2019 Fact Book

FACT BOOK | ON THE COVER Wood River Refinery ROXANA, IL

TABLE OF CONTENTS

1 OUR BUSINESSES 2 OUR STRATEGY 4 MIDSTREAM 16 CHEMICALS 22 REFINING 30 MARKETING AND SPECIALTIES

| Sweeny Refinery OLD OCEAN, TX 2019 PHILLIPS 66 FACT BOOK 1

OUR BUSINESSES

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, 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, Texas, Phillips 66 has 14,300 employees committed to safety and operating excellence.

MIDSTREAM REFINING Our Midstream segment provides Our Refining segment refines crude crude oil and refined product oil and other feedstocks into transportation, terminaling and petroleum products such as gasoline, processing services, as well as NGL distillates and aviation fuels at 13 and LPG transportation, storage, refineries in the United States and processing and marketing services, Europe. Our Refining business mainly in the United States. This focuses on operating excellence and segment includes our master limited margin enhancement. partnership, Phillips 66 Partners, as well as our 50 percent equity investment in DCP Midstream, LLC. 2.2 million BPD of crude throughput capacity 21,000 miles of pipeline systems

CHEMICALS MARKETING AND The Chemicals segment consists SPECIALTIES of our 50 percent joint venture Our Marketing and Specialties interest in Chevron Phillips segment markets refined petroleum Chemical Company LLC (CPChem), products such as gasoline, which manufactures and markets distillates and aviation fuels, mainly petrochemicals and plastics in the United States and Europe. worldwide. CPChem has cost- The segment also includes the advantaged assets concentrated in manufacturing and marketing of North America and the Middle East. specialty products such as base oils and lubricants. 16 North American facilities 7,520 branded U.S. outlets 5 Middle East facilities 1,630 branded international outlets OUR STRATEGY

The Phillips 66 strategic priorities of growth, returns and distributions are supported by a strong foundation of operating excellence and our high-performing organization. We believe our strategy creates long-term shareholder value. We made progress executing our key strategic priorities during 2018, achieving numerous milestones and successes.

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

OPERATING EXCELLENCE HIGH-PERFORMING ORGANIZATION Committed to safety, reliability and Building capability, pursuing excellence environmental stewardship while protecting and doing the right thing shareholder value 2019 PHILLIPS 66 FACT BOOK 3

| Ponca CIty Refinery Butane Spheres PONCA CITY, OK MIDSTREAM

The Midstream segment consists of three business lines:

TRANSPORTATION NGL AND OTHER DCP MIDSTREAM Transports crude oil and other Transports, stores, fractionates, Gathers, processes, transports and feedstocks to our refineries and exports and markets NGL markets natural gas and transports, other locations, delivers refined and provides other fee-based fractionates and markets NGL. petroleum products to market, processing services. and provides terminaling and storage services for crude oil and refined petroleum products. 2019 PHILLIPS 66 FACT BOOK 5

| Freeport Terminal LPG Facility FREEPORT, TX PHILLIPS 66 PARTNERS Phillips 66 Partners, headquartered in Houston, Texas, is an MLP we formed in 2013 to own, operate, develop and acquire primarily fee-based midstream assets. At Dec. 31, 2018, we owned a 54 percent limited partner interest and a 2 percent general partner interest in Phillips 66 Partners, while the public owned a 44 percent limited partner interest and 13.8 million perpetual convertible preferred units. Phillips 66 Partners’ operations currently consist of crude oil, refined petroleum product and NGL transportation, processing, terminaling and storage assets that are geographically dispersed throughout the United States. The majority of Phillips 66 Partners’ assets are integral to Phillips 66 operated refineries. The assets of Phillips 66 Partners are included in Midstream’s Transportation and NGL and Other business lines, based on the nature of the activity within the partnership.

100% PSXP Public Common Ownership (NYSE:PSX) Unitholders Interest

Phillips 66 Partners GP LLC (PSXP GENERAL PARTNER) 54% 44% General Partner Units Limited Partner Limited Partner Interest Interest IDR's

2% General Partner Interest (NYSE:PSXP)

Operating Subsidiaries

Joint Ventures

As of Dec. 31, 2018. Public also owns 13.8 million convertible preferred units. 2019 PHILLIPS 66 FACT BOOK 7

TRANSPORTATION We own or lease various assets to provide transportation, terminaling and storage services. These assets include crude oil, refined petroleum product, NGL, and natural gas pipeline systems; crude oil, refined petroleum product and NGL terminals; a petroleum coke handling facility; marine vessels; railcars and trucks.

PIPELINES AND TERMINALS As of Dec. 31, 2018, The Gray Oak Pipeline system will provide crude oil our Transportation business managed over: transportation from the Permian Basin and Eagle Ford to destinations in Corpus Christi, Texas, and the Sweeny, Texas, area, including the Sweeny Refinery. The planned 21,000 capacity of the pipeline is 900,000 BPD, and it is miles of crude oil, refined petroleum product, NGL expected to be in service by the end of 2019. Phillips 66 and natural gas pipeline Partners has a 42.25 percent ownership in the pipeline. systems in the United States, including those partially owned or operated by our affiliates 39 owned or operated refined petroleum product terminals 20 crude oil terminals 4 NGL terminals

1 petroleum coke exporting facility and various other storage and loading | Gray Oak Pipeline Construction of the Crude Oil Storage Facility TAFT, TX locations

Phillips 66 Partners owns a 25 percent interest in the South Texas Gateway Terminal, which will connect to the Gray Oak Pipeline in Corpus Christi, Texas. The marine terminal, under development by a co-venturer, will have two deepwater docks and storage capacity of 7 million barrels. The terminal is expected to start up by mid-2020. The Beaumont Terminal in Nederland, Texas, is the largest terminal in the Phillips 66 portfolio. During 2018, we continued to invest in the terminal by adding 3.5 million barrels of crude oil storage capacity. At Dec. 31, 2018, the terminal storage capacity was 14.6 million barrels, which included 10.9 million barrels of storage capacity for crude oil and 3.7 million barrels of storage capacity for refined petroleum products. A further expansion of 2.2 million barrels of crude oil capacity is planned for completion in the first quarter of 2020. The Bayou Bridge Pipeline joint venture delivers crude oil from Nederland, Texas, to Lake Charles, Louisiana. Phillips 66 Partners has a 40 percent interest in the joint venture, and our co-venturer serves as the operator. An extension of the pipeline from Lake Charles to St. James, Louisiana, was completed and began service in March 2019. The pipeline has a capacity of approximately 480,000 BPD. Phillips 66 announced in June 2019 that it is proceeding with construction of the Red Oak Pipeline system. The primarily 30-inch pipeline system will provide crude oil transportation from Cushing, Oklahoma, and West Texas to Corpus Christi, Ingleside, Houston and Beaumont, Texas. Red Oak is underpinned with long-term shipper volume commitments. Initial service from Cushing to the Gulf Coast is targeted to commence as early as the first quarter of 2021. Phillips 66 will own a 50 percent interest in the pipeline system. Phillips 66 announced in June 2019 that it is proceeding with construction of the Liberty Pipeline. The 24- inch pipeline will provide crude oil transportation from the Rockies and Bakken production areas to Cushing, Oklahoma. From Cushing, shippers can access multiple Gulf Coast destinations, including Corpus Christi, Ingleside, Beaumont and Houston, Texas. Liberty is underpinned with long-term shipper volume commitments. Initial service on the pipeline is targeted to commence as early as the first quarter of 2021. Phillips 66 will own a 50 percent interest in the pipeline system. MARINE VESSELS At Dec. 31, 2018, we had 13 international-flagged crude oil, refined petroleum product and NGL tankers and two Jones Act-compliant tankers under time charter contracts, with capacities ranging in size from 300,000 to 1,100,000 barrels. Additionally, we had a variety of inland and offshore tug/barge units. These vessels are used primarily to transport crude oil and other feedstocks and refined petroleum products for certain of our refineries. In addition, the NGL tankers are used to export propane and butane from our fractionation, transportation and storage facilities.

