Fact Book Table of Contents Company Overview

2018 FACT BOOK TABLE OF CONTENTS COMPANY OVERVIEW

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of COMPANY OVERVIEW Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, 1 transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,400 employees committed to safety and operating excellence. 2 OUR STRATEGY

4 MIDSTREAM 16 MIDSTREAM REFINING Our Midstream segment provides crude Our Refining segment refines crude CHEMICALS oil and refined product transportation, oil and other feedstocks into petroleum terminaling and processing services, products such as gasoline, distillates as well as natural gas liquids (NGL) and aviation fuels at 13 refineries in and liquefied petroleum gas (LPG) the United States and Europe. Our transportation, storage, processing and Refining business focuses on operating marketing services, mainly in the United excellence and margin enhancement. REFINING States. This segment includes our master limited partnership, Phillips 66 Partners 30 LP, as well as our 50 percent equity investment in DCP Midstream, LLC. MARKETING 2.1 MILLION BPD OF CRUDE 22 THROUGHPUT CAPACITY AND SPECIALTIES 21,000 MILES OF PIPELINE SYSTEMS

CHEMICALS MARKETING AND The Chemicals segment consists of SPECIALTIES our 50 percent joint venture interest Our Marketing and Specialties segment in Chevron Phillips Chemical Company markets refined petroleum products such LLC (CPChem), which manufactures as gasoline, distillates and aviation fuels, and markets petrochemicals and mainly in the United States and Europe. plastics worldwide. CPChem has cost- advantaged assets concentrated in The segment also includes the North America and the Middle East. manufacturing and marketing of specialty products such as base oils and lubricants.

30 GLOBAL MANUFACTURING FACILITIES 7,550 BRANDED U.S. OUTLETS

1,630 BRANDED INTERNATIONAL OUTLETS

2018 PHILLIPS 66 FACT BOOK

CPCHEM'S CEDAR BAYOU FACILITY 2 1 capturing growthopportunitiesin OUR STRATEGY today aswhenwestartedin2012,createslong-termshareholdervalue. of operatingexcellenceandahigh-performingorganization.We believeourstrategy, whichisthesame The Phillips66strategicprioritiesofgrowth,returnsanddistributionsaresupportedbyastrongfoundation Committed tosafety,reliabilityandenvironmental Reshaping ourportfolioby stewardship whileprotectingshareholdervalue Midstream andChemicals GROWTH OPERATING EXCELLENCE from existingassetsandinvesting by maximizingearnings Enhancing returns capital efficiently RETURNS 2 Building capability,pursuingexcellenceand HIGH-PERFORMING ORGANIZATION doing therightthing Committed todividendgrowth, share repurchasesand financial strength DISTRIBUTIONS 2018 PHILLIPS 66 FACTBOOK 3

BEAUMONT TERMINAL MIDSTREAM

Our Midstream segment consists of three business lines:

TRANSPORTATION NGL AND OTHER DCP MIDSTREAM Transports crude oil and other Transports, stores, fractionates and Gathers, processes, transports and feedstocks to our refineries and other markets NGL in the United States; markets natural gas and transports, locations, delivers refined products exports LPG and provides other fractionates and markets NGL. to market, and provides terminaling fee-based processing services. and storage services for crude oil and petroleum products. FREEPORT LPG EXPORT TERMINAL

THE FREEPORT LPG TERMINAL CAN SIMULTANEOUSLY LOAD TWO SHIPS WITH REFRIGERATED PROPANE AND BUTANE AT A COMBINED RATE OF

36,000 BARRELS PER HOUR.

2018 PHILLIPS 66 FACT BOOK 4 5 PHILLIPS 66 PARTNERS TRANSPORTATION In 2013, we formed Phillips 66 Partners, an MLP, to own, operate, develop and acquire primarily fee-based We own or lease various assets to provide transportation, terminaling and crude oil, refined petroleum products and NGL pipelines and terminals, as well as other midstream assets. storage of crude oil, refined products, natural gas and NGL. These assets At June 30, 2018, we owned a 55 percent limited partner interest and a two percent general partner interest in include pipeline systems; petroleum products, crude oil and LPG terminals; Phillips 66 Partners, while the public owned a 43 percent limited partner interest and 13.8 million convertible a petroleum coke handling facility; marine vessels; rail cars and trucks. preferred units. PIPELINES AND TERMINALS Headquartered in Houston, Texas, Phillips 66 Partners has assets and equity investments that currently consist Phillips 66 Partners announced in April 2018 that it received sufficient binding AS OF DEC. 31, 2017, of crude oil, refined petroleum products and NGL transportation, terminaling and storage systems, as well as commitments to proceed with construction of the Gray Oak Pipeline system. OUR TRANSPORTATION BUSINESS MANAGED OVER: crude oil and NGL processing facilities, that are geographically dispersed throughout the United States. The The Gray Oak Pipeline will provide crude oil transportation from West majority of Phillips 66 Partners’ assets are integral to Phillips 66 operated refineries. Texas to destinations in the Corpus Christi and Sweeny/Freeport markets, including the Phillips 66 Sweeny Refinery. Phillips 66 Partners completed an 21,000 expansion open season in July 2018 to determine the scope and capacity. MILES OF PIPELINE SYSTEMS IN The pipeline will have initial capacity of 800,000 BPD based on shipper THE UNITED STATES commitments and the reservation of capacity for walk-up shippers. The pipeline is expandable to approximately 1 million BPD subject to additional shipper commitments. Phillips 66 Partners will initially own a 75 percent 40 interest in the pipeline system. Other third parties have an option to acquire FINISHED PRODUCT TERMINALS up to 32.75 percent interest in the joint venture. If all options are exercised, Phillips 66 Partners would remain the largest equity owner at 42.25 percent. 100% PSXP PUBLIC COMMON OWNERSHIP The pipeline is expected to be placed in service by the end of 2019. UNITHOLDERS 38 INTEREST (NYSE:PSX) In Corpus Christi, the Gray Oak Pipeline will connect to the new South Texas STORAGE LOCATIONS Gateway Terminal under development by Buckeye Partners, L.P. The marine terminal will have an initial storage capacity of 3.4 million barrels and is expected to begin operations by the end of 2019. Phillips 66 Partners will have 19 a 25 percent ownership interest in the joint venture that owns the terminal. CRUDE OIL TERMINALS PHILLIPS 66 PARTNERS GP LLC The Beaumont Terminal in Nederland, Texas, is the largest terminal in the (PSXP GENERAL PARTNER) 55% 43% LIMITED PARTNER LIMITED PARTNER Phillips 66 portfolio. At Dec. 31, 2017, the terminal capacity was 11.1 million GENERAL PARTNER UNITS INTEREST INTEREST barrels, of which 7.4 million barrels was crude oil storage capacity and 3.7 5 IDR'S million barrels was refined product storage capacity. The company placed LPG TERMINALS 1.3 million barrels of new crude oil storage into service during June and July 2018, bringing the terminal’s total storage capacity to 12.4 million barrels. Additional crude oil tanks are under construction to further increase storage

capacity to 14.6 million barrels by the end of this year. In addition, during 1 the fourth quarter of 2017, we completed expansion of the terminal’s export PETROLEUM COKE 2% EXPORTING FACILITY GENERAL PARTNER facilities from 400,000 to 600,000 BPD. INTEREST

