Phillips 66

Strong Q2 earnings / operating momentum across segments - Q2 reported & adjusted earnings: $3.8B (EPS $9.55 reported / $9.41 adjusted). - Major drivers: refining market strength (higher realized crack spreads), midstream higher margins + volumes (benefited from no Winter Storm Fern impacts vs last quarter), chemicals higher PE margins, marketing higher global margins, and renewables higher regulatory credits. - Notable accounting factor: ~$450M favorable mark-to-market impacts across Refining/Marketing/Specialties/Renewable Fuels.

Balance sheet de-risking ahead of schedule; dividends + buybacks continuing - Total debt ended Q2 at $20.6B; net debt $16.5B (improving vs start of year). - Company expects net debt < $16B by year-end. - Cash return framework: still targeting >50% of net operating cash flow (ex working capital); expects higher share repurchases in H2. - Q2 capital returns: $887M to shareholders ($379M buybacks, $508M dividends). - Liquidity: ended quarter with $4.1B cash + $6.4B committed capacity ($10.5B total committed liquidity).

Clear management outlook: refined utilization ranges + roadmap into Q3 - Q3 expectations: - Chemicals: global O&P utilization low 90s. - Refining: worldwide crude utilization mid-90s. - Turnaround expense: $100M–$120M. - Corporate & Other costs: $325M–$350M. - Guidance theme: company emphasizes an operationally strong system and disciplined execution despite early-year volatility.