UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 29, 2016

Phillips 66
(Exact name of registrant as specified in its charter)

	
					
Delaware	 	001-35349	 	45-3779385	
(State or other jurisdiction of incorporation)	 	(Commission File Number)	 	(I.R.S. Employer Identification No.)	

3010 Briarpark Drive, Houston, Texas 77042
(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (281) 293-6600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
Item 2.02 Results of Operations and Financial Condition.
On January 29, 2016 , Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended December 31, 2015 . A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.
The information in this report and the exhibits hereto shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

				
 	99.1	—	Press release issued by Phillips 66 on January 29, 2016.	
 	99.2	—	Supplemental financial and operating information.	

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	
		
 	PHILLIPS 66	
 	 	
By:	/s/ Chukwuemeka A. Oyolu	
 	Chukwuemeka A. Oyolu
Vice President and Controller	
 	 	
January 29, 2016	 	

3

EXHIBIT INDEX

	
		
Exhibit	 	
No.	Description	

		
99.1	Press release issued by Phillips 66 on January 29, 2016.	

		
99.2	Supplemental financial and operating information.	

4

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

	
					
 	 	 	 	Exhibit 99.1	

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million
or $1.20 Per Share
Adjusted earnings of $710 million or $1.31 per share

Highlights

Fourth Quarter

•	Generated $1.5 billion in cash from operations	
		
•	Refining achieved 94 percent utilization and record 85 percent clean product yield	
		
•	Sweeny Fractionator One and Clemens Caverns commenced operations	

Full-Year 2015

•	Earnings of $4.2 billion ; operating cash flow of $5.7 billion	
		
•	Refining generated $2.6 billion of earnings	
		
•	Chemicals delivered $962 million in earnings amid declining commodity prices	
		
•	Received $1.5 billion from Phillips 66 Partners debt and equity offerings	
		
•	Capital spending of $4.3 billion, excluding $1.5 billion DCP Midstream contribution	
		
•	Midstream growth capital of $2.8 billion	
		
•	Increased quarterly dividend 12 percent to $0.56 per common share	
		
•	Returned $2.7 billion of capital to shareholders through dividends and share repurchases	

HOUSTON, Jan. 29, 2016 — Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, announces fourth -quarter earnings of $650 million , compared with earnings of $1,578 million in the third quarter of 2015 . Adjusted earnings, excluding special items of $60 million , were $710 million .

“We operated well in the quarter, as refining capacity utilization remained high and clean product yield increased," said Greg Garland, Chairman and CEO. "We also reached a significant milestone with the Sweeny Fractionator One and Clemens Caverns coming online. Solid execution in the fourth quarter generated $1.5 billion of cash from operations, and we returned over $700 million to shareholders through dividends and share repurchases."

"Our financial performance in 2015 demonstrates the resiliency of our diversified portfolio in a low commodity price environment. We create value by focusing on operating excellence, enhancing Refining returns, and delivering on our Midstream and Chemicals growth programs. Our balance sheet is strong, and we maintain a disciplined approach to capital allocation. We remain firmly focused on these core priorities in 2016."

Page 1

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

Midstream

											
 	Millions of Dollars	
 	2015	
 	Earnings	 	Adjusted Earnings	
 	Q4	Q3	 	Q4	Q3	
Transportation	$	81		77		 	78		77		
NGL	1		26		 	(2	)	32		
DCP Midstream	(159	)	(2	)	 	(34	)	(18	)	
Midstream	$	(77	)	101		 	42		91		

Phillips 66's Midstream fourth -quarter adjusted earnings were $42 million , a decrease of $49 million from the third quarter.

Phillips 66’s Transportation business generated adjusted earnings of $78 million during the fourth quarter, consistent with the third quarter.

NGL adjusted losses were $2 million for the fourth quarter. The $34 million decrease from the prior quarter was largely driven by the timing of adjustments related to the tax extenders bill, signed in December, as well as additional costs associated with the Sweeny Hub.

Phillips 66 Partners (PSXP) contributed $37 million to the Midstream segment's fourth -quarter earnings. PSXP's limited partner distribution increased to $0.458 per unit, a 7 percent increase from the third quarter. Distributions to Phillips 66 from PSXP increased 14 percent in the fourth quarter, compared with the prior quarter, reflecting the impact of incentive distribution rights.

For the fourth quarter of 2015, the company’s equity investment in DCP Midstream, LLC (DCP Midstream) had an adjusted loss of $34 million , compared with an $18 million adjusted loss in the prior quarter. DCP Midstream's lower results were primarily due to lower natural gas and natural gas liquids marketing margins, as well as the impact of lower commodity prices.

During the fourth quarter, DCP Midstream recognized asset impairments primarily as a result of the continuing low commodity price environment. The impairments negatively impacted earnings from Phillips 66’s equity investment in DCP Midstream by $104 million after-tax, and were excluded from adjusted earnings.

Chemicals

											
 	Millions of Dollars	
 	2015	
 	Earnings	 	Adjusted Earnings	
 	Q4	Q3	 	Q4	Q3	
Olefins and Polyolefins (O&P)	$	181		261		 	181		261		
Specialties, Aromatics and Styrenics (SA&S)	5		(3	)	 	9		17		
Other	26		(6	)	 	(8	)	(6	)	
Chemicals	$	212		252		 	182		272		

Page 2

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

The Chemicals segment reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC (CPChem). Fourth -quarter Chemicals adjusted earnings were $182 million , compared with adjusted earnings of $272 million in the third quarter.

During the fourth quarter, CPChem's Olefins and Polyolefins business contributed $181 million to Phillips 66's Chemicals earnings. This was a decrease of $80 million compared with the prior quarter largely due to reduced margins, as well as decreased equity earnings. Turnaround and maintenance activity in the fourth quarter increased operating costs and decreased global utilization for O&P to 92 percent compared with 94 percent in the third quarter.

CPChem's Specialties, Aromatics and Styrenics business contributed $9 million of adjusted earnings in the fourth quarter, a decrease of $8 million from the prior quarter primarily due to lower earnings at CPChem's SA&S equity affiliates as a result of planned turnarounds and lower margins.

Chemicals earnings for the fourth quarter were positively impacted by a $34 million tax adjustment. This item was excluded from adjusted earnings.

Refining

											
 	Millions of Dollars	
 	2015	
 	Earnings	 	Adjusted Earnings	
 	Q4	Q3	 	Q4	Q3	
Refining	$	410		1,003		 	376		1,052		

Refining adjusted earnings were $376 million in the fourth quarter, compared with $1,052 million in the third quarter.

The decrease in earnings was largely driven by lower realized margins due to a 35 percent decline in global market cracks compared to the third quarter. Fourth-quarter gasoline market cracks dropped to $12.72 per barrel, compared with $21.44 per barrel during the third quarter, while distillate cracks declined from $15.67 per barrel to $12.86 per barrel for the same period.

Market capture increased to 74 percent, compared with 72 percent in the prior quarter. Phillips 66's refining utilization and worldwide clean product yield were 94 percent and 85 percent , respectively, in the fourth quarter. Turnaround costs for the fourth quarter were $130 million pre-tax, primarily relating to the Western/Pacific Region.

Refining's earnings in the fourth quarter were impacted by certain tax impacts, including a $91 million benefit resulting from a change in German tax law. Additionally, the WRB joint venture recognized a lower-of-cost-or-market inventory adjustment resulting from declining commodity prices, which negatively impacted earnings from Phillips 66’s equity investment in WRB Refining LP by $33 million after-tax. These items were excluded from adjusted earnings.

Page 3

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

Marketing and Specialties

											
 	Millions of Dollars	
 	2015	
 	Earnings	 	Adjusted Earnings	
 	Q4	Q3	 	Q4	Q3	
Marketing and Other	$	199		285		 	198		291		
Specialties	32		53		 	29		53		
Marketing and Specialties	$	231		338		 	227		344		

Marketing and Specialties (M&S) fourth -quarter adjusted earnings were $227 million , compared with $344 million in the third quarter.

Adjusted earnings for Marketing and Other were $198 million , a decrease of $93 million from the prior quarter. The decrease in earnings was largely due to lower realized margins driven by less favorable market conditions relative to the third quarter. Refined product exports in the fourth quarter were 127,000 barrels per day (BPD), compared with 118,000 BPD in the prior quarter.

Phillips 66’s Specialties businesses generated adjusted earnings of $29 million during the fourth quarter. The $24 million decrease from the prior quarter was mainly due to reduced base oil margins, as well as lower finished lubricants margins and volumes.

Corporate and Other

											
 	Millions of Dollars	
 	2015	
 	Earnings	 	Adjusted Earnings	
 	Q4	Q3	 	Q4	Q3	
Corporate and Other	$	(126	)	(116	)	 	(117	)	(112	)	

Corporate and Other adjusted costs were $117 million after-tax in the fourth quarter, an increase of $5 million compared with the prior quarter.

Financial Position, Liquidity and Return of Capital

During the fourth quarter, Phillips 66 generated $1.5 billion of cash from operations. Operating cash flow excluding working capital changes was $1.8 billion . Capital expenditures and investments totaled $2.5 billion , supporting execution of the company's Midstream growth strategy, as well as the DCP Midstream recapitalization. The recapitalization, which included the company's $1.5 billion contribution to DCP Midstream, provides DCP Midstream with a stronger balance sheet and increased financial flexibility through the commodity cycle.