TRUCK AND RAIL Our truck and rail fleets support our feedstock and distribution operations. Rail movements are provided via a fleet of more than 10,000 owned and leased railcars. Truck movements are provided through numerous third- | Sweeny Refinery Railcar Area OLD OCEAN, TX party trucking companies, as well as through our wholly owned subsidiary, Sentinel Transportation LLC. 2019 PHILLIPS 66 FACT BOOK 9

NGL AND OTHER Our NGL and Other business includes the following: A U.S. Gulf Coast NGL market hub comprised of the Freeport LPG Export Terminal and Phillips 66 Partners' 100,000 BPD Sweeny Fractionator. These assets are supported by 9 million barrels of gross capacity at Phillips 66 Partners' Clemens Caverns storage facility. We refer to these facilities as the “Sweeny Hub.” A 22.5 percent interest in Gulf Coast Fractionators, which owns an NGL fractionation plant in Mont Belvieu, Texas. We operate the facility, and our net share of its capacity is 32,625 BPD. A 12.5 percent undivided interest in a fractionation plant in Mont Belvieu, Texas. Our net share of its capacity is 30,250 BPD. A 40 percent undivided interest in a fractionation plant in Conway, Kansas. Our net share of its capacity is 43,200 BPD. Phillips 66 Partners owns the River Parish NGL logistics system in southeast Louisiana, comprising approximately 500 miles of pipeline and a storage cavern connecting multiple fractionation facilities, refineries and a petrochemical facility. Phillips 66 Partners owns a direct one-third interest in both the DCP Sand Hills Pipeline, LLC (Sand Hills) and DCP Southern Hills Pipeline, LLC, which own NGL pipeline systems that connect the Permian Basin, Eagle Ford and Midcontinent production areas to the Sweeny and Mont Belvieu, Texas, market hubs. Phillips 66 Partners, through its ownership of Merey Sweeny LLC, owns a 125,000 BPD capacity vacuum distillation unit and a 70,000 BPD capacity delayed coker unit located at our Sweeny Refinery in Old Ocean, Texas. Phillips 66 Partners’ Sweeny Fractionator is located adjacent to our Sweeny Refinery in Old Ocean, Texas, and supplies purity ethane to the petrochemical industry and purity NGL to domestic and global markets. Raw NGL supply to the fractionator is delivered from nearby major pipelines, including the Sand Hills Pipeline. The fractionator is supported by significant infrastructure, including connectivity to two NGL supply pipelines, a pipeline connecting to the Mont Belvieu market center and the Clemens Caverns storage facility with access to our LPG export terminal in Freeport, Texas. The Freeport LPG Export Terminal leverages our fractionation, transportation and storage infrastructure to supply petrochemical, heating and transportation markets globally. The terminal can simultaneously load two ships with refrigerated propane and butane at a combined rate of approximately 36,000 barrels per hour. In support of the terminal, we have a 100,000 BPD unit near the Sweeny Fractionator to upgrade domestic propane for export. The terminal exports propane, butane and natural gasoline (C5+). At the Sweeny Hub, we are constructing two 150,000 BPD NGL fractionators and associated pipeline infrastructure, and Phillips 66 Partners is adding 6 million barrels of storage capacity at Clemens Caverns. DCP Midstream has committed to supply the fractionators with raw NGL and has an option to acquire up to a 30 percent ownership interest in the fractionators. Upon completion of the expansion, expected in late 2020, the Sweeny Hub will have 400,000 BPD of NGL fractionation capability and 15 million barrels of storage capacity at Clemens Caverns.

| Clemens Terminal Brine Ponds OLD OCEAN, TX DCP MIDSTREAM Our Midstream segment includes our 50 percent equity investment in DCP Midstream, which is headquartered in Denver, Colorado. As of Dec. 31, 2018, DCP Midstream owned or operated 12 NGL fractionation plants, along with natural gas and NGL storage facilities and NGL pipelines. The residual natural gas, primarily methane, which results from processing raw natural gas, is sold by DCP Midstream at market-based prices to marketers and end users, including large industrial companies, natural gas distribution companies and electric utilities. DCP Midstream purchases or takes custody of substantially all of its raw natural gas from producers, principally under contractual arrangements that expose DCP Midstream to the prices of NGL, natural gas and condensate. DCP Midstream also has fee-based arrangements with producers to provide midstream services such as gathering and processing. In addition, DCP Midstream markets a portion of its NGL to us and our equity affiliates under existing contracts.

Active Processing Capacity (Bcf/d)

As of Dec. 31, 2018, DCP Midstream owned or DJ BASIN operated:

1.0 49 active natural gas processing facilities, with a net processing capacity of approximately 6.7 Bcf/d. PERMIAN MIDCONTINENT DCP Midstream's owned 1.3 1.8 or operated natural gas pipeline systems included gathering services for these facilities, as well as natural gas transmission, and totaled approximately 62,000 miles of pipeline.

SOUTH 2.3

DCP Midstream Pipelines Phillips 66 Refinery Oil and Gas Basins 2019 PHILLIPS 66 FACT BOOK 11

During 2018, DCP Midstream completed or advanced the following GROWTH PROJECTS:

Continued construction of the 300 MMcf/d O'Connor 2 natural gas processing facility Construction of the 200 MMcf/d and associated gathering Mewbourn 3 natural gas infrastructure in the processing plant located in the DJ Denver-Julesburg (DJ) Basin. Basin was completed in the third The O'Connor 2 facility will quarter of 2018. have 200 MMcf/d of processing capacity and up to 100 MMcf/d of bypass capacity, which are expected to be placed into Expansion of the Sand Hills service in the second and third Pipeline to 485,000 BPD was quarters of 2019, respectively. completed in the fourth quarter of 2018. This expansion included a partial looping of the pipeline and Development of the Gulf Coast the addition of new pump stations. Express pipeline project During the first quarter of 2019, the (GCX project), in which DCP capacity was further increased to Midstream owns a 25 percent 500,000 BPD through successful interest. The GCX project optimization efforts. is designed to transport up to approximately 2 Bcf/d of natural gas to the Gulf Coast The Cheyenne Connector markets. The mostly 42-inch pipeline will provide takeaway pipeline would traverse solutions with capacity of at least approximately 500 miles and be 600 MMcf/d for DCP Midstream's placed in service in the fourth DJ Basin assets, connecting quarter of 2019. natural gas to Rockies Express Pipeline LLC's Cheyenne Hub, where it can then be delivered to numerous markets across the country. DCP Midstream holds an option to invest in this pipeline at a later date.

