Investor Update September 2016 NYSE: PSX

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1 Investor Update September 2016 NYSE: PSX

2 Cautionary Statement This presentation contains forward-looking statements. Words and phrases such as is anticipated, is estimated, is expected, is planned, is scheduled, is targeted, believes, intends, objectives, projects, strategies and similar expressions are used to identify such forwardlooking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the operations of Phillips 66 and Phillips 66 Partners LP (including joint venture operations) are based on management s expectations, estimates and projections, their interests and the energy industry in general on the date this presentation was prepared. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements can be found in filings by Phillips 66 and Phillips 66 Partners LP with the Securities and Exchange Commission. Phillips 66 and Phillips 66 Partners LP are under no obligation (and expressly disclaim any such obligation) to update or alter their forward-looking statements, whether as a result of new information, future events or otherwise. This presentation includes non-gaap financial measures. You can find the reconciliations to comparable GAAP financial measures at the end of the presentation materials or in the Investors section of the websites of Phillips 66 and Phillips 66 Partners LP. 2

3 Diversified Downstream Company Midstream: Growth Chemicals: Growth Refining: Enhance Returns Marketing & Specialties: Selective Growth Execute Sweeny Hub Grow CPChem organically Optimize crude slate Grow integrated transportation system Advance olefins and polyolefins projects Expand export capability Expand European retail marketing Increase yields Grow lubricants PSXP as a funding vehicle Capitalize on domestic feedstock advantage Maintain cost discipline Ensure domestic refinery pull-through Pursue organic and M&A opportunities Leverage proprietary technology Enhance portfolio 3

4 Corporate Strategy Operating Excellence Growth Returns Committed to safety, reliability and environmental stewardship while protecting shareholder value Reshaping our portfolio by capturing growth opportunities in Midstream and Chemicals Enhancing returns by maximizing earnings from existing assets and investing capital efficiently Distributions Committed to dividend growth, share repurchases and financial strength High-Performing Organization Building capability, pursuing excellence and doing the right thing 4

5 Operating Excellence Total Recordable Rates (Incidents per 200,000 Hours Worked) Industry Average 1H Phillips 66 CPChem DCP Midstream Operating Costs and SG&A ($B) 430 Refining Environmental Metrics Refining Capacity Utilization (%) H Planned Maintenance & Turnarounds 3% 3% 4% 5% 1% 93% 93% 94% 91% 97% H H 2016 See appendix for footnotes. 5

6 Energy Prices and Margins Brent ($/bbl) Global Market Crack ($/bbl) H 2016 NGL Weighted Average (cpg) H 2016 PE Cash Chain Margin (cpp) H 2016 See appendix for footnotes H

7 Value Chains 7

8 Midstream Integrated network Transportation DAPL/ETCOP Beaumont Terminal Bayou Bridge Bakken JVs NGL Sweeny Complex Sand Hills and Southern Hills JV Fractionators DCP Midstream Gathering and Processing 8

9 Sweeny Complex Integrated world-scale midstream, refining and chemicals assets Sweeny Fractionator One Running to design LPG Export Terminal Commissioning and start-up 4Q 2016 Global LPG organization securing sales Narrow international export arb Platform for long-term earnings growth 9

10 Midstream Growth Substantial backlog of investments Focus on enhancing and extending logistics around our assets Fewer near-term, large investment opportunities EBITDA ($B) ~ 2.3 PSX PSXP 2018E run-rate EBITDA of $1.1 B 2018E EBITDA guidance reduced 10-20% from $2.3 B Current operating assets include logistics assets included in Refining segment. See appendix for additional footnotes Current Operating Assets PSXP 1.1 Growth Market 2018E Run-Rate 10

