Profile Book 2013

COMPANY PROFILE

We Are Helping to Shape the Energy Landscape.

2013

www.phillips66.com

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1424

34 46

52 Reference

Phillips 66, Conoco, 76, Hydroclear, Kendall, JET, CPreme, COPYLENE, Pure Performance, PROclean, Breakplace, TropArtic, Hydroclear Power-D, Guardol QLT, GT-1 and their respective logos are trademarks of Phillips 66 Company or one of its subsidiaries. Other products and logos mentioned herein may be trademarks of their respective owners.

CONtACt INFORMAtION

Headquarters

3010 Briarpark Drive

Houston, TX 77042

281-293-6600

Registered Office

2711 Centerville Road

Wilmington, DE 19808

Phillips 66 Investor Relations

Telephone: 1-800-624-6440

Email: [email protected]

Website: www.phillips66.com/investors

Phillips 66 Media Relations

Telephone: 1-855-841-2368

Email: [email protected]

Website: www.phillips66.com/newsroom

An electronic file of this Profile Book can be

obtained by visiting www.phillips66.com and

selecting the Investors tab. The file is located

under the Financial Reports section of that tab.

Cover photo:

Phillips 66 Refinery located in Westlake, La.

Opening Message

Executive Leadership Team

Board of Directors

Corporate Overview

Refining

Chemicals

Midstream

Marketing andSpecialties

We help the global economy thrive – from the gasoline

drivers use to get to work, to the jet fuel that carries

travelers, to the natural gas that powers businesses and

the plastic products we use every day. We support economic

growth by investing in the manufacturing fiber of the U.S.

and providing high-quality jobs.

Our commitment to operating excellence guides everything

we do – it always will. We have 13,500 dedicated and

talented employees who share a vision for providing energy

and improving lives. We are Phillips 66, and we’ve never

been more excited about the future.

1

PHILLIPS 66 COMPANY PROFILE 2013

WELCOME tO PHILLIPS 66

Phillips 66 is a growing energy manufacturing and logistics

company. As the only independent company that combines

leading Midstream, Chemicals, Refining, and Marketing and

Specialties businesses, Phillips 66 is uniquely positioned to

capture opportunities of the changing energy landscape.

2


BOARD OF DIRECtORS

John Lowe

Lowe served as assistant to the chief executive officer of ConocoPhillips, a position he held from 2008 until the spin-off of Phillips 66 in 2012. He previously held a series of executive positions with ConocoPhillips, including executive vice president, Exploration and Production, from 2007 to 2008; and executive vice president, Commercial, from 2006 to 2007. Lowe is a Special Executive Advisor to Tudor, Pickering, Holt & Co. and serves on the boards of Agrium, Inc. and Apache Corporation. (5)

J. Brian Ferguson

Ferguson retired as chairman of Eastman Chemical Company (Eastman) in 2010 and as chief executive officer of Eastman in 2009. He became the chairman and chief executive officer of Eastman in 2002. Ferguson serves as a director of NextEra Energy, Inc. (formerly FPL Group) and Owens Corning, and is a member of The University of Tennessee Board of Trustees. (2, 3, 4)

William Loomis Jr.

Loomis has been an independent financial advisor since 2009. He was a general partner and managing director of Lazard Freres & Co. from 1984 to 2002, the chief executive officer of Lazard LLC from 2000 to 2001, and a limited managing director of Lazard LLC from 2002 to 2004. He currently serves on the board of Limited Brands Inc., and is also a senior advisor to Lazard LLC and China International Capital Corporation. (1, 2, 5)

Greg Garland

Garland is chairman, president and chief executive officer of Phillips 66. Previously, he served as senior vice president, Exploration and Production, Americas for ConocoPhillips. Prior to joining ConocoPhillips, Garland was president and chief executive officer of Chevron Phillips Chemical Company (CPChem) from 2008 to 2010, having served as senior vice president, Planning and Specialty Products, CPChem, from 2000 to 2008. Garland currently serves as chairman and chief executive officer of Phillips 66 Partners LP. He is also on the board of directors of DCP Midstream. (2)

3


Harold McGraw III

McGraw is chairman, president and chief executive officer for The McGraw-Hill Companies, a position he has held since 2000. He was president and chief executive officer from 1998 until 2000, and president and chief operating officer from 1993 to 1998. He has been a member of The McGraw-Hill Companies’ board of directors since 1987. McGraw is also a director of United Technologies Corporation. (2, 3, 4)

Marna Whittington

Whittington was chief executive officer of Allianz Global Investors Capital from 2002 to 2012. She was chief operating officer of Allianz Global Investors, the parent company of Allianz Global Investors Capital, from 2001 to 2011. Prior to that, Whittington was managing director and chief operating officer of Morgan Stanley Asset Management. She was executive vice president and chief financial officer of The University of Pennsylvania from 1984 to 1992. Earlier, she served as budget director and then Secretary of Finance for the state of Delaware. She currently serves on the board of directors of Macy’s, Inc. and Oaktree Capital Group. (1, 5)

Victoria Tschinkel

Tschinkel currently serves on the executive committee of 1000 Friends of Florida and was previously its chairwoman. She served as state director of the Florida Nature Conservancy from 2003 to 2006, was the senior environmental consultant to the law firm Landers & Parsons from 1987 to 2002, and was the Secretary of the Florida Department of Environmental Regulation from 1981 to 1987. (1, 2, 5)

Glenn Tilton

Tilton currently serves as Chairman of the Midwest of JPMorgan Chase & Co. From 2002 to 2010, he served as chairman, president and chief executive officer of UAL Corporation, a holding company, and United Air Lines, Inc., an air transportation company and wholly owned subsidiary of UAL Corporation. He previously spent more than 30 years in increasingly senior roles with Texaco, Inc., including chairman and chief executive officer in 2001. He currently serves on the boards of United Continental Holdings Inc. (as non-executive chairman), Abbot Laboratories and AbbVie Inc. (3, 4)

(1) Member of the Audit and Finance Committee.

(2) Member of the Executive Committee.

(3) Member of the Human Resources and Compensation Committee.

(4) Member of the Nominating and Governance Committee.

(5) Member of the Public Policy Committee.

4


EXECUtIVE LEADERSHIP tEAM

Bob HermanSenior Vice President, Health, Safety and Environment

Herman has more than 30 years of experience in various technical and leadership roles within the oil and gas industry. Herman was vice president, HSE for ConocoPhillips. He also served ConocoPhillips as president, Refining, Marketing and Transportation for Europe. Herman currently serves on the board of directors for Chevron Phillips Chemical Company (CPChem).

Phillip BradySenior Vice President,Government Affairs

Brady has more than 30 years of experience serving in government and related positions in Washington, D.C., including in the Congress, the Department of Justice, the Department of Transportation and the White House. Before joining Phillips 66, Brady served as president of the National Automobile Dealers Association from 2001 to 2012.

Greg GarlandChairman, President and Chief Executive Officer

Garland has more than 30 years of industry experience in technical and executive leadership positions within the oil and gas and chemicalsindustries.

Tim TaylorExecutive Vice President, Commercial, Marketing, Transportation and Business Development

Taylor has more than 35 years of experience in the chemicals and oil and gas industries. Before being named to his current role, Taylor served as chief operating officer of CPChem. Taylor serves as director and president for Phillips 66 Partners and is also a director for CPChem.

Clayton ReasorSenior Vice President, Investor Relations, Strategy and Corporate Affairs

Reasor has more than 30 years of experience in the oil and gas industry. Before assuming his current role, he was vice president, Corporate and Investor Relations for ConocoPhillips. Reasor serves as director and vice president, Investor Relations, for Phillips 66 Partners LP. He is also on the board of Stage Stores Inc. (NYSE:SSI).

5


Larry ZiembaExecutive Vice President, Refining, Projects and Procurement

Ziemba has more than 35 years of experience in the oil and gas industry. Before assuming his current role, Ziemba served ConocoPhillips as president, Global Refining, a role he took on after serving as president, U.S. Refining, since 2003.

Paula JohnsonExecutive Vice President, Legal, General Counsel and Corporate Secretary

Johnson has 25 years of legal experience. Before assuming her current role, Johnson was deputy general counsel, Corporate, and chief compliance officer for ConocoPhillips. Prior roles with ConocoPhillips included managing counsel for litigation and claims from 2006 to 2009. Johnson is also vice president, general counsel and secretary for Phillips 66 Partners.

Chantal VeevaeteSenior Vice President, Human Resources

Veevaete has more than 30 years of experience in human resources roles, spending much of her time in the chemicals and oil and gas industries. Prior to her current role, Veevaete served as vice president, Human Resources, for CPChem and as vice president, Human Resources, for the Accredo division of Medco Health Solutions.

Greg MaxwellExecutive Vice President, Finance and Chief Financial Officer

Maxwell has 35 years of experience in various financial roles within the chemicals and oil and gas industries. Prior to his current role, Maxwell served as senior vice president, chief financial officer and controller for CPChem. Maxwell serves as director, vice president and chief financial officer for Phillips 66 Partners. He is also a director for DCP Midstream.

Merl LindstromVice President, Technology

Lindstrom has more than 35 years of experience in research and development roles focusing on the downstream business. Before assuming his current role, Lindstrom was senior vice president, Technology, for ConocoPhillips. He served as a manager in a number of technological and research and development roles with ConocoPhillips.

CORPORAtE OVERVIEW

6

Built on more than 130 years of experience, Phillips 66 is a growing energy manufacturing and logistics company with high-performing Midstream, Chemicals, Refining, and Marketing and Specialties businesses. this diverse portfolio enables Phillips 66 to capture opportunities in a changing energy landscape. Headquartered in Houston, the company has 13,500 employees who are committed to operating excellence and safety.


Billion dollars in assets as of June 30, 2013

50

7


Storage tanks being checked at the Los Angeles Refinery to ensure safety compliance. Safety is at the forefront of everything we do.

Rank on the Fortune 500 List

4

8


• Continued focus on safety, with the company’s lowest recordable

rate ever and additional sites awarded Voluntary Protection Program

(VPP) certification by the U.S. Occupational Safety and Health

Administration (OSHA).

• Obtained investment grade credit rating and further strengthened

balance sheet by retiring $1 billion of long-term debt.

• Began to pursue a master limited partnership, Phillips 66 Partners

LP, to facilitate growth in the Midstream and Transportation sectors.

• Acquired direct one-third interests in the Sand Hills and Southern

Hills natural gas liquids (NGL) pipeline entities, which will deliver

product from the midcontinent, Permian Basin and Eagle Ford to

market hubs in Mont Belvieu.

• DCP Midstream initiated service on the Sand Hills Pipeline from the

Eagle Ford Shale.

• CPChem advanced plans to build a world-scale ethane cracker

and polyethylene facilities.

• CPChem announced and began construction of a world-scale

1-hexene plant at its Cedar Bayou chemical complex in Baytown,

Texas, with anticipated startup in 2014.

• Improved return on capital employed (ROCE) in Refining by

capturing favorable market conditions, as well as increasing the

use of cost-advantaged crude oil.

• Improved clean product yield, with continued industry-leading

distillate yield.

• Achieved strong performance in Marketing and Specialties

businesses, including record earnings from lubricants and flow

improvers.

COMBINED TOTAL RECORDABLE RATE2

Safety incidents per 200,000 hours worked

10 12 1H13110

1

2

3

4

5

6

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0

5

10

15

20

25

5.4

10 1211

0.2

10.2

7

1H13

0.2

10.2

8

10 1211

22

14

1H13

17

7

3.6

2.3

1.8

Adjusted Earnings

Total Recordable Injury Rate

Return on Capital Employed

10 12 1H13110

1

2

3

4

5

6

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0

5

10

15

20

25

5.4

10 1211

0.2

10.2

7

1H13

0.2

10.2

8

10 1211

22

14

1H13

17

7

3.6

2.3

1.8

Adjusted Earnings



RETURN ON CAPITAL EMPLOYED (ROCE)1 Percent

11H 2013 ROCE is annualized.2Does not include DCP Midstream or Chevron Phillips Chemical Company (CPChem).

