Phillips 66 at Daniel Energy Partners Thrive Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Luis Rhi - Barrow Hanley Global Investors - Analyst : <_ALACRA_META_ABSTRACT>Good morning, Mark. Well, Phillips 66 is a downstream integrated company with a midstream business, refining business, a marketing business, and a JV and a petrochemical side. The first question comes is what are the core competencies of Phillips 66?

Question: Luis Rhi - Barrow Hanley Global Investors - Analyst : When you look at the portfolio you have some world class assets, some assets that are being integrated. The market doesn't seem to recognize that value that you have on the assets. You add that you have an activist investor currently involved in trying to help or push for unlocking some of the shareholder value. They have some strategy suggesting that break up several businesses, selling businesses, they did nominate a handful of directors this week. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 06, 2025 / 5:00PM, PSX.N - Phillips 66 at Daniel Energy Partners Thrive Conference Maybe you can talk about what makes sense, what doesn't make sense, what are their objectives and how are you going to create the shareholder value?

Question: Luis Rhi - Barrow Hanley Global Investors - Analyst : So Mark, I know there's a lot of industry people in this room and some of your customers have been very critical in reliability, especially in the legacy DCP assets in the Permian, I know you acquire several assets. You're committing capital. What are you doing to appease those concerns from your customers?

Question: Luis Rhi - Barrow Hanley Global Investors - Analyst : With that Mark, obviously we're in a down cycle on the chemical side, you're in a ramp up to build two big crackers. One of the pushes for the -- from the activist investors to monetize the CPChem venture. Why does it make sense to be in under the Phillips umbrella?

Question: Luis Rhi - Barrow Hanley Global Investors - Analyst : But financially to monetize this. Can you explain is there any cost considerations, tax considerations?

Question: Luis Rhi - Barrow Hanley Global Investors - Analyst : We moved to the refining segment. I know it's been -- in some instances an honor performer, you've said a couple years back in the analysts, they very aggressive targets in terms of improving profitability capture rates, reducing costs. Where are you in that plan and obviously with the down market, does this help you invests countercyclically there improve the operations.

Question: Luis Rhi - Barrow Hanley Global Investors - Analyst : So if the concentrations in the Mid-Con and you still have refineries and the coast, you did a decision to shut down LA. Does that make sense to still be on the coasts?