Q2 2017 press release slides final

1. PHILLIPS 66
SECOND QUARTER 2017 CONFERENCE CALL
August 1, 2017

2. This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and
phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “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 Phillips 66’s operations (including joint venture operations) are based on
management’s expectations, estimates and projections about the company, its interests and the energy industry in general on the date this
presentation was prepared. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that
are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking
statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include
fluctuations in NGL, crude oil, petroleum products and natural gas prices, and refining, marketing and petrochemical margins; unexpected changes in
costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; lack of, or
disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas and refined products; potential liability from litigation or for
remedial actions, including removal and reclamation obligations, under environmental regulations; limited access to capital or significantly higher cost
of capital related to illiquidity or uncertainty in the domestic or international financial markets; and other economic, business, competitive and/or
regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is
under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new
information, future events or otherwise.
This presentation includes non-GAAP financial measures. You can find the reconciliations to comparable GAAP financial measures at the end of the
presentation materials or in the “Investors” section of our website.
CAUTIONARY STATEMENT
2

3. 3
EXECUTING THE STRATEGY
CPChem Polyethylene Units, Old Ocean, TX

4. 4
OVERVIEW
2Q 2017
Adjusted earnings $569 MM
Adjusted EPS $1.09
Operating cash flow $1,865 MM
Capital expenditures and investments $458 MM
Shareholder distributions1
$741 MM
(1) Shareholder distributions include dividends and share repurchases
Net-debt-to-capital ratio 25%
Annualized adjusted YTD ROCE 6%

5. 294
569
(13) (5)
235
77
(19)
1Q 2017
Adjusted
Earnings
Midstream Chemicals Refining Marketing
& Specialties
Corporate
& Other
2Q 2017
Adjusted
Earnings
2Q 2017 Adjusted Earnings
$MM
64 (142)233196 218
ADJUSTED EARNINGS
2Q 2017
5

6. 77
64
(4) (3)
(4) (2)
1Q 2017
Adjusted
Earnings
Transportation NGL DCP
Midstream
Noncontrolling
Interests
2Q 2017
Adjusted
Earnings
MIDSTREAM
2Q 2017
74 14 13
2Q 2017 Adjusted Net Income
$MM
Transportation planned maintenance
Bakken Pipeline startup
Seasonally low U.S. LPG demand
First DCP Midstream cash
distribution since 2014
6
(37)

7. 201 196
18
(24)
1
1Q 2017
Adjusted
Earnings
Olefins &
Polyolefins
Specialties,
Aromatics &
Styrenics
Other 2Q 2017
Adjusted
Earnings
CHEMICALS
2Q 2017
179 21 (4)
2Q 2017 Adjusted Earnings
$MM
98% O&P capacity utilization
Higher O&P chain cash margin
Lower SA&S equity earnings
7

8. (2)
233
159
(11)
(33)
120
1Q 2017
Adjusted
Earnings
Atlantic
Basin /
Europe
Gulf Coast Central
Corridor
West Coast 2Q 2017
Adjusted
Earnings
$MM
REFINING
2Q 2017
8
109 2956 39
2Q 2017 Adjusted Earnings
98% crude utilization
85% clean product yield
$8.44/BBL realized margin
$154 MM pre-tax turnaround costs

9. 14.06
8.44
(2.51)
(2.44)
0.63
(1.30)
Market
3:2:1
Configuration Secondary
Products
Feedstock Other Realized
Margin
WORLDWIDE REFINING $/BBL
REFINING MARGINS – MARKET VS. REALIZED
2Q 2017
9
Avg Market Crude: $49.77/BBL 60% Market Capture

10. 141
218
61
16
1Q 2017
Adjusted
Earnings
Marketing
& Other
Specialties 2Q 2017
Adjusted
Earnings
MARKETING AND SPECIALTIES
2Q 2017
185 33
2Q 2017 Adjusted Earnings
10
Strong global Marketing margins
Marketing volumes higher due to
seasonal demand
Improved base oil margins
$MM

11. (123)
(142)
(2)
(17)
1Q 2017
Adjusted
Net Loss
Net Interest
Expense
Corporate
Overhead
& Other
2Q 2017
Adjusted
Net Loss
$MM
CORPORATE AND OTHER
2Q 2017
11

12. 1.5
2.2
0.7
1.2 (0.5)
(0.7)
March 31
Cash
Balance*
CFO
(excluding
Working
Capital)
Working
Capital
Capital
Expenditures
& Investments
Shareholder
Distributions
June 30
Cash
Balance*
$B
CASH FLOW
2Q 2017
12
* Includes cash and cash equivalents. March 31 balance excludes $0.1 B of restricted cash.

