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): October 28, 20 16

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.)	

2331 CityWest Blvd., 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 October 28, 20 16 , Phillips 66 issued a press release announcing the company's financial and operating results for the quarter ended September 30, 2016 . 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 October 28, 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	
 	 	 	
Dated:	October 28, 2016	 	

3

EXHIBIT INDEX

	
		
Exhibit	 	
No.	Description	

		
99.1	Press release issued by Phillips 66 on October 28, 2016.	

		
99.2	Supplemental financial and operating information.	

4

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 Million)

	
					
 	 	 	 	Exhibit 99.1	

Phillips 66 Reports Third -Quarter Earnings of $511 Million
or $0.96 Per Share
Adjusted earnings of $556 million or $1.05 per share

Highlights

		
•	Marketing & Specialties delivered strong performance	
		
•	Refining ran at 97 percent utilization	
		
•	Closed sale of Whitegate Refinery	
		
•	Returned $508 million to shareholders through share repurchases and dividends	
		
•	Reduced 2016 capital guidance	
		
•	Phillips 66 Partners acquired Phillips 66 midstream assets in October for $1.3 billion	
		
•	Phillips 66 Partners raised $300 million in an August public equity offering and $1.1 billion in an October debt offering	

HOUSTON, October 28, 2016 — Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, announces third -quarter earnings of $511 million , compared with $496 million in the second quarter of 2016 . Adjusted earnings were $556 million , an increase of $57 million from the last quarter.

"Our earnings during the third quarter reflect the benefit of our diversified portfolio. We generated $1.2 billion in cash from operations and a Phillips 66 Partners equity offering," said Greg Garland, chairman and CEO of Phillips 66. "This year we are delivering record operational excellence results, managing costs, executing our major projects and maintaining disciplined capital allocation. We have lowered our forecasted 2016 capital expenditures to approximately $3 billion."

"We continue to grow our Midstream business, including our MLP. This year, Phillips 66 Partners has raised more than $2 billion in the capital markets to fund its growth," said Garland.

Page 1

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 Million)

Midstream

											
 	Millions of Dollars	
 	Earnings	 	Adjusted Earnings*	
 	Q3 2016	Q2 2016	 	Q3 2016	Q2 2016	
Transportation	$	63		65		 	63		65		
NGL	3		(17	)	 	3		(17	)	
DCP Midstream	9		(9	)	 	9		(9	)	
Midstream	$	75		39		 	75		39		
* Excludes special items.	 	 	 	 	 	

Midstream's third -quarter earnings were $75 million , compared with $39 million in the second quarter of 2016 .

Transportation earnings for the third quarter of 2016 were $63 million , in line with the prior quarter, as lower volumes and higher seasonal maintenance costs were largely offset by a favorable settlement received by Rockies Express Pipeline, LLC. Volumes for the quarter were primarily impacted by scheduled refinery downtime.

The NGL business had third -quarter earnings of $3 million , an improvement of $20 million from the second quarter, primarily due to improved results from seasonal propane and butane trading and storage activity, as well as the timing of project expenses related to the Freeport LPG Export Terminal.

The company’s equity investment in DCP Midstream generated earnings of $9 million in the third quarter, compared with a $9 million loss in the prior quarter. DCP Midstream's results benefited from improved commodity prices and asset reliability, as well as the impact of contract restructuring efforts and lower costs.

Chemicals

											
 	Millions of Dollars	
 	Earnings	 	Adjusted Earnings*	
 	Q3 2016	Q2 2016	 	Q3 2016	Q2 2016	
Olefins and Polyolefins (O&P)	$	165		170		 	165		170		
Specialties, Aromatics and Styrenics (SA&S)	(58	)	25		 	31		25		
Other	(6	)	(5	)	 	(6	)	(5	)	
Chemicals	$	101		190		 	190		190		
* Excludes special items.	 	 	 	 	 	

The Chemicals segment reflects Phillips 66's equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals' third -quarter earnings were $101 million , compared with $190 million in the second quarter of 2016 . Chemicals' earnings in the third quarter of 2016 included a charge of $89 million related to an impairment of a CPChem joint venture. Chemicals' third -quarter adjusted earnings were  $190 million , consistent with the prior quarter. 

During the third quarter, CPChem's O&P business contributed $165 million of earnings to Phillips 66's Chemicals segment. The $5 million decrease from the prior quarter was primarily due to unplanned downtime, partially offset by improved polyethylene chain margins. Global utilization for O&P was 91 percent .

Page 2

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 Million)

CPChem's Specialties, Aromatics and Styrenics business contributed $31 million of adjusted earnings in the third quarter, an increase of $6 million from the prior quarter, primarily from improved benzene margins.

Refining

											
 	Millions of Dollars	
 	Earnings	 	Adjusted Earnings*	
 	Q3 2016	Q2 2016	 	Q3 2016	Q2 2016	
Refining	$	177		149		 	134		152		
* Excludes special items.	 	 	 	 	 	

Refining's third -quarter earnings were $177 million , compared with $149 million in the second quarter of 2016 . Refining's earnings in the third quarter of 2016 included a benefit of $43 million related to a legal award. Refining's second -quarter earnings included a net charge of $3 million related to a logistics commitment that was partially offset by a favorable U.K. tax settlement.

Refining's adjusted earnings were $134 million in the third quarter, compared with $152 million in the second quarter of 2016 . The decrease in adjusted earnings was largely driven by higher planned turnaround expenses, partially offset by lower routine maintenance costs. Realized margins were $7.23 per barrel, in line with the prior quarter's $7.13 per barrel.

Phillips 66’s worldwide crude utilization rate was 97 percent and its clean product yield was 84 percent in the third quarter. Pretax turnaround costs for the third quarter were $117 million.

Marketing and Specialties

											
 	Millions of Dollars	
 	Earnings	 	Adjusted Earnings*	
 	Q3 2016	Q2 2016	 	Q3 2016	Q2 2016	
Marketing and Other	$	228		199		 	228		199		
Specialties	39		30		 	39		30		
Marketing and Specialties	$	267		229		 	267		229		
* Excludes special items.	 	 	 	 	 	

Marketing and Specialties (M&S) third -quarter earnings were $267 million , compared with $229 million in the second quarter of 2016 .

Earnings for Marketing and Other were $228 million , an increase of $29 million from the prior quarter. The increase was largely due to improved domestic and international realized marketing margins, as demand remained strong during the quarter. Refined product exports in the third quarter were 141,000 barrels per day (BPD), versus 174,000 BPD in the prior quarter.

Phillips 66’s Specialties businesses generated earnings of $39 million during the third quarter. The $9 million increase from the prior quarter was mainly due to improved base oil margins and volumes.

Page 3

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 Million)

Corporate and Other

											
 	Millions of Dollars	
 	Earnings	 	Adjusted Earnings*	
 	Q3 2016	Q2 2016	 	Q3 2016	Q2 2016	
Corporate and Other	$	(109	)	(111	)	 	(110	)	(111	)	
* Excludes special items.	 	 	 	 	 	

Corporate and Other’s third -quarter net costs were $109 million , in line with the prior quarter.

Financial Position, Liquidity and Return of Capital

Phillips 66 generated $883 million of cash from operations during the third quarter. Cash from operations was reduced by a pension plan contribution of $317 million. In addition, approximately $300 million was raised at Phillips 66 Partners (PSXP) in a public equity offering.

During the quarter, Phillips 66 funded $661 million of capital expenditures and investments and returned $508 million to shareholders in the form of dividends and share repurchases. Since July 2012, the company has returned $12.8 billion to shareholders in the form of dividends, share repurchases and share exchange. Phillips 66 ended the quarter with 521 million shares outstanding.

As of Sept. 30, 2016 , cash and cash equivalents were $2.3 billion , and debt was $8.9 billion , including $1.1 billion of debt at PSXP. The company's consolidated debt-to-capital ratio and net-debt-to-capital ratio were 27 percent and 21 percent, respectively.