| DCP Midstream LLC Ashwood Pump Station BAY CITY, TX Phillips 66 Ownership Interest in Major Pipeline Systems as of Dec. 31, 2018

CRUDE ORIGINATION / TERMINUS INTEREST LENGTH GROSS CAPACITY OIL (%) (Miles) (MBD)

Bakken Pipeline † North Dakota/Texas 25 1,915 525 Bayou Bridge † Texas/Louisiana 40 49 480 Clifton Ridge † Louisiana 100 10 260 CushPo † Oklahoma 100 62 130 Eagle Ford Gathering † Texas 100 28 54 Glacier † Montana 79 865 126 Line 100 California 100 79 54 Line 200 California 100 228 93 Line 300 California 100 61 48 Line 400 California 100 153 40

Line O † Oklahoma/Texas 100 276 37 Louisiana Crude Gathering Louisiana 100 80 25

New Mexico Crude † New Mexico/Texas 100 227 106 North Texas Crude † Texas 100 224 28 Oklahoma Crude † Texas/Oklahoma 100 217 100 Sacagawea † North Dakota 50 95 175 STACK PL † Oklahoma 50 149 250 Sweeny Crude Texas 100 56 265

West Texas Crude † Texas 100 1,064 156

ORIGINATION / TERMINUS INTEREST LENGTH GROSS CAPACITY NGL (%) (Miles) (MBD)

Blue Line Texas/Illinois 100 688 29

Brown Line † Oklahoma/Kansas 100 76 26 Chisholm Oklahoma/Kansas 50 202 42 Conway to Wichita Kansas 100 55 38

Medford † Oklahoma 100 42 10 Powder River Wyoming/Texas 100 705 14

River Parish NGL † Louisiana 100 510 133 Sand Hills † Texas 33 1,466 485 Skelly-Belvieu Texas 50 571 45

Southern Hills † Kansas/Texas 33 941 192 Sweeny LPG Texas 100 232 942 Sweeny NGL Texas 100 18 204 TX Panhandle Y1/Y2 Texas 100 289 61

NATURAL ORIGINATION / TERMINUS INTEREST LENGTH GROSS CAPACITY GAS (%) (Miles) (Bcf/d)

Rockies Express**

East to West Ohio/Illinois 25 670 2.60

West to East Colorado/Ohio 25 1,712 1.80 2019 PHILLIPS 66 FACT BOOK 13

REFINED ORIGINATION / TERMINUS INTEREST LENGTH GROSS CAPACITY PETROLEUM (%) (Miles) (MBD) PRODUCTS ATA Line † Texas/New Mexico 50 293 34 Borger to Amarillo † Texas 100 93 76 Borger-Denver Texas/Colorado 70 397 38

Cherokee East † Oklahoma/Missouri 100 287 55 Cherokee North † Oklahoma/Kansas 100 29 57 Cherokee South † Oklahoma 100 98 46 Cross Channel Connector † Texas 100 5 180 Explorer † Texas/Indiana 22 1,830 660 Gold Line † Texas/Illinois 100 686 120 Harbor New Jersey 33 80 171 Heartland* Kansas/Iowa 50 49 30 LAX Jet Line California 50 19 50 Los Angeles Products California 100 22 112

Paola Products † Kansas 100 106 96 Pioneer Wyoming/Utah 50 562 63 Richmond California 100 14 26

SAAL † Texas 33 102 33 SAAL † Texas 54 19 30 Seminoe † Montana/Wyoming 100 342 33 Standish † Oklahoma/Kansas 100 92 72 Sweeny to Pasadena † Texas 100 120 294 Torrance Products California 100 8 161 Watson Products Line California 100 9 238 Yellowstone Montana/Washington 46 710 66

† Owned by Phillips 66 Partners; Phillips 66 held a 56 percent ownership interest in Phillips 66 Partners at Dec. 31, 2018. * Total pipeline system is 419 miles. Phillips 66 has an ownership interest in multiple segments totaling 49 miles. ** 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.

| Johnson's Corner Terminal MCKENZIE COUNTY, ND Phillips 66 Ownership Interest in Finished Terminal and Storage Facilities as of Dec. 31, 2018

GROSS GROSS NAME LOCATION COMMODITY HANDLED INTEREST STORAGE RACK (%) CAPACITY CAPACITY (MBbl) (MBD)

Albuquerque † New Mexico Refined Petroleum Products 100 274 18 Amarillo † Texas Refined Petroleum Products 100 296 29 Crude Oil, Beaumont Texas 100 14,600 8 Refined Petroleum Products Billings Montana Refined Petroleum Products 100 88 16

Billings Crude † Montana Crude Oil 100 236 N/A Borger Texas Crude Oil 50 772 N/A Bozeman Montana Refined Petroleum Products 100 130 13

Buffalo Crude † Montana Crude Oil 100 303 N/A Casper † Wyoming Refined Petroleum Products 100 365 7 Clemens † Texas NGL 100 9,000 N/A Clifton Ridge † Louisiana Crude Oil 100 3,800 N/A Coalinga California Crude Oil 100 817 N/A Colton California Refined Petroleum Products 100 207 21

Cushing † Oklahoma Crude Oil 100 675 N/A Cut Bank † Montana Crude Oil 100 315 N/A Denver Colorado Refined Petroleum Products 100 310 43 Des Moines Iowa Refined Petroleum Products 50 217 15

East St. Louis † Illinois Refined Petroleum Products 100 2,031 78 Crude Oil, Freeport Texas Refined Petroleum Products, 100 3,624 N/A NGL Glenpool † Oklahoma Refined Petroleum Products 100 571 19 Great Falls Montana Refined Petroleum Products 100 198 12

Hartford † Illinois Refined Petroleum Products 100 1,468 25 Helena Montana Refined Petroleum Products 100 195 10

Jefferson City † Missouri Refined Petroleum Products 100 103 16 Jones Creek Texas Crude Oil 100 2,580 N/A Junction California Crude Oil 100 524 N/A

Kansas City † Kansas Refined Petroleum Products 100 1,410 66 Keene † North Dakota Crude Oil 50 503 N/A La Junta Colorado Refined Petroleum Products 100 109 10 LCPL Storage Louisiana Refined Petroleum Products 50 3,143 N/A Lincoln Nebraska Refined Petroleum Products 100 217 21

Linden † New Jersey Refined Petroleum Products 100 360 121 Los Angeles California Refined Petroleum Products 100 156 75

Lubbock † Texas Refined Petroleum Products 100 182 17 Medford Spheres † Oklahoma NGL 100 70 N/A Missoula Montana Refined Petroleum Products 50 365 29 Moses Lake Washington Refined Petroleum Products 50 216 13

Mount Vernon † Missouri Refined Petroleum Products 100 365 46 North Salt Lake Utah Refined Petroleum Products 50 755 41 North Spokane Washington Refined Petroleum Products 100 492 N/A 2019 PHILLIPS 66 FACT BOOK 15

GROSS GROSS NAME LOCATION COMMODITY HANDLED INTEREST STORAGE RACK (%) CAPACITY CAPACITY (MBbl) (MBD)