(NYSE:PSXP)

OPERATING SUBSIDIARIES JOINT VENTURES

As of June 30, 2018 Public also owns 13.9 million convertible preferred units. BEAUMONT TERMINAL

2018 PHILLIPS 66 FACT BOOK 6 7 PIPELINES AND TERMINALS CONTINUED NGL AND OTHER The Sweeny Fractionator is located adjacent to our Sweeny The Bakken Pipeline went into commercial service in June 2017. The Our NGL and Other business Refinery in Old Ocean, Texas, pipeline is approximately 1,915 miles long, with an estimated capacity includes the following: and supplies purity ethane to the of 525,000 BPD at Dec. 31, 2017. Phillips 66 Partners has a 25 percent A U.S. Gulf Coast NGL market petrochemical industry and LPG interest in the Bakken Pipeline, through its 25 percent interests in both the hub comprising the 200,000 BPD to domestic and global markets. Dakota Access and ETCO joint ventures. Energy Transfer Partners, L.P. Freeport LPG Export Terminal and Raw NGL supply to the fractionator (ETP) and MarEn Bakken Company LLC also have 38.25 percent and Phillips 66 Partners' 100,000 BPD is delivered from nearby major 36.75 percent interests, respectively, with ETP serving as the operator. The Sweeny Fractionator. These assets pipelines, including the Sand Dakota Access section of the Bakken Pipeline is approximately 1,172 miles are supported by 9 million barrels of gross capacity at Phillips 66 Partners' Hills Pipeline. The fractionator long and delivers crude oil from the Bakken/Three Forks production area in Clemens storage facility. We refer to is supported by significant North Dakota to a storage and terminaling hub outside of Patoka, Illinois, these facilities as the "Sweeny Hub." infrastructure, including connectivity which includes an interconnection with the ETCO pipeline. The ETCO to two NGL supply pipelines, a pipeline section of the Bakken Pipeline is approximately 743 miles long A 22.5 percent interest in Gulf Coast pipeline connecting to the Mont and transports crude oil from the Midwest to Phillips 66 and ETP storage Fractionators, which owns an NGL Belvieu market center and a terminals located in Nederland, Texas. fractionation plant in Mont Belvieu, Texas. We operate the facility, and our multimillion-barrel salt dome storage The Bayou Bridge Pipeline joint venture delivers crude oil from Nederland, net share of its capacity is 32,625 BPD. facility with access to our LPG Texas, to Lake Charles, Louisiana. At Dec. 31, 2017, this pipeline had export terminal in Freeport, Texas. capacity of approximately 480,000 BPD. Phillips 66 Partners has a 40 A 12.5 percent undivided interest in The Freeport LPG Export percent interest in the joint venture, and ETP has a 60 percent interest and a fractionation plant in Mont Belvieu, Terminal has a capacity of serves as the operator. The remaining section of the pipeline, which is being Texas. Our net share of its capacity is 200,000 BPD and leverages our constructed, will deliver crude oil from Lake Charles to St. James, Louisiana, 30,250 BPD. fractionation, transportation and and is expected to be completed in the fourth quarter of 2018. A 40 percent undivided interest in storage infrastructure to supply The Sacagawea Pipeline is owned by a joint venture, in which a fractionation plant in Conway, petrochemical, heating and Phillips 66 Partners and Paradigm Energy Partners, LLC each own a 50 Kansas. Our net share of its capacity is transportation markets globally. percent interest. In August 2017, a new origin point on the Sacagawea 43,200 BPD. The terminal can simultaneously Pipeline was established near New Town, North Dakota, enabling crude load two ships with refrigerated to flow from this origin point to the Bakken Pipeline at Johnson’s Corner, Phillips 66 Partners owns the propane and butane at a combined Keene Terminal, Palermo Terminal and the North Dakota Pipeline at River Parish NGL logistics system rate of 36,000 barrels per hour. In Stanley, North Dakota. in southeast Louisiana, comprising approximately 500 miles of pipelines support of the terminal, a 100,000 Phillips 66 Partners and Plains All American Pipeline, L.P. each own a 50 and a storage cavern connecting BPD unit to upgrade domestic percent interest in the STACK Pipeline LLC joint venture, which owns and multiple fractionation facilities, propane for export was installed operates a crude oil storage terminal and a common carrier pipeline that refineries and a petrochemical facility. near the Sweeny Fractionator. transports crude oil from the Sooner Trend, Anadarko Basin, Canadian and In addition, the terminal exports Kingfisher counties (STACK) play in northwestern Oklahoma to Cushing, Phillips 66 Partners owns a direct 10,000 to 15,000 BPD of natural one-third interest in both the DCP gasoline (C5+) produced at the Oklahoma. During the fourth quarter of 2017, this joint venture completed GULF COAST FRACTIONATOR IN MONT BELVIEU, TEXAS Sand Hills Pipeline, LLC (Sand Hills) Sweeny Fractionator. an expansion project to loop the existing pipeline and extend further into and DCP Southern Hills Pipeline, LLC, the STACK play, which increased capacity by 150,000 BPD. which own pipelines that connect In June 2018, we announced Eagle Ford, Permian and Midcontinent that we are proceeding with Phillips 66 owns a 25 percent interest in Rockies Express Pipeline LLC production to the Mont Belvieu, (REX), which owns a natural gas pipeline system with approximately 1,712 Texas, market. The Sand Hills Pipeline an expansion of the Sweeny miles of transportation pipelines, including laterals, extending from Opal, capacity was expanded to 425,000 Hub. The expansion includes Wyoming, and Meeker, Colorado, to Clarington, Ohio. The REX Pipeline BPD in the second quarter of 2018, two 150,000 BPD fractionators, delivers natural gas to markets, primarily in the Midwest, from both the with further expansion to 485,000 associated pipeline infrastructure, BPD expected to be in service by the and 6 million barrels of additional Rocky Mountain region and the Appalachian Basin. end of 2018. storage capacity at Phillips 66 MARINE VESSELS Partners’ Clemens Caverns. DCP At Dec. 31, 2017, we had 11 international-flagged crude oil and product Phillips 66 Partners, through its Midstream has committed to supply ownership of Merey Sweeny, L.P. tankers under time charter contracts, with capacities ranging in size Y-grade NGL feedstock and has from 300,000 to 1,100,000 barrels. Additionally, we had two Jones Act- (MSLP), owns a 125,000 BPD capacity vacuum distillation unit and a 70,000 an option to acquire up to a 30 compliant tankers and 38 tug/barge units under time charter contracts. BPD capacity delayed coker unit percent ownership interest in the These vessels are used primarily to transport feedstocks or provide located at our Sweeny Refinery in fractionators. Upon completion of product transportation for our refineries, including delivery of domestic Old Ocean, Texas. the expansion, expected in late crude oil to our Gulf Coast and East Coast refineries. 2020, the Sweeny Hub will have TRUCK AND RAIL 400,000 BPD of fractionation Our truck and rail fleets support our feedstock and distribution operations. capability and access to 15 million Rail movements are provided via a fleet of more than 10,000 owned barrels of storage capacity. and leased rail cars. Truck movements are provided through numerous third-party trucking companies, as well as through our 100 percent-owned subsidiary, Sentinel Transportation LLC. 2018 PHILLIPS 66 FACT BOOK 8 9 DCP MIDSTREAM Our Midstream segment includes our 50 percent equity investment in DCP Midstream, which is headquartered in Denver, Colorado. SAND HILLS PIPELINE

