Exhibit 99.1 • Reported third-quarter earnings and adjusted earnings of $5.6
Exhibit 99.1 • Reported third-quarter earnings and adjusted earnings of $5.6 billion or $14.08 per share • Refining utilization of 98% with record Central Corridor processed inputs of 848 MBD • Third-quarter record distillate yield of 41%; clean product yield of 86% • Midstream fractionation volumes of 1 MMBD, wellhead volumes of 4.6 Bcf/D and 105% utilization at the Freeport LPG export dock • Returned $2.8 billion to shareholders through dividends and share repurchases • Decreased total debt by $2.0 billion to $18.5 billion; net debt by $3.8 billion to $12.7 billion HOUSTON, October 28, 2026 – Phillips 66 (NYSE: PSX) announced third-quarter earnings. “Phillips 66 delivered strong operating performance in the third quarter and is executing on its financial and operating commitments,” said Mark Lashier, chairman and CEO of Phillips 66. “Our integrated portfolio, commercial capabilities and focus on continuous improvement enable the company to create value for stakeholders. “The company remains steadfast in its disciplined approach to capital allocation. We target returning more than 50% of net operating cash flow to shareholders and delivering attractive, sustainable dividend growth across commodity cycles. Our recently announced second dividend increase of 2026 reinforces the company’s commitment to prudent long-term returns of capital.” B usiness Highlights • Reached a final investment decision to move forward with the proposed Western Gateway Pipeline system with an expected in-service date in 2029. • Chevron Phillips Chemical Company LLC progressed the Golden Triangle Polymers Project in Orange, Texas, and Ras Laffan Polymers Project in Qatar, with full operations for both expected in 2027. • Progressed the Coastal Bend expansion project, with initial volumes expected in the fourth quarter of 2026 and full ramp-up to 350 MBD in early 2027. • Delivered greater than $50 million of near-term synergies following the acquisition of the remaining 50% interest in WRB Refining LP on October 1, 2025. Financial Results Summary
3Q 2026 2Q 2026 ──────────────────────────────────────────────────────────────────── Earnings $ 5,616 3,847 Adjusted Earnings1 5,619 3,788 Adjusted EBITDA1 8,068 5,891 Earnings Per Share Earnings Per Share - Diluted 14.08 9.55 Adjusted Earnings Per Share - Diluted1 14.08 9.41 Cash Flow from Operations 7,281 7,259 Cash Flow from Operations, Excluding 6,185 4,317 Working Capital1 Capital Expenditures & Investments 680 726 Acquisitions, Net of Cash Acquired — 113 Proceeds from Asset Dispositions 16 64 Return of Capital to Shareholders 2,777 887 Repurchases of Common stock 2,273 379 Dividends paid on Common stock 504 508 Cash and Cash Equivalents 5,848 4,099 Debt 18,530 20,565 Net Debt1 12,682 16,466 Debt-to-Capital Ratio 34% 39% Net Debt-to-Capital Ratio1 26% 33% 1Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
3Q 2026 2Q 2026 Change ────────────────────────────────────────────────────────────────────────────── Earnings (Loss)1 $ 5,616 3,847 1,769 Midstream 702 785 -83 Chemicals 311 404 -93 Refining 6,031 3,062 2,969 Marketing and Specialties 245 583 -338 Renewable Fuels 191 544 -353 Corporate and Other -372 -407 35 Income tax expense -1,469 -1,092 -377 Noncontrolling interests -23 -32 9 Adjusted Earnings (Loss)1,2 $ 5,619 3,788 1,831 Midstream 702 785 -83 Chemicals 311 404 -93 Refining 6,060 3,086 2,974 Marketing and Specialties 245 514 -269 Renewable Fuels 191 544 -353 Corporate and Other -372 -407 35 Income tax expense -1,495 -1,106 -389 Noncontrolling interests -23 -32 9 Adjusted EBITDA2 $ 8,068 5,891 2,177 Midstream 977 1,046 -69 Chemicals 423 528 -105 Refining 6,278 3,307 2,971 Marketing and Specialties 320 580 -260 Renewable Fuels 215 568 -353 Corporate and Other -145 -138 -7 Operating Highlights NGL Pipeline Throughput - Y-Grade to 982 943 39 Market (MBD)3 NGL Fractionated (MBD) 1,003 1,020 -17 Chemicals Global O&P Capacity 92% 91% 1% Utilization Refining Turnaround Expense 79 123 -44 Realized Margin ($/BBL)2 38.00 24.08 13.92 Crude Capacity Utilization 98% 96% 2% Clean Product Yield 86% 86% —% Renewable Fuels Produced (MBD) 47 53 -6 1Segment reporting is pre-tax. 2Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release. 3Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66's direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.
