Name: Phillips 66 Segments Disclosure
Creator: Phillips 66
License: https://creativecommons.org/publicdomain/mark/1.0/

Segment Disclosures and Related Information

Our operating segments are:

1)Midstream—Provides crude oil and refined petroleum product transportation, terminaling and storage services, as well as natural gas and NGL gathering, processing, transportation, fractionation, storage and marketing services in the United States. In addition, this segment exports liquefied petroleum gas to global markets.

2)Chemicals—Consists of our 50% equity investment in CPChem, which manufactures and markets petrochemicals and plastics on a worldwide basis.

3)Refining—Refines crude oil and other feedstocks into petroleum products, such as gasoline and distillates, including aviation fuels. At December 31, 2025, this segment included 10 refineries in the United States and Europe.

4)Marketing and Specialties—Purchases for resale and markets refined products, mainly in the United States and Europe. In addition, this segment includes the manufacturing and marketing of base oils and lubricants.

5)Renewable Fuels—Processes renewable feedstocks into renewable products at the Rodeo Complex and at our Humber Refinery. In addition, this segment includes the global activities to procure renewable feedstocks, manage certain regulatory credits, and market renewable fuels.

Corporate and Other includes general corporate overhead, interest income, interest expense, our investment in research of new technologies, business transformation restructuring costs, our investment in NOVONIX, and various other corporate activities. Corporate assets include all cash, cash equivalents, income tax-related assets and enterprise information technology assets. Effective in the first quarter of 2026, activities associated with decommissioning and redeveloping at our idled Los Angeles Refinery will be included in Corporate and Other. See Note 4—Restructuring for additional information.

Intersegment sales are at prices that we believe approximate market.

Through our implementation of ASU No. 2023-07, “Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures,” we are including additional disclosures regarding significant segment expenses regularly provided to our chief operating decision maker (CODM), who is our Chief Executive Officer. The measure of segment profit or loss reviewed by our CODM is “income (loss) before income taxes.” The CODM uses segment income (loss) before income taxes to allocate resources to each segment predominantly in the annual budgeting and forecasting process. The CODM compares budget-to-actual segment income (loss) before income taxes on a monthly and quarterly basis and considers trend analyses, as well as other market factors when making decisions about allocating capital and personnel to the segments. The measure of segment assets reported on our consolidated balance sheet reviewed by our CODM is “Total Assets.”

Analysis of Results by Operating Segment


	Millions of Dollars
	Year Ended December 31, 2025
	Operating Segments
	Midstream		Chemicals	Refining†	M&S	Renewable Fuels	Corporate and Other	Consolidating Adjustments	Total Consolidated
Revenues and Other Income
Third-party sales and other operating revenues	$	18,577	—	26,872	83,740	3,150	37	—	132,376
Intercompany revenues	2,598		—	48,027	2,157	3,028	10	(55,820)	—
Total sales and other operating revenues	21,175		—	74,899	85,897	6,178	47	(55,820)	132,376
Equity in earnings of affiliates	399		297	(79)	146	(1)	—	—	762
Net gain on dispositions	58		—	3	2,923	—	—	—	2,984
Other income	24		—	40	16	204	154	—	438
Total Revenues and Other Income	21,656		297	74,863	88,982	6,381	201	(55,820)	136,560

Costs and Expenses
Purchased crude oil and products	15,224		—	67,766	82,714	6,097	1	(55,709)	116,093
Operating expenses*	2,021		7	4,060	73	365	8	(111)	6,423
Selling, general and administrative expenses*	217		(7)	170	1,592	66	399	—	2,437
Depreciation and amortization	1,030		—	1,820	97	95	209	—	3,251
Impairments	79		—	955	1	—	25	—	1,060
Taxes other than income taxes	261		—	357	(1)	132	42	—	791
Interest and debt expense	—		—	—	—	—	1,039	—	1,039
Other segment items**	7		—	9	6	6	18	—	46
Total Costs and Expenses	18,839		—	75,137	84,482	6,761	1,741	(55,820)	131,140

Income (loss) before income taxes	$	2,817	297	(274)	4,500	(380)	(1,540)	—	5,420
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated income statement: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”
† Includes our proportional share of our equity method investment in WRB through September 30, 2025. Beginning on October 1, 2025, 100% of Borger Refinery and Wood River Refinery are included in consolidated results. Refer to Note 5—Business Combinations, in the Notes to Consolidated Financial Statements for additional information.


	Millions of Dollars
	As of and for the Year Ended December 31, 2025
	Operating Segments
	Midstream		Chemicals	Refining†	M&S	Renewable Fuels	Corporate and Other	Total Consolidated
Interest Income	$	—	—	—	—	—	141	141
Investments In and Advances to Affiliates	2,117		7,899	65	1,330	15	2	11,428
Total Assets	30,172		7,899	19,435	10,059	3,197	2,918	73,680
Capital Expenditures and Investments	1,231		—	776	118	56	52	2,233
† Includes our proportional share of our equity method investment in WRB through September 30, 2025. Beginning on October 1, 2025, 100% of Borger Refinery and Wood River Refinery are included in consolidated results. Refer to Note 5—Business Combinations, in the Notes to Consolidated Financial Statements for additional information.