13. Global Olefins & Polyolefins utilization Mid-90%
Refining crude utilization Mid-90%
Corporate & Other costs (after-tax) $125 MM - $140 MM
Refining turnaround expenses (pre-tax) $50 MM - $80 MM
13
OUTLOOK
3Q 2017

14. PHILLIPS 66
SECOND QUARTER 2017
CONFERENCE CALL
Questions and Answers

15. PHILLIPS 66
SECOND QUARTER 2017
CONFERENCE CALL
Appendix

16. ESTIMATED SENSITIVITIES
2017
16Sensitivities shown above are independent and are only valid within a limited price range
Midstream - DCP (net to Phillips 66)
10¢/Gal Increase in NGL price 5
10¢/MMBtu Increase in Natural Gas price 1
$1/BBL Increase in WTI price 1
Chemicals - CPChem (net to Phillips 66)
1¢/Lb Increase in Chain Margin (Ethylene, Polyethylene, NAO) 35
Worldwide Refining
$1/BBL Increase in Gasoline Margin 215
$1/BBL Increase in Distillate Margin 190
$1/BBL Widening WTI / WCS Differential (WTI less WCS) 40
$1/BBL Widening LLS / Maya Differential (LLS less Maya) 35
$1/BBL Widening LLS / Medium Sour Differential (LLS less Medium Sour) 20
$1/BBL Widening WTI / WTS Differential (WTI less WTS) 10
$1/BBL Widening LLS / WTI Differential (LLS less WTI) 10
$1/BBL Widening ANS / Medium Sour Differential (ANS less Medium Sour) 10
$1/BBL Widening ANS / WCS Differential (ANS less WCS) 5
10¢/MMBtu Increase in Natural Gas price (10)
Impacts due to Actual Crude Feedstock Differing from Feedstock Assumed in Market Indicators:
Annual Net Income $MM

17. 22.0
23.9 23.7 23.7 23.8
21.6
23.1
22.4 22.4 22.4
8.6 8.9
10.1 10.2 10.0
8.6 7.8 7.7 7.9 7.7
5.2
3.1 2.7
1.5 2.2
5.2
3.0 2.7 1.5 2.2
28%
27%
30% 30% 30%
28%
25% 26% 26% 26%
13%
20%
24%
27%
25%
14%
17%
18%
22%
20%
2014 2015 2016 1Q
2017
2Q
2017
2014 2015 2016 1Q
2017
2Q
2017
Equity $B Debt $B Cash & Cash Equivalents $B Debt-to-Capital Net-Debt-to-Capital
CAPITAL STRUCTURE
2014 – 2017
17
Consolidated PSX Excluding PSXP

18. 14.78
7.90
(2.58)
(1.13)
(2.11)
(1.06)
Market
3:2:1
Configuration Secondary
Products
Feedstock Other Realized
Margin
ATLANTIC BASIN / EUROPE $/BBL
REFINING MARGINS – MARKET VS. REALIZED
2Q 2017
18
Market 3:2:1 – Dated Brent / Gasoline 83.7 RBOB NYH / Diesel 15ppm NYH
Brent: $49.83/BBL 103% Crude Capacity Utilization 53% Market Capture

19. 11.10
6.74
(2.42)
(2.98)
1.52
(0.48)
Market
3:2:1
Configuration Secondary
Products
Feedstock Other Realized
Margin
GULF COAST $/BBL
REFINING MARGINS – MARKET VS. REALIZED
2Q 2017
19
Market 3:2:1 – LLS / Gasoline 85 CBOB / Diesel 62 10ppm
LLS: $50.31/BBL 96% Crude Capacity Utilization 61% Market Capture

20. 14.27
9.96
(1.74)
(2.61)
1.73
(1.69)
Market
3:2:1
Configuration Secondary
Products
Feedstock Other Realized
Margin
CENTRAL CORRIDOR $/BBL
REFINING MARGINS – MARKET VS. REALIZED
2Q 2017
20
Market 3:2:1 – WTI / Gasoline Unl Sub Octane Group 3 / ULSD Group 3
WTI: $48.24/BBL 94% Crude Capacity Utilization 70% Market Capture

