Phillips 66 (PSX) Investor presentation summary

Portfolio and market positioning

• Diversified portfolio with strong presence in highly attractive markets, including ~2 MMBD refining crude capacity and ~1 MMBD NGL transport and frac capacity.

• Balanced asset mix across midstream, refining, chemicals, and marketing reduces volatility and capital intensity compared to peers.

• Global asset footprint enables flexibility, resiliency, and access to premium markets, with significant infrastructure in the Central Corridor and Gulf Coast.

• Integrated value chain maximizes margin capture from crude sourcing to clean products and specialty chemicals.

• U.S. and Canadian supply growth supports reliable, low-cost feedstock access.

Financial performance and shareholder returns

• Returned $46B to shareholders since 2012 through dividends and share repurchases, with a 15% annual dividend CAGR.

• Outperformed S&P 500 and XLE in total shareholder return and free cash flow yield, maintaining a >3% dividend yield and investment grade rating.

• Average adjusted ROCE of 11% from 2012 to 1Q 2026, leading among large-cap peers.

• Over 50% of net operating cash flow targeted for return to shareholders, with midstream earnings covering dividends and sustaining capital.

• Clear path to reduce total debt to $17B and achieve a net debt-to-capital ratio below 30% by 2027.

Operational excellence and cost discipline

• Peer-leading refining utilization and clean product yield for three consecutive years, with a target adjusted controllable cost of ~$5.50/bbl.

• Over $500MM reduction in operating, SG&A, and freight costs relative to 2024 baseline.

• Continuous improvement initiatives and high-return, low-capital projects drive reliability and margin enhancement.

• Six refineries and midstream operations recognized for industry-leading safety performance.

• AI adoption enhances reliability, productivity, and margin optimization across operations and commercial activities.