2018 F A C T B O O K

Transcription

1 2018 FACT BOOK

2 TABLE OF CONTENTS 1COMPANY OVERVIEW COMPANY OVERVIEW 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, the company has 14,400 employees committed to safety and operating excellence. 2 OUR STRATEGY 4 MIDSTREAM REFINING CHEMICALS MARKETING AND SPECIALTIES 16 MIDSTREAM Our Midstream segment provides crude oil and refined product transportation, terminaling and processing services, as well as natural gas liquids (NGL) and liquefied petroleum gas (LPG) transportation, storage, processing and marketing services, mainly in the United States. This segment includes our master limited partnership, Phillips 66 Partners LP, as well as our 50 percent equity investment in DCP Midstream, LLC. 21,000 MILES OF PIPELINE SYSTEMS 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. Our Refining business focuses on operating excellence and margin enhancement. 2.1 MILLION BPD OF CHEMICALS The Chemicals segment consists of our 50 percent joint venture interest in Chevron Phillips Chemical Company LLC (CPChem), which manufactures and markets petrochemicals and plastics worldwide. CPChem has costadvantaged assets concentrated in North America and the Middle East. MARKETING AND SPECIALTIES Our Marketing and Specialties segment markets refined petroleum products such as gasoline, distillates and aviation fuels, mainly in the United States and Europe. The segment also includes the manufacturing and marketing of specialty products such as base oils and lubricants. CPCHEM'S CEDAR BAYOU FACILITY 2 30 GLOBAL MANUFACTURING FACILITIES 1 7,550 BRANDED U.S. OUTLETS 1,630 BRANDED INTERNATIONAL OUTLETS

3 OUR STRATEGY The Phillips 66 strategic priorities of growth, returns and distributions are supported by a strong foundation of operating excellence and a high-performing organization. We believe our strategy, which is the same today as when we started in 2012, creates long-term shareholder value. GROWTH Reshaping our portfolio by capturing growth opportunities in Midstream and Chemicals RETURNS Enhancing returns by maximizing earnings from existing assets and investing capital efficiently DISTRIBUTIONS Committed to dividend growth, share repurchases and financial strength OPERATING EXCELLENCE Committed to safety, reliability and environmental stewardship while protecting shareholder value HIGH-PERFORMING ORGANIZATION Building capability, pursuing excellence and doing the right thing 2 3 BEAUMONT TERMINAL

4 MIDSTREAM Our Midstream segment consists of three business lines: TRANSPORTATION Transports crude oil and other feedstocks to our refineries and other locations, delivers refined products to market, and provides terminaling and storage services for crude oil and petroleum products. NGL AND OTHER Transports, stores, fractionates and markets NGL in the United States; exports LPG and provides other fee-based processing services. DCP MIDSTREAM Gathers, processes, transports and markets natural gas and transports, fractionates and markets NGL. FREEPORT LPG EXPORT TERMINAL THE FREEPORT LPG TERMINAL CAN SIMULTANEOUSLY LOAD TWO SHIPS WITH REFRIGERATED PROPANE AND BUTANE AT A COMBINED RATE OF 36,000 BARRELS PER HOUR. 4 5

5 PHILLIPS 66 PARTNERS In 2013, we formed Phillips 66 Partners, an MLP, to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and NGL pipelines and terminals, as well as other midstream assets. At June 30, 2018, we owned a 55 percent limited partner interest and a two percent general partner interest in Phillips 66 Partners, while the public owned a 43 percent limited partner interest and 13.8 million convertible preferred units. Headquartered in Houston, Texas, Phillips 66 Partners has assets and equity investments that currently consist of crude oil, refined petroleum products and NGL transportation, terminaling and storage systems, as well as crude oil and NGL processing facilities, that are geographically dispersed throughout the United States. The majority of Phillips 66 Partners assets are integral to Phillips 66 operated refineries. % OWNERSHIP INTEREST PHILLIPS 66 PARTNERS GP LLC (PSXP GENERAL PARTNER) GENERAL PARTNER UNITS IDR'S 2% GENERAL PARTNER INTEREST (NYSE:PSX) 55% LIMITED PARTNER INTEREST PSXP PUBLIC COMMON UNITHOLDERS 43% LIMITED PARTNER INTEREST TRANSPORTATION We own or lease various assets to provide transportation, terminaling and storage of crude oil, refined products, natural gas and NGL. These assets include pipeline systems; petroleum products, crude oil and LPG terminals; a petroleum coke handling facility; marine vessels; rail cars and trucks. PIPELINES AND TERMINALS Phillips 66 Partners announced in April 2018 that it received sufficient binding commitments to proceed with construction of the Gray Oak Pipeline system. The Gray Oak Pipeline will provide crude oil transportation from West Texas to destinations in the Corpus Christi and Sweeny/Freeport markets, including the Phillips 66 Sweeny Refinery. Phillips 66 Partners completed an expansion open season in July 2018 to determine the scope and capacity. The pipeline will have initial capacity of 800,000 BPD based on shipper commitments and the reservation of capacity for walk-up shippers. The pipeline is expandable to approximately 1 million BPD subject to additional shipper commitments. Phillips 66 Partners will initially own a 75 percent interest in the pipeline system. Other third parties have an option to acquire up to percent interest in the joint venture. If all options are exercised, Phillips 66 Partners would remain the largest equity owner at percent. The pipeline is expected to be placed in service by the end of In Corpus Christi, the Gray Oak Pipeline will connect to the new South Texas Gateway Terminal under development by Buckeye Partners, L.P. The marine terminal will have an initial storage capacity of 3.4 million barrels and is expected to begin operations by the end of Phillips 66 Partners will have a 25 percent ownership interest in the joint venture that owns the terminal. The Beaumont Terminal in Nederland, Texas, is the largest terminal in the Phillips 66 portfolio. At Dec. 31, 2017, the terminal capacity was 11.1 million barrels, of which 7.4 million barrels was crude oil storage capacity and 3.7 million barrels was refined product storage capacity. The company placed 1.3 million barrels of new crude oil storage into service during June and July 2018, bringing the terminal s total storage capacity to 12.4 million barrels. Additional crude oil tanks are under construction to further increase storage capacity to 14.6 million barrels by the end of this year. In addition, during the fourth quarter of 2017, we completed expansion of the terminal s export facilities from 400,000 to 600,000 BPD. AS OF DEC. 31, 2017, OUR TRANSPORTATION BUSINESS MANAGED OVER: 21,000 MILES OF PIPELINE SYSTEMS IN THE UNITED STATES 40 FINISHED PRODUCT TERMINALS 38 STORAGE LOCATIONS 19 OIL TERMINALS 5 LPG TERMINALS 1 PETROLEUM COKE EXPORTING FACILITY (NYSE:PSXP) As of June 30, 2018 Public also owns 13.9 million convertible preferred units. OPERATING SUBSIDIARIES JOINT VENTURES BEAUMONT TERMINAL 6 7