2012 ACCOMPLISHMENtS

CORPORAtE OVERVIEWFINANCIAL PERFORMANCE ($ MILLION) 1H 2013 2012 2011 2010

Sales and other operating revenues 84,503 179,460 196,088 146,561

total assets 49,929 48,073 43,211 44,955

Capital expenditures and investments 758 1,721 1,022 1,150

Adjusted earnings 2,316 5,387 3,591 1,759

Adjusted earnings – Midstream 173 362 535 386

Adjusted earnings – Chemicals 463 980 716 486

Adjusted earnings – Refining 1,390 3,844 1,982 622

Adjusted earnings – Marketing and Specialties 511 564 550 424

10 12 1H13110

1

2

3

4

5

6

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0

5

10

15

20

25

5.4

10 1211

0.2

10.2

7

1H13

0.2

10.2

8

10 1211

22

14

1H13

17

7

3.6

2.3

1.8

Adjusted Earnings



ADJUSTED EARNINGS$ billion

9


StRAtEGIC PRIORItIES

Maintain Strong Operating Excellence

Our commitment to operating excellence guides everything we do – it

always will. Continuous improvement in safety, environmental stew-

ardship and cost efficiency is a fundamental requirement for our

company and employees. We employ rigorous training and audit pro-

grams to drive ongoing improvement in both personal and process

safety as we strive for zero incidents. We are committed to protect-

ing the environment and continually seek to reduce our environmen-

tal footprint throughout our operations.

Deliver Profitable Growth

Manufacturing and logistics capacity expansions in Chemicals and

Midstream have the potential to deliver significant growth in earnings

and free cash flow. Over the next few years, our Chemicals joint ven-

ture, CPChem, plans to reinvest the majority of its net income to

build additional processing capacity that benefits from lower-cost

NGL feedstocks. The need for additional new gathering and process-

ing, pipeline, storage and distribution infrastructure – driven by

growing domestic unconventional crude oil, NGL and natural gas

production – is creating capital investment opportunities in our

Midstream business.

Enhance Returns on Capital

We intend to increase ROCE and capital efficiency through greater

use of advantaged feedstocks, a disciplined capital allocation pro-

cess and portfolio optimization. By processing lower-cost crude oil

and NGL feedstocks, we have improved our gross margins and

returns on capital in Refining and Chemicals. We also expect to

drive higher returns by selling finished products to higher-margin

export markets. A disciplined and rigorous capital allocation pro-

cess ensures that we focus investments into projects that generate

competitive ROCE throughout the business cycle. We anticipate our

portfolio to shift to higher growth and returns businesses as we

redirect capital to our Chemicals, Midstream, and Marketing and

Specialties segments and reduce Refining exposure in regions that

generate below-average returns.

Grow Shareholder Distributions

We believe shareholder value is created through consistent and ongo-

ing growth of regular dividends, supplemented by share repurchases.

Regular dividends demonstrate the confidence our management has

in the company’s capital structure and its capability to generate free

cash flow throughout the business cycle. At the discretion of our

board of directors, we plan to increase dividends annually and fund a

share repurchase program while continuing to invest in the growth of

our business.

Build a High-performing Organization

Our success is primarily attributed to the contributions of our tal-

ented global workforce. We provide a great place to work where em-

ployees can reach their fullest potential, thrive on delivering

results and create shareholder value through individual, team and

organization success. We foster an achievement-based culture that

drives accountability and meritocracy while investing in learning and

development.

13,500Dedicated, talented employees worldwide

COMPEtItIVE StRENGtHS

Robust Portfolio

As the only independent company that combines leading

Midstream, Chemicals, Refining, and Marketing and Specialties

businesses, Phillips 66 is uniquely positioned to capture

opportunities of the changing energy landscape. Our businesses

have the efficiency of scale and technical capability to compete in

the most attractive markets globally.

Financial Strength and Flexibility

We hold an investment grade credit rating on our long-term debt

and maintain sufficient cash and liquidity to enable us to invest in

high-return projects. Our approach to capital allocation is designed

to fund sustainability investments and growth projects, while

increasing shareholder distributions and strengthening our

balance sheet. We expect this approach to enable the company to

remain financially flexible throughout the business cycle.

10


To be successful, it is essential to maintain a safe workplace. We

have a good track record of improving safety, and we are among

the industry’s leaders. Our Health, Safety and Environment (HSE)

Management System focuses on a cycle of continuous improvement

in the areas of health and safety, process safety, environmental and

security systems. Our systematic approach requires every operating

business group to review its HSE performance and evaluate system

effectiveness to determine what enhancements may be required.

HSE goals and objectives are established annually by each of our

businesses, and performance against these targets is a component

in our employee compensation programs.

After 10 years of annual improvement, we continued to better our

safety performance in 2012, finishing with a combined employee

and contractor total recordable rate of

0.21 – our best year ever – bringing us

closer to our goal of zero.

Over the past decade, we have

significantly decreased criteria

pollutant emissions. In 2012,

we implemented environmental

improvement projects at the Alliance

Refinery in Louisiana, Wood River

Refinery in Illinois and Borger Refinery

in Texas, to reduce flaring and SO2

emissions.

In 2012, our total hydrocarbon spill volume

was 1,309 barrels, a significant decrease

from 2,462 barrels in 2011. During 2012,

the company experienced 14 process

safety events, down from 23 in 2011.

We focus on ensuring equipment

integrity, maximizing reliability and making

operational improvements that increase

yields of high-valued, cleaner-burning fuels.

Managing utilities and energy costs is

also critical to our profitability. We have

lowered these costs through optimized unit

operations and by implementing findings

from energy efficiency studies. Additionally, we continue to improve

refinery utilization rates, resulting in lower per-unit costs.

Operating excellence does not end at the company’s fence lines.

We believe in being involved in the communities where we operate.

All of our U.S. refineries have Citizens Advisory Panels to foster and

strengthen our relationships with neighbors. These panels include

community representatives

and refinery management

team members, who meet

on a regular basis to

discuss refinery plans and

gather feedback about our

performance.

While prevention is always

the first defense, we are

prepared and capable of

responding effectively if an

incident occurs. As part of

our preparedness, we have

developed an extensive Crisis Management/Emergency Response

Management Plan. We exercise these plans regularly with federal,

state and local agencies, along with mutual aid organizations, to

enhance our response capabilities.

Protecting our people, our environment and our communities guides

everything we do, and it always will.

OPERAtING EXCELLENCE

U.S. REFINING EMISSIONS*(in Lb/MBbl)

02 03 04 05 06 07 08 09 10 11 12

240

180

120

60

0

*Includes criteria pollutant emissions (SOx, NOx and particulate matter).

Excludes the Trainer and Wilhelmshaven re�neries.

U.S. REFINING EMISSIONS*Lb/MBbl

10 1211 1H13

12

.6

2.5

1.4

0.2

TOTAL VOLUME OF HYDROCARBON SPILLSMBbls

Protecting our people, our environment and our communities guides everything we do, and it always will.

COMBINED TOTALRECORDABLE RATE Safety incidents per 200,000 hours worked

Excludes DCP Midstream and CPChem.

0203040506070809101112

*Includes criteria pollutant emissions (SOx, NOx and

Excludes the Trainer and Wilhelmshaven re�neries.

10 1211

0.2

8

0.2

7

0.2

1

1H13

0.2

1

At Phillips 66, we believe our greatest asset is the capability of our

people. The expertise, skills and experience of our employees around

the world offer Phillips 66 a distinct competitive advantage. We strive

to provide our employees with a great place to work – an engaging

environment that encourages learning and collaboration, as well as

opportunities to develop their careers.

GREAt PLACE tO WORk

We promote a culture of candor, trust and inclusion that attracts,

develops and retains a high-caliber workforce. We believe that solving

complex issues and creating innovative solutions for our industries’

challenges requires diverse perspectives. We value diversity of

thought, inclusion, varied backgrounds and global experiences, which

collectively help Phillips 66 succeed.

11


tALENt ENGAGEMENt AND LEADERSHIP COMMItMENt

Our highly experienced leaders benefit from diverse backgrounds and

numerous developmental roles in a variety of businesses. We ensure

that managers and supervisors are focused on the organizational

capability and talent development of their teams. Comprehensive

supervisory and leadership programs foster a positive work

environment and engaging workforce. We place a strong emphasis

on learning, performance management and succession planning to

accelerate targeted talent development, ensure the sustainability of

our business and enable us to execute our business strategy.

StRAtEGIC WORkFORCE PLANNING AND tALENt ACQUISItION

We attract qualified and diverse talent through our strong

partnerships with distinguished colleges and universities, leveraged

outreach programs, robust recruiting model and broad technology

solutions.

HIGH-PERFORMING ORGANIZAtION

Employees at Phillips 66’s headquarters in Houston, Texas.

Plant technicians at the Humber Refinery located in North Lincolnshire, United Kingdom.

A LEARNING CULtURE

We are building a culture that encourages employees to continually

learn and apply new skills. Learning opportunities include a broad

range of training activities, work experiences, networking events

and professional feedback. We are establishing robust career

development programs that ensure employees at all levels remain

fully engaged and successful in their current roles, while supporting

them to reach their fullest potential. Dedicated talent management

teams evaluate employees’ skills and development needs to identify

assignments that will leverage existing strengths and develop new

capabilities.

Transportation employee at an Oklahoma pipeline.

12


From the laboratory to pilot plants, Phillips 66’s in-house research

and development drives new ideas to commercialization. The

Technology organization at Phillips 66 employs more than 250

dedicated researchers and technicians who work on solving today’s

energy challenges and developing energy solutions for the future.

Science and engineering inspiration from our company researchers

generates avenues for future growth and provides cost-reducing

processes for existing businesses. The company conducts ongoing

research designed to improve the production of conventional fuels.

Recently, the organization developed a technology to prevent fouling,

or unwanted material buildup in refinery processing equipment.

Fouling reduces energy efficiency and throughput capacity, and often

PHILLIPS 66 tECHNOLOGY

leads to early shutdowns, particularly in coker furnaces. The

new tools enable the use of more paraffinic light crude oil that

otherwise could destabilize the crude mixture. It also results

in a significant cost savings. The development comes at an

opportune time, as the company processes more cost-

advantaged light crudes.

Additionally, Phillips 66 is involved in research to develop

clean energy technologies – fuel cells and solar cells – and is

exploring the conversion of biomass to conventional fuel

molecules in pursuit of next generation biofuels.

ROCE1H 2013 Annualized

11%Midstream


25%Chemicals

Our Midstream segment transports crude oil, refined products, natural gas and NGL. It also gathers and processes natural gas and NGL to power businesses, heat homes and provide feedstock to the petrochemical industry. The segment consists of Phillips 66’s Transportation business, including operations of Phillips 66 Partners LP, our master limited partnership formed in July 2013; DCP Midstream, our 50/50 joint venture with Spectra Energy Corp.; and NGL Operations.

Through CPChem, we manufacture petrochemicals, polymers and plastics found in cars, electronics and other everyday goods. CPChem is North America’s largest producer of high-density polyethylene and the fourth-largest North American ethylene producer. CPChem has a large global presence with 36 manufacturing sites and 34 billion pounds of net annual processing capacity.

BUSINESS OVERVIEW

13


Our Commercial organization manages the company’s worldwide

commodity portfolio. It partners with our Refining business to optimize

our assets by procuring feedstocks with the highest economic value,

minimizing laid-in cost and managing system inventory. The

Commercial organization also partners with the Marketing business to

ensure dependable supply while managing terminaling, throughput,

exchange and other commercial agreements. This frees up Refining,

and Marketing and Specialties organizations to focus on operational

performance. Commercial also identifies and executes location, time

and quality arbitrage opportunities that generate attractive incremental

returns. It conducts supply and trading operations in support of our

Midstream assets and refineries in order to manage NGL volume

requirements, and it also actively trades NGL at the main U.S. hubs.

In 2012, the Commercial organization was instrumental in sourcing

lower-cost crude feedstocks for Phillips 66’s U.S. refineries. Commercial

negotiated several third-party agreements to source and deliver more

advantaged crudes to the company’s facilities. As of Dec. 31, 2012,

Commercial utilized 12 chartered, double-hulled crude oil tankers

with capacities ranging in size from 713,000 to 2,100,000 barrels.

The vessels are primarily used to transport feedstocks to certain of

Phillips 66’s U.S. refineries. Additionally in 2012, we entered into time

charters on two Jones Act tankers to deliver shale crude to our Gulf and

East Coast refineries.

PHILLIPS 66 COMMERCIAL


19% 29%Refining


Marketing and SpecialtiesThe Marketing and Specialties segment includes our global fuel marketing activities, as well as lubricants and flow improver businesses. Phillips 66’s U.S. Marketing business markets fuels under the brands Phillips 66®, Conoco®and 76®. In Europe, we sell primarily under the JET®brand in the UK, Austria and Germany, and the Coop® brand in Switzerland. The company also markets lubricants in more than 70 countries, and has several other Specialty businesses, including petroleum coke, waxes, solvents, polypropylene and pipeline flow improvers.