AS OF DEC. 31, 2017, DCP MIDSTREAM OWNED OR OPERATED:

61 NATURAL GAS PROCESSING FACILITIES, WITH A NET NAMEPLATE PROCESSING CAPACITY OF APPROXIMATELY 7.8 (BCF/D)

DCP MIDSTREAM'S OWNED OR OPERATED NATURAL GAS PIPELINE SYSTEMS INCLUDED DCP MIDSTREAM IS ADVANCING THE FOLLOWING GROWTH PROJECTS: GATHERING SERVICES FOR DJ BASIN THESE FACILITIES, AS WELL AS NATURAL GAS TRANSMISSION, * AND TOTALED APPROXIMATELY 0.8 DCP continues to expand gas processing capability in the high- 63,000 growth DJ Basin. The 200 million cubic feet per day (MMCFD) MILES OF PIPELINE. Mewbourn 3 plant is expected to be completed in the third DCP Midstream expanded the Sand quarter of 2018. The O'Connor Hills Pipeline to 425,000 BPD in 2 plant will have 300 MMCFD of the second quarter of 2018. Further DCP Midstream also owned or capacity, including 200 MMCFD expansion to 485,000 BPD is operated 12 NGL fractionation MIDCONTINENT of gas processing capability and expected to be in service at the end PERMIAN up to 100 MMCFD of bypass, and of 2018. This expansion includes a plants, along with natural gas and * is scheduled for completion in the partial looping of the pipeline and NGL storage facilities, a propane * 1.8 second quarter of 2019. the addition of new pump stations. wholesale marketing business and 1.3 NGL pipeline assets. DCP Midstream is jointly developing the Cheyenne Connector pipeline with DCP Midstream has a 25 percent The residual natural gas, primarily Tallgrass Energy Partners, LP (Tallgrass) and Western Gas Partners, LP interest in the Gulf Coast Express methane, which results from (Western Gas). Tallgrass serves as the operator, and both DCP Midstream Pipeline project that is designed to processing raw natural gas, is and Western Gas hold an option to invest in this pipeline at a later date. The transport approximately 2 billion sold by DCP Midstream at market- Cheyenne Connector pipeline will provide takeaway solutions with capacity cubic feet per day (BCFD) of natural based prices to marketers and end of at least 600 MMcf/d for DCP Midstream's DJ Basin assets, connecting gas from the Permian Basin to natural gas to REX's Cheyenne Hub, where it can then be delivered to Gulf Coast markets. The pipeline is users, including large industrial numerous demand markets across the country. anticipated to be completed in the companies, natural gas distribution fourth quarter of 2019. companies and electric utilities. SOUTH DCP Midstream purchases or takes DCP Midstream is expanding the Southern Hills custody of substantially all of its 2.3 pipeline into the DJ Basin via the White Cliffs raw natural gas from producers, pipeline. The project, which is expected to be in service during the fourth quarter of 2019, principally under contractual will provide 90,000 BPD of NGL transportation arrangements that expose DCP capacity to access Texas Gulf Coast markets. Midstream to the prices of NGL, DCP Midstream Facilities Southern Hills is owned two-thirds by DCP and natural gas and condensate. DCP DCP Midstream Pipelines one-third by Phillips 66 Partners. Midstream also has fee-based Phillips 66 Refinery arrangements with producers to Oil and Gas Basins provide midstream services such as gathering and processing. *(Bcf/d of Active Processing Capacity)

2018 PHILLIPS 66 FACT BOOK 10 11 PHILLIPS 66 OWNERSHIP INTEREST IN MAJOR PIPELINE SYSTEMS as of Dec. 31, 2017

NAME ORIGINATION / TERMINUS INTEREST SIZE LENGTH GROSS CAPACITY NAME ORIGINATION / TERMINUS INTEREST SIZE LENGTH GROSS CAPACITY (%) (MILES) (MBD) (%) (MILES) (MBD)

CRUDE AND FEEDSTOCKS PETROLEUM PRODUCTS

Bakken Pipeline † North Dakota / Nederland, TX 25 30" 1,915 525 ATA Line † Amarillo, TX / Albuquerque, NM 50 6", 10" 293 34

Bayou Bridge † Nederland, TX / Lake Charles, LA 40 30" 49 480 Borger to Amarillo † Borger, TX / Amarillo, TX 100 8", 10" 93 76

Clifton Ridge † Clifton Ridge, LA / Westlake, LA 100 20" 10 260 Borger-Denver McKee, TX / Denver, CO 70 6"-12" 405 38

Cushing † Cushing, OK / Ponca City, OK 100 18" 62 130 Cherokee East † Medford, OK / Mount Vernon, MO 100 10", 12" 287 55

Eagle Ford Gathering † Helena, TX 100 6" 6 20 Cherokee North † Ponca City, OK / Arkansas City, KS 100 10" 29 57 Ponca City, OK / Oklahoma City, Eagle Ford Gathering † Tilden, TX / Whitsett, TX 100 6"-10" 22 34 Cherokee South † 100 8" 90 46 OK Glacier † Cut Bank, MT / Billings, MT 79 8"-12" 865 126 Cross Channel Connector † Pasadena, TX / Galena Park, TX 100 20" 5 180 Line O † Cushing, OK / Borger, TX 100 10" 276 37 Explorer † Texas Gulf Coast / Chicago, IL 22 24", 28" 1,830 660 Line 80 † Gaines, TX / Borger, TX 100 8", 12" 237 28 Gold Line † Borger, TX / East St. Louis, IL 100 8"-16" 681 120 Line 100 Taft, CA / Lost Hills, CA 100 8", 10", 12" 79 54 Harbor Woodbury, NJ / Linden, NJ 33 16" 80 171 Line 200 Lost Hills, CA / Rodeo, CA 100 12", 16" 228 93 Heartland* McPherson, KS / Des Moines, IA 50 8", 6" 49 30 Line 300 Nipomo, CA / Arroyo Grande, CA 100 8", 10", 12" 69 48 LAX Jet Line Wilmington, CA / Los Angeles, CA 50 8" 19 50 Line 400 Arroyo Grande, CA / Lost Hills, CA 100 8", 10", 12" 147 40 Los Angeles Products Torrance, CA / Los Angeles, CA 100 6", 12" 22 112 Louisiana Crude Gathering Rayne, LA / Westlake, LA 100 4"-8" 80 25 Paola Products † Paola, KS / Kansas City, KS 100 8", 10" 106 96 North Texas Crude † Wichita Falls, TX 100 2"-16" 224 28 Pioneer Sinclair, WY / Salt Lake City, UT 50 8", 12" 562 63 Oklahoma Mainline † Wichita Falls, TX / Ponca City, OK 100 12" 217 100 Richmond Rodeo, CA / Richmond, CA 100 6" 14 26 Sacagawea † Keene, ND / Stanley, ND 50 16" 95 175 SAAL † Amarillo, TX / Abernathy, TX 33 6" 102 33 STACK PL † Cashion, OK / Cushing, OK 50 8"-16" 149 250 SAAL † Abernathy, TX / Lubbock, TX 54 6" 19 30 Sweeny Crude Sweeny, TX / Freeport, TX 100 12", 24", 30" 56 265 Seminoe † Billings, MT / Sinclair, WY 100 6"-10" 342 33 WA Line † Odessa, TX / Borger, TX 100 12", 14" 289 104 Marland Junction, OK / Wichita, Standish † 100 18" 92 72 West Texas Gathering † Permian Basin 100 4"-14" 757 115 KS Sweeny to Pasadena † Sweeny, TX / Pasadena, TX 100 12", 18" 120 294 NGL Torrance Products Wilmington, CA / Torrance, CA 100 10", 12" 8 161 Chisholm Kingfisher, OK / Conway, KS 50 4"-10" 202 42 Watson Products Line Wilmington, CA / Long Beach, CA 100 20" 9 238 Powder River Sage Creek, WY / Borger, TX 100 6"-8" 705 14 Yellowstone Billings, MT / Moses Lake, WA 46 6"-10" 710 66 River Parish NGL † Southeast Louisiana 100 4"-20" 510 133