Strategic Update

In Midstream, the Freeport LPG Export Terminal is nearing mechanical completion, with commercial operation expected before year-end. The export terminal will be capable of loading eight cargoes per month, which will be a combination of term contract and spot cargoes.

Phillips 66 has a 25 percent interest in joint ventures to develop the more than 470,000 BPD Dakota Access Pipeline (DAPL) and Energy Transfer Crude Oil Pipeline (ETCOP) projects. DAPL is approximately 75 percent complete. The project awaits the issuance of an easement from the U.S. Army Corps of Engineers to complete work beneath the Missouri River. ETCOP is complete and ready for commissioning. Commercial operations on the combined pipeline system are expected to begin in the first quarter of 2017.

Phillips 66 continues to expand its Beaumont Terminal, with 2 million barrels of additional crude storage to be commissioned in the fourth quarter and 1.2 million barrels of additional products storage expected to be available by mid-2017.

In October 2016, Phillips 66 contributed 30 crude, refined products and NGL logistics assets to Phillips 66 Partners for $1.3 billion. The consideration consisted of $1.1 billion in cash, which Phillips 66 Partners financed with the proceeds from a public debt issuance, and $196 million in PSXP units.

CPChem's U.S. Gulf Coast Petrochemicals Project, which consists of a world-scale ethane cracker and two polyethylene derivative units, is approximately 85 percent complete. The polyethylene units are expected to be completed by mid-2017, and completion of the cracker is expected in the second half of 2017. This project will increase CPChem's global ethylene and polyethylene capacity by approximately one-third.

Page 4

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 Million)

In Refining, debottlenecking and yield improvement projects at the Wood River Refinery were completed in the third quarter, increasing heavy crude processing capability. The Billings Refinery is increasing its Canadian heavy crude processing capability to 100 percent. This project is expected to be complete in the first half of 2017. The Bayway Refinery is modernizing its fluid catalytic cracking unit to increase clean product yield, with expected completion in 2018. In addition, the Whitegate Refinery was sold during the third quarter.

Phillips 66 capital expenditures for 2016 are expected to be approximately $3 billion, reduced from the $3.9 billion budgeted for 2016. This reduction primarily reflects Midstream project cancellations and deferrals, as well as the impact of project financing. Capital expenditures for 2017 are expected to be less than $3 billion. Additional information on the 2017 capital budget will be provided in December.

Page 5

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 Million)

Later today, members of Phillips 66 executive management will host a webcast at noon EDT to discuss the company’s third -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	
 	2016	 	2015	
 	Q3	Q2	Sep YTD	 	Q3	Sep YTD	
Midstream	$	75		39		179		 	101		90		
Chemicals	101		190		447		 	252		750		
Refining	177		149		412		 	1,003		2,145		
Marketing and Specialties	267		229		701		 	338		956		
Corporate and Other	(109	)	(111	)	(347	)	 	(116	)	(364	)	
Phillips 66	$	511		496		1,392		 	1,578		3,577		
 	 	 	 	 	 	 	
Adjusted Earnings	 	 	 	 	 	 	
 	Millions of Dollars	
 	2016	 	2015	
 	Q3	Q2	Sep YTD	 	Q3	Sep YTD	
Midstream	$	75		39		154		 	91		206		
Chemicals	190		190		536		 	272		770		
Refining	134		152		372		 	1,052		2,151		
Marketing and Specialties	267		229		701		 	344		720		
Corporate and Other	(110	)	(111	)	(348	)	 	(112	)	(364	)	
Phillips 66	$	556		499		1,415		 	1,647		3,483		

Page 6

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 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 $50 billion of assets as of Sept. 30, 2016 . For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co .

- # # # -

	
				
CONTACTS	 	 	 	
Rosy Zuklic (investors)	 	C.W. Mallon (investors)	 	
832-765-2297	 	832-765-2297	 	
rosy.zuklic@p66.com	 	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, and natural gas prices, and petrochemical and refining 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 and adjusted earnings per share. These are non-GAAP financial measures that are included to help facilitate comparisons of company operating performance across periods and with peer companies, by excluding items that don't reflect the core operating results of our businesses in the current period.

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

Page 7

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 Million)

	
													
 	 Millions of Dollars	
 	 Except as Indicated	
 	2016	 	2015	
 	Q3	Q2	Sep YTD	 	Q3	Sep YTD	
Reconciliation of Earnings to Adjusted Earnings	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Consolidated Earnings	$	511		496		1,392		 	1,578		3,577		
Pretax adjustments:	 	 	 	 		 	
Impairments by equity affiliates	89		—		95		 	24		218		
Pending claims and settlements	(72	)	—		(117	)	 	30		30		
Certain tax impacts	—		—		—		 	—		(5	)	
Asset dispositions	—		—		—		 	(30	)	(280	)	
Pension settlement expenses	—		—		—		 	75		75		
Recognition of deferred logistics commitments	—		30		30		 	—		—		
Tax impact of adjustments*	28		(27	)	15			(30	)	(132	)	
Adjusted earnings	$	556		499		1,415		 	1,647		3,483		
 	 	 	 	 		 	
Earnings per share of common stock (dollars)	$	0.96		0.93		2.61		 	2.90		6.52		
Adjusted earnings per share of common stock (dollars)**	$	1.05		0.94		2.66		 	3.02		6.34		
 	 	 	 	 		 	
Midstream Earnings	$	75		39		179		 	101		90		
Pretax adjustments:	 	 	 	 		 	
Pending claims and settlements	—		—		(45	)	 	—		—		
Impairments by equity affiliates	—		—		6		 	4		198		
Asset dispositions	—		—		—		 	(30	)	(30	)	
Pension settlement expenses	—		—		—		 	9		9		
Tax impact of adjustments*	—		—		14			7		(61	)	
Adjusted earnings	$	75		39		154		 	91		206		
 	 	 	 	 	 	 	
Chemicals Earnings	$	101		190		447		 	252		750		
Pretax adjustments:	 	 	 	 		 	
Impairments by equity affiliates	89		—		89		 	20		20		
Tax impact of adjustments*	—		—		—			—		—		
Adjusted earnings	$	190		190		536		 	272		770		
 	 	 	 	 		 	
Refining Earnings	$	177		149		412		 	1,003		2,145		
Pretax adjustments:	 	 	 	 		 	
Asset dispositions	—		—		—		 	—		(8	)	
Pending claims and settlements	(70	)	—		(70	)	 	30		30		
Pension settlement expenses	—		—		—		 	49		49		
Recognition of deferred logistics commitments	—		30		30		 	—		—		
Tax impact of adjustments*	27		(27	)	—			(30	)	(65	)	
Adjusted earnings	$	134		152		372		 	1,052		2,151		
 	 	 	 	 		 	
Marketing and Specialties Earnings	$	267		229		701		 	338		956		
Pretax adjustments:	 	 	 	 		 	
Asset dispositions	—		—		—		 	—		(242	)	
Pension settlement expenses	—		—		—		 	10		10		
Tax impact of adjustments*	—		—		—			(4	)	(4	)	
Adjusted earnings	$	267		229		701		 	344		720		

Page 8

Phillips 66 Reports Third-Quarter Earnings of $511 Million (Adjusted Earnings of $556 Million)

	
													
 	 Millions of Dollars	
 	 Except as Indicated	
 	2016	 	2015	
 	Q3	Q2	Sep YTD	 	Q3	Sep YTD	
Reconciliation of Earnings to Adjusted Earnings (cont.)	 	 	 	 	 	 	
 	 	 	 	 	 	 	
Corporate and Other Earnings (loss)	$	(109	)	(111	)	(347	)	 	(116	)	(364	)	
Pretax adjustments:	 	 	 	 	 	 	
Pending claims and settlements	(2	)	—		(2	)	 	—		—		
Pension settlement expenses	—		—		—		 	7		7		
Certain tax impacts	—		—		—		 	—		(5	)	
Tax impact of adjustments*	1		—		1			(3	)	(2	)	
Adjusted earnings (loss)	$	(110	)	(111	)	(348	)	 	(112	)	(364	)	
 *We generally tax effect taxable U.S.-based special items using a combined federal and state statutory income tax rate of approximately 38 percent. Taxable special items attributable to foreign locations likewise use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

**Weighted-average diluted shares outstanding and income allocated to participating securities, if applicable, in the adjusted earnings per share calculation are the same as those used in the GAAP diluted earnings per share calculation.