Third-Quarter 2026 Financial Results Reported earnings were $5.6 billion for the third quarter of 2026 versus $3.8 billion in the second quarter of 2026. Third- quarter earnings included a pre-tax special item adjustment of ($29) million in the Refining segment. Adjusted earnings for the third quarter were $5.6 billion versus adjusted earnings of $3.8 billion in the second quarter of 2026. • Midstream pre-tax income decreased compared with the second quarter mainly due to lower margins associated with gas transportation. • Chemicals pre-tax income decreased compared with the second quarter mainly due to lower polyethylene margins, partially offset by higher polyethylene volumes and lower costs. • Refining adjusted pre-tax income increased compared with the second quarter mainly due to higher realized margins and volumes. Margins were primarily driven by an increase in market crack spreads. • Marketing and Specialties adjusted pre-tax income decreased compared with the second quarter mainly due to lower global marketing fuel margins, primarily driven by a rising price environment. • Renewable Fuels pre-tax income decreased compared with the second quarter mainly due to lower margins, including inventory impacts, as well as higher costs. • Corporate and Other pre-tax loss decreased compared with the second quarter mainly due to lower net interest expense, partially offset by higher employee- related costs. As of September 30, 2026, the company had $5.8 billion of cash and cash equivalents and $6.4 billion of committed capacity available under credit facilities. Investor Webcast Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s third-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental. About Phillips 66 Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Texas, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn. - # # # -
Investor Relations investorrelations@p66.com Media Relations phillips66media@p66.com
Use of Non-GAAP Financial Information —This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings per share,” “adjusted controllable cost,” “cash from (used in) operations, excluding working capital,” “realized refining margin,” “net debt,” and “net debt-to-capital ratio.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release. References in the release to earnings refer to net income attributable to Phillips 66. References in the release to return of capital to shareholders refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. Basis of Presentation — Phillips 66 and Refining results included herein through September 30, 2025, include our proportional share of WRB Refining LP (“WRB”) equity earnings and beginning October 1, 2025, includes 100% of Borger Refinery and Wood River Refinery consolidated due to the acquisition of the remaining 50% of WRB. Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995 —This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward- looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including war and armed hostilities, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation- related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; 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.
Renewable Fuels Pre-Tax $ 191 544 694 -43 -361 Income (Loss) Pre-tax adjustments: None — — — — — Adjusted pre-tax income $ 191 544 694 -43 -361 (loss) Corporate and Other Pre-Tax $ -372 -407 -1,230 -364 -1,168 Loss Pre-tax adjustments: Impairments — — — — 21 Professional advisory fees — — — — 45 Adjusted pre-tax loss $ -372 -407 -1,230 -364 -1,102 1Impairments recorded in the third quarter 2025 are related to our 50% equity investment in WRB Refining LP as a result of the definitive agreement entered into in September 2025, and closed on October 1, 2025 in the Refining segment. 2Net gain on dispositions in the second quarter of 2026 relates to the post-closing adjustments from the December 2025 sale of 65% of our interest in our Germany and Austria retail marketing business. 3Legal accrual primarily related to ongoing litigation with Propel Fuels, Inc. 4We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate, but certain transactions may be partially exempt, which could result in a lower overall effective tax rate on these items. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance. 5When applicable, includes impacts from income allocated to participating securities.