11 Phillips 66 Partners Strong sponsorship Distribution / LP Unit Distribution / LP Unit ($) (cents) Access to capital markets Organic opportunities Recent acquisitions Distribution guidance unchanged 3Q Q Q Q Q Q Q Q Q Q Q Q 2016 Coverage Ratio 1.13x 1.10x 1.10x 1.44x 1.32x 1.28x 1.14x 1.15x 1.40x 1.44x 1.15x 1.21x See appendix for footnotes. 11

12 PSXP Value to PSX Attractive cost of capital Cumulative Dropdown Proceeds ($B) Growing distributions Funding Midstream growth H 2016 Cumulative LP & GP Distributions ($MM) PSX multiple uplift H 2016 See appendix for footnotes. Limited Partner General Partner 12

13 DCP Midstream Self-help initiatives to improve cash flow NGL Production (MMBD) Operating and cost improvements Contract realignment Portfolio optimization Capital discipline H 2016 DCP Midstream Adjusted EBITDA ($MM) Strengthened balance sheet Expect to be self-funding DCP Midstream adjusted EBITDA represents Phillips 66 s share. See appendix for additional footnotes H

14 Chemicals Middle East and North America NGL continue advantaged feedstock position Petrochemical production costs reduced globally Ethane available to supply new U.S. crackers Source: Wood Mackenzie, as of August E Average Ethylene Production Cost Curve ($/ton) CPChem M.E. Ethane N.A. LPG N.A. Ethane Asia LPG/Ethane Rest of World N.A. Naphtha M.E. LPG/Naphtha W. Europe LPG Cumulative Capacity MM Tons Asia Coal W. Europe Naphtha Asia Naphtha 14

15 CPChem USGC Petrochemicals Project 1,500 kmta (ethylene) at Cedar Bayou, TX 1,000 kmta (polyethylene) at Old Ocean, TX Planned startup 2H 2017 Expect increased distributions USGC project completion 2018 capital spend ~ $1 B Incremental EBITDA ~ $1 B Next major project FID post-2018 CPChem USGC Ethane Cracker, Baytown, TX EBITDA estimate is on a CPChem 100% basis and is based on January 2016 IHS forecast premises. 15

16 Refining Diversified portfolio Enhancing returns Portfolio management Yield enhancement Feedstock flexibility Growing export capacity Platform for Midstream growth See appendix for footnotes. 16

17 Refining Discipline Average 3.3 (0.2) 1.5 Adjusted EBITDA ($B) H 2016 Total Capex ($B) Operating excellence Volatile business Market cracks Crude differentials Regulatory environment Significant source of cash E Sustaining Return Run well and optimize business See appendix for footnotes. 17

18 Marketing and Specialties Stable, high-return businesses Marketing Enhancing U.S. fuels brands Adding 100+ European sites by 2020 Growing branded and unbranded gasoline sales Providing ratable refinery off-take Specialties Growing high-performance lubricants Adjusted EBITDA ($B) H 2016 Adjusted ROCE (%) H 2016 See appendix for footnotes. 18

19 Capital Allocation Maintain financial strength Phillips 66 Cash Sources and Uses ($B) Fund sustaining and growth capital ~ ~ 5 ~ 5 ~ 5 Growing dividend and ongoing share repurchases C 2017C PSX Adjusted CFO Dividends/Share Repurchase 2015 PSX adjusted capital expenditures excludes investment in DCP Midstream of $1.5 billion. See appendix for additional footnotes. PSXP Contributions PSX Adjusted Capital Expenditures 19

20 Capital Structure Investment-grade credit ratings Equity and Debt PSX BBB+ / A3 PSXP BBB / Baa % % 28% % 27% Over $7 B of available liquidity at PSX ~3.5x debt/ebitda target at PSXP H 2016 PSX Equity $B PSX Debt $B PSX Noncontrolling Interest Attributable to PSXP $B PSXP Third-party Debt $B Consolidated Debt-to-Capital 20

21 Capital Spending Consolidated ($B) Capital Program ($B) Budget 2016E Budget 2016E Refining M&S PSXP Midstream Investment in DCP Corporate Consolidated WRB DCP CPChem Capital program includes Phillips 66 s portion of capital spending by DCP Midstream, CPChem and WRB. 21