Our Refining segment transforms crude oil into products such as gasoline, diesel and jet fuel. Phillips 66 is one of the largest refiners in the U.S. and worldwide, with 15 refineries and net crude oil processing capacity of 2.2 million barrels per day.

PHILLIPS 66MIDStREAM

402

14

Phillips 66’s Midstream segment consists of Phillips 66’s

transportation business, including operations of Phillips 66

Partners LP, our master limited partnership formed in July

2013; DCP Midstream, our 50/50 joint venture with

Spectra Energy Corp.; and NGL Operations.


thousand barrels per day of natural gas liquids (NGL) production by DCP Midstream in 2012

15


Gulf Coast Fractionators in Mont Belvieu, Texas, recently expanded its total nameplate capacity to 145,000 barrels per day.

16


• Received Star status under OSHA’s Voluntary Protection Program

(VPP) at several Phillips 66 Transportation sites.

• Earned the American Petroleum Institute’s Safety Performance Award

in Phillips 66 Pipeline LLC for achieving the lowest OSHA recordable

rates among its peer group.

• Contracted for 2,000 railcars that will be used to ship Bakken crude

oil west to our Ferndale Refinery in Washington and east to our

Bayway Refinery in New Jersey.

• Acquired direct one-third interests in the Sand Hills and Southern

Hills NGL pipeline entities, which will deliver product from the

midcontinent, Permian Basin and Eagle Ford to market hubs in Mont

Belvieu. In 2012, DCP Midstream initiated service on the Sand Hills

Pipeline from the Eagle Ford Shale.

• DCP Midstream began construction on the Rawhide Plant in the

West Texas region of the Permian Basin, with a planned capacity

of 75 million cubic feet per day and an anticipated in-service date

of third quarter of 2013.

• DCP Midstream acquired a one-third interest in the Front Range

Pipeline, which will originate from the Denver-Julesburg Basin in

Colorado and extend approximately 435 miles to Skellytown,

Texas. Planned capacity is 150,000 barrels per day, expandable

to 230,000 barrels per day, and anticipated in-service date is

fourth quarter of 2013.

• Completed expansion of Gulf Coast Fractionators, increasing the

total nameplate capacity of the fractionation facility to 145,000

barrels per day.


OPERAtING HIGHLIGHtS 2012 2011 2010

PHILLIPS 66 tRANSPORtAtION

Approximate miles of pipeline 18,000 17,000 24,000

Railcars managed1 8,500 8,500 9,000

Crude terminals 10 5 5

Product terminals 39 42 44

Combined total recordable rate (safety incidents per 200,000 hours) 0.18 0.12 0.23

DCP MIDStREAM (100%)

total natural gas throughput (tBtUD) 7.1 7.0 6.9

Number of processing plants 62 61 61

Number of NGL fractionators 12 12 10

Natural gas storage capacity (BCF) 9 9 9

Approximate miles of pipeline 63,000 62,000 61,000


NGL OPERAtIONS

NGL fractionated (MBD) 105 112 120

MIDStREAM OVERVIEW

1Includes CPChem railcars that Phillips 66 manages. 3Represents sum of volumes transported through terminals and each separately tariffed pipeline segment.21H 2013 ROCE is annualized. 4Represents 100 percent of DCP Midstream.

MIDSTREAM ADJUSTED EARNINGS $ million

TRANSPORTATION VOLUMES3 MBD

DCP MIDSTREAM NGL PRODUCED4 MBD

10 12110

100

200

300

400

500

600

0

50

100

150

200

250

300

350

400

450

0

100

200

300

400

500

362

10 1211

4,0

67

4,2

39

4,1

54

1H13

4,2

40

10 1211

402

383

1H13

404

369

386

535

1H13

173

Midstream Adjusted Earnings

This row if placed on darkbackground color

This row if placed on Lightbackground color

Tansportation Vol

DCP Midstream NGL

0

5

10

15

20

10 1211

12

17

1H13

1112

10 1211

$362

10 1211

to c

ome

to c

ome to

com

e

10 1211

402

383

369

$386

$535

10 1211

12

17

12

Return on Cap Employed

10 12110

100

200

300

400

500

600

0

50

100

150

200

250

300

350

400

450

0

100

200

300

400

500

36

2

10 1211

4,0

67

4,2

39

4,1

54

1H13

4,2

40

10 1211

40

2

38

3

1H13

40

4

36

93

86

53

5

1H13

17

3




Tansportation Vol

DCP Midstream NGL

0

5

10

15

20

10 1211

12

17

1H13

1112

10 1211

$3

62

10 1211

to c

ome

to c

ome to

com

e

10 1211

40

2

38

3

36

9$3

86

$5

35

10 1211

12

17

12


10 12110

100

200

300

400

500

600

0

50

100

150

200

250

300

350

400

450

0

100

200

300

400

500

36

2

10 1211

4,0

67

4,2

39

4,1

54

1H13

4,2

40

10 1211

402

383

1H13

404

369

38

6

53

5

1H13

17

3




Tansportation Vol

DCP Midstream NGL

0

5

10

15

20

10 1211

12

17

1H13

1112

10 1211

$3

62

10 1211

to c

ome

to c

ome to

com

e

10 1211

402

383

369

$3

86

$5

35

10 1211

12

17

12


RETURN ON CAPITAL EMPLOYED2 Percent

10 12110

100

200

300

400

500

600

0

50

100

150

200

250

300

350

400

450

0

100

200

300

400

500

362

10 1211

4,0

67

4,2

39

4,1

54

1H13

4,2

40

10 1211

40

2

38

3

1H134

04

36

93

86

535

1H13

17

3




Tansportation Vol

DCP Midstream NGL

0

5

10

15

20

10 1211

12

17

1H13

1112

10 1211

$3

62

10 1211

to c

ome

to c

ome to

com

e

10 1211

40

2

38

3

36

9$3

86

$535

10 121112

17

12


17


MIDSTREAM AS OF DEC. 31, 2012

MILES

0 300

ATLANTIC OCEAN

GULF OF MEXICO

PACIFIC OCEAN

FRACTIONATORNGL OPERATIONS ASSET

STORAGE

GAS PLANTPIPELINE

TRANSPORTATION ASSET

DCP MIDSTREAM ASSET

Phillips 66’s East St. Louis Terminal in Cahokia, Ill.

18


Phillips 66 owns or leases various assets to provide strategic, timely

and environmentally safe delivery of crude oil, refined products,

natural gas and NGL. These assets include pipeline systems;

product, crude oil, marine and liquefied petroleum gas (LPG)

terminals; a petroleum coke handling facility; and a fleet of railcars.

PIPELINES AND tERMINALS

As of Dec. 31, 2012, Phillips 66 managed approximately 18,000

miles of crude oil, raw NGL, natural gas and petroleum products

pipeline systems in the United States, including those partially

owned or operated by affiliates. In addition, the company owned or

operated 39 finished-product terminals, five LPG terminals, 10 crude

oil terminals and one petroleum coke exporting facility.

Phillips 66 also owns a 25 percent interest in the Rockies Express

(REX) natural gas pipeline. REX runs 1,679 miles from Meeker, Colo.,

to Clarington, Ohio.

In June 2012, we sold terminal and pipeline assets associated

with the Trainer Refinery, and in November 2012, we sold the

Riverhead Terminal.

tRUCk AND RAIL

Phillips 66 manages truck and rail operations on behalf of its U.S.

refinery and specialty operations. Rail movements are provided

via a diverse fleet of more than 8,500 owned and leased railcars.

In October 2012,

we entered into an

operating lease covering

2,000 new railcars

under construction. As

of June 2013, we have

taken delivery of 650

of these cars, and the

remaining railcars are

expected to be delivered

in batches throughout

2013 and 2014. This

is an expansion of our

existing rail business

and will allow delivery of

more advantaged crude

to our refineries on the

East and West Coasts.

Truck movements are provided through approximately 150 third-party

trucking companies. A joint venture, Sentinel Transportation, LLC,

provides dedicated and specialized trucking services for Phillips 66.

PHILLIPS 66tRANSPORtAtION

Phillips 66 truck rack at its terminal in Portland, Ore.

Phillips 66 Pipeline Control Center in Bartlesville, Okla.

The first car of Phillips 66’s recent 2,000 railcar order.

19


MAJOR PIPELINE SYStEMS

CRUDE AND FEEDStOCkS

Coast and Valley System Central CA/Bay Area, CA 100 8”-12” 702 307

Clifton Ridge Westlake, Equillon, Pecan Grove, LA 100 20” 10 270

Cushing Cushing, OK/Ponca City, OK 100 18” 62 130

WA Line Odessa, TX/Borger, TX 100 12”, 14” 300 118

Oklahoma Mainline/CPL Wichita Falls, TX/Ponca City, OK 100 12” 217 100

Line O Cushing, OK/Borger, TX 100 10” 276 37

Line 80 Gaines, TX/Borger, TX 100 8”, 12” 237 33

Glacier Cut Bank, MT/Billings, MT 79 8”-12” 865 100

PEtROLEUM PRODUCtS

Sweeny to Pasadena Sweeny, TX/Pasadena, TX 100 12”, 18” 120 264

Gold Line Borger, TX/St. Louis, IL 100 8”-16” 681 120

Standish Marland Junction, OK/Wichita, KS 100 18” 100 80

Borger to Amarillo Borger, TX/Amarillo, TX 100 8”, 10” 93 76

Wood River Ponca City, OK/Mt. Vernon, MO 100 10”, 12” 250 45

Cherokee 8” Ponca City, OK/Wichita Falls, TX 100 8” 215 46

Wichita/Ark City 1&2 Ponca City, OK/Wichita, KS 100 8”, 10” 105 55

Seminoe Billings, MT/Sinclair, WY 100 6”-10” 342 33

Borger-Denver McKee, TX/Denver, CO 70 6”-12” 405 38

Pioneer Sinclair, WY/Salt Lake City, UT 50 8”, 12” 562 63

ATA Line Amarillo, TX/Albuquerque, NM 50 6”, 10” 293 20

Heartland McPherson, KS/Des Moines, IA 50 8”, 6” 49 30

Yellowstone Billings, MT/Spokane, WA 46 6”-10” 710 66

Harbor Woodbury, NJ/Linden, NJ 33 16” 80 104

SAAL Amarillo, TX/Amarillo and Lubbock, TX 33 6” 121 18

Explorer Texas Gulf Coast/Chicago, IL 14 24”, 28” 1,835 500

NGL

Line EZ Rankin, TX/Sweeny, TX 1001 10” 434 101

Blue Line Borger, TX/St. Louis, IL 100 8”-12” 666 29

Chisholm Kingfisher, OK/Conway, KS 50 8”-10” 202 42

Powder River Douglas, WY/Borger, TX 100 6”-8” 695 19

Skelly-Belvieu Skellytown, TX/Mont Belvieu, TX 50 8” 571 29

Sand Hills2 Permian Basin/Mont Belvieu, TX 33 20” 720 200

Southern Hills2 U.S. Midcontinent/Mont Belvieu, TX 33 20” 800 175

LPG

Medford PBC Ponca City, OK/Medford, OK 100 4”-12” 42 60

Conway to Wichita Conway, KS/Wichita, KS 100 12” 55 38

NAtURAL GAS

Rockies Express Meeker, CO/Clarington, OH 25 36”-42” 1,679 1.8 BCFD

1 100 percent interest held by CPChem. Operated by Phillips 66.2 Phillips 66 has a direct one-third ownership in the pipeline entities; operated by DCP Midstream; reflects expected capacity; reported within NGL operations.