Phillips 66 returned $704 million to shareholders during the quarter, consisting of $298 million in dividends and the repurchase of 4.7 million shares of common stock for $406 million . For the year, the company repurchased 19.3 million shares of common stock for $1.5 billion, paid $1.2 billion in dividends, and increased the quarterly dividend by 12 percent. Since July 2012, the company has repurchased 92.5 million shares for $6.4 billion. Phillips 66 ended the quarter with 529 million shares outstanding.

Page 4

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

	

 	Q4 2015	
 	Adjusted Phillips 66	 	Phillips 66 Partners	 	Phillips 66 Consolidated	
Total Debt, $MM	7,796		 	1,091		 	8,887		
Total Equity, $MM	23,129		 	809		 	23,938		
Debt-to-capital ratio	25	%				27	%	
 	 	 	 	 	 	
Total Cash, $MM	3,026		 	48		 	3,074		
Net-debt-to-capital ratio	17	%				20	%	

As of Dec. 31, 2015 , cash and cash equivalents were $3.1 billion and debt was $8.9 billion , including $1.1 billion at Phillips 66 Partners. The company's consolidated debt-to-capital ratio was 27 percent . Excluding Phillips 66 Partners, the debt-to-capital ratio was 25 percent . Additionally, Phillips 66 reported a 2015 return on capital employed (ROCE) of 14 percent .

Strategic Update

The company continues to execute on its plan to grow the Midstream and Chemicals businesses, while maintaining commitments to shareholder distributions, financial flexibility and a strong balance sheet. Midstream growth is fueled in part by robust operating cash flows generated by the company’s Refining and M&S operations. In addition, PSXP provides a cost-efficient vehicle to fund that growth and invest in fee-based infrastructure, as demonstrated by the $1.5 billion raised by PSXP in debt and equity offerings in the first quarter of 2015.

The company continued development of the Sweeny Hub with the 100,000 BPD Sweeny Fractionator One and Clemens Caverns projects, which came online in the fourth quarter. Construction of the 150,000 BPD Freeport LPG Export Terminal is on schedule and on budget with startup expected in the second half of 2016.

The company is participating in joint ventures to develop the approximately 470,000 BPD Dakota Access Pipeline (DAPL) and Energy Transfer Crude Oil Pipeline (ETCOP) system. Phillips 66 has a 25 percent interest in these joint ventures with Energy Transfer Partners and Sunoco Logistics Partners. Commercial operations are expected to begin in the fourth quarter of 2016.

In the fourth quarter of 2015, Phillips 66 Partners acquired Phillips 66's interest in the Bayou Bridge Pipeline joint venture. The joint venture was created to develop a pipeline from the Phillips 66 and Sunoco Logistics terminals in Nederland, Texas, to St. James, Louisiana. Construction is underway on the first segment of the pipeline, which will deliver crude oil from Nederland, to Lake Charles, Louisiana. Commercial operations on this segment are expected to begin by the end of first-quarter 2016.

In Chemicals, overall progress on CPChem's world-scale U.S. Gulf Coast Petrochemicals Project is now approaching 70 percent completion, with startup expected in mid-2017. This project consists of an ethane cracker and related polyethylene facilities that will increase CPChem's U.S. ethylene and polyethylene capacity by more than 40 percent.

Page 5

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

Later today, members of Phillips 66 executive management will host a webcast at noon EST to discuss the company’s fourth -quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to www.phillips66.com/investors and click on "Events & Presentations." For detailed supplemental information, go to www.phillips66.com/supplemental .

	

Earnings	 	 	 	 	 	
 	Millions of Dollars	
 	2015	 	2014	
 	Q4	YTD	 	Q4	YTD	
Midstream	$	(77	)	13		 	96		507		
Chemicals	212		962		 	267		1,137		
Refining	410		2,555		 	517		1,771		
Marketing and Specialties	231		1,187		 	367		1,034		
Corporate and Other	(126	)	(490	)	 	(100	)	(393	)	
Discontinued Operations	—		—		 	—		706		
Phillips 66	$	650		4,227		 	1,147		4,762		
 	 	 	 	 	 	
Adjusted Earnings	 	 	 	 	 	
 	Millions of Dollars	
 	2015	 	2014	
 	Q4	YTD	 	Q4	YTD	
Midstream	$	42		248		 	97		508		
Chemicals	182		952		 	270		1,209		
Refining	376		2,527		 	322		1,576		
Marketing and Specialties	227		947		 	324		882		
Corporate and Other	(117	)	(481	)	 	(100	)	(393	)	
Phillips 66	$	710		4,193		 	913		3,782		

Page 6

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

About Phillips 66

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 an integral asset in the portfolio. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $49 billion of assets as of Dec. 31, 2015 . For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co .

- # # # -

	
				
CONTACTS	 	 	 	
C.W. Mallon (investors)	 	 	 	
832-765-2297	 	 	 	
c.w.mallon@p66.com	 	 	 	
 	 	 	 	
Dennis Nuss (media)	 	 	 	
832-765-1850	 	 	 	
dennis.h.nuss@p66.com	 	 	 	

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release 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 news release 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.

Use of Non-GAAP Financial Information -- This news release includes the terms adjusted earnings, adjusted earnings per share, operating cash flow excluding working capital, adjusted debt-to-capital, and adjusted ROCE. These are non-GAAP financial measures that are included to help facilitate comparisons of company operating performance across periods.

References in the release to earnings refer to net income attributable to Phillips 66.

Page 7

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

	
													
 	 Millions of Dollars	
 	 Except as Indicated	
 	2015	 	2014	
 	Q4	Q3	Year	 	Q4	Year	
Reconciliation of Earnings to Adjusted Earnings	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Consolidated	 	 	 	 	 	 	
Earnings	$	650		1,578		4,227		 	1,147		4,762		
Adjustments:	 	 	 	 		 	
Asset dispositions	—		(18	)	(265	)	 	(385	)	(494	)	
Impairments	—		—		—		 	131		131		
Impairments by equity affiliates	108		22		256		 	—		69		
Pending claims and settlements	—		19		(23	)	 	(10	)	(10	)	
Lower-of-cost-or-market inventory adjustments	33		—		33		 	30		30		
Pension settlement expenses	3		46		49		 	—		—		
Certain tax impacts	(84	)	—		(84	)	 	—		—		
Discontinued operations	—		—		—		 	—		(706	)	
Adjusted earnings	$	710		1,647		4,193		 	913		3,782		
 	 	 	 	 		 	
Earnings per share of common stock (dollars)	$	1.20		2.90		7.73		 	2.05		8.33		
Adjusted earnings per share of common stock (dollars)	$	1.31		3.02		7.67		 	1.63		6.62		
 	 	 	 	 		 	
Midstream	 	 	 	 		 	
Earnings (loss)	$	(77	)	101		13		 	96		507		
Adjustments:	 	 	 	 		 	
Asset dispositions	—		(18	)	(18	)	 	—		—		
Impairments by equity affiliates	104		2		232		 	—		—		
Pension settlement expenses	—		6		6		 	—		—		
Lower-of-cost-or-market inventory adjustments	—		—		—		 	1		1		
Certain tax impacts	15		—		15		 	—		—		
Adjusted earnings	$	42		91		248		 	97		508		
 	 	 	 	 	 	 	
Chemicals	 	 	 	 		 	
Earnings	$	212		252		962		 	267		1,137		
Adjustments:	 	 	 	 		 	
Impairments by equity affiliates	4		20		24		 	—		69		
Lower-of-cost-or-market inventory adjustments	—		—		—		 	3		3		
Certain tax impacts	(34	)	—		(34	)	 	—		—		
Adjusted earnings	$	182		272		952		 	270		1,209		
 	 	 	 	 		 	
Refining	 	 	 	 		 	
Earnings	$	410		1,003		2,555		 	517		1,771		
Adjustments:	 	 	 	 		 	
Asset dispositions	—		—		(5	)	 	(369	)	(369	)	
Impairments	—		—		—		 	131		131		
Pending claims and settlements	—		19		(19	)	 	17		17		
Lower-of-cost-or-market inventory adjustments	33		—		33		 	26		26		
Pension settlement expenses	2		30		32		 	—		—		
Certain tax impacts	(69	)	—		(69	)	 	—		—		
Adjusted earnings	$	376		1,052		2,527		 	322		1,576		

 	 	 	 	 	 	 	

Page 8

Phillips 66 Reports Fourth-Quarter Earnings of $650 Million (Adjusted Earnings of $710 Million)

	
													
 	 Millions of Dollars	
 	 Except as Indicated	
 	2015	 	2014	
 	Q4	Q3	Year	 	Q4	Year	
Reconciliation of Earnings to Adjusted Earnings (continued)	 	 	 	
 	 	 	 	 	 	 	
Marketing and Specialties	 	 	 	 		 	
Earnings	$	231		338		1,187		 	367		1,034		
Adjustments:	 	 	 	 		 	
Asset dispositions	—		—		(242	)	 	(16	)	(125	)	
Pending claims and settlements	—		—		—		 	(27	)	(27	)	
Pension settlement expenses	1		6		7		 	—		—		
Certain tax impacts	(5	)	—		(5	)	 	—		—		
Adjusted earnings	$	227		344		947		 	324		882		
 	 	 	 	 	 	 	
Corporate and Other	 	 	 	 	 	 	
Earnings (loss)	$	(126	)	(116	)	(490	)	 	(100	)	(393	)	
Adjustments:	 	 	 	 	 	 	
Pending claims and settlements	—		—		(4	)	 	—		—		
Pension settlement expenses	—		4		4		 	—		—		
Certain tax impacts	9		—		9		 	—		—		
Adjusted earnings (loss)	$	(117	)	(112	)	(481	)	 	(100	)	(393	)	

	