22 Distributions Important source of shareholder value Annual Dividend ($/sh) Growing, secure and competitive dividends H E Cumulative Distributions ($B) Committed to share repurchases H H 2016 See appendix for footnotes. Share Repurchases and Exchanges Dividends 22

23 Delivering Shareholder Returns Integrated portfolio Total Shareholder Return Disciplined capital allocation Returns focused Value-added growth Strong balance sheet Compelling investment PSX +169% Peers +73% S&P % May-12 Feb-13 Nov-13 Aug-14 May-15 Feb % 180% 140% 100% 60% 20% -20% See appendix for footnotes. 23

24 Institutional Investors Contact Rosy Zuklic General Manager, Investor Relations C.W. Mallon Manager, Investor Relations

25 Investor Update September 2016 NYSE: PSXP

26 Phillips 66 Partners Ownership Structure (NYSE: PSX) 100% ownership interest Phillips 66 Partners GP LLC (PSXP General Partner) General Partner Units IDRs 2% general partner interest 57% limited partner interest PSXP Public Unitholders 41% limited partner interest (NYSE: PSXP) As of August 31, Operating Subsidiaries Joint Ventures 26

27 Phillips 66 Partners Strong alignment with Phillips 66 Highly integrated assets Stable and predictable cash flows Significant growth potential Financial flexibility Pecan Grove Marine Dock 27

28 Distribution Growth Distribution / LP Unit (cents) Q Q Q Q Q Q Q Q Q Q Q Q 2016 Coverage Ratio 1.13x 1.10x 1.10x 1.44x 1.32x 1.28x 1.14x 1.15x 1.40x 1.44x 1.15x 1.21x 3Q 2013 distribution represents the minimum quarterly distribution, actual distribution of cents equal to MQD prorated. 28

29 Financial Performance Adjusted EBITDA ($MM) Q Q Q Q Q 2016 Distributable Cash Flow ($MM) Q Q Q Q Q 2016 Adjusted EBITDA and Distributable Cash Flow shown are attributable to PSXP. 29

30 Recent Acquisitions from Phillips 66 Recently acquired assets from Phillips 66 Sweeny Fractionator 100 MBD NGL fractionator Clemens NGL Caverns 7-8 MMBbl NGL storage facility Standish Pipeline Refined products pipeline 1Q 2016 $236 MM, 25% controlling interest in Sweeny Fractionator & Clemens NGL Caverns funded with: $24 MM take-back equity of PSXP LP and GP units $212 MM sponsor loan payable to PSX 2Q 2016 $775 MM, Standish Pipe & remaining 75% interest in Sweeny Fractionator & Clemens NGL Caverns funded with: $100 MM take-back equity of PSXP LP and GP units $675 MM sponsor loan payable to PSX Sponsor loan paid down to $19 MM with $656 MM net proceeds from public unit offering 30

31 Recent Third-Party Acquisitions Explorer Pipeline July 2016, Acquisition of an additional 2.5% equity interest Approximately 600 Mbd petroleum products pipeline delivering to more than 70 major cities in 16 states STACK 50/50 JV with Plains All American Pipeline, L.P. Aug. 2016, Acquisition of 50% interest Pipeline transporting crude oil from STACK play in northwestern Oklahoma to Cushing, Okla. South Louisiana NGL Logistics Assets Aug. 2016, Announced acquisition of NGL pipeline system and storage caverns in southeastern Louisiana 31

32 $300 MM 2016 Organic Growth Plan Bayou Bridge Pipeline Transports crude from Nederland, TX to Lake Charles, LA, and eventually to St. James, LA Increases crude supply options for LA refineries Nederland to Lake Charles leg began operations in April 2016 Expected completion of St. James segment in 2H 2017 Sacagawea Pipeline 76-mile Sacagawea Pipeline and central delivery facility for gathering systems Connection into 100 MBD Palermo crude oil rail-loading facility Provides increased logistics options for shippers in the Bakken region Terminal completed in 4Q 2015; pipeline expected start-up in 3Q 2016 Sand Hills Pipeline Adding lateral connections and increasing pumping capacity 32