Sand Hills**† Permian Basin / Mont Belvieu, TX 33 20" 1,190 315 † Owned by Phillips 66 Partners; Phillips 66 held a 57 percent ownership interest in Phillips 66 Partners at Dec. 31, 2017. * Total pipeline system is 419 miles. Phillips 66 has an ownership interest in multiple segments totaling 49 miles. Skelly-Belvieu Skellytown, TX / Mont Belvieu, TX 50 8" 571 45 ** Operated by DCP Midstream, LP; Phillips 66 Partners holds a direct one-third ownership interest in the pipeline entities. *** Total pipeline system consists of three zones for a total of 1,712 miles. The third zone of the pipeline is bi-directional and can transport 2.6 Bcf/d of natural gas from east to west. Southern Hills**† U.S. Midcontinent / Mont Belvieu, TX 33 20" 941 140 Sweeny NGL Brazoria, TX / Sweeny, TX 100 20" 18 204

TX Panhandle Y1/Y2 Sher-Han, TX / Borger, TX 100 3"-10" 299 61

LPG

Blue Line Borger, TX / East St. Louis, IL 100 8"-12" 688 29

Brown Line † Ponca City, OK / Wichita, KS 100 8", 10" 76 26 Conway to Wichita Conway, KS / Wichita, KS 100 12" 55 38

Medford † Ponca City, OK / Medford, OK 100 4"-6" 42 10

Sweeny, TX / Mont Belvieu and SWEENY REFINERY Sweeny LPG Lines 100 10"-20" 246 942 Freeport, TX

NATURAL GAS

Rockies Express***

West to East Meeker, CO / Clarington, OH 25 36"-42" 1,712 1.8 Bcf/d

East to West Clarington, OH / Moultrie, IL 25 24", 42" 670 2.6 Bcf/d

2018 PHILLIPS 66 FACT BOOK 12 13 PHILLIPS 66 OWNERSHIP INTEREST IN FINISHED PRODUCT TERMINALS PHILLIPS 66 OWNERSHIP INTEREST IN CRUDE AND OTHER TERMINALS as of Dec. 31, 2017 as of Dec. 31, 2017

NAME LOCATION INTEREST GROSS STORAGE GROSS RACK NAME LOCATION INTEREST GROSS STORAGE GROSS LOADING (%) CAPACITY (MBBL) CAPACITY (MBD) (%) CAPACITY (MBBL) CAPACITY* CRUDE AND FEEDSTOCKS Albuquerque † New Mexico 100 244 18 Beaumont Texas 100 7,400 N/A Amarillo † Texas 100 277 29 Billings † Montana 100 270 N/A Beaumont Texas 100 3,700 8 Borger Texas 50 721 N/A Billings Montana 100 88 16 Clifton Ridge † Louisiana 100 3,410 N/A Bozeman Montana 100 113 13 Cushing † Oklahoma 100 700 N/A Casper † Montana 100 365 7 Freeport Texas 100 2,144 N/A Colton California 100 211 21 Jones Creek Texas 100 2,577 N/A Denver Colorado 100 310 43 Junction California 100 523 N/A Des Moines Iowa 50 206 15 Keene † North Dakota 50 490 N/A East St. Louis † Illinois 100 2,085 78 McKittrick California 100 237 N/A Glenpool † Oklahoma 100 588 19 Odessa † Texas 100 523 N/A Great Falls Montana 100 198 12 Palermo † North Dakota 70 206 N/A Hartford † Illinois 100 1,075 25 Pecan Grove † Louisiana 100 142 N/A Helena Montana 100 178 10 Ponca City † Oklahoma 100 1,200 N/A Jefferson City † Missouri 100 110 16 Santa Margarita California 100 335 N/A Kansas City † Kansas 100 1,294 66 Santa Maria California 100 112 N/A La Junta Colorado 100 101 10 Tepetate Louisiana 100 152 N/A Lincoln Nebraska 100 219 21 Torrance California 100 309 N/A Linden † New Jersey 100 429 121 Wichita Falls † Texas 100 240 N/A Los Angeles California 100 116 75

Lubbock † Texas 100 179 17 PETROLEUM COKE Missoula Montana 50 368 29 Lake Charles Louisiana 50 N/A N/A

Moses Lake Washington 50 186 13 RAIL

Mount Vernon † Missouri 100 363 46 Bayway † New Jersey 100 N/A 75 North Salt Lake Utah 50 738 41 Beaumont Texas 100 N/A 20

Oklahoma City † Oklahoma 100 352 48 Ferndale † Washington 100 N/A 30 Pasadena † Texas 100 3,210 65 Missoula Montana 50 N/A 41

Ponca City † Oklahoma 100 51 23 Palermo † North Dakota 70 N/A 100 Portland Oregon 100 664 33 Thompson Falls Montana 50 N/A 42 Renton Washington 100 228 20 MARINE Richmond California 100 334 28 Beaumont Texas 100 N/A 37 Rock Springs Wyoming 100 125 19 Clifton Ridge † Louisiana 100 N/A 48 Sacramento California 100 141 13 Hartford † Illinois 100 N/A 3 Sheridan † Wyoming 100 86 15 Pecan Grove † Louisiana 100 N/A 6 Spokane Washington 100 351 24 Portland Oregon 100 N/A 10 Tacoma Washington 100 307 17 Richmond California 100 N/A 3 Tremley Point † New Jersey 100 1,593 39 Tacoma Washington 100 N/A 12 Westlake Louisiana 100 128 16 Tremley Point † New Jersey 100 N/A 7 Wichita Falls Texas 100 303 15

Wichita North † Kansas 100 679 19 NGL FACILITIES Freeport Texas 100 1,000 36 † Owned by Phillips 66 Partners; Phillips 66 held a 57 percent ownership interest in Phillips 66 Partners at Dec. 31, 2017. River Parish † Louisiana 100 1,500 N/A

Clemens † Texas 100 9,000 N/A

† Owned by Phillips 66 Partners; Phillips 66 held a 57 percent ownership interest in Phillips 66 Partners at Dec. 31, 2017. * Rail in thousands of barrels daily (MBD); Marine and NGL Facilities in thousands of barrels per hour.

2018 PHILLIPS 66 FACT BOOK 14 15 CHEMICALS

The Chemicals segment consists of our 50 percent equity investment in CPChem, which is headquartered in The Woodlands, Texas. CPChem owns or has joint venture interests in 30 global manufacturing facilities and two U.S. research and development centers.