 	 Millions of Dollars	
 	Q4	
 	2015	
Cash Flows from Operating Activities	 	
 	 	
Net Cash Provided by Operating Activities, excluding working capital	$	1,825		
Changes in working capital	(328	)	
Net Cash Provided by Operating Activities	$	1,497		

	
								
 	Millions of Dollars	
 	2015	
 	Growth	Sustaining	Total	
Capital expenditures and investments	 	 	 	
Midstream 1	$	2,801		1,656		4,457		
Chemicals	—		—		—		
Refining	201		868		1,069		
Marketing & Specialties	66		56		122		
Corporate and Other	10		106		116		
Total	$	3,078		2,686		5,764		
1  Midstream sustaining expenditure includes DCP equity contribution of $1.5 billion	

		

	

	

	

Page 9

	
																
 	 	 	 	 	 	 	 	 	 	 	 	 	Exhibit 99.2	
Phillips 66 Earnings Release Supplemental Data	

	
																									
CONSOLIDATED INCOME STATEMENT	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Revenues and Other Income	 	 	 	 	 	 	 	 	 	 	 	
  Sales and other operating revenues*	40,283		45,549		40,417		34,963		161,212		 	22,778		28,512		25,792		21,893		98,975		
  Equity in earnings of affiliates	778		764		511		413		2,466		 	456		407		583		127		1,573		
  Net gain on dispositions	7		9		109		170		295		 	122		139		22		—		283		
  Other income (loss)	31		17		11		61		120		 	70		19		20		9		118		
    Total Revenues and Other Income	41,099		46,339		41,048		35,607		164,093		 	23,426		29,077		26,417		22,029		100,949		
 	 	 	 			 	 	 	 	 	 	 	 	 	
Costs and Expenses			 	 	 	 	 	 	 	 	 	
  Purchased crude oil and products	34,381		39,316		33,602		28,449		135,748		 	16,695		22,253		18,580		15,871		73,399		
  Operating expenses	1,090		1,077		1,104		1,164		4,435		 	1,094		1,043		1,083		1,074		4,294		
  Selling, general and administrative expenses	402		412		401		448		1,663		 	394		406		437		433		1,670		
  Depreciation and amortization	234		239		249		273		995		 	253		274		270		281		1,078		
  Impairments	1		3		12		134		150		 	—		2		1		4		7		
  Taxes other than income taxes*	3,638		3,832		3,874		3,696		15,040		 	3,462		3,549		3,610		3,456		14,077		
  Accretion on discounted liabilities	6		6		6		6		24		 	5		6		5		5		21		
  Interest and debt expense	68		66		60		73		267		 	86		79		71		74		310		
  Foreign currency transaction (gains) losses	(19	)	29		13		3		26		 	49		—		1		(1	)	49		
    Total Costs and Expenses	39,801		44,980		39,321		34,246		158,348		 	22,038		27,612		24,058		21,197		94,905		
  Income from continuing operations before income taxes	1,298		1,359		1,727		1,361		5,745		 	1,388		1,465		2,359		832		6,044		
  Provision for income taxes	426		487		538		203		1,654		 	391		440		767		166		1,764		
Income from continuing operations	872		872		1,189		1,158		4,091		 	997		1,025		1,592		666		4,280		
Income from discontinued operations**	706		—		—		—		706		 	—		—		—		—		—		
Net income	1,578		872		1,189		1,158		4,797		 	997		1,025		1,592		666		4,280		
Less: net income attributable to noncontrolling interests	6		9		9		11		35		 	10		13		14		16		53		
Net Income Attributable to Phillips 66	1,572		863		1,180		1,147		4,762		 	987		1,012		1,578		650		4,227		
* Includes excise taxes on petroleum products sales:	3,522		3,743		3,781		3,652		14,698		 	3,362		3,463		3,513		3,442		13,780		
** Net of provision for income taxes on discontinued operations:	5		—		—		—		5		 	—		—		—		—		—		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Amounts Attributable to Phillips 66 Common Stockholders:	 	 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	866		863		1,180		1,147		4,056		 	987		1,012		1,578		650		4,227		
Income from discontinued operations	706		—		—		—		706		 	—		—		—		—		—		
Net Income Attributable to Phillips 66	1,572		863		1,180		1,147		4,762		 	987		1,012		1,578		650		4,227		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income Attributable to Phillips 66
Per Share of Common Stock (dollars)	 	 	 	 	 	 	 	 	 	 	 	
Basic	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	1.48		1.52		2.11		2.07		7.15		 	1.80		1.85		2.92		1.21		7.78		
Discontinued operations	1.21		—		—		—		1.25		 	—		—		—		—		—		
Net Income Attributable to Phillips 66	 	 	 	 	 	 	 	 	 	 	 	
Per Share of Common Stock	2.69		1.52		2.11		2.07		8.40		 	1.80		1.85		2.92		1.21		7.78		
Diluted	 	 	 	 	 	 	 	 	 	 	 	 	 	
Continuing operations	1.47		1.51		2.09		2.05		7.10		 	1.79		1.84		2.90		1.20		7.73		
Discontinued operations	1.20		—		—		—		1.23		 	—		—		—		—		—		
Net Income Attributable to Phillips 66	 	 	 	 	 	 	 	 	 	 	 	
Per Share of Common Stock	2.67		1.51		2.09		2.05		8.33		 	1.79		1.84		2.90		1.20		7.73		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Common Shares Outstanding (in thousands)	 	 	 	 	 	 	 	 	 	 	 	
  Basic	 	 	 	584,053		565,799		559,492		554,617		565,902		 	548,200		544,617		540,357		536,399		542,355		
  Diluted	 	 	 	589,575		571,285		564,958		559,023		571,504		 	552,337		548,926		544,696		540,245		546,977		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream	188		108		115		96		507		 	67		(78	)	101		(77	)	13		
Chemicals	316		324		230		267		1,137		 	203		295		252		212		962		
Refining	306		390		558		517		1,771		 	538		604		1,003		410		2,555		
Marketing and Specialties	137		162		368		367		1,034		 	304		314		338		231		1,187		
Corporate and Other	(81	)	(121	)	(91	)	(100	)	(393	)	 	(125	)	(123	)	(116	)	(126	)	(490	)	
Discontinued Operations	706		—		—		—		706		 	—		—		—		—		—		
Consolidated	1,572		863		1,180		1,147		4,762		 	987		1,012		1,578		650		4,227		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUMMARY OF INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES BY SEGMENT	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream	302		180		194		175		851		 	116		(99	)	173		(43	)	147		
Chemicals	442		466		328		396		1,632		 	291		416		360		248		1,315		
Refining	508		647		859		453		2,467		 	764		932		1,488		475		3,659		
Marketing and Specialties	205		248		495		527		1,475		 	406		410		514		322		1,652		
Corporate and Other	(159	)	(182	)	(149	)	(190	)	(680	)	 	(189	)	(194	)	(176	)	(170	)	(729	)	
Consolidated	1,298		1,359		1,727		1,361		5,745		 	1,388		1,465		2,359		832		6,044		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EFFECTIVE TAX RATES ON INCOME FROM CONTINUING OPERATIONS	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream	35.8	%	35.0	%	36.1	%	38.9	 %	36.3	%	 	32.8	%	37.4	%	32.9	%	-34.9	 %	49.7	%	
Chemicals	28.5	%	30.5	%	29.9	%	32.6	 %	30.3	%	 	30.2	%	29.1	%	30.0	%	14.5	 %	26.8	%	
Refining	39.8	%	39.7	%	35.0	%	-14.1	 %	28.2	%	 	29.6	%	35.2	%	32.6	%	13.7	 %	30.2	%	
Marketing and Specialties	33.2	%	34.7	%	25.7	%	30.4	 %	29.9	%	 	25.1	%	23.4	%	34.2	%	28.3	 %	28.1	%	
Corporate and Other	49.1	%	33.5	%	38.9	%	47.4	 %	42.2	%	 	33.3	%	35.1	%	33.5	%	24.1	 %	31.7	%	
Consolidated	32.8	%	35.8	%	31.2	%	14.9	 %	28.8	%	 	28.2	%	30.0	%	32.5	%	20.0	 %	29.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUMMARY OF ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream	188		108		115		97		508		 	67		48		91		42		248		
Chemicals	316		324		299		270		1,209		 	203		295		272		182		952		
Refining	306		390		558		322		1,576		 	495		604		1,052		376		2,527		
Marketing and Specialties	137		162		259		324		882		 	194		182		344		227		947		
Corporate and Other	(81	)	(121	)	(91	)	(100	)	(393	)	 	(125	)	(127	)	(112	)	(117	)	(481	)	
Consolidated	866		863		1,140		913		3,782		 	834		1,002		1,647		710		4,193		

