2016 shareholdermeetingfinal

1. 2016 Annual Meeting of Shareholders
May 4, 2016
Houston, TX
1

2. Cautionary Statement
2
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 forward-
looking 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.

3. 3
54,000
Number of employee hours donated to local communities
40
Number of U.S. colleges and universities supported
22 million
Dollars donated to education and charities
1,442
Number of charitable organizations supported through the
matching gift program
25
Percentage of hourly employees hired across our U.S. refining
system who are veterans
Providing Energy, Improving Lives
2015 Highlights

4. 4
Diversified Portfolio

5. Strategy
5
Operating Excellence
Growth
Returns
Distributions
High-Performing Organization
7.4 7.8
8.5
2013 2014 2015
Refining M&S Chemicals DCP Midstream
Adjusted EBITDA
($B)
See appendix for footnotes.

6. Operating Excellence
6
0.0
0.5
1.0
Industry Average
Total Recordable Rates
(Incidents per 200,000 Hours Worked)
’12 ’13 ’14 ’15
Refining Environmental Metrics
Refining Capacity Utilization
(%)
Operating Costs and SG&A
($B)
Phillips 66 CPChem DCP
See appendix for footnotes.
5.7 5.7 5.8 5.6
0.3 0.4
2012 2013 2014 2015
Growth
430
317 300 279
2012 2013 2014 2015
93% 93% 94% 91%
3% 3% 4% 5%
2012 2013 2014 2015
Planned Maintenance & Turnarounds

7. Midstream
Crude, products and NGL logistics infrastructure
Completed Sweeny Fractionator One
Enhancing Phillips 66 value chains
Investing in growth opportunities
7

8. Phillips 66 Partners
8
Total Unitholder Return
Fee-based business model
Increased adjusted EBITDA by 89% in 2015
Funding Midstream growth
Targeting 30% distribution CAGR 2013-2018
Total Unitholder Return
-50%
0%
50%
100%
150%
200%
250%
7/23/13 12/31/13 12/31/14 12/31/15
PSXP Peer Group Alerian MLP Index
See appendix for footnotes.

9. DCP Midstream
Leading U.S. gathering and processing business
Strengthened balance sheet
Implementing self-help initiatives
Improving cash flow
9

10. Chevron Phillips Chemical Company
10
Feedstock-advantaged global chemical company
Completed NAO expansion at Cedar Bayou
Progressing USGC Petrochemicals Project
Investing in growth opportunities

11. Refining
11
Major U.S. refiner with capacity in all five PADDs
Achieved 19% ROCE in 2015
Generating strong free cash flow
Investing to improve returns

12. Marketing & Specialties
12
Markets transportation fuels, lubricants and specialty
products produced in refineries
Building on fuels brands in the U.S.
Expanding European branded marketing
Growing premium lubricant sales and adding value
with specialty products

13. Disciplined Capital Allocation
13
Funding reinvestment
Cash from operations
PSXP proceeds
Returning capital to shareholders
Dividend growth
Ongoing share repurchases
Maintaining strong balance sheet
Distributions Reinvestment
2014 – 2016E
See appendix for footnotes.

14. Capital Spending
3.5
5.6
7.7
5.3
2013 2014 2015 2016E
Consolidated WRB DCP CPChem
1.8
3.8
5.8
3.9
2013 2014 2015 2016E
Refining M&S
PSXP Midstream
Investment in DCP Corporate
Consolidated
($B)
Capital Program
($B)
14
See appendix for footnotes.

15. 32%
24%
14%
11%
M&S
Chemicals
Refining
Midstream
-10%
0%
10%
20%
30%
40%
Average Capital Employed ($B)
Corporate
2013 - 2015 Average Adjusted ROCE
15
P66 Total
14%
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
-6%

16. Distributions
16
1.33
1.89 2.18
2013 2014 2015
Annual Dividend ($/sh)
Cumulative Distributions ($B)
3.7
8.4
11.1
2013 2014 2015
Share Repurchases and Exchanges Dividends
Double-digit dividend growth
37% dividend CAGR since spin
Ongoing share repurchase program
$9 B share repurchases authorized
110 MM shares repurchased and exchanged
Cumulative distributions include distributions since July 2012.
See appendix for additional footnotes.

17. High Performing Organization
17
Fostering behaviors that promote
Phillips 66’s culture
Building depth and breadth in our
capabilities
Delivering sustained exceptional
performance
Pursuing excellence and always
doing the right thing

18. Promising Future
18
Operating safely and reliably
Executing our strategy
Investing in our future
Leading shareholder returns
A great place to work
-20%
20%
60%
100%
140%
180%
220%
May-12 May-13 May-14 May-15 May-16
PSX +192%
Peers +70%
S&P 100 +60%
See appendix for footnotes.

20. 2016 Sensitivities
20Sensitivities shown above are independent and are only valid within a limited price range.