21. 18.83
10.83
(2.88)
(3.16)
1.63
(3.59)
Market
3:2:1
Configuration Secondary
Products
Feedstock Other Realized
Margin
WEST COAST $/BBL
REFINING MARGINS – MARKET VS. REALIZED
2Q 2017
21
Market 3:2:1 – ANS / Los Angeles CARBOB / Los Angeles No. 2 CARB
ANS: $50.68/BBL 102% Crude Capacity Utilization 58% Market Capture

22. 499
569
25 6
81
(11)
(31)
2Q 2016
Adjusted
Earnings
Midstream Chemicals Refining Marketing
& Specialties
Corporate
& Other
2Q 2017
Adjusted
Earnings
2Q 2017 Adjusted Earnings
$MM
ADJUSTED EARNINGS
2Q 2017 VS. 2Q 2016
22
64 (142)233196 218

23. 39
64
22
(6)
23 (14)
2Q 2016
Adjusted
Earnings
Transportation NGL DCP
Midstream
Noncontrolling
Interests
2Q 2017
Adjusted
Earnings
$MM
MIDSTREAM
2Q 2017 VS. 2Q 2016
23
74 14 13
2Q 2017 Adjusted Net Income
(37)

24. 190 196
9
(4)
1
2Q 2016
Adjusted
Earnings
Olefins &
Polyolefins
Specialties,
Aromatics &
Styrenics
Other 2Q 2017
Adjusted
Earnings
$MM
CHEMICALS
2Q 2017 VS. 2Q 2016
24
179 (4)21
2Q 2017 Adjusted Earnings

25. 152
233
74
51
(26)
(18)
2Q 2016
Adjusted
Earnings
Atlantic
Basin /
Europe
Gulf
Coast
Central
Corridor
West Coast 2Q 2017
Adjusted
Earnings
$MM
REFINING
2Q 2017 VS. 2Q 2016
25
109 2956 39
2Q 2017 Adjusted Earnings

26. 229 218
(14)
3
2Q 2016
Adjusted
Earnings
Marketing
& Other
Specialties 2Q 2017
Adjusted
Earnings
$MM
MARKETING AND SPECIALTIES
2Q 2017 VS. 2Q 2016
26
185 33
2Q 2017 Adjusted Earnings

27. (111)
(142)
(15)
(16)
2Q 2016
Adjusted
Net Loss
Net Interest
Expense
Corporate
Overhead
& Other
2Q 2017
Adjusted
Net Loss
$MM
CORPORATE AND OTHER
2Q 2017 VS. 2Q 2016
27

28. 2.7
2.2
(0.9)
0.5
2.0
(0.7)
(1.4)
December 31,
2016
Cash
Balance*
CFO
(excluding
Working
Capital)
Working
Capital
Capital
Expenditures
& Investments
Shareholder
Distributions
Other June 30,
2017
Cash
Balance*
$B
CASH FLOW
YTD 2017
28
* Includes cash and cash equivalents.

29. 29
NON-GAAP RECONCILIATIONS
* We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 38 percent. Taxable special items attributable to foreign locations
likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from
income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation
allowance.
** Weighted-average diluted shares outstanding and income allocated to participating securities, if applicable, in the adjusted earnings per share calculation are the same as those used in the GAAP diluted
earnings per share calculation.
2017
Jun YTD 2Q 1Q Jun YTD 2Q
Phillips 66
Net Income (Loss) Attributable to Phillips 66 1,085$ 550$ 535$ 881$ 496$
Pre-tax Adjustments:
Pending claims and settlements (24) (24) (45)
Pension settlement expense 55 55
Impairments by equity affiliates 33 33 6
Recognition of deferred logistics commitments 30 30
Gain on consolidation of business (423) (423)
Tax impact of adjustments * 137 (12) 149 3 (11)
Other tax impacts - - - (16) (16)
Adjusted Net Income (Loss) Attributable to Phillips 66 863$ 569$ 294$ 859$ 499$
Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars) ** 2.07$ 1.06$ 1.02$ 1.65$ 0.93$
Adjusted Net Income (Loss) Attributable to Phillips 66 Per Share of Common Stock (dollars) ** 1.65$ 1.09$ 0.56$ 1.61$ 0.94$
Millions of Dollars
Except as Indicated
2016

