66 includes 50% WRB, 18.75% MiRO. FOOTNOTES

General Information disclosed is as of December 31 unless otherwise noted. “Mid-Cycle CFO” is defined as 2014-2017 average operating cash flow plus run-rate operating cash flow from growth projects coming online in 2017 and 2018 and estimated benefit from 2017 tax rate change. 18 18 is as of December 31, 2018, or the twelve-month period ended December 31, 2018, as applicable; except as otherwise noted. 1H19 1H19 is as of June 30, 2019, or the six-month period ended June 30, 2019, as applicable; except as otherwise noted. 19B Budget as of January 1, 2019. See Form 10-Q for information on actual results. Forecasted and Estimated EBITDA and Maps We are unable to present reconciliations of various forecasted and estimated EBITDA included in this presentation, because certain elements of net income, including interest, depreciation and income taxes, are not reasonably available. Together, these items generally result in EBITDA being significantly greater than net income. Maps, images, and drawings are for informational purposes only and may not be to scale.

59 phillips66.com | NYSE: PSX FOOTNOTES

Slide 6 Industry averages are from: Phillips 66 – American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical Company LLC (CPChem) – American Chemistry Council (ACC), DCP Midstream, LLC (DCP Midstream) – Gas Processors Association (GPA). 2019 TRR for Phillips 66, CPChem, and DCP Midstream through June 30, 2019. Industry refining crude capacity utilization through May 2019. Source: EIA. Slide 7 Industry safety metrics as of 2018. Source: Bureau of Labor Statistics. Sulfur oxides (SOx), nitrous oxides (NOx) and particulate matter (PM). Slide 12 PSXP 2019 Adjusted Capital Budget excludes $303 MM of growth capital expected to be cash funded by noncontrolling interests and reflects JV-level financing to fund a portion of the Gray Oak Pipeline construction. Capital expenditures are attributable to the Partnership and exclude predecessor capital spending. See second-quarter Form 10-Q for actual capital expenditures through June 30, 2019. Slide 17 PSXP 2019 Adjusted Capital Budget excludes $303 MM of growth capital expected to be cash funded by noncontrolling interests and reflects JV-level financing to fund a portion of the Gray Oak Pipeline construction. Capital expenditures are attributable to the Partnership and exclude predecessor capital spending. See second-quarter Form 10-Q for actual capital expenditures through June 30, 2019. Slide 18 Volumes exclude potential by-pass volumes Slide 33 PSXP 2019 Adjusted Capital Budget excludes $303 MM of growth capital expected to be cash funded by noncontrolling interests and reflects JV-level financing to fund a portion of the Gray Oak Pipeline construction. Capital expenditures are attributable to the Partnership and exclude predecessor capital spending. 2014 share repurchases/exchanges include the PSPI share exchange.

60 phillips66.com | NYSE: PSX FOOTNOTES

Slide 34 Annual dividend reflects sum of declared quarterly dividends. 2019 reflects one quarterly dividend of $0.80 and three quarterly dividends of $0.90. Dividend CAGR calculated from initial dividend of $0.20 per share in 3Q 2012 to last increase of $0.90 per share in 2Q 2019. 2014 share repurchases/exchanges include the PSPI share exchange and is through June 30, 2019. Slide 35 PSXP 2019 Adjusted Capital Budget excludes $303 MM of growth capital expected to be cash funded by noncontrolling interests and reflects JV-level financing to fund a portion of the Gray Oak Pipeline construction. Capital expenditures are attributable to the Partnership and exclude predecessor capital spending. Slide 36 Reinvestment includes Phillips 66’s portion of self-funded capital spending by DCP, CPChem and WRB and $1.5 B equity contribution to DCP in 2015. Slide 37 Chart reflects total shareholder return May 1, 2012 to July 31, 2019. Dividends assumed to be reinvested in stock. Source: Bloomberg. Peer average includes Delek US Holdings, Inc., HollyFrontier Corporation, Marathon Petroleum Corporation, PBF Energy Inc., Valero Energy Corporation, Enterprise Products Partners L.P., ONEOK, Inc., Targa Resources Corp., Celanese Corporation, Eastman Chemical Company, Huntsman Corporation, LyondellBasell Industries, and Westlake Chemical Corporation. Slide 46 On July 30, 2019, PSXP amended its $750 MM revolving credit agreement and extended the maturity date of its revolving credit facility to July 30, 2024. Slide 55 On July 30, 2019, Phillips 66 amended its $5 B revolving credit agreement and PSXP amended its $750 MM revolving credit agreement. The maturity dates of both revolving credit facilities were extended to July 30, 2024.