Reconciliation of Consolidated Net Income to Adjusted EBITDA Millions of Dollars Attributable Except as Indicated to Phillips 66 2026 3Q 2Q ────────────────────────────────────────────────────────────────────────────── Net Income $ 5,639 3,879 Plus: Income tax expense 1,469 1,092 Net interest expense 187 233 Depreciation and amortization 591 585 Phillips 66 EBITDA $ 7,886 5,789 Special Item Adjustments (pre-tax): Impairments 29 — Net gain on asset — -110 dispositions Legal accrual — 65 Total Special Item 29 -45 Adjustments (pre-tax) Change in Fair Value of NOVONIX 3 6 Investment Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair $ 7,918 5,750 Value of NOVONIX Investment Other Adjustments (pre-tax): Proportional share of selected equity 7 14 affiliates income taxes Proportional share of selected equity 9 11 affiliates net interest Proportional share of selected equity 177 168 affiliates depreciation and amortization Adjusted EBITDA attributable to -43 -52 noncontrolling interests Phillips 66 Adjusted EBITDA $ 8,068 5,891 Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA Midstream Income before $ 702 785 income taxes Plus: Depreciation and amortization 291 284 Midstream EBITDA $ 993 1,069 Special Item Adjustments (pre-tax): None — — Midstream EBITDA, Adjusted for Special $ 993 1,069 Items Other Adjustments (pre-tax): Proportional share of selected equity 1 2 affiliates income taxes Proportional share of selected equity 3 3 affiliates net interest Proportional share of selected equity 23 24 affiliates depreciation and amortization Adjusted EBITDA attributable to -43 -52 noncontrolling interests Midstream Adjusted EBITDA $ 977 1,046
Chemicals Income before income taxes $ 311 404 Plus: None — — Chemicals EBITDA $ 311 404 Special Item Adjustments (pre-tax): None — — Chemicals EBITDA, Adjusted for Special $ 311 404 Items Other Adjustments (pre-tax): Proportional share of selected equity -1 2 affiliates income taxes Proportional share of selected equity -3 — affiliates net interest Proportional share of selected equity 116 122 affiliates depreciation and amortization Chemicals Adjusted EBITDA $ 423 528 Refining Income before income taxes $ 6,031 3,062 Plus: Depreciation and amortization 218 221 Refining EBITDA $ 6,249 3,283 Special Item Adjustments (pre-tax): Impairments 29 — Legal accrual — 24 Refining EBITDA, Adjusted for Special $ 6,278 3,307 Items Marketing and Specialties Income before $ 245 583 income taxes Plus: Depreciation and amortization 21 26 Marketing and Specialties EBITDA $ 266 609 Special Item Adjustments (pre-tax): Legal accrual — 41 Net gain on asset dispositions — -110 Marketing and Specialties EBITDA, $ 266 540 Adjusted for Special Items Other Adjustments (pre-tax): Proportional share of selected equity 7 10 affiliates income taxes Proportional share of selected equity 9 8 affiliates net interest Proportional share of selected equity 38 22 affiliates depreciation and amortization Marketing and Specialties Adjusted $ 320 580 EBITDA Renewable Fuels Income before income $ 191 544 taxes Plus: Depreciation and amortization 24 24 Renewable Fuels EBITDA $ 215 568 Special Item Adjustments (pre-tax): None — — Renewable Fuels EBITDA, Adjusted for $ 215 568 Special Items
Corporate and Other Loss before income $ -372 -407 taxes Plus: Net interest expense 187 233 Depreciation and amortization 37 30 Corporate and Other EBITDA $ -148 -144 Special Item Adjustments (pre-tax): None — — Total Special Item Adjustments (pre-tax) — — Change in Fair Value of NOVONIX 3 6 Investment Corporate EBITDA, Adjusted for Special Items and Change in Fair Value of $ -145 -138 NOVONIX Investment
Reconciliation of Refining Income Before Income Taxes to Realized Millions of Dollars Refining Except as Indicated Margins 2026 3Q 2Q ────────────────────────────────────────────────────────────────────────────── Income before income $ 6,031 3,062 taxes Plus: Taxes other than income 96 88 taxes Depreciation, amortization and 249 222 impairments Selling, general and administrative 55 25 expenses Operating expenses 1,166 1,144 Equity in losses of 1 1 affiliates Other segment income, net -161 -63 Proportional share of refining gross 15 20 margins contributed by equity affiliates Special items: None — — Realized refining margins $ 7,452 4,499 Total processed inputs (thousands of 196,088 186,860 barrels) Income before income taxes (dollars per $ 30.76 16.39 barrel)1 Realized refining margins (dollars per $ 38.00 24.08 barrel)2 1Income before income taxes divided by total processed inputs. 2Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.