33 Highly Integrated and Diversified Asset Portfolio 33

34 Fee-based, Long-term Contracts Provide Stability Asset Initial Term (years) Maximum Term with Options (years) Existing Pipelines Clifton Ridge to Lake Charles Sweeny to Pasadena Hartford Connector Gold Line Sand Hills Southern Hills Cross Channel Connector 5 - Eagle Ford Gathering 7 - Explorer Various Various Remaining weighted average contract life of ~10 years Existing Terminals / Storage NGL Services Clifton Ridge Terminal 5 20 Clifton Ridge / Pecan Grove Docks 5 20 Pasadena Terminal 5 20 Pasadena and Hartford Truck Racks 5 20 Gold Line Terminals 5 15 Medford Spheres Bayway Rail Rack Ferndale Rail Rack Sweeny Fractionator 10 - Clemens Caverns 10 - Remaining weighted average contract life of ~5 years PSX accounted for 96% of PSXP s transportation and terminaling revenues in 2015 and Hartford Connector includes PSX JV Wood River Refinery to Hartford and Hartford to Explorer pipelines. The term of the Hartford Connector throughput and deficiency agreement began in January

35 PSXP Debt Profile $1.3 B Total Debt as of June 30, 2016 Debt Maturity Profile ($B) 5-Year $300 MM notes, 2.646% coupon 10-Year $500 MM notes, 3.605% coupon 30-Year $300 MM notes, 4.680% coupon Year $212 MM sponsor loan, 3.0% Average cost of 3.47% BBB / Baa3 credit rating Sponsor Loan Senior Notes 35

36 Financial Flexibility Investment-grade credit rating Financial targets: 30% distribution CAGR x debt / EBITDA 1.1x annual coverage ratio Support Phillips 66 Midstream growth 36

37 Total Return Since IPO 300% 250% 200% PSXP +133% Alerian MLP Index -15% Closed $700 MM acquisition Closed $340 MM acquisition Closed $70 MM acquisition Closed $775 MM acquisition 150% 100% 50% IPO Closed $1.1 B acquisition Closed $236 MM acquisition 0% -50% Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Chart reflects total unitholder return July 22, 2013 to September 6, Distributions assumed to be reinvested in units. Source: Bloomberg. 37

38 Institutional Investors Contact Rosy Zuklic General Manager, Investor Relations C.W. Mallon Manager, Investor Relations

39 Appendix

40 Midcontinent Integrated Growth Midstream Palermo rail terminal/sacagawea pipeline (PSXP) DAPL/ETCOP Refining, Marketing & Specialties Ponca City Yield improvement projects Tight oil processing flexibility Optimize lease crude purchases Wood River Dilbit capacity increase ULSD expansion FCC modernization Billings Vacuum tower project Marketing & Specialties Grow branded fuels volumes Enhance Phillips 66 brand Marketing JVs and alliances 40

41 Western Gulf Creating a World-Class Energy Complex Midstream Sweeny Fractionator One (PSXP) Freeport LPG export terminal Refining, Marketing & Specialties Sweeny Strategic asset integration FCC optimization Marketing & Specialties Grow unbranded fuels volumes Focus on high-quality branded assets Increase high-margin exports 41

42 Eastern Gulf Refining Logistics and Midstream Growth Midstream Beaumont terminal expansion: +7 MMBbls Bayou Bridge pipeline Refining, Marketing & Specialties Lake Charles Alliance Increase feedstock advantage New Isomerization unit Increase light crude runs Marketing & Specialties Grow unbranded fuels volumes Leverage brand value through licensing Increase high-margin exports Grow performance lubricants and export sales 42