Regarding slides 12, 17, 22, 26, 31, 32, 33, 35 and 42, see following slides for accompanying non-GAAP reconciliations.

61 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDE 12)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Reconciliation of Midstream Pre-Tax Income to Adjusted EBITDA Midstream pre-tax income $ 147 402 638 1,181 739 Plus: Interest revenue — — (1) — — Depreciation and amortization 127 215 299 320 148 Midstream EBITDA 274 617 936 1,501 887

Special Item Adjustments (pre-tax): Pending claims and settlements — (45) (37) 21 — Impairments by equity affiliates 366 6 — 28 — Hurricane-related costs — — 10 — — Asset disposition (30) — — — — Equity affiliate ownership restructuring — 33 — — — Pension settlement expense 9 — 12 9 — Midstream EBITDA, Adjusted for Special Items 619 611 921 1,559 887

Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes (2) 2 1 1 — Proportional share of selected equity affiliates net interest 176 170 121 131 60 Proportional share of selected equity affiliates depreciation and amortization 225 244 191 207 109 Midstream Adjusted EBITDA $ 1,018 1,027 1,234 1,898 1,056

62 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDE 12)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Reconciliation of DCP Midstream Pre-Tax Income (Loss) to Adjusted EBITDA Midstream pre-tax income (loss) $ (463) (34) 76 106 58 Plus: None — — — — — DCP Midstream EBITDA (463) (34) 76 106 58

Special Item Adjustments (pre-tax): Pending claims and settlements — (45) — — — Impairments by equity affiliates 366 6 — 28 — Equity affiliate ownership restructuring — 33 — — — Asset disposition (30) — — — — DCP Midstream EBITDA, Adjusted for Special Items (127) (40) 76 134 58

Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes (2) 2 — — — Proportional share of selected equity affiliates net interest 133 129 65 62 31 Proportional share of selected equity affiliates depreciation and amortization 166 183 107 111 59 DCP Midstream Adjusted EBITDA $ 170 274 248 307 148

63 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDES 12, 17, 22, 26, 31, 33, 35 and 36)

Millions of Dollars

Capital Expenditures and Investments Midstream Refining Marketing Corporate Consolidated Chemicals* PSXP** December 31, 2018 Growth $ 1,360 267 71 6 1,704 131 710 Sustaining 188 559 54 134 935 208 66 Total 1,548 826 125 140 2,639 339 776

December 31, 2017 Growth $ 597 323 62 — 982 571 300 Sustaining 174 530 46 100 850 205 52 Total 771 853 108 100 1,832 776 352

December 31, 2016 Growth $ 1,267 344 47 3 1,661 743 439 Sustaining 186 805 51 141 1,183 244 22 Total 1,453 1,149 98 144 2,844 987 461

December 31, 2015 Growth $ 2,801 201 66 10 3,078 1,136 197 Sustaining 1,656 868 56 106 2,686 183 8 Total 4,457 1,069 122 116 5,764 1,319 205 *Represents Phillips 66's portion of self-funded capital spending by Chevron Phillips Chemical Company LLC (CPChem). **Represents capital expenditures and investments attributable to Phillips 66 Partners.