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SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66	
(AFTER-TAX)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream	 	 	 	 	 	 	 	 	 	 	 	
Asset dispositions	—		—		—		—		—		 	—		—		18		—		18		
Impairments by equity affiliates	—		—		—		—		—		 	—		(126	)	(2	)	(104	)	(232	)	
Pension settlement expenses	—		—		—		—		—		 	—		—		(6	)	—		(6	)	
Lower-of-cost-or-market inventory adjustments	—		—		—		(1	)	(1	)	 	—		—		—		—		—		
Certain tax impacts	—		—		—		—		—		 	—		—		—		(15	)	(15	)	
Total Midstream	—		—		—		(1	)	(1	)	 	—		(126	)	10		(119	)	(235	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Chemicals	 	 	 	 	 	 	 	 	 	 	 	
Impairments by equity affiliates	—		—		(69	)	—		(69	)	 	—		—		(20	)	(4	)	(24	)	
Lower-of-cost-or-market inventory adjustments	—		—		—		(3	)	(3	)	 	—		—		—		—		—		
Certain tax impacts	—		—		—		—		—		 	—		—		—		34		34		
Total Chemicals	—		—		(69	)	(3	)	(72	)	 	—		—		(20	)	30		10		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining	 	 	 	 	 	 	 	 	 	 	 	
Asset dispositions	—		—		—		369		369		 	5		—		—		—		5		
Impairments	—		—		—		(131	)	(131	)	 	—		—		—		—		—		
Pending claims and settlements	—		—		—		(17	)	(17	)	 	38		—		(19	)	—		19		
Lower-of-cost-or-market inventory adjustments	—		—		—		(26	)	(26	)	 	—		—		—		(33	)	(33	)	
Pension settlement expenses	—		—		—		—		—		 	—		—		(30	)	(2	)	(32	)	
Certain tax impacts	—		—		—		—		—		 	—		—		—		69		69		
Total Refining	—		—		—		195		195		 	43		—		(49	)	34		28		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties	 	 	 	 	 	 	 	 	 	 	 	
Asset dispositions	—		—		109		16		125		 	110		132		—		—		242		
Pending claims and settlements	—		—		—		27		27		 	—		—		—		—		—		
Pension settlement expenses	—		—		—		—		—		 	—		—		(6	)	(1	)	(7	)	
Certain tax impacts	—		—		—		—		—		 	—		—		—		5		5		
Total Marketing and Specialties	—		—		109		43		152		 	110		132		(6	)	4		240		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	 	 	 	 	 	 	 	 	 	 	
Pending claims and settlements	—		—		—		—		—		 	—		4		—		—		4		
Pension settlement expenses	—		—		—		—		—		 	—		—		(4	)	—		(4	)	
Certain tax impacts	—		—		—		—		—		 	—		—		—		(9	)	(9	)	
Total Corporate and Other	—		—		—		—		—		 	—		4		(4	)	(9	)	(9	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued Operations	706		—		—		—		706		 	—		—		—		—		—		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Phillips 66	706		—		40		234		980		 	153		10		(69	)	(60	)	34		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
By Business Lines/Regions	 	 	 	 	 	 	 	 	 	 	 	
Midstream	 	 	 	 	 	 	 	 	 	 	 	
Transportation	—		—		—		—		—		 	—		—		—		3		3		
DCP Midstream	—		—		—		(1	)	(1	)	 	—		(126	)	16		(125	)	(235	)	
NGL	—		—		—		—		—		 	—		—		(6	)	3		(3	)	
Total Midstream	—		—		—		(1	)	(1	)	 	—		(126	)	10		(119	)	(235	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	—		—		—		(132	)	(132	)	 	38		—		(13	)	89		114		
Gulf Coast	—		—		—		(3	)	(3	)	 	—		—		(16	)	(19	)	(35	)	
Central Corridor	—		—		—		(17	)	(17	)	 	—		—		(12	)	(35	)	(47	)	
Western/Pacific	—		—		—		347		347		 	5		—		(8	)	(1	)	(4	)	
Total Refining	—		—		—		195		195		 	43		—		(49	)	34		28		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	—		—		109		43		152		 	110		132		(6	)	1		237		
Specialties	—		—		—		—		—		 	—		—		—		3		3		
Total Marketing and Specialties	—		—		109		43		152		 	110		132		(6	)	4		240		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SPECIAL ITEMS INCLUDED IN INCOME FROM CONTINUING OPERATIONS	
(PRETAX)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Midstream	 	 	 	 	 	 	 	 	 	 	 	
Transportation	—		—		—		—		—		 	—		—		—		—		—		
DCP Midstream	—		—		—		(2	)	(2	)	 	—		(194	)	26		(168	)	(336	)	
NGL	—		—		—		—		—		 	—		—		(9	)	—		(9	)	
Total Midstream	—		—		—		(2	)	(2	)	 	—		(194	)	17		(168	)	(345	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Chemicals	—		—		(88	)	(3	)	(91	)	 	—		—		(20	)	(4	)	(24	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	—		—		—		(133	)	(133	)	 	—		—		(21	)	(2	)	(23	)	
Gulf Coast	—		—		—		(5	)	(5	)	 	—		—		(26	)	(2	)	(28	)	
Central Corridor	—		—		—		(29	)	(29	)	 	—		—		(18	)	(53	)	(71	)	
Western/Pacific	—		—		—		118		118		 	8		—		(14	)	—		(6	)	
Total Refining	—		—		—		(49	)	(49	)	 	8		—		(79	)	(57	)	(128	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	—		—		109		60		169		 	110		132		(10	)	(1	)	231		
Specialties	—		—		—		—		—		 	—		—		—		—		—		
Total Marketing and Specialties	—		—		109		60		169		 	110		132		(10	)	(1	)	231		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	—		—		—		—		—		 	—		5		(7	)	4		2		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Discontinued Operations	711		—		—		—		711		 	—		—		—		—		—		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Phillips 66	711		—		21		6		738		 	118		(57	)	(99	)	(226	)	(264	)	

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CASH FLOW INFORMATION	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Cash Flows From Operating Activities	 	 	 	 	 	 	 	 	 	 	 	
Net income	1,578		872		1,189		1,158		4,797		 	997		1,025		1,592		666		4,280		
  Depreciation and amortization	234		239		249		273		995		 	253		274		270		281		1,078		
  Impairments	1		3		12		134		150		 	—		2		1		4		7		
  Accretion on discounted liabilities	6		6		6		6		24		 	5		6		5		5		21		
  Deferred taxes	(444	)	(11	)	(72	)	39		(488	)	 	(6	)	(75	)	(44	)	654		529		
  Undistributed equity earnings	632		(253	)	(19	)	(163	)	197		 	(337	)	662		(308	)	168		185		
  Net gain on dispositions	(7	)	(9	)	(109	)	(170	)	(295	)	 	(122	)	(139	)	(22	)	—		(283	)	
  Income from discontinued operations	(706	)	—		—		—		(706	)	 	—		—		—		—		—		
  Other	(21	)	90		1		(197	)	(127	)	 	90		4		(24	)	47		117		
  Net working capital changes	123		(107	)	(828	)	(208	)	(1,020	)	 	472		(332	)	(33	)	(328	)	(221	)	
Net cash provided by continuing operating activities	1,396		830		429		872		3,527		 	1,352		1,427		1,437		1,497		5,713		
Net cash provided by discontinued operations	2		—		—		—		2		 	—		—		—		—		—		
Net Cash Provided by Operating Activities	1,398		830		429		872		3,529		 	1,352		1,427		1,437		1,497		5,713		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash Flows From Investing Activities	 	 	 	 	 	 	 	 	 	 	 	
Capital expenditures and investments	(572	)	(561	)	(1,514	)	(1,126	)	(3,773	)	 	(1,081	)	(1,213	)	(992	)	(2,478	)	(5,764	)	
Proceeds from asset dispositions*	507		150		6		581		1,244		 	(9	)	4		73		2		70		
Advances/loans—related parties	—		(3	)	—		—		(3	)	 	(50	)	—		—		—		(50	)	
Collection of advances/loans—related parties	—		—		—		—		—		 	—		50		—		—		50		
Other	13		21		127		77		238		 	102		(55	)	(45	)	(46	)	(44	)	
Net cash used in continuing investing activities	(52	)	(393	)	(1,381	)	(468	)	(2,294	)	 	(1,038	)	(1,214	)	(964	)	(2,522	)	(5,738	)	
Net cash provided by (used in) discontinued operations	(34	)	32		—		—		(2	)	 	—		—		—		—		—		
Net Cash Used in Investing Activities	(86	)	(361	)	(1,381	)	(468	)	(2,296	)	 	(1,038	)	(1,214	)	(964	)	(2,522	)	(5,738	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash Flows From Financing Activities	 	 	 	 	 	 	 	 	 	 	 	
Issuance of debt	—		—		—		2,487		2,487		 	1,169		—		—		—		1,169		
Repayment of debt	(8	)	(9	)	(13	)	(19	)	(49	)	 	(895	)	(9	)	(14	)	(8	)	(926	)	
Issuance of common stock	(20	)	8		13		—		1		 	(25	)	—		(2	)	8		(19	)	
Repurchase of common stock	(640	)	(616	)	(494	)	(532	)	(2,282	)	 	(399	)	(334	)	(373	)	(406	)	(1,512	)	
Share exchange—PSPI transaction	(450	)	—		—		—		(450	)	 	—		—		—		—		—		
Dividends paid on common stock	(229	)	(281	)	(277	)	(275	)	(1,062	)	 	(272	)	(302	)	(300	)	(298	)	(1,172	)	
Distributions to noncontrolling interests	(4	)	(9	)	(5	)	(12	)	(30	)	 	(6	)	(14	)	(10	)	(16	)	(46	)	
Net proceeds from issuance of Phillips 66 Partners LP common units	—		—		—		—		—		 	384		—		—		—		384		
Other	(4	)	29		(2	)	—		23		 	(14	)	16		—		3		5		
Net cash provided by (used in) continuing financing activities	(1,355	)	(878	)	(778	)	1,649		(1,362	)	 	(58	)	(643	)	(699	)	(717	)	(2,117	)	
Net cash provided by (used in) discontinued operations	—		—		—		—		—		 	—		—		—		—		—		
Net Cash Provided by (Used in) Financing Activities	(1,355	)	(878	)	(778	)	1,649		(1,362	)	 	(58	)	(643	)	(699	)	(717	)	(2,117	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(31	)	39		(118	)	46		(64	)	 	(73	)	129		(41	)	(6	)	9		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Change in Cash and Cash Equivalents	(74	)	(370	)	(1,848	)	2,099		(193	)	 	183		(301	)	(267	)	(1,748	)	(2,133	)	
Cash and cash equivalents at beginning of period	5,400		5,326		4,956		3,108		5,400		 	5,207		5,390		5,089		4,822		5,207		
Cash and Cash Equivalents at End of Period	5,326		4,956		3,108		5,207		5,207		 	5,390		5,089		4,822		3,074		3,074		
*Includes return of investments in equity affiliates.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CAPITAL PROGRAM	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Consolidated Capital Expenditures and Investments	 	 	 	 	 	 	 	 	 	 	 	
Midstream	288		298		946		641		2,173		 	769		899		700		2,089		4,457		
Chemicals	—		—		—		—		—		 	—		—		—		—		—		
Refining	186		215		278		359		1,038		 	274		268		233		294		1,069		
Marketing and Specialties	84		26		248		81		439		 	24		30		32		36		122		
Corporate and Other	14		22		42		45		123		 	14		16		27		59		116		
Total Consolidated from Continuing Operations	572		561		1,514		1,126		3,773		 	1,081		1,213		992		2,478		5,764		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proportional Share of Select Equity Affiliates
  Capital Expenditures and Investments*	 	 	 	 	 	 	 	 	 	 	 	
DCP Midstream (Midstream)	178		176		207		215		776		 	157		149		71		61		438		
CPChem (Chemicals)**	154		220		242		270		886		 	249		259		331		480		1,319		
WRB Refining (Refining)	23		38		35		44		140		 	35		36		47		57		175		
Select Equity Affiliates	355		434		484		529		1,802		 	441		444		449		598		1,932		
**Prior period amounts have been restated.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Capital Program*	 	 	 	 	 	 	 	 	 	 	 	
Midstream	466		474		1,153		856		2,949		 	926		1,048		771		2,150		4,895		
Chemicals	154		220		242		270		886		 	249		259		331		480		1,319		
Refining	209		253		313		403		1,178		 	309		304		280		351		1,244		
Marketing and Specialties	84		26		248		81		439		 	24		30		32		36		122		
Corporate and Other	14		22		42		45		123		 	14		16		27		59		116		
Total Capital Program	927		995		1,998		1,655		5,575		 	1,522		1,657		1,441		3,076		7,696		
  * Includes Phillips 66’s portion of self-funded capital spending by DCP Midstream, LLC (DCP Midstream), Chevron Phillips Chemical Company LLC (CPChem) and WRB Refining.	

