Exhibit 99.2
Phillips 66 Earnings Release Supplemental Data

CONSOLIDATED INCOME STATEMENT
	Millions of Dollars
	2015										2016
	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*	22,778		28,512		25,792		21,893		98,975		17,409					17,409
Equity in earnings of affiliates	456		407		583		127		1,573		333					333
Net gain on dispositions	122		139		22		—		283		—					—
Other income	70		19		20		9		118		18					18
Total Revenues and Other Income	23,426		29,077		26,417		22,029		100,949		17,760					17,760
Costs and Expenses
Purchased crude oil and products	16,695		22,253		18,580		15,871		73,399		11,930					11,930
Operating expenses	1,094		1,043		1,083		1,074		4,294		1,023					1,023
Selling, general and administrative expenses	394		406		437		433		1,670		386					386
Depreciation and amortization	253		274		270		281		1,078		280					280
Impairments	—		2		1		4		7		—					—
Taxes other than income taxes*	3,462		3,549		3,610		3,456		14,077		3,461					3,461
Accretion on discounted liabilities	5		6		5		5		21		5					5
Interest and debt expense	86		79		71		74		310		86					86
Foreign currency transaction (gains) losses	49		—		1		(1	)	49		(7	)				(7	)
Total Costs and Expenses	22,038		27,612		24,058		21,197		94,905		17,164					17,164
Income before income taxes	1,388		1,465		2,359		832		6,044		596					596
Provision for income taxes	391		440		767		166		1,764		198					198
Net income	997		1,025		1,592		666		4,280		398					398
Less: net income attributable to noncontrolling interests	10		13		14		16		53		13					13
Net Income Attributable to Phillips 66	987		1,012		1,578		650		4,227		385					385
* Includes excise taxes on petroleum products sales:	3,362		3,463		3,513		3,442		13,780		3,360					3,360
Net Income Attributable to Phillips 66 Per Share of Common Stock (dollars)
Basic	1.80		1.85		2.92		1.21		7.78		0.72					0.72
Diluted	1.79		1.84		2.90		1.20		7.73		0.72					0.72
Average Common Shares Outstanding (in thousands)
Basic	548,200		544,617		540,357		536,399		542,355		531,739					531,739
Diluted	552,337		548,926		544,696		540,245		546,977		534,709					534,709
SUMMARY OF INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream	67		(78	)	101		(77	)	13		65					65
Chemicals	203		295		252		212		962		156					156
Refining	538		604		1,003		410		2,555		86					86
Marketing and Specialties	304		314		338		231		1,187		205					205
Corporate and Other	(125	)	(123	)	(116	)	(126	)	(490	)	(127	)				(127	)
Consolidated	987		1,012		1,578		650		4,227		385					385
SUMMARY OF INCOME (LOSS) BEFORE TAXES BY SEGMENT
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream	116		(99	)	173		(43	)	147		121					121
Chemicals	291		416		360		248		1,315		228					228
Refining	764		932		1,488		475		3,659		127					127
Marketing and Specialties	406		410		514		322		1,652		315					315
Corporate and Other	(189	)	(194	)	(176	)	(170	)	(729	)	(195	)				(195	)
Consolidated	1,388		1,465		2,359		832		6,044		596					596
EFFECTIVE TAX RATES
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream	32.8	%	37.4	%	32.9	%	(34.9	)%	49.7	%	33.9	%				33.9	%
Chemicals	30.2	%	29.1	%	30.0	%	14.5	%	26.8	%	31.6	%				31.6	%
Refining	29.6	%	35.2	%	32.6	%	13.7	%	30.2	%	32.3	%				32.3	%
Marketing and Specialties	25.1	%	23.4	%	34.2	%	28.3	%	28.1	%	34.9	%				34.9	%
Corporate and Other	33.3	%	35.1	%	33.5	%	24.1	%	31.7	%	33.8	%				33.8	%
Consolidated	28.2	%	30.0	%	32.5	%	20.0	%	29.2	%	33.2	%				33.2	%
SUMMARY OF ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO PHILLIPS 66 BY SEGMENT
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	65		65		77		78		285		72					72
DCP Midstream	(12	)	(25	)	(18	)	(34	)	(89	)	(21	)				(21	)
NGL	14		8		32		(2	)	52		(11	)				(11	)
Total Midstream	67		48		91		42		248		40					40
Chemicals	203		295		272		182		952		156					156
Refining
Atlantic Basin/Europe	75		90		193		97		455		4					4
Gulf Coast	71		83		285		147		586		68					68
Central Corridor	195		216		372		121		904		20					20
West Coast	154		215		202		11		582		(6	)				(6	)
Total Refining	495		604		1,052		376		2,527		86					86
Marketing and Specialties
Marketing and Other	144		134		291		198		767		162					162
Specialties	50		48		53		29		180		43					43
Total Marketing and Specialties	194		182		344		227		947		205					205
Corporate and Other	(125	)	(127	)	(112	)	(117	)	(481	)	(127	)				(127	)
Consolidated	834		1,002		1,647		710		4,193		360					360

