Phillips 66 (PSX) Investor Presentation - Slideshow

Transaction Overview - Restructured and merged strategic joint ventures to realign economic and governance interests[4] - The transaction was entered into and closed on August 17, 2022[4] - Phillips 66 contributed approximately $400 million in cash[5] Changes in Economic Interest - Phillips 66 increased its economic interest in DCP Midstream, LP (DCP) from 28.26% to 43.31%[6] - Phillips 66 decreased its economic interest in Gray Oak Pipeline, LLC from 42.25% to 6.50%[7] Strategic Benefits - Increases Midstream NGL business operational size and scale[8] - Enables value creation through operating and commercial synergies[8] - Strengthens Sweeny Hub[8] DCP Midstream Acquisition Offer - Phillips 66 offered to acquire all publicly held common units of DCP Midstream, LP for $34.75 per common unit[13] - The acquisition is planned to be funded through cash and debt[13]