Full text with the tables
Exhibit 99.1 • Reported third-quarter earnings and adjusted earnings of $5.6
billion or $14.08 per share • Refining utilization of 98% with record Central
Corridor processed inputs of 848 MBD • Third-quarter record distillate yield of
41%; clean product yield of 86% • Midstream fractionation volumes of 1 MMBD,
wellhead volumes of 4.6 Bcf/D and 105% utilization at the Freeport LPG export
dock • Returned $2.8 billion to shareholders through dividends and share
repurchases • Decreased total debt by $2.0 billion to $18.5 billion; net debt by
$3.8 billion to $12.7 billion HOUSTON, October 28, 2026 – Phillips 66 (NYSE:
PSX) announced third-quarter earnings. “Phillips 66 delivered strong operating
performance in the third quarter and is executing on its financial and operating
commitments,” said Mark Lashier, chairman and CEO of Phillips 66. “Our
integrated portfolio, commercial capabilities and focus on continuous
improvement enable the company to create value for stakeholders. “The company
remains steadfast in its disciplined approach to capital allocation. We target
returning more than 50% of net operating cash flow to shareholders and
delivering attractive, sustainable dividend growth across commodity cycles. Our
recently announced second dividend increase of 2026 reinforces the company’s
commitment to prudent long-term returns of capital.” B usiness Highlights •
Reached a final investment decision to move forward with the proposed Western
Gateway Pipeline system with an expected in-service date in 2029. • Chevron
Phillips Chemical Company LLC progressed the Golden Triangle Polymers Project in
Orange, Texas, and Ras Laffan Polymers Project in Qatar, with full operations
for both expected in 2027. • Progressed the Coastal Bend expansion project, with
initial volumes expected in the fourth quarter of 2026 and full ramp-up to 350
MBD in early 2027. • Delivered greater than $50 million of near-term synergies
following the acquisition of the remaining 50% interest in WRB Refining LP on
October 1, 2025. Financial Results Summary
(in millions of dollars, except as indicated)
3Q 2026 2Q 2026
────────────────────────────────────────────────────────────────────
Earnings $ 5,616 3,847
Adjusted Earnings1 5,619 3,788
Adjusted EBITDA1 8,068 5,891
Earnings Per Share
Earnings Per Share - Diluted 14.08 9.55
Adjusted Earnings Per Share - Diluted1 14.08 9.41
Cash Flow from Operations 7,281 7,259
Cash Flow from Operations, Excluding 6,185 4,317
Working Capital1
Capital Expenditures & Investments 680 726
Acquisitions, Net of Cash Acquired — 113
Proceeds from Asset Dispositions 16 64
Return of Capital to Shareholders 2,777 887
Repurchases of Common stock 2,273 379
Dividends paid on Common stock 504 508
Cash and Cash Equivalents 5,848 4,099
Debt 18,530 20,565
Net Debt1 12,682 16,466
Debt-to-Capital Ratio 34% 39%
Net Debt-to-Capital Ratio1 26% 33%
1Represents a non-GAAP financial
measure. Reconciliations of these
non-GAAP financial measures to the most
comparable GAAP financial measure are
included within this release.
Segment Financial and Operating Highlights
(in millions of dollars, except as indicated)
3Q 2026 2Q 2026 Change
──────────────────────────────────────────────────────────────────────────────
Earnings (Loss)1 $ 5,616 3,847 1,769
Midstream 702 785 -83
Chemicals 311 404 -93
Refining 6,031 3,062 2,969
Marketing and Specialties 245 583 -338
Renewable Fuels 191 544 -353
Corporate and Other -372 -407 35
Income tax expense -1,469 -1,092 -377
Noncontrolling interests -23 -32 9
Adjusted Earnings (Loss)1,2 $ 5,619 3,788 1,831
Midstream 702 785 -83
Chemicals 311 404 -93
Refining 6,060 3,086 2,974
Marketing and Specialties 245 514 -269
Renewable Fuels 191 544 -353
Corporate and Other -372 -407 35
Income tax expense -1,495 -1,106 -389
Noncontrolling interests -23 -32 9
Adjusted EBITDA2 $ 8,068 5,891 2,177
Midstream 977 1,046 -69
Chemicals 423 528 -105
Refining 6,278 3,307 2,971
Marketing and Specialties 320 580 -260
Renewable Fuels 215 568 -353
Corporate and Other -145 -138 -7
Operating Highlights
NGL Pipeline Throughput - Y-Grade to 982 943 39
Market (MBD)3
NGL Fractionated (MBD) 1,003 1,020 -17
Chemicals Global O&P Capacity 92% 91% 1%
Utilization
Refining
Turnaround Expense 79 123 -44
Realized Margin ($/BBL)2 38.00 24.08 13.92
Crude Capacity Utilization 98% 96% 2%
Clean Product Yield 86% 86% —%
Renewable Fuels Produced (MBD) 47 53 -6
1Segment reporting is pre-tax.
2Represents a non-GAAP financial
measure. Reconciliations of these
non-GAAP financial measures to the most
comparable GAAP financial measure are
included within this release.
3Represents volumes delivered to
fractionation hubs, including Mont
Belvieu, Sweeny and Conway. Includes
100% of DCP Midstream Class A Segment
and Phillips 66's direct interest in
DCP
Sand Hills Pipeline, LLC and DCP
Southern Hills Pipeline, LLC.