NAME ORIGINAtION/tERMINUS INtERESt (PERCENt) SIZE MILES CAPACItY (MBD)

as of Dec. 31, 2012

20


FINISHEDPRODUCt tERMINALS

Albuquerque

Amarillo

Billings

Bozeman

Colton

Denver

Des Moines

East St. Louis

Glenpool

Great Falls

Hartford

Helena

Jefferson City

Kansas City

La Junta

Lincoln

Linden

Los Angeles

Lubbock

Missoula

Moses Lake

Mount Vernon

North Salt Lake

Oklahoma City

Pasadena

Ponca City

Portland

Renton

Richmond

Rock Springs

Sacramento

Sheridan

Spokane

Tacoma

Tremley Point

Westlake

Wichita Falls

Wichita North

Wichita South

New Mexico

Texas

Montana

Montana

California

Colorado

Iowa

Illinois

Oklahoma

Montana

Illinois

Montana

Missouri

Kansas

Colorado

Nebraska

New Jersey

California

Texas

Montana

Washington

Missouri

Utah

Oklahoma

Texas

Oklahoma

Oregon

Washington

California

Wyoming

California

Wyoming

Washington

Washington

New Jersey

Louisiana

Texas

Kansas

Kansas

244

277

88

113

211

310

206

2,245

366

157

1,075

178

110

1,294

101

219

429

113

179

348

186

363

657

341

3,210

51

671

228

332

125

141

86

351

307

1,688

128

303

679

216

18

26

16

13

21

36

15

78

17

12

17

10

16

66

10

21

121

75

17

29

10

46

41

48

65

23

33

20

28

19

13

15

24

17

39

16

15

12

21

FACILItY NAME LOCAtION StORAGE CAPACItY RACk CAPACItY (MBBLS) (MBD)

as of Dec. 31, 2012

21


Consistent with Phillips 66’s strategy to grow its Midstream busi-

ness, in December 2012 we announced plans to form a master

limited partnership (MLP) with a portion of our Transportation assets.

We believe a Phillips 66 MLP will provide value to Phillips 66 share-

holders, highlight the value of our logistics and infrastructure assets,

and be an integral vehicle to support growth in transportation and

midstream infrastructure.

Phillips 66 formed Phillips 66 Partners LP to own, operate, develop

and acquire primarily fee-based crude oil, refined petroleum product,

and natural gas liquids pipelines and terminals, and other transporta-

tion and midstream assets. Headquartered in Houston, Phillips 66

Partners’ assets include the Clifton Ridge crude oil pipeline, terminal

and storage system in Louisiana; the Sweeny to Pasadena refined

petroleum product pipeline, terminal and storage system in Texas;

and the Hartford Connector refined petroleum product pipeline, termi-

nal and storage system in Illinois.

Phillips 66 has majority ownership of Phillips 66 Partners and acts

as the general partner with full management and operating responsi-

bility for the business. The remaining minority or non-controlling inter-

est, consisting of limited partner units, was sold in an initial public

offering in July 2013. Common units of Phillips 66 Partners trade on

the New York Stock Exchange under the ticker symbol PSXP.

PHILLIPS 66PARtNERS

TX

LA

IL

WOODRIVER

LAKECHARLES

HOUSTON

SWEENY

SWEENY

PASADENA

SWEENY TO PASADENA PIPELINES12" AND 18" PIPELINES

TX

SWEENY TO PASADENAPRODUCTS SYSTEM

IL

LAKECHARLES

PECAN GROVECLIFTON RIDGE

CLIFTON RIDGETO LAKE CHARLESPIPELINE

SHELL TOCLIFTON RIDGEPIPELINE

TX

LAPECAN GROVETO CLIFTON RIDGEPIPELINE

CALC

ASIE

U RI

VER

CLIFTON RIDGECRUDE SYSTEM

MO

IL

MISSISSIPPI RIVER

HARTFORD

WOODRIVER

WOOD RIVERTO HARTFORD

PIPELINE

HARTFORD TOEXPLORERPIPELINE

HARTFORD CONNECTORPRODUCTS SYSTEM

HOUSTON

GULF OF MEXICO

HEADQUARTERS

PRODUCT TERMINAL

CRUDE TERMINAL

PRODUCT PIPELINE

CRUDE PIPELINE

BARGE DOCK

SHIP DOCK

PHILLIPS 66OPERATED REFINERY

PHILLIPS 66 PARTNERS ASSETS

22


Plant 10LaSalle

SOUTHERN HILLS

SAND HILLS

FRONT RANGE

WATTENBERG

TEXASEXPRESS

BLACKLAKE

SEABREEZE/WILBREEZE

Lucerne 2Mewbourn

Conway

Mont Belvieu

Wolfberry

Avalon/Bone Springs

RawhideMidway

GoliadEagle

National Helium

WATTENBERG

BLACKLAKE

SEABREEZE/WILBREEZE

Conway

Mont Belvieu

Wolfberry

National Helium

Avalon/Bone Springs

2015Executingon $6B of growth

capital expenditureopportunities

between2013-2015

~$11B Assets $15B+

62 # of plants 70+

6.2 Processing volume ~7.0 (TBTUD)

~400 NGL production 500+ (MBD)

~1,300 NGL pipelines (mi) ~3,000

2012 data as of Dec. 31, 2012

2012

Top tier gathererand processor

Emerging leader in midstreamlogistics services

GAS PLANTNEW GAS PLANTGAS PLANT EXPANSION/RESTARTFRACTIONATOR

NGL PIPELINESGAS PIPELINES

DCP MIDStREAMDCP Midstream, LLC is equally owned by Phillips 66 and Spectra

Energy. Headquartered in Denver, Colo., DCP Midstream leads

the midstream industry as one of the nation’s largest natural gas

gatherers and processors, and one of the largest producers and

marketers of NGL in the United States. Operations include gathering

and transporting raw natural gas through approximately 63,000 miles

of pipeline. The collected gas is processed at 62 owned or operated

plants and treaters. Additionally, DCP Midstream owns or operates

12 fractionators.

In 2005, DCP Midstream created a master limited partnership, DCP

Midstream Partners, LP, of which a wholly owned subsidiary of DCP

Midstream acts as general partner. DCP Midstream Partners, LP

gathers, compresses, treats, processes, transports, stores and sells

natural gas. It also produces, fractionates, transports, stores and

sells NGL and condensate. DCP Midstream Partners, LP is also a

leading distributor of propane. The partnership’s units trade on the

New York Stock Exchange under the ticker symbol DPM.

kEY PROJECtS

DCP Midstream is a large integrated service provider with

strategically located assets in liquids-rich developments. Growing

industry demand continues to drive infrastructure needs and

attractive expansion opportunities. DCP Midstream expects to

execute on approximately $6 billion in growth projects from

2013 to 2015.

SOUtHERN HILLS PIPELINE

The 800-mile Southern Hills Pipeline provides improved market

access for growing midcontinent NGL production. Extensions lead

to Mont Belvieu, Texas, facilities and various receipt points in the

midcontinent. The

pipeline started up

in the first quarter

of 2013. Phillips 66

and Spectra Energy

each acquired a one-

third interest in the

entity that owns the

pipeline in November

2012. The regulated,

common-carrier

pipeline will ramp up

to a capacity of 175,000 barrels per day after completion of planned

pump stations.

SAND HILLS PIPELINE

The 720-mile Sand Hills Pipeline will meet growing demand in the

Permian Basin and Eagle Ford Shale. Service from the Eagle Ford

began in December 2012. Deliveries from the Permian started in

the second quarter of 2013. Phillips 66 and Spectra Energy each

acquired a one-third interest in the entity that owns the pipeline

in November 2012. The common-carrier pipeline will ramp up to a

capacity of more than 200,000 barrels per day after completion of

initial pump stations. Further capacity increases to 350,000 barrels

per day are possible with the installation of additional pump stations.

Growing industry demand continues to drive infrastructure needs and attractive expansion opportunities.

23


Phillips 66 holds interests in three NGL fractionators and gathering

systems at important NGL hubs in the United States. Phillips 66

owns 22.5 percent of Gulf Coast Fractionators in Mont Belvieu,

Texas. Phillips 66 also owns 12.5 percent of the Enterprise Mont

Belvieu Fractionator and 40 percent of the Conway Fractionator,

located at the Conway hub in Kansas. Phillips 66 has announced it is

exploring development of a 100,000 barrel-per-day fractionator to be

located in Old Ocean, Texas, close to the company’s Sweeny Refinery.

If approved, construction is expected to begin in the first half of

2014, with startup expected during the second half of 2015.

In addition to the fractionators, Phillips 66 also owns approximately

240 miles of Y-grade gathering systems in the Texas Panhandle.

These systems gather both Y-1 and Y-2 NGL streams for supply to

the company’s facilities at its joint venture Borger Refinery and the

fractionation facilities in Mont Belvieu and Conway.

Phillips 66 Commercial has supply and trading operations that

manage NGL volume requirements from Phillips 66 refineries and

fractionators. It also conducts trading at the Conway and Mont

Belvieu hubs.

In 2012, Phillips 66 acquired direct one-third ownership interests in

the Sand Hills and Southern Hills pipeline entities, connecting Eagle

Ford, Permian and midcontinent production to the Mont Belvieu,

Texas, market.

NGL OPERAtIONS

Gulf Coast Fractionators in Mont Belvieu, Texas.

Employee working on Phillips 66’s Commercial trading floor in Houston, Texas.

24

Phillips 66’s Chemicals segment comprises a 50 percent equity investment in Chevron Phillips Chemical Company LLC (CPChem), a joint venture with Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corporation.


PHILLIPS 66CHEMICALS

34Billion pounds per year of net CPChem chemicals processing capacity as of 2012

25


CPChem’s Cedar Bayou Complex in Baytown,Texas, the site for its proposed world-scale ethane cracker and 1-hexene plant.

26


OLEFINS AND POLYOLEFINSCAPACITY UTILIZATIONPercent


11H 2013 ROCE is annualized.

CHEMICALS OVERVIEWOPERAtING HIGHLIGHtS — CPCHEM (100%) 2012 2011 2010

Number of manufacturing sites 36 35 34

Plant gross capacity (BLB/Y) 48 41 41

Net capacity (BLB/Y) 34 31 31


Employees at year-end (thousands) 4.7 4.7 4.6

10 12 1H1311

0

5

10

15

20

25

30

35

980

463

10 1211

93

1H13

849

1 94

10 1211

33.3

30.8

31.0

10 1211

31

1H13

252

8

21

10 1211

31

28

21

486

716

10 1211

$823

$486

$716

Chemicals Earnings



Net Capacity


0

200

400

600

800

1000

0

10

50

60

70

20

30

40

80

90

100

10 12 1H1311

0

5

10

15

20

25

30

35

98

0

46

3

10 1211

93

1H13

849

1 94

10 1211

33.3

30.8

31.0

10 1211

31

1H13

252

8

21

10 1211

31

28

21

48

6

71

6

10 1211

$8

23

$4

86

$7

16

Chemicals Earnings



Net Capacity


0

200

400

600

800

1000

0

10

50

60

70

20

30

40

80

90

100

10 12 1H1311

0

5

10

15

20

25

30

35

98

0

46

3

10 1211

93

1H13

849

1 94

10 1211

33

.3

30

.8

31

.0

10 1211

31

1H13

252

8

21

10 1211

31

28

21

48

6

71

6

10 1211

$8

23

$4

86

$7

16

Chemicals Earnings



Net Capacity


0

200

400

600

800

1000

0

10

50

60

70

20

30

40

80

90

100

ADJUSTED EARNINGS$ million


• Maintained top-tier safety performance by participating in OSHA’s

Voluntary Protection Program (VPP). Currently 17 of 20 eligible sites

are VPP certified.

• Strengthened balance sheet by retiring $1 billion of debt.

• Began commercial production at the Saudi Polymers Company

(SPCo) petrochemical complex in Jubail Industrial City, Saudi Arabia,

which is a 35-percent-owned joint venture project.

• Announced plans and began work to expand the NGL fractionator

complex at its Sweeny facility in Old Ocean, Texas. The project was

completed in the second quarter of 2013.

• Advanced plans to build a world-scale ethane cracker and

polyethylene facilities. The proposed ethane cracker will be built

at the company’s Cedar Bayou facility in Baytown, Texas. The

polyethylene facility will be built near the company’s Sweeny

facility in Old Ocean, Texas. Both projects are anticipated to start

up in 2017.

• Announced and began construction of a world-scale 1-hexene

plant at the company’s Cedar Bayou chemical complex in

Baytown, Texas, with anticipated startup in 2014.

27


QATAR

SAUDI ARABIA

COLOMBIA

SOUTH KOREA

SINGAPORE

CHINA

UNITED STATES

BELGIUM

INDIAN OCEAN

JOINT VENTURE FACILITIES

WHOLLY OWNED FACILITIES

RESEARCH AND DEVELOPMENT CENTERS

ATLANTIC OCEAN

PACIFIC OCEAN

CPCHEM WORLDWIDE OPERATIONS AS OF DEC. 31, 2012

ATLANTIC OCEAN

PACIFICOCEAN

GULF OFMEXICO

MANUFACTURING FACILITIES

RESEARCH AND TECHNOLOGY FACILITIES

HEADQUARTERS

MILES

0 200

CPCHEM U.S. OPERATIONS AS OF DEC. 31, 2012

28


Now in its 13th year of operations, CPChem had approximately 4,700

employees worldwide and approximately $9.4 billion in assets, as of

Dec. 31, 2012.