Odessa † Texas Crude Oil 100 521 N/A Crude Oil, Oklahoma City † Oklahoma 100 355 48 Refined Petroleum Products Palermo † North Dakota Crude Oil 70 235 N/A Paola † Kansas Refined Petroleum Products 100 978 N/A Pasadena † Texas Refined Petroleum Products 100 3,234 65 Pecan Grove † Louisiana Crude Oil 100 177 N/A Ponca City † Oklahoma Refined Petroleum Products 100 51 23 Ponca City Crude † Oklahoma Crude Oil 100 1,229 N/A Portland Oregon Refined Petroleum Products 100 650 33 Renton Washington Refined Petroleum Products 100 243 20 Richmond California Refined Petroleum Products 100 343 28

River Parish † Louisiana NGL 100 1,500 N/A Rock Springs Wyoming Refined Petroleum Products 100 132 19 Sacramento California Refined Petroleum Products 100 146 13 San Bernard Texas Refined Petroleum Products 100 231 N/A Santa Margarita California Crude Oil 100 398 N/A

Sheridan † Wyoming Refined Petroleum Products 100 94 15 Spokane Washington Refined Petroleum Products 100 351 24 Tacoma Washington Refined Petroleum Products 100 316 17 Crude Oil, Torrance California 100 2,128 N/A Refined Petroleum Products Tremley Point † New Jersey Refined Petroleum Products 100 1,701 25 Westlake Louisiana Refined Petroleum Products 100 128 16 Wichita Falls † Texas Crude Oil 100 225 N/A Wichita North † Kansas Refined Petroleum Products 100 769 19 Wichita South † Kansas Refined Petroleum Products 100 272 N/A

† Owned by Phillips 66 Partners; Phillips 66 held a 56 percent ownership interest in Phillips 66 Partners at Dec. 31, 2018.

| Clifton Ridge Marine Terminal Storage Tank CARLYSS, LA CHEMICALS

The Chemicals segment consists of our 50 percent equity investment in CPChem, which is headquartered in The Woodlands, Texas. At Dec. 31, 2018, CPChem owned or had joint venture interests in 28 manufacturing facilities located in Belgium, Colombia, Qatar, Saudi Arabia, Singapore and the United States. Additionally, CPChem has two research and development centers in the United States. 2019 PHILLIPS 66 FACT BOOK 17

| CPChem Polyethylene Units OLD OCEAN, TX CPChem has two primary business lines: Olefins and Polyolefins (O&P) and Specialties, Aromatics and Styrenics (SA&S). The O&P business line produces and markets ethylene and other olefin products. The ethylene produced is primarily used by CPChem to produce polyethylene, NAO and polyethylene pipe. The SA&S business line manufactures and markets aromatics and styrenics products, such as benzene, cyclohexane, styrene and polystyrene. SA&S also manufactures and/ or markets a variety of specialty chemical products including organosulfur chemicals, solvents, catalysts and chemicals used in drilling and mining. The manufacturing of petrochemicals and plastics involves the conversion of hydrocarbon-based raw material feedstocks into higher-value products, often through a thermal process referred to in the industry as “cracking.” For example, ethylene can be produced by cracking ethane, propane, butane, natural gasoline or certain refinery liquids, such as naphtha and gas oil. Ethylene is used primarily as a raw material in the production of plastics, such as PVC. Plastic resins, such as polyethylene, are manufactured in a thermal/ catalyst process, and the produced output is used as a further raw material for various applications, such as packaging and plastic pipe. During 2018, CPChem completed its U.S. Gulf Coast (USGC) Petrochemicals Project. The ethane cracker at CPChem's Cedar Bayou facility in Baytown, Texas, commenced operations in the second quarter of 2018. Along with the two polyethylene units that started up in the third quarter of 2017, the USGC project increased CPChem's global ethylene and polyethylene capacity by 31 percent from Jan. 1, 2017. Effective Jan. 1, 2019, the capacity of the ethane cracker increased to 1.7 million metric tons per year or 3.8 billion pounds per year.

| CPChem Railcar With Polyethylene OLD OCEAN, TX 2019 PHILLIPS 66 FACT BOOK 19

CPChem's Petrochemicals and Plastics Product Capacities as of Dec. 31, 2018*

U.S.* INTERNATIONAL* WORLDWIDE* O&P (MMLB/Y) (MMLB/Y) (MMLB/Y) Ethylene** 11,635 2,475 14,110 Propylene 2,675 505 3,180 High-density polyethylene 5,305 2,165 7,470 Low-density polyethylene 620 – 620 Linear low-density polyethylene 1,590 – 1,590 Polypropylene – 310 310 NAO 2,335 515 2,850 Polyalphaolefins 125 130 255 Polyethylene pipe 500 – 500 Total O&P 24,785 6,100 30,885

U.S.* INTERNATIONAL* WORLDWIDE* SA&S (MMLB/Y) (MMLB/Y) (MMLB/Y) Benzene 1,600 930 2,530 Cyclohexane 1,060 395 1,455 Styrene 1,050 825 1,875 Polystyrene 835 235 1,070 Specialty chemicals 440 135 575 Total SA&S 4,985 2,520 7,505

Total O&P and SA&S 29,770 8,620 38,390

* Capacities include CPChem's share in equity affiliates and excludes CPChem's NGL fractionation capacity. **Effective Jan. 1, 2019, the U.S. and Worldwide ethylene capacities increased to 11,935 million pounds per year and 14,410 million pounds per year, respectively.

| CPChem Polyethylene Processing Unit OLD OCEAN, TX CPChem's Product Capacities by Location as of Dec. 31, 2018

GROSS GROSS CPCHEM PRODUCTION PRODUCTION OWNERSHIP PRODUCTS UNITED STATES FACILITIES CAPACITY CAPACITY (%) (MMLB/Y) (kTA)

Cedar Bayou Facility, Baytown, TX 100 Ethylene 5,365 2,435 Propylene 1,030 465 LDPE 620 280 LLDPE 490 220 NAO 1,785 810 1-Hexene 550 250 PAO 125 58 70 HDPE 1,515 685 Sweeny Facility, Old Ocean, TX 100 HDPE 1,100 500 LLDPE 1,100 500 Sweeny Facility, Sweeny, TX 100 Ethylene 4,390 1,995 Propylene 870 395 Port Arthur Facility, Port Arthur, TX 100 Ethylene 1,880 855 Propylene 775 350 Cyclohexane 1,060 480 Pascagoula Facility, Pascagoula, MS 100 Benzene 1,600 725 Pasadena Plastics Complex, Pasadena, TX 100 HDPE 2,180 985 Orange Chemical Facility, Orange, TX 100 HDPE 970 440 Borger Facility, Borger, TX 100 Specialty Chemicals 380 175 Drilling Specialties, Conroe, TX 100 Drilling Specialties 59 27 Performance Pipe Division, seven locations 100 Performance Pipe 500 227 Americas Styrenics, St. James, LA 50 Styrene 2,100 955 Americas Styrenics, Torrance, CA 50 Polystyrene 330 150 Americas Styrenics, Allyn's Point, CT 50 Polystyrene 250 115 Americas Styrenics, Joliet, LA 50 Polystyrene 270 120 Americas Styrenics, Hanging Rock, OH 50 Polystyrene 400 180 Americas Styrenics, Marietta, OH 50 Polystyrene 420 190

| CPChem Storage in Transit (SIT) Yard OLD OCEAN, TX 2019 PHILLIPS 66 FACT BOOK 21