21. Phillips 66 Capital Program
21
Sustaining Growth Total
Consolidated Capital Expenditures and Investments
Midstream(1)
227 2,119 2,346
Chemicals - - -
Refining 833 384 1,217
Marketing and Specialties 57 80 137
Corporate(2)
180 - 180
1,297 2,583 3,880
Select Equity Affiliates(3)
DCP 98 125 223
CPChem 241 775 1,016
WRB 129 55 184
467 956 1,423
Capital Program(3)
Midstream 324 2,244 2,568
Chemicals 241 775 1,016
Refining 962 439 1,401
Marketing and Specialties 57 80 137
Corporate 180 - 180
1,764 3,539 5,303
Millions of Dollars
2016 Budget
(3) Includes Phillips 66’s portion of self-funded capital spending by DCP Midstream, CPChem, and WRB.
(2) Includes non-cash capitalized lease of $3 million in Corporate
(1) Includes 100% of Phillips 66 Partners

22. Footnotes
22
Slide 5
Corporate not included in bars on chart, but included in totals. Adjusted EBITDA adjusted for non-
controlling interest and proportional share of selected equity affiliates’ income taxes, net interest and D&A.
Slide 6
Injury statistics do not include major projects.
Industry Averages are from: Phillips 66 – American Fuel & Petrochemical Manufacturers (AFPM) refining
data, Chevron Phillips Chemical Company LLC (CPChem) – American Chemistry Council (ACC), DCP –
Gas Processors Association (GPA).
Growth component of operating costs is estimated based on growth initiatives post-2013.
Slide 8
Chart reflects total unitholder return July 23, 2013 to December 31, 2015. Distributions assumed to be
reinvested in units. Source: Bloomberg. Peer averages include MPLX, Tesoro Logistics (TLLP), Valero
Energy Partners (VLP), Shell Midstream Partners (SHLX), Holly Energy Partners (HEP).

23. Footnotes
23
Slide 13
Reinvestment excludes Phillips 66’s portion of self-funded capital spending by DCP, CPChem and WRB.
Includes $1.5 B equity contribution to DCP in 2015.
Distributions include the 2014 PSPI share exchange.
Slide 14
Capital program includes Phillips 66’s portion of self-funded capital spending by DCP, CPChem and WRB.

24. Footnotes
24
Slide 16
2014 share repurchases and exchanges include the PSPI share exchange. Share repurchases and
dividend CAGR are through December 2015.
Slide 18
Chart reflects total shareholder return May 1, 2012 to April 21, 2016. 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.

25. Non-GAAP Reconciliations
25
Adjusted EBITDA by Segment Reconciliation 2012 2013 2014 2015
Midstream (excluding DCP Midstream)
Midstream net income attributable to Phillips 66 (127) 259 372 337
Plus:
Net income attributable to noncontrolling interests 7 17 35 61
Provision for income taxes (71) 142 230 212
Depreciation and amortization 83 88 91 127
Midstream (excluding DCP Midstream) EBITDA (108) 506 728 737
Adjustments (pretax):
EBITDA attributable to Phillips 66 noncontrolling interests (13) (24) (45) (73)
Proportional share of selected equity affiliates income taxes - - - -
Proportional share of selected equity affiliates net interest - - - -
Proportional share of selected equity affiliates depreciation and amortization - - - -
Lower-of-cost-or-market inventory adjustments - - - -
Gain on asset dispositions - - - -
Gain on share issuance by equity affiliate - - - -
Impairments 523 - - -
Pending Claims and settlements (37) - - -
Hurricane-related costs 2 - - -
Pension settlement expense - - - 9
Midstream (excluding DCP Midstream) Adjusted EBITDA* 367 482 683 673
* Proportional share of selected equity affiliates is net of noncontrolling interests.
Millions of Dollars
Adjusted EBITDA by Segment Reconciliation 2012 2013 2014 2015
Proportional Share of DCP Midstream
Proportional Share of DCP Midstream net income attributable to Phillips 66 179 210 135 (324)
Plus:
Net income attributable to noncontrolling interests
Provision for income taxes 100 122 79 (139)
Depreciation and amortization - - - -
Proportional Share of DCP Midstream EBITDA 279 332 214 (463)
Adjustments (pretax):
EBITDA attributable to Phillips 66 noncontrolling interests
Proportional share of selected equity affiliates income taxes - 4 3 (2)
Proportional share of selected equity affiliates net interest 85 110 118 133
Proportional share of selected equity affiliates depreciation and amortization 131 139 150 166
Lower-of-cost-or-market inventory adjustments - - 2 -
Gain on asset dispositions - - - (30)
Gain on share issuance by equity affiliate - - - -
Impairments in equity affiliates - - - 366
Pending Claims and settlements - - - -
Hurricane-related costs - - - -
Proportional Share of DCP Midstream Adjusted EBITDA* 495 585 487 170
* Proportional share of selected equity affiliates is net of noncontrolling interests.
Millions of Dollars