Third-Quarter 2026 Financial Results Reported earnings were $5.6 billion for the
third quarter of 2026 versus $3.8 billion in the second quarter of 2026. Third-
quarter earnings included a pre-tax special item adjustment of ($29) million in
the Refining segment. Adjusted earnings for the third quarter were $5.6 billion
versus adjusted earnings of $3.8 billion in the second quarter of 2026. •
Midstream pre-tax income decreased compared with the second quarter mainly due
to lower margins associated with gas transportation. • Chemicals pre-tax income
decreased compared with the second quarter mainly due to lower polyethylene
margins, partially offset by higher polyethylene volumes and lower costs. •
Refining adjusted pre-tax income increased compared with the second quarter
mainly due to higher realized margins and volumes. Margins were primarily driven
by an increase in market crack spreads. • Marketing and Specialties adjusted
pre-tax income decreased compared with the second quarter mainly due to lower
global marketing fuel margins, primarily driven by a rising price environment. •
Renewable Fuels pre-tax income decreased compared with the second quarter mainly
due to lower margins, including inventory impacts, as well as higher costs. •
Corporate and Other pre-tax loss decreased compared with the second quarter
mainly due to lower net interest expense, partially offset by higher employee-
related costs. As of September 30, 2026, the company had $5.8 billion of cash
and cash equivalents and $6.4 billion of committed capacity available under
credit facilities. Investor Webcast Members of Phillips 66 executive management
will host a webcast at noon ET to provide an update on the company’s strategic
initiatives and discuss the company’s third-quarter performance. To access the
webcast and view related presentation materials, go to phillips66.com/investors
and click on “Events & Presentations.” For detailed supplemental information, go
to phillips66.com/supplemental. About Phillips 66 Phillips 66 (NYSE: PSX) is a
leading integrated downstream energy provider that manufactures, transports and
markets products that drive the global economy. The company’s portfolio includes
Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels
businesses. Headquartered in Houston, Texas, Phillips 66 has employees around
the globe who are committed to safely and reliably providing energy and
improving lives while pursuing a lower-carbon future. For more information,
visit phillips66.com or follow @Phillips66Co on LinkedIn. - # # # -
Investor Relations
investorrelations@p66.com
Media Relations
phillips66media@p66.com
Use of Non-GAAP Financial Information —This news release includes the terms
“adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,”
“adjusted earnings per share,” “adjusted controllable cost,” “cash from (used
in) operations, excluding working capital,” “realized refining margin,” “net
debt,” and “net debt-to-capital ratio.” These are non-GAAP financial measures
that are included to help facilitate comparisons of operating performance across
periods, to help facilitate comparisons with other companies in our industry and
to help facilitate determination of enterprise value. Where applicable, these
measures exclude items that do not reflect the core operating results of our
businesses in the current period or other adjustments to reflect how management
analyzes results. Reconciliations of these non-GAAP financial measures to the
most comparable GAAP financial measure are included within this release.
References in the release to earnings refer to net income attributable to
Phillips 66. References in the release to return of capital to shareholders
refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used
by Phillips 66 to repurchase shares of its common stock. Basis of Presentation —
Phillips 66 and Refining results included herein through September 30, 2025,
include our proportional share of WRB Refining LP (“WRB”) equity earnings and
beginning October 1, 2025, includes 100% of Borger Refinery and Wood River
Refinery consolidated due to the acquisition of the remaining 50% of WRB.
Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the
Private Securities Litigation Reform Act of 1995 —This news release contains
forward-looking statements within the meaning of the federal securities laws
relating to Phillips 66’s operations, strategy and performance. Words such as
“anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,”
“believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,”