GROSS GROSS CPCHEM PRODUCTION PRODUCTION OWNERSHIP PRODUCTS INTERNATIONAL FACILITIES CAPACITY CAPACITY (%) (MMLB/Y) (kTA)

Beringen Facility, 100 PAO 130 60 Beringen, Belgium Tessenderlo Chemicals Facility, 100 Specialty Chemicals 135 60 Tessenderlo, Belgium Ethylene 1,150 520 Qatar Chemical Company LTD., 49 HDPE 1,010 460 Mesaieed, Qatar 1-Hexene 130 60 Ethylene 1,530 695 Qatar Chemical Company II LTD., 49 HDPE 770 350 Ras Laffan, Qatar NAO 760 345 Ethylene 450 205 Jubail Chevron Phillips Company, 50 Propylene 330 150 Jubail Industrial City, Saudi Arabia Styrene 1,650 750

Saudi Chevron Phillips Company, Benzene 1,865 845 50 Jubail Industrial City, Saudi Arabia Cyclohexane 790 360 Ethylene 2,690 1,220 Propylene 970 440

Saudi Polymers Company, HDPE 2,425 1,100 35 Jubail Industrial City, Saudi Arabia Polypropylene 880 400 Polystyrene 440 200 1-Hexene 220 100 Americas Styrenics, 50 Polystyrene 160 75 Cartegena, Colombia Chevron Phillips Singapore Chemical Pte. Ltd., 50 HDPE 880 400 Jurong Island, Singapore

CPChem's Global Locations and Ethylene Capacity (kTA)*

Worldwide 6,535

U.S. Middle East U.S. GULF 5,410 1,125 COAST

CPChem ethylene and/or polyethylene facility Third-party petrochemicals facility Phillips 66 and Phillips 66 Partners asset Phillips 66 and Phillips 66 Partners pipeline CPChem NGL pipeline DCP Midstream asset/pipeline MIDDLE Phillips 66 refinery EAST

* As of Jan. 1, 2019. Reflects new Cedar Bayou ethane Saudi Qatar cracker at 1,725 kTA (3,800 MMLB/Y). Arabia REFINING

Our Refining segment refines crude oil and other feedstocks into petroleum products (such as gasoline, distillates and aviation fuels) at 13 refineries in the United States and Europe.

| Wood River Refinery ROXANA, IL 2019 PHILLIPS 66 FACT BOOK 23

Primary Crude Oil Characteristics and Sources of Crude Oil

CHARACTERISTICS SOURCES MIDDLE MEDIUM HEAVY HIGH UNITED SOUTH REFINERY SWEET CANADA EUROPE EAST SOUR SOUR TAN* STATES AMERICA & AFRICA Bayway Humber MiRO Alliance Lake Charles Sweeny Wood River Borger Ponca City Billings Ferndale Los Angeles San Francisco

* High TAN (Total Acid Number): acid content greater than or equal to 1.0 milligram of potassium hydroxide (KOH) per gram.

In Refining, our focus is on maintaining safe and reliable operations, while being good environmental stewards. We practice cost and capital discipline. Our capital allocation strategy in Refining is to fund sustaining capital to maintain the integrity of our assets. We also selectively invest in high-return projects to improve our yield of higher-valued products and enhance our advantaged feedstock capability. During 2018, we completed projects to modernize the fluid catalytic cracking units at both the Bayway and Wood River refineries. At our Lake Charles Refinery, we completed crude unit modifications to run more cost-advantaged domestic crude. Phillips 66 Partners is also constructing a 25,000 BPD isomerization unit at the refinery to increase production of higher-octane gasoline blend components. A fluid catalytic cracker unit upgrade is underway at our Sweeny Refinery to increase production of high-value petrochemical products and higher-octane gasoline. ATLANTIC BASIN / EUROPE

BAYWAY REFINERY HUMBER REFINERY MiRO REFINERY^

(MBD) (MBD) (MBD) GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY* CAPACITY* 155 258 95 221 25 58 DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY* CAPACITY* 130 300 115 245 25 61

NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT COMPLEXITY YIELD COMPLEXITY YIELD COMPLEXITY YIELD FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) 7.7 92 11.8 81 8.1 87

The Bayway Refinery is located on The Humber Refinery is located on The MiRO Refinery is located on the the New York Harbor in Linden, New the east coast of England in North Rhine River in Karlsruhe, Germany, Jersey. Bayway's facilities include Lincolnshire, United Kingdom, approximately 95 miles south of crude distilling, naphtha reforming, approximately 180 miles north Frankfurt, Germany. MiRO is a fluid catalytic cracking, solvent of London. Humber's facilities joint venture in which we own an deasphalting, hydrodesulfurization include crude distilling, naphtha 18.75 percent interest. Facilities and alkylation units. The complex reforming, fluid catalytic cracking, include crude distilling, naphtha also includes a polypropylene plant hydrodesulfurization, thermal reforming, fluid catalytic cracking, with the capacity to produce up to cracking and delayed coking units. petroleum coking and calcining, 775 million pounds per year. The The refinery has two coking units hydrodesulfurization, isomerization, refinery processes mainly light and with associated calcining plants. ethyl tert-butyl ether and alkylation medium, low-sulfur crude oil. Foreign Humber is the only coking refinery in units. Phillips 66 processes mainly crude oil is supplied to the refinery the United Kingdom, and a producer light, medium sweet and medium by tanker, and domestic crude oil of high-quality specialty graphite and sour crude oil in our share of the is supplied through a combination anode-grade petroleum cokes. The refinery. Crude oil is delivered to the of rail and marine transport. Within refinery processes crude oil supplied refinery by a cross-country pipeline the refinery, Phillips 66 Partners has primarily from the North Sea and from the port of Trieste, Italy. a rail receiving facility with 75,000 includes light, low- and medium- MiRO produces a high percentage of BPD of offloading capacity. sulfur and acidic crude oil. transportation fuels. Other products The refinery produces a high The refinery also produces a high produced include petrochemical percentage of transportation fuels, percentage of transportation fuels. feedstocks, home heating oil, as well as petrochemical feedstocks, The majority of the light oils produced bitumen, and anode- and fuel-grade residual fuel oil and home heating by the refinery are distributed to petroleum cokes. Refined petroleum oil. Refined petroleum products are customers in the United Kingdom by products are distributed to customers distributed to East Coast customers pipeline, railcar and truck, while the in Germany, Switzerland and Austria by pipeline, barge, railcar and truck. other refined petroleum products by truck, railcar and barge. are exported to the rest of Europe, West Africa and the United States by ^ Mineraloelraffinerie Oberrhein GmbH waterborne cargo. * Capacities reflect Phillips 66 equity share 2019 PHILLIPS 66 FACT BOOK 25

GULF COAST

ALLIANCE REFINERY LAKE CHARLES REFINERY SWEENY REFINERY

(MBD) (MBD) (MBD) GASOLINE CRUDE GASOLINE CRUDE GASOLINE CRUDE PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY 130 250 100 249 135 265 DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY 120 278 115 290 120 314

