Financial Data and Key Metrics Changes - Adjusted earnings for Q1 2024 were $822 million, or $1.90 per share, with operating cash flow (excluding working capital) at $1.2 billion [14] - Capital spending for the quarter was $628 million, with $1.6 billion returned to shareholders through share repurchases and dividends [14][18] - Net debt to capital ratio stood at 38% [14] Business Line Data and Key Metrics Changes - Refining adjusted pre-tax income was $228 million, down $569 million from the previous quarter, primarily due to lower realized margins and maintenance activities [16] - Midstream adjusted pre-tax income decreased by $141 million to $613 million, reflecting lower results in transportation and NGL [15] - Chemicals adjusted pre-tax income increased by $99 million to $205 million, driven by higher polyethylene margins and lower turnaround costs [16] Market Data and Key Metrics Changes - The refining market capture rate was 69%, below the target of 75%, impacted by maintenance and the renewable fuels conversion at Rodeo [20][21] - Global O&P utilization in chemicals was reported at 96% [16] Company Strategy and Development Direction - The company plans to monetize assets that no longer meet long-term objectives, targeting over $3 billion in proceeds to support strategic priorities [9] - A 10% increase in quarterly dividends was announced, reflecting confidence in cash flow generation and capital allocation [10] - The Rodeo Renewable Energy Complex is being transformed into one of the world's largest renewable fuels facilities, with production expected to ramp up to 50,000 barrels per day by the end of Q2 2024 [12][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market fundamentals and the company's ability to achieve strategic priorities and grow cash flows [13] - The impact of rising commodity prices on inventory hedge positions was noted as a challenge [6] - Management highlighted the importance of ongoing maintenance and conversion activities for long-term success [21] Other Important Information - The company has distributed nearly $10 billion through share repurchases and dividends since July 2022 [9] - The Rodeo facility's conversion resulted in a $180 million loss in adjusted pre-tax income for the quarter, attributed to the transition from crude processing to renewable fuels [24][75] Q&A Session Summary Question: Refining capture rates and confidence in progression - Management acknowledged challenges in refining capture rates due to maintenance and conversion activities but expressed confidence in future improvements as operations stabilize [20][21] Question: Balance sheet and net debt capital targets - Management discussed working capital impacts and the goal to return to a net debt to capital ratio of 25% to 30%, emphasizing confidence in share repurchases despite current leverage levels [28][32] Question: Operational expenditures and cost reductions - Management confirmed that the majority of cost reductions are expected to manifest in refining, with ongoing efforts to achieve a target of $1 per barrel in cost reductions by year-end [36][38] Question: Impact of European retail asset sales - The sale of retail assets in Germany and Austria will not affect the company's ownership in the MiRO refinery, as the retail business does not integrate with core strategic areas [42][66] Question: Future of the Rodeo facility and profitability timeline - Management outlined a timeline for the Rodeo facility to reach full production capacity by the end of Q2 2024, with expectations for improved margins as lower carbon intensity feedstocks are utilized [46][76] Question: Chemical performance drivers - Management attributed improved performance in chemicals to favorable feedstock conditions and operational efficiencies, while cautioning that mid-cycle market conditions are not expected until after 2025 [53][56]

Core Viewpoint - Phillips 66 reported first-quarter 2024 adjusted earnings of $1.90 per share, missing the Zacks Consensus Estimate of $2.05, and significantly lower than the previous year's $4.21 [1] - Total quarterly revenues reached $36.4 billion, exceeding the Zacks Consensus Estimate of $31 billion and improving from $35.1 billion in the same quarter last year [1] Segmental Results Midstream - Adjusted pre-tax quarterly earnings were $613 million, down from $678 million year-over-year, but exceeded the estimate of $577.6 million [2] - The decline was mainly due to reduced throughput and deficiency revenues, partially offset by lower maintenance costs [2] Chemicals - Adjusted pre-tax earnings increased to $205 million from $198 million in the prior-year quarter, surpassing the estimate of $127 million [3] - The profit rise was driven by increased margins in polyethylene, higher sales prices, and decreased feedstock costs [3] Refining - Adjusted pre-tax earnings fell to $228 million from $1.6 billion year-over-year, missing the projection of $1.1 billion [4] - Realized refining margins worldwide dropped to $10.91 per barrel from $20.72, with declines noted in all regions including the Central Corridor and Gulf Coast [4] Marketing & Specialties - Pre-tax earnings decreased to $345 million from $426 million in the year-ago quarter, falling short of the projection of $546 million [5] - Realized marketing fuel margins in the U.S. declined to $1.60 per barrel from $2.30, while international margins increased to $6.92 from $6.45 [5] Costs & Expenses - Total costs and expenses rose to $35.5 billion from $32.4 billion in the previous year, which was below the projected $38.4 billion [6] Financial Condition - Net cash from operations was $236 million, significantly down from $1.2 billion a year ago [7] - Capital expenditures totaled $628 million, and dividends paid amounted to $448 million [8] - As of March 31, 2024, cash and cash equivalents were $1.6 billion, with total debt at $20.2 billion, reflecting a debt-to-capitalization ratio of 40% [8]

Key TakeawaysPhillips 66 reported a drop in first-quarter profits as refining margins thinned.The energy company's realized refining margins were nearly half what they were in the first quarter of 2023.The company noted its results were affected by maintenance, which limited its ability to produce higher-value products. Phillips 66 (PSX) shares dropped in intraday trading Friday after the energy producer’s quarterly profit fell as refining margins thinned. The company reported first-quarter net earnings slu ...