“project,” “efforts,” “strategies” and similar expressions that convey the
prospective nature of events or outcomes generally indicate forward-looking
statements. However, the absence of these words does not mean that a statement
is not forward-looking. Forward-looking statements included in this news release
are based on management’s expectations, estimates and projections as of the date
they are made. These statements are not guarantees of future events or
performance, and you should not unduly rely on them as they involve certain
risks, uncertainties and assumptions that are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is expressed or
forecast in such forward-looking statements. Factors that could cause actual
results or events to differ materially from those described in the forward-
looking statements include: changes in governmental policies relating to NGL,
crude oil, natural gas, refined petroleum or renewable fuels products pricing,
regulation or taxation, including exports; our ability to timely obtain or
maintain permits, including those necessary for capital projects; fluctuations
in NGL, crude oil, refined petroleum products, renewable fuels, renewable
feedstocks and natural gas prices, and refined product, marketing and
petrochemical margins; the effects of any widespread public health crisis and
its negative impact on commercial activity and demand for our products; changes
to government policies relating to renewable fuels and greenhouse gas emissions
that adversely affect programs including the renewable fuel standards program,
low carbon fuel standards and tax credits for biofuels; liability resulting from
pending or future litigation or other legal proceedings; liability for remedial
actions, including removal and reclamation obligations under environmental
regulations; unexpected changes in costs or technical requirements for
constructing, modifying or operating our facilities or transporting our
products; our ability to successfully complete, or any material delay in the
completion of, any asset disposition, acquisition, shutdown or conversion that
we may pursue, including receipt of any necessary regulatory approvals or
permits related thereto; unexpected technological or commercial difficulties in
manufacturing, refining or transporting our products, including chemical
products; the level and success of producers’ drilling plans and the amount and
quality of production volumes around our midstream assets; risks and
uncertainties with respect to the actions of actual or potential competitive
suppliers and transporters of refined petroleum products, renewable fuels or
specialty products; changes in the cost or availability of adequate and reliable
transportation for our NGL, crude oil, natural gas and refined petroleum and
renewable fuels products; failure to complete definitive agreements and
feasibility studies for, and to complete construction of, announced and future
capital projects on time or within budget; our ability to comply with
governmental regulations or make capital expenditures to maintain compliance;
limited access to capital or significantly higher cost of capital related to our
credit profile or illiquidity or uncertainty in the domestic or international
financial markets; damage to our facilities due to accidents, weather and
climate events, civil unrest, insurrections, political events, terrorism or
cyberattacks; domestic and international economic and political developments
including war and armed hostilities, instability in the financial services and
banking sector, excess inflation, expropriation of assets and changes in fiscal
policy, including interest rates; international monetary conditions and exchange
controls; changes in estimates or projections used to assess fair value of
intangible assets, goodwill and properties, plants and equipment and/or
strategic decisions or other developments with respect to our asset portfolio
that cause impairment charges; substantial investments required, or reduced
demand for products, as a result of existing or future environmental rules and
regulations, including greenhouse gas emissions reductions and reduced consumer
demand for refined petroleum products; changes in tax, environmental and other
laws and regulations (including alternative energy mandates) applicable to our
business; political and societal concerns about climate change that could result
in changes to our business or increase expenditures, including litigation-
related expenses; the operation, financing and distribution decisions of our
joint ventures that we do not control; the potential impact of activist