6 PIPELINES AND TERMINALS CONTINUED The Bakken Pipeline went into commercial service in June The pipeline is approximately 1,915 miles long, with an estimated capacity of 525,000 BPD at Dec. 31, Phillips 66 Partners has a 25 percent interest in the Bakken Pipeline, through its 25 percent interests in both the Dakota Access and ETCO joint ventures. Energy Transfer Partners, L.P. (ETP) and MarEn Bakken Company LLC also have percent and percent interests, respectively, with ETP serving as the operator. The Dakota Access section of the Bakken Pipeline is approximately 1,172 miles long and delivers crude oil from the Bakken/Three Forks production area in North Dakota to a storage and terminaling hub outside of Patoka, Illinois, which includes an interconnection with the ETCO pipeline. The ETCO pipeline section of the Bakken Pipeline is approximately 743 miles long and transports crude oil from the Midwest to Phillips 66 and ETP storage terminals located in Nederland, Texas. The Bayou Bridge Pipeline joint venture delivers crude oil from Nederland, Texas, to Lake Charles, Louisiana. At Dec. 31, 2017, this pipeline had capacity of approximately 480,000 BPD. Phillips 66 Partners has a 40 percent interest in the joint venture, and ETP has a 60 percent interest and serves as the operator. The remaining section of the pipeline, which is being constructed, will deliver crude oil from Lake Charles to St. James, Louisiana, and is expected to be completed in the fourth quarter of The Sacagawea Pipeline is owned by a joint venture, in which Phillips 66 Partners and Paradigm Energy Partners, LLC each own a 50 percent interest. In August 2017, a new origin point on the Sacagawea Pipeline was established near New Town, North Dakota, enabling crude to flow from this origin point to the Bakken Pipeline at Johnson s Corner, Keene Terminal, Palermo Terminal and the North Dakota Pipeline at Stanley, North Dakota. Phillips 66 Partners and Plains All American Pipeline, L.P. each own a 50 percent interest in the STACK Pipeline LLC joint venture, which owns and operates a crude oil storage terminal and a common carrier pipeline that transports crude oil from the Sooner Trend, Anadarko Basin, Canadian and Kingfisher counties (STACK) play in northwestern Oklahoma to Cushing, Oklahoma. During the fourth quarter of 2017, this joint venture completed an expansion project to loop the existing pipeline and extend further into the STACK play, which increased capacity by 150,000 BPD. Phillips 66 owns a 25 percent interest in Rockies Express Pipeline LLC (REX), which owns a natural gas pipeline system with approximately 1,712 miles of transportation pipelines, including laterals, extending from Opal, Wyoming, and Meeker, Colorado, to Clarington, Ohio. The REX Pipeline delivers natural gas to markets, primarily in the Midwest, from both the Rocky Mountain region and the Appalachian Basin. MARINE VESSELS At Dec. 31, 2017, we had 11 international-flagged crude oil and product tankers under time charter contracts, with capacities ranging in size from 300,000 to 1,,000 barrels. Additionally, we had two Jones Actcompliant tankers and 38 tug/barge units under time charter contracts. These vessels are used primarily to transport feedstocks or provide product transportation for our refineries, including delivery of domestic crude oil to our Gulf Coast and East Coast refineries. 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 rail cars. Truck movements are provided through numerous third-party trucking companies, as well as through our percent-owned subsidiary, Sentinel Transportation LLC. GULF COAST FRACTIONATOR IN MONT BELVIEU, TEXAS NGL AND OTHER Our NGL and Other business includes the following: A U.S. Gulf Coast NGL market hub comprising the 200,000 BPD Freeport LPG Export Terminal and Phillips 66 Partners',000 BPD Sweeny Fractionator. These assets are supported by 9 million barrels of gross capacity at Phillips 66 Partners' Clemens 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 pipelines 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 pipelines that connect Eagle Ford, Permian and Midcontinent production to the Mont Belvieu, Texas, market. The Sand Hills Pipeline capacity was expanded to 425,000 BPD in the second quarter of 2018, with further expansion to 485,000 BPD expected to be in service by the end of Phillips 66 Partners, through its ownership of Merey Sweeny, L.P. (MSLP), 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. The Sweeny Fractionator is located adjacent to our Sweeny Refinery in Old Ocean, Texas, and supplies purity ethane to the petrochemical industry and LPG 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 a multimillion-barrel salt dome storage facility with access to our LPG export terminal in Freeport, Texas. The Freeport LPG Export Terminal has a capacity of 200,000 BPD and 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 36,000 barrels per hour. In support of the terminal, a,000 BPD unit to upgrade domestic propane for export was installed near the Sweeny Fractionator. In addition, the terminal exports 10,000 to 15,000 BPD of natural gasoline (C5+) produced at the Sweeny Fractionator. In June 2018, we announced that we are proceeding with an expansion of the Sweeny Hub. The expansion includes two 150,000 BPD fractionators, associated pipeline infrastructure, and 6 million barrels of additional storage capacity at Phillips 66 Partners Clemens Caverns. DCP Midstream has committed to supply Y-grade NGL feedstock 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 fractionation capability and access to 15 million barrels of storage capacity. 8 9