64 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDES 17 and 42)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Reconciliation to Net Income Attributable to the Partnership Net income attributable to the Partnership $ 194 301 461 796 431 Plus: Net income attributable to Predecessors 112 107 63 — — Net Income 306 408 524 796 431 Plus: Depreciation 61 96 116 117 58 Net interest expense 34 52 99 114 53 Income tax expense — 2 4 4 2 EBITDA 401 558 743 1,031 544 Proportional share of equity affiliates’ net interest, taxes and depreciation and amortization 31 45 66 101 55 Expenses indemnified or prefunded by Phillips 66 2 6 8 1 1 Transaction costs associated with acquisitions 2 4 4 4 — EBITDA attributable to Predecessors (151) (142) (67) — — Adjusted EBITDA 285 471 754 1,137 600 Plus: Deferred revenue impacts*† 4 11 6 (6) (4) Less: Equity affiliate distributions less than proportional EBITDA 19 28 29 64 22 Maintenance capital expenditures† 8 22 50 62 21 Net interest expense 34 52 100 114 53 Preferred unit distributions — — 9 37 19 Income taxes paid — — — — 1 Distributable cash flow $ 228 380 572 854 480 Adjusted EBITDA for all prior periods has been retrospectively adjusted to present our proportional share of equity affiliates’ EBITDA, rather than cash distributions received. *Difference between cash receipts and revenue recognition. †Excludes Merey Sweeny capital reimbursements and turnaround impacts. 65 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDES 17 and 42)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Reconciliation to Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities $ 392 492 724 892 481 Plus: Net interest expense 34 52 99 114 53 Income tax expense — 2 4 4 2 Changes in working capital (12) 28 (30) (20) 23 Undistributed equity earnings — (1) 1 5 (3) Deferred revenues and other liabilities (11) (9) (43) 42 (8) Other (2) (6) (12) (6) (4) EBITDA 401 558 743 1,031 544 Proportional share of equity affiliates’ net interest, taxes and depreciation and amortization 31 45 66 101 55 Expenses indemnified or prefunded by Phillips 66 2 6 8 1 1 Transaction costs associated with acquisitions 2 4 4 4 — EBITDA attributable to Predecessors (151) (142) (67) — — Adjusted EBITDA 285 471 754 1,137 600 Plus: Deferred revenue impacts*† 4 11 6 (6) (4) Less: Equity affiliate distributions less than proportional EBITDA 19 28 29 64 22 Maintenance capital expenditures† 8 22 50 62 21 Net interest expense 34 52 100 114 53 Preferred unit distributions — — 9 37 19 Income taxes paid — — — — 1 Distributable cash flow $ 228 380 572 854 480 Adjusted EBITDA for all prior periods has been retrospectively adjusted to present our proportional share of equity affiliates’ EBITDA, rather than cash distributions received. *Difference between cash receipts and revenue recognition. †Excludes Merey Sweeny capital reimbursements and turnaround impacts. 66 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDE 22)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Reconciliation of Chemicals Pre-Tax Income to Adjusted EBITDA Chemicals pre-tax income $ 1,315 839 716 1,025 502 Plus: None — — — — — Chemicals EBITDA 1,315 839 716 1,025 502

Special Item Adjustments (pre-tax): Impairments by equity affiliates 24 89 64 — — Hurricane-related costs — — 175 — — Chemicals EBITDA, Adjusted for Special Items 1,339 928 955 1,025 502

Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 91 77 68 100 46 Proportional share of selected equity affiliates net interest 7 8 4 38 21 Proportional share of selected equity affiliates depreciation and amortization 264 285 307 422 211 Chemicals Adjusted EBITDA $ 1,701 1,298 1,334 1,585 780

67 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDE 26)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Reconciliation of Refining Pre-Tax Income to Adjusted EBITDA Refining pre-tax income $ 3,659 436 2,076 4,535 785 Plus: Depreciation and amortization 738 769 821 840 426 Refining EBITDA 4,397 1,205 2,897 5,375 1,211

Special Item Adjustments (pre-tax): Pending claims and settlements 30 (70) (51) — (21) Certain tax impacts — (32) (23) (6) — Hurricane-related costs — — 24 — — Gain on consolidation of business — — (423) — — Recognition of deferred logistics commitments — 30 — — — Railcar lease residual value deficiencies and related costs — 40 — — — Asset dispositions (8) — — — — Lower-of-cost-or-market inventory adjustments 53 — — — — Pension settlement expense 53 — 53 43 — Refining EBITDA, Adjusted for Special Items 4,525 1,173 2,477 5,412 1,190

Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes (3) — 1 1 — Proportional share of selected equity affiliates net interest — — (3) (6) (2) Proportional share of selected equity affiliates depreciation and amortization 252 257 268 272 140 Refining Adjusted EBITDA $ 4,774 1,430 2,743 5,679 1,328

68 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDE 31)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Reconciliation of Marketing and Specialties Pre-Tax Income to Adjusted EBITDA Marketing and Specialties pre-tax income $ 1,652 1,261 1,020 1,557 558 Plus: Interest revenue (2) — — — — Depreciation and amortization 97 107 112 114 51 Marketing and Specialties EBITDA 1,747 1,368 1,132 1,671 609