43 West Coast Enhancing Returns Midstream Los Angeles waterborne crude tank Santa Maria rail rack Refining, Marketing & Specialties San Francisco Los Angeles Yield improvements FCC energy reduction Marketing & Specialties Grow branded and unbranded fuels volumes Enhance 76 brand Increase high-margin exports Grow export lubricant sales 43

44 Atlantic Basin Enhancing Returns Refining, Marketing & Specialties Bayway Whitegate FCC reactor modernization Yield improvements Entered into contract to sell Refinery, transaction closed September 8, 2016 Marketing & Specialties Grow JET and COOP brands in Europe Increase unbranded volumes in the U.K. and U.S. Expand brand licensing in the U.S. As of September 8,

45 Adjusted Free Cash Flow H 2016 Average Adjusted CFO excludes working capital. Sustaining capex excludes capital leases. Midstream adjusted CFO excludes PSXP. PSXP contributions are calculated as consideration paid by PSXP to PSX in dropdown transactions plus quarterly cash distributions paid from PSXP to PSX. Midstream sustaining capex excludes PSXP. Phillips 66 s share of DCP Midstream, CPChem and WRB adjusted CFO reflects that portion of those entities cash flow over which Phillips 66 has significant influence over reinvestment/distribution decisions. DCP Midstream, CPChem and WRB free cash flow calculated based on Phillips 66 s share of after tax cash flow at the enterprise level. 45

46 E Average Adjusted Annualized ROCE 46

47 Debt and Liquidity Debt Maturity Profile ($B) Liquidity ($B) Bonds Revolving Credit Facility Cash Undrawn Revolving Credit Facility Total Committed Liquidity As of June 30, Excludes PSXP. Debt maturity profile excludes capital leases. 47

48 2016 Sensitivities Annual Net Income $MM Midstream - DCP (net to Phillips 66) 10 /Gal Increase in NGL price /MMBtu Increase in Natural Gas price 2 $1/BBL Increase in WTI price 1 Chemicals - CPChem (net to Phillips 66) 1 /Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 35 Worldwide Refining $1/BBL Increase in Gasoline Margin 230 $1/BBL Increase in Distillate Margin 200 Impacts due to Actual Crude Feedstock Differing from Feedstock Assumed in Market Indicators: $1/BBL Widening LLS / Maya Differential (LLS less Maya) 45 $1/BBL Widening WTI / WCS Differential (WTI less WCS) 40 $1/BBL Widening WTI / WTS Differential (WTI less WTS) 20 $1/BBL Widening LLS / Medium Sour Differential (LLS less Medium Sour) 15 $1/BBL Widening ANS / WCS Differential (ANS less WCS) /MMBtu Increase in Natural Gas price (10) Sensitivities shown above are independent and are only valid within a limited price range. 48

49 Phillips 66 Approved Capital Program Consolidated Capital Expenditures and Investments Millions of Dollars 2016 Budget Sustaining Growth Total Midstream (1) 227 2,119 2,346 Chemicals Refining ,217 Marketing and Specialties Corporate (2) ,297 2,583 3,880 Select Equity Affiliates (3) DCP CPChem ,016 WRB ,423 Capital Program (3) Midstream 324 2,244 2,568 Chemicals ,016 Refining ,401 Marketing and Specialties Corporate ,764 3,539 5,303 (1) Includes 100% of Phillips 66 Partners (2) Includes non-cash capitalized lease of $3 million in Corporate (3) Includes Phillips 66 s portion of self-funded capital spending by DCP Midstream, CPChem, and WRB. 49