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MIDSTREAM	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Midstream Net Income (Loss) Attributable
   to Phillips 66 ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Transportation	62		60		58		53		233		 	65		65		77		81		288		
DCP Midstream	83		33		31		(12	)	135		 	(12	)	(151	)	(2	)	(159	)	(324	)	
NGL	43		15		26		55		139		 	14		8		26		1		49		
Midstream Net Income (Loss) Attributable to Phillips 66	188		108		115		96		507		 	67		(78	)	101		(77	)	13		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream Income (Loss) before Income Taxes ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Transportation	101		105		102		108		416		 	113		115		129		134		491		
DCP Midstream	130		52		50		(18	)	214		 	(17	)	(233	)	(3	)	(210	)	(463	)	
NGL	71		23		42		85		221		 	20		19		47		33		119		
Midstream Income (Loss) before Income Taxes	302		180		194		175		851		 	116		(99	)	173		(43	)	147		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream Adjusted EBITDA	384		256		273		257		1,170		 	199		177		245		174		795		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Transportation	19		20		23		27		89		 	25		27		31		31		114		
DCP Midstream	—		—		—		—		—		 	—		—		—		—		—		
NGL	—		1		1		—		2		 	1		—		2		10		13		
Total	19		21		24		27		91		 	26		27		33		41		127		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Transportation	96		109		122		134		461		 	124		117		113		124		478		
DCP Midstream	—		—		—		—		—		 	—		—		1		—		1		
NGL	17		20		20		37		94		 	32		25		34		36		127		
Total	113		129		142		171		555		 	156		142		148		160		606		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Transportation Volumes (MB/D)	 	 	 	 	 	 	 	 	 	 	 	
Pipelines*	3,101		3,243		3,142		3,336		3,206		 	3,145		3,290		3,239		3,381		3,264		
Terminals**	1,477		1,609		1,780		1,860		1,683		 	1,983		1,969		2,021		1,953		1,981		
  * Pipelines represent the sum of volumes transported through each separately tariffed pipeline segment, including our share of equity volumes in	 	 	 	 	 	 	 	
    Yellowstone and Lake Charles pipelines.	 	 	 	 	 	 	 	
** Terminals include Bayway and Ferndale crude oil rail rack volumes.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
PSX Other Volumes	 	 	 	 	 	 	 	 	 	 	 	
NGL Fractionated (MB/D)*	112		117		110		99		109		 	108		108		110		123		112		
* Excludes DCP Midstream.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
100% DCP Midstream Results	 	 	 	 	 	 	 	 	 	 	 	
Net Income Attributable, excludes parent company income tax related to DCP's earnings ($ Millions)	165		89		81		(47	)	288		 	(37	)	(466	)	(6	)	(420	)	(929	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization ($ Millions)	85		86		87		90		348		 	91		94		93		99		377		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense ($ Millions)	243		283		264		271		1,061		 	236		240		275		277		1,028		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Expense ($ Millions)*	72		74		71		70		287		 	76		79		85		80		320		
* Net of interest income.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Capital Expenditures and Investments ($ Millions)	355		353		414		429		1,551		 	314		297		143		121		875		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Selected DCP Volumes and Gross Margin	 	 	 	 	 	 	 	 	 	 	 	
by Major Contract Type (excludes current quarter)	 	 	 	 	 	 	 	 	 	 	 	
Percentage of Proceeds (long NGL / long Gas)*	 	 	 	 	 	 	 	 	 	 	 	
Volume (TBtu/d)	5.3		5.6		5.8		5.9		5.7		 	5.6		5.6		5.7		 **		5.6		
Gross Margin ($ Millions)	265		265		275		215		1,020		 	130		125		120		 **		375		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Keep-whole (long NGL / short Gas)*	 	 	 	 	 	 	 	 	 	 	 	
Volume (TBtu/d)	0.5		0.4		0.4		0.3		0.4		 	0.3		0.3		0.3		 **		0.3		
Gross Margin ($ Millions)	35		20		25		20		100		 	10		10		5		 **		25		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee-based Gas (primarily gathering and transport)*	 	 	 	 	 	 	 	 	 	 	 	
Volume (TBtu/d)	4.6		4.5		4.6		4.7		4.6		 	4.7		4.7		4.9		 **		4.8		
Gross Margin ($ Millions)	80		85		90		105		360		 	95		105		110		 **		310		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee-based NGL Transport and Fractionation	 	 	 	 	 	 	 	 	 	 	 	
Volume (MB/d)	242		281		325		340		297		 	320		339		354		 **		338		
Gross Margin ($ Millions)	26		27		39		39		131		 	36		44		47		 **		127		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Gross Margin***	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin ($ Millions)	205		139		175		139		658		 	118		94		162		 **		374		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Throughput (TBtu/d)	7.2		7.3		7.5		7.4		7.3		 	7.1		7.0		7.3		7.1		7.1		
NGL Production (MB/d)	445		452		471		447		454		 	399		408		421		410		410		
     * Certain volumes earn duplicate revenue streams (i.e. both fee plus processing economics).	 	 	 	 	 	 	 	
  ** Pending DCP Midstream release.	 	 	 	 	 	 	 	
*** Includes NGL/Propane Marketing, MTM, Condensate Sales, Gas Marketing activity and other items.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted Average NGL Price*	 	 	 	 	 	 	 	 	 	 	 	 	
DCP Midstream ($/BBL)			44.52		39.06		37.66		28.45		37.43		 	20.57		19.99		17.57		17.66		18.95		
DCP Midstream ($/gal)			1.06		0.93		0.90		0.68		0.89		 	0.49		0.48		0.42		0.42		0.45		
* Based on index prices from the Mont Belvieu and Conway market hubs that are weighted by NGL component and location mix.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
MLP Distributions ($ Millions)*	 	 	 	 	 	 	 	 	 	 	 	
GP Distribution from PSXP to Phillips 66	1		1		2		4		8		 	6		9		11		14		40		
LP Distribution from PSXP to Phillips 66	15		17		17		19		68		 	21		23		25		27		96		
GP Distribution from DPM to DCP Midstream***	26		28		29		31		114		 	31		31		31		**		93		
LP Distribution from DPM to DCP Midstream***	18		18		19		19		74		 	19		19		19		**		57		
    * Cash distributions declared attributable to general partner interest, common unit ownership and incentive distribution rights. These distributions are	 	 	 	 	 	 	 	
       eliminated in the respective sponsors consolidated financial statements.	 	 	 	 	 	 	 	
   ** Pending DCP Midstream release.	 	 	 	 	 	 	 	
 *** Represents 100 percent of DCP Midstream's distributions from DCP Midstream Partners LP (DPM).	 	 	 	 	 	 	 	