The Alliance Refinery is located The Lake Charles Refinery is located The Sweeny Refinery is located in on the Mississippi River in Belle in Westlake, Louisiana, approximately Old Ocean, Texas, approximately Chasse, Louisiana, approximately 150 miles east of Houston, Texas. 65 miles southwest of Houston, 25 miles southeast of New Orleans, Refinery facilities include crude Texas. Refinery facilities include Louisiana. The single-train facility distilling, naphtha reforming, fluid crude distilling, naphtha reforming, includes crude distilling, naphtha catalytic cracking, alkylation, fluid catalytic cracking, alkylation, reforming, fluid catalytic cracking, hydrocracking, hydrodesulfurization hydrodesulfurization, aromatics units, alkylation, hydrodesulfurization, and delayed coking units. Refinery and a Phillips 66 Partners owned aromatics and delayed coking units. facilities also include a specialty delayed coking unit. The Sweeny The refinery processes mainly light coker and calciner. The Lake Charles Refinery processes heavy, high-sulfur and medium, low-sulfur crude oil and Refinery processes a mixture of light crude oil and some light, low-sulfur receives domestic crude oil through to heavy, low- and high-sulfur and crude oil. Domestic, Canadian and a combination of pipelines, marine low- and high-acid crude oils. The other foreign crude oil are transported transportation and terminals. refinery receives domestic, Canadian to the refinery by truck, pipeline, and other foreign crude oil through marine transportation and terminals. Alliance produces a high percentage truck, pipeline, marine transportation of transportation fuels. Other The refinery produces a high and terminals, including the Beaumont products produced include percentage of transportation fuels. and Clifton Ridge terminals and the petrochemical feedstocks, home Other products include petrochemical Bayou Bridge Pipeline. heating oil and anode-grade feedstocks, home heating oil and petroleum coke. A majority of the The refinery produces a high fuel-grade petroleum coke. A majority refined petroleum products are percentage of transportation fuels, as of the refined petroleum products are distributed to customers in the well as off-road diesel, home heating distributed to customers throughout southeastern and eastern United oil, feedstock for our Excel Paralubes the Midcontinent region, southeastern States through major common- joint venture, and specialty graphite and eastern United States by pipeline, carrier pipeline systems and and fuel-grade petroleum cokes. A barge and railcar. Additionally, refined by barge. Additionally, refined majority of the refined petroleum petroleum products are exported to petroleum products are exported to products are distributed to customers customers primarily in Latin America customers primarily in Latin America in the southeastern and eastern by waterborne cargo. by waterborne cargo. United States by truck, railcar, barge or major common carrier pipelines. Additionally, refined petroleum products are exported to customers primarily in Latin America and West Africa by waterborne cargo. CENTRAL CORRIDOR

WOOD RIVER REFINERY BORGER REFINERY

(MBD) (MBD) WRB Refining LP (WRB) GASOLINE CRUDE GASOLINE CRUDE PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT We are the operator and CAPACITY* CAPACITY* CAPACITY* CAPACITY* managing partner of WRB, a 50 percent-owned joint 85 167 50 75 venture that owns the DISTILLATE TOTAL DISTILLATE TOTAL Wood River and Borger PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT refineries. CAPACITY* CAPACITY* CAPACITY* CAPACITY* 60 180 30 92

NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT COMPLEXITY YIELD COMPLEXITY YIELD FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) 11.4 81 11.6 91

The Wood River Refinery is located The Borger Refinery is located in Roxana, Illinois, about 15 miles in Borger, Texas, in the Texas northeast of St. Louis, Missouri, at Panhandle, approximately 50 the confluence of the Mississippi miles north of Amarillo, Texas. and Missouri rivers. Refinery Refinery facilities include crude facilities include crude distilling, distilling, naphtha reforming, fluid naphtha reforming, fluid catalytic catalytic cracking, alkylation, cracking, alkylation, hydrocracking, hydrodesulfurization, and delayed hydrodesulfurization and delayed coking units, as well as an NGL coking units. The refinery processes fractionation facility. The refinery a mixture of light, low-sulfur; heavy, processes primarily medium sweet high-sulfur; and high-acid crude and sour crude oil produced locally, oil. The crude supply is sourced as well as heavy sour crude oil domestically or from Canada. produced in Canada, all of which are delivered by pipeline. The refinery produces a high percentage of transportation fuels. The refinery produces a high Other products produced include percentage of transportation fuels, petrochemical feedstocks, asphalt as well as fuel-grade petroleum and fuel-grade petroleum coke. coke, NGL and solvents. Refined Refined petroleum products are petroleum products are distributed distributed to customers throughout to customers in West Texas, the Midcontinent region by pipeline, New Mexico, Colorado and the railcar, barge and truck. Midcontinent region by pipeline.

*Capacities reflect Phillips 66 equity share. *Capacities reflect Phillips 66 equity share. 2019 PHILLIPS 66 FACT BOOK 27

BILLINGS REFINERY PONCA CITY REFINERY

(MBD) (MBD) GASOLINE CRUDE GASOLINE CRUDE PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY 35 60 120 213 DISTILLATE TOTAL DISTILLATE TOTAL PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY 30 67 100 230

NELSON CLEAN PRODUCT NELSON CLEAN PRODUCT COMPLEXITY YIELD COMPLEXITY YIELD FACTOR CAPABILITY (%) FACTOR CAPABILITY (%) 13.6 90 8.9 93

The Billings Refinery is located in The Ponca City Refinery is Billings, Montana. Refinery facilities located in Ponca City, Oklahoma, include crude distilling, naphtha approximately 95 miles northwest reforming, fluid catalytic cracking, of Tulsa, Oklahoma. Refinery alkylation, hydrodesulfurization facilities include crude distilling, and delayed coking units. The naphtha reforming, fluid refinery processes a mixture of catalytic cracking, alkylation, Canadian heavy, high-sulfur crude hydrodesulfurization, and delayed oil delivered by pipeline and coking units. The refinery processes domestic crude oil delivered by a mixture of light, medium and truck, and has 100 percent heavy heavy crude oil delivered via crude processing capability. pipeline from Oklahoma, Texas, The refinery produces a high New Mexico, the U.S. Rockies percentage of transportation and Canada. Infrastructure fuels and fuel-grade petroleum improvements have enabled the coke. Refined petroleum products delivery of locally produced crude are distributed to customers in oil by pipeline and truck. Montana, Wyoming, Idaho, Utah, The refinery produces a high Colorado and Washington by percentage of transportation fuels pipeline, railcar and truck. and anode-grade petroleum coke. Refined petroleum products are primarily distributed to customers throughout the Midcontinent region by company-owned and common- carrier pipelines.

| Ponca City Refinery PONCA CITY, OK | Bayway Refinery LINDEN, NJ 2019 PHILLIPS 66 FACT BOOK 29

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 DISTILLATE TOTAL DISTILLATE TOTAL DISTILLATE TOTAL PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT PRODUCTION THROUGHPUT CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY 35 121 65 165 65 140