shareholder actions or tactics; 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.
Mil…
of
Ea… Dol… Sep Sep
(L… 2026 3Q 2Q YTD 2025 3Q YTD
──────────────────────────────────────────────────────────────────────────────
Mi… $ 702 785 2,0… 697 2,1…
Ch… 311 404 829 176 309
Re… 6,0… 3,0… 9,3… -5… -1,…
Ma…
and 245 583 667 251 2,1…
Sp…
Re… 191 544 694 -43 -361
Fu…
Co…
and -372 -407 -1,… -3… -1,…
Ot…
Pr… 7,1… 4,9… 12,… 199 1,9…
In…
Le…
In… 1,4… 1,0… 2,6… 32 366
tax
ex…
Le…
No… 23 32 67 34 104
in…
Ph… $ 5,6… 3,8… 9,6… 133 1,4…
66
Ad…
Ea…
(L…
Mil…
of
Dol…
2026 2025
3Q 2Q Sep 3Q Sep
YTD YTD
Mi… $ 702 785 2,0… 697 2,1…
Ch… 311 404 800 176 309
Re… 6,0… 3,0… 9,3… 430 -115
Ma…
and 245 514 618 477 1,4…
Sp…
Re… 191 544 694 -43 -361
Fu…
Co…
and -372 -407 -1,… -3… -1,…
Ot…
Pr… 7,1… 4,9… 12,… 1,… 2,2…
In…
Le…
In… 1,4… 1,1… 2,6… 314 519
tax
ex…
Le…
No… 23 32 67 34 95
in…
Ph… $ 5,6… 3,7… 9,6… 1,… 1,6…
66
Page 1
Exhibit 99.1
Re… Mil…
of of
Co… Dol…
Ea… Exc…
to as
Ad… Ind… Sep Sep
Ea… 2026 3Q 2Q YTD 2025 3Q YTD
──────────────────────────────────────────────────────────────────────────────
Co… $ 5,6… 3,8… 9,6… 133 1,4…
Ea…
Pr…
ad…
Im… 29 — 29 948 969
Net
ga…
on — -110 -110 -15 -1,…
as…
di…
Lo…
in… — — -29 — —
ad…
Le… — 65 85 241 274
ac…
Pr…
ad… — — — — 45
fe…
Tax
im… -7 -14 -19 -2… -122
of
ad…
Ot…
tax -19 — -19 — -31
im…
No… — — — — 9
in…
Ad… $ 5,6… 3,7… 9,6… 1,… 1,6…
ea…
Ea…
per
sh…
of $ 14.… 9.55 24.… 0.… 3.66
co…
st…
(d…
Ad…
ea…
per
sh… $ 14.… 9.41 23.… 2.… 3.98
of
co…
st…
(d…
Ad…
we…
di…
co… 398… 402… 402… 40… 40…
sh…
ou…
(t…
Re…
of
Se…
Pr…
In…
(L…
to
Ad…
Pr…
In…
(L…
Mi…
Pr… $ 702 785 2,0… 697 2,1…
In…
Pr…
ad…
Net
ga…
on — — — — -68
as…
di…
Ad…
pr… $ 702 785 2,0… 697 2,1…
in…
Ch…
Pr… $ 311 404 829 176 309
In…
Pr…
ad…
Lo…
in… — — -29 — —
ad…
Ad…
pr… $ 311 404 800 176 309
in…
Re…
Pr… $ 6,0… 3,0… 9,3… -5… -1,…
In…
(L…
Pr…
ad…
Im… 29 — 29 948 948
Le… — 24 24 — 33
ac…
Ad…
pr… $ 6,0… 3,0… 9,3… 430 -115
in…
(l…
Ma…
and
Sp… $ 245 583 667 251 2,1…
Pr…
In…
Pr…
ad…
Net
ga…
on — -110 -110 -15 -943
as…
di…
Le… — 41 61 241 241
ac…
Ad…
pr… $ 245 514 618 477 1,4…
in…
Page 2
Exhibit 99.1
Renewable Fuels Pre-Tax $ 191 544 694 -43 -361
Income (Loss)
Pre-tax adjustments:
None — — — — —
Adjusted pre-tax income $ 191 544 694 -43 -361
(loss)
Corporate and Other Pre-Tax $ -372 -407 -1,230 -364 -1,168
Loss
Pre-tax adjustments:
Impairments — — — — 21
Professional advisory fees — — — — 45
Adjusted pre-tax loss $ -372 -407 -1,230 -364 -1,102
1Impairments recorded in the
third
quarter 2025 are related to
our 50%
equity investment in WRB
Refining LP as
a result of the definitive
agreement
entered into in September
2025, and
closed on October 1, 2025 in
the
Refining segment.
2Net gain on dispositions in
the second
quarter of 2026 relates to
the
post-closing adjustments from
the
December 2025 sale of 65% of
our
interest in our Germany and
Austria
retail marketing business.
3Legal accrual primarily
related to
ongoing litigation with
Propel Fuels,
Inc.
4We generally tax effect
taxable
U.S.-based special items
using a
combined federal and state
annual
statutory income tax rate of
approximately 24%. Taxable
special items
attributable to foreign
locations
likewise generally use a
local statutory
income tax rate, but certain
transactions may be partially
exempt,
which could result in a lower
overall
effective tax rate on these
items.
Nontaxable events reflect
zero income
tax. These events include,
but are not
limited to, most goodwill
impairments,
transactions legislatively
exempt from
income tax, transactions
related to
entities for which we have
made an
assertion that the
undistributed
earnings are permanently
reinvested, or
transactions occurring in
jurisdictions
with a valuation allowance.
5When applicable, includes
impacts from
income allocated to
participating
securities.
Page 3
Exhibit 99.1
Reconciliation of
Consolidated Net
Income to Adjusted EBITDA Millions of Dollars
Attributable Except as Indicated
to Phillips 66 2026 3Q 2Q
──────────────────────────────────────────────────────────────────────────────
Net Income $ 5,639 3,879
Plus:
Income tax expense 1,469 1,092
Net interest expense 187 233
Depreciation and amortization 591 585
Phillips 66 EBITDA $ 7,886 5,789
Special Item Adjustments
(pre-tax):
Impairments 29 —
Net gain on asset — -110
dispositions
Legal accrual — 65
Total Special Item 29 -45
Adjustments (pre-tax)
Change in Fair Value of
NOVONIX 3 6
Investment
Phillips 66 EBITDA, Adjusted
for Special
Items and Change in Fair $ 7,918 5,750
Value of
NOVONIX Investment
Other Adjustments (pre-tax):
Proportional share of