Headquartered in The Woodlands, Texas, CPChem’s business is

structured around two primary operating segments: Olefins and

Polyolefins (O&P) and Specialties, Aromatics and Styrenics (SA&S).

The O&P segment produces and markets ethylene, propylene and

other olefins products. The majority of the ethylene is consumed within

the O&P segment for the production of polyethylene, normal alpha

olefins and polyethylene pipe. The SA&S segment manufactures and

markets aromatics

products, such as

benzene, styrene,

paraxylene and

cyclohexane, as well

as polystyrene and

styrene-butadiene

copolymers. SA&S

also manufactures

and markets

a variety of

specialty chemical

products, including

organosulfur

chemicals,

solvents, drilling

chemicals, mining

chemicals, and

high-performance

engineering plastics

and compounds.

CPCHEM IS tHE:

•Largest producer of high-density polyethylene (HDPE) in the world.

• Fourth-largest ethylene producer in North America.

•Second-largest cyclohexane producer and largest cyclohexane

marketer in the world.

• Second-largest alpha olefins producer in the world.

CPCHEM’S PRIMARY BRANDS INCLUDE:

• Marlex® polyethylene, a premium extrusion and rigid packaging resin.

• MarFlex® polyethylene, a superior flexible packaging resin.

• K-Resin® styrene-butadiene copolymer (SBC), the number one brand

of SBC in the world.

• Ryton® polyphenylene sulfide (PPS), a high-performance engineering

polymer known for dimensional stability and resistance to corrosive

and high-temperature environments.

• Soltex® drilling mud additive, a high-temperature/high-pressure fluid

loss control additive for water-based muds.

• Scentinel® Gas Odorants, which are added to natural gas to give it a

distinctive smell, a vital safety measure.

CPChem, through its subsidiaries and equity affiliates, has 36

manufacturing facilities located in Belgium, China, Colombia, Qatar,

Saudi Arabia, Singapore, South Korea and the United States. In

addition, CPChem has two research and development centers.

These facilities provide full-scale petrochemical and polymer research,

including new catalyst development, product and process development,

and commercial process support. CPChem employs more than 250

scientists, researchers and engineers in its research facilities.

CPChem’s state-of-the-art plastics technical centers are equipped

with the latest processing and testing technology for the molding and

extruding of polymer and copolymer resins.

CPChem’s loop slurry process for HDPE production is one of the most

widely licensed processes in the world, with more than 80 commercial

reactor facilities utilizing this technology. Another technological

achievement is Aromax® technology, the lowest-cost process for on-

purpose production of benzene.

Other technological achievements and proprietary technology include:

On-purpose 1-hexene technology, normal alpha olefin production

technology, Ryton® PPS generation V process, tapering technology for

K-Resin® SBC, methyl mercaptan process and technology, first and

second generation functional drilling fluids, and polyalphaolefin stability

and low temperature performance enhancements.

CPCHEM PROFILE

CPChem’s loop slurry process for HDPE production is one of the most widely licensed processes in the world, with more than 80 commercial reactor facilities utilizing this technology.

Worker handling Marlex polyethylene at the Qatar Chemical Company plant in Masaieed, Qatar.

29


U.S. GULF COASt

CPChem continues plans to pursue a project to construct a world-

scale ethane cracker and polyethylene facilities in the U.S. Gulf

Coast region (USGC). The project will leverage the development of

the significant shale gas resources in the United States. CPChem’s

Cedar Bayou facility in Baytown, Texas, will be the location of the 3.3

billion-pounds-per-year ethylene unit. The polyethylene facility will

have two polyethylene reactors, each with an annual capacity of 1.1

billion pounds, and will be located near CPChem’s Sweeny facility

in Old Ocean, Texas. The estimated completion date for the USGC

petrochemicals project is 2017.

In April 2012, CPChem announced it will build the world’s largest

on-purpose 1-hexene plant, capable of producing up to 550 million

pounds per year at its Cedar Bayou chemical complex in Baytown,

Texas. Construction has begun, and the project is anticipated to start

up during the

first half of 2014.

Upon completion,

the new plant

will be the third

such plant to

utilize CPChem’s

proprietary

selective

1-hexene

technology,

which produces

co-monomer-

grade 1-hexene

from ethylene

with exceptional

product purity.

1-hexene

is a critical

component

used in the manufacture of polyethylene, a plastic resin commonly

converted into film, plastic pipe, milk jugs, detergent bottles, and food

and beverage containers. The proven technology is successfully used

at the Q-Chem facility in Mesaieed, Qatar, and at the SPCo Plant in

Saudi Arabia.

CPChem is also working on an expansion of the NGL Fractionator

Complex at its Sweeny Plant in Old Ocean, Texas. With the expansion,

the NGL fractionation unit will increase capacity by approximately

22,000 barrels per day or a 19 percent increase over current capacity.

The project was completed in the second quarter of 2013.

kEY PROJECtS

Saudi Polymers Company plant in Jubail Industrial City, Saudi Arabia.

CPChem announced it will build the world’s largest on-purpose 1-hexene plant, capable of producing up to 550 million pounds per year at its Cedar Bayou chemical complex in Baytown, Texas.

SAUDI CHEVRON PHILLIPS COMPANY AND JUBAIL CHEVRON

PHILLIPS COMPANY

Saudi Chevron Phillips Company (SCP) is a 50-percent-owned joint

venture of CPChem that owns and operates an aromatics complex at

Jubail Industrial City, Saudi Arabia. Jubail Chevron Phillips Company

(JCP), another 50-percent-owned joint venture of CPChem, owns and

operates an integrated styrene facility adjacent to the SCP aromatics

complex. SCP and JCP are collectively known as S-Chem.

SAUDI POLYMERS COMPANY

SPCo is a 35-percent owned joint venture company of CPChem.

Construction of the integrated petrochemicals complex at Jubail

Industrial City, Saudi Arabia, was completed in December 2011 and

commercial production began in 2012.

The integrated SPCo petrochemicals complex includes world-class

operating units that are capable of producing ethylene (2,690

MMLB/Y), propylene (970 MMLB/Y), polyethylene (2,425 MMLB/Y),

polypropylene (880 MMLB/Y), polystyrene (440 MMLB/Y) and

1-hexene (220 MMLB/Y). In addition to direct sales in the local Saudi

market, SPCo serves world markets outside the Kingdom of Saudi

Arabia through its exclusive distributor, Gulf Polymers Distribution

Company, utilizing CPChem’s global marketing network.

30


NYLON 6,6 MANUFACtURING PLANt AND POLYMER CONVERSION

FACILItIES

CPChem owns a 50 percent interest in Petrochemical Conversion

Company, a joint venture, which is continuing construction of its

Nylon 6,6 Manufacturing Plant and Polymer Conversion Facilities,

located in Jubail Industrial City II in the Kingdom of Saudi Arabia.

The plant is expected to start up in late 2013 and is being built

using state-of-the-art technology licensed from a major producer

of nylon 6,6. The project, which includes a nylon 6,6 plant, a nylon

compounding plant, and various polymer conversion plants, will have

the capacity to produce 110 million pounds per year of nylon 6,6,

44 million pounds per year of nylon compound, and 260 million

pounds per year of converted products. The plants will make a wide

range of end-use products expected to include high-performance

polyethylene pipe, drip irrigation products, medical disposables,

complex caps and closures, pharmaceutical packaging productions,

electrical fittings and automotive parts.

QAtAR CHEMICAL COMPANY LtD., QAtAR CHEMICAL COMPANY II

LtD. AND RAS LAFFAN OLEFINS COMPANY

CPChem owns a 49 percent interest in Qatar Chemical Company Ltd.

(Q-Chem), a joint venture that owns a major olefins and polyolefins

complex in Mesaieed, Qatar. CPChem also owns a 49 percent

interest in Qatar Chemical Company II Ltd. (Q-Chem II), a second

joint venture complex in Mesaieed. The Q-Chem II facility produces

polyethylene and normal alpha olefins (NAO) on a site adjacent to

the Q-Chem complex. In connection with this project, an ethane

cracker that provides ethylene feedstock via pipeline to the Q-Chem II

plants was developed in Ras Laffan Industrial City, Qatar. The ethane

cracker and pipeline are owned by Ras Laffan Olefins Company, a

joint venture of Q-Chem II and Qatofin Company Limited. Collectively,

Q-Chem II consists of its interest in the ethane cracker and pipeline

and the polyethylene and NAO plants.

kEYPROJECtS

Employees at CPChem’s Sweeny Facility in Old Ocean, Texas.

continued

Ras Laffan Olefins Company plant in Ras Laffan, Qatar.

CPChem’s Borger Facility in Borger, Texas.

O&P

Ethylene 7,830 2,475 10,305

Propylene 2,975 505 3,480

High-density polyethylene 4,205 1,725 6,500

Low-density polyethylene 620 0 620

Linear low-density polyethylene 420 0 420

Polypropylene 0 310 310

Normal alpha olefins 1,490 515 2,005

Polyalphaolefins 105 0 235

Polyethylene pipe 590 0 590

Total O&P 18,235 5,530 24,465

SA&S

Benzene 1,600 930 2,530

Cyclohexane 1,060 395 1,455

Paraxylene 1,000 0 1,000

Styrene 1,050 825 1,875

Polystyrene 835 155 1,335

K-Resin® SBC 100 0 170

Specialty chemicals 605 0 705

Ryton® PPS 55 0 75

Total SA&S 6,305 2,305 9,145

Capacities include CPChem’s share in equity affiliates.

U.S. Middle East WorldwideMMLB/Y

PEtROCHEMICAL AND PLAStICS PRODUCtION CAPACItIES as of Dec. 31, 2012

31


32


Americas Styrenics Styrene 2,100

St. James, La.

Americas Styrenics Polystyrene 270

Joliet, Ill.


Allyn’s Point, Conn.


Hanging Rock, Ohio


Torrance, Calif.


Marietta, Ohio


Cartagena, Colombia

Qatar Chemical Company Ltd. Ethylene 1,150

Mesaieed, Qatar High-density polyethylene 1,010

1-hexene 130

Qatar Chemical Company II Ltd. High-density polyethylene 770

Mesaieed, Qatar Normal alpha olefins (NAO) 760

Ras Laffan Olefins Company (RLOC) Ethylene 2,870

Ras Laffan, Qatar

Chevron Phillips Singapore High-density polyethylene 880

Chemicals (Private) Limited, Singapore

Shanghai Golden Phillips Petrochemical Co. High-density polyethylene 320

Jinshanwei, China

Saudi Polymers Company Ethylene 2,690

Jubail Industrial City, Saudi Arabia Propylene 970

High-density polyethylene 2,425

Polypropylene 880

Polystyrene 440

1-hexene 220

Saudi Chevron Phillips Company Benzene 1,865

Jubail Industrial City, Saudi Arabia Cyclohexane 790

Jubail Chevron Phillips Company Styrene 1,650

Jubail Industrial City, Saudi Arabia Ethylene 450

Propylene 330

K R Copolymer Co., Ltd. K-Resin® SBC 115

Yeosu, South Korea

Facility/Location Products Gross Capacity (MMLB/Y)

JOINt VENtURE CHEMICAL FACILItIES as of Dec. 31, 2012

33


Pasadena Plastics Complex K-Resin® SBC 100

Pasadena, Texas High-density polyethylene 2,180

Sweeny Facility Ethylene 4,110

Old Ocean, Texas Propylene 1,170

Borger Facility Organosulfur chemicals 230

Borger, Texas Ryton® PPS polymer 40

Performance and reference fuels 120

High-purity hydrocarbons and solvents 140

Mining chemicals 70

Cedar Bayou Facility Ethylene 1,840

Baytown, Texas Propylene 1,030

Normal alpha olefins 1,490

Polyalphaolefins 105

Linear low-, low- and high-density polyethylene 2,555

Orange Chemical Facility High-density polyethylene 970

Orange, Texas

Port Arthur Facility Ethylene 1,880

Port Arthur, Texas Propylene 775

Cyclohexane 1,060

Drilling Specialties Drilling specialty chemicals 45

Conroe, Texas

Houston Compounding Facility Ryton® PPS compounds 15

La Porte, Texas

Pascagoula Facility Paraxylene 1,000

Pascagoula, Miss. Benzene 1,600

Performance Pipe Division Polyethylene pipe and pipe fittings 590

Nine locations in the United States

Zhangjiagang, China Facility Polystyrene 265

Zhangjiagang, China

Tessenderlo Chemicals Facility Organosulfur chemicals 100

Tessenderlo, Belgium

Kallo Compounding Facility Ryton® PPS compounds 20

Kallo-Beveren, Belgium

Beringen, Belgium Facility Polyalphaolefins 130

Beringen, Belgium

Facility/Location Products Gross Capacity (MMLB/Y)

WHOLLY OWNED CHEMICAL FACILItIES as of Dec. 31, 2012

34


PHILLIPS 66REFINING

62

Phillips 66 has refining operations in all five U.S.