CPCHEM'S NEW 3.5 BILLION-POUND-PER-YEAR ETHANE CRACKER IS LOCATED AT ITS CEDAR BAYOU FACILITY IN BAYTOWN, TEXAS. CPCHEM'S NEW ETHANE CRACKER AT THE CEDAR BAYOU FACILITY

2018 PHILLIPS 66 FACT BOOK 16 17 CPChem has two primary business hydrocarbon-based raw material CPChem has completed its CPCHEM'S PETROCHEMICALS AND PLASTICS PRODUCT CAPACITIES lines: Olefins and Polyolefins feedstocks into higher-value world-scale U.S. Gulf Coast as of June 30, 2018 (O&P) and Specialties, Aromatics products, often through a thermal (USGC) Petrochemicals Project. O&P U.S INTERNATIONAL WORLDWIDE and Styrenics (SA&S). The O&P process referred to in the industry This project leverages the (MMLB/Y) (MMLB/Y) (MMLB/Y) business segment produces and as “cracking.” For example, development of the significant Ethylene 11,635 2,475 14,110 markets ethylene and other olefin ethylene can be produced from shale resources in the United Propylene 2,675 505 3,180 products; the ethylene produced is cracking the feedstocks ethane, States. The polyethylene facilities High-density polyethylene (HDPE) 5,305 2,295 7,600 primarily consumed within CPChem propane, butane, natural gasoline started up in September 2017. for the production of polyethylene, or certain refinery liquids, such as The two polyethylene units, each Low-density polyethylene (LDPE) 620 – 620 normal alpha olefins (NAO) and naphtha and gas oil. The produced with an annual capacity of 1.1 Linear low-density polyethylene (LLDPE) 1,590 – 1,590 polyethylene pipe. The SA&S ethylene has a number of uses, billion pounds, are located near Polypropylene – 310 310 business segment manufactures primarily as a raw material in CPChem’s Sweeny facility in Old Normal alpha olefins (NAO) 2,335 515 2,850 and markets aromatics and the production of plastics, such Ocean, Texas. CPChem’s Cedar Polyalphaolefins 125 130 255 styrenics products, such as as polyethylene and polyvinyl Bayou facility in Baytown, Texas, benzene, styrene, paraxylene and chloride. Plastic resins, such as is the location of the new ethane Polyethylene pipe 500 – 500 cyclohexane, as well as polystyrene. polyethylene, are manufactured cracker. Mechanical completion Total O&P 24,785 6,230 31,015 SA&S also manufactures and/ in a thermal/catalyst process, and of the ethane cracker was or markets a variety of specialty the produced output is used as achieved in December 2017, and SA&S chemical products including a further raw material for various commissioning was completed Benzene 1,600 930 2,530 organosulfur chemicals, solvents, applications, such as packaging in the first quarter of 2018. The Cyclohexane 1,060 395 1,455 catalysts, drilling chemicals and and plastic pipe. cracker has demonstrated 3.5 Paraxylene 1,000 – 1,000 mining chemicals. billion pounds per year capacity, which CPChem and its equity affiliates is 6 percent above original design. Styrene 1,050 825 1,875 The manufacturing of have manufacturing facilities Polystyrene 835 235 1,070 petrochemicals and plastics located in Belgium, China, involves the conversion of Colombia, Qatar, Saudi Arabia, Specialty chemicals 439 135 574 Singapore and the United States. Total SA&S 5,984 2,520 8,504

Total O&P and SA&S 30,769 8,750 39,519 CPCHEM'S CEDAR BAYOU FACILITY

2018 PHILLIPS 66 FACT BOOK 18 19 CPCHEM'S PRODUCT CAPACITIES BY LOCATION as of June 30, 2018

UNITED STATES FACILITIES CPCHEM PRODUCTS GROSS PRODUCTION CPCHEM'S GLOBAL LOCATIONS AND ETHYLENE CAPACITY OWNERSHIP (%) CAPACITY (MMLB/Y) WORLDWIDE Cedar Bayou Facility, Baytown, TX 100 Ethylene 5,365 Propylene 1,030 14,110* LDPE 620 LLDPE 490 NAO 1,785 1-Hexene 550 PAO 125 70 HDPE 1,515 Sweeny Facility, Old Ocean, TX 100 HDPE 1,100 LLDPE 1,100 Sweeny Facility, Sweeny, TX 100 Ethylene 4,390 Propylene 870 Port Arthur Facility, Port Arthur, TX 100 Ethylene 1,880 U.S. GULF COAST Propylene 775 Cyclohexane 1,060 Pascagoula Facility, Pascagoula, MS 100 Benzene 1,600 Paraxylene 1,000 Pasadena Plastics Complex, Pasadena, TX 100 HDPE 2,180 Orange Chemical Facility, Orange, TX 100 HDPE 970 Borger Facility, Borger, TX 100 Specialty Chemicals 380 Drilling Specialties, Conroe, TX 100 Drilling Specialties 59 Performance Pipe Division, seven locations 100 Performance Pipe 500 Americas Styrenics, St. James, LA 50 Styrene 2,100 Americas Styrenics, Torrance, CA 50 Polystyrene 330 U.S. Americas Styrenics, Allyn's Point, CT 50 Polystyrene 250 * Americas Styrenics, Joliet, IL 50 Polystyrene 270 11,635 Americas Styrenics, Hanging Rock, OH 50 Polystyrene 400 Americas Styrenics, Marietta, OH 50 Polystyrene 420

INTERNATIONAL FACILITIES

Beringen Facility, Beringen, Belgium 100 PAO 130 Tessenderlo Chemicals Facility, Tessenderlo, Belgium 100 Specialty Chemicals 135 Qatar Chemical Company LTD., Mesaieed, Qatar 49 Ethylene 1,150 SAUDI ARABIA HDPE 1,010 1-Hexene 130 QATAR Qatar Chemical Company II LTD., Ras Laffan, Qatar 49 Ethylene 1,530 MIDDLE EAST HDPE 770 * NAO 760 2,475 Jubail Chevron Phillips Company, Jubail Industrial City, Saudi Arabia 50 Ethylene 450 Propylene 330 Styrene 1,650 CPChem Ethylene/Polyethylene Saudi Chevron Phillips Company, Jubail Industrial City, Saudi Arabia 50 Benzene 1,865 CPChem Other Cyclohexane 790 CPChem NGL Pipeline