	

	
				
 	Millions of Dollars	
 	Q3 2016	
Debt-to-Capital Ratio	 	
 	 	
Total Debt	$	8,858		
Total Equity	24,311		
Debt-to-Capital Ratio	27	%	
 	 	
Total Cash	$	2,337		
Net-Debt-to-Capital Ratio	21	%	

	

	

	

Page 9

	
																
 	 	 	 	 	 	 	 	 	 	 	 	 	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		21,849		21,624		 	60,882		
Equity in earnings of affiliates	456		407		583		127		1,573		 	333		435		391		 	1,159		
Net gain on dispositions	122		139		22		—		283		 	—		6		3		 	9		
Other income	70		19		20		9		118		 	18		17		24		 	59		
Total Revenues and Other Income	23,426		29,077		26,417		22,029		100,949		 	17,760		22,307		22,042		 	62,109		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Costs and Expenses	 	 	 	 	 	 	 	 	 	 	 	
Purchased crude oil and products	16,695		22,253		18,580		15,871		73,399		 	11,930		16,198		15,961		 	44,089		
Operating expenses	1,094		1,043		1,083		1,074		4,294		 	1,023		994		1,061		 	3,078		
Selling, general and administrative expenses	394		406		437		433		1,670		 	386		421		411		 	1,218		
Depreciation and amortization	253		274		270		281		1,078		 	280		290		293		 	863		
Impairments	—		2		1		4		7		 	—		2		2		 	4		
Taxes other than income taxes*	3,462		3,549		3,610		3,456		14,077		 	3,461		3,594		3,424		 	10,479		
Accretion on discounted liabilities	5		6		5		5		21		 	5		5		5		 	15		
Interest and debt expense	86		79		71		74		310		 	86		83		81		 	250		
Foreign currency transaction (gains) losses	49		—		1		(1	)	49		 	(7	)	—		(9	)	 	(16	)	
Total Costs and Expenses	22,038		27,612		24,058		21,197		94,905		 	17,164		21,587		21,229		 	59,980		
Income before income taxes	1,388		1,465		2,359		832		6,044		 	596		720		813		 	2,129		
Provision for income taxes	391		440		767		166		1,764		 	198		204		277		 	679		
Net Income	997		1,025		1,592		666		4,280		 	398		516		536		 	1,450		
Less: net income attributable to noncontrolling interests	10		13		14		16		53		 	13		20		25		 	58		
Net Income Attributable to Phillips 66	987		1,012		1,578		650		4,227		 	385		496		511		 	1,392		
* Includes excise taxes on petroleum products sales:	3,362		3,463		3,513		3,442		13,780		 	3,360		3,508		3,357		 	10,225		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		0.94		0.97		 	2.62		
  Diluted	 	 	 	1.79		1.84		2.90		1.20		7.73		 	0.72		0.93		0.96		 	2.61		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average Common Shares Outstanding (in thousands)	 	 	 	 	 	 	 	 	 	 	 	
  Basic	 	 	 	548,200		544,617		540,357		536,399		542,355		 	531,739		528,247		525,991		 	528,650		
  Diluted	 	 	 	552,337		548,926		544,696		540,245		546,977		 	534,709		531,060		528,798		 	531,650		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		39		75		 	179		
Chemicals	203		295		252		212		962		 	156		190		101		 	447		
Refining	538		604		1,003		410		2,555		 	86		149		177		 	412		
Marketing and Specialties	304		314		338		231		1,187		 	205		229		267		 	701		
Corporate and Other	(125	)	(123	)	(116	)	(126	)	(490	)	 	(127	)	(111	)	(109	)	 	(347	)	
Consolidated	987		1,012		1,578		650		4,227		 	385		496		511		 	1,392		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		84		141		 	346		
Chemicals	291		416		360		248		1,315		 	228		264		176		 	668		
Refining	764		932		1,488		475		3,659		 	127		207		274		 	608		
Marketing and Specialties	406		410		514		322		1,652		 	315		345		400		 	1,060		
Corporate and Other	(189	)	(194	)	(176	)	(170	)	(729	)	 	(195	)	(180	)	(178	)	 	(553	)	
Consolidated	1,388		1,465		2,359		832		6,044		 	596		720		813		 	2,129		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	%	26.2	%	27.0	%	 	29.2	%	
Chemicals	30.2	%	29.1	%	30.0	%	14.5	 %	26.8	%	 	31.6	%	28.0	%	42.6	%	 	33.1	%	
Refining	29.6	%	35.2	%	32.6	%	13.7	 %	30.2	%	 	32.3	%	28.0	%	35.4	%	 	32.2	%	
Marketing and Specialties	25.1	%	23.4	%	34.2	%	28.3	 %	28.1	%	 	34.9	%	33.6	%	33.3	%	 	33.9	%	
Corporate and Other	33.3	%	35.1	%	33.5	%	24.1	 %	31.7	%	 	33.8	%	36.7	%	37.1	%	 	35.8	%	
Consolidated	28.2	%	30.0	%	32.5	%	20.0	 %	29.2	%	 	33.2	%	28.3	%	34.1	%	 	31.9	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		65		63		 	200		
DCP Midstream	(12	)	(25	)	(18	)	(34	)	(89	)	 	(21	)	(9	)	9		 	(21	)	
NGL	14		8		32		(2	)	52		 	(11	)	(17	)	3		 	(25	)	
Total Midstream	67		48		91		42		248		 	40		39		75		 	154		
Chemicals	203		295		272		182		952		 	156		190		190		 	536		
Refining	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	75		90		193		97		455		 	4		35		5		 	44		
Gulf Coast	71		83		285		147		586		 	68		5		(13	)	 	60		
Central Corridor	195		216		372		121		904		 	20		55		142		 	217		
West Coast	154		215		202		11		582		 	(6	)	57		—		 	51		
Total Refining	495		604		1,052		376		2,527		 	86		152		134		 	372		
Marketing and Specialties	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	144		134		291		198		767		 	162		199		228		 	589		
Specialties	50		48		53		29		180		 	43		30		39		 	112		
Total Marketing and Specialties	194		182		344		227		947		 	205		229		267		 	701		
Corporate and Other	(125	)	(127	)	(112	)	(117	)	(481	)	 	(127	)	(111	)	(110	)	 	(348	)	
Consolidated	834		1,002		1,647		710		4,193		 	360		499		556		 	1,415		

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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	)	 	—		—		(89	)	 	(89	)	
Certain tax impacts	—		—		—		34		34		 	—		—		—		 	—		
Total Chemicals	—		—		(20	)	30		10		 	—		—		(89	)	 	(89	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining	 	 	 	 	 	 	 	 	 	 	 	
Asset dispositions	5		—		—		—		5		 	—		—		—		 	—		
Pending claims and settlements	—		—		(19	)	—		(19	)	 	—		—		43		 	43		
Lower-of-cost-or-market inventory adjustments	—		—		—		(33	)	(33	)	 	—		—		—		 	—		
Pension settlement expenses	—		—		(30	)	(2	)	(32	)	 	—		—		—		 	—		
Certain tax impacts	38		—		—		69		107		 	—		16		—		 	16		
Recognition of deferred logistics commitments	—		—		—		—		—		 	—		(19	)	—		 	(19	)	
Total Refining	43		—		(49	)	34		28		 	—		(3	)	43		 	40		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	—		—		—		—		—		 	—		—		1		 	1		
Pension settlement expenses	—		—		(4	)	—		(4	)	 	—		—		—		 	—		
Certain tax impacts	—		4		—		(9	)	(5	)	 	—		—		—		 	—		
Total Corporate and Other	—		4		(4	)	(9	)	(9	)	 	—		—		1		 	1		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Phillips 66	153		10		(69	)	(60	)	34		 	25		(3	)	(45	)	 	(23	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		 	—		(3	)	—		 	(3	)	
Gulf Coast	—		—		(16	)	(19	)	(35	)	 	—		—		43		 	43		
Central Corridor	—		—		(12	)	(35	)	(47	)	 	—		—		—		 	—		
West Coast	5		—		(8	)	(1	)	(4	)	 	—		—		—		 	—		
Total Refining	43		—		(49	)	34		28		 	—		(3	)	43		 	40		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	 	 	 	 	 	 	 	 	 	 	
Asset dispositions	—		—		30		—		30		 	—		—		—		 	—		
Pending claims and settlements	—		—		—		—		—		 	45		—		—		 	45		
Impairments by equity affiliates	—		(194	)	(4	)	(168	)	(366	)	 	(6	)	—		—		 	(6	)	
Pension settlement expenses	—		—		(9	)	—		(9	)	 	—		—		—		 	—		
Total Midstream	—		(194	)	17		(168	)	(345	)	 	39		—		—		 	39		
 	 	 	 	 	 	 	 	 	 	 	 	