7 DCP MIDSTREAM Our Midstream segment includes our 50 percent equity investment in DCP Midstream, which is headquartered in Denver, Colorado. SAND HILLS PIPELINE AS OF DEC. 31, 2017, DCP MIDSTREAM OWNED OR OPERATED: 61 NATURAL GAS PROCESSING FACILITIES, WITH A NET NAMEPLATE PROCESSING OF APPROXIMATELY 7.8 (BCF/D) DCP MIDSTREAM'S OWNED OR OPERATED NATURAL GAS PIPELINE SYSTEMS INCLUDED GATHERING SERVICES FOR THESE FACILITIES, AS WELL AS NATURAL GAS TRANSMISSION, AND ED APPROXIMATELY 63,000 MILES OF PIPELINE. DCP Midstream also owned or operated 12 NGL fractionation plants, along with natural gas and NGL storage facilities, a propane wholesale marketing business and NGL pipeline assets. The residual natural gas, primarily methane, which results from processing raw natural gas, is sold by DCP Midstream at marketbased 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. PERMIAN 1.3 * DJ BASIN 0.8 * MIDCONTINENT 1.8 * DCP MIDSTREAM IS ADVANCING THE FOLLOWING GROWTH PROJECTS: DCP continues to expand gas processing capability in the highgrowth DJ Basin. The 200 million cubic feet per day (MMCFD) Mewbourn 3 plant is expected to be completed in the third quarter of The O'Connor 2 plant will have 300 MMCFD of capacity, including 200 MMCFD of gas processing capability and up to MMCFD of bypass, and is scheduled for completion in the second quarter of DCP Midstream expanded the Sand Hills Pipeline to 425,000 BPD in the second quarter of Further expansion to 485,000 BPD is expected to be in service at the end of This expansion includes a partial looping of the pipeline and the addition of new pump stations. DCP Midstream Facilities DCP Midstream Pipelines Phillips 66 Refinery Oil and Gas Basins *(Bcf/d of Active Processing Capacity) SOUTH 2.3 DCP Midstream is jointly developing the Cheyenne Connector pipeline with Tallgrass Energy Partners, LP (Tallgrass) and Western Gas Partners, LP (Western Gas). Tallgrass serves as the operator, and both DCP Midstream and Western Gas hold an option to invest in this pipeline at a later date. The Cheyenne Connector pipeline will provide takeaway solutions with capacity of at least 600 MMcf/d for DCP Midstream's DJ Basin assets, connecting natural gas to REX's Cheyenne Hub, where it can then be delivered to numerous demand markets across the country. DCP Midstream is expanding the Southern Hills pipeline into the DJ Basin via the White Cliffs pipeline. The project, which is expected to be in service during the fourth quarter of 2019, will provide 90,000 BPD of NGL transportation capacity to access Texas Gulf Coast markets. Southern Hills is owned two-thirds by DCP and one-third by Phillips 66 Partners. DCP Midstream has a 25 percent interest in the Gulf Coast Express Pipeline project that is designed to transport approximately 2 billion cubic feet per day (BCFD) of natural gas from the Permian Basin to Gulf Coast markets. The pipeline is anticipated to be completed in the fourth quarter of