The Ferndale Refinery is located The Los Angeles Refinery consists The San Francisco Refinery consists on Puget Sound in Ferndale, of two facilities linked by pipeline of two facilities linked by a 200-mile Washington, approximately 20 located five miles apart in Carson pipeline. The Santa Maria facility is miles south of the U.S.-Canada and Wilmington, California, located in Arroyo Grande, California, border. Facilities include crude approximately 15 miles southeast 200 miles south of San Francisco, distillation, naphtha reforming, of Los Angeles. The Carson facility California, while the Rodeo facility is fluid catalytic cracking, alkylation serves as the front end of the located in the San Francisco Bay Area. and hydrodesulfurization units. The refinery by processing crude oil, Intermediate refined products from refinery processes a variety of crude and the Wilmington facility serves the Santa Maria facility are shipped oils, including Alaskan North Slope, as the back end of the refinery by by pipeline to the Rodeo facility for Canadian and other foreign and U.S. upgrading the intermediate products upgrading into finished petroleum shale crudes, primarily delivered via to finished products. Refinery products. Refinery facilities include marine vessel and pipeline. facilities include crude distillation, crude distillation, naphtha reforming, naphtha reforming, fluid catalytic hydrocracking, hydrodesulfurization The refinery produces a high cracking, alkylation, hydrocracking, and delayed coking units, as well as a percentage of transportation fuels. and delayed coking units. The calciner. The San Francisco Refinery Other products produced include refinery receives domestic crude oil processes a mixture of heavy, high- residual fuel oil, which is supplied by pipeline from California, Canadian sulfur and light sweet crude. The to the northwest marine bunker crude via rail, and both foreign refinery receives California crude oil fuel market. Most of the refined and domestic crude oil by tanker by pipeline, and both domestic and petroleum products are distributed through a third-party terminal in the foreign crude oil by tanker. to customers in the northwest Port of Long Beach. United States by pipeline and barge. The refinery produces a high The refinery produces a high percentage of transportation fuels, percentage of transportation fuels. including CARB-grade gasoline. Other The refinery produces California products produced include fuel-grade Air Resources Board (CARB)-grade petroleum coke. The majority of gasoline. Other products produced the refined petroleum products are include fuel-grade petroleum distributed to customers in California coke. Refined petroleum products by pipeline and barge. Additionally, are distributed to customers in refined petroleum products are California, Nevada and Arizona by exported to customers primarily in pipeline and truck. Latin America by waterborne cargo. MARKETING AND SPECIALTIES (M&S)

Our M&S segment purchases for resale and 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 marketing of specialty products (such as base oils and lubricants), as well as power generation operations. 2019 PHILLIPS 66 FACT BOOK 31

| Phillips 66 Branded Marketing Site CAMDEN COUNTY, MO MARKETING UNITED STATES We market gasoline, diesel and aviation fuel through independently owned outlets that utilize the Phillips 66, Conoco or 76 brands. At Dec. 31, 2018, we had approximately 7,520 independently owned marketing outlets in 48 states. Our wholesale operations utilized a network of marketers operating approximately 5,600 outlets. We place a strong emphasis on the wholesale channel of trade because of its lower capital requirements. In addition, we held brand- licensing agreements covering approximately 1,120 sites. Our refined petroleum products are marketed on both a branded and unbranded basis. A high percentage of our branded marketing sales are made in the Midcontinent, Rockies and West Coast regions, where our wholesale marketing operations provide efficient off-take from our refineries. We continue to utilize consignment fuel arrangements with several marketers whereby we own the fuel inventory and pay the marketers a fixed monthly fee. In the Gulf Coast and East Coast regions, most sales are conducted via the unbranded channel of trade, which does not require a highly integrated marketing and distribution infrastructure to secure product placement for refinery pull through. We are expanding our export capability at our U.S. coastal refineries to meet growing international demand and increase flexibility to provide product to the highest-value markets. In addition to automotive gasoline and diesel, we produce and market aviation gasoline and jet fuel. Aviation gasoline and jet fuel were sold through dealers and independent marketers at approximately 800 Phillips 66 branded locations. During 2018, we re-imaged over 1,300 sites, bringing the total number of re-imaged sites to approximately 2,600 since the inception of our program in 2015.

5,000+ sites have implemented mobile pay

INTERNATIONAL We have marketing operations in four European countries. Our European marketing strategy is to sell primarily through owned, leased or joint venture retail sites using a low-cost, high-volume approach. We use the JET brand name to market retail and wholesale products in Austria, Germany and the United Kingdom. In addition, we have an equity interest in a joint venture that markets refined petroleum products in Switzerland under the COOP brand name.

We also market aviation fuels, LPG, heating oils, transportation fuels, marine bunker fuels, bitumen and fuel-grade petroleum coke specialty products to commercial customers and into the bulk or spot markets in the above countries.

At Dec. 31, 2018, we had 1,310 marketing outlets in Europe, of which 985 were company owned and 325 were dealer owned. In addition, we had interests in 320 additional sites through our COOP joint venture operations in Switzerland.

During 2018, we completed construction of

8 new JET branded sites and 12 new COOP sites.

| JET Branded Marketing Site | COOP Branded Marketing Site HAMBURG, GERMANY PRATTELN, SWITZERLAND 2019 PHILLIPS 66 FACT BOOK 33

SPECIALTIES We manufacture lubricants and sell a variety of specialty products, including petroleum coke products, waxes, solvents and polypropylene.

LUBRICANTS We manufacture and sell automotive, commercial, industrial and specialty lubricants which are marketed worldwide under the Phillips 66, Kendall, and Red Line brands, as well as other private labels. We also market Group III Ultra-S base oils through an agreement with South Korea’s S-Oil Corporation.

In addition, we own a 50 percent interest in Excel Paralubes LLC (Excel), an operated joint venture that owns a hydrocracked lubricant base oil manufacturing plant located adjacent to the Lake Charles Refinery. The facility has a nameplate capacity to produce 22,200 BPD of high-quality Group II clear hydrocracked base oils. Excel markets the produced base oil under the Pure Performance brand. The facility’s feedstock is sourced primarily from our Lake Charles Refinery.

OTHER SPECIALTY PRODUCTS We market high-quality specialty graphite and anode-grade petroleum cokes in the United States, Europe and Asia for use in a variety of industries that include steel, aluminum, titanium dioxide and battery manufacturing. We also market polypropylene in North America under the COPYLENE brand name for use in consumer products, and market specialty solvents that include pentane, iso-pentane, hexane, heptane and odorless mineral spirits for use in the petrochemical, agriculture and consumer markets. In addition, we market sulfur for use in agricultural and chemical applications, and fuel-grade petroleum coke for use in the making of cement, glass and power.

OTHER POWER GENERATION We own a cogeneration power plant located adjacent to the Sweeny Refinery. The plant generates electricity and provides process steam to the refinery, as well as merchant power into the Texas market. The plant has a net electrical output of 440 megawatts and is capable of generating up to 3.6 million pounds per hour of process steam.

Excel Paralubes LLC facility has a nameplate capacity to produce

22,200 BPD of high-quality Group II clear hydrocracked base oils.

| Excel Paralubes Joint Venture Vacuum Tower LAKE CHARLES, LA TECHNOLOGY DEVELOPMENT Our Technology organization conducts applied and fundamental research We have over to support our current business, provide new environmental solutions to address governmental regulations, and position us for future growth. 400 Technology programs include evaluating advantaged crudes; and modeling granted patents in to reduce energy consumption, increase product yield and increase reliability.

Our sustainability group is focusing efforts on 19 organic photovoltaic polymers, solid oxide fuel cells, countries. atmospheric modeling and air chemistry, water use and reuse and renewable fuels.

