•Reported third-quarter earnings and adjusted earnings of $5.6 billion or $14.08 per share

• Refining utilization of 98% with record Central Corridor processed inputs of 848 MBD
• Third-quarter record distillate yield of 41%; clean product yield of 86%
• Midstream fractionation volumes of 1 MMBD, wellhead volumes of 4.6 Bcf/D and 105% utilization at the Freeport LPG export dock
• Returned $2.8 billion to shareholders through dividends and share repurchases
• Decreased total debt by $2.0 billion to $18.5 billion; net debt by $3.8 billion to $12.7 billion

HOUSTON, October 28, 2026 – Phillips 66 (NYSE: PSX) announced third-quarter earnings.

“Phillips 66 delivered strong operating performance in the third quarter and is executing on its financial and operating commitments,” said Mark Lashier, chairman and CEO of Phillips 66. “Our integrated portfolio, commercial capabilities and focus on continuous improvement enable the company to create value for stakeholders.

“The company remains steadfast in its disciplined approach to capital allocation. We target returning more than 50% of net operating cash flow to shareholders and delivering attractive, sustainable dividend growth across commodity cycles. Our recently announced second dividend increase of 2026 reinforces the company’s commitment to prudent long-term returns of capital.”

Business Highlights

• Reached a final investment decision to move forward with the proposed Western Gateway Pipeline system with an expected in-service date in 2029.
• Chevron Phillips Chemical Company LLC progressed the Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar, with full operations for both expected in 2027.
• Progressed the Coastal Bend expansion project, with initial volumes expected in the fourth quarter of 2026 and full ramp-up to 350 MBD in early 2027.
• Delivered greater than $50 million of near-term synergies following the acquisition of the remaining 50% interest in WRB Refining LP on October 1, 2025.

Financial Results Summary

(in millions of dollars, except as indicated)

Segment Financial and Operating Highlights

(in millions of dollars, except as indicated)

Third-Quarter 2026 Financial Results

Reported earnings were $5.6 billion for the third quarter of 2026 versus $3.8 billion in the second quarter of 2026. Third-quarter earnings included a pre-tax special item adjustment of ($29) million in the Refining segment. Adjusted earnings for the third quarter were $5.6 billion versus adjusted earnings of $3.8 billion in the second quarter of 2026.

• Midstream pre-tax income decreased compared with the second quarter mainly due to lower margins associated with gas transportation.
• Chemicals pre-tax income decreased compared with the second quarter mainly due to lower polyethylene margins, partially offset by higher polyethylene volumes and lower costs.
• Refining adjusted pre-tax income increased compared with the second quarter mainly due to higher realized margins and volumes. Margins were primarily driven by an increase in market crack spreads.
• Marketing and Specialties adjusted pre-tax income decreased compared with the second quarter mainly due to lower global marketing fuel margins, primarily driven by a rising price environment.
• Renewable Fuels pre-tax income decreased compared with the second quarter mainly due to lower margins, including inventory impacts, as well as higher costs.
• Corporate and Other pre-tax loss decreased compared with the second quarter mainly due to lower net interest expense, partially offset by higher employee-related costs.

As of September 30, 2026, the company had $5.8 billion of cash and cash equivalents and $6.4 billion of committed capacity available under credit facilities.

Investor Webcast

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

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Texas, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

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Investor Relations

investorrelations@p66.com

Media Relations

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Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “adjusted controllable cost,” “cash from (used in) operations, excluding working capital,” “realized refining margin,” “net debt,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that 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. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release. References in the release to earnings refer to net income attributable to Phillips 66. References in the release to return of capital to shareholders refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock.

Basis of Presentation— Phillips 66 and Refining results included herein through September 30, 2025, include our proportional share of WRB Refining LP (“WRB”) equity earnings and beginning October 1, 2025, includes 100% of Borger Refinery and Wood River Refinery consolidated due to the acquisition of the remaining 50% of WRB.

Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995—This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they 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: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including war and a