Petroleum Administration for Defense Districts (PADDs),

where the company benefits from access to cost-

advantaged crude and lower natural gas prices. Each

region contains assets integrated with transportation,

marketing and commercial activities. Phillips 66 also

owns or has an interest in three refineries in Europe and

one refinery in Asia.

Percent of U.S. refining crude slate was advantaged crude in 2012

35


The Wood River Refinery is located on the Mississippi River and processes a mix of light, low-sulfur and heavy crudes. Products include transportation fuels, petrochemical feedstocks, asphalt and coke.

36


• Ongoing focus on safety, with multiple facilities earning external

recognition for superior safety performance during the year.

• Continuing advances in environmental performance and commitment

to the communities in which we operate.

• Increased domestic advantaged crude processing to 62 percent of

total crude runs in 2012, compared to 52 percent in 2011.

• Captured strong midcontinent refining margins.

• Continuing improvements in optimization and increasing clean

product yield.

• Achieved industry-leading distillate yield.

• Completed first full year of operation for the coker and refinery

expansion (CORE) project at the Wood River Refinery, doubling

heavy crude oil gross processing capacity and delivering a 5

percent increase in clean product yield.

• Enhanced global refinery utilization rates reaching 93 percent in

2012, well above industry average.

• Expanded refined product export capability from domestic

refineries to 285,000 barrels per day by the end of 2012.

WORLWIDE CRUDE PROCESSING CAPACITYMMBD


1Crude processing capacity as of Jan. 1, 2013.21H 2013 ROCE is annualized.


REFINING OVERVIEWOPERAtING HIGHLIGHtS 2012 2011 2010

Crude oil processed (MBD) 2,064 2,166 2,156

Crude oil capacity utilization (percent) 93 92 81

Clean product yield (percent) 84 84 83

Distillate yield (percent) 40 40 39

U.S. crude processing capacity (MBD) 1,8061 1,801 1,986

International crude processing capacity (MBD) 430 426 671


10 1211

0

5

10

15

20

25

30

3.8

1H13

1.4

10 1211

2.2

1H13

2.2

2.7

2.2

10 1211

2.2

2.7

2.2

10 1211

27

1H13

19

13

4

10 1211

27

13

4

0.6

2.0

10 1211

3.8

0.6

2.0

Adjusted Earnings



Worldwide Crude Processing Capacity


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

10 1211

0

5

10

15

20

25

30

3.8

1H13

1.4

10 1211

2.2

1H13

2.2

2.7

2.2

10 1211

2.2

2.7

2.2

10 1211

27

1H13

19

13

4

10 1211

27

13

4

0.6

2.0

10 1211

3.8

0.6

2.0

Adjusted Earnings





0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

10 1211

0

5

10

15

20

25

30

3.8

1H13

1.4

10 1211

2.2

1H13

2.2

2.7

2.2

10 1211

2.2

2.7

2.2

10 1211

27

1H13

19

13

4

10 1211

27

13

4

0.6

2.0

10 1211

3.8

0.6

2.0

Adjusted Earnings





0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

ADJUSTED EARNINGS$ billion


WORLDWIDE REFINING AS OF DEC. 31, 2012

Region Crude1 total Gasoline3 Distillate3 Complexity Factor Yield Capability

Western/Pacific2 440 478 210 205 11.5 83%

Central Corridor2 475 526 265 185 11.3 88%

Gulf Coast 733 855 340 355 12.1 81%

Atlantic Basin/Europe2 588 656 270 285 9.0 84%

Worldwide 2,236 2,515 1,085 1,030 11.0 84%

Capacity (MBD) Average Nelson Average Clean Product

1As of Jan. 1, 2013.2Includes Phillips 66’s share of joint venture refineries.3Clean product capacities are maximum rates for each clean product category, independent of each other. The capacities are not additive when calculating the average clean product yield capability.

NORTHSEA

GERMANY

IRELAND

U.K. BALTIC S

EAMILES

0 200

MiRO

WHITEGATE

HUMBER

EUROPE REFINING AS OF DEC. 31, 2012

2000

MILES

MALAYSIA

MELAKA

SOUTH CHINASEA

ASIA REFINING AS OF DEC. 31, 2012

MILES

0 300

ATLANTIC OCEAN

PACIFIC OCEAN

FERNDALE

BILLINGS

PONCA CITY

WOOD RIVERSAN FRANCISCO

LOS ANGELES

ALLIANCE

LAKE CHARLES

BAYWAY

BORGER

SWEENY

GULF OF MEXICO

WHOLLY OWNED REFINERY

JOINT VENTURE REFINERY

CENTRAL CORRIDOR

ATLANTIC BASIN/EUROPE

WESTERN/PACIFIC

GULF COAST

U.S. REFINING AS OF DEC. 31, 2012

37

38


The Ferndale Refinery is located

on Puget Sound in Ferndale,

Wash., about 20 miles south

of the U.S.-Canada border. The

refinery processes Alaskan

North Slope, sour Canadian and

U.S. shale crude oils.

Ferndale operates a deepwater

dock capable of accommo-

dating tankers transporting

Alaskan North Slope crude oil

from Valdez, Alaska. It also

receives Canadian crude oil via

pipeline and U.S.-advantaged

crude via a combination of rail

and barge transport. Ferndale

Refinery facilities include a fluid

catalytic cracker, an alkylation

unit, hydrotreating units and a

naphtha reformer.

The refinery primarily produces

transportation fuels, such as

gasoline and diesel fuels. Other

products include fuel oil supply-

ing the northwest marine trans-

portation market. Most refined

products are distributed by pipe-

line and barge to major markets

in the northwest United States.

Recent improvements have

enhanced the refinery’s ability

to export refined products.

The Los Angeles Refinery is

composed of two linked facilities

located roughly five miles apart

in Carson and Wilmington, Calif.,

about 15 miles southeast of Los

Angeles International Airport. Car-

son serves as the front portion of

the refinery by processing crude

oil, and Wilmington serves as the

back portion by upgrading

the intermediate products to

finished products.

The refinery processes mainly

heavy, high-sulfur crude oil. It

receives domestic crude oil via

pipeline from California and

both foreign and domestic crude

oils by tanker through a third-

party terminal in the Port of Long

Beach. The refinery produces a

high percentage of transportation

fuels, such as gasoline, diesel

and jet fuels. Other products in-

clude fuel-grade petroleum coke.

The facilities include fluid

catalytic cracking, alkylation, hy-

drocracking, coking and naphtha

reforming units. The refinery pro-

duces California Air Resources

Board (CARB)-grade gasoline and

diesel fuels. Refined products

are distributed to customers in

California, Nevada and Arizona

by pipeline and truck. Recent im-

provements have enhanced the

refinery’s ability to export refined

products.

Ferndale Refinery

Los Angeles Refinery

REFINING WEStERN/PACIFIC as of Dec. 31, 2012

101CRUDE CAPACITY (MBD)

108TOTAL CAPACITY (MBD)

55GASOLINE CAPACITY (MBD)

30DISTILLATE CAPACITY (MBD)

7.3NELSON COMPLEXITY FACTOR

75CLEAN PRODUCT YIELD CAPABILITY

%







%

39


The San Francisco Refinery

is comprised of two facilities

linked by a 200-mile pipeline.

The Santa Maria facility is

located in Arroyo Grande, Calif.,

while the Rodeo facility is in the

San Francisco Bay Area.

The refinery processes a

mixture of heavy, high-sulfur

and light sweet crude oils. It

receives California crude oil

via pipeline and both domestic

and foreign crude oils by tanker.

Semi-refined products from the

Santa Maria facility are sent by

pipeline to the Rodeo facility for

upgrading into finished petro-

leum products. A high propor-

tion of the refinery’s production

is transportation fuel, such as

gasoline and diesel fuels.

Process facilities include cok-

ing, hydrocracking, hydrotreat-

ing and naphtha reforming

units. The refinery produces

CARB-grade gasoline and diesel

fuels. The majority of refined

products are distributed by

pipeline, railcar and barge to

customers in California. Recent

improvements have enhanced

the refinery’s ability to export

refined products.

The PSR-2 refinery in Melaka,

Malaysia, is a joint venture with

Petronas, the Malaysian state

oil company. Phillips 66 owns

a 47 percent interest in the

joint venture. The medium, high-

sulfur crude oil processed by

the refinery is sourced mostly

from the Middle East.

The refinery produces a full

range of refined petroleum

products and capitalizes on

hydrocracking and coking

technology to upgrade low-cost

feedstocks to higher-margin

products. Phillips 66’s share of

refined products is transported

by tanker and marketed in Ma-

laysia and other Asian markets.

San Francisco Refinery

Melaka Refinery1 120

CRUDE CAPACITY (MBD)






%







%

All crude capacities as of Jan. 1, 2013.1Reflects Phillips 66’s equity share.

40


The Billings Refinery, located

in Billings, Mont., processes a

mixture of Canadian heavy, high-

sulfur crude oil plus domestic

high-sulfur and low-sulfur crude

oils, all delivered via pipeline

and truck.

The facilities include fluid

catalytic cracking, naphtha

reforming and hydrodesulfur-

ization units. A delayed coker

converts heavy, high-sulfur resi-

due into higher-value light oils.

The refinery produces a high

percentage of transportation


and aviation fuels, as well as

fuel-grade petroleum coke.

Finished petroleum products

from the refinery are delivered

via pipeline, railcar and truck.

Pipelines transport most of the

refined products to markets in

Montana, Wyoming, Idaho, Utah,

Colorado and Washington.

The Ponca City Refinery, located

in Ponca City, Okla., processes

a mixture of light, medium and

heavy crude oils. Most of the

crude oil processed is received

by pipeline from Oklahoma, Texas

and Canada. Recent and ongoing

transportation infrastructure

improvements have enabled the

delivery of increased volumes

of locally produced advantaged

crude oil via pipeline and truck.

The Ponca City Refinery is a high-

conversion facility that produces

a full range of products, including

gasoline, diesel and jet fuels;

liquefied petroleum gas (LPG);

and anode-grade petroleum coke.

Its facilities include two fluid

catalytic cracking units, alkyla-

tion, delayed coking, naphtha

reforming and hydrodesulfuriza-

tion units. Finished petroleum

products are shipped by truck,

railcar, and company-owned and

common-carrier pipelines to mar-

kets throughout the midcontinent

region.

Billings Refinery

Ponca City Refinery

REFINING CENtRAL CORRIDOR as of Dec. 31, 2012







%







%

41


The Borger Refinery is located

in Borger, Texas, in the Texas

Panhandle about 50 miles north

of Amarillo. Jointly owned by

Phillips 66 and Cenovus Energy,

the Borger Refinery is operated

by Phillips 66. It includes an

NGL fractionation facility with

gross capacity of 35 MBD. The

refinery processes primarily

medium sour crude oil and NGL

delivered through pipelines

from West Texas, the Texas Pan-

handle, Wyoming and Canada.

The Borger Refinery also can

receive foreign crude oil via

company-owned and common-

carrier pipeline systems.

The refinery facilities include

two fluid catalytic cracking

units, alkylation, delayed cok-

ing, hydrodesulfurization and

naphtha reforming that enable

it to produce a high percentage

of transportation fuels, such as

gasoline, diesel and aviation fu-

els, as well as petroleum coke,

NGL and solvents. Pipelines

move refined products to West

Texas, New Mexico, Colorado

and the midcontinent region.