Chemicals	 	 	 	 	 	 	 	 	 	 	 	
Impairments by equity affiliates	—		—		(20	)	(4	)	(24	)	 	—		—		(89	)	 	(89	)	
Total Chemicals	—		—		(20	)	(4	)	(24	)	 	—		—		(89	)	 	(89	)	
 	 	 	 	 	 	 	 	 	 	 	 	
Refining	 	 	 	 	 	 	 	 	 	 	 	
Asset dispositions	8		—		—		—		8		 	—		—		—		 	—		
Pending claims and settlements	—		—		(30	)	—		(30	)	 	—		—		70		 	70		
Lower-of-cost-or-market inventory adjustments	—		—		—		(53	)	(53	)	 	—		—		—		 	—		
Pension settlement expenses	—		—		(49	)	(4	)	(53	)	 	—		—		—		 	—		
Recognition of deferred logistics commitments	—		—		—		—		—		 	—		(30	)	—		 	(30	)	
Total Refining	8		—		(79	)	(57	)	(128	)	 	—		(30	)	70		 	40		
 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties	 	 	 	 	 	 	 	 	 	 	 	
Asset dispositions	110		132		—		—		242		 	—		—		—		 	—		
Pension settlement expenses	—		—		(10	)	(1	)	(11	)	 	—		—		—		 	—		
Total Marketing and Specialties	110		132		(10	)	(1	)	231		 	—		—		—		 	—		
 	 	 	 	 	 	 	 	 	 	 	 	
Corporate and Other	 	 	 	 	 	 	 	 	 	 	 	
Pending claims and settlements	—		—		—		—		—		 	—		—		2		 	2		
Pension settlement expenses	—		—		(7	)	—		(7	)	 	—		—		—		 	—		
Certain tax impacts	—		5		—		4		9		 	—		—		—		 	—		
Total Corporate and Other	—		5		(7	)	4		2		 	—		—		2		 	2		
 	 	 	 	 	 	 	 	 	 	 	 	
Total Phillips 66	118		(57	)	(99	)	(226	)	(264	)	 	39		(30	)	(17	)	 	(8	)	
 	 	 	 	 	 	 	 	 	 	 	 	
By Business Lines/Regions	 	 	 	 	 	 	 	 	 	 	 	
Midstream	 	 	 	 	 	 	 	 	 	 	 	
Transportation	—		—		—		—		—		 	—		—		—		 	—		
DCP Midstream	—		(194	)	26		(168	)	(336	)	 	39		—		—		 	39		
NGL	—		—		(9	)	—		(9	)	 	—		—		—		 	—		
Total Midstream	—		(194	)	17		(168	)	(345	)	 	39		—		—		 	39		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	—		—		(21	)	(2	)	(23	)	 	—		(30	)	—		 	(30	)	
Gulf Coast	—		—		(26	)	(2	)	(28	)	 	—		—		70		 	70		
Central Corridor	—		—		(18	)	(53	)	(71	)	 	—		—		—		 	—		
West Coast	8		—		(14	)	—		(6	)	 	—		—		—		 	—		
Total Refining	8		—		(79	)	(57	)	(128	)	 	—		(30	)	70		 	40		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	110		132		(10	)	(1	)	231		 	—		—		—		 	—		
Specialties	—		—		—		—		—		 	—		—		—		 	—		
Total Marketing and Specialties	110		132		(10	)	(1	)	231		 	—		—		—		 	—		

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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		516		536		 	1,450		
Depreciation and amortization	253		274		270		281		1,078		 	280		290		293		 	863		
Impairments	—		2		1		4		7		 	—		2		2		 	4		
Accretion on discounted liabilities	5		6		5		5		21		 	5		5		5		 	15		
Deferred taxes	(6	)	(75	)	(44	)	654		529		 	154		37		276		 	467		
Undistributed equity earnings	(337	)	662		(308	)	168		185		 	(166	)	(349	)	(257	)	 	(772	)	
Net gain on dispositions	(122	)	(139	)	(22	)	—		(283	)	 	—		(6	)	(3	)	 	(9	)	
Other	90		4		(24	)	47		117		 	51		65		(308	)	 	(192	)	
Net working capital changes	472		(332	)	(33	)	(328	)	(221	)	 	(464	)	595		339		 	470		
Net Cash Provided by Operating Activities	1,352		1,427		1,437		1,497		5,713		 	258		1,155		883		 	2,296		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash Flows From Investing Activities	 	 	 	 	 	 	 	 	 	 	 	
Capital expenditures and investments	(1,081	)	(1,213	)	(992	)	(2,478	)	(5,764	)	 	(750	)	(620	)	(661	)	 	(2,031	)	
Proceeds from asset dispositions*	(9	)	4		73		2		70		 	5		10		144		 	159		
Advances/loans—related parties	(50	)	—		—		—		(50	)	 	(75	)	(107	)	(84	)	 	(266	)	
Collection of advances/loans—related parties	—		50		—		—		50		 	—		—		107		 	107		
Other	102		(55	)	(45	)	(46	)	(44	)	 	(42	)	(33	)	(57	)	 	(132	)	
Net Cash Used in Investing Activities	(1,038	)	(1,214	)	(964	)	(2,522	)	(5,738	)	 	(862	)	(750	)	(551	)	 	(2,163	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash Flows From Financing Activities	 	 	 	 	 	 	 	 	 	 	 	
Issuance of debt	1,169		—		—		—		1,169		 	50		100		250		 	400		
Repayment of debt	(895	)	(9	)	(14	)	(8	)	(926	)	 	(100	)	(66	)	(252	)	 	(418	)	
Issuance of common stock	(25	)	—		(2	)	8		(19	)	 	(31	)	2		(1	)	 	(30	)	
Repurchase of common stock	(399	)	(334	)	(373	)	(406	)	(1,512	)	 	(391	)	(242	)	(179	)	 	(812	)	
Dividends paid on common stock	(272	)	(302	)	(300	)	(298	)	(1,172	)	 	(296	)	(329	)	(329	)	 	(954	)	
Distributions to noncontrolling interests	(6	)	(14	)	(10	)	(16	)	(46	)	 	(11	)	(17	)	(17	)	 	(45	)	
Net proceeds from issuance of Phillips 66 Partners LP common units	384		—		—		—		384		 	—		669		303		 	972		
Other	(14	)	16		—		3		5		 	(4	)	15		(5	)	 	6		
Net Cash Used in Financing Activities	(58	)	(643	)	(699	)	(717	)	(2,117	)	 	(783	)	132		(230	)	 	(881	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(73	)	129		(41	)	(6	)	9		 	36		(28	)	3		 	11		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Change in Cash and Cash Equivalents	183		(301	)	(267	)	(1,748	)	(2,133	)	 	(1,351	)	509		105		 	(737	)	
Cash and cash equivalents at beginning of period	5,207		5,390		5,089		4,822		5,207		 	3,074		1,723		2,232		 	3,074		
Cash and Cash Equivalents at End of Period	5,390		5,089		4,822		3,074		3,074		 	1,723		2,232		2,337		 	2,337		
*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		284		315		 	1,045		
Chemicals	—		—		—		—		—		 	—		—		—		 	—		
Refining	274		268		233		294		1,069		 	261		277		289		 	827		
Marketing and Specialties	24		30		32		36		122		 	15		22		26		 	63		
Corporate and Other	14		16		27		59		116		 	28		37		31		 	96		
Total Consolidated	1,081		1,213		992		2,478		5,764		 	750		620		661		 	2,031		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Proportional Share of Select Equity Affiliates Capital Expenditures and Investments*	 	 	 	 	 	 	 	 	 	 	 	
DCP Midstream (Midstream)	157		149		71		61		438		 	35		20		21		 	76		
CPChem (Chemicals)	249		259		331		480		1,319		 	247		294		205		 	746		
WRB Refining (Refining)	35		36		47		57		175		 	37		43		36		 	116		
Select Equity Affiliates	441		444		449		598		1,932		 	319		357		262		 	938		
	 	 	 	 	 	 	 	 	 	 	 	