Page 1

SPECIAL ITEMS INCLUDED IN NET INCOME ATTRIBUTABLE TO PHILLIPS 66
(AFTER-TAX)
	Millions of Dollars
	2015									2016
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Asset dispositions	—	—		18		—		18		—					—
Pending claims and settlements	—	—		—		—		—		29					29
Impairments by equity affiliates	—	(126	)	(2	)	(104	)	(232	)	(4	)				(4	)
Pension settlement expenses	—	—		(6	)	—		(6	)	—					—
Certain tax impacts	—	—		—		(15	)	(15	)	—					—
Total Midstream	—	(126	)	10		(119	)	(235	)	25					25
Chemicals
Impairments by equity affiliates	—	—		(20	)	(4	)	(24	)	—					—
Certain tax impacts	—	—		—		34		34		—					—
Total Chemicals	—	—		(20	)	30		10		—					—
Refining
Asset dispositions	5	—		—		—		5		—					—
Pending claims and settlements	38	—		(19	)	—		19		—					—
Lower-of-cost-or-market inventory adjustments	—	—		—		(33	)	(33	)	—					—
Pension settlement expenses	—	—		(30	)	(2	)	(32	)	—					—
Certain tax impacts	—	—		—		69		69		—					—
Total Refining	43	—		(49	)	34		28		—					—
Marketing and Specialties
Asset dispositions	110	132		—		—		242		—					—
Pension settlement expenses	—	—		(6	)	(1	)	(7	)	—					—
Certain tax impacts	—	—		—		5		5		—					—
Total Marketing and Specialties	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	)	—					—
Total Phillips 66	153	10		(69	)	(60	)	34		25					25
By Business Lines/Regions
Midstream
Transportation	—	—		—		3		3		—					—
DCP Midstream	—	(126	)	16		(125	)	(235	)	25					25
NGL	—	—		(6	)	3		(3	)	—					—
Total Midstream	—	(126	)	10		(119	)	(235	)	25					25
Refining
Atlantic Basin/Europe	38	—		(13	)	89		114		—					—
Gulf Coast	—	—		(16	)	(19	)	(35	)	—					—
Central Corridor	—	—		(12	)	(35	)	(47	)	—					—
West Coast	5	—		(8	)	(1	)	(4	)	—					—
Total Refining	43	—		(49	)	34		28		—					—
Marketing and Specialties
Marketing and Other	110	132		(6	)	1		237		—					—
Specialties	—	—		—		3		3		—					—
Total Marketing and Specialties	110	132		(6	)	4		240		—					—
SPECIAL ITEMS INCLUDED IN INCOME BEFORE TAXES
(PRETAX)
	Millions of Dollars
	2015									2016
	1st Qtr	2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Midstream
Transportation	—	—		—		—		—		—					—
DCP Midstream	—	(194	)	26		(168	)	(336	)	39					39
NGL	—	—		(9	)	—		(9	)	—					—
Total Midstream	—	(194	)	17		(168	)	(345	)	39					39
Chemicals	—	—		(20	)	(4	)	(24	)	—					—
Refining
Atlantic Basin/Europe	—	—		(21	)	(2	)	(23	)	—					—
Gulf Coast	—	—		(26	)	(2	)	(28	)	—					—
Central Corridor	—	—		(18	)	(53	)	(71	)	—					—
West Coast	8	—		(14	)	—		(6	)	—					—
Total Refining	8	—		(79	)	(57	)	(128	)	—					—
Marketing and Specialties
Marketing and Other	110	132		(10	)	(1	)	231		—					—
Specialties	—	—		—		—		—		—					—
Total Marketing and Specialties	110	132		(10	)	(1	)	231		—					—
Corporate and Other	—	5		(7	)	4		2		—					—
Total Phillips 66	118	(57	)	(99	)	(226	)	(264	)	39					39