8 PHILLIPS 66 OWNERSHIP INTEREST IN MAJOR PIPELINE SYSTEMS as of Dec. 31, 2017 NAME ORIGINATION / TERMINUS INTEREST (%) SIZE LENGTH (MILES) GROSS AND FEEDSTOCKS Bakken Pipeline North Dakota / Nederland, TX 25 30" 1, Bayou Bridge Nederland, TX / Lake Charles, LA 40 30" Clifton Ridge Clifton Ridge, LA / Westlake, LA 20" Cushing Cushing, OK / Ponca City, OK 18" Eagle Ford Gathering Helena, TX 6" 6 20 Eagle Ford Gathering Tilden, TX / Whitsett, TX 6"-10" Glacier Cut Bank, MT / Billings, MT 79 8"-12" Line O Cushing, OK / Borger, TX 10" Line 80 Gaines, TX / Borger, TX 8", 12" Line Taft, CA / Lost Hills, CA 8", 10", 12" Line 200 Lost Hills, CA / Rodeo, CA 12", 16" Line 300 Nipomo, CA / Arroyo Grande, CA 8", 10", 12" Line 400 Arroyo Grande, CA / Lost Hills, CA 8", 10", 12" Louisiana Crude Gathering Rayne, LA / Westlake, LA 4"-8" North Texas Crude Wichita Falls, TX 2"-16" Oklahoma Mainline Wichita Falls, TX / Ponca City, OK 12" 217 Sacagawea Keene, ND / Stanley, ND 50 16" STACK PL Cashion, OK / Cushing, OK 50 8"-16" Sweeny Crude Sweeny, TX / Freeport, TX 12", 24", 30" WA Line Odessa, TX / Borger, TX 12", 14" West Texas Gathering Permian Basin 4"-14" NGL Chisholm Kingfisher, OK / Conway, KS 50 4"-10" Powder River Sage Creek, WY / Borger, TX 6"-8" River Parish NGL Southeast Louisiana 4"-20" Sand Hills** Permian Basin / Mont Belvieu, TX 33 20" 1, Skelly-Belvieu Skellytown, TX / Mont Belvieu, TX 50 8" Southern Hills** U.S. Midcontinent / Mont Belvieu, TX 33 20" Sweeny NGL Brazoria, TX / Sweeny, TX 20" TX Panhandle Y1/Y2 Sher-Han, TX / Borger, TX 3"-10" LPG Blue Line Borger, TX / East St. Louis, IL 8"-12" Brown Line Ponca City, OK / Wichita, KS 8", 10" Conway to Wichita Conway, KS / Wichita, KS 12" Medford Ponca City, OK / Medford, OK 4"-6" Sweeny LPG Lines Sweeny, TX / Mont Belvieu and Freeport, TX 10"-20" NATURAL GAS Rockies Express*** West to East Meeker, CO / Clarington, OH 25 36"-42" 1, Bcf/d East to West Clarington, OH / Moultrie, IL 25 24", 42" Bcf/d NAME ORIGINATION / TERMINUS INTEREST (%) PETROLEUM PRODUCTS SIZE LENGTH (MILES) GROSS ATA Line Amarillo, TX / Albuquerque, NM 50 6", 10" Borger to Amarillo Borger, TX / Amarillo, TX 8", 10" Borger-Denver McKee, TX / Denver, CO 70 6"-12" Cherokee East Medford, OK / Mount Vernon, MO 10", 12" Cherokee North Ponca City, OK / Arkansas City, KS 10" Cherokee South Ponca City, OK / Oklahoma City, OK 8" Cross Channel Connector Pasadena, TX / Galena Park, TX 20" Explorer Texas Gulf Coast / Chicago, IL 22 24", 28" 1, Gold Line Borger, TX / East St. Louis, IL 8"-16" Harbor Woodbury, NJ / Linden, NJ 33 16" Heartland* McPherson, KS / Des Moines, IA 50 8", 6" LAX Jet Line Wilmington, CA / Los Angeles, CA 50 8" Los Angeles Products Torrance, CA / Los Angeles, CA 6", 12" Paola Products Paola, KS / Kansas City, KS 8", 10" Pioneer Sinclair, WY / Salt Lake City, UT 50 8", 12" Richmond Rodeo, CA / Richmond, CA 6" SAAL Amarillo, TX / Abernathy, TX 33 6" SAAL Abernathy, TX / Lubbock, TX 54 6" Seminoe Billings, MT / Sinclair, WY 6"-10" Standish Marland Junction, OK / Wichita, KS 18" Sweeny to Pasadena Sweeny, TX / Pasadena, TX 12", 18" Torrance Products Wilmington, CA / Torrance, CA 10", 12" Watson Products Line Wilmington, CA / Long Beach, CA 20" Yellowstone Billings, MT / Moses Lake, WA 46 6"-10" Owned by Phillips 66 Partners; Phillips 66 held a 57 percent ownership interest in Phillips 66 Partners at Dec. 31, * Total pipeline system is 419 miles. Phillips 66 has an ownership interest in multiple segments totaling 49 miles. ** Operated by DCP Midstream, LP; Phillips 66 Partners holds a direct one-third ownership interest in the pipeline entities. *** Total pipeline system consists of three zones for a total of 1,712 miles. The third zone of the pipeline is bi-directional and can transport 2.6 Bcf/d of natural gas from east to west. SWEENY REFINERY 12 13