Saudi Polymers Company, Jubail Industrial City, Saudi Arabia 35 Ethylene 2,690 *Net Ethylene Capacity in million pounds per year. Propylene 970 HDPE 2,425 Polypropylene 880 Polystyrene 440 1-Hexene 220 Shanghai Golden Phillips Petrochemical Co., Jinshanwei, China 40 HDPE 320 Americas Styrenics, Cartegena, Colombia 50 Polystyrene 160 2018 PHILLIPS 66 FACT BOOK 20 21 REFINING highest recognition, the Elite Gold highest recognition,theEliteGold Refinery receivedthesecond- recognizes, andtheSweeny annual safetyawardtheindustry Safety Award, whichisthehighest Refinery receivedtheDistinguished performance in2017. The Bayway (AFPM) forexemplarysafety and PetrochemicalManufacturers recognized bythe American Fuel Four Phillips66refinerieswere advantaged feedstockcapability. clean productyieldandincrease return projects,primarilytoimprove our capitalinquickpayout,high- is essentialtoourstrategy. We invest Exercising costandcapitaldiscipline optimizing toimprovemargins. operating safelyandreliablywhile Our Refiningbusinessfocuseson gasoline, distillatesandaviationfuels)at13refineriesintheUnitedStatesEurope. Our Refiningsegmentrefinescrudeoilandotherfeedstocksintopetroleumproducts(suchas high-value cleanproducts. At our refineries, whichincreaseyieldof both theBaywayandWood River unit modernizationprojectsat In April 2018,wecompletedFCC product yield. fourth quarterthatincreasesclean a dieselrecoveryprojectinthe Ponca CityRefinery, wecompleted new vacuumdistillationunit. At the to 100percentwiththestartupofa capability atourBillingsRefinery increased heavycrudeprocessing In thesecondquarterof2017,we of allsitesforsafetyperformance. which recognizesthetopfivepercent recipients oftheEliteSilver Award, refineries werebothselectedas Award. The Alliance andWood River 22 the thirdquarterof2019. completion hasbeenacceleratedto blend components.Expected production ofhigheroctanegasoline Lake CharlesRefinerytoincrease 25,000 BPDisomerizationunitatthe Phillips 66Partnersisconstructinga to becompletedinmid-2020. gasoline. The projectisanticipated products andhigheroctane of higher-valuepetrochemical an FCCunittoincreaseproduction for theSweenyRefinerytooptimize In July2018,aprojectwasapproved our feedstockcosts. more domesticcrudetoreduce completing modificationstorun Lake CharlesRefinery, weare

Primary crudeoilcharacteristicsandsourcesofforourrefineriesareasfollows: NAME San Francisco Los Angeles Ferndale Billings Ponca City Borger Wood River Sweeny Lake Charles Alliance MiRO Humber Bayway * HighTAN(TotalAcidNumber):acidcontentgreaterthanorequalto1.0milligramofpotassiumhydroxide(KOH)pergram. SWEET MEDIUM CHARACTERISTICS SOUR HEAVY SOUR 2018 PHILLIPS 66 FACTBOOK HIGH TAN* 23 STATES UNITED CANADA SOURCES AMERICA SOUTH EUROPE & AFRICA MIDDLE EAST

SWEENY REFINERY ATLANTIC BASIN / EUROPE GULF COAST

BAYWAY REFINERY HUMBER REFINERY MiRO REFINERY^ ALLIANCE REFINERY LAKE CHARLES REFINERY SWEENY REFINERY

(MBD) (MBD) (MBD) (MBD) (MBD) (MBD) GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY* CAPACITY* CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY 155 258 95 221 25 58 130 247 100 249 135 256 DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY* CAPACITY* CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY 130 300 115 245 25 61 120 275 115 290 120 305

NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT COMPLEXITY YIELD COMPLEXITY YIELD COMPLEXITY YIELD COMPLEXITY YIELD COMPLEXITY YIELD COMPLEXITY YIELD FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) 7.7 92 11.6 81 8.1 87 12.0 87 11.0 70 13.6 86

The Bayway Refinery is located The Humber Refinery is located The MiRO Refinery is located The Alliance Refinery is located The Lake Charles Refinery is The Sweeny Refinery is located on the New York Harbor in on the east coast of England on the Rhine River in Karlsruhe, on the Mississippi River in Belle located in Westlake, Louisiana. in Old Ocean, Texas. Refinery Linden, New Jersey. Bayway's in North Lincolnshire, United Germany, approximately 95 miles Chasse, Louisiana, approximately Refinery facilities include crude facilities include crude distilling, facilities include crude distilling, Kingdom, approximately 180 south of Frankfurt, Germany. 25 miles southeast of New distilling, naphtha reforming, naphtha reforming, fluid naphtha reforming, fluid catalytic miles north of London. Humber's MiRO is a joint venture in which Orleans, Louisiana. The single- fluid catalytic cracking, catalytic cracking, alkylation, cracking, solvent deasphalting, facilities include crude distilling, we own an 18.75 percent interest. train facility includes crude alkylation, hydrocracking, hydrodesulfurization, and hydrodesulfurization and naphtha reforming, fluid catalytic Facilities include crude distilling, distilling, naphtha reforming, hydrodesulfurization and delayed aromatics units, as well as alkylation units. The complex cracking, hydrodesulfurization, naphtha reforming, fluid catalytic fluid catalytic cracking, coking units. Facilities also include access to the on-site vacuum also includes a polypropylene thermal cracking and delayed cracking, petroleum coking and alkylation, hydrodesulfurization, a specialty coker and calciner. tower and delayed coking unit, plant with the capacity to coking units. The refinery has calcining, hydrodesulfurization, aromatics and delayed coking The refinery processes a mixture which is an asset owned by produce up to 775 million two coking units with associated isomerization, ethyl tert-butyl units. It processes mainly of light to heavy, low- and high- Phillips 66 Partners. Sweeny pounds per year. The refinery calcining plants, which produce ether and alkylation units. light and medium, low-sulfur sulfur and low- and high-acid processes heavy, high-sulfur processes mainly light and high-value graphite and anode Phillips 66 processes mainly crude oil. The refinery receives crude oils. It receives domestic, crude oil and some light, low- medium, low-sulfur crude oil. petroleum cokes. It processes light, medium sweet and medium domestic crude oil through a Canadian and other foreign crude sulfur crude oil. Domestic, Foreign crude oil is supplied crude oil supplied primarily from sour crude oil in its share of the combination of pipelines, marine oil through truck, pipeline, marine Canadian and other foreign to the refinery by tanker, and the North Sea and includes light, refinery. Crude oil is delivered to the transportation and terminals. transportation and terminals, crude oil is transported by truck, including the Beaumont and pipeline, marine transportation domestic crude oil is supplied low- and medium-sulfur and refinery by a cross-country pipeline The refinery produces a high Clifton Ridge terminals and the and terminals. through a combination of rail and acidic crude oil. from the port of Trieste, Italy. percentage of transportation marine transportation. Within the Bayou Bridge Pipeline. Humber produces a high MiRO produces a high fuels. Other products include The refinery produces a high refinery, Phillips 66 Partners has a percentage of transportation percentage of transportation petrochemical feedstocks, Lake Charles produces a high percentage of transportation rail receiving facility with 75,000 fuels. It is the only coking refinery fuels. Other products include home heating oil and anode- percentage of transportation fuels. Other products include BPD of offloading capacity. in the United Kingdom, and a petrochemical feedstocks, grade petroleum coke. Refined fuels. Other products include petrochemical feedstocks, heating The refinery produces a high major producer of specialty home heating oil, bitumen, products are distributed to off-road diesel, home heating oil and petroleum coke. The percentage of transportation graphite cokes and anode coke. anode-grade petroleum coke customers in the southeastern oil, feedstock for our Excel refinery receives crude oil by fuels, as well as petrochemical Approximately 70 percent of the and petroleum coke. Refined and eastern United States Paralubes joint venture, specialty pipeline and via tankers, through feedstocks, residual fuel oil light oils produced by the refinery products are distributed through major pipeline systems graphite petroleum coke terminals on the Gulf Coast, and home heating oil. Refined are distributed to customers in to customers in Germany, and by barge. Refined products and petroleum coke. Refined including a deepwater terminal products are distributed to East the United Kingdom by pipeline, Switzerland and Austria by are exported primarily to Latin products are distributed in the at Freeport. Refined products Coast customers by pipeline, rail car and truck, while the other truck, rail car and barge. America by waterborne cargo. southeastern and eastern United are distributed throughout the barge, rail car and truck. products are exported to the rest States by truck, rail car, barge or Midcontinent region, southeastern ^Mineraloelraffinerie Oberrhein GmbH of Europe, West Africa and the *Capacities reflect Phillips 66 equity share. pipelines and exported to Latin and eastern United States by United States. America and West Africa. pipeline, barge and rail car. Refined products are also exported to Latin 2018 PHILLIPS 66 FACT BOOK America by waterborne cargo. 24 25 CENTRAL CORRIDOR