Total Capital Program*	 	 	 	 	 	 	 	 	 	 	 	
Midstream	926		1,048		771		2,150		4,895		 	481		304		336		 	1,121		
Chemicals	249		259		331		480		1,319		 	247		294		205		 	746		
Refining	309		304		280		351		1,244		 	298		320		325		 	943		
Marketing and Specialties	24		30		32		36		122		 	15		22		26		 	63		
Corporate and Other	14		16		27		59		116		 	28		37		31		 	96		
Total Capital Program	1,522		1,657		1,441		3,076		7,696		 	1,069		977		923		 	2,969		
 * 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	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	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		65		63		 	200		
DCP Midstream	(12	)	(151	)	(2	)	(159	)	(324	)	 	4		(9	)	9		 	4		
NGL	14		8		26		1		49		 	(11	)	(17	)	3		 	(25	)	
Midstream Net Income (Loss) Attributable to Phillips 66	67		(78	)	101		(77	)	13		 	65		39		75		 	179		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream Income (Loss) before Income Taxes ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Transportation	113		115		129		134		491		 	123		116		112		 	351		
DCP Midstream	(17	)	(233	)	(3	)	(210	)	(463	)	 	7		(14	)	14		 	7		
NGL	20		19		47		33		119		 	(9	)	(18	)	15		 	(12	)	
Midstream Income (Loss) before Income Taxes	116		(99	)	173		(43	)	147		 	121		84		141		 	346		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Midstream Adjusted EBITDA ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Transportation and NGL	143		144		198		188		673		 	144		120		148		 	412		
DCP Midstream	56		33		47		34		170		 	44		64		97		 	205		
Midstream Adjusted EBITDA	199		177		245		222		843		 	188		184		245		 	617		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Transportation	25		27		31		31		114		 	30		32		36		 	98		
DCP Midstream	—		—		—		—		—		 	—		—		—		 	—		
NGL	1		—		2		10		13		 	18		18		20		 	56		
Total	26		27		33		41		127		 	48		50		56		 	154		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Transportation	124		117		113		124		478		 	122		136		145		 	403		
DCP Midstream	—		—		1		—		1		 	(1	)	—		(1	)	 	(2	)	
NGL	32		25		34		36		127		 	45		45		38		 	128		
Total	156		142		148		160		606		 	166		181		182		 	529		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Transportation Volumes (MB/D)	 	 	 	 	 	 	 	 	 	 	 	
Pipelines*	3,145		3,290		3,239		3,381		3,264		 	3,488		3,638		3,495		 	3,540		
Terminals**	1,983		1,969		2,021		1,953		1,981		 	2,209		2,442		2,417		 	2,356		
   * 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		174		173		 	170		
* 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		(29	)	25		 	20		
* Q4 2015 revised.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization ($ Millions)	91		94		93		99		377		 	95		95		94		 	284		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense ($ Millions)	236		240		275		277		1,028		 	245		241		204		 	690		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Expense ($ Millions)*	76		79		85		80		320		 	79		79		78		 	236		
* Net of interest income.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Capital Expenditures and Investments ($ Millions)	314		297		143		121		875		 	69		41		41		 	151		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		 	5.5		5.5		 **		 	5.5		
Gross Margin ($ Millions)	130		125		120		115		490		 	100		120		 **		 	220		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Keep-whole (long NGL / short Gas)*	 	 	 	 	 	 	 	 	 	 	 	
Volume (TBtu/d)	0.3		0.3		0.3		0.2		0.3		 	0.2		0.2		 **		 	0.2		
Gross Margin ($ Millions)	10		10		5		5		30		 	5		10		 **		 	15		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee-based Gas (primarily gathering and transport)*	 	 	 	 	 	 	 	 	 	 	 	
Volume (TBtu/d)	4.7		4.7		4.9		4.8		4.8		 	4.6		4.4		 **		 	4.5		
Gross Margin ($ Millions)	95		105		110		135		445		 	125		130		 **		 	255		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee-based NGL Transport and Fractionation	 	 	 	 	 	 	 	 	 	 	 	
Volume (MB/d)	320		339		354		411		356		 	449		494		 **		 	472		
Gross Margin ($ Millions)	36		44		47		58		185		 	65		69		 **		 	134		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Other Gross Margin***	 	 	 	 	 	 	 	 	 	 	 	
Gross Margin ($ Millions)	118		94		162		116		490		 	99		72		 **		 	171		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Throughput (TBtu/d)	7.1		7.0		7.3		7.1		7.1		 	6.9		6.7		6.4		 	6.7		
NGL Production (MB/d)	399		408		421		410		410		 	382		416		403		 	400		
    * 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 ($/BBL)	20.57		19.99		17.57		17.66		18.95		 	15.34		19.26		18.98		 	17.86		
DCP Midstream ($/gal)	0.49		0.48		0.42		0.42		0.45		 	0.37		0.46		0.45		 	0.43		
* 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		20		26		 	62		
LP Distribution from PSXP to Phillips 66	21		23		25		27		96		 	28		31		34		 	93		
GP Distribution from DPM to DCP Midstream***	31		31		31		31		124		 	31		31		**		 	62		
LP Distribution from DPM to DCP Midstream***	19		19		19		19		76		 	19		19		**		 	38		
    * 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.	 	 	 	 	 	 	 	

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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		190		101		 	447		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Chemicals Adjusted EBITDA ($ Millions)	380		507		473		341		1,701		 	319		363		356		 	1,038		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		478		460		 	1,360		
Specialties, Aromatics and Styrenics	69		93		4		19		185		 	49		64		(90	)	 	23		
Corporate and Other	(12	)	(28	)	(11	)	(18	)	(69	)	 	(12	)	(13	)	(15	)	 	(40	)	
Total	 	 	 	587		834		730		500		2,651		 	459		529		355		 	1,343		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income (Loss) before Income Taxes ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Olefins and Polyolefins	542		780		750		510		2,582		 	432		493		471		 	1,396		
Specialties, Aromatics and Styrenics	77		100		10		23		210		 	56		72		(86	)	 	42		
Corporate and Other	(12	)	(28	)	(9	)	(18	)	(67	)	 	(12	)	(13	)	(13	)	 	(38	)	
Total	 	 	 	607		852		751		515		2,725		 	476		552		372		 	1,400		