	Millions of Dollars
	Year Ended December 31, 2024
	Operating Segments
	Midstream		Chemicals	Refining	M&S	Renewable Fuels	Corporate and Other	Consolidating Adjustments	Total Consolidated
Revenues and Other Income
Third-party sales and other operating revenues	$	16,012	—	34,793	90,318	1,995	35	—	143,153
Intercompany revenues	2,775		—	50,171	2,129	3,567	15	(58,657)	—
Total sales and other operating revenues	18,787		—	84,964	92,447	5,562	50	(58,657)	143,153
Equity in earnings of affiliates	591		863	50	276	(1)	—	—	1,779
Net gain on dispositions	263		—	(8)	66	—	—	—	321
Other income	11		—	3	42	10	186	(9)	243
Total Revenues and Other Income	19,652		863	85,009	92,831	5,571	236	(58,666)	145,496

Costs and Expenses
Purchased crude oil and products	13,429		—	79,850	89,572	5,664	—	(58,553)	129,962
Operating expenses*	1,876		(3)	3,727	70	370	12	(113)	5,939
Selling, general and administrative expenses*	213		(10)	209	1,932	51	419	—	2,814
Depreciation and amortization	920		—	1,077	179	64	123	—	2,363
Impairments	346		—	106	3	—	1	—	456
Taxes other than income taxes	216		—	387	59	(382)	49	—	329
Interest and debt expense	—		—	—	—	—	907	—	907
Other segment items**	14		—	18	5	2	12	—	51
Total Costs and Expenses	17,014		(13)	85,374	91,820	5,769	1,523	(58,666)	142,821

Income (loss) before income taxes	$	2,638	876	(365)	1,011	(198)	(1,287)	—	2,675
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated income statement: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”


	Millions of Dollars
	As of and for the Year Ended December 31, 2024
	Operating Segments
	Midstream		Chemicals	Refining	M&S	Renewable Fuels	Corporate and Other	Total Consolidated
Interest Income	$	—	—	—	—	—	158	158
Investments In and Advances to Affiliates	3,080		7,819	2,381	719	16	2	14,017
Total Assets	28,334		7,842	19,599	9,799	3,142	3,866	72,582
Capital Expenditures and Investments	751		—	582	85	375	66	1,859


	Millions of Dollars
	Year Ended December 31, 2023
	Operating Segments
	Midstream		Chemicals	Refining	M&S	Renewable Fuels	Corporate and Other	Consolidating Adjustments	Total Consolidated
Revenues and Other Income
Third-party sales and other operating revenues	$	15,780	—	34,241	95,931	1,412	35	—	147,399
Intercompany revenues	2,824		—	57,985	3,000	3,534	13	(67,356)	—
Total sales and other operating revenues	18,604		—	92,226	98,931	4,946	48	(67,356)	147,399
Equity in earnings of affiliates	648		586	439	345	(1)	—	—	2,017
Net gain on dispositions	130		—	(13)	3	(3)	(2)	—	115
Other income	5		—	86	(11)	8	259	12	359
Total Revenues and Other Income	19,387		586	92,738	99,268	4,950	305	(67,344)	149,890

Costs and Expenses
Purchased crude oil and products	13,126		—	81,726	95,808	4,667	—	(67,241)	128,086
Operating expenses*	1,844		(3)	4,245	57	98	16	(103)	6,154
Selling, general and administrative expenses*	441		(11)	169	1,336	8	582	—	2,525
Depreciation and amortization	923		—	831	122	8	93	—	1,977
Impairments	3		—	10	3	—	8	—	24
Taxes other than income taxes	229		—	382	40	12	44	—	707
Interest and debt expense	—		—	—	—	—	897	—	897
Other segment items**	2		—	35	5	4	5	—	51
Total Costs and Expenses	16,568		(14)	87,398	97,371	4,797	1,645	(67,344)	140,421

Income (loss) before income taxes	$	2,819	600	5,340	1,897	153	(1,340)	—	9,469
* These significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The total of the line items "Operating expenses" and "Selling, general and administrative expenses" is considered "Controllable costs" and is provided to the CODM.
** “Other segment items” for each reportable segment includes the following line items on our consolidated income statement: “Accretion on discounted liabilities” and “Foreign currency transaction (gains) losses.”


	Millions of Dollars
	As of and for the Year Ended December 31, 2023
	Operating Segments
	Midstream		Chemicals	Refining	M&S	Renewable Fuels	Corporate and Other	Total Consolidated
Interest Income	$	—	—	—	—	—	269	269
Investments In and Advances to Affiliates	3,749		7,341	2,802	824	18	2	14,736
Total Assets	29,052		7,357	21,013	10,834	2,012	5,233	75,501
Capital Expenditures and Investments	625		—	586	101	753	90	2,155

Geographic Information

Long-lived assets, defined as net PP&E plus investments and long-term receivables, by geographic location at December 31 were:


	Millions of Dollars
	2025		2024	2023

United States	$	48,872	47,889	49,124
United Kingdom	1,333		1,341	1,406
Germany	794		325	394
Other countries	3		87	90
Worldwide consolidated	$	51,002	49,642	51,014

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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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