Page 2

CASH FLOW INFORMATION
	Millions of Dollars
	2015										2016
	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	997		1,025		1,592		666		4,280		398					398
Depreciation and amortization	253		274		270		281		1,078		280					280
Impairments	—		2		1		4		7		—					—
Accretion on discounted liabilities	5		6		5		5		21		5					5
Deferred taxes	(6	)	(75	)	(44	)	654		529		154					154
Undistributed equity earnings	(337	)	662		(308	)	168		185		(166	)				(166	)
Net gain on dispositions	(122	)	(139	)	(22	)	—		(283	)	—					—
Other	90		4		(24	)	47		117		51					51
Net working capital changes	472		(332	)	(33	)	(328	)	(221	)	(464	)				(464	)
Net Cash Provided by Operating Activities	1,352		1,427		1,437		1,497		5,713		258					258
Cash Flows From Investing Activities
Capital expenditures and investments	(1,081	)	(1,213	)	(992	)	(2,478	)	(5,764	)	(750	)				(750	)
Proceeds from asset dispositions*	(9	)	4		73		2		70		5					5
Advances/loans—related parties	(50	)	—		—		—		(50	)	(75	)				(75	)
Collection of advances/loans—related parties	—		50		—		—		50		—					—
Other	102		(55	)	(45	)	(46	)	(44	)	(42	)				(42	)
Net Cash Used in Investing Activities	(1,038	)	(1,214	)	(964	)	(2,522	)	(5,738	)	(862	)				(862	)
Cash Flows From Financing Activities
Issuance of debt	1,169		—		—		—		1,169		50					50
Repayment of debt	(895	)	(9	)	(14	)	(8	)	(926	)	(100	)				(100	)
Issuance of common stock	(25	)	—		(2	)	8		(19	)	(31	)				(31	)
Repurchase of common stock	(399	)	(334	)	(373	)	(406	)	(1,512	)	(391	)				(391	)
Dividends paid on common stock	(272	)	(302	)	(300	)	(298	)	(1,172	)	(296	)				(296	)
Distributions to noncontrolling interests	(6	)	(14	)	(10	)	(16	)	(46	)	(11	)				(11	)
Net proceeds from issuance of Phillips 66 Partners LP common units	384		—		—		—		384		—					—
Other	(14	)	16		—		3		5		(4	)				(4	)
Net Cash Used in Financing Activities	(58	)	(643	)	(699	)	(717	)	(2,117	)	(783	)				(783	)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(73	)	129		(41	)	(6	)	9		36					36
Net Change in Cash and Cash Equivalents	183		(301	)	(267	)	(1,748	)	(2,133	)	(1,351	)				(1,351	)
Cash and cash equivalents at beginning of period	5,207		5,390		5,089		4,822		5,207		3,074					3,074
Cash and Cash Equivalents at End of Period	5,390		5,089		4,822		3,074		3,074		1,723					1,723
*Includes return of investments in equity affiliates and working capital true-ups on dispositions.
CAPITAL PROGRAM
	Millions of Dollars
	2015										2016
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		YTD		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr	YTD
Consolidated Capital Expenditures and Investments
Midstream	769		899		700		2,089		4,457		446					446
Chemicals	—		—		—		—		—		—					—
Refining	274		268		233		294		1,069		261					261
Marketing and Specialties	24		30		32		36		122		15					15
Corporate and Other	14		16		27		59		116		28					28
Total Consolidated	1,081		1,213		992		2,478		5,764		750					750
Proportional Share of Select Equity Affiliates Capital Expenditures and Investments*
DCP Midstream (Midstream)	157		149		71		61		438		35					35
CPChem (Chemicals)	249		259		331		480		1,319		247					247
WRB Refining (Refining)	35		36		47		57		175		37					37
Select Equity Affiliates	441		444		449		598		1,932		319					319
Total Capital Program*
Midstream	926		1,048		771		2,150		4,895		481					481
Chemicals	249		259		331		480		1,319		247					247
Refining	309		304		280		351		1,244		298					298
Marketing and Specialties	24		30		32		36		122		15					15
Corporate and Other	14		16		27		59		116		28					28
Total Capital Program	1,522		1,657		1,441		3,076		7,696		1,069					1,069
* 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.