Depreciation and Amortization ($ Millions)	76		74		75		81		306		 	77		77		79		 	233		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Expense ($ Millions)*	—		(1	)	(1	)	—		(2	)	 	—		—		(1	)	 	(1	)	
* Net of interest income.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Investing Cash Flows ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Capital Expenditures and Investments	498		518		661		960		2,637		 	493		588		411		 	1,492		
Advances to Equity Companies	10		23		22		20		75		 	14		23		10		 	47		
Advance Repayments from Equity Companies	—		—		—		(18	)	(18	)	 	—		(6	)	(26	)	 	(32	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Externally Marketed Sales Volumes (MM Lbs)*	 	 	 	 	 	 	 	 	 	 	 	
Olefins and Polyolefins	4,019		4,258		4,446		4,193		16,916		 	4,002		4,139		4,155		 	12,296		
Specialties, Aromatics and Styrenics	1,482		1,356		1,259		1,204		5,301		 	1,254		1,212		1,284		 	3,750		
Total	 	 	 	5,501		5,614		5,705		5,397		22,217		 	5,256		5,351		5,439		 	16,046		
* 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	%	91	%	91	%	 	92	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Market Indicators*	 	 	 	 	 	 	 	 	 	 	 	
U.S. Industry Prices	 	 	 	 	 	 	 	 	 	 	 	
Ethylene, Average Acquisition Contract (cents/lb)	38.04		37.88		29.18		24.44		32.39		 	23.95		27.99		33.11		 	28.35		
HDPE Blow Molding, Domestic Spot (cents/lb)	52.75		58.83		58.42		54.00		56.00		 	47.42		52.58		54.17		 	51.39		
 	 	 	 	 	 	 	 	 	 	 	 	
U.S. Industry Costs	 	 	 	 	 	 	 	 	 	 	 	
Ethylene, Cash Cost Weighted Average Feed (cents/lb)	10.25		9.67		9.64		10.91		10.12		 	9.80		12.04		10.59		 	10.81		
HDPE Blow Molding, Total Cash Cost (cents/lb)	50.97		50.73		41.91		36.90		45.13		 	36.50		40.60		45.95		 	41.02		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Ethylene to High-Density Polyethylene Chain Cash Margin (cents/lb)	29.57		36.31		36.05		30.63		33.14		 	25.07		27.93		30.74		 	27.91		
* Source: IHS, Inc.	 	 	 	 	 	 	 	 	 	 	 	

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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		32		5		 	41		
Gulf Coast	71		83		269		128		551		 	68		5		30		 	103		
Central Corridor	195		216		360		86		857		 	20		55		142		 	217		
West Coast	159		215		194		10		578		 	(6	)	57		—		 	51		
Refining Net Income (Loss) Attributable to Phillips 66	538		604		1,003		410		2,555		 	86		149		177		 	412		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining Income (Loss) before Income Taxes ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	108		130		228		88		554		 	3		14		4		 	21		
Gulf Coast	109		127		416		237		889		 	107		7		51		 	165		
Central Corridor	301		347		546		132		1,326		 	32		96		220		 	348		
West Coast	246		328		298		18		890		 	(15	)	90		(1	)	 	74		
Refining Income (Loss) before Income Taxes	764		932		1,488		475		3,659		 	127		207		274		 	608		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining Adjusted EBITDA ($ Millions)	996		1,176		1,816		786		4,774		 	376		497		457		 	1,330		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Realized Refining Margins ($/BBL)*	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	9.94		10.45		10.27		7.18		9.39		 	5.79		6.15		5.04		 	5.66		
Gulf Coast	10.59		7.38		10.72		8.59		9.29		 	6.76		5.18		5.47		 	5.78		
Central Corridor	13.86		13.49		20.97		11.43		14.88		 	7.41		8.65		11.18		 	9.10		
West Coast	16.54		19.87		18.29		12.51		16.86		 	9.70		10.94		9.07		 	9.91		
Worldwide	12.26		11.70		13.96		9.41		11.84		 	7.11		7.13		7.23		 	7.16		
* 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		54		46		 	147		
Gulf Coast	54		56		57		58		225		 	57		58		58		 	173		
Central Corridor	25		25		25		26		101		 	26		26		26		 	78		
West Coast	53		54		54		54		215		 	56		58		58		 	172		
Total	177		183		187		191		738		 	186		196		188		 	570		
* Excludes D&A of all equity affiliates.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense ($ Millions)*	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	261		287		265		249		1,062		 	236		223		215		 	674		
Gulf Coast	386		299		320		296		1,301		 	286		311		344		 	941		
Central Corridor	113		108		138		123		482		 	114		119		126		 	359		
West Coast	217		244		256		303		1,020		 	250		202		233		 	685		
Total	977		938		979		971		3,865		 	886		855		918		 	2,659		
* 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		10		17		 	53		
Gulf Coast	114		8		7		16		145		 	23		26		55		 	104		
Central Corridor	6		1		10		16		33		 	10		17		18		 	45		
West Coast	17		46		31		83		177		 	56		16		27		 	99		
Total	173		144		69		130		516		 	115		69		117		 	301		
* 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		15		13		 	45		
Gulf Coast	23		18		18		17		76		 	23		21		12		 	56		
Central Corridor	11		10		11		10		42		 	13		12		7		 	32		
West Coast	23		21		22		20		86		 	22		20		21		 	63		
Total	73		63		65		61		262		 	75		68		53		 	196		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign Currency Gains (Losses) After-Tax ($ Millions)	(37	)	3		(1	)	1		(34	)	 	5		—		5		 	10		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refining—Equity Affiliate Information ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Equity in earnings of affiliates	97		140		112		(24	)	325		 	(9	)	80		68		 	139		
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	)	(229	)	(145	)	 	(520	)	
Equity-affiliate-related expenses not included in Realized Refining Margins	(169	)	(163	)	(186	)	(210	)	(728	)	 	(155	)	(149	)	(77	)	 	(381	)	
Regional Totals	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	(28	)	(30	)	(19	)	(16	)	(93	)	 	(18	)	(17	)	(16	)	 	(51	)	
Gulf Coast	11		3		7		13		34		 	14		17		77		 	108		
Central Corridor	(152	)	(136	)	(174	)	(207	)	(669	)	 	(151	)	(149	)	(138	)	 	(438	)	
Total	(169	)	(163	)	(186	)	(210	)	(728	)	 	(155	)	(149	)	(77	)	 	(381	)	
* Other costs associated with equity affiliates which do not flow through equity earnings.	 	 	 	 	 	 	 	