30. 30
NON-GAAP RECONCILIATIONS
Jun YTD 2Q 1Q Jun YTD 2Q
Midstream
Net Income (Loss) Attributable to Phillips 66 136$ 59$ 77$ 104$ 39$
Pre-tax Adjustments:
Pending claims and settlements (45)
Pension settlement expense 8 8
Impairments by equity affiliates 6
Tax impact of adjustments (3) (3) 14
Adjusted Net Income (Loss) Attributable to Phillips 66 141$ 64$ 77$ 79$ 39$
Chemicals
Net Income (Loss) Attributable to Phillips 66 377$ 196$ 181$ 346$ 190$
Pre-tax Adjustments:
Impairments by equity affiliates 33 33
Tax impact of adjustments (13) (13)
Adjusted Net Income (Loss) Attributable to Phillips 66 397$ 196$ 201$ 346$ 190$
2017 2016
Millions of Dollars
Except as Indicated

31. 31
NON-GAAP RECONCILIATIONS
Jun YTD 2Q 1Q Jun YTD 2Q
Refining
Net Income (Loss) Attributable to Phillips 66 483$ 224$ 259$ 235$ 149$
Pre-tax Adjustments:
Pending claims and settlements (21) (21)
Pension settlement expense 35 35
Recognition of deferred logistics commitments 30 30
Gain on consolidation of business (423) (423)
Tax impact of adjustments 157 (5) 162 (11) (11)
Other tax impacts (16) (16)
Adjusted Net Income (Loss) Attributable to Phillips 66 231$ 233$ (2)$ 238$ 152$
Marketing & Specialties
Net Income (Loss) Attributable to Phillips 66 355$ 214$ 141$ 434$ 229$
Pre-tax Adjustments:
Pension settlement expense 7 7
Tax impact of adjustments (3) (3)
Adjusted Net Income (Loss) Attributable to Phillips 66 359$ 218$ 141$ 434$ 229$
Corporate and Other
Net Income (Loss) Attributable to Phillips 66 (266)$ (143)$ (123)$ (238)$ (111)$
Pre-tax Adjustments:
Pending claims and settlements (3) (3)
Pension settlement expense 5 5
Tax impact of adjustments (1) (1)
Adjusted Net Income (Loss) Attributable to Phillips 66 (265)$ (142)$ (123)$ (238)$ (111)$
Millions of Dollars
Except as Indicated
2017 2016

32. 32
NON-GAAP RECONCILIATIONS
Jun YTD 2Q 1Q Jun YTD 2Q
Midstream - Transportation
Net Income (Loss) 152$ 74$ 78$ 162$ 80$
Pre-tax Adjustments:
Tax impact of adjustments
Adjusted Net Income (Loss) 152$ 74$ 78$ 162$ 80$
Midstream - NGL
Net Income (Loss) 26$ 9$ 17$ (15)$ (9)$
Pre-tax Adjustments:
Pension settlement expense 8 8
Tax impact of adjustments (3) (3)
Adjusted Net Income (Loss) 31$ 14$ 17$ (15)$ (9)$
Midstream - DCP Midstream
Net Income (Loss) Attributable to Phillips 66 30$ 13$ 17$ (5)$ (9)$
Pre-tax Adjustments:
Pending claims and settlements (45)
Impairments by equity affiliates 6
Tax impact of adjustments 14
Adjusted Net Income (Loss) Attributable to Phillips 66 30$ 13$ 17$ (30)$ (9)$
Millions of Dollars
Except as Indicated
2017 2016

33. 33
NON-GAAP RECONCILIATIONS
Jun YTD 2Q 1Q Jun YTD 2Q
Refining - Atlantic Basin / Europe
Net Income (Loss) Attributable to Phillips 66 57$ 107$ (50)$ 36$ 32$
Pre-tax Adjustments:
Pending claims and settlements (5) (5)
Pension settlement expense 9 9
Recognition of deferred logistics commitments 30 30
Tax impact of adjustments (2) (2) (11) (11)
Other tax impacts (16) (16)
Adjusted Net Income (Loss) Attributable to Phillips 66 59$ 109$ (50)$ 39$ 35$
Refining - Gulf Coast
Net Income (Loss) Attributable to Phillips 66 381$ 53$ 328$ 73$ 5$
Pre-tax Adjustments:
Pending claims and settlements (7) (7)
Pension settlement expense 12 12
Gain on consolidation of business (423) (423)
Tax impact of adjustments 160 (2) 162
Adjusted Net Income (Loss) Attributable to Phillips 66 123$ 56$ 67$ 73$ 5$
Millions of Dollars
Except as Indicated
2017 2016