50 Footnotes Slide 5 Industry Averages are from: Phillips 66 American Fuel & Petrochemical Manufacturers (AFPM) refining data, Chevron Phillips Chemical Company LLC (CPChem) American Chemistry Council (ACC), DCP Midstream, LLC (DCP Midstream) Gas Processors Association (GPA). Slide 6 Global Market Crack refers to worldwide market crack spread based on Phillips 66 global crude capacity. NGL weighted average prices are based on index prices from the Mont Belvieu and Conway market hubs that are weighted by DCP Midstream s NGL component and location mix. PE cash chain margins are ethylene to high-density polyethylene cash chain margins. Source: IHS Energy. Slide 10 Current PSXP EBITDA represents estimated run-rate as of June 30, Current PSX EBITDA includes terminaling, storage and other logistics assets currently embedded in the Refining segment and represents an estimate of the EBITDA potential of these assets if they were transferred to Midstream at market-based fees. Growth is 2018 estimated run-rate EBITDA of projects completed 2016 or later. 50

51 Footnotes Slide 11 3Q 2013 distribution represents the minimum quarterly distribution; actual distribution of cents equal to MQD prorated. Slide 12 Cumulative dropdown proceeds represent the cash proceeds paid by Phillips 66 Partners for assets acquired from Phillips 66, including the subsequent repayment of sponsor notes assumed by Phillips 66 Partners in the transaction. Slide 13 DCP Midstream Adjusted EBITDA represents Phillips 66 s proportional share and is net of noncontrolling interests. Slide 16 Entered into contract to sell Refinery, transaction closed September 8,

52 Footnotes Slide 17 Adjusted EBITDA is adjusted for special items, noncontrolling interest and proportional share of WRB Refining LP s (WRB) income taxes, net interest and depreciation and amortization. Refining capex excludes capital leases and excludes Phillips 66 s portion of self-funded capital spending by WRB. Slide 18 Adjusted EBITDA is adjusted for special items, income taxes, net interest and depreciation and amortization. 1H 2016 adjusted ROCE is annualized. 52

53 Footnotes Slide PSXP Contributions represent cash received by Phillips 66 in the form of distributions and dropdown proceeds, including the subsequent repayment of sponsor notes assumed by Phillips 66 Partners PSX Adjusted Capital Expenditures includes sustaining and growth capital expenditures for Phillips 66 but excludes capital leases and excludes Phillips 66 Partners capital expenditures. 2016C and 2017C PSX Adjusted CFO is calculated using consensus Net Income adding back depreciation and amortization. As of August Source: S&P Capital IQ. 2016C and 2017C PSXP Contributions represent estimated cash to be received by Phillips 66 in the form of distributions and dropdown proceeds. 2016C and 2017C Dividends/Share Repurchase represent company estimates. 2016C and 2017C PSX Adjusted Capital Expenditures include estimated sustaining and growth capital expenditures for Phillips 66 and exclude Phillips 66 Partners capital expenditures. 53

54 Footnotes Slide 22 Annual dividend reflects sum of declared quarterly dividends. There were only two quarterly dividends in 2012 following May 1 st spinoff. 2016E reflects one quarterly dividend of $0.56 and three quarterly dividends of $ share repurchases and exchanges include the PSPI share exchange. Slide 23 Chart reflects total shareholder return May 1, 2012 to September 6, Dividends assumed to be reinvested in stock. Source: Bloomberg. Peer average includes Delek US Holdings, Inc., HollyFrontier Corporation, Marathon Petroleum Corporation, PBF Energy Inc., Tesoro Corporation, Valero Energy Corporation, Western Refining, Energy Transfer Equity, L.P., Enterprise Products Partners L.P., ONEOK, Inc., Targa Resources Corp., Celanese Corporation, The Dow Chemical Company, Eastman Chemical Company, Huntsman Corporation and Westlake Chemical Corporation. 54

55 Footnotes Forecasted and Estimated EBITDA We are unable to present reconciliations of various forecasted and estimated EBITDA included in this presentation, because certain elements of net income, including interest, depreciation and income taxes, are not reasonably available. Together, these items generally result in EBITDA being significantly greater than net income. 1H H 2016 is as of June 30, 2016, or the six-month period ended June 30, 2016, as applicable; except as otherwise noted. 55