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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		594		573		 	581		
Total Charge Input (MB/D)	567		524		611		627		583		 	607		626		607		 	613		
Crude Oil Capacity Utilization (%)	87	%	81	%	97	%	101	%	92	%	 	98	%	101	%	100	%	 	100	%	
Clean Product Yield (%)	86	%	84	%	84	%	86	%	85	%	 	83	%	84	%	85	%	 	84	%	
* 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		738		701		 	706		
Total Charge Input (MB/D)	590		738		816		756		726		 	748		807		770		 	775		
Crude Oil Capacity Utilization (%)	72	%	90	%	100	%	93	%	89	%	 	91	%	99	%	94	%	 	95	%	
Clean Product Yield (%)	76	%	79	%	79	%	83	%	79	%	 	79	%	80	%	81	%	 	80	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Central Corridor*	 	 	 	 	 	 	 	 	 	 	 	
Crude Oil Charge Input (MB/D)	460		495		448		456		465		 	472		500		487		 	486		
Total Charge Input (MB/D)	483		512		465		476		484		 	491		514		505		 	503		
Crude Oil Capacity Utilization (%)	94	%	101	%	91	%	93	%	95	%	 	96	%	101	%	99	%	 	99	%	
Clean Product Yield (%)	87	%	88	%	87	%	89	%	88	%	 	88	%	89	%	86	%	 	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		348		344		 	339		
Total Charge Input (MB/D)	357		358		375		343		358		 	351		370		372		 	365		
Crude Oil Capacity Utilization (%)	91	%	94	%	96	%	87	%	92	%	 	90	%	97	%	96	%	 	94	%	
Clean Product Yield (%)	87	%	84	%	86	%	84	%	85	%	 	81	%	87	%	88	%	 	85	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		2,180		2,105		 	2,112		
Total Charge Input (MB/D)	1,997		2,132		2,267		2,202		2,151		 	2,197		2,317		2,254		 	2,256		
Crude Oil Capacity Utilization (%)	84	%	90	%	96	%	94	%	91	%	 	94	%	100	%	97	%	 	97	%	
Clean Product Yield (%)	84	%	83	%	83	%	85	%	84	%	 	82	%	84	%	84	%	 	84	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Refined Products Production (MB/D)	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe*	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	235		224		248		251		239		 	249		256		252		 	252		
Distillates	238		200		251		271		240		 	241		250		246		 	246		
Other	100		102		115		112		108		 	121		123		113		 	119		
Total	573		526		614		634		587		 	611		629		611		 	617		
* Includes our proportionate share of a refinery complex in Karlsruhe, Germany.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	211		288		318		311		282		 	286		321		309		 	305		
Distillates	216		271		302		288		269		 	277		306		291		 	291		
Other	174		183		206		163		182		 	192		190		176		 	187		
Total	601		742		826		762		733		 	755		817		776		 	783		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Central Corridor*	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	240		260		232		246		245		 	254		270		250		 	258		
Distillates	178		189		169		174		178		 	175		185		183		 	181		
Other	69		64		64		58		63		 	65		65		77		 	69		
Total	487		513		465		478		486		 	494		520		510		 	508		
* Includes our proportionate share of the Borger Refinery and Wood River Refinery.	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
West Coast	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	169		173		184		160		172		 	161		185		189		 	179		
Distillates	140		129		137		129		134		 	123		137		137		 	132		
Other	52		54		54		54		53		 	66		49		48		 	54		
Total	361		356		375		343		359		 	350		371		374		 	365		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide—Including Proportionate Share of Equity Affiliates	 	 	 	 	 	 	 	 	 	 	
Gasoline	 	 	 	855		945		982		968		938		 	950		1,032		1,000		 	994		
Distillates	 	 	 	772		789		859		862		821		 	816		878		857		 	850		
Other	 	 	 	395		403		439		387		406		 	444		427		414		 	429		
Total	 	 	 	2,022		2,137		2,280		2,217		2,165		 	2,210		2,337		2,271		 	2,273		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Certain 2015 refined product production and yield information have been recast to conform to the 2016 presentation.	 	 	 	 	 	 	

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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		45.48		44.88		 	41.21		
Brent	53.97		61.92		50.26		43.69		52.46		 	33.89		45.57		45.85		 	41.77		
LLS	52.83		62.95		50.13		43.57		52.37		 	35.14		47.34		46.53		 	43.00		
ANS	53.68		62.91		51.44		43.79		52.96		 	34.46		45.72		44.78		 	41.65		
WTI less Maya	4.43		2.52		3.81		7.73		4.62		 	7.21		7.70		5.86		 	6.92		
WTI less WCS	13.66		9.74		15.06		14.45		13.23		 	13.63		12.92		14.22		 	13.59		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Natural Gas ($/MCF)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Henry Hub	 	 	 	2.87		2.72		2.74		2.08		2.61		 	1.98		2.10		2.85		 	2.31		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Product Margins ($/BBL)	 	 	 	 	 	 	 	 	 	 	 	
Atlantic Basin/Europe	 	 	 	 	 	 	 	 	 	 	 	
East Coast Gasoline less Brent	9.19		20.92		19.77		11.92		15.45		 	11.54		17.92		13.37		 	14.28		
East Coast Distillate less Brent	23.22		17.74		15.41		12.49		17.22		 	10.79		12.54		12.59		 	11.97		
Gulf Coast	 	 	 	 	 	 	 	 	 	 	 	
Gulf Coast Gasoline less LLS	9.99		13.31		13.44		7.62		11.09		 	7.81		11.05		10.17		 	9.68		
Gulf Coast Distillate less LLS	18.03		13.96		13.13		10.45		13.89		 	7.92		9.07		11.01		 	9.34		
Central Corridor	 	 	 	 	 	 	 	 	 	 	 	
Central Gasoline less WTI	14.88		19.90		22.85		13.22		17.71		 	10.24		13.67		14.16		 	12.69		
Central Distillate less WTI	22.63		18.21		20.40		15.03		19.06		 	11.08		11.75		15.38		 	12.74		
West Coast	 	 	 	 	 	 	 	 	 	 	 	
West Coast Gasoline less ANS	20.21		32.95		38.61		23.82		28.90		 	17.66		20.15		16.08		 	17.97		
West Coast Distillate less ANS	19.17		18.16		14.84		15.45		16.91		 	11.19		14.70		14.82		 	13.57		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide Market Crack Spread ($/BBL)*	15.26		18.94		19.51		12.77		16.62		 	10.64		13.84		12.96		 	12.48		
* Weighted average based on Phillips 66 crude capacity.	 	 	 	 	 	 	

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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		199		228		 	589		
Specialties	50		48		53		32		183		 	43		30		39		 	112		
Marketing and Specialties Net Income Attributable to Phillips 66	304		314		338		231		1,187		 	205		229		267		 	701		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties Income before Income Taxes ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	325		335		430		276		1,366		 	246		298		339		 	883		
Specialties	81		75		84		46		286		 	69		47		61		 	177		
Marketing and Specialties Income before Income Taxes	406		410		514		322		1,652		 	315		345		400		 	1,060		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties Adjusted EBITDA ($ Millions)	320		299		549		348		1,516		 	340		372		429		 	1,141		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Realized Marketing Fuel Margin ($/BBL)*	 	 	 	 	 	 	 	 	 	 	 	
U.S.	1.46		1.46		2.26		1.37		1.65		 	1.83		1.79		1.88		 	1.83		
International	3.85		2.98		5.94		4.74		4.40		 	3.16		4.16		5.19		 	4.16		
* On third-party petroleum products sales.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Realized Margins not included in Marketing Fuel Margin ($ Millions)*	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	165		158		159		125		607		 	123		147		143		 	413		
Specialties	122		117		122		92		453		 	112		92		104		 	308		
Total	287		275		281		217		1,060		 	235		239		247		 	721		
* Excludes Gain on Dispositions and Excise Tax Income.	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and Amortization ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	19		19		20		21		79		 	20		22		24		 	66		
Specialties	5		4		5		4		18		 	5		5		5		 	15		
Total	24		23		25		25		97		 	25		27		29		 	81		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating and SG&A Expense ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Other	254		270		292		267		1,083		 	244		271		261		 	776		
Specialties	34		35		34		38		141		 	35		38		38		 	111		
Total	288		305		326		305		1,224		 	279		309		299		 	887		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Marketing Petroleum Products Sales (MB/D)	 	 	 	 	 	 	 	 	 	
U.S. Marketing	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	974		1,174		1,158		1,143		1,113		 	1,086		1,171		1,158		 	1,138		
Distillates	 	 	 	689		775		792		788		761		 	706		782		780		 	757		
Other	 	 	 	—		—		—		—		—		 	—		1		—		 	—		
Total	 	 	 	1,663		1,949		1,950		1,931		1,874		 	1,792		1,954		1,938		 	1,895		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
International Marketing	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	 	 	 	88		94		95		93		92		 	90		90		89		 	90		
Distillates	 	 	 	193		185		193		194		192		 	197		193		189		 	192		
Other	 	 	 	16		14		15		18		16		 	15		18		17		 	17		
Total	 	 	 	297		293		303		305		300		 	302		301		295		 	299		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Worldwide Marketing	 	 	 	 	 	 	 	 	 	 	 	
Gasoline	 	 	 	1,062		1,268		1,253		1,236		1,205		 	1,176		1,261		1,247		 	1,228		
Distillates	 	 	 	882		960		985		982		953		 	903		975		969		 	949		
Other	 	 	 	16		14		15		18		16		 	15		19		17		 	17		
Total	 	 	 	1,960		2,242		2,253		2,236		2,174		 	2,094		2,255		2,233		 	2,194		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Foreign Currency Gains (Losses) After-Tax ($ Millions)	(1	)	(3	)	—		—		(4	)	 	(1	)	1		—		 	—		