Exhibit 99.2 Phillips 66 Earnings Release Supplemental Data CONSOLIDATED INCOME STATEMENT Millions of Dollars, Except as Indicated 2024 2023 1st 2nd 3rd 4th 1st 2nd 3rd 4th Qtr Qtr Qtr Qtr YTD Qtr Qtr Qtr Qtr YTD Revenues and Other Income Sales and other operating revenues 35,811 35,811 34,396 35,090 39,643 38,270 147,399 Equity in earnings of affiliates 528 528 611 563 562 281 2,017 Net gain (loss) on dispositions — — 34 (12) 102 (9) 115 Other income** 97 97 48 99 15 197 359 Total Revenues and Other Income ...

Company Performance - Phillips 66 reported quarterly earnings of $1.90 per share, missing the Zacks Consensus Estimate of $2.05 per share, and down from $4.21 per share a year ago, representing an earnings surprise of -7.32% [1] - The company posted revenues of $36.44 billion for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 17.35%, compared to $35.09 billion in the same quarter last year [1] - Over the last four quarters, Phillips 66 has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [1] Stock Performance - Phillips 66 shares have increased approximately 18.1% since the beginning of the year, outperforming the S&P 500's gain of 5.8% [2] - The current consensus EPS estimate for the upcoming quarter is $4.40 on revenues of $34.3 billion, and for the current fiscal year, it is $13.77 on revenues of $134.41 billion [4] Industry Outlook - The Oil and Gas - Refining and Marketing industry is currently ranked in the top 19% of over 250 Zacks industries, indicating a favorable outlook for stocks within this sector [5] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the industry outlook can significantly impact stock performance [3][5]

Group 1 - The average brokerage recommendation (ABR) for Phillips 66 (PSX) is 1.68, indicating a consensus between Strong Buy and Buy, with 63.2% of recommendations being Strong Buy and 5.3% being Buy [1][2] - Brokerage recommendations may not effectively guide investors, as they often exhibit a positive bias due to the vested interests of brokerage firms, leading to a disproportionate number of favorable ratings [2][4] - The Zacks Rank, which is based on earnings estimate revisions, is a more reliable indicator of a stock's near-term price performance compared to ABR [3][4] Group 2 - The Zacks Consensus Estimate for Phillips 66 has increased by 8.3% over the past month to $13.59, reflecting analysts' growing optimism about the company's earnings prospects [6] - The recent increase in the consensus estimate, along with other factors, has resulted in a Zacks Rank 2 (Buy) for Phillips 66, suggesting potential for stock appreciation [6]

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Core Viewpoint - Phillips 66 (PSX) is expected to report a decline in earnings for the first quarter of 2024, with adjusted earnings per share estimated at $2.16, reflecting a 48.7% decrease from the previous year [2] Earnings Performance - In the last reported quarter, PSX's adjusted earnings were $3.09 per share, surpassing the Zacks Consensus Estimate of $2.37 due to reduced costs, although this was partially offset by lower refining margins globally [1] - PSX has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 13.5% [1] Estimate Trend - The Zacks Consensus Estimate for first-quarter revenues is $31.1 billion, indicating an 11.5% decline from the year-ago figure [2] Factors Impacting Earnings - The midstream business, which includes pipelines and storage, is expected to generate stable earnings due to its lower sensitivity to commodity price fluctuations and integration with other segments [3] - Refining operations are anticipated to be negatively impacted by the disparity between high crude oil prices and lower retail gasoline prices, leading to decreased profitability [4] Earnings Whispers - The Earnings ESP for PSX is -4.23%, indicating a lower likelihood of an earnings beat, with the Most Accurate Estimate at $2.07 per share compared to the Zacks Consensus Estimate of $2.16 [5]

Phillips 66 (PSX) closed the latest trading day at $154.71, indicating a +0.91% change from the previous session's end. The stock exceeded the S&P 500, which registered a loss of 0.88% for the day. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq lost 2.05%.The oil refiner's stock has dropped by 3.63% in the past month, falling short of the Oils-Energy sector's gain of 2.78% and the S&P 500's loss of 2.57%.The investment community will be closely monitoring the performance of Phillips 66 in its ...

The market expects Phillips 66 (PSX) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 26, 2024, might help the stock move higher if these key numbers are bett ...