Phillips 66 at Goldman Sachs Energy, CleanTech & Utilities Conference Transcript

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

Question: John Mackay - Goldman Sachs Group Inc - Analyst : Sure, our plan certainly incorporates renewal, and we have a pretty clear view of, our contract roll-offs, what kind of volumes that will come due over the next five years, what are the renewal rates that we see in the market, and so all that's incorporated in our glide path to the USD4.5 billion and the way I think about it is we have contracts that get renewed they will go to market and so that will have an impact but then you have this base business that has annual escalators and that those two combined, although on a quarter by quarter they can there can be some movement if you look at it over eight quarter, multi-year basis, those really tend to offset. And so that's why we, you think about our growth plan, we've got that base business that incorporates renewals. It incorporates escalation, and then you see these growth projects that are adding capacity, adding volume that's really driving their earnings growth. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. JANUARY 06, 2026 / 3:20PM, PSX.N - Phillips 66 at Goldman Sachs Energy, CleanTech & Utilities Conference

Question: John Mackay - Goldman Sachs Group Inc - Analyst : Yeah, I think to step back, what we see in the midstream opportunity set is really a mid-single-digits growth rate on an annual basis. And so that's really what we're seeing that's driving our targets for 2027. But now you're seeing the follow-on opportunities that are out there that's past 2027. If you think about our potential for Corpus Christi frac expansion, that would be in '28. You think about the Western Gateway pipeline, that if that comes to fruition, that would be in '29, and those types of organic, very attractive investments that allow us to continue to grow at that growth rate, all of that is certainly predicated with living with it. In our capital program we're about a billion plus that we spend within midstream and you think about these projects are multi-year construction projects typically and so all of that fits well within that framework and allows us to, I think, execute on that on that growth rate beyond 2027, continue to fill the opportunity pipeline, and continue to deliver that growth.

Question: John Mackay - Goldman Sachs Group Inc - Analyst : I'll kick it off, I think Western Gateway is a prime example of something that is within the midstream framework shows the power of integration where you know midstream is a lot of our focus is really about the supply aggregation to feed our processing units, whether that's gas plants, refractionators, or refineries, and then take that finished product from the tailgates and deliver them to advantaged markets, and that's the focus of midstream that forces us and has us very much aligned with the rest of the company. I think that's, a bit of a shift from maybe the MLP days where things were a little bit more separate and just a growth for midstream, that was the MLP of just growing EBITDA for EBITDA's sake, very much more strategic now aligned with the overall business and the overall returns that we're trying to capture.

Question: John Mackay - Goldman Sachs Group Inc - Analyst : Maybe one more just going back to midstream. I mean, you guys have sold maybe just to the assets some point you have sold a handful of midstream assets, over the last, let's say a year and a half. I think that is where we've seen a lot of these kind of non-operated assets. Is that the bucket you're looking to? And then how do you think about that in the kind of context of where we sit in the macro cycle? Is that a want to wait to see my midstream multiples go up another two turns or buyers know what these are worth, and.