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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	)	(111	)	(109	)	 	(347	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Detail of Net Income (Loss) Attributable to Phillips 66 ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Net interest expense	(53	)	(46	)	(43	)	(44	)	(186	)	 	(54	)	(52	)	(49	)	 	(155	)	
Corporate overhead	(45	)	(36	)	(37	)	(39	)	(157	)	 	(42	)	(40	)	(39	)	 	(121	)	
Technology	(14	)	(15	)	(15	)	(16	)	(60	)	 	(14	)	(14	)	(15	)	 	(43	)	
Other	(13	)	(26	)	(21	)	(27	)	(87	)	 	(17	)	(5	)	(6	)	 	(28	)	
Total	(125	)	(123	)	(116	)	(126	)	(490	)	 	(127	)	(111	)	(109	)	 	(347	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Before-Tax Net Interest Expense ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	
Interest expense	(102	)	(105	)	(105	)	(104	)	(416	)	 	(105	)	(104	)	(103	)	 	(312	)	
Capitalized interest	16		26		34		30		106		 	19		21		22		 	62		
Interest revenue	5		9		5		6		25		 	4		3		7		 	14		
Premium on early debt retirement	—		—		—		—		—		 	(1	)	—		—		 	(1	)	
Total	(81	)	(70	)	(66	)	(68	)	(285	)	 	(83	)	(80	)	(74	)	 	(237	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		8,862		8,858		 	8,858		
Debt-to-Capital Ratio (%)	28	%	28	%	27	%	27	%	27	%	 	27	%	27	%	27	%	 	27	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Equity ($ Millions)	22,595		23,223		24,032		23,938		23,938		 	23,643		24,066		24,311		 	24,311		

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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		62		103		 	245		
Plus:	 	 	 	 	 	 	 	 	 	 	 			 			
Provision for income taxes	38		(37	)	57		15		73		 	41		22		38		 	101		
Depreciation and amortization	26		27		33		41		127		 	48		50		56		 	154		
Midstream EBITDA	142		(72	)	206		(2	)	274		 	169		134		197		 	500		
 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	 	(18	)	(28	)	(35	)	 	(81	)	
Proportional share of selected equity affiliates income taxes	1		(2	)	—		(1	)	(2	)	 	1		1		—		 	2		
Proportional share of selected equity affiliates net interest	32		33		34		34		133		 	32		33		32		 	97		
Proportional share of selected equity affiliates depreciation and amortization	40		41		42		43		166		 	43		44		51		 	138		
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		184		245		 	617		
* 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		71		94		 	241		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	43		45		58		66		212		 	38		27		33		 	98		
Depreciation and amortization	26		27		33		41		127		 	48		50		56		 	154		
Transportation and NGL EBITDA	159		161		209		208		737		 	162		148		183		 	493		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	 	(18	)	(28	)	(35	)	 	(81	)	
Pension settlement expenses	—		—		9		—		9		 	—		—		—		 	—		
Transportation and NGL Adjusted EBITDA	143		144		198		188		673		 	144		120		148		 	412		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DCP Midstream	 	 	 	 	 	 	 	 	 	 	 	
DCP Midstream net income	(12	)	(151	)	(2	)	(159	)	(324	)	 	4		(9	)	9		 	4		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	(5	)	(82	)	(1	)	(51	)	(139	)	 	3		(5	)	5		 	3		
DCP Midstream EBITDA	(17	)	(233	)	(3	)	(210	)	(463	)	 	7		(14	)	14		 	7		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
Proportional share of selected equity affiliates income taxes	1		(2	)	—		(1	)	(2	)	 	1		1		—		 	2		
Proportional share of selected equity affiliates net interest	32		33		34		34		133		 	32		33		32		 	97		
Proportional share of selected equity affiliates depreciation and amortization	40		41		42		43		166		 	43		44		51		 	138		
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		64		97		 	205		
* 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		190		101		 	447		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	88		121		108		36		353		 	72		74		75		 	221		
Chemicals EBITDA	291		416		360		248		1,315		 	228		264		176		 	668		
 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
Proportional share of selected equity affiliates income taxes	22		25		26		18		91		 	18		26		20		 	64		
Proportional share of selected equity affiliates net interest	2		1		2		2		7		 	2		3		1		 	6		
Proportional share of selected equity affiliates depreciation and amortization	65		65		65		69		264		 	71		70		70		 	211		
Impairments by equity affiliates	—		—		20		4		24		 	—		—		89		 	89		
Chemicals Adjusted EBITDA	380		507		473		341		1,701		 	319		363		356		 	1,038		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Refining Net Income to Adjusted EBITDA	 	 	 	 	 	 	 	 	 	 	 	
Refining net income	538		604		1,003		410		2,555		 	86		149		177		 	412		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	226		328		485		65		1,104		 	41		58		97		 	196		
Depreciation and amortization	177		183		187		191		738		 	186		196		188		 	570		
Refining EBITDA	941		1,115		1,675		666		4,397		 	313		403		462		 	1,178		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		64		65		 	192		
Asset dispositions	(8	)	—		—		—		(8	)	 	—		—		—		 	—		
Pending claims and settlements	—		—		30		—		30		 	—		—		(70	)	 	(70	)	
Lower-of-cost-or-market inventory adjustments	—		—		—		53		53		 	—		—		—		 	—		
Pension settlement expenses	—		—		49		4		53		 	—		—		—		 	—		
Recognition of deferred logistics commitments	—		—		—		—		—		 	—		30		—		 	30		
Refining Adjusted EBITDA	996		1,176		1,816		786		4,774		 	376		497		457		 	1,330		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Marketing and Specialties Net Income to Adjusted EBITDA	 	 	 	 	 	 	 	 	 	 	 	
Marketing and Specialties net income	304		314		338		231		1,187		 	205		229		267		 	701		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	102		96		176		91		465		 	110		116		133		 	359		
Interest revenue	—		(2	)	—		—		(2	)	 	—		—		—		 	—		
Depreciation and amortization	24		23		25		25		97		 	25		27		29		 	81		
Marketing and Specialties EBITDA	430		431		539		347		1,747		 	340		372		429		 	1,141		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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		372		429		 	1,141		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Phillips 66 Net Income to Adjusted EBITDA	 	 	 	 	 	 	 	 	 	 	 	
Net income	997		1,025		1,592		666		4,280		 	398		516		536		 	1,450		
Plus:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Provision for income taxes	391		440		767		166		1,764		 	198		204		277		 	679		
Net interest expense	81		67		66		69		283		 	83		80		74		 	237		
Depreciation and amortization	253		274		270		281		1,078		 	280		290		293		 	863		
Phillips 66 EBITDA	1,722		1,806		2,695		1,182		7,405		 	959		1,090		1,180		 	3,229		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustments (pretax):	 	 	 	 	 	 	 	 	 	 	 	
EBITDA attributable to Phillips 66 noncontrolling interests	(16	)	(17	)	(20	)	(20	)	(73	)	 	(18	)	(28	)	(35	)	 	(81	)	
Proportional share of selected equity affiliates income taxes	23		21		26		16		86		 	19		27		20		 	66		
Proportional share of selected equity affiliates net interest	34		34		36		36		140		 	34		36		33		 	103		
Proportional share of selected equity affiliates depreciation and amortization	168		169		169		176		682		 	177		178		186		 	541		
Asset dispositions	(118	)	(132	)	(30	)	—		(280	)	 	—		—		—		 	—		
Impairments by equity affiliates	—		194		24		172		390		 	6		—		89		 	95		
Pending claims and settlements	—		—		30		—		30		 	(45	)	—		(70	)	 	(115	)	
Lower-of-cost-or-market inventory adjustments	—		—		—		53		53		 	—		—		—		 	—		
Pension settlement expenses	—		—		75		5		80		 	—		—		—		 	—		
Recognition of deferred logistics commitments	—		—		—		—		—		 	—		30		—		 	30		
Phillips 66 Adjusted EBITDA	1,813		2,075		3,005		1,620		8,513		 	1,132		1,333		1,403		 	3,868		
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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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