The Wood River Refinery is located about

15 miles northeast of St. Louis, Mo., in

Roxana, Ill. Jointly owned by Phillips 66

and Cenovus Energy, the Wood River

Refinery is operated by Phillips 66. The

complex includes a docking area on the

Mississippi River. The refinery processes

a mix of light, low-sulfur and heavy, high-

sulfur and high-acid crude oils. Wood

River receives Canadian and domestic

crude oils, including from U.S.-advantaged

sources and other foreign sources, by

various pipelines. The refinery produces

a high percentage of transportation fuels,

such as gasoline, diesel and jet fuels.

Other products include petrochemical

feedstocks, asphalt and coke.

Operations include two fluid catalytic

cracking units, alkylation, hydrocracking,

two delayed coking units, naphtha reform-

ing, hydrotreating and sulfur recovery.

Wood River is a major supplier to Lambert

International Airport in St. Louis and

Chicago O’Hare Airport. Finished product

leaves Wood River through pipelines and

by rail, barge and truck.

In its first full year of operation following

the CORE project, Wood River’s clean

product yield improved by 5 percent,

heavy crude oil gross processing capacity

doubled and overall production rates

increased. The majority of the existing as-

phalt production at Wood River has been

replaced with production of upgraded

products.

Borger Refinery1

Wood River Refinery 1







%







%

All crude capacities as of Jan. 1, 2013.1Reflects Phillips 66’s equity share.

42


The Alliance Refinery, located

on the Mississippi River in Belle

Chasse, La., 25 miles south of

New Orleans, processes mainly

light, low-sulfur crude oil. Alli-

ance receives domestic crude

oil from the Gulf of Mexico via

pipeline and foreign crude oil

from West Africa via pipeline

connected to the Louisiana Off-

shore oil port. The refinery also

receives U.S.-advantaged crude

oil via marine transport.

The single-train refinery’s facili-

ties include fluid catalytic crack-

ing, alkylation, coking, hydrode-

sulfurization units, a naphtha

reformer and aromatics units

that enable it to produce a high



and jet fuels. Other products

include petrochemical feed-

stocks, home heating oil and

anode-grade petroleum coke.

The majority of the refined

products are distributed to cus-

tomers in the southeastern and

eastern United States through

major common-carrier pipeline

systems and by barge. Recent

improvements have enhanced

the refinery’s ability to export

refined products.

The Lake Charles Refinery, located

in Westlake, La., processes some

light, sweet crude oil; however, it

primarily processes heavy, high-

sulfur and high-acidic crude oils.

The refinery receives domestic

Gulf Coast, U.S.-advantaged and

foreign crude oils.

The facilities include crude distil-

lation, a fluid catalytic cracker,

alkylation, a hydrocracker, a

delayed coker and hydrodesul-

furization units that enable it to

produce low-sulfur gasoline and

diesel fuels, home heating oil and

fuel-grade petroleum. The refinery

facilities also include a specialty

coker and calciner, which produce

graphite petroleum coke for the

steel industry. Through the Excel

Paralubes joint venture, the

refinery produces base oils for

lubricants.

The Lake Charles Refinery pro-

duces a high percentage of


gasoline and jet fuels, along with

home heating oil. The major-

ity of its refined products are

distributed by truck, railcar, barge

or major common-carrier pipelines

in the southeastern and eastern

United States. In addition, refined

products can be sold into export

markets through the refinery’s

marine terminal.

Alliance Refinery

Lake Charles Refinery

REFINING GULF COASt as of Dec. 31, 2012







%








%


247

43


The Sweeny Refinery, located

in Old Ocean, Texas, 65 miles

southwest of Houston, processes

mainly heavy, high-sulfur crude

oil, but also processes light,

low-sulfur crude oil. The refinery

receives domestic, including

U.S.-advantaged and foreign

crude oil, primarily through wholly

and jointly owned terminals on

the Gulf Coast, including a deep-

water terminal at Freeport, Texas.

The refinery facilities include

two fluid catalytic cracking units,

delayed coking, alkylation, a

naphtha reformer and hydrode-

sulfurization units. It operates

nearby terminals and storage

facilities in Freeport, Jones Creek

and on the San Bernard River,

along with pipelines that connect

these facilities to the refinery.

The refinery produces a high per-

centage of transportation fuels,

such as gasoline, diesel and jet

fuels. Other products include

petrochemical feedstocks, home

heating oil, fuel-grade petroleum

coke. Refined products are dis-

tributed throughout the midwest

and southeastern United States

by pipeline, barge and railcar.

Recent improvements have

enhanced the refinery’s ability to

export refined products.

Sweeny Refinery247

CRUDE CAPACITY (MBD)






%


All crude capacities as of Jan. 1, 2013.

44


The Bayway Refinery, located

on New York Harbor in Linden,

N.J., processes mainly light,

low-sulfur crude oil. Crude oil

is supplied to the refinery by

tanker, primarily from the North

Sea, Canada and West Africa.

U.S.-advantaged crude oil is

supplied to the refinery using a

combination of rail and marine

transport.

Bayway refining units include

one of the world’s largest

fluid catalytic cracking units,

hydrodesulfurization units, a

naphtha reformer, an alkylation

unit and other processing equip-

ment.

The refinery produces a high



and jet fuels, as well as petro-

chemical feedstocks, residual

fuel oil and home heating oil.

The facility distributes refined

products to East Coast custom-

ers via barges, trucks, pipelines

and railcars. Bayway also has

a 775 million pound per year

polypropylene plant.

The Whitegate Refinery is lo-

cated in Cork, Ireland. Whitegate

is Ireland’s only refinery. Crude

oil processed by the refinery is

light, low-sulfur crude oil sourced

mostly from the North Sea, North

Africa and West Africa.

Whitegate primarily produces


gasoline, diesel and fuel oil

which are distributed mostly

inland, with some exported to

international markets. Phillips 66

also operates a crude oil and

products terminal with 7.5 mil-

lion barrels of storage facilitated

by an offshore mooring buoy in

Bantry Bay, Cork, Ireland, which

is about 80 miles southwest of

the refinery.

Bayway Refinery

Whitegate Refinery

REFINING AtLANtIC BASIN/EUROPE as of Dec. 31, 2012







%








%


45


The Humber Refinery is located in

North Lincolnshire, United King-

dom. Crude oil processed at the

refinery is supplied primarily from

the North Sea and includes light-,

low- and medium-sulfur and acidic

crude oils.

Humber is one of the most

sophisticated refineries in Europe.

It is a fully integrated facility that

produces a high proportion of

transportation fuels, such as gaso-

line, diesel and jet fuels. Humber’s

fluid catalytic cracking unit/thermal

cracking/coking configuration

means that substantial volumes

of other feedstocks, such as low-

sulfur fuel oil and vacuum gas oil,

are processed alongside crude oil

to fully utilize Humber’s cracking

capability.

The refinery also has two coking

units with associated calcining

plants that upgrade the heavy bot-

toms and imported feedstocks into

light oil products and high-value

graphite and anode-grade petro-

leum coke. Humber, the only coking

refinery in the United Kingdom,

is the world’s largest producer

of specialty graphite cokes and

Europe’s largest anode-grade coke

producer. Approximately 60 percent

of the light oils produced in the

refinery are marketed in the United

Kingdom, while the other products

are exported to the rest of Europe,

West Africa and the United States.

The Mineraloelraffinerie Oberrhein

GmbH (MiRO) Refinery, located on the

Rhine River in Karlsruhe in southwest

Germany, is a joint venture refinery with

Phillips 66 holding an 18.75 percent

interest, the other owners being Shell,

ExxonMobil and Ruhr Oel GmbH.

Phillips 66 processes mainly medium

sweet and medium sour crude oils in its

share of the refinery. Crude is sourced

from Russia, North Africa, the Caspian

Sea and the Middle East, and delivered

to the refinery via a cross-country pipe-

line from the port in Trieste, Italy.

The facilities at the high-conversion

refinery include three crude unit trains,

fluid catalytic cracking, petroleum cok-

ing and calcining, hydrodesulfurization

units, naphtha reformers, isomerization

and aromatics recovery units, ethyl tert-

butyl ether (ETBE), and alkylation units

that enable it to produce a high percent-

age of transportation fuels, such as

gasoline and diesel fuels. Other prod-

ucts include petrochemical feedstocks,

home heating oil, bitumen, and anode

and fuel-grade petroleum coke.

Phillips 66 distributes the majority of

its share of the refined products to

customers in southwest Germany, north-

ern Switzerland and western Austria by

truck, railcar, barge and pipeline.

Humber Refinery

MiRO Refinery1







%








%


All crude capacities as of Jan. 1, 2013. 1Reflects Phillips 66’s equity share.

46


MARkEtING AND SPECIALtIES

2.1

Phillips 66 Marketing and Specialties segment includes

marketing of gasoline, diesel and jet fuel in the United

States, as well as marketing of gasoline and diesel in

Europe. the segment also includes the company’s

lubricants, flow improver and power generation

businesses.

Million barrels per day of Marketing petroleum product sales in 2012

47


Phillips 66 manufactures and markets flow improvers, which maximize the flow potential of pipelines while increasing performance.

48


• Continued focus on safety and operating excellence, with the U.K.

and Ireland marketing businesses completing the 11th consecutive

year without an employee recordable injury.

• Successfully introduced the KickBack® loyalty program into multiple

branded U.S. fuel markets.

• Increased aviation network of Fixed Based Operators to more than

875 locations in the United States.

• Opened 20 new JET® stations and achieved more than 10 percent

market share in Germany through a highly efficient retail network.

• Celebrated 10-year anniversary of exclusive agreement with

South Korean base oil supplier, S-Oil, to distribute and market

high-viscosity-index base oils in North America.

• Extended key strategic Original Equipment Manufacturer

customer contracts in lubricants.

• Achieved record throughput at Savannah Lubricants Plant and

record lubricants export volume at Los Angeles Terminal.

• Expanded Phillips Specialty Products Inc. (PSPI) plant capacity.

• Experienced record volumes in PSPI driven by increased heavy oil

product sales and North American shale growth.

MARKETING PETROLEUM PRODUCT SALESMMBD



MARkEtING AND SPECIALtIES OVERVIEWOPERAtING HIGHLIGHtS 2012 2011 2010

Marketing gasoline sales (MBD) 1,101 1,204 1,196

Marketing distillate sales (MBD) 985 1,039 1,033

Marketing petroleum product sales (MBD) 2,103 2,261 2,245

Flow improver volume growth (percent) 10 23 41


10 1211

0

7.55

15

22.5

30

564

1H13

511

10 1211

2.1

1H13

2.2

2.2 2.3

10 1211

2.1

2.7

2.2

10 1211

17

1H13

29

17

12

10 1211

17

17

12

424

550

10 1211

564

424

550

Adjusted Earnings



Petroleum Product Sales


0

100

200

300

400

500

600

0.0

0.5

1.0

1.5

2.0

2.5

3.0

10 1211

0

7.55

15

22.5

30

564

1H13

511

10 1211

2.1

1H13

2.2

2.2 2.3

10 1211

2.1

2.7

2.2

10 1211

17

1H13

29

17

12

10 1211

17

17

12

424

550

10 1211

564

424

550

Adjusted Earnings





0

100

200

300

400

500

600

0.0

0.5

1.0

1.5

2.0

2.5

3.0

10 1211

0

7.55

15

22.5

30

564

1H13

511

10 1211

2.1

1H13

2.2

2.2 2.3

10 1211

2.1

2.7

2.2

10 1211

17

1H13

29

17

12

10 1211

17

17

12

424

550

10 1211

564

424

550

Adjusted Earnings





0

100

200

300

400

500

600

0.0

0.5

1.0

1.5

2.0

2.5

3.0

ADJUSTED EARNINGS$ million

11H 2013 ROCE is annualized.

MARKET SHARE3

10-20% <10%

EUROPE MARKETING2 AS OF DEC. 31, 2012

NORTHSEA

GERMANY

SWITZERLANDAUSTRIA

U.K.310

770

250145

BALTIC SEA

MILES

0 200

49


PACIFIC OCEAN

HAWAII

ALASKA

BERINGSEA

MILES

0 500

MILES

0 100 LOS ANGELES

PORTLAND

HARTFORD

SWEENY

BRYAN GULF COAST

SAVANNAH

FUELS MARKET SHARE1

>20%

MILES

0 200

10-20% 5-10% <5%

ATLANTIC OCEAN

GULF OF MEXICO

LUBRICANTS PLANT

POWER GENERATION FACILITY

FLOW IMPROVER PLANT

U.S. MARKETING AND SPECIALTIES AS OF DEC. 31, 2012

1 Market share based on all Phillips 66 stations as a percentage of total stations in state.2 Map does not include 200 sites with brand licensing agreements.3 Market share based on sold fuel volumes.