9 PHILLIPS 66 OWNERSHIP INTEREST IN FINISHED PRODUCT TERMINALS as of Dec. 31, 2017 NAME LOCATION INTEREST (%) GROSS STORAGE (MBBL) GROSS RACK Albuquerque New Mexico Amarillo Texas Beaumont Texas 3,700 8 Billings Montana Bozeman Montana Casper Montana Colton California Denver Colorado Des Moines Iowa East St. Louis Illinois 2, Glenpool Oklahoma Great Falls Montana Hartford Illinois 1, Helena Montana Jefferson City Missouri Kansas City Kansas 1, La Junta Colorado Lincoln Nebraska Linden New Jersey Los Angeles California Lubbock Texas Missoula Montana Moses Lake Washington Mount Vernon Missouri North Salt Lake Utah Oklahoma City Oklahoma Pasadena Texas 3, Ponca City Oklahoma Portland Oregon Renton Washington Richmond California Rock Springs Wyoming Sacramento California Sheridan Wyoming Spokane Washington Tacoma Washington Tremley Point New Jersey 1, Westlake Louisiana Wichita Falls Texas Wichita North Kansas Owned by Phillips 66 Partners; Phillips 66 held a 57 percent ownership interest in Phillips 66 Partners at Dec. 31, PHILLIPS 66 OWNERSHIP INTEREST IN AND OTHER TERMINALS as of Dec. 31, 2017 NAME LOCATION INTEREST (%) GROSS STORAGE (MBBL) GROSS LOADING * AND FEEDSTOCKS Beaumont Texas 7,400 N/A Billings Montana 270 N/A Borger Texas N/A Clifton Ridge Louisiana 3,410 N/A Cushing Oklahoma 700 N/A Freeport Texas 2,144 N/A Jones Creek Texas 2,577 N/A Junction California 523 N/A Keene North Dakota N/A McKittrick California 237 N/A Odessa Texas 523 N/A Palermo North Dakota N/A Pecan Grove Louisiana 142 N/A Ponca City Oklahoma 1,200 N/A Santa Margarita California 335 N/A Santa Maria California 112 N/A Tepetate Louisiana 152 N/A Torrance California 309 N/A Wichita Falls Texas 240 N/A PETROLEUM COKE Lake Charles Louisiana 50 N/A N/A RAIL Bayway New Jersey N/A 75 Beaumont Texas N/A 20 Ferndale Washington N/A 30 Missoula Montana 50 N/A 41 Palermo North Dakota 70 N/A Thompson Falls Montana 50 N/A 42 MARINE Beaumont Texas N/A 37 Clifton Ridge Louisiana N/A 48 Hartford Illinois N/A 3 Pecan Grove Louisiana N/A 6 Portland Oregon N/A 10 Richmond California N/A 3 Tacoma Washington N/A 12 Tremley Point New Jersey N/A 7 NGL FACILITIES Freeport Texas 1, River Parish Louisiana 1,500 N/A Clemens Texas 9,000 N/A Owned by Phillips 66 Partners; Phillips 66 held a 57 percent ownership interest in Phillips 66 Partners at Dec. 31, * Rail in thousands of barrels daily ; Marine and NGL Facilities in thousands of barrels per hour

10 CHEMICALS The Chemicals segment consists of our 50 percent equity investment in CPChem, which is headquartered in The Woodlands, Texas. CPChem owns or has joint venture interests in 30 global manufacturing facilities and two U.S. research and development centers. CPCHEM'S NEW 3.5 BILLION-POUND-PER-YEAR ETHANE CRACKER IS LOCATED AT ITS CEDAR BAYOU FACILITY IN BAYTOWN, TEXAS. CPCHEM'S NEW ETHANE CRACKER AT THE CEDAR BAYOU FACILITY 16 17

11 CPChem has two primary business lines: Olefins and Polyolefins (O&P) and Specialties, Aromatics and Styrenics (SA&S). The O&P business segment produces and markets ethylene and other olefin products; the ethylene produced is primarily consumed within CPChem for the production of polyethylene, normal alpha olefins (NAO) and polyethylene pipe. The SA&S business segment manufactures and markets aromatics and styrenics products, such as benzene, styrene, paraxylene and cyclohexane, as well as polystyrene. SA&S also manufactures and/ or markets a variety of specialty chemical products including organosulfur chemicals, solvents, catalysts, drilling chemicals and mining chemicals. 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 from cracking the feedstocks ethane, propane, butane, natural gasoline or certain refinery liquids, such as naphtha and gas oil. The produced ethylene has a number of uses, primarily as a raw material in the production of plastics, such as polyethylene and polyvinyl chloride. 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. CPChem and its equity affiliates have manufacturing facilities located in Belgium, China, Colombia, Qatar, Saudi Arabia, Singapore and the United States. CPChem has completed its world-scale U.S. Gulf Coast (USGC) Petrochemicals Project. This project leverages the development of the significant shale resources in the United States. The polyethylene facilities started up in September The two polyethylene units, each with an annual capacity of 1.1 billion pounds, are located near CPChem s Sweeny facility in Old Ocean, Texas. CPChem s Cedar Bayou facility in Baytown, Texas, is the location of the new ethane cracker. Mechanical completion of the ethane cracker was achieved in December 2017, and commissioning was completed in the first quarter of The cracker has demonstrated 3.5 billion pounds per year capacity, which is 6 percent above original design. CPCHEM'S PETROCHEMICALS AND PLASTICS PRODUCT CAPACITIES as of June 30, 2018 O&P U.S (MMLB/Y) INTERNATIONAL (MMLB/Y) WORLDWIDE (MMLB/Y) Ethylene 11,635 2,475 14,110 Propylene 2, ,180 High-density polyethylene (HDPE) 5,305 2,295 7,600 Low-density polyethylene (LDPE) Linear low-density polyethylene (LLDPE) 1,590 1,590 Polypropylene Normal alpha olefins (NAO) 2, ,850 Polyalphaolefins Polyethylene pipe Total O&P 24,785 6,230 31,015 SA&S Benzene 1, ,530 Cyclohexane 1, ,455 Paraxylene 1,000 1,000 Styrene 1, ,875 Polystyrene ,070 Specialty chemicals Total SA&S 5,984 2,520 8,504 Total O&P and SA&S 30,769 8,750 39,519 CPCHEM'S CEDAR BAYOU FACILITY 18 19