Page 3

MIDSTREAM
	2015										2016
	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	65		65		77		81		288		72					72
DCP Midstream	(12	)	(151	)	(2	)	(159	)	(324	)	4					4
NGL	14		8		26		1		49		(11	)				(11	)
Midstream Net Income (Loss) Attributable to Phillips 66	67		(78	)	101		(77	)	13		65					65
Midstream Income (Loss) before Income Taxes ($ Millions)
Transportation	113		115		129		134		491		123					123
DCP Midstream	(17	)	(233	)	(3	)	(210	)	(463	)	7					7
NGL	20		19		47		33		119		(9	)				(9	)
Midstream Income (Loss) before Income Taxes	116		(99	)	173		(43	)	147		121					121
Midstream Adjusted EBITDA ($ Millions)
Transportation and NGL	143		144		198		188		673		144					144
DCP Midstream	56		33		47		34		170		44					44
Midstream Adjusted EBITDA	199		177		245		222		843		188					188
Depreciation and Amortization ($ Millions)
Transportation	25		27		31		31		114		30					30
DCP Midstream	—		—		—		—		—		—					—
NGL	1		—		2		10		13		18					18
Total	26		27		33		41		127		48					48
Operating and SG&A Expense ($ Millions)
Transportation	124		117		113		124		478		122					122
DCP Midstream	—		—		1		—		1		(1	)				(1	)
NGL	32		25		34		36		127		45					45
Total	156		142		148		160		606		166					166
Transportation Volumes (MB/D)
Pipelines*	3,145		3,290		3,239		3,381		3,264		3,488					3,488
Terminals**	1,983		1,969		2,021		1,953		1,981		2,209					2,209
* 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)*	108		108		110		123		112		161					161
* Excludes DCP Midstream.
100% DCP Midstream Results
Net Income Attributable, excludes parent company income tax related to DCP's earnings ($ Millions)*	(37	)	(466	)	(6	)	(433	)	(942	)	24					24
* Q4 2015 revised.
Depreciation and Amortization ($ Millions)	91		94		93		99		377		95					95
Operating and SG&A Expense ($ Millions)	236		240		275		277		1,028		245					245
Net Interest Expense ($ Millions)*	76		79		85		80		320		79					79
* Net of interest income.
Capital Expenditures and Investments ($ Millions)	314		297		143		121		875		69					69
Selected DCP Volumes and Gross Margin
by Major Contract Type (excludes current quarter)
Percentage of Proceeds (long NGL / long Gas)*
Volume (TBtu/d)	5.6		5.6		5.7		5.6		5.6		**					—
Gross Margin ($ Millions)	130		125		120		115		490		**					—
Keep-whole (long NGL / short Gas)*
Volume (TBtu/d)	0.3		0.3		0.3		0.2		0.3		**					—
Gross Margin ($ Millions)	10		10		5		5		30		**					—
Fee-based Gas (primarily gathering and transport)*
Volume (TBtu/d)	4.7		4.7		4.9		4.8		4.8		**					—
Gross Margin ($ Millions)	95		105		110		135		445		**					—
Fee-based NGL Transport and Fractionation
Volume (MB/d)	320		339		354		411		356		**					—
Gross Margin ($ Millions)	36		44		47		58		185		**					—
Other Gross Margin***
Gross Margin ($ Millions)	118		94		162		116		490		**					—
Total Throughput (TBtu/d)	7.1		7.0		7.3		7.1		7.1		6.9					6.9
NGL Production (MB/d)	399		408		421		410		410		382					382
* 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 ($/BBL)	20.57		19.99		17.57		17.66		18.95		15.34					15.34
DCP Midstream ($/gal)	0.49		0.48		0.42		0.42		0.45		0.37					0.37
* 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	6		9		11		14		40		16					16
LP Distribution from PSXP to Phillips 66	21		23		25		27		96		28					28
GP Distribution from DPM to DCP Midstream***	31		31		31		31		124		**					—
LP Distribution from DPM to DCP Midstream***	19		19		19		19		76		**					—
* 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 DPM.

Page 4

CHEMICALS
	2015										2016
	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)	203		295		252		212		962		156					156
Chemicals Adjusted EBITDA ($ Millions)	380		507		473		341		1,701		319					319
100% CPChem Results
Net Income (Loss), excludes parent company income tax related to CPChem's earnings ($ Millions)
Olefins and Polyolefins	530		769		737		499		2,535		422					422
Specialties, Aromatics and Styrenics	69		93		4		19		185		49					49
Corporate and Other	(12	)	(28	)	(11	)	(18	)	(69	)	(12	)				(12	)
Total	587		834		730		500		2,651		459					459
Income (Loss) before Income Taxes ($ Millions)
Olefins and Polyolefins	542		780		750		510		2,582		432					432
Specialties, Aromatics and Styrenics	77		100		10		23		210		56					56
Corporate and Other	(12	)	(28	)	(9	)	(18	)	(67	)	(12	)				(12	)
Total	607		852		751		515		2,725		476					476
Depreciation and Amortization ($ Millions)	76		74		75		81		306		77					77
Net Interest Expense ($ Millions)*	—		(1	)	(1	)	—		(2	)	—					—
* Net of interest income.
Investing Cash Flows ($ Millions)
Capital Expenditures and Investments	498		518		661		960		2,637		493					493
Advances to Equity Companies	10		23		22		20		75		14					14
Advance Repayments from Equity Companies	—		—		—		(18	)	(18	)	—					—
Externally Marketed Sales Volumes (MM Lbs)*
Olefins and Polyolefins	4,019		4,258		4,446		4,193		16,916		4,002					4,002
Specialties, Aromatics and Styrenics	1,482		1,356		1,259		1,204		5,301		1,254					1,254
Total	5,501		5,614		5,705		5,397		22,217		5,256					5,256
* 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 (%)	87	%	91	%	94	%	92	%	91	%	93	%				93	%
Market Indicators*
U.S. Industry Prices
Ethylene, Average Acquisition Contract (cents/lb)	38.04		37.88		29.18		24.44		32.39		23.95					23.95
HDPE Blow Molding, Domestic Spot (cents/lb)	52.75		58.83		58.42		54.00		56.00		47.42					47.42
U.S. Industry Costs
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	10.25		9.67		9.64		10.91		10.12		9.80					9.80
HDPE Blow Molding, Total Cash Cost (cents/lb)	50.97		50.73		41.91		36.90		45.13		36.50					36.50
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	29.57		36.31		36.05		30.63		33.14		25.07					25.07
* Source: IHS, Inc.