50


MARkEtINGUnited States

In the United States, Phillips 66 markets gasoline, diesel and aviation

fuel. Most marketing outlets are owned and operated by independent

dealers and wholesale marketers. The majority of these outlets are

branded with Phillips 66®, Conoco® or 76® and feature gasolines that

have been recognized as TOP TIER™ by leading automakers. These

operations are strategically served by the company’s refineries and

transportation systems.

In its wholesale operations, Phillips 66 utilizes a network of branded

marketers and dealers operating approximately 7,100 outlets. Refined

products are sold on both a branded and unbranded basis. The

company emphasizes the wholesale channel of trade; however, we also

hold brand licensing agreements with approximately 500 other sites.

In addition to automotive gasoline and diesel fuel, the company pro-

duces aviation fuels and markets them through independent market-

ers and dealers at approximately 900 Phillips 66® aviation-branded

fixed-base operations, the largest branded network in the U.S. general

aviation industry.

Europe

In Europe, Phillips 66 mar-

kets motor fuels under JET®

through company-owned out-

lets in Germany and Austria

and dealer-owned outlets

in the United Kingdom. The

company also has an equity

interest in a joint venture

that markets motor fuels in

Switzerland under Coop®.

Phillips 66 markets aviation fuels, LPG, heating oils, transportation

fuels, marine bunker fuels, fuel coke and bitumen to commercial

customers and into the bulk or spot market. In addition, total Irish

refinery production is sold to local and international oil companies and

independent resellers in the inland Irish market.

As of Dec. 31, 2012, M&S had approximately 1,425 marketing

outlets in its European operations, of which approximately 915 were

company owned and 310 were dealer owned. The company also held

brand licensing agreements with approximately 200 sites. Addition-

ally, through joint venture operations in Switzerland, Phillips 66 has

interests in 250 other sites.

MARkEtINGAND SPECIALtIES

Phillips 66 markets fuels and lubricants under these brands.

®® ®

51


POWER GENERAtIONPhillips 66 owns a 50 percent operating interest in Sweeny Cogen-

eration, LP, located within the Sweeny Refinery. The joint venture’s

440-megawatt facility provides steam and electricity to the Sweeny

Refinery and sells excess power under a long-term sales agreement.

Other smaller cogeneration facilities in the Phillips 66 portfolio are

included within the assets of the refineries that they support.

In July 2013, we sold the Immingham Combined Heat and Power Plant

located in North Lincolnshire, UK.

SPECIALtIES BUSINESSES Phillips 66 manufactures and markets specialty products, including

petroleum coke products, waxes, solvents, polypropylene and pipeline

flow improvers, which are sold to commercial, industrial and wholesale

buyers worldwide.

PSPI

PSPI supplies flow improver products to customers on six continents.

LiquidPower™ flow improvers maximize the flow potential of pipelines

while increasing their operational flexibility, capacity and economic per-

formance. Millions of barrels of crude oil, refined products and select

water applications are treated with LiquidPower™ flow improvers.

Petroleum Coke

Phillips 66 is the largest global producer of needle coke for manufac-

turing electric arc furnace electrodes, supported by our outstanding

manufacturing expertise, technological leadership and rigorous quality

control. Our experience in carbon upgrading also supports the supply of

green and calcined specialty cokes to the steel, aluminum and titanium

dioxide industries in multiple countries from our refineries located in

North America and the United Kingdom.

Solvents

Phillips 66 manufactures and markets a broad array of specialty sol-

vents for use in a variety of industrial and chemical manufacturing.

Polypropylene

Phillips 66 produces polypropylene resins at its world-scale polypropyl-

ene plant adjacent to its Bayway Refinery in Linden, N.J. The product

is sold under COPYLENE®. The plant is one of the newest and largest

polypropylene production units in the northeast U.S., with a nameplate

capacity of 775 million pounds per year.

LUBRICANtS Finished Lubricants

Phillips 66 is one of the largest finished lubricants suppliers in the

United States. It manufactures and markets four major lubricant

brands: Phillips 66®, Conoco®, 76® and Kendall® motor oil. The

combination of these diverse brands, along with supplying a number of

private-label and original-equipment manufacturers in North America,

gives Phillips 66 a position in all key lubricants markets. The distribu-

tion network consists of marketers, mass merchandise stores, fast

lube stores, tire stores and automotive dealers.

Base Oil

The base oil marketing activities of Phillips 66 include the sale of Pure

Performance® hydrocracked base oils to an extensive list of customers

throughout the world and purchase of a wide range of base oils from

several North American refiners that fulfill the manufacturing needs of

the finished lubricants product lines. Additionally, Phillips 66 has an

exclusive agreement with Korea’s S-Oil Corporation to distribute and

market their high-viscosity-index base oils in North America.

Phillips 66 markets specialty products under these brands.

Lubricants plant in Los Angeles, Calif.

CONSOLIDAtEDEarnings (Loss) $2,365 $4,124 $ 4,775 $735Adjustments: Impairments – 979 318 1,118 Canceled projects – – 28 29 Net (gain)/loss on asset sales (23) (106) (1,545) (116) Gain on share issuance by equity affiliate (27) – – – Severance accruals – – 15 28 Premium on early debt retirement – 89 – – Repositioning costs – 55 – – Pending claims and settlements (16) 34 – (35) Repositioning tax impacts – 177 – – Exit of business line 34 – – – Tax law impacts (17) – – – Hurricane-related costs – 35 – – Adjusted earnings $2,316 $5,387 $3,591 $1,759

MIDStREAMEarnings (Loss) $200 $53 $2,149 $ 386Adjustments: Impairments – 330 4 – Net (gain)/loss on asset sales – – (1,618) – Gain on share issuance by equity affiliate (27) – – – Pending claims and settlements – (23) – – Hurricane-related costs – 2 – – Adjusted earnings $173 $362 $535 $386

CHEMICALSEarnings (Loss) $463 $823 $716 $486Adjustments: Impairments – 27 – – Premium on early debt retirement – 89 – – Repositioning tax impacts – 41 – – Adjusted earnings $463 $980 $716 $486

REFININGEarnings (Loss) $1,403 $3,217 $1,529 $(545)Adjustments: Impairments – 606 314 1,110 Canceled projects – – 28 29 Net (gain)/loss on asset sales – (104) 96 – Severance accruals – – 15 28 Pending claims and settlements – 19 – – Repositioning tax impacts – 73 – – Tax law impacts (13) – – – Hurricane-related costs – 33 – – Adjusted earnings $1,390 $3,844 $1,982 $622

MARkEtING AND SPECIALtIESEarnings (Loss) $520 $465 $573 $567Adjustments: Impairments – – – 8 Net (gain)/loss on asset sales (23) (2) (23) (116) Pending claims and settlements (16) 38 – (35) Repositioning tax impacts – 63 – – Exit of business line 34 – – – Tax law impacts (4) – – – Adjusted earnings $511 $564 $550 $424

RECONCILIAtION OF EARNINGS tO ADJUStED EARNINGS ($ MILLION) 1H 2013 2012 2011 2010

REFERENCE

52


53


PHILLIPS 66 - ROCENumerator ($MM) Net Income $2,370 $4,131 $4,780 $740 After-tax interest expense 90 160 11 1 GAAP ROCE earnings 2,460 4,291 4,791 741 Special Items (49) 1,263 (1,184) 1,024 Adjusted ROCE earnings $2,411 $5,554 $3,607 $1,765 Denominator ($MM) GAAP average capital employed* $27,970 $25,732 $25,064 $26,906 Annualized Adjusted ROCE 17% 22% 14% 7%Annualized GAAP ROCE 18% 17% 19% 3%

MIDStREAM - ROCENumerator ($MM) Net Income $205 $60 $2,154 $391 After-tax interest expense – – – – GAAP ROCE earnings 205 60 2,154 391 Special Items (27) 309 (1,614) – Adjusted ROCE earnings $178 $369 $540 $391 Denominator ($MM) GAAP average capital employed* $3,135 $3,030 $3,163 $3,289 Annualized Adjusted ROCE 11% 12% 17% 12%Annualized GAAP ROCE 13% 2% 68% 12%

CHEMICALS - ROCENumerator ($MM) Net Income $463 $823 $716 $486 After-tax interest expense – – – – GAAP ROCE earnings 463 823 716 486 Special Items – 157 – – Adjusted ROCE earnings $463 $980 $716 $486 Denominator ($MM) GAAP average capital employed* $3,649 $3,142 $2,563 $2,275 Annualized Adjusted ROCE 25% 31% 28% 21%Annualized GAAP ROCE 25% 26% 28% 21%

* Total equity plus total debt.

RECONCILIAtION OF EARNINGS tO ADJUStED EARNINGS ($ MILLION) 2013 YtD 2012 2011 2010REtURN ON CAPItAL EMPLOYED (ROCE) 1H 2013 2012 2011 2010

54


REFERENCE

REFINING - ROCENumerator ($MM) Net Income $1,403 $3,217 $1,529 $(545) After-tax interest expense – – – – GAAP ROCE earnings 1,403 3,217 1,529 (545) Special Items (13) 627 453 1,167 Adjusted ROCE earnings $1,390 $3,844 $1,982 $622 Denominator ($MM) GAAP average capital employed* $14,312 $14,331 $15,160 $16,829 Annualized Adjusted ROCE 19% 27% 13% 4%Annualized GAAP ROCE 20% 22% 10% -3%

MARkEtING AND SPECIALtIES - ROCENumerator ($MM) Net Income $520 $465 $573 $567 After-tax interest expense – – – – GAAP ROCE earnings 520 465 573 567 Special Items (9) 99 (23) (143) Adjusted ROCE earnings $511 $564 $550 $424 Denominator ($MM) GAAP average capital employed* $3,578 $3,411 $3,271 $3,421 Annualized Adjusted ROCE 29% 17% 17% 12%Annualized GAAP ROCE 29% 14% 18% 17%

* Total equity plus total debt.

REtURN ON CAPItAL EMPLOYED (ROCE) 1H 2013 2012 2011 2010

UNITS OF MEASURE

MBbls Thousands of Barrels

MBD Thousands of Barrels per Day

MMBD Millions of Barrels per Day

BCF Billion Cubic Feet

MCFD Thousands of Cubic Feet per Day

MMCFD Millions of Cubic Feet per Day

BCFD Billions of Cubic Feet per Day

MMLB/Y Millions of Pounds per Year

BLB/Y Billions of Pounds per Year

BTU British Thermal Units

TBTU Trillion British Thermal Units

BTUD British Thermal Units per Day

TBTUD Trillion British Thermal Units per Day

Lb/Mbbl Pounds per thousand barrels

COMMONLY USED ABBREVIATIONS

LPG Liquefied Petroleum Gas

NGL Natural Gas Liquids

OSHA Occupational Safety and Health Administration

ROCE Return on Capital Employed

DATA

Distillate capacity includes aviation and jet fuels.

The Nelson Complexity Factor calculation considers the variety and

capacity of the different processing units within a refinery. The higher

a refinery’s factor, the greater its secondary conversion capacity and

capability to produce higher-value products.

SAFE HARBOR STATEMENT

This Profile Book 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

Profile Book 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 crude

oil, NGL, and natural gas prices, and refining and petrochemical

margins; unexpected changes in costs for constructing, modifying

or operating our facilities; unexpected difficulties in manufacturing,

refining or transporting our products; lack of, or disruptions in,

adequate and reliable transportation for our crude oil, natural gas,

NGL, 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 Profile Book includes

non-GAAP financial measures, which are included to help facilitate

comparison of company operating performance across periods and

with peer companies. A reconciliation of these non-GAAP measures

to the nearest corresponding GAAP measure is included in the

reference section.

© Phillips 66 Company. 2013. All rights reserved.

About Phillips 66

Built on more than 130 years of experience,

Phillips 66 is a growing energy manufacturing and

logistics company with high-performing Midstream,

Chemicals, Refining, and Marketing and Specialties

businesses. This diverse portfolio enables Phillips 66

to capture opportunities in a changing energy

landscape. Headquartered in Houston, the company

has 13,500 employees who are committed to

operating excellence and safety. Phillips 66 is a

Fortune 5 company with $50 billion of assets

as of June 30, 2013. For more information, visit

www.phillips66.com or follow us on Twitter

@Phillips66Co.

Profile Book 2013

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