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CHEMICALS	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr	YTD		
Chemicals Net Income Attributable
   to Phillips 66 ($ Millions)	316		324		230		267		1,137		 	203		295		252		212		962		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Chemicals Adjusted EBITDA	534		557		517		493		2,101		 	380		507		473		341		1,701		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
100% CPChem Results	 	 	 	 	 	 	 	 	 	 	 	
Net Income (Loss), excludes parent company income tax related to CPChem's earnings ($ Millions)						 			 			
Olefins and Polyolefins	801		903		720		731		3,155		 	530		769		737		499		2,535		
Specialties, Aromatics and Styrenics	97		52		(45	)	74		178		 	69		93		4		19		185		
Corporate and Other	(8	)	(15	)	(13	)	(9	)	(45	)	 	(12	)	(28	)	(11	)	(18	)	(69	)	
Total	 	 	 	890		940		662		796		3,288		 	587		834		730		500		2,651		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (Loss) before Income Taxes ($ Millions)*						 			 			
Olefins and Polyolefins	815		918		735		741		3,209		 	542		780		750		510		2,582		
Specialties, Aromatics and Styrenics	105		60		(36	)	79		208		 	77		100		10		23		210		
Corporate and Other	(8	)	(14	)	(12	)	(9	)	(43	)	 	(12	)	(28	)	(9	)	(18	)	(67	)	
Total	 	 	 	912		964		687		811		3,374		 	607		852		751		515		2,725		
* Excludes CPChem discontinued operations.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization ($ Millions)	69		69		74		84		296		 	76		74		75		81		306		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Expense ($ Millions)*	—		(1	)	(1	)	—		(2	)	 	—		(1	)	(1	)	—		(2	)	
* Net of interest income.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Investing Cash Flows ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Capital Expenditures and Investments*	307		440		484		540		1,771		 	498		518		661		960		2,637		
Advances to Equity Companies	5		21		18		34		78		 	10		23		22		20		75		
Advance Repayments from Equity Companies	—		—		—		—		—		 	—		—		—		(18	)	(18	)	
*Prior period amounts have been restated.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Externally Marketed Sales Volumes (MM Lbs)*	 	 	 	 	 	 	 	 	 	 	 	
Olefins and Polyolefins	4,302		4,395		4,067		4,051		16,815		 	4,019		4,258		4,446		4,193		16,916		
Specialties, Aromatics and Styrenics	1,569		1,530		1,571		1,624		6,294		 	1,482		1,356		1,259		1,204		5,301		
Total	 	 	 	5,871		5,925		5,638		5,675		23,109		 	5,501		5,614		5,705		5,397		22,217		
* Represents 100 percent of CPChem's outside sales of produced petrochemical products, as well as commission sales from equity affiliates.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Olefins and Polyolefins Capacity Utilization (%)	93	%	95	%	83	%	83	%	88	%	 	87	%	91	%	94	%	92	%	91	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Market Indicators*	 	 	 	 	 	 	 	 	 	 	 	
U.S. Industry Prices											 										
Ethylene, Average Acquisition Contract (cents/lb)	53.49		53.03		59.95		50.26		54.18		 	38.04		37.88		29.18		24.44		32.39		
HDPE Blow Molding, Domestic Spot (cents/lb)	 	 	 	70.50		71.25		74.33		68.83		71.23		 	52.75		58.83		58.42		54.00		56.00		
 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Industry Costs											 										
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	20.10		16.77		14.39		10.48		15.44		 	10.25		9.67		9.64		10.91		10.12		
HDPE Blow Molding, Total Cash Cost (cents/lb)	67.09		66.56		73.51		63.60		67.69		 	50.97		50.73		41.91		36.90		45.13		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	36.80		40.95		46.38		45.01		42.28		 	29.57		36.31		36.05		30.63		33.14		
* Source: IHS, Inc.	 	 	 	 	 	 	 	 	 	 	 	

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REFINING	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Refining Net Income (Loss) Attributable
to Phillips 66 ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	38		(37	)	140		57		198		 	113		90		180		186		569		
Gulf Coast	79		118		66		(11	)	252		 	71		83		269		128		551		
Central Corridor	225		232		328		182		967		 	195		216		360		86		857		
Western/Pacific	(36	)	77		24		289		354		 	159		215		194		10		578		
Refining Net Income (Loss) Attributable to Phillips 66	306		390		558		517		1,771		 	538		604		1,003		410		2,555		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining Income (Loss) before Income Taxes ($ Millions)	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	64		(24	)	205		137		382		 	108		130		228		88		554		
Gulf Coast	128		184		100		(19	)	393		 	109		127		416		237		889		
Central Corridor	365		373		502		265		1,505		 	301		347		546		132		1,326		
Western/Pacific	(49	)	114		52		70		187		 	246		328		298		18		890		
Refining Income (Loss) before Income Taxes	508		647		859		453		2,467		 	764		932		1,488		475		3,659		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining Adjusted EBITDA	722		883		1,098		746		3,449		 	996		1,176		1,816		786		4,774		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Realized Refining Margins ($/BBL)*	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	8.34		5.75		10.60		11.04		8.94		 	9.94		10.45		10.27		7.18		9.39		
Gulf Coast	8.80		8.22		7.35		6.33		7.64		 	10.59		7.38		10.72		8.59		9.29		
Central Corridor	15.38		15.26		17.84		14.02		15.63		 	13.86		13.49		20.97		11.43		14.88		
Western/Pacific	7.58		11.11		9.87		6.92		8.89		 	16.54		19.87		18.29		12.51		16.86		
Worldwide	9.88		9.66		10.89		9.30		9.93		 	12.26		11.70		13.96		9.41		11.84		
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. Realized margin excludes special items.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization ($ Millions)*	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	47		48		49		48		192		 	45		48		51		53		197		
Gulf Coast	50		50		53		54		207		 	54		56		57		58		225		
Central Corridor	23		24		23		25		95		 	25		25		25		26		101		
Western/Pacific	52		52		53		53		210		 	53		54		54		54		215		
Total	172		174		178		180		704		 	177		183		187		191		738		
* Excludes D&A of all equity affiliates.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense ($ Millions)*	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	289		259		254		266		1,068		 	261		287		265		249		1,062		
Gulf Coast	365		335		366		401		1,467		 	386		299		320		296		1,301		
Central Corridor	117		129		120		134		500		 	113		108		138		123		482		
Western/Pacific	233		233		235		251		952		 	217		244		256		303		1,020		
Total	1,004		956		975		1,052		3,987		 	977		938		979		971		3,865		
* Excludes Operating and SG&A Expense of all equity affiliates.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Turnaround Expense ($ Millions), included in	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense*	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	23		9		16		14		62		 	36		89		21		15		161		
Gulf Coast	75		35		67		94		271		 	114		8		7		16		145		
Central Corridor	5		4		3		6		18		 	6		1		10		16		33		
Western/Pacific	22		13		15		23		73		 	17		46		31		83		177		
Total	125		61		101		137		424		 	173		144		69		130		516		
* Excludes Turnaround Expense of all equity affiliates.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Taxes Other than Income Taxes, excluding Excise Taxes
   ($ Millions)	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	18		15		15		15		63		 	16		14		14		14		58		
Gulf Coast	24		21		20		18		83		 	23		18		18		17		76		
Central Corridor	11		7		9		8		35		 	11		10		11		10		42		
Western/Pacific	29		26		26		23		104		 	23		21		22		20		86		
Total	82		69		70		64		285		 	73		63		65		61		262		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign Currency Gains (Losses) After-Tax
($ Millions)	14		(18	)	(6	)	4		(6	)	 	(37	)	3		(1	)	1		(34	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining — Equity Affiliate Information	 	 	 	 	 	 	 	 	 	 	 	
Equity in earnings of affiliates	150		173		55		(67	)	311		 	97		140		112		(24	)	325		
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*	(352	)	(364	)	(248	)	(172	)	(1,136	)	 	(266	)	(303	)	(298	)	(186	)	(1,053	)	
Equity-affiliate-related expenses not included in Realized Refining Margins	(202	)	(191	)	(193	)	(239	)	(825	)	 	(169	)	(163	)	(186	)	(210	)	(728	)	
Regional Totals	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast	11		13		3		1		28		 	11		3		7		13		34		
Central Corridor	(167	)	(156	)	(159	)	(195	)	(677	)	 	(152	)	(136	)	(174	)	(207	)	(669	)	
Other Regions**	(46	)	(48	)	(37	)	(45	)	(176	)	 	(28	)	(30	)	(19	)	(16	)	(93	)	
Total	(202	)	(191	)	(193	)	(239	)	(825	)	 	(169	)	(163	)	(186	)	(210	)	(728	)	
 * Other costs associated with equity affiliates which do not flow through equity earnings.	 	 	 	 	 	 	
 ** Combined equity affiliates reported in Atlantic Basin/Europe and Western/Pacific.	 	 	 	 	 	 	

