Phillips 66 (PSX) Goldman Sachs Energy, CleanTech & Utilities Conference summary

Strategic positioning and business model

• Focused on delivering durable, through-cycle cash flow with a stable, growing dividend and a lower volatility, downstream-centric business model.

• Integrated asset base across refining, midstream, and chemicals, with irreplaceable infrastructure in key hydrocarbon corridors.

• Emphasis on operational efficiency, safety, and maximizing value from every processed barrel.

• Disciplined capital allocation and commitment to consistent performance improvement.

Refining outlook and market dynamics

• Gulf Coast refineries are positioned to benefit from potential increases in Venezuelan crude supply, impacting heavy crude dynamics and differentials.

• Capacity to process a couple hundred thousand barrels per day of Venezuelan crude at key facilities, with system-wide heavy crude processing at 500,000 barrels per day.

• Structural tightness in global refining capacity expected through the decade, with net additions of about 500,000 barrels per year and ongoing rationalizations.

• Recent acquisitions, such as Wood River, enhance integration and commercial flexibility, with further M&A considered if value-accretive.

• Midcontinent refineries are seen as a competitive advantage, with ongoing efforts to enhance connectivity to the Gulf Coast.

Operational improvements and cost targets

• Continuous improvement culture focused on safety, reliability, and cost reduction, targeting $5.50 per barrel refining costs by 2027.

• Integration across segments enables more efficient capital deployment and operational synergies.