WOOD RIVER REFINERY BORGER REFINERY BILLINGS REFINERY PONCA CITY REFINERY PONCA CITY REFINERY

(MBD) (MBD) (MBD) (MBD) GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT WRB REFINING LP (WRB) CAPACITY* CAPACITY* CAPACITY* CAPACITY* CAPACITY CAPACITY CAPACITY CAPACITY Phillips 66 is the operator and managing partner of WRB, a 50/50 85 157 50 73 35 60 120 203 joint venture with Cenovus Energy Inc., which owns the Wood River and DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT Borger refineries. CAPACITY* CAPACITY* CAPACITY* CAPACITY* CAPACITY CAPACITY CAPACITY CAPACITY 60 166 30 90 30 67 95 220

NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT COMPLEXITY YIELD COMPLEXITY YIELD COMPLEXITY YIELD COMPLEXITY YIELD FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) 12.0 81 12.5 91 13.6 90 9.1 93

The Wood River Refinery is The Borger Refinery is located The Billings Refinery is located The Ponca City Refinery is located in Roxana, Illinois, about in Borger, Texas, in the Texas in Billings, Montana. Its facilities located in Ponca City, Oklahoma, 15 miles northeast of St. Louis, Panhandle, approximately 50 include crude distilling, naphtha approximately 95 miles Missouri, at the confluence of the miles north of Amarillo, Texas. reforming, fluid catalytic cracking, northwest of Tulsa, Oklahoma. Mississippi and Missouri rivers. Refinery facilities include crude alkylation, hydrodesulfurization Its facilities include crude Refinery facilities include crude distilling, naphtha reforming, and delayed coking units. The distilling, naphtha reforming, distilling, naphtha reforming, fluid catalytic cracking, alkylation, refinery processes a mixture of fluid catalytic cracking, fluid catalytic cracking, hydrodesulfurization and Canadian heavy, high-sulfur crude alkylation, hydrodesulfurization alkylation, hydrocracking, delayed coking units, as well as oil delivered by pipeline, and and delayed coking units. The hydrodesulfurization and an NGL fractionation facility. domestic crude oil delivered by refinery processes a mixture of delayed coking units. The The refinery processes primarily truck. With the startup of a new light, medium and heavy crude refinery processes a mixture of medium sour crude oil produced vacuum distillation unit in 2017, oil delivered via pipeline from light, low-sulfur; heavy, high- locally, and heavy sour crude oil the refinery has 100 percent heavy Oklahoma, Texas, New Mexico, sulfur; and high-acid crude oil. produced in Canada, all of which crude processing capability. the U.S. Rockies and Canada. The crude supply is sourced are delivered by pipeline. The refinery produces a high Infrastructure improvements domestically or from Canada. Borger produces a high percentage of transportation fuels have enabled the delivery of Wood River produces a high percentage of transportation and petroleum coke. Finished locally produced crude oil by percentage of transportation fuels, as well as petroleum coke, petroleum products are distributed pipeline and truck. fuels. Other products include NGLs and solvents. Refined by pipeline, rail car and truck. The refinery produces a high petrochemical feedstocks, products are distributed to Pipelines transport most of the percentage of transportation asphalt and petroleum coke. customers via pipelines from refined products to markets in fuels and anode-grade petroleum Refined products are distributed the refinery to West Texas, Montana, Wyoming, Idaho, Utah, coke. Refined products to customers by pipeline, rail car, New Mexico, Colorado and the Colorado and Washington. are primarily distributed to barge and truck and are shipped Midcontinent region. customers by company-owned to markets throughout the and common carrier pipelines Midcontinent region. *Capacities reflect Phillips 66 equity share. to markets throughout the Midcontinent region. *Capacities reflect Phillips 66 equity share.

2018 PHILLIPS 66 FACT BOOK 26 27 WEST COAST

FERNDALE REFINERY LOS ANGELES REFINERY SAN FRANCISCO REFINERY

(MBD) (MBD) (MBD) GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY 65 105 85 139 60 120 REFINING YIELD-ENHANCING DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL PROJECTS, COMPLETED IN 2017 PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT AND 2018, ARE EXPECTED TO CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY DELIVER A COMBINED 25,000 35 121 65 165 65 140 BPD OF ADDITIONAL CLEAN NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT PRODUCTS BY THE END OF 2018. COMPLEXITY YIELD COMPLEXITY YIELD COMPLEXITY YIELD FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) 7.2 81 14.3 90 14.3 85

The Ferndale Refinery is located The Los Angeles Refinery The San Francisco Refinery on Puget Sound in Ferndale, consists of two linked facilities consists of two facilities linked Washington, approximately 20 located five miles apart in Carson by a 200-mile pipeline. The miles south of the U.S.-Canada and Wilmington, California. The Santa Maria facility is located in border. Facilities include crude Carson facility processes crude Arroyo Grande, California, 200 distillation, naphtha reforming, oil, and the Wilmington facility miles south of San Francisco, fluid catalytic cracking, alkylation upgrades the intermediate California, while the Rodeo and hydrodesulfurization units. products to finished products. facility is in the San Francisco It processes a variety crude oils, The facilities include crude Bay Area. Semi-refined liquid including Alaskan North Slope, distillation, naphtha reforming, products from the Santa Maria Canadian and other foreign fluid catalytic cracking, facility are shipped by pipeline to and U.S. shale crudes, primarily alkylation, hydrocracking and the Rodeo facility for upgrading delivered via marine vessel and delayed coking units. The into finished petroleum products. pipeline. Within the refinery is a refinery processes mainly heavy, Facilities include crude distillation, rail car crude oil receiving facility high-sulfur crude oil. It receives naphtha reforming, hydrocracking, with a capacity of 30,000 BPD. domestic crude oil by pipeline hydrodesulfurization and delayed This offloading facility, owned by from California, Canadian crude coking units, as well as a calciner. Phillips 66 Partners, makes the via rail, and both foreign and The San Francisco Refinery receipt of additional crude by domestic crude oil by tanker processes a mixture of heavy, high- rail car possible. through a third-party terminal in sulfur and light sweet crude oil. the Port of Long Beach. It receives California crude oil by The refinery produces a high pipeline, and both domestic and percentage of transportation The refinery produces a high foreign crude oil by tanker. fuels. Other products include percentage of transportation residual fuel oil, which is fuels. The refinery produces The refinery produces a high supplied to the northwest CARB-grade gasoline. Other percentage of transportation fuels. marine bunker fuel market. Most products include petroleum coke. It also produces CARB-grade refined products are distributed Refined products are distributed gasoline. Other products include to customers by pipeline and to California, Nevada and Arizona petroleum coke. The majority barge to major markets in the by pipeline and truck. of the refined products are northwestern United States. distributed to California by pipeline and barge. Additional refined products are also exported to Latin