26. Non-GAAP Reconciliations
26
Adjusted EBITDA by Segment Reconciliation 2012 2013 2014 2015
Chemicals
Chemicals net income attributable to Phillips 66 823 986 1,137 962
Plus:
Provision for income taxes 366 375 495 353
Chemicals EBITDA 1,189 1,361 1,632 1,315
Adjustments (pretax):
Proportional share of selected equity affiliates income taxes 79 93 111 91
Proportional share of selected equity affiliates net interest 13 10 9 7
Proportional share of selected equity affiliates depreciation and amortization 213 246 258 264
Impairments by equity affiliates 43 - 88 24
Premium on early debt retirement 144 - - -
Lower-of-cost-or-market inventory adjustments - - 3 -
Chemicals Adjusted EBITDA 1,681 1,710 2,101 1,701
Millions of Dollars
Adjusted EBITDA by Segment Reconciliation 2012 2013 2014 2015
Refining
Refining net income (loss) attributable to Phillips 66 3,091 1,747 1,771 2,555
Plus:
Provision for income taxes 1,998 1,035 696 1,104
Net interest expense - - - -
Depreciation and amortization 655 685 704 738
Refining EBITDA 5,744 3,467 3,171 4,397
Adjustments (pretax):
Proportional share of selected equity affiliates income taxes 5 (4) 3 (3)
Proportional share of selected equity affiliates net interest (118) (95) (19) -
Proportional share of selected equity affiliates depreciation and amortization 236 237 245 252
Net (gain) loss on asset dispositions (185) - (145) (8)
Impairments 606 - 131 -
Canceled projects - - - -
Pending claims and settlements 31 - 23 30
Severence accruals - - - -
Hurrican-related costs 54 - - -
Tax law impacts - (22) - -
Lower-of-cost-or-market inventory adjustments - - 40 53
Pension settlement expenses - - - 53
Refining Adjusted EBITDA 6,373 3,583 3,449 4,774
Millions of Dollars

27. Non-GAAP Reconciliations
27
Adjusted EBITDA by Segment Reconciliation 2012 2013 2014 2015
Marketing and Specialties
Marketing and Specialties net income attributable to Phillips 66 544 894 1,034 1,187
Plus:
Provision for income taxes 319 433 441 465
Net interest expense - - - (2)
Depreciation and amortization 147 103 95 97
Marketing and Specialties EBITDA 1,010 1,430 1,570 1,747
Adjustments (pretax):
Asset dispositions (4) (40) (125) (242)
Impairments - - - -
Pending claims and settlements 62 (25) (44) -
Exit of a business line - 54 - -
Tax law impacts - (6) - -
Pension settlement expenses - - - 11
Marketing and Specialties Adjusted EBITDA 1,068 1,413 1,401 1,516
Millions of Dollars
Adjusted EBITDA by Segment Reconciliation 2012 2013 2014 2015
Corporate
Corporate net income (loss) attributable to Phillips 66 (434) (431) (393) (490)
Plus:
Net income attributable to noncontrolling interests - - - (8)
Provision for income taxes (239) (263) (287) (231)
Net interest expense 231 258 246 285
Depreciation and amortization 21 71 105 116
Corporate EBITDA (421) (365) (329) (328)
Adjustments (pretax):
Impairments 25 - - -
Repositioning Costs 85 - - -
Pending claims and settlements - - - -
Tax impacts - - - -
Pension settlement expense - - - 7
Corporate Adjusted EBITDA (311) (365) (329) (321)
Millions of Dollars

28. Non-GAAP Reconciliations
28

29. 29
Non-GAAP Reconciliations

30. 30
Non-GAAP Reconciliations

31. 31
Non-GAAP Reconciliations

32. 32
Non-GAAP Reconciliations
Forecasted EBITDA -- This presentation includes forecasted EBITDA. We are unable to present a
reconciliation of forecasted EBITDA to net income, because certain elements of net income, including interest,
depreciation and taxes, are not available. Together, these items generally result in EBITDA being significantly
greater than net income.

33. 33
Non-GAAP Reconciliations
Millions of Dollars
Average 2013-2015
Refining Free Cash Flow
Cash From Operations GAAP $ 2,615
Less: Change in Non-Cash Working Cap. $ (407)
Cash From Operations (excluding WC) $ 3,022
Less: P66 Equity affiliate cash from ops $ 649
Add: Equity look through cash from ops $ 501
Adjusted FCF (excl WC) $ 2,874
Total Capex GAAP $ 976
Less: Growth Capex $ 207
Sustaining Capex $ 769
Less: P66 Equity affiliate sustaining capex $ -
Add: Equity look through sustaining capex $ 121
Adjusted Sustaining Capex $ 890
PSXP Contributions $ -
Free Cash Flow $ 1,984

34. PSXP Adjusted EBITDA
34