selected equity 7 14
affiliates income taxes
Proportional share of
selected equity 9 11
affiliates net interest
Proportional share of
selected equity 177 168
affiliates depreciation and
amortization
Adjusted EBITDA attributable
to -43 -52
noncontrolling interests
Phillips 66 Adjusted EBITDA $ 8,068 5,891
Reconciliation of Segment
Income before
Income Taxes to Adjusted
EBITDA
Midstream Income before $ 702 785
income taxes
Plus:
Depreciation and amortization 291 284
Midstream EBITDA $ 993 1,069
Special Item Adjustments
(pre-tax):
None — —
Midstream EBITDA, Adjusted
for Special $ 993 1,069
Items
Other Adjustments (pre-tax):
Proportional share of
selected equity 1 2
affiliates income taxes
Proportional share of
selected equity 3 3
affiliates net interest
Proportional share of
selected equity 23 24
affiliates depreciation and
amortization
Adjusted EBITDA attributable
to -43 -52
noncontrolling interests
Midstream Adjusted EBITDA $ 977 1,046
Page 4
Exhibit 99.1
Chemicals Income before income taxes $ 311 404
Plus:
None — —
Chemicals EBITDA $ 311 404
Special Item Adjustments (pre-tax):
None — —
Chemicals EBITDA, Adjusted for Special $ 311 404
Items
Other Adjustments (pre-tax):
Proportional share of selected equity -1 2
affiliates income taxes
Proportional share of selected equity -3 —
affiliates net interest
Proportional share of selected equity 116 122
affiliates depreciation and amortization
Chemicals Adjusted EBITDA $ 423 528
Refining Income before income taxes $ 6,031 3,062
Plus:
Depreciation and amortization 218 221
Refining EBITDA $ 6,249 3,283
Special Item Adjustments (pre-tax):
Impairments 29 —
Legal accrual — 24
Refining EBITDA, Adjusted for Special $ 6,278 3,307
Items
Marketing and Specialties Income before $ 245 583
income taxes
Plus:
Depreciation and amortization 21 26
Marketing and Specialties EBITDA $ 266 609
Special Item Adjustments (pre-tax):
Legal accrual — 41
Net gain on asset dispositions — -110
Marketing and Specialties EBITDA, $ 266 540
Adjusted for Special Items
Other Adjustments (pre-tax):
Proportional share of selected equity 7 10
affiliates income taxes
Proportional share of selected equity 9 8
affiliates net interest
Proportional share of selected equity 38 22
affiliates depreciation and amortization
Marketing and Specialties Adjusted $ 320 580
EBITDA
Renewable Fuels Income before income $ 191 544
taxes
Plus:
Depreciation and amortization 24 24
Renewable Fuels EBITDA $ 215 568
Special Item Adjustments (pre-tax):
None — —
Renewable Fuels EBITDA, Adjusted for $ 215 568
Special Items
Page 5
Exhibit 99.1
Corporate and Other Loss before income $ -372 -407
taxes
Plus:
Net interest expense 187 233
Depreciation and amortization 37 30
Corporate and Other EBITDA $ -148 -144
Special Item Adjustments (pre-tax):
None — —
Total Special Item Adjustments (pre-tax) — —
Change in Fair Value of NOVONIX 3 6
Investment
Corporate EBITDA, Adjusted for Special Items and Change
in Fair Value of $ -145 -138
NOVONIX Investment
Millions of
Dollars
Except as
Indicated
Sept. 30, 2026 June 30, 2026
──────────────────────────────────────────────────────────────────────────────
Debt-to-Capital
Ratio
Total Debt $ 18,530 20,565
Total Equity 35,503 32,703
Debt-to-Capital 34% 39%
Ratio
Total Debt 18,530 20,565
Less: Cash and 5,848 4,099
Cash Equivalents
Net Debt 12,682 16,466
Net
Debt-to-Capital 26% 33%
Ratio
Page 6
Exhibit 99.1
Reconciliation of
Refining Income Before
Income Taxes to Realized Millions of Dollars
Refining Except as Indicated
Margins 2026 3Q 2Q
──────────────────────────────────────────────────────────────────────────────
Income before income $ 6,031 3,062
taxes
Plus:
Taxes other than income 96 88
taxes
Depreciation,
amortization and 249 222
impairments
Selling, general and
administrative 55 25
expenses
Operating expenses 1,166 1,144
Equity in losses of 1 1
affiliates
Other segment income, net -161 -63
Proportional share of
refining gross 15 20
margins contributed by
equity affiliates
Special items:
None — —
Realized refining margins $ 7,452 4,499
Total processed inputs
(thousands of 196,088 186,860
barrels)
Income before income
taxes (dollars per $ 30.76 16.39
barrel)1
Realized refining margins
(dollars per $ 38.00 24.08
barrel)2
1Income before income
taxes divided by
total processed inputs.
2Realized refining
margins per barrel,
as presented, are
calculated using the
underlying realized
refining margin
amounts, in dollars,
divided by total
processed inputs, in
barrels. As such,
recalculated per barrel
amounts using
the rounded margins and
barrels
presented may differ from
the presented
per barrel amounts.
Page 7