PHILLIPS 66 MIDSTREAM GROWTH PROGRAM Platts NGL Conference Houston: September 30, 2014 Chris Chandler, General Manager, NGL, Phillips 66

CAUTIONARY STATEMENT

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FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS

OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This presentation 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 presentation 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.

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Refining Midstream Chemicals

Refines crude oil into

products such as gasoline,

diesel, aviation fuel and

lubricants.

Transports crude oil,

refined products, natural

gas, and natural gas

liquids (NGL). Gathers and

processes natural gas

and NGL.

Manufactures

petrochemicals, polymers

and plastics found in cars,

electronics, and other

everyday goods.

Marketing and Specialties

Markets gasoline, diesel

and aviation fuel.

Manufactures and markets

lubricants.

PHILLIPS 66 AN ENERGY MANUFACTURING AND LOGISTICS COMPANY

Integrated portfolio including equity investments.

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WORLDWIDE OPERATIONS

As of December 31, 2013.

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NGL AND CONDENSATE SIGNIFICANT GROWTH CONTINUES

NGL Production

Actual Forecast

Source: Ponderosa Advisors

Condensate Production

MB

D

MB

D

Actual Forecast

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NGL Long-haul Infrastructure

Approximate outline of infrastructure including announced projects

NGL production continues to flow to USGC

Volumes from Permian, Rockies, Mid-con and

Northeast likely to compete for capacity with

West and South Texas production

Sources: market announcements

Additional infrastructure being built to

accommodate the growth

NGL PRODUCTION GROWTH INCREMENTAL VOLUMES TO USGC

GROWING INFRASTRUCTURE POTENTIAL FOR MORE FRACTIONATION CAPACITY

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Texas Gulf Coast Frac Capacity and Announced Expansions

Source: market announcements

MB

D

GROWING INFRASTRUCTURE U.S. LPG EXPORT POTENTIAL

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Export Capacity Needed to Address Long-term Supply Surplus

Sources: market announcements; internal analysis

Existing capacity Phillips 66 LPG Export Terminal at Freeport (2016)

Future capacity Likely LPG supply available for export

MB

D

PHILLIPS 66 MIDSTREAM NGL PLANS FOR GROWTH

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Final investment decision was approved by

PSX Board of Directors in early February

Sweeny Fractionator One: 100 MBD

NGL salt dome storage at Clemens

Pipelines to Mont Belvieu and Stratton Ridge

Industry leading LPG export terminal at

Port of Freeport

Adjacent to Sand Hills pipeline

SWEENY FRACTIONATOR UNDER CONSTRUCTION AND ON SCHEDULE

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SWEENY FRACTIONATOR UNDER CONSTRUCTION AND ON SCHEDULE

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CLEMENS STORAGE UNDER CONSTRUCTION AND ON SCHEDULE

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CLEMENS STORAGE LOCATION DETAILS

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Future Phillips 66 NGL Storage

Permitted capacity:

8 caverns at 4MM

barrels each

Adjacent to Sweeny

and Freeport CPChem Clemens Terminal

Brine pond location

3 Caverns

5 Caverns

PSX wells PSX location

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3 miles from open water

Less than 30 hours (total) of fog closure

in 2013

400-foot-wide, 45-foot-deep channel

35 million in annual cargo tonnage

3,000 vessel calls per year, including

barges

Well situated for expansion

PHILLIPS 66 FREEPORT IS ONE OF THE MOST ACCESSIBLE PORTS ON THE USGC

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Propane and butane export capability 550,000 barrel propane tank

4 refrigeration trains

World class loading Two loading arms per dock

Simultaneously load two ships

Up to 36,000 barrels per hour load rate

Capacity 8 VLGC per month; expandable to 12

Benefits of Freeport 1.5 hour transit time to-and-from open water

Expansion capability for LPG and other hydrocarbons

PHILLIPS 66 FREEPORT IS ONE OF THE MOST ACCESSIBLE PORTS ON THE USGC

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PHILLIPS 66 FREEPORT LPG EXPORT TERMINAL

FREEPORT LPG EXPORT TERMINAL UNDER CONSTRUCTION AND ON SCHEDULE

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FREEPORT LPG EXPORT TERMINAL UNDER CONSTRUCTION AND ON SCHEDULE

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FREEPORT LPG EXPORT TERMINAL UNDER CONSTRUCTION AND ON SCHEDULE

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PHILLIPS 66 MIDSTREAM FUTURE GROWTH OPPORTUNITIES

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Gathering

Transportation

Fractionation

Storage

Export

NGL Crude/

Condensate Transportation

Fuels

PHILLIPS 66 COMMITMENT TO OPERATING EXCELLENCE

• Improve personal and process safety

• Practice environmental stewardship

• Enhance reliability

• Drive cost and operating efficiency

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