56 Non-GAAP Reconciliations (Slide 13) Millions of Dollars H 2016 Proportional Share of DCP Midstream Proportional Share of DCP Midstream net income (loss) attributable to Phillips 66 $ (324) (5) Plus: Net income attributable to noncontrolling interests Provision for income taxes (139) (2) Depreciation and amortization Proportional Share of DCP Midstream EBITDA (463) (7) Adjustments (pretax): Proportional share of selected equity affiliates income taxes (2) 2 Proportional share of selected equity affiliates net interest Proportional share of selected equity affiliates depreciation and amortization Lower-of-cost-or-market inventory adjustments Gain on asset dispositions (30) - Impairments in equity affiliates Pending Claims and settlements (45) Proportional Share of DCP Midstream Adjusted EBITDA $

57 Non-GAAP Reconciliations (Slide 17) Millions of Dollars H 2016 Average Refining Refining net income (loss) attributable to Phillips 66 $ (556) (661) 1,369 3,091 1,747 1,771 2, ,331 Plus: Provision for income taxes (296) (121) 808 1,998 1, , Net interest expense (1) (2) (1) (1) Depreciation and amortization Refining EBITDA (212) (125) 2,840 5,744 3,467 3,171 4, ,755 Adjustments (pretax): Proportional share of selected equity affiliates income taxes (4) 3 (3) - 1 Proportional share of selected equity affiliates net interest (179) (160) (140) (118) (95) (19) - - (102) Proportional share of selected equity affiliates depreciation and amortization Asset dispositions (185) - (145) (8) - (15) Impairments - 1, Canceled projects Pending claims and settlements Severence accruals Hurricane-related costs Certain tax impacts (22) (3) Lower-of-cost-or-market inventory adjustments Pension settlement expenses Recognition of deferred logistics commitments Refining Adjusted EBITDA $ (173) 1,519 3,690 6,373 3,583 3,449 4, ,316 57

58 Non-GAAP Reconciliations (Slide 18) Millions of Dollars H 2016 Marketing and Specialties Marketing and Specialties net income attributable to Phillips 66 $ ,034 1, Plus: Provision for income taxes Net interest expense (2) - Depreciation and amortization Marketing and Specialties EBITDA 1,010 1,430 1,570 1, Adjustments (pretax): Asset dispositions (4) (40) (125) (242) - Impairments Pending claims and settlements 62 (25) (44) - - Exit of a business line Tax law impacts - (6) Pension settlement expenses Marketing and Specialties Adjusted EBITDA $ 1,068 1,413 1,401 1,

59 Non-GAAP Reconciliations (Slide 18) Millions of Dollars H 2016* M&S ROCE Numerator Net Income ,034 1, After-tax interest expense GAAP ROCE earnings ,034 1, Special Items 99 (9) (152) (240) - Adjusted ROCE earnings Denominator GAAP average capital employed* 3,547 3,160 2,743 2,735 2,771 Discontinued Operations Adjusted average capital employed* 3,547 3,160 2,743 2,735 2,771 *Total equity plus debt. Adjusted M&S ROCE (percent) 18% 28% 32% 35% 31% GAAP M&S ROCE (percent) 15% 28% 38% 43% 31% * ROCE for half year 2016 annualized. 59

60 Non-GAAP Reconciliations (Slide 19) Millions of Dollars Phillips 66 Adjusted Cash from Operations Reconciliation Cash From Continuing Operations GAAP $ 4,259 5,942 3,527 5,713 Less: PSXP's portion of CFO (1) PSX Adjusted CFO $ 4,259 5,918 3,427 5,537 (1) PSXP's portion of CFO excludes changes in working capital Millions of Dollars Capital Spending PSX Consolidated Capital Expenditures $ 1,701 1,779 3,773 5,764 Less: PSXP Capital Expenditures Less: Equity Contribution to DCP Midstream ,500 PSX Adjusted Capital Expenditures $ 1,701 1,775 3,706 4,059 60