34. 34
NON-GAAP RECONCILIATIONS
Jun YTD 2Q 1Q Jun YTD 2Q
Refining - Central Corridor
Net Income (Loss) Attributable to Phillips 66 89$ 27$ 62$ 75$ 55$
Pre-tax Adjustments:
Pending claims and settlements (5) (5)
Pension settlement expense 8 8
Tax impact of adjustments (1) (1)
Adjusted Net Income (Loss) Attributable to Phillips 66 91$ 29$ 62$ 75$ 55$
Refining - West Coast
Net Income (Loss) Attributable to Phillips 66 (44)$ 37$ (81)$ 51$ 57$
Pre-tax Adjustments:
Pending claims and settlements (4) (4)
Pension settlement expense 6 6
Tax impact of adjustments
Adjusted Net Income (Loss) Attributable to Phillips 66 (42)$ 39$ (81)$ 51$ 57$
Millions of Dollars
Except as Indicated
2017 2016

35. 35
NON-GAAP RECONCILIATIONS
Jun YTD 2Q 1Q Jun YTD 2Q
Marketing & Specialties - Marketing & Other
Net Income (Loss) Attributable to Phillips 66 305$ 181$ 124$ 361$ 199$
Pre-tax Adjustments:
Asset dispositions 7 7
Tax impact of adjustments (3) (3)
Adjusted Net Income (Loss) Attributable to Phillips 66 309$ 185$ 124$ 361$ 199$
Marketing & Specialties - Specialties
Net Income (Loss) Attributable to Phillips 66 50$ 33$ 17$ 73$ 30$
Pre-tax Adjustments:
Tax impact of adjustments
Adjusted Net Income (Loss) Attributable to Phillips 66 50$ 33$ 17$ 73$ 30$
Millions of Dollars
Except as Indicated
20162017

36. 36
* Capital employed is total equity plus total debt
NON-GAAP RECONCILIATIONS
2017 June YTD Phillips 66
Numerator ($MM)
Net Income 1,144$
After-tax interest expense 138$
GAAP ROCE earnings 1,282$
After-tax special items (222)$
Adjusted ROCE earnings 1,060$
Denominator ($MM)
GAAP average capital employed * 33,817$
2017 Annualized GAAP ROCE 8%
2017 Annualized Adjusted ROCE 6%

37. 37
NON-GAAP RECONCILIATIONS
* PSXP's third-party debt and Phillips 66's noncontrolling interest attributable to PSXP
Phillips 66
Consolidated
Phillips 66
Partners *
Adjusted
Phillips 66
Total Debt 9,965$ 2,252$ 7,713$
Total Equity 23,806$ 1,410$ 22,396$
Debt-to-Capital Ratio 30% 26%
Total Cash & Cash Equivalents 2,161$ 1$ 2,160$
Net-Debt-to-Capital Ratio 25% 20%
2017
2Q
Millions of Dollars

38. 38
NON-GAAP RECONCILIATIONS
Growth Sustaining Total Growth Sustaining Total
Capital Expenditures and Investments
Midstream 161$ 38$ 199$ 309$ 72$ 381$
Refining 97$ 119$ 216$ 208$ 267$ 475$
Marketing & Specialties 13$ 10$ 23$ 21$ 17$ 38$
Corporate and Other -$ 20$ 20$ 1$ 33$ 34$
Total 271$ 187$ 458$ 539$ 389$ 928$
Millions of Dollars
2017
June YTD2Q
Millions of Dollars
2017

39. 39
NON-GAAP RECONCILIATIONS
PSX Effective Tax Rate Millions of Dollars
2017
2Q
Effective Tax Rates
Income before taxes 848$
Special items 31$
Adjusted income before taxes 879$
Provision for taxes 267$
Special items 12$
Adjusted provision for taxes 279$
GAAP effective tax rate 31.5%
Adjusted effective tax rate 31.7%
PSXP Run-rate EBITDA:
PSXP’s run-rate EBITDA is a forecast of future EBITDA, and is based on the Partnership’s projections of annual EBITDA inclusive of both
currently owned assets ($675 million) and future potential acquisitions by the Partnership ($1.1 billion). Run-rate EBITDA is included to
demonstrate the historical growth of the Partnership through June 30, 2017, as well as management’s intention of future growth through
acquisitions and organic projects. We are unable to present a reconciliation of run-rate EBITDA to net income, which is the nearest GAAP
financial measure, because certain elements of net income, including interest, depreciation and taxes, were not used in the forecasts and are
therefore not available. Together, these items generally result in run-rate EBITDA being significantly greater than net income.