Page 5

REFINING
	2015										2016
	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	113		90		180		186		569		4					4
Gulf Coast	71		83		269		128		551		68					68
Central Corridor	195		216		360		86		857		20					20
West Coast	159		215		194		10		578		(6	)				(6	)
Refining Net Income (Loss) Attributable to Phillips 66	538		604		1,003		410		2,555		86					86
Refining Income (Loss) before Income Taxes ($ Millions)
Atlantic Basin/Europe	108		130		228		88		554		3					3
Gulf Coast	109		127		416		237		889		107					107
Central Corridor	301		347		546		132		1,326		32					32
West Coast	246		328		298		18		890		(15	)				(15	)
Refining Income (Loss) before Income Taxes	764		932		1,488		475		3,659		127					127
Refining Adjusted EBITDA ($ Millions)	996		1,176		1,816		786		4,774		376					376
Realized Refining Margins ($/BBL)*
Atlantic Basin/Europe	9.94		10.45		10.27		7.18		9.39		5.79					5.79
Gulf Coast	10.59		7.38		10.72		8.59		9.29		6.76					6.76
Central Corridor	13.86		13.49		20.97		11.43		14.88		7.41					7.41
West Coast	16.54		19.87		18.29		12.51		16.86		9.70					9.70
Worldwide	12.26		11.70		13.96		9.41		11.84		7.11					7.11
* Based on total processed inputs and includes proportional share of refining margins contributed by certain equity affiliates. Realized margin excludes special items.
Depreciation and Amortization ($ Millions)*
Atlantic Basin/Europe	45		48		51		53		197		47					47
Gulf Coast	54		56		57		58		225		57					57
Central Corridor	25		25		25		26		101		26					26
West Coast	53		54		54		54		215		56					56
Total	177		183		187		191		738		186					186
* Excludes D&A of all equity affiliates.
Operating and SG&A Expense ($ Millions)*
Atlantic Basin/Europe	261		287		265		249		1,062		236					236
Gulf Coast	386		299		320		296		1,301		286					286
Central Corridor	113		108		138		123		482		114					114
West Coast	217		244		256		303		1,020		250					250
Total	977		938		979		971		3,865		886					886
* Excludes Operating and SG&A Expense of all equity affiliates.
Turnaround Expense ($ Millions), included in
Operating and SG&A Expense*
Atlantic Basin/Europe	36		89		21		15		161		26					26
Gulf Coast	114		8		7		16		145		23					23
Central Corridor	6		1		10		16		33		10					10
West Coast	17		46		31		83		177		56					56
Total	173		144		69		130		516		115					115
* Excludes Turnaround Expense of all equity affiliates.
Taxes Other than Income Taxes, excluding Excise Taxes ($ Millions)
Atlantic Basin/Europe	16		14		14		14		58		17					17
Gulf Coast	23		18		18		17		76		23					23
Central Corridor	11		10		11		10		42		13					13
West Coast	23		21		22		20		86		22					22
Total	73		63		65		61		262		75					75
Foreign Currency Gains (Losses) After-Tax ($ Millions)	(37	)	3		(1	)	1		(34	)	5					5
Refining—Equity Affiliate Information ($ Millions)
Equity in earnings of affiliates	97		140		112		(24	)	325		(9	)				(9	)
Less: Share of equity affiliate gross margin included in Realized Refining Margin and other equity affiliate-related costs*	(266	)	(303	)	(298	)	(186	)	(1,053	)	(146	)				(146	)
Equity-affiliate-related expenses not included in Realized Refining Margins	(169	)	(163	)	(186	)	(210	)	(728	)	(155	)				(155	)
Regional Totals
Atlantic Basin/Europe	(28	)	(30	)	(19	)	(16	)	(93	)	(18	)				(18	)
Gulf Coast	11		3		7		13		34		14					14
Central Corridor	(152	)	(136	)	(174	)	(207	)	(669	)	(151	)				(151	)
Total	(169	)	(163	)	(186	)	(210	)	(728	)	(155	)				(155	)
* Other costs associated with equity affiliates which do not flow through equity earnings.