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REFINING (continued)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Atlantic Basin/Europe*	 	 	 	 	 	 	 	 	 	 	 	
Crude Oil Charge Input (MB/D)	551		562		538		563		554		 	514		475		570		596		539		
Total Charge Input (MB/D)	585		612		588		616		600		 	567		524		611		627		583		
Crude Oil Capacity Utilization (%)	94	%	96	%	92	%	96	%	94	%	 	87	%	81	%	97	%	101	%	92	%	
Clean Product Yield (%)	84	%	83	%	86	%	85	%	85	%	 	86	%	84	%	84	%	86	%	85	%	
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast	 	 	 	 	 	 	 	 	 	 	 	
Crude Oil Charge Input (MB/D)	613		673		710		708		676		 	528		662		735		688		654		
Total Charge Input (MB/D)	705		771		794		779		763		 	590		738		816		756		726		
Crude Oil Capacity Utilization (%)	84	%	92	%	97	%	97	%	92	%	 	72	%	90	%	100	%	93	%	89	%	
Clean Product Yield (%)	81	%	79	%	79	%	77	%	79	%	 	77	%	80	%	81	%	83	%	80	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Central Corridor*	 	 	 	 	 	 	 	 	 	 	 	
Crude Oil Charge Input (MB/D)	466		493		476		466		475		 	460		495		448		456		465		
Total Charge Input (MB/D)	481		511		492		481		491		 	483		512		465		476		484		
Crude Oil Capacity Utilization (%)	96	%	102	%	98	%	96	%	98	%	 	94	%	101	%	91	%	93	%	95	%	
Clean Product Yield (%)	88	%	88	%	90	%	90	%	89	%	 	87	%	90	%	88	%	89	%	89	%	
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Western/Pacific*	 	 	 	 	 	 	 	 	 	 	 	
Crude Oil Charge Input (MB/D)	395		424		390		403		403		 	327		337		346		312		330		
Total Charge Input (MB/D)	427		450		423		435		434		 	357		358		375		343		358		
Crude Oil Capacity Utilization (%)	90	%	96	%	89	%	92	%	92	%	 	91	%	94	%	96	%	87	%	92	%	
Clean Product Yield (%)	84	%	85	%	83	%	87	%	85	%	 	87	%	84	%	86	%	84	%	85	%	
* Includes our proportionate share of a refinery in Melaka, Malaysia.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide — Including Proportionate Share of Equity Affiliates	 	 	 	 	 	 	 	 	 	 	
Crude Oil Charge Input (MB/D)	2,025		2,152		2,114		2,140		2,108		 	1,829		1,969		2,099		2,052		1,988		
Total Charge Input (MB/D)	2,198		2,344		2,297		2,311		2,288		 	1,997		2,132		2,267		2,202		2,151		
Crude Oil Capacity Utilization (%)	90	%	96	%	94	%	95	%	94	%	 	84	%	90	%	96	%	94	%	91	%	
Clean Product Yield (%)	84	%	83	%	84	%	84	%	84	%	 	84	%	84	%	84	%	85	%	84	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refined Products Production (MB/D)	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe*	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	231		244		247		247		242		 	235		224		248		251		239		
Distillates	245		248		240		262		249		 	238		200		251		271		240		
Other	112		123		106		113		114		 	100		102		115		112		108		
Total	588		615		593		622		605		 	573		526		614		634		587		
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	276		300		296		275		287		 	217		299		328		313		289		
Distillates	270		286		299		293		287		 	216		271		302		288		270		
Other	171		197		203		218		197		 	168		172		196		161		174		
Total	717		783		798		786		771		 	601		742		826		762		733		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Central Corridor*	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	247		262		256		251		254		 	241		269		238		246		249		
Distillates	173		187		181		181		181		 	178		189		169		174		177		
Other	63		64		57		53		59		 	68		55		58		58		60		
Total	483		513		494		485		494		 	487		513		465		478		486		
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Western/Pacific*	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	181		198		182		194		188		 	169		173		184		160		172		
Distillates	179		186		167		186		179		 	140		129		137		129		134		
Other	69		70		76		56		68		 	52		54		54		54		53		
Total	429		454		425		436		435		 	361		356		375		343		359		
* Includes our proportionate share of a refinery in Melaka, Malaysia.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide — Including Proportionate Share of Equity Affiliates	 	 	 	 	 	 	 	 	 	 	
Gasoline	 	 	 	935		1,004		981		967		971		 	862		965		998		970		949		
Distillates	 	 	 	867		907		887		922		896		 	772		789		859		862		821		
Other	 	 	 	415		454		442		440		438		 	388		383		423		385		395		
Total	 	 	 	2,217		2,365		2,310		2,329		2,305		 	2,022		2,137		2,280		2,217		2,165		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Market Indicators	 	 	 	 	 	 	 	 	 	 	 	
Crude and Crude Differentials ($/BBL)	 	 	 	 	 	 	 	 	 	 	 	
WTI	98.75		103.05		97.48		73.41		93.17		 	48.55		57.84		46.37		42.10		48.72		
Brent	108.22		109.63		101.85		76.27		98.99		 	53.97		61.92		50.26		43.69		52.46		
LLS	104.43		105.55		100.95		76.38		96.83		 	52.83		62.95		50.13		43.57		52.37		
ANS	105.74		109.23		101.51		74.76		97.81		 	53.68		62.91		51.44		43.79		52.96		
WTI less Maya	9.41		7.27		6.64		6.21		7.38		 	4.43		2.52		3.81		7.73		4.62		
WTI less WCS	20.83		19.15		18.22		15.63		18.46		 	13.66		9.74		15.06		14.45		13.23		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Natural Gas ($/MCF)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Henry Hub	 	 	 	5.08		4.58		3.94		3.75		4.34		 	2.87		2.72		2.74		2.08		2.61		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Margins ($/BBL)	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	 	 	 	 	 	 	 	 	 	 	 	
East Coast Gasoline less Brent	5.12		15.23		15.44		8.69		11.12		 	9.19		20.92		19.77		11.92		15.45		
East Coast Distillate less Brent	22.28		14.30		16.63		22.06		18.82		 	23.22		17.74		15.41		12.49		17.22		
Gulf Coast	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast Gasoline less LLS	5.25		11.53		8.54		(0.03	)	6.32		 	9.99		13.31		13.44		7.62		11.09		
Gulf Coast Distillate less LLS	18.63		17.00		16.26		16.17		17.02		 	18.03		13.96		13.13		10.45		13.89		
Central Corridor	 	 	 	 	 	 	 	 	 	 	 	
Central Gasoline less WTI	13.15		16.09		14.05		6.12		12.35		 	14.88		19.90		22.85		13.22		17.71		
Central Distillate less WTI	25.94		21.07		21.85		27.60		24.12		 	22.63		18.21		20.40		15.03		19.06		
Western/Pacific	 	 	 	 	 	 	 	 	 	 	 	
West Coast Gasoline less ANS	11.75		20.88		16.59		7.46		14.17		 	20.21		32.95		38.61		23.82		28.90		
West Coast Distillate less ANS	17.55		17.16		20.19		21.69		19.15		 	19.17		18.16		14.84		15.45		16.91		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide Market Crack Spread ($/BBL)*	12.44		15.94		14.85		10.45		13.42		 	15.26		18.94		19.51		12.77		16.62		
* Weighted average based on Phillips 66 crude capacity.	 	 	 	 	 	 	

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MARKETING AND SPECIALTIES	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Marketing and Specialties Net Income Attributable
to Phillips 66 ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	93		119		325		299		836		 	254		266		285		199		1,004		
Specialties	44		43		43		68		198		 	50		48		53		32		183		
Marketing and Specialties Net Income Attributable to Phillips 66	137		162		368		367		1,034		 	304		314		338		231		1,187		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties Income before Income Taxes ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	135		179		425		423		1,162		 	325		335		430		276		1,366		
Specialties	70		69		70		104		313		 	81		75		84		46		286		
Marketing and Specialties Income before Income Taxes	205		248		495		527		1,475		 	406		410		514		322		1,652		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties Adjusted EBITDA ($ Millions)	226		271		410		494		1,401		 	320		299		549		348		1,516		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Realized Marketing Fuel Margin ($/BBL)*	 	 	 	 	 	 	 	 	 	 	 	
U.S.	1.19		1.17		1.78		1.87		1.51		 	1.46		1.46		2.26		1.37		1.65		
International	3.72		4.52		6.10		6.48		5.22		 	3.85		2.98		5.94		4.74		4.40		
* On third-party petroleum products sales.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Realized Margins not included in Marketing Fuel Margin ($ Millions)*	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	139		160		169		135		603		 	165		158		159		125		607		
Specialties	106		102		108		146		462		 	122		117		122		92		453		
Total	245		262		277		281		1,065		 	287		275		281		217		1,060		
* Excludes Gain on Dispositions and Excise Tax Income.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	20		21		21		21		83		 	19		19		20		21		79		
Specialties	1		2		3		6		12		 	5		4		5		4		18		
Total	21		23		24		27		95		 	24		23		25		25		97		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	274		284		295		281		1,134		 	254		270		292		267		1,083		
Specialties	32		30		35		34		131		 	34		35		34		38		141		
Total	306		314		330		315		1,265		 	288		305		326		305		1,224		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing Petroleum Products Sales (MB/D)	 	 	 	 	 	 	 	 	 	 	 	
U.S. Marketing	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	1,030		1,142		1,093		1,142		1,102		 	974		1,174		1,158		1,143		1,113		
Distillates	 	 	 	748		784		750		864		787		 	689		775		792		788		761		
Other	 	 	 	—		—		—		—		—		 	—		—		—		—		—		
Total	 	 	 	1,778		1,926		1,843		2,006		1,889		 	1,663		1,949		1,950		1,931		1,874		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
International Marketing	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	 	 	 	89		95		95		95		93		 	88		94		95		93		92		
Distillates	 	 	 	196		186		190		196		192		 	193		185		193		194		192		
Other	 	 	 	16		19		17		17		17		 	16		14		15		18		16		
Total	 	 	 	301		300		302		308		302		 	297		293		303		305		300		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide Marketing	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	 	 	 	1,119		1,237		1,188		1,237		1,195		 	1,062		1,268		1,253		1,236		1,205		
Distillates	 	 	 	944		970		940		1,060		979		 	882		960		985		982		953		
Other	 	 	 	16		19		17		17		17		 	16		14		15		18		16		
Total	 	 	 	2,079		2,226		2,145		2,314		2,191		 	1,960		2,242		2,253		2,236		2,174		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign Currency Gains (Losses) After-Tax ($ Millions)	—		(3	)	(3	)	(2	)	(8	)	 	(1	)	(3	)	—		—		(4	)	

