HOUSTON, April 29, 2026 – Phillips 66 (NYSE: PSX) announced first-quarter earnings (Form 8-K)

HOUSTON, April 29, 2026 - Phillips 66 (NYSE: PSX) announced first-quarter earnings.

"We are confident in our ability to navigate market volatility due to our integrated business and the strength of our balance sheet. Backed by disciplined execution and strong operating performance, we remain well positioned to provide energy to the global market," said Mark Lashier, chairman and CEO of Phillips 66.

"Attractive fundamentals across our businesses further support our position to deliver strong returns and long-term shareholder value. We remain committed to our previously stated shareholder return and debt reduction targets."

Business Highlights and Strategic Priorities Progress

•Recently announced advancement of Western Gateway Pipeline following a successful second open season securing long-term shipper commitments.

•Iron Mesa gas plant, with design capacity of 300 MMCFD, continues construction as planned and is on schedule for startup in the first quarter of 2027.

•In April 2026, completed acquisition of Lindsey Oil Refinery and logistics assets with the plan to utilize select assets, enhancing our U.K. integrated business.

•Progressed Chemicals Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar with full operations expected in 2027.

Financial Results Summary

(in millions of dollars, except as indicated)

			1Q 2026			4Q 2025
Earnings			$	207		2,906
Adjusted Earnings1			200			1,002
Adjusted EBITDA1			1,268			2,532
Earnings Per Share
Earnings Per Share - Diluted			0.51			7.17
Adjusted Earnings Per Share - Diluted1			0.49			2.47
Cash Flow from (Used in) Operations			(2,264)			2,752
Cash Flow from Operations, Excluding Working Capital1			699			2,044
Capital Expenditures & Investments			582			682
Acquisitions, Net of Cash Acquired			66			1,288
Proceeds from Asset Dispositions			7			1,489
Return of Capital to Shareholders			778			756
Repurchases of Common stock			269			274
Dividends paid on Common stock			509			482
Cash and Cash Equivalents			5,150			1,116
Debt			27,124			19,716
Debt-to-Capital Ratio			48%			39%
Net Debt-to-Capital Ratio1			43%			38%
1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Segment Financial and Operating Highlights

(Millions of dollars, except as indicated)

			1Q 2026			4Q 2025			Change
Earnings (Loss)1			$	207		2,906			(2,699)
Midstream			591			638			(47)
Chemicals			114			(12)			126
Refining			208			822			(614)
Marketing and Specialties			(161)			2,396			(2,557)
Renewable Fuels			(41)			(19)			(22)
Corporate and Other			(451)			(372)			(79)
Income tax expense			(41)			(526)			485
Noncontrolling interests			(12)			(21)			9
Adjusted Earnings (Loss)1,2			$	200		1,002			(802)
Midstream			591			717			(126)
Chemicals			85			19			66
Refining			208			542			(334)
Marketing and Specialties			(141)			439			(580)
Renewable Fuels			(41)			(19)			(22)
Corporate and Other			(451)			(363)			(88)
Income tax expense			(39)			(302)			263
Noncontrolling interests			(12)			(31)			19
Adjusted EBITDA2			$	1,268		2,532			(1,264)
Midstream			860			952			(92)
Chemicals			250			145			105
Refining			423			1,019			(596)
Marketing and Specialties			(86)			488			(574)
Renewable Fuels			(18)			5			(23)
Corporate and Other			(161)			(77)			(84)
Operating Highlights
NGL Pipeline Throughput - Y-Grade to Market (MBD)3			930			1,006			(76)
NGL Fractionated (MBD)			980			1,018			(38)
Chemicals Global O&P Capacity Utilization			94%			97%			(3%)
Refining
Turnaround Expense			178			135			43
Realized Margin ($/BBL)2			10.11			12.48			(2.37)
Crude Capacity Utilization4			95%			99%			(4%)
Clean Product Yield			87%			88%			(1%)
Renewable Fuels Produced (MBD)			40			32			8
1 Segment reporting is pre-tax.
2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.
4 Beginning October 1, 2025, excludes Los Angeles Refinery and includes 100% of Wood River and Borger refineries. As of January 1, 2026, the Refining segment's net crude throughput capacity increased by 45 MBD to 1,993 MBD.

First-Quarter 2026 Financial Results

Reported earnings were $207 million for the first quarter of 2026 versus $2.9 billion in the fourth quarter of 2025. First-quarter earnings included pre-tax special item adjustments of $29 million in the Chemicals segment and $(20) million in the Marketing and Specialties segment. Adjusted earnings for the first quarter were $200 million versus adjusted earnings of $1.0 billion in the fourth quarter of 2025.

As a result of a sharp increase in commodity prices during the first quarter, the company's financial results were impacted by mark-to-market losses of $839 million related to short derivative positions used as economic hedges to manage price risk on certain physical positions. However, the increase in current market value of the associated underlying physical inventory is not reflected in book value under last-in, first-out (LIFO) accounting. The impacts during the quarter were as follows:

Mark-to-Market Pre-Tax Losses by Segment
			Millions of Dollars
			1Q 2026
Refining			$	(396)
Marketing and Specialties			(323)
Renewable Fuels			(120)

•Midstream adjusted pre-tax income decreased compared with the fourth quarter mainly due to lower volumes largely associated with impacts from Winter Storm Fern, lower margins driven primarily by customer recontracting, as well as accelerated depreciation related to a Permian Basin gas plant.

•Chemicals adjusted pre-tax income increased mainly due to higher margins and equity earnings of affiliates, partially offset by lower volumes and higher costs, mainly driven by turnaround expense.

•Refining adjusted pre-tax income decreased mainly due to lower margins and volumes, partially offset by the absence of accelerated depreciation at the Los Angeles Refinery. Lower margins were primarily driven by mark-to-market impacts, which were partially offset by higher clean product differentials. Additionally, lower volumes in the quarter were primarily driven by planned turnaround activities.

•Marketing and Specialties adjusted pre-tax loss was a decrease compared to the fourth quarter due to lower margins mainly driven by mark-to-market impacts.

•Renewable Fuels pre-tax loss was a decrease compared to the fourth quarter mainly due to mark-to-market impacts, partially offset by higher credits.

•Corporate and Other adjusted pre-tax loss increased primarily due to the inclusion of costs associated with the decommissioning and redevelopment of the idled Los Angeles Refinery site, along with higher employee-related costs and net interest expense.

As of March 31, 2026, the company had liquidity of approximately $6.0 billion, reflecting $5.2 billion of cash and cash equivalents and total committed capacity available under credit facilities of $800 million.

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 first-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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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" 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 shareholder distributions refers 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, includes our proportional share of WRB Refining LP 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.