Page 6

REFINING (continued)
	2015										2016
	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)	514		475		570		596		539		577					577
Total Charge Input (MB/D)	567		524		611		627		583		607					607
Crude Oil Capacity Utilization (%)	87	%	81	%	97	%	101	%	92	%	98	%				98	%
Clean Product Yield (%)	86	%	84	%	84	%	86	%	85	%	83	%				83	%
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Crude Oil Charge Input (MB/D)	528		662		735		688		654		679					679
Total Charge Input (MB/D)	590		738		816		756		726		748					748
Crude Oil Capacity Utilization (%)	72	%	90	%	100	%	93	%	89	%	91	%				91	%
Clean Product Yield (%)	76	%	79	%	79	%	83	%	79	%	79	%				79	%
Central Corridor*
Crude Oil Charge Input (MB/D)	460		495		448		456		465		472					472
Total Charge Input (MB/D)	483		512		465		476		484		491					491
Crude Oil Capacity Utilization (%)	94	%	101	%	91	%	93	%	95	%	96	%				96	%
Clean Product Yield (%)	86	%	90	%	87	%	87	%	88	%	88	%				88	%
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Crude Oil Charge Input (MB/D)	327		337		346		312		330		323					323
Total Charge Input (MB/D)	357		358		375		343		358		351					351
Crude Oil Capacity Utilization (%)	91	%	94	%	96	%	87	%	92	%	90	%				90	%
Clean Product Yield (%)	87	%	84	%	86	%	84	%	85	%	81	%				81	%
Worldwide—Including Proportionate Share of Equity Affiliates
Crude Oil Charge Input (MB/D)	1,829		1,969		2,099		2,052		1,988		2,051					2,051
Total Charge Input (MB/D)	1,997		2,132		2,267		2,202		2,151		2,197					2,197
Crude Oil Capacity Utilization (%)	84	%	90	%	96	%	94	%	91	%	94	%				94	%
Clean Product Yield (%)	83	%	84	%	83	%	85	%	84	%	82	%				82	%
Refined Products Production (MB/D)
Atlantic Basin/Europe*
Gasoline	235		224		248		251		239		249					249
Distillates	238		200		251		271		240		241					241
Other	100		102		115		112		108		121					121
Total	573		526		614		634		587		611					611
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.
Gulf Coast
Gasoline	211		289		318		311		283		286					286
Distillates	216		271		302		288		270		277					277
Other	174		182		206		163		180		192					192
Total	601		742		826		762		733		755					755
Central Corridor*
Gasoline	237		268		234		238		244		254					254
Distillates	178		189		169		174		177		175					175
Other	72		56		62		66		65		65					65
Total	487		513		465		478		486		494					494
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.
West Coast
Gasoline	169		173		184		160		172		161					161
Distillates	140		129		137		129		134		123					123
Other	52		54		54		54		53		66					66
Total	361		356		375		343		359		350					350
Worldwide—Including Proportionate Share of Equity Affiliates
Gasoline	852		954		984		960		938		950					950
Distillates	772		789		859		862		821		816					816
Other	398		394		437		395		406		444					444
Total	2,022		2,137		2,280		2,217		2,165		2,210					2,210
Certain 2015 refined product production and yield information have been recast to conform to the 2016 presentation.

Page 7

REFINING (continued)
	2015					2016
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	YTD
Market Indicators
Crude and Crude Differentials ($/BBL)
WTI	48.55	57.84	46.37	42.10	48.72	33.27				33.27
Brent	53.97	61.92	50.26	43.69	52.46	33.89				33.89
LLS	52.83	62.95	50.13	43.57	52.37	35.14				35.14
ANS	53.68	62.91	51.44	43.79	52.96	34.46				34.46
WTI less Maya	4.43	2.52	3.81	7.73	4.62	7.21				7.21
WTI less WCS	13.66	9.74	15.06	14.45	13.23	13.63				13.63
Natural Gas ($/MCF)
Henry Hub	2.87	2.72	2.74	2.08	2.61	1.98				1.98
Product Margins ($/BBL)
Atlantic Basin/Europe
East Coast Gasoline less Brent	9.19	20.92	19.77	11.92	15.45	11.54				11.54
East Coast Distillate less Brent	23.22	17.74	15.41	12.49	17.22	10.79				10.79
Gulf Coast
Gulf Coast Gasoline less LLS	9.99	13.31	13.44	7.62	11.09	7.81				7.81
Gulf Coast Distillate less LLS	18.03	13.96	13.13	10.45	13.89	7.92				7.92
Central Corridor
Central Gasoline less WTI	14.88	19.90	22.85	13.22	17.71	10.24				10.24
Central Distillate less WTI	22.63	18.21	20.40	15.03	19.06	11.08				11.08
West Coast
West Coast Gasoline less ANS	20.21	32.95	38.61	23.82	28.90	17.66				17.66
West Coast Distillate less ANS	19.17	18.16	14.84	15.45	16.91	11.19				11.19
Worldwide Market Crack Spread ($/BBL)*	15.26	18.94	19.51	12.77	16.62	10.64				10.64
* Weighted average based on Phillips 66 crude capacity.