Special Item Adjustments (pre-tax): Asset dispositions (242) — — — — Certain tax impacts — — — (113) — Hurricane-related costs — — 1 — — Pension settlement expense 11 — 11 9 — Marketing and Specialties EBITDA, Adjusted for Special Items 1,516 1,368 1,144 1,567 609

Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes — — — — — Proportional share of selected equity affiliates net interest 6 — 1 4 3 Proportional share of selected equity affiliates depreciation and amortization 11 12 11 11 5 Marketing and Specialties Adjusted EBITDA $ 1,533 1,380 1,156 1,582 617

69 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDE 32)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Phillips 66 ROCE Numerator Net income $ 4,280 1,644 5,248 5,873 1,774 After-tax interest expense 201 220 285 398 185 GAAP ROCE earnings 4,481 1,864 5,533 6,271 1,959 Special items (34) (57) (2,837) (51) (62) Adjusted ROCE earnings $ 4,447 1,807 2,696 6,220 1,897

Denominator GAAP average capital employed* $ 31,749 33,344 35,700 37,925 38,529 *Total equity plus debt.

Annualized GAAP ROCE (percent) 14% 6% 15% 17% 10% Annualized Adjusted ROCE (percent) 14% 5% 8% 16% 10%

70 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDE 32)

Millions of Dollars Except as Indicated Debt-to-Capital Debt-to-Capital Ratio Total Debt Total Equity Ratio June 30, 2019 Phillips 66 Consolidated $ 11,439 27,306 30% PSXP* 3,324 2,521 Phillips 66 Excluding PSXP $ 8,115 24,785 25%

December 31, 2018 Phillips 66 Consolidated $ 11,160 27,153 29% PSXP* 3,048 2,469 Phillips 66 Excluding PSXP $ 8,112 24,684 25%

December 31, 2017 Phillips 66 Consolidated $ 10,110 27,428 27% PSXP* 2,945 2,314 Phillips 66 Excluding PSXP $ 7,165 25,114 22%

December 31, 2016 Phillips 66 Consolidated $ 10,138 23,725 30% PSXP* 2,411 1,306 Phillips 66 Excluding PSXP $ 7,727 22,419 26%

December 31, 2015 Phillips 66 Consolidated $ 8,887 23,938 27% PSXP* 1,091 809 Phillips 66 Excluding PSXP $ 7,796 23,129 25% *PSXP’s third-party debt and Phillips 66’s noncontrolling interests attributable to PSXP.

71 phillips66.com | NYSE: PSX NON-GAAP RECONCILIATION (SLIDE 32)

Millions of Dollars 2015 2016 2017 2018 1H 2019 Reconciliation of Phillips 66 Net Income to Adjusted EBITDA Phillips 66 net income $ 4,280 1,644 5,248 5,873 1,774 Plus: Income tax expense (benefit) 1,764 547 (1,693) 1,572 395 Net interest expense 283 321 407 459 213 Depreciation and amortization 1,078 1,168 1,318 1,356 665 Phillips 66 EBITDA 7,405 3,680 5,280 9,260 3,047

Special Item Adjustments (pre-tax): Impairments by equity affiliates 390 95 64 28 — Pending claims and settlements 30 (115) (57) 21 (21) Certain tax impacts — (32) (23) (119) — Gain on consolidation of business — — (423) — — Equity affiliate ownership restructuring — 33 — — — Recognition of deferred logistics commitments — 30 — — — Railcar lease residual value deficiencies and related costs — 40 — — — Asset dispositions (280) — — — — Lower-of-cost-or-market inventory adjustments 53 — — — — Pension settlement expense 80 — 83 67 — Hurricane-related costs — — 210 — — U.S. tax reform — — — (16) — Phillips 66 EBITDA, Adjusted for Special Items 7,678 3,731 5,134 9,241 3,026

Other Adjustments (pre-tax): Proportional share of selected equity affiliates income taxes 86 79 70 102 46 Proportional share of selected equity affiliates net interest 189 178 123 167 82 Proportional share of selected equity affiliates depreciation and amortization 752 798 777 912 465 EBITDA attributable to Phillips 66 noncontrolling interests (73) (132) (229) (361) (190) Phillips 66 Adjusted EBITDA $ 8,632 4,654 5,875 10,061 3,429

72 phillips66.com | NYSE: PSX