61 PSXP Adjusted EBITDA and Distributable Cash Flow Reconciliation to Operating Cash Flow (Slide 29) Millions of Dollars Q2 2015* Q3 2015* Q4 2015* Q1 2016* Q PSXP Reconciliation to Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities Plus: Net interest expense Provision for (benefit from) income taxes (0.1) Changes in working capital (15.0) 13.8 (16.3) 14.4 (1.8) Undistributed equity earnings (2.2) (0.9) (2.6) (0.6) 1.7 Accrued environmental costs (0.1) (0.5) (0.2) 0.1 Other** 0.1 (4.5) (8.0) (6.6) (6.9) PSXP EBITDA Distributions in excess of equity earnings Expenses indemnified or prefunded by Phillips Transaction costs associated with acquisitions EBITDA attributable to noncontrolling interests EBITDA attributable to Predecessors (0.1) (19.9) (8.5) PSXP Adjusted EBITDA Plus: Deferred revenue impacts (1.6) Less: Net interest Income taxes paid 0.4 (0.1) 0.3 Maintenance capital expenditures PSXP Distributable Cash Flow *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. **Primarily deferred revenue. Difference between cash receipts and revenue recognition. 61

62 PSXP Adjusted EBITDA and Distributable Cash Flow Reconciliation to Net Income (Slide 29) Millions of Dollars Q2 2015* Q3 2015* Q4 2015* Q1 2016* Q PSXP Reconciliation to Net Income Net Income Plus: Depreciation Net interest expense Provision for (benefit from) income taxes (0.1) PSXP EBITDA Distributions in excess of equity earnings Expenses indemnified or prefunded by Phillips Transaction costs associated with acquisitions EBITDA attributable to noncontrolling interests EBITDA attributable to Predecessors (0.1) (19.9) (8.5) PSXP Adjusted EBITDA Plus: Deferred revenue impacts** (1.6) Less: Net interest Income taxes paid 0.4 (0.1) 0.3 Maintenance capital expenditures PSXP Distributable Cash Flow *Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control. **Difference between cash receipts and revenue recognition. 62

63 Non-GAAP Reconciliations (Slide 45) Millions of Dollars Average H 2016 Marketing & FCF Reconcilition Numerator Cash From Operations GAAP Midstream 783 Chemicals 369 Refining 2,804 Specialties 1,087 Less: Change in Non-Cash Working Cap. (26) - (296) 204 Cash From Operations (excluding WC) , Less: P66 Equity affiliate cash from ops Add: Equity look through cash from ops 375 1, Less: PSXP's portion of CFO Adjusted FCF (excl WC) 882 1,084 3, Total Capex GAAP 1, Less: Growth Capex 1, Sustaining Capex Less: P66 Equity affiliate sustaining capex Add: Equity look through sustaining capex Less: PSXP's portion of sustaining capex Adjusted Sustaining Capex PSXP Contributions Adjusted Free Cash Flow 1, ,

64 Non-GAAP Reconciliations (Slide 46) Millions of Dollars Average E Phillips 66 Midstream Chemicals Refining M&S Corporate Phillips 66 ROCE Numerator Net Income $ 3, , (342) After-tax interest expense GAAP ROCE earnings 3, , (224) Special Items (20) (143) (56) 10 Adjusted ROCE earnings $ 3, , (214) Denominator GAAP average capital employed* $ 28,306 4,463 3,545 14,727 3,225 1,868 Discontinued Operations (114) Adjusted average capital employed* $ 28,193 4,463 3,545 14,727 3,225 1,868 *Total equity plus debt. Adjusted ROCE (percent) 11% 9% 22% 10% 23% -11% GAAP ROCE (percent) 11% 12% 21% 8% 25% -12% * ROCE for first-half 2016 annualized. 64

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