Additionally, we monitor for emerging technologies that could impact our business.

| Spectrum Lubricants Plant X-Ray Fluorescence (XRF) Spectrometer SELMER, TN 255 research labs dedicated to providing advanced technical support for our operations, proactively finding ways to reduce our resource usage and researching new technologies that can deliver value for our shareholders in future years. 2019 PHILLIPS 66 FACT BOOK

UNITS OF MEASURE

Bcf/d Billions of cubic feet per day

BPD Barrels per day

kTA Thousand metric tons per year

MBbl Thousands of barrels

MBD Thousands of barrels per day

MMcf/d Millions of cubic feet per day

MMLB/Y Millions of pounds per year

COMMONLY USED ABBREVIATIONS

LPG Liquefied petroleum gas NAO Normal alpha olefins

NGL Natural gas liquids

PVC Polyethylene and polyvinyl chloride

DATA Distillate capacity includes aviation fuels. The Nelson Complexity Factor calculation considers the variety and capacity of the different processing units within a refinery. The higher a refinery's factor, the greater its secondary conversion capacity and capability to produce higher-value products.

CONTACT INFORMATION Principal and Registered Offices Phillips 66 P.O. Box 421959 Houston, TX 77242-1959 251 Little Falls Drive Wilmington, DE 19808 Investor Relations 800-624-6440 [email protected] investor.phillips66.com Media Relations 855-841-2368 [email protected] www.phillips66.com/newsroom An electronic file of this Fact Book can be obtained by visiting investor.phillips66.com.

PHOTOGRAPHY Andrew Camacho, Ken Childress and Garth Hannum

Phillips 66, Conoco, 76, Kendall, Red Line, JET and COPYLENE are registered trademarks of Phillips 66 Company. Other names and logos mentioned herein are the trademarks of their respective owners. | Wood River Refinery ROXANA, IL 19-0028 ©2019 Phillips 66 Company. All rights reserved.

FERNDALE Ferndale RAIL TERMINAL* Refinery

RENTON TACOMA (MT) MOSES Yellowstone CUTBANK LAKE SPOKANE

THOMPSON FALLS MISSOULA PALERMO TERMINAL* PALERMO RAIL TERMINAL RAIL TERMINAL GREAT FALLS PORTLAND (MT) RAIL TERMINAL* MISSOULA Glacier* KEENE CDP* Sacagawea* Yellowstone HELENA

ROUNDUP BOZEMAN Billings Refinery Seminoe*

Bakken Pipeline Beartooth SHERIDAN* Bighorn Bayway Refinery

CASPER* LINDEN* ROCK BAYWAY RAIL TERM.* SPRINGS TREMLEY PT. (MT)* Pioneer Seminoe* Powder River NORTH

SALT LAKE Harbor SACRAMENTO DES MOINES Rockies Express

RICHMOND (MT) Rockies Express LINCOLN

DENVER Line 200 Rockies Express

San Francisco KANSAS CITY* HARTFORD (MT)* Powder River JEFFERSON Refinery Borger To Denver Heartland Gold* CITY*

JUNCTION TERMINAL Conway Blue E. ST. LA JUNTA Line 100 LineLine 400 300 Southern Hills* LOUIS* WICHITA N.* Wood River GULF COAST Cherokee North Explorer* Refinery Standish* MOUNT VERNON* Lake Charles LOS MEDFORD* Refinery TORRANCE RIVER PARISH ANGELES Gold* LAKE CHARLES Blue Ponca City PIPELINE* COLTON Borger CherokeeEast Refinery COKE HANDLING Chisholm GLENPOOL* Refinery Line O* ALBUQUERQUE* ATA* AMARILLO* Cushing Skelly-Belvieu Stack Cherokee South* LOUISIANA CRUDE GATHERING BORGER WESTLAKE

Los Angeles SAAL* OKLAHOMA CITY TERMINAL* BAYOU BRIDGE* Refinery GCF CLIFTON RIDGE (MT)* WICHITA FALLS* PASADENA* PECAN GROVE (MT)* LUBBOCK* WA Line* Sweeny Line 80* North Texas Refinery BAYOU BRIDGE* Crude* So. Hills* Explorer* BEAUMONT (MT) West Texas Alliance * Refinery Crude Gathering FREEPORT (MT) ODESSA* Operated Pipelines Refinery CLEMENS CAVERNS* Rail Terminal Products Pipelines Skelly-BelvieuExplorer* River Parish* SWEENY FRACTIONATOR* Fractionator Crude Pipelines EZ Lubricants Plant NGL/LPG Pipelines Products Terminal NGL/LPG Pipeline (CPChem owned) Idle Pipelines PHILLIPS 66 AND PARTNERS U.S. ASSETS OPERATIONS Crude Terminal South Texas LPG Terminal Jointly Owned or Non-Operated Pipelines Crude Gathering* Coke Terminal Products Pipelines Lake Charles Alliance Crude Pipelines Sand Hills* Refinery Underground Storage Sweeny Refinery Natural Gas Pipelines MT Marine Terminal Refinery GCF Gulf Coast Fractionator NGL/LPG Pipelines * Phillips 66 Partners Asset

Shale Basins FERNDALE Ferndale RAIL TERMINAL* Refinery

RENTON TACOMA (MT) MOSES Yellowstone CUTBANK LAKE SPOKANE

THOMPSON FALLS MISSOULA PALERMO TERMINAL* PALERMO RAIL TERMINAL RAIL TERMINAL GREAT FALLS PORTLAND (MT) RAIL TERMINAL* MISSOULA Glacier* KEENE CDP* Sacagawea* Yellowstone HELENA

ROUNDUP BOZEMAN Billings Refinery Seminoe*

Bakken Pipeline Beartooth SHERIDAN* Bighorn Bayway Refinery

CASPER* LINDEN* ROCK BAYWAY RAIL TERM.* SPRINGS TREMLEY PT. (MT)* Pioneer Seminoe* Powder River NORTH

SALT LAKE Harbor SACRAMENTO DES MOINES Rockies Express

RICHMOND (MT) Rockies Express LINCOLN

DENVER Line 200 Rockies Express

San Francisco KANSAS CITY* HARTFORD (MT)* Powder River JEFFERSON Refinery Borger To Denver Heartland Gold* CITY*

Los Angeles SAAL* OKLAHOMA CITY TERMINAL* BAYOU BRIDGE* Refinery GCF CLIFTON RIDGE (MT)* WICHITA FALLS* PASADENA* PECAN GROVE (MT)* LUBBOCK* WA Line* Sweeny Line 80* North Texas Refinery BAYOU BRIDGE* Crude* So. Hills* Explorer* BEAUMONT (MT) West Texas Alliance * Refinery Crude Gathering FREEPORT (MT) ODESSA* Operated Pipelines Refinery CLEMENS CAVERNS* Rail Terminal Products Pipelines Skelly-BelvieuExplorer* River Parish* SWEENY FRACTIONATOR* Fractionator Crude Pipelines EZ Lubricants Plant NGL/LPG Pipelines Products Terminal NGL/LPG Pipeline (CPChem owned) Idle Pipelines Crude Terminal South Texas LPG Terminal Jointly Owned or Non-Operated Pipelines Crude Gathering* Coke Terminal Products Pipelines Lake Charles Alliance Crude Pipelines Sand Hills* Refinery Underground Storage Sweeny Refinery Natural Gas Pipelines MT Marine Terminal Refinery GCF Gulf Coast Fractionator NGL/LPG Pipelines * Phillips 66 Partners Asset

Shale Basins PHILLIPS66.COM