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, leveraging a lower volatility, downstream-focused business model.

• Integrated asset base across refining, midstream, and chemicals, with irreplaceable infrastructure in key hydrocarbon corridors like the Gulf Coast and Midcontinent.

• Emphasis on operational efficiency, safety, and reliability to maximize value from every processed barrel.

• Disciplined capital allocation and commitment to consistent performance improvement.

Refining outlook and strategy

• Positioned to benefit from potential increases in Venezuelan crude supply, with Gulf Coast refineries capable of processing these barrels.

• Long-term view that refined products will remain essential, with tight refining capacity expected through the decade and limited net capacity additions.

• Recent acquisitions, such as Wood River, enhance integration and operational flexibility, especially in the Midcontinent.

• Structural bullishness on refining margins, with ongoing efforts to lower refining costs to $5.50 per barrel by 2027.

Midstream growth and integration

• Targeting $4.5 billion in midstream EBITDA by late 2027, driven by organic growth projects like Dos Picos and Iron Mesa gas plants, and Coastal Bend pipeline expansion.

• Permian Basin remains a core growth area, leveraging legacy assets and new infrastructure investments.

• Contract renewals and escalations are incorporated into growth plans, with base business and new projects supporting earnings.

• Integration across segments is prioritized, with midstream investments aligned to support refining and chemicals, moving away from siloed operations.