Page 8

MARKETING AND SPECIALTIES
	2015								2016
	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	254		266		285	199	1,004		162					162
Specialties	50		48		53	32	183		43					43
Marketing and Specialties Net Income Attributable to Phillips 66	304		314		338	231	1,187		205					205
Marketing and Specialties Income before Income Taxes ($ Millions)
Marketing and Other	325		335		430	276	1,366		246					246
Specialties	81		75		84	46	286		69					69
Marketing and Specialties Income before Income Taxes	406		410		514	322	1,652		315					315
Marketing and Specialties Adjusted EBITDA ($ Millions)	320		299		549	348	1,516		340					340
Realized Marketing Fuel Margin ($/BBL)*
U.S.	1.46		1.46		2.26	1.37	1.65		1.83					1.83
International	3.85		2.98		5.94	4.74	4.40		3.16					3.16
* On third-party petroleum products sales.
Realized Margins not included in Marketing Fuel Margin ($ Millions)*
Marketing and Other	165		158		159	125	607		123					123
Specialties	122		117		122	92	453		112					112
Total	287		275		281	217	1,060		235					235
* Excludes Gain on Dispositions and Excise Tax Income.
Depreciation and Amortization ($ Millions)
Marketing and Other	19		19		20	21	79		20					20
Specialties	5		4		5	4	18		5					5
Total	24		23		25	25	97		25					25
Operating and SG&A Expense ($ Millions)
Marketing and Other	254		270		292	267	1,083		244					244
Specialties	34		35		34	38	141		35					35
Total	288		305		326	305	1,224		279					279
Marketing Petroleum Products Sales (MB/D)
U.S. Marketing
Gasoline	974		1,174		1,158	1,143	1,113		1,086					1,086
Distillates	689		775		792	788	761		706					706
Other	—		—		—	—	—		—					—
Total	1,663		1,949		1,950	1,931	1,874		1,792					1,792
International Marketing
Gasoline	88		94		95	93	92		90					90
Distillates	193		185		193	194	192		197					197
Other	16		14		15	18	16		15					15
Total	297		293		303	305	300		302					302
Worldwide Marketing
Gasoline	1,062		1,268		1,253	1,236	1,205		1,176					1,176
Distillates	882		960		985	982	953		903					903
Other	16		14		15	18	16		15					15
Total	1,960		2,242		2,253	2,236	2,174		2,094					2,094
Foreign Currency Gains (Losses) After-Tax ($ Millions)	(1	)	(3	)	—	—	(4	)	(1	)				(1	)

Page 9

CORPORATE AND OTHER
	2015										2016
	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)	(125	)	(123	)	(116	)	(126	)	(490	)	(127	)				(127	)
Detail of Net Income (Loss) Attributable to Phillips 66 ($ Millions)
Net interest expense	(53	)	(46	)	(43	)	(44	)	(186	)	(54	)				(54	)
Corporate overhead	(45	)	(36	)	(37	)	(39	)	(157	)	(42	)				(42	)
Technology	(14	)	(15	)	(15	)	(16	)	(60	)	(14	)				(14	)
Other	(13	)	(26	)	(21	)	(27	)	(87	)	(17	)				(17	)
Total	(125	)	(123	)	(116	)	(126	)	(490	)	(127	)				(127	)
Before-Tax Net Interest Expense ($ Millions)
Interest expense	(102	)	(105	)	(105	)	(104	)	(416	)	(105	)				(105	)
Capitalized interest	16		26		34		30		106		19					19
Interest revenue	5		9		5		6		25		4					4
Premium on early debt retirement	—		—		—		—		—		(1	)				(1	)
Total	(81	)	(70	)	(66	)	(68	)	(285	)	(83	)				(83	)
Foreign Currency Gains (Losses) After-Tax ($ Millions)	—		—		—		—		—		1					1
Phillips 66 Total Company Debt
Total Debt ($ Millions)	8,892		8,909		8,897		8,887		8,887		8,835					8,835
Debt-to-Capital Ratio (%)	28	%	28	%	27	%	27	%	27	%	27	%				27	%
Total Equity ($ Millions)	22,595		23,223		24,032		23,938		23,938		23,643					23,643