WOOD RIVER REFINERY America by waterborne cargo. 2018 PHILLIPS 66 FACT BOOK 28 29 MARKETING AND SPECIALTIES

Our M&S segment markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. In addition, this segment includes the manufacturing and AT DECEMBER 31, 2017, OUR WHOLESALE OPERATIONS UTILIZED A NETWORK OF marketing of specialty products (such as base oils and lubricants), as well as power generation operations. MARKETERS OPERATING APPROXIMATELY

5,700 OUTLETS. PHILLIPS 66 BRANDED MARKETING SITE IN ST. LOUIS, MISSOURI

2018 PHILLIPS 66 FACT BOOK 30 31 MARKETING fuel arrangements with several for our Phillips 66, 76 and Conoco At December 31, 2017, we had PREMIUM COKE, LUBRICANTS UNITED STATES marketers whereby we own the fuel brands. During 2017, we revitalized 1,324 marketing outlets in our POLYPROPYLENE & SOLVENTS We manufacture and sell In the United States, as of inventory and pay the marketers a over 400 sites with our signature European operations, of which 993 We market high-quality graphite and automotive, commercial, industrial December 31, 2017, we marketed fixed monthly fee. image. Since the program’s were company-owned and 331 anode-grade petroleum cokes in and specialty lubricants, which were dealer-owned. In addition, gasoline, diesel and aviation fuel In the Gulf Coast and East Coast inception in 2015, we have re- the United States, Europe and Asia are marketed worldwide under the through our COOP joint venture through approximately 7,550 regions, most sales are conducted imaged close to 1,300 sites. for use in a variety of industries that Phillips 66, Kendall and Red Line operations in Switzerland, we have independently owned outlets in via unbranded sales, which do not INTERNATIONAL include steel, aluminum, titanium brands, as well as other private interests in 306 additional sites. 48 states. These sites utilize the require a highly integrated marketing We have marketing operations dioxide and battery manufacturing. label brands. We also market Phillips 66, Conoco or 76 brands. and distribution infrastructure to in four European countries. Our We continue to grow and generate We also market polypropylene Group II Pure Performance base At Dec. 31, 2017, our wholesale secure product placement for European marketing strategy is high returns in European Marketing in North America under the oils globally, and import and market operations utilized a network of refinery pull through. We are to sell primarily through owned, through our branded JET and COOP COPYLENE brand name for use Group III Ultra-S base oils through marketers operating approximately expanding our export capability at leased or joint venture retail sites retail businesses. These are high- in consumer products and market an agreement with South Korea’s 5,700 outlets. our U.S. coastal refineries to meet using a low-cost, high-volume volume, efficient operations with specialty solvents that include S-Oil corporation. pentane, iso-pentane, hexane, We place a strong emphasis on the growing international demand and approach. We use the JET strong market share in Germany, heptane and odorless mineral OTHER wholesale channel of trade because increase flexibility to provide product brand name to market retail and Austria and Switzerland. During spirits for use in the petrochemical, POWER GENERATION of its lower capital requirements. In to the highest-value markets. wholesale products in Austria, 2017, we completed construction of agriculture and consumer markets. We own a cogeneration power addition, we hold brand-licensing Germany and the United Kingdom. 30 new JET branded sites and 12 In addition to automotive gasoline plant located adjacent to the agreements covering approximately In addition, a joint venture in which new COOP sites. EXCEL PARALUBES and diesel, we produce and market Sweeny Refinery. The plant 1,050 sites. Our refined products we have an equity interest markets We own a 50 percent interest in jet fuel and aviation gasoline. generates electricity and provides are marketed on both a branded products in Switzerland under the SPECIALTIES Excel Paralubes, a joint venture process steam to the refinery, as and unbranded basis. At December 31, 2017, aviation COOP brand name. We manufacture and sell a variety that owns a hydrocracked lubricant well as merchant power to the gasoline and jet fuel were sold of specialty products, including base oil manufacturing plant A high percentage of our branded We also market aviation fuels, Texas market. The plant has a net through dealers and independent petroleum coke products, waxes, located adjacent to the Lake marketing sales are made in the LPG, heating oils, transportation electrical output of 440 megawatts marketers at approximately 800 solvents and polypropylene. Certain Charles Refinery. The facility has Midcontinent, Rockies and West fuels, marine bunker fuels, and is capable of generating up Phillips 66 branded locations in manufacturing operations are a nameplate capacity to produce Coast regions, where our wholesale bitumen and fuel coke specialty to 3.6 million pounds per hour of the United States. included in the Refining segment, 22,200 BPD of high-quality, clear marketing operations provide products to commercial customers process steam. while the marketing function for hydrocracked base oils. The facility’s efficient off-take from our refineries. In the United States, we successfully and into bulk or spot markets in these products is included in the feedstock is sourced primarily from We continue to utilize consignment rolled out a signature image design the above countries. Specialties business. our Lake Charles Refinery. JET BRANDED MARKETING SITE IN HAMBURG, GERMANY CONOCO BRANDED MARKETING SITE IN HOUSTON, TEXAS

2018 PHILLIPS 66 FACT BOOK 32 33 76 BRANDED MARKETING SITE IN CHINO HILLS, CALIFORNIA SIGNATURE IMAGE. SITES WITHOUR 1,700 REVITALIZED OVER SINCE 2015,WEHAVE 34 trademarks oftheirrespective owners. wholly ownedsubsidiary. Othernames andlogosmentionedhereinarethe respective logosare registeredtrademarksofPhillips66Company ora Phillips 66®,Conoco®, 76®,Kendall®,RedLine®,JET®and their visiting investor.phillips66.com. An electronicfileofthisFactBook canbeobtainedby capacity andcapabilitytoproducehigher-valueproducts. higher arefinery’s factor, the greateritssecondaryconversion capacity ofthedifferent processingunitswithinarefinery. The Complexity Factorcalculationconsidersthevarietyand Distillate capacityincludesaviationfuels. The Nelson DATA www.phillips66.com/newsroom [email protected] 855-841-2368 Media Relations investor.phillips66.com [email protected] 800-624-6440 Investor Relations Wilmington, DE19808 251 LittleFallsDrive Houston, TX 77242-1959 P.O. Box421959 Phillips 66 PRINCIPAL AND REGISTEREDOFFICES CONTACT INFORMATION COMMONLY USEDABBREVIATIONS UNITS OFMEASURE MMLB/Y MMcf/d MMBbl MMBD PADD CARB Bcf/d MBbl Mcfd MBD NGL BPD LPG Bcf

California AirResourcesBoard Petroleum AdministrationforDefenseDistricts Natural gasliquids Liquefied petroleumgas Barrels perday Millions ofbarrels Thousands ofcubicfeetperday Thousands ofbarrelsperday Thousands ofbarrels Billions ofcubicfeetperday Billion cubicfeet Millions ofpoundsperyear Millions ofcubicfeetperday Millions ofbarrelsperday

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