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CORPORATE AND OTHER	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	2014	 	2015	
 	 	 	 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Corporate and Other Net Income (Loss) Attributable
to Phillips 66 ($ Millions)	(81	)	(121	)	(91	)	(100	)	(393	)	 	(125	)	(123	)	(116	)	(126	)	(490	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Detail of Net Income (Loss) Attributable to Phillips 66 ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Net interest expense	(41	)	(39	)	(36	)	(44	)	(160	)	 	(53	)	(46	)	(43	)	(44	)	(186	)	
Corporate overhead	(40	)	(44	)	(32	)	(40	)	(156	)	 	(45	)	(36	)	(37	)	(39	)	(157	)	
Technology	(13	)	(14	)	(14	)	(17	)	(58	)	 	(14	)	(15	)	(15	)	(16	)	(60	)	
Other	13		(24	)	(9	)	1		(19	)	 	(13	)	(26	)	(21	)	(27	)	(87	)	
Total	(81	)	(121	)	(91	)	(100	)	(393	)	 	(125	)	(123	)	(116	)	(126	)	(490	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before-Tax Net Interest Expense ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	(69	)	(69	)	(66	)	(83	)	(287	)	 	(102	)	(105	)	(105	)	(104	)	(416	)	
Capitalized interest	1		3		6		10		20		 	16		26		34		30		106		
Interest revenue	5		6		5		5		21		 	5		9		5		6		25		
Total	(63	)	(60	)	(55	)	(68	)	(246	)	 	(81	)	(70	)	(66	)	(68	)	(285	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign Currency Gains (Losses) After-Tax ($ Millions)	—		—		—		—		—		 	—		—		—		—		—		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Phillips 66 Total Company Debt	 	 	 	 	 	 	 	 	 	 	 	
Total Debt ($ Millions)*	6,188		6,183		6,183		8,635		8,635		 	8,892		8,909		8,897		8,887		8,887		
Debt-to-Capital Ratio (%)	22	%	22	%	22	%	28	%	28	%	 	28	%	28	%	27	%	27	%	27	%	
*Prior period amounts have been retrospectively adjusted for Accounting Standards Update No. 2015-03.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity ($ Millions)	21,829		21,955		22,194		22,037		22,037		 	22,595		23,223		24,032		23,938		23,938		

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NON-GAAP FINANCIAL MEASURES RECONCILIATION	
 	 	 	 	 	
 	 	 	 	Millions of Dollars	
 	 	 	 	2014	 	2015	
 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		 	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		
Reconciliation of Midstream Net Income to Adjusted EBITDA	 	 	 	 	 	 	 	 	 	 	 	
Midstream net income	194		117		124		107		542		 	78		(62	)	116		(58	)	74		
Plus:	 	 	 	 	 	 	 	 	 	 	 							
Provision for income taxes	108		63		70		68		309		 	38		(37	)	57		15		73		
Depreciation and amortization	19		21		24		27		91		 	26		27		33		41		127		
Midstream EBITDA	321		201		218		202		942		 	142		(72	)	206		(2	)	274		
 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
EBITDA attributable to Phillips 66 noncontrolling interests	(8	)	(12	)	(13	)	(12	)	(45	)	 	(16	)	(17	)	(20	)	(20	)	(73	)	
Proportional share of selected equity affiliates income taxes	2		—		2		(1	)	3		 	1		(2	)	—		(49	)	(50	)	
Proportional share of selected equity affiliates net interest	30		31		29		28		118		 	32		33		34		34		133		
Proportional share of selected equity affiliates depreciation and amortization	39		36		37		38		150		 	40		41		42		43		166		
Lower-of-cost-or-market inventory adjustments	—		—		—		2		2		 	—		—		—		—		—		
Impairments by equity affiliates	—		—		—		—		—		 	—		194		4		168		366		
Asset disposition	—		—		—		—		—		 	—		—		(30	)	—		(30	)	
Pension settlement expenses	—		—		—		—		—		 	—		—		9		—		9		
Midstream Adjusted EBITDA*	384		256		273		257		1,170		 	199		177		245		174		795		
* Proportional share of selected equity affiliates is net of noncontrolling interests.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Chemicals Net Income to Adjusted EBITDA	 	 	 	 	 	 	 	 	 	 	 	
Chemicals net income	316		324		230		267		1,137		 	203		295		252		212		962		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	126		142		98		129		495		 	88		121		108		36		353		
Chemicals EBITDA	442		466		328		396		1,632		 	291		416		360		248		1,315		
 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
Proportional share of selected equity affiliates income taxes	27		28		35		21		111		 	22		25		26		18		91		
Proportional share of selected equity affiliates net interest	3		1		2		3		9		 	2		1		2		2		7		
Proportional share of selected equity affiliates depreciation and amortization	62		62		64		70		258		 	65		65		65		69		264		
Impairments by equity affiliates	—		—		88		—		88		 	—		—		20		4		24		
Lower-of-cost-or-market inventory adjustments	—		—		—		3		3		 	—		—		—		—		—		
Chemicals Adjusted EBITDA	534		557		517		493		2,101		 	380		507		473		341		1,701		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Refining Net Income to Adjusted EBITDA	 	 	 	 	 	 	 	 	 	 	 	
Refining net income	306		390		558		517		1,771		 	538		604		1,003		410		2,555		
Plus:	 	 	 	 	 	 	 	 	 	 	 							
Provision for income taxes	202		257		301		(64	)	696		 	226		328		485		65		1,104		
Depreciation and amortization	172		174		178		180		704		 	177		183		187		191		738		
Refining EBITDA	680		821		1,037		633		3,171		 	941		1,115		1,675		666		4,397		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
Proportional share of selected equity affiliates income taxes	—		1		—		2		3		 	—		(2	)	—		(1	)	(3	)	
Proportional share of selected equity affiliates net interest	(19	)	—		—		—		(19	)	 	—		—		—		—		—		
Proportional share of selected equity affiliates depreciation and amortization	61		61		61		62		245		 	63		63		62		64		252		
Asset dispositions	—		—		—		(145	)	(145	)	 	(8	)	—		—		—		(8	)	
Impairments	—		—		—		131		131		 	—		—		—		—		—		
Pending claims and settlements	—		—		—		23		23		 	—		—		30		—		30		
Lower-of-cost-or-market inventory adjustments	—		—		—		40		40		 	—		—		—		53		53		
Pension settlement expenses	—		—		—		—		—		 	—		—		49		4		53		
Refining Adjusted EBITDA	722		883		1,098		746		3,449		 	996		1,176		1,816		786		4,774		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties net income	137		162		368		367		1,034		 	304		314		338		231		1,187		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	68		86		127		160		441		 	102		96		176		91		465		
Interest revenue	—		—		—		—		—		 	—		(2	)	—		—		(2	)	
Depreciation and amortization	21		23		24		27		95		 	24		23		25		25		97		
Marketing and Specialties EBITDA	226		271		519		554		1,570		 	430		431		539		347		1,747		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
Asset dispositions	—		—		(109	)	(16	)	(125	)	 	(110	)	(132	)	—		—		(242	)	
Pending claims and settlements	—		—		—		(44	)	(44	)	 	—		—		—		—		—		
Pension settlement expenses	—		—		—		—		—		 	—		—		10		1		11		
Marketing and Specialties Adjusted EBITDA	226		271		410		494		1,401		 	320		299		549		348		1,516		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Phillips 66 Net Income to Adjusted EBITDA	 	 	 	 	 	 	 	 	 	 	 	
Net income	1,578		872		1,189		1,158		4,797		 	997		1,025		1,592		666		4,280		
Less:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income from discontinued operations	706		—		—		—		706		 	—		—		—		—		—		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	426		487		538		203		1,654		 	391		440		767		166		1,764		
Net interest expense	63		60		55		68		246		 	81		67		66		69		283		
Depreciation and amortization	234		239		249		273		995		 	253		274		270		281		1,078		
Phillips 66 EBITDA	1,595		1,658		2,031		1,702		6,986		 	1,722		1,806		2,695		1,182		7,405		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
EBITDA attributable to Phillips 66 noncontrolling interests	(8	)	(12	)	(13	)	(12	)	(45	)	 	(16	)	(17	)	(20	)	(20	)	(73	)	
Proportional share of selected equity affiliates income taxes	29		29		37		22		117		 	23		21		26		(32	)	38		
Proportional share of selected equity affiliates net interest	14		32		31		31		108		 	34		34		36		36		140		
Proportional share of selected equity affiliates depreciation and amortization	162		159		162		170		653		 	168		169		169		176		682		
Asset dispositions	—		—		(109	)	(161	)	(270	)	 	(118	)	(132	)	(30	)	—		(280	)	
Impairments	—		—		—		131		131		 	—		—		—		—		—		
Impairments by equity affiliates	—		—		88		—		88		 	—		194		24		172		390		
Pending claims and settlements	—		—		—		(21	)	(21	)	 	—		—		30		—		30		
Lower-of-cost-or-market inventory adjustments	—		—		—		45		45		 	—		—		—		53		53		
Pension settlement expenses	—		—		—		—		—		 	—		—		75		5		80		
Phillips 66 Adjusted EBITDA	1,792		1,866		2,227		1,907		7,792		 	1,813		2,075		3,005		1,572		8,465		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Use of Non-GAAP Financial Information —This earnings release supplemental data includes the terms EBITDA and adjusted EBITDA. These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. The GAAP measure most directly comparable to EBITDA and adjusted EBITDA is net income.	

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