Page 10

NON-GAAP FINANCIAL MEASURES RECONCILIATION
	Millions of Dollars
	2015										2016
	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	78		(62	)	116		(58	)	74		80					80
Plus:
Provision for income taxes	38		(37	)	57		15		73		41					41
Depreciation and amortization	26		27		33		41		127		48					48
Midstream EBITDA	142		(72	)	206		(2	)	274		169					169
Adjustments (pretax):
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	(18	)				(18	)
Proportional share of selected equity affiliates income taxes	1		(2	)	—		(1	)	(2	)	1					1
Proportional share of selected equity affiliates net interest	32		33		34		34		133		32					32
Proportional share of selected equity affiliates depreciation and amortization	40		41		42		43		166		43					43
Pending claims and settlements	—		—		—		—		—		(45	)				(45	)
Impairments by equity affiliates	—		194		4		168		366		6					6
Asset disposition	—		—		(30	)	—		(30	)	—					—
Pension settlement expenses	—		—		9		—		9		—					—
Midstream Adjusted EBITDA*	199		177		245		222		843		188					188
* Proportional share of selected equity affiliates is net of noncontrolling interests.
MIDSTREAM ADJUSTED EBITDA BY BUSINESS LINE
Transportation and NGL
Transportation and NGL net income	90		89		118		101		398		76					76
Plus:
Provision for income taxes	43		45		58		66		212		38					38
Depreciation and amortization	26		27		33		41		127		48					48
Transportation and NGL EBITDA	159		161		209		208		737		162					162
Adjustments (pretax):
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	(18	)				(18	)
Pension settlement expenses	—		—		9		—		9		—					—
Transportation and NGL Adjusted EBITDA	143		144		198		188		673		144					144
DCP Midstream
DCP Midstream net income	(12	)	(151	)	(2	)	(159	)	(324	)	4					4
Plus:
Provision for income taxes	(5	)	(82	)	(1	)	(51	)	(139	)	3					3
DCP Midstream EBITDA	(17	)	(233	)	(3	)	(210	)	(463	)	7					7
Adjustments (pretax):
Proportional share of selected equity affiliates income taxes	1		(2	)	—		(1	)	(2	)	1					1
Proportional share of selected equity affiliates net interest	32		33		34		34		133		32					32
Proportional share of selected equity affiliates depreciation and amortization	40		41		42		43		166		43					43
Pending claims and settlements	—		—		—		—		—		(45	)				(45	)
Impairments by equity affiliates	—		194		4		168		366		6					6
Asset disposition	—		—		(30	)	—		(30	)	—					—
DCP Midstream Adjusted EBITDA*	56		33		47		34		170		44					44
* Proportional share of selected equity affiliates is net of noncontrolling interests.
Reconciliation of Chemicals Net Income to Adjusted EBITDA
Chemicals net income	203		295		252		212		962		156					156
Plus:
Provision for income taxes	88		121		108		36		353		72					72
Chemicals EBITDA	291		416		360		248		1,315		228					228
Adjustments (pretax):
Proportional share of selected equity affiliates income taxes	22		25		26		18		91		18					18
Proportional share of selected equity affiliates net interest	2		1		2		2		7		2					2
Proportional share of selected equity affiliates depreciation and amortization	65		65		65		69		264		71					71
Impairments by equity affiliates	—		—		20		4		24		—					—
Chemicals Adjusted EBITDA	380		507		473		341		1,701		319					319
Reconciliation of Refining Net Income to Adjusted EBITDA
Refining net income	538		604		1,003		410		2,555		86					86
Plus:
Provision for income taxes	226		328		485		65		1,104		41					41
Depreciation and amortization	177		183		187		191		738		186					186
Refining EBITDA	941		1,115		1,675		666		4,397		313					313
Adjustments (pretax):
Proportional share of selected equity affiliates income taxes	—		(2	)	—		(1	)	(3	)	—					—
Proportional share of selected equity affiliates net interest	—		—		—		—		—		—					—
Proportional share of selected equity affiliates depreciation and amortization	63		63		62		64		252		63					63
Asset dispositions	(8	)	—		—		—		(8	)	—					—
Pending claims and settlements	—		—		30		—		30		—					—
Lower-of-cost-or-market inventory adjustments	—		—		—		53		53		—					—
Pension settlement expenses	—		—		49		4		53		—					—
Refining Adjusted EBITDA	996		1,176		1,816		786		4,774		376					376
Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA
Marketing and Specialties net income	304		314		338		231		1,187		205					205
Plus:
Provision for income taxes	102		96		176		91		465		110					110
Interest revenue	—		(2	)	—		—		(2	)	—					—
Depreciation and amortization	24		23		25		25		97		25					25
Marketing and Specialties EBITDA	430		431		539		347		1,747		340					340
Adjustments (pretax):
Asset dispositions	(110	)	(132	)	—		—		(242	)	—					—
Pension settlement expenses	—		—		10		1		11		—					—
Marketing and Specialties Adjusted EBITDA	320		299		549		348		1,516		340					340
Reconciliation of Phillips 66 Net Income to Adjusted EBITDA
Net income	997		1,025		1,592		666		4,280		398					398
Plus:
Provision for income taxes	391		440		767		166		1,764		198					198
Net interest expense	81		67		66		69		283		83					83
Depreciation and amortization	253		274		270		281		1,078		280					280
Phillips 66 EBITDA	1,722		1,806		2,695		1,182		7,405		959					959
Adjustments (pretax):
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	(18	)				(18	)
Proportional share of selected equity affiliates income taxes	23		21		26		16		86		19					19
Proportional share of selected equity affiliates net interest	34		34		36		36		140		34					34
Proportional share of selected equity affiliates depreciation and amortization	168		169		169		176		682		177					177
Asset dispositions	(118	)	(132	)	(30	)	—		(280	)	—					—
Impairments by equity affiliates	—		194		24		172		390		6					6
Pending claims and settlements	—		—		30		—		30		(45	)				(45	)
Lower-of-cost-or-market inventory adjustments	—		—		—		53		53		—					—
Pension settlement expenses	—		—		75		5		80		—					—
Phillips 66 Adjusted EBITDA	1,813		2,075		3,005		1,620		8,513		1,132					1,132
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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