12 CPCHEM'S PRODUCT CAPACITIES BY LOCATION as of June 30, 2018 UNITED STATES FACILITIES CPCHEM OWNERSHIP (%) Cedar Bayou Facility, Baytown, TX 70 Sweeny Facility, Old Ocean, TX Sweeny Facility, Sweeny, TX Port Arthur Facility, Port Arthur, TX Pascagoula Facility, Pascagoula, MS PRODUCTS GROSS (MMLB/Y) Ethylene 5,365 Propylene 1,030 LDPE 620 LLDPE 490 NAO 1,785 1-Hexene 550 PAO 125 HDPE 1,515 HDPE 1, LLDPE 1, Ethylene 4,390 Propylene 870 Ethylene 1,880 Propylene 775 Cyclohexane 1,060 Benzene 1,600 Paraxylene 1,000 Pasadena Plastics Complex, Pasadena, TX HDPE 2,180 Orange Chemical Facility, Orange, TX HDPE 970 Borger Facility, Borger, TX Specialty Chemicals 380 Drilling Specialties, Conroe, TX Drilling Specialties 59 Performance Pipe Division, seven locations Performance Pipe 500 Americas Styrenics, St. James, LA 50 Styrene 2, Americas Styrenics, Torrance, CA 50 Polystyrene 330 Americas Styrenics, Allyn's Point, CT 50 Polystyrene 250 Americas Styrenics, Joliet, IL 50 Polystyrene 270 Americas Styrenics, Hanging Rock, OH 50 Polystyrene 400 Americas Styrenics, Marietta, OH 50 Polystyrene 420 Beringen Facility, Beringen, Belgium PAO 130 Tessenderlo Chemicals Facility, Tessenderlo, Belgium Specialty Chemicals 135 Qatar Chemical Company LTD., Mesaieed, Qatar 49 Ethylene 1,150 HDPE 1,010 CPCHEM'S GLOBAL LOCATIONS AND ETHYLENE WORLDWIDE 14,110* U.S. GULF COAST U.S. 11,635* INTERNATIONAL FACILITIES Qatar Chemical Company II LTD., Ras Laffan, Qatar 49 Jubail Chevron Phillips Company, Jubail Industrial City, Saudi Arabia 50 Saudi Chevron Phillips Company, Jubail Industrial City, Saudi Arabia 50 Saudi Polymers Company, Jubail Industrial City, Saudi Arabia 35 1-Hexene 130 Ethylene 1,530 HDPE 770 NAO 760 Ethylene 450 Propylene 330 Styrene 1,650 Benzene 1,865 Cyclohexane 790 Ethylene 2,690 Propylene 970 HDPE 2,425 Polypropylene 880 Polystyrene Hexene 220 Shanghai Golden Phillips Petrochemical Co., Jinshanwei, China 40 HDPE 320 Americas Styrenics, Cartegena, Colombia 50 Polystyrene SAUDI ARABIA MIDDLE EAST 2,475* CPChem Ethylene/Polyethylene CPChem Other CPChem NGL Pipeline *Net Ethylene Capacity in million pounds per year. 21 QATAR

13 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. Our Refining business focuses on operating safely and reliably while optimizing to improve margins. Exercising cost and capital discipline is essential to our strategy. We invest our capital in quick payout, highreturn projects, primarily to improve clean product yield and increase advantaged feedstock capability. Four Phillips 66 refineries were recognized by the American Fuel and Petrochemical Manufacturers (AFPM) for exemplary safety performance in The Bayway Refinery received the Distinguished Safety Award, which is the highest annual safety award the industry recognizes, and the Sweeny Refinery received the secondhighest recognition, the Elite Gold Award. The Alliance and Wood River refineries were both selected as recipients of the Elite Silver Award, which recognizes the top five percent of all sites for safety performance. In the second quarter of 2017, we increased heavy crude processing capability at our Billings Refinery to percent with the startup of a new vacuum distillation unit. At the Ponca City Refinery, we completed a diesel recovery project in the fourth quarter that increases clean product yield. In April 2018, we completed FCC unit modernization projects at both the Bayway and Wood River refineries, which increase yield of high-value clean products. At our Lake Charles Refinery, we are completing modifications to run more domestic crude to reduce our feedstock costs. In July 2018, a project was approved for the Sweeny Refinery to optimize an FCC unit to increase production of higher-value petrochemical products and higher octane gasoline. The project is anticipated to be completed in mid Phillips 66 Partners is constructing a 25,000 BPD isomerization unit at the Lake Charles Refinery to increase production of higher octane gasoline blend components. Expected completion has been accelerated to the third quarter of Primary crude oil characteristics and sources of crude oil for our refineries are as follows: NAME Bayway Humber MiRO Alliance Lake Charles Sweeny Wood River Borger Ponca City Billings Ferndale Los Angeles San Francisco SWEET CHARACTERISTICS MEDIUM SOUR HEAVY SOUR HIGH TAN* UNITED STATES CANADA * High TAN (Total Acid Number): acid content greater than or equal to 1.0 milligram of potassium hydroxide (KOH) per gram. SOURCES SOUTH AMERICA EUROPE MIDDLE EAST & AFRICA SWEENY REFINERY 22 23

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

15 CENTRAL CORRIDOR WOOD RIVER REFINERY BORGER REFINERY BILLINGS REFINERY PONCA CITY REFINERY PONCA CITY REFINERY WRB REFINING LP (WRB) Phillips 66 is the operator and managing partner of WRB, a 50/50 joint venture with Cenovus Energy Inc., which owns the Wood River and Borger refineries. * 85 * 60 * 157 * 166 * 50 * 30 * 73 * The Wood River Refinery is located in Roxana, Illinois, about 15 miles northeast of St. Louis, Missouri, at the confluence of the Mississippi and Missouri rivers. Refinery facilities include crude distilling, naphtha reforming, fluid catalytic cracking, alkylation, hydrocracking, hydrodesulfurization and delayed coking units. The refinery processes a mixture of light, low-sulfur; heavy, highsulfur; and high-acid crude oil. The crude supply is sourced domestically or from Canada. Wood River produces a high fuels. Other products include petrochemical feedstocks, asphalt and petroleum coke. Refined products are distributed to customers by pipeline, rail car, barge and truck and are shipped to markets throughout the Midcontinent region. *Capacities reflect Phillips 66 equity share. The Borger Refinery is located in Borger, Texas, in the Texas Panhandle, approximately 50 miles north of Amarillo, Texas. Refinery facilities include crude distilling, naphtha reforming, fluid catalytic cracking, alkylation, hydrodesulfurization and delayed coking units, as well as an NGL fractionation facility. The refinery processes primarily medium sour crude oil produced locally, and heavy sour crude oil produced in Canada, all of which are delivered by pipeline. Borger produces a high fuels, as well as petroleum coke, NGLs and solvents. Refined products are distributed to customers via pipelines from the refinery to West Texas, New Mexico, Colorado and the Midcontinent region. *Capacities reflect Phillips 66 equity share. The Billings Refinery is located in Billings, Montana. Its facilities include crude distilling, naphtha reforming, fluid catalytic cracking, alkylation, hydrodesulfurization and delayed coking units. The refinery processes a mixture of Canadian heavy, high-sulfur crude oil delivered by pipeline, and domestic crude oil delivered by truck. With the startup of a new vacuum distillation unit in 2017, the refinery has percent heavy crude processing capability. The refinery produces a high fuels and petroleum coke. Finished petroleum products are distributed by pipeline, rail car and truck. Pipelines transport most of the refined products to markets in Montana, Wyoming, Idaho, Utah, Colorado and Washington. The Ponca City Refinery is located in Ponca City, Oklahoma, approximately 95 miles northwest of Tulsa, Oklahoma. Its facilities include crude distilling, naphtha reforming, fluid catalytic cracking, alkylation, hydrodesulfurization and delayed coking units. The refinery processes a mixture of light, medium and heavy crude oil delivered via pipeline from Oklahoma, Texas, New Mexico, the U.S. Rockies and Canada. Infrastructure improvements have enabled the delivery of locally produced crude oil by pipeline and truck. The refinery produces a high fuels and anode-grade petroleum coke. Refined products are primarily distributed to customers by company-owned and common carrier pipelines to markets throughout the Midcontinent region

16 WEST COAST FERNDALE REFINERY LOS ANGELES REFINERY SAN FRANCISCO REFINERY REFINING -ENHANCING PROJECTS, COMPLETED IN 2017 AND 2018, ARE EXPECTED TO DELIVER A COMBINED 25,000 BPD OF ADDITIONAL CLEAN PRODUCTS BY THE END OF WOOD RIVER REFINERY The Ferndale Refinery is located on Puget Sound in Ferndale, Washington, approximately 20 miles south of the U.S.-Canada border. Facilities include crude distillation, naphtha reforming, fluid catalytic cracking, alkylation and hydrodesulfurization units. It processes a variety crude oils, including Alaskan North Slope, Canadian and other foreign and U.S. shale crudes, primarily delivered via marine vessel and pipeline. Within the refinery is a rail car crude oil receiving facility with a capacity of 30,000 BPD. This offloading facility, owned by Phillips 66 Partners, makes the receipt of additional crude by rail car possible. The refinery produces a high fuels. Other products include residual fuel oil, which is supplied to the northwest marine bunker fuel market. Most refined products are distributed to customers by pipeline and barge to major markets in the northwestern United States. The Los Angeles Refinery consists of two linked facilities located five miles apart in Carson and Wilmington, California. The Carson facility processes crude oil, and the Wilmington facility upgrades the intermediate products to finished products. The facilities include crude distillation, naphtha reforming, fluid catalytic cracking, alkylation, hydrocracking and delayed coking units. The refinery processes mainly heavy, high-sulfur crude oil. It receives domestic crude oil by pipeline from California, Canadian crude via rail, and both foreign and domestic crude oil by tanker through a third-party terminal in the Port of Long Beach. The refinery produces a high fuels. The refinery produces CARB-grade gasoline. Other products include petroleum coke. Refined products are distributed to California, Nevada and Arizona by pipeline and truck. The San Francisco Refinery consists of two facilities linked by a 200-mile pipeline. The Santa Maria facility is located in Arroyo Grande, California, 200 miles south of San Francisco, California, while the Rodeo facility is in the San Francisco Bay Area. Semi-refined liquid products from the Santa Maria facility are shipped by pipeline to the Rodeo facility for upgrading into finished petroleum products. Facilities include crude distillation, naphtha reforming, hydrocracking, hydrodesulfurization and delayed coking units, as well as a calciner. The San Francisco Refinery processes a mixture of heavy, highsulfur and light sweet crude oil. It receives California crude oil by pipeline, and both domestic and foreign crude oil by tanker. The refinery produces a high fuels. It also produces CARB-grade gasoline. Other products include petroleum coke. The majority of the refined products are distributed to California by pipeline and barge. Additional refined products are also exported to Latin America by waterborne cargo

17 MARKETING AND SPECIALTIES Our M&S segment markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of specialty products (such as base oils and lubricants), as well as power generation operations. AT DECEMBER 31, 2017, OUR WHOLESALE OPERATIONS UTILIZED A NETWORK OF MARKETERS OPERATING APPROXIMATELY 5,700 OUTLETS. PHILLIPS 66 BRANDED MARKETING SITE IN ST. LOUIS, MISSOURI 30 31

18 MARKETING UNITED STATES In the United States, as of December 31, 2017, we marketed gasoline, diesel and aviation fuel through approximately 7,550 independently owned outlets in 48 states. These sites utilize the Phillips 66, Conoco or 76 brands. At Dec. 31, 2017, our wholesale operations utilized a network of marketers operating approximately 5,700 outlets. We place a strong emphasis on the wholesale channel of trade because of its lower capital requirements. In addition, we hold brand-licensing agreements covering approximately 1,050 sites. Our refined 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 unbranded sales, which do 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 jet fuel and aviation gasoline. At December 31, 2017, aviation gasoline and jet fuel were sold through dealers and independent marketers at approximately 800 Phillips 66 branded locations in the United States. In the United States, we successfully rolled out a signature image design for our Phillips 66, 76 and Conoco brands. During 2017, we revitalized over 400 sites with our signature image. Since the program s inception in 2015, we have reimaged close to 1,300 sites. 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, a joint venture in which we have an equity interest markets products in Switzerland under the COOP brand name. We also market aviation fuels, LPG, heating oils, transportation fuels, marine bunker fuels, bitumen and fuel coke specialty products to commercial customers and into bulk or spot markets in the above countries. At December 31, 2017, we had 1,324 marketing outlets in our European operations, of which 993 were company-owned and 331 were dealer-owned. In addition, through our COOP joint venture operations in Switzerland, we have interests in 306 additional sites. We continue to grow and generate high returns in European Marketing through our branded JET and COOP retail businesses. These are highvolume, efficient operations with strong market share in Germany, Austria and Switzerland. During 2017, we completed construction of 30 new JET branded sites and 12 new COOP sites. SPECIALTIES We manufacture and sell a variety of specialty products, including petroleum coke products, waxes, solvents and polypropylene. Certain manufacturing operations are included in the Refining segment, while the marketing function for these products is included in the Specialties business. PREMIUM COKE, POLYPROPYLENE & SOLVENTS We market high-quality 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. EXCEL PARALUBES We own a 50 percent interest in Excel Paralubes, a 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, clear hydrocracked base oils. The facility s feedstock is sourced primarily from our Lake Charles Refinery. 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 label brands. We also market Group II Pure Performance base oils globally, and import and market Group III Ultra-S base oils through an agreement with South Korea s S-Oil corporation. 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 to 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. CONOCO BRANDED MARKETING SITE IN HOUSTON, TEXAS JET BRANDED MARKETING SITE IN HAMBURG, GERMANY 32 33

19 UNITS OF MEASURE Bcf Billion cubic feet Bcf/d Billions of cubic feet per day BPD Barrels per day MBbl Thousands of barrels MBD Thousands of barrels per day Mcfd Thousands of cubic feet per day MMBbl Millions of barrels MMBD Millions of barrels per day MMcf/d Millions of cubic feet per day MMLB/Y Millions of pounds per year LAKE CHARLES REFINERY COMMONLY USED ABBREVIATIONS CARB LPG NGL PADD California Air Resources Board Liquefied petroleum gas Natural gas liquids Petroleum Administration for Defense Districts CONTACT INFORMATION PRINCIPAL AND REGISTERED OFFICES Phillips 66 P.O. Box Houston, TX Little Falls Drive Wilmington, DE Investor Relations investor.phillips66.com Media Relations BRANDED MARKETING SITE IN CHINO HILLS, CALIFORNIA SINCE 2015, WE HAVE REVITALIZED OVER 1,700 SITES WITH OUR SIGNATURE IMAGE. 34 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. An electronic file of this Fact Book can be obtained by visiting investor.phillips66.com. Phillips 66, Conoco, 76, Kendall, Red Line, JET and their respective logos are registered trademarks of Phillips 66 Company or a wholly owned subsidiary. Other names and logos mentioned